FWP 1 n4381_x3-premkta1.htm FWP

 

    FREE WRITING PROSPECTUS
    FILED PURSUANT TO RULE 433
    REGISTRATION FILE NO.: 333-257991-12
     

 

 

 

WFCM 2024-C63 Disclaimer

STATEMENT REGARDING THIS FREE WRITING PROSPECTUS

The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) (SEC File No. 333-257991) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the 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 after filing if you request it by calling toll free 1-800-745-2063 (8 a.m. – 5 p.m. EST) or by emailing wfs.cmbs@wellsfargo.com.

Nothing in this document constitutes an offer of securities for sale in any jurisdiction where the offer or sale is not permitted. The information contained herein is preliminary as of the date hereof, supersedes any such information previously delivered to you and will be superseded by any such information subsequently delivered and ultimately by the final prospectus relating to the securities. These materials are subject to change, completion, supplement or amendment from time to time.

This free writing prospectus has been prepared by the underwriters for information purposes only and does not constitute, in whole or in part, a prospectus for the purposes of (i) Regulation (EU) 2017/1129 (as amended), (ii) such Regulation as it forms part of UK domestic law, or (iii) Part VI of the UK Financial Services and Markets Act 2000, as amended; and does not constitute an offering document for any other purpose.

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

The attached information contains certain tables and other statistical analyses (the “Computational Materials”) which have been prepared in reliance upon information furnished by the Mortgage Loan Sellers. Numerous assumptions were used in preparing the Computational Materials, which may or may not be reflected herein. As such, no assurance can be given as to the Computational Materials’ accuracy, appropriateness or completeness in any particular context; or as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. The Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. You should consult your own counsel, accountant and other advisors as to the legal, tax, business, financial and related aspects of a purchase of these securities. Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment and/or loss assumptions, and changes in such prepayment and/or loss assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments or losses on the underlying assets will occur at rates higher or lower than the rates shown in the attached Computational Materials. The specific characteristics of the securities may differ from those shown in the Computational Materials due to differences between the final underlying assets and the preliminary underlying assets used in preparing the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. None of Wells Fargo Securities, LLC, Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, SG Americas Securities, LLC, Academy Securities, Inc., Drexel Hamilton, LLC, Siebert Williams Shank & Co., LLC or any of their respective affiliates, make any representation or warranty as to the actual rate or timing of payments or losses on any of the underlying assets or the payments or yield on the securities. The information in this presentation is based upon management forecasts and reflects prevailing conditions and management’s views as of this date, all of which are subject to change. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us by or on behalf of the Mortgage Loan Sellers or which was otherwise reviewed by us.

This free writing prospectus contains certain forward-looking statements. If and when included in this free writing prospectus, the words “expects”, “intends”, “anticipates”, “estimates” and analogous expressions and all statements that are not historical facts, including statements about our beliefs or expectations, are intended to identify forward-looking statements. Any forward-looking statements are made subject to risks and uncertainties which could cause actual results to differ materially from those stated. Those risks and uncertainties include, among other things, declines in general economic and business conditions, increased competition, changes in demographics, changes in political and social conditions, regulatory initiatives and changes in customer preferences, many of which are beyond our control and the control of any other person or entity related to this offering. The forward-looking statements made in this free writing prospectus are made as of the date stated on the cover. We have no obligation to update or revise any forward-looking statement.

Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, and Wells Fargo Bank, N.A. Wells Fargo Securities, LLC and Wells Fargo Prime Services, LLC are distinct entities from affiliated banks and thrifts.

J.P. Morgan is the marketing name for the investment banking businesses of JPMorgan Chase & Co. and its subsidiaries worldwide. Securities, syndicated loan arranging, financial advisory and other investment banking activities are performed by JPMS and its securities affiliates, and lending, derivatives and other commercial banking activities are performed by JPMorgan Chase Bank, National Association and its banking affiliates. JPMS is a member of SIPC and the NYSE.

Société Générale is the marketing name for SG Americas Securities, LLC.

IMPORTANT NOTICE REGARDING THE OFFERED CERTIFICATES

The information herein is preliminary and may be supplemented or amended prior to the time of sale. In addition, the Offered Certificates referred to in these materials and the asset pool backing them are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis.

The underwriters described in these materials may from time to time perform investment banking services for, or solicit investment banking business from, any company named in these materials. The underwriters and/or their affiliates or respective employees may from time to time have a long or short position in any security or contract discussed in these materials.

The information contained herein supersedes any previous such information delivered to any prospective investor and will be superseded by information delivered to such prospective investor prior to the time of sale.

IMPORTANT NOTICE RELATING TO AUTOMATICALLY-GENERATED EMAIL DISCLAIMERS

Any legends, disclaimers or other notices that may appear at the bottom of any email communication to which this free writing prospectus is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) any representation that these materials are accurate or complete and may not be updated or (3) these materials possibly being confidential, are not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another system.

 

 

 

 

 

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

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
1.00 Loan   1 Bridge Point Rancho Cucamonga 9.1% 100.0% WFB WFB NAP NAP 12430 4th Street and 12415 6th Street Rancho Cucamonga San Bernardino CA 91730 Industrial Warehouse/Distribution 2024 NAP 2,168,119 SF 123.43 65,000,000 65,000,000 65,000,000 5.8331%   5.83310% NAP 320,347.91 NAP 3,844,174.92 Interest Only No Actual/360 84 83 84 83 0 0 6/28/2024 1 11 8/11/2024 NAP 7/11/2031 NAP 0 0 L(25),D(52),O(7) NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV NAV 100.0% 51,204,198 7,913,376 43,290,822 21,681 0 43,269,141 2.74 2.73 16.2% 16.2% 775,900,000 As Is 5/6/2024 34.5% 34.5% 100.0% 6/24/2024 No Chedraui USA 1,422,524 65.6% 1/31/2044 CEVA Logistics 745,595 34.4% 4/30/2034 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/28/2024 NAP 5/16/2024 5/20/2024 6% No Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 0 0 0 Springing 0 0 0 0 0 380,631 0 Existing TI/LC Reserve 0 0 NAP Hard Springing Yes Yes Yes No 65,000,000 202,610,000 998,549.08 1,318,896.99 162,390,000 6.15297% 430,000,000 2,235,436.79 55.4% 1.61 10.1% NAP NAP NAP NAP NAP NAP NAP No NAP BDP Realty Holdings, L.P. NAP No No Refinance   267,610,000 0 162,390,000 0 430,000,000 310,430,271 0 5,478,870 380,631 113,710,228 0 430,000,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
2.00 Loan   1 Grapevine Mills 8.4% 100.0% WFB, JPMCB WFB, JPMCB Group 1 NAP 3000 Grapevine Mills Parkway and 2501 Bass Pro Drive Grapevine Tarrant TX 76051 Retail Super Regional Mall 1997 2015 1,628,140 SF 153.55 60,000,000 60,000,000 60,000,000 6.2640%   6.26400% NAP 317,550.00 NAP 3,810,600.00 Interest Only No Actual/360 120 119 120 119 0 0 6/17/2024 1 1 8/1/2024 NAP 7/1/2034 NAP 0 0 L(25),D(88),O(7) 57,265,658 13,528,222 43,737,436 3/31/2024 T-12 54,686,327 13,617,086 41,069,241 12/31/2023 T-12 55,175,531 14,530,759 40,644,772 12/31/2022 T-12 97.9% 58,524,018 13,633,655 44,890,363 290,215 2,047,768 42,552,379 2.83 2.68 18.0% 17.0% 548,000,000 As Is 5/13/2024 45.6% 45.6% 96.2% 5/9/2024 No Bass Pro Shops Outdoor World 177,063 10.9% 3/24/2029 AMC Theatres 108,733 6.7% 12/31/2024 Fieldhouse USA 106,207 6.5% 1/31/2027 Burlington 100,102 6.1% 1/31/2028 Round 1 Bowling and Amusement 80,649 5.0% 1/31/2027 5/21/2024 NAP 5/21/2024 NAP NAP No Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 Springing 0 0 241,846 5,804,300 0 0 0 0 0 0 NAP 0 0 NAP Hard Springing Yes No Yes Yes 60,000,000 190,000,000 1,005,575.00 1,323,125.00 NAP NAP 250,000,000 1,323,125 45.6% 2.68 18.0% NAP NAP NAP NAP NAP NAP NAP No NAP Simon Property Group, L.P. Simon Property Group, L.P. No No Refinance   250,000,000 21,252,453 0 0 271,252,453 268,857,947 0 2,394,506 0 0 0 271,252,453 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
3.00 Loan   1 Marriott Myrtle Beach Grande Dunes Resort 8.4% 100.0% WFB, JPMCB WFB, JPMCB NAP NAP 8400 Costa Verde Drive Myrtle Beach Horry SC 29572 Hospitality Full Service 2003 2017 405 Rooms 246,716.66 60,000,000 59,952,149 51,203,539 6.1450%   6.14500% 365,342.69 NAP 4,384,112.28 NAP Amortizing Balloon No Actual/360 0 0 120 119 360 359 7/2/2024 1 11 8/11/2024 8/11/2024 7/11/2034 NAP 0 0 L(25),D(88),O(7) 43,752,709 22,449,435 21,303,274 5/31/2024 T-12 42,367,654 21,989,878 20,377,776 12/31/2023 T-12 40,914,558 20,406,211 20,508,347 12/31/2022 T-12 70.1% 43,678,921 22,286,435 21,392,485 1,747,157 0 19,645,328 2.93 2.69 21.4% 19.7% 223,000,000 Upon Completion 4/25/2025 44.8% 38.3% 70.1% 5/31/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/1/2024 NAP 5/1/2024 NAP NAP No Fee NAP NAP NAP NAP 471,205 67,315 0 Springing 0 142,701 0 0 0 0 0 0 0 282,257 6,093,781 275,000 Seasonality Reserve Funds (Upfront: $825,000; Monthly: $275,000); Replacement Comfort Letter Reserve Funds ($2,500); PIP Reserve (Upfront: $5,266,281; Monthly: Springing) 1,650,000 0 NAP Hard Springing Yes No Yes Yes 59,952,149 39,968,099 243,561.80 608,904.49 NAP NAP 99,920,248 608,904 44.8% 2.69 21.4% NAP NAP NAP NAP NAP NAP NAP No NAP William J. Yung III, Martha Yung, William J. Yung IV, Joseph A. Yung, Julie A. Haught, Judith A. Yung, Jennifer A. Yung, Michelle M. Christensen and Scott A. Yung CSC Holdings, LLC No No Refinance   100,000,000 2,395,813 0 0 102,395,813 95,070,064 0 478,506 6,847,243 0 0 102,395,813 8/6/2044 $259.85 $182.19 70.1% $259.85 $182.19 70.1% $258.13 $180.23 69.8% $248.29 $174.45 70.3%                
4.00 Loan   1 610 Newport Center 7.7% 100.0% WFB, JPMCB WFB, JPMCB NAP NAP 610 Newport Center Drive Newport Beach Orange CA 92660 Office Suburban 1972 2022 285,638 SF 297.58 55,000,000 55,000,000 55,000,000 5.6660%   5.66600% NAP 263,298.50 NAP 3,159,582.00 Interest Only No Actual/360 120 119 120 119 0 0 7/9/2024 1 11 8/11/2024 NAP 7/11/2034 NAP 0 0 L(24),YM1(1),DorYM1(90),O(5) 18,471,050 5,185,996 13,285,054 5/31/2024 T-12 17,740,078 5,446,209 12,293,869 12/31/2023 T-12 16,905,494 4,889,567 12,015,927 12/31/2022 T-12 94.8% 19,862,232 5,254,142 14,608,090 77,668 285,144 14,245,278 2.99 2.92 17.2% 16.8% 191,000,000 As Is 5/29/2024 44.5% 44.5% 92.4% 6/25/2024 No Chipotle 95,278 33.4% 10/31/2029 O'Melveny and Myers LLP 45,156 15.8% 6/30/2032 Canterbury Consulting Inc 15,887 5.6% 5/31/2028 Call and Jensen APC 11,806 4.1% 8/31/2029 RBC Capital Markets, LLC 11,227 3.9% 3/31/2029 5/28/2024 NAP 6/3/2024 6/3/2024 12% No Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 Springing 0 0 Springing 0 0 0 0 0 2,583,149 Springing Rent Concession Reserve ($1,046,249); Existing TI/LC Reserve ($1,536,900); Leasing Event Period Springing Reserve (Springing) 0 0 NAP Hard Springing Yes No Yes Yes 55,000,000 30,000,000 143,617.36 406,915.86 NAP NAP 85,000,000 406,916 44.5% 2.92 17.2% NAP NAP NAP NAP NAP NAP NAP No NAP The Irvine Company LLC Irvine Core Office LLC No No Recapitalization   85,000,000 0 0 0 85,000,000 0 0 307,838 2,583,149 82,109,013 0 85,000,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
5.00 Loan   1 Holiday Inn & Suites Ocean City 7.4% 100.0% WFB WFB NAP NAP 1701 Atlantic Avenue Ocean City Worcester MD 21842 Hospitality Full Service 2001 2021 210 Rooms 252,380.95 53,000,000 53,000,000 50,174,247 6.8450%   6.84500% 347,110.51 306,519.73 4,165,326.12 3,678,236.76 Interest Only, Amortizing Balloon No Actual/360 60 59 120 119 360 360 6/18/2024 1 11 8/11/2024 8/11/2029 7/11/2034 NAP 0 0 L(25),D(91),O(4) 19,191,124 12,129,506 7,061,618 5/31/2024 T-12 19,439,763 11,969,419 7,470,344 12/31/2023 T-12 18,787,992 11,371,194 7,416,798 12/31/2022 T-12 69.6% 19,134,895 11,924,981 7,209,914 765,396 0 6,444,519 1.73 1.55 13.6% 12.2% 88,700,000 As Is 5/6/2024 59.8% 56.6% 69.6% 5/31/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/14/2024 NAP 5/14/2024 NAP NAP No Fee NAP NAP NAP NAP 596,395 59,639 0 Springing 0 64,799 0 0 0 0 0 0 0 0 950,000 1,500,000 Seasonality Reserve Funds (Upfront: $950,000.00; Monthly: Various); New PIP Deposit Reserve (Springing) 0 0 NAP Hard Springing Yes No No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Harrison Group Hotels, John H. Harrison and Hale Harrison Irrevocable Trust John H. Harrison and Hale Harrison Irrevocable Trust No No Refinance   53,000,000 0 0 0 53,000,000 35,459,959 0 714,017 1,546,395 15,279,629 0 53,000,000 6/1/2041 $315.68 $219.88 69.6% $315.68 $219.88 69.6% $311.92 $224.09 71.8% $304.89 $215.64 70.7%                
6.00 Loan   1 St. Johns Town Center 6.4% 100.0% JPMCB JPMCB Group 1 NAP 4663 River City Drive Jacksonville Duval FL 32246 Retail Super Regional Mall 2005, 2008, 2014 NAP 1,022,042 SF 352.24 46,000,000 46,000,000 46,000,000 5.9480%   5.94800% NAP 231,173.43 NAP 2,774,081.16 Interest Only No Actual/360 120 118 120 118 0 0 5/10/2024 2 1 7/1/2024 NAP 6/1/2034 NAP 0 0 L(26),D(88),O(6) 57,541,496 15,808,735 41,732,761 12/31/2023 T-12 53,937,457 14,670,553 39,266,904 12/31/2022 T-12 49,482,581 13,527,876 35,954,705 12/31/2021 T-12 92.1% 63,759,318 15,996,884 47,762,434 264,000 2,088,000 45,410,434 2.20 2.09 13.3% 12.6% 753,700,000 As Is 3/21/2024 47.8% 47.8% 93.9% 6/1/2024 No Nordstrom 123,000 12.0% 2/28/2030 Dick's Clothing & Sporting Goods 66,000 6.5% 1/31/2026 Restoration Hardware 48,697 4.8% 1/31/2037 Jo-Ann Fabrics 35,000 3.4% 1/31/2026 Ross Dress For Less 30,187 3.0% 1/31/2026 4/4/2024 NAP 4/4/2024 NAP NAP Yes - AE Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 Springing 0 0 Springing 0 0 0 0 0 9,788,217 0 Outstanding TI/LC Reserve ($8,393,631); Gap Rent Reserve ($1,394,586) 0 0 NAP Hard Springing Yes No Yes No 46,000,000 314,000,000 1,578,009.90 1,809,183.33 NAP NAP 360,000,000 1,809,183.33 47.8% 2.09 13.3% NAP NAP NAP NAP NAP NAP NAP No NAP Simon Property Group, L.P. Simon Property Group, L.P. No No Refinance   360,000,000 5,611,283 0 0 365,611,283 351,117,405 0 4,705,660 9,788,217 0 0 365,611,283 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
7.00 Loan   1 Mercer Square Owners Corp. 6.0% 100.0% NCCB NCB NAP NAP 250 Mercer Street New York New York NY 10012 Multifamily Cooperative 1887 1999 258 Units 166,666.67 43,000,000 43,000,000 43,000,000 6.0300%   6.03000% NAP 219,076.04 NAP 2,628,912.48 Interest Only No Actual/360 120 120 120 120 0 0 7/22/2024 0 1 9/1/2024 NAP 8/1/2034 NAP 10 10 YM1(113),1%(3),O(4) NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 95.0% 18,026,179 7,438,270 10,587,909 72,600 0 10,515,309 4.03 4.00 24.6% 24.5% 342,400,000 As Is 3/8/2024 12.6% 12.6% 95.0% 3/8/2024 No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/25/2024 NAP 3/25/2024 NAP NAP No Fee NAP NAP NAP NAP 827,250 275,750 0 Springing 0 0 0 0 0 0 0 0 0 0 $3,000,000, $656,250, $47,500 0 Collateral Security Agreement For Capital Improvements, Collateral Security Agreements For Litigations, Collateral Security Agreement For Environmental Items 0 0 NAP None None No No No NAP NAP NAP NAP NAP 0 Greater of (A) 5.50% or (B) Prime Rate 45,900,000 239,903.01 13.4% 3.65 23.1% NAP NAP NAP NAP NAP NAP NAP Yes Unsecured NAP NAP No No Refinance   43,000,000 0 0 0 43,000,000 34,104,853 0 347,514 8,547,633 0 0 43,000,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP  2,900,000  170,400,000 25.2% 0.8% 2 0 0 1,446
8.00 Loan   1 680 Madison Avenue 5.6% 100.0% GSBI AREF2 NAP NAP 680 Madison Avenue New York New York NY 10065 Retail Anchored 1951 2014 34,298 SF 3,498.75 40,000,000 40,000,000 40,000,000 6.7020%   6.70200% NAP 226,502.78 NAP 2,718,033.36 Interest Only No Actual/360 120 118 120 118 0 0 5/21/2024 2 6 7/6/2024 NAP 6/6/2034 NAP 0 0 L(26),D(87),O(7) 19,571,723 5,800,442 13,771,281 12/31/2023 T-12 20,058,808 5,739,516 14,319,292 12/31/2022 T-12 NAV NAV NAV NAV NAV 95.0% 22,248,609 7,119,627 15,128,981 6,860 137,192 14,984,930 1.86 1.84 12.6% 12.5% 185,000,000 As Is 4/23/2024 64.9% 64.9% 96.5% 5/1/2024 No Tom Ford 13,194 38.5% 6/30/2032 Oscar De La Renta 7,697 22.4% 5/31/2034 Brioni 6,469 18.9% 1/31/2032 Missoni 3,544 10.3% 9/30/2034 Asprey 1,622 4.7% 11/30/2032 4/29/2024 NAP 4/29/2024 NAP NAP No Leasehold 6/30/2169 None 4455000.00 No 711,037 118,506 18,068 9,034 0 715 0 0 7,145 0 0 0 0 0 2,404,903 371,250 Unfunded TI Obligations Reserve ($1,720,700.47); Ground Rent Reserve (Upfront: $371,250; Monthly: $371,250); Free Rent Reserve ($312,952.27) 0 0 NAP Hard Springing Yes Yes Yes No 40,000,000 80,000,000 453,005.55 679,508.33 NAP NAP 120,000,000 679,508.33 64.9% 1.84 12.6% NAP NAP NAP NAP NAP NAP NAP No NAP Steven Tananbaum Steven Tananbaum No No Acquisition   120,000,000 63,663,742 0 0 183,663,742 0 177,651,354 2,878,380 3,134,008 0 0 183,663,742 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
9.00 Loan   1 Arizona Grand Resort and Spa 5.3% 100.0% WFB, GSBI WFB, GSMC NAP NAP 8000 South Arizona Grand Parkway Phoenix Maricopa AZ 85044 Hospitality Full Service 1987 2017-2019 744 Rooms 168,010.75 38,000,000 38,000,000 38,000,000 5.5500%   5.55000% NAP 178,190.97 NAP 2,138,291.64 Interest Only No Actual/360 120 120 120 120 0 0 7/26/2024 0 6 9/6/2024 NAP 8/6/2034 NAP 0 0 L(24),D(89),O(7) 99,370,667 69,105,823 30,264,845 4/30/2024 T-12 94,844,651 66,725,487 28,119,164 12/31/2023 T-12 93,704,479 62,651,235 31,053,244 12/31/2022 T-12 63.2% 99,267,457 69,043,990 30,223,467 3,766,975 0 26,456,492 4.30 3.76 24.2% 21.2% 318,800,000 As Is 6/4/2024 39.2% 39.2% 63.2% 4/30/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 7/12/2024 NAP 6/24/2024 NAP NAP Yes - A Fee/Leasehold 7/30/2057 None 100.00 No 0 Springing 0 Springing 0 3.0% of Gross Revenue 0 0 0 0 0 0 0 0 650,000 Springing Seasonal Working Capital Reserve (Upfront: $650,000, Monthly: Springing); Custodial Funds and Hotel Tax Reserve (Monthly: Springing); Refundable Advance Payments Reserve (Springing); PIP Reserve (Springing) Seasonal Working Capital Reserve ($3,250,000) 0 NAP Hard Springing Yes No Yes No 38,000,000 87,000,000 407,963.54 586,154.51 NAP NAP 125,000,000 586,154.51 39.2% 3.76 24.2% NAP NAP NAP NAP NAP NAP NAP No NAP Grossman Company Properties, Inc. Southwest Recourse III, LLC No No Refinance   125,000,000 0 0 0 125,000,000 110,983,664 0 2,074,466 650,000 11,291,870 0 125,000,000 NAP $219.51 $138.72 63.2% $219.51 $138.72 63.2% $229.41 $141.85 61.8% $230.70 $147.44 63.9%                
10.00 Loan   1 57 Willoughby 4.4% 100.0% AREF2 AREF2 NAP NAP 57 Willoughby Street Brooklyn Kings NY 11201 Office CBD 1929 2022 124,670 SF 250.26 31,200,000 31,200,000 27,314,943 7.0920%   7.09200% 209,505.70 NAP 2,514,068.40 NAP Amortizing Balloon No Actual/360 0 0 120 120 360 360 7/31/2024 0 6 9/6/2024 9/6/2024 8/6/2034 NAP 0 0 L(24),D(92),O(4) 5,294,221 2,568,709 2,725,512 6/30/2024 T-12 3,045,763 2,468,063 577,701 12/31/2023 T-12 2,209,430 1,765,591 443,839 12/31/2022 T-12 95.0% 5,841,794 2,032,590 3,809,204 24,934 187,005 3,597,265 1.52 1.43 12.2% 11.5% 55,100,000 As Is 7/18/2024 56.6% 49.6% 100.0% 7/10/2024 No JCCA 67,679 54.3% 10/31/2038  Housing Works, Inc.  40,616 32.6% 3/31/2035  Brooklyn Autism Center 12,205 9.8% 10/6/2028 Quality Greens Kitchen 3,059 2.5% 6/30/2038  Hot Peppers  1,111 0.9% 4/30/2033 7/15/2024 NAP 7/15/2024 NAP NAP No Fee NAP NAP NAP NAP 297,809 99,270 15,612 7,806 0 2,078 74,802 500,000 15,584 1,500,000 0 0 0 152,950 95,450 0 Outstanding TI/LC Reserve ($80,000.00); Free Rent Reserve ($15,450.00) 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 Damien Smith and Peter Zuccarello Gary Romaniello, Damien Smith and Peter Zuccarello No Yes Acquisition   31,200,000 18,982,415 0 0 50,182,415 0 48,000,000 1,120,594 1,061,821 0 0 50,182,415 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
11.00 Loan   1 Brooklyn Renaissance Plaza 3.5% 100.0% AREF2 AREF2 NAP NAP 335 Adams Street Brooklyn Kings NY 11201 Office CBD 1977 2001 139,216 SF 181.01 25,200,000 25,200,000 21,846,643 6.7210%   6.72100% 162,961.24 NAP 1,955,534.88 NAP Amortizing Balloon No Actual/360 0 0 120 120 360 360 7/30/2024 0 6 9/6/2024 9/6/2024 8/6/2034 NAP 0 0 L(24),D(92),O(4) 6,409,924 4,598,509 1,811,415 3/31/2024 T-12 6,100,753 4,382,914 1,717,839 12/31/2023 T-12 5,560,511 3,671,361 1,889,150 12/31/2022 T-12 95.9% 7,560,037 4,742,286 2,817,751 58,471 139,216 2,620,064 1.44 1.34 11.2% 10.4% 41,900,000 As Is 4/25/2024 60.1% 52.1% 100.0% 5/28/2024 No NYC Employees' Retirement System 51,508 37.0% 4/30/2035 New York City Department of Ed. 22,486 16.2% 10/31/2030 City of New York (KCDA) 17,999 12.9% 8/31/2030 Metro Energy LLC 12,618 9.1% 6/30/2028 Municipal Credit Union 11,188 8.0% 7/31/2026 5/20/2024 NAP 5/20/2024 NAP NAP No Leasehold 6/19/2086 None 415,818 No 394,360 157,744 0 Springing 0 4,873 0 1,500,000 11,601 0 0 0 0 0 0 50,246 Ground Rent 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 Joshua L. Muss Joshua L. Muss No No Refinance   25,200,000 3,931,075 0 0 29,131,075 25,482,579 0 1,754,137 1,894,360 0 0 29,131,075 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
12.00 Loan   1 30 E 85th St 3.4% 100.0% JPMCB JPMCB NAP NAP 30 East 85th Street New York New York NY 10028 Retail Anchored 1987 NAP 25,015 SF 959.42 24,000,000 24,000,000 24,000,000 6.5500%   6.55000% NAP 132,819.44 NAP 1,593,833.28 Interest Only No Actual/360 120 120 120 120 0 0 7/24/2024 0 1 9/1/2024 NAP 8/1/2034 NAP 0 0 L(24),D(90),O(6) 3,111,564 1,490,450 1,621,114 6/30/2024 T-12 2,882,153 1,568,704 1,313,449 12/31/2023 T-12 3,402,051 1,503,573 1,898,478 12/31/2022 T-12 95.0% 3,805,655 1,501,788 2,303,867 5,003 25,015 2,273,849 1.45 1.43 9.6% 9.5% 49,000,000 As Is 6/26/2024 49.0% 49.0% 100.0% 5/1/2024 No Equinox Holdings, Inc. 14,110 56.4% 12/31/2043 Naftali Group 5,635 22.5% 5/31/2026 James Perse Enterprises LLC 3,450 13.8% 2/29/2028 Starbucks Corp. 1,820 7.3% 7/1/2033 NAP NAP NAP NAP 6/26/2024 NAP 6/25/2024 NAP NAP No Fee NAP NAP NAP NAP 198,484 96,840 0 Springing 417 417 10,008 2,085 2,085 50,040 0 0 0 0 264,059 Springing Outstanding TI/LC Reserve ($264,058.50); Condominium Assessments 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 The Zucker Organization Donald Zucker No No Refinance   24,000,000.00 703,018 0 0 24,703,018 23,772,443 0 465,530 465,045 0 0 24,703,018 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
13.00 Loan   1 Dallas Market Center 3.1% 100.0% GSBI GSMC NAP NAP 2000 North Stemmons Freeway and 2050-2100 North Stemmons Freeway Dallas Dallas TX 75207 Mixed Use Merchandise Mart/Retail 1957, 1958, 1974, 1979 1999, 2019 2,746,550 SF 86.29 22,000,000 22,000,000 22,000,000 6.5020%   6.50200% NAP 120,858.94 NAP 1,450,307.28 Interest Only No Actual/360 120 118 120 118 0 0 5/31/2024 2 6 7/6/2024 NAP 6/6/2034 NAP 0 0 L(26),D(87),O(7) 89,131,929 52,704,290 36,427,639 2/29/2024 T-12 84,850,749 49,758,034 35,092,715 2/28/2023 T-12 75,542,455 41,287,106 34,255,349 2/28/2022 T-12 94.0% 93,314,164 52,910,281 40,403,884 631,706 1,268,250 38,503,927 2.59 2.46 17.0% 16.2% 636,500,000 As Is 4/27/2024 37.2% 37.2% 91.1% 3/31/2024 No Goetz, Inc. 36,653 1.3% 9/30/2025 Diverse Marketing 34,747 1.3% 10/31/2024 (10,750 SF); 9/30/2026 (2,230 SF); 10/31/2026 (21,767 SF) K. Graves & A. Graves, Inc. 34,517 1.3% 11/30/2026 OneCoast, LLC  31,764 1.2% 3/31/2031 Paul Michael Company 29,480 1.1% 10/31/2025 5/15/2024 NAP 5/15/2024 NAP NAP Yes - AE Fee NAP NAP NAP NAP 1,264,708 210,785 0 Springing 1,000,000 Springing 1,000,000 1,500,000 Springing 1,500,000 0 0 0 0 431,802 0 Unfunded Obligations Reserve 0 0 NAP Hard In Place Yes No Yes No 22,000,000 215,000,000 1,181,121.41 1,301,980.35 NAP NAP 237,000,000 1,301,980.35 37.2% 2.46 17.0% NAP NAP NAP NAP NAP NAP NAP Yes Unsecured Dallas Market Center Financial, L.L.C. Dallas Market Center Financial, L.L.C. No No Refinance   237,000,000 2,270,000 0 0 239,270,000 231,913,303 0 3,160,187 4,196,510 0 0 239,270,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
14.00 Loan   1 Forest Green Apt. Corp. 2.9% 100.0% NCCB NCB NAP NAP 2433-2453 Union Boulevard Islip Suffolk NY 11751 Multifamily Cooperative 1965 2021 253 Units 80,632.41 20,400,000 20,400,000 20,400,000 6.3900%   6.39000% NAP 110,138.75 NAP 1,321,665.00 Interest Only No Actual/360 120 119 120 119 0 0 6/28/2024 1 1 8/1/2024 NAP 7/1/2034 NAP 10 10 YM1(113),1%(3),O(4) NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 94.0% 6,955,925 2,463,520 4,492,405 88,900 0 4,403,505 3.40 3.33 22.0% 21.6% 72,500,000 As Is 2/5/2024 28.1% 28.1% 94.0% 2/5/2024 No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 2/23/2024 NAP 2/23/2024 NAP NAP No Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 0 0 0 0 0 0 0 0 0 $250,000, $18,750 0 Collateral Security Agreement Re: Maintenance Arrears, Collateral Security Agreement For Capital Improvements 0 0 NAP None None No No No NAP NAP NAP NAP NAP 0 Greater of (A) 5.00% or (B) Prime Rate 20,900,000 113,729.61 28.8% 3.23 21.5% NAP NAP NAP NAP NAP NAP NAP Yes Unsecured NAP NAP No No Refinance   20,400,000 0 0 0 20,400,000 16,240,001 0 431,625 3,728,375 0 0 20,400,000 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP  500,000  73,400,000 27.8% 0.8% 0 2 0 NAV
15.00 Loan   1 900 North Michigan 2.8% 100.0% GSBI GSMC NAP NAP 900 North Michigan Avenue Chicago Cook IL 60611 Mixed Use Retail/Office 1988 2015-2018 831,350 SF 216.52 20,000,000 20,000,000 20,000,000 6.8530%   6.85300% NAP 115,803.01 NAP 1,389,636.12 Interest Only No Actual/360 120 120 120 120 0 0 7/22/2024 0 6 9/6/2024 NAP 8/6/2034 NAP 0 0 L(24),D(89),O(7) 57,803,398 31,088,059 26,715,339 12/31/2023 T-12 55,448,320 29,652,635 25,795,686 12/31/2022 T-12 54,179,102 27,476,761 26,702,341 12/31/2021 T-12 90.8% 56,031,359 33,262,367 22,768,993 224,465 441,427 22,103,101 1.82 1.77 12.6% 12.3% 315,000,000 As Is 5/29/2024 57.1% 57.1% 88.8% 7/17/2024 No Bloomingdale's 265,148 31.9% 9/30/2028 Grosvenor Capital Mgmnt, L.P. 72,738 8.7% 9/30/2037 Walton Street Capital LLC 30,304 3.6% 8/31/2029 Equinox 30,021 3.6% 6/30/2028 JMB Insurance Agency 24,246 2.9% 6/30/2037 6/7/2024 NAP 6/13/2024 NAP NAP No Fee NAP NAP NAP NAP 2,586,212 1,293,106 0 Springing 0 18,705 831,350 5,000,000 166,667 10,000,000 0 0 0 0 13,552,345 Springing Unfunded Obligations Reserve ($13,552,345.23); Critical Tenant Reserve (Monthly: Springing) 0 0 NAP Hard Springing Yes Yes Yes No 20,000,000 160,000,000 926,424.07 1,042,227.08 NAP NAP 180,000,000 1,042,227.08 57.1% 1.77 12.6% NAP NAP NAP NAP NAP NAP NAP No NAP JMB Realty Corporation JMB Realty Corporation No No Refinance   180,000,000 56,362,388 0 0 236,362,388 206,807,744 0 8,416,086 21,138,557 0 0 236,362,388 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
16.00 Loan   1 Hampton Inn & Suites Exeter - NH 2.1% 100.0% WFB WFB NAP NAP 59 Portsmouth Avenue Exeter Rockingham NH 03833 Hospitality Limited Service 2010 2022 111 Rooms 135,135.14 15,000,000 15,000,000 15,000,000 6.6990%   6.69900% NAP 84,900.52 NAP 1,018,806.24 Interest Only No Actual/360 120 118 120 118 0 0 6/6/2024 2 11 7/11/2024 NAP 6/11/2034 NAP 0 0 L(24),YM1(92),O(4) 5,945,059 3,655,592 2,289,467 4/30/2024 T-12 5,891,575 3,564,953 2,326,622 12/31/2023 T-12 5,335,509 3,073,956 2,261,553 12/31/2022 T-12 85.1% 5,929,024 3,615,113 2,313,911 237,161 0 2,076,750 2.27 2.04 15.4% 13.8% 24,800,000 As Is 4/22/2024 60.5% 60.5% 85.1% 4/30/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/3/2024 NAP 5/3/2024 NAP NAP No Fee NAP NAP NAP NAP 18,735 18,735 0 Springing 0 19,764 0 0 0 0 0 0 0 0 0 Springing Low DSCR Reserve Funds (Springing); PIP Reserve Funds (Springing) 0 0 NAP Springing Springing Yes No No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP No NAP Chatham Lodging, L.P. Chatham Lodging, L.P. No No Recapitalization                           7/31/2031 $169.69 $144.46 85.1% $169.69 $144.46 85.1% $172.62 $143.45 83.1% $166.57 $129.53 77.8%                
17.00 Loan   1 Atkinson Portfolio 2.0% 100.0% SGFC SGFC Group 2 NAP 2801, 2901, 2020, 2021-2027, 2022-2026, 2040 and 2041 West Atkinson Avenue, 4446 North 28th Street, 4505 North 29th Street and 3880 North 18th Street Milwaukee Milwaukee WI 53206, 53209 Multifamily Garden 1928-1953 2021-2022 143 Units 99,440.56 14,220,000 14,220,000 12,380,288 6.8800%   6.88000% 93,462.79 NAP 1,121,553.48 NAP Amortizing Balloon No Actual/360 0 0 120 120 360 360 7/22/2024 0 1 9/1/2024 9/1/2024 8/1/2034 NAP 5 5 L(35),YM1(81),O(4) 2,031,067 428,649 1,602,418 6/30/2024 T-12 1,910,010 401,763 1,508,247 12/31/2023 T-12 NAV NAV NAV NAV NAV 95.0% 2,003,487 547,837 1,455,649 35,750 0 1,419,899 1.30 1.27 10.2% 10.0% 24,900,000 As Is 7/8/2024 57.1% 49.7% 100.0% 7/1/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 7/11/2024 NAP 7/11/2024 NAP NAP No Fee NAP NAP NAP NAP 79,349 9,919 0 Springing 0 2,979 0 0 0 0 0 0 0 0 44,000 0 Static Insurance 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 Youssef Berrada Youssef Berrada No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
18.00 Loan   1 Gila Valley Shopping Center 1.9% 100.0% AREF2 AREF2 Group 3 NAP 2125 U.S. Route 70 Thatcher Graham AZ 85552 Retail Anchored 1980, 1981, 2003, 2004 NAP 119,205 SF 114.09 13,600,000 13,600,000 13,600,000 6.5000%   6.50000% NAP 74,689.81 NAP 896,277.72 Interest Only No Actual/360 120 120 120 120 0 0 8/2/2024 0 6 9/6/2024 NAP 8/6/2034 NAP 0 0 L(24),D(92),O(4) 1,527,165 282,099 1,245,065 5/31/2024 T-12 1,458,665 270,440 1,188,225 12/31/2023 T-12 1,382,216 278,879 1,103,337 12/31/2022 T-12 95.0% 1,674,492 298,064 1,376,428 17,881 69,205 1,289,343 1.54 1.44 10.1% 9.5% 21,000,000 As Is 5/24/2024 64.8% 64.8% 99.0% 7/17/2024 No Safeway 55,267 46.4% 9/14/2028 Five Below 12,200 10.2% 6/30/2034 Dollar Tree 10,000 8.4% 1/31/2030 O'Reilly 8,005 6.7% 3/31/2026 Aaron's 6,500 5.5% 12/31/2027 7/15/2024 NAP 7/15/2024 NAP NAP No Fee NAP NAP NAP NAP 20,383 4,077 29,669 4,945 0 1,490 53,641 500,000 Springing 500,000 0 0 0 0 150,020 0 Rent Abatement Reserve ($63,491.15); Outstanding TI/LC Reserve ($61,000.00); CAM Reserve ($25,528.78) 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 Mark Vakili, Moshen Sharif, Albert Minoofar and the Vakili Family Trust Mark Vakili, Moshen Sharif, Albert Minoofar and the Vakili Family Trust No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
19.00 Loan   1 Drum Hill 1.8% 100.0% AREF2 AREF2 NAP NAP 90 Ringgold Street Peekskill Westchester NY 10566 Multifamily Independent Living 1909 2000 120 Units 106,250.00 12,750,000 12,750,000 11,773,253 7.1000%   7.10000% 85,684.07 76,485.24 1,028,208.84 917,822.88 Interest Only, Amortizing Balloon No Actual/360 36 35 120 119 360 360 6/28/2024 1 6 8/6/2024 8/6/2027 7/6/2034 NAP 0 0 L(25),D(89),O(6) 4,407,425 3,031,846 1,375,579 4/30/2024 T-12 4,312,225 2,955,151 1,357,074 12/31/2023 T-12 4,276,627 3,010,567 1,266,060 12/31/2022 T-12 92.0% 4,636,042 2,947,516 1,688,526 30,000 0 1,658,526 1.64 1.61 13.2% 13.0% 23,100,000 As Is 5/10/2024 55.2% 51.0% 90.0% 6/25/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP 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 70,181 17,545 45,151 11,288 300,000 2,500 0 0 0 0 0 0 0 14,813 180,000 Springing Subordinate Debt Service Reserve 180,000 0 NAP Springing Springing Yes No No NAP NAP NAP NAP NAP 665,049 1.73694% 13,415,049 88,223.93 58.1% 1.57 12.6% NAP NAP NAP NAP NAP NAP NAP No NAP John V. Saraceno John V. Saraceno No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
20.00 Loan   1 Union Hills Self Storage 1.6% 100.0% WFB WFB NAP NAP 2440 East Union Hills Drive Phoenix Maricopa AZ 85050 Self Storage Self Storage 2018 NAP 89,635 SF 124.39 11,150,000 11,150,000 11,150,000 6.5700%   6.57000% NAP 61,894.11 NAP 742,729.32 Interest Only No Actual/360 120 119 120 119 0 0 7/8/2024 1 11 8/11/2024 NAP 7/11/2034 NAP 0 0 L(25),D(88),O(7) 1,436,768 465,446 971,322 5/31/2024 T-12 1,459,334 453,709 1,005,625 12/31/2023 T-12 1,439,262 431,289 1,007,972 12/31/2022 T-12 87.8% 1,436,768 471,534 965,234 8,964 0 956,271 1.30 1.29 8.7% 8.6% 18,900,000 As Is 5/10/2024 59.0% 59.0% 89.0% 5/31/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 6/3/2024 NAP 6/3/2024 NAP NAP No Fee NAP NAP NAP NAP 31,248 10,416 0 Springing 0 747 26,891 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 Stephen L. Clark, Stephen L. Clark II and Robert N. Baker 2019 Stephen L. Clark II Irrevocable Trust, Robert N. Baker and Robert N. Baker Trust No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
21.00 Loan   1 Warminster Heights Home Ownership Association, Inc. 1.4% 100.0% NCB NCB NAP NAP 75 Downey Drive Warminster Bucks PA 18974 Multifamily Cooperative 1943 1999 698 Units 14,315.54 10,000,000 9,992,248 8,559,568 6.2500%   6.25000% 61,571.72 NAP 738,860.64 NAP Amortizing Balloon No Actual/360 0 0 120 119 360 359 6/27/2024 1 1 8/1/2024 8/1/2024 7/1/2034 NAP 10 10 YM1(113),1%(3),O(4) NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 97.1% 11,548,074 5,506,994 6,041,080 296,650 0 5,744,430 8.18 7.77 60.5% 57.5% 101,000,000 As Is 2/23/2024 9.9% 8.5% 97.1% 2/23/2024 No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 2/15/2024 NAP 2/16/2024 NAP NAP No Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 0 0 0 0 0 0 0 0 0 0 0 NAP 0 0 NAP None None No No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP Yes Unsecured NAP NAP No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP  NAP   96,000,000 10.4% 0.6% 0 0 4 NAP
22.00 Loan   1 Crossroads Plaza 1.2% 100.0% AREF2 AREF2 Group 3 NAP 1416 South Main Street Adrian Lenawee MI 49221 Retail Anchored 1990 NAP 199,828 SF 42.04 8,400,000 8,400,000 8,400,000 6.9000%   6.90000% NAP 48,970.83 NAP 587,649.96 Interest Only No Actual/360 120 120 120 120 0 0 8/2/2024 0 6 9/6/2024 NAP 8/6/2034 NAP 0 0 L(24),D(92),O(4) 1,537,608 798,085 739,523 5/31/2024 T-12 1,710,766 820,939 889,827 12/31/2023 T-12 1,744,364 781,145 963,219 12/31/2022 T-12 78.4% 1,801,501 825,935 975,565 29,974 49,914 895,677 1.66 1.52 11.6% 10.7% 14,100,000 As Is 7/24/2024 59.6% 59.6% 74.4% 7/24/2024 No Family Farm & Home, Inc 32,000 16.0% 3/31/2034 Staples 24,500 12.3% 7/31/2026 Planet Fitness 22,000 11.0% 3/31/2030 Harbor Freight Tools USA, 0628 20,000 10.0% 1/15/2026 Aaron's 8,320 4.2% 5/31/2028 7/15/2024 NAP 7/15/2024 NAP NAP No Fee NAP NAP NAP NAP 15,958 31,915 32,990 5,498 0 2,498 89,993 500,000 Springing 500,000 0 0 0 189,781 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 Mark Vakili and The Vakili Family Trust Mark Vakili and The Vakili Family Trust No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
23.00 Loan   1 Wells & Carmen 1.1% 100.0% SGFC SGFC Group 2 NAP 1032 and 1212 North 27th Street, 2600 West Highland Avenue, 3306 West Wells Street, 3446 and 3456 North 39th Street, 3925 and 4819 West Hampton Avenue, 5856 North 93rd Street, 5969 North 60th Street and 8834 and 8906 West Carmen Avenue  Milwaukee Milwaukee WI Various Multifamily Garden 1942-1977 2022 81 Units 96,728.40 7,835,000 7,835,000 6,828,211 6.9180%   6.91800% 51,695.69 NAP 620,348.28 NAP Amortizing Balloon No Actual/360 0 0 120 120 360 360 7/24/2024 0 1 9/1/2024 9/1/2024 8/1/2034 NAP 5 5 L(35),YM1(81),O(4) 1,166,310 272,472 893,839 6/30/2024 T-12 1,125,649 258,556 867,094 12/31/2023 T-12 NAV NAV NAV NAV NAV 95.0% 1,148,211 337,819 810,392 22,518 0 787,874 1.31 1.27 10.3% 10.1% 14,000,000 As Is 7/8/2024 56.0% 48.8% 100.0% 7/1/2024 NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 7/18/2024, 7/19/2024 NAP 7/18/2024, 7/19/2024 NAP NAP No Fee NAP NAP NAP NAP 55,138 6,892 0 Springing 0 1,877 0 0 0 0 0 0 0 0 24,000 0 Static Insurance 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 Youssef Berrada Youssef Berrada No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
24.00 Loan   1 13140 Coit Road 0.9% 100.0% AREF2 AREF2 NAP NAP 13140 Coit Road Dallas Dallas TX 75240 Office Suburban 1979 NAP 101,977 SF 62.76 6,400,000 6,400,000 5,586,719 6.9800%   6.98000% 42,493.43 NAP 509,921.16 NAP Amortizing Balloon No Actual/360 0 0 120 120 360 360 7/8/2024 0 6 9/6/2024 9/6/2024 8/6/2034 NAP 0 0 L(24),D(92),O(4) 1,386,888 786,323 600,564 5/31/2024 T-12 1,301,140 783,953 517,187 12/31/2023 T-12 1,412,181 751,018 661,163 12/31/2022 T-12 82.0% 1,641,217 786,736 854,481 20,395 51,186 782,899 1.68 1.54 13.4% 12.2% 10,300,000 As Is 6/4/2024 62.1% 54.2% 80.6% 7/1/2024 No DFW Home Health 6,095 6.0% 11/30/2025 Avazzia, Inc. 4,978 4.9% 7/31/2029 Joede Leasing 3,536 3.5% 6/30/2027 Todd E. Tkach, P.C. 3,389 3.3% 1/31/2029 Prime Counseling 2,949 2.9% 7/31/2025 6/7/2024 NAP 6/7/2024 NAP NAP No Fee NAP NAP NAP NAP 82,706 11,815 0 Springing 0 1,700 61,186 100,000 5,099 200,000 0 0 0 9,775 64,899 0 Free Rent 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 Andrew J. Segal Andrew J. Segal No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP                
25.00 Loan   1 100 Park Terrace West Owners Corp. 0.6% 100.0% NCCB NCB NAP NAP 100/108 Park Terrace West a/k/a 532 West 218th Street New York New York NY 10034 Multifamily Cooperative 1951 2019 68 Units 66,176.47 4,500,000 4,500,000 4,500,000 6.7200%   6.72000% NAP 25,550.00 NAP 306,600.00 Interest Only No Actual/360 120 119 120 119 0 0 6/28/2024 1 1 8/1/2024 NAP 7/1/2034 NAP 10 10 YM1(113),1%(3),O(4) NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 98.0% 1,774,088 780,165 993,923 16,750 0 977,173 3.24 3.19 22.1% 21.7% 28,700,000 As Is 4/17/2024 15.7% 15.7% 98.0% 4/17/2024 No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 4/12/2024 NAP 4/12/2024 NAP NAP No Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 0 0 0 0 0 0 0 0 0 $1,050,000, $250,000 0 Collateral Security Agreement For Capital Improvements, Collateral Security Agreement Capital Improvements (Façade Repairs) 0 0 NAP None None No No No NAP NAP NAP NAP NAP 0 Greater of (A) 5.50% or (B) Prime Rate 5,000,000 29,140.86 17.4% 2.79 19.9% NAP NAP NAP NAP NAP NAP NAP Yes Unsecured NAP NAP No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP  500,000  17,800,000 25.3% 5.9% 4 0 0 -10,327
26.00 Loan   1 Sted Tenant Owners Corp.  0.3% 100.0% NCCB NCB NAP NAP 1345 East 4th Street and 1350 East 5th Street Brooklyn Kings NY 11230 Multifamily Cooperative 1956 2003 91 Units 21,962.12 2,000,000 1,998,553 1,723,959 6.5000%   6.50000% 12,641.36 NAP 151,696.32 NAP Amortizing Balloon No Actual/360 0 0 120 119 360 359 6/27/2024 1 1 8/1/2024 8/1/2024 7/1/2034 NAP 10 10 YM1(113),1%(3),O(4) NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 95.0% 1,772,530 850,679 921,851 27,900 0 893,951 6.08 5.89 46.1% 44.7% 23,560,000 As Is 5/17/2024 8.5% 7.3% 95.0% 5/17/2024 No 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 41,295 20,465 0 Springing 0 0 0 0 0 0 0 0 0 0 0 0 NAP 0 0 NAP None None No No No NAP NAP NAP NAP NAP 0 Greater of (A) 5.50% or (B) Prime Rate 2,198,553 14,077.70 9.3% 5.29 41.9% NAP NAP NAP NAP NAP NAP NAP Yes Unsecured NAP NAP No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP  200,000  14,900,000 13.4% 19.8% 18 0 0 124,801
27.00 Loan   1 Hilltop Village Cooperative #One, Inc. a/k/a Hilltop Village Cooperative #1, Inc. 0.3% 100.0% NCCB NCB NAP NAP 204-15 Foothill Avenue and 87-56 Francis Lewis Boulevard Hollis and Queens Village Queens NY 11423 and 11427 Multifamily Cooperative 1952 1999 197 Units 9,304.22 1,834,200 1,832,932 1,588,002 6.6600%   6.66000% 11,787.06 NAP 141,444.72 NAP Amortizing Balloon No Actual/360 0 0 120 119 360 359 6/26/2024 1 1 8/1/2024 8/1/2024 7/1/2034 NAP 10 10 YM1(113),1%(3),O(4) NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 95.0% 5,429,250 2,348,816 3,080,434 46,300 0 3,034,134 21.78 21.45 168.1% 165.5% 40,100,000 As Is 2/15/2024 4.6% 4.0% 95.0% 2/15/2024 No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 3/4/2024 NAP 3/5/2024 NAP NAP No Leasehold 9/30/2051 One 99-year extension option at initial rent 6040.00 No 0 Springing 0 Springing 0 0 0 0 0 0 0 0 0 0 500,000 0 Collateral Security Agreement For Capital Improvements 0 0 NAP None None No No No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP Yes Unsecured NAP NAP No No Recapitalization                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP  NAP   48,500,000 3.8% 0.5% 0 0 1 NAP
28.00 Loan   1 3215 Owners, Ltd. 0.2% 100.0% NCCB NCB NAP NAP 3201/3215 Netherland Avenue a/k/a 551 West 232 Street Bronx Bronx NY 10463 Multifamily Cooperative 1940 2009 48 Units 29,791.67 1,430,000 1,430,000 1,430,000 6.7700%   6.77000% NAP 8,179.63 NAP 98,155.56 Interest Only No Actual/360 120 118 120 118 0 0 5/24/2024 2 1 7/1/2024 NAP 6/1/2034 NAP 10 10 YM1(113),1%(3),O(4) NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 95.0% 1,535,029 618,587 916,442 15,800 0 900,642 9.34 9.18 64.1% 63.0% 17,100,000 As Is 4/5/2024 8.4% 8.4% 95.0% 4/5/2024 No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 4/23/2024 NAP 4/24/2024 NAP NAP No Fee NAP NAP NAP NAP 13,000 13,000 0 Springing 0 0 0 0 0 0 0 0 0 0 20,625 0 Collateral Security Agreement For Capital Improvements 0 0 NAP None None No No No NAP NAP NAP NAP NAP 82,050 Greater of (A) 5.00% or (B) Prime Rate 1,930,000 11,770.49 11.3% 6.38 47.5% NAP NAP NAP NAP NAP NAP NAP Yes Unsecured NAP NAP No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP  500,000  13,900,000 10.3% 4.2% 2 0 0 NAV
29.00 Loan   1 406 West 46th Street Corp.  0.2% 100.0% NCCB NCB NAP NAP 406 West 46th Street New York New York NY 10036 Multifamily Cooperative 1884 2005 15 Units 73,283.80 1,100,000 1,099,257 954,417 6.7400%   6.74000% 7,127.27 NAP 85,527.24 NAP Amortizing Balloon No Actual/360 0 0 120 119 360 359 6/26/2024 1 1 8/1/2024 8/1/2024 7/1/2034 NAP 10 10 YM1(113),1%(3),O(4) NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 95.0% 554,496 260,714 293,782 7,500 0 286,282 3.43 3.35 26.7% 26.0% 9,440,000 As Is 5/3/2024 11.6% 10.1% 95.0% 5/3/2024 No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/13/2024 NAP 5/16/2024 NAP NAP No Fee NAP NAP NAP NAP 15,500 7,750 0 Springing 0 0 0 0 0 0 0 0 0 0 0 0 NAP 0 0 NAP None None No No No NAP NAP NAP NAP NAP 0 Greater of (A) 5.50% or (B) Prime Rate 1,349,257 8,922.70 14.3% 2.67 21.8% NAP NAP NAP NAP NAP NAP NAP Yes Unsecured NAP NAP No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP  250,000  5,000,000 22.0% 0.0% 0 0 0 NAP
30.00 Loan   1 264 W. 22 St. Owners, Inc. 0.1% 100.0% NCCB NCB NAP NAP 264 West 22nd Street New York New York NY 10011 Multifamily Cooperative 1889 2017 20 Units 50,000.00 1,000,000 1,000,000 1,000,000 6.7100%   6.71000% NAP 5,669.33 NAP 68,031.96 Interest Only No Actual/360 120 118 120 118 0 0 5/30/2024 2 1 7/1/2024 NAP 6/1/2034 NAP 10 10 YM1(113),1%(3),O(4) NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 95.0% 632,665 254,870 377,795 10,000 0 367,795 5.55 5.41 37.8% 36.8% 9,700,000 As Is 4/16/2024 10.3% 10.3% 95.0% 4/16/2024 No NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 5/1/2024 NAP 4/30/2024 NAP NAP No Fee NAP NAP NAP NAP 0 Springing 0 Springing 0 0 0 0 0 0 0 0 0 0 0 0 NAP 0 0 NAP None None No No No NAP NAP NAP NAP NAP 0 Greater of (A) 5.00% or (B) Prime Rate 1,100,000 6,387.50 11.3% 4.80 34.3% NAP NAP NAP NAP NAP NAP NAP Yes Unsecured NAP NAP No No Refinance                           NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP NAP 100,000 6,100,000 16.4% 40.0% 0 7 1 59,809