FWP 1 n4440_x7-a1.htm FWP

    FREE WRITING PROSPECTUS
    FILED PURSUANT TO RULE 433
    REGISTRATION FILE NO.: 333-258342-05

 

Free Writing Prospectus dated August 13, 2024

The depositor has filed a registration statement (including a prospectus) with the SEC (SEC File No. 333-258342) for the offering to which this free writing prospectus relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling (800) 408-1016 or by emailing the ABS Syndicate Desk at abs_synd@jpmorgan.com.

The information in this file (the “File”) is an electronic copy of the information set forth in the Annex titled "Certain Characteristics of the Mortgage Loans and Mortgaged Properties" to the prospectus. This File does not contain all information that is required to be included in the prospectus. This File should be reviewed only in conjunction with the entire prospectus. Prospective investors are advised to read carefully, and should rely on, the prospectus relating to the certificates referred to herein in making their investment decision.

The information in this File may be amended and/or supplemented prior to the time of sale. The information in this File supersedes any contrary information contained in any prior File relating to the certificates and will be superseded by any contrary information contained in any subsequent File prior to the time of sale.  

Methodologies used in deriving certain information contained in this File are more fully described elsewhere in the prospectus. The information in this File should not be viewed as projections, forecasts, predictions or opinions with respect to value. 

Any legends, disclaimers or other notices that may appear at the bottom of, or attached to, the email communication to which this material may have been attached are not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another email system.

 

   

 

 

Loan ID Number Loan / Property Flag Footnotes (for Loan and Property Information) # of Properties Property Name % of Initial Pool Balance % of Loan Balance Mortgage Loan Originator Mortgage Loan Seller Related Group Crossed Group Address City County State Zip Code General Property Type Detailed Property Type Year Built Year Renovated Number
of Units		 Unit of
Measure		 Loan Per
Unit ($)		 Original
Balance ($)		 Cut-off Date Balance ($) Maturity/ARD Balance ($) Interest
Rate %		 Administrative
 Fee Rate %		 Net Mortgage Rate % Monthly Debt Service (P&I) ($) Monthly Debt Service (IO) ($) Annual Debt Service (P&I) ($) Annual Debt Service (IO) ($) Amortization Type ARD Loan
 (Yes / No)		 Interest
Accrual
Method		 Original
Interest-Only
 Period (Mos.)		 Remaining Interest-Only Period (Mos.) Original Term
To Maturity /
ARD (Mos.)		 Remaining Term
To Maturity /
ARD (Mos.)		 Original Amortization
Term (Mos.)		 Remaining Amortization
 Term (Mos.)		 Origination
Date		 Seasoning
(Mos.)		 Payment
Due Date		 First
Payment Date		 First P&I
Payment Date		 Maturity Date or Anticipated
Repayment Date		 Final
Maturity Date		 Grace Period - Late Fee (Days) Grace Period - Default (Days) Prepayment Provision Most Recent
EGI ($)		 Most Recent Expenses ($) Most Recent
NOI ($)		 Most Recent
NOI Date		 Most Recent Description Second Most Recent EGI ($) Second Most
Recent Expenses ($)		 Second Most Recent NOI ($) Second Most Recent NOI Date Second Most Recent Description Third Most
Recent EGI ($)		 Third Most
Recent
Expenses ($)		 Third Most
Recent NOI ($)		 Third Most Recent NOI Date Third Most Recent Description Underwritten Economic Occupancy (%) Underwritten
EGI ($)		 Underwritten
Expenses ($)		 Underwritten Net
 Operating Income ($)		 Underwritten Replacement /
FF&E Reserve ($)		 Underwritten
TI / LC ($)		 Underwritten
Net Cash Flow ($)		 Underwritten
NOI DSCR (x)		 Underwritten
NCF DSCR (x)		 Underwritten NOI Debt Yield (%) Underwritten NCF Debt Yield (%) Appraised
Value ($)		 Appraised Value Type Appraisal Date Cut-off Date LTV Ratio (%) LTV Ratio at Maturity / ARD (%) Leased Occupancy (%) Occupancy
Date		 Single
Tenant (Y/N)		 Largest Tenant Largest
Tenant SF		 Largest
Tenant % of NRA		 Largest Tenant Lease Expiration Date Second Largest Tenant Second Largest Tenant SF Second Largest Tenant % of NRA Second Largest Tenant Lease Expiration Date Third Largest Tenant Third Largest Tenant SF Third Largest Tenant % of NRA Third Largest Tenant Lease Expiration Date Fourth Largest Tenant Fourth Largest Tenant SF Fourth Largest Tenant % of NRA Fourth Largest Tenant Lease Expiration Date Fifth Largest Tenant Fifth Largest Tenant SF Fifth Largest Tenant % of NRA Fifth Largest Tenant Lease Expiration Date Environmental Phase I Report Date Environmental Phase II Report Date Engineering
Report Date		 Seismic
Report Date		 PML or SEL (%) Flood Zone Ownership
Interest		 Ground Lease Expiration Date Ground Lease
Extension Terms		 Annual Ground Lease Payment as of the
Cut-off Date ($)		 Annual Ground
 Rent Increases (Y/N)		 Upfront RE
Tax Reserve ($)		 Monthly RE
Tax Reserve ($)		 Upfront Insurance
Reserve ($)		 Monthly Insurance Reserve ($) Upfront Replacement /
PIP Reserve ($)		 Monthly
Replacement /
FF&E Reserve ($)		 Replacement
Reserve Caps ($)		 Upfront TI/LC
Reserve ($)		 Monthly TI/LC
Reserve ($)		 TI/LC Caps ($) Upfront Debt
Service
Reserve ($)		 Monthly Debt
Service Reserve ($)		 Debt Service
Reserve Cap ($)		 Upfront Deferred Maintenance Reserve ($) Upfront Other Reserve ($) Monthly Other Reserve ($) Other Reserve Description Other Reserve Cap ($) Holdback/ Earnout Amount ($) Holdback/ Earnout Description Lockbox Type Cash Management Excess Cash Trap Triggered by DSCR and/or Debt Yield Test (Y/N)  Tenant Specific Excess Cash Trap Trigger (Y/N)  Pari Passu (Y/N) Pari Passu in Trust Controlling (Y/N) Trust Pari Passu Cut-off Date Balance ($) Non-Trust Pari Passu Companion Loan Cut-off Date Balance ($) Non-Trust Pari Passu Companion Loan Monthly Debt Service ($) Total Trust and Non-Trust Pari Passu Companion Loan Monthly Debt Service ($) Subordinate Companion Loan Cut-off Date Balance ($) Subordinate Companion Loan Interest Rate Whole Loan
Cut-off Date Balance ($)		 Whole Loan Monthly Debt Service ($) Whole Loan Cut-off Date LTV Ratio (%) Whole Loan Underwritten NCF DSCR (x) Whole Loan Underwritten NOI Debt Yield (%) Mezzanine Debt Cut-off Date Balance($) Mezzanine Debt Interest Rate (%) Total Debt Cut-off Date Balance ($) Total Debt Monthly Debt Service ($) Total Debt Cut-off Date LTV Ratio (%) Total Debt Underwritten NCF DSCR (x) Total Debt Underwritten NOI Debt Yield (%) Future Additional Debt Permitted (Y/N) Future Debt Permitted Type Sponsor Non-Recourse Carveout Guarantor Delaware Statutory Trust (Y/N) Tenants-in-common (Y/N) Loan Purpose Property Located Within a Qualified Opportunity Zone (Y/N) Sources: Loan Amount ($) Sources: Principal's New Cash Contribution ($) Sources: Subordinate Debt ($) Sources: Other
Sources ($)		 Sources: Total Sources ($) Uses: Loan
Payoff ($)		 Uses: Purchase
Price ($)		 Uses: Closing
 Costs ($)		 Uses:
Reserves ($)		 Uses: Principal Equity Distribution ($) Uses: Other
Uses ($)		 Uses: Total
Uses ($)		 Franchise Agreement Expiration Underwritten
ADR ($)		 Underwritten
RevPAR ($)		 Underwritten Hotel
Occupancy (%)		 Most Recent
ADR ($)		 Most Recent
RevPAR ($)		 Most Recent Hotel Occupancy (%) Second Most Recent ADR ($) Second Most Recent RevPAR ($) Second Most Recent Hotel Occupancy (%) Third Most
Recent ADR ($)		 Third Most
Recent RevPAR ($)		 Third Most Recent Hotel Occupancy (%) Coop - Committed Secondary Debt Coop - Rental Value Coop - LTV as Rental  Coop - Unsold Percent Coop - Sponsor Units Coop - Investor Units Coop - Coop Units Coop - Sponsor/Investor Carry
              1 1                       5, 6, 7, 8, 9   10       11     12   12         13 13 13 13           13       14 14 13, 15                                             16, 17 16, 17 16, 17 16, 17       9, 18, 19, 20, 21 9, 18, 19, 20, 21 16, 17, 22     23, 24, 25       26                                           27     28 28               29, 30 30, 31 32                     33   34                 35   12         36   12, 36   36                                                                                    
1 Loan 5, 6, 10, 16, 18, 33, 36, A 1 The Piazza 9.9% 100.0% JPMCB JPMCB NAP NAP 1001-13 North 2nd Street, 1015 North 2nd Street, 1010 North Hancock Street, 1050 North Hancock Street and 145 West Wildey Street, Unit 1 Philadelphia Philadelphia PA 19123 Multifamily Mid Rise 2006-2007 2019 332 Units 326,957.83 90,000,000 90,000,000 90,000,000 5.91000% 0.016300% 5.893700% NAP 449,406.25 NAP 5,392,875.00 Interest Only No Actual/360 60 60 60 60 0 0 8/5/2024 0 5 9/5/2024 NAP 8/5/2029 NAP 0 0 L(24),YM1(30),O(6) 11,012,162 3,824,557 7,187,606 4/30/2024 T-12 10,942,780 3,830,341 7,112,438 12/31/2023 T-12 10,087,435 3,930,171 6,157,265 12/31/2022 T-12 90.7% 12,813,095 3,925,483 8,887,612 87,307 0 8,800,305 1.37 1.35 8.2% 8.1% 167,000,000 Hypothetical As If Stabilized 5/22/2024 65.0% 65.0% 97.6% 6/20/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 6/6/2024 NAP 6/5/2024 NAP NAP No Fee NAP NAP NAP NAP 625,851 128,170 0 Springing 7,276 7,276 0 2,393 2,393 86,145 0 0 0 0 6,461,077 0 Unfunded Obligations Reserve ($3,330,271); Coworking Space Conversion Obligations Reserve ($2,400,000); Gap Rent Reserve ($730,806) 0 0 NAP Soft In Place Yes No Yes Yes 90,000,000 18,550,000 92,627.62 542,033.87 NAP NAP 108,550,000 542,033.87 65.0% 1.35 8.2% 18,500,000 10.00000% 127,050,000 698,341.74 76.1% 1.05 7.0% No NAP Post Brothers Michael A. Pestronk and Matthew I. Pestronk No No Refinance   108,550,000 22,500,468 18,500,000 0 149,550,468 134,615,404 0 7,838,467 7,096,597 0 0 149,550,468 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
2 Loan 10, 15, 19, 29 1 Baybrook Mall 9.7% 100.0% MSBNA MSMCH NAP NAP 500 Baybrook Mall Friendswood Harris TX 77546 Retail Super Regional Mall 1978 2016 540,986 SF 406.66 88,000,000 88,000,000 83,258,238 6.81600% 0.017550% 6.798450% 574,632.36 NAP 6,895,588.32 NAP Amortizing Balloon No Actual/360 0 0 60 60 360 360 7/19/2024 0 1 9/1/2024 9/1/2024 8/1/2029 NAP 0 0 L(24),D(32),O(4) 41,668,756 11,820,364 29,848,392 5/31/2024 T-12 42,147,608 12,227,638 29,919,970 12/31/2023 T-12 40,539,309 11,947,424 28,591,885 12/31/2022 T-12 100.0% 41,481,121 11,271,177 30,209,945 232,624 324,592 29,652,729 1.75 1.72 13.7% 13.5% 392,659,260 As Is 6/4/2024 56.0% 53.0% 95.4% 6/30/2024 No JCPenney 96,605 17.9% 1/31/2026 Forever 21 81,772 15.1% 12/31/2026 Foot Locker 18,376 3.4% 13,936 SF (4/30/2032); 4,440 SF (5/31/2027) H&M 17,510 3.2% 1/31/2032 Victoria's Secret 14,115 2.6% 1/31/2032 5/20/2024 NAP 5/20/2024 NAP NAP No Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 Springing 270,493 0 Springing 1,081,972 0 0 0 0 0 Springing Outstanding TI/LC Reserve (Upfront: $0); Anchor Tenant Reserve (Monthly: Springing)  Anchor Tenant Reserve (An amount equal to the product obtained by multiplying (x) $50.00 by (y) the aggregate amount of gross leasable square footage of the applicable Anchor Tenant space as of the Closing Date) 0 NAP Hard Springing Yes No Yes Yes 88,000,000 132,000,000 861,948.55 1,436,580.91 NAP NAP 220,000,000 1,436,580.91 56.0% 1.72 13.7% NAP NAP NAP NAP NAP NAP NAP No NAP Brookfield Properties Retail Holding LLC and SMRF Baybrook Investor Member LLC BPR Nimbus LLC No No Refinance   220,000,000 0 0 0 220,000,000 213,488,234 0 1,474,030 0 5,037,736 0 220,000,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
3 Loan 13, 23, 31, B 1 Potomac Tower 9.2% 100.0% JPMCB JPMCB NAP NAP 1001 North 19th Street Arlington Arlington VA 22209 Office CBD 1989 2015 241,710 SF 347.52 84,000,000 84,000,000 84,000,000 7.60000% 0.021300% 7.578700% NAP 539,388.89 NAP 6,472,666.68 Interest Only No Actual/360 61 61 61 61 0 0 8/8/2024 0 5 9/5/2024 NAP 9/5/2029 NAP 0 0 L(25),YM1(32),O(4) 15,417,502 4,953,214 10,464,288 12/31/2023 T-12 13,351,683 4,777,613 8,574,070 12/31/2022 T-12 11,081,759 4,522,442 6,559,318 12/31/2021 T-12 89.7% 15,013,576 5,023,645 9,989,931 48,342 362,565 9,579,024 1.54 1.48 11.9% 11.4% 140,000,000 As Is 6/27/2024 60.0% 60.0% 100.0% 8/8/2024 No Venture Global 94,744 39.2% 9/30/2034 Strategic Investment Management 36,641 15.2% 3/31/2034 Insight Global 22,811 9.4% 12/31/2027 Consumer Brands Association (GMA) 18,913 7.8% 7/31/2034 KIMC Inc. 18,898 7.8% 4/30/2029 5/17/2024 NAP 5/17/2024 NAP NAP No Fee NAP NAP NAP NAP 804,850 134,142 0 Springing 0 6,005 0 0 30,214 0 0 0 0 0 130,659 0 Free Rent Reserve 0 0 NAP Hard Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Venture Global LNG, Inc. Venture Global LNG, Inc. No No Acquisition   84,000,000 62,988,770 0 0 146,988,770 0 143,000,000 3,053,261 935,509 0 0 146,988,770 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
4 Loan 10, 11, 35, C 8 BioMed 2024 Portfolio 2 8.8%   JPMCB/WFB JPMCB/WFB NAP NAP Various Various Various Various Various Various Various Various Various 995,458 SF 552.40 80,000,000 80,000,000 80,000,000 5.48759809004295% 0.016300% 5.47129809004295% NAP 370,920.98 NAP 4,451,051.76 Interest Only No Actual/360 60 60 60 60 0 0 8/9/2024 0 9 9/9/2024 NAP 8/9/2029 NAP 0 0 YM0.5%(24),DorYM0.5%(29),O(7) 85,469,946 25,221,741 60,248,205 3/31/2024 T-12 84,472,430 25,317,096 59,155,334 12/31/2023 T-12 82,497,597 23,810,406 58,687,190 12/31/2022 T-12 93.7% 97,707,980 25,625,813 72,082,166 66,915 497,729 71,517,523 2.36 2.34 13.1% 13.0% 1,098,200,000 As Is Various 50.1% 50.1% 93.8% Various                                                                 0 Springing 0 Springing 0 0 0 0 Springing An amount equal to twelve (12) multiplied by the Rollover Reserve Monthly Deposit. 0 0 0 0 3,569,740 0 Unfunded Obligations Reserve 0 0 NAP Hard Springing Yes No Yes No 80,000,000 469,894,737 2,178,672.72 2,549,593.70 166,842,106 7.23928517798977% 716,736,843 3,570,087.72 65.3% 1.67 10.1% NAP NAP NAP NAP NAP NAP NAP Yes Mezzanine BioMed Realty, L.P. BRE Edison L.P. No No Refinance   549,894,737 142,402,323 166,842,106 0 859,139,166 845,920,651 0 9,648,775 3,569,740 0 0 859,139,166 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
4.01 Property   1 200 Sidney 2.8% 32.2%         200 Sidney Street Cambridge Middlesex MA 02139 Mixed Use Lab/Office 2000 2016 188,616 SF   25,742,105 25,742,105 25,742,105                                                     23,664,042 6,898,096 16,765,946 3/31/2024 T-12 22,759,084 6,921,719 15,837,365 12/31/2023 T-12 22,214,851 6,661,111 15,553,740 12/31/2022 T-12 100.0% 31,122,294 6,841,858 24,280,436 33,951 94,308 24,152,177         323,600,000 As Is 4/30/2024     100.0% 4/12/2024 No AbbVie Inc. 119,980 63.6% 57,850 SF (7/31/2028); 62,130 SF (10/31/2029) Seres Therapeutics, Inc. 68,636 36.4% 1/13/2030 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 4/8/2024 NAP 4/8/2024 NAP NAP Yes Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
4.02 Property   1 Lincoln Centre 1.9% 21.1%         200, 300, 400, 500 and 800 Lincoln Centre Drive Foster City San Mateo CA 94404 Mixed Use Lab/Office 2017 NAP 360,000 SF   16,842,105 16,842,105 16,842,105                                                     18,183,731 5,093,898 13,089,833 3/31/2024 T-12 18,193,066 5,181,882 13,011,184 12/31/2023 T-12 17,847,308 5,067,069 12,780,239 12/31/2022 T-12 100.0% 20,914,054 5,419,567 15,494,487 10,800 180,000 15,303,687         243,000,000 As Is 4/22/2024     100.0% 4/12/2024 Yes Illumina, Inc. 360,000 100.0% 200,000 SF (1/15/2033); 160,000 SF (11/15/2033) NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 4/10/2024 NAP 4/8/2024 4/8/2024 12% Yes Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
4.03 Property   1 40 Erie Street 1.3% 14.5%         40 Erie Street Cambridge Middlesex MA 02139 Mixed Use Lab/Office 1996 2015 106,638 SF   11,578,947 11,578,947 11,578,947                                                     14,104,382 4,651,964 9,452,417 3/31/2024 T-12 14,006,653 4,579,941 9,426,712 12/31/2023 T-12 12,121,371 4,032,638 8,088,733 12/31/2022 T-12 100.0% 15,205,784 4,613,990 10,591,794 4,266 53,319 10,534,209         151,900,000 As Is 4/30/2024     100.0% 4/12/2024 No Intellia Therapeutics, Inc. 65,319 61.3% 9/30/2026 BioNTech US Inc. 26,806 25.1% 9/30/2028 Gritstone Bio, Inc. 13,907 13.0% 4/30/2025 Make Life Sweeter, LLC 606 0.6% 12/4/2029 NAP NAP NAP NAP 4/8/2024 NAP 4/8/2024 NAP NAP Yes Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
4.04 Property   1 4570 Executive Drive 1.0% 11.6%         4570 Executive Drive San Diego San Diego CA 92121 Mixed Use Lab/Office 2000 2019 125,550 SF   9,296,842 9,296,842 9,296,842                                                     10,674,557 3,762,645 6,911,912 3/31/2024 T-12 10,861,584 3,817,054 7,044,530 12/31/2023 T-12 10,448,701 3,452,658 6,996,043 12/31/2022 T-12 91.5% 12,230,158 3,839,407 8,390,751 7,533 62,775 8,320,443         120,000,000 As Is 4/24/2024     91.6% 4/12/2024 No BioMed Realty, L.P. 49,912 39.8% 6/22/2025 Human Longevity, Inc. 48,049 38.3% 34,616 SF (9/12/2025); 13,433 SF (9/12/2030) International AIDS Vaccine Initiative, Inc. 17,006 13.5% 8/20/2026 NAP NAP NAP NAP NAP NAP NAP NAP 4/8/2024 NAP 4/8/2024 4/8/2024 10% Yes Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
4.05 Property   1 9360-9390 Towne Centre Drive 0.8% 9.2%         9360-9390 Towne Centre Drive San Diego San Diego CA 92121 Mixed Use Lab/Office 1990 2020 147,577 SF   7,368,421 7,368,421 7,368,421                                                     9,014,947 2,866,298 6,148,648 3/31/2024 T-12 8,970,666 2,982,548 5,988,118 12/31/2023 T-12 10,779,744 2,856,444 7,923,300 12/31/2022 T-12 60.6% 7,873,720 2,960,083 4,913,637 7,379 73,789 4,832,469         141,000,000 As Is 4/24/2024     65.6% 4/12/2024 No Poseida Therapeutics, Inc. 71,405 48.4% 12/31/2029 Biosplice Therapeutics, Inc. 25,391 17.2% 11/24/2030 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 4/8/2024 NAP 4/8/2024 4/8/2024 13% Yes Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
4.06 Property   1 21 Erie Street 0.6% 7.4%         21 Erie Street Cambridge Middlesex MA 02139 Mixed Use Lab/Office 1925 2018 51,914 SF   5,908,421 5,908,421 5,908,421                                                     5,993,729 1,152,875 4,840,853 3/31/2024 T-12 5,866,478 1,065,329 4,801,149 12/31/2023 T-12 5,677,004 998,372 4,678,632 12/31/2022 T-12 100.0% 6,491,667 1,159,323 5,332,345 2,077 25,957 5,304,311         75,500,000 As Is 4/30/2024     100.0% 4/12/2024 Yes MIL 21E, LLC 51,914 100.0% 11/30/2030 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 4/8/2024 NAP 4/8/2024 NAP NAP Yes Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
4.07 Property   1 47 Erie Street Parking Structure 0.2% 2.8%         47 Erie Street Cambridge Middlesex MA 02139 Other Parking Garage 1997 NAP 447 Spaces   2,210,526 2,210,526 2,210,526                                                     2,782,533 580,403 2,202,130 3/31/2024 T-12 2,770,094 552,837 2,217,257 12/31/2023 T-12 2,433,387 591,553 1,841,834 12/31/2022 T-12 NAP 2,782,533 584,424 2,198,109 0 0 2,198,109         28,000,000 As Is 4/30/2024     NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 4/8/2024 NAP 4/8/2024 NAP NAP Yes Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
4.08 Property   1 Eastgate Mall 0.1% 1.3%         4575 Eastgate Mall San Diego San Diego CA 92121 Mixed Use Lab/Office 1989 2020 15,163 SF   1,052,632 1,052,632 1,052,632                                                     1,052,026 215,560 836,466 3/31/2024 T-12 1,044,805 215,786 829,019 12/31/2023 T-12 975,231 150,562 824,669 12/31/2022 T-12 100.0% 1,087,770 207,163 880,608 910 7,582 872,116         15,200,000 As Is 4/24/2024     100.0% 4/12/2024 Yes Poseida Therapeutics, Inc. 15,163 100.0% 12/31/2029 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 4/8/2024 NAP 4/8/2024 4/8/2024 10% Yes Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
5 Loan 10, 12, 27 1 640 5th Avenue 6.4% 100.0% MSBNA MSMCH NAP NAP 640 5th Avenue New York New York NY 10022 Mixed Use Retail/Office 1949 2003 314,533 SF 952.40 58,500,000 58,414,688 53,466,563 6.1293333% 0.017550% 6.1117833% 385,397.62 NAP 4,624,771.44 NAP Amortizing Balloon No Actual/360 0 0 60 59 NAP NAP 6/10/2024 1 1 8/1/2024 8/1/2024 7/1/2029 NAP 0 0 L(25),D(28),O(7) 72,036,886 18,237,231 53,799,655 12/31/2023 T-12 67,571,078 19,799,244 47,771,835 12/31/2022 T-12 66,651,606 17,827,438 48,824,168 12/31/2021 T-12 92.9% 77,479,026 21,293,412 56,185,614 78,633 7,574,210 48,532,770 2.37 2.05 18.8% 16.2% 720,000,000 As Is 2/28/2024 41.6% 38.1% 92.9% 6/1/2024 No Victoria's Secret 63,779 20.3% 1/31/2032 Fidelity Real Estate Company 40,615 12.9% 11/30/2026 The Klein Group, LLC 30,103 9.6% 4/14/2034 Abbot Capital Management 20,019 6.4% 12/31/2032 Buchanan Ingersoll & Rooney 16,816 5.3% 1/31/2029 4/17/2024 NAP 4/12/2024 NAP NAP No Fee/Leasehold 7/30/2070 None 1 No 0 Springing 0 Springing 0 Springing 195,217 1,567,900 500,000 15,000,000 0 0 0 0 1,648,112 0 Free Rent Reserve 0 0 NAP Hard In Place Yes Yes Yes No 58,414,688 241,147,813 1,591,000.44 1,976,398.06 NAP NAP 299,562,500 1,976,398.06 41.6% 2.05 18.8% 99,854,167 11.50000% 399,416,667 3,084,670.36 55.5% 1.31 14.1% No NAP Vornado Realty Trust Manhattan High Street Holdings LP No No Refinance   300,000,000 106,245,190 100,000,000 0 506,245,190 501,608,063 0 1,421,115 3,216,012 0 0 506,245,190 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
6 Loan   1 One Town Center 5.6% 100.0% WFB WFB NAP NAP One Town Center Road Boca Raton Palm Beach FL 33486 Office Suburban 1990 NAP 190,395 SF 267.86 51,000,000 51,000,000 51,000,000 7.33800% 0.017550% 7.320450% NAP 316,196.46 NAP 3,794,357.52 Interest Only No Actual/360 60 59 60 59 0 0 7/9/2024 1 11 8/11/2024 NAP 7/11/2029 NAP 0 0 L(25),D(28),O(7) 10,611,522 3,976,213 6,635,309 4/30/2024 T-12 10,293,531 3,903,052 6,390,479 12/31/2023 T-12 9,426,812 3,788,641 5,638,171 12/31/2022 T-12 90.0% 10,887,851 4,573,075 6,314,776 38,079 140,395 6,136,302 1.66 1.62 12.4% 12.0% 82,600,000 As Is 5/30/2024 61.7% 61.7% 100.0% 5/16/2024 No Bank of America Merrill Lynch 61,430 32.3% 2/28/2027 Kayne Anderson 25,733 13.5% 8/31/2030 Raymond James 24,364 12.8% 3/31/2030 Kaufman, Rossin & Co. 16,308 8.6% 6/30/2030 AF Encore Management 10,585 5.6% 7/31/2026 5/30/2024 NAP 6/24/2024 NAP NAP Yes - AE Fee NAP NAP NAP NAP 580,236 145,059 73,934 73,934 0 2,424 0 500,000 15,866 0 0 0 0 0 47,865 0 Existing TI/LC Reserve 0 0 NAP Hard Springing Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Nader Ohebshalom Nader Ohebshalom No No Acquisition   51,000,000 29,396,973 0 4,000,000 84,396,973 0 82,000,000 1,194,938 1,202,035 0 0 84,396,973 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
7 Loan 10, 28, 34, D 1 Bronx Terminal Market 5.5% 100.0% WFB WFB NAP NAP 610 Exterior Street Bronx Bronx NY 10451 Retail Anchored 2009 NAP 918,779 SF 261.22 50,210,526 50,210,526 50,210,526 5.18100% 0.017550% 5.163450% NAP 219,794.84 NAP 2,637,538.08 Interest Only No Actual/360 60 60 60 60 0 0 8/6/2024 0 6 9/6/2024 NAP 8/6/2029 NAP 5 0 L(23),YM1(1),DorYM1(32),O(4) 47,421,498 17,043,518 30,377,981 3/31/2024 T-12 48,058,002 17,301,924 30,756,078 12/31/2023 T-12 48,167,771 16,915,840 31,251,930 12/31/2022 T-12 90.1% 46,320,029 17,725,341 28,594,688 183,756 918,779 27,492,153 2.27 2.18 11.9% 11.5% 555,000,000 As Is 4/30/2024 43.2% 43.2% 90.2% 4/19/2024 No Target 188,446 20.5% 10/14/2033 BJ's Wholesale Club 130,099 14.2% 8/2/2029 Home Depot 124,955 13.6% 2/28/2034 Food Bazaar 77,915 8.5% 9/30/2039 Burlington Coat Factory 74,329 8.1% 1/31/2028 5/1/2024 NAP 4/30/2024 NAP NAP Yes - AE Leasehold 9/13/2055 5, 10-year extension options The greater of (i) $394,961.41 ("Adjusted Base Amount") and (ii) 5% of Gross Revenue No 0 Springing 0 Springing 0 Springing 547,400 874,981 Springing 1,696,118 0 0 0 0 9,000,000 Springing DMV Space Reserve (Upfront: $9,000,000); Ground Rent Reserve (Monthly: Springing) 0 0 NAP Hard Springing Yes No Yes No 50,210,526 189,789,474 830,796.83 1,050,591.67 140,000,000 9.20000% 380,000,000 2,138,832.41 68.5% 1.07 7.5% NAP NAP NAP NAP NAP NAP NAP No NAP The Related Companies, L.P. The Related Companies, L.P. No No Refinance   240,000,000 13,238,721 140,000,000 0 393,238,721 376,708,834 0 6,654,906 9,874,981 0 0 393,238,721 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
8 Loan 7, 10 1 Culver Steps 3.7% 100.0% WFB WFB NAP NAP 9300 Culver Boulevard Culver City Los Angeles CA 90232 Mixed Use Office/Retail 2019 NAP 121,736 SF 616.09 33,750,000 33,750,000 33,750,000 6.63400% 0.017550% 6.616450% NAP 189,172.66 NAP 2,270,071.92 Interest Only No Actual/360 60 60 60 60 0 0 7/26/2024 0 6 9/6/2024 NAP 8/6/2029 NAP 0 0 L(24),D(29),O(7) 11,135,231 4,019,828 7,115,403 4/30/2024 T-12 10,011,522 3,873,413 6,138,109 12/31/2023 T-12 8,578,704 4,229,505 4,349,198 12/31/2022 T-12 96.9% 13,060,930 4,476,030 8,584,900 24,347 121,736 8,438,816 1.70 1.67 11.4% 11.3% 130,000,000 As Is 6/4/2024 57.7% 57.7% 100.0% 7/1/2024 No Amazon 79,369 65.2% 7/31/2031 Erewhon Market 14,558 12.0% 5/31/2038 Laurel Grill 7,541 6.2% 6/30/2034 Sephora 4,166 3.4% 1/31/2031 Afuri Ramen 3,015 2.5% 3/1/2034 6/3/2024 NAP 6/3/2024 6/3/2024 9% No Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 Springing 48,696 1,179,329 Springing 243,480 0 0 0 0 0 0 NAP 0 0 NAP Hard Springing Yes Yes Yes No 33,750,000 41,250,000 231,211.02 420,383.68 NAP NAP 75,000,000 420,383.68 57.7% 1.67 11.4% NAP NAP NAP NAP NAP NAP NAP No NAP Hackman Capital Partners, LLC Hackman Capital Partners, LLC No No Refinance   75,000,000 0 0 0 75,000,000 68,575,407 0 1,181,363 1,179,329 4,063,901 0 75,000,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
9 Loan   1 Magnolia Houston 3.7% 100.0% MSBNA MSMCH NAP NAP 1100 Texas Avenue Houston Harris TX 77002 Hospitality Full Service 1926 2003, 2017-2019 314 Rooms 106,369.43 33,400,000 33,400,000 33,400,000 7.47000% 0.017550% 7.452450% NAP 210,802.71 NAP 2,529,632.52 Interest Only No Actual/360 60 59 60 59 0 0 6/5/2024 1 1 8/1/2024 NAP 7/1/2029 NAP 5 5 L(25),D(28),O(7) 17,186,152 12,701,808 4,484,344 5/31/2024 T-12 16,342,427 12,060,179 4,282,248 12/31/2023 T-12 12,719,810 10,350,641 2,369,169 12/31/2022 T-12 61.3% 17,186,152 12,797,633 4,388,519 687,446 0 3,701,073 1.73 1.46 13.1% 11.1% 72,500,000 As Is 4/10/2024 46.1% 46.1% 61.1% 5/31/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 4/11/2024 NAP 4/11/2024 NAP NAP No Fee NAP NAP NAP NAP 330,421 47,203 0 Springing 0 56,490 0 0 0 0 0 0 0 0 0 Springing Future PIP Reserve 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP H. Stevens Holtze III H. Stevens Holtze III No No Refinance Y 33,400,000 1,888,973 0 0 35,288,973 32,360,925 0 2,597,627 330,421 0 0 35,288,973 2/28/2037 188.30 115.35 61.3% 189.20 115.58 61.1% 177.03 104.50 57.2% 174.46 85.96 49.3%                
10 Loan   1 120 Beach 26th Street 3.5% 100.0% MSBNA MSMCH NAP NAP 120 Beach 26th Street Far Rockaway Queens NY 11691 Multifamily High Rise 2006 2016 126 Units 250,000.00 31,500,000 31,500,000 31,500,000 6.10000% 0.017550% 6.082450% NAP 162,348.96 NAP 1,948,187.52 Interest Only No Actual/360 60 60 60 60 0 0 7/31/2024 0 1 9/1/2024 NAP 8/1/2029 NAP 5 5 L(24),D(32),O(4) 3,711,540 745,893 2,965,647 6/30/2024 T-12 3,587,138 757,629 2,829,509 12/31/2023 T-12 3,386,591 779,259 2,607,332 12/31/2022 T-12 95.0% 3,697,740 903,740 2,794,000 31,500 0 2,762,500 1.43 1.42 8.9% 8.8% 46,400,000 As Is 5/1/2024 67.9% 67.9% 99.2% 7/1/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/13/2024 NAP 5/13/2024 NAP NAP Yes - AE Fee NAP NAP NAP NAP 14,947 7,474 101,766 20,353 0 2,625 63,000 0 0 0 0 0 0 34,723 97,702 0 Local Law 11 Reserve ($91,702); Local Law 126 Reserve ($6,000) 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Doron Pergament Doron Pergament No No Refinance   31,500,000 0 0 0 31,500,000 29,481,605 0 1,209,500 249,138 559,757 0 31,500,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
11 Loan 10, 26, E 1 Showcase I 3.4% 100.0% JPMCB JPMCB NAP NAP 3785 South Las Vegas Boulevard Las Vegas Clark NV 89109 Retail Anchored 1997 2003 180,848 SF 937.25 31,000,000 31,000,000 31,000,000 6.36000% 0.017550% 6.342450% NAP 166,581.94 NAP 1,998,983.28 Interest Only No Actual/360 60 59 60 59 0 0 6/7/2024 1 1 8/1/2024 NAP 7/1/2029 NAP 0 0 L(24),YM1(29),O(7) 16,088,013 3,194,013 12,894,000 4/30/2024 T-12 15,515,891 3,125,777 12,390,114 12/31/2023 T-12 13,686,743 2,886,618 10,800,125 12/31/2022 T-12 91.7% 17,910,209 3,501,507 14,408,703 27,127 180,848 14,200,728 1.32 1.30 8.5% 8.4% 250,000,000 As Is 3/27/2024 67.8% 67.8% 90.0% 2/29/2024 No FlyOver 41,108 22.7% 8/31/2034 M&M World 31,025 17.2% 8/31/2040 Marshalls 30,624 16.9% 1/31/2029 Coca Cola 18,597 10.3% 12/31/2029 Showcase Food Court 14,737 8.1% 9/30/2038 4/4/2024 NAP 4/5/2024 NAP NAP No Fee NAP NAP NAP NAP 363,322 121,107 0 Springing 2,261 2,261 0 15,071 15,071 542,544 0 0 0 0 14,402,888 0 Unfunded M&M TI Obligations Reserve ($12,000,000); Unfunded M&M Free Rent Obligations Reserve ($2,152,888); Unfunded Obligations Reserve ($250,000) 0 0 NAP Hard Springing Yes No Yes No 31,000,000 138,500,000 744,245.14 910,827.08 NAP NAP 169,500,000 910,827.08 67.8% 1.30 8.5% NAP NAP NAP NAP NAP NAP NAP No NAP Jeffrey Gindi and Eli Gindi Jeffrey Gindi and Eli Gindi No No Refinance   169,500,000 4,571,072 0 0 174,071,072 151,744,918 0 7,542,613 14,783,541 0 0 174,071,072 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
12 Loan 13, 14, 32 1 Northville Village Shopping Center Phase I 3.2% 100.0% MSBNA MSMCH NAP NAP 17447 Haggerty Road Northville Wayne MI 48168 Retail Anchored 1997 NAP 179,410 SF 164.43 29,500,000 29,500,000 29,500,000 6.50000% 0.035050% 6.464950% NAP 162,011.00 NAP 1,944,132.00 Interest Only No Actual/360 61 61 61 61 0 0 8/2/2024 0 1 9/1/2024 NAP 9/1/2029 NAP 5 5 L(24),D(30),O(7) 3,433,021 1,154,400 2,278,621 12/31/2023 T-12 3,824,645 1,061,907 2,762,737 12/31/2022 T-12 4,059,044 933,350 3,125,694 12/31/2021 T-12 95.0% 4,461,293 1,453,589 3,007,704 36,821 195,157 2,775,726 1.55 1.43 10.2% 9.4% 42,800,000 As Is 5/29/2024 68.9% 68.9% 97.7% 7/22/2024 No Kroger 58,120 32.4% 6/30/2027 Barnes & Noble Superstore 28,200 15.7% 5/31/2027 TJ Maxx 23,254 13.0% 11/30/2033 Michaels 19,080 10.6% 2/28/2034 Ulta Beauty 11,750 6.5% 7/31/2027 6/7/2024 NAP 6/7/2024 NAP NAP No Fee NAP NAP NAP NAP 53,582 26,791 0 Springing 0 3,069 0 500,000 17,193 750,000 0 0 0 81,313 0 0 NAP 0 0 NAP Springing Springing Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Grand/Sakwa Management L.L.C. Daniel L. Stern, Christopher G. Brochert and Gary Sakwa No No Refinance   29,500,000 0 0 0 29,500,000 25,227,314 0 417,409 634,895 3,220,382 0 29,500,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
13 Loan   1 Dundalk Plaza 3.0% 100.0% MSBNA MSMCH NAP NAP 1401-1417 Merritt Boulevard Baltimore Baltimore MD 21222 Retail Anchored 1968 2018-2020 178,075 SF 153.31 27,300,000 27,300,000 27,300,000 7.20000% 0.035050% 7.164950% NAP 166,075.00 NAP 1,992,900.00 Interest Only No Actual/360 60 60 60 60 0 0 7/9/2024 0 1 9/1/2024 NAP 8/1/2029 NAP 5 5 L(24),D(32),O(4) 3,456,720 815,368 2,641,352 3/31/2024 T-12 3,435,890 813,873 2,622,017 12/31/2023 T-12 3,153,864 842,074 2,311,790 12/31/2022 T-12 95.0% 3,834,497 788,581 3,045,916 26,711 177,037 2,842,168 1.53 1.43 11.2% 10.4% 42,500,000 As Is 4/25/2024 64.2% 64.2% 97.6% 4/15/2024 No Ollie's Bargain Outlet 34,140 19.2% 9/30/2027 ALDI 19,704 11.1% 7/31/2028 Planet Fitness 18,219 10.2% 10/15/2032 Harbor Freight Tools 16,814 9.4% 12/31/2029 Octapharma Plasma 15,107 8.5% 9/30/2026 4/30/2024 NAP 4/30/2024 NAP NAP No Fee NAP NAP NAP NAP 0 25,608 0 Springing 6,204 2,226 106,845 0 14,840 712,300 0 0 0 0 1,401,585 0 Pet Supply Reserve ($1,386,284.82); Unfunded Obligations Reserve ($15,300) 0 0 NAP Hard Springing Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Christos Economides and Oekos Corporation Christos Economides and Oekos Corporation No No Refinance   27,300,000 0 0 0 27,300,000 22,665,062 0 908,728 1,407,789 2,318,422 0 27,300,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
14 Loan 10, 30 1 Cummins Station 2.7% 100.0% WFB WFB NAP NAP 209 10th Avenue South Nashville Davidson TN 37203 Office CBD 1910 2017 410,740 SF 328.68 25,000,000 25,000,000 25,000,000 7.15500% 0.017550% 7.137450% NAP 151,132.81 NAP 1,813,593.72 Interest Only No Actual/360 60 58 60 58 0 0 6/6/2024 2 11 7/11/2024 NAP 6/11/2029 NAP 0 0 L(26),D(27),O(7) 16,879,806 4,185,679 12,694,127 3/31/2024 T-12 16,603,708 4,311,244 12,292,464 12/31/2023 T-12 16,698,714 4,697,634 12,001,080 12/31/2022 T-12 73.5% 18,454,322 4,621,356 13,832,966 102,685 0 13,730,281 1.41 1.40 10.2% 10.2% 229,700,000 As Is 4/16/2024 58.8% 58.8% 71.1% 5/15/2024 No Gibson Brands, Inc. 57,357 14.0% 12/31/2032 Axial Healthcare, Inc 45,911 11.2% 6/30/2028 Serendipity Labs 32,124 7.8% 7/28/2033 Gish, Sherwood & Friends, Inc. 28,363 6.9% 5/31/2026 The Interpublic Group of Companies, Inc.  17,074 4.2% 10/31/2028 4/16/2024 NAP 4/17/2024 NAP NAP No Fee NAP NAP NAP NAP 355,264 88,816 0 Springing 0 8,557 205,370 10,000,000 83,333 0 0 0 0 160,050 3,138,645 Springing Existing TI/LC Reserve Funds ($2,115,256.38); Rent Concession Reserve Funds ($1,023,389.00); Low DSCR Trigger Event Reserve (Springing) 0 0 NAP Hard In Place Yes Yes Yes No 25,000,000 110,000,000 664,984.38 816,117.19 NAP NAP 135,000,000 816,117.19 58.8% 1.40 10.2% NAP NAP NAP NAP NAP NAP NAP Yes Mezzanine Zachary P. Liff Zachary P. Liff No No Refinance   135,000,000 649,890 0 0 135,649,890 117,462,455 0 4,533,475 13,653,959 0 0 135,649,890 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
15 Loan   1 42-35 Main Street 2.7% 100.0% MSBNA MSMCH NAP NAP 42-35 Main Street Flushing Queens NY 11355 Retail Unanchored 2013 NAP 45,323 SF 551.60 25,000,000 25,000,000 25,000,000 7.12000% 0.017550% 7.102450% NAP 150,393.52 NAP 1,804,722.24 Interest Only No Actual/360 60 60 60 60 0 0 7/31/2024 0 1 9/1/2024 NAP 8/1/2029 NAP 5 0 L(24),D(31),O(5) 3,938,760 968,666 2,970,095 12/31/2023 T-12 3,286,337 1,251,338 2,034,998 12/31/2022 T-12 2,615,291 1,030,621 1,584,670 12/31/2021 T-12 95.0% 3,944,212 1,160,888 2,783,324 6,581 118,890 2,657,853 1.54 1.47 11.1% 10.6% 41,000,000 As Is 4/26/2024 61.0% 61.0% 95.5% 5/9/2024 No Bank of China 16,963 37.4% 15,512 SF (5/24/2029); 1,451 SF (9/30/2033) Lao Yu Yuan Dumpling House Inc. 4,427 9.8% 7/31/2032 Maxin Bakery 4235 Inc. 3,730 8.2% 2,462 SF (1/31/2028); 1,268 SF (9/30/2027) KST Café Inc. 3,495 7.7% 12/31/2026 Gogo Fast Food Inc. 2,337 5.2% 4/30/2029 5/8/2024 NAP 5/8/2024 NAP NAP No Fee NAP NAP NAP NAP 71,628 35,814 11,528 5,764 0 567 0 0 5,665 203,954 0 0 0 0 0 0 NAP 0 0 NAP Hard Springing Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Eric Chong and Alex Lau Eric Chong and Alex Lau No No Refinance   25,000,000 0 0 0 25,000,000 23,864,508 0 469,127 83,156 583,209 0 25,000,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
16 Loan   3 Clark/Jenkins Storage Portfolio 2.4%   WFB WFB NAP NAP Various Various Various TX Various Self Storage Self Storage Various NAP 253,425 SF 87.82 22,255,000 22,255,000 22,255,000 6.72900% 0.017550% 6.711450% NAP 126,528.18 NAP 1,518,338.16 Interest Only No Actual/360 60 60 60 60 0 0 7/31/2024 0 11 9/11/2024 NAP 8/11/2029 NAP 0 0 L(24),D(29),O(7) 3,947,434 1,999,913 1,947,521 6/30/2024 T-12 3,887,874 1,911,780 1,976,093 12/31/2023 T-12 3,629,218 2,071,402 1,557,816 12/31/2022 T-12 81.9% 4,184,122 2,076,710 2,107,412 30,809 0 2,076,603 1.39 1.37 9.5% 9.3% 41,400,000 As Is 6/11/2024 53.8% 53.8% 82.0% 6/30/2024                                                                 377,713 53,959 0 Springing 0 2,566 92,427 0 0 0 0 0 0 10,120 0 0 NAP 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Stephen L. Clark, Stephen L. Clark II and Ricky L. Jenkins Ricky L. Jenkins and Clark Family, LLC No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
16.01 Property   1 Lakeline 1.0% 39.6%         11000 Lakeline Boulevard Austin Williamson TX 78717 Self Storage Self Storage 2017 NAP 83,305 SF   8,815,171 8,815,171 8,815,171                                                     1,508,724 743,462 765,262 6/30/2024 T-12 1,498,540 730,923 767,617 12/31/2023 T-12 1,487,867 678,922 808,945 12/31/2022 T-12 86.2% 1,584,394 750,447 833,947 11,408 0 822,539         14,900,000 As Is 6/11/2024     85.4% 6/30/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 7/16/2024 NAP 7/3/2024 NAP NAP No Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
16.02 Property   1 Southlake 0.8% 33.2%         2060 East Continental Boulevard Southlake Tarrant TX 76092 Self Storage Self Storage 2018 NAP 78,350 SF   7,395,761 7,395,761 7,395,761                                                     1,180,522 530,179 650,343 6/30/2024 T-12 1,159,327 511,070 648,256 12/31/2023 T-12 1,051,587 554,136 497,451 12/31/2022 T-12 82.4% 1,261,275 561,068 700,207 10,112 0 690,095         12,700,000 As Is 6/11/2024     80.0% 6/30/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 7/16/2024 NAP 7/3/2024 NAP NAP No Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
16.03 Property   1 Northgate 0.7% 27.2%         8833 Research Boulevard Austin Travis TX 78758 Self Storage Self Storage 2019 NAP 91,770 SF   6,044,068 6,044,068 6,044,068                                                     1,258,188 726,272 531,916 6/30/2024 T-12 1,230,007 669,787 560,220 12/31/2023 T-12 1,089,764 838,343 251,420 12/31/2022 T-12 76.9% 1,338,453 765,195 573,258 9,289 0 563,969         13,800,000 As Is 6/11/2024     80.7% 6/30/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 7/16/2024 NAP 7/3/2024 NAP NAP No Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
17 Loan 8, 22 2 Marx Development NY Residential Portfolio 2.1%   WFB WFB NAP NAP Various Various Queens NY Various Mixed Use Multifamily/Retail Various NAP 98 Units 191,326.53 18,750,000 18,750,000 18,750,000 6.71000% 0.017550% 6.692450% NAP 106,299.91 NAP 1,275,598.92 Interest Only No Actual/360 60 60 60 60 0 0 7/26/2024 0 11 9/11/2024 NAP 8/11/2029 NAP 0 0 L(24),D(32),O(4) 3,634,698 1,788,785 1,845,913 3/31/2024 T-12 3,600,126 1,794,065 1,806,061 12/31/2023 T-12 3,469,183 1,763,711 1,705,472 12/31/2022 T-12 91.6% 3,576,074 1,899,794 1,676,280 37,322 44,060 1,594,897 1.31 1.25 8.9% 8.5% 31,500,000 As Is 5/21/2024 59.5% 59.5% 96.9% Various                                                                 133,796 66,898 109,500 21,900 0 3,111 0 0 3,672 0 0 0 0 0 61,100 0 Rent Concession Reserve 0 0 NAP Soft (Residential) / Hard (Commercial) Springing Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP David Marx David Marx No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
17.01 Property   1 158-13 72nd Avenue 1.5% 72.1%         158-13 72nd Avenue Pomonok Queens NY 11365 Mixed Use Multifamily/Retail 1991 NAP 66 Units   13,525,000 13,525,000 13,525,000                                                     2,381,669 1,100,624 1,281,045 3/31/2024 T-12 2,360,062 1,083,841 1,276,220 12/31/2023 T-12 2,262,480 1,074,371 1,188,109 12/31/2022 T-12 89.9% 2,336,328 1,154,646 1,181,682 21,661 30,200 1,129,821         22,900,000 As Is 5/21/2024     95.5% 7/9/2024 No Boulevard Adult Day Care (borrower affiliate) 9,000 34.9% 9/30/2029 Borough Adult Day Care, Inc 7,654 29.7% 8/31/2031 New Milestone, INC 3,000 11.6% 7/31/2027 DSM Design Group LLC (borrower affiliate) 2,650 10.3% 12/31/2024 Atria Builders, LLC  1,600 6.2% 12/31/2024 5/23/2024 NAP 5/23/2024 NAP NAP No Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
17.02 Property   1 42-34 Saull Street 0.6% 27.9%         42-34 Saull Street Flushing Queens NY 11355 Mixed Use Multifamily/Retail 1990 NAP 32 Units   5,225,000 5,225,000 5,225,000                                                     1,253,029 688,161 564,868 3/31/2024 T-12 1,240,064 710,223 529,841 12/31/2023 T-12 1,206,703 689,340 517,363 12/31/2022 T-12 95.0% 1,239,746 745,148 494,598 15,661 13,860 465,076         8,600,000 As Is 5/21/2024     100.0% 7/11/2024 No Happy City Adult Day Care Center 12,143 85.9% 4/30/2030 NEW MILESTONE INC. 2,000 14.1% 11/30/2029 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/23/2024 NAP 5/23/2024 NAP NAP No Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
18 Loan   1 Shops at Abilene 1.6% 100.0% MSBNA MSMCH NAP NAP 3517 Catclaw Drive Abilene Taylor TX 79606 Retail Anchored 2004 NAP 175,581 SF 81.16 14,250,000 14,250,000 14,250,000 6.90000% 0.017550% 6.882450% NAP 83,075.52 NAP 996,906.24 Interest Only No Actual/360 60 60 60 60 0 0 7/26/2024 0 1 9/1/2024 NAP 8/1/2029 NAP 5 5 L(24),D(29),O(7) 2,747,364 1,047,534 1,699,830 12/31/2023 T-12 2,902,121 1,114,138 1,787,983 12/31/2022 T-12 NAV NAV NAV NAV NAV 86.6% 2,827,878 987,407 1,840,471 26,337 140,499 1,673,635 1.85 1.68 12.9% 11.7% 23,600,000 As Is 6/5/2024 60.4% 60.4% 87.4% 5/31/2024 No Ross Dress For Less 30,187 17.2% 1/31/2030 TJ Maxx 27,600 15.7% 11/30/2026 Michaels 21,332 12.1% 2/28/2029 PetSmart 19,107 10.9% 1/31/2035 Old Navy 14,806 8.4% 5/31/2027 5/17/2024 NAP 5/17/2024 NAP NAP Yes - AE Fee NAP NAP NAP NAP 336,352 42,044 0 Springing 0 2,195 105,349 0 14,632 500,000 0 0 0 75,563 235,000 0 PetSmart TI Obligations Reserve ($100,000); Bath & Body Works TI Obligations Reserve ($100,000); Shoe Carnival Gap Rent Reserve ($35,000) 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP William R. Wilson, III and Kyle D. Miller William R. Wilson, III and Kyle D. Miller No No Acquisition                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
19 Loan 9 1 Katonah Self Storage 1.5% 100.0% JPMCB JPMCB NAP NAP 341 Railroad Avenue Bedford Hills Westchester NY 10507 Self Storage Self Storage 2002; 2005; 2009 NAP 104,708 SF 133.71 14,000,000 14,000,000 14,000,000 6.75000% 0.016300% 6.733700% NAP 79,843.75 NAP 958,125.00 Interest Only No Actual/360 60 60 60 60 0 0 8/1/2024 0 5 9/5/2024 NAP 8/5/2029 NAP 0 0 L(24),D(30),O(6) 3,661,797 1,781,203 1,880,593 3/31/2024 T-12 3,652,207 1,779,986 1,872,221 12/31/2023 T-12 3,310,739 1,573,932 1,736,806 12/31/2022 T-12 94.3% 3,869,770 1,816,506 2,053,263 20,942 0 2,032,322 2.14 2.12 14.7% 14.5% 35,100,000 As Is 6/4/2024 39.9% 39.9% 93.8% 3/31/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 6/6/2024 NAP 6/6/2024 NAP NAP No Fee NAP NAP NAP NAP 103,496 14,779 4,805 4,805 2,129 2,129 76,661 0 0 0 103,089 0 0 0 0 0 NAP 0 0 NAP Hard Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Collectors Car Garage Group, LLC John M. Belniak and James H. Machinist No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
20 Loan 20 1 The Village Tulare 1.5% 100.0% MSBNA MSMCH NAP NAP 621 Prosperity Avenue, 795 East Prosperity Avenue and 1203 North Cherry Street Tulare Tulare CA 93274 Retail Anchored 1971; 1986 2000 164,766 SF 81.93 13,500,000 13,500,000 13,500,000 7.02000% 0.017550% 7.002450% NAP 80,071.88 NAP 960,862.56 Interest Only No Actual/360 60 58 60 58 0 0 6/6/2024 2 6 7/6/2024 NAP 6/6/2029 NAP 0 0 L(26),D(27),O(7) 1,991,211 621,421 1,369,790 12/31/2023 T-12 2,150,521 530,297 1,620,224 12/31/2022 T-12 2,039,402 529,383 1,510,019 12/31/2021 T-12 87.3% 2,225,982 783,908 1,442,074 24,715 153,019 1,264,340 1.50 1.32 10.7% 9.4% 21,700,000 As Is 3/20/2024 62.2% 62.2% 91.0% 3/15/2024 No Vallarta Supermarkets 50,500 30.6% 12/31/2027 Serrano's Furniture Gallery 23,200 14.1% 12/31/2027 Planet Fitness 20,100 12.2% 11/30/2031 Altura Centers for Health 15,490 9.4% 14,060 SF (10/31/2036); 1,430 SF (6/30/2028) Denny's 4,300 2.6% 11/30/2027 4/2/2024 NAP 4/2/2024 4/2/2024 8% No Fee NAP NAP NAP NAP 0 Springing 7,417 7,417 60,000 Springing 50,000 150,000 17,163 411,915 0 0 0 17,875 1,487,760 Springing Combined TI/LC & CapEx Reserve (Upfront: $1,472,125); Unfunded Obligations Reserve (Upfront: $15,635.40); Critical Tenant Reserve (Monthly: Springing) 0 0 NAP Hard Springing Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Christopher D. Shane Christopher D. Shane No Yes Acquisition                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
21 Loan   2 Townwood and Windmill Apartments 1.4%   WFB WFB NAP NAP Various Savannah Chatham GA 31419 Multifamily Garden Various 2024 162 Units 79,629.63 12,900,000 12,900,000 12,900,000 7.08400% 0.047550% 7.036450% NAP 77,210.68 NAP 926,528.16 Interest Only No Actual/360 60 59 60 59 0 0 7/9/2024 1 11 8/11/2024 NAP 7/11/2029 NAP 0 0 L(25),D(28),O(7) 1,813,673 808,611 1,005,062 5/31/2024 T-12 NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 92.4% 2,233,394 786,181 1,447,213 48,600 0 1,398,613 1.56 1.51 11.2% 10.8% 19,950,000 As Is 5/28/2024 64.7% 64.7% 92.6% 6/13/2024                                                                 47,298 15,766 61,080 7,635 500,000 4,050 0 0 0 0 0 0 0 0 154,200 0 Existing Restoration Reserve 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Samantha Wells and David Iglewicz Samantha Wells and David Iglewicz No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
21.01 Property   1 Windmill Apartments 0.9% 66.1%         6 Talina Lane and 0 Holland Road Savannah Chatham GA 31419 Multifamily Garden 1986 2024 104 Units   8,525,000 8,525,000 8,525,000                                                     1,194,708 563,863 630,846 5/31/2024 T-12 NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 93.1% 1,466,009 543,021 922,988 31,200 0 891,788         13,250,000 As Is 5/28/2024     93.3% 6/13/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/31/2024 NAP 5/31/2024 NAP NAP No Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
21.02 Property   1 Townwood Apartments 0.5% 33.9%         920 Mohawk Street Savannah Chatham GA 31419 Multifamily Garden 1984 2024 58 Units   4,375,000 4,375,000 4,375,000                                                     618,964 244,748 374,216 5/31/2024 T-12 NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 91.1% 767,385 243,160 524,225 17,400 0 506,825         6,700,000 As Is 5/28/2024     91.4% 6/13/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/31/2024 NAP 5/31/2024 NAP NAP No Fee NAP NAP NAP NAP                                                                                                                                 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
22 Loan   1 401 South La Brea 1.4% 100.0% WFB WFB NAP NAP 415 South La Brea Avenue Los Angeles Los Angeles CA 90036 Retail Single Tenant 2014 NAP 42,157 SF 292.95 12,350,000 12,350,000 12,350,000 6.95000% 0.017550% 6.932450% NAP 72,520.52 NAP 870,246.24 Interest Only No Actual/360 60 60 60 60 0 0 8/6/2024 0 11 9/11/2024 NAP 8/11/2029 NAP 0 0 L(24),D(32),O(4) 1,619,644 355,169 1,264,475 5/31/2024 T-12 1,613,879 336,219 1,277,660 12/31/2023 T-12 1,610,208 317,970 1,292,238 12/31/2022 T-12 95.0% 1,626,694 349,915 1,276,779 6,324 84,314 1,186,141 1.47 1.36 10.3% 9.6% 28,000,000 As Is 6/11/2024 44.1% 44.1% 100.0% 8/11/2024 Yes Target Corporation 42,157 100.0% 2/9/2029 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 6/20/2024 NAP 6/20/2024 6/20/2024 11% No Fee NAP NAP NAP NAP 87,090 17,418 0 Springing 0 351 12,636 0 7,026 252,936 0 0 0 0 0 Springing Major Tenant Reserve 0 0 NAP Soft Springing Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP SKR Holdings, LLC SKR Holdings, LLC No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
23 Loan   1 Winterpock Crossing Shopping Center 1.4% 100.0% WFB WFB NAP NAP 6601, 6701, 6758 and 6801 Lake Harbour Drive Midlothian Chesterfield VA 23112 Retail Anchored 1999 2007 122,956 SF 100.04 12,300,000 12,300,000 12,300,000 7.07000% 0.055050% 7.014950% NAP 73,473.99 NAP 881,687.88 Interest Only No Actual/360 60 60 60 60 0 0 7/22/2024 0 11 9/11/2024 NAP 8/11/2029 NAP 0 0 L(24),D(32),O(4) 1,816,550 400,482 1,416,068 3/31/2024 T-12 1,823,598 434,844 1,388,754 12/31/2023 T-12 1,816,764 504,388 1,312,376 12/31/2022 T-12 92.9% 1,886,984 443,224 1,443,760 51,642 16,699 1,375,419 1.64 1.56 11.7% 11.2% 18,300,000 As Is 5/18/2024 67.2% 67.2% 95.3% 7/1/2024 No Children's Museum of Richmond 26,060 21.2% 12/31/2025 Ferguson Enterprises, Inc. 25,892 21.1% 5/31/2027 Tractor Supply Co 20,614 16.8% 9/30/2034 Dollar Tree Stores, Inc. 10,000 8.1% 2/28/2027 Goodyear Tire & Rubber Company 5,200 4.2% 3/31/2026 5/16/2024 NAP 5/21/2024 NAP NAP No Fee NAP NAP NAP NAP 35,658 11,886 6,284 3,142 288,000 1,025 0 300,000 6,250 0 0 0 0 0 0 0 NAP 0 0 NAP Soft Springing Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Roger A. Glover, III Roger A. Glover, III No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
24 Loan   1 Northpointe Shopping Center 1.1% 100.0% MSBNA MSMCH NAP NAP 45030-45250 Northpointe Boulevard Utica Macomb MI 48315 Retail Anchored 1990 2004 176,918 SF 56.52 10,000,000 10,000,000 10,000,000 7.04000% 0.075050% 6.964950% NAP 59,481.48 NAP 713,777.76 Interest Only No Actual/360 60 59 60 59 0 0 6/17/2024 1 1 8/1/2024 NAP 7/1/2029 NAP 0 5 L(25),D(30),O(5) 1,985,081 678,211 1,306,870 12/31/2023 T-12 1,967,631 647,603 1,320,028 12/31/2022 T-12 1,892,500 617,942 1,274,558 12/31/2021 T-12 95.0% 1,933,099 664,313 1,268,786 26,538 91,450 1,150,798 1.78 1.61 12.7% 11.5% 15,500,000 As Is 5/2/2024 64.5% 64.5% 100.0% 4/23/2024 No Going Going Gone by Dick's Clothing & Sporting Goods 59,850 33.8% 1/31/2029 The Salvation Army 49,248 27.8% 1/31/2029 PetSmart 31,974 18.1% 3/31/2027 Ollie's Bargain Outlet 29,946 16.9% 5/31/2026 US Mattress 3,813 2.2% 5/31/2031 5/6/2024 NAP 5/6/2024 NAP NAP No Fee NAP NAP NAP NAP 288,340 28,834 0 Springing 280,000 2,212 0 0 16,955 610,367 0 0 0 40,000 0 0 NAP 0 0 NAP Springing Springing Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Gregg Orley and David W. Schostak Gregg Orley and David W. Schostak No No Recapitalization                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
25 Loan   1 Harmon Business Park 0.8% 100.0% MSBNA MSMCH Group 1 NAP 13031-13045 Harmon Road Fort Worth Tarrant TX 76177 Industrial Manufacturing 2020-2022 NAP 82,255 SF 87.90 7,230,000 7,230,000 7,230,000 6.95200% 0.017550% 6.934450% NAP 42,467.55 NAP 509,610.60 Interest Only No Actual/360 60 60 60 60 0 0 7/19/2024 0 1 9/1/2024 NAP 8/1/2029 NAP 5 5 L(24),D(31),O(5) 987,219 154,223 832,995 4/30/2024 T-12 976,215 187,738 788,477 12/31/2023 T-12 376,219 49,985 326,235 12/31/2022 T-12 95.0% 1,042,290 253,564 788,726 8,226 48,093 732,407 1.55 1.44 10.9% 10.1% 12,100,000 As Is 5/23/2024 59.8% 59.8% 100.0% 7/9/2024 No CB Adventure Supply 13,700 16.7% 7/31/2027 Trinity All Stars 12,000 14.6% 6/30/2028 Excellence Auto Collision 7,200 8.8% 11/30/2024 Encounter Arts Academy 4,800 5.8% 5/31/2027 Top Notch Transmissions 4,460 5.4% 12/31/2026 5/30/2024 NAP 5/30/2024 NAP NAP No Fee NAP NAP NAP NAP 59,182 7,398 6,413 6,413 0 686 0 150,000 Springing 150,000 0 0 0 1,125 0 0 NAP 0 0 NAP Hard Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP William M. Bennett and Matt Goebel William M. Bennett and Matt Goebel No No Acquisition                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
26 Loan 24 1 120 West 79th Street 0.6% 100.0% JPMCB JPMCB NAP NAP 120 West 79th Street Chicago Cook IL 60620 Retail Anchored 1986 NAP 68,200 SF 86.36 5,890,000 5,890,000 5,890,000 7.27000% 0.016300% 7.253700% NAP 36,179.19 NAP 434,150.28 Interest Only No Actual/360 60 60 60 60 0 0 7/11/2024 0 5 9/5/2024 NAP 8/5/2029 NAP 0 0 L(24),D(30),O(6) 1,189,075 437,670 751,405 12/31/2023 T-12 1,145,035 431,410 713,625 12/31/2022 T-12 NAV NAV NAV NAV NAV 95.0% 1,345,390 470,141 875,249 10,230 46,461 818,558 2.02 1.89 14.9% 13.9% 9,400,000 As Is 5/2/2024 62.7% 62.7% 100.0% 2/1/2024 No Forman Mills 50,000 73.3% 5/1/2034 Family Dollar 8,800 12.9% 9/1/2027 Neighborhood Laundromat 5,200 7.6% 2/28/2029 Morrison's Soul Food 4,200 6.2% 1/31/2028 NAP NAP NAP NAP 4/29/2024 NAP 4/29/2024 NAP NAP No Fee NAP NAP NAP NAP 25,826 25,826 0 Springing 32,609 Springing 51,150 217,391 Springing 341,000 0 0 0 0 0 0 NAP 0 0 NAP Hard Springing Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Jenel Management Corp David Dushey No No Acquisition                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
27 Loan 17 1 Stadium Walk 0.6% 100.0% JPMCB JPMCB Group 1 NAP 1341 North 9th Street Lincoln Lancaster NE 68508 Multifamily Student Housing 1991 2018 238 Beds 23,109.24 5,500,000 5,500,000 5,500,000 7.60000% 0.016300% 7.583700% NAP 35,317.13 NAP 423,805.56 Interest Only No Actual/360 60 60 60 60 0 0 7/31/2024 0 1 9/1/2024 NAP 8/1/2029 NAP 0 0 L(24),D(30),O(6) 1,385,567 789,429 596,138 5/31/2024 T-12 1,353,694 817,641 536,053 12/31/2023 T-12 1,222,959 834,449 388,510 12/31/2022 T-12 95.0% 1,544,978 811,624 733,354 35,700 0 697,654 1.73 1.65 13.3% 12.7% 8,020,000 As Is 4/9/2024 68.6% 68.6% 97.5% 8/5/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 4/10/2024 NAP 4/10/2024 NAP NAP Yes - AE Fee NAP NAP NAP NAP 14,053 14,053 2,203 1,101 0 1,983 0 0 0 0 0 0 0 85,500 300,000 0 Unit Upgrade Reserve 0 0 NAP Soft Springing Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Elevate Multifamily William M. Bennett No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
28 Loan   1 Secure Space Storage 0.5% 100.0% WFB WFB NAP NAP 3519 North Salem Road and 3525 North Salem Road Fayetteville Washington AR 72704 Self Storage Self Storage 2005 2017 80,000 SF 62.50 5,000,000 5,000,000 5,000,000 6.94000% 0.017550% 6.922450% NAP 29,318.29 NAP 351,819.48 Interest Only No Actual/360 60 59 60 59 0 0 7/10/2024 1 11 8/11/2024 NAP 7/11/2029 NAP 0 0 L(25),D(28),O(7) 932,335 236,400 695,936 5/31/2024 T-12 933,888 250,111 683,777 12/31/2023 T-12 901,186 262,135 639,051 12/31/2022 T-12 83.4% 885,475 290,136 595,339 8,800 0 586,539 1.69 1.67 11.9% 11.7% 10,800,000 As Is 6/6/2024 46.3% 46.3% 82.9% 6/24/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 6/18/2024 NAP 6/18/2024 NAP NAP No Fee NAP NAP NAP NAP 0 2,570 4,678 4,678 0 734 0 0 0 0 0 0 0 0 0 0 NAP 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Henry K Jordan, Jr. Henry K Jordan, Jr. No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
29 Loan F 1 Muegge Manor MHC 0.5% 100.0% MSBNA MSMCH NAP NAP 38 Vista Drive Saint Charles Saint Charles MO 63303 Manufactured Housing Manufactured Housing 1966 NAP 67 Pads 63,432.84 4,250,000 4,250,000 4,250,000 6.00000% 0.017550% 5.982450% NAP 21,545.14 NAP 258,541.68 Interest Only No Actual/360 60 60 60 60 0 0 7/10/2024 0 1 9/1/2024 NAP 8/1/2029 NAP 5 5 L(23),YM1(32),O(5) 389,085 66,116 322,969 4/30/2024 T-12 369,342 63,991 305,351 12/31/2023 T-12 311,496 48,214 263,282 9/30/2022 T-12 95.0% 428,437 63,729 364,708 3,350 0 361,358 1.41 1.40 8.6% 8.5% 6,290,000 As Is 5/30/2024 67.6% 67.6% 98.5% 6/11/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 6/5/2024 NAP 6/5/2024 NAP NAP No Fee NAP NAP NAP NAP 15,254 1,907 2,850 475 0 279 0 0 0 0 0 0 0 27,772 0 0 NAP 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Bethlehem Communities Iysam Atuan and Mark Holcombe No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
30 Loan 21 1 Mission Trace II 0.4% 100.0% MSBNA MSMCH NAP NAP 3355 South Wadsworth Boulevard Lakewood Jefferson CO 80227 Retail Unanchored 1983-1987 NAP 44,142 SF 90.62 4,000,000 4,000,000 4,000,000 6.98000% 0.017550% 6.962450% NAP 23,589.81 NAP 283,077.72 Interest Only No Actual/360 60 60 60 60 0 0 7/8/2024 0 5 9/5/2024 NAP 8/5/2029 NAP 0 0 L(24),D(32),O(4) 941,722 369,181 572,541 4/30/2024 T-12 910,420 392,463 517,957 12/31/2023 T-12 884,764 380,862 503,902 12/31/2022 T-12 93.6% 1,002,663 386,071 616,593 8,193 50,043 558,357 2.18 1.97 15.4% 14.0% 7,500,000 As Is 5/24/2024 53.3% 53.3% 93.9% 6/1/2024 No Colpar Hobbies, Inc. 4,640 10.5% 6/30/2025 Day At A Time 3,616 8.2% 12/31/2032 Vapergate, LLC 3,273 7.4% 10/31/2027 Namaste Restaurant 3,062 6.9% 4/30/2026 The Rusty Bucket 2,945 6.7% 8/31/2029 6/17/2024 NAP 6/17/2024 NAP NAP No Fee NAP NAP NAP NAP 0 10,550 0 Springing 0 700 8,193 0 9,207 110,480 0 0 0 2,250 58,122 0 Nancy & Jonathan Martinez 10N Salon Reserve 0 0 NAP Hard Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Time Equities TEI LLC No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
31 Loan G 1 Fairgrove MHC 0.4% 100.0% MSBNA MSMCH NAP NAP 125 Capital Loop Reidsville Rockingham NC 27320 Manufactured Housing Manufactured Housing 1983 NAP 96 Pads 36,822.92 3,535,000 3,535,000 3,535,000 6.10000% 0.017550% 6.082450% NAP 18,219.16 NAP 218,629.92 Interest Only No Actual/360 60 59 60 59 0 0 6/27/2024 1 1 8/1/2024 NAP 7/1/2029 NAP 5 5 L(23),YM1(30),O(7) 367,242 81,710 285,533 4/30/2024 T-12 348,398 80,808 267,589 12/31/2023 T-12 303,637 85,478 218,159 12/31/2022 T-12 87.5% 415,492 92,141 323,351 4,800 0 318,551 1.48 1.46 9.1% 9.0% 5,540,000 As Is 5/30/2024 63.8% 63.8% 88.5% 6/15/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 4/11/2024 NAP 4/11/2024 NAP NAP No Fee NAP NAP NAP NAP 4,141 518 1,209 604 0 400 0 0 0 0 0 0 0 146,417 0 0 NAP 0 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP The Foundry Companies, LLC Christian P. Cronin No No Acquisition                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
32 Loan   1 34 Avenue A 0.4% 100.0% MSBNA MSMCH NAP NAP 34 Avenue A New York New York NY 10009 Mixed Use Multifamily/Retail/Office 1900 2022 3,450 SF 971.01 3,350,000 3,350,000 3,350,000 6.70000% 0.017550% 6.682450% NAP 18,963.95 NAP 227,567.40 Interest Only No Actual/360 60 60 60 60 0 0 7/31/2024 0 1 9/1/2024 NAP 8/1/2029 NAP 5 5 L(24),D(32),O(4) 447,589 82,461 365,128 4/30/2024 T-12 462,288 55,943 406,345 12/31/2023 T-12 NAV NAV NAV NAV NAV 95.0% 458,632 98,598 360,034 2,629 6,900 350,505 1.58 1.54 10.7% 10.5% 5,500,000 As Is 5/9/2024 60.9% 60.9% 100.0% 5/1/2024 No Ruff Club 1,750 50.7% 10/30/2027 Island Hill Construction 1,700 49.3% 4/1/2029 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/17/2024 NAP 5/17/2024 NAP NAP No Fee NAP NAP NAP NAP 2,275 2,275 1,277 1,277 0 219 5,257 0 575 13,800 0 0 0 0 0 0 NAP 0 0 NAP Springing Springing Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Chun Y. Lee and Sylvia L. Hung Chun Y. Lee and Sylvia L. Hung No No Acquisition                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
33 Loan 25 1 1305 Kings Highway 0.3% 100.0% MSBNA MSMCH NAP NAP 1305 Kings Highway Brooklyn Kings NY 11229 Mixed Use Retail/Office 1975 1996; 2019 9,979 SF 308.65 3,080,000 3,080,000 3,080,000 6.86000% 0.017550% 6.842450% NAP 17,851.88 NAP 214,222.56 Interest Only No Actual/360 60 60 60 60 0 0 7/3/2024 0 1 9/1/2024 NAP 8/1/2029 NAP 5 5 L(24),D(32),O(4) NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 95.0% 516,047 129,106 386,941 2,994 20,218 363,729 1.81 1.70 12.6% 11.8% 5,000,000 As Is 5/8/2024 61.6% 61.6% 100.0% 6/12/2024 No Manhattan Optometry & Ophthalmic Dispensing PLLC 6,000 60.1% 5/31/2039 CityMD 3,979 39.9% 10/31/2025 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/30/2024 NAP 5/30/2024 NAP NAP No Fee NAP NAP NAP NAP 3,692 3,692 2,049 1,025 0 258 37,122 0 1,746 41,912 0 0 0 27,500 0 Springing Letter of Credit Reserve 0 0 NAP Springing Springing Yes Yes No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Arthur Vayner, Leonid Vayner and Dmitry Vayner Arthur Vayner, Leonid Vayner and Dmitry Vayner No No Acquisition                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                

 

   

 

 

  BANK5 2024-5YR9
  Footnotes to Annex A-1
   
(1) JPMCB—JPMorgan Chase Bank, National Association; MSBNA—Morgan Stanley Bank, N.A.; MSMCH—Morgan Stanley Mortgage Capital Holdings LLC; WFB—Wells Fargo Bank, National Association.
   
(2) Certain tenants may not be in occupancy or may be in free rent periods. See "Description of the Mortgage Pool—Tenant Issues—Lease Expirations and Terminations—Other” in this prospectus for information regarding the 5 largest tenants at mortgaged properties securing the 15 largest Mortgage Loans and tenants that occupy 50% or more of the net rentable area at their respective mortgaged properties which are not in occupancy or are in free rent periods.
   
(3) The Administrative Fee Rate includes the master servicing fee rate, operating advisor fee rate, certificate administrator/trustee fee rate, asset representations reviewer fee rate, primary or sub-servicing servicing fee rate, CREFC® license fee rate and, with respect to any non-serviced Mortgage Loan, pari passu loan primary servicing fee rate, in each case applicable to the related Mortgage Loan.
   
(4) Certain tenants may have lease termination options that are exercisable prior to the originally stated expiration date of the subject lease. See "Description of the Mortgage Pool—Tenant Issues—Lease Expirations and Terminations—Terminations” for information regarding certain lease termination options affecting the 5 largest tenants at mortgaged properties securing the 15 largest Mortgage Loans and tenants that occupy 50% or more of the net rentable area at their respective mortgaged properties.
   
(5) With respect to Mortgage Loan No. 1, The Piazza, the Mortgaged Property is in the process of converting 20,951 square feet of commercial space into 16 residential units, which are master leased to an affiliate of the borrowers. Upon completion of such conversion, there will be 332 residential units. The Underwritten Occupancy % assumes that such conversion has been completed and that the related units are occupied.
   
(6) With respect to Mortgage Loan No. 1, The Piazza, the Mortgaged Property includes 332 residential units covering 306,577 square feet and commercial space covering 28,715 square feet.
   
(7) With respect to Mortgage Loan No. 8, Culver Steps, the Mortgaged Property is a mixed use property with 79,369 square feet of office space (65.2% of NRA) and 42,367 square feet of retail space (34.8% of NRA).
   
(8) With respect to Mortgage Loan No. 17, Marx Development NY Residential Portfolio, the Mortgaged Property is a mixed use property with 98 multifamily units and 39,947 SF of commercial space. The Unit of Measure represents the 98 multifamily units.
   
(9) With respect to Mortgage Loan No. 19, Katonah Self Storage, the Mortgaged Property is operated as a self storage property containing a mix of storage and storage related spaces, including approximately 48.9% of the net rentable area allocable to traditional self storage units, wine storage cabinets, and a customer clubhouse and approximately 51.1% of the net rentable area devoted to the storage of luxury vehicles.
   
(10) With respect to Mortgage Loan No. 1, The Piazza, Mortgage Loan No. 2, Baybrook Mall, Mortgage Loan No. 4, BioMed 2024 Portfolio 2, Mortgage Loan No. 5, 640 5th Avenue, Mortgage Loan No. 7, Bronx Terminal Market, Mortgage Loan No. 8, Culver Steps, Mortgage Loan No. 11, Showcase I, and Mortgage Loan No. 14, Cummins Station, each such Mortgage Loan is part of a whole loan related to the issuing entity. For purposes of the statistical information set forth in this prospectus as to such Mortgage Loans, all LTV, DSCR, Debt Yield and Loan Per Unit ($) calculations are in each case based on the subject Mortgage Loan together with any related pari passu companion loan, but (unless otherwise indicated) without regard to any related subordinate companion loan(s). For further information, see “Description of the Mortgage Pool—The Whole Loans—General”, “—The Serviced Pari Passu Whole Loans”, “—The Non-Serviced Pari Passu Whole Loans”, and “Pooling and Servicing Agreement” or “Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans,” as applicable, in this prospectus.
   
(11) With respect to Mortgage Loan No. 4, BioMed 2024 Portfolio 2, the Interest Rate % represents the weighted average of component A and component B of the whole loan, which components are comprised of, collectively, Note A-1, Note A-2, Note A-3, Note A-4, Note A-5, Note A-6, Note A-7 and Note A-8. See the definition of “Weighted Average Interest Rate” set forth under “Description of the Mortgage Pool—Definitions” in the prospectus.
   
(12) With respect to Mortgage Loan No. 5, 640 5th Avenue, the 640 5th Avenue Whole Loan and the 640 5th Avenue Mezzanine Loan each have fixed amortization for their entire 60-month loan terms. With respect to the 640 5th Avenue Whole Loan, the borrower is required to make payments on each monthly payment date, as follows: (x) principal in the amount of $437,500 and (y) the monthly interest payment. With respect to the 640 5th Avenue Mezzanine Loan, the mezzanine borrower is required to make payments on each monthly payment date as follows: (x) principal in the amount of approximately $145,833 and (y) the monthly interest payment.
   

 

 

   
(13) With respect to Mortgage Loan No. 3, Potomac Tower, and Mortgage Loan No. 12, Northville Village Shopping Center Phase I, under the terms of the related Mortgage Loan documents, the First Payment Date is the payment date in October 2024, and the Original Term to Maturity or ARD (mos.), Remaining Term to Maturity or ARD (mos.), Original IO Period (mos.), or Remaining IO Period (mos.), as applicable, is 60 months. However, the related mortgage loan seller will contribute an initial interest deposit amount to the issuing entity on the Closing Date to cover an amount that represents one month’s interest that would have accrued with respect to the Mortgage Loan at the related interest rate with respect to a September 2024 payment date, and, therefore, such Mortgage Loan is being treated as having a First Payment Date on the due date in September 2024, a L(#) of (i) with respect to Mortgage Loan No. 3, Potomac Tower, 25 months and (ii) with respect to Mortgage Loan No. 12, Northville Village Shopping Center Phase I, 24 months, and an Original Term to Maturity or ARD (mos.), Remaining Term to Maturity or ARD (mos.), Original IO Period (mos.), or Remaining IO Period (mos.), as applicable, of 61 months.
   
(14) With respect to Mortgage Loan No. 12, Northville Village Shopping Center Phase I, no more than once in any twelve month period, the borrower will have a grace period of five days following notice to the lender that any monthly debt service payment amount is due.
   
(15) With respect to Mortgage Loan No. 2, Baybrook Mall, the related loan documents permit one or more outparcel or other releases or substitutions without prepayment or defeasance. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Releases; Partial Releases; Property Additions” in this prospectus.
   
(16) With respect to Mortgage Loan No. 1, The Piazza, the borrowers and an affiliate of the borrowers, Place Hospitality LLC, entered into two separate commercial leases at the Mortgaged Property, representing approximately 28.0% of the net rentable area for the commercial portion of the Mortgaged Property and 2.4% of the total net rentable area at the Mortgaged Property (multifamily and commercial).
   
(17) With respect to Mortgage Loan No. 27, Stadium Walk, underwriting is based on the August 2024 pre-leased rent roll for the 2024-2025 academic year.
   
(18) With respect to Mortgage Loan No. 1, The Piazza, the appraised value of $167,000,000 represents the “Hypothetical As If Stabilized” value of $167,000,000 which is based on the hypothetical assumptions that (i) leases for three vacant retail spaces are signed and (ii) the conversion of the former WeWork space at the Mortgaged Property into 16 residential units has been completed. In addition, in determining the value of the Mortgaged Property, the appraiser used the extraordinary assumptions that (i) one of the borrower affiliated leases at the Mortgaged Property, for space that is intended to be operated by such borrower affiliate, is leased at market rent and (ii) two draft leases with unaffiliated tenants are signed on the same terms outlined in the drafts provided to the appraiser. The borrowers were required at loan origination to deposit $3,330,271 into an unfunded obligations reserve, $730,806 into a gap rent reserve related to the three retail leases, and $2,400,000 into a coworking space conversion obligations reserve related to the remaining work at the WeWork space. Based on the “as-is” appraised value of $155,800,000, The Piazza Whole Loan results in a Cut-off Date LTV Ratio (%) and LTV Ratio at Maturity / ARD (%) of 69.7% and The Piazza Total Debt results in a Cut-off Date LTV Ratio (%) and LTV Ratio at Maturity / ARD (%) of 81.5%.
   
(19) With respect to Mortgage Loan No. 2, Baybrook Mall, the Appraised Value ($) is the market value “as is” with escrow reserve, which assumes that $2,659,260.33 will be reserved for tenant improvements. The market value “as is” Appraised Value without the reserve is $390,000,000, which results in a Cut-off Date LTV Ratio (%) and LTV Ratio at Maturity / ARD (%) of 56.4% and 53.4%, respectively, and an appraised value per SF of $720.91. Since the date of the appraisal, some of the outstanding tenant improvements have been paid. At origination, the outstanding tenant improvements of approximately $1,984,194 were guaranteed by the guarantor under the Guaranty of Limited Payment in lieu of a reserve.
   
(20) With respect to Mortgage Loan No. 20, The Village Tulare, the Appraised Value ($) assumes that $1,700,000 will be reserved for capital expenditures and tenant improvements and leasing commissions. The “as is” Appraised Value without the reserve is $20,000,000, which results in a Cut-off Date LTV Ratio (%) and LTV Ratio at Maturity / ARD (%) of 67.5% and 67.5% respectively. At origination, $1,472,125 was reserved for such obligations.
   
(21) With respect to Mortgage Loan No. 30, Mission Trace II, the Appraised Value ($) assumes that tenant improvements will be reserved for. The “as is” Appraised Value without the reserve is $7,425,000 which results in a Cut-off Date LTV Ratio (%) and LTV Ratio at Maturity / ARD (%) of 53.9% and 53.9% respectively. At origination, $34,541 was reserved for tenant improvements for one tenant.
   
(22) With respect to Mortgage Loan No. 17, Marx Development NY Residential Portfolio, four commercial tenants (6,150 square feet), representing 15.4% of the commercial net rentable square feet, are owned by an affiliate of the borrower.
   
(23) With respect to Mortgage Loan No. 3, Potomac Tower, the largest tenant, Venture Global (representing approximately 39.2% of the net rentable area at the Mortgaged Property), is the Sponsor.
   
(24) With respect to Mortgage Loan No. 26, 120 West 79th Street, the largest tenant, Forman Mills, is an affiliate of the Sponsor.
   

 

 

   
(25) With respect to Mortgage Loan No. 33, 1305 Kings Highway, the largest tenant, Manhattan Optometry & Ophthalmic Dispensing PLLC, is an affiliate of the borrower.
   
(26) With respect to Mortgage Loan No. 11, Showcase I, the second largest tenant, M&M World, recently executed a lease renewal in connection with a potential renovation of the M&M World space with a renewal rent of $4,000,000 per year, which renewal rent is scheduled to commence upon the earlier to occur of (i) the delivery of the renovated M&M World space to M&M World and (ii) September 1, 2025. The underwritten rent for M&M World is based on the renewal rent amount of $4,000,000 per year.
   
(27) With respect to Mortgage Loan No. 5, 640 5th Avenue, a prior owner of the Mortgaged Property ground leased the Mortgaged Property to the owner of the property located at 650 5th Avenue (the “Air Rights Tenant”), who subleased the Mortgaged Property (other than development rights relating to the West 52nd Street building, which was retained by the Air Rights Tenant) back to such prior owner of the Mortgaged Property, solely for the purpose of satisfying certain zoning requirements in connection with the transfer of such development rights to the Air Rights Tenant. See “Description of the Mortgage Pool—Mortgage Pool Characteristics—Fee & Leasehold Estates; Ground Leases” in the prospectus.
   
(28) With respect to Mortgage Loan No. 7, Bronx Terminal Market, commencing August 2024 and every 5 years thereafter, the borrower is required to pay ground rent equal to the greater of (i) 105% of the immediately preceding Adjusted Base Amount ($394,961) or (ii) 5.0% of Gross Revenues (defined as all rent received from subtenants minus (a) a management fee in the amount of 3% of rent from subtenants received by tenants and (b) aggregate compensation and associated costs and expenses for 2 on-site personnel engaged in the operation of the Mortgaged Property). As part of Target's lease, the tenant paid an upfront buydown of $46,394,000. Gross revenues utilized to calculate percent ground rent include an amortized imputed annual gross revenue amount from the tenant's buydown, calculated at an annual rate of 6.9% of the total buydown. The ground lease expires on September 13, 2055 and has five, 10-year renewal options.
   
(29) With respect to Mortgage Loan No. 2, Baybrook Mall, at the origination date, the borrower provided a Guaranty of Limited Payment  from the Non-Recourse Carveout Guarantor in lieu of depositing approximately $1,984,194 (the "Upfront Rollover Amount") into a TI/LC reserve. The amount guaranteed under such guaranty will be reduced on a dollar-for-dollar basis by an amount equal to the aggregate amount of expenditures actually made by the borrower or its affiliates for the outstanding amounts related to the Upfront Rollover Amount or for certain other costs permitted pursuant to the Baybrook Mall Whole Loan documents.
   
(30) With respect to Mortgage Loan No. 14, Cummins Station, TI/LC reserves may be used for general TI/LCs and existing TI/LCs totaling $2,115,000 with respect to the Vidorra Restaurant space (9,400 square feet of net rentable area).
   
(31) With respect to Mortgage Loan No. 3, Potomac Tower, the borrower is required to deposit into a TI/LC reserve any termination fees or other payments received by the borrower in connection with the termination of any lease at the Mortgaged Property in excess of $250,000.
   
(32) With respect to Mortgage Loan No. 12, Northville Village Shopping Center Phase I, the TI/LC Cap will decrease from $750,000 to $500,000 at such time as the borrower provides to the lender evidence that Barnes & Noble Superstore has renewed its lease at the Mortgaged Property.
   
(33) With respect to Mortgage Loan No. 1, The Piazza, the borrowers are required to deposit, or cause to be deposited, into a lockbox account all rents received from residential tenants within two business days of receipt thereof and all non-residential tenants are required to deliver all rental amounts directly to the lockbox account.  
   
(34) With respect to Mortgage Loan No. 7, Bronx Terminal Market, the Whole Loan Underwritten NCF DSCR (x) is 1.07x, which is below the cash flow sweep trigger of 1.10x. However, the NCF DSCR cash flow sweep trigger event calculation is based on tenant improvements and leasing commissions of $0.35 per square foot and capital expenditures of $0.10 per square foot, which is equal to or greater than a 1.10x NCF DSCR. Therefore, the Mortgage Loan is not in a cash flow sweep at time of securitization.
   
(35) With respect to Mortgage Loan No. 4, BioMed 2024 Portfolio 2, the Subordinate Companion Loan Interest Rate represents the weighted average of component C and component D of the related whole loan, which components are comprised of, collectively, Note B-1, Note B-2, Note B-3, and Note B-4. See the definition of “Weighted Average Interest Rate” set forth under “Description of the Mortgage Pool—Definitions” in the prospectus.
   
(36) With respect to Mortgage Loan No. 1, The Piazza, each of the Mezzanine Debt Interest Rate (%), Total Debt Monthly Debt Service ($) and Total Debt Underwritten NCF DSCR (x) is calculated including the base interest rate of the mezzanine debt of 10.0% per annum (the “Base Pay Rate”), but exclusive of the 2.5000% per annum deferred interest rate (the “Deferred Pay Rate”). To the extent amounts remain on deposit in the cash management account after payment of monthly interest based on the Base Pay Rate and the required waterfall in accordance with the related cash management agreement, the mezzanine borrower is required to make deferred interest payments based on the Deferred Pay Rate (x) first, for the current interest accrual period and (y) second, accrued and capitalized into the outstanding principal amount during prior interest accrual periods. To the extent insufficient amounts remain on deposit in the cash management account, deferred interest payments based on the Deferred Pay Rate are required to be added to the principal of the mezzanine debt.
   
   

 

 

A. With respect to Mortgage Loan No. 1, The Piazza, “Yield Maintenance Premium” means, with respect to any repayment of the outstanding principal balance of the Mortgage Loan, an amount equal to the greater of (a) one percent (1%) of the outstanding principal of the portion of the Mortgage Loan to be prepaid or satisfied and (b) the excess, if any, of (i) the sum of the present values of all then-scheduled payments of principal and interest under the notes to be made with respect to the portion of the Mortgage Loan under the notes assuming that all scheduled payments are made timely and that the remaining outstanding principal and interest on the portion of the Mortgage Loan being prepaid is paid on the Maturity Date (with each such payment and assumed payment discounted to its present value at the date of prepayment at the rate which, when compounded monthly, is equivalent to the Prepayment Rate when compounded semi-annually and deducting from the sum of such present values any short-term interest paid from the date of prepayment to the next succeeding Payment Date in the event such payment is not made on a Payment Date), over (ii) the principal amount being prepaid. “Prepayment Rate” means the bond equivalent yield (in the secondary market) on the United States Treasury Security that as of the date which is five (5) business days prior to the date that such prepayment shall be applied has a remaining term to maturity closest to, but not exceeding, the remaining term to the Maturity Date as most recently published in “Statistical Release H.15 (519), Selected Interest Rates,” or any successor publication, published by the Board of Governors of the Federal Reserve System, or on the basis of such other publication or statistical guide as Lender may reasonably select.
   
B. With respect to Mortgage Loan No. 3, Potomac Tower, “Yield Maintenance Premium” means, with respect to any repayment of the outstanding principal balance of the Mortgage Loan prior to the business day after the payment date which is three months prior to the related Maturity Date, an amount equal to the greater of (a) one percent (1%) of the outstanding principal of the portion of the Mortgage Loan to be prepaid or satisfied and (b) the excess, if any, of (i) the sum of the present values of all then-scheduled payments of unpaid principal and interest under the notes to be made on or prior to the business day after the payment date which is three months prior to the related Maturity Date with respect to the portion of the Mortgage Loan under the notes assuming that all scheduled payments are made timely and that the remaining outstanding principal and interest on the portion of the Mortgage Loan being prepaid is paid on the business day after the payment date which is three months prior to the related Maturity Date (with each such payment and assumed payment discounted to its present value at the date of prepayment at the rate which, when compounded monthly, is equivalent to the Prepayment Rate when compounded semi-annually and deducting from the sum of such present values any short-term interest paid from the date of prepayment to the next succeeding Payment Date in the event such payment is not made on a Payment Date), over (ii) the principal amount being prepaid. “Prepayment Rate” means the bond equivalent yield (in the secondary market) on the United States Treasury Security that as of the date that is five business days prior to the date that such prepayment will be applied has a remaining term to maturity closest to, but not exceeding, the remaining term to the Maturity Date as most recently published in “Statistical Release H.15 (519), Selected Interest Rates,” or any successor publication, published by the Board of Governors of the Federal Reserve System, or on the basis of such other publication or statistical guide as the Mortgage Lender may reasonably select.
   
C. With respect to Mortgage Loan No. 4, BioMed 2024 Portfolio 2, “Yield Maintenance Premium” means, with respect to each Component, an amount equal to the greater of (a) one-half of one percent (0.50%) of the outstanding principal amount of such Component to be prepaid or satisfied and (b) the excess, if any, of (i) the sum of the present values of all then-scheduled payments of principal and interest in respect of the principal amount being prepaid under such Component assuming that all scheduled payments are made timely and that the remaining outstanding principal and interest on such Component is paid on the February 9, 2029 (with each such payment and assumed payment discounted to its present value at the date of prepayment at the rate which, when compounded monthly, is equivalent to the Prepayment Rate when compounded semi-annually and deducting from the sum of such present values any short-term interest paid from the date of prepayment to the next succeeding Payment Date in the event such payment is not made on a payment date), over (ii) the principal amount being prepaid provided, with respect to any prepayment of any portion of the Whole Loan that is subject to a rated securitization and which is made after the Payment Date in January 2029 but prior to the February 9, 2029, the Yield Maintenance Premium will be zero. All Yield Maintenance Premiums payable with respect to Component A and Component B will be allocated to the notes comprising Note A on a pro rata and pari passu basis, and all Yield Maintenance Premiums payable with respect to Component C and Component D will be allocated to the notes comprising Note B on a pro rata and pari passu basis. “Prepayment Rate” means the bond equivalent yield (in the secondary market) on the United States Treasury Security, that as of the date which is five (5) business days prior to the date that such prepayment has a remaining term to maturity closest to, but not later than, the February 9, 2029 as most recently published in “Statistical Release H.15 (519), Selected Interest Rates,” or any successor publication, published by the Board of Governors of the Federal Reserve System, or on the basis of such other publication or statistical guide as the lender may reasonably select. If there is no United States Treasury Security with a yield equal to the remaining term to the February 9, 2029, the Prepayment Rate will be calculated by taking the linear interpolation of the yields with maturity dates (one longer and one shorter) most nearly approximating the remaining term to February 9, 2029.
   
   

 

 

D. With respect to Mortgage Loan No. 7, Bronx Terminal Market, “Yield Maintenance Premium” means an amount equal to the greater of: (i) one percent (1%) of the principal amount of the Whole Loan being prepaid and (ii) the excess, if any, of (A) the present value (determined using a discount rate equal to the Treasury Note Rate at such time) of all scheduled monthly payments of principal and interest payable in respect of the principal amount of the Whole Loan being prepaid; provided that the notes will be deemed, for purposes of this definition, to be due and payable on the Open Prepayment Commencement Date, over (B) the principal amount of the Whole Loan being prepaid. The lender’s calculation of the Yield Maintenance Premium, and all component calculations (including, without limitation, the Treasury Note Rate), will be conclusive and binding on the borrower absent manifest error. “Treasury Note Rate” means, at the time of the prepayment, as applicable, the rate of interest per annum equal to (x) the annual yield to maturity of the actively traded non-callable United States Treasury fixed interest rate security (other than any such security which can be surrendered at the option of the holder at face value in payment of federal estate tax or which was issued at a substantial discount) that has a maturity closest to (whether before, on or after) the Open Prepayment Commencement Date (or if two or more such securities have maturity dates equally close to the Open Prepayment Commencement Date, the average annual yield to maturity of all such securities), as reported in The Wall Street Journal or other authoritative publication or news retrieval service on the fifth (5th) Business Day preceding the prepayment date, divided by (y) twelve (12). “Open Prepayment Commencement Date” means the Monthly Payment Date that occurs three (3) months prior to the Stated Maturity Date. “Stated Maturity Date” means, subject to the loan agreement, August 6, 2029; provided, however, that, in the event the lender changes the Monthly Payment Date in accordance with the loan agreement, the Stated Maturity Date will also be deemed to have been changed such that the Stated Maturity Date and the Monthly Payment Date will occur on the same calendar day and, if requested by the lender, the borrower will be required to promptly execute an amendment to the loan agreement to evidence such change. “Monthly Payment Date” means the sixth (6th) day of every calendar month occurring during the term of the Whole Loan; provided, however, that (i) the lender has the right to change the Monthly Payment Date to any other day of a calendar month selected by the lender, in its sole and absolute discretion (including in connection with a securitization) upon reasonable prior written notice to the borrower (in which event such change will then be deemed effective), (ii) if the lender changes the Monthly Payment Date as aforesaid, the lender will be required to also adjust the Interest Period accordingly and (iii) if requested by the lender, the borrower will be required to promptly execute an amendment to the loan agreement to evidence such changes.
   
E. With respect to Mortgage Loan No. 11, Showcase I, “Yield Maintenance Premium” means an amount equal to the greater of (a) one percent (1%) of the outstanding principal of the portion of the Mortgage Loan to be prepaid or satisfied and (b) the excess, if any, of (i) the sum of the present values of all then-scheduled payments of principal and interest under the note to be made with respect to the portion of the Mortgage Loan under the note assuming that all scheduled payments are made timely and that the remaining outstanding principal and interest on the portion of the Mortgage Loan being prepaid is paid on the Maturity Date (with each such payment and assumed payment discounted to its present value at the date of prepayment at the rate which, when compounded monthly, is equivalent to the Prepayment Rate when compounded semi-annually and deducting from the sum of such present values any short-term interest paid from the date of prepayment to the next succeeding payment date in the event such payment is not made on a payment date), over (ii) the principal amount being prepaid. As used in this definition, the term “Prepayment Rate” means the bond equivalent yield (in the secondary market) on the United States Treasury Security that as of the date that is five business days prior to the date that such prepayment will be applied has a remaining term to maturity closest to, but not exceeding, the remaining term to the Maturity Date as most recently published in “Statistical Release H.15 (519), Selected Interest Rates,” or any successor publication, published by the Board of Governors of the Federal Reserve System, or on the basis of such other publication or statistical guide as the lender may reasonably select.
   
F. With respect to Mortgage Loan No. 29, Muegge Manor MHC, “Yield Maintenance Premium” means an amount equal to the greater of: (x) one percent (1%) of the principal amount of the note being prepaid or (y) the present value as of the Prepayment Date (defined below) of the Calculated Payments (defined below) from the Prepayment Date through the Maturity Date determined by discounting such payments at the Discount Rate (defined below). As used in this definition, the term “Prepayment Date” means the date on which prepayment is made. As used in this definition, the term “Calculated Payments” means the monthly payments of interest only which would be due based on the principal amount of the note being prepaid on the Prepayment Date and assuming an interest rate per annum equal to the difference (if such difference is greater than zero) between (1) the applicable interest rate and (2) the Yield Maintenance Treasury Rate (defined below). As used in this definition, the term “Discount Rate” means the rate which, when compounded monthly, is equivalent to the Yield Maintenance Treasury Rate, when compounded semi-annually. As used in this definition, the term “Yield Maintenance Treasury Rate” means the yield calculated by the lender by the linear interpolation of the yields, as reported in the Federal Reserve Statistical Release H.15-Selected Interest Rates under the heading U.S. Government Securities/Treasury Constant Maturities for the week ending prior to the Prepayment Date, of U.S. Treasury Constant Maturities with maturity dates (one longer or one shorter) most nearly approximating the Maturity Date. In the event Release H.15 is no longer published, the lender will select a comparable publication to determine the Yield Maintenance Treasury Rate. In no event, however, will the lender be required to reinvest any prepayment proceeds in U.S. Treasury obligations or otherwise.
   
G. With respect to Mortgage Loan No. 31, Fairgrove MHC, “Yield Maintenance Premium” means an amount equal to the greater of: (x) one percent (1%) of the principal amount of the note being prepaid or (y) the present value as of the Prepayment Date (defined below) of the Calculated Payments (defined below) from the Prepayment Date through the Maturity Date determined by discounting such payments at the Discount Rate (defined below). As used in this definition, the term “Prepayment Date” means the date on which prepayment is made. As used in this definition, the term “Calculated Payments” means the monthly payments of interest only which would be due based on the principal amount of the note being prepaid on the Prepayment Date and assuming an interest rate per annum equal to the difference (if such difference is greater than zero) between (1) the applicable interest rate and (2) the Yield Maintenance Treasury Rate (defined below). As used in this definition, the term “Discount Rate” means the rate which, when compounded monthly, is equivalent to the Yield Maintenance Treasury Rate, when compounded semi-annually. As used in this definition, the term “Yield Maintenance Treasury Rate” means the yield calculated by the lender by the linear interpolation of the yields, as reported in the Federal Reserve Statistical Release H.15-Selected Interest Rates under the heading U.S. Government Securities/Treasury Constant Maturities for the week ending prior to the Prepayment Date, of U.S. Treasury Constant Maturities with maturity dates (one longer or one shorter) most nearly approximating the Maturity Date. In the event Release H.15 is no longer published, the lender will select a comparable publication to determine the Yield Maintenance Treasury Rate.