FWP 1 jp10016914-fwp.txt FREE WRITING PROSPECTUS Filed Pursuant to Rule 433 Registration No. 333-140804 -------------------------------------------------------------------------------- Copyright 2007 JPMorgan Chase & Co. - All rights reserved. J.P. Morgan Securities Inc. (JPMSI), member NYSE and SIPC. JPMorgan is the marketing name used by the specific legal entity or entities named in the attached materials. Clients should contact analysts and execute transactions through a JPMorgan Chase & Co. subsidiary or affiliate in their home jurisdiction unless governing law permits otherwise. NOTICE: THE SECURITIES TO WHICH THIS INFORMATION RELATES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED PURSUANT TO THE SECURITIES ACT OF 1933 AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN APPLICABLE EXEMPTION FROM REGISTRATION REQUIREMENTS. THIS OFFERING IS AVAILABLE ONLY TO INVESTORS THAT ARE EITHER (1) "QUALIFIED INSTITUTIONAL BUYERS" (AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT")) OR (2) PERSONS THAT ARE NOT "U.S. PERSONS" (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AND THAT ARE OUTSIDE THE UNITED STATES. The information contained herein is qualified in its entirety by the information in the offering memorandum for this transaction. The information contained herein is preliminary as of the date hereof, supersedes any previous such information delivered to you and will be superseded by any such information subsequently delivered and ultimately by the final offering memorandum relating to the securities. These materials are subject to change, completion or amendment from time to time. These materials have been provided to you for informational purposes only and may not be relied upon by you in evaluating the merits of investing in the securities described herein. Any investment decision with respect to the securities should be made by you based solely upon the information contained in the final offering memorandum relating to the securities. The attached information contains certain tables and other statistical analyses (the "Computational Materials") which have been prepared in reliance upon information furnished by the depositor. 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. These 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. Neither JPMorgan nor any of its 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 INFORMATION IS FURNISHED TO YOU SOLELY BY JPMORGAN AND NOT BY THE DEPOSITOR OR ANY OF ITS AFFILIATES (OTHER THAN JPMORGAN). JPMORGAN IS ACTING AS INITIAL PURCHASER AND NOT ACTING AS AGENT FOR THE DEPOSITOR IN CONNECTION WITH THE PROPOSED TRANSACTION. -------------------------------------------------------------------------------- JPMCC 2007-CIBC20 MULTIFAMILY AND MANUFACTURED HOUSING LOANS Signifies a loan with multiple properties Signifies a crossed collateralized loan ----------------------- JPMCB $200,953,000.00 CIBC $190,476,372.59 Total $391,429,372.59 -----------------------
Seq # Loan # Loan/Prop Originator Property Name ----- ------ --------- ---------- ------------------------------- 58795 Loan JPMCB Lakeshore Apartments 56606 Loan JPMCB Meadows Crossing 57715 Loan JPMCB Forest View 10 Loan CIBC Autumn Creek 59295 Loan JPMCB Timber Ridge Apartments 12 Loan CIBC Broadstone Stonebriar 13 Loan CIBC Enclave at the Foothills 16 Loan CIBC Union Hills Estates 24 Loan CIBC Eagles Landing Apartments 58779 Loan JPMCB Wright State Student Apartments 25 Loan CIBC 7700 Place 31 Loan CIBC University Hill Apartments 32 Loan CIBC Villas At Foxbrick 42 Loan CIBC Presidental Estates Apartments 59499 Loan JPMCB 599 Broadway 44 Loan CIBC 322-326 East 82nd Street 46 Loan CIBC Shadow Creek Apartments 60543 Loan JPMCB Deer Trace MHC 49375 Loan JPMCB Century Park Apartments 60 Loan CIBC Orchard Place Apartments 49371 Loan JPMCB Armon Bay Apartments 59946 Loan JPMCB Whispering Sands 65 Loan CIBC Timberline Apartments 72 Loan CIBC Campus Park Housing 59668 Loan JPMCB Woodhill Apartments 78 Loan CIBC Chestnut Hollow Apartments 56969 Loan JPMCB Fall Lake Apartments 82 Loan CIBC Courtyard Place Apartments 86 Loan CIBC 202 East 21st Street 57343 Loan JPMCB Bordeaux Apartments 58326 Loan JPMCB Roselawn 92 Loan CIBC 1582 York Avenue 93 Loan CIBC 206 East 81st Street 94 Loan CIBC Highland Hills Apartments 59948 Loan JPMCB Sauk Trail MHC 96 Loan CIBC 309 West 43rd Street Seq # Loan # Address City County State ----- ------ ----------------------------------------------- ----------------------------- -------------- ----- 58795 8210 Lakeshore Trail East Drive Indianapolis Marion County IN 56606 10745 48th Avenue Allendale Ottawa MI 57715 11707 North 2nd Street & 7927 Forest Hills Road Machesney Park and Loves Park Winnebago IL 10 1320 North McQueen Road Chandler Maricopa AZ 59295 6700 Wall Street Mobile Mobile AL 12 5200 Town and Country Boulevard Frisco Denton TX 13 7300 North Mona Lisa Road Tucson Pima AZ 16 4101 West Union Hills Drive Glendale Maricopa AZ 24 3980 North Major Drive Beaumont Jefferson TX 58779 2030 Zink Road Fairborn Greene OH 25 7700 East Speedway Boulevard Tucson Pima AZ 31 4704 North University Drive Nacogdoches Nacogdoches TX 32 7150, 7211 Foxbrick Lane Houston Harris TX 42 1808 Century Way Indianapolis Marion IN 59499 599 Broadway Paterson Passaic NJ 44 322-326 East 82nd Street New York New York NY 46 2807 Daniel McCall Drive Lufkin Angelina TX 60543 10514 Buck Crossing Walton Boone KY 49375 20430 Imperial Valley Drive Houston Harris TX 60 450 West Orchard Avenue Nampa Canyon ID 49371 6925 South Padre Island Drive Corpus Christi Nueces TX 59946 810 North Elmwood Park Valparaiso Porter IN 65 616 Northeast 38th Street Kansas City Clay MO 72 122 West Falls Avenue Twin Falls Twin Falls ID 59668 7 Patterson Drive Glenmont Albany NY 78 141 Chestnut Street Needham Norfolk MA 56969 1415 Greens Parkway Houston Harris TX 82 425 South 25th Street South Bend St. Joseph IN 86 202 East 21st Street New York New York NY 57343 2901 South Brahma Boulevard Kingsville Kleberg County TX 58326 3346 Roselawn Road San Antonio Bexar TX 92 1582 York Avenue New York New York NY 93 206 East 81st Street New York New York NY 94 1018 Sims Circle Gastonia Gaston NC 59948 21191 Torrence Avenue Sauk Village Cook IL 96 309 West 43rd Street New York New York NY Seq # Loan # Zipcode No. of Props Property Type Property SubType Cutoff Balance Cutoff Bal/Unit ----- ------ ------------ ------------ -------------------- -------------------- -------------- --------------- 58795 46250 1 Multifamily Garden 52,200,000.00 70,540.54 56606 49401 1 Multifamily Multifamily 31,000,000.00 164,021.16 57715 61111, 61115 2 Manufactured Housing Manufactured Housing 30,874,000.00 33,091.10 10 85225 1 Multifamily Garden 21,335,000.00 59,263.89 59295 36695 1 Multifamily Multifamily 20,425,000.00 63,828.13 12 75034 1 Multifamily Garden 20,000,000.00 65,359.48 13 85741 1 Multifamily Garden 18,650,000.00 62,166.67 16 85308 1 Multifamily Garden 17,970,000.00 63,723.40 24 77713 1 Multifamily Garden 13,400,000.00 68,367.35 58779 45234 2 Multifamily Student Housing 13,000,000.00 67,357.51 25 85710 1 Multifamily Garden 12,795,000.00 42,508.31 31 75965 1 Multifamily Garden 10,900,000.00 58,602.15 32 77338 1 Multifamily Garden 10,780,000.00 54,170.85 42 46260 1 Multifamily Garden 9,300,000.00 38,114.75 59499 07514 1 Multifamily Mid-High Rise 9,000,000.00 76,923.08 44 10028 1 Multifamily Mid/High Rise 8,720,000.00 145,333.33 46 75904 1 Multifamily Garden 8,700,000.00 63,043.48 60543 41094 1 Manufactured Housing Manufactured Housing 7,900,000.00 24,764.89 49375 77073 1 Multifamily Garden 7,200,000.00 34,615.38 60 83651 1 Multifamily Garden 6,600,000.00 56,410.26 49371 78412 1 Multifamily Multifamily 6,440,000.00 43,513.51 59946 46385 1 Manufactured Housing Manufactured Housing 6,241,000.00 18,969.60 65 64116 1 Multifamily Garden 5,500,000.00 38,194.44 72 83301 1 Multifamily Garden 4,850,000.00 101,041.67 59668 12077 1 Multifamily Multifamily 4,600,000.00 76,666.67 78 02492 1 Multifamily Garden 4,250,000.00 151,785.71 56969 77067 1 Multifamily Garden 4,200,000.00 33,870.97 82 46615 1 Multifamily Garden 4,150,000.00 22,928.18 86 10010 1 Multifamily Mid/High Rise 3,345,000.00 119,464.29 57343 78363 1 Multifamily Garden 3,000,000.00 25,000.00 58326 78226 1 Multifamily Garden 2,983,000.00 33,897.73 92 10028 1 Multifamily Mid/High Rise 2,625,000.00 164,062.50 93 10028 1 Multifamily Mid/High Rise 2,500,000.00 104,166.67 94 28052 1 Multifamily Garden 2,496,372.59 19,812.48 59948 60411 1 Manufactured Housing Manufactured Housing 1,890,000.00 20,106.38 96 10036 1 Multifamily Mid/High Rise 1,610,000.00 80,500.00 *Based on most recent NOI's or UW DSCR, as applicable Current Original Seq # Loan # Gross Coupon Closing Date UW DSCR DSCR* LTV IO Period Original Term Remaining Term Amort ----- ------ ------------ ------------ ------- ------- ---- --------- ------------- -------------- -------- 58795 5.7910 06/15/07 1.02 1.04 76.8 60 120 118 360 56606 6.0700 08/15/07 1.15 1.15 79.5 36 120 120 360 57715 6.5170 07/12/07 1.27 1.02 70.3 24 60 59 360 10 6.5800 07/31/07 1.10 0.98 66.6 60 120 119 360 59295 6.3220 08/31/07 1.15 1.05 72.2 36 60 60 360 12 6.4000 08/10/07 1.25 1.10 66.6 36 120 120 360 13 6.5800 07/31/07 1.10 1.04 77.2 60 120 119 360 16 6.5800 07/31/07 1.10 1.06 69.4 60 120 119 360 24 6.5600 08/01/07 1.15 1.13 77.2 60 120 119 360 58779 6.1800 08/01/07 2.94 3.22 66.2 0 120 119 360 25 6.5800 07/31/07 1.10 1.00 71.3 60 120 119 360 31 6.5600 08/01/07 1.15 1.10 69.6 60 120 119 360 32 5.8200 04/30/07 1.23 1.21 77.0 0 113 109 360 42 5.8200 06/05/07 1.15 1.04 80.0 60 120 118 360 59499 6.3045 07/26/07 1.19 1.40 68.2 36 120 119 360 44 5.7500 05/10/07 1.58 0.92 68.1 120 120 117 0 46 6.5600 08/01/07 1.16 1.13 76.7 60 120 119 360 60543 6.3035 08/15/07 1.15 1.13 73.5 60 120 120 360 49375 5.5600 06/13/07 1.21 1.33 80.0 60 120 118 360 60 6.2100 05/23/07 1.15 1.00 80.0 60 60 57 0 49371 5.5600 06/13/07 1.22 1.29 80.0 60 120 118 360 59946 6.5170 07/12/07 1.27 1.02 70.3 60 60 59 0 65 5.8200 06/05/07 1.19 1.06 79.7 60 120 118 360 72 6.7300 09/01/07 1.26 1.26 74.6 12 120 120 360 59668 6.4950 08/15/07 1.16 1.18 74.2 36 120 120 360 78 6.4200 06/25/07 1.20 1.30 69.6 60 120 118 360 56969 5.8770 05/07/07 1.43 1.94 79.7 60 60 57 0 82 6.6400 08/10/07 1.20 1.55 76.7 24 120 120 360 86 5.7500 05/10/07 1.21 0.95 79.6 120 120 117 0 57343 6.4185 06/20/07 1.23 1.44 80.0 60 120 118 360 58326 6.1255 05/30/07 1.41 1.45 80.0 120 120 117 0 92 5.7500 05/10/07 1.24 1.04 77.2 120 120 117 0 93 5.7500 05/10/07 1.25 1.06 75.8 120 120 117 0 94 6.5000 06/11/07 1.27 1.63 75.6 0 120 118 360 59948 6.5170 07/12/07 1.27 1.02 70.3 24 60 59 360 96 5.7500 05/10/07 1.26 0.93 73.2 120 120 117 0 Open Seq # Loan # Remaining Amort Period Number of Units No. Studios Avg. Studio Rent No. 1-BR Avg. 1-BR Rent No. 2-BR ----- ------ --------------- ------ --------------- ----------- ---------------- -------- -------------- -------- 58795 360 4 740 0 0 516 696 224 56606 360 4 189 0 0 0 0 4 57715 360 7 933 0 0 0 0 0 10 360 4 360 56 566 96 646 208 59295 360 2 320 0 0 76 746 178 12 360 4 306 0 0 140 791 144 13 360 4 300 36 569 48 619 184 16 360 4 282 0 0 104 664 178 24 360 4 196 0 0 132 813 40 58779 359 4 193 0 0 0 0 0 25 360 4 301 0 0 235 529 66 31 360 4 186 0 0 108 677 52 32 356 4 199 0 0 122 686 76 42 360 4 244 0 0 64 544 180 59499 359 4 117 1 625 74 876 21 44 0 4 60 0 0 48 1,144 12 46 360 4 138 0 0 78 623 36 60543 360 4 319 0 0 0 0 0 49375 360 7 208 0 0 144 727 64 60 0 4 117 0 0 43 674 74 49371 360 4 148 0 0 76 563 56 59946 0 2 329 0 0 0 0 0 65 360 4 144 0 0 18 470 72 72 360 4 61 61 1,045 0 0 0 59668 360 4 60 0 0 0 0 60 78 360 4 28 0 0 13 1,430 15 56969 0 2 124 0 0 0 0 124 82 360 4 181 0 0 39 464 142 86 0 4 28 6 1,188 15 1,162 7 57343 360 4 120 0 0 40 500 64 58326 0 4 88 0 0 64 465 23 92 0 4 16 8 1,107 8 1,381 0 93 0 4 24 2 1,189 22 1,183 0 94 358 4 126 0 0 12 350 76 59948 360 7 94 0 0 0 0 0 96 0 4 20 10 1,029 6 1,159 4 Seq # Loan # Avg. 2-BR Rent No. 3-BR Avg. 3-BR Rent No. 4-BR Avg. 4-BR Rent No. Units greater than 4-BR ----- ------ -------------- -------- -------------- -------- -------------- --------------------------- 58795 916 0 0 0 0 0 56606 938 0 0 185 1,609 0 57715 0 0 0 0 0 0 10 748 0 0 0 0 0 59295 819 66 960 0 0 0 12 1,125 22 1,545 0 0 0 13 710 32 930 0 0 0 16 771 0 0 0 0 0 24 1,025 24 1,155 0 0 0 58779 0 0 0 193 1,029 0 25 699 0 0 0 0 0 31 850 26 1,125 0 0 0 32 915 1 1,400 0 0 0 42 665 0 0 0 0 0 59499 916 21 1,187 0 0 0 44 1,434 0 0 0 0 0 46 825 24 995 0 0 0 60543 0 0 0 0 0 0 49375 918 0 0 0 0 0 60 807 0 0 0 0 0 49371 668 16 1,025 0 0 0 59946 0 0 0 0 0 0 65 520 20 770 34 820 0 72 0 0 0 0 0 0 59668 942 0 0 0 0 0 78 1,742 0 0 0 0 0 56969 311 0 319 0 0 0 82 488 0 0 0 0 0 86 1,478 0 0 0 0 0 57343 581 16 700 0 0 0 58326 585 1 750 0 0 0 92 0 0 0 0 0 0 93 0 0 0 0 0 0 94 400 38 450 0 0 0 59948 0 0 0 0 0 0 96 677 0 0 0 0 0 Seq # Loan # Greater than 4-BR avg. rent No. Units Vacant due to Renovation or Model or Rental Office ----- ------ --------------------------- ------------------------------------------------------------ 58795 0 3 (2 models, 1 admin) 56606 0 57715 0 10 0 59295 0 12 0 1 13 0 16 0 24 0 58779 0 25 0 31 0 32 0 42 0 59499 0 44 0 2 46 0 60543 0 49375 0 2 (employee units) 60 0 1 49371 0 1 (employee unit) 59946 0 65 0 72 0 1 59668 0 78 0 56969 0 82 0 86 0 57343 0 2 (employee units) 58326 0 92 0 93 0 94 0 59948 0 96 0 Seq # Loan # Occupancy per RR Occupancy Date Utilities Tenant Pays Elevator Present ----- ------ ---------------- -------------- --------------------------- ---------------- 58795 96.1 05/08/07 Electric, Water, Sewer No 56606 100.0 04/17/07 No 57715 93.0 06/19/07 Electric, Gas, Water, Sewer NAP 10 93.1 06/22/07 Electric, Gas, Water, Sewer No 59295 96.6 06/18/07 No 12 91.2 08/01/07 No 13 94.3 06/22/07 Electric, Gas, Water, Sewer No 16 93.6 06/22/07 None No 24 92.3 03/31/07 No 58779 98.4 07/30/07 None 25 95.3 06/22/07 Electric, Water, Sewer No 31 88.2 07/25/07 Electric, Gas, Water, Sewer No 32 96.5 03/01/07 Electric, Water, Sewer No 42 85.6 04/01/07 No 59499 98.3 07/25/07 Electric, Water No 44 91.7 07/26/07 Electric, Gas No 46 99.3 03/27/07 Electric, Water, Sewer No 60543 85.0 08/01/07 49375 92.8 07/23/07 Water No 60 82.9 04/25/07 No 49371 91.2 05/21/07 No 59946 68.4 07/03/07 Electric, Gas, Sewer, Water NAP 65 97.9 04/27/07 No 72 80.0 09/01/07 Yes 59668 98.3 06/04/07 78 100.0 04/16/07 Electric, Gas, Water, Sewer Yes 56969 92.7 04/30/07 Water No 82 93.3 04/30/07 No 86 100.0 05/01/07 Electric, Gas Yes 57343 95.8 05/30/07 Electric, Water, Sewer No 58326 100.0 07/09/07 Electric, Water No 92 93.8 05/01/07 No 93 95.8 05/01/07 Electric, Gas Yes 94 92.8 05/23/07 No 59948 83.0 06/19/07 Electric, Gas, Sewer, Water NAP 96 100.0 05/01/07 Electric, Gas No Seq # Loan # Sponsor ----- ------ ------------------------------------------------------------------------------------------------------------------- 58795 HGGP Capital II, LLC 56606 Glenn A. Turek 57715 Edward C. Zeman 10 Paul E. Mashni 59295 RealSource Equity Services 12 Donald G. Behunin, Sequoia Real Estate Holdings, L.P. 13 Paul E. Mashni 16 Paul E. Mashni 24 Charles S. Leyendecker 58779 James Miller, Greg Apel, Greg Yates 25 Paul E. Mashni 31 Charles S. Leyendecker 32 Vasiliki Apostolopoulos 42 The Gregory A. Fowler Living Trust u/t/a dated April 27, 1995, MKD Investments, L.P. 59499 Mark Caller, Pinny Loketch 44 Gregory Maidman, Mitchel Maidman 46 Charles S. Leyendecker 60543 Ross H. Patrich 49375 Alan E. Ferris, Madeleine S. Ferris 60 James B. Vaughn, Justin M. Vaughn, Thomas C. McKee 49371 Alan Ferris 59946 Edward C. Zeman 65 The Gregory A. Fowler Living Trust u/t/a/ dated April 27, 1995, MKD Investments, L.P. 72 Jaren Nielson, Fred Cooper, Mark Wilson 59668 Edward R. Feinberg 78 Jeffrey Roche 56969 John Paul Micek, Joseph G. Ranalli, Daniel L. McCluskey, Pamela Adams, Phillip A. Henry, Li Cai, Conrad Jay Schaap, Mildred Reona Schaap, David Kauffman, Kenneth K. Ebel, Scott Wright 82 George Klein 86 Gregory Maidman, Mitchel Maidman 57343 Anthony Tarantino 58326 Philip W. Stewart 92 Mitchel Maidman, Gregory Maidman 93 Gregory Maidman, Mitchel Maidman 94 Frederick M. Brown, Jr. 59948 Edward C. Zeman 96 Gregory Maidman, Mitchel Maidman ------------------------------------------------------------------------------------------------------------- Only Needed for Cooperative Properties ------------------------------------------------------------------------------------------------------------- No. Sponsor Owned Units that No. of Owner Occupied or Vacant Seq # Loan # are Rented or Available for Rent Avg. Rent by BR for Rented Sponsor Units Units Not Available for Rent ----- ------ -------------------------------- ---------------------------------------- ------------------------------- 58795 56606 57715 10 59295 12 13 16 24 58779 25 31 32 42 59499 44 46 60543 49375 60 49371 59946 65 72 59668 78 56969 82 86 57343 58326 92 93 94 59948 96 ----------------------------------------------------------------------------------------------------------- Only Needed for Manufactured Housing Pad Sites *Can be footnoted instead of in columns ----------------------------------------------------------------------------------------------------------- Total Gross Seq # Loan # No. Manufactured Housing Pads Avg. Rent / Pad Income of Park Total Gross Income of Just MH Pad Sites ----- ------ ----------------------------- --------------- --------------- --------------------------------------- 58795 56606 57715 933 301 3,362,095.00 3,310,975.00 10 59295 12 13 16 24 58779 25 31 32 42 59499 44 46 60543 319 143 888,245.00 847,486.00 49375 60 49371 59946 329 315 879,480.00 853,039.00 65 72 59668 78 56969 82 86 57343 58326 92 93 94 59948 94 410 348,998.00 345,874.00 96 -------------------------------------------------------------------------------------------- Only Needed for Multifamily Properties with Retail or Commercial Space *Can be footnoted instead of in columns -------------------------------------------------------------------------------------------- Seq # Loan # Total Gross Income From All Sources Total Gross Income for Retail and Commercial Uses Only ----- ------ ----------------------------------- ------------------------------------------------------ 58795 56606 3,877,524.00 202,337.00 57715 10 59295 12 13 16 24 58779 25 31 32 42 1,635,014.00 39,240.00 59499 44 46 60543 49375 60 49371 59946 65 72 59668 78 56969 82 86 57343 58326 92 318,537.00 94,206.00 93 94 59948 96
******Campus Park is Student Housing - with 61 six bedroom units ******322-326 East 82nd Street current DSCR is based on a previous owner operating the property below its capacity. New owner owns multiple multi families and will be able to bring expenses back in line with comprables ******309 West 43rd Street current DSCR is based on a previous owner operating the property below its capacity. New owner owns multiple multi families and will be able to bring expenses back in line with comprables ******Autumn Creek current DSCR is based on a previous owner operating the property below its capacity. New owner owns multiple multi families and will be able to bring expenses back in line with comprables ******322-326 East 82nd Street current DSCR is based on inflated expenses being passed through the property. UW expenses back out the passed through expenses.