FWP 1 n1972_x4-anxa1.htm FREE WRITING PROSPECTUS

    FREE WRITING PROSPECTUS
    FILED PURSUANT TO RULE 433
    REGISTRATION FILE NO.: 333-226943-06
     

 

 

 

 

 

  
 

Benchmark 2020-B16

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., J.P. Morgan Securities 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 Benchmark 2020-B16 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2020-B16 (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.

 

  
 

 

 

  

 

 

Benchmark 2020-B16

 

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

 

      % of   Mortgage   Cut-off       General Detailed     Interest Original Remaining Original Remaining   First       Monthly
      Initial Pool # of Loan Original Date   Maturity   Property Property Interest Administrative Accrual Term to Term to Amortization Amortization Origination Payment Maturity ARD Loan Final Debt
Loan ID Property Name Balance Properties Seller(1) Balance($)(3) Balance($)(3)(7)   or ARD Balance($)(7)   Type(5) Type Rate Fee Rate(6) Basis Maturity or ARD Maturity or ARD Term(7) Term(7) Date Date or ARD Date (Yes/No) Maturity Date Service($)(7)(8)
Loan 1 Harrison Retail 7.2% 1 GACC 65,000,000 65,000,000   65,000,000   Retail Anchored 3.5300% 0.01348% Actual/360 120 119 0 0 12/13/2019 02/06/2020 01/06/2030 No 01/06/2030 193,864
Loan 2 Bellagio Hotel and Casino(2)(31)(33) 6.7% 1 JPMCB/CREFI 60,000,000 60,000,000   60,000,000   Hospitality Full Service 3.170153% 0.01348% Actual/360 120 118 0 0 11/15/2019 01/05/2020 12/05/2029 No 12/05/2029 160,709
Loan 3 Kings Plaza(2)(32)(33) 5.6% 1 JPMCB 50,000,000 50,000,000   50,000,000   Retail Super Regional Mall 3.3588% 0.01348% Actual/360 120 119 0 0 12/03/2019 02/01/2020 01/01/2030 No 01/01/2030 141,894
Loan 4 3500 Lacey(2)(34) 5.6% 1 JPMCB 50,000,000 50,000,000   50,000,000   Office Suburban 4.3500% 0.01348% Actual/360 120 118 0 0 11/26/2019 01/01/2020 12/01/2029 No 12/01/2029 183,767
Loan 5 FedEx Redmond 5.0% 1 JPMCB 45,140,000 45,140,000   45,140,000   Industrial Warehouse/Distribution 3.8700% 0.01348% Actual/360 120 119 0 0 12/17/2019 02/01/2020 01/01/2030 No 01/01/2030 147,598
Loan 6 560 Mission Street(2)(33) 5.0% 1 GACC 45,000,000 45,000,000   45,000,000   Office CBD 2.5890% 0.01348% Actual/360 120 118 0 0 12/05/2019 01/06/2020 12/06/2029 No 12/06/2029 98,436
Loan 7 1633 Broadway(2)(31)(33) 5.0% 1 GACC/JPMCB 45,000,000 45,000,000   45,000,000   Office CBD 2.9900% 0.01348% Actual/360 120 118 0 0 11/25/2019 01/06/2020 12/06/2029 No 12/06/2029 113,682
Loan 8 Starwood Industrial Portfolio(2)(31) 5.0% 33 GACC 45,000,000 45,000,000   45,000,000   Industrial Various 3.2310% 0.01473% Actual/360 120 118 0 0 11/26/2019 01/06/2020 12/06/2029 No 12/06/2029 122,845
Property 8.01 101 45th Street 0.4% 1 GACC 3,437,158 3,437,158       Industrial Warehouse/Distribution                          
Property 8.02 4820-4850 Indianapolis Road 0.3% 1 GACC 2,648,302 2,648,302       Industrial Warehouse/Distribution                          
Property 8.03 8401 Bearing Drive 0.3% 1 GACC 2,577,868 2,577,868       Industrial Warehouse/Distribution                          
Property 8.04 5900 North Meadows Drive 0.3% 1 GACC 2,282,047 2,282,047       Industrial Warehouse/Distribution                          
Property 8.05 5701 North Meadows Drive 0.2% 1 GACC 2,098,920 2,098,920       Industrial Warehouse/Distribution                          
Property 8.06 8421 Bearing Drive 0.2% 1 GACC 1,817,186 1,817,186       Industrial Warehouse/Distribution                          
Property 8.07 6451-6471 Northwind Parkway 0.2% 1 GACC 1,760,839 1,760,839       Industrial Warehouse/Distribution                          
Property 8.08 4910-4938 Indianapolis Road 0.2% 1 GACC 1,718,579 1,718,579       Industrial Warehouse/Distribution                          
Property 8.09 6221-6241 Northwind Parkway 0.2% 1 GACC 1,690,405 1,690,405       Industrial Warehouse/Distribution                          
Property 8.10 775 Commerce Parkway West Drive 0.2% 1 GACC 1,619,972 1,619,972       Industrial Warehouse/Distribution                          
Property 8.11 1901 Northwind Parkway 0.2% 1 GACC 1,563,625 1,563,625       Industrial Warehouse/Distribution                          
Property 8.12 333 45th Street 0.2% 1 GACC 1,493,191 1,493,191       Industrial Warehouse/Distribution                          
Property 8.13 221 South Swift Road 0.2% 1 GACC 1,436,845 1,436,845       Industrial Warehouse/Distribution                          
Property 8.14 W234N2091 Ridgeview Parkway Court 0.2% 1 GACC 1,352,324 1,352,324       Industrial Warehouse/Distribution                          
Property 8.15 2240 Creekside Parkway 0.1% 1 GACC 1,295,977 1,295,977       Industrial Warehouse/Distribution                          
Property 8.16 201 South Swift Road 0.1% 1 GACC 1,281,891 1,281,891       Industrial Warehouse/Distribution                          
Property 8.17 8441 Bearing Drive 0.1% 1 GACC 1,267,804 1,267,804       Industrial Warehouse/Distribution                          
Property 8.18 4700 Ironwood Drive 0.1% 1 GACC 1,239,631 1,239,631       Industrial Warehouse/Distribution                          
Property 8.19 4410 North 132nd Street 0.1% 1 GACC 1,197,370 1,197,370       Industrial Warehouse/Distribution                          
Property 8.20 999 Gerdt Court 0.1% 1 GACC 1,169,197 1,169,197       Industrial Warehouse/Distribution                          
Property 8.21 480 45th Street 0.1% 1 GACC 1,155,110 1,155,110       Industrial Cold Storage                          
Property 8.22 12857 South Hamlin Court 0.1% 1 GACC 1,098,764 1,098,764       Industrial Warehouse/Distribution                          
Property 8.23 1695 Glen Ellyn Road 0.1% 1 GACC 1,028,330 1,028,330       Industrial Warehouse/Distribution                          
Property 8.24 1701-1721 Northwind Parkway 0.1% 1 GACC 1,014,243 1,014,243       Industrial Warehouse/Distribution                          
Property 8.25 1245 Lakeside Drive 0.1% 1 GACC 887,463 887,463       Industrial Warehouse/Distribution                          
Property 8.26 3890 Perry Boulevard 0.1% 1 GACC 873,376 873,376       Industrial Warehouse/Distribution                          
Property 8.27 215 45th Street 0.1% 1 GACC 640,945 640,945       Industrial Cold Storage                          
Property 8.28 845 Telser Road 0.1% 1 GACC 633,902 633,902       Industrial Warehouse/Distribution                          
Property 8.29 1851 Northwind Parkway 0.1% 1 GACC 633,902 633,902       Industrial Warehouse/Distribution                          
Property 8.30 1650 Northwind Parkway 0.1% 1 GACC 563,468 563,468       Industrial Warehouse/Distribution                          
Property 8.31 225 45th Street 0.1% 1 GACC 563,468 563,468       Industrial Warehouse/Distribution                          
Property 8.32 1600-1640 Northwind Parkway 0.1% 1 GACC 549,382 549,382       Industrial Warehouse/Distribution                          
Property 8.33 235 45th Street 0.0% 1 GACC 408,515 408,515       Industrial Warehouse/Distribution                          
Loan 9 650 Madison Avenue(2)(31) 5.0% 1 CREFI 45,000,000 45,000,000   45,000,000   Mixed Use Office/Retail 3.4860% 0.01348% Actual/360 120 118 0 0 11/26/2019 01/08/2020 12/08/2029 No 12/08/2029 132,541
Loan 10 181 West Madison(2)(31) 4.8% 1 JPMCB 43,000,000 43,000,000   43,000,000   Office CBD 3.9000% 0.01348% Actual/360 84 82 0 0 11/27/2019 01/01/2020 12/01/2026 No 12/01/2026 141,691
Loan 11 Middleton Net Lease Portfolio 4.7% 4 CREFI 42,250,000 42,250,000   42,250,000   Retail Single Tenant 3.6300% 0.01348% Actual/360 120 118 0 0 11/13/2019 01/06/2020 12/06/2029 No 12/06/2029 129,581
Property 11.01 Asheboro - Walmart 1.3% 1 CREFI 11,700,000 11,700,000       Retail Single Tenant                          
Property 11.02 West Seneca - Home Depot 1.3% 1 CREFI 11,300,000 11,300,000       Retail Single Tenant                          
Property 11.03 Concord - Walmart 1.2% 1 CREFI 10,700,000 10,700,000       Retail Single Tenant                          
Property 11.04 Cranberry - Walmart 1.0% 1 CREFI 8,550,000 8,550,000       Retail Single Tenant                          
Loan 12 Landing Square 4.0% 1 GACC 36,200,000 36,200,000   31,550,972   Multifamily Garden 4.3150% 0.01348% Actual/360 120 119 360 360 12/09/2019 02/06/2020 01/06/2030 No 01/06/2030 179,462
Loan 13 510 East 14th Street(2)(32) 3.9% 1 CREFI 35,000,000 35,000,000   35,000,000   Mixed Use Multifamily/Retail 2.9200% 0.01473% Actual/360 119 118 0 0 12/12/2019 02/06/2020 12/06/2029 No 12/06/2029 86,350
Loan 14 490-504 Myrtle Avenue(2)(32) 3.9% 2 JPMCB 35,000,000 35,000,000   35,000,000   Multifamily Mid Rise 3.7876% 0.01348% Actual/360 120 118 0 0 11/18/2019 01/06/2020 12/06/2029 No 12/06/2029 112,007
Property 14.01 504 Myrtle Avenue 2.4% 1 JPMCB 21,599,433 21,599,433       Multifamily Mid Rise                          
Property 14.02 490 Myrtle Avenue 1.5% 1 JPMCB 13,400,567 13,400,567       Multifamily Mid Rise                          
Loan 15 1019 Market(34) 3.7% 1 JPMCB 33,500,000 33,500,000   33,500,000   Office CBD 3.7800% 0.01348% Actual/360 120 119 0 0 12/31/2019 02/01/2020 01/01/2030 No 01/01/2030 106,991
Loan 16 65 Ainslie 3.5% 1 CREFI 31,600,000 31,600,000   31,600,000   Multifamily Mid Rise 3.9900% 0.01348% Actual/360 120 119 0 0 12/31/2019 02/06/2020 01/06/2030 No 01/06/2030 106,529
Loan 17 Crowne Plaza Resort Asheville 2.9% 1 JPMCB 26,200,000 26,200,000   20,886,769   Hospitality Full Service 4.1000% 0.01348% Actual/360 120 120 360 360 01/07/2020 03/01/2020 02/01/2030 No 02/01/2030 126,598
Loan 18 Sunset Grove Shopping Center 2.6% 1 CREFI 23,350,000 23,350,000   23,350,000   Retail Anchored 3.7400% 0.01348% Actual/360 120 120 0 0 01/07/2020 03/06/2020 02/06/2030 No 02/06/2030 73,785
Loan 19 West Road Plaza 2.3% 1 GACC 21,000,000 21,000,000   21,000,000   Retail Anchored 3.8700% 0.03348% Actual/360 120 120 0 0 01/07/2020 03/06/2020 02/06/2030 No 02/06/2030 68,666
Loan 20 2142-2172 Nostrand Avenue 1.7% 1 JPMCB 15,000,000 15,000,000   15,000,000   Retail Anchored 3.3100% 0.01348% Actual/360 120 119 0 0 12/13/2019 02/01/2020 01/01/2030 No 01/01/2030 41,950
Loan 21 Creekside 1.6% 1 JPMCB 14,137,000 14,137,000   14,137,000   Office Suburban 3.5500% 0.05348% Actual/360 120 118 0 0 11/22/2019 01/01/2020 12/01/2029 No 12/01/2029 42,403
Loan 22 Amazon Distribution Salem 1.6% 1 JPMCB 14,105,000 14,105,000   14,105,000   Industrial Warehouse/Distribution 3.8500% 0.01348% Actual/360 120 118 0 0 11/20/2019 01/01/2020 12/01/2029 No 12/01/2029 45,882
Loan 23 300-314 North College Street 1.2% 1 JPMCB 10,630,000 10,630,000   10,630,000   Retail Unanchored 4.0650% 0.05348% Actual/360 60 58 0 0 11/22/2019 01/01/2020 12/01/2024 No 12/01/2024 36,509
Loan 24 Giant Anchored Portfolio(2) 1.1% 7 CREFI 10,000,000 10,000,000   9,054,952   Retail Anchored 3.8700% 0.01348% Actual/360 120 118 360 360 11/19/2019 01/06/2020 12/06/2029 No 12/06/2029 46,995
Property 24.01 Parkway Plaza 0.2% 1 CREFI 1,907,216 1,907,216       Retail Anchored                          
Property 24.02 Aston Center 0.2% 1 CREFI 1,649,485 1,649,485       Retail Anchored                          
Property 24.03 Spring Meadow 0.2% 1 CREFI 1,639,175 1,639,175       Retail Anchored                          
Property 24.04 Scott Town Center 0.2% 1 CREFI 1,422,680 1,422,680       Retail Anchored                          
Property 24.05 Creekside Marketplace 0.2% 1 CREFI 1,391,753 1,391,753       Retail Anchored                          
Property 24.06 Stonehenge Square 0.1% 1 CREFI 1,154,639 1,154,639       Retail Anchored                          
Property 24.07 AYR Town Center 0.1% 1 CREFI 835,052 835,052       Retail Anchored                          
Loan 25 Home Depot - Cleveland Heights 1.1% 1 JPMCB 9,590,000 9,590,000   9,590,000   Other Leased Fee 3.7100% 0.01348% Actual/360 120 119 0 0 12/19/2019 02/01/2020 01/01/2030 No 01/01/2030 30,061
Loan 26 Fairfield Inn & Suites Spokane 0.9% 1 JPMCB 8,020,000 7,999,873   6,434,400   Hospitality Select Service 4.2760% 0.01348% Actual/360 120 118 360 358 11/21/2019 01/01/2020 12/01/2029 No 12/01/2029 39,576
Loan 27 Northpoint Business Plaza(33) 0.8% 1 CREFI 7,395,000 7,395,000   7,395,000   Office Suburban 3.6800% 0.01348% Actual/360 120 119 0 0 12/23/2019 02/06/2020 01/06/2030 No 01/06/2030 22,993
Loan 28 Monster Storage Portfolio 0.8% 2 CREFI 6,800,000 6,800,000   5,926,003   Self Storage Self Storage 4.3100% 0.01348% Actual/360 120 119 360 360 12/18/2019 02/06/2020 01/06/2030 No 01/06/2030 33,691
Property 28.01 Monster Storage Westminster 0.4% 1 CREFI 3,750,000 3,750,000       Self Storage Self Storage                          
Property 28.02 Monster Storage Seneca 0.3% 1 CREFI 3,050,000 3,050,000       Self Storage Self Storage                          
Loan 29 Casa Laguna Hotel & Spa(33) 0.7% 1 GACC 6,500,000 6,500,000   6,500,000   Hospitality Full Service 3.9240% 0.01348% Actual/360 120 118 0 0 11/07/2019 01/06/2020 12/06/2029 No 12/06/2029 21,550
Loan 30 SpringHill Suites Florence 0.7% 1 GACC 6,500,000 6,500,000   5,631,321   Hospitality Limited Service 4.0640% 0.01348% Actual/360 120 119 360 360 12/10/2019 02/06/2020 01/06/2030 No 01/06/2030 31,272
Loan 31 CVS Argyle 0.5% 1 CREFI 4,825,000 4,825,000   4,825,000   Retail Single Tenant 4.1800% 0.01348% Actual/360 120 119 0 0 12/20/2019 02/06/2020 01/06/2030 No 01/06/2030 17,041
Loan 32 MS & MO Storage Portfolio 0.5% 2 CREFI 4,650,000 4,650,000   4,028,307   Self Storage Self Storage 4.0600% 0.01348% Actual/360 120 118 360 360 12/06/2019 01/06/2020 12/06/2029 No 12/06/2029 22,361
Property 32.01 Extra Space Long Beach 0.3% 1 CREFI 2,500,000 2,500,000       Self Storage Self Storage                          
Property 32.02 Hampel Rd Storage 0.2% 1 CREFI 2,150,000 2,150,000       Self Storage Self Storage                          
Loan 33 A&W Storage 0.4% 1 CREFI 3,725,000 3,725,000   3,223,052   Self Storage Self Storage 4.0100% 0.01348% Actual/360 120 118 360 360 12/05/2019 01/06/2020 12/06/2029 No 12/06/2029 17,805

A-1-1 

 

 

Benchmark 2020-B16

 

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

 

        Pari Passu Pari Passu                            
      Annual Companion Loan Companion Loan Remaining     Crossed               FIRREA Cut-Off  
      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 Service($)(7)(8) Service($) Service($) Period  Lockbox(10)  Management(11) Other Loans Borrower NOI DSCR(7)(8)(12) NCF DSCR(7)(8)(12) Period(14) Date Value ($)(15) As-of Date(15) (Yes/No) Ratio(9)(12)(15) Maturity or ARD(12)(15)
Loan 1 Harrison Retail 2,326,368     119 Hard Springing No No 2.28x 2.20x 0 6 100,000,000 11/20/2019 Yes 65.0% 65.0%
Loan 2 Bellagio Hotel and Casino(2)(31)(33) 1,928,510 4,328,969 51,947,624 118 Hard Springing No No 8.80x 8.42x 0 5 4,260,000,000 10/16/2019 Yes 39.3% 39.3%
Loan 3 Kings Plaza(2)(32)(33) 1,702,725 1,240,151 14,881,817 119 Hard Springing No No 3.14x 3.07x 0 1 900,000,000 10/17/2019 Yes 54.1% 54.1%
Loan 4 3500 Lacey(2)(34) 2,205,208 131,577 1,578,929 118 Hard Springing No No 2.56x 2.38x 0 1 129,000,000 09/03/2019 Yes 66.5% 66.5%
Loan 5 FedEx Redmond 1,771,181     119 Hard Springing No Yes - A 2.20x 2.15x 0 1 81,500,000 11/20/2019 Yes 55.4% 55.4%
Loan 6 560 Mission Street(2)(33) 1,181,231 557,804 6,693,644 118 Hard Springing No No 5.42x 5.23x 0 6 842,000,000 10/31/2019 Yes 35.6% 35.6%
Loan 7 1633 Broadway(2)(31)(33) 1,364,187 2,415,117 28,981,406 118 Hard Springing No No 3.93x 3.84x 0 6 2,400,000,000 10/24/2019 Yes 41.7% 41.7%
Loan 8 Starwood Industrial Portfolio(2)(31) 1,474,144 271,625 3,259,496 118 Hard Springing No No 3.99x 3.67x 0 6 319,450,000 Various Yes 45.2% 45.2%
Property 8.01 101 45th Street                         24,400,000 10/29/2019 Yes    
Property 8.02 4820-4850 Indianapolis Road                         18,800,000 10/30/2019 Yes    
Property 8.03 8401 Bearing Drive                         18,300,000 10/30/2019 Yes    
Property 8.04 5900 North Meadows Drive                         16,200,000 10/30/2019 Yes    
Property 8.05 5701 North Meadows Drive                         14,900,000 10/30/2019 Yes    
Property 8.06 8421 Bearing Drive                         12,900,000 10/30/2019 Yes    
Property 8.07 6451-6471 Northwind Parkway                         12,500,000 10/29/2019 Yes    
Property 8.08 4910-4938 Indianapolis Road                         12,200,000 10/30/2019 Yes    
Property 8.09 6221-6241 Northwind Parkway                         12,000,000 10/29/2019 Yes    
Property 8.10 775 Commerce Parkway West Drive                         11,500,000 10/30/2019 Yes    
Property 8.11 1901 Northwind Parkway                         11,100,000 10/29/2019 Yes    
Property 8.12 333 45th Street                         10,600,000 10/29/2019 Yes    
Property 8.13 221 South Swift Road                         10,200,000 10/30/2019 Yes    
Property 8.14 W234N2091 Ridgeview Parkway Court                         9,600,000 10/29/2019 Yes    
Property 8.15 2240 Creekside Parkway                         9,200,000 10/30/2019 Yes    
Property 8.16 201 South Swift Road                         9,100,000 10/30/2019 Yes    
Property 8.17 8441 Bearing Drive                         9,000,000 10/30/2019 Yes    
Property 8.18 4700 Ironwood Drive                         8,800,000 10/29/2019 Yes    
Property 8.19 4410 North 132nd Street                         8,500,000 10/29/2019 Yes    
Property 8.20 999 Gerdt Court                         8,300,000 10/30/2019 Yes    
Property 8.21 480 45th Street                         8,200,000 10/29/2019 Yes    
Property 8.22 12857 South Hamlin Court                         7,800,000 10/30/2019 Yes    
Property 8.23 1695 Glen Ellyn Road                         7,300,000 10/30/2019 Yes    
Property 8.24 1701-1721 Northwind Parkway                         7,200,000 10/30/2019 Yes    
Property 8.25 1245 Lakeside Drive                         6,300,000 10/30/2019 Yes    
Property 8.26 3890 Perry Boulevard                         6,200,000 10/30/2019 Yes    
Property 8.27 215 45th Street                         4,550,000 10/29/2019 Yes    
Property 8.28 845 Telser Road                         4,500,000 10/30/2019 Yes    
Property 8.29 1851 Northwind Parkway                         4,500,000 10/30/2019 Yes    
Property 8.30 1650 Northwind Parkway                         4,000,000 10/29/2019 Yes    
Property 8.31 225 45th Street                         4,000,000 10/29/2019 Yes    
Property 8.32 1600-1640 Northwind Parkway                         3,900,000 10/29/2019 Yes    
Property 8.33 235 45th Street                         2,900,000 10/29/2019 Yes    
Loan 9 650 Madison Avenue(2)(31) 1,590,488 1,595,789 19,149,470 118 Hard Springing No No 2.82x 2.74x 0 8 1,210,000,000 10/31/2019 Yes 48.5% 48.5%
Loan 10 181 West Madison(2)(31) 1,700,292 213,855 2,566,254 82 Hard Springing No No 5.16x 4.67x 0 1 375,289,826 10/22/2019 Yes 28.8% 28.8%
Loan 11 Middleton Net Lease Portfolio 1,554,976     118 Springing Hard Springing No No 2.68x 2.62x 0 6 71,150,000 Various Yes 59.4% 59.4%
Property 11.01 Asheboro - Walmart                         19,650,000 10/19/2019 Yes    
Property 11.02 West Seneca - Home Depot                         19,000,000 10/18/2019 Yes    
Property 11.03 Concord - Walmart                         18,000,000 10/19/2019 Yes    
Property 11.04 Cranberry - Walmart                         14,500,000 10/15/2019 Yes    
Loan 12 Landing Square 2,153,549     35 Soft Springing No No 1.26x 1.22x 0 6 46,300,000 09/09/2019 Yes 73.9% 68.1%
Loan 13 510 East 14th Street(2)(32) 1,036,194 123,356 1,480,278 118 Soft (Residential) / Hard (Retail) In Place No No 3.69x 3.62x 0 6 287,900,000 09/25/2019 Yes 29.5% 29.5%
Loan 14 490-504 Myrtle Avenue(2)(32) 1,344,086 160,010 1,920,123 118 Hard Springing No No 1.94x 1.92x 0 6 141,300,000 09/04/2019 Yes 60.2% 60.2%
Property 14.01 504 Myrtle Avenue                         87,200,000 09/04/2019 Yes    
Property 14.02 490 Myrtle Avenue                         54,100,000 09/04/2019 Yes    
Loan 15 1019 Market(34) 1,283,888     119 Hard Springing No Yes - A 2.52x 2.34x 0 1 71,400,000 11/07/2019 Yes 46.9% 46.9%
Loan 16 65 Ainslie 1,278,352     119 Springing Hard Springing No No 1.75x 1.73x 0 6 49,900,000 11/21/2019 Yes 63.3% 63.3%
Loan 17 Crowne Plaza Resort Asheville 1,519,176     0 Hard Springing No No 2.57x 2.57x 0 1 49,000,000 08/06/2019 Yes 53.5% 42.6%
Loan 18 Sunset Grove Shopping Center 885,419     120 Springing Hard Springing No No 2.61x 2.42x 0 6 37,700,000 11/08/2019 Yes 61.9% 61.9%
Loan 19 West Road Plaza 823,988     120 Hard Springing No No 3.11x 2.79x 0 6 47,000,000 07/09/2019 Yes 44.7% 44.7%
Loan 20 2142-2172 Nostrand Avenue 503,396     119 Springing Hard Springing No No 3.79x 3.68x 0 1 31,900,000 10/29/2019 Yes 47.0% 47.0%
Loan 21 Creekside 508,834     118 Springing Hard Springing No No 3.63x 3.46x 5 1 21,800,000 10/02/2019 Yes 64.8% 64.8%
Loan 22 Amazon Distribution Salem 550,585     118 Hard Springing No No 2.26x 2.24x 3 (once per year) 1 21,700,000 11/06/2019 Yes 65.0% 65.0%
Loan 23 300-314 North College Street 438,111     58 Hard In Place No No 2.25x 2.07x 0 1 15,750,000 10/03/2019 Yes 67.5% 67.5%
Loan 24 Giant Anchored Portfolio(2) 563,941 408,857 4,906,290 58 Springing Hard Springing No No 1.61x 1.52x 0 6 130,500,000 10/01/2019 Yes 74.3% 67.3%
Property 24.01 Parkway Plaza                         24,200,000 10/01/2019 Yes    
Property 24.02 Aston Center                         20,700,000 10/01/2019 Yes    
Property 24.03 Spring Meadow                         22,400,000 10/01/2019 Yes    
Property 24.04 Scott Town Center                         18,200,000 10/01/2019 Yes    
Property 24.05 Creekside Marketplace                         18,000,000 10/01/2019 Yes    
Property 24.06 Stonehenge Square                         16,000,000 10/01/2019 Yes    
Property 24.07 AYR Town Center                         11,000,000 10/01/2019 Yes    
Loan 25 Home Depot - Cleveland Heights 360,731     119 Hard Springing No No 2.52x 2.52x 0 1 13,700,000 10/15/2019 Yes 70.0% 70.0%
Loan 26 Fairfield Inn & Suites Spokane 474,909     0 Hard Springing No No 2.09x 2.09x 0 1 11,800,000 10/08/2019 Yes 67.8% 54.5%
Loan 27 Northpoint Business Plaza(33) 275,916     119 Springing Hard Springing No No 3.16x 2.90x 0 6 12,400,000 11/13/2019 Yes 59.6% 59.6%
Loan 28 Monster Storage Portfolio 404,294     35 Springing Hard Springing No Yes - B 1.41x 1.37x 0 6 10,100,000 11/26/2019 Yes 67.3% 58.7%
Property 28.01 Monster Storage Westminster                         5,775,000 11/26/2019 Yes    
Property 28.02 Monster Storage Seneca                         4,325,000 11/26/2019 Yes    
Loan 29 Casa Laguna Hotel & Spa(33) 258,603     118 Springing Hard Springing No No 3.20x 2.86x 0 6 11,400,000 08/26/2019 Yes 57.0% 57.0%
Loan 30 SpringHill Suites Florence 375,268     35 Hard Springing No No 2.25x 1.94x 0 6 10,100,000 12/15/2019 Yes 64.4% 55.8%
Loan 31 CVS Argyle 204,486     119 Springing Hard Springing No No 1.97x 1.95x 0 6 8,050,000 11/10/2019 Yes 59.9% 59.9%
Loan 32 MS & MO Storage Portfolio 268,332     34 Springing Hard Springing No Yes - B 1.59x 1.56x 0 6 6,450,000 Various Yes 72.1% 62.5%
Property 32.01 Extra Space Long Beach                         3,550,000 11/23/2019 Yes    
Property 32.02 Hampel Rd Storage                         2,900,000 11/01/2019 Yes    
Loan 33 A&W Storage 213,662     34 Springing Hard Springing No Yes - B 1.54x 1.52x 0 6 5,300,000 11/08/2019 Yes 70.3% 60.8%

A-1-2 

 

 

Benchmark 2020-B16

 

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

 

                    Net Units Loan per Net          
                Year Year Rentable Area of Rentable Area   Prepayment Provisions Most Recent Operating Most Recent Most Recent
Loan ID Property Name Address City County State Zip Code Built Renovated (SF/Units/Rooms)(4) Measure (SF/Units/Rooms) $(4)(12)   (# of payments)(16)(17)(18) Statements Date EGI ($) Expenses($)
Loan 1 Harrison Retail 350 Amsterdam Avenue New York New York NY 10024 2009 NAP 88,254 Sq. Ft. 737   L(25), D(90), O(5) T-9 9/30/2019 Ann. 7,298,121 2,054,536
Loan 2 Bellagio Hotel and Casino(2)(31)(33) 3600 South Las Vegas Boulevard Las Vegas Clark NV 89109 1997 2019 3,933 Rooms 426,189   YM0.5(26), DorYM0.5(87), O(7) 09/30/2019 1,349,062,464 874,997,149
Loan 3 Kings Plaza(2)(32)(33) 5100 Kings Plaza Brooklyn Kings NY 11234 1969 2018 811,797 Sq. Ft. 600   L(25), YM1(90), O(5) 09/30/2019 76,315,642 28,858,298
Loan 4 3500 Lacey(2)(34) 3500 Lacey Road Downers Grove DuPage IL 60515 1992 2014-2018 583,982 Sq. Ft. 147   L(25), YM1(91), O(4) 08/31/2019 16,670,953 6,832,200
Loan 5 FedEx Redmond 18795 Northeast 73rd Street Redmond King WA 98052 2013 NAP 210,321 Sq. Ft. 215   L(25), YM1(92), O(3) 09/30/2019 4,020,645 126,549
Loan 6 560 Mission Street(2)(33) 560 Mission Street San Francisco San Francisco CA 94105 2002 NAP 668,149 Sq. Ft. 449   L(26), DorYM1(87), O(7) 09/30/2019 50,792,721 12,479,248
Loan 7 1633 Broadway(2)(31)(33) 1633 Broadway New York New York NY 10019 1972 2013 2,561,512 Sq. Ft. 391   L(26), D(87), O(7) 09/30/2019 182,760,348 71,951,033
Loan 8 Starwood Industrial Portfolio(2)(31) Various Various Various Various Various Various Various 4,070,396 Sq. Ft. 36   L(26), D(90), O(4)      
Property 8.01 101 45th Street 101 45th Street Munster Lake IN 46321 1992 NAP 349,988 Sq. Ft. 32          
Property 8.02 4820-4850 Indianapolis Road 4820-4850 Indianapolis Road Whitestown Boone IN 46075 2016 NAP 323,000 Sq. Ft. 26          
Property 8.03 8401 Bearing Drive 8401 Bearing Drive Indianapolis Marion IN 46268 2015 NAP 266,400 Sq. Ft. 31          
Property 8.04 5900 North Meadows Drive 5900 North Meadows Drive Grove City Franklin OH 43123 1997 NAP 269,831 Sq. Ft. 27          
Property 8.05 5701 North Meadows Drive 5701 North Meadows Drive Grove City Franklin OH 43123 1997 NAP 268,905 Sq. Ft. 25          
Property 8.06 8421 Bearing Drive 8421 Bearing Drive Indianapolis Marion IN 46268 2015 NAP 124,200 Sq. Ft. 47          
Property 8.07 6451-6471 Northwind Parkway 6451-6471 Northwind Parkway Hobart Lake IN 46342 2016 NAP 159,813 Sq. Ft. 35          
Property 8.08 4910-4938 Indianapolis Road 4910-4938 Indianapolis Road Whitestown Boone IN 46075 2016 NAP 156,000 Sq. Ft. 35          
Property 8.09 6221-6241 Northwind Parkway 6221-6241 Northwind Parkway Hobart Lake IN 46342 2009 NAP 150,000 Sq. Ft. 36          
Property 8.10 775 Commerce Parkway West Drive 775 Commerce Parkway West Drive Greenwood Johnson IN 46143 2014 2019 155,000 Sq. Ft. 34          
Property 8.11 1901 Northwind Parkway 1901 Northwind Parkway Hobart Lake IN 46342 2006 NAP 101,437 Sq. Ft. 49          
Property 8.12 333 45th Street 333 45th Street Munster Lake IN 46321 1999 2015 140,000 Sq. Ft. 34          
Property 8.13 221 South Swift Road 221 South Swift Road Addison DuPage IL 60101 1995 NAP 110,000 Sq. Ft. 42          
Property 8.14 W234N2091 Ridgeview Parkway Court W234N2091 Ridgeview Parkway Court Pewaukee Waukesha WI 53188 2001 NAP 105,444 Sq. Ft. 41          
Property 8.15 2240 Creekside Parkway 2240 Creekside Parkway Lockbourne Franklin OH 43137 2012 NAP 125,000 Sq. Ft. 33          
Property 8.16 201 South Swift Road 201 South Swift Road Addison DuPage IL 60101 1995 NAP 85,000 Sq. Ft. 48          
Property 8.17 8441 Bearing Drive 8441 Bearing Drive Indianapolis Marion IN 46268 2015 NAP 124,200 Sq. Ft. 33          
Property 8.18 4700 Ironwood Drive 4700 Ironwood Drive Franklin Milwaukee WI 53132 2000 NAP 123,200 Sq. Ft. 32          
Property 8.19 4410 North 132nd Street 4410 North 132nd Street Butler Waukesha WI 53007 1998 NAP 100,000 Sq. Ft. 38          
Property 8.20 999 Gerdt Court 999 Gerdt Court Greenwood Johnson IN 46143 2001 NAP 132,315 Sq. Ft. 28          
Property 8.21 480 45th Street 480 45th Street Munster Lake IN 46321 2002 2011 107,095 Sq. Ft. 35          
Property 8.22 12857 South Hamlin Court 12857 South Hamlin Court Alsip Cook IL 60803 2014 NAP 45,000 Sq. Ft. 78          
Property 8.23 1695 Glen Ellyn Road 1695 Glen Ellyn Road Glendale Heights DuPage IL 60139 2011 NAP 40,080 Sq. Ft. 82          
Property 8.24 1701-1721 Northwind Parkway 1701-1721 Northwind Parkway Hobart Lake IN 46342 2005 NAP 94,786 Sq. Ft. 34          
Property 8.25 1245 Lakeside Drive 1245 Lakeside Drive Romeoville Will IL 60446 1998 NAP 59,976 Sq. Ft. 48          
Property 8.26 3890 Perry Boulevard 3890 Perry Boulevard Whitestown Boone IN 46075 2008 2013 70,000 Sq. Ft. 40          
Property 8.27 215 45th Street 215 45th Street Munster Lake IN 46321 2000 NAP 65,000 Sq. Ft. 32          
Property 8.28 845 Telser Road 845 Telser Road Lake Zurich Lake IL 60047 2016 NAP 20,000 Sq. Ft. 102          
Property 8.29 1851 Northwind Parkway 1851 Northwind Parkway Hobart Lake IN 46342 2014 NAP 18,120 Sq. Ft. 112          
Property 8.30 1650 Northwind Parkway 1650 Northwind Parkway Hobart Lake IN 46342 2006 NAP 50,400 Sq. Ft. 36          
Property 8.31 225 45th Street 225 45th Street Munster Lake IN 46321 2000 NAP 45,000 Sq. Ft. 40          
Property 8.32 1600-1640 Northwind Parkway 1600-1640 Northwind Parkway Hobart Lake IN 46342 2006 NAP 50,206 Sq. Ft. 35          
Property 8.33 235 45th Street 235 45th Street Munster Lake IN 46321 2000 NAP 35,000 Sq. Ft. 37          
Loan 9 650 Madison Avenue(2)(31) 650 Madison Avenue New York New York NY 10022 1957, 1987 2015 600,415 Sq. Ft. 977   L(26), D(87), O(7) 09/30/2019 78,288,218 27,326,681
Loan 10 181 West Madison(2)(31) 181 West Madison Street Chicago Cook IL 60602 1990 2016 946,099 Sq. Ft. 114   L(26), D(53), O(5) 09/30/2019 39,800,913 17,954,617
Loan 11 Middleton Net Lease Portfolio Various Various Various Various Various Various Various 716,871 Sq. Ft. 59   L(26), D(90), O(4)      
Property 11.01 Asheboro - Walmart 1226 East Dixie Drive Asheboro Randolph NC 27203 1999 NAP 221,896 Sq. Ft. 53          
Property 11.02 West Seneca - Home Depot 1881 Ridge Road West Seneca Erie NY 14224 1996 2016 103,344 Sq. Ft. 109          
Property 11.03 Concord - Walmart 150 Concord Commons Place Southwest Concord Cabarrus NC 28027 1999 NAP 203,750 Sq. Ft. 53          
Property 11.04 Cranberry - Walmart 10 Kimberly Lane Cranberry Venango PA 16319 1999 NAP 187,881 Sq. Ft. 46          
Loan 12 Landing Square 3378 Greenbriar Parkway Southwest Atlanta Fulton GA 30331 2008 NAP 322 Units 112,422   L(25), D(91), O(4) 10/31/2019 4,557,054 1,869,180
Loan 13 510 East 14th Street(2)(32) 510 East 14th Street New York New York NY 10009 2018 NAP 160 Units 531,250   YM1(25), DorYM1(90), O(4) 09/30/2019 10,500,123 5,817,289
Loan 14 490-504 Myrtle Avenue(2)(32) Various Brooklyn Kings NY 11205 Various NAP 236 Units 360,169   L(26), D(89), O(5) 09/30/2019 7,187,225 1,760,424
Property 14.01 504 Myrtle Avenue 504 Myrtle Avenue Brooklyn Kings NY 11205 2017 NAP 143 Units 366,824     09/30/2019 4,242,586 928,283
Property 14.02 490 Myrtle Avenue 490 Myrtle Avenue Brooklyn Kings NY 11205 2015 NAP 93 Units 349,938     09/30/2019 2,944,640 832,142
Loan 15 1019 Market(34) 1019 Market Street San Francisco San Francisco CA 94103 1909 2014 75,523 Sq. Ft. 444   L(25), YM1(92), O(3) T-10 10/31/2019 Ann. 4,777,599 1,487,638
Loan 16 65 Ainslie 65 Ainslie Street Brooklyn Kings NY 11211 2008 2013 46 Units 686,957   L(25), D(92), O(3) 11/30/2019 2,587,350 331,726
Loan 17 Crowne Plaza Resort Asheville 1 Resort Drive Asheville Buncombe NC 28806 1973-2010 2017 274 Rooms 95,620   L(24), D(92), O(4) 10/31/2019 12,394,387 8,550,843
Loan 18 Sunset Grove Shopping Center 4190 Illinois Route 83 Long Grove Lake IL 60047 2011 NAP 109,938 Sq. Ft. 212   L(24), YM1(93), O(3) 10/31/2019 2,929,587 581,192
Loan 19 West Road Plaza 10241-10275 North Freeway Houston Harris TX 77037 1992 2006-2016 444,756 Sq. Ft. 47   L(24), D(91), O(5) 04/30/2019 4,108,519 1,442,875
Loan 20 2142-2172 Nostrand Avenue 2142-2146 Nostrand Avenue; 2156-2158 Nostrand Avenue; 2166-2172 Nostrand Avenue Brooklyn Kings NY 11210 1960, 1963, 2013 2013, 2014 44,445 Sq. Ft. 337   L(25), D(91), O(4) T-10 10/31/2019 Ann. 2,486,810 490,652
Loan 21 Creekside 650, 660, 670 & 680 Hawthorne Avenue Southeast Salem Marion OR 97301 2000-2008 NAP 99,353 Sq. Ft. 142   L(25), YM1(1), DorYM1(89), YM1(1), O(4) T-8 8/31/2019 Ann. 2,563,398 671,699
Loan 22 Amazon Distribution Salem 5475 Gaffin Road Southeast Salem Marion OR 97317 2009 2019 129,850 Sq. Ft. 109   L(26), D(88), O(6)      
Loan 23 300-314 North College Street 300-314 North College Street Charlotte Mecklenburg NC 28202 1936, 1946 2016 36,611 Sq. Ft. 290   L(26), D(31), O(3) 08/31/2019 975,353 193,723
Loan 24 Giant Anchored Portfolio(2) Various Various Various PA Various Various Various 548,482 Sq. Ft. 177   L(26), D(90), O(4) 09/30/2019 11,571,500 2,476,558
Property 24.01 Parkway Plaza 235-360 Cumberland Parkway Mechanicsburg Cumberland PA 17055 1998 NAP 111,028 Sq. Ft. 167     09/30/2019 2,238,484 543,342
Property 24.02 Aston Center 3330 Concord Road Aston Delaware PA 19014 2005 NAP 55,000 Sq. Ft. 291     09/30/2019 1,454,348 61,674
Property 24.03 Spring Meadow 2100-2104 Van Reed Road and 3104-3114 State Hill Road Reading Berks PA 19609 2004 NAP 77,050 Sq. Ft. 206     09/30/2019 2,037,123 580,679
Property 24.04 Scott Town Center 1000 Scott Town Center Bloomsburg Columbia PA 17815 2004 NAP 67,923 Sq. Ft. 203     09/30/2019 1,564,096 278,007
Property 24.05 Creekside Marketplace 1880 Leithsville Road Hellertown Northampton PA 18055 2001 NAP 90,804 Sq. Ft. 149     09/30/2019 1,679,633 443,001
Property 24.06 Stonehenge Square 950 Walnut Bottom Road Carlisle Cumberland PA 17015 1990 2005, 2016 88,677 Sq. Ft. 126     09/30/2019 1,513,645 345,332
Property 24.07 AYR Town Center 360-364 South Second Street McConnellsburg Fulton PA 17233 2005 NAP 58,000 Sq. Ft. 140     09/30/2019 1,084,171 224,522
Loan 25 Home Depot - Cleveland Heights 3460 Mayfield Road Cleveland Heights Cuyahoga OH 44118 NAP NAP 131,802 Sq. Ft. 73   L(25), D(92), O(3) 12/31/2019 907,250 42,250
Loan 26 Fairfield Inn & Suites Spokane 311 North Riverpoint Boulevard Spokane Spokane WA 99202 1994 2011 84 Rooms 95,237   L(26), D(91), O(3) 09/30/2019 2,907,019 1,917,869
Loan 27 Northpoint Business Plaza(33) 901 Northpoint Parkway West Palm Beach Palm Beach FL 33407 1988 2014 79,516 Sq. Ft. 93   L(25), D(91), O(4) T-10 10/31/2019 Ann. 1,262,275 483,038
Loan 28 Monster Storage Portfolio Various Various Oconee SC Various Various Various 127,125 Sq. Ft. 53   L(25), D(91), O(4) 11/30/2019 969,252 392,411
Property 28.01 Monster Storage Westminster 2254 Sandifer Boulevard Westminster Oconee SC 29693 1998 2016 64,525 Sq. Ft. 58     11/30/2019 527,040 203,408
Property 28.02 Monster Storage Seneca 365 Keowee School Road Seneca Oconee SC 29672 1990 2004 62,600 Sq. Ft. 49     11/30/2019 442,212 189,004
Loan 29 Casa Laguna Hotel & Spa(33) 2510 South Coast Highway Laguna Beach Orange CA 92651 1980 2015-2016 23 Rooms 282,609   L(36), YM1(79), O(5) 09/30/2019 2,192,505 1,380,072
Loan 30 SpringHill Suites Florence 2670 Hospitality Boulevard Florence Florence SC 29501 2003 2019 95 Rooms 68,421   L(25), D(90), O(5) 08/31/2019 2,902,257 2,089,024
Loan 31 CVS Argyle 111 FM 407 East Argyle Denton TX 76226 2017 NAP 14,600 Sq. Ft. 330   L(25), D(91), O(4) 11/30/2019 418,216  
Loan 32 MS & MO Storage Portfolio Various Various Various Various Various Various NAP 95,680 Sq. Ft. 49   L(26), D(90), O(4) Various 769,561 342,674
Property 32.01 Extra Space Long Beach 19135 Pineville Road Long Beach Harrison MS 39560 2004 NAP 50,425 Sq. Ft. 50     10/31/2019 379,829 174,484
Property 32.02 Hampel Rd Storage 29 Hampel Road Moscow Mills Lincoln MO 63362 2005 NAP 45,255 Sq. Ft. 48     09/30/2019 389,732 168,189
Loan 33 A&W Storage 5333 South Meridian Road Jackson Jackson MI 49201 1975 2005 49,178 Sq. Ft. 76   L(26), D(90), O(4) 10/31/2019 489,621 153,606

A-1-3 

 

 

Benchmark 2020-B16

 

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

 

        Second Most Second Second Second Third Most Third Third Third                      
      Most Recent Recent Operating Most Recent Most Recent Most Recent Recent Operating Most Recent Most Recent Most Recent Underwritten NOI Underwritten NCF  Underwritten  Underwritten  Underwritten  Underwritten  Underwritten Underwritten Underwritten Ownership Ground Lease
Loan ID Property Name NOI($)(13) Statements Date EGI($) Expenses($) NOI($) Statements Date EGI($) Expenses($) NOI($) Debt Yield(9)(12) Debt Yield(9)(12)  Revenue($)  EGI($)  Expenses($)  NOI ($)(13)  Reserves($) TI/LC($) NCF ($) Interest  Expiration(19)
Loan 1 Harrison Retail 5,243,585 12/31/2018 6,940,278 1,890,233 5,050,045 12/31/2017 6,950,619 1,713,244 5,237,375 8.2% 7.9% 8,370,290 7,951,775 2,644,747 5,307,028 17,651 176,508 5,112,869 Fee Simple  
Loan 2 Bellagio Hotel and Casino(2)(31)(33) 474,065,315 12/31/2018 1,367,835,267 877,969,225 489,866,042 12/31/2017 1,365,570,769 859,834,535 505,736,234 28.3% 27.1% 1,349,062,464 1,349,062,464 874,997,149 474,065,315 20,235,937   453,829,378 Fee Simple/Leasehold 04/27/2033
Loan 3 Kings Plaza(2)(32)(33) 47,457,344 12/31/2018 69,684,148 27,595,961 42,088,187 12/31/2017 64,923,243 25,486,495 39,436,748 10.7% 10.5% 74,124,373 81,045,187 29,004,262 52,040,925 139,559 995,395 50,905,970 Fee Simple/Leasehold 05/28/2028
Loan 4 3500 Lacey(2)(34) 9,838,753 12/31/2018 16,731,767 6,798,949 9,932,818 12/31/2017 16,116,813 6,392,605 9,724,208 11.3% 10.5% 17,512,646 16,337,836 6,645,797 9,692,039 87,597 583,982 9,020,460 Fee Simple  
Loan 5 FedEx Redmond 3,894,096 12/31/2018 3,888,352 105,775 3,782,577 12/31/2017 3,813,598 104,659 3,708,939 8.6% 8.4% 4,625,879 4,510,232 618,205 3,892,027 21,032 63,096 3,807,899 Fee Simple  
Loan 6 560 Mission Street(2)(33) 38,313,473 12/31/2018 49,571,805 11,702,280 37,869,525 12/31/2017 42,356,897 11,585,462 30,771,436 14.2% 13.7% 56,923,327 54,738,187 12,064,089 42,674,098 133,630 1,336,298 41,204,170 Fee Simple  
Loan 7 1633 Broadway(2)(31)(33) 110,809,315 12/31/2018 179,219,236 70,120,786 109,098,450 12/31/2017 159,464,803 65,274,796 94,190,007 11.9% 11.7% 198,756,496 190,585,947 71,435,784 119,150,163 461,072 2,011,364 116,677,727 Fee Simple  
Loan 8 Starwood Industrial Portfolio(2)(31)   12/31/2018 22,326,752 5,213,552 17,113,200 12/31/2017 21,058,823 4,735,117 16,323,706 13.1% 12.0% 27,724,593 26,338,363 7,461,253 18,877,110 610,559 883,240 17,383,310 Fee Simple  
Property 8.01 101 45th Street   12/31/2018 946,261 557,687 388,574 12/31/2017 1,650,705 472,856 1,177,849     2,297,667 2,182,784 554,260 1,628,525 52,498 60,666 1,515,360 Fee Simple  
Property 8.02 4820-4850 Indianapolis Road   12/31/2018 1,183,932 160,064 1,023,868 12/31/2017 627,749 135,220 492,529     1,356,852 1,289,010 255,245 1,033,764 48,450 52,583 932,732 Fee Simple  
Property 8.03 8401 Bearing Drive   12/31/2018 1,520,727 247,258 1,273,469 12/31/2017 1,286,864 139,410 1,147,454     1,442,824 1,370,682 285,114 1,085,568 39,960 47,356 998,252 Fee Simple  
Property 8.04 5900 North Meadows Drive   12/31/2018 1,269,866 554,658 715,207 12/31/2017 892,360 508,885 383,475     1,551,679 1,474,095 617,838 856,257 40,475 54,182 761,601 Fee Simple  
Property 8.05 5701 North Meadows Drive   12/31/2018 1,348,864 493,248 855,616 12/31/2017 1,293,772 464,854 828,918     1,456,582 1,383,753 584,653 799,101 40,336 51,825 706,940 Fee Simple  
Property 8.06 8421 Bearing Drive   12/31/2018 738,237 126,425 611,812 12/31/2017 757,259 86,472 670,787     933,722 887,036 186,509 700,527 18,630 28,048 653,850 Fee Simple  
Property 8.07 6451-6471 Northwind Parkway   12/31/2018 902,730 144,034 758,696 12/31/2017 717,424 128,860 588,565     1,009,614 959,134 199,654 759,480 23,972 34,071 701,437 Fee Simple  
Property 8.08 4910-4938 Indianapolis Road   12/31/2018 761,921 97,686 664,235 12/31/2017 444,731 135,298 309,433     852,524 809,898 143,521 666,377 23,400 30,225 612,752 Fee Simple  
Property 8.09 6221-6241 Northwind Parkway   12/31/2018 932,905 277,082 655,822 12/31/2017 899,965 237,017 662,948     1,080,233 1,026,222 382,298 643,924 22,500 35,158 586,266 Fee Simple  
Property 8.10 775 Commerce Parkway West Drive   12/31/2018 520,062 70,481 449,581 12/31/2017 503,357 68,700 434,657     841,628 799,547 101,972 697,575 23,250 29,634 644,690 Fee Simple  
Property 8.11 1901 Northwind Parkway   12/31/2018 1,080,973 217,303 863,670 12/31/2017 1,011,074 209,378 801,696     1,147,102 1,089,747 321,906 767,840 15,216 33,362 719,263 Fee Simple  
Property 8.12 333 45th Street   12/31/2018 651,000 27,309 623,691 12/31/2017 651,000 22,627 628,373     968,149 919,741 271,897 647,844 21,000 31,668 595,176 Fee Simple  
Property 8.13 221 South Swift Road   12/31/2018 565,675 19,506 546,169 12/31/2017 476,300 15,074 461,226     829,766 788,278 259,290 528,987 16,500 26,681 485,806 Fee Simple  
Property 8.14 W234N2091 Ridgeview Parkway Court   12/31/2018 770,953 111,683 659,270 12/31/2017 839,587 118,769 720,818     737,668 700,785 114,411 586,374 15,817 23,947 546,610 Fee Simple  
Property 8.15 2240 Creekside Parkway   12/31/2018 688,887 80,991 607,896 12/31/2017 646,718 52,362 594,357     958,138 910,231 348,263 561,968 18,750 30,887 512,332 Fee Simple  
Property 8.16 201 South Swift Road   12/31/2018 641,561 181,762 459,799 12/31/2017 488,184 194,393 293,791     788,310 748,895 294,227 454,668 12,750 24,146 417,772 Fee Simple  
Property 8.17 8441 Bearing Drive   12/31/2018 581,294 111,666 469,628 12/31/2017 376,927 88,330 288,597     658,036 625,134 161,410 463,724 18,630 23,564 421,531 Fee Simple  
Property 8.18 4700 Ironwood Drive   12/31/2018 722,520 166,173 556,348 12/31/2017 743,927 186,720 557,207     759,082 721,128 184,917 536,211 18,480 25,512 492,219 Fee Simple  
Property 8.19 4410 North 132nd Street   12/31/2018 626,181 230,490 395,692 12/31/2017 724,771 213,364 511,406     829,101 787,646 279,074 508,572 15,000 25,784 467,788 Fee Simple  
Property 8.20 999 Gerdt Court   12/31/2018 666,142 171,473 494,669 12/31/2017 679,399 183,851 495,548     715,659 679,876 232,655 447,221 19,847 25,456 401,917 Fee Simple  
Property 8.21 480 45th Street   12/31/2018 353,643 96,641 257,002 12/31/2017 569,471 20,893 548,578     806,141 765,833 161,078 604,755 16,064 21,991 566,700 Fee Simple  
Property 8.22 12857 South Hamlin Court   12/31/2018 618,715 194,648 424,067 12/31/2017 585,217 164,051 421,166     699,685 664,701 193,301 471,400 6,750 18,974 445,676 Fee Simple  
Property 8.23 1695 Glen Ellyn Road   12/31/2018 600,532 138,413 462,119 12/31/2017 595,571 139,684 455,887     645,135 612,878 144,685 468,193 6,012 16,909 445,272 Fee Simple  
Property 8.24 1701-1721 Northwind Parkway   12/31/2018 662,171 194,092 468,079 12/31/2017 644,871 185,735 459,135     721,215 685,154 244,477 440,678 14,218 21,844 404,616 Fee Simple  
Property 8.25 1245 Lakeside Drive   12/31/2018 407,773 161,805 245,968 12/31/2017 417,576 143,974 273,602     526,549 500,222 191,069 309,153 8,996 16,326 283,831 Fee Simple  
Property 8.26 3890 Perry Boulevard   12/31/2018 396,331 66,688 329,644 12/31/2017 386,242 58,482 327,760     434,655 412,923 91,318 321,605 10,500 14,377 296,728 Fee Simple  
Property 8.27 215 45th Street   12/31/2018 303,333 11,967 291,366 12/31/2017 296,833 9,916 286,917     422,827 401,686 112,543 289,143 9,750 14,058 265,335 Fee Simple  
Property 8.28 845 Telser Road   12/31/2018 342,147 48,087 294,060 12/31/2017 313,289 41,272 272,018     389,419 369,948 56,349 313,598 3,000 9,463 301,135 Fee Simple  
Property 8.29 1851 Northwind Parkway   12/31/2018 333,543 38,768 294,775 12/31/2017 340,668 54,854 285,814     368,450 350,028 44,891 305,137 2,718 9,951 292,468 Fee Simple  
Property 8.30 1650 Northwind Parkway   12/31/2018 264,019 12,264 251,755 12/31/2017 255,915 10,671 245,245     355,968 338,170 96,420 241,750 7,560 11,645 222,544 Fee Simple  
Property 8.31 225 45th Street   12/31/2018 242,625 9,622 233,003 12/31/2017 238,125 12,729 225,396     348,669 331,235 106,702 224,533 6,750 10,446 207,338 Fee Simple  
Property 8.32 1600-1640 Northwind Parkway   12/31/2018 432,396 130,109 302,287 12/31/2017 449,668 143,743 305,924     528,354 501,937 168,716 333,220 7,531 14,088 311,602 Fee Simple  
Property 8.33 235 45th Street   12/31/2018 248,831 63,469 185,362 12/31/2017 253,304 86,673 166,631     263,187 250,027 70,590 179,438 5,250 8,414 165,774 Fee Simple  
Loan 9 650 Madison Avenue(2)(31) 50,961,537 12/31/2018 75,039,495 26,481,999 48,557,496 12/31/2017 72,488,704 25,947,358 46,541,346 10.0% 9.7% 90,655,399 87,327,989 28,901,495 58,426,495 150,104 1,500,000 56,776,391 Fee Simple  
Loan 10 181 West Madison(2)(31) 21,846,296 12/31/2018 38,476,327 17,173,921 21,302,406 12/31/2017 38,996,305 15,793,194 23,203,111 20.4% 18.5% 41,878,988 41,394,765 19,384,258 22,010,506 189,220 1,892,198 19,929,089 Fee Simple  
Loan 11 Middleton Net Lease Portfolio                   9.9% 9.6% 6,002,081 5,861,855 1,690,180 4,171,675 71,687 28,654 4,071,334 Fee Simple  
Property 11.01 Asheboro - Walmart                       1,652,256 1,610,949 472,256 1,138,694 22,190   1,116,504 Fee Simple  
Property 11.02 West Seneca - Home Depot                       1,646,132 1,611,151 462,843 1,148,309 10,334   1,137,974 Fee Simple  
Property 11.03 Concord - Walmart                       1,461,292 1,428,413 382,680 1,045,733 20,375   1,025,358 Fee Simple  
Property 11.04 Cranberry - Walmart                       1,242,402 1,211,341 372,402 838,940 18,788 28,654 791,498 Fee Simple  
Loan 12 Landing Square 2,687,874 12/31/2018 4,081,822 1,962,008 2,119,814 12/31/2017 3,629,725 1,972,426 1,657,299 7.9% 7.7% 4,572,390 4,717,081 2,012,254 2,704,827 72,772   2,632,055 Fee Simple  
Loan 13 510 East 14th Street(2)(32) 4,682,834                 10.9% 10.7% 16,832,024 15,095,702 5,804,651 9,291,050 48,457 130,445 9,112,149 Leasehold 11/27/2111
Loan 14 490-504 Myrtle Avenue(2)(32) 5,426,801                 7.4% 7.4% 8,026,071 7,836,820 1,516,729 6,320,091 59,000   6,261,091 Fee Simple  
Property 14.01 504 Myrtle Avenue 3,314,303                     4,713,600 4,629,828 806,927 3,822,901 35,750   3,787,151 Fee Simple  
Property 14.02 490 Myrtle Avenue 2,112,498 12/31/2018 2,771,979 814,156 1,957,823 12/31/2017 2,902,323 773,172 2,129,151     3,312,472 3,206,992 709,801 2,497,191 23,250   2,473,941 Fee Simple  
Loan 15 1019 Market(34) 3,289,961 12/31/2018 5,071,643 1,438,120 3,633,523 12/31/2017 4,394,626 1,494,678 2,899,948 9.7% 9.0% 5,052,309 4,799,693 1,565,502 3,234,192 15,105 217,143 3,001,944 Fee Simple  
Loan 16 65 Ainslie 2,255,624 12/31/2018 2,511,566 341,128 2,170,438 12/31/2017 2,593,566 315,131 2,278,435 7.1% 7.0% 2,502,064 2,572,788 339,813 2,232,975 23,915 3,263 2,205,798 Fee Simple  
Loan 17 Crowne Plaza Resort Asheville 3,843,544 12/31/2018 11,419,160 7,943,890 3,475,270 12/31/2017 11,499,431 8,006,464 3,492,967 14.9% 14.9% 12,394,387 12,394,387 8,493,762 3,900,625     3,900,625 Fee Simple  
Loan 18 Sunset Grove Shopping Center 2,348,395 12/31/2018 2,876,123 475,921 2,400,202 12/31/2017 2,488,042 503,614 1,984,428 9.9% 9.2% 3,343,923 3,176,727 870,206 2,306,522 21,988 137,452 2,147,082 Fee Simple  
Loan 19 West Road Plaza 2,665,643 12/31/2018 4,107,928 1,436,051 2,671,877 12/31/2017 3,943,289 1,369,341 2,573,949 12.2% 11.0% 4,663,881 4,090,069 1,526,997 2,563,072 40,028 222,378 2,300,666 Fee Simple  
Loan 20 2142-2172 Nostrand Avenue 1,996,159 12/31/2018 2,371,492 369,407 2,002,085 12/31/2017 2,239,933 352,430 1,887,502 12.7% 12.4% 2,456,497 2,357,257 451,716 1,905,541 6,667 44,445 1,854,429 Fee Simple  
Loan 21 Creekside 1,891,700 12/31/2018 2,497,538 657,017 1,840,521 12/31/2017 2,526,847 589,491 1,937,356 13.0% 12.5% 2,730,622 2,589,751 744,916 1,844,836 -15,129 99,353 1,760,612 Fee Simple  
Loan 22 Amazon Distribution Salem                   8.8% 8.7% 1,352,672 1,285,038 40,907 1,244,131 12,985   1,231,146 Fee Simple  
Loan 23 300-314 North College Street 781,630 12/31/2018 915,307 163,908 751,399 12/31/2017 870,641 153,018 717,623 9.3% 8.5% 1,224,936 1,163,689 177,722 985,967 5,492 75,002 905,474 Fee Simple  
Loan 24 Giant Anchored Portfolio(2) 9,094,942 12/31/2018 11,416,287 2,381,600 9,034,687 12/31/2017 11,358,994 2,380,082 8,978,911 9.1% 8.6% 12,252,616 11,645,551 2,827,787 8,817,765 153,800 351,839 8,312,126 Fee Simple  
Property 24.01 Parkway Plaza 1,695,141 12/31/2018 2,158,853 496,485 1,662,368 12/31/2017 2,093,667 491,194 1,602,472     2,266,269 2,149,542 558,858 1,590,684 36,639 60,614 1,493,430 Fee Simple  
Property 24.02 Aston Center 1,392,674 12/31/2018 1,453,772 62,879 1,390,893 12/31/2017 1,453,499 61,595 1,391,904     1,713,999 1,645,439 283,468 1,361,972   47,119 1,314,853 Fee Simple  
Property 24.03 Spring Meadow 1,456,443 12/31/2018 1,988,772 567,830 1,420,942 12/31/2017 2,222,465 576,251 1,646,214     2,153,979 2,053,747 620,391 1,433,356 24,656 51,918 1,356,782 Fee Simple  
Property 24.04 Scott Town Center 1,286,089 12/31/2018 1,584,679 274,937 1,309,742 12/31/2017 1,526,868 312,346 1,214,522     1,627,246 1,541,889 293,995 1,247,895 26,490 49,804 1,171,601 Fee Simple  
Property 24.05 Creekside Marketplace 1,236,632 12/31/2018 1,626,691 431,457 1,195,234 12/31/2017 1,546,022 422,642 1,123,380     1,728,375 1,626,252 453,098 1,173,154 35,414 54,502 1,083,238 Fee Simple  
Property 24.06 Stonehenge Square 1,168,313 12/31/2018 1,546,193 327,849 1,218,344 12/31/2017 1,442,620 307,503 1,135,116     1,607,445 1,525,918 365,163 1,160,755 7,981 53,529 1,099,245 Fee Simple  
Property 24.07 AYR Town Center 859,649 12/31/2018 1,057,327 220,163 837,164 12/31/2017 1,073,853 208,550 865,303     1,155,303 1,102,763 252,813 849,950 22,620 34,354 792,976 Fee Simple  
Loan 25 Home Depot - Cleveland Heights 865,000                 9.5% 9.5% 1,005,146 954,889 45,360 909,529     909,529 Fee Simple  
Loan 26 Fairfield Inn & Suites Spokane 989,150 12/31/2018 2,749,419 1,824,781 924,639 12/31/2017 2,661,540 1,758,191 903,349 12.4% 12.4% 2,907,019 2,907,019 1,913,846 993,172     993,172 Fee Simple  
Loan 27 Northpoint Business Plaza(33) 779,237 12/31/2018 1,070,206 441,930 628,276 12/31/2017 1,165,568 423,665 741,904 11.8% 10.8% 1,509,637 1,434,155 561,097 873,058 15,903 57,873 799,282 Fee Simple  
Loan 28 Monster Storage Portfolio 576,840 12/31/2018 919,359 450,134 469,225 T-10 12/31/2017 Ann. 995,211 365,367 629,844 8.4% 8.2% 1,260,612 969,252 400,984 568,268 12,713   555,555 Fee Simple  
Property 28.01 Monster Storage Westminster 323,632 12/31/2018 490,344 215,485 274,859 T-10 12/31/2017 Ann. 489,281 158,236 331,045     722,244 527,040 212,133 314,907 6,453   308,455 Fee Simple  
Property 28.02 Monster Storage Seneca 253,208 12/31/2018 429,015 234,649 194,365 T-10 12/31/2017 Ann. 505,929 207,131 298,799     538,368 442,212 188,851 253,361 6,260   247,101 Fee Simple  
Loan 29 Casa Laguna Hotel & Spa(33) 812,433 12/31/2018 2,252,629 1,320,719 931,911 12/31/2017 1,930,646 1,181,349 749,296 12.7% 11.4% 1,810,468 2,192,505 1,365,495 827,010 87,700   739,310 Fee Simple  
Loan 30 SpringHill Suites Florence 813,233 12/31/2018 2,862,915 2,078,119 784,796 12/31/2017 2,865,390 2,093,216 772,174 13.0% 11.2% 2,866,047 2,902,257 2,058,179 844,079 116,090   727,988 Fee Simple  
Loan 31 CVS Argyle 418,216 12/31/2018 418,216   418,216 12/31/2017 418,216   418,216 8.3% 8.3% 548,944 543,455 141,597 401,857 2,190   399,667 Fee Simple  
Loan 32 MS & MO Storage Portfolio 426,887 12/31/2018 677,188 330,015 347,173 12/31/2017 620,692 328,660 292,032 9.2% 9.0% 835,884 769,561 342,696 426,865 9,568   417,297 Fee Simple  
Property 32.01 Extra Space Long Beach 205,345 12/31/2018 327,171 164,444 162,727 12/31/2017 248,355 161,185 87,170     423,012 379,829 176,354 203,475 5,043   198,433 Fee Simple  
Property 32.02 Hampel Rd Storage 221,543 12/31/2018 350,017 165,571 184,446 12/31/2017 372,337 167,475 204,862     412,872 389,732 166,342 223,390 4,526   218,864 Fee Simple  
Loan 33 A&W Storage 336,015 12/31/2018 452,217 142,852 309,365         8.8% 8.7% 633,996 489,621 160,861 328,760 4,918   323,842 Fee Simple  

A-1-4 

 

 

Benchmark 2020-B16

 

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

 

      Ground Lease     Lease     Lease     Lease     Lease    
Loan ID Property Name  Extension Terms(19) Largest Tenant(21)(22)(23) SF   Expiration 2nd Largest Tenant(22)(23) SF Expiration 3rd Largest Tenant(22) SF Expiration 4th Largest Tenant(22)(23) SF Expiration 5th Largest Tenant(22)(23) SF
Loan 1 Harrison Retail   Equinox 34,376 02/29/2024 Champion Parking 20,324 04/30/2030 Pure Yoga 19,768 06/30/2030 Modell’s 7,316 11/30/2020 SoulCycle 3,362
Loan 2 Bellagio Hotel and Casino(2)(31)(33) Two, 20-year options NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Loan 3 Kings Plaza(2)(32)(33) Three, 10-year options followed by one, nine-year option Lowe’s Home Centers 114,000 05/31/2028 Primark 102,805 07/31/2038 JCPenney 94,895 07/31/2038 Burlington 55,078 07/31/2028 Best Buy 53,371
Loan 4 3500 Lacey(2)(34)   HAVI Global Solutions 158,612 04/30/2025 Glanbia 95,489 02/28/2030 Invesco 89,222 04/30/2025 Coopers Hawk 45,091 04/30/2030 CompTIA 44,829
Loan 5 FedEx Redmond   FedEx Ground Package System Inc. 210,321 07/31/2028 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Loan 6 560 Mission Street(2)(33)   JP Morgan 246,384 09/30/2025 EY 122,760 12/31/2028 TIAA-CREF 64,696 09/30/2027 ARUP 49,832 09/30/2026 Seyfarth Shaw 49,695
Loan 7 1633 Broadway(2)(31)(33)   Allianz Asset Management of America L.P. 320,911 01/31/2031 WMG Acquisition Corp 293,888 07/31/2029 Showtime Networks Inc 261,196 01/31/2026 Morgan Stanley & Co 260,829 03/31/2032 Kasowitz Benson Torres 203,394
Loan 8 Starwood Industrial Portfolio(2)(31)                              
Property 8.01 101 45th Street   McJunkin Corp. 140,980 12/31/2023 FedEx Ground Package Systems, Inc. 76,993 07/31/2022 List Industries 66,098 05/31/2024 NAP NAP NAP NAP NAP
Property 8.02 4820-4850 Indianapolis Road   Cummins Inc. 171,000 08/10/2021 Hyperikon, Inc. 152,000 01/31/2023 NAP NAP NAP NAP NAP NAP NAP NAP
Property 8.03 8401 Bearing Drive   The Harvard Drug Store 196,200 06/30/2025 MS International 70,200 05/31/2026 NAP NAP NAP NAP NAP NAP NAP NAP
Property 8.04 5900 North Meadows Drive   CTDI 269,831 02/28/2023 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 8.05 5701 North Meadows Drive   ODW Logistics 190,400 11/30/2023 Expresspoint Technology Services 78,505 01/31/2024 NAP NAP NAP NAP NAP NAP NAP NAP
Property 8.06 8421 Bearing Drive   Sankyo America 67,850 11/30/2025 Business Furniture 56,350 03/31/2026 NAP NAP NAP NAP NAP NAP NAP NAP
Property 8.07 6451-6471 Northwind Parkway   Calpipe Industries 105,952 03/31/2023 Foremost Groups 53,861 07/31/2022 NAP NAP NAP NAP NAP NAP NAP NAP
Property 8.08 4910-4938 Indianapolis Road   Stephen Gould Corp. 130,000 03/31/2030 Alliance Healthcare Services 26,000 06/30/2024 NAP NAP NAP NAP NAP NAP NAP NAP
Property 8.09 6221-6241 Northwind Parkway   Foremost Groups 87,985 11/30/2020 Prologix Distribution (ANC) 62,015 10/31/2022 NAP NAP NAP NAP NAP NAP NAP NAP
Property 8.10 775 Commerce Parkway West Drive   Poynter Sheet Metal 155,000 12/31/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 8.11 1901 Northwind Parkway   Furmanite America 36,782 08/31/2021 Americall Group 35,000 02/28/2021 Munch’s Supply 29,655 10/31/2021 NAP NAP NAP NAP NAP
Property 8.12 333 45th Street   Staley 140,000 07/31/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 8.13 221 South Swift Road   Mondelez 110,000 08/31/2020 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 8.14 W234N2091 Ridgeview Parkway Court   Anixter International, Inc. 105,444 06/30/2030 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 8.15 2240 Creekside Parkway   Meadowbrook Meat Company 125,000 03/31/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 8.16 201 South Swift Road   Men’s Warehouse 85,000 05/31/2023 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 8.17 8441 Bearing Drive   Old Castle 124,200 05/31/2032 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 8.18 4700 Ironwood Drive   API Heat Transfer 123,200 07/31/2026 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 8.19 4410 North 132nd Street   Keystone Automotive Industries 48,282 11/30/2025 Snyder’s of Lance 32,188 12/31/2023 Milwuakee Electric Tool Corp. 19,530 12/31/2025 NAP NAP NAP NAP NAP
Property 8.20 999 Gerdt Court   Poly-Tainer 66,282 03/31/2024 NSK Corporation 66,033 08/31/2021 NAP NAP NAP NAP NAP NAP NAP NAP
Property 8.21 480 45th Street   Three Floyds Brewing, LLC. 107,095 06/30/2033 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 8.22 12857 South Hamlin Court   Bimbo Bakeries 45,000 11/30/2029 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 8.23 1695 Glen Ellyn Road   Bimbo Bakeries 40,080 02/28/2027 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 8.24 1701-1721 Northwind Parkway   Vision Integrated Graphics 62,800 06/30/2020 Stevens Engineers & Constructors, Inc. 31,986 09/30/2020 NAP NAP NAP NAP NAP NAP NAP NAP
Property 8.25 1245 Lakeside Drive   Crown Corr 59,976 08/31/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 8.26 3890 Perry Boulevard   MWI Veterinary Supply Co. 70,000 09/30/2022 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 8.27 215 45th Street   Carl Budding and Company 65,000 04/30/2021 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 8.28 845 Telser Road   Bimbo Bakeries 20,000 05/31/2031 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 8.29 1851 Northwind Parkway   Sunbelt Rentals 18,120 05/31/2030 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 8.30 1650 Northwind Parkway   John Tillman & Co. 50,400 10/31/2022 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 8.31 225 45th Street   Rockwell Automation 45,000 07/31/2020 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 8.32 1600-1640 Northwind Parkway   Steiner Electric 18,960 08/31/2022 Rogers Supply Company 18,271 04/30/2023 Johnson Controls 12,975 01/31/2022 NAP NAP NAP NAP NAP
Property 8.33 235 45th Street   Holland Special Delivery 35,000 09/30/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Loan 9 650 Madison Avenue(2)(31)   Ralph Lauren Corporation 277,016 12/31/2024 Memorial Sloan Kettering Cancer Center 100,700 07/31/2023 Sotheby’s Int’l Realty Inc 37,772 11/30/2035 Willett Advisors LLC 25,732 12/31/2024 BC Partners Inc. 19,380
Loan 10 181 West Madison(2)(31)   The Northern Trust Company 400,030 12/31/2025 Quantitative Risk Management Inc 107,092 03/31/2022 The Marmon Group 45,123 12/31/2022 CIBC 42,414 12/31/2029 Factset Research Systems Inc. 38,012
Loan 11 Middleton Net Lease Portfolio                              
Property 11.01 Asheboro - Walmart   Walmart 221,896 10/31/2029 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 11.02 West Seneca - Home Depot   Home Depot 103,344 01/31/2031 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 11.03 Concord - Walmart   Walmart 203,750 01/31/2030 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 11.04 Cranberry - Walmart   Walmart Supercenter 187,881 07/20/2029 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Loan 12 Landing Square   NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Loan 13 510 East 14th Street(2)(32) None Target 27,766 01/31/2049 Bright Horizons 10,616 11/30/2034 14th Street Medical Arts 4,018 10/30/2039 Sally Beauty Supply 1,995 01/31/2030 NAP NAP
Loan 14 490-504 Myrtle Avenue(2)(32)                              
Property 14.01 504 Myrtle Avenue   NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 14.02 490 Myrtle Avenue   NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Loan 15 1019 Market(34)   Zendesk 72,933 08/31/2022 The Chai Bar 2,590 02/28/2025 NAP NAP NAP NAP NAP NAP NAP NAP
Loan 16 65 Ainslie   Starbucks 2,175 02/01/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Loan 17 Crowne Plaza Resort Asheville   NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Loan 18 Sunset Grove Shopping Center   Sunset Food Mart 47,000 02/28/2031 CVS 14,392 01/31/2036 Coldwell Banker 5,575 12/21/2021 Burn Boot Camp 4,657 12/14/2027 Chase Bank 4,250
Loan 19 West Road Plaza   The Dump 177,761 11/30/2024 Frys Electronics 136,000 11/30/2022 Ross Dress for Less 30,187 01/31/2022 Pep Boys 22,390 12/31/2023 Fallas Paredes 22,198
Loan 20 2142-2172 Nostrand Avenue   Dallas BBQ 18,690 12/31/2033 Blink Fitness 15,125 07/31/2028 Chipotle Mexican Grill 2,540 06/30/2031 Visionary Properties 2,302 12/31/2025 Wireless Vision (T-Mobile) 2,288
Loan 21 Creekside   NW Farm Credit Services 18,014 12/31/2022 Aldrich Services LLP 13,651 01/31/2026 HDR Engineering 7,509 05/31/2024 Mid-Valley Pain Clinic (SPA) 7,235 10/31/2022 USDA 7,034
Loan 22 Amazon Distribution Salem   Amazon 129,850 10/31/2029 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Loan 23 300-314 North College Street   TopGolf 10,270 08/31/2026 Lucky’s Bar & Arcade 7,444 05/31/2021 QC Social 6,823 06/30/2022 Sabor 4,900 01/31/2026 The Imperial 4,414
Loan 24 Giant Anchored Portfolio(2)                              
Property 24.01 Parkway Plaza   Giant 71,335 12/31/2023 Rite Aid 11,180 11/30/2023 Kindercare Learning Centers 10,964 04/30/2020 Power Train Harrisburg West LL 6,000 03/31/2020 Wendy’s 3,067
Property 24.02 Aston Center   Giant 55,000 11/30/2025 Together We Share 0 MTM NAP NAP NAP NAP NAP NAP NAP NAP
Property 24.03 Spring Meadow   Giant 67,400 10/31/2024 Mavis Tire Supply, LLC 6,700 03/31/2034 Fulton Bank 2,950 08/04/2024 NAP NAP NAP NAP NAP
Property 24.04 Scott Town Center   Giant 54,333 07/31/2023 AAA 4,000 06/30/2022 One Main Financial 1,600 07/31/2023 Subway 1,600 07/31/2024 Regis Corp 1,600
Property 24.05 Creekside Marketplace   Giant 57,428 03/31/2027 Dollar Tree 8,000 06/30/2022 PLCB 3,200 04/30/2022 Pet Value, Inc. 3,162 07/31/2027 Feasta Pizza 2,880
Property 24.06 Stonehenge Square   Giant 51,687 05/31/2026 PA Liquor Control Board 5,170 08/31/2024 Monroe Muffler Brake Inc. 4,500 06/30/2020 Power Train Fitness 4,400 10/31/2020 Unique Source Products & Serv 2,550
Property 24.07 AYR Town Center   Giant 52,400 05/31/2025 Wine & Spirits Store 2,400 08/31/2024 NAP NAP NAP NAP NAP NAP NAP NAP
Loan 25 Home Depot - Cleveland Heights   NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Loan 26 Fairfield Inn & Suites Spokane   NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Loan 27 Northpoint Business Plaza(33)   Healthy Mothers Healthy Babies 10,115 12/11/2020 Wood Environment & Infrastructure 7,132 07/31/2026 E-Tempest.com,INC. dba Appfiles Inc.com 5,392 06/30/2023 Kennedy Contractors, Inc. 4,393 10/11/2023 Florida Department of Highway Safety 3,928
Loan 28 Monster Storage Portfolio                              
Property 28.01 Monster Storage Westminster   NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 28.02 Monster Storage Seneca   NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Loan 29 Casa Laguna Hotel & Spa(33)   NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Loan 30 SpringHill Suites Florence   NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Loan 31 CVS Argyle   CVS 14,600 01/31/2043 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Loan 32 MS & MO Storage Portfolio                              
Property 32.01 Extra Space Long Beach   NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Property 32.02 Hampel Rd Storage   NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP
Loan 33 A&W Storage   NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP

A-1-5 

 

 

Benchmark 2020-B16

 

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

 

            Upfront Monthly
      Lease   Occupancy Replacement Replacement
Loan ID Property Name Expiration Occupancy(4)(20)(24) As-of Date Reserves($)(26) Reserves ($)(27)
Loan 1 Harrison Retail 05/31/2030 100.0% 11/30/2019   Springing
Loan 2 Bellagio Hotel and Casino(2)(31)(33) NAP 94.8% 09/30/2019   Springing
Loan 3 Kings Plaza(2)(32)(33) 01/31/2032 96.7% 10/31/2019   Springing
Loan 4 3500 Lacey(2)(34) 12/31/2028 96.6% 09/01/2019 7,300 7,300
Loan 5 FedEx Redmond NAP 100.0% 02/01/2020   Springing
Loan 6 560 Mission Street(2)(33) 09/30/2027 98.4% 10/31/2019   Springing
Loan 7 1633 Broadway(2)(31)(33) 03/31/2037 98.4% 10/31/2019   Springing
Loan 8 Starwood Industrial Portfolio(2)(31)   98.4% Various   Springing
Property 8.01 101 45th Street NAP 81.2% 11/26/2019    
Property 8.02 4820-4850 Indianapolis Road NAP 100.0% 11/26/2019    
Property 8.03 8401 Bearing Drive NAP 100.0% 11/26/2019    
Property 8.04 5900 North Meadows Drive NAP 100.0% 02/06/2020    
Property 8.05 5701 North Meadows Drive NAP 100.0% 11/26/2019    
Property 8.06 8421 Bearing Drive NAP 100.0% 11/26/2019    
Property 8.07 6451-6471 Northwind Parkway NAP 100.0% 11/26/2019    
Property 8.08 4910-4938 Indianapolis Road NAP 100.0% 11/26/2019    
Property 8.09 6221-6241 Northwind Parkway NAP 100.0% 11/26/2019    
Property 8.10 775 Commerce Parkway West Drive NAP 100.0% 02/06/2020    
Property 8.11 1901 Northwind Parkway NAP 100.0% 11/26/2019    
Property 8.12 333 45th Street NAP 100.0% 02/06/2020    
Property 8.13 221 South Swift Road NAP 100.0% 02/06/2020    
Property 8.14 W234N2091 Ridgeview Parkway Court NAP 100.0% 02/06/2020    
Property 8.15 2240 Creekside Parkway NAP 100.0% 02/06/2020    
Property 8.16 201 South Swift Road NAP 100.0% 02/06/2020    
Property 8.17 8441 Bearing Drive NAP 100.0% 02/06/2020    
Property 8.18 4700 Ironwood Drive NAP 100.0% 02/06/2020    
Property 8.19 4410 North 132nd Street NAP 100.0% 11/26/2019    
Property 8.20 999 Gerdt Court NAP 100.0% 11/26/2019    
Property 8.21 480 45th Street NAP 100.0% 02/06/2020    
Property 8.22 12857 South Hamlin Court NAP 100.0% 02/06/2020    
Property 8.23 1695 Glen Ellyn Road NAP 100.0% 02/06/2020    
Property 8.24 1701-1721 Northwind Parkway NAP 100.0% 11/26/2019    
Property 8.25 1245 Lakeside Drive NAP 100.0% 02/06/2020    
Property 8.26 3890 Perry Boulevard NAP 100.0% 02/06/2020    
Property 8.27 215 45th Street NAP 100.0% 02/06/2020    
Property 8.28 845 Telser Road NAP 100.0% 02/06/2020    
Property 8.29 1851 Northwind Parkway NAP 100.0% 02/06/2020    
Property 8.30 1650 Northwind Parkway NAP 100.0% 02/06/2020    
Property 8.31 225 45th Street NAP 100.0% 02/06/2020    
Property 8.32 1600-1640 Northwind Parkway NAP 100.0% 11/26/2019    
Property 8.33 235 45th Street NAP 100.0% 02/06/2020    
Loan 9 650 Madison Avenue(2)(31) 01/31/2027 97.4% 10/01/2019   Springing
Loan 10 181 West Madison(2)(31) 09/30/2027 87.7% 11/30/2019   Springing
Loan 11 Middleton Net Lease Portfolio   100.0% 02/06/2020   Springing
Property 11.01 Asheboro - Walmart NAP 100.0% 02/06/2020    
Property 11.02 West Seneca - Home Depot NAP 100.0% 02/06/2020    
Property 11.03 Concord - Walmart NAP 100.0% 02/06/2020    
Property 11.04 Cranberry - Walmart NAP 100.0% 02/06/2020    
Loan 12 Landing Square NAP 92.2% 11/15/2019   6,064
Loan 13 510 East 14th Street(2)(32) NAP 100.0% 09/30/2019   2,996
Loan 14 490-504 Myrtle Avenue(2)(32)   96.2% 10/25/2019   4,917
Property 14.01 504 Myrtle Avenue NAP 96.5% 10/25/2019    
Property 14.02 490 Myrtle Avenue NAP 95.7% 10/25/2019    
Loan 15 1019 Market(34) NAP 100.0% 09/01/2019   Springing
Loan 16 65 Ainslie NAP 100.0% 11/26/2019   2,023
Loan 17 Crowne Plaza Resort Asheville NAP 56.8% 10/31/2019 1,000,000 1/12th of 4% of Gross Income
Loan 18 Sunset Grove Shopping Center 07/31/2031 100.0% 11/30/2019   1,832
Loan 19 West Road Plaza 11/30/2021 95.3% 12/12/2019   3,336
Loan 20 2142-2172 Nostrand Avenue 12/31/2026 100.0% 10/01/2019   Springing
Loan 21 Creekside 01/31/2026 92.6% 08/01/2019 1,656 1,656
Loan 22 Amazon Distribution Salem NAP 100.0% 02/01/2020   Springing
Loan 23 300-314 North College Street 01/31/2022 100.0% 10/01/2019 458 458
Loan 24 Giant Anchored Portfolio(2)   97.5% 09/01/2019   12,741
Property 24.01 Parkway Plaza 12/31/2022 98.9% 09/01/2019    
Property 24.02 Aston Center NAP 100.0% 09/01/2019    
Property 24.03 Spring Meadow NAP 100.0% 09/01/2019    
Property 24.04 Scott Town Center 06/30/2024 97.6% 09/01/2019    
Property 24.05 Creekside Marketplace 03/31/2029 94.6% 09/01/2019    
Property 24.06 Stonehenge Square 06/30/2021 97.1% 09/01/2019    
Property 24.07 AYR Town Center NAP 94.5% 09/01/2019    
Loan 25 Home Depot - Cleveland Heights NAP NAP NAP    
Loan 26 Fairfield Inn & Suites Spokane NAP 77.8% 09/30/2019 1,822,346 9,700
Loan 27 Northpoint Business Plaza(33) 10/23/2024 97.7% 01/01/2020   1,325
Loan 28 Monster Storage Portfolio   77.6% 10/31/2019   1,059
Property 28.01 Monster Storage Westminster NAP 71.9% 10/31/2019    
Property 28.02 Monster Storage Seneca NAP 83.5% 10/31/2019    
Loan 29 Casa Laguna Hotel & Spa(33) NAP 78.6% 09/30/2019   Greater of (i) 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 of the projected Gross Revenue for the Property for the prior month as set forth in the most recent Approved Annual Budget (provided, that, to the extent Lender determines that actual Gross Revenue for the Property are materially in excess of such projections, Lender has the option to increase the percentage to match actual Gross Revenue for the Property), (ii) the then-current amount required by the Management Agreement and (iii) the then-current amount required by the Franchise Agreement
Loan 30 SpringHill Suites Florence NAP 80.2% 08/31/2019   Greater of (i) 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
Loan 31 CVS Argyle NAP 100.0% 02/06/2020   Springing
Loan 32 MS & MO Storage Portfolio   94.5% Various   797
Property 32.01 Extra Space Long Beach NAP 95.2% 10/31/2019    
Property 32.02 Hampel Rd Storage NAP 93.7% 09/30/2019    
Loan 33 A&W Storage NAP 86.2% 10/31/2019 230,146 410

A-1-6 

 

 

Benchmark 2020-B16

 

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

 

      Upfront Monthly Upfront Monthly Upfront Monthly Upfront Upfront Monthly Other
      TI/LC TI/LC Tax Tax Insurance Insurance Engineering Other Other Reserves
Loan ID Property Name Reserves ($)(26) Reserves ($)(27)(28) Reserves ($)(26) Reserves ($)(27) Reserves($)(26) Reserves ($)(27) Reserve($)(26) Reserves ($)(26) Reserves ($)(27)(28) Description(26)(27)(28)
Loan 1 Harrison Retail   Springing   Springing   Springing   213,313 Springing Free Rent Funds (Upfront: 213,312.51); Lease Sweep Funds (Monthly: Springing); Condominium Reserve Funds (Monthly: Springing)
Loan 2 Bellagio Hotel and Casino(2)(31)(33)       Springing   Springing        
Loan 3 Kings Plaza(2)(32)(33)   Springing   Springing   Springing     Springing Ground Rent Reserve
Loan 4 3500 Lacey(2)(34) 48,665 48,665 437,987 109,497 15,884 15,884   2,151,053   Outstanding Free Rent Reserve (Upfront: 1,763,787.08); Outstanding TI/LC Reserve (Upfront: 387,266.26)
Loan 5 FedEx Redmond   Springing   Springing   Springing        
Loan 6 560 Mission Street(2)(33) 2,152,612 Springing   Springing   Springing        
Loan 7 1633 Broadway(2)(31)(33)   Springing   Springing   Springing   36,389,727   Unfunded Obligations Reserve
Loan 8 Starwood Industrial Portfolio(2)(31)   Springing   Springing   Springing   880,000   Roof Repair Reserve
Property 8.01 101 45th Street                    
Property 8.02 4820-4850 Indianapolis Road                    
Property 8.03 8401 Bearing Drive                    
Property 8.04 5900 North Meadows Drive                    
Property 8.05 5701 North Meadows Drive                    
Property 8.06 8421 Bearing Drive                    
Property 8.07 6451-6471 Northwind Parkway                    
Property 8.08 4910-4938 Indianapolis Road                    
Property 8.09 6221-6241 Northwind Parkway                    
Property 8.10 775 Commerce Parkway West Drive                    
Property 8.11 1901 Northwind Parkway                    
Property 8.12 333 45th Street                    
Property 8.13 221 South Swift Road                    
Property 8.14 W234N2091 Ridgeview Parkway Court                    
Property 8.15 2240 Creekside Parkway                    
Property 8.16 201 South Swift Road                    
Property 8.17 8441 Bearing Drive                    
Property 8.18 4700 Ironwood Drive                    
Property 8.19 4410 North 132nd Street                    
Property 8.20 999 Gerdt Court                    
Property 8.21 480 45th Street                    
Property 8.22 12857 South Hamlin Court                    
Property 8.23 1695 Glen Ellyn Road                    
Property 8.24 1701-1721 Northwind Parkway                    
Property 8.25 1245 Lakeside Drive                    
Property 8.26 3890 Perry Boulevard                    
Property 8.27 215 45th Street                    
Property 8.28 845 Telser Road                    
Property 8.29 1851 Northwind Parkway                    
Property 8.30 1650 Northwind Parkway                    
Property 8.31 225 45th Street                    
Property 8.32 1600-1640 Northwind Parkway                    
Property 8.33 235 45th Street                    
Loan 9 650 Madison Avenue(2)(31)   Springing   Springing   Springing   9,576,014   Free Rent ($6,378,315); Unfunded Obligations ($3,197,699)
Loan 10 181 West Madison(2)(31) 157,683 157,683   Springing   Springing   2,822,678   Free Rent (Upfront: 1,532,852); Outstanding Rollover Reserve (Upfront: 1,229,826); Outstanding Capex Reserve (Upfront: 60,000)
Loan 11 Middleton Net Lease Portfolio   Springing   Springing   Springing        
Property 11.01 Asheboro - Walmart                    
Property 11.02 West Seneca - Home Depot                    
Property 11.03 Concord - Walmart                    
Property 11.04 Cranberry - Walmart                    
Loan 12 Landing Square     97,754 32,585   Springing   2,000,000   Capex Holdback Reserve
Loan 13 510 East 14th Street(2)(32) 1,208,046   29,052 14,526   Springing   3,820,246 220,000 Free/Gap Rent Reserve (Upfront: 1,291,953.74); Mezzanine Loan Debt Service Reserve (Upfront: 1,000,000); Prepaid Rent Reserve (Upfront: 588,292.55); Citibank Lease Reserve (Upfront: 500,000); Ground Rent Reserve (Upfront: 440,000.00; Monthly: 220,000)
Loan 14 490-504 Myrtle Avenue(2)(32)       13,195 52,358 10,472     Springing Condominium Reserve
Property 14.01 504 Myrtle Avenue                    
Property 14.02 490 Myrtle Avenue                    
Loan 15 1019 Market(34) 1,877,080 6,294   Springing   Springing        
Loan 16 65 Ainslie   272 4,810 2,405 22,430 2,804   100,000 Springing Starbucks Estoppel Reserve (Upfront: 100,000); Additional Collateral Reserve (Monthly: Springing)
Loan 17 Crowne Plaza Resort Asheville     51,268 25,634   Springing     Springing Hotel Taxes Reserve
Loan 18 Sunset Grove Shopping Center   11,454 113,147 16,164 10,145 3,382 21,813 1,000,000   Cain LOC Funds
Loan 19 West Road Plaza   18,532 119,625 50,688   Springing 12,000   Springing Lease Sweep Reserve (Monthly: Springing); Road Widening Condemnation Reserve (Monthly: Springing)
Loan 20 2142-2172 Nostrand Avenue   Springing 22,865 22,865   Springing        
Loan 21 Creekside 358,279 Springing 38,121 19,061 2,464 2,464   72,300   HDR TI/LC Reserve
Loan 22 Amazon Distribution Salem   Springing   Springing 5,203 5,203   519,400   Outstanding TI/LC Reserve
Loan 23 300-314 North College Street 4,167 4,167   7,261 2,851 1,426        
Loan 24 Giant Anchored Portfolio(2)   8,681   Springing   Springing        
Property 24.01 Parkway Plaza                    
Property 24.02 Aston Center                    
Property 24.03 Spring Meadow                    
Property 24.04 Scott Town Center                    
Property 24.05 Creekside Marketplace                    
Property 24.06 Stonehenge Square                    
Property 24.07 AYR Town Center                    
Loan 25 Home Depot - Cleveland Heights       Springing 310 310        
Loan 26 Fairfield Inn & Suites Spokane     13,590 4,529 4,030 2,015   88,600   Seasonality Reserve
Loan 27 Northpoint Business Plaza(33) 150,000 4,970 53,060 17,687 11,359 5,680        
Loan 28 Monster Storage Portfolio     19,293 4,823 5,469 1,094 24,188      
Property 28.01 Monster Storage Westminster                    
Property 28.02 Monster Storage Seneca                    
Loan 29 Casa Laguna Hotel & Spa(33)     21,391 7,130   Springing        
Loan 30 SpringHill Suites Florence       8,758 28,439 2,585     Springing PIP Reserve
Loan 31 CVS Argyle   Springing   Springing   Springing        
Loan 32 MS & MO Storage Portfolio     18,155 3,631 6,309 1,052        
Property 32.01 Extra Space Long Beach                    
Property 32.02 Hampel Rd Storage                    
Loan 33 A&W Storage     1,547 1,547 4,242 707 194,070      

A-1-7 

 

 

Benchmark 2020-B16

 

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

 

      Environmental     Franchise          
      Report Engineering   Expiration Loan        
Loan ID Property Name Date(29) Report Date PML/SEL (%) Date Purpose Sponsor(25) Guarantor(30) Previous Securitization Non-Trust Pari Passu Original Balance
Loan 1 Harrison Retail 11/25/2019 11/26/2019 NAP NAP Refinance The Related Companies, L.P. The Related Companies, L.P. COMM 2010-C1  
Loan 2 Bellagio Hotel and Casino(2)(31)(33) 11/06/2019 11/06/2019 NAP NAP Acquisition BREIT Operating Partnership L.P. BREIT Operating Partnership L.P.   1,616,200,000
Loan 3 Kings Plaza(2)(32)(33) 11/22/2019 10/22/2019 NAP NAP Refinance The Macerich Partnership, L.P. The Macerich Partnership, L.P. GSMS 2013-KING 437,000,000
Loan 4 3500 Lacey(2)(34) 09/13/2019 09/13/2019 NAP NAP Acquisition Jack Kim Jack Kim   35,800,000
Loan 5 FedEx Redmond 12/03/2019 12/02/2019 9.0% NAP Acquisition RREEF Property Trust NAP    
Loan 6 560 Mission Street(2)(33) 11/25/2019 11/18/2019 9.0% NAP Recapitalization National Office Partners LLC NAP   255,000,000
Loan 7 1633 Broadway(2)(31)(33) 10/30/2019 10/30/2019 NAP NAP Refinance Paramount Group Operating Partnership LP NAP   956,000,000
Loan 8 Starwood Industrial Portfolio(2)(31) Various Various NAP   Acquisition Starwood Real Estate Income Trust Starwood REIT Operating Partnership, L.P.   99,500,000
Property 8.01 101 45th Street 10/07/2019 10/03/2019 NAP NAP         7,599,937
Property 8.02 4820-4850 Indianapolis Road 10/07/2019 10/03/2019 NAP NAP         5,855,689
Property 8.03 8401 Bearing Drive 10/04/2019 10/02/2019 NAP NAP         5,699,953
Property 8.04 5900 North Meadows Drive 10/04/2019 10/03/2019 NAP NAP         5,045,860
Property 8.05 5701 North Meadows Drive 10/04/2019 10/03/2019 NAP NAP         4,640,945
Property 8.06 8421 Bearing Drive 10/04/2019 10/02/2019 NAP NAP         4,018,000
Property 8.07 6451-6471 Northwind Parkway 10/04/2019 10/07/2019 NAP NAP         3,893,411
Property 8.08 4910-4938 Indianapolis Road 10/07/2019 10/03/2019 NAP NAP         3,799,969
Property 8.09 6221-6241 Northwind Parkway 10/04/2019 10/07/2019 NAP NAP         3,737,674
Property 8.10 775 Commerce Parkway West Drive 10/07/2019 10/02/2019 NAP NAP         3,581,938
Property 8.11 1901 Northwind Parkway 10/04/2019 10/07/2019 NAP NAP         3,457,349
Property 8.12 333 45th Street 10/07/2019 10/03/2019 NAP NAP         3,301,612
Property 8.13 221 South Swift Road 10/10/2019 10/02/2019 NAP NAP         3,177,023
Property 8.14 W234N2091 Ridgeview Parkway Court 10/22/2019 10/09/2019 NAP NAP         2,990,139
Property 8.15 2240 Creekside Parkway 10/04/2019 10/03/2019 NAP NAP         2,865,550
Property 8.16 201 South Swift Road 10/10/2019 10/02/2019 NAP NAP         2,834,403
Property 8.17 8441 Bearing Drive 10/04/2019 10/02/2019 NAP NAP         2,803,256
Property 8.18 4700 Ironwood Drive 10/21/2019 10/09/2019 NAP NAP         2,740,961
Property 8.19 4410 North 132nd Street 10/15/2019 10/08/2019 NAP NAP         2,647,519
Property 8.20 999 Gerdt Court 10/07/2019 10/02/2019 NAP NAP         2,585,225
Property 8.21 480 45th Street 10/07/2019 10/03/2019 NAP NAP         2,554,077
Property 8.22 12857 South Hamlin Court 10/10/2019 10/03/2019 NAP NAP         2,429,488
Property 8.23 1695 Glen Ellyn Road 10/04/2019 10/02/2019 NAP NAP         2,273,752
Property 8.24 1701-1721 Northwind Parkway 10/04/2019 10/07/2019 NAP NAP         2,242,604
Property 8.25 1245 Lakeside Drive 10/04/2019 10/02/2019 NAP NAP         1,962,279
Property 8.26 3890 Perry Boulevard 10/07/2019 10/03/2019 NAP NAP         1,931,132
Property 8.27 215 45th Street 10/07/2019 10/03/2019 NAP NAP         1,417,201
Property 8.28 845 Telser Road 10/11/2019 10/03/2019 NAP NAP         1,401,628
Property 8.29 1851 Northwind Parkway 10/04/2019 10/07/2019 NAP NAP         1,401,628
Property 8.30 1650 Northwind Parkway 10/04/2019 10/07/2019 NAP NAP         1,245,891
Property 8.31 225 45th Street 10/07/2019 10/03/2019 NAP NAP         1,245,891
Property 8.32 1600-1640 Northwind Parkway 10/04/2019 10/07/2019 NAP NAP         1,214,744
Property 8.33 235 45th Street 10/07/2019 10/03/2019 NAP NAP         903,271
Loan 9 650 Madison Avenue(2)(31) 10/29/2019 10/29/2019 NAP NAP Refinance Vornado Realty L.P.; OPG Investment Holdings (US), LLC Vornado Realty L.P.; OPG Investment Holdings (US), LLC MAD 2013-650M 541,800,000
Loan 10 181 West Madison(2)(31) 11/13/2019 11/08/2019 NAP NAP Refinance HNA Group North America LLC NAP   64,900,000
Loan 11 Middleton Net Lease Portfolio Various Various NAP   Recapitalization/Acquisition Mitchel Greenberg; Peter Holstein; Keith Jaffee Mitchel Greenberg; Peter Holstein; Keith Jaffee    
Property 11.01 Asheboro - Walmart 10/10/2019 10/10/2019 NAP NAP          
Property 11.02 West Seneca - Home Depot 07/18/2019 07/19/2019 NAP NAP          
Property 11.03 Concord - Walmart 08/01/2019 08/02/2019 NAP NAP          
Property 11.04 Cranberry - Walmart 07/19/2019 07/19/2019 NAP NAP          
Loan 12 Landing Square 10/23/2019 10/23/2019 NAP NAP Acquisition Edward I. Biskind Edward I. Biskind    
Loan 13 510 East 14th Street(2)(32) 11/27/2019 10/01/2019 NAP NAP Refinance Extell Limited and Gershon Barnett (A/K/A Gary Barnett) Extell Limited and Gershon Barnett (A/K/A Gary Barnett)   50,000,000
Loan 14 490-504 Myrtle Avenue(2)(32) 10/01/2019 09/30/2019 NAP   Refinance Brian Shatz; Josh Zegen Brian Shatz; Josh Zegen   50,000,000
Property 14.01 504 Myrtle Avenue 10/01/2019 09/30/2019 NAP NAP         30,856,334
Property 14.02 490 Myrtle Avenue 10/01/2019 09/30/2019 NAP NAP         19,143,666
Loan 15 1019 Market(34) 11/14/2019 11/11/2019 17.0% NAP Refinance DWS Grundbesitz GmbH DWS Grundbesitz GmbH JPMBB 2014-C26  
Loan 16 65 Ainslie 12/04/2019 12/03/2019 NAP NAP Refinance Juda Klein; Mendel Klein Juda Klein; Mendel Klein FREMF 2017-KJ16  
Loan 17 Crowne Plaza Resort Asheville 08/21/2019 08/21/2019 NAP 04/24/2035 Refinance Dennis Hulsing Dennis Hulsing    
Loan 18 Sunset Grove Shopping Center 11/26/2019 11/25/2019 NAP NAP Refinance Jay Levin; The Infinity Trust Jay Levin; The Infinity Trust MSBAM 2012-C5  
Loan 19 West Road Plaza 07/16/2019 07/16/2019 NAP NAP Refinance Raymond Levy; John Neman Raymond Levy; John Neman    
Loan 20 2142-2172 Nostrand Avenue 11/06/2019 11/06/2019 NAP NAP Refinance Harry Adjmi; Gabriel Chehebar Harry Adjmi; Gabriel Chehebar    
Loan 21 Creekside 10/18/2019 10/18/2019 8.0% NAP Acquisition Stephen M. Zotovich Stephen M. Zotovich    
Loan 22 Amazon Distribution Salem 09/05/2019 08/30/2019 8.0% NAP Refinance H F Z Capital Group LLC; Reich Bros, LLC H F Z Capital Group LLC; Reich Bros, LLC    
Loan 23 300-314 North College Street 10/10/2019 10/10/2019 NAP NAP Acquisition John Tracey; Chris Kono John Tracey; Chris Kono    
Loan 24 Giant Anchored Portfolio(2) Various 10/18/2019 NAP   Acquisition Leo S. Ullman; Robert F. Whalen, Jr. Leo S. Ullman; Robert F. Whalen, Jr.   87,000,000
Property 24.01 Parkway Plaza 10/18/2019 10/18/2019 NAP NAP         16,592,784
Property 24.02 Aston Center 10/18/2019 10/18/2019 NAP NAP         14,350,515
Property 24.03 Spring Meadow 10/18/2019 10/18/2019 NAP NAP         14,260,825
Property 24.04 Scott Town Center 09/23/2019 10/18/2019 NAP NAP         12,377,320
Property 24.05 Creekside Marketplace 10/15/2019 10/18/2019 NAP NAP         12,108,247
Property 24.06 Stonehenge Square 10/18/2019 10/18/2019 NAP NAP         10,045,361
Property 24.07 AYR Town Center 10/18/2019 10/18/2019 NAP NAP         7,264,948
Loan 25 Home Depot - Cleveland Heights 10/23/2019 10/23/2019 NAP NAP Acquisition David Metcalf David Metcalf    
Loan 26 Fairfield Inn & Suites Spokane 10/10/2019 10/08/2019 NAP 02/11/2035 Acquisition Avtar S. Dhillon; Amandeep K. Dhillon Avtar S. Dhillon; Amandeep K. Dhillon    
Loan 27 Northpoint Business Plaza(33) 11/15/2019 11/15/2019 NAP NAP Acquisition Arturo Alvarez Demalde Arturo Alvarez Demalde    
Loan 28 Monster Storage Portfolio 11/12/2019 11/12/2019 NAP   Acquisition George Thacker; Lawrence Charles Kaplan; Richard Schontz George Thacker; Lawrence Charles Kaplan; Richard Schontz    
Property 28.01 Monster Storage Westminster 11/12/2019 11/12/2019 NAP NAP          
Property 28.02 Monster Storage Seneca 11/12/2019 11/12/2019 NAP NAP          
Loan 29 Casa Laguna Hotel & Spa(33) 09/03/2019 09/03/2019 16.0% NAP Refinance Britten Shuford; David Dittmer; David A. Lesser; Clifford Lord, Jr. Britten Shuford; David Dittmer; David A. Lesser; Clifford Lord, Jr.    
Loan 30 SpringHill Suites Florence 11/13/2019 11/13/2019 NAP 05/31/2023 Refinance David G. Raines; Chrisie J. Raines David G. Raines; Chrisie J. Raines GSMS 2012-GCJ9  
Loan 31 CVS Argyle 11/26/2019 12/04/2019 NAP NAP Acquisition Ray John Shields, Jr. Ray John Shields, Jr.    
Loan 32 MS & MO Storage Portfolio Various Various NAP   Acquisition George Thacker; Lawrence Charles Kaplan; Richard Schontz George Thacker; Lawrence Charles Kaplan; Richard Schontz    
Property 32.01 Extra Space Long Beach 11/14/2019 11/14/2019 NAP NAP          
Property 32.02 Hampel Rd Storage 10/08/2019 10/08/2019 NAP NAP          
Loan 33 A&W Storage 11/05/2019 11/05/2019 NAP NAP Acquisition George Thacker; Lawrence Charles Kaplan; Richard Schontz George Thacker; Lawrence Charles Kaplan; Richard Schontz    

A-1-8 

 

 

Benchmark 2020-B16

 

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

 

          Existing   Future Debt
          Additional Sub Debt   Permitted
Loan ID Property Name Non-Trust Pari Passu Cut-off Date Balance Non-Trust Pari Passu Balloon Balance Amount Existing Additional Sub Debt Description Type
Loan 1 Harrison Retail       None NAP
Loan 2 Bellagio Hotel and Casino(2)(31)(33) 1,616,200,000 1,616,200,000 1,333,800,000 $650,500,000 B-Notes; $683,300,000 C-Notes Mezzanine
Loan 3 Kings Plaza(2)(32)(33) 437,000,000 437,000,000 53,000,000 Mezzanine Debt NAP
Loan 4 3500 Lacey(2)(34) 35,800,000 35,800,000   None NAP
Loan 5 FedEx Redmond       None NAP
Loan 6 560 Mission Street(2)(33) 255,000,000 255,000,000   None Mezzanine
Loan 7 1633 Broadway(2)(31)(33) 956,000,000 956,000,000 249,000,000 B Note Equityholder Debt or Debt-Like Preferred Equity
Loan 8 Starwood Industrial Portfolio(2)(31) 99,500,000 99,500,000 65,527,072 B Note NAP
Property 8.01 101 45th Street 7,599,937 7,599,937      
Property 8.02 4820-4850 Indianapolis Road 5,855,689 5,855,689      
Property 8.03 8401 Bearing Drive 5,699,953 5,699,953      
Property 8.04 5900 North Meadows Drive 5,045,860 5,045,860      
Property 8.05 5701 North Meadows Drive 4,640,945 4,640,945      
Property 8.06 8421 Bearing Drive 4,018,000 4,018,000      
Property 8.07 6451-6471 Northwind Parkway 3,893,411 3,893,411      
Property 8.08 4910-4938 Indianapolis Road 3,799,969 3,799,969      
Property 8.09 6221-6241 Northwind Parkway 3,737,674 3,737,674      
Property 8.10 775 Commerce Parkway West Drive 3,581,938 3,581,938      
Property 8.11 1901 Northwind Parkway 3,457,349 3,457,349      
Property 8.12 333 45th Street 3,301,612 3,301,612      
Property 8.13 221 South Swift Road 3,177,023 3,177,023      
Property 8.14 W234N2091 Ridgeview Parkway Court 2,990,139 2,990,139      
Property 8.15 2240 Creekside Parkway 2,865,550 2,865,550      
Property 8.16 201 South Swift Road 2,834,403 2,834,403      
Property 8.17 8441 Bearing Drive 2,803,256 2,803,256      
Property 8.18 4700 Ironwood Drive 2,740,961 2,740,961      
Property 8.19 4410 North 132nd Street 2,647,519 2,647,519      
Property 8.20 999 Gerdt Court 2,585,225 2,585,225      
Property 8.21 480 45th Street 2,554,077 2,554,077      
Property 8.22 12857 South Hamlin Court 2,429,488 2,429,488      
Property 8.23 1695 Glen Ellyn Road 2,273,752 2,273,752      
Property 8.24 1701-1721 Northwind Parkway 2,242,604 2,242,604      
Property 8.25 1245 Lakeside Drive 1,962,279 1,962,279      
Property 8.26 3890 Perry Boulevard 1,931,132 1,931,132      
Property 8.27 215 45th Street 1,417,201 1,417,201      
Property 8.28 845 Telser Road 1,401,628 1,401,628      
Property 8.29 1851 Northwind Parkway 1,401,628 1,401,628      
Property 8.30 1650 Northwind Parkway 1,245,891 1,245,891      
Property 8.31 225 45th Street 1,245,891 1,245,891      
Property 8.32 1600-1640 Northwind Parkway 1,214,744 1,214,744      
Property 8.33 235 45th Street 903,271 903,271      
Loan 9 650 Madison Avenue(2)(31) 541,800,000 541,800,000 213,200,000 B Note NAP
Loan 10 181 West Madison(2)(31) 64,900,000 64,900,000 132,100,000 B Note NAP
Loan 11 Middleton Net Lease Portfolio       None NAP
Property 11.01 Asheboro - Walmart          
Property 11.02 West Seneca - Home Depot          
Property 11.03 Concord - Walmart          
Property 11.04 Cranberry - Walmart          
Loan 12 Landing Square       None NAP
Loan 13 510 East 14th Street(2)(32) 50,000,000 50,000,000 75,000,000 Mezzanine Debt NAP
Loan 14 490-504 Myrtle Avenue(2)(32) 50,000,000 50,000,000 20,000,000 Mezzanine Debt NAP
Property 14.01 504 Myrtle Avenue 30,856,334 30,856,334      
Property 14.02 490 Myrtle Avenue 19,143,666 19,143,666      
Loan 15 1019 Market(34)       None NAP
Loan 16 65 Ainslie       None NAP
Loan 17 Crowne Plaza Resort Asheville       None NAP
Loan 18 Sunset Grove Shopping Center       None NAP
Loan 19 West Road Plaza       None NAP
Loan 20 2142-2172 Nostrand Avenue       None NAP
Loan 21 Creekside       None NAP
Loan 22 Amazon Distribution Salem       None NAP
Loan 23 300-314 North College Street       None NAP
Loan 24 Giant Anchored Portfolio(2) 87,000,000 78,778,081   None NAP
Property 24.01 Parkway Plaza 16,592,784 15,024,686      
Property 24.02 Aston Center 14,350,515 12,994,323      
Property 24.03 Spring Meadow 14,260,825 12,913,108      
Property 24.04 Scott Town Center 12,377,320 11,207,603      
Property 24.05 Creekside Marketplace 12,108,247 10,963,960      
Property 24.06 Stonehenge Square 10,045,361 9,096,026      
Property 24.07 AYR Town Center 7,264,948 6,578,376      
Loan 25 Home Depot - Cleveland Heights       None NAP
Loan 26 Fairfield Inn & Suites Spokane       None NAP
Loan 27 Northpoint Business Plaza(33)       None Mezzanine
Loan 28 Monster Storage Portfolio       None NAP
Property 28.01 Monster Storage Westminster          
Property 28.02 Monster Storage Seneca          
Loan 29 Casa Laguna Hotel & Spa(33)       None Mezzanine
Loan 30 SpringHill Suites Florence       None NAP
Loan 31 CVS Argyle       None NAP
Loan 32 MS & MO Storage Portfolio       None NAP
Property 32.01 Extra Space Long Beach          
Property 32.02 Hampel Rd Storage          
Loan 33 A&W Storage       None NAP

A-1-9 

 

 

Benchmark 2020-B16

FOOTNOTES TO ANNEX A-1

 

(1)GACC—German American Capital Corporation or one of its affiliates; JPMCB—JPMorgan Chase Bank, National Association or one of its affiliates; CREFI—Citi Real Estate Funding Inc. or one of its affiliates.

 

(2) Loan
Number		 Mortgage
Loan Seller		 Property Name Cut-off Date
Balance ($)		 Non-Trust Pari Passu Cut-off
Date Balance		 Controlling
Note		 Governing PSA
  2 JPMCB/CREFI Bellagio Hotel and Casino $60,000,000 $1,616,200,000 No BX 2019-OC11
  3 JPMCB Kings Plaza $50,000,000 $437,000,000 No JPMCB
  4 JPMCB 3500 Lacey $50,000,000 $35,800,000 Yes Benchmark 2020-B16
  6 GACC 560 Mission Street $45,000,000 $255,000,000 Yes Benchmark 2020-B16
  7 GACC/JPMCB 1633 Broadway $45,000,000 $956,000,000 No BWAY 2019-1633
  8 GACC Starwood Industrial Portfolio $45,000,000 $99,500,000 No GSMS 2020-GC45
  9 CREFI 650 Madison Avenue $45,000,000 $541,800,000 No MAD 2019-650M
  10 JPMCB 181 West Madison $43,000,000 $64,900,000 No JPMCC 2020-LOOP
  13 CREFI 510 East 14th Street $35,000,000 $50,000,000 No GSMS 2020-GC45
  14 JPMCB 490-504 Myrtle Avenue $35,000,000 $50,000,000 No CGCMT 2019-C7
  24 CREFI Giant Anchored Portfolio $10,000,000 $87,000,000 No CGCMT 2019-C7

 

(3)With respect to any Mortgaged Property securing a multi-property Mortgage Loan, the amounts listed under the headings “Original Balance ($)” and “Cut-off Date Balance ($)” reflect the Allocated Loan Amount related to such Mortgaged Property.

 

  • Loan No. 8 – Starwood Industrial Portfolio
• Loan No. 11 – Middleton Net Lease Portfolio
• Loan No. 14 – 490-504 Myrtle Avenue
• Loan No. 24 – Giant Anchored Portfolio
• Loan No. 28 – Monster Storage Portfolio
• Loan No. 32 – MS & MO Storage Portfolio

 

 (4)     Residential Retail
  Loan No. Mortgage Loan Units Occ. % of
GPR		 NRA
(sq. ft. )		 Occ. % of
GPR
  13 510 East 14th Street 160 100.0% 69.2% 56,377 78.7% 30.8%

 

Loan No. 2 – Bellagio Hotel and Casino – Approximately 71.6% of the total revenues from the Mortgaged Property comes from sources other than the hotel operation, including the following: (a) casino (29.6%), (b) food and beverage (24.7%), (c) entertainment (9.0%), (d) retail (4.1%) and (e) other operations (4.2%).

 

Loan No. 7 – 1633 Broadway – The Mortgaged Property includes 145,192 sq. ft. of theater space, constituting approximately 6% of the net rentable area at the Mortgaged Property, and approximately 80,000 sq. ft. of retail space, constituting approximately 3% of the net rentable area at the Mortgaged Property, of which approximately 40,000 sq. ft. is vacant.

 

Loan No. 14 – 490-504 Myrtle Avenue – 48 of the units are rent-stabilized, and the remaining 188 units are market-rate units.

 

(5)Loan No. 12 - Landing Square - The Mortgaged Property is subject to a land use restrictive agreement, which is scheduled to expire in 2023. The land use restrictive agreement provides that 65 of the 322 units are designated as affordable housing to be occupied by tenants whose income is 50% or less of the area median gross income. At the Mortgaged Property, 74 of the 322 units are occupied by tenants whose income is 50% or less of the area median gross income.

 

Loan No. 15 – 1019 Market – The Mortgaged Property is designated as a Category II Significant Building under Article 11 of the Planning Code of the City of San Francisco, and contributes to the city’s Market Street Theater and Loft District, which is listed on the National Register. However, this designation does not restrict the use of the Mortgaged Property. In addition, the Mortgaged Property is subject to a California Mills Act Historic Property Agreement which contemplated building rehabilitation work and continued maintenance. The rehabilitation work has been completed, and the next required maintenance will occur in 2023 and consist of painting and sealing various portions of the building exterior. If the building incurs damage of less than 50% of the historic property, the damaged area must be replaced and repaired.

 

(6)

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®

 

A-1-10 

 

 

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.

 

(7)Loan No. 3 – Kings Plaza – With respect to the related mezzanine loan, the mezzanine borrower is required to make Monthly Debt Service ($) payments of (i) from the first payment date of Februrary 1, 2020 prior to February 1, 2025, interest only, and (ii) from February 1, 2025, and thereafter amortization payments in accordance with the amortization schedule set forth in the mezzanine loan documents.

 

(8)Annual Debt Service ($), Monthly Debt Service ($), Underwritten NOI DSCR and Underwritten NCF DSCR for Mortgage Loans (i) except as described above for loans with planned amortization, with partial interest only periods are shown based on the monthly debt service payment immediately following the expiration of the interest only period and (ii) that are interest only until the related maturity date are shown based on the interest only payments during the 12 month period following the Cut off Date (or, in the case of Monthly Debt Service ($), the average of such interest only payments) without regard to leap year adjustments.

 

(9)Loan No. 12 – Landing Square - The Cut-off Date LTV Ratio, Underwritten NOI Debt Yield and Underwritten NCF Debt Yield are calculated net of a $2,000,000 holdback reserve in connection with capital improvements at the Mortgaged Property. The holdback is structured with the first $1,000,000 available to the borrower for immediate release as work is completed and reimbursed pursuant to the lender-approved budget. The remaining $1,000,000 will be released based on 1) satisfactory completion of the work as evidenced by invoices submitted to the servicer and 2) the net cash flow divided by the fully funded loan amount less amounts remaining in the lease yields a debt yield of at least 7.3%. Based on the fully funded loan amount of $36,200,000, the Underwritten NOI Debt Yield is 7.5%, the Underwritten NCF Debt Yield is 7.3% and the Cut-off Date LTV Ratio is 78.2%.

 

(10)“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.

 

(11)“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).

 

(12)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. 2 – Bellagio Hotel and Casino
• Loan No. 7 – 1633 Broadway
• Loan No. 8 – Starwood Industrial Portfolio
• Loan No. 9 – 650 Madison Avenue
• Loan No. 10 – 181 West Madison

 

A-1-11 

 

 

(13)Loan No. 3 – Kings Plaza - The increase from the Most Recent NOI ($) to Underwritten NOI ($) is primarily attributable to (i) rent steps taken 12 months out until February 1, 2021 (based on the Kings Plaza Whole Loan’s securitization in February of 2020) and straight-lined rents for investment grade-rated tenants and (ii) projected increases in power plant revenue as this component of the property stabilizes.

 

Loan No. 6 – 560 Mission - The increase from Most Recent NOI ($) to Underwritten NOI ($) is primarily attributable to credit rent steps through November 2020.

 

Loan No. 9 – 650 Madison Avenue– The increase from Most Recent NOI to Underwritten NOI at the Mortgaged Property is primarily attributable to the signing of six new leases since December 2018 as well as contractual rent steps.

 

Loan No. 13 – 510 East 14th Street – The increase from Most Recent NOI to Underwritten NOI at the Mortgaged Property is primarily attributable to the Mortgaged Property having been built in 2018, and having not reached stabilization until late 2019.

 

Loan No. 14 – 490-504 Myrtle Avenue – The increase from Most Recent NOI ($) to Underwritten NOI ($) is primarily attributable to an increase in vacancy due to the adjacent 504 Myrtle Avenue Mortgaged Property being opened as well as concession burn off.

 

Loan No. 23 – 300-314 North College Street – The increase from Most Recent NOI ($) to Underwritten NOI ($) is primarily attributable to the recently executed lease with TopGolf, accounting for approximately $273,696 in underwritten base rent.

 

Loan No. 24 – Giant Anchored Portfolio - Underwritten NOI is based on the “straight line” rents of certain tenants at the related Mortgaged Properties.

 

Loan No. 27 – Northpoint Business Plaza – The increase from Most Recent NOI ($) to Underwritten NOI ($) is primarily attributable to the recently executed leases with Wood Evironment & Infratstructure, Arrow Exterminators, Inc. and Colliers International South Florida, LLC accounting for approximately $157,933 in underwritten base rent.

 

(14)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.

 

(15)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-ls”)

   Mortgage Loan LTV Ratio at Maturity (Other Than “As-ls”)   Appraised Value (Other Than “As-ls”)   Mortgage Loan Cut-off Date LTV Ratio (“As-ls”)  

Mortgage Loan LTV

Ratio at Maturity(“As-ls”)

   Appraised Value (“As-ls”)
  Bellagio Hotel and Casino(1)   6.7%   39.3%   39.3%   $4,260,000,000   25.8%   25.8%   $6,500,000,000
  650 Madison Avenue(2)   5.0%   48.5%   48.5%   $1,210,000,000   48.9%   48.9%   $1,200,000,000
  181 West Madison(3)   4.8%   28.8%   28.8%   $375,289,826   29.9%   29.9%   $374,000,000
  Fairfield Inn & Suites Spokane(4)   0.9%   67.8%   54.5%   $11,800,000   80.0%   64.3%   $10,000,000
  SprinqHill Suites Florence(5)   0.7%   64.4%   55.8%   $10,100,000   67.7%   58.7%   $9,600,000

 

(1)The Appraised Value (Other Than “As-Is”) reflects the “As Leased” value solely with respect the real property portion of the Mortgaged Property of $4,260,000,000, excluding personal property and certain intangible value attributable to the Mortgaged Property.

 

(2)The Appraised Value (Other Than “As-Is”) reflects the “Hypothetical As-Is” appraised value of $1,210,000,000 as of October 31, 2019, which assumes which assumes that the Mortgaged Property will have in place reserves of approximately $10,000,000 at origination. At origination of the Mortgage Loan, approximately $9,500,000 was reserved.

 

(3)The Appraised Value (Other Than “As-Is”) reflects the “As Hypothetical” value of $375,289,826 for the Mortgaged Property as of October 22, 2019, which assumes the Borrower Sponsor has escrowed $1,289,826 for remaining capital expenses and unfunded tenant improvement allowances associated with CIBC.

 

A-1-12 

 

 

(4)The Appraised Value (Other Than “As-Is”) reflects the “As Is - PIP Funded” of $11,800,000 for the Mortgaged Property as of October 8, 2019, which assumes that the PIP is placed in escrow and funded by the lender. The Appraised Value (“As-Is”) of the Mortgaged Property as of October 8, 2019 is $10,000,000.

 

(5)The Appraised Value (Other than As-Is) represents the “As Complete” value of $10,100,000, effective December 15, 2019, which assumes that an approximately $1.3 million comprehensive renovation is complete.

 

(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.

 

“YM0.5(x)” means may be prepaid for x payments with payment of the greater of a yield maintenance charge and 0.5% of the amount prepaid.

 

“DorYM0.5(x)” means may be prepaid for x payments with either defeasance or a yield maintenance charge or 0.5% of the amount prepaid.

 

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. 2– Bellagio Hotel and Casino – The lockout period will be 26 payments beginning with and including the first payment date of January 5, 2020. The borrower may defease the 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 15, 2022. The assumed defeasance lockout period of 26 payments is based on the expected Benchmark 2020-B16 securitization closing date in February 2020. The actual defeasance lockout period may be longer.

 

Loan No. 3 – Kings Plaza – The lockout period will be at least 25 payment dates beginning with and including the first payment date of February 1, 2020. The borrower may prepay with yield maintenance the whole loan after the earlier to occur of (i) February 1, 2023 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 Benchmark 2020-B16 securitization closing date in February 2020. The actual lockout period may be longer.

 

Loan No. 6 – 560 Mission Street - The lockout period will be at least 26 payments beginning with and including the first payment date of January 6, 2020. The borrower has the option to (i) defease the full $300.0 million 560 Mission Street Whole Loan after the earlier to occur of (a) two years after the closing date of the securitization that includes the last pari passu note to be securitized and (b) December 5, 2022 or (ii) prepay the 560 Mission Street Whole Loan in full with the greater of 1.0% of the outstanding principal balance and yield maintenance prior to June 6, 2029. The assumed lockout period of 26 months is based on the expected closing date of the Benchmark 2020-B16 securitization in February 2020. The actual lockout period may be longer.

 

Loan No. 7 – 1633 Broadway – The lockout period will be at least 26 payment dates beginning with and including the first payment date of January 6, 2020. Defeasance of the 1633 Broadway Whole Loan in full is permitted after the date that is the earlier to occur of (i) November 25, 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 26 payments is based on the expected Benchmark 2020-B16 securitization closing date in February 2020. The actual lockout period may be longer.

 

A-1-13 

 

 

Loan No. 8 – Starwood Industrial Portfolio – The lockout period will be at least 26 payments beginning with and including the first payment date of January 6, 2020. At any time after the earlier to occur of (i) November 26, 2022 or (ii) the second anniversary of the securitization closing date of the last note to be securitized, the Starwood Industrial Portfolio Whole Loan may be defeased with certain “government securities” as permitted under the related Mortgage Loan documents. The assumed lockout period of 26 months is based on the expected closing date of the Benchmark 2020-B16 securitization in February 2020. The actual lockout period may be longer.

 

Loan No. 9 – 650 Madison Avenue – The lockout period will be at least 26 payment dates beginning with and including the first payment date in January 2020. For the purpose of this prospectus, the assumed lockout period of 26 payment dates is based on the expected Benchmark 2020-B16 securitization closing date in February 2020. The actual lockout period may be longer.

 

Loan No. 10 – 181 West Madison – The lockout period will be at least 26 payment dates beginning with and including the first payment date of January 1, 2020. The borrower may defease the Whole Loan after the earlier to occur of (i) January 1, 2023 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 26 payments is based on the expected Benchmark 2020-B16 securitization closing date in February 2020. The actual lockout period may be longer.

 

Loan No. 13 – 510 East 14th Street – The lockout period will be at least 25 payments beginning with and including the payment date of February 6, 2020. Defeasance is permitted at any time on or after the earlier to occur of (i) two years after the closing date of the securitization that includes the last promissory note to be securitized and (ii) December 12, 2022. Prepayment in whole, but not in part, of the 510 East 14th Street Whole Loan is permitted at any time, prior to September 6, 2029 with the payment of the greater of 1% of the principal balance or yield maintenance. The assumed defeasance lockout period of 25 payment dates is based on the expected Benchmark 2020-B16 securitization closing date in February 2020. The actual lockout period may be longer.

 

Loan No. 24 – Giant Anchored Portfolio – The lockout period will be at least 26 payments beginning with and including the first payment date of January 6, 2020. The borrower has the option to defease the Giant Anchored Portfolio Whole Loan at any time after the earlier to occur of (i) November 19, 2022 and (ii) two years after the closing date of the securitization that includes the last promissory note to be securitized. The assumed lockout period of 26 payments is based on the expected Benchmark 2020-B16 closing date in February 2020. Voluntary prepayment of the Giant Anchored Portfolio Whole Loan is permitted on or after the due date in September 2029 without payment of any prepayment premium.

 

(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. 3 – Kings Plaza
• Loan No. 8 – Starwood Industrial Portfolio
• Loan No. 9 – 650 Madison Avenue
• Loan No. 11 – Middleton Net Lease Portfolio
• Loan No. 19 – West Road Plaza
• Loan No. 21 – Creekside
• Loan No. 24 – Giant Anchored Portfolio
• Loan No. 28 – Monster Storage Portfolio
• Loan No. 32 – MS & MO Storage Portfolio

 

(19)The following Mortgaged Properties consists, in whole or in part, of the related borrower’s interest in one or more ground leases, space leases, air rights leases or other similar leasehold interests:
• Loan No. 2 – Bellagio Hotel and Casino
• Loan No. 3 – Kings Plaza
• Loan No. 13 – 510 East 14th Street

 

(20)Loan No. 2 – Bellagio Hotel and Casino – The Mortgaged Property was acquired by the borrower in a sale-leaseback transaction from Bellagio, LLC, an indirectly wholly owned subsidiary of MGM Resorts International. Bellagio, LLC and the borrower entered into a new 30-year lease, with two 10-year extension options, for Bellagio, LLC to operate the Mortgaged Property.

 

(21)

Loan No. 8 – Starwood Industrial Portfolio – the Largest tenant, Bimbo Bakeries, has various expiration dates: (i) 45,000 sq. ft. at 12857 South Hamlin Court with a lease expiration date of November 30, 2029, (ii) 40,080 sq. ft. at

 

A-1-14 

 

 

1695 Glen Ellyn Road with a lease expiration date of February 28, 2027, and (iii) 20,000 sq. ft. at 845 Telser Road with a lease expiration date of May 31, 2031.

 

(22)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. 3 – Kings Plaza – The 2nd Largest Tenant, Primark, has the right to terminate its lease on July 7, 2028 with 12 months’ notice provided that, as of the termination date, (i) the tenant is Primark US Corp., or a Primark successor, and (ii) the tenant is not in default of its lease beyond any applicable notice and cure period; however, such termination option will be automatically terminated and of no force or effect if either (a) another Primark store opens for business within a certain radius of the Mortgaged Property, or (b) the tenant or any of its affiliates own, operate, otherwise become financially interested in any other Primark store or any other store branded under the Primark name within the radius.

 

Loan No. 4 – 3500 Lacey – The Largest Tenant, HAVI Global Solutions, has a one-time right to terminate its lease effective as of August 2022 with no less than 12 months’ prior notice and the payment of an estimated termination fee of $5,236,299. The 2nd Largest Tenant, Glanbia, has a one-time right to terminate its lease effective as of February 2026 with no less than 6 months’ prior notice and the payment of an estimated termination fee of $4,101,067. The 3rd Largest Tenant, Invesco, has a one-time right to terminate its lease effective as of May 2021 with no less than 12 months’ prior notice and the payment of an estimated termination fee of $3,789,544. The 5th Largest Tenant, CompTIA, has a one-time right to terminate its lease effective as of December 2026 with no less than 12 months’ prior notice and the payment of an estimated termination fee of $971,316.

 

Loan No. 6 – 560 Mission Street – the Largest Tenant, JP Morgan, representing approximately 36.9% of the net renable area at the Mortgaged Property, has the right at any time through September 30, 2021 to terminate its lease with respect to one full floor of its leased premises upon 12 months’ prior notice and payment of a termination fee. The 3rd Largest Tenant, TIAA-CREF, representing approximately 9.7% of the net renable area at the Mortgaged Property, has the one-time right to terminate the lease for all or any portion of its space effective as of March 31, 2023 upon written notice on or before March 31, 2022 and payment of a termination fee. The 5th Largest Tenant, Seyfarth Shaw, representing approximately 7.4% of the net renable area at the Mortgaged Property, has one-time right to terminate its lease with respect to the 29th floor effective as of September 30, 2022 upon written notice on or before September 30, 2021 and payment of a termination fee.

 

Loan No. 7 – 1633 Broadway – the 4th Largest Tenant, Morgan Stanley & Co, representing approximately 10.2% of net rentable area, has the option to terminate its lease as to all or any portion (but not less than one full floor) of its space at any time after April 1, 2027, upon 18 months’ notice and payment of a termination fee. The 5th Largest Tenant, Kasowitz Benson Torres, representing approximately 7.9% of the net rentable commercial area, has the right to terminate its lease as to one full floor, all or a portion of its uppermost or lowermost floor (provided that the terminated space must be in a commercially reasonable configuration) effective as of March 31, 2024, by providing notice by March 31, 2023 and payment of a termination fee.

 

Loan No. 8 – Starwood Industrial Portfolio – the sole tenant at the 333 45th Street Mortgaged Property, Staley, representing approximately 3.4% of net rentable area, has the right to terminate its lease as of July 31, 2021 upon not less than 270 days prior written notice and payment of a termination fee equal to 6 months of the rent in effect as of the termination date plus the unamortized leasing commission amount equal to approximately $419,570. The Largest Tenant at the 8401 Bearing Drive Mortgaged Property, The Harvard Drug Store, representing approximately 4.8% of net rentable area, has a one-time right to terminate its lease effective as of June 30, 2022, as follows: provided that (A)-(i) the tenant is not in default under the lease and (ii) occupying less than 75% of the leased premises, or (B) the landlord, after written notice from the tenant, is unable to accommodate an expansion of at least 20% of the leased premises, then the tenant may terminate the lease by giving the landlord written notice no later than June 30, 2021, and paying the landlord an early termination fee of $775,000.

 

A-1-15 

 

 

Loan No. 9 – 650 Madison Avenue - The 2nd Largest Tenant, Memorial Sloan Kettering Cancer Center, has (i) the one-time option to terminate its lease on any date between July 1, 2020, and June 30, 2022, so long as the tenant gives 18 months’ notice and (ii) the right to go dark at any time.

 

Loan No. 10 – 181 West Madison– The 4th Largest Tenant, CIBC, has a one-time right to terminate its lease effective as of December 31, 2025, with no less than 12 months’ prior notice and the payment of an estimated termination fee in the amount equal to (i) the unamortized portion of any brokerage commission at an interest rate of 8% per annum, (ii) the unamortized portion of any construction allowance, (iii) the unamortized portion of any abated rent, (iv) an amount equal to the then-escalated base rent and additional rent that would have been payable by the tenant under the lease for the three-month period immediately following the early termination date.

 

Loan No. 16 – 65 Ainslie – The Largest Tenant, Starbucks, has the option to terminate its lease effective any day after the 36th month of its lease term, so long as the tenant provides notice no less than 180 days before the termination date.

 

Loan No. 18 – Sunset Grove Shopping Center – Coldwell Banker, the 3rd Largest Tenant at the property has the option to terminate its lease at the end of the 60th month so long as they give 6 months written notice.

 

Loan No. 20 – 2142-2172 Nostrand Avenue – The 5th Largest Tenant, Wireless Vision (T-Mobile), has a one-time right to terminate its lease as of July 1, 2021, with a 60 days’ prior notice.

 

Loan No. 21 – Creekside – The 4th Largest Tenant, Mid-Valley Pain Clinic (SPA), has a one-time right to terminate its lease as of November 1, 2021, but only the landlord cannot provide the tenant’s needed space for an expansion. The 5th Largest Tenant, United States Department of Agruiculture, may terminate its lease at any time during the term of its lease with a 120 days’ prior notice; provided, however, that if the termination right is exercised in the first 60 months of lease (period ending in February 2021), the tenant is required to reimburse the borrower unamortized tenant improvement at rate of $1,267.67 per month for the first 60 months only.

 

Loan No. 24 – Giant Anchored Portfolio - The Largest Tenant at the Parkway Plaza Mortgaged Property, Giant, has the right to terminate its lease for the fuel station at any time with 30 days’ written notice and payment of a termination fee equal to two years of the then-current rent. The Largest Tenant at the Scott Town Center Mortgaged Property, Giant, is subject to a ground lease and owns all of its improvements. The 3rd Largest Tenant at the Scott Town Center Mortgaged Property, One Main Financial, has the right to terminate its lease effective July 31, 2021 by giving notice by January 31, 2021 and payment of termination fee in the amount of approximately $15,200 plus unamortized brokerage commission

 

Loan No. 27 – Northpoint Business Plaza – The Largest Tenant, Healthy Mothers Healthy Babies, has the right to terminate its lease after the completion of the 18th month of the Lease Extension pursuant to the option to renew, in the event the tenant undergoes a substantial loss of charitable funds and grants, the tenant may terminate its lease upon 6 months prior written notice to landlord and along with a payment of a fee equal to 6 months of gross rent during the period which the termination is exercised. The 2nd Largest Tenant, Wood Environment & Infrastructure, has the right to terminate its lease effective at the end of the 61st month of its lease so long as 6 months notice are given, the payment will be equal to unamortized TI’s and LC’s amortized at 8%. The 5th Largest Tenant, Florida Department of Highway Safety, will have the right to terminate, with 6 months notice, in the event a State-owned building becomes available.

 

(23)The following major tenants (listed on Annex A-1) are currently subleasing all or a significant portion of its leased space:

 

Loan No. 4 – 3500 Lacey – The Largest Tenant, HAVI Global Solutions, has subleased (a) 17,696 sq. ft. to Hearthside Food Solutions at a base rent of $23.40 PSF and (b) 22,132 sq. ft. to Donnelley Financial, LLC at a base rent of $22.20 PSF. Both subleases are coterminous with the underlying lease to HAVI Global Solutions, which expires in April 2025.

 

Loan No. 7 - 1633 Broadway - The Largest Tenant, Allianz Asset Management of America L.P., subleases 20,600 sq. ft. of suite 4600 (totaling 54,118 sq. ft.) to Triumph Hospitality at a base rent of $46.80 PSF through December 30, 2030. Triumph Hospitality further subleases 3,000 sq. ft of suite 4600 to Stein Adler Dabah & Zelkowitz at a base rent of $41.33 PSF through July 31, 2022. Underwritten base rent is based on the contractual rent under the prime lease. The 2nd Largest Tenant, WMG Acquisition Corp, subleases 3,815 sq. ft of suite 0400 (totaling 36,854 sq. ft) to Cooper Investment Partners LLC at a base rent of $58.37 PSF on a month-to-month basis. Underwritten base rent is based on the contractual rent under the prime lease. The 5th Largest Tenant, Kasowitz Benson Torres, subleases a collective 32,487 sq. ft of Suite 2200 (totaling 50,718 sq. ft) to three tenants. Delcath

 

A-1-16 

 

 

Systems, Inc. subleases 6,877 sq. ft and pays a rent of $68.50 PSF through February 28, 2021; Avalonbay Communities subleases 12,145 sq. ft through October 31, 2026 and pays a current rent of $74.00 PSF; Cresa New York subleases 13,195 sq. ft and pays a rent of $65.00 PSF through April 30, 2021. Underwritten base rent is based on the contractual rent under the prime lease.

 

Loan No. 20 – 2142-2172 Nostrand Avenue – The 4th Largest Tenant, Visionary Properties, has subleased all of its space to Health First Insurance on the same terms as its underlying lease.

 

(24)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—Lease Expirations and Terminations¬—Other” in this Preliminary Prospectus.

 

The tenants shown in Annex A-1 have signed leases but may or may not be open for business as of the Cut-off Date.

 

Loan No. 1 – Harrison Retail - The 5th Largest Tenant, SoulCycle, representing 3.8% of the net rentable area of the Mortgaged Property, recently expanded its lease to include an additional 1,330 sq. ft., which includes construction of a locker room and additional bathrooms and showers. The SoulCycle expansion lease is expected to commence upon completion of landlord’s work, which is expected to be completed in February 2020. In addition, Bond Vet, representing 2.1% of the net rentable area of the Mortgaged Property, is not yet in occupancy or paying rent. Bond Vet has six months of free rent which was reserved for on the origination date. Bond Vet is currently building out its space and is expected to take occupancy and commence paying rent in June 2020.

 

Loan No. 3 – Kings Plaza – Though currently in occupancy and paying rent, Forever 21 has been underwritten as vacant. Forever 21 has been in occupancy at the Mortgaged Property since 2010 pursuant to a lease expiring in January 2020. Forever 21 filed for Chapter 11 bankruptcy in September 2019. The Forever 21 tenant and the borrower are currently negotiating a 3-year renewal with the tenant, which is pending court approval.

 

Loan No. 7 – 1633 Broadway – New Mountain Capital, LLC, representing 4.2% of the net rentable area has executed a lease but has not yet taken occupancy or begun paying rent.

 

Loan No. 13 – 510 East 14th Street – Citibank, representing approximately 7.9% of the net rentable commercial area, has executed a letter of intent but has not yet executed a lease or taken occupancy of its space. The expected lease commencement date is August 1, 2020 pursuant to the letter of intent. We cannot assure you that the tenant will execute its lease or take occupancy as expected or at all.

 

Loan No. 24 – Giant Anchored Portfolio – The Aston Center Mortgaged Property currently has a tenant, Together We Share, that pays $5,000 in rent but occupies 0 sq.ft.

 

(25)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. 19 – West Road Plaza
Loan No. 21 – Creekside

 

(26)All upfront reserve balances reflect the upfront reserve amount at loan origination. The current balance may be less than the amount shown.

 

(27)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. 8 – Starwood Industrial Portfolio - The Ongoing Replacement Reserve is calculated as the product of (x) $0.15 and (y) rentable square feet, divided by 12 and is capped at the product of rentable square feet and $0.30. The Ongoing Rollover Reserve is calculated as the product of (x) $0.35 and (y) rentable square feet, divided by 12 and is capped at the product of rentable square feet and $0.70.

 

A-1-17 

 

 

(28)Loan No. 14 – 490-504 Myrtle Avenue – The borrower is required to deposit 1/12th of the sufficient amount into a condominium reserve if payments are due and there is an insufficient amount in such condominium reserve to make those payments.

 

Loan No. 16 – 65 Ainslie – On the 73rd monthly payment date, and each monthly payment date the borrower will deposit $50,000 into an Additional Collateral Reserve Funds account.

 

Loan No. 19 – West Road Plaza – If the TI/LC reserve falls below the TI/LC reserve cap of $500,000, the borrower is required to deposit approximately $18,531.50 on each monthly payment date until the TI/LC reserve cap is met.

 

Loan No. 26 – Fairfield Inn & Suites Spokane – On each monthly payment date occurring in June, July, August, September and October during the term of the Mortgage Loan, commencing on the payment date in June 2020, the borrower is required to deposit an amount which, if added to the net operating income for the months of February of the preceding year, December of the preceding year, and January of the current year, would cause the debt service coverage ratio to equal 1.0x (the “Seasonality Reserve Monthly Deposit”); provided, however, in the event there is insufficient cash flow to make the full Seasonality Reserve Monthly Deposit in any of such months, the borrower will be permitted to make an additional payment, on or before October 1 of the applicable year, in the full amount of all prior payment shortfalls.

 

(29)With respect to the Mortgage Loans identified below, the lender is insured under an environmental insurance policy obtained (i) in lieu of obtaining a Phase II Environmental Site Assessment, (ii) in lieu of providing an indemnity or guaranty from a sponsor or (iii) to address environmental conditions or concerns. For additional information, see “Risk Factors—Risks Related to the Mortgage Loans—Adverse Environmental Conditions at or Near Mortgaged Properties May Result in Losses” and “Description of the Mortgage Pool—Mortgage Pool Characteristics—Environmental Considerations” in this Preliminary Prospectus.

 

  Loan No.   Mortgage Loan   Mortgage Loan Cut-off Date Balance  

% of Initial Outstanding

Pool Balance

  

Maximum

Policy Amount

  

Premium Paid

in Full

   Expiration Date
  2   Bellagio Hotel and Casino   $60,000,000   6.7%   $25,000,000   Yes   11/15/2024
  6   560 Mission Street   $45,000,000   5.0%   $50,000,000   Yes   5/1/2021
  7   1633 Broadway   $45,000,000   5.0%   S25.000.000   Yes   10/2/2020
  10   181 West Madison   $43,000,000   4.8%   $10,000,000   Yes   3/15/2024
  23   300-314 North College Street   $10,630,000   1.2%   $3,000,000   Yes   11/22/2027

 

(30)Loan No. 2 – Bellagio Hotel and Casino – The aggregate liability of the related Carve-out Guarantor with respect to the full recourse carveouts is capped at 10% of the principal balance of the Whole Loan outstanding at the time of the occurrence of such event, plus any and all reasonable third-party costs actually incurred by the lender and/or any administrative agent (including reasonable attorneys’ fees and costs reasonably incurred) in connection with the collection of amounts due.

 

Loan No. 8 - Starwood Industrial Portfolio - The non-recourse carveout guarantor’s liability under the bankruptcy-related carveouts is limited to 20% of the then-current outstanding principal balance of the related Whole Loan.

 

Loan Nos. 5, 6, 7 and 10 – FedEx Redmond, 560 Mission Street, 1633 Broadway and 181 West Madison – In each case, the related Mortgage Loan does not have a separate Carve-out Guarantor, and each of the related borrowers is the only indemnitor under the related environmental indemnity agreement.

 

Loan No. 15 – 1019 Market – The Carve-out Guarantor’s liability is limited to only a subset of the non-recourse carveouts under the Mortgage Loan documents. In addition, the aggregate liability of the related Carve-out Guarantor with respect to such subset of the non-recourse carveouts for losses incurred by the lender is capped at 110% of the principal balance of the Mortgage Loan outstanding at the time of the occurrence of such event. Please see “Description of the Mortgage Pool – Non-Recourse Carveout Limitations” in this Preliminary Prospectus for additional information.

 

Loan No. 19 – West Road Plaza - The non-recourse carve-out for failure to pay real estate or transfer taxes, maintain required insurance or pay insurance premiums does not apply in the event that a failure to pay such real estate taxes or insurance premiums is due solely to an insufficiency in rents to pay such obligation or funds to pay such amounts were in the applicable reserve account(s) and the master servicer failed to pay such amounts.
Loan No. 29 - Casa Laguna Hotel & Spa - Upon the death of one of the four individual guarantors, the deceased guarantor’s estate can request to be released from the guaranty for any acts that first occur from and after the

 

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release date without requiring a replacement guaranty, provided that the remaining guarantors have a net worth and liquidity of $7,500,000 and $500,000, respectively.

 

(31) 

 

 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)
2 Bellagio Hotel and Casino $1,676,200,000 $1,333,800,000 $3,010,000,000 8.42x 4.06x 39.3% 70.7% 28.3% 15.7%
7 1633 Broadway $1,001,000,000 $249,000,000 $1,250,000,000 3.84x 3.08x 41.7% 52.1% 11.9% 9.5%
  8 Starwood Industrial Portfolio $144,500,000 $65,527,072 $210,027,072 3.67x 2.53x 45.2% 65.8% 13 1% 9.0%
  9 650 Madison Avenue $586,800,000 $213,200,000 $800,000,000 2.74x 2.01x 48 5% 66.1% 10 0% 7.3%
  10 181 West Madison $107,900,000 $132,100,000 $240,000,000 4.67x 2.10x 28.8% 64.0% 20.4% 9 2%

 

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

  

(32)

 

 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)
3   Kings Plaza(2)   $50,000,000   5.6%   $53,000,000   6.00000%   1/1/2030   Yes   60.0%   1.73x   9.6%
13   510 East 14th   $35,000,000   3.8%   $75,000,000   5.50000%   12/6/2029   Yes   55.6%   1.36x   5.8%
  14   Street 490-504 Myrtle Avenue   $35,000,000   3.9%   $20,000,000   8.00000%   12/6/2029   Yes   74.3%   1.28x   6.0%

  

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

 

(2)The Kings Plaza Mezzanine Loan is interest only for the first five years of the loan term then fully amortizing based on a five-year schedule. Total Debt DSCR is based on the first 12 month period of the amortization period of the loan. The mezzanine loan is fully amortized by the maturity date of January 1, 2030, pursuant to a fixed amortization scheduled.

 

  Loan No.   Mortgage Loan   Mortgage Loan Cut-off Date Balance   % of Initial Outstanding Pool Balance  

Intercreditor Agreement

Required

   Combined Minimum DSCR   Combined Minimum LTV   Combined Minimum Debt Yield
  2   Bellagio Hotel and Casino   $60 000.000   6.7%   Yes   4.24x   72.00%   NAP
(33) 6   560 Mission Street   $45,000,000    5.0%   Yes   2.00x   60.00%   8.00%
  7   1633 Broadway(1)   $45,000,000 5.0%   Yes   3.08x   52.08%   9.35%
  27   Northpoint Business Plaza   $7,395,000   0.8%   Yes   1.90x   59.64%   10.50%
  29   Casa Laguna Hotel & Spa   $6,500,000   0.7%   Yes   1.96x   57 00%   11.15%

 

(1)Permitted future debt is equityholder debt or debt-like preferred equity

 

Loan No. 3 – Kings Plaza – The Mortgage Loan documents permit the pledge by The Macerich Company, Macerich Partnership, L.P., and/or their affiliates of their indirect ownership interest in the related borrower to a qualified real estate investor (with total assets in name or under management in excess of $2 billion and, except with respect to pension advisory firm or similar fiduciary, capital/ statutory surplus, shareholder equity or net worth in excess of $1 billion) (a “QREI”) as part of a credit facility upon certain conditions, including (i) no event of default has occurred and is continuing; (ii) the value of the Mortgaged Property constitutes no more than 15% of the value of all assets securing such credit facility and (iii) neither the granting of the pledge nor exercise of any remedies will result in a change of the manager unless the replacement manager is a qualified manager (generally, any of certain specified national property management firms or a reputable and experienced management organization having at least seven years’ experience in managing at least seven regional malls, other than the Mortgaged Property, of not less than 400,000 square feet (inclusive of anchor space) with at least one anchor store and totaling at least 5,000,000 square feet (including owned or leased anchor stores) of gross leasable area, which is not the subject of a bankruptcy or similar insolvency proceeding.

 

(34)

Loan No. 4 – 3500 Lacey – MEPT Lacey Road LLC (the “3500 Lacey PE Member”), a core, open-end private equity real estate fund advised by BentallGreenOak, which owned the Mortgaged Property since 2003 and sold it to the borrower, is a member of the sole member of the borrower (the “3500 Lacey JV”). 3500 Lacey PE Member has made a preferred equity contribution in the amount of $33,000,000 to 3500 Lacey JV. Under the related limited liability company agreement (the “3500 Lacey LLC Agreement”) between the 3500 Lacey PE Member and the 3500 Lacey JV’s managing member, which is the non-recourse carveout guarantor of the Mortgage Loan (the “3500 Lacey Managing Member”), the 3500 Lacey PE Member is entitled to: (a) a quarterly preferred return payment from the net cash flow from operation of the 3500 Lacey Property (after payment of all operating expenses of the 3500 Lacey JV and of the Mortgaged Property) in an amount equal to 10.0% per annum for the first 36 months from the effective date of the 3500 Lacey LLC Agreement and 12.0% per annum thereafter (the

 

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“Preferred Return”); and (b) in the event of any sale, disposition, financing, refinancing, casualty or condemnation with respect to the 3500 Lacey Property (each such event, a “3500 Lacey Capital Event”), the net proceeds resulting from such 3500 Lacey Capital Event (after payment of all expenses related to the capital event) in an amount equal to any unpaid Preferred Return and the amount of unreturned Preferred Equity Contribution. Except as described herein, 3500 Lacey PE Member is not entitled to the return of any of its capital contributions or the Preferred Return, and any unrepaid capital contributions or Preferred Return will not be a liability of 3500 Lacey JV. Please see “Description of the Mortgage Pool – Additional Indebtedness – Preferred Equity” in the Preliminary Prospectus for additional information.

 

Loan No. 15 – 1019 Market – The borrower has incurred an unsecured loan (the “1019 Market Subordinate Loan”) from an affiliate, DWS Grundbesitz GmbH, a German capital investment company and the non-recourse carveout guarantor under the Mortgage Loan (“1019 Market Guarantor”), in the maximum amount of $16,750,000, with an interest rate of 9.0% per annum and matures on January 1, 2030. The 1019 Market Guarantor has provided for the benefit of the lender a Subordination and Standstill Agreement, subordinating, among other things, the right of payment under the 1019 Market Subordinate Loan documents to the Mortgage Loan.

 

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