8-K

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT
     Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934


Date of Report (Date of earliest event reported)     December 6, 2004
                                                -------------------------------


             J.P. Morgan Chase Commercial Mortgage Securities Corp.
- --------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

        New York                       333-118975               13-3789046
- --------------------------------------------------------------------------------
(State or other jurisdiction          (Commission              (IRS Employer
      of incorporation)               File Number)           Identification No.)

          270 Park Avenue
          New York, New York                                         10167
- --------------------------------------------------------------------------------
          (Address of principal executive offices)                (Zip Code)



Registrant's telephone number, including area code      (212) 834-9280
                                                  ------------------------------


- --------------------------------------------------------------------------------
         (Former name or former address, if changed since last report.)



Item 8.01.    Other Events.

     Attached as exhibits are the Structural and Collateral Term Sheets (as
defined in the no-action letter issued by the staff of the Securities and
Exchange Commission (the "Commission") on February 17, 1995, to the Public
Securities Association) furnished to the Registrant by J.P. Morgan Securities
Inc., Nomura Securities International, Inc., Deutsche Bank Securities Inc. and
PNC Capital Markets, Inc. (the "Underwriters") in respect of the Registrant's
proposed offering of certain classes of the Commercial Mortgage Pass-Through
Certificates, Series 2004-C3 (the "Offered Certificates").

     The Offered Certificates will be offered pursuant to a Prospectus and
related Prospectus Supplement (together, the "Prospectus"), which will be filed
with the Commission pursuant to Rule 424 under the Securities Act of 1933, as
amended (the "Act"). The Offered Certificates will be registered pursuant to the
Act under the Registrant's Registration Statement on Form S-3 (No. 333-118975)
(the "Registration Statement"). The Registrant hereby incorporates the
Structural and Collateral Term Sheets by reference in the Registration
Statement.

     The Structural and Collateral Term Sheets were prepared solely by the
Underwriters, and the Registrant did not prepare or participate in the
preparation of the Structural and Collateral Term Sheets.



Item 9.01.    Financial Statements, Pro Forma Financial Information and Exhibits

     (c)  Exhibits

Item 601(a)
of Regulation S-K
Exhibit No.         Description
- -----------         -----------

(99.1)              Structural and Collateral Term Sheet prepared by J.P. Morgan
                    Securities Inc., Nomura Securities International, Inc.,
                    Deutsche Bank Securities Inc. and PNC Capital Markets, Inc.
                    in connection with certain classes of the J.P. Morgan Chase
                    Commercial Mortgage Securities Corp., Commercial Mortgage
                    Pass-Through Certificates, Series 2004-C3.

(99.2)              Collateral Term Sheet prepared by J.P. Morgan Securities
                    Inc., Nomura Securities International, Inc., Deutsche Bank
                    Securities Inc. and PNC Capital Markets, Inc. in connection
                    with certain classes of the J.P. Morgan Chase Commercial
                    Mortgage Securities Corp., Commercial Mortgage Pass-Through
                    Certificates, Series 2004-C3.



SIGNATURE
- ---------

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

Date:  December 6, 2004


                                       J.P. MORGAN CHASE COMMERCIAL
                                       MORTGAGE SECURITIES CORP.



                                       By: /s/ Mark Levine
                                           -------------------------------------
                                           Name:  Mark Levine
                                           Title: Vice President



                                INDEX TO EXHIBITS
                                -----------------

                                                                   Paper (P) or
Exhibit No.         Description                                   Electronic (E)
- -----------         -----------                                   --------------
(99.1)              Structural and Collateral Term Sheet prepared by     E
                    J.P. Morgan Securities Inc., Nomura Securities
                    International, Inc., Deutsche Bank Securities Inc.
                    and PNC Capital Markets, Inc. in connection with
                    certain classes of the J.P. Morgan Chase
                    Commercial Mortgage Securities Corp., Commercial
                    Mortgage Pass-Through Certificates, Series
                    2004-C3.


(99.2)              Collateral Term Sheet prepared by J.P. Morgan        E
                    Securities Inc., Nomura Securities International,
                    Inc., Deutsche Bank Securities Inc. and PNC
                    Capital Markets, Inc. in connection with certain
                    classes of the J.P. Morgan Chase Commercial
                    Mortgage Securities Corp., Commercial Mortgage
                    Pass-Through Certificates, Series 2004-C3.

EX-99.1

DECEMBER 6, 2004                                         JPMCC 2004-C3


                      STRUCTURAL AND COLLATERAL TERM SHEET

                          --------------------------

                                $1,213,777,000
                                 (Approximate)

            J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.
                 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
                                 SERIES 2004-C3
                          --------------------------
                   JPMORGAN CHASE BANK, NATIONAL ASSOCIATION
                         NOMURA CREDIT & CAPITAL, INC.
                        PNC BANK, NATIONAL ASSOCIATION
                             Mortgage Loan Sellers





JPMORGAN                                                   [NOMURA LOGO OMITTED]


DEUTSCHE BANK SECURITIES                               PNC CAPITAL MARKETS, INC.


The analyses in this report are based upon information provided by JPMorgan
Chase Bank, National Association, Nomura Credit & Capital, Inc., and PNC Bank,
National Association (the "Sellers"). J.P. Morgan Securities Inc., Nomura
Securities International, Inc., Deutsche Bank Securities Inc. and PNC Capital
Markets, Inc. (the "Underwriters") make no representations as to the accuracy
or completeness of the information contained herein. The information contained
herein is qualified in its entirety by the information in the Prospectus and
Prospectus Supplement for the securities referred to herein (the "Securities").
The information contained herein supersedes any previous information delivered
to you by the Underwriters and will be superseded by the applicable Prospectus
and Prospectus Supplement. These materials are subject to change, completion,
or amendment from time to time without notice, and the Underwriters are under
no obligation to keep you advised of such changes. These materials are not
intended as an offer or solicitation with respect to the purchase or sale of
any Security. Any investment decision with respect to the Securities should be
made by you based upon the information contained in the Prospectus and
Prospectus Supplement relating to the Securities. You should consult your own
counsel, accountant, and other advisors as to the legal, tax, business,
financial and related aspects of a purchase of the Securities.

The attached information contains certain tables and other statistical analyses
(the "Computational Materials") which have been prepared in reliance upon
information furnished by the Sellers. They may not be provided to any third
party other than the addressee's legal, tax, financial and/or accounting
advisors for the purposes of evaluating said material. Numerous assumptions
were used in preparing the Computational Materials which may or may not be
reflected therein. As such, no assurance can be given as to the Computational
Materials' accuracy, appropriateness or completeness in any particular context;
nor as to whether the Computational Materials and/or the assumptions upon which
they are based reflect present market conditions or future market performance.
These Computational Materials should not be construed as either projections or
predictions or as legal, tax, financial or accounting advice. Any weighted
average lives, yields and principal payment periods shown in the Computational
Materials are based on prepayment assumptions, and changes in such prepayment
assumptions may dramatically affect such weighted average lives, yields and
principal payment periods. In addition, it is possible that prepayments on the
underlying assets will occur at rates slower or faster than the rates shown in
the attached Computational Materials. Furthermore, unless otherwise provided,
the Computational Materials assume no losses on the underlying assets and no
interest shortfalls. The specific characteristics of the Securities may differ
from those shown in the Computational Materials due to differences between the
actual underlying assets and the hypothetical underlying assets used in
preparing the Computational Materials. The principal amount and designation of
any Security described in the Computational Materials are subject to change
prior to issuance. Neither the Underwriters nor any of their affiliates make
any representation or warranty as to the actual rate or timing of payments on
any of the underlying assets or the payments or yield on the Securities. THIS
INFORMATION IS FURNISHED TO YOU SOLELY BY THE UNDERWRITERS AND NOT BY THE
ISSUER OF THE SECURITIES OR ANY OF ITS AFFILIATES. THE UNDERWRITERS ARE NOT
ACTING AS AGENT FOR THE ISSUER OR ITS AFFILIATES IN CONNECTION WITH THE
PROPOSED TRANSACTION.



STRUCTURAL AND COLLATERAL TERM SHEET                             JPMCC 2004-C3

                                  KEY FEATURES





  CO-LEAD MANAGERS:        J.P. Morgan Securities Inc. (Sole Bookrunner)
                           Nomura Securities International, Inc.

  CO-MANAGERS:             Deutsche Bank Securities Inc.
                           PNC Capital Markets, Inc.

  MORTGAGE LOAN SELLERS:   JPMorgan Chase Bank, National Association (40.5%)
                           Nomura Credit & Capital, Inc. (41.5%)
                           PNC Bank, National Association (18.0%)

  MASTER SERVICER:         Midland Loan Services, Inc.

  SPECIAL SERVICER:        J.E. Robert Company, Inc.

  TRUSTEE:                 Wells Fargo Bank, N.A.

  PAYING AGENT:            JPMorgan Chase Bank, National Association

  RATING AGENCIES:         Moody's/Fitch

  PRICING DATE:            On or about December 15, 2004

  CLOSING DATE:            On or about December 29, 2004

  CUT-OFF DATE:            With respect to each mortgage loan, the related due date of that mortgage loan in
                           December 2004 or, with respect to those mortgage loans that have their first
                           payment dates in January 2005, December 1, 2004, or, with respect to those
                           mortgage loans that have their first payment date in February 2005, the origination
                           date.

  DISTRIBUTION DATE:       15th of each month, or if the 15th day is not a business day, on the next succeeding
                           business day, beginning in January 2005

  PAYMENT DELAY:           14 days

  TAX STATUS:              REMIC

  ERISA CONSIDERATION:     Class A-1, A-2, A-3, A-4, A-5, A-J, B, C, D, E and X-2

  OPTIONAL TERMINATION:    1.0% (Clean-up Call)

  MINIMUM DENOMINATIONS:   $10,000 for each Class of Certificates other than the Class X-2 Certificates and
                           $1,000,000 with respect to the Class X-2 Certificates.

  SETTLEMENT TERMS:        DTC, Euroclear and Clearstream Banking


                           COLLATERAL CHARACTERISTICS




COLLATERAL CHARACTERISTICS                                      ALL MORTGAGE LOANS      LOAN GROUP 1       LOAN GROUP 2
- -------------------------------------------------------------- -------------------- ------------------- -----------------

      INITIAL POOL BALANCE (IPB)(1):                              $1,524,938,464      $1,345,303,389      $179,635,075
      NUMBER OF MORTGAGE LOANS:                                              152                 128                24
      NUMBER OF MORTGAGED PROPERTIES:                                        159                 132                27
      AVERAGE CUT-OFF DATE BALANCE PER MORTGAGE LOAN:             $   10,032,490      $   10,510,183      $  7,484,795
      AVERAGE CUT-OFF DATE BALANCE PER PROPERTY:                  $    9,590,808      $   10,191,692      $  6,653,151
      WEIGHTED AVERAGE (WA) CURRENT MORTGAGE RATE:                        5.3505%             5.3460%           5.3838%
      WEIGHTED AVERAGE UNDERWRITTEN (UW) DSCR(2):                           1.49x               1.49x             1.42x
      WEIGHTED AVERAGE CUT-OFF DATE LOAN-TO-VALUE (LTV):                    73.2%               73.3%             72.6%
      WEIGHTED AVERAGE MATURITY DATE LTV(3),(4):                            65.8%               66.3%             62.6%
      WEIGHTED AVERAGE REMAINING TERM TO MATURITY (MONTHS)(4):               108                 106               121
      WEIGHTED AVERAGE ORIGINAL AMORTIZATION TERM (MONTHS)(5):               343                 341               352
      WEIGHTED AVERAGE SEASONING (MONTHS):                                     1                   0                 1
      10 LARGEST MORTGAGE LOANS AS % OF IPB:                                39.2%               44.0%             76.3%
      % OF MORTGAGE LOANS WITH ADDITIONAL DEBT:                             21.7%               22.4%             16.6%
      % OF MORTGAGE LOANS WITH SINGLE TENANTS:                               5.2%                5.9%              0.0%


  (1) Subject to a permitted variance of plus or minus 10%.

  (2) In the case of 2 mortgage loans (identified as Loan Nos. 111 and 133),
      the DSCR was calculated taking into account various assumptions regarding
      the financial performance of the related mortgaged real property that are
      consistent with the respective performance related criteria required to
      obtain the release of a cash holdback.

  (3) Excludes the fully amortizing mortgage loans.

  (4) Calculated with respect to the respective Anticipated Repayment Date
      for the ARD Loans.

  (5) Excludes mortgage loans that are interest only for the entire term.

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THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY
A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
SALES REPRESENTATIVE.



STRUCTURAL AND COLLATERAL TERM SHEET                             JPMCC 2004-C3

                        APPROXIMATE SECURITIES STRUCTURE

PUBLICLY OFFERED CLASSES
- ------------------------



            EXPECTED RATINGS     INITIAL CLASS CERTIFICATE    CREDIT SUPPORT    EXPECTED WEIGHTED     EXPECTED PAYMENT
   CLASS    (MOODY'S/ FITCH)    BALANCE OR NOTIONAL AMOUNT   (% OF BALANCE)(2)   AVG. LIFE (YEARS)(3)    WINDOW(3)
   -----    ----------------    --------------------------   -----------------  --------------------- ----------------

 A-1            Aaa/AAA               $   56,413,000              20.000%            2.79              01/05 - 09/09
 A-2            Aaa/AAA               $  154,652,000              20.000%            4.93              09/09 - 03/10
 A-3            Aaa/AAA               $  235,998,000              20.000%            6.77              03/10 - 11/11
 A-4            Aaa/AAA               $  166,479,000              20.000%            7.49              11/11 - 06/14
 A-5            Aaa/AAA               $  426,773,000              20.000%            9.92              06/14 - 12/14
 A-J            Aaa/AAA               $   87,684,000              14.250%            9.96              12/14 - 12/14
 B               Aa2/AA               $   43,842,000              11.375%            9.96              12/14 - 12/14
 C              Aa3/AA-               $   13,343,000              10.500%            9.96              12/14 - 12/14
 D               A1/A+                $   13,344,000               9.625%            9.96              12/14 - 12/14
 E                A2/A                $   15,249,000               8.625%            9.96              12/14 - 01/15
 X-2            Aaa/AAA               $1,483,275,000               N/A               N/A                    N/A


PRIVATELY OFFERED CLASSES
- -------------------------



            EXPECTED RATINGS     INITIAL CLASS CERTIFICATE    CREDIT SUPPORT      EXPECTED WEIGHTED       EXPECTED PAYMENT
   CLASS    (MOODY'S/ FITCH)    BALANCE OR NOTIONAL AMOUNT   (% OF BALANCE)(2)    AVG. LIFE (YEARS)(3)        WINDOW(3)
   -----    ----------------    --------------------------   -----------------   ----------------------    ----------------

 X-1            Aaa/AAA               $1,524,938,464               N/A                    N/A                     N/A
 A-1A           Aaa/AAA               $  179,635,000              20.000%                 N/A                     N/A
 F               A3/A-                $   15,249,000               7.625%                 N/A                     N/A
 G             Baa1/BBB+              $   19,062,000               6.375%                 N/A                     N/A
 H              Baa2/BBB              $   15,250,000               5.375%                 N/A                     N/A
 J             Baa3/BBB-              $   20,967,000               4.000%                 N/A                     N/A
 K              Ba1/BB+               $    7,625,000               3.500%                 N/A                     N/A
 L               Ba2/BB               $    5,719,000               3.125%                 N/A                     N/A
 M              Ba3/BB-               $    9,531,000               2.500%                 N/A                     N/A
 N               B1/B+                $    3,812,000               2.250%                 N/A                     N/A
 P                B2/B                $    5,718,000               1.875%                 N/A                     N/A
 Q               B3/B-                $    5,719,000               1.500%                 N/A                     N/A
 NR              NR/NR                $   22,874,464               N/A                    N/A                     N/A


(1)  Approximate, subject to a permitted variance of plus or minus 10%.

(2)  The credit support percentages set forth for Class A-1, Class A-2, Class
     A-3, Class A-4, Class A-5 and Class A-1A certificates are represented in
     the aggregate.

(3)  The weighted average life and period during which distributions of
     principal would be received with respect to each class of certificates is
     based on the assumptions set forth under "Yield and Maturity
     Considerations-Weighted Average Life" in the prospectus supplement, and the
     assumptions that (a) there are no prepayments or losses on the mortgage
     loans, (b) each mortgage loan pays off on its scheduled maturity date or
     anticipated repayment date and (c) no excess interest is generated on the
     mortgage loans.


                                    3 of 74
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY
A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
SALES REPRESENTATIVE.


STRUCTURAL AND COLLATERAL TERM SHEET                             JPMCC 2004-C3

                              STRUCTURAL OVERVIEW

 o For the purposes of making distributions to the Class A-1, A-2, A-3, A-4,
   A-5 and A-1A Certificates, the pool of mortgage loans will be deemed to
   consist of two loan groups ("Loan Group 1" and "Loan Group 2"). Generally,
   interest and principal distributions on the Class A-1, A-2, A-3, A-4 and
   A-5 Certificates will be based on amounts available relating to Loan Group
   1 and interest and principal distributions on the Class A-1A Certificates
   will be based on amounts available relating to Loan Group 2.

 o Interest payments will be made concurrently to the Class A-1, A-2, A-3, A-4,
   A-5 and A-1A Certificates, pro rata, to the Class A-1, A-2, A-3, A-4 and
   A-5 Certificates, from Loan Group 1, and to the Class A-1A Certificates
   from Loan Group 2, Class X-1 and X-2 Certificates (from both Loan Groups)
   and then, after payment of the principal distribution amount to such
   Classes (other than the Class X-1 and X-2 Certificates) in sequential
   order, interest will be paid (from both Loan Groups) sequentially to the
   Class B, C, D, E, F, G, H, J, K, L, M, N, P, Q and NR Certificates.

 o The pass-through rates on the Class A-5, Class A-J, Class B, Class C, Class
   D and Class E Certificates will equal one of (i) a fixed rate, (ii) the
   weighted average of the net mortgage rates on the mortgage loans (in each
   case adjusted, if necessary, to accrue on the basis of a 360-day year
   consisting of twelve 30-day months), (iii) a rate equal to the lesser of a
   specified fixed pass-through rate and the rate described in clause (ii)
   above and (iv) the rate described in clause (ii) above less a specified
   percentage. In the aggregate, the Class X-1 and Class X-2 Certificates will
   receive the net interest on the mortgage loans in excess of the interest
   paid on the other Certificates. The Class X-2 Certificates will have a
   pass-through rate equal to the stripped rates of each of the component
   classes of its notional amount as described in the Prospectus Supplement.

 o All Classes will accrue interest on a 30/360 basis.

 o Generally, the Class A-1, A-2, A-3, A-4 and A-5 Certificates will be
   entitled to receive distributions of principal collected or advanced only
   in respect of mortgage loans in Loan Group 1 until the certificate
   principal balance of the Class A-1A Certificates has been reduced to zero,
   and the Class A-1A Certificates will be entitled to receive distributions
   of principal collected or advanced only in respect of mortgage loans in
   Loan Group 2 until the certificate balance of the Class A-5 Certificates
   has been reduced to zero. However, on any distribution date on which the
   certificate principal balance of the Class A-J Certificates through Class
   NR Certificates have been reduced to zero, distributions of principal
   collected or advanced in respect to the mortgage loans will be distributed
   (without regard to loan group) to the Class A-1, A-2, A-3, A-4, A-5 and
   A-1A Certificates, pro-rata. After the certificate balances of the Class
   A-1, A-2, A-3, A-4, A-5 and Class A-1A Certificates have been reduced to
   zero, principal payments will be paid sequentially to the Class A-J, B, C,
   D, E, F, G, H, J, K, L, M, N, P, Q and NR Certificates, until the
   certificate balance for each such Class has been reduced to zero. The Class
   X-1 and Class X-2 Certificates do not have a certificate balance and
   therefore are not entitled to any principal distributions.

 o Losses will be borne by the Classes (other than the Classes X-1 and X-2
   Certificates) in reverse sequential order, from the Class NR Certificates
   up to the Class A-J Certificates and then pro-rata to the Class A-1, Class
   A-2, Class A-3, Class A-4, Class A-5 and Class A-1A Certificates (without
   regard to loan group).

 o Yield maintenance charges calculated by reference to a U.S. Treasury rate,
   to the extent received, will be allocated first to the Offered Certificates
   (excluding Class X-2) and the Class A-1A, F, G, H and J Certificates in the
   following manner: the holders of each Class of Offered Certificates
   (excluding Class X-2) and the Class A-1A, F, G, H and J Certificates will
   receive, (with respect to the related Loan Group, if applicable in the case
   of the Class A-1, A-2, A-3, A-4, A-5 and A-1A Certificates) on each
   Distribution Date an amount of Yield Maintenance Charges determined in
   accordance with the formula specified below (with any remaining amount
   payable to the Class X-1 Certificates).




                  Group Principal Paid to Class      (Pass-Through Rate on Class -- Discount Rate)
                  -------------------------------    ----------------------------------------------
   YM Charge  x   Group Total Principal Paid      x  (Mortgage Rate on Loan -- Discount Rate)



 o Any prepayment penalties based on a percentage of the amount being prepaid
   will be distributed to the Class X-1 Certificates.

 o The transaction will provide for a collateral value adjustment feature (an
   appraisal reduction amount calculation) for problem or delinquent mortgage
   loans. Under certain circumstances, the special servicer will be required
   to obtain a new appraisal and to the extent any such appraisal results in a
   downward adjustment of the collateral value, the interest portion of any
   P&I Advance will be reduced in proportion to such adjustment.
- -------------------------------------------------------------------------------

                                    4 of 74
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY
A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
SALES REPRESENTATIVE.



STRUCTURAL AND COLLATERAL TERM SHEET                             JPMCC 2004-C3





                      [THIS PAGE INTENTIONALLY LEFT BLANK]






                                    5 of 74
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
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SALES REPRESENTATIVE.




STRUCTURAL AND COLLATERAL TERM SHEET                             JPMCC 2004-C3

COLLATERAL CHARACTERISTICS -- ALL MORTGAGE LOANS


                         CUT-OFF DATE PRINCIPAL BALANCE



 RANGE OF PRINCIPAL                      NUMBER           PRINCIPAL         % OF          WA         WA UW
BALANCES                               OF LOANS           BALANCE           IPB          LTV         DSCR
- ---------------------------------   --------------   -----------------   ---------   ----------   ----------

 $973,992 - $2,999,999                        35      $   75,963,585         5.0%    67.3%        1.50x
 $3,000,000 - $3,999,999                      18          64,102,596         4.2     68.3%        1.48x
 $4,000,000 - $4,999,999                      11          48,189,320         3.2     70.7%        1.44x
 $5,000,000 - $6,999,999                      23         132,012,905         8.7     69.7%        1.53x
 $7,000,000 - $9,999,999                      15         122,656,144         8.0     68.9%        1.63x
 $10,000,000 - $14,999,999                    21         252,848,961        16.6     73.2%        1.46x
 $15,000,000 - $24,999,999                    20         373,684,953        24.5     73.9%        1.58x
 $25,000,000 - $49,999,999                     5         155,000,000        10.2     76.6%        1.37x
 $50,000,000 - $98,980,000                     4         300,480,000        19.7     77.0%        1.38x
- ---------------------------------             --      --------------       -----     ----         ----
 TOTAL/WEIGHTED AVERAGE:                     152      $1,524,938,464       100.0%    73.2%        1.49x
- ---------------------------------            ---      --------------       -----     ----         ----
 AVERAGE BALANCE PER LOAN:           $10,032,490
 AVERAGE BALANCE PER PROPERTY:       $ 9,590,808


                        RANGE OF MORTGAGE INTEREST RATES



 RANGE OF MORTGAGE INTEREST         NUMBER          PRINCIPAL         % OF          WA         WA UW
 RATES                             OF LOANS          BALANCE           IPB          LTV         DSCR
- -----------------------------   ------------   -----------------   ---------   ----------   ----------

 4.7000% - 4.9999%                      11      $  120,208,100         7.9%       70.1%        1.78x
 5.0000% - 5.4999%                      80       1,082,740,415        71.0        74.6%        1.46x
 5.5000% - 5.9999%                      47         257,224,226        16.9        70.4%        1.44x
 6.0000% - 6.4999%                      12          56,978,259         3.7        67.5%        1.53x
 6.5000% - 6.6500%                       2           7,787,464         0.5        61.2%        1.61x
- -----------------------------           --      --------------       -----        ----         ----
 TOTAL/WEIGHTED AVERAGE:               152      $1,524,938,464       100.0%       73.2%        1.49x
- -----------------------------          ---      --------------       -----        ----         ----
 WA MORTGAGE INTEREST RATE:         5.3505%


                ORIGINAL TERM TO MATURITY IN MONTHS/ARD IN MONTHS



 ORIGINAL TERM TO               NUMBER         PRINCIPAL          % OF          WA         WA UW
MATURITY/ARD                  OF LOANS         BALANCE            IPB          LTV         DSCR
- --------------------------   ----------   -----------------   ----------   ----------   ----------

 60 - 84                          38       $  474,814,518         31.1%       74.1%        1.61x
 85 - 120                        107        1,004,951,497         65.9        73.4%        1.43x
 121 - 240                         7           45,172,449          3.0        61.4%        1.29x
- --------------------------       ---       --------------        -----        ----         ----
 TOTAL/WEIGHTED AVERAGE:         152       $1,524,938,464        100.0%       73.2%        1.49x
- --------------------------       ---       --------------        -----        ----         ----
 WA ORIGINAL LOAN TERM TO MATURITY/ARD: 109


                             GEOGRAPHIC DISTRIBUTION



                             NUMBER OF       PRINCIPAL        % OF        WA       WA UW
 STATES                     PROPERTIES       BALANCE          IPB        LTV       DSCR
- -------------------------- ------------ ----------------- ---------- ---------- ----------

 NEW YORK                      19         $  300,431,000      19.7%      74.4%      1.54x
 FLORIDA                       11            187,624,605      12.3       75.7%      1.41x
 TEXAS                         33            180,204,463      11.8       70.6%      1.39x
 CALIFORNIA                    17            141,510,978       9.3       64.6%      1.55x
   Northern California          0                      0       0.0        0.0%      0.00x
   Southern California         17            141,510,978       9.3       64.6%      1.55x
 OTHER                         79            715,167,418      46.9       74.5%      1.49x
- --------------------------    ---         --------------     -----       ----       ----
 TOTAL/WEIGHTED AVERAGE:      159         $1,524,938,464     100.0%      73.2%      1.49x


              UNDERWRITTEN CASH FLOW DEBT SERVICE COVERAGE RATIOS



                                NUMBER         PRINCIPAL         % OF          WA         WA UW
 UW DSCR                      OF LOANS         BALANCE           IPB          LTV         DSCR
- --------------------------   ----------   -----------------   ---------   ----------   ----------

 1.18X -- 1.19X                   1       $   42,000,000         2.8%        78.9%        1.18x
 1.20X - 1.29X                   32          356,948,611        23.4         75.4%        1.24x
 1.30X - 1.39X                   35          335,696,627        22.0         74.2%        1.35x
 1.40X - 1.49X                   26          290,401,991        19.0         75.2%        1.45x
 1.50X - 1.69X                   26          205,472,679        13.5         73.4%        1.61x
 1.70X - 1.99X                   24          232,867,464        15.3         69.8%        1.82x
 2.00X - 2.65X                    8           61,551,092         4.0         54.7%        2.38x
- --------------------------       --       --------------       -----         ----         ----
 TOTAL/WEIGHTED AVERAGE:        152       $1,524,938,464       100.0%        73.2%        1.49x


                 REMAINING TERMS TO MATURITY/ARD DATE IN MONTHS



 RANGE OF REMAINING TERMS        NUMBER         PRINCIPAL          % OF          WA         WA UW
TO MATURITY/ARD                OF LOANS         BALANCE            IPB          LTV         DSCR
- ---------------------------   ----------   -----------------   ----------   ----------   ----------

 58 - 84                           38       $  474,814,518         31.1%      74.1%        1.61x
 85 - 120                         107        1,004,951,497         65.9       73.4%        1.43x
 121 - 240                          7           45,172,449          3.0       61.4%        1.29x
- ---------------------------       ---       --------------        -----       ----         ----
 TOTAL/WEIGHTED AVERAGE:          152       $1,524,938,464        100.0%      73.2%        1.49x
- ---------------------------       ---       --------------        -----       ----         ----
 WA REMAINING TERM TO MATURITY/ARD: 108


                           PROPERTY TYPE DISTRIBUTION



                                                         NUMBER OF        PRINCIPAL         % OF         WA        WA UW
 PROPERTY TYPE                   SUB PROPERTY TYPE      PROPERTIES        BALANCE           IPB         LTV        DSCR
- ---------------------------  ------------------------  ------------  -----------------  ----------  ----------  ----------

  RETAIL                     Anchored                        32       $  402,732,400        26.4%       73.7%       1.58x
                             Unanchored                      23          103,309,278         6.8        68.6%       1.45x
                             Shadow Anchored                  9           38,445,025         2.5        69.2%       1.43x
                              Subtotal                       64       $  544,486,704        35.7%       72.4%       1.54x
- ---------------------------  ------------------------      ----       --------------       -----       -----       -----
  OFFICE                     Suburban                        24       $  207,334,514        13.6%       73.7%       1.49x
                             CBD                              3          175,730,000        11.5        75.0%       1.42X
                              Subtotal                       27       $  383,064,514        25.1%       74.3%       1.46x
- ---------------------------  ------------------------      ----       --------------       -----       -----      ------
  MULTIFAMILY                Garden                          35       $  339,060,817        22.2%       74.9%       1.44x
- ---------------------------  ------------------------      ----       --------------       -----       -----      ------
  INDUSTRIAL                 Warehouse/Distribution           6       $   62,600,000         4.1%       73.8%       1.34x
                             Flex                             5           42,178,584         2.8        75.7%       1.38x
                              Subtotal                       11       $  104,778,584         6.9%       74.6%       1.36x
- ---------------------------  ------------------------      ----       --------------       -----       -----      ------
  MANUFACTURED HOUSING       Manufactured Housing            10       $   54,468,431         3.6%       74.3%       1.40x
- ---------------------------  ------------------------      ----       --------------       -----       -----      ------
  SELF STORAGE               Self Storage                     8       $   35,016,950         2.3%       60.3%       1.52x
- ---------------------------  ------------------------      ----       --------------       -----       -----      ------
  HOTEL                      Full Service                     1       $   19,000,000         1.2%       70.6%       1.74x
                             Limited Service                  1           14,100,000         0.9        55.1%       2.14x
                              Subtotal                        2       $   33,100,000         2.2%       64.0%       1.91x
- ---------------------------  ------------------------      ----       --------------       -----       -----      ------
  MIXED USE                  Office/Retail                    1       $   26,000,000         1.7%       77.6%       1.36x
                             Retail/Storage                   1            4,962,464         0.3        56.4%       1.77x
                              Subtotal                        2       $   30,962,464         2.0%       74.2%       1.43x
- ---------------------------  ------------------------      ----       --------------       -----       -----      ------
  TOTAL/WEIGHTED AVERAGE:                                   159       $1,524,938,464       100.0%       73.2%       1.49x


                                    6 of 74
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY
A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
SALES REPRESENTATIVE.


STRUCTURAL AND COLLATERAL TERM SHEET                             JPMCC 2004-C3

                COLLATERAL CHARACTERISTICS -- ALL MORTGAGE LOANS


                      ORIGINAL AMORTIZATION TERM IN MONTHS(1)



                                       NUMBER         PRINCIPAL          % OF          WA          WA UW
 ORIGINAL AMORTIZATION TERM          OF LOANS         BALANCE            IPB          LTV          DSCR
- ---------------------------------   ----------   -----------------   ----------   ----------   ----------

 180 - 240                               11       $   56,530,611          4.9%       57.8%        1.30x
 241 - 300                               26          178,618,639         15.4        71.7%        1.49x
 331 - 360                               91          927,425,114         79.8        74.9%        1.39x
- ---------------------------------        --       --------------        -----        ----         ----
 TOTAL/WEIGHTED AVERAGE:                128       $1,162,574,364        100.0%       73.6%        1.40x
- ---------------------------------       ---       --------------        -----        ----         ----
 WA ORIGINAL AMORTIZATION TERM:         343


                        LTV RATIOS AS OF THE CUT-OFF DATE



                                   NUMBER         PRINCIPAL          % OF          WA          WA UW
 CUT-OFF LTV                     OF LOANS         BALANCE            IPB          LTV          DSCR
- -----------------------------   ----------   -----------------   ----------   ----------   ----------

 39.8% - 49.9%                         4      $   12,987,449        0.9%        44.2%        1.81x
 50.0% - 59.9%                        21         121,723,377        8.0         55.8%        1.87x
 60.0% - 64.9%                        11          73,316,966        4.8         61.3%        1.52x
 65.0% - 69.9%                        15          84,237,259        5.5         68.5%        1.60x
 70.0% - 74.9%                        44         371,776,594       24.4         72.5%        1.56x
 75.0% - 80.4%                        57         860,896,818       56.5         77.9%        1.38x
- -----------------------------         --      --------------      -----         ----         ----
 TOTAL/WEIGHTED AVERAGE:             152      $1,524,938,464      100.0%        73.2%        1.49x
- -----------------------------        ---      --------------      -----         ----         ----
 WA CUT-OFF DATE LTV RATIO:         73.2%


                               AMORTIZATION TYPES



                                NUMBER         PRINCIPAL          % OF          WA          WA UW
 AMORTIZED TYPES              OF LOANS         BALANCE            IPB          LTV          DSCR
- --------------------------   ----------   -----------------   ----------   ----------   ----------

 PARTIAL INTEREST-ONLY            32       $  657,769,064         43.1%        76.7%        1.36x
 BALLOON LOANS                    88          445,032,851         29.2         70.0%        1.49x
 INTEREST ONLY                    24          362,364,100         23.8         72.1%        1.75x
 FULLY AMORTIZING                  6           34,712,449          2.3         57.4%        1.29x
 ARD LOANS                         2           25,060,000          1.6         77.8%        1.27x
- --------------------------        --       --------------        -----         ----         ----
 TOTAL/WEIGHTED AVERAGE:         152       $1,524,938,464        100.0%        73.2%        1.49x


                            CURRENT OCCUPANCY RATES(3)



 CURRENT OCCUPANCY              NUMBER OF         PRINCIPAL          % OF          WA          WA UW
RATES                          PROPERTIES         BALANCE            IPB          LTV          DSCR
- --------------------------   -------------   -----------------   ----------   ----------   ----------

 53.5% - 70.0%                      2         $   10,488,791          0.7%        75.3%        1.41x
 70.1% - 80.0%                      9             56,142,546          3.8         64.8%        1.65x
 80.1% - 90.0%                     24            237,086,027         15.9         74.9%        1.44x
 90.1% - 95.0%                     23            230,642,237         15.5         75.3%        1.43x
 95.1% - 100.0%                    99            957,478,863         64.2         73.1%        1.49x
- --------------------------         --         --------------        -----         ----         ----
 TOTAL/WEIGHTED AVERAGE:          157         $1,491,838,464        100.0%        73.4%        1.48x


(1)  Excludes loans that are interest only for the entire term.

(2)  Excludes fully-amortizing loans.

(3)  Excludes the hotel properties.

(4)  Range of Years Built/Renovated references the earlier of the year built or
     with respect to renovated properties the year of the most recent renovation
     date with respect to each Mortgaged Property.

                     REMAINING AMORTIZATION TERM IN MONTHS(1)



 REMAINING AMORTIZATION         NUMBER         PRINCIPAL          % OF          WA          WA UW
TERM                          OF LOANS         BALANCE            IPB          LTV          DSCR
- --------------------------   ----------   -----------------   ----------   ----------   ----------

 180 - 240                        11       $   56,530,611          4.9%      57.8%        1.30x
 241 - 300                        26          178,618,639         15.4       71.7%        1.49x
 331 - 360                        91          927,425,114         79.8       74.9%        1.39x
- --------------------------        --       --------------        -----       ----         ----
 TOTAL/WEIGHTED AVERAGE:         128       $1,162,574,364        100.0%      73.6%        1.40x
- --------------------------       ---       --------------        -----       ----         ----
 WA REMAINING AMORTIZATION TERM: 343


                     LTV RATIOS AS OF THE MATURITY/ARD DATE(2)



                                       NUMBER         PRINCIPAL          % OF          WA          WA UW
 MATURITY/ARD LTV                    OF LOANS         BALANCE            IPB          LTV          DSCR
- ---------------------------------   ----------   -----------------   ----------   ----------   ----------

 24.2% - 29.9%                             3      $   16,725,000          1.1%       57.8%        1.31x
 30.0% - 49.9%                            14          61,753,406          4.1        54.6%        1.87x
 50.0% - 59.9%                            39         209,682,270         14.1        65.6%        1.63x
 60.0% - 69.9%                            57         533,616,825         35.8        75.6%        1.42x
 70.0% - 79.2%                            33         668,448,513         44.9        76.6%        1.47x
- ---------------------------------         --      --------------        -----        ----         ----
 TOTAL/WEIGHTED AVERAGE:                 146      $1,490,226,015        100.0%       73.6%        1.49x
- ---------------------------------        ---      --------------        -----        ----         ----
 WA LTV RATIO AT MATURITY:              65.8%
- ---------------------------------       ----      --------------        -----        ----         ----
 MAXIMUM LTV RATIO AT MATURITY:         79.2%
 MINIMUM LTV RATIO AT MATURITY:         24.2%


                             YEAR BUILT/RENOVATED(4)



                                NUMBER OF         PRINCIPAL          % OF          WA          WA UW
 YEAR BUILT/RENOVATED          PROPERTIES         BALANCE            IPB          LTV          DSCR
- --------------------------   -------------   -----------------   ----------   ----------   ----------

 1952 - 1959                        1         $    2,500,000          0.2%        41.7%        1.51x
 1960 - 1969                        9             56,029,473          3.7         67.8%        1.68x
 1970 - 1979                       11             78,048,755          5.1         73.4%        1.38x
 1980 - 1989                       24            225,955,886         14.8         74.9%        1.49x
 1990 - 1999                       34            499,903,654         32.8         74.3%        1.48x
 2000 - 2004                       80            662,500,697         43.4         72.4%        1.48x
- --------------------------         --         --------------        -----         ----         ----
 TOTAL/WEIGHTED AVERAGE:          159         $1,524,938,464        100.0%        73.2%        1.49x


                              PREPAYMENT PROTECTION



                                     NUMBER         PRINCIPAL          % OF          WA         WA UW
 PREPAYMENT PROTECTION             OF LOANS         BALANCE            IPB          LTV         DSCR
- -------------------------------   ----------   -----------------   ----------   ----------   ----------

 DEFEASANCE                           123       $1,242,790,747         81.5%        73.9%        1.43x
 YIELD MAINTENANCE                     28          276,197,717         18.1         70.2%        1.73x
 YIELD MAINTENANCE/DEFEASANCE           1            5,950,000          0.4         79.3%        1.56x
- -------------------------------       ---       --------------        -----         ----         ----
 TOTAL/WEIGHTED AVERAGE:              152       $1,524,938,464        100.0%        73.2%        1.49x


                                    7 of 74
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY
A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
SALES REPRESENTATIVE.


STRUCTURAL AND COLLATERAL TERM SHEET                             JPMCC 2004-C3

                   COLLATERAL CHARACTERISTICS -- LOAN GROUP 1


                         CUT-OFF DATE PRINCIPAL BALANCE



 RANGE OF PRINCIPAL                      NUMBER           PRINCIPAL         % OF          WA         WA UW
BALANCES                               OF LOANS           BALANCE           IPB          LTV         DSCR
- ---------------------------------   --------------   -----------------   ---------   ----------   ----------

 $1,450,000 -- $3,999,999                     43      $  117,191,209         8.7%       67.2%         1.51x
 $4,000,000 -- $4,999,999                      9          39,662,464         2.9        69.5%         1.44x
 $5,000,000 -- $6,999,999                     20         114,325,456         8.5        69.9%         1.53x
 $7,000,000 -- $9,999,999                     13         107,165,000         8.0        69.3%         1.63x
 $10,000,000 -- $14,999,999                   19         231,961,160        17.2        72.9%         1.48x
 $15,000,000 -- $24,999,999                   16         307,518,100        22.9        74.0%         1.60x
 $25,000,000 -- $49,999,999                    4         127,000,000         9.4        77.0%         1.40x
 $50,000,000 -- $98,980,000                    4         300,480,000        22.3        77.0%         1.38x
- ---------------------------------             --      --------------       -----        ----          ----
 TOTAL/WEIGHTED AVERAGE:                     128      $1,345,303,389       100.0%       73.3%         1.49x
- ---------------------------------            ---      --------------       -----        ----          ----
 AVERAGE BALANCE PER LOAN:           $10,510,183
 AVERAGE BALANCE PER PROPERTY:       $10,191,692


                        RANGE OF MORTGAGE INTEREST RATES



 RANGE OF MORTGAGE INTEREST         NUMBER          PRINCIPAL         % OF          WA         WA UW
RATES                             OF LOANS          BALANCE           IPB          LTV         DSCR
- -----------------------------   ------------   -----------------   ---------   ----------   ----------

 4.7000% -- 4.9999%                     10      $  109,708,100         8.2%    69.7%        1.83x
 5.0000% -- 5.4999%                     66         936,894,332        69.6     74.8%        1.47x
 5.5000% -- 5.9999%                     40         237,282,105        17.6     70.9%        1.43x
 6.0000% -- 6.6500%                     12          61,418,852         4.6     67.0%        1.53x
- -----------------------------           --      --------------       -----     ----         ----
 TOTAL/WEIGHTED AVERAGE:               128      $1,345,303,389       100.0%    73.3%        1.49x
- -----------------------------          ---      --------------       -----     ----         ----
 WA MORTGAGE INTEREST RATE:         5.3460%


                     ORIGINAL TERM TO MATURITY/ARD IN MONTHS



 ORIGINAL TERM TO              NUMBER        PRINCIPAL        % OF        WA       WA UW
MATURITY/ARD                 OF LOANS        BALANCE          IPB        LTV       DSCR
- --------------------------  ----------  ----------------- ---------- ---------- ----------

 60 -- 84                        38      $  474,814,518       35.3%     74.1%      1.61x
 85 -- 120                       84         830,453,870       61.7      73.4%      1.44x
 121 -- 240                       6          40,035,000        3.0      63.0%      1.24x
- --------------------------       --      --------------      -----      ----       ----
 TOTAL/WEIGHTED AVERAGE:        128      $1,345,303,389      100.0%     73.3%      1.49x
- --------------------------      ---      --------------      -----      ----       ----
 WA ORIGINAL TERM TO MATURITY/ARD: 107



                             GEOGRAPHIC DISTRIBUTION



                             NUMBER OF        PRINCIPAL        % OF        WA       WA UW
 STATES                     PROPERTIES        BALANCE          IPB        LTV       DSCR
- -------------------------  ------------  ----------------- ---------- ---------- ----------

 NEW YORK                        18       $  280,431,000       20.8%      73.9%      1.53x
 TEXAS                           23          155,964,322       11.6       70.4%      1.39x
 FLORIDA                          7          125,945,660        9.4       75.3%      1.47x
 CALIFORNIA                      15          120,573,528        9.0       65.8%      1.57x
   Northern California            0                    0        0.0        0.0%      0.00x
   Southern California           15          120,573,528        9.0       65.8%      1.57x
 MASSACHUSETTES                   7           75,191,627        5.6       76.5%      1.53x
 ARIZONA                          6           66,945,538        5.0       76.7%      1.49x
 OTHER                           56          520,251,713       38.7       74.2%      1.49x
- -------------------------        --       --------------      -----       ----       ----
 TOTAL/WEIGHTED AVERAGE         132       $1,345,303,389      100.0%      73.3%      1.49x



               UNDERWRITTEN CASH FLOW DEBT SERVICE COVERAGE RATIOS



                               NUMBER        PRINCIPAL        % OF        WA       WA UW
 UW DSCR                     OF LOANS        BALANCE          IPB        LTV       DSCR
- --------------------------  ----------  ----------------- ---------- ---------- ----------

 1.18X -- 1.29X                  25      $  318,220,515       23.7%      75.7%      1.23x
 1.30X -- 1.39X                  34         332,696,627       24.7       74.3%      1.35x
 1.40X -- 1.49X                  21         264,956,510       19.7       76.2%      1.45x
 1.50X -- 1.59X                   9          55,824,173        4.1       72.4%      1.52x
 1.60X -- 1.69X                   8          80,161,000        6.0       75.5%      1.64x
 1.70X -- 1.99X                  24         232,867,464       17.3       69.8%      1.82x
 2.00X -- 2.49X                   5          39,565,000        2.9       55.2%      2.25x
 2.50X -- 2.65X                   2          21,012,100        1.6       53.5%      2.65x
- --------------------------       --      --------------      -----       ----       ----
 TOTAL/WEIGHTED AVERAGE:        128      $1,345,303,389      100.0%      73.3%      1.49x


                    REMAINING TERMS TO MATURITY/ARD IN MONTHS



 RANGE OF REMAINING TERMS       NUMBER        PRINCIPAL        % OF        WA       WA UW
TO MATURITY/ARD               OF LOANS        BALANCE          IPB        LTV       DSCR
- ---------------------------  ----------  ----------------- ---------- ---------- ----------

 58 -- 84                         38      $  474,814,518       35.3%     74.1%      1.61x
 85 -- 120                        84         830,453,870       61.7      73.4%      1.44x
 121 -- 240                        6          40,035,000        3.0      63.0%      1.24x
- ---------------------------       --      --------------      -----      ----       ----
 TOTAL/WEIGHTED AVERAGE:         128      $1,345,303,389      100.0%     73.3%      1.49x
- ---------------------------      ---      --------------      -----      ----       ----
 WA REMAINING TERM TO MATURITY/ARD: 106


                           PROPERTY TYPE DISTRIBUTION



                                                         NUMBER OF       PRINCIPAL        % OF        WA       WA UW
 PROPERTY TYPE                   SUB PROPERTY TYPE      PROPERTIES       BALANCE          IPB        LTV       DSCR
- ---------------------------  ------------------------  ------------ ----------------- ---------- ---------- ----------

  RETAIL                     Anchored                        32      $  402,732,400       29.9%      73.7%      1.58x
                             Unanchored                      23         103,309,278        7.7       68.6%      1.45x
                             Shadow Anchored                  9          38,445,025        2.9       69.2%      1.43x
                              Subtotal                       64      $  544,486,704       40.5%      72.4%      1.54x
- ---------------------------  ------------------------      ----      --------------      -----      -----      -----
  OFFICE                     Suburban                        24      $  207,334,514       15.4%      73.7%      1.49x
                             CBD                              3         175,730,000       13.1       75.0%      1.42x
                              Subtotal                       27      $  383,064,514       28.5%      74.3%      1.46x
- ---------------------------  ------------------------      ----      --------------      -----      -----      -----
  MULTIFAMILY                Garden                          14      $  186,801,660       13.9%      76.3%      1.44x
- ---------------------------  ------------------------      ----      --------------      -----      -----      -----
  INDUSTRIAL                 Warehouse/Distribution           6      $   62,600,000        4.7%      73.8%      1.34x
                             Flex                             5          42,178,584        3.1       75.7%      1.38x
                              Subtotal                       11      $  104,778,584        7.8%      74.6%      1.36x
- ---------------------------  ------------------------      ----      --------------      -----      -----      -----
  MANUFACTURED HOUSING       Manufactured Housing             4      $   27,092,513        2.0%      78.7%      1.41x
- ---------------------------  ------------------------      ----      --------------      -----      -----      -----
  SELF STORAGE               Self Storage                     8      $   35,016,950        2.6%      60.3%      1.52x
- ---------------------------  ------------------------      ----      --------------      -----      -----      -----
  HOTEL                      Full Service                     1      $   19,000,000        1.4%      70.6%      1.74x
                             Limited Service                  1          14,100,000        1.0       55.1%      2.14x
                              Subtotal                        2      $   33,100,000        2.5%      64.0%      1.91x
- ---------------------------  ------------------------      ----      --------------      -----      -----      -----
  MIXED USE                  Office/Retail                    1      $   26,000,000        1.9%      77.6%      1.36x
                             Retail/Storage                   1           4,962,464        0.4       56.4%      1.77x
                              Subtotal                        2      $   30,962,464        2.3%      74.2%      1.43x
- ---------------------------  ------------------------      ----      --------------      -----      -----      -----
  TOTAL/WEIGHTED AVERAGE:                                   132      $1,345,303,389      100.0%      73.3%      1.49x


                                    8 of 74
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY
A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
SALES REPRESENTATIVE.


STRUCTURAL AND COLLATERAL TERM SHEET                             JPMCC 2004-C3

                   COLLATERAL CHARACTERISTICS -- LOAN GROUP 1


                     ORIGINAL AMORTIZATION TERM IN MONTHS(1)



                                   NUMBER        PRINCIPAL         % OF          WA         WA UW
 ORIGINAL AMORTIZATION TERM      OF LOANS        BALANCE           IPB          LTV         DSCR
- -----------------------------   ----------   ---------------   ----------   ----------   ----------

 180 -- 240                          10       $ 51,393,162          5.2%    58.7%        1.27x
 241 -- 300                          21        166,072,880         16.9     71.8%        1.50x
 331 -- 360                          73        765,473,247         77.9     75.2%        1.39x
- -----------------------------        --       ------------        -----     ----         ----
 TOTAL/WEIGHTED AVERAGE:            104       $982,939,289        100.0%    73.8%        1.40x
- -----------------------------       ---       ------------        -----     ----         ----
 WA REMAINING TERM:                 341


                        LTV RATIOS AS OF THE CUT-OFF DATE



                                   NUMBER         PRINCIPAL         % OF          WA         WA UW
 CUT-OFF DATE LTV                OF LOANS         BALANCE           IPB          LTV         DSCR
- -----------------------------   ----------   -----------------   ---------   ----------   ----------

 39.8% -- 49.9%                        3      $    7,850,000         0.6%      41.1%        1.93x
 50.0% -- 59.9%                       18         111,502,515         8.3       55.7%        1.88x
 60.0% -- 64.9%                        9          54,516,966         4.1       61.6%        1.56x
 65.0% -- 69.9%                       13          80,637,259         6.0       68.6%        1.61x
 70.0% -- 74.9%                       36         293,695,533        21.8       72.1%        1.61x
 75.0% -- 80.4%                       49         797,101,115        59.3       77.8%        1.38x
- -----------------------------         --      --------------       -----       ----         ----
 TOTAL/WEIGHTED AVERAGE:             128      $1,345,303,389       100.0%      73.3%        1.49x
- -----------------------------        ---      --------------       -----       ----         ----
 WA CUT-OFF DATE LTV RATIO:         73.3%


                               AMORTIZATION TYPES



                                NUMBER         PRINCIPAL          % OF          WA         WA UW
 AMORTIZED TYPES              OF LOANS         BALANCE            IPB          LTV         DSCR
- --------------------------   ----------   -----------------   ----------   ----------   ----------

 PARTIAL INTEREST-ONLY            27       $  590,519,064         43.9%        77.1%        1.36x
 INTEREST ONLY                    24          362,364,100         26.9         72.1%        1.75x
 BALLOON LOANS                    70          337,785,225         25.1         69.0%        1.49x
 FULLY AMORTIZING                  5           29,575,000          2.2         58.9%        1.24x
 ARD LOANS                         2           25,060,000          1.9         77.8%        1.27x
- --------------------------        --       --------------        -----         ----         ----
 TOTAL/WEIGHTED AVERAGE:         128       $1,345,303,389        100.0%        73.3%        1.49x


                            CURRENT OCCUPANCY RATES(3)



                                NUMBER OF         PRINCIPAL         % OF          WA         WA UW
 CURRENT OCCUPANCY RATES       PROPERTIES         BALANCE           IPB          LTV         DSCR
- --------------------------   -------------   -----------------   ---------   ----------   ----------

 53.5% -- 75.0%                     6         $   42,934,465         3.3%        70.1%        1.66x
 75.1% -- 85.0%                    15             83,960,421         6.4         70.3%        1.41x
 85.1% -- 90.0%                     9            135,558,000        10.3         74.2%        1.46x
 90.1% -- 95.0%                    15            175,405,805        13.4         75.4%        1.43x
 95.1% -- 100.0%                   85            874,344,698        66.6         73.5%        1.49x
- --------------------------         --         --------------       -----         ----         ----
 TOTAL/WEIGHTED AVERAGE:          130         $1,312,203,389       100.0%        73.5%        1.48x


(1)  Excludes loans that are interest only for the entire term.

(2)  Excludes fully-amortizing loans.

(3)  Excludes the hotel properties.

(4)  Range of Years Built/Renovated references the earlier of the year built or
     with respect to renovated properties the year of the most recent renovation
     date with respect to each Mortgaged Property.

                    REMAINING AMORTIZATION TERM IN MONTHS(1)



 REMAINING AMORTIZATION         NUMBER OF        PRINCIPAL        % OF          WA         WA UW
 TERM                             LOANS           BALANCE          IPB          LTV        DSCR
- --------------------------   -------------   ---------------   ---------   ----------   ----------

 180 -- 240                        10         $ 51,393,162         5.2%      58.7%        1.27x
 241 -- 300                        21          166,072,880        16.9       71.8%        1.50x
 331 -- 360                        73          765,473,247        77.9       75.2%        1.39x
- --------------------------         --         ------------       -----       ----         ----
 TOTAL/WEIGHTED AVERAGE:          104         $982,939,289       100.0%      73.8%        1.40x
- --------------------------        ---         ------------       -----       ----         ----
 WA REMAINING TERM:               341


                     LTV RATIOS AS OF THE MATURITY/ARD DATE(2)



                                       NUMBER         PRINCIPAL         % OF          WA         WA UW
 MATURITY/ARD LTV                    OF LOANS         BALANCE           IPB          LTV         DSCR
- ---------------------------------   ----------   -----------------   ---------   ----------   ----------

 24.2% -- 29.9%                            3      $   16,725,000         1.3%      57.8%        1.31x
 30.0% -- 49.9%                           12          57,779,415         4.4       54.1%        1.89x
 50.0% -- 59.9%                           32         175,607,525        13.3       66.3%        1.65x
 60.0% -- 64.9%                           26         187,392,350        14.2       73.9%        1.51x
 65.0% -- 69.9%                           18         215,725,586        16.4       76.6%        1.36x
 70.0% -- 74.9%                           27         498,312,513        37.9       76.6%        1.45x
 75.0% -- 79.2%                            5         164,186,000        12.5       76.6%        1.53x
- ---------------------------------         --      --------------       -----       ----         ----
 TOTAL/WEIGHTED AVERAGE:                 123      $1,315,728,389       100.0%      73.6%        1.50x
- ---------------------------------        ---      --------------       -----       ----         ----
 WA LTV RATIO AT MATURITY:              66.3%
- ---------------------------------       ----      --------------       -----       ----         ----
 MAXIMUM LTV RATIO AT MATURITY:         79.2%
 MINIMUM LTV RATIO AT MATURITY:         24.2%


                             YEAR BUILT/RENOVATED(4)



                                NUMBER OF         PRINCIPAL         % OF          WA         WA UW
 YEAR BUILT/RENOVATED          PROPERTIES         BALANCE           IPB          LTV         DSCR
- --------------------------   -------------   -----------------   ---------   ----------   ----------

 1952 -- 1959                       1         $    2,500,000         0.2%        41.7%        1.51x
 1960 -- 1969                       2             37,392,889         2.8         72.4%        1.74x
 1970 -- 1979                       9             66,686,962         5.0         72.7%        1.38x
 1980 -- 1989                      19            178,024,219        13.2         74.0%        1.51x
 1990 -- 1999                      31            481,236,047        35.8         74.2%        1.49x
 2000 -- 2004                      70            579,463,271        43.1         72.6%        1.49x
- --------------------------         --         --------------       -----         ----         ----
 TOTAL/WEIGHTED AVERAGE:          132         $1,345,303,389       100.0%        73.3%        1.49x


                              PREPAYMENT PROTECTION



                                NUMBER         PRINCIPAL          % OF          WA         WA UW
 PREPAYMENT PROTECTION        OF LOANS         BALANCE            IPB          LTV         DSCR
- --------------------------   ----------   -----------------   ----------   ----------   ----------

 DEFEASANCE                      105       $1,116,184,217         83.0%        74.0%        1.43x
 YIELD MAINTENANCE                23          229,119,172         17.0         70.0%        1.81x
- --------------------------       ---       --------------        -----         ----         ----
 TOTAL/WEIGHTED AVERAGE:         128       $1,345,303,389        100.0%        73.3%        1.49x



                                    9 of 74
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY
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SALES REPRESENTATIVE.


STRUCTURAL AND COLLATERAL TERM SHEET                             JPMCC 2004-C3

COLLATERAL CHARACTERISTICS -- LOAN GROUP 2


                         CUT-OFF DATE PRINCIPAL BALANCE



 RANGE OF PRINCIPAL                     NUMBER         PRINCIPAL        % OF          WA         WA UW
BALANCES                               OF LOANS         BALANCE         IPB          LTV         DSCR
- ---------------------------------   -------------   --------------   ---------   ----------   ----------

 $973,992 -- $2,999,999                  7           $ 12,450,883        6.9%       69.6%        1.50x
 $3,000,000 -- $3,999,999                3             10,424,089        5.8        72.4%        1.33x
 $4,000,000 -- $4,999,999                2              8,526,856        4.7        76.0%        1.44x
 $5,000,000 -- $6,999,999                3             17,687,449        9.8        68.6%        1.47x
 $7,000,000 -- $9,999,999                2             15,491,144        8.6        65.8%        1.64x
 $10,000,000 -- $14,999,999              2             20,887,801       11.6        76.9%        1.28x
 $15,000,000 -- $28,000,000              5             94,166,853       52.4        73.7%        1.41x
- ---------------------------------   ----------       ------------      -----        ----         ----
 TOTAL/WEIGHTED AVERAGE:                24           $179,635,075      100.0%       72.6%        1.42x
- ---------------------------------   ----------       ------------      -----        ----         ----
 AVERAGE BALANCE PER LOAN:          $7,484,795
 AVERAGE BALANCE PER PROPERTY:      $6,653,151


                        RANGE OF MORTGAGE INTEREST RATES



 RANGE OF MORTGAGE INTEREST         NUMBER        PRINCIPAL        % OF          WA         WA UW
RATES                             OF LOANS         BALANCE         IPB          LTV         DSCR
- -----------------------------   ------------   --------------   ---------   ----------   ----------

 4.8600% -- 4.9999%                      1      $ 10,500,000        5.8%      73.9%        1.28x
 5.0000% -- 5.4999%                     14       145,846,083       81.2       73.8%        1.42x
 5.5000% -- 6.1000%                      9        23,288,992       13.0       64.6%        1.53x
- -----------------------------           --      ------------      -----       ----         ----
 TOTAL/WEIGHTED AVERAGE:                24      $179,635,075      100.0%      72.6%        1.42x
- -----------------------------           --      ------------      -----       ----         ----
 WA MORTGAGE INTEREST RATE:         5.3838%


                     ORIGINAL TERM TO MATURITY/ARD IN MONTHS



 ORIGINAL TERM TO               NUMBER        PRINCIPAL         % OF          WA         WA UW
MATURITY/ARD                  OF LOANS        BALANCE           IPB          LTV         DSCR
- --------------------------   ----------   ---------------   ----------   ----------   ----------

 108 -- 120                      23        $174,497,626         97.1%       73.3%        1.42x
 181 -- 229                       1           5,137,449          2.9        48.9%        1.63x
- --------------------------       --        ------------        -----        ----         ----
 TOTAL/WEIGHTED AVERAGE:         24        $179,635,075        100.0%       72.6%        1.42x
- --------------------------       --        ------------        -----        ----         ----
 WA ORIGINAL TERM TO MATURITY/ARD: 121


                             GEOGRAPHIC DISTRIBUTION



                               NUMBER OF       PRINCIPAL         % OF          WA         WA UW
 STATES                       PROPERTIES        BALANCE          IPB          LTV         DSCR
- --------------------------   ------------   --------------   ----------   ----------   ----------

 FLORIDA                           4         $ 61,678,946        34.3%        76.3%        1.27x
 TEXAS                            10           24,240,141        13.5         71.3%        1.41x
 CALIFORNIA                        2           20,937,449        11.7         57.5%        1.48x
   Northern California             0                    0         0.0          0.0%        0.00x
   Southern California             2           20,937,449        11.7         57.5%        1.48x
 NEW YORK                          1           20,000,000        11.1         80.0%        1.67x
 NORTH CAROLINA                    1           15,066,853         8.4         73.5%        1.62x
 OKLAHOMA                          3           14,317,606         8.0         73.9%        1.33x
 VIRGINIA                          1            7,500,000         4.2         56.4%        1.67x
 OTHER                             5           15,894,080         8.8         76.7%        1.43x
- --------------------------        --         ------------       -----         ----         ----
 TOTAL/WEIGHTED AVERAGE:          27         $179,635,075       100.0%        72.6%        1.42x


               UNDERWRITTEN CASH FLOW DEBT SERVICE COVERAGE RATIOS



                                NUMBER       PRINCIPAL         % OF          WA         WA UW
 UW DSCR                      OF LOANS        BALANCE          IPB          LTV         DSCR
- --------------------------   ----------   --------------   ----------   ----------   ----------

 1.20X -- 1.29X                   8        $ 80,728,096        44.9%        76.4%        1.24x
 1.30X -- 1.39X                   1           3,000,000         1.7         62.4%        1.38x
 1.40X -- 1.49X                   5          25,445,481        14.2         65.1%        1.43x
 1.50X -- 1.59X                   3          12,045,189         6.7         75.1%        1.56x
 1.60X -- 1.69X                   6          57,442,317        32.0         71.1%        1.64x
 2.00X -- 2.09X                   1             973,992         0.5         57.3%        2.09x
- --------------------------        -        ------------       -----         ----         ----
 TOTAL/WEIGHTED AVERAGE:         24        $179,635,075       100.0%        72.6%        1.42x


                    REMAINING TERMS TO MATURITY/ARD IN MONTHS



 RANGE OF REMAINING TERMS        NUMBER        PRINCIPAL         % OF          WA         WA UW
TO MATURITY/ARD                OF LOANS        BALANCE           IPB          LTV         DSCR
- ---------------------------   ----------   ---------------   ----------   ----------   ----------

 101 -- 120                       23        $174,497,626         97.1%       73.3%        1.42x
 181 -- 228                        1           5,137,449          2.9        48.9%        1.63x
- ---------------------------       --        ------------        -----        ----         ----
 TOTAL/WEIGHTED AVERAGE:          24        $179,635,075        100.0%       72.6%        1.42x
- ---------------------------       --        ------------        -----        ----         ----
 WA REMAINING TERM TO MATURITY/ARD: 121


                           PROPERTY TYPE DISTRIBUTION



                                                       NUMBER OF       PRINCIPAL        % OF         WA        WA UW
 PROPERTY TYPE                  SUB PROPERTY TYPE     PROPERTIES       BALANCE          IPB         LTV        DSCR
- ---------------------------  ----------------------  ------------  ---------------  ----------  ----------  ----------

  MULTIFAMILY                Garden                       21        $152,259,157        84.8%       73.1%       1.43x
- ---------------------------  ----------------------       --        ------------        ----        ----        ----
  MANUFACTURED HOUSING       Manufactured Housing          6        $ 27,375,918        15.2%       69.9%       1.39x
- ---------------------------  ----------------------       --        ------------        ----        ----        ----
  TOTAL/WEIGHTED AVERAGE:                                 27        $179,635,075         100%       72.6%       1.42x



                                    10 of 74
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY
A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
SALES REPRESENTATIVE.


STRUCTURAL AND COLLATERAL TERM SHEET                             JPMCC 2004-C3

                   COLLATERAL CHARACTERISTICS -- LOAN GROUP 2


                     ORIGINAL AMORTIZATION TERM IN MONTHS(1)



                                       NUMBER        PRINCIPAL         % OF          WA          WA UW
 ORIGINAL AMORTIZATION TERM          OF LOANS        BALANCE           IPB          LTV          DSCR
- ---------------------------------   ----------   ---------------   ----------   ----------   ----------

 229 -- 300                               6       $ 17,683,208          9.8%       64.0%        1.46x
 331 -- 360                              18        161,951,867         90.2        73.6%        1.42x
- ---------------------------------        --       ------------        -----        ----         ----
 TOTAL/WEIGHTED AVERAGE:                 24       $179,635,075        100.0%       72.6%        1.42x
- ---------------------------------        --       ------------        -----        ----         ----
 WA ORIGINAL AMORTIZATION TERM:         352


                        LTV RATIOS AS OF THE CUT-OFF DATE



                                   NUMBER        PRINCIPAL         % OF          WA          WA UW
 CUT-OFF DATE LTV                OF LOANS        BALANCE           IPB          LTV          DSCR
- -----------------------------   ----------   ---------------   ----------   ----------   ----------

 48.9% -- 59.9%                        4      $ 15,358,312          8.5%       54.2%        1.68x
 60.0% -- 64.9%                        2        18,800,000         10.5        60.7%        1.42x
 65.0% -- 69.9%                        2         3,600,000          2.0        66.7%        1.50x
 70.0% -- 74.9%                        8        78,081,061         43.5        74.0%        1.38x
 75.0% -- 80.0%                        8        63,795,703         35.5        79.3%        1.42x
- -----------------------------          -      ------------        -----        ----         ----
 TOTAL/WEIGHTED AVERAGE:              24      $179,635,075        100.0%       72.6%        1.42x
- -----------------------------         --      ------------        -----        ----         ----
 WA CUT-OFF DATE LTV RATIO:         72.6%


                               AMORTIZATION TYPES



                                NUMBER        PRINCIPAL         % OF          WA          WA UW
 AMORTIZED TYPES              OF LOANS        BALANCE           IPB          LTV          DSCR
- --------------------------   ----------   ---------------   ----------   ----------   ----------

 BALLOON LOANS                   18        $107,247,626         59.7%        73.2%        1.49x
 PARTIAL INTEREST-ONLY            5          67,250,000         37.4         73.6%        1.30x
 FULLY AMORTIZING                 1           5,137,449          2.9         48.9%        1.63x
- --------------------------       --        ------------        -----         ----         ----
 TOTAL/WEIGHTED AVERAGE:         24        $179,635,075        100.0%        72.6%        1.42x


                           CURRENT OCCUPANCY RATES(3)



                                NUMBER OF       PRINCIPAL         % OF          WA          WA UW
 CURRENT OCCUPANCY RATES       PROPERTIES        BALANCE           IPB          LTV         DSCR
- --------------------------   -------------   ---------------   ----------   ----------   ----------

 73.3% -- 80.0%                     1         $  1,746,871          1.0%       59.0%        1.64x
 80.1% -- 85.0%                     1           15,300,000          8.5        78.1%        1.23x
 85.1% -- 90.0%                     3           24,217,606         13.5        78.8%        1.63x
 90.1% -- 95.0%                     8           55,236,432         30.7        75.0%        1.40x
 95.1% -- 100.0%                   14           83,134,166         46.3        68.5%        1.41x
- --------------------------         --         ------------        -----        ----         ----
 TOTAL/WEIGHTED AVERAGE:           27         $179,635,075        100.0%       72.6%        1.42x


(1)  Excludes loans that are interest only for the entire term.

(2)  Excludes fully-amortizing loans.

(3)  Excludes the hotel properties.

(4)  Range of Years Built/Renovated references the earlier of the year built or
     with respect to renovated properties the year of the most recent renovation
     date with respect to each Mortgaged Property.

                    REMAINING AMORTIZATION TERM IN MONTHS(1)



 REMAINING AMORTIZATION         NUMBER        PRINCIPAL         % OF          WA         WA UW
TERM                          OF LOANS        BALANCE           IPB          LTV         DSCR
- --------------------------   ----------   ---------------   ----------   ----------   ----------

 228 -- 300                       6         $ 17,683,208          9.8%     64.0%        1.46x
 331 -- 360                      18          161,951,867         90.2      73.6%        1.42x
- --------------------------       --         ------------        -----      ----         ----
 TOTAL/WEIGHTED AVERAGE:         24         $179,635,075        100.0%     72.6%        1.42x
- --------------------------       --         ------------        -----      ----         ----
 WA REMAINING AMORTIZATION TERM: 351


                    LTV RATIOS AS OF THE MATURITY/ARD DATE(2)



                                       NUMBER        PRINCIPAL         % OF          WA          WA UW
 MATURITY/ARD LTV                    OF LOANS        BALANCE           IPB          LTV          DSCR
- ---------------------------------   ----------   ---------------   ----------   ----------   ----------

 47.9% -- 59.9%                            9      $ 38,048,737         21.8%      61.9%        1.50x
 60.0% -- 64.9%                            6        46,771,071         26.8       74.0%        1.47x
 65.0% -- 70.4%                            8        89,677,818         51.4       77.8%        1.35x
- ---------------------------------          -      ------------        -----       ----         ----
 TOTAL/WEIGHTED AVERAGE:                  23      $174,497,626        100.0%      73.3%        1.42x
- ---------------------------------         --      ------------        -----       ----         ----
 WA LTV RATIO AT MATURITY:              62.6%
- ---------------------------------       ----      ------------        -----       ----         ----
 MAXIMUM LTV RATIO AT MATURITY:         70.4%
 MINIMUM LTV RATIO AT MATURITY:         47.9%


                             YEAR BUILT/RENOVATED(4)



                                NUMBER OF        PRINCIPAL         % OF          WA         WA UW
 YEAR BUILT/RENOVATED          PROPERTIES        BALANCE           IPB          LTV         DSCR
- --------------------------   -------------   ---------------   ----------   ----------   ----------

 1960 -- 1969                       7         $ 18,636,584         10.4%        58.4%        1.57x
 1970 -- 1979                       2           11,361,793          6.3         78.0%        1.35x
 1980 -- 1989                       5           47,931,667         26.7         78.0%        1.43x
 1990 -- 1999                       3           18,667,606         10.4         76.3%        1.39x
 2000 -- 2004                      10           83,037,426         46.2         71.2%        1.40x
- --------------------------         --         ------------        -----         ----         ----
 TOTAL/WEIGHTED AVERAGE:           27         $179,635,075        100.0%        72.6%        1.42x


                              PREPAYMENT PROTECTION



                                     NUMBER        PRINCIPAL         % OF          WA         WA UW
 PREPAYMENT PROTECTION             OF LOANS        BALANCE           IPB          LTV         DSCR
- -------------------------------   ----------   ---------------   ----------   ----------   ----------

 DEFEASANCE                           18        $126,606,530         70.5%        72.9%       1.46x
 YIELD MAINTENANCE                     5          47,078,545         26.2         71.1%       1.32x
 YIELD MAINTENANCE/DEFEASANCE          1           5,950,000          3.3         79.3%       1.56x
- -------------------------------       --        ------------        -----         ----        ----
 TOTAL/WEIGHTED AVERAGE:              24        $179,635,075        100.0%        72.6%       1.42x



                                    11 of 74
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY
A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
SALES REPRESENTATIVE.



STRUCTURAL AND COLLATERAL TERM SHEET                               JPMCC 2004-C3

     TOP 10 MORTGAGE LOANS OR GROUPS OF CROSS-COLLATERALIZED MORTGAGE LOANS




                                                          AGGREGATE
   LOAN                  LOAN NAME           LOAN        CUT-OFF DATE    % OF
 SELLER(1)              (LOCATION)           GROUP         BALANCE       IPB
- ----------              ----------           -----       ------------    ----

 NCCI       DDR Portfolio                      1        $150,480,000      9.9%
            (Various, Various)
 NCCI       Las Olas Centre                    1          98,980,000      6.5
            (Ft. Lauderdale, FL)
 JPMCB      345 Park Avenue South              1          75,000,000      4.9
            (New York, NY)
 JPMCB      Crossroads Shopping Center         1          64,000,000      4.2
            (White Plains, NY)
 PNC        Everest Portfolio                  1          62,500,000      4.1
            (Various, MA)
 JPMCB      Broadway Marketplace               1          42,000,000      2.8
            (Denver, CO)
 NCCI       College Suites Stadium             1          28,000,000      1.8
            (Columbia, SC)
 NCCI       Lakeshore Club Apartments          2          28,000,000      1.8
            (Tampa, FL)
 NCCI       Champaign Office & Retail          1          26,000,000      1.7
            (Champaign, IL)
 JPMCB      Moorings at Mesa Cove Apartments   1          22,500,000      1.5
            (Mesa, AZ)

      TOTAL/WEIGHTED AVERAGE:                           $597,460,000     39.2%


    LOAN                   UNIT OF    LOAN PER      UW       CUT-OFF LTV    PROPERTY
  SELLER(1)      UNITS     MEASURE      UNIT       DSCR         RATIO         TYPE
  ---------      -----     -------    --------     ----      -----------    --------

 NCCI         1,634,765      SF      $     92      1.81x        71.5%       Retail
 NCCI           468,843      SF      $    211      1.46x        75.6%       Office
 JPMCB          272,348      SF      $    275      1.35x        75.0%       Office
 JPMCB          310,919      SF      $    206      1.22x        80.0%       Retail
 PNC            676,454      SF      $     92      1.44x        78.7%       Various
 JPMCB          387,458      SF      $    108      1.18x        78.9%       Retail
 NCCI               264     Units    $106,061      1.32x        79.7%       Multifamily
 NCCI               650     Units    $ 43,077      1.20x        74.5%       Multifamily
 NCCI           237,701      SF      $    109      1.36x        77.6%       Mixed Use
 JPMCB              406     Units    $ 55,419      1.22x        78.1%       Multifamily




      TOTAL/WEIGHTED AVERAGE:                      1.45X        75.8%


(1) "JPMCB" = JPMorgan Chase Bank, National Association; "NCCI" = Nomura Credit &
  Capital, Inc.; "PNC" = PNC Bank, National Association

                                    12 of 74
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY
A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
SALES REPRESENTATIVE.



STRUCTURAL AND COLLATERAL TERM SHEET                             JPMCC 2004-C3





                      [THIS PAGE INTENTIONALLY LEFT BLANK]






                                    13 of 74
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED BY
A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
SALES REPRESENTATIVE.



                                 DDR PORTFOLIO

[4 PHOTOS OF DDR PORTFOLIO PROPERTIES OMITTED]



                                    14 of 74






                                 DDR PORTFOLIO




                         PORTFOLIO INFORMATION
- ------------------------------------------------------------------------

 ORIGINAL PRINCIPAL BALANCE:       $150,480,000

 CUT-OFF DATE PRINCIPAL BALANCE:   $150,480,000

 % OF POOL BY IPB:                 9.9%

 LOAN SELLER:                      Nomura Credit & Capital, Inc.

 BORROWERS:                        DDR Panorama Plaza LLC, DDR
                                   Culver Ridge LLC, DDR Orchard
                                   Park LLC, DDR Union Road LLC,
                                   DDR Robinson Stop LLC, DDR
                                   Jamestown Plaza LLC, DDR
                                   Chillicothe LLC, DDR Midway Plaza
                                   LLC, DDR Ontario Plaza LLC, DDR
                                   Warsaw Plaza LLC, DDR Northcreek
                                   Commons LLC, DDR Leroy Plaza
                                   LLC, DDR Oxford Place LLC

 SPONSOR:                          DDR Markaz II LLC

 ORIGINATION DATE:                 11/08/04

 INTEREST RATE:                    5.1470%

 INTEREST ONLY PERIOD:             84 Months

 ARD DATE:                         11/11/11

 MATURITY DATE:                    11/11/14

 AMORTIZATION TYPE:                Interest Only

 ORIGINAL AMORTIZATION:            NAP

 REMAINING AMORTIZATION:           NAP

 CALL PROTECTION:                  L(24),Grtr1%orYM(52),O(7)

 CROSS-COLLATERALIZATION:          Yes

 LOCK BOX:                         Soft

 ADDITIONAL DEBT:                  Permitted up to $5,000,000

 ADDITIONAL DEBT TYPE:             Permitted Unsecured Subordinate
                                   Financing

 LOAN PURPOSE:                     Acquisition





                                     ESCROWS
- --------------------------------------------------------------------------------

 ESCROWS/RESERVES:                                          INITIAL    MONTHLY
                                                            -------------------
 ENGINEERING:                                               $266,250      $0

 In the event of the DSCR declining below 1.05x (assuming a 30-year amortization
 schedule) for three consecutive months, or in an event of default, monthly
 reserves for taxes, insurance, replacement reserves, tenant improvements and
 leasing commissions are required. Each of the aforementioned escrows will be
 released to the Borrower after three (3) consecutive months of 1.20x
 debt-service coverage performance.





                  PROPERTY INFORMATION
- ---------------------------------------------------------

 SINGLE ASSET/PORTFOLIO:   Portfolio (13 Mortgage Loans)

 TITLE:                    Fee/Leasehold

 PROPERTY TYPE:            Retail -- Anchored

 SQUARE FOOTAGE:           1,634,765

 LOCATION:                 Various

 YEAR BUILT/RENOVATED:     Various

 OCCUPANCY(1):             100%

 OCCUPANCY DATE:           09/30/04

 NUMBER OF TENANTS:        131

 HISTORICAL NOI:           NAP

 UW REVENUES:              $20,523,868

 UW EXPENSES:              $5,424,447

 UW NOI:                   $15,099,421

 UW NET CASH FLOW:         $14,174,780

 APPRAISED VALUE:          $210,400,000

 APPRAISAL DATE:           Various






 PORTFOLIO'S FINANCIAL INFORMATION
- ------------------------------------

 CUT-OFF DATE LOANS/SF:   $  92
 CUT-OFF DATE LTV:         71.5%
 MATURITY DATE LTV:        71.5%
 UW DSCR:                  1.81x



(1) At closing, the principal of the Borrowers, Developers Diversified Realty
Corporation, executed a Master Lease Agreement for each of the vacant spaces at
the properties for periods of either two years or four years. Hence, although
the individual properties are effectively 100% leased, the actual current
occupancies are: Panorama Plaza (94.8%), Culver Ridge Plaza (95.5%), Crossroads
Centre (87.6%), Tops Plaza -- Union Road (81.2%), Tops Plaza -- Robinson Road
(100.0%), Tops Plaza -- Jamestown (90.1%), Chillicothe Place (100.0%), Midway
Plaza (98.7%), Tops Plaza -- Ontario (100.0%), Tops Plaza -- Warsaw (93.7%),
Northcreek Commons (93.7%), Tops Plaza -- Le Roy (100.0%) and Oxford Place
(96.7%).

                                    15 of 74


                                 DDR PORTFOLIO




                                                  SIGNIFICANT TENANTS
                                                                                                     BASE        LEASE
                                                                 MOODY'S/    SQUARE       % OF       RENT     EXPIRATION
       TENANT NAME                    PARENT COMPANY               S&P(1)     FEET       GLA         PSF2        YEAR
- ---------------------- --------------------------------------- ----------- --------- ----------- ----------- -----------

 TOPS MARKET           Royal Ahold N.V. (NYSE: AHO)               Ba3/BB   508,430   31.10%        $ 10.08     Various

 KROGER                The Kroger Co. (NYSE: KR)                 Baa2/BBB  241,521   14.77%        $  6.93     Various

 REGAL CINEMA          Regal Entertainment Group (NYSE: RGC)     Ba3/BB-    58,012    3.55%        $  6.95      2022

 DOLLAR TREE           Dollar Tree Stores, Inc.                    NAP      48,341    2.96%        $  8.47     Various

 BLOCKBUSTER VIDEO     Viacom, Inc. (NYSE: VIA)                   A3/A-     38,513    2.36%        $ 15.16     Various

 STEIN MART            Stein Mart, Inc.                            NAP      36,000    2.20%        $  6.38      2012

 AJ WRIGHT             TJX Companies (NYSE: TJX)                   A3/A     26,959    1.65%        $  9.00      2014

 FACTORY CARD OUTLET   Factory Card Outlet & Party Corp.           NAP      25,439    1.56%        $ 12.00      2007

 OFFICE MAX            Boise Cascade (NYSE: BCC)                  Ba2/BB    23,404    1.43%        $ 10.50      2013

 LINENS 'N THINGS      Linens 'N Things, Inc.                      NAP      23,114    1.41%        $ 10.25      2008


(1) Ratings provided are for the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.

(2) May reflect an average of several leases with different economic terms.





                                                YEAR     SQUARE
         LOAN NAME              LOCATION       BUILT      FEET      OCCUPANCY(1)
- ------------------------ -------------------- ------- ----------- -------------

 PANORAMA PLAZA          Rochester, NY        1969      278,241       100%

 CULVER RIDGE PLAZA      Irondequoit, NY      1981      226,812       100%

 CROSSROADS CENTRE       Orchard Park, NY     2001      167,805       100%

 TOPS PLAZA -- UNION     Cheektowaga, NY      1960      151,357       100%
  ROAD

 TOPS PLAZA --           Amherst, NY          1986      145,642       100%
  ROBINSON ROAD

 TOPS PLAZA --           Jamestown, NY        1998       98,001       100%
  JAMESTOWN

 CHILLICOTHE PLACE       Chillicothe, OH      1981      105,512       100%

 MIDWAY PLAZA            Loganville, GA       1995       91,196       100%

 TOPS PLAZA -- ONTARIO   Ontario, NY          1998       77,040       100%

 TOPS PLAZA -- WARSAW    Warsaw, NY           1995       74,105       100%

 NORTHCREEK COMMONS      Goodlettsville, TN   1987       84,441       100%

 TOPS PLAZA -- LE ROY    Le Roy, NY           1997       62,747       100%

 OXFORD PLACE            Oxford, MS           2000       71,866       100%
- --------------------------------------------------------------------------------
 TOTAL/WEIGHTED AVERAGE                               1,634,765       100%




                                                                         CUT-OFF      APPRAISED
         LOAN NAME                   THREE LARGEST TENANTS              BALANCE         VALUE
- ------------------------ ------------------------------------------ -------------- --------------

 PANORAMA PLAZA          Tops Market, Linens `N Things, Eckerd       $ 31,000,000   $ 45,000,000
                         Drugs

 CULVER RIDGE PLAZA      Regal Cinema, AJ Wright, Petco Animal         22,500,000     30,500,000
                         Supplies

 CROSSROADS CENTRE       Tops Market, Stein Mart, Colonial Wine &      18,200,000     24,400,000
                         Spirits
 TOPS PLAZA -- UNION     Tops Market, Dollar Tree, Advance Auto        14,500,000     22,700,000
  ROAD                   Parts

 TOPS PLAZA --           Tops Market, Shanor Lighting Center,          10,420,000     14,800,000
  ROBINSON ROAD          Blockbuster

 TOPS PLAZA --           Tops Market, Hollywood Video,                 10,750,000     14,300,000
  JAMESTOWN              Progressive Casualty Insurance

 CHILLICOTHE PLACE       Kroger, Office Max, CVS Pharmacy               9,000,000     12,300,000

 MIDWAY PLAZA            Kroger, Buffalo's Cafe, Monterrey              8,900,000     11,500,000
                         Mexican Restaurant

 TOPS PLAZA -- ONTARIO   Tops Market, Secor Lumber, New York            6,370,000      9,200,000
                         Sports

 TOPS PLAZA -- WARSAW    Tops Market, Hollywood Video, Rent-Way         5,740,000      8,200,000

 NORTHCREEK COMMONS      Kroger, Dr. David Weaver, Southeast            5,700,000      7,500,000
                         Financial Credit Union

 TOPS PLAZA -- LE ROY    Tops Market, Blockbuster, Dollar Tree          5,100,000      7,000,000

 OXFORD PLACE            Kroger, PJ's Wine & Liquor, Tequila's          2,300,000      3,000,000
                         Mexican Bar
- -------------------------------------------------------------------------------------------------
 TOTAL/WEIGHTED AVERAGE                                              $150,480,000   $210,400,000


(1) At closing, the principal of the Borrowers, Developers Diversified Realty
Corporation, executed a Master Lease Agreement for each of the vacant spaces at
the properties for periods of either two years or four years. Hence, although
the individual properties are effectively 100% leased, the actual current
occupancies are: Panorama Plaza (94.8%), Culver Ridge Plaza (95.5%), Crossroads
Centre (87.6%), Tops Plaza -- Union Road (81.2%), Tops Plaza -- Robinson Road
(100.0%), Tops Plaza -- Jamestown (90.1%), Chillicothe Place (100.0%), Midway
Plaza (98.7%), Tops Plaza -- Ontario (100.0%), Tops Plaza -- Warsaw (93.7%),
Northcreek Commons (93.7%), Tops Plaza -- Le Roy (100.0%) and Oxford Place
(96.7%).

                                    16 of 74


                                 DDR PORTFOLIO

THE LOANS. The DDR Portfolio consists of 13 cross-collateralized and
cross-defaulted loans that are secured by first mortgages on the fee/leasehold
interests in 13 anchored retail shopping centers comprised of approximately
1,634,765 square feet. The loans financed the acquisition of the subject
properties. Developers Diversified Realty Corporation ("DDR") acquired 9 of the
13 properties in March 2004 as part of their purchase of Benderson Development
Company, Inc. In association with this financing, DDR formed a joint venture
with Kuwait Financial Centre S.A.K. ("Markaz") and Bank of Bahrain and Kuwait
B.S.C. ("BBK") investors. DDR purchased a 20% ownership interest in the joint
venture, while Markaz and BBK purchased the remaining 80% interest.

THE BORROWER. The borrowing entities are 100% owned by a joint venture between
Developers Diversified Realty Corporation ("DDR") and an investor group
controlled by Kuwait Financial Centre S.A.K. ("Markaz") and Bank of Bahrain and
Kuwait B.S.C. ("BBK"). DDR is the managing member and conducts all day-to-day
business operations of the joint venture, however, Markaz and BBK have approval
rights on all major decisions. DDR serves as the asset manager, property
manager, and leasing agent for the joint venture. DDR, a publicly traded REIT,
is one of the largest owners, operators and developers of shopping centers in
the United States. DDR currently owns and manages over 480 operating and
development properties totalling approximately 102 million square feet of real
estate in 44 states. As of August 12, 2004, DDR had a total market
capitalization of $7.6 billion and investment-grade senior unsecured corporate
credit ratings of Baa3/BBB by Moody's and S&P, respectively. Kuwait Financial
Centre S.A.K. was established in 1974, Markaz's experience in investing in U.S.
real estate dates back to 1978. In 1997, the company was listed on the Kuwait
Stock Exchange, and is now Kuwait's third largest public investment company.
BBK commenced operations in Bahrain in 1972. BBK is Bahrain's largest
commercial bank in terms of assets, and provides a full range of banking
services to businesses and individuals through its branch offices in Bahrain.

THE PROPERTIES. The DDR Portfolio consists of 13 anchored retail shopping
centers located in 5 states: New York, Ohio, Georgia, Mississippi and
Tennessee. The properties are: Panorama Plaza, Culver Ridge Plaza, Crossroads
Centre, Tops Plaza -- Union Road, Tops Plaza -- Robinson Road, Tops Plaza --
Jamestown, Chillicothe Place, Midway Plaza, Tops Plaza -- Ontario, Tops Plaza
- -- Warsaw, Northcreek Commons, Tops Plaza -- Le Roy and Oxford Place.

THE MARKETS(1).

Panorama Plaza
- --------------

Panorama Plaza is located in Rochester, Monroe County, New York. This location
is approximately 7 miles east of downtown Rochester in western New York State.
The subject property is located within the six-county Rochester Metropolitan
Statistical Area (MSA). The property is anchored by Tops Market. According to
The O'Brien Company, Tops Market is currently averaging approximately $323 in
annual sales per square foot at this location, providing an occupancy cost of
5.0 percent.

The subject's local area is composed of a broad variety of uses, single-family
homes, low to mid-rise apartments buildings, and light industrial, commercial,
retail and office uses. As of 2002, within a 5-mile radius of the subject
property reside 184,795 people (45,654 households) with an average household
income of $56,052. According to REIS, as of First Quarter 2004, the Southeast
Monroe submarket contains 18 neighborhood and community shopping centers that
comprise nearly 2.6 million square feet of space. The submarket is currently
exhibiting an overall vacancy rate of 7.7%.

Culver Ridge Plaza
- ------------------

Culver Ridge Plaza is located in Irondequoit, Monroe County, New York. This
location is approximately 10 miles north of downtown Rochester and located
within the six-county Rochester MSA. The property is anchored by Regal Cinema.
Regal Cinema's year-end 2003 sales per screen were $248,000, providing an
occupancy cost of 15.8 percent.

As of 2002, within a 3-mile radius of the subject property reside 106,088
people (42,858 households) with an average household income of $49,182. Within
a 5-mile radius of the subject property reside 268,695 people (112,930
households) with an average household income of $49,629. The Rochester
MSA/subject market's population is demographically attractive for the movie
theatre industry. In addition to being a medium income area, a high portion of
the population is single. Nearly 47% of Rochester MSA's population consists of
single people, while the national single population accounts for just 27% of
households nationally. According to REIS as of Second Quarter 2004, the
Irondequoit/Webster submarket contains 14 neighborhood and community shopping
centers that comprise more than 2.2 million square feet of space. The submarket
is currently exhibiting an overall vacancy rate of 3.9%.

Crossroads Centre
- -----------------

Crossroads Centre is located in Orchard Park, Erie County, New York, within the
greater Buffalo area. This location is approximately 3 miles southeast of
downtown Buffalo in Eastern New York State. The property is anchored by Tops
Market. According to The O'Brien Company, Tops Market is currently averaging
approximately $547 in annual sales per square foot at this location, providing
an occupancy cost of 2.5 percent.

Greater Buffalo is home to over 1 million people, with roughly 80% of this
population residing in Erie County. As an MSA in the mature phase of its
lifecycle, this area exhibits a combination of economic stoicism and gradual
decline. However, the demand for more homes and big-box development in the
Buffalo MSA market is not ceasing.

(1) Certain information was obtained from the various appraisals for the DDR
Portfolio. The appraisals rely upon many assumptions, and no representation is
made as to the accuracy of the assumptions underlying the appraisals.

                                    17 of 74



                                 DDR PORTFOLIO

The surrounding area is comprised of a mix of uses, including retail,
residential and light industrial. Directly northeast of the property is a
Lowe's Home Improvement center currently under construction. As of 2002, within
a 5-mile radius of the subject property reside 127,710 people (52,000
households) with an average household income of $59,463. According to REIS as
of Second Quarter 2004, the SW Lake Erie/West Seneca/East Aurora submarket
contains 29 neighborhood and community shopping centers that comprise more than
4.0 million square feet of space. It should be noted that per REIS, the
majority of the vacant space exists in retail centers constructed before 1989;
neighborhood and community shopping centers constructed after 1994 are
exhibiting vacancy rates of 4.4%.

Tops Plaza -- Union Road
- ------------------------

Tops Plaza -- Union Road located in Cheektowaga, Erie County, New York, within
the greater Buffalo area. This location is approximately 10 miles east of
Buffalo in western New York State. The property is anchored by Tops Market.
According to The O'Brien Company, Tops Market is currently averaging
approximately $480 in annual sales per square foot at this location, providing
an occupancy cost of 3.0 percent.

Greater Buffalo is home to over 1 million people, with roughly 80% of this
population residing in Erie County. As an MSA in the mature phase of its
lifecycle, this area exhibits a combination of economic stoicism and gradual
decline. However, the demand for more homes and big-box development in the
Buffalo MSA market is not ceasing.

Within the town of Cheektowaga, the subject is situated within the primary
retail section, which is characterized by various strip malls and freestanding
retail uses that line the major roadways in the area. As of 2002, within a
5-mile radius of the subject property reside 303,972 people (125,764
households) with an average household income of $50,565. According to REIS as
of Second Quarter 2004, the subject's submarket contains 35 neighborhood and
community shopping centers that comprise more than 3.5 million square feet of
space.

Tops Plaza -- Robinson Road
- ---------------------------

Tops -- Robinson Road is located in Amherst, Erie County, New York, within the
greater Buffalo area. This location is approximately 15 miles north of downtown
Buffalo in West New York. The property is anchored by Tops Market. According to
The O'Brien Company, Tops Market is currently averaging approximately $317 in
annual sales per square foot at this location, providing an occupancy cost of
2.7 percent.

Greater Buffalo is home to over 1 million people, with roughly 80% of this
population residing in Erie County. As an MSA in the mature phase of its
lifecycle, this area exhibits a combination of economic stoicism and gradual
decline. However, the demand for more homes and big-box development in the
Buffalo MSA market is not ceasing.

The area in which the subject is located is considered a stable and established
retail environment. Population, employment and housing trends are relatively
stable and are anticipated to remain relatively static over the next few years.
As of 2002, within a 5-mile radius of the subject property reside 167,565
people (67,783 households) with an average household income of $60,149.
According to REIS as of Second Quarter 2004, the Tonawanda/Niagra Falls
submarket contains 26 neighborhood and community shopping centers that comprise
more than 2.6 million square feet of space. The submarket is currently
exhibiting an overall vacancy rate of 5.4%.

Tops Plaza -- Jamestown
- -----------------------

Tops Plaza -- Jamestown is located in Jamestown, Chautauqua County, New York.
This location is approximately 75 miles south of downtown Buffalo in Southwest
New York State. The property is anchored by Tops Market. According to The
O'Brien Company, Tops Market is currently averaging approximately $236 in
annual sales per square foot at this location, providing an occupancy cost of
5.9 percent.

Although not directly a part of the Buffalo MSA, as a result of its proximity
to Buffalo, Jamestown is impacted by the MSA's performance. Greater Buffalo is
home to over 1 million people, with roughly 80% of this population residing in
Erie County. As an MSA in the mature phase of its lifecycle, this area exhibits
a combination of economic stoicism and gradual decline. However, the demand for
more homes and big-box development in the Buffalo MSA market is not ceasing.

The general area surrounding the subject is composed of a mix of uses,
including residential, commercial and agricultural. As of 2002, within a 5-mile
radius of the subject property reside 48,295 people (20,614 households) with an
average household income of $44,728. In the aggregate, the competitive market
contains approximately 321,521 square feet, and includes the subject property.
The weighted average total occupancy in subject's competitive centers is
approximately 96%.

Chillicothe Place
- -----------------

Chillicothe Place is located in Chillicothe, Ross County, Ohio. This location
is approximately 35 miles south of Columbus. The property is anchored by a
Kroger Supermarket. Kroger's year-end 2003 sales per square foot were $477 at
this location, providing an occupancy cost of 2.2 percent.

The subject is situated within the primary retail corridor of Chillicothe,
which is characterized by various strip malls, community centers and
freestanding retail uses that line North Bridge Street. As of 2003, within a
5-mile radius of the subject property reside 36,289 people (13,498 households)
with an average household income of $51,412. In the aggregate, the competitive
retail market (inclusive of the subject) consists of 8 retail properties
containing approximately 1,544,213 square feet. Occupancy for these properties
(including the subject) averages 94%.

                                    18 of 74




                                 DDR PORTFOLIO

Midway Plaza
- ------------

Midway Plaza is located in Loganville, Gwinnett County, Georgia. This location
is approximately 30 miles east of the Atlanta CBD. The property is anchored by
a Kroger Supermarket. Kroger's year-end 2003 sales per square foot were $461 at
this location, providing an occupancy cost of 2.3 percent.

The surrounding area is comprised of a mix of uses, including retail centers,
fast-food restaurants, freestanding retail buildings and gas stations. Land
uses along side streets tend to be single-family residences ranging in age from
10 to 40 years. In the aggregate, the competitive market (inclusive of the
subject) contains approximately 334,892 square feet. As of 2003, within a
5-mile radius of the subject property reside 75,067 people (24,893 households)
with an average household income of $84,598. According to REIS as of Second
Quarter 2004, the Lilburn/I-78 submarket contains 74 neighborhood and community
shopping centers that comprise more than 5.1 million square feet of space. The
submarket is currently exhibiting a vacancy rate of 9.6% for neighborhood
shopping centers.

Tops Plaza -- Ontario
- ---------------------

Tops Plaza -- Ontario is located in Ontario, Wayne County, New York. The
property is located within the greater Rochester area, approximately 25 miles
east of downtown Rochester in Northwestern New York State. The property is
anchored by Tops Market. According to The O'Brien Company, Tops Market is
currently averaging approximately $387 in annual sales per square foot at this
location, providing an occupancy cost of 2.7 percent.

Ontario is a moderately rural community that is situated approximately thirty
minutes from Rochester. Wayne County, in which Ontario is situated, is
considered part of the Rochester MSA. The subject property is the dominant
retail center in the immediate area and is well positioned to continue to serve
the community. As of 2002, within a 5-mile radius of the subject property
reside 16,976 people (6,285 households) with an average household income of
$65,216. The Rochester MSA is currently exhibiting similar vacancy rates in
comparison to the Northeast Region and the United States as a whole. The rate
of 7.8 percent in the MSA compares to 7.8 percent and 7.3 percent,
respectively, for the Northeast Region and the United States.

Tops Plaza -- Warsaw
- --------------------

Tops Plaza -- Warsaw is located in Warsaw, Wyoming County, New York. The
property is located in the northeastern quadrant of Wyoming County. This
location is approximately 46 miles southeast of downtown Buffalo and 44 miles
southwest of downtown Rochester, in Western New York State. The property is
anchored by Tops Market. According to The O'Brien Company, Tops Market is
currently averaging approximately $286 in annual sales per square foot at this
location, providing an occupancy cost of 3.5 percent.

Although Wyoming County does not constitute a part of an MSA, it is central to
many major markets. It is bordered by Genesee County (Rochester MSA) to the
north, Cattaraugus and Allegany Counties to the south, Livingston County
(Rochester MSA) to the east and Erie County (Buffalo MSA) to the west. The most
proximate retail districts to the subject are in Batavia (19 miles to the
north) and Geneseo (20 miles to the east), which are part of the Rochester MSA.


The subject property is the only retail center of its kind in its market,
anchored by a grocer and providing an additional complimentary tenant mix, in
its market. As of 2002, within a 10-mile radius of the subject property reside
27,157 people (8,921 households) with an average household income of $51,292.

Northcreek Commons
- ------------------

Northcreek Commons is located in Goodlettsville, Davidson County, Tennessee.
The property is located within the Nashville MSA and is approximately 14 miles
north of Nashville in Central Tennessee. The property is anchored by a Kroger
Supermarket. Kroger's year-end 2003 sales per square foot were $439 at this
location, providing an occupancy cost of 1.9 percent.

Nashville's economy is beginning to expand again after several quarters in
recession. Employment is generally well diversified, although several
industries are concentrated in the Nashville market (automotive, music and
health care), which help to stabilize the economy. Population growth in the
Nashville MSA is forecasted to be 1.25% per year through 2008.

Retail development in the immediate subject area is concentrated along
Longhollow Pike and Confederate and is especially heavy around major
intersections such as the subject intersection. As of 2003, within a 5-mile
radius of the subject property reside 62,848 people (26,318 households) with an
average household income of $55,766. According to REIS as of Second Quarter
2004, the North/Northeast submarket contains 45 neighborhood and community
shopping centers that comprise more than 4.3 million square feet of space. The
submarket is currently experiencing a vacancy rate of 10.5%


                                    19 of 74




                                 DDR PORTFOLIO

Tops Plaza -- Le Roy
- --------------------

Tops Plaza -- Le Roy is located in Le Roy, Genesee County, New York. The
property is located within the six-county Rochester MSA. This location is
approximately 28 miles southwest of downtown Rochester in Western New York
State. The property is anchored by Tops Market. According to The O'Brien
Company, Tops Market is currently averaging approximately $332 in annual sales
per square foot at this location, providing an occupancy cost of 3.0 percent.

The subject's area is well served by an effective local roadway system and
enjoys good regional access due to its proximity to I-90. As of 2002, within a
10-mile radius of the subject property reside 43,931 people (16,965 households)
with an average household income of $55,496. The subject is considered to be
the primary retail center of its kind in the Le Roy area. Although there is
secondary competition in the outlying neighborhoods, it is located a minimum of
10 miles from the subject property. In the aggregate, the competitive retail
market (inclusive of the subject) includes 6 retail properties containing
approximately 524,717 square feet.

Oxford Place
- ------------

Oxford Place is located in Oxford, Lafayette County, Mississippi. The Oxford,
Mississippi MSA is generally defined as Oxford and Lafayette County. The city
of Oxford is the county seat of Lafayette County and is located in the center
of the County. The property is anchored by a Kroger Supermarket.

Lafayette County population has grown 21.7% from 31,826 in 1990 to 38,744 in
2000. Oxford's population grew from 10,026 in 1990 to 11,756 in 2000, which is
an increase of 17.3%. The major employer within the county is the University of
Mississippi. While Oxford continues to be recognized as a residential
destination, Lafayette County has become a center of economic growth that
extends well beyond its boundaries.

The subject's local area appears to be in moderate growth state, reflecting the
overall economic conditions of the region. The area benefits by good
transportation linkages and reasonable economic diversity. The majority of land
uses along major arteries are commercial or industrial. Land uses along side
streets vary with mixed uses including small industrial and residential. As of
2003, within a 10-mile radius of the subject property reside 26,851 people
(9,865 households) with an average household income of $48,166. In the
aggregate, the competitive retail market (inclusive of the subject) includes 5
retail properties containing approximately 268,866 square feet.

ROYAL AHOLD (TOPS MARKETS) FINANCIAL PERFORMANCE. Royal Ahold N.V. (NYSE: AHO)
("Royal Ahold") serves over 40 million customers weekly and is the third
largest food retailer in the world. They operate six retail companies within
the United States: Stop & Shop, Giant-Landover, Giant-Carlisle, Tops Market,
BI-LO and Bruno's. Tops Market is the largest tenant in the DDR portfolio
(31.1% of total GLA) and currently operates 161 supermarkets in western New
York that dominate the region. The company has annual sales of approximately $3
billion and is one of the largest employers in the region. On February 24,
2003, Royal Ahold publicly admitted it had, over the prior three years,
knowingly engaged in various irregular accounting practices. Subsequently, the
company announced on May 8th, 2003 that the overstatement at U.S. Foodservice
was approximately $880 million over the three years ended December 2003. As a
result of the aforementioned events, in November 2003, Royal Ahold announced a
three-year strategic and financing plan. Royal Ahold has made strategic
decisions to focus its efforts on its remaining U.S. food retail operations,
including Stop & Shop, Giant-Landover, Giant-Carlisle, Tops Market, and Peapod,
positioning those companies for growth. AHO also established a goal of
returning to an investment grade credit profile by the end of 2005. Royal Ahold
is currently meeting these expectations and has made good progress in executing
the reorganization plan. Ahold's plan emphasizes a total overhaul of their
organization and control procedures. All of the employees currently charged
were previously terminated or resigned from the company last year. Royal Ahold
is currently rated BB by S&P and, on September 20th, 2004, Moody's upgraded the
company's credit rating to Ba3.

PROPERTY MANAGEMENT. The property manager of the DDR Portfolio properties is
Developers Diversified Realty Corporation ("DDR"), a related entity of the
borrowers. DDR, a publicly traded REIT, is one of the largest owners, operators
and developers of shopping centers in the United States. DDR currently owns and
manages over 460 operating and development properties totaling approximately
102 million square feet of real estate in 44 states. As of August 12, 2004, DDR
had a total market capitalization of $7.6 billion and investment-grade senior
unsecured corporate credit ratings of Baa3/BBB from Moody's and S&P
respectively.



                                    20 of 74



                                 DDR PORTFOLIO




                AGGREGATE LEASE ROLLOVER SCHEDULE

                 NUMBER       SQUARE      % OF
               OF LEASES      FEET         GLA        BASE RENT
 YEAR           EXPIRING    EXPIRING    EXPIRING(1)   EXPIRING(1)
- ------------- ----------- ------------ ----------- --------------

   VACANT(1)     NAP               0        0.0%         NAP

 2004 & MTM       2            4,600        0.3     $    59,448

     2005         26          81,069        5.0         945,951

     2006         51         161,997        9.9       2,233,784

     2007         36         137,541        8.4       1,521,694

     2008         27         136,346        8.3       1,423,444

     2009         25          74,552        4.6       1,017,139

     2010         4           94,527        5.8         670,233

     2011         6           31,680        1.9         440,895

     2012         7          132,781        8.1       1,065,158

     2013         6          125,222        7.7       1,437,095

     2014         5          109,176        6.7       1,329,658

    AFTER         16         545,274       33.4       4,896,952

 ---------       ---         -------      -----     -----------

    TOTAL        211       1,634,765      100.0%    $17,041,451




                % OF BASE    CUMULATIVE    CUMULATIVE    CUMULATIVE    CUMULATIVE %
                  RENT      SQUARE FEET     % OF GLA     BASE RENT    OF BASE RENT
 YEAR           EXPIRING     EXPIRING(1)   EXPIRING(1)   EXPIRING      EXPIRING
- ------------- ------------ ------------- ------------- ------------- --------------

   VACANT(1)      NAP                0         0.0%         NAP           NAP

 2004 & MTM         0.3%         4,600         0.3%     $    59,448         0.3%

     2005           5.6         85,669         5.2%     $ 1,005,399         5.9%

     2006          13.1        247,666        15.1%     $ 3,239,183        19.0%

     2007           8.9        385,207        23.6%     $ 4,760,877        27.9%

     2008           8.4        521,553        31.9%     $ 6,184,321        36.3%

     2009           6.0        596,105        36.5%     $ 7,201,460        42.3%

     2010           3.9        690,632        42.2%     $ 7,871,693        46.2%

     2011           2.6        722,312        44.2%     $ 8,312,588        48.8%

     2012           6.3        855,093        52.3%     $ 9,377,746        55.0%

     2013           8.4        980,315        60.0%     $10,814,841        63.5%

     2014           7.8      1,089,491        66.6%     $12,144,499        71.3%

    AFTER          28.7      1,634,765       100.0%     $17,041,451       100.0%

 ---------        -----      ---------       -----      -----------       -----

    TOTAL         100.0%


(1) At closing, the principal of the Borrowers, Developers Diversified Realty
Corporation, executed a Master Lease Agreement for each of the vacant spaces at
the properties for periods of either two years or four years. Hence, although
the individual properties are effectively 100% leased, the actual current
occupancies are: Panorama Plaza (94.8%), Culver Ridge Plaza (95.5%), Crossroads
Centre (87.6%), Tops Plaza -- Union Road (81.2%), Tops Plaza -- Robinson Road
(100.0%), Tops Plaza -- Jamestown (90.1%), Chillicothe Place (100.0%), Midway
Plaza (98.7%), Tops Plaza -- Ontario (100.0%), Tops Plaza -- Warsaw (93.7%),
Northcreek Commons (93.7%), Tops Plaza -- Le Roy (100.0%) and Oxford Place
(96.7%).

                                    21 of 74



                                 DDR PORTFOLIO

[MAP OF DDR PORTFOLIO PROPERTIES OMITTED]



                                    22 of 74



                                 DDR PORTFOLIO

[4 MAPS OF DDR PORTFOLIO PROPERTIES OMITTED]



                                    23 of 74


                                 DDR PORTFOLIO

[4 MAPS OF DDR PORTFOLIO PROPERTIES OMITTED]



                                    24 of 74


                                 DDR PORTFOLIO

[4 MAPS OF DDR PORTFOLIO PROPERTIES OMITTED]



                                    25 of 74


                                 DDR PORTFOLIO

[MAP OF DDR PORTFOLIO PROPERTY OMITTED]



                                    26 of 74



                                LAS OLAS CENTRE

[2 PHOTOS OF LAS OLAS CENTRE OMITTED]





                                    27 of 74


                                LAS OLAS CENTRE




                      MORTGAGE LOAN INFORMATION
- ----------------------------------------------------------------------

 ORIGINAL PRINCIPAL BALANCE:         $98,980,000

 CUT-OFF DATE PRINCIPAL BALANCE:     $98,980,000

 % OF POOL BY IPB:                   6.5%

 LOAN SELLER:                        Nomura Credit & Capital, Inc.

 BORROWER:                           ELO Associates II, Ltd.

 SPONSOR:                            CRT Properties, Inc.

 ORIGINATION DATE:                   11/24/04

 INTEREST RATE:                      5.3200%

 INTEREST ONLY PERIOD:               120 Months

 MATURITY DATE:                      12/11/14

 AMORTIZATION TYPE:                  Interest-Only

 ORIGINAL AMORTIZATION:              NAP

 REMAINING AMORTIZATION:             NAP

 CALL PROTECTION:                    L(24),Def(90),O(6)

 CROSS-COLLATERALIZATION:            No

 LOCK BOX:                           Soft

 ADDITIONAL DEBT:                    No

 ADDITIONAL DEBT TYPE:               NAP

 LOAN PURPOSE:                       Acquisition





                  ESCROWS
- -------------------------------------------

 ESCROWS/RESERVES:    INITIAL    MONTHLY
                     --------    -------
 CAPEX:              $      0    $11,721
 REQUIRED REPAIRS:   $132,625    $     0
 TILC:               $      0    $39,070





              PROPERTY INFORMATION
- -------------------------------------------------

 SINGLE ASSET/PORTFOLIO:   Single Asset

 TITLE:                    Fee

 PROPERTY TYPE:            Office -- CBD

 SQUARE FOOTAGE:           468,843

 LOCATION:                 Ft. Lauderdale, FL

 YEAR BUILT/RENOVATED:     1996/1999

 OCCUPANCY:                86.2%

 OCCUPANCY DATE:           09/01/04

 NUMBER OF TENANTS:        42

 HISTORICAL NOI:

     2002:                 $7,324,268

     2003:                 $7,754,299

     TTM AS OF 8/31/04:    $8,464,240

 UW REVENUES:              $14,816,719

 UW EXPENSES:              $6,170,458

 UW NOI:                   $8,646,261

 UW NET CASH FLOW:         $7,802,344

 APPRAISED VALUE:          $131,000,000

 APPRAISAL DATE:           10/11/04





            FINANCIAL INFORMATION
- ----------------------------------------------

 CUT-OFF DATE LOAN/SF:     $211

 CUT-OFF DATE LTV:         75.6%

 MATURITY DATE LTV:        75.6%

 UW DSCR:                  1.46x






                           SIGNIFICANT TENANTS
 TENANT NAME                           PARENT COMPANY
- ------------------------------------- ------------------------------------

 NATIONSRENT(2)                       NationsRent

 AKERMAN, SENTERFITT & EIDSON         Akerman, Senterfitt & Eidson

 GMC LAND SERVICES OF FLORIDA, INC.   GMC Land Services of Florida, Inc.

 KPMG INTERNATIONAL                   KPMG International

 WACHOVIA BANK                        Wachovia Corp. (NYSE: WB)




                                                                                        LEASE
                                        MOODY'S/    SQUARE      % OF     BASE RENT   EXPIRATION
 TENANT NAME                              S&P(1)     FEET       GLA         PSF         YEAR
- ------------------------------------- ----------- --------- ---------- ------------ -----------

 NATIONSRENT(2)                           B2/B+    44,705        9.54%    $ 18.79       2006

 AKERMAN, SENTERFITT & EIDSON             NAP     35,055        7.48%    $ 20.87       2009

 GMC LAND SERVICES OF FLORIDA, INC.       NAP     30,550        6.52%    $ 18.00       2009

 KPMG INTERNATIONAL                       NAP     30,172        6.44%    $ 23.30    2007/2012(3)

 WACHOVIA BANK                           Aa3/A    26,131        5.57%    $ 20.38    2009/2012(4)


(1) Ratings provided are for the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.

(2)  NationsRent subleases its two spaces from AutoNation and ESA Management,
Inc. Lease terms presented reflect the terms of the sublessor.

(3) 17,533 SF expires in 2007. 12,639 SF has been subleased to Rachlin Cohen &
Holtz LLP and expires in 2012.

(4)  2,750 SF expires in 2009; 23,381 SF expires in 2012.


                                    28 of 74


                                LAS OLAS CENTRE

THE LOAN. The Las Olas Centre loan is secured by a first mortgage on a fee
interest in 2 office buildings that total 468,843 square feet,
located in Ft. Lauderdale, Florida. The loan financed the acquisition of the
subject property.

THE BORROWER. The borrowing entity is ELO Associates II, Ltd., owned by CRT
Properties Inc. (NYSE: CRO), formerly Koger Equity, Inc., a self-administered,
self-managed equity real estate investment trust that develops, owns, operates,
leases and manages office buildings in metropolitan areas in the Southeastern
United States and Texas. In addition CRT Properties Inc. provides leasing,
management, and other customary tenant-related services for office projects. As
of September 30, 2004, its portfolio of assets consisted of 133 office
buildings totaling 10.5 million rentable square feet. As of September 30, 2004,
CRT Properties Inc. reported a net worth and liquidity of $495,560,000 and
$18,869,000 respectively.

THE PROPERTY. The Las Olas Centre is an office/retail facility comprised of two
buildings originally constructed in two phases in 1996 (450 E. Las Olas
Boulevard building) and 1999 (350 E. Las Olas Boulevard building). The property
is situated on a rectangular-shaped land parcel of approximately 3.4 acres. The
property is located in Ft. Lauderdale's Central Business District on the south
side of East Las Olas Boulevard between Southeast 3rd Avenue on the west and
Southeast 5th Avenue (New River Drive) on the east.

The 14 story 450 E. Las Olas Boulevard building features a total net rentable
floor area of approximately 209,746 square feet, of which 34,385 square feet is
retail on the ground floor. 450 E. Las Olas Boulevard has a current occupancy
of 83.9%. The 350 E. Las Olas Boulevard building features a total net rentable
floor area of approximately 259,097 square feet, of which 18,118 is retail on
the ground floor. 350 E. Las Olas Boulevard has a current occupancy of 88.5%.
The total net rentable floor area of the property is approximately 468,843
square feet with 11 major service industry (law, accounting, financial
services) tenants leasing almost 60% of that space on single-tenant floors,
while retail tenants lease 49,789 square feet of that space at grade level.
Overall occupancy for the property equals 86.2%.

THE MARKET(1).  The subject property is located on E. Las Olas Boulevard in the
Ft. Lauderdale Central Business District. It is situated just east of the
cultural and arts and entertainment area of the central business district in an
area estimated to be about 95 percent developed. The subject is located at one
of the prominent intersections in downtown Fort Lauderdale and enjoys excellent
visibility. Land uses in the immediate subject neighborhood consist
predominantly of office buildings including SunTrust Center, SouthTrust Center,
New River Center, First Union Center and One Financial Center. Located to the
west are multiple new riverfront condominium developments. Near the subject is
the city garage, the main branch of the Broward County Library, as well as the
Broward County governmental building. Downtown Fort Lauderdale's waterfront
lifestyle has recently attracted a residential boom. Over 3,000
multi-family/condominium residences have been built or are under construction,
and an additional 2,000 units are planned. The marketplace conversion from
potential commercial to residential use has created additional barriers to
entry for future office developers.

Cushman & Wakefield has reported that the Florida metropolitan areas continue
to be the most rapidly recovering office markets in the country and are
projected to rank as the leading markets over the next two years. Through
mid-year, the Florida markets (Orlando, Palm Beach, Fort Lauderdale, Tampa,
Pinellas) have combined for a total of 2,500,000 square feet of positive
absorption, nearly one third of the total positive absorption across the
country. Analysis of Claritas data indicates that the neighborhood has and is
expected to continue to experience population growth. Population within the
property's one-, three-, and five-mile rings increased at annual compounded
growth rates of 0.54, 0.24 and 0.59 percent respectively over the past three
years (2000-2003). Additionally, the one-, three-, and five-mile populations
are projected to increase at annual rates of 0.69, 0.43, and 0.76 percent
respectively over the next five years (2003-2008). The property's one-mile
population is the most affluent of the rings, with 2003 average household
income estimated at $65,605. This compares favorably to the average household
income for the Fort Lauderdale MSA, estimated at $63,742, and to the State of
Florida, estimated at $59,341 for 2003. Demographics indicate that the
neighborhood is in a stable stage and is projected to continue to experience
limited infill development with little socioeconomic change.

Broward County's office market has exhibited resilience and strength as
indicated by the figures posted at mid-year 2004. The overall net absorption
realized was positive 147,933 square feet, a vast improvement from the negative
284,821 square feet, reached this same time last year, and was aided by leasing
activity of 1,570,000 square feet. As the South Florida market experiences an
expanding economy, areas such as West Broward are reaping the benefits of an
upward economic turn. As of the second quarter 2004, Broward county had a
direct vacancy rate of 16.2%. Cushman & Wakefield has analyzed recent leases
negotiated in competitive buildings in the marketplace, which range from $15.70
to $26.50 per square foot, with an average of $19.48 for office space; and
range from $22.00 to $40.00 per square foot, with an average of $30.50 for
retail space.

NATIONSRENT FINANCIAL PERFORMANCE. Headquartered at 450 Las Olas Centre,
NationsRent is the subject property's largest tenant. NationsRent is one of the
country's leading construction equipment rental companies. The company operates
in more than 260 locations (over 90 of which are at Lowe's Home Improvement
locations) in 26 states. NationsRent has reorganized its operations to lift
itself out of bankruptcy. The equipment rental company, which emerged from
Chapter 11 protection in 2003 with a $150,000,000 senior secured revolving
credit facility from a syndicate of lenders, has expanded rapidly through
acquisitions. The Baupost Group and Phoenix Rental Partners control NationsRent
and have invested $80,000,000 of new capital into the company.

PROPERTY MANAGEMENT. The property manager, Stiles Property Management, oversees
over 6.9 million square feet of office, industrial, and retail space including
such notable Florida properties as Sawgrass International Corporate Park, Las
Olas City Centre, Sunrise Harbor, SunTrust International Center, and many
retail shopping centers. Stiles Property Management's expertise ranges from
regional shopping centers to class "A" office buildings, corporate parks, and
more. The Stiles Corporation has its headquarters at 300 SE 2nd Street in Ft.
Lauderdale, Florida.

(1) Certain information was obtained from the Las Olas Centre appraisal dated
October 11, 2004. The appraisal relies upon many assumptions, and no
representation is made as to the accuracy of the assumptions underlying the
appraisal.


                                    29 of 74


                                LAS OLAS CENTRE




                  LEASE ROLLOVER SCHEDULE
                 NUMBER      SQUARE      % OF
               OF LEASES     FEET        GLA      BASE RENT
 YEAR           EXPIRING   EXPIRING   EXPIRING    EXPIRING
- ------------- ----------- ---------- ---------- ------------

 VACANT           6         64,770       13.8%   $        0

 2004 & MTM       1          1,296        0.3        28,812

 2005             6         13,037        2.8       298,573

 2006             9         89,350       19.1     1,872,036

 2007             7         56,012       11.9     1,310,124

 2008             2         11,318        2.4       202,068

 2009             10       143,112       30.5     2,866,144

 2010             3         20,294        4.3       463,240

 2011             4         14,570        3.1       417,564

 2012             4         55,084       11.7     1,248,648

 2013             0              0        0.0             0

 2014             0              0        0.0             0

 BEYOND           0              0        0.0             0

- ------------------------------------------------------------

 TOTAL            52       468,843      100.0%   $8,707,209




                % OF BASE    CUMULATIVE    CUMULATIVE    CUMULATIVE    CUMULATIVE %
                  RENT      SQUARE FEET     % OF GLA     BASE RENT    OF BASE RENT
 YEAR           EXPIRING      EXPIRING      EXPIRING      EXPIRING      EXPIRING
- ------------- ------------ ------------- ------------- ------------- --------------

 VACANT             0.0%       64,770         13.8%     $        0          0.0%

 2004 & MTM         0.3        66,066         14.1%     $   28,812          0.3%

 2005               3.4        79,103         16.9%     $  327,385          3.8%

 2006              21.5       168,453         35.9%     $2,199,421         25.3%

 2007              15.0       224,465         47.9%     $3,509,545         40.3%

 2008               2.3       235,783         50.3%     $3,711,613         42.6%

 2009              32.9       378,895         80.8%     $6,577,757         75.5%

 2010               5.3       399,189         85.1%     $7,040,997         80.9%

 2011               4.8       413,759         88.3%     $7,458,561         85.7%

 2012              14.3       468,843        100.0%     $8,707,209        100.0%

 2013               0.0       468,843        100.0%     $8,707,209        100.0%

 2014               0.0       468,843        100.0%     $8,707,209        100.0%

 BEYOND             0.0       468,843        100.0%     $8,707,209        100.0%

- --------------------------------------------------------------------------------

 TOTAL            100.0%



                                    30 of 74


                                LAS OLAS CENTRE

[PHOTO OF LAS OLAS CENTRE OMITTED]





                                     31 of 74


                                LAS OLAS CENTRE

[MAP OF LAS OLAS CENTRE OMITTED]






                                     32 of 74



                                LAS OLAS CENTRE

[GRAPHIC OF 350 LAS OLAS CENTRE STACKING PLAN OMITTED]




Note: This exhibit is provided for illustrative purposes only. The actual
building area is not necessarily drawn to scale.

                                     33 of 74


                                LAS OLAS CENTRE

[GRAPHIC OF 450 LAS OLAS CENTRE STACKING PLAN OMITTED]




Note: This exhibit is provided for illustrative purposes only. The actual
building area is not necessarily drawn to scale.



                                     34 of 74


                             345 PARK AVENUE SOUTH

[2 PHOTOS OF 345 PARK AVENUE SOUTH OMITTED]




                                     35 of 74



                             345 PARK AVENUE SOUTH






                    MORTGAGE LOAN INFORMATION
- -----------------------------------------------------------------

 ORIGINAL PRINCIPAL BALANCE:       $75,000,000

 CUT-OFF DATE PRINCIPAL BALANCE:   $75,000,000

 % OF POOL BY IPB:                 4.9%

 LOAN SELLER:                      JPMorgan Chase Bank, N.A.

 BORROWER:                         345 Park Avenue South, LLC

 SPONSOR:                          RFR Holding LLC

 ORIGINATION DATE:                 12/08/04

 INTEREST RATE:                    5.2381%

 INTEREST ONLY PERIOD:             36 Months

 MATURITY DATE:                    01/01/15

 AMORTIZATION TYPE:                IO-Balloon

 ORIGINAL AMORTIZATION:            360 Months

 REMAINING AMXORTIZATION:          360 Months

 CALL PROTECTION:                  L(23),Def(95),O(2)

 CROSS-COLLATERALIZATION:          No

 LOCK BOX:                         No

 ADDITIONAL DEBT:                  $5,000,000

 ADDITIONAL DEBT TYPE:             B-Note

 LOAN PURPOSE:                     Refinance






                 ESCROWS
- ------------------------------------------

 ESCROWS/RESERVES:   INITIAL    MONTHLY
                     ------------------

 TAXES:              $0        $122,149

 INSURANCE:          $0              $0

 CAPEX:              $0          $4,539

 OTHER(1):           $0        $452,702






            PROPERTY INFORMATION
- --------------------------------------------

 SINGLE ASSET/PORTFOLIO:   Single Asset

 TITLE:                    Fee

 PROPERTY TYPE:            Office -- CBD

 SQUARE FOOTAGE:           272,348

 LOCATION:                 New York, NY

 YEAR BUILT/RENOVATED:     1913/1999

 OCCUPANCY:                97.2%

 OCCUPANCY DATE:           10/05/04

 NUMBER OF TENANTS:        8

 HISTORICAL NOI:

   2002:                   $4,809,989

   2003:                   $6,050,351

   TTM AS OF 8/31/04:      $6,364,404

 UW REVENUES:              $11,468,713

 UW EXPENSES:              $4,304,808

 UW NOI:                   $7,163,906

 UW NET CASH FLOW:         $6,719,848

 APPRAISED VALUE:          $100,000,000

 APPRAISAL DATE:           11/11/04






       FINANCIAL INFORMATION
- -----------------------------------

 CUT-OFF DATE LOAN/SF:   $ 275

 CUT-OFF DATE LTV:        75.0%

 MATURITY DATE LTV:       66.7%

 UW DSCR:                 1.35x








                          SIGNIFICANT TENANTS

 TENANT NAME                        PARENT COMPANY
- ---------------------------------- -------------------------------------

 BILL COMMUNICATIONS(3)            VNU N.V.

 NEW YORK LAW PUBLISHING COMPANY   The New York Law Publishing Company

 NATURE AMERICA INC.               Nature America Inc.

 ST. MARTIN'S PRESS                St. Martin's Press, LLC

 STAPLES                           Staples, Inc.





                                                                                      LEASE
                                      MOODY'S/    SQUARE      % OF     BASE RENT   EXPIRATION
 TENANT NAME                           S&P(2)      FEET       GLA         PSF         YEAR
- ---------------------------------- ------------ --------- ---------- ------------ -----------

 BILL COMMUNICATIONS(3)              Baa1/BBB    135,248      49.7%    $ 25.22    2011

 NEW YORK LAW PUBLISHING COMPANY        NR        66,975      24.6%    $ 25.56    2008

 NATURE AMERICA INC.                    NR        22,058       8.1%    $ 21.52    2005

 ST. MARTIN'S PRESS                     NR        22,058       8.1%    $ 21.25    2005

 STAPLES                            Baa2/BBB-      8,800       3.2%    $ 40.60    2008



(1) Springing TILC reserve.

(2) Ratings provided are for the entity listed in the "Parent Company" field
    whether or not the parent company guarantees the lease.

(3) Bill Communications subleases its space to Digitas and Intermedia
    Advertising.


                                     36 of 74


                             345 PARK AVENUE SOUTH

THE LOAN. The 345 Park Avenue South loan is secured by a first mortgage
interest in a 272,348 square foot office building located in
New York City, New York.

THE BORROWER. The borrower is 345 Park Avenue South, LLC a newly formed special
purpose entity, which is equally owned by Aby Rosen, Michael Fuchs, and Harry
Lis. Aby Rosen and Michael Fuchs are the sole owners of RFR Holding LLC. The
Frankfurt based Rosen and Fuchs families have been involved in real estate
investment and development in Europe for the last 50 years.

RFR Holding LLC is a privately held real estate investment, development, and
management company based in Manhattan. RFR Holding LLC established its
operation in the United States in 1991 and, through various affiliates,
presently controls 25 commercial properties with more than 5 million square
feet of office and retail space, 18 of which are in New York, and 2,500 luxury
residential apartments. It operates fully integrated construction, property and
asset management, and leasing companies within its organization. Representative
properties include: The Seagram Building, Lever House, 400 Park Avenue, 757
Third Avenue, 17 State Street, and 99 Wall Street.

THE PROPERTY. 345 Park Avenue South is a 272,348 square foot, class B office
building with groundfloor retail space located in Manhattan, in the city and
state of New York. The subject contains 12 stories and includes 242,639 square
feet of office space, 15,809 square feet of retail space, and 13,900 square
feet of below grade storage space. The subject was constructed in 1913 and was
improved with an upgraded lobby and facade, renovated lavatories, new
thermopane windows, elevators, roof, sidewalks, and boiler heating system
between 1990 and 1995. The office tenants include Bill Communications, New York
Law Publishing Company, St. Martin's Press, and Nature America, Inc. Bank of
America recently executed a 15 year lease to open a branch at the subject.
Staples is the other retail tenant.

345 Park Avenue South is easy to access as it is in close proximity to the 6,
N, and R New York subway lines. Vehicle access is also provided by the bounding
streets of Park Avenue South and East 25th and East 26th streets. The subject
property is situated approximately one half of a mile west of the entrance to
the Queens Midtown Tunnel, which provides direct access to Queens and Long
Island for both commercial and passenger vehicles.

As of October 5, 2004, 345 Park Avenue South is 97.2% occupied. The subject's
office rents range from $18.50 per square foot to $36.00 per square foot, with
sublease rents ranging from $38.00 per square foot to $42.00 per square foot.
The subject's retail rents are $40.60 per square foot and $130.00 per square
foot.

THE MARKET(1). 345 Park Avenue South is located on the east side of Park Avenue
South between 25th and 26th Streets in Gramercy Park in Midtown Manhattan, New
York. The subject property is situated along a densely developed commercial
strip. The development includes mid-rise office buildings, some hotels, and
concentrations of grade level retail along the major cross streets and avenues.
On the side streets to the east and west of 345 Park Avenue South, development
consists mainly of low- to mid-rise brownstone residences and apartment
buildings along the cross streets.

In 2003, the population in New York City was 8,139,874 and the population in
Manhattan was 1,552,337. The average household income in New York City in 2003
was $92,880. The New York City metropolitan area has the greatest total
effective buying income in the nation and the greatest number of households in
the nation with effective buying power of greater than $150,000.

There are 1,039 office buildings in the midtown south office market containing
91.1 million square feet of space. The Gramercy submarket contains 241 office
buildings with an aggregate rental area of approximately 25.7 million square
feet. Gramercy is the second largest of the five midtown south submarkets, and
represents approximately 28.3% of the entire midtown south inventory. As of
third quarter 2004, the midtown south office vacancy rate is 9.0%. Excluding
sublet space, the vacancy rate is 7.6%. Vacancy in the Gramercy Park office
submarket is 6.6%. Excluding sublet space, the vacancy rate is 5.0%. As of
third quarter 2004, the average asking rent in the Midtown south office market
is $31.63 per square foot, while the average asking rent in the Gramercy office
submarket is $33.12 per square foot.

Occupancy rates for the subject property's office comps ranged from 87.9% to
99.0%, with an average occupancy of 93.6%. Rent for the
subject's office comps ranged from $31.00 per square foot to $45.00 per square
foot.

New York City is a major retail market and has one of the largest sales volumes
of any city in the nation. The Manhattan market contains approximately 45 to 50
million square feet of space, with approximately 80% of Manhattan's retail
space as street level shops. Retail rents in the subject's submarket range from
$50 per square feet to $200 per square feet, depending on location and size.
The subject's retail comps rent rates ranged from $82.50 per square foot to
$150.00 per square foot.

PROPERTY MANAGEMENT. The property will be managed by RFR Realty LLC, an
affiliate of the borrower.


(1) Certain information was obtained from the 345 Park Avenue South appraisal
    dated November 11, 2004. The appraisal relies upon many assumptions, and no
    representation is made as to the accuracy of the assumptions underlying the
    appraisal.


                                     37 of 74


                             345 PARK AVENUE SOUTH




                                                     LEASE ROLLOVER SCHEDULE
                NUMBER                                                      CUMULATIVE   CUMULATIVE
                  OF       SQUARE                             % OF BASE      SQUARE        % OF       CUMULATIVE    CUMULATIVE %
                LEASES      FEET      % OF GLA    BASE RENT      RENT          FEET          GLA       BASE RENT    OF BASE RENT
 YEAR          EXPIRING   EXPIRING    EXPIRING    EXPIRING     EXPIRING      EXPIRING     EXPIRING      EXPIRING      EXPIRING
- ----------------------------------------------------------------------------------------------------------------------------------

 VACANT          NAP        7,500        2.8%        NAP       NAP             7,500          2.8%        NAP        NAP
 2004 & MTM       0             0        0.0     $        0        0.0%        7,500          2.8%    $        0          0.0%
 2005             3        46,316       17.0        954,421       13.0        53,816         19.8%    $  954,421         13.0%
 2006             0             0        0.0              0        0.0        53,816         19.8%    $  954,421         13.0%
 2007             0             0        0.0              0        0.0        53,816         19.8%    $  954,421         13.0%
 2008             5        75,775       27.8      2,069,078       28.2       129,591         47.6%    $3,023,499         41.1%
 2009             1           500        0.2          3,000        0.0       130,091         47.8%    $3,026,499         41.2%
 2010             0             0        0.0              0        0.0       130,091         47.8%    $3,026,499         41.2%
 2011             5       135,257       49.7      3,411,932       46.4       265,348         97.4%    $6,438,431         87.6%
 2012             0             0        0.0              0        0.0       265,348         97.4%    $6,438,431         87.6%
 2013             0             0        0.0              0        0.0       265,348         97.4%    $6,438,431         87.6%
 2014             0             0        0.0              0        0.0       265,348         97.4%    $6,438,431         87.6%
 AFTER            1         7,000        2.6        910,000       12.4       272,348        100.0%    $7,348,431        100.0%
- ----------------------------------------------------------------------------------------------------------------------------------
                 15       272,348      100.0%    $7,348,431      100.0%



                                     38 of 74


                             345 PARK AVENUE SOUTH

[MAP OF 345 PARK AVENUE SOUTH OMITTED]


                                     39 of 74



                             345 PARK AVENUE SOUTH

[GRAPHIC OF 345 PARK AVENUE SOUTH STACKING PLAN OMITTED]




Note: This exhibit is provided for illustrative purposes only. The actual
building area is not necessarily drawn to scale.

                                     40 of 74


                           CROSSROADS SHOPPING CENTER

[2 PHOTOS OF CROSSROADS SHOPPING CENTER OMITTED]




                                     41 of 74


                           CROSSROADS SHOPPING CENTER




                      MORTGAGE LOAN INFORMATION
- ----------------------------------------------------------------------

 ORIGINAL PRINCIPAL BALANCE:         $64,000,000

 CUT-OFF DATE PRINCIPAL BALANCE:     $64,000,000

 % OF POOL BY IPB:                   4.2%

 LOAN SELLER:                        JPMorgan Chase Bank, N.A.

 BORROWER:                           Crossroads II, LLC and
                                     Crossroads Joint Venture, LLC

 SPONSOR:                            Westport Holdings, LLC

 ORIGINATION DATE:                   11/09/04

 INTEREST RATE:                      5.3700%

 INTEREST ONLY PERIOD:               36 Months

 MATURITY DATE:                      12/01/14

 AMORTIZATION TYPE:                  IO-Balloon

 ORIGINAL AMORTIZATION:              360 Months

 REMAINING AMORTIZATION:             360 Months

 CALL PROTECTION:                    L(24),Def(93),O(3)

 CROSS-COLLATERALIZATION:            No

 LOCK BOX:                           Hard

 ADDITIONAL DEBT:                    No

 ADDITIONAL DEBT TYPE:               NAP

 LOAN PURPOSE:                       Refinance





                   ESCROWS
- ----------------------------------------------

 ESCROWS/RESERVES:     INITIAL      MONTHLY
                     ----------    --------
 TAXES:              $1,065,558    $125,281

 CAPEX:                      $0      $3,883

 REQUIRED REPAIRS:       $6,094          $0

 TI/LC:                      $0     $12,944





               PROPERTY INFORMATION
- --------------------------------------------------

 SINGLE ASSET/PORTFOLIO:    Single Asset

 TITLE:                     Fee

 PROPERTY TYPE:             Retail -- Anchored

 SQUARE FOOTAGE:            310,919

 LOCATION:                  White Plains, NY

 YEAR BUILT/RENOVATED:      1979/1997

 OCCUPANCY:                 96.6%

 OCCUPANCY DATE:            10/27/04

 NUMBER OF TENANTS:         38

 HISTORICAL NOI:

     2002:                  $4,929,740

     2003:                  $5,544,829

     TTM AS OF 11/1/2004:   $5,562,909

 UW REVENUES:               $8,085,639

 UW EXPENSES:               $2,592,187

 UW NOI:                    $5,493,452

 UW NET CASH FLOW:          $5,244,035

APPRAISED VALUE:           $80,000,000

APPRAISAL DATE:            10/22/04





       FINANCIAL INFORMATION
- -----------------------------------

 CUT-OFF DATE LOAN/SF:   $ 206

 CUT-OFF DATE LTV:        80.0%

 MATURITY DATE LTV:       71.4%

 UW DSCR:                 1.22x





                            SIGNIFICANT TENANTS

 TENANT NAME                PARENT COMPANY
- -----------------------------------------------------------------------------

 K-MART                     K-Mart Corporation
 WALDBAUMS INC.             The Great Atlantic & Pacific Tea Company, Inc.
 MODELL'S                   Modell's Sporting Goods
 PAY-HALF                   Pay-Half
 BARNES & NOBLE BOOKSTORE   Barnes & Noble Inc.




                                                                BASE       LEASE
                              MOODY'S/    SQUARE      % OF      RENT     EXPIRATION
 TENANT NAME                    S&P(1)     FEET       GLA       PSF         YEAR
- -------------------------------------------------------------------------------------

 K-MART                          NR     100,725   32.4%        $5.62          2012

 WALDBAUMS INC.               Caa1/B-    38,208   12.3%       $13.19          2007

 MODELL'S                        NR      25,000    8.0%        $7.75          2009

 PAY-HALF                        NR      15,000    4.8%       $23.00          2016

 BARNES & NOBLE BOOKSTORE      Ba3/NR    12,430    4.0%       $27.83          2012


(1) Ratings provided are for the entity listed in the "Parent Company" field
    whether or not the parent company guarantees the lease.


                                     42 of 74


                           CROSSROADS SHOPPING CENTER

THE LOAN. The Crossroads Shopping Center loan is secured by a first mortgage
interest in a 310,919 square foot anchored retail center
located in White Plains, New York.

THE BORROWER. The borrowing entities are Crossroads Joint Venture, LLC and
Crossroads II, LLC. Crossroads Joint Venture, LLC is owned by Crossroads Joint
Venture and Crossroads II, LLC is owned by Crossroads II. Crossroads Joint
Venture and Crossroads II are both New York partnerships and are owned by
Heyman-Greenburgh Associates, LLC (50% ownership), Acadia Crossroads, LLC (49%
ownership), and Robert Martin Company, LLC (1% ownership).

Heyman-Greenburgh Associates, LLC is an affiliate of Heyman Properties. Heymen
Properties is a third generation real estate developer of commercial real
estate in the northeastern United States. Samuel J. Heyman is the principal of
Heyman Properties and oversees a multi-billion dollar portfolio of business and
personal investments on behalf of the Heyman family. This portfolio consists of
a diverse mix of real estate investments managed by Heyman Properties,
ownership of two manufacturing companies, International Specialty Products,
Inc. and Building Materials Corporation of America, and an actively managed
hedge fund. The Heyman portfolio currently consists of 4 million square feet.
It has eighteen retail properties, principally shopping centers in the
northeastern United States, and four mixed use properties managed in-house from
its Westport, Connecticut headquarters. Heyman Properies also owns three hotels
with over 900 rooms and three office buildings that comprise over 1 million
square feet.

Acadia Crossroads, LLC is wholly owned by Acadia Realty, LP, which is owned by
Acadia Realty Trust (99% ownership) and individual investors (1% ownership).
Acadia Realty Trust is a fully integrated, self-managed, and self-administered
equity real estate investment trust (REIT) that specializes in the acquisition,
ownership, redevelopment, and management of neighborhood and community shopping
centers. Its properties are principally located in the northeastern,
mid-Atlantic, and mid-western United States. Its assets are owned by the
operating partnership, either directly or through joint ventures. The combined
assets owned by Acadia Realty Trust and its joint ventures consist of 62
well-located community and neighborhood shopping centers that total 9 million
square feet.

THE PROPERTY. Crossroads Shopping Center is a 310,919 square foot retail center
located in White Plains, which is part of Westchester County in New York. The
property was constructed on a 31.8 acre parcel of land and consists of three,
one story buildings and a pad site built between 1979 and 1982. Renovations
were completed in 1997. Crossroads Shopping Center is anchored by K-Mart,
Waldbaum's, and Modell's. Other major tenants include Pay-Half, Barnes & Noble,
and Pier 1 Imports.

Crossroads Shopping Center is located on the south side of Tarrytown Road-Route
119, bounded to the east by Dobbs Ferry Road and the west by Knollwood
Road-Route 100A. The subject property is located several blocks south of I-287,
between exits 4 and 5. It is located in Westchester County, which is a bedroom
community of Manhattan, New York, and can be reached by train or bus. In
addition, the subject's neighborhood has convenient access to other parts of
Westchester County via I-287, which connects with I-95 and heads north to New
England. The subject neighborhood is also adjacent to Tarrytown, which connects
Westchester County with New York Thruway and Nyack, New York via the Tappan Zee
Bridge. Overall, Crossroads Shopping Center benefits from the retail/commercial
synergy created by the surrounding properties.

As of October 27, 2004, Crossroads Shopping Center is 96.6% occupied. The
subject's rents range from $8.96 per square foot to $72.85
per square foot. Crossroads Shopping Center anchor rents range from $5.62 per
square foot to $13.19 per square foot.

THE MARKET(1). Crossroads Shopping Center is located in the town of Greenburgh,
less than one mile west of the White Plains city limits and just outside the
village of Elmsford limits, in the central portion of Westchester County.
Greenburgh comprises 30.5 square miles and consists of a mixture of commercial,
retail, residential, and industrial areas along single family homes near the
Hudson River on the western boundary of Westchester County. The subject market
is the greater New York region, which is made up of 21 counties and includes
New York City's surrounding suburban areas in New York, New Jersey, and
Connecticut. In 2003, population within a 3-mile radius of the subject was
106,872, with an average household income of $101,929.

Total competition in the subject market consists of approximately 1.6 million
square feet of community centers. Westchester County has a strong retail market
with $14.6 billion in aggregate retail sales, and average retail sales per
household of $42,790 in 2003. Average occupancy in the subject property's
market is 97.4%.

Crossroads Shopping Center's comps are located within 9 miles of the subject.
The comps report an occupancy of 90.0% or higher, with an average occupancy of
97.4%. Rents for the comps range from $18.00 per square foot to $50.00 per
square foot, with in-line rents ranging from $23.00 per square foot to $45.00
per square foot. The comps' in-line rents are somewhat lower than the subject's
in-line rents, which range from $32.00 per square foot to $45.00 per square
foot. Anchor rents for the comps ranged from $17.78 per square foot to $32.00
per square foot, with an average rent of $24.98 per square foot. The subject's
anchor rents are significantly lower than the comps' anchor rents, providing
incentive for the anchor tenants to remain at the subject property.

PROPERTY MANAGEMENT. The property will be managed and leased by by Heyman
Properties, LLC and Acadia D.R. Management, Inc.


(1) Certain information was obtained from the Crossroads Shopping Center
    appraisal dated October 22, 2004. The appraisal relies upon many
    assumptions, and no representation is made as to the accuracy of the
    assumptions underlying the appraisal.

                                     43 of 74


                           CROSSROADS SHOPPING CENTER




                                                     LEASE ROLLOVER SCHEDULE
                 NUMBER
                  OF        SQUARE      % OF                  % OF BASE    CUMULATIVE    CUMULATIVE    CUMULATIVE   CUMULATIVE %
                LEASES      FEET        GLA      BASE RENT      RENT      SQUARE FEET     % OF GLA     BASE RENT    OF BASE RENT
 YEAR          EXPIRING   EXPIRING   EXPIRING    EXPIRING     EXPIRING      EXPIRING      EXPIRING      EXPIRING      EXPIRING
- ---------------------------------------------------------------------------------------------------------------------------------

 VACANT          NAP       10,600        3.4%          NAP         NAP       10,600          3.4%            NAP          NAP

 2004 & MTM       2         5,396        1.7    $  212,615        3.8%       15,996          5.1%       $212,615          3.8%

 2005             3        10,955        3.5       326,566        5.8        26,951          8.7%       $539,181          9.7%

 2006             6        15,933        5.1       481,215        8.6        42,884         13.8%     $1,020,396         18.3%

 2007             5        51,938       16.7       963,019       17.2        94,822         30.5%     $1,983,415         35.5%

 2008             6        16,772        5.4       578,134       10.4       111,594         35.9%     $2,561,549         45.9%

 2009             5        39,172       12.6       587,373       10.5       150,766         48.5%     $3,148,922         56.4%

 2010             0             0        0.0             0        0.0       150,766         48.5%     $3,148,922         56.4%

 2011             2         4,070        1.3       143,212        2.6       154,836         49.8%     $3,292,134         58.9%

 2012             4       118,405       38.1     1,098,392       19.7       273,241         87.9%     $4,390,526         78.6%

 2013             0             0        0.0             0        0.0       273,241         87.9%     $4,390,526         78.6%

 2014             2         9,616        3.1       332,435        6.0       282,857         91.0%     $4,722,961         84.6%

 AFTER            3        28,062        9.0       862,398       15.4       310,919        100.0%     $5,585,359        100.0%

- ---------------------------------------------------------------------------------------------------------------------------------

 TOTAL           38       310,919      100.0%   $5,585,359      100.0%



                                     44 of 74


                           CROSSROADS SHOPPING CENTER

[MAP OF CROSSROADS SHOPPING CENTER OMITTED]



                                     45 of 74



                           CROSSROADS SHOPPING CENTER

[MAP OF CROSSROADS SHOPPING CENTER OMITTED]






                                     46 of 74


                               EVEREST PORTFOLIO

[2 PHOTOS OF EVEREST PORTFOLIO PROPERTY OMITTED]




                                     47 of 74


                               EVEREST PORTFOLIO




                    MORTGAGE LOAN INFORMATION
- -----------------------------------------------------------------

 ORIGINAL PRINCIPAL BALANCE:       $62,500,000

 CUT-OFF DATE PRINCIPAL BALANCE:   $62,500,000

 % OF POOL BY IPB:                 4.1%

 LOAN SELLER:                      PNC

 BORROWER:                         Great Equity Partners, LLC

 SPONSOR:                          Kambiz Shahbazi,
                                   Constantine F. Alexakos

 ORIGINATION DATE:                 11/19/04

 INTEREST RATE:                    5.2400%

 INTEREST ONLY PERIOD:             12 Months

 MATURITY DATE:                    12/01/09

 AMORTIZATION TYPE:                IO-Balloon

 ORIGINAL AMORTIZATION:            360 Months

 REMAINING AMORTIZATION:           360 Months

 CALL PROTECTION:                  L(36),Def(20),O(4)

 CROSS-COLLATERALIZATION:          No

 LOCK BOX:                         Cash Management

                                   Agreement-Springing

 ADDITIONAL DEBT:                  Permitted up to $5,500,000

 ADDITIONAL DEBT TYPE:             Permitted Mezzanine

 LOAN PURPOSE:                     Refinance/Purchase





                   ESCROWS
- ---------------------------------------------

 ESCROWS/RESERVES:     INITIAL     MONTHLY
                     ----------    -------
 TI/LC(1)            $1,000,000         $0

 ADDITIONAL TI/LC(2)         $0    $37,500

 INSURANCE                   $0     $6,026

 TAXES:                      $0    $66,189

 CAPEX:                      $0     $8,456

 REQUIRED REPAIRS:           $0         $0

 ENVIRONMENTAL:              $0         $0






                   PROPERTY INFORMATION
- -----------------------------------------------------------

 SINGLE ASSET/PORTFOLIO:   Portfolio

 TITLE:                    Fee/Leashold

 PROPERTY TYPE:            Mixed Use--Office/Industrial

 SQUARE FOOTAGE:           676,454

 LOCATION:                 Acton, Chelmsford, Danvers,
                           Southborough, Watertown

 YEAR BUILT/RENOVATED:     1976-1989/2002-2003

 OCCUPANCY:                88.3%

 OCCUPANCY DATE:           11/01/04

 NUMBER OF TENANTS:        55

 HISTORICAL NOI:

     2002:                 $6,763,091

     2003:                 $7,368,632

 UW REVENUES:              $9,701,650

 UW EXPENSES:              $3,096,809

 UW NOI:                   $6,604,841

 UW NET CASH FLOW:         $5,956,322

 APPRAISED VALUE:          $79,400,000

 APPRAISAL DATE:           09/20/04






         FINANCIAL INFORMATION
- ----------------------------------------

 CUT-OFF DATE LOAN/SF:     $92

 CUT-OFF DATE LTV:         78.7%

 MATURITY DATE LTV:        74.2%

 UW DSCR:                  1.44x





                                               SIGNIFICANT TENANTS
                                                                                                          LEASE
                                                   MOODY'S/       SQUARE        % OF        BASE       EXPIRATION
        TENANT NAME           PARENT COMPANY        S&P(3)        FEET          GLA       RENT PSF         YEAR
- -------------------------------------------------------------------------------------------------------------------

 SYCAMORE NETWORKS         N/A                  N/A             113,706         16.8%    $ 11.12         2007

 POTPOURRI GROUP, INC.     N/A                  N/A              51,000          7.5%    $ 10.50         2009

 EVEREST PARTNERS          N/A                  N/A              40,000          5.9%    $ 16.50         2005

 NETWORK WORLD             N/A                  N/A              33,609          5.0%    $ 23.50         2009

 AIRVANA                   N/A                  N/A              29,708          4.4%    $ 11.50         2005


(1) Borrower will deposit an initial $1,000,000 in a TI/LC account. If the
    account falls below $1,000,000, borrower will replenish at $200,000
    annually.

(2) Borrower will deposit monthly $37,500 for first 24 months of loan term,
    capped at $900,000.00 in a TI/LC account specifically for Sycamore space.

(3) Ratings provided are for the entity listed in the "Parent Company" field
    whether or not the parent company guarantees the lease.


                                     48 of 74


                               EVEREST PORTFOLIO

THE LOAN. The Everest Portfolio loan is a cross-collateralized pool of 5
properties, consisting of 8 industrial/flex/office buildings located in
the greater Boston MSA. There are no release provisions regarding the
cross-collateralization of the properties.

THE PROPERTIES. The properties total 676,454 square feet and are located in 5
geographically separate locations within suburban Boston, including Acton,
Danvers, Watertown, Southborough and Chelmsford. The properties are all located
within 1 mile (or less) of interstate access. The properties have a diverse mix
of 55 tenants, with only 3 tenants occupying more than 5% of the overall square
footage of the collateral.

THE BORROWER AND MANAGEMENT. Each of the 5 properties has a separate
Massachusetts limited liability company as its borrowing entity, but the
ownership of each is identical. The sponsors are Kambiz Shahbazi and
Constantine Alexakos, and they are responsible for managing the day-to-day
operations of the properties. The sponsors own and manage, including the
subject properties, 30 office/flex/R&D/industrial buildings containing
approximately 2.6 million square feet in the greater Boston MSA. These
properties have an overall occupancy of 89%. The borrowing entities and
sponsors are headquartered in New York City, with a regional property
management and leasing office located in the north Boston area of Danvers. This
north Boston office employs 12 field technicians, a construction manager, a
leasing director, 4 property managers and a property management director.

THE MARKET(1). Due to the cross-collateralized nature of the subject loan, the
underwriting of the properties was done on a consolidated basis, even though
each property fully supports their allocated debt on a stand-alone basis.
Outlined below is the individual submarket data. When comparing the average in
place rental rate of the subject properties of $14.83 versus the average of the
5 submarket rental rates of $16.77, the subject's in place rental rate is
almost $2.00 lower than the market rental rate. The combined collateral
occupancy is 88% versus the average occupancy of the 5 submarkets is 85.3%. For
underwriting purposes the in-place rental rate of $14.83 was underwritten due
to the contractual lease obligation of the in-place tenants, while a concluded
occupancy of 86% was underwritten due to the average in-place lease term of 7.4
years and the below market rents of the subject versus the average of the
submarket.

ACTON OFFICE - The Acton Office location is a four-story office building
located at 289 Great Road (Route 2A), Acton, Massachusetts, approximately 20
miles northwest of the Boston Central Business District. It is part of the CB
Richard Ellis 495/Route 2 West submarket, which, as of 2004, contains 4.25
million square feet with an average 14.2% vacancy and average net rental of
$19.52 per square foot.

DANVERS OFFICE - The Danvers Office location is comprised of two office
buildings located at 99 and 199 Rosewood Drive in Danvers, Massachusetts,
approximately 18 miles north of the Boston Central Business District. It is
part of the CB Richard Ellis Route 128 - North submarket, which contains 15.0
million square feet with an average 20.0% vacancy and average net rental rate
of $18.61 per square foot.

WATERTOWN OFFICE/INDUSTRIAL - The Watertown location with its combined office
and industrial components are located at 125 Walnut Street, Watertown,
Massachusetts, approximately 6 miles north of the Boston Central Business
District. It is comprised of 71,096 square feet of office space (59%), and
49,227 square feet of flex/R&D/light industrial space (41%). It is part of the
CB Richard Ellis Route 128-West Office submarket, which contains 23.8 million
square feet with an average 17.1% vacancy and average net rental rate of $22.21
per square foot. The CB Richard Ellis Route 128-West Industrial submarket,
contains 3,340,984 million square feet with an average 8.4% vacancy and average
rental rate of $7.79.

CHELMSFORD OFFICE - The Chelmsford location is comprised of two, two-story
buildings located at 220 and 222 Mill Road and a one-story building located at
25 Industrial Avenue, all of which are located in the town of Chelmsford,
Massachusetts, approximately 25 miles north of the Boston Central Business
District. It is part of the CB Richard Ellis Route 3-North submarket, which
contains 13.4 million square feet with an average 15% vacancy and average net
rental rate of $12.43 per square foot.

SOUTHBOROUGH OFFICE - The Southborough Office location is a three-story office
building located at 118 Turnpike Road (Route 9), Southborough, Massachusetts,
approximately 25 miles north of the Boston Central Business District. It is
part of the CB Richard Ellis Framingham/West submarket, which contains 5.6
million square feet with an average 17.4% vacancy and average modified gross
rental rate of $20.06 per square foot.

PROPERTY MANAGEMENT. The properties are managed by Everest Partners. The
company currently manages over 30 properties totaling nearly 2,775,000 sf
(2,595,000 sf of office/flex, 180,000 sf retail). Everest Partners is
headquartered in New York City, with a regional property management and leasing
office located in the north Boston area of Danvers, which is one of the subject
locations. This office employs 12 field technicians, a construction manager,
leasing director, 4 property managers, and a property management director. The
management contract provides for a 4% management fee.


(1) Certain information was obtained from the Everest Portfolio appraisal dated
    September 20, 2004. The appraisal relies upon many assumptions, and no
    representation is made as to the accuracy of the assumptions underlying the
    appraisal.

                                     49 of 74


                               EVEREST PORTFOLIO




                                      YEAR    SQUARE
  PROPERTY NAME        LOCATION      BUILT     FEET     OCCUPANCY
- -------------------------------------------------------------------

 ACTON           Acton, MA           1983    84,726   53.5%

 DANVERS         Danvers, MA         1984   175,442   83.2%

 WATERTOWN       Watertown, MA       1924   120,323   91.7%

 CHELMSFORD      Chelmsford, MA      1987   214,070    100%

 SOUTHBOROUGH    Southborough, MA    1989    81,893    100%

- -------------------------------------------------------------------

 TOTAL/WEIGHTED
  AVERAGE                                   676,454   88.3%




                                                                      APPRAISED
  PROPERTY NAME                        TOP TENANTS                     VALUE
- --------------------------------------------------------------------------------

 ACTON           Lumigent Tech., Geosyntec Consultants              $ 7,100,000

 DANVERS         Everest Partners, Premiere Insurance                21,600,000

 WATERTOWN       Springwell Inc., Buyerzone.com                      15,000,000

 CHELMSFORD      Sycamore (220 Mill Rd), Potpourri (222 Mill Rd)     22,500,000

 SOUTHBOROUGH    Network World, ITWorld/Accela                       13,200,000

- --------------------------------------------------------------------------------

 TOTAL/WEIGHTED
  AVERAGE                                                           $79,400,000





                    LEASE ROLLOVER SCHEDULE

                NUMBER OF     SQUARE
                 LEASES        FEET      % OF GLA    BASE RENT
      YEAR      EXPIRING    EXPIRING(1)  EXPIRING    EXPIRING
- ------------------------------------------------------------------

 VACANT            NAP        78,835       11.7%        NAP

 2004 & MTM         1          3,000        0.4     $   36,750

 2005              16        140,487       20.9      2,251,167

 2006              12         69,154       10.3      1,250,847

 2007              12        179,924       26.7      1,983,437

 2008              10         39,173        5.8        645,278

 2009               8        117,662       17.5      1,948,750

 2010               4         27,119        4.0        442,196

 2011               0              0          0              0

 2012               0              0          0              0

 2013               0              0          0              0

 2014               0              0          0              0

 AFTER              1         18,000        2.7        306,000

- ------------------------------------------------------------------

                   64        673,354      100.0%    $8,864,425




                                                                       CUMULATIVE
                % OF BASE    CUMULATIVE    CUMULATIVE    CUMULATIVE      % OF
                  RENT      SQUARE FEET     % OF GLA     BASE RENT     BASE RENT
      YEAR      EXPIRING      EXPIRING      EXPIRING      EXPIRING     EXPIRING
- -----------------------------------------------------------------------------------

 VACANT              NAP       78,835     11.7%            NAP           NAP

 2004 & MTM         0.4%       81,835     12.2%         $   36,750     0.4%

 2005              25.4       222,322    33.0 %         $2,287,917   25.8 %

 2006              14.1       291,476     43.3%         $3,538,764    39.9%

 2007              22.4       471,400     70.0%         $5,522,201    62.3%

 2008               7.3       510,573     75.8%         $6,167,479    69.6%

 2009              22.0       628,235     93.3%         $8,116,229    91.6%

 2010               5.0       655,354     97.3%         $8,558,425    96.5%

 2011                 0       655,354     97.3%         $8,558,425    96.5%

 2012                 0       655,354     97.3%         $8,558,425    96.5%

 2013                 0       655,354     97.3%         $8,558,425    96.5%

 2014                 0       655,354     97.3%         $8,558,425    96.5%

 AFTER              3.5       673,354    100.0%         $8,864,425   100.0%

- -----------------------------------------------------------------------------------

                  100.0%


(1) Total SF is equal to the total NRA of 676,454, minus the 3,100 SF Health
    Club that is an amenity for the tenants. The percentages are based off a
    total of 673,354 (676,454-3,100).

                                     50 of 74


                               EVEREST PORTFOLIO

[MAP OF EVEREST PORTFOLIO PROPERTY OMITTED]




                                     51 of 74


                              BROADWAY MARKETPLACE

[3 PHOTOS OF BROADWAY MARKETPLACE PROPERTY OMITTED]



                                     52 of 74




                              BROADWAY MARKETPLACE





                     MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------

 ORIGINAL PRINCIPAL BALANCE:         $42,000,000

 CUT-OFF DATE PRINCIPAL BALANCE:     $42,000,000

 % OF POOL BY IPB:                   2.8%

 LOAN SELLER:                        JPMorgan Chase Bank, N.A.

 BORROWERS:                          WFJ Property, LLC,
                                     Sunset Coast Property, LLC,
                                     BMP Property, LLC,
                                     JFW Property, LLC

 SPONSORS:                           James S. Frank,
                                     Warren P. Cohen

 ORIGINATION DATE:                   11/18/04

 INTEREST RATE:                      5.3860%

 INTEREST ONLY PERIOD:               60 Months

 MATURITY DATE:                      12/01/14

 AMORTIZATION TYPE:                  IO-Balloon

 ORIGINAL AMORTIZATION:              300 Months

 REMAINING AMORTIZATION:             300 Months

 CALL PROTECTION:                    L(24),Def(92),O(4)

 CROSS-COLLATERALIZATION:            No

 LOCK BOX:                           Hard

 ADDITIONAL DEBT:                    $5,660,000

 ADDITIONAL DEBT TYPE:               Mezzanine

 LOAN PURPOSE:                       Acquisition





                    ESCROWS
- -----------------------------------------------

 ESCROWS/RESERVES:      INITIAL       MONTHLY
                        ------------------------
 TAXES:                 $402,209       $50,276

 CAPEX:                       $0        $2,447

 INSURANCE:              $34,232        $4,890





              PROPERTY INFORMATION
- -------------------------------------------------

 SINGLE ASSET/PORTFOLIO:   Single Asset

 TITLE:                    Fee

 PROPERTY TYPE:            Retail -- Anchored

 SQUARE FOOTAGE:           387,458

 LOCATION:                 Denver, CO

 YEAR BUILT/RENOVATED:     1993/2000

 OCCUPANCY:                97.6%

 OCCUPANCY DATE:           10/18/04

 NUMBER OF TENANTS:        22

 HISTORICAL NOI:

     2002:                 NAP

     2003:                 $3,927,357

 TTM AS OF 9/30/2004:      $3,908,997

 UW REVENUES:              $4,959,871

 UW EXPENSES:              $1,226,800

 UW NOI:                   $3,733,070

 UW NET CASH FLOW:         $3,612,620

 APPRAISED VALUE:          $53,200,000

 APPRAISAL DATE:           11/08/04





           FINANCIAL INFORMATION
- --------------------------------------------

 CUT-OFF DATE LOAN/SF:     $108

 CUT-OFF DATE LTV:         78.9%

 MATURITY DATE LTV:        70.7%

 UW DSCR:                  1.18x





                                               SIGNIFICANT TENANTS
                                              MOODY'S/       SQUARE        % OF         BASE            LEASE
 TENANT NAME       PARENT COMPANY              S&P(1)        FEET          GLA       RENT PSF     EXPIRATION YEAR
- -----------------------------------------------------------------------------------------------------------------------

 SAM'S CLUB      Wal-Mart Stores, Inc.        Aa2/AA       114,057         29.4%       $9.51           2018

 K-MART          K-Mart Corporation             NR         107,806         27.8%       $9.37           2019

 ALBERTSONS      Albertson's Inc.            Baa2/BBB       50,645         13.1%       $7.89           2019

 OFFICE MAX      OfficeMax, Inc.              Ba2/BB        23,500          6.1%      $11.00           2010

 PEP BOYS        The Pep Boys                 B2/BB-        22,356          5.8%       $7.05           2014


(1) Ratings provided are for the entity listed in the "Parent Company" field
    whether or not the parent company guarantees the lease.

                                     53 of 74


                              BROADWAY MARKETPLACE

THE LOAN. The Broadway Marketplace loan is secured by a first mortgage interest
in a 387,458 square foot anchored retail center
located in Denver, Colorado.

THE BORROWER. The borrowers are four LLCs: WFJ Property, LLC, Sunset Coast
Property, LLC, BMP Property, LLC, and JFW Property,
LLC. There is a TIC structure in place for the borrowers. The sponsors are
James S. Frank and Warren P. Cohen.

James S. Frank has over 33 years of real estate experience and is the manager
of Frank Capital Company LLC. James S. Frank has been actively involved in the
acquisition, development, and management of numerous real estate projects. His
primary activities over the last eight years include investments in seventeen
office buildings, twenty nine apartment projects, five office/warehouse
projects, and five land investments.

Warren P. Cohen is the founder and president of Cohen Capital Corporation, a
Colorado based real estate investment, management, and development company. He
currently manages 985 apartment units, 665 of which are owned by him, and
694,509 square feet of industrial and commercial properties.

THE PROPERTY. Broadway Marketplace is a 387,458 square foot anchored retail
center located in Denver, Colorado. The subject property was constructed on a
38.6 acre parcel of land and consists of 6 buildings that were completed in
1993, with the exception of Furniture Gallery, which was built in 2000. The
subject is anchored by Sam's Club, Albertsons, and K-Mart. Other tenants
include Office Max, Pep Boys, and Fashion Bug.

Broadway Marketplace is located on the southwest corner of Alameda Avenue and
South Broadway Street and is located only one mile and a half from downtown
Denver. Broadway Marketplace is located in a high traffic in-fill location.
Alameda Avenue is a major east/west street with daily traffic counts of 16,000.
South Broadway Street is a major one-way thoroughfare south of downtown Denver
with a traffic count of over 29,000 daily. In addition, I-25 and Santa Fe, each
within a quarter mile of the property, have daily traffic counts of 215,000 and
97,000, respectively. Access to the subject is also exceptional with 3 curb
cuts on Alameda Avenue, 6 curb cuts on South Broadway Street, and four
signalized intersections that service the property. The street frontage on
Alameda Avenue is over 1,200 feet and approximately 2,000 feet on South
Broadway Street. The street frontage, in addition to the monument signage, make
Broadway Marketplace highly visible.

As of October 18, 2004, Broadway Marketplace is 97.6% occupied.

THE MARKET(1). Broadway Marketplace is located in a largely built-up and
established shopping and commercial district in central Denver, Colorado. It is
located on the southwest corner of the two most heavily traveled roadways in
the neighborhood, Alameda Avenue and South Broadway Street. The subject is the
only class A property within an approximate three-mile radius, while most
properties in the submarket are class B and C properties with lower occupancy
levels and rental rates. The submarket is considered to be an upper tier market
as compared to the overall market area, and includes the excusive Cherry Creek
and Cherry Creek North shopping centers. In 2003, population within a 3-mile
radius of the subject was 183,544, with an average household income of $64,936.

In 2003, total retail sales rose 5.6% over 2002 in the Denver retail market.
Denver gross sales were 12% higher in 2003 than in 2002. Annual net absorption
in 2003 was over 700,000 feet, with two centers completing construction during
the fourth quarter and adding over 220,000 square feet of new space to the
retail industry. Vacancies have also been tightening in the subject's market.
All submarkets in Denver, with the exception of two, experienced minimal
increases in vacancy, at approximately one tenth of a percent. As of the third
quarter of 2004, the subject's market has an average vacancy rate of 6.1%,
while the central submarket average vacancy rate is 4.6%. Broadway
Marketplace's average vacancy of 2.1% compares well to the market.

Broadway Marketplace's comps report an occupancy rate of 85.0% or higher, with
an average occupancy is 95.3%. Rents for the comps ranged from $8.00 per square
foot to $22.50 per square foot, with in-line rents ranging from $16.00 per
square foot to $33.00 per square foot.

PROPERTY MANAGEMENT. The property will be managed by the four borrowers: WFJ
Property, LLC, Sunset Coast Property, LLC, BMP
Property, LLC, and JFW Property, LLC.


(1) Certain information was obtained from the Broadway Marketplace appraisal
    dated November 8, 2004. The appraisal relies upon many assumptions, and no
    representation is made as to the accuracy of the assumptions underlying the
    appraisal.





                   LEASE ROLLOVER SCHEDULE

                  NUMBER      SQUARE
                OF LEASES     FEET      % OF GLA    BASE RENT
 YEAR            EXPIRING   EXPIRING    EXPIRING    EXPIRING
- --------------------------------------------------------------

 VACANT            NAP        8,137        2.1%           NAP
 2004 & MTM          0            0        0.0     $        0
 2005                4        8,163        2.1        136,164
 2006                2        4,404        1.1         76,325
 2007                4       23,040        5.9        306,303
 2008                1        1,596        0.4         27,930
 2009                3        8,502        2.2        155,421
 2010                4       38,752       10.0        475,907
 2011                0            0        0.0              0
 2012                0            0        0.0              0
 2013                0            0        0.0              0
 2014                1       22,356        5.8        157,632
 AFTER               3      272,508       70.3      2,494,372

- --------------------------------------------------------------
 TOTAL              22      387,458      100.0%    $3,830,054



                 % OF BASE    CUMULATIVE    CUMULATIVE    CUMULATIVE    CUMULATIVE %
                   RENT      SQUARE FEET     % OF GLA     BASE RENT    OF BASE RENT
 YEAR            EXPIRING      EXPIRING      EXPIRING      EXPIRING      EXPIRING
- --------------------------------------------------------------------------------------

 VACANT              NAP         8,137          2.1%           NAP           NAP
 2004 & MTM          0.0%        8,137          2.1%    $        0           0.0%
 2005                3.6        16,300          4.2%    $  136,164           3.6%
 2006                2.0        20,704          5.3%    $  212,489           5.5%
 2007                8.0        43,744         11.3%    $  518,792          13.5%
 2008                0.7        45,340         11.7%    $  546,722          14.3%
 2009                4.1        53,842         13.9%    $  702,143          18.3%
 2010               12.4        92,594         23.9%    $1,178,050          30.8%
 2011                0.0        92,594         23.9%    $1,178,050          30.8%
 2012                0.0        92,594         23.9%    $1,178,050          30.8%
 2013                0.0        92,594         23.9%    $1,178,050          30.8%
 2014                4.1       114,950         29.7%    $1,335,682          34.9%
 AFTER              65.1       387,458        100.0%    $3,830,054         100.0%
- ------             -----       -------        -----     ----------         -----
 TOTAL             100.0%


                                     54 of 74


                              BROADWAY MARKETPLACE

[MAP OF BROADWAY MARKETPLACE PROPERTY OMITTED]





                                     55 of 74


                              BROADWAY MARKETPLACE

[MAP OF BROADWAY MARKETPLACE PROPERTY OMITTED]





                                     56 of 74



                             COLLEGE SUITES STADIUM

[2 PHOTOS OF COLLEGE SUITES STADIUM PROPERTY OMITTED]





                                     57 of 74


                             COLLEGE SUITES STADIUM






                      MORTGAGE LOAN INFORMATION
- ----------------------------------------------------------------------

 ORIGINAL PRINCIPAL BALANCE:         $28,000,000

 CUT-OFF DATE PRINCIPAL BALANCE:     $28,000,000

 % OF POOL BY IPB:                   1.8%

 LOAN SELLER:                        Nomura Credit & Capital, Inc.

 BORROWER:                           CSC 1, Limited Partnership

 SPONSOR:                            Henry Morton, Hal Marston

 ORIGINATION DATE:                   12/08/04 (Expected)

 INTEREST RATE:                      5.7400%

 INTEREST ONLY PERIOD:               24 Months

 MATURITY DATE:                      12/11/14

 AMORTIZATION TYPE:                  IO-Balloon

 ORIGINAL AMORTIZATION:              360 Months

 REMAINING AMORTIZATION:             360 Months

 CALL PROTECTION:                    L(24),Def(93),O(3)

 CROSS-COLLATERALIZATION:            No

 LOCK BOX:                           No

 ADDITIONAL DEBT:                    No

 ADDITIONAL DEBT TYPE:               NAP

 LOAN PURPOSE:                       Refinance





                   ESCROWS
- ---------------------------------------------

 ESCROWS/RESERVES:     INITIAL      MONTHLY
                       -----------------------
 TAXES:                  TBD        $23,933
 INSURANCE:              TBD         $6,050
 CAPEX                   $0          $4,400






              PROPERTY INFORMATION
- -------------------------------------------------

 SINGLE ASSET/PORTFOLIO:   Single Asset

 TITLE:                    Fee

 PROPERTY TYPE:            Multifamily -- Garden

 UNITS:                    264

 LOCATION:                 Columbia, SC

 YEAR BUILT/RENOVATED:     2003

 OCCUPANCY:                100%

 OCCUPANCY DATE:           10/06/04

 HISTORICAL NOI:

   2002:                   NAP

   2003:                   NAP

   TTM AS OF 10/31/2004:   $2,733,859

 UW REVENUES:              $4,527,696

 UW EXPENSES:              $1,875,988

 UW NOI:                   $2,651,708

 UW NET CASH FLOW:         $2,585,708

 APPRAISED VALUE:          $35,130,000

 APPRAISAL DATE:           10/08/04





         FINANCIAL INFORMATION
- ----------------------------------------

 CUT-OFF DATE LOAN/UNIT:   $106,061
 CUT-OFF DATE LTV:            79.7%
 MATURITY DATE LTV:           70.2%
 UW DSCR:                     1.32x






                                                MULTIFAMILY INFORMATION

                                                            APPROXIMATE
                                            AVERAGE UNIT   NET RENTABLE      % OF     AVERAGE MONTHLY    AVERAGE MONTHLY
           UNIT MIX         NO. OF UNITS    SQUARE FEET         SF        TOTAL SF      ASKING RENT       MARKET RENT
- ------------------------------------------------------------------------------------------------------------------------

 THREE BEDROOM                 132            1,509          199,188      47.1%           $1,285             $1,350
 FOUR BEDROOM                  132            1,696          223,872      52.9            $1,651             $1,760
- ------------------------------------------------------------------------------------------------------------------------
 TOTAL/WEIGHTED AVERAGE        264            1,603          423,060     100.0%           $1,468             $1,555




                                     58 of 74


                             COLLEGE SUITES STADIUM

THE LOAN. The College Suites Stadium loan is secured by a first mortgage in the
fee interest in a 264 unit, Class A student garden apartment complex located in
Columbia, South Carolina.

THE BORROWER. The borrowing entity is CSC 1, Limited Partnership, a South
Carolina limited partnership. Henry Morton and Hal Marston are the developers
of the property and the guarantors of the transaction. Henry Morton has been
involved in the development of Florida multifamily properties for over ten
years. He also ran a fee management company, which has approximately 3,000
units under management. In 2001, he teamed up with Hal Marsten, a long-time
Florida multifamily broker and developer to start developing student
properties. They also own University Housing Property Management L.L.C., the
Orlando, Florida based property management company which manages this property
and their other developments and is the successor to Mr. Morton's fee
management business. Mr. Morton handles the financial end of the development
business and the management company, while Mr. Marston deals more directly with
the development and construction process.

THE PROPERTY. The subject property is a student housing development that caters
to students at the University of South Carolina. The improvements were
constructed in 2003 and consist of 11 three-story apartment buildings, a
single-story clubhouse/leasing office with 5,700 SF, and a two story building
that houses the maintenance shop on the first floor and two management
apartment units on the second floor. Community amenities include a resort style
sun deck and pool, spa, basketball court, putting green, sand volleyball, and
property owned shuttle bus service to and from campus. The clubhouse includes
the leasing/management offices, fitness center, game room with billiards,
tanning beds, computer lab, restrooms, and a mail room. Open on-site parking is
available for 1,105 cars, a ratio of 1.2 spaces/bedroom, located around the
perimeter of the buildings. The unit mix includes 132-3BR/3BA units (1,509 SF)
and 132-4BR/4BA units (1,696 SF). The market rent on a per bedroom basis is
$450 per month for a bedroom in a 3BR unit and $440 per month in a 4BR unit.
Rents include all utilities except telephone. Electricity is capped at $30 per
resident. All leases are for 12 months and run from mid-August through
mid-August. Leases are guaranteed by the parents of each resident unless the
student can qualify on their own in which case the security deposit is doubled
to $200. Classes at USC for the 2005 school year started on August 19th. This
is the first full academic year of operation for the subject property which is
currently 100% occupied.

THE MARKET(1). The subject property is located in the southern section of
downtown Columbia approximately 1 1/2 miles south of the University of South
Carolina, the State Capitol, and the Columbia CBD. The subject neighborhood has
a number of existing conventional apartment properties that also serve as off
campus housing for the students at the University of South Carolina. In
general, these properties do not offer features that specifically cater to
students. The conventional apartment market in Columbia indicates an overall
vacancy of 6.7% to 9.8%. Recently constructed projects have indicated lease-up
absorptions as high as 24 units per month for conventional apartments and 24 to
44 units per month for student properties. The five subject comparables in the
area range from 73% to 100% occupancy and average 86%. The comparable that is
73% occupied is the oldest student complex in the submarket and is considered
to have been negatively impacted by the subject property and the adjacent
Sterling University Oaks, both of which are 100% occupied. The subject property
is the only modern student-oriented property in this submarket to offer private
baths for each bedroom.

PROPERTY MANAGEMENT. The property is managed by University Housing Property
Management, L.L.C. (UHP), a borrower related entity, based in Orlando, Florida.
The guarantors, Mr. Morton and Mr. Marston, own the firm, which they formed in
order to manage their developments. In addition to the subject property, UHP
manages Seminole Suites, a 132 unit, 462 bed student property located in
Tallahassee, Florida and will also manage College Suites at Campbell Lane in
Bowling Green, Kentucky, and College Suites at Alexander Lane in Murfreesboro,
Tennessee which are currently under construction and will be available for the
2005 school year. They will also manage an additional property to be built
adjacent to the University of Miami in Ohio.


(1) Certain information was obtained from the College Suites Stadium appraisal
    dated October 8, 2004. The appraisal relies upon many assumptions, and no
    representation is made as to the accuracy of the assumptions underlying the
    appraisal.

                                     59 of 74


                             COLLEGE SUITES STADIUM

[MAP OF COLLEGE SUITES STADIUM PROPERTY OMITTED]




                                     60 of 74


                           LAKESHORE CLUB APARTMENTS

[3 PHOTOS OF LAKESHORE CLUB APARTMENTS PROPERTY OMITTED]




                                     61 of 74


                           LAKESHORE CLUB APARTMENTS






                        MORTGAGE LOAN INFORMATION
- --------------------------------------------------------------------------

 ORIGINAL PRINCIPAL BALANCE:   $28,000,000

 CUT-OFF DATE PRINCIPAL
    BALANCE:                   $28,000,000

 % OF POOL BY IPB:             1.8%

 LOAN SELLER:                  Nomura Credit & Capital, Inc.

 BORROWERS:                    HRA Egypt Lake, Inc., Carlton Arms
                               MWT, LLC, Carlton Arms EG, LLC,
                               Carlton Arms LWC, LLC

 SPONSORS:                     Eugene Golub, Leonard W. Cotton, Martin
                               W. Taplin

 ORIGINATION DATE:             10/08/04

 INTEREST RATE:                5.4500%

 INTEREST ONLY PERIOD:         60 Months

 MATURITY DATE:                10/11/14

 AMORTIZATION TYPE:            IO-Balloon

 ORIGINAL AMORTIZATION:        360 Months

 REMAINING AMORTIZATION:       360 Months

 CALL PROTECTION:              L(24),Def(88),O(6)

 CROSS-COLLATERALIZATION:      No

 LOCK BOX:                     Soft

 ADDITIONAL DEBT:              No

 ADDITIONAL DEBT TYPE:         NAP

 LOAN PURPOSE:                 Refinance





                  ESCROWS
- -------------------------------------------

 ESCROWS/RESERVES:    INITIAL    MONTHLY
                     ----------------------
 TAXES:              $363,000    $33,000
 CAPEX                     $0    $13,542
 ENGINEERING:         $12,500         $0





                PROPERTY INFORMATION
- -----------------------------------------------------

 SINGLE ASSET/PORTFOLIO:    Single Asset

 TITLE:                     Fee

 PROPERTY TYPE:             Multifamily -- Garden

 UNITS:                     650

 LOCATION:                  Tampa, FL

 YEAR BUILT/RENOVATED:      1969/2003

 OCCUPANCY:                 95.5%

 OCCUPANCY DATE:            09/27/04

 HISTORICAL NOI:

     2002:                  NAP

     2003:                  $1,448,364

     TTM AS OF 8/31/2004:   $2,206,934

 UW REVENUES:               $4,735,844

 UW EXPENSES:               $2,305,607

 UW NOI:                    $2,430,237

 UW NET CASH FLOW:          $2,267,737

 APPRAISED VALUE:           $37,600,000

 APPRAISAL DATE:            08/26/04






         FINANCIAL INFORMATION
- ---------------------------------------

 CUT-OFF DATE LOAN/UNIT:   $43,077

 CUT-OFF DATE LTV:           74.5%

 MATURITY DATE LTV:          69.1%

 UW DSCR:                    1.20x






                                                  MULTIFAMILY INFORMATION

                                                            APPROXIMATE
                                            AVERAGE UNIT   NET RENTABLE    % OF TOTAL    AVERAGE MONTHLY    AVERAGE MONTHLY
           UNIT MIX         NO. OF UNITS    SQUARE FEET         SF             SF          ASKING RENT       MARKET RENT
- ---------------------------------------------------------------------------------------------------------------------------------

 ONE BEDROOM                    234              646          151,200         28.3%           $566              $  584

 TWO BEDROOM                    406              914          371,000         69.3            $763              $  751

 THREE BEDROOM                   10            1,300           13,000          2.4            $950              $1,100

- ---------------------------------------------------------------------------------------------------------------------------------

 TOTAL/WEIGHTED AVERAGE         650              823          535,200          100%           $695              $  696



                                     62 of 74


                           LAKESHORE CLUB APARTMENTS

THE LOAN. The Lakeshore Club Apartments loan is secured by a first mortgage in
a fee interest in a 650 unit, Class B multifamily
apartment complex located in Tampa, Florida.

THE BORROWER. The borrowing entity is structured as a tenants in common entity
comprised of HRA Egypt Lake, Inc., Carlton Arms MWT, LLC, Carlton Arms EG, LLC
and Carlton Arms LWC, LLC. The three principals, Eugene Golub, Leonard W.
Cotton and Martin W. Taplin, have been active real estate professionals for
over 25 years. Martin Taplin has worked in the real estate business in various
capacities for over 40 years. Eugene Golub is the Founder and Chairman of Golub
& Company. Leonard W. Cotton is the Chairman and Chief Executive Officer of
ARCap REIT, Inc.

THE PROPERTY. The property, Lakeshore Club Apartments, is located at 6900
Concord Drive, outside the Tampa City limits in Hillsborough County, Florida.
The site consists of approximately 66.29 acres and is situated to the east of
Himes Avenue, adjacent to the west of Egypt Lake, and approximately
one-quarter-mile north of West Lambright Avenue. The subject property is
improved with 62 two-story multifamily residential buildings with a total of
650 apartment units and a net rentable building area of approximately 535,200
square feet along with two leasing office/clubhouse buildings, one freestanding
laundry room, and one maintenance/storage building. The subject buildings were
constructed in several phases between 1969 and 1973. The mix includes a variety
of floor plans including: 224 1BR/1BTH units, 10 1BR/1.5BTH townhomes, 224
2BR/1BTH units, 4 2BR/2BTH units, 166 2BR/1.5BTH townhomes and 12 2BR/2.5BTH
townhomes and 10 3BR/2.5BTH townhomes.

After the borrower purchased the subject property, a major renovation was
undertaken at a total cost of approximately $12,671,055 ($19,494 per unit).
Renovations began in 1998 and included 273 units in Buildings 1-14. These units
were renovated with the following items: new ceramic tile in kitchen and
bathrooms, new carpeting in the living areas, new kitchens including cabinets,
countertops and appliances. Phase II of the renovations involved gut renovating
Building 23 due to fire damage. Phase III of renovations began in Mid 2001 and
this phase included the remaining 377 units. Interior improvements included
ceramic tile in the kitchens, bathrooms, living rooms, and landing areas for
the townhouse units. Additionally the kitchens were improved with new wood
cabinets, new formica counter tops and new full sized GE appliances. The
bathrooms were renovated with new cabinets, sinks, toilets, bathtubs and
decorative ceramic tile. Lastly, nearly all of the exterior doors and windows
were replaced.

THE MARKET(1). The subject property is located in the Tampa Central submarket
bound by Highway 589 (Veterans Expressway) to the west, Interstate 275 to the
east and south, and Busch Boulevard to the north. The Tampa Bay-St. Petersburg
economy surged ahead in the first quarter, gaining employees in most sectors
and placing 6th in job growth, just after Fort Lauderdale, among the top 61
metros covered by REIS. The vacancy rate has declined to 5.9%, continuing the
downward trend. The average rent for the Tampa-Central submarket was $727, with
existing apartments increasing rents by $10.58 per month since May. This is the
largest increase in rental rate of any submarket. The subject property is
currently 95.5% occupied and has an average in-place rent of approximately $695
per month.

The subject is located along Lake Egypt, which is an active recreation lake for
water skiing and personal watercraft. The subject neighborhood consists of a
mixture of residential and commercial development. As of 2003, within a 5-mile
radius of the subject property reside 299,806 people (120,006 households) with
an average household income of $48,853. The Tampa International Airport is also
proximate to the neighborhood and is located approximately three miles to the
southwest. Major shopping facilities within the subject neighborhood are
concentrated along major roadways such as Dale Mabry Highway, Waters, and
Hillsborough Avenues. There are numerous anchored and unanchored retail centers
throughout the neighborhood with most of the major anchor tenants of the region
represented.

PROPERTY MANAGEMENT. The property is managed by Harbour Realty Advisors, Inc.,
a borrower related entity, which is a fully integrated real estate management,
development, and investment company. The principals, Eugene Golub and Martin
Taplin, began Harbour Realty Advisors, Inc. in 1991 to acquire and manage real
estate out of foreclosure and distress. The stockholders of Harbour Realty
Advisors, Inc. are Eugene Golub, Martin Taplin, and Leonard Cotton. Harbour
Realty Advisors has managed as many as 22,000 multifamily units. It currently
manages six multifamily properties containing 2,498 units including three other
properties in Florida.


(1) Certain information was obtained from the Lakeshore Club Apartments
    appraisal dated August 26, 2004. The appraisal relies upon many assumptions,
    and no representation is made as to the accuracy of the assumptions
    underlying the appraisal.

                                     63 of 74


                           LAKESHORE CLUB APARTMENTS

[MAP OF LAKESHORE CLUB APARTMENTS PROPERTY OMITTED]





                                     64 of 74


                           CHAMPAIGN OFFICE & RETAIL

[2 PHOTOS OF CHAMPAIGN OFFICE & RETAIL PROPERTY OMITTED]








                                     65 of 74


                           CHAMPAIGN OFFICE & RETAIL




                        LOAN INFORMATION
- ----------------------------------------------------------------

 ORIGINAL PRINCIPAL BALANCE:   $26,000,000

 CUT-OFF PRINCIPAL BALANCE:    $26,000,000

 % OF POOL BY IPB:             1.7%

 LOAN SELLER:                  Nomura Credit & Capital, Inc.

 BORROWER:                     Romanek Champaign LLC

 SPONSOR:                      Marvin M. Romanek

 ORIGINATION DATE:             10/01/04

 INTEREST RATE:                5.3800%

 INTEREST ONLY PERIOD:         24 Months

 MATURITY DATE:                10/11/11

 AMORTIZATION TYPE:            IO-Balloon

 ORIGINAL AMORTIZATION:        360 Months

 REMAINING AMORTIZATION:       360 Months

 CALL PROTECTION:              L(24),Def(52),O(6)

 CROSS-COLLATERALIZATION:      No

 LOCK BOX:                     Soft

 ADDITIONAL DEBT:              $1,900,000

 ADDITIONAL DEBT TYPE:         Mezzanine

 LOAN PURPOSE:                 Acquisition





                   ESCROWS
- ----------------------------------------------

 ESCROWS/RESERVES:     Initial      Monthly
                       --------------------
 TAXES:                $40,396      $40,396

 INSURANCE:             $5,417       $5,417

 CAPEX:                     $0       $1,981

 ENGINEERING:           $6,250           $0

 TILC:                      $0      $19,815







                  PROPERTY INFORMATION
- ---------------------------------------------------------

 SINGLE ASSET/PORTFOLIO:   Single Asset

 TITLE:                    Fee

 PROPERTY TYPE:            Mixed Use -- Office/Retail

 SQUARE FOOTAGE:           237,701

 LOCATION:                 Champaign, IL

 YEAR BUILT/RENOVATED:(1)  1988/2002

 OCCUPANCY:                97.4%

 OCCUPANCY DATE:           11/01/04

 NUMBER OF TENANTS:        46

 HISTORICAL NOI:

     2002:                 $2,744,839

     2003:                 $2,692,457

     TTM AS OF 7/31/04:    $2,734,317

 UW NOI:                   $2,619,230

 UW NET CASH FLOW:         $2,335,625

 APPRAISED VALUE:          $33,500,000

 APPRAISAL DATE:           08/24/04





       FINANCIAL INFORMATION
- -----------------------------------

 CUT-OFF DATE LOAN/SF:   $109

 CUT-OFF DATE LTV:       77.6%

 MATURITY DATE LTV:      72.3%

 UW DSCR:                1.36x





                                SIGNIFICANT TENANTS

                   TENANT NAME                             PARENT COMPANY
- ----------------------------------------------------------------------------------

 PERSONALCARE HEALTH MANAGEMENT, INC        Coventry Health Care, Inc (NYSE: CVH)

 BLUE CROSS BLUE SHIELD DBA HEALTH CARE
  SERVICES CORP.                            Blue Cross Blue Shield

 INTEL AMERICAS, INC.                       Intel Corporation (NYSE: INTC)

 INSURANCE RISK MANAGERS, LTD DBA ACORDIA   Insurance Risk Managers, Ltd.

 ALLSTATE INSURANCE                         Allstate Insurance (NYSE: ALL)

 CISCO SYSTEMS, INC.                        Cisco Systems, Inc. (NYSE: CSCO)




                                                                                            LEASE
                                              MOODY'S/    SQUARE      % OF       BASE    EXPIRATION
                   TENANT NAME                  S&P2       FEET       GLA     RENT PSF      YEAR
- ------------------------------------------- ----------- --------- ---------- ---------- -----------

 PERSONALCARE HEALTH MANAGEMENT, INC          Ba1/BBB-  34,150    14.4%        $14.54      2008

 BLUE CROSS BLUE SHIELD DBA HEALTH CARE
  SERVICES CORP.                                NAP     20,000     8.4%        $11.35      2008

 INTEL AMERICAS, INC.                          A1/A+    19,632     8.3%        $10.90      2005

 INSURANCE RISK MANAGERS, LTD DBA ACORDIA       NAP     17,500     7.4%        $13.83      2012

 ALLSTATE INSURANCE                            A1/A+    15,136     6.4%        $14.44      2007

 CISCO SYSTEMS, INC.                            NAP     14,500     6.1%        $13.09      2006


(1) Buildings were built at various times between 1988 and 2002.

(2) Ratings provided are for the entity listed in the "Parent Company" field
    whether or not the parent company guarantees the lease.


                                     66 of 74


                           CHAMPAIGN OFFICE & RETAIL

THE LOAN. The Champaign Office & Retail loan is secured by a first mortgage on
the fee interest in a 237,701 square foot mixed use
retail/office building located in Champaign, IL. The loan financed the
acquisition of the subject property.

THE BORROWER. The Borrowing Entity is Romanek Champaign LLC, which is 100%
owned by Marvin Romanek, One of the co-founders of Heitman Financial Services
in 1966, Mr. Romanek has more than 43 years of experience in the real estate
industry including ownership, development, finance, investment brokerage,
commercial leasing and management. Mr. Romanek also served on the Chicago
Building Commission under three mayors. Mr. Romanek is currently the owner of
Romanek Properties, Ltd., a firm focusing mainly on Chicago office development
and redevelopment projects, which he founded in the early 1980's. Since then,
Romanek Properties, Ltd. has developed and redeveloped nearly 6.0 million
square feet of office space and over 5,000 multifamily units. While over the
last decade a large part of Mr. Romanek's real estate holdings have been sold,
his current holdings include four office buildings with an aggregate square
footage of approximately 1,050,000, all within the Chicago metro area.

THE PROPERTY. The subject collateral is comprised of 237,701 square feet among
12 one-story buildings constructed from 1988 to 2002. Approximately 84% of the
subject property is Class A office space, with the remaining 16% retail space.
The office portion includes 10 single story office buildings, while the retail
portion includes two single story retail buildings. The property has
consistently been over 95% leased, and the portfolio enjoys a strong diverse
tenant base comprised of nearly 50 tenants, approximately 50% of which are
credit rated tenants.

THE MARKET(1). The subject property is located in the City of Champaign in
Champaign County, Illinois. The subject city of Champaign and neighboring city
of Urbana are considered the commercial hub of the county and the largest
population center, with approximately 100,000 residents. Champaign-Urbana
ranked 20th among 168 small cities in Forbes magazine's "Best Places for
Business" study, up from 34th last year, making this the third straight year of
improvement for the city. The unemployment rate in Champaign County is one of
the lowest in the state, with a 2004 year-to-date rate for the county of 3.9%.
The Champaign-Urbana metropolitan area is one of the most stable economies in
the state due to the presence of the flagship campus of the University of
Illinois and its annual budget of $1.65 billion and separately funded research
of an additional $375 million, which has historically driven the marketplace in
terms of economic activity, innovation and employment. As of 2003, within a
3-mile radius of the subject property reside 99,760 people (40,049 households)
with an average household income of $48,595.

The Champaign-Urbana market consists of approximately 3.5 million square feet
of office space. Office space throughout the market is generally provided by a
mix of suburban style single story buildings and low-rise multi story space.
The subject property represents the largest concentration of office space in
the market. Overall, the market has an estimated market vacancy of 5%. Class A
office space has a reported vacancy of only 2%. The subject property has been
over 95% occupied since being developed and it is currently 97.4% leased. The
competitive retail market consists mainly of smaller retail/commercial
buildings and other neighborhood sized strip centers, largely
unanchored. The overall market reportedly contains approximately 3.78 million
square feet of space. The overall market vacancy is reported to be 4% - 6%,
with properties of similar quality to that of the subject being closer to 100%
occupied.

PROPERTY MANAGEMENT. The subject property is managed by Fox Development
Corporation (FDC), the original developer and manager of the property. FDC is a
premier real estate development and property management firm located on
Champaign's growing southern rim. Established in 1984, FDC specializes in the
development and leasing of office and retail property in the Champaign-Urbana
area. Fox
Development currently owns and manages more than 750,000 square feet (including
the subject property) of office and retail space in east-central Illinois.


(1) Certain information was obtained from the Champaign Office & Retail
    appraisal dated August 24, 2004. The appraisal relies upon many
    assumptions, and no representation is made as to the accuracy of the
    assumptions underlying the appraisal.


                                     67 of 74


                           CHAMPAIGN OFFICE & RETAIL




                  LEASE ROLLOVER SCHEDULE

                 NUMBER      SQUARE      % OF
               OF LEASES     FEET        GLA      BASE RENT
 YEAR           EXPIRING   EXPIRING   EXPIRING    EXPIRING
- ------------- ----------- ---------- ---------- ------------

 VACANT           2          6,122        2.6%   $        0

 2004 & MTM       1          1,052        0.4        17,400

 2005             13        53,638       22.6       701,956

 2006             4         19,130        8.0       240,845

 2007             8         29,989       12.6       429,749

 2008             12        86,255       36.3     1,157,987

 2009             6         14,057        5.9       220,021

 2010             2          6,462        2.7        80,468

 2011             0              0        0.0             0

 2012             1         17,500        7.4       241,973

 2013             0              0        0.0             0

 2014             0              0        0.0             0

 AFTER            1          3,496        1.5        74,115

- -----------------------------------------------------------

 TOTAL            50       237,701      100.0%   $3,164,514




                % OF BASE    CUMULATIVE    CUMULATIVE    CUMULATIVE      CUMULATIVE
                  RENT      SQUARE FEET     % OF GLA     BASE RENT    % OF BASE RENT
 YEAR           EXPIRING      EXPIRING      EXPIRING      EXPIRING       EXPIRING
- ----------------------------------------------------------------------------------------

 VACANT             0.0%        6,122          2.6%             $0          0.0%

 2004 & MTM         0.5         7,174          3.0%        $17,400          0.5%

 2005              22.2        60,812         25.6%       $719,356         22.7%

 2006               7.6        79,942         33.6%       $960,201         30.3%

 2007              13.6       109,931         46.2%     $1,389,950         43.9%

 2008              36.6       196,186         82.5%     $2,547,937         80.5%

 2009               7.0       210,243         88.4%     $2,767,958         87.5%

 2010               2.5       216,705         91.2%     $2,848,426         90.0%

 2011               0.0       216,705         91.2%     $2,848,426         90.0%

 2012               7.7       234,205         98.5%     $3,090,399         97.7%

 2013               0.0       234,205         98.5%     $3,090,399         97.7%

 2014               0.0       234,205         98.5%     $3,090,399         97.7%

 AFTER              2.3       237,701        100.0%     $3,164,514        100.0%

- ----------------------------------------------------------------------------------------

 TOTAL            100.0%



                                     68 of 74


                           CHAMPAIGN OFFICE & RETAIL

[MAP OF CHAMPAIGN OFFICE & RETAIL PROPERTY OMITTED]




                                     69 of 74


                           CHAMPAIGN OFFICE & RETAIL

[MAP OF CHAMPAIGN OFFICE & RETAIL PROPERTY OMITTED]




                                     70 of 74


                        MOORINGS AT MESA COVE APARTMENTS

[2 PHOTOS OF MOORINGS AT MESA COVE APARTMENTS PROPERTY OMITTED]





                                     71 of 74


                        MOORINGS AT MESA COVE APARTMENTS





                       MORTGAGE LOAN INFORMATION
- ------------------------------------------------------------------------

 ORIGINAL PRINCIPAL BALANCE:         $22,500,000

 CUT-OFF DATE PRINCIPAL BALANCE:     $22,500,000

 % OF POOL BY IPB:                   1.5%

 LOAN SELLER:                        JPMorgan Chase Bank, N.A.

 BORROWER:                           IMT Moorings LLC

 SPONSOR:                            Bryan Scher, John M. Tesoriero,
                                     Cory Thabit

 ORIGINATION DATE:                   11/10/04

 INTEREST RATE:                      5.1070%

 INTEREST ONLY PERIOD:               24 Months

 MATURITY DATE:                      12/01/11

 AMORTIZATION TYPE:                  IO-Balloon

 ORIGINAL AMORTIZATION:              360 Months

 REMAINING AMORTIZATION:             360 Months

 CALL PROTECTION:                    L(24),Def(56),O(4)

 CROSS-COLLATERALIZATION:            No

 LOCK BOX:                           No

 ADDITIONAL DEBT:                    $1,400,000

 ADDITIONAL DEBT TYPE:               B-Note

 LOAN PURPOSE:                       Refinance





                 ESCROWS
- ------------------------------------------

 ESCROWS/RESERVES:    INITIAL    MONTHLY
                      --------------------
 TAXES:               $30,368    $15,184
 INSURANCE:                $0         $0
 CAPEX                     $0     $7,644
 ENGINEERING:         $79,875         $0





                 PROPERTY INFORMATION
- -------------------------------------------------------

 SINGLE ASSET/PORTFOLIO:      Single Asset

 TITLE:                       Fee

 PROPERTY TYPE:               Multifamily -- Garden

 UNITS:                       406

 LOCATION:                    Mesa, AZ

 YEAR BUILT/RENOVATED:        1985

 OCCUPANCY:                   93.1%

 OCCUPANCY DATE:              09/30/04

 HISTORICAL NOI:

     2002:                    $1,622,297

     2003:                    $1,739,685

     TTM AS OF 7/31/2004:     $1,875,170

 UW REVENUES:                 $3,234,137

 UW EXPENSES:                 $1,358,469

 UW NOI:                      $1,875,668

 UW NET CASH FLOW:            $1,783,944

 APPRAISED VALUE:             $28,800,000

 APPRAISAL DATE:              10/04/04





              FINANCIAL INFORMATION
- --------------------------------------------------

 CUT-OFF DATE LOAN/UNIT:     $55,419

 CUT-OFF DATE LTV:             78.1%

 MATURITY DATE LTV:            72.2%

 UW DSCR:                      1.22x





                                             MULTIFAMILY INFORMATION

                                                                                         AVERAGE         AVERAGE
                                     AVERAGE UNIT      APPROXIMATE         % OF          MONTHLY         MONTHLY
 UNIT MIX          NO. OF UNITS      SQUARE FEET      NET RENTABLE SF     TOTAL SF     ASKING RENT     MARKET RENT
- --------------   ---------------   ---------------   -----------------   ----------   -------------   ------------

 TWO BEDROOM          406               1,163             472,178           100.0%         $750           $750




                                     72 of 74


                        MOORINGS AT MESA COVE APARTMENTS

THE LOAN. The Moorings at Mesa Cove Apartments loan is secured by a first
mortgage interest in a 406-unit garden style apartment complex located in Mesa,
Arizona.

THE BORROWER. The borrower is IMT Moorings LLC, a special purpose entity
Delaware limited liability company, which consists of Thabit Family Trust,
Tesoriero Family Trust, Scher Family Trust, and other investors as the managing
member (10% ownership). The non-managing member is also comprised of Thabit
Family Trust, Tesoriero Family Trust, and Scher Family Trust (90% ownership).

Cory Thabit, John Tesoriero, and Bryan Scher are the principals of Investors
Management Trust Real Estate Group, Inc., an affiliate of IMT Holdings LLC.
Investors Management Trust Real Estate Group, Inc. (IMT), an apartment
investment and management company, will be the property manager for the subject
property.

THE PROPERTY. Moorings at Mesa Cove Apartments is a 406 two-bedroom unit garden
apartment complex situated on a 28.8 acre parcel of land located in Mesa,
Arizona. The condo-style apartment complex was built in 1985 and its units are
contained in 51, two-story buildings. Each unit in Moorings at Mesa Cove
Apartments includes vaulted ceilings, a private balcony, a wood-burning
fireplace, a large walk-in pantry, a wet bar, full-size washer/dryer hookups,
and reserved covered parking. Amenities include a fitness center, four swimming
pools, jacuzzi spas, and a sport court.

Access to the subject is provided by one curb cut on the east side of Mesa
Drive, a major north/south arterial street with two lanes of traffic in each
direction. Moorings at Mesa Cove Apartments also has excellent access to the
greater Phoenix market via the newly completed 202 Freeway located to the
immediate north of the property, which provides direct access to downtown
Phoenix, Skyharbor International Airport, and other major employment areas in
the Phoenix metropolitan area. The subject is also close in proximity to Mesa
Lutheran Hospital, Mesa Country Club, Arizona State University, Mesa Community
College, entertainment venues, and numerous retailers. It will also benefit
from improved accessibility with the incoming billion-dollar light rail system
slated to break ground in the near future. The system will cover Phoenix,
Tempe, and Mesa.

As of September 30, 2004, Moorings at Mesa Cove Apartments is 93.1% occupied.
The subject's units range in size from 1,107 square feet to 1,219 square feet,
with an average size of 1,163 square feet. Its rents range from $735 per unit
to $770 per unit, with an average asking rent of $750 per unit.

THE MARKET(1).  Moorings at Mesa Cove Apartments is located on North Mesa Drive
in the northwestern region of Mesa, Arizona. It is located approximately 11
miles east of the central business district of Phoenix. While Mesa is the third
largest city in Arizona, the economic base of the community is closely
integrated with the rest of the Phoenix metropolitan area. Moorings at Mesa
Cove Apartments is in the Phoenix-Mesa market and is within the northwestern
Mesa submarket. In 2003, population within a 3-mile radius of the subject was
143,140, with an average household income of $53,380.

The subject's immediate submarket consists mainly of single-family homes.
Residential portions of the subject market are nearly fully developed. New
single family subdivisions are limited to infill projects and overall barriers
to entry are high. Multi-family developments in the area consist mainly of
garden apartments built in the 1980s. Typical apartment complexes contain one
and two-bedroom units in two-story buildings. Overall barriers to entry for new
apartment projects are high because of a lack of vacant land in the market and
the rental structure versus the cost of new construction. As of second quarter
2004, market occupancy is 90.2% and submarket occupancy is 91.0%. Total
apartment units in the market are approximately 222,471, and approximately
10,145 in the submarket.

Occupancy rates for the subject's comps are between 87.0% and 98.0%, with an
average occupancy of 93.1%. Rents for the comps range
from $526 per unit to $806 per unit, with an average rent of $658 per unit.

PROPERTY MANAGEMENT. The property will continue to be managed by IMT, which has
managed the property since 2001. IMT was established in 1992 to focus on
multifamily property ownership and management and is headquartered in Los
Angeles, California. IMT presently owns and operates over 15,000 apartment
units in Texas, Arizona, Florida, and California.


(1) Certain information was obtained from the Moorings at Mesa Cove Apartments
    appraisal dated October 4, 2004. The appraisal relies upon many assumptions,
    and no representation is made as to the accuracy of the assumptions
    underlying the appraisal.

                                     73 of 74


                        MOORINGS AT MESA COVE APARTMENTS

[MAP OF MOORINGS AT MESA COVE APARTMENTS PROPERTY OMITTED]


                                     74 of 74

EX-99.2

ANNEX A-1
CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS




 LOAN #         ORIGINATOR        PROPERTY NAME
 ------         ----------        -------------

                   NCCI           DDR Portfolio
    1              NCCI           Panorama Plaza
    2              NCCI           Culver Ridge Plaza
    3              NCCI           Crossroads Centre
    4              NCCI           Tops Plaza - Union Road
    5              NCCI           Tops Plaza - Jamestown
    6              NCCI           Tops Plaza - Robinson Road
    7              NCCI           Chillicothe Place
    8              NCCI           Midway Plaza
    9              NCCI           Tops Plaza - Ontario
   10              NCCI           Tops Plaza - Warsaw
   11              NCCI           Northcreek Commons
   12              NCCI           Tops Plaza - Le Roy
   13              NCCI           Oxford Place
   14              NCCI           Las Olas Centre
   15              JPMCB          345 Park Avenue South
   16              JPMCB          Crossroads Shopping Center
   17               PNC           Everest Portfolio
  17.1              PNC           Everest - Acton Office
  17.2              PNC           Everest - Chelmsford Flex R&D
  17.3              PNC           Everest - Northwoods Business Park
  17.4              PNC           Everest - Southborough Office Park
  17.5              PNC           Everest - Watertown Technology Park
   18              JPMCB          Broadway Marketplace
   19              NCCI           College Suites Stadium
   20              NCCI           Lakeshore Club Apartments
   21              NCCI           Champaign Office & Retail
   22              JPMCB          Moorings at Mesa Cove Apartments
   23              JPMCB          Union Square Shopping Center
   24               PNC           Indian Hollow Apartments
   25              NCCI           Jefferson at La Valencia Apartments
   26              JPMCB          Cambridge Court Phase I & II
   27              JPMCB          Del Coronado Apartments
   28              NCCI           Time Square
   29              JPMCB          Woodcliff Community Townhomes
   30              NCCI           Oswego Commons
   31               PNC           Residence Inn  Soup Plantation
   32              NCCI           Plaza at Sawmill
   33               PNC           Valencia Apartments
   34              JPMCB          Rancho Murietta Apartments
   35              NCCI           Commerce Park
   36              JPMCB          Willowbrook Power Center
   37              JPMCB          Crystal Lake Club MHP
   38              NCCI           Village Green Apartments
   39              JPMCB          California Village Apartments
   40              JPMCB          Verizon Wireless Call Center
   41              NCCI           Pioneer Square
   42              JPMCB          Fayette Place Shopping Center
   43               PNC           Holiday Inn Express/Cotton Exchange Hotel
   44               PNC           Calabasas Business Park II
   45              NCCI           Largo 95
   46              JPMCB          Bentsen Tower GSA Office
   47              NCCI           College Court Apartments
   48               PNC           Tarzana Medical Office Building
   49               PNC           Pinecrest Townhomes
   50               PNC           411 E. Franklin Building
   51              NCCI           Southwood Manor
   52              NCCI           Penland MHP
   53               PNC           Villas at Bailey Ranch
   54              JPMCB          T-Mobile - Lenexa KS
   55               PNC           TRW Automotive - Tech 4
   56               PNC           The Grove Apartments
   57              JPMCB          Imperial Promenade
   58              NCCI           Eastern Crossing
   59              NCCI           Hawaiian Gardens Town Center
   60               PNC           Hunter Park Office Plaza
   61              JPMCB          Kennerly Crossing
   62              JPMCB          Eldridge Lakes Town Center
   63              JPMCB          Woodlyn Shopping Center
   64              NCCI           INS Building
   65              NCCI           Stonybrook Apartments
   66              JPMCB          Bren Mar Apartments
   67              JPMCB          Raia Self Storage - Mahwah
   68              NCCI           South Hadley Shopping Center
   69              JPMCB          Wichita Square Shopping Center
   70              NCCI           B&M - Grande Pointe
   71               PNC           Shops at Rancho Cucamonga Towne Square
   72              JPMCB          S.A.I.C. Building
   73              JPMCB          Wildwood Village Apartments
   74               PNC           Montgomery Crossing
   75              JPMCB          Silverlake Village Shopping Center-Far West Bldg.
   76              JPMCB          CY-Fair Town Center
   77              JPMCB          Enterprise Park
   78               PNC           Beechmont Square
   79              JPMCB          Heritage Village Apartments
   80              JPMCB          Shops at Whitestone
   81              NCCI           Redford Plaza
   82              NCCI           301 W 4th Street
   83              JPMCB          Cornell Corners
   84              JPMCB          4 Commercial Street
   85              NCCI           Sandalwood MHP
   86              NCCI           11211 Katy Freeway
   87              JPMCB          Wall-Price Keller Self Storage
   88              NCCI           Harvest Towne Center
   89              JPMCB          Carrollton All Storage
   90              NCCI           416-424 LA Street
   91              JPMCB          Beaumont Crossroads
   92              JPMCB          West Lancaster Plaza
   93              NCCI           Chivas Square Apartments
   94               PNC           1500 State Street
   95              JPMCB          Allen Creek Center
   96              JPMCB          Sterling Self Storage
   97              NCCI           Clayborne Court
   98              JPMCB          CJS Corporate Center
   99              JPMCB          Greenridge Center
   100             NCCI           Walgreen's-Palatine
   101              PNC           Linens 'N Things
   102             JPMCB          RAIA Self Storage
   103             NCCI           Harris Teeter
   104             JPMCB          Centre at South Shore Harbour I
   105             JPMCB          Princeton Club Apartments
   106             JPMCB          Fort Knox Self Storage
   107              PNC           The Trails Apartments
   108             NCCI           Skyline Apartments
   109             JPMCB          Centerpark Business Plaza
   110              PNC           Piazza Fiorina
   111             NCCI           1110 NASA Road
   112             JPMCB          Marne Associates Shopping Center
   113             NCCI           Clark Industrial I
   114             JPMCB          Oak Tree Center
   115             JPMCB          Payson Medical Building
   116             NCCI           Valencia Estates
   117             JPMCB          Highland Park Apartment Portfolio
  117.1            JPMCB          Image Gardens Apartments
  117.2            JPMCB          Image Arms Apartments
  117.3            JPMCB          The Avon Building Apartments
  117.4            JPMCB          Westside Court Apartments
   118             JPMCB          Romark Center
   119             JPMCB          Storage, LLC
   120              PNC           Kensington Court Apartments
   121             NCCI           Best Buy - Rock Hill
   122             NCCI           Eckerd - Corning
   123             NCCI           Baseline Power Shops
   124             JPMCB          Lem Turner Plaza
   125             JPMCB          Myrtle Avenue Storage
   126              PNC           Larchmont Boulevard
   127             JPMCB          Murphy Mill Plaza
   128             JPMCB          600 East 132nd Street
   129              PNC           Town Center Shopping Center
   130             JPMCB          202 East Main Street
   131             JPMCB          Forest Crossing
   132             NCCI           Savannah Pines
   133             NCCI           Apple Village MHP
   134              PNC           The Annex at Chandler Commons
   135             JPMCB          Meadowedge Shopping Center
   136             NCCI           Holly House Apartments
   137             JPMCB          181 North Belle Meade Road
   138             JPMCB          Kittyhawk Apartments
   139             JPMCB          City Street Apartments
   140             JPMCB          Country Club Estates
   141             JPMCB          Stephanie Plaza
   142             NCCI           Clark Industrial II
   143             JPMCB          Centercross Plaza
   144              PNC           Grayrock Village
   145             NCCI           Regency Apartments
   146             JPMCB          30 E. 20th Street
   147             NCCI           Amarillo Ranch
   148              PNC           Leeds Shopping Center
   149              PNC           Valley View Center
   150              PNC           Villa Gardens Apartments
   151             JPMCB          640 West Debbie
   152             NCCI           Ennis MHP






 LOAN #   STREET ADDRESS
 ------   --------------

          Various
    1     1601 Penfield Road
    2     2255 East Ridge Road
    3     3201 Southwestern Boulevard
    4     3865 Union Road
    5     2000 Washington Street
    6     3035 Niagara Falls Boulevard
    7     887 North Bridge Street
    8     910 Athens Highway
    9     6254-6272 Furnace Road
   10     2382 State Highway 19
   11     101-139 Northcreek Boulevard
   12     128 West Main Street
   13     2015 University Avenue
   14     350 & 450 East Las Olas Boulevard
   15     345 Park Avenue South
   16     423 Tarrytown Road - Route 119
   17     Various
  17.1    289 Great Road
  17.2    220 & 222 Mill Steet & 25 Industrial Ave
  17.3    99 and 199 Rosewood Drive
  17.4    118 Turnpike Road
  17.5    101 and 121-125 Walnut Streeet
   18     301-545 South Broadway
   19     112 Silo Court
   20     6900 Concord Drive
   21     1802, 1806, 1906, 2001, 2004, 2110, 2131-2231, 2202 & 2302 Fox Drive; 201 Knollwood; 2107 South Neil
   22     1233 North Mesa Drive
   23     3851 Union Deposit Road
   24     12701 West Avenue
   25     10106 Technology Boulevard West
   26     2601 & 2701 Cambridge Court
   27     843 South Longmore Street
   28     335, 360, and 365 Bugatti Drive; 332 West Bugatti Street; 310, 331, 345, 415, 434, 445, 466, and 474 Bearcat Drive
   29     26185 Jewett Place
   30     3080 Route 34
   31     2855 Main Street
   32     2600-2725 Sawmill Place Boulevard
   33     555 Ramona Drive
   34     1717 South Dorsey Lane
   35     2323 South 3600 West Street, 3498 West 2400 South Street, 3595 West Technology Drive, 3600 West 2100 South Street
   36     17270 State Highway 249
   37     533 East Crystal Lake Drive
   38     2000 Village Bluff Place
   39     2845 Valley Boulevard
   40     2401 Mall Drive
   41     2235, 2295, 2266, 2290 & 2297 West Custer Road; 2255 West 1700 South Street; 1765 & 1855 Fremont Drive; 2270 Bridger Road
   42     4001 Nicholasville Road
   43     221 and 231 Carondelet Street
   44     23901 Calabasas Road
   45     1100 & 1200 Mercantile Lane
   46     1701 West Business Highway 83
   47     5610 Graduate Circle
   48     18370 Burbank Boulevard
   49     15301 West 128th Street
   50     411 E. Franklin Road
   51     9499 Brayton Drive
   52     801 Airport Heights Drive
   53     8751 North 97th East Avenue
   54     9601 Renner Boulevard
   55     12001 Tech Center Drive
   56     2320 South Conway Road
   57     5645-5675 East La Palma Avenue
   58     9901-9915 Eastern Avenue
   59     12090-12144 Carson Street
   60     2001, 2041, & 2081 Iowa Avenue
   61     7320 Broad River Road
   62     6340 North Eldridge Parkway
   63     1245 MacDade Boulevard
   64     3000 Sidney Street
   65     1555 Martin Luther King Jr. Boulevard
   66     6374 Beryl Road
   67     100 Micik Lane
   68     501 Newton Street
   69     3610-3620 Call Field Road
   70     133 Lake Front Drive
   71     10437-10455 Foothill Boulevard, 8140-8160 Haven Avenue
   72     7031-7035 Albert Einstein Drive
   73     1500 South Jupiter Road
   74     4400-4420 North Wyoming Boulevard Northeast
   75     3137 Silverlake Village Drive
   76     17445 Spring-Cypress Road
   77     6101 and 6201 Corporate Drive, 9521 Town Park Drive, and 6202 and 6100 Westline Drive
   78     8550 Beechmont Avenue
   79     101 Brookside Drive
   80     202 Walton Way
   81     27300 Plymouth Road
   82     301 West 4th Street
   83     2056-2064 Northwest Stucki Avenue
   84     4 Commercial Street
   85     507 South Euclid Street
   86     11211 Katy Freeway
   87     5800 Wall Price Keller Road
   88     4864 North Broadway Street
   89     2200 Belt Line Road
   90     416-424 South Los Angeles Street
   91     4414 Dowlen Road
   92     2761-2863 West Avenue L
   93     1900 Carl Road
   94     1500-1520 State Street
   95     1610-1620 Allen Creek Road
   96     21639 Cascades Parkway
   97     4651 Clayborne Drive
   98     1451 Highway 34
   99     6135 Westheimer Road
   100    805 West Euclid Avenue
   101    369 Chatham Drive
   102    911 Route 517
   103    820 South College Road
   104    2800 Marina Bay Drive
   105    3700 McCann Road
   106    13634 U.S. Highway 441 & 799 Duck Lake Road
   107    3301 West Normandale Street
   108    201 Skyline Circle
   109    1201-1291 Simpson Way
   110    3701-3787 Cerrillos Road
   111    1110 NASA Parkway
   112    3163 Marne Highway
   113    17 Walker Way, 18 and 20 Petra Lane
   114    605-669 Arrow Highway
   115    126 and 127 East Main Street
   116    547 Drage Drive
   117    Various
  117.1   4708 Abbott Avenue
  117.2   3909 Bowser Drive
  117.3   3812 Lemmon Avenue
  117.4   5000 Holland Ave
   118    3521 West Broward Boulevad
   119    3520 Chamberlain Lane
   120    910-988 Oakwood Avenue
   121    1775 Chamberside Drive
   122    100 Conhocton Avenue
   123    6736 East Baseline Road
   124    12123 Lem Turner Road
   125    111 North Myrtle Street
   126    215-219 North Larchmont Boulevard
   127    2371 Murphy Mill Road
   128    600 East 132nd Street
   129    182 Neff Avenue
   130    202 East Main Street
   131    2110 El Dorado Parkway
   132    1518 Old Dean Forest Road
   133    301 West Dennis Street
   134    1909 East Ray Road
   135    20141 Interstate 45 North
   136    69 Main Street North
   137    181 North Belle Meade Road
   138    6931 Kittyhawk Avenue
   139    1418 Texas Avenue
   140    202 Boston Post Road
   141    180 South Stephanie Street
   142    4 Walker Way and 23A Walker Way
   143    6808 North Lamar Boulevard
   144    1802 Route 31 North
   145    1100 West College Street
   146    30 East 20th Street
   147    1414 Sunrise Drive
   148    7580,7588,7596 Parkway Drive
   149    3763-3773 Carpenter Road
   150    2908 North Glenhaven Drive
   151    640 West Debbie Lane
   152    2700 North Interstate Highway 45






                                                                                    NUMBER OF   PROPERTY
 LOAN #   CITY                             STATE   ZIP CODE  COUNTY                 PROPERTIES  TYPE
 ------   ----                             -----   --------  ------                 ----------  ----

          Various                         Various   Various  Various                    0       Retail
    1     Rochester                         NY       14625   Monroe                     1       Retail
    2     Irondequoit                       NY       14622   Monroe                     1       Retail
    3     Orchard Park                      NY       14127   Erie                       1       Retail
    4     Cheektowaga                       NY       14225   Erie                       1       Retail
    5     Jamestown                         NY       14701   Chautauqua                 1       Retail
    6     Amherst                           NY       14228   Erie                       1       Retail
    7     Chillicothe                       OH       45601   Ross                       1       Retail
    8     Loganville                        GA       30052   Gwinnett                   1       Retail
    9     Ontario                           NY       14519   Wayne                      1       Retail
   10     Warsaw                            NY       14569   Wyoming                    1       Retail
   11     Goodlettsville                    TN       37072   Davidson                   1       Retail
   12     Le Roy                            NY       14482   Genesee                    1       Retail
   13     Oxford                            MS       38655   Lafayette                  1       Retail
   14     Ft. Lauderdale                    FL       33301   Broward                    1       Office
   15     New York                          NY       10010   New York                   1       Office
   16     White Plains                      NY       10607   Westchester                1       Retail
   17     Various                         Various   Various  Various                    5       Various
  17.1    Acton                             MA       01720   Middlesex                  1       Office
  17.2    Chelmsford                        MA       01824   Middlesex                  1       Industrial
  17.3    Danvers                           MA       01923   Essex                      1       Office
  17.4    Southborough                      MA       10772   Worcester                  1       Office
  17.5    Watertown                         MA       02472   Middlesex                  1       Office
   18     Denver                            CO       80209   Denver                     1       Retail
   19     Columbia                          SC       29201   Richland                   1       Multifamily
   20     Tampa                             FL       33614   Hillsborough               1       Multifamily
   21     Champaign                         IL       61820   Champaign                  1       Mixed Use
   22     Mesa                              AZ       85201   Maricopa                   1       Multifamily
   23     Harrisburg                        PA       17109   Dauphin                    1       Retail
   24     San Antonio                       TX       78216   Bexar                      1       Multifamily
   25     Dallas                            TX       75220   Dallas                     1       Multifamily
   26     Auburn Hills                      MI       48326   Oakland                    1       Office
   27     Mesa                              AZ       85202   Maricopa                   1       Multifamily
   28     Salt Lake City                    UT       84115   Salt Lake                  1       Industrial
   29     Calcium                           NY       13616   Jefferson                  1       Multifamily
   30     Oswego                            IL       60543   Kendall                    1       Retail
   31     Irvine                            CA       92614   Orange                     1       Hotel
   32     Columbus                          OH       43235   Franklin                   1       Retail
   33     San Luis Obispo                   CA       93405   San Luis Obispo            1       Multifamily
   34     Tempe                             AZ       85281   Maricopa                   1       Multifamily
   35     West Valley City                  UT       84119   Salt Lake                  1       Industrial
   36     Houston                           TX       77064   Harris                     1       Retail
   37     Avon Park                         FL       33825   Highlands                  1       Manufactured Housing
   38     Raleigh                           NC       27603   Wake                       1       Multifamily
   39     West Covina                       CA       91792   Los Angeles                1       Multifamily
   40     North Charleston                  SC       29406   Charleston                 1       Office
   41     Salt Lake City                    UT       84104   Salt Lake City             1       Industrial
   42     Lexington                         KY       40503   Fayette                    1       Retail
   43     New Orleans                       LA       70130   Orleans                    1       Hotel
   44     Calabasas                         CA       91302   Los Angeles                1       Office
   45     Largo                             MD       20774   Prince Georges             1       Industrial
   46     McAllen                           TX       78501   Hidalgo                    1       Office
   47     Tampa                             FL       33617   Hillsborough               1       Multifamily
   48     Tarzana                           CA       91356   Los Angeles                1       Office
   49     Olathe                            KS       66062   Johnson                    1       Multifamily
   50     Richmond                          VA       23219   Richmond                   1       Office
   51     Anchorage                         AK       99507   Anchorage                  1       Manufactured Housing
   52     Anchorage                         AK       99508   Anchorage                  1       Manufactured Housing
   53     Owasso                            OK       74055   Tulsa                      1       Multifamily
   54     Lenexa                            KS       66216   Johnson                    1       Office
   55     Livonia                           MI       48150   Wayne                      1       Office
   56     Orlando                           FL       32812   Orange                     1       Multifamily
   57     Anaheim                           CA       92807   Orange                     1       Retail
   58     Henderson                         NV       89052   Clark                      1       Retail
   59     Hawaiian Gardens                  CA       90716   Los Angeles                1       Retail
   60     Riverside                         CA       92507   Riverside                  1       Office
   61     Irmo                              SC       29063   Richland                   1       Retail
   62     Houston                           TX       77041   Harris                     1       Retail
   63     Woodlyn                           PA       19094   Delaware                   1       Retail
   64     Pittsburgh                        PA       15203   Allegheny                  1       Office
   65     Riviera Beach                     FL       33404   Palm Beach                 1       Multifamily
   66     Alexandria                        VA       22312                              1       Multifamily
   67     Mahwah                            NJ       07430   Bergen                     1       Self Storage
   68     South Hadley                      MA       01075   Hampshire                  1       Retail
   69     Witcha Falls                      TX       76308   Wichita                    1       Retail
   70     Daphne                            AL       36526   Baldwin                    1       Multifamily
   71     Rancho Cucamonga                  CA       91730   San Bernardino             1       Retail
   72     Columbia                          MD       21046   Howard                     1       Office
   73     Allen                             TX       75002   Collin                     1       Multifamily
   74     Albuquerque                       NM       87111   Bernallio                  1       Retail
   75     Pearland                          TX       77584   Brazoria                   1       Retail
   76     Houston                           TX       77429   Harris                     1       Retail
   77     Houston                           TX       77036   Harris                     1       Industrial
   78     Cincinnati                        OH       45255   Hamilton                   1       Retail
   79     Dover                             OH       44622   Tuscarawas                 1       Multifamily
   80     Cedar Park                        TX       78613   Williamson                 1       Retail
   81     Redford                           MI       48239   Wayne                      1       Retail
   82     Royal Oak                         MI       48067   Oakland                    1       Office
   83     Hillsboro                         OR       97124   Washington                 1       Retail
   84     Sharon                            MA       02067   Norfolk                    1       Industrial
   85     Santa Ana                         CA       92704   Orange                     1       Manufactured Housing
   86     Houston                           TX       77027   Harris                     1       Office
   87     Keller                            TX       76248   Tarrant                    1       Self Storage
   88     Knoxville                         TN       37918   Knox                       1       Retail
   89     Carrollton                        TX       76248   Dallas                     1       Self Storage
   90     Los Angeles                       CA       90013   Los Angeles                1       Mixed Use
   91     Beaumont                          TX       77706   Jefferson                  1       Retail
   92     Lancaster                         CA       93536   Los Angeles                1       Retail
   93     Irving                            TX       75061   Dallas                     1       Multifamily
   94     San Diego                         CA       92101   San Diego                  1       Office
   95     Grants Pass                       OR       97527   Josephine                  1       Retail
   96     Sterling                          VA       20166   Loudoun                    1       Self Storage
   97     Kalamazoo                         MI       49009   Kalamazoo                  1       Multifamily
   98     Wall                              NJ       07719   Monmouth                   1       Office
   99     Houston                           TX       77057   Harris                     1       Retail
   100    Palatine                          IL       60067   Cook                       1       Retail
   101    Newport News                      VA       23602   Newport News City          1       Retail
   102    Hackettstown                      NJ       07840   Warren                     1       Self Storage
   103    Willmington                       NC       28403   New Hanover                1       Retail
   104    League City                       TX       77573   Galveston                  1       Retail
   105    Longview                          TX       75605   Gregg                      1       Multifamily
   106    Lady Lake                         FL       32159   Sumter, Lake               1       Self Storage
   107    Fort Worth                        TX       76116   Tarrant                    1       Multifamily
   108    Grand Prairie                     TX       75051   Dallas                     1       Multifamily
   109    Escondido                         CA       92029   San Diego                  1       Industrial
   110    Santa Fe                          NM       87505   Santa Fe                   1       Retail
   111    Houston                           TX       77058   Harris                     1       Office
   112    Mount Laurel                      NJ       08054   Burlington                 1       Retail
   113    Colonie                           NY       12205   Albany                     1       Industrial
   114    Azusa                             CA       91702   Los Angeles                1       Retail
   115    Payson                            AZ       85541   Gila                       1       Office
   116    Apopka                            FL       32703   Orange                     1       Manufactured Housing
   117    Dallas                            TX      Various  Dallas                     4       Multifamily
  117.1   Dallas                            TX       75205   Dallas                     1       Multifamily
  117.2   Dallas                            TX       75219   Dallas                     1       Multifamily
  117.3   Dallas                            TX       75219   Dallas                     1       Multifamily
  117.4   Dallas                            TX       75209   Dallas                     1       Multifamily
   118    Fort Lauderdale                   FL       33312   Broward                    1       Office
   119    Louisville                        KY       40241   Jefferson                  1       Self Storage
   120    State College                     PA       16801   Centre                     1       Multifamily
   121    Rock Hill                         SC       29730   York                       1       Retail
   122    Corning                           NY       14830   Steuben                    1       Retail
   123    Mesa                              AZ       85206   Maricopa                   1       Retail
   124    Jacksonville                      FL       32218   Duval                      1       Retail
   125    Clearwater                        FL       33755   Pinellas                   1       Self Storage
   126    Los Angeles                       CA       90004   Los Angeles                1       Retail
   127    Dothan                            AL       36303   Houston                    1       Retail
   128    Bronx                             NY       10454   Bronx                      1       Industrial
   129    Harrisonburg                      VA       22801   Rockingham                 1       Retail
   130    Huntington                        NY       11743   Suffolk                    1       Office
   131    McKinney                          TX       75070   Collin                     1       Retail
   132    Garden City                       GA       31408   Chatham                    1       Manufactured Housing
   133    Edmond                            OK       73003   Oklahoma                   1       Manufactured Housing
   134    Chandler                          AZ       85225   Maricopa                   1       Retail
   135    Spring                            TX       77388   Harris                     1       Retail
   136    Woodbury                          CT       06798   Litchfield                 1       Multifamily
   137    East Setauket                     NY       11733   Suffolk                    1       Office
   138    Los Angeles                       CA       90045   Los Angeles                1       Multifamily
   139    Lubbock                           TX       79401   Lubbock                    1       Multifamily
   140    North Windham                     CT       06256   Windham                    1       Manufactured Housing
   141    Henderson                         NV       89012   Clark                      1       Retail
   142    Colonie                           NY       12205   Albany                     1       Industrial
   143    Austin                            TX       78752   Travis                     1       Retail
   144    Clinton                           NJ       08809   Hunterdon                  1       Retail
   145    Griffin                           GA       30224   Spalding                   1       Multifamily
   146    New York                          NY       10003   New York                   1       Office
   147    Amarillo                          TX       79104   Potter                     1       Manufactured Housing
   148    Leeds                             AL       35094   Jefferson                  1       Retail
   149    Pittsfield Township/Ypsilanti     MI       48197   Washtenaw                  1       Retail
   150    Oklahoma City                     OK       73110   Oklahoma                   1       Multifamily
   151    Mansfield                         TX       76063   Tarrant                    1       Retail
   152    Ennis                             TX       75119   Ellis                      1       Manufactured Housing






          PROPERTY                                          YEAR                    UNIT OF                         OCCUPANCY
 LOAN #   SUBTYPE                       YEAR BUILT       RENOVATED         UNITS    MEASURE     OCCUPANCY %(18)       DATE
 ------   -------                       ----------       ---------         -----    -------     ---------------       ----

          Anchored                        Various         Various      1,634,765  Square Feet        100.0          09/30/04
    1     Anchored                         1969                          278,241  Square Feet        100.0          09/30/04
    2     Anchored                         1981             1997         226,812  Square Feet        100.0          09/30/04
    3     Anchored                         2001                          167,805  Square Feet        100.0          09/30/04
    4     Anchored                         1960             2003         151,357  Square Feet        100.0          09/30/04
    5     Anchored                         1998                           98,001  Square Feet        100.0          09/30/04
    6     Anchored                         1986                          145,642  Square Feet        100.0          09/30/04
    7     Anchored                         1981             1997         105,512  Square Feet        100.0          09/30/04
    8     Anchored                         1995                           91,196  Square Feet        100.0          09/30/04
    9     Anchored                         1998                           77,040  Square Feet        100.0          09/30/04
   10     Anchored                         1995                           74,105  Square Feet        100.0          09/30/04
   11     Anchored                         1987                           84,441  Square Feet        100.0          09/30/04
   12     Anchored                         1997                           62,747  Square Feet        100.0          09/30/04
   13     Anchored                         2000                           71,866  Square Feet        100.0          09/30/04
   14     CBD                            1996,1999                       468,843  Square Feet         86.2          09/01/04
   15     CBD                              1913             1999         272,348  Square Feet         97.2          10/05/04
   16     Anchored                         1979             1997         310,919  Square Feet         96.6          10/27/04
   17     Various                         Various         Various        676,454  Square Feet         88.3           Various
  17.1    Suburban                         1983                           84,726  Square Feet         53.5          11/01/04
  17.2    Flex                             1976             2002         214,070  Square Feet        100.0          11/01/04
  17.3    Suburban                         1988             2003         175,442  Square Feet         83.2          11/01/04
  17.4    Suburban                         1989                           81,893  Square Feet        100.0          11/01/04
  17.5    Suburban                         1924             2002         120,323  Square Feet         91.7          11/01/04
   18     Anchored                         1993             2000         387,458  Square Feet         97.9          09/01/04
   19     Garden                           2003                              264     Units           100.0          10/06/04
   20     Garden                           1969             2003             650     Units            95.5          09/27/04
   21     Office/Retail                    1988             2002         237,701  Square Feet         97.4          11/01/04
   22     Garden                           1985                              406     Units            93.1          09/30/04
   23     Anchored                         1988                          288,833  Square Feet         99.1          10/06/04
   24     Garden                           1995                              336     Units            97.6          07/30/04
   25     Garden                           2000                              384     Units            93.2          09/20/04
   26     Suburban                         1987             2000         252,836  Square Feet         74.7          07/01/04
   27     Garden                           1985                              419     Units            95.0          09/30/04
   28     Warehouse/Distribution           1974             1996         210,219  Square Feet         96.3          12/01/04
   29     Garden                           1987                              300     Units            90.0          09/01/04
   30     Anchored                         2002             2004         188,160  Square Feet         99.4          05/01/04
   31     Full Service                     2001                              174     Rooms            80.0          10/08/04
   32     Anchored                         1987             1998         194,754  Square Feet         99.3          09/24/04
   33     Garden                           1973             2003             480     Beds             95.2          09/21/04
   34     Garden                           1983                              292     Units            95.2          09/30/04
   35     Warehouse/Distribution           1976             1996         392,830  Square Feet         98.9          12/01/04
   36     Anchored                         1993             2004         124,305  Square Feet        100.0          11/19/04
   37     Manufactured Housing             1987                              600     Pads             83.7          10/08/04
   38     Garden                           2003                              156     Units            94.2          09/01/04
   39     Garden                           1972                              192     Units            95.3          09/30/04
   40     Suburban                         2004                          150,000  Square Feet        100.0          10/27/04
   41     Warehouse/Distribution           1975             1991         432,822  Square Feet         92.7          12/01/04
   42     Anchored                         1986                          104,892  Square Feet         84.4          09/10/04
   43     Limited Service                  2002                              223     Rooms            69.9          06/30/04
   44     Suburban                         1984             2001          98,884  Square Feet         91.7          09/15/04
   45     Flex                             1990                          150,691  Square Feet         90.9          11/01/04
   46     Suburban                         1983                          174,809  Square Feet         97.7          10/01/04
   47     Garden                           2004                               92     Units            96.7          08/17/04
   48     Suburban                         1974                           65,129  Square Feet        100.0          10/31/04
   49     Garden                           2003                              144     Units            92.4          07/01/04
   50     Suburban                         1987             2003         132,879  Square Feet         90.0          09/30/04
   51     Manufactured Housing             1975             1977             417     Pads             94.2          09/30/04
   52     Manufactured Housing             1971             1976             389     Pads             96.7          09/13/04
   53     Garden                           1999                              252     Units            92.1          10/21/04
   54     Suburban                         2004                           77,484  Square Feet        100.0          09/30/04
   55     Suburban                         2004                           86,500  Square Feet        100.0          01/14/04
   56     Garden                           1973                              232     Units            93.1          10/12/04
   57     Unanchored                       1992                           42,860  Square Feet         97.6          10/01/04
   58     Unanchored                       2004                           30,581  Square Feet         90.5          07/31/04
   59     Shadow Anchored                  1987                           78,815  Square Feet         99.0          05/01/04
   60     Suburban                         1990                          117,168  Square Feet        100.0          11/01/04
   61     Anchored                         2004                           64,191  Square Feet         90.7          09/24/04
   62     Unanchored                       2003                           54,270  Square Feet         88.3          10/01/04
   63     Anchored                         1960             2004          49,039  Square Feet        100.0          07/28/04
   64     Suburban                         2004                           33,459  Square Feet        100.0          12/11/04
   65     Garden                           1974             2004             216     Units            97.2          09/01/04
   66     Garden                           1960                              134     Units            96.3          09/01/04
   67     Self Storage                     1997             1999           1,067     Units            79.9          10/31/04
   68     Anchored                   1957, 1966, 1995       1998          92,098  Square Feet         99.5          08/02/04
   69     Unanchored                       1984             2003          67,431  Square Feet        100.0          11/02/04
   70     Garden                           1984                              180     Units            95.6          09/02/04
   71     Shadow Anchored                  2004                           19,813  Square Feet        100.0          10/28/04
   72     Suburban                         2004                           56,912  Square Feet        100.0          11/01/04
   73     Garden                           1986                              202     Units            91.6          09/25/04
   74     Shadow Anchored                  1969                           92,858  Square Feet         95.7          08/01/04
   75     Anchored                         2004                          105,137  Square Feet        100.0          10/19/04
   76     Unanchored                       2003                           51,592  Square Feet        100.0          11/16/04
   77     Warehouse/Distribution           1973             1981         153,835  Square Feet         92.0          09/01/04
   78     Unanchored                       1969             2004         143,255  Square Feet         98.0          09/20/04
   79     Garden                           1977             1998             150     Units            97.3          09/29/04
   80     Shadow Anchored                  2004                           39,764  Square Feet         75.0          10/15/04
   81     Anchored                         1975             2000         114,865  Square Feet         95.7          06/15/04
   82     Suburban                         1929             2002          49,230  Square Feet        100.0          10/05/04
   83     Unanchored                       2004                           17,643  Square Feet         83.0          09/08/04
   84     Flex                             1969             2001          62,389  Square Feet        100.0          10/05/04
   85     Manufactured Housing             1969                              183     Pads            100.0          05/06/04
   86     Suburban                         1976                           78,678  Square Feet         95.1          09/30/04
   87     Self Storage                     2003                            1,060     Units            78.6          11/08/04
   88     Unanchored                       1996             1999          32,965  Square Feet        100.0          11/08/04
   89     Self Storage                     2004                            1,012     Units            79.0          11/02/04
   90     Retail/Storage                   1911             1991          36,050  Square Feet        100.0          02/01/04
   91     Unanchored                       1984                           44,440  Square Feet        100.0          10/01/04
   92     Unanchored                       1983             2004         130,759  Square Feet         61.8          10/05/04
   93     Garden                           1970             2002             200     Units            93.5          09/23/04
   94     Suburban                         1971                           26,478  Square Feet        100.0          10/11/04
   95     Unanchored                       2002             2004          24,720  Square Feet         77.8          11/02/04
   96     Self Storage                     1986             1994             544     Units            91.2          11/02/04
   97     Garden                           1986                              140     Units            98.6          08/30/04
   98     Suburban                         2004                           30,000  Square Feet         83.3          10/01/04
   99     Anchored                         1991             2004          32,653  Square Feet         84.7          09/30/04
   100    Anchored                         2004                           14,560  Square Feet        100.0          12/11/04
   101    Anchored                         2001                           34,103  Square Feet        100.0          09/30/04
   102    Self Storage                     2003                           60,396  Square Feet         82.5          09/30/04
   103    Anchored                         1977             1995          57,230  Square Feet        100.0          12/11/04
   104    Unanchored                       2002                           28,080  Square Feet        100.0          08/31/04
   105    Garden                           1979             1999             159     Units            99.4          08/25/04
   106    Self Storage                  1994, 2001                           755     Units            86.0          10/10/04
   107    Garden                           1980             2002             152     Units            93.4          10/20/04
   108    Garden                           1959             2003             148     Units            91.2          07/29/04
   109    Warehouse/Distribution           1973             1980          86,326  Square Feet         91.4          09/30/04
   110    Unanchored                       2003                           26,390  Square Feet        100.0          10/22/04
   111    Suburban                         1975             2004          59,331  Square Feet         81.0          09/25/04
   112    Unanchored                       2003                           30,456  Square Feet         82.4          07/26/04
   113    Flex                             1988             1998          65,000  Square Feet        100.0          07/01/04
   114    Unanchored                       1965             1975          37,244  Square Feet        100.0          10/25/04
   115    Suburban                         2003                           27,320  Square Feet         89.0          09/17/04
   116    Manufactured Housing             1973                              120     Pads             89.2          07/01/04
   117    Garden                          Various         Various             98     Units            96.9          10/01/04
  117.1   Garden                           1963                               26     Units           100.0          10/01/04
  117.2   Garden                           1965                               28     Units            92.9          10/01/04
  117.3   Garden                           1930             2003              26     Units            96.2          10/01/04
  117.4   Garden                           1963                               18     Units           100.0          10/01/04
   118    Suburban                         1958             2002          38,368  Square Feet         89.8          09/15/04
   119    Self Storage                     2001             2004             691     Units            74.2          10/18/04
   120    Garden                           2003                               40     Units           100.0          08/18/04
   121    Anchored                         2004                           25,199  Square Feet         80.5          09/17/04
   122    Anchored                         2004                           13,813  Square Feet        100.0          12/11/04
   123    Unanchored                       2001                           12,068  Square Feet        100.0          10/19/04
   124    Shadow Anchored                  2004                           15,069  Square Feet        100.0          08/26/04
   125    Self Storage                     2000                              807     Units            87.0          07/27/04
   126    Unanchored                       1925             1998           7,396  Square Feet        100.0          09/28/04
   127    Unanchored                       2004                           25,330  Square Feet         91.3          09/13/04
   128    Warehouse/Distribution           1952                           53,250  Square Feet        100.0          04/01/04
   129    Unanchored                       1992                           44,019  Square Feet        100.0          11/04/04
   130    Suburban                         1986                           18,604  Square Feet        100.0          10/14/04
   131    Unanchored                       1999                           14,292  Square Feet        100.0          10/12/04
   132    Manufactured Housing             1971             1974             285     Pads             71.6          08/01/04
   133    Manufactured Housing             1984             1997             212     Pads             86.8          09/07/04
   134    Shadow Anchored                  2002                           12,771  Square Feet        100.0          10/18/04
   135    Shadow Anchored                  2004                           12,600  Square Feet         84.9          10/20/04
   136    Garden                           1966                               32     Units           100.0          09/08/04
   137    Suburban                         1989                           16,423  Square Feet        100.0          10/01/04
   138    Garden                           2004                               14     Units           100.0          11/03/04
   139    Garden                           1944             1999              30     Units           100.0          09/16/04
   140    Manufactured Housing             1968             1988              97     Pads             88.7          09/01/04
   141    Unanchored                       2003                            7,420  Square Feet        100.0          10/07/04
   142    Flex                             1997             2002          34,527  Square Feet        100.0          11/20/04
   143    Shadow Anchored                  2004                           20,446  Square Feet        100.0          10/08/04
   144    Unanchored                       1985                           15,250  Square Feet        100.0          10/31/04
   145    Garden                           1974             2003              80     Units            98.8          09/01/04
   146    CBD                              1906             1989          17,783  Square Feet         97.4          09/01/04
   147    Manufactured Housing             1973             2003             187     Pads             73.3          11/21/04
   148    Anchored                         1982             2001          43,800  Square Feet        100.0          09/17/04
   149    Shadow Anchored                  2003                           16,094  Square Feet         86.9          08/03/04
   150    Garden                           1962                               96     Units            95.8          06/30/04
   151    Unanchored                       2003                           11,375  Square Feet         83.0          10/01/04
   152    Manufactured Housing             1972                               93     Pads             97.8          08/18/04






                                                                      ORIGINAL                                       CURRENT
            APPRAISED       APPRAISAL       CURRENT     ORIGINAL       BALANCE         CURRENT       % OF INITIAL    BALANCE
 LOAN #   VALUE ($)(17)      DATE(17)     LTV %(1,17)  BALANCE ($)  PER UNIT ($)   BALANCE ($)(3)    POOL BALANCE  PER UNIT ($)
 ------   -------------      --------     -----------  -----------  ------------   --------------    ------------  ------------

            210,400,000      Various         71.5       150,480,000            92    150,480,000.00
    1        45,000,000      08/06/04        71.5        31,000,000           111     31,000,000.00      2.0%               111
    2        30,500,000      08/06/04        71.5        22,500,000            99     22,500,000.00      1.5%                99
    3        24,400,000      08/06/04        71.5        18,200,000           108     18,200,000.00      1.2%               108
    4        22,700,000      08/06/04        71.5        14,500,000            96     14,500,000.00      1.0%                96
    5        14,300,000      08/06/04        71.5        10,750,000           110     10,750,000.00      0.7%               110
    6        14,800,000      08/06/04        71.5        10,420,000            72     10,420,000.00      0.7%                72
    7        12,300,000      08/06/04        71.5         9,000,000            85      9,000,000.00      0.6%                85
    8        11,500,000      08/06/04        71.5         8,900,000            98      8,900,000.00      0.6%                98
    9         9,200,000      08/06/04        71.5         6,370,000            83      6,370,000.00      0.4%                83
   10         8,200,000      08/06/04        71.5         5,740,000            77      5,740,000.00      0.4%                77
   11         7,500,000      09/01/04        71.5         5,700,000            68      5,700,000.00      0.4%                68
   12         7,000,000      08/06/04        71.5         5,100,000            81      5,100,000.00      0.3%                81
   13         3,000,000      08/06/04        71.5         2,300,000            32      2,300,000.00      0.2%                32
   14       131,000,000      10/11/04        75.6        98,980,000           211     98,980,000.00      6.5%               211
   15       100,000,000      11/11/04        75.0        75,000,000           275     75,000,000.00      4.9%               275
   16        80,000,000      10/22/04        80.0        64,000,000           206     64,000,000.00      4.2%               206
   17        79,400,000      Various         78.7        62,500,000            92     62,500,000.00      4.1%                92
  17.1        7,100,000      09/20/04        78.7         5,588,791            66      5,588,790.93                          66
  17.2       22,500,000      09/20/04        78.7        17,710,957            83     17,710,957.18                          83
  17.3       21,600,000      09/20/04        78.7        17,002,519            97     17,002,518.89                          97
  17.4       13,200,000      09/20/04        78.7        10,390,428           127     10,390,428.21                         127
  17.5       15,000,000      09/20/04        78.7        11,807,305            98     11,807,304.79                          98
   18        53,200,000      11/08/04        78.9        42,000,000           108     42,000,000.00      2.8%               108
   19        35,130,000      10/08/04        79.7        28,000,000       106,061     28,000,000.00      1.8%           106,061
   20        37,600,000      08/26/04        74.5        28,000,000        43,077     28,000,000.00      1.8%            43,077
   21        33,500,000      08/24/04        77.6        26,000,000           109     26,000,000.00      1.7%               109
   22        28,800,000      10/04/04        78.1        22,500,000        55,419     22,500,000.00      1.5%            55,419
   23        28,000,000      10/01/04        78.6        22,000,000            76     22,000,000.00      1.4%                76
   24        27,800,000      08/31/04        79.0        21,975,000        65,402     21,975,000.00      1.4%            65,402
   25        28,750,000      08/23/04        75.9        21,831,000        56,852     21,831,000.00      1.4%            56,852
   26        30,800,000      10/28/04        69.8        21,500,000            85     21,500,000.00      1.4%                85
   27        26,000,000      10/04/04        79.2        20,600,000        49,165     20,600,000.00      1.4%            49,165
   28        25,800,000      09/21/04        79.1        20,400,000            97     20,400,000.00      1.3%                97
   29        25,000,000      10/05/04        80.0        20,000,000        66,667     20,000,000.00      1.3%            66,667
   30        35,200,000      08/25/04        54.7        19,262,100           102     19,262,100.00      1.3%               102
   31        26,900,000      09/01/04        70.6        19,000,000       109,195     19,000,000.00      1.2%           109,195
   32        20,000,000      08/13/04        80.0        16,000,000            82     16,000,000.00      1.0%                82
   33        26,190,000      09/16/04        60.3        15,800,000        32,917     15,800,000.00      1.0%            32,917
   34        19,800,000      10/04/04        79.0        15,650,000        53,596     15,650,000.00      1.0%            53,596
   35        19,700,000      09/21/04        79.2        15,600,000            40     15,600,000.00      1.0%                40
   36        21,000,000      08/26/04        73.8        15,500,000           125     15,500,000.00      1.0%               125
   37        19,600,000      10/04/04        78.1        15,300,000        25,500     15,300,000.00      1.0%            25,500
   38        20,500,000      08/31/04        73.5        15,100,000        96,795     15,066,852.84      1.0%            96,582
   39        24,630,000      09/15/04        60.9        15,000,000        78,125     15,000,000.00      1.0%            78,125
   40        18,250,000      10/28/04        80.0        14,600,000            97     14,600,000.00      1.0%                97
   41        18,800,000      09/21/04        77.1        14,500,000            34     14,500,000.00      1.0%                34
   42        18,000,000      06/15/04        80.0        14,400,000           137     14,400,000.00      0.9%               137
   43        25,600,000      09/01/04        55.1        14,100,000        63,229     14,100,000.00      0.9%            63,229
   44        18,750,000      09/30/04        75.0        14,062,500           142     14,062,500.00      0.9%               142
   45        19,300,000      10/21/04        72.5        14,000,000            93     14,000,000.00      0.9%                93
   46        21,000,000      10/08/04        57.1        12,000,000            69     12,000,000.00      0.8%                69
   47        15,500,000      08/17/04        76.0        11,800,000       128,261     11,775,659.83      0.8%           127,996
   48        15,750,000      10/11/04        74.3        11,700,000           180     11,700,000.00      0.8%               180
   49        15,900,000      04/15/04        71.7        11,400,000        79,167     11,400,000.00      0.7%            79,167
   50        13,900,000      10/21/04        79.8        11,088,000            83     11,088,000.00      0.7%                83
   51        13,970,000      09/02/04        78.6        10,985,000        26,343     10,985,000.00      0.7%            26,343
   52        13,760,000      09/02/04        78.6        10,820,000        27,815     10,820,000.00      0.7%            27,815
   53        14,200,000      08/06/03        73.9        10,500,000        41,667     10,500,000.00      0.7%            41,667
   54        14,000,000      11/01/04        74.7        10,460,000           135     10,460,000.00      0.7%               135
   55        13,300,000      11/01/04        78.2        10,400,000           120     10,400,000.00      0.7%               120
   56        13,000,000      10/12/04        79.9        10,400,000        44,828     10,387,801.36      0.7%            44,775
   57        16,200,000      09/29/04        61.7        10,000,000           233     10,000,000.00      0.7%               233
   58        12,400,000      06/18/04        74.5         9,240,000           302      9,240,000.00      0.6%               302
   59        13,500,000      08/13/04        67.4         9,100,000           115      9,100,000.00      0.6%               115
   60        18,000,000      08/11/04        50.0         9,000,000            77      9,000,000.00      0.6%                77
   61        10,400,000      10/01/04        79.3         8,250,000           129      8,250,000.00      0.5%               129
   62        12,800,000      12/22/04        63.3         8,100,000           149      8,100,000.00      0.5%               149
   63        10,700,000      08/10/04        75.7         8,100,000           165      8,100,000.00      0.5%               165
   64        10,600,000      08/23/04        75.5         8,000,000           239      8,000,000.00      0.5%               239
   65        10,700,000      09/20/04        74.7         8,000,000        37,037      7,991,144.25      0.5%            36,996
   66        13,300,000      11/04/04        56.4         7,500,000        55,970      7,500,000.00      0.5%            55,970
   67        12,700,000      10/07/04        59.1         7,500,000         7,029      7,500,000.00      0.5%             7,029
   68        12,500,000      08/04/04        60.0         7,500,000            81      7,500,000.00      0.5%                81
   69         9,700,000      10/15/04        75.8         7,350,000           109      7,350,000.00      0.5%               109
   70         9,000,000      09/08/04        79.2         7,125,000        39,583      7,125,000.00      0.5%            39,583
   71        10,100,000      05/31/04        67.3         6,817,000           344      6,798,564.25      0.4%               343
   72         8,300,000      01/01/05        79.5         6,600,000           116      6,600,000.00      0.4%               116
   73         8,900,000      11/04/04        74.2         6,600,000        32,673      6,600,000.00      0.4%            32,673
   74         8,300,000      08/18/04        77.0         6,400,000            69      6,392,888.76      0.4%                69
   75         8,275,000      09/22/04        76.1         6,300,000            60      6,300,000.00      0.4%                60
   76        10,700,000      10/22/04        57.2         6,125,000           119      6,125,000.00      0.4%               119
   77         9,000,000      08/12/04        66.7         6,000,000            39      6,000,000.00      0.4%                39
   78         8,660,000      01/01/05        69.3         6,000,000            42      6,000,000.00      0.4%                42
   79         7,500,000      10/07/04        79.3         5,950,000        39,667      5,950,000.00      0.4%            39,667
   80         8,750,000      10/05/04        65.4         5,725,000           144      5,725,000.00      0.4%               144
   81         8,000,000      06/09/04        69.9         5,600,000            49      5,588,695.08      0.4%                49
   82         6,700,000      08/30/04        79.0         5,300,000           108      5,294,231.51      0.3%               108
   83         6,750,000      10/22/04        77.8         5,250,000           298      5,250,000.00      0.3%               298
   84         7,000,000      09/22/04        74.2         5,200,000            83      5,191,627.02      0.3%                83
   85        10,500,000      05/06/04        48.9         5,150,000        28,142      5,137,449.19      0.3%            28,073
   86         6,400,000      09/09/04        79.6         5,100,000            65      5,094,449.19      0.3%                65
   87         9,000,000      12/01/04        56.1         5,050,000         4,764      5,050,000.00      0.3%             4,764
   88         8,520,000      11/03/04        58.7         5,005,000           152      5,005,000.00      0.3%               152
   89         9,300,000      11/01/04        53.8         5,000,000         4,941      5,000,000.00      0.3%             4,941
   90         8,800,000      03/12/04        56.4         5,000,000           139      4,962,464.23      0.3%               138
   91         6,800,000      10/29/04        72.1         4,900,000           110      4,900,000.00      0.3%               110
   92         6,860,000      09/22/04        71.4         4,900,000            37      4,900,000.00      0.3%                37
   93         6,200,000      06/25/04        72.5         4,500,000        22,500      4,495,189.21      0.3%            22,476
   94         6,360,000      09/01/04        70.0         4,450,000           168      4,450,000.00      0.3%               168
   95         6,070,000      07/07/04        72.5         4,400,000           178      4,400,000.00      0.3%               178
   96         5,400,000      11/05/04        75.0         4,050,000         7,445      4,050,000.00      0.3%             7,445
   97         5,050,000      08/05/04        79.8         4,040,000        28,857      4,031,666.59      0.3%            28,798
   98         5,600,000      01/01/05        71.4         4,000,000           133      4,000,000.00      0.3%               133
   99         5,750,000      09/15/04        69.6         4,000,000           123      4,000,000.00      0.3%               123
   100        5,800,000      07/26/04        69.0         4,000,000           275      4,000,000.00      0.3%               275
   101        5,400,000      09/13/04        74.0         4,000,000           117      3,995,605.28      0.3%               117
   102        7,300,000      09/17/04        54.7         4,000,000            66      3,993,788.70      0.3%                66
   103        7,300,000      10/19/04        54.2         3,960,000            69      3,960,000.00      0.3%                69
   104        6,550,000      10/17/04        60.3         3,950,000           141      3,950,000.00      0.3%               141
   105        5,000,000      10/26/04        78.0         3,900,000        24,528      3,900,000.00      0.3%            24,528
   106        5,200,000      10/02/04        73.1         3,800,000         5,033      3,800,000.00      0.2%             5,033
   107        4,790,000      09/28/04        79.1         3,795,000        24,967      3,790,743.55      0.2%            24,939
   108        4,940,000      06/28/04        73.5         3,650,000        24,662      3,633,345.24      0.2%            24,550
   109        8,700,000      09/30/04        41.4         3,600,000            42      3,600,000.00      0.2%                42
   110        4,500,000      06/17/04        77.8         3,500,000           133      3,500,000.00      0.2%               133
   111        4,600,000      09/09/04        76.0         3,500,000            59      3,496,289.98      0.2%                59
   112        4,600,000      12/03/04        73.8         3,400,000           112      3,396,823.39      0.2%               112
   113        4,300,000      06/18/04        78.5         3,376,000            52      3,376,000.00      0.2%                52
   114        5,250,000      11/05/04        63.8         3,350,000            90      3,350,000.00      0.2%                90
   115        5,800,000      10/08/04        56.9         3,300,000           121      3,300,000.00      0.2%               121
   116        3,830,000      09/08/04        79.9         3,060,000        25,500      3,060,000.00      0.2%            25,500
   117        4,800,000      07/20/04        62.5         3,000,000        30,612      3,000,000.00      0.2%            30,612
  117.1       1,610,000      07/20/04        62.5         1,006,250        38,702      1,006,250.00                      38,702
  117.2       1,220,000      07/20/04        62.5           762,500        27,232        762,500.00                      27,232
  117.3       1,150,000      07/20/04        62.5           718,750        27,644        718,750.00                      27,644
  117.4         820,000      07/20/04        62.5           512,500        28,472        512,500.00                      28,472
   118        4,000,000      10/19/04        75.0         3,000,000            78      3,000,000.00      0.2%                78
   119        5,200,000      09/20/04        57.6         3,000,000         4,342      2,993,161.58      0.2%             4,332
   120        4,085,000      06/18/04        72.8         2,975,000        74,375      2,975,000.00      0.2%            74,375
   121        5,050,000      08/19/04        56.9         2,871,000           114      2,871,000.00      0.2%               114
   122        4,053,000      08/20/04        69.7         2,825,000           205      2,825,000.00      0.2%               205
   123        4,400,000      08/26/04        61.7         2,720,000           225      2,716,966.36      0.2%               225
   124        3,360,000      11/02/04        80.4         2,700,000           179      2,700,000.00      0.2%               179
   125        4,800,000      07/12/04        54.8         2,630,000         3,259      2,630,000.00      0.2%             3,259
   126        3,770,000      09/27/04        69.0         2,600,000           352      2,600,000.00      0.2%               352
   127        3,500,000      09/23/04        73.7         2,580,000           102      2,580,000.00      0.2%               102
   128        6,000,000      10/11/04        41.7         2,500,000            47      2,500,000.00      0.2%                47
   129        3,350,000      10/22/04        74.6         2,500,000            57      2,500,000.00      0.2%                57
   130        3,200,000      10/14/04        75.0         2,400,000           129      2,400,000.00      0.2%               129
   131        2,975,000      09/13/04        75.5         2,250,000           157      2,247,583.22      0.1%               157
   132        2,850,000      09/13/04        78.2         2,230,000         7,825      2,227,512.86      0.1%             7,816
   133        2,800,000      08/13/04        79.2         2,220,000        10,472      2,217,606.43      0.1%            10,460
   134        3,080,000      08/13/04        70.7         2,181,000           171      2,178,572.08      0.1%               171
   135        3,640,000      10/06/04        59.1         2,150,000           171      2,150,000.00      0.1%               171
   136        2,700,000      09/08/03        78.4         2,160,000        67,500      2,117,884.64      0.1%            66,184
   137        3,250,000      10/29/04        64.6         2,100,000           128      2,100,000.00      0.1%               128
   138        3,150,000      11/05/04        65.1         2,050,000       146,429      2,050,000.00      0.1%           146,429
   139        2,540,000      10/22/04        79.5         2,020,000        67,333      2,020,000.00      0.1%            67,333
   140        3,000,000      09/13/04        66.7         2,000,000        20,619      2,000,000.00      0.1%            20,619
   141        2,650,000      09/16/04        73.5         1,950,000           263      1,947,905.46      0.1%               263
   142        2,700,000      06/18/04        70.4         1,900,000            55      1,900,000.00      0.1%                47
   143        2,500,000      10/05/04        72.0         1,800,000            88      1,800,000.00      0.1%                88
   144        3,000,000      09/10/04        60.0         1,800,000           118      1,800,000.00      0.1%               118
   145        2,550,000      08/26/04        70.4         1,800,000        22,500      1,794,529.23      0.1%            22,432
   146        4,400,000      09/20/04        39.8         1,750,000            98      1,750,000.00      0.1%                98
   147        2,960,000      07/20/04        59.0         1,750,000         9,358      1,746,871.20      0.1%             9,342
   148        2,250,000      10/14/04        75.6         1,700,000            39      1,700,000.00      0.1%                39
   149        2,700,000      06/09/04        59.3         1,600,000            99      1,600,000.00      0.1%                99
   150        2,400,000      08/20/04        66.7         1,600,000        16,667      1,600,000.00      0.1%            16,667
   151        2,050,000      10/07/04        70.7         1,450,000           127      1,450,000.00      0.1%               127
   152        1,700,000      07/10/04        57.3           975,000        10,484        973,991.66      0.1%            10,473






           LOAN     % OF     % OF                                                     NET
           GROUP    LOAN     LOAN     CROSSED      RELATED     INTEREST   ADMIN.    MORTGAGE                    MONTHLY DEBT
 LOAN #   1 OR 2  GROUP 1   GROUP 2   LOAN(4)    BORROWER(5)    RATE %   FEE %(6)  RATE %(6)   ACCRUAL TYPE   SERVICE ($)(2,7,8)
 ------   ------  -------   -------   -------    -----------    ------   --------  ---------   ------------   ------------------

                                                               5.14700    0.04145   5.10555     Actual/360          654,398.16
    1        1      2.3%     0.0%        1                     5.14700    0.04145   5.10555     Actual/360          134,810.89
    2        1      1.7%     0.0%        1                     5.14700    0.04145   5.10555     Actual/360           97,846.61
    3        1      1.4%     0.0%        1                     5.14700    0.04145   5.10555     Actual/360           79,147.04
    4        1      1.1%     0.0%        1                     5.14700    0.04145   5.10555     Actual/360           63,056.71
    5        1      0.8%     0.0%        1                     5.14700    0.04145   5.10555     Actual/360           46,748.94
    6        1      0.8%     0.0%        1                     5.14700    0.04145   5.10555     Actual/360           45,313.85
    7        1      0.7%     0.0%        1                     5.14700    0.04145   5.10555     Actual/360           39,138.65
    8        1      0.7%     0.0%        1                     5.14700    0.04145   5.10555     Actual/360           38,703.77
    9        1      0.5%     0.0%        1                     5.14700    0.04145   5.10555     Actual/360           27,701.46
   10        1      0.4%     0.0%        1                     5.14700    0.04145   5.10555     Actual/360           24,961.76
   11        1      0.4%     0.0%        1                     5.14700    0.04145   5.10555     Actual/360           24,787.81
   12        1      0.4%     0.0%        1                     5.14700    0.04145   5.10555     Actual/360           22,178.57
   13        1      0.2%     0.0%        1                     5.14700    0.04145   5.10555     Actual/360           10,002.10
   14        1      7.4%     0.0%                              5.32000    0.04145   5.27855     Actual/360          444,905.94
   15        1      5.6%     0.0%                              5.23810    0.04145   5.19665     Actual/360          413,600.15
   16        1      4.8%     0.0%                              5.37000    0.04145   5.32855     Actual/360          358,182.12
   17        1      4.6%     0.0%                              5.24000    0.06145   5.17855     Actual/360          344,740.30
  17.1       1                                                 5.24000    0.00000   0.00000     Actual/360
  17.2       1                                                 5.24000    0.00000   0.00000     Actual/360
  17.3       1                                                 5.24000    0.00000   0.00000     Actual/360
  17.4       1                                                 5.24000    0.00000   0.00000     Actual/360
  17.5       1                                                 5.24000    0.00000   0.00000     Actual/360
   18        1      3.1%     0.0%                              5.38600    0.04145   5.34455     Actual/360          255,065.23
   19        1      2.1%     0.0%                              5.74000    0.04145   5.69855     Actual/360          163,222.57
   20        2      0.0%     15.6%                             5.45000    0.09145   5.35855     Actual/360          158,103.65
   21        1      1.9%     0.0%                              5.38000    0.04145   5.69855     Actual/360          143,503.81
   22        1      1.7%     0.0%                     9        5.10700    0.04145   5.06555     Actual/360          122,260.50
   23        1      1.6%     0.0%                              5.35000    0.04145   5.30855     Actual/360          122,851.01
   24        1      1.6%     0.0%                     8        5.44000    0.06145   5.37855     Actual/360          123,945.65
   25        1      1.6%     0.0%                              4.70000    0.07145   4.62855     Actual/360           86,692.32
   26        1      1.6%     0.0%                              5.14000    0.04145   5.09855     Actual/360          117,263.21
   27        1      1.5%     0.0%                     9        4.82300    0.04145   4.78155     Actual/360           83,944.76
   28        1      1.5%     0.0%                     7        5.10000    0.04145   5.05855     Actual/360          110,761.75
   29        2      0.0%     11.1%                             5.40000    0.09145   5.30855     Actual/360          112,306.16
   30        1      1.4%     0.0%                     6        4.75000    0.04145   4.70855       30/360             76,245.81
   31        1      1.4%     0.0%                              5.79000    0.07145   5.71855     Actual/360          119,989.91
   32        1      1.2%     0.0%                              5.22000    0.04145   5.17855     Actual/360           88,055.53
   33        2      0.0%     8.8%                              5.34000    0.07145   5.26855     Actual/360           88,131.02
   34        1      1.2%     0.0%                     9        4.82300    0.04145   4.78155     Actual/360           63,773.57
   35        1      1.2%     0.0%                     7        5.10000    0.04145   5.05855     Actual/360           84,700.16
   36        1      1.2%     0.0%                              5.58000    0.04145   5.53855     Actual/360           88,786.86
   37        2      0.0%     8.5%                              5.46000    0.04145   5.41855     Actual/360           86,488.13
   38        2      0.0%     8.4%                    11        5.45000    0.04145   5.40855     Actual/360           85,263.04
   39        1      1.1%     0.0%                              5.37000    0.07145   5.29855     Actual/360           83,948.94
   40        1      1.1%     0.0%                              5.35000    0.04145   5.30855     Actual/360           88,353.64
   41        1      1.1%     0.0%                     7        5.10000    0.04145   5.05855     Actual/360           78,727.72
   42        1      1.1%     0.0%                              5.28000    0.04145   5.23855     Actual/360           79,785.12
   43        1      1.0%     0.0%                              6.20000    0.09145   6.10855     Actual/360           92,578.08
   44        1      1.0%     0.0%                              5.31000    0.07145   5.23855     Actual/360           78,177.07
   45        1      1.0%     0.0%                              5.50000    0.04145   5.45855     Actual/360           79,490.46
   46        1      0.9%     0.0%                              5.55000    0.04145   5.50855     Actual/360           98,368.70
   47        1      0.9%     0.0%                    11        5.45000    0.04145   5.40855     Actual/360           66,629.40
   48        1      0.9%     0.0%                              5.35000    0.04145   5.30855     Actual/360           65,334.40
   49        1      0.8%     0.0%                              5.68000    0.04145   5.63855     Actual/360           66,021.23
   50        1      0.8%     0.0%                              5.09000    0.04145   5.04855     Actual/360           60,134.16
   51        1      0.8%     0.0%                     5        5.40000    0.04145   5.35855     Actual/360           63,474.09
   52        1      0.8%     0.0%                     5        5.40000    0.04145   5.35855     Actual/360           62,520.68
   53        2      0.0%     5.8%                              4.86000    0.06145   4.79855     Actual/360           55,471.30
   54        1      0.8%     0.0%                              6.27000    0.04145   6.22855     Actual/360           64,540.14
   55        1      0.8%     0.0%                              5.93000    0.14145   5.78855     Actual/360           61,885.98
   56        2      0.0%     5.8%                     8        5.13000    0.09145   5.03855     Actual/360           56,658.64
   57        1      0.7%     0.0%                              5.15000    0.04145   5.10855     Actual/360           54,602.62
   58        1      0.7%     0.0%                              5.99000    0.04145   5.94855     Actual/360           55,339.08
   59        1      0.7%     0.0%                              5.15000    0.04145   5.10855     Actual/360           39,596.59
   60        1      0.7%     0.0%                              5.79000    0.07145   5.71855     Actual/360           52,750.47
   61        1      0.6%     0.0%                              5.26000    0.04145   5.21855     Actual/360           45,607.92
   62        1      0.6%     0.0%                              4.88000    0.09145   4.78855     Actual/360           63,549.09
   63        1      0.6%     0.0%                              6.23000    0.04145   6.18855     Actual/360           53,333.13
   64        1      0.6%     0.0%                              5.13000    0.04145   5.08855     Actual/360           47,375.13
   65        2      0.0%     4.4%                     4        5.44000    0.04145   5.39855     Actual/360           45,122.42
   66        2      0.0%     4.2%                              5.12000    0.04145   5.07855     Actual/360           40,813.45
   67        1      0.6%     0.0%                    14        5.19000    0.04145   5.14855     Actual/360           44,678.49
   68        1      0.6%     0.0%                              5.35000    0.04145   5.30855     Actual/360           33,901.91
   69        1      0.5%     0.0%                              5.44000    0.12145   5.31855     Actual/360           41,456.22
   70        1      0.5%     0.0%                              4.98000    0.04145   4.93855     Actual/360           29,979.43
   71        1      0.5%     0.0%                              6.22000    0.07145   6.14855     Actual/360           41,840.52
   72        1      0.5%     0.0%                              5.26000    0.09145   5.16855     Actual/360           39,589.30
   73        2      0.0%     3.7%                              5.35000    0.04145   5.30855     Actual/360           36,855.30
   74        1      0.5%     0.0%                              5.42000    0.09145   5.32855     Actual/360           36,017.91
   75        1      0.5%     0.0%                              5.50000    0.09145   5.40855     Actual/360           35,770.71
   76        1      0.5%     0.0%                              4.83000    0.09145   4.73855     Actual/360           47,895.44
   77        1      0.4%     0.0%                              5.52000    0.04145   5.47855     Actual/360           34,142.67
   78        1      0.4%     0.0%                              5.40000    0.04145   5.35855     Actual/360           36,487.80
   79        2      0.0%     3.3%                              5.10000    0.04145   5.05855     Actual/360           32,305.51
   80        1      0.4%     0.0%                              5.72000    0.12145   5.59855       30/360             40,096.29
   81        1      0.4%     0.0%                              5.55000    0.04145   5.50855     Actual/360           31,972.08
   82        1      0.4%     0.0%                              5.53000    0.04145   5.48855     Actual/360           30,192.65
   83        1      0.4%     0.0%                              5.16000    0.12145   5.03855     Actual/360           28,698.73
   84        1      0.4%     0.0%                              5.28000    0.04145   5.23855     Actual/360           31,252.98
   85        2      0.0%     2.9%                              5.65000    0.09145   5.55855     Actual/360           36,798.73
   86        1      0.4%     0.0%                     2        5.53000    0.04145   5.48855     Actual/360           29,053.31
   87        1      0.4%     0.0%                    12        5.43000    0.04145   5.38855     Actual/360           41,075.37
   88        1      0.4%     0.0%                     6        4.81000    0.04145   4.76855       30/360             20,061.71
   89        1      0.4%     0.0%                    12        5.28000    0.04145   5.23855     Actual/360           35,912.10
   90        1      0.4%     0.0%                              6.55000    0.04145   6.50855     Actual/360           33,916.74
   91        1      0.4%     0.0%                              5.54000    0.04145   5.49855     Actual/360           27,944.76
   92        1      0.4%     0.0%                              5.24000    0.04145   5.19855     Actual/360           27,027.64
   93        2      0.0%     2.5%                     3        5.62500    0.04145   5.58355     Actual/360           25,904.54
   94        1      0.3%     0.0%                              5.34000    0.04145   5.29855     Actual/360           24,821.71
   95        1      0.3%     0.0%                              5.89000    0.04145   5.84855     Actual/360           26,069.86
   96        1      0.3%     0.0%                              5.22000    0.04145   5.17855     Actual/360           24,197.90
   97        2      0.0%     2.2%                              5.45000    0.04145   5.40855     Actual/360           22,812.10
   98        1      0.3%     0.0%                              5.77000    0.04145   5.72855     Actual/360           23,393.76
   99        1      0.3%     0.0%                              5.35000    0.09145   5.25855     Actual/360           24,206.48
   100       1      0.3%     0.0%                              5.94000    0.04145   5.89855     Actual/360           23,827.94
   101       1      0.3%     0.0%                              5.48000    0.04145   5.43855     Actual/360           22,661.39
   102       1      0.3%     0.0%                    14        5.52000    0.04145   5.47855     Actual/360           24,611.30
   103       1      0.3%     0.0%                     6        4.91500    0.04145   4.87355       30/360             16,219.50
   104       1      0.3%     0.0%                    13        5.53000    0.04145   5.48855     Actual/360           22,502.07
   105       1      0.3%     0.0%                              5.28000    0.04145   5.23855     Actual/360           21,608.47
   106       1      0.3%     0.0%                              5.54000    0.10145   5.43855     Actual/360           23,426.19
   107       2      0.0%     2.1%                     8        5.37000    0.04145   5.32855     Actual/360           21,239.08
   108       2      0.0%     2.0%                     3        5.47000    0.04145   5.42855     Actual/360           22,348.85
   109       1      0.3%     0.0%                              5.08000    0.04145   5.03855     Actual/360           19,501.97
   110       1      0.3%     0.0%                              5.69000    0.07145   5.61855     Actual/360           20,291.84
   111       1      0.3%     0.0%                     2        5.67000    0.04145   5.62855     Actual/360           20,247.52
   112       1      0.3%     0.0%                              6.33000    0.04145   6.28855     Actual/360           21,111.61
   113       1      0.3%     0.0%                     1        6.09000    0.04145   6.04855     Actual/360           20,436.58
   114       1      0.2%     0.0%                              5.74000    0.04145   5.69855     Actual/360           19,528.41
   115       1      0.2%     0.0%                    13        5.49000    0.04145   5.44855     Actual/360           18,716.34
   116       1      0.2%     0.0%                              5.63000    0.04145   5.58855     Actual/360           17,624.75
   117       2      0.0%     1.7%                    10        5.72000    0.09145   5.62855     Actual/360           18,818.84
  117.1      2                                                 5.72000    0.00000   0.00000     Actual/360
  117.2      2                                                 5.72000    0.00000   0.00000     Actual/360
  117.3      2                                                 5.72000    0.00000   0.00000     Actual/360
  117.4      2                                                 5.72000    0.00000   0.00000     Actual/360
   118       1      0.2%     0.0%                    10        5.68000    0.04145   5.63855     Actual/360           17,374.01
   119       1      0.2%     0.0%                              5.56000    0.04145   5.51855     Actual/360           20,738.42
   120       1      0.2%     0.0%                              5.36000    0.04145   5.31855     Actual/360           16,631.34
   121       1      0.2%     0.0%                              5.67000    0.04145   5.62855       30/360             13,565.48
   122       1      0.2%     0.0%                              6.65000    0.04145   6.60855     Actual/360           19,340.23
   123       1      0.2%     0.0%                              5.40000    0.04145   5.35855     Actual/360           15,273.64
   124       1      0.2%     0.0%                              5.33000    0.04145   5.28855     Actual/360           15,043.57
   125       1      0.2%     0.0%                              5.81000    0.04145   5.76855     Actual/360           16,640.99
   126       1      0.2%     0.0%                              5.38000    0.09145   5.28855     Actual/360           14,567.36
   127       1      0.2%     0.0%                              5.67000    0.04145   5.62855     Actual/360           14,925.32
   128       1      0.2%     0.0%                              5.17000    0.04145   5.12855     Actual/360           16,734.57
   129       1      0.2%     0.0%                              5.62000    0.04145   5.57855     Actual/360           15,531.86
   130       1      0.2%     0.0%                              5.72000    0.04145   5.67855     Actual/360           15,055.07
   131       1      0.2%     0.0%                              5.60000    0.04145   5.55855     Actual/360           12,916.78
   132       1      0.2%     0.0%                              5.40000    0.04145   5.35855     Actual/360           12,522.14
   133       2      0.0%     1.2%                              5.58000    0.04145   5.53855     Actual/360           12,716.57
   134       1      0.2%     0.0%                              5.41000    0.09145   5.31855     Actual/360           12,260.60
   135       1      0.2%     0.0%                              5.72000    0.09145   5.62855     Actual/360           12,505.87
   136       2      0.0%     1.2%                              5.62000    0.09145   5.52855     Actual/360           13,419.53
   137       1      0.2%     0.0%                              6.13000    0.04145   6.08855     Actual/360           15,202.97
   138       1      0.2%     0.0%                              4.93000    0.04145   4.88855     Actual/360           10,917.31
   139       1      0.2%     0.0%                              5.54000    0.09145   5.44855     Actual/360           12,452.87
   140       2      0.0%     1.1%                              5.55000    0.04145   5.50855     Actual/360           12,341.54
   141       1      0.1%     0.0%                              5.60000    0.04145   5.55855     Actual/360           11,194.54
   142       1      0.1%     0.0%                     1        6.09000    0.04145   6.04855     Actual/360           11,501.63
   143       1      0.1%     0.0%                              6.23000    0.04145   6.18855       30/360             13,135.73
   144       1      0.1%     0.0%                              5.62000    0.04145   5.57855     Actual/360           11,182.94
   145       2      0.0%     1.0%                     4        5.36000    0.04145   5.31855     Actual/360           10,903.59
   146       1      0.1%     0.0%                              5.19000    0.04145   5.14855     Actual/360            9,598.63
   147       2      0.0%     1.0%                              6.10000    0.04145   6.05855     Actual/360           10,604.91
   148       1      0.1%     0.0%                              5.56000    0.09145   5.46855     Actual/360            9,716.51
   149       1      0.1%     0.0%                              6.04000    0.04145   5.99855     Actual/360            9,633.99
   150       2      0.0%     0.9%                              6.05000    0.14145   5.90855     Actual/360            9,644.30
   151       1      0.1%     0.0%                              5.91000    0.04145   5.86855     Actual/360            8,609.76
   152       2      0.0%     0.5%                              5.80000    0.04145   5.75855     Actual/360            5,720.84






           ANNUAL DEBT                      FIRST                                                                        PAYMENT
LOAN #    SERVICE ($)(9)    NOTE DATE    PAYMENT DATE      REM. TERM       REM. AMORT    I/O PERIOD (10)   SEASONING   DUE DATE(20)
- ------    --------------    ---------    ------------      ---------       ----------    ---------------   ---------   ------------

             7,852,777.92    11/08/04      12/11/04            83              0               84              1            11
   1         1,617,730.68    11/08/04      12/11/04            83              0               84              1            11
   2         1,174,159.32    11/08/04      12/11/04            83              0               84              1            11
   3           949,764.48    11/08/04      12/11/04            83              0               84              1            11
   4           756,680.52    11/08/04      12/11/04            83              0               84              1            11
   5           560,987.28    11/08/04      12/11/04            83              0               84              1            11
   6           543,766.20    11/08/04      12/11/04            83              0               84              1            11
   7           469,663.80    11/08/04      12/11/04            83              0               84              1            11
   8           464,445.24    11/08/04      12/11/04            83              0               84              1            11
   9           332,417.52    11/08/04      12/11/04            83              0               84              1            11
  10           299,541.12    11/08/04      12/11/04            83              0               84              1            11
  11           297,453.72    11/08/04      12/11/04            83              0               84              1            11
  12           266,142.84    11/08/04      12/11/04            83              0               84              1            11
  13           120,025.20    11/08/04      12/11/04            83              0               84              1            11
  14         5,338,871.28    11/24/04      01/11/05           120              0               120             0            11
  15         4,963,201.80    12/08/04      02/01/05           120             360              36              0            1
  16         4,298,185.44    11/09/04      01/01/05           120             360              36              0            1
  17         4,136,883.60    11/19/04      01/01/05            60             360              12              0            1
 17.1                        11/19/04      01/01/05            60             360              12              0            1
 17.2                        11/19/04      01/01/05            60             360              12              0            1
 17.3                        11/19/04      01/01/05            60             360              12              0            1
 17.4                        11/19/04      01/01/05            60             360              12              0            1
 17.5                        11/19/04      01/01/05            60             360              12              0            1
  18         3,060,782.76    11/18/04      01/01/05           120             300              60              0            1
  19         1,958,670.84    12/08/04      01/11/05           120             360              24              0            11
  20         1,897,243.80    10/08/04      11/11/04           118             360              60              2            11
  21         1,722,045.72    10/01/04      11/11/04            82             360              24              2            11
  22         1,467,126.00    11/10/04      01/01/05            84             360              24              0            1
  23         1,474,212.12    11/19/04      01/01/05           120             360              36              0            1
  24         1,487,347.80    10/18/04      12/01/04           119             360              30              1            1
  25         1,040,307.84    09/27/04      11/11/04            58              0               60              2            11
  26         1,407,158.52    11/23/04      01/01/05           120             360              24              0            1
  27         1,007,337.12    11/10/04      01/01/05            60              0               60              0            1
  28         1,329,141.00    11/02/04      12/11/04            83             360              24              1            11
  29         1,347,673.92    11/15/04      01/01/05           120             360               0              0            1
  30           914,949.72    11/23/04      01/11/05            84              0               84              0            11
  31         1,439,878.92    11/18/04      01/01/05           120             300              12              0            1
  32         1,056,666.36    9/28/04       11/11/04           118             360              18              2            11
  33         1,057,572.24    11/19/04      01/01/05           120             360               0              0            1
  34           765,282.84    11/10/04      01/01/05            60              0               60              0            1
  35         1,016,401.92    11/02/04      12/11/04            83             360              24              1            11
  36         1,065,442.32    12/01/04      01/01/05           120             360               0              0            1
  37         1,037,857.56    11/01/04      01/01/05           120             360              24              0            1
  38         1,023,156.48    10/01/04      11/11/04           118             358               0              2            1
  39         1,007,387.28    11/29/04      01/01/05           108             360               0              0            1
  40         1,060,243.68    12/01/04      01/01/05           120             300               0              0            1
  41           944,732.64    11/02/04      12/11/04            83             360              24              1            11
  42           957,421.44    09/23/04      11/01/04           118             360              24              2            1
  43         1,110,936.96    11/22/04      01/01/05           120             300               0              0            1
  44           938,124.84    10/26/04      12/01/04           119             360              12              1            1
  45           953,885.52    11/19/04      01/11/05           120             360              36              0            11
  46         1,180,424.40    11/29/04      01/01/05           180             180               0              0            1
  47           799,552.80    10/01/04      11/11/04           118             358               0              2            11
  48           784,012.80    11/19/04      01/01/05           120             360               0              0            1
  49           792,254.76    10/26/04      12/01/04            83             360              24              1            1
  50           721,609.92    10/28/04      12/01/04           119             360              12              1            1
  51           761,689.08    10/22/04      12/11/04            83             336              24              1            11
  52           750,248.16    10/22/04      12/11/04            83             336              24              1            11
  53           665,655.60    04/30/04      06/01/04           101             360              18              7            1
  54           774,481.68    11/10/04      01/01/05           180             360               0              0            1
  55           742,631.76    11/16/04      01/01/05           120             360               0              0            1
  56           679,903.68    10/29/04      12/01/04           119             359               0              1            1
  57           655,231.44    11/01/04      01/01/05           120             360               0              0            1
  58           664,068.96    09/30/04      11/11/04           118             360              23              2            11
  59           475,159.08    10/27/04      12/11/04            59              0               60              1            11
  60           633,005.64    12/01/04      02/01/05           120             360               0              0            1
  61           547,295.04    11/15/04      01/01/05           120             360               0              0            1
  62           762,589.08    11/23/04      01/01/05           120             180               0              0            1
  63           639,997.56    12/03/04      02/01/05           120             300               0              0            1
  64           568,501.56    12/08/04      01/11/05            84             300               0              0            11
  65           541,469.04    10/13/04      12/11/04           119             359               0              1            11
  66           489,761.40    11/30/04      01/01/05           120             360              36              0            1
  67           536,141.88    11/22/04      01/01/05           120             300               0              0            1
  68           406,822.92    10/28/04      12/11/04           119              0               120             1            11
  69           497,474.64    11/30/04      01/01/05           120             360               0              0            1
  70           359,753.16    10/22/04      12/11/04            59              0               60              1            11
  71           502,086.24    07/29/04      09/01/04           116             357               1              4            1
  72           475,071.60    11/30/04      01/01/05           120             300               0              0            1
  73           442,263.60    11/29/04      01/01/05           120             360               0              0            1
  74           432,214.92    10/14/04      12/01/04           119             359               0              1            1
  75           429,248.52    12/02/04      02/01/05           120             360              60              0            1
  76           574,745.28    11/23/04      01/01/05           120             180               0              0            1
  77           409,712.04    12/02/04      02/01/05           120             360              24              0            1
  78           437,853.60    11/05/04      01/01/05           120             300               0              0            1
  79           387,666.12    10/29/04      12/01/04           119             360              36              1            1
  80           481,155.48    12/01/04      01/01/05           240             240               0              0            1
  81           383,664.96    09/14/04      11/11/04           118             358               0              2            11
  82           362,311.80    10/25/04      12/11/04           119             359               0              1            11
  83           344,384.76    11/19/04      01/01/05           120             360               0              0            1
  84           375,035.76    10/21/04      12/01/04           119             299               0              1            1
  85           441,584.76    11/01/04      12/06/04           228             228               0              1            6
  86           348,639.72    11/03/04      12/11/04           119             359               0              1            11
  87           492,904.44    11/19/04      01/01/05           180             180               0              0            1
  88           240,740.52    12/08/04      01/11/05            60              0               60              0            11
  89           430,945.20    11/05/04      01/01/05           216             216               0              0            1
  90           407,000.88    05/27/04      07/11/04           114             294               0              6            11
  91           335,337.12    12/01/04      01/01/05           120             360               0              0            1
  92           324,331.68    11/12/04      01/01/05           120             360               0              0            1
  93           310,854.48    11/01/04      12/11/04           119             359               0              1            11
  94           297,860.52    10/19/04      12/01/04           119             360              24              1            1
  95           312,838.32    11/05/04      01/01/05           120             360               0              0            1
  96           290,374.80    12/01/04      01/01/05           120             300               0              0            1
  97           273,745.20    9/28/04       11/11/04           118             358               0              2            11
  98           280,725.12    12/02/04      02/01/05            84             360               0              0            1
  99           290,477.76    11/29/04      01/01/05           120             300               0              0            1
  100          285,935.28    11/12/04      01/11/05           120             360               0              0            11
  101          271,936.68    10/13/04      12/01/04           119             359               0              1            1
  102          295,335.60    10/25/04      12/01/04           119             299               0              1            1
  103          194,634.00    10/28/04      12/11/04            59              0               60              1            11
  104          270,024.84    11/20/04      02/01/05           120             360               0              0            1
  105          259,301.64    11/22/04      01/01/05            84             360               0              0            1
  106          281,114.28    11/18/04      01/01/05           120             300               0              0            1
  107          254,868.96    10/29/04      12/01/04           119             359               0              1            1
  108          268,186.20    08/25/04      10/11/04           117             297               0              3            11
  109          234,023.64    11/12/04      01/01/05           120             360               0              0            1
  110          243,502.08    11/16/04      01/01/05           120             360               0              0            1
  111          242,970.24    11/08/04      12/11/04           119             359               0              1            11
  112          253,339.32    10/28/04      12/01/04           119             359               0              1            1
  113          245,238.96    12/06/04      01/11/05           120             360               0              0            11
  114          234,340.92    12/01/04      01/01/05           120             360               0              0            1
  115          224,596.08    12/01/04      02/01/05           120             360               0              0            1
  116          211,497.00    11/12/04      01/11/05           120             360               0              0            11
  117          225,826.08    11/30/04      01/01/05           120             300               0              0            1
 117.1                       11/30/04      01/01/05           120             300               0              0            1
 117.2                       11/30/04      01/01/05           120             300               0              0            1
 117.3                       11/30/04      01/01/05           120             300               0              0            1
 117.4                       11/30/04      01/01/05           120             300               0              0            1
  118          208,488.12    12/02/04      02/01/05           120             360               0              0            1
  119          248,861.04    10/19/04      12/01/04           119             239               0              1            1
  120          199,576.08    11/19/04      01/01/05           120             360               0              0            1
  121          162,785.76    10/18/04      12/11/04            83              0               84              1            11
  122          232,082.76    11/17/04      01/11/05           120             300               0              0            11
  123          183,283.68    10/27/04      12/11/04           119             359               0              1            11
  124          180,522.84    12/01/04      02/01/05           120             360               0              0            1
  125          199,691.88    12/01/04      01/01/05           120             300               0              0            1
  126          174,808.32    11/19/04      01/01/05           120             360               0              0            1
  127          179,103.84    11/08/04      01/01/05           120             360               0              0            1
  128          200,814.84    11/22/04      01/01/05           120             240               0              0            1
  129          186,382.32    11/22/04      01/01/05           120             300               0              0            1
  130          180,660.84    11/23/04      01/01/05           120             300               0              0            1
  131          155,001.36    11/01/04      12/01/04           119             359               0              1            1
  132          150,265.68    10/26/04      12/11/04            59             359               0              1            11
  133          152,598.84    10/18/04      12/11/04           119             359               0              1            11
  134          147,127.20    11/01/04      12/01/04           119             359               0              1            1
  135          150,070.44    12/02/04      02/01/05           120             360               0              0            1
  136          161,034.36    10/22/03      12/11/03           107             287               0              13           11
  137          182,435.64    12/02/04      02/01/05            60             240               0              0            1
  138          131,007.72    11/08/04      01/01/05            84             360               0              0            1
  139          149,434.44    11/19/04      01/01/05           120             300               0              0            1
  140          148,098.48    11/05/04      01/01/05           120             300               0              0            1
  141          134,334.48    10/25/04      12/01/04            83             359               0              1            1
  142          138,019.56    12/06/04      01/11/05           120             360               0              0            11
  143          157,628.76    11/23/04      01/01/05           240             240               0              0            1
  144          134,195.28    11/22/04      01/01/05           120             300               0              0            1
  145          130,843.08    09/30/04      11/11/04           118             298               0              2            11
  146          115,183.56    11/01/04      01/01/05           120             360               0              0            1
  147          127,258.92    10/08/04      11/11/04           118             358               0              2            11
  148          116,598.12    11/19/04      01/01/05           120             360               0              0            1
  149          115,607.88    11/05/04      01/01/05           120             360               0              0            1
  150          115,731.60    11/19/04      01/01/05           120             360               0              0            1
  151          103,317.12    11/12/04      01/01/05           120             360               0              0            1
  152           68,650.08    10/14/04      12/11/04           119             359               0              1            11






                                                                                                              REMAINING
           GRACE     MATURITY/                     FINAL        MATURITY/ARD      MATURITY                    PREPAYMENT
 LOAN #   PERIOD   ARD DATE (11)     ARD LOAN    MAT DATE      BALANCE ($)(12)    LTV %(1,12,17)       PROVISION (PAYMENTS)(13)
 ------   ------   -------------     --------    --------      ---------------    --------------       ------------------------

             0        11/11/11          Yes      11/11/14          150,480,000    71.5                 L(24),Grtr1%orYM(52),O(7)
    1        0        11/11/11          Yes      11/11/14           31,000,000    71.5                 L(24),Grtr1%orYM(52),O(7)
    2        0        11/11/11          Yes      11/11/14           22,500,000    71.5                 L(24),Grtr1%orYM(52),O(7)
    3        0        11/11/11          Yes      11/11/14           18,200,000    71.5                 L(24),Grtr1%orYM(52),O(7)
    4        0        11/11/11          Yes      11/11/14           14,500,000    71.5                 L(24),Grtr1%orYM(52),O(7)
    5        0        11/11/11          Yes      11/11/14           10,750,000    71.5                 L(24),Grtr1%orYM(52),O(7)
    6        0        11/11/11          Yes      11/11/14           10,420,000    71.5                 L(24),Grtr1%orYM(52),O(7)
    7        0        11/11/11          Yes      11/11/14            9,000,000    71.5                 L(24),Grtr1%orYM(52),O(7)
    8        0        11/11/11          Yes      11/11/14            8,900,000    71.5                 L(24),Grtr1%orYM(52),O(7)
    9        0        11/11/11          Yes      11/11/14            6,370,000    71.5                 L(24),Grtr1%orYM(52),O(7)
   10        0        11/11/11          Yes      11/11/14            5,740,000    71.5                 L(24),Grtr1%orYM(52),O(7)
   11        0        11/11/11          Yes      11/11/14            5,700,000    71.5                 L(24),Grtr1%orYM(52),O(7)
   12        0        11/11/11          Yes      11/11/14            5,100,000    71.5                 L(24),Grtr1%orYM(52),O(7)
   13        0        11/11/11          Yes      11/11/14            2,300,000    71.5                 L(24),Grtr1%orYM(52),O(7)
   14        0        12/11/14          No                          98,980,000    75.6                    L(24),Def(90),O(6)
   15        7        01/01/15          No                          66,735,110    66.7                    L(23),Def(95),O(2)
   16        0        12/01/14          No                          57,108,848    71.4                    L(24),Def(93),O(3)
   17        5        12/01/09          No                          58,879,497    74.2                    L(36),Def(20),O(4)
  17.1       5        12/01/09          No                           5,265,043    74.2                    L(36),Def(20),O(4)
  17.2       5        12/01/09          No                          16,684,996    74.2                    L(36),Def(20),O(4)
  17.3       5        12/01/09          No                          16,017,596    74.2                    L(36),Def(20),O(4)
  17.4       5        12/01/09          No                           9,788,531    74.2                    L(36),Def(20),O(4)
  17.5       5        12/01/09          No                          11,123,331    74.2                    L(36),Def(20),O(4)
   18        5        12/01/14          No                          37,606,810    70.7                    L(24),Def(92),O(4)
   19        0        12/11/14          No                          24,667,344    70.2                    L(24),Def(93),O(3)
   20        0        10/11/14          No                          25,994,029    69.1                    L(24),Def(88),O(6)
   21        0        10/11/11          No                          24,236,121    72.3                    L(24),Def(52),O(6)
   22       10        12/01/11          No                          20,783,755    72.2                    L(24),Def(56),O(4)
   23        7        12/01/14          No                          19,622,942    70.1                    L(24),Def(92),O(4)
   24        5        11/01/14          No                          19,439,299    69.9                 L(34),Grtr1%orYM(81),O(4)
   25        0        10/11/09          No                          21,831,000    75.9                    L(24),Def(31),O(3)
   26       10        12/01/14          No                          18,668,856    60.6                    L(24),Def(92),O(4)
   27       10        12/01/09          No                          20,600,000    79.2                    L(24),Def(32),O(4)
   28        0        11/11/11          No                       18,841,506.96    73.0                    L(24),Def(53),O(6)
   29       10        12/01/14          No                          16,652,574    66.6                    L(24),Def(92),O(4)
   30        0        12/11/11          No                          19,262,100    54.7                 L(35),Grtr1%orYM(45),O(4)
   31        5        12/01/14          No                          15,171,078    56.4                    L(36),Def(77),O(7)
   32        0        10/11/14          No                          13,760,773    68.8                    L(24),Def(91),O(3)
   33        5        12/01/14          No                          13,130,760    50.1                 L(59),Grtr1%orYM(54),O(7)
   34       10        12/01/09          No                          15,650,000    79.0                    L(24),Def(32),O(4)
   35        0        11/11/11          No                       14,408,211.32    73.1                    L(24),Def(53),O(6)
   36        7        12/01/14          No                          12,978,018    61.8                    L(24),Def(92),O(4)
   37        7        12/01/14          No                          13,389,844    68.3                    L(24),Def(92),O(4)
   38       15        10/01/14          No                          12,589,188    61.4                    L(24),Def(91),O(3)
   39       10        12/01/13          No                          12,796,273    52.0                    L(24),Def(77),O(7)
   40        7        12/01/14          Yes      12/01/29           11,052,845    60.6                    L(24),Def(92),O(4)
   41        0        11/11/11          No                       13,392,247.21    71.2                    L(24),Def(53),O(6)
   42        7        10/01/14          No                          12,547,364    69.7                    L(24),Def(90),O(4)
   43        5        12/01/14          No                          10,990,095    42.9                    L(36),Def(80),O(4)
   44        5        11/01/14          No                          11,976,111    63.9                 L(58),Grtr1%orYM(57),O(4)
   45        0        12/11/14          No                          12,526,338    64.9                    L(24),Def(93),O(3)
   46        7        12/01/19          No                             143,492    0.7                    L(24),Def(143),O(13)
   47        0        10/11/14          No                           9,840,596    63.5                    L(24),Def(91),O(3)
   48        5        12/01/14          No                           9,726,475    61.8                    L(36),Def(80),O(4)
   49        5        11/01/11          No                          10,617,379    66.8                    L(35),Def(44),O(4)
   50        5        11/01/14          No                           9,384,320    67.5                    L(35),Def(80),O(4)
   51        0        11/11/11          No                          10,067,246    72.1                    L(24),Def(56),O(3)
   52        0        11/11/11          No                           9,916,031    72.1                    L(24),Def(56),O(3)
   53        5        05/01/13          No                           9,158,722    64.5                 L(52),Grtr1%orYM(45),O(4)
   54        7        12/01/19          Yes      12/01/34            7,730,791    55.2                   L(24),Def(143),O(13)
   55        5        12/01/14          No                           8,800,296    66.2                    L(36),Def(80),O(4)
   56        5        11/01/14          No                           8,584,858    66.0                 L(34),Grtr1%orYM(81),O(4)
   57       10        12/01/14          No                           8,260,509    51.0                    L(24),Def(92),O(4)
   58        0        10/11/14          No                           8,172,307    65.9                    L(24),Def(88),O(6)
   59        0        11/11/09          No                           9,100,000    67.4                    L(24),Def(29),O(6)
   60        5        01/01/15          No                           7,583,100    42.1                    L(36),Def(80),O(4)
   61        7        12/01/14          No                           6,838,917    65.8                    L(24),Def(92),O(4)
   62        7        12/01/14          No                           3,432,841    26.8                    L(24),Def(92),O(4)
   63        7        01/01/15          No                           6,318,862    59.1                    L(23),Def(93),O(4)
   64        0        12/11/11          No                           6,717,566    63.4                    L(24),Def(57),O(3)
   65        0        11/11/14          No                           6,668,893    62.3                    L(24),Def(92),O(3)
   66        7        12/01/14          No                           6,657,008    50.1                    L(24),Def(92),O(4)
   67        7        12/01/14          No                           5,645,515    44.5                    L(24),Def(92),O(4)
   68        0        11/11/14          No                           7,500,000    60.0                    L(24),Def(91),O(4)
   69        7        12/01/14          No                           6,127,476    63.2                    L(24),Def(92),O(4)
   70        0        11/11/09          No                           7,125,000    79.2                    L(24),Def(32),O(3)
   71        5        08/01/14          No                           5,827,721    57.7                    L(32),Def(80),O(4)
   72       10        12/01/14          No                           4,980,518    60.0                    L(24),Def(92),O(4)
   73        7        12/01/14          No                           5,486,729    61.6                 L(60),Grtr1%orYM(56),O(4)
   74        5        11/01/14          No                           5,331,787    64.2                    L(35),Def(80),O(4)
   75        7        01/01/15          No                           5,852,560    70.7                    L(23),Def(93),O(4)
   76        7        12/01/14          No                           2,589,897    24.2                    L(24),Def(83),O(13)
   77        7        01/01/15          No                           5,258,124    58.4                    L(23),Def(93),O(4)
   78        5        12/01/14          No                           4,550,307    52.5                    L(36),Def(80),O(4)
   79        7        11/01/14          No                           5,278,746    70.4             L(11),Grtr1%orYM(13),Def(91),O(4)
   80        7        12/01/24          No                                   0    0.0                 L(60),Grtr1%orYM(155),O(25)
   81        0        10/11/14          No                           4,684,613    58.6                    L(24),Def(91),O(3)
   82        0        11/11/14          No                           4,430,493    66.1                    L(24),Def(89),O(6)
   83        7        12/01/14          No                           4,338,161    64.3                    L(24),Def(92),O(4)
   84        7        11/01/14          No                           3,926,534    56.1                    L(24),Def(91),O(4)
   85        0        12/06/23          No                              96,666    0.9                     L(24),Def(201),O(3)
   86        0        11/11/14          No                           4,263,304    66.6                    L(24),Def(92),O(3)
   87        7        12/01/19          No                              58,223    0.6                    L(24),Def(143),O(13)
   88        0        12/11/09          No                           5,005,000    58.7                 L(36),Grtr1%orYM(20),O(4)
   89        7        12/01/22          No                              75,345    0.8                    L(24),Def(179),O(13)
   90        7        06/11/14          No                           3,942,494    44.8                    L(24),Def(87),O(3)
   91        7        12/01/14          No                           4,097,677    60.3                    L(24),Def(92),O(4)
   92        7        12/01/14          No                           4,059,319    59.2                    L(24),Def(92),O(4)
   93        0        11/11/14          No                           3,772,733    60.9                    L(24),Def(89),O(6)
   94        5        11/01/14          No                           3,882,935    61.1                    L(35),Def(77),O(7)
   95        7        12/01/14          No                           3,718,783    61.3                    L(24),Def(92),O(4)
   96        7        12/01/14          No                           3,051,860    56.5                    L(24),Def(92),O(4)
   97        0        10/11/14          No                           3,369,153    66.7                    L(24),Def(91),O(3)
   98        7        01/01/12          No                           3,597,498    64.2                    L(23),Def(58),O(3)
   99        7        12/01/14          No                           3,028,177    52.7                    L(24),Def(92),O(4)
   100       0        12/11/14          No                           3,385,731    58.4                    L(24),Def(90),O(6)
   101       5        11/01/14          No                           3,338,598    61.8                    L(35),Def(80),O(4)
   102       7        11/01/14          No                           3,046,100    41.7                    L(24),Def(91),O(4)
   103       0        11/11/09          No                           3,960,000    54.2                 L(36),Grtr1%orYM(19),O(4)
   104       7        01/01/15          No                           3,301,895    50.4                    L(23),Def(93),O(4)
   105       7        12/01/11          No                           3,472,713    69.5                    L(24),Def(57),O(3)
   106       7        12/01/14          No                           2,896,066    55.7                    L(24),Def(92),O(4)
   107       5        11/01/14          No                           3,156,637    65.9                 L(34),Grtr1%orYM(81),O(4)
   108       0        09/11/14          No                           2,774,777    56.2                    L(24),Def(87),O(6)
   109       7        12/01/14          No                           2,967,077    34.1                    L(24),Def(92),O(4)
   110       5        12/01/14          No                           2,940,388    65.3                    L(36),Def(80),O(4)
   111       0        11/11/14          No                           2,938,378    63.9                    L(24),Def(92),O(3)
   112       7        11/01/14          No                           2,910,335    63.3                    L(24),Def(91),O(4)
   113       0        12/11/14          No                           2,870,172    66.7                    L(24),Def(93),O(3)
   114       7        12/01/14          No                           2,818,639    53.7                    L(24),Def(92),O(4)
   115       7        01/01/15          No                           2,755,134    47.5                    L(23),Def(93),O(4)
   116       0        12/11/14          No                           2,566,042    67.0                    L(24),Def(93),O(3)
   117       7        12/01/14          No                           2,300,688    47.9                    L(24),Def(92),O(4)
  117.1      7        12/01/14          No                             771,689    47.9                    L(24),Def(92),O(4)
  117.2      7        12/01/14          No                             584,758    47.9                    L(24),Def(92),O(4)
  117.3      7        12/01/14          No                             551,206    47.9                    L(24),Def(92),O(4)
  117.4      7        12/01/14          No                             393,034    47.9                    L(24),Def(92),O(4)
   118       7        01/01/15          No                           2,519,314    63.0                    L(23),Def(93),O(4)
   119       7        11/01/14          No                           1,932,837    37.2                    L(24),Def(91),O(4)
   120       5        12/01/14          No                           2,473,962    60.6                    L(36),Def(80),O(4)
   121       5        11/11/11          No                           2,871,000    56.9                 L(34),Grtr1%orYM(47),O(2)
   122       0        12/11/14          No                           2,234,438    55.1                    L(24),Def(93),O(3)
   123       0        11/11/14          No                           2,264,593    51.5                    L(24),Def(89),O(6)
   124       7        01/01/15          No                           2,242,955    66.8                    L(23),Def(93),O(4)
   125       7        12/01/14          No                           2,023,176    42.1                    L(24),Def(92),O(4)
   126       5        12/01/14          No                           2,163,477    57.4                    L(36),Def(80),O(4)
   127       7        12/01/14          No                           2,166,167    61.9                    L(24),Def(92),O(4)
   128       7        12/01/14          No                           1,586,085    26.4                    L(24),Def(92),O(4)
   129       5        12/01/14          No                           1,910,622    57.0                    L(36),Def(80),O(4)
   130       7        12/01/14          No                           1,840,551    57.5                    L(24),Def(92),O(4)
   131       7        11/01/14          No                           1,884,923    63.4                    L(24),Def(91),O(4)
   132       0        11/11/09          No                           2,068,656    72.6                    L(24),Def(32),O(3)
   133       0        11/11/14          No                           1,858,651    66.4                    L(24),Def(92),O(3)
   134       5        11/01/14          No                           1,816,406    59.0                 L(58),Grtr1%orYM(57),O(4)
   135       7        01/01/15          No                           1,807,700    49.7                    L(23),Def(93),O(4)
   136       0        11/11/13          No                           1,651,150    61.2                    L(24),Def(80),O(3)
   137       7        01/01/10          No                           1,796,689    55.3                    L(23),Def(35),O(2)
   138       7        12/01/11          No                           1,811,696    57.5                    L(24),Def(56),O(4)
   139       7        12/01/14          No                           1,539,488    60.6                    L(24),Def(92),O(4)
   140       7        12/01/14          No                           1,524,778    50.8                    L(24),Def(92),O(4)
   141       7        11/01/11          No                           1,747,824    66.0                    L(24),Def(56),O(3)
   142       0        12/11/14          No                           1,615,322    59.8                    L(24),Def(93),O(3)
   143       7        12/01/24          No                                   0    0.0                 L(120),Grtr1%orYM(95),O(25)
   144       5        12/01/14          No                           1,375,648    45.9                 L(59),Grtr1%orYM(57),O(4)
   145       0        10/11/14          No                           1,363,198    53.5                    L(24),Def(91),O(3)
   146       7        12/01/14          No                           1,447,445    32.9                    L(24),Def(92),O(4)
   147       0        10/11/14          No                           1,488,271    50.3                    L(24),Def(91),O(3)
   148       5        12/01/14          No                           1,422,519    63.2                    L(36),Def(80),O(4)
   149       5        12/01/14          No                           1,358,286    50.3                    L(36),Def(80),O(4)
   150       5        12/01/14          No                           1,358,684    56.6                    L(36),Def(80),O(4)
   151       7        12/01/14          No                           1,226,237    59.8                    L(24),Def(92),O(4)
   152       0        11/11/14          No                             821,770    48.3                    L(24),Def(92),O(3)






                                     MOST RECENT MOST RECENT                                   UW
LOAN #  2002 NOI ($)  2003 NOI ($)      NOI ($)    NOI DATE    UW NOI ($)     UW NCF ($)   DSCR(1,14,19)      TITLETYPE      PML %
- ------  ------------  ------------      -------    --------    ----------     ----------   -------------      ---------      -----

                                                              15,099,421     14,174,780         1.81
   1      3,154,952                  3,211,674     07/31/04    3,138,739      2,948,641         1.81             Fee
   2      2,333,094     1,377,243    1,377,243     12/31/03    2,165,979      2,001,972         1.81             Fee
   3        655,256     1,131,162    1,131,162     12/31/03    1,711,313      1,615,611         1.81             Fee
   4      1,213,828     1,227,705    1,227,705     12/31/03    1,538,200      1,473,915         1.81             Fee
   5      1,059,013     1,072,352    1,072,352     12/31/03    1,103,460      1,073,839         1.81             Fee
   6                    1,016,810      995,305     03/31/04    1,079,141        930,512         1.81             Fee
   7                                                             883,848        844,216         1.81        Fee/Leasehold
   8                                                             917,858        881,824         1.81             Fee
   9        697,307       723,678      723,678     12/31/03      654,776        626,383         1.81             Fee
  10        583,495       636,461      636,461     12/31/03      581,523        554,840         1.81             Fee
  11                                   583,198     07/31/04      553,292        494,035         1.81             Fee
  12        501,730       514,028      514,028     12/31/03      529,901        508,461         1.81             Fee
  13                                   237,044     07/31/04      241,393        220,531         1.81             Fee
  14      7,324,268     7,754,299    8,464,240     08/31/04    8,646,261      7,802,344         1.46             Fee
  15      4,809,989     6,050,351    6,364,404     08/31/04    7,163,906      6,719,848         1.35             Fee
  16      4,929,740     5,544,829    5,562,909     11/01/04    5,493,452      5,244,035         1.22             Fee
  17      6,763,091     7,368,632    6,769,651     12/31/04    6,604,841      5,956,322         1.44        Fee/Leasehold
 17.1     1,111,987     1,572,005      612,757     06/30/04      231,862        166,043         1.44             Fee
 17.2     2,377,762     2,297,288    2,314,788     06/30/04    2,232,375      2,070,086         1.44             Fee
 17.3     1,620,713     1,300,333    1,461,427     09/30/04    1,598,927      1,386,660         1.44             Fee
 17.4     1,167,655     1,311,273    1,272,563     08/31/04    1,406,568      1,302,799         1.44          Leasehold
 17.5       484,974       887,733    1,108,116     06/30/04    1,135,109      1,030,734         1.44             Fee
  18                    3,911,973    4,053,266     11/30/04    3,733,070      3,612,620         1.18             Fee
  19                                 2,733,859     10/31/04    2,651,708      2,585,708         1.32             Fee
  20                    1,448,364    2,206,934     08/31/04    2,430,237      2,267,737         1.20             Fee
  21      2,744,839     2,692,457    2,734,317     07/31/04    2,619,230      2,335,625         1.36             Fee
  22      1,622,297     1,739,685    1,875,170     07/31/04    1,875,668      1,783,944         1.22             Fee
  23      2,064,317     1,557,028    1,723,302     12/01/04    2,193,001      1,947,493         1.32             Fee
  24      1,607,072     1,560,473    1,584,775     08/31/04    1,947,670      1,947,670         1.31             Fee
  25                    1,859,052    1,791,030     08/30/04    1,791,449      1,695,449         1.63             Fee
  26      2,438,006     2,957,142    2,957,142     12/31/03    3,040,408      2,791,440         1.98             Fee
  27      1,725,951     1,650,598    1,762,197     09/30/04    1,738,835      1,639,247         1.63             Fee
  28      1,585,788     2,119,047    1,668,698     06/30/04    1,878,266      1,641,824         1.24             Fee
  29      2,759,448     2,575,174    2,634,805     07/31/04    2,345,046      2,247,546         1.67             Fee
  30                                                           2,541,030      2,429,065         2.65             Fee
  31      2,297,071     2,433,966    2,739,037     10/08/04    2,744,880      2,502,039         1.74          Leasehold
  32                    1,739,781    1,774,736     06/30/04    1,742,542      1,585,172         1.50             Fee
  33      1,265,879     1,580,116    1,500,142     08/31/04    1,561,187      1,513,187         1.43             Fee         18.0
  34      1,383,986     1,289,004    1,323,658     10/31/04    1,323,747      1,264,156         1.65             Fee
  35      1,646,066     1,553,204    1,695,712     06/30/04    1,430,970      1,254,197         1.23             Fee
  36                                                           1,563,661      1,462,617         1.37             Fee
  37      1,216,725     1,216,577    1,207,262     06/30/04    1,315,607      1,276,672         1.23             Fee
  38                                                           1,693,125      1,662,125         1.62             Fee
  39      1,364,068     1,457,965    1,457,965     12/31/03    1,436,817      1,388,817         1.38             Fee         14.0
  40                                                           1,411,379      1,348,379         1.27             Fee
  41                                                           1,368,791      1,145,743         1.21             Fee
  42      1,063,414     1,249,545    1,124,222     07/31/04    1,339,672      1,239,352         1.29             Fee
  43                    2,250,485    2,716,854     06/30/04    2,374,700      2,374,700         2.14             Fee
  44      1,193,514     1,211,678    1,536,249     08/31/04    1,552,159      1,401,686         1.49             Fee         14.0
  45                    1,092,444      952,698     09/30/04    1,397,826      1,299,877         1.36             Fee
  46      1,059,888     1,028,616    1,826,319     11/01/04    1,622,549      1,412,778         1.20        Fee/Leasehold
  47                                                           1,257,292      1,238,892         1.55             Fee
  48      1,016,723     1,043,414      977,088     07/31/04    1,193,169      1,069,956         1.36          Leasehold      16.0
  49                      453,936    1,534,466     09/30/04      992,570        992,570         1.25             Fee
  50        609,255       651,559      475,829     07/31/04    1,205,652      1,030,178         1.43             Fee
  51        989,014     1,035,239    1,044,839     06/30/04    1,126,790      1,105,940         1.45             Fee
  52      1,007,522     1,043,203    1,025,694     06/30/04    1,046,405      1,026,955         1.37             Fee
  53                      513,926    1,717,434     09/30/04      854,473        854,473         1.28             Fee
  54                                                           1,030,944        977,965         1.26             Fee
  55                                                           1,137,224      1,053,458         1.42             Fee
  56        879,794       915,863      948,113     07/31/04      872,154        872,154         1.28             Fee
  57                    1,156,139    1,189,843     11/01/04    1,076,179      1,011,942         1.54             Fee         12.0
  58                                                             868,385        826,707         1.24             Fee
  59        988,659       889,784      946,437     06/30/04      930,309        805,333         1.69             Fee         16.0
  60      1,760,043     1,870,366    1,614,948     08/31/04    1,494,785      1,358,365         2.15             Fee         18.0
  61                                   625,235     12/01/04      698,414        679,157         1.24             Fee
  62                        8,936      333,560     09/30/04      941,875        913,894         1.20             Fee
  63         87,759       395,509      395,509     12/31/03      838,346        799,115         1.25             Fee
  64                                                             847,572        840,880         1.48             Fee
  65                      485,733      986,081     08/31/04      928,407        874,407         1.61             Fee
  66        893,632       876,300      856,716     10/31/04      856,562        818,640         1.67             Fee
  67        985,709       951,250      922,002     09/30/04    1,057,575      1,041,570         1.94             Fee
  68      1,046,804     1,075,763    1,033,125     06/30/04    1,066,280        995,251         2.45             Fee
  69                                                             667,702        614,432         1.24             Fee
  70        532,499       598,955      666,559     08/31/04      675,960        630,960         1.75             Fee
  71                                   704,494     12/31/04      667,149        641,691         1.28             Fee         14.0
  72                                                             753,831        716,838         1.51             Fee
  73        649,628       529,911      629,788     10/31/04      610,646        562,166         1.27             Fee
  74        496,814       450,419      672,408     07/31/04      656,717        609,299         1.41             Fee
  75                                                             643,661        605,698         1.41             Fee
  76                       11,630      389,776     08/31/04      846,098        785,196         1.37             Fee
  77        944,130       943,872      969,790     06/30/04      858,423        781,506         1.91             Fee
  78                      764,940      575,371     08/31/04      850,998        765,082         1.75             Fee
  79        607,798       538,051      630,455     09/30/04      640,688        603,055         1.56             Fee
  80                                                             615,378        575,526         1.20             Fee
  81        631,797       583,137      652,961     05/31/04      595,390        523,322         1.36        Fee/Leasehold
  82                                                             547,045        486,425         1.34             Fee
  83                                                             491,380        471,096         1.37             Fee          6.0
  84        623,890       623,890      623,890     11/01/04      543,669        505,500         1.35             Fee
  85        713,147       821,907      821,373     08/31/04      729,509        720,359         1.63          Leasehold      14.0
  86        640,152       643,956      610,612     07/31/04      534,525        455,297         1.31             Fee
  87                                   680,630     09/30/04      630,643        613,611         1.24             Fee
  88                                                             575,856        555,742         2.31             Fee
  89                                   624,716     09/30/04      599,135        577,019         1.34             Fee
  90        638,925       663,708      696,427     03/31/04      770,127        719,181         1.77             Fee         18.0
  91        717,428       708,131      705,503     09/30/04      574,600        500,186         1.49             Fee
  92        552,346       584,408      594,126     08/31/04      496,909        445,219         1.37             Fee         12.0
  93                      539,884      555,765     07/31/04      542,554        492,554         1.58             Fee
  94                                   159,509     07/31/04      433,273        403,188         1.35             Fee         14.0
  95                       93,204       75,535     06/30/04      435,103        415,541         1.33        Fee/Leasehold     6.0
  96        440,572       473,008      473,008     12/31/03      477,745        466,369         1.61             Fee
  97        404,329       428,711      432,717     08/31/04      387,695        352,695         1.29             Fee
  98                                                             423,541        389,041         1.39             Fee
  99                                                             389,994        376,350         1.30             Fee
  100                                                            363,750        361,566         1.26             Fee
  101                                  403,343     12/31/03      376,483        358,833         1.32             Fee
  102                                  166,327     08/31/04      387,421        378,365         1.28             Fee
  103                                                            500,587        466,675         2.40             Fee
  104                     377,194      428,484     10/31/04      436,345        402,649         1.49             Fee
  105       392,792       425,426      368,240     07/31/04      408,298        363,658         1.40             Fee
  106       318,747       402,848      434,348     08/31/04      463,814        449,690         1.60             Fee
  107       356,159       356,814      352,066     07/31/04      307,738        307,738         1.21             Fee
  108                                  410,676     07/31/04      414,340        377,340         1.41             Fee
  109       518,327       408,739      493,747     08/31/04      500,729        441,621         1.89             Fee         17.0
  110                                                            357,103        341,448         1.40          Leasehold
  111       437,087       467,332      444,981     07/31/04      398,008        326,810         1.35             Fee
  112                                                            364,579        335,130         1.32        Fee/Leasehold
  113       295,143       388,917      282,561     10/22/04      357,274        324,739         1.32             Fee
  114                                                            356,246        319,721         1.36             Fee         20.0
  115                     205,448      355,283     09/30/04      427,261        387,647         1.73             Fee
  116                     283,540      228,103     08/31/04      277,085        271,085         1.28             Fee
  117       326,589       308,415      363,974     06/30/04      343,271        312,277         1.38             Fee
 117.1      157,841       121,929      128,486     06/30/04      119,201        110,703         1.38             Fee
 117.2       98,946        87,977       87,300     06/30/04       83,264         74,864         1.38             Fee
 117.3                     36,955       92,643     06/30/04       83,187         75,197         1.38             Fee
 117.4       69,802        61,554       55,545     06/30/04       57,619         51,513         1.38             Fee
  118                    -110,168     -117,635     11/01/04      347,270        304,795         1.46             Fee
  119        94,404       193,162      417,623     12/01/04      324,548        309,465         1.24          Leasehold
  120                                  158,588     08/31/04      280,308        280,308         1.40             Fee
  121                                                            262,789        251,905         1.55             Fee
  122                                                            307,922        305,850         1.32             Fee
  123                     320,330      320,330     12/31/03      280,828        266,750         1.46             Fee
  124                                                            269,713        249,463         1.38             Fee
  125       286,060       357,058      412,817     06/30/04      341,582        332,404         1.66             Fee
  126       231,173       262,134      293,475     09/30/04      259,118        246,682         1.41             Fee         18.0
  127                                                            279,920        256,997         1.43             Fee
  128       224,008       232,869      245,283     12/01/04      324,154        303,354         1.51             Fee
  129       297,837       339,955      307,254     07/31/04      343,429        303,664         1.63             Fee
  130       309,273       280,500      307,313     12/01/04      286,885        273,929         1.52             Fee
  131       207,221       244,839      243,655     08/31/04      247,788        228,057         1.47             Fee
  132                     283,659      220,290     08/31/04      246,889        232,639         1.55             Fee
  133                      86,035      212,951     08/31/04      226,637        216,037         1.42             Fee
  134       264,051       115,106      209,543     09/30/04      227,913        214,855         1.46             Fee
  135                                                            224,220        207,827         1.38             Fee
  136       199,270       195,769      142,532     07/31/04      216,913        207,313         1.29             Fee
  137       322,755       361,778      224,239     12/01/04      280,250        253,809         1.39             Fee
  138                                                            182,953        179,803         1.37             Fee         14.0
  139       278,977       103,642      157,240     09/30/04      218,209        207,709         1.39             Fee
  140       234,107       223,195      233,043     12/01/04      222,734        218,134         1.47             Fee
  141                                                            183,927        176,735         1.32             Fee
  142        92,187       234,483      152,375     10/22/04      189,884        174,334         1.26             Fee
  143                                                            225,782        202,241         1.28             Fee
  144       251,667       248,493      293,103     10/31/04      261,556        247,959         1.85             Fee
  145       168,229       143,036      214,563     07/31/04      203,325        183,325         1.40             Fee
  146       331,208       377,299      337,139     08/31/04      334,849        303,498         2.63             Fee
  147       150,522       202,167      216,142     06/30/04      218,653        209,303         1.64             Fee
  148       209,582       191,767      203,499     12/31/03      192,967        166,231         1.43             Fee
  149                                                            231,236        218,938         1.89             Fee
  150       179,837       215,293      209,030     12/31/03      177,091        177,091         1.53             Fee
  151                                                            167,476        155,390         1.50             Fee
  152       159,638       155,416      169,739     07/31/04      148,394        143,744         2.09             Fee






                                                            UPFRONT ESCROW(15)
            ----------------------------------------------------------------------------------------------------------------
               UPFRONT CAPEX  UPFRONT ENGIN.  UPFRONT ENVIR.   UPFRONT TI/LC   UPFRONT RE TAX  UPFRONT INS.   UPFRONT OTHER
  LOAN #          RESERVE ($)     RESERVE ($)     RESERVE ($)     RESERVE ($)      RESERVE ($)   RESERVE ($)     RESERVE ($)
  ------          -----------     -----------     -----------     -----------      -----------   -----------     -----------

                                     266,250
     1
     2
     3                                12,500
     4                                73,750
     5                                13,750
     6                                46,250
     7                               118,750
     8
     9
    10                                 1,250
    11
    12
    13
    14                               132,625
    15
    16                                 6,094                                        1,065,558
    17                                                             1,900,000
   17.1
   17.2
   17.3
   17.4
   17.5
    18                                                                                402,209        34,232
    19
    20                                12,500                                          363,000
    21                                 6,250                                           40,396         5,417
    22                                79,875                                           30,368
    23                                                                                195,369        36,400         249,000
    24               400,000
    25                                                                                606,516        39,875
    26
    27                                20,313                                           31,713
    28               331,000          24,750                                           19,257        32,223
    29                                                                                270,429         9,557
    30
    31
    32                                                                                 46,282         3,855
    33
    34                                45,875                                           25,557
    35                60,000          32,500                                           17,523        40,739
    36
    37                                83,031                                           48,441        17,812
    38                                                                                 23,633         4,935
    39                                                                                100,631
    40
    41               340,000          37,750                                           19,045        50,707
    42                               699,288                                          132,578                       266,500
    43
    44
    45               115,000          11,750                         250,000           57,668         4,793         472,298
    46
    47                                                                                127,857         4,756
    48
    49                                                               700,000
    50                                                                46,784                                         60,000
    51                                                                                 40,972         6,034
    52                                                                                 37,204         6,034
    53
    54
    55                17,150                                                                                         36,524
    56                               257,000           1,000
    57
    58                                                                                 12,061         9,366
    59                                 2,500                                           34,318        15,216
    60
    61                                                                                 75,950         7,028
    62                                                                                187,417         4,828          12,350
    63                55,250                                         100,000
    64                                                               335,000
    65                                                                                 10,280        46,790
    66
    67                                                                                 43,269
    68                                26,250         162,500                           15,238        21,181
    69
    70                                65,000                                            9,047
    71                                                               300,000
    72
    73                                                                                 16,552        38,468
    74
    75
    76                                                                                140,833         6,185          29,400
    77                10,913
    78                                                               100,000
    79                                                38,400                           25,279         1,545
    80
    81                                                                                 53,852        27,520
    82                                                                                 31,079         6,520          25,000
    83                                                                                  4,234         4,975          51,781
    84                                 8,316                                           62,844
    85                                                                                 18,122         9,789
    86                                 5,000                                           86,099         1,311
    87                                                                                 15,037         3,738
    88
    89                                                                                 12,000         2,633
    90                                 1,875                                           38,020        19,555          50,000
    91
    92                                                                                 13,207        31,625         500,000
    93                               221,780                                          102,011        48,135          27,125
    94                                                 1,000          61,320
    95                                                                                 11,931         3,136          78,053
    96
    97                                51,250                                           11,774         3,324
    98
    99                                                                99,760            6,891
    100
    101
    102                                                                                29,022
    103
    104
    105                                                                                 7,333         7,850
    106                                                                                17,190         7,419
    107                               76,000
    108                                                                                52,889        30,575          30,069
    109                                9,000                                                                         37,164
    110
    111                               15,000                                           55,838           989
    112                                                                                14,238         4,722         200,000
    113                                4,375           2,500
    114
    115
    116                              141,250                                            5,182         1,361           1,856
    117
   117.1
   117.2
   117.3
   117.4
    118
    119                                                                                25,365         3,379
    120
    121
    122
    123                                                                                10,256           675
    124
    125
    126                                                               30,000
    127                                                                                                              12,906
    128                                                                                37,572        10,743
    129
    130                                7,500                                           53,706        14,037
    131                                1,250                          30,000           14,973           846
    132                               39,375                                                          2,126
    133                               52,514                                           22,942        12,659
    134                                                              252,788
    135
    136                               61,250                                           19,508        10,790
    137
    138                                                                                 6,141         3,558
    139                                1,500                                            2,437         4,365
    140                                                               17,259           17,259         3,867          10,000
    141                                                                                 4,161         1,409
    142                                                2,500
    143                                                                                 5,369         3,506
    144
    145                                                                                25,071        12,310
    146                               25,000
    147                               10,000                                           13,203         6,108
    148
    149
    150
    151                                                                                 4,023         1,129           7,740
    152                                                                                 8,918         1,052          10,400






                                                            MONTHLY ESCROW(16)
            ---------------------------------------------------------------------------------------------------------------------
                     MONTHLY CAPEX     MONTHLY ENVIR.    MONTHLY TI/LC     MONTHLY RE TAX     MONTHLY INS.        MONTHLY OTHER
  LOAN #                RESERVE ($)        RESERVE ($)      RESERVE ($)        RESERVE ($)      RESERVE ($)          RESERVE ($)
  ------                -----------        -----------      -----------        -----------      -----------          -----------


     1
     2
     3
     4
     5
     6
     7
     8
     9
    10
    11
    12
    13
    14                      11,721                              39,070
    15                       4,539                                                122,149                               452,702
    16                       3,883                              12,944            125,281
    17                       8,456                              16,667             66,189            6,026
   17.1
   17.2
   17.3
   17.4
   17.5
    18                       2,447                                                 50,276            4,890
    19                       4,400                                                 23,933            6,050
    20                      13,542                                                 33,000
    21                       1,981                              19,815             40,396            5,417
    22                       7,644                                                 15,184
    23                       6,017                               4,167             32,562            4,550
    24                       7,000                                                 42,652            7,019
    25                       8,000                                                 55,138            7,975
    26
    27                       8,299                                                 15,857
    28                       4,894                              11,667             19,257            4,028
    29                                                                             28,619            4,778
    30
    31          4% of Gross Income
    32                       3,140                              16,667             23,141            3,855
    33                       4,000                                                  6,280            3,726
    34                       4,966                                                 12,778
    35                       3,274                               9,167             17,523            5,092
    36                       1,036                               5,382             29,386            2,630
    37                       3,245                                                 16,147            3,562
    38                       2,600                                                 11,817            4,935
    39                                                                             13,823            3,000
    40                       2,500                               2,462
    41                       4,296                              10,417             19,045            6,338
    42                       1,455                               5,000             11,048
    43                      21,121                                                 10,417           10,331
    44                       1,668                               2,917              7,622
    45                       1,884                               6,279             14,417            1,598
    46                         730                              14,583             28,250            4,250              187,500
    47                       1,533                                                 11,623            4,756
    48                       1,094                               8,333              8,086            6,845
    49                       3,000                                                 10,920            4,213
    50                       2,970                               6,667             14,406              483
    51                                                                             10,243            1,006
    52                                                                              9,301            1,006
    53                       5,250                                                 11,823            4,476
    54
    55                       1,442                               4,167
    56                       4,872                                                 10,682            3,385
    57
    58                         382                               1,911              4,020            1,561
    59                       5,254                               4,926              8,580            2,536
    60                       2,929                               2,500              8,819            1,631
    61                         535                               1,067             16,667              639
    62                                                                             14,417              966
    63                         613                               3,800              6,618            1,047
    64                         558
    65                       4,500                                                 10,280            6,684
    66                       3,071
    67                                                                             14,423
    68                       1,151                                                  7,619            2,353
    69                         843                                                  4,168            1,668
    70                       3,750                                                  4,523            3,322
    71                         248                               2,500              8,888            1,174
    72                                                           3,250              8,250              569              650,000
    73                       4,040                                                 16,552            5,495
    74                       1,161                               2,000              3,422            1,595
    75                         372                                 833             12,168              926
    76                                                                             10,833            1,237
    77                         650                                                  8,734            6,566
    78                       1,791                               4,167             13,339
    79                       3,136                                                  5,056            1,545
    80                         448                               2,500              9,054              784
    81                       1,436                               3,350             10,770            3,058
    82                         411                               4,110              6,216              652
    83
    84                       1,311                                                  7,856
    85                         763                                                  6,041            2,615
    86                       1,311                               6,557              7,827              656
    87                                                                             15,037
    88
    89                                                                             12,000
    90                         600                               3,180              4,753            1,630
    91                       1,341                               4,692              9,057            5,045
    92                       1,355                               4,000              4,402            2,875
    93                       4,167                                                  9,274            6,017
    94                         467                               1,250              4,952              401
    95                         473                               1,250              1,988            1,045
    96                         728                                                  4,523              450
    97                       2,917                                                  3,925            1,662
    98                         375                               2,500                155              408
    99                                                                              6,891
    100
    101                        426                                                  3,103
    102                                                                                                                  12,000
    103
    104                        351                               2,457             10,750            1,530
    105                      3,720                                                  7,333            3,925
    106                        532                                                  5,730              674
    107                      3,167                                                  6,646            2,416
    108                      3,083                                                  5,877            4,368
    109
    110                        175                               1,000              1,655              900
    111                        989                               4,944              5,076              494
    112                        383                               2,100              7,119            1,574
    113                      1,083                               1,625                835            7,031
    114                        500                                                  3,500            1,200
    115                        455                               2,846              5,833              592              392,090
    116                                                                             2,591              680
    117                      2,583                                                  7,310            3,686
   117.1
   117.2
   117.3
   117.4
    118                        479                                 711              8,059            1,459
    119                      1,003                                                  2,114              845
    120                        833                                                  2,423              677
    121
    122                        173                                 575
    123                        151                                                  2,564              338
    124                        403                                                  2,821              967
    125                        765                                                  6,833            1,000
    126                        111                               1,250              1,188            1,350
    127                        317                               1,583
    128                        434                               1,300              5,367            1,790
    129                        660                               1,250              1,444              231
    130                        517                                 569              6,713            1,080
    131                        168                               1,466              4,991              423
    132                                                                             3,103            1,063
    133                                                                             2,086            1,407
    134                        160                                 834              2,340              154
    135                        158                                                  4,036
    136                        800                                                  2,787            1,079
    137                        312                                 753              3,528              484
    138                        263                                                  3,070              508
    139                        875                                                  2,437            1,091
    140                        144                                                  2,466              483
    141                        124                                 500              1,040              470
    142                        575                                 864              5,201              562
    143                        258                               1,704              5,369            1,169
    144                        191                                 208              3,574            1,264
    145                      1,667                                                  2,279            2,052
    146
    147                                                                             1,100              764
    148                        548                               1,667              1,545              831
    149                        214                               1,000              2,671              334
    150                      2,000                                                    987            1,821
    151                         95                                 912
    152                                                                               743              351






                                        LARGEST TENANT
                     -----------------------------------------------------------------------------------------------
             SINGLE                                                                              LEASE
  LOAN #     TENANT  LARGEST TENANT                                        UNIT SIZE           EXPIRATION
  ------     ------  --------------                                        ---------           ----------

     1         No    Tops Market                                              74,000            05/30/14
     2         No    Regal Cinema                                             58,012            06/30/22
     3         No    Tops Market                                              57,000            03/31/22
     4         No    Tops Market                                              78,000            12/31/13
     5         No    Tops Market                                              77,000            09/30/18
     6         No    Tops Market                                              82,897            12/31/10
     7         No    Kroger                                                   60,425            11/30/16
     8         No    Kroger                                                   63,296            01/31/16
     9         No    Tops Market                                              47,000            08/01/19
    10         No    Tops Market                                              45,533            06/30/15
    11         No    Kroger                                                   59,134            11/06/12
    12         No    Tops Market                                              47,000            05/31/17
    13         No    Kroger                                                   58,666            08/26/20
    14         No    Akerman, Senterfitt & Eidson                             35,055            10/31/09
    15         No    Bill Communications                                     135,248            03/31/11
    16         No    K-Mart Corporation                                      100,725            01/31/12
    17         No    Sycamore Networks                                       113,706            05/31/07
   17.1        No    Lumigent Technologies, Inc.                              15,000            05/31/06
   17.2        No    Sycamore Networks                                       113,706            05/31/07
   17.3        No    Everest Partners                                         40,000            11/15/05
   17.4        No    Network World                                            33,609            12/02/09
   17.5        No    Springwell, Inc.                                         18,000            09/30/17
    18         No    Sam's Club                                              114,057            11/30/18
    19         No
    20         No
    21         No    Personalcare Health Management, Inc                      34,150            11/14/08
    22         No
    23         No    Gabriel Brothers                                         78,823            09/30/08
    24         No
    25         No
    26         No    Plante & Moran, LLP                                      51,855            10/31/10
    27         No
    28         No    Marriott                                                128,832            08/31/10
    29         No
    30         No    Dominick's Finer Foods, Inc.                             65,844            03/31/22
    31         No
    32         No    Hobby Lobby                                              57,617            02/28/14
    33         No
    34         No
    35         No    Cardinal Health                                         173,182            08/31/11
    36         No    Circuit City                                             34,763            01/13/19
    37         No
    38         No
    39         No
    40        Yes    Verizon Wireless                                        150,000            11/30/14
    41         No    AMEC                                                     88,000            09/02/08
    42         No    Marshalls                                                22,498            01/31/09
    43         No
    44         No    1st Bank of Beverly Hills                                16,486            08/31/14
    45         No    Prince George's County                                   47,612            02/28/14
    46         No    GSA 2-Federal District Court                             41,000            11/28/07
    47         No
    48         No    San Fernando Valley Urologic                              3,936            11/30/09
    49         No
    50         No    Wright Robinson et al                                    23,120            08/28/09
    51         No
    52         No
    53         No
    54        Yes    T-Mobile                                                 77,484            10/31/19
    55        Yes    TRW Automotive                                           86,500            01/31/15
    56         No
    57         No    Knowlwood Enterprise, Inc.                                5,600            01/28/12
    58         No    Asian Buffet                                              6,000            07/31/14
    59         No    Kragen Auto                                               9,778            11/30/08
    60        Yes    D.A. Family Support                                     117,168            10/31/11
    61         No    Publix Super Markets, Inc.                               44,271            12/31/23
    62         No    Walgreen Co.                                             14,820            09/30/79
    63         No    Bally Fitness Center                                     29,570            08/02/17
    64        Yes    Immigration & Naturalization Services  (GSA)             33,459            02/28/14
    65         No
    66         No
    67         No
    68         No    Big Y Foods, Inc.                                        60,264            11/11/15
    69         No    Ross Stores Texas, L.P.                                  30,187            01/31/15
    70         No
    71         No    Art N Frame Expo                                          2,693            07/31/09
    72        Yes    SAIC                                                     56,912            10/31/09
    73         No
    74         No    Michael's                                                21,380            01/31/07
    75         No    Circuit City                                             33,882            01/31/19
    76         No    La Maria Mexican Restaurant                               4,200            11/30/10
    77         No    Reflection Printing                                       7,814            03/31/05
    78         No    Gabriel Brothers                                         52,501            07/31/09
    79         No
    80         No    CATO of Texas, LP                                         4,060            01/31/10
    81         No    Farmer Jack Supermarket (A&P)                            49,832            04/30/05
    82         No    Skidmore, Inc.                                           10,450            12/15/11
    83         No    Banner Bank                                               3,214            02/01/14
    84        Yes    Temptronic Corporation                                   62,389            02/28/11
    85         No
    86         No    Culp & Little Attorneys At Law                            4,294            06/30/05
    87         No
    88         No    CVS Pharmacy                                             10,125            01/31/20
    89         No
    90         No    Jen Shu Lee (Greenland Co. LTD)                           3,550            09/30/05
    91         No    US Unwired                                                6,650            10/31/09
    92         No    Vince's Pizza & Pasta                                    21,493            10/01/14
    93         No
    94         No    Keller William Realty                                    13,264            01/31/14
    95         No    Blockbuster                                               5,280            01/31/14
    96         No
    97         No
    98         No    Smith Gatta Gelok                                        15,000            08/31/09
    99         No    Office Max                                               22,000            09/30/14
    100       Yes    Walgreen Co.                                             14,560            05/31/79
    101       Yes    Linens N' Things                                         34,103            01/31/22
    102        No
    103       Yes    Harris Teeter                                            57,230            05/21/15
    104        No    Orient Cafe                                               5,440            08/31/12
    105        No
    106        No
    107        No
    108        No
    109        No    ADeal.com                                                 6,185            04/14/05
    110        No    China Star Restaurant                                     8,500            02/28/19
    111        No    UTMB Department of Psychiatry                             7,802            08/31/07
    112        No    First Steps Gym                                           4,027            06/30/07
    113        No    Netrition Inc.                                           18,500            05/31/06
    114        No    La Pradera Market                                         6,340            04/01/07
    115        No    Payson Hospital Corp.                                    16,593            04/20/13
    116        No
    117        No
   117.1       No
   117.2       No
   117.3       No
   117.4       No
    118        No    The Chrysalis Center                                      8,052            05/31/07
    119        No
    120        No
    121        No    Best Buy                                                 20,275            01/31/15
    122       Yes    Eckerd Corporation                                       13,813            08/31/24
    123        No    Honeybaked Ham Co.                                        3,597            11/30/11
    124        No    Cross Creek BBQ                                           5,400            01/31/09
    125        No
    126        No    Avocado Grill                                             2,098            02/12/09
    127        No    Dollar Tree                                               9,800            05/31/09
    128        No    NY Presbyterian Hospital                                 34,000            01/31/11
    129        No    American Home Patient                                     5,603            06/30/09
    130        No    Schwartzapfel, Novick, Truhowsky & Marcus, P.C.           9,932            12/31/05
    131        No    Mattress Outfitters                                       3,237            08/31/09
    132        No
    133        No
    134        No    Fitness Defined                                           2,457            12/31/06
    135        No    Mattress Giant                                            4,800            10/31/09
    136        No
    137        No    University Hospital - Orthopedics                         9,532            06/30/09
    138        No
    139        No
    140        No
    141        No    Starbucks                                                 1,500            02/28/13
    142        No    Capital Framing Inc.                                     15,700            07/31/07
    143        No    Han Yang Grocery with Manna Restaurant                   10,308            09/30/09
    144        No    Grayrock Pharmacy                                         4,210            08/01/08
    145        No
    146        No    Cin2 Industries                                           2,775            01/31/07
    147        No
    148        No    Food World                                               31,800            08/10/08
    149        No    Lane Bryant                                               5,903            05/31/04
    150        No
    151        No    Comet Cleaners                                            2,015            06/30/08
    152        No






                                                       2ND LARGEST TENANT
            ----------------------------------------------------------------------------------------------------
                                                                                             LEASE
  LOAN #    2ND LARGEST TENANT                                         UNIT SIZE           EXPIRATION
  ------    ------------------                                         ---------           ----------


     1      Linens 'N Things                                              23,114            03/31/08
     2      AJ Wright                                                     26,959            08/12/14
     3      Stein Mart, Inc.                                              36,000            03/31/12
     4      Dollar Tree                                                   14,098            11/30/07
     5      Hollywood Video                                                8,000            08/27/07
     6      Shanor Lighting Center                                        19,232            09/30/08
     7      Office Max                                                    23,404            03/31/13
     8      Buffalo's Cafe                                                 4,200            05/31/06
     9      Secor Lumber                                                   8,000            11/30/06
    10      Hollywood Video                                                7,488            10/31/07
    11      Dr. David Weaver                                               4,900            11/30/12
    12      Blockbuster                                                    4,692            10/31/10
    13      PJ's Wine & Liquor                                             3,600            03/31/06
    14      GMC Lending Services of FL                                    30,550            02/28/09
    15      New York Law Publishing Company                               66,975            08/31/08
    16      Waldbaums Inc.                                                38,208            12/31/07
    17      Potpourri                                                     51,000            05/31/09
   17.1     Geosyntec Consultants, Inc.                                    8,862            12/31/10
   17.2     Potpourri                                                     51,000            05/31/09
   17.3     The Premier Insurance Company                                 18,065            02/28/05
   17.4     IT World/Accela                                               18,332            09/20/09
   17.5     Buyerzone.com                                                 14,246            12/31/06
    18      Kmart                                                        107,806            03/31/19
    19
    20
    21      Healthcare Services Corp.                                     20,000            02/29/08
    22
    23      Ws Mrk #131 - Un Sq                                           45,000            04/30/14
    24
    25
    26      Champion Enterprises                                          22,474            12/31/07
    27
    28      Mail Well I Corporation                                       25,000            01/31/09
    29
    30      TJ Maxx                                                       28,144            10/31/12
    31
    32      Circuit City                                                  28,469            01/31/18
    33
    34
    35      CDI Media                                                    104,600            05/31/09
    36      Petsmart                                                      28,640            03/18/15
    37
    38
    39
    40
    41      Newell Rubbermaid                                             64,800            09/30/06
    42      Shoe Carnival                                                 19,827            01/31/10
    43
    44      Associated Bond & Ins.                                         7,980            05/31/08
    45      Computer Sciences Corporation                                 30,829            10/31/05
    46      GSA 1-U.S. Marshall's                                         32,366            04/30/06
    47
    48      Richard Rosenberg                                              3,855            02/28/06
    49
    50      Spotts, Smith, Fain & Buis P.C                                18,995            06/30/10
    51
    52
    53
    54
    55
    56
    57      Athanasios N. Foskaris                                         4,390            12/31/12
    58      Khoury's Wine Store                                            4,533            10/31/11
    59      Dollar Depot                                                   8,400            08/31/13
    60
    61      Francisco's Courtyard Restaurant                               2,800            03/31/09
    62      Dollar Hut                                                     6,000            11/30/13
    63      CVS                                                           14,873            10/31/26
    64
    65
    66
    67
    68      Rocky's Hardware, Inc.                                         9,302            03/10/13
    69      Linens 'N Things                                              27,489            01/31/15
    70
    71      Baja Fresh                                                     2,500            07/31/14
    72
    73
    74      Vitamin Cottage Natural Food                                  17,834            09/30/13
    75      Michaels Stores                                               21,117            02/28/13
    76      Washington Mutual Bank, FA                                     4,072            08/31/23
    77      LaserPlus                                                      7,456            06/30/05
    78      Big Lots                                                      25,084            01/31/07
    79
    80      Texas Credit Union                                             4,000            06/30/14
    81      State of Michigan                                             35,976            11/30/11
    82      Function                                                       5,666            03/31/08
    83      Chipolte                                                       3,000            08/11/14
    84
    85
    86      Mercator, Inc                                                  3,569            10/31/08
    87
    88      Pet Supplies Plus                                              8,120            02/07/06
    89
    90      Shuang Xi Lin (Wheelink Enterprise, Inc.)                      2,700            04/30/07
    91      Centennial Wireless                                            6,000            12/31/04
    92      Westview Church                                               13,800            12/01/05
    93
    94      Advanced Planning Svcs.                                        8,620            09/30/19
    95      Vinny's Italian Kitchen                                        2,130            09/29/09
    96
    97
    98      Ryan Homes                                                     5,000            08/31/09
    99      Chili's                                                        5,665            12/31/10
    100
    101
    102
    103
    104     South Shore Grill, LLC                                         5,330            04/30/14
    105
    106
    107
    108
    109     Mech Tech                                                      6,134            03/31/07
    110     Olive Garden Restaurant                                        6,999            10/31/13
    111     Securitas Security Services USA Inc                            3,347            03/31/05
    112     CMSG, Inc.                                                     4,000            05/31/14
    113     Pengate Handling (18 Petra)                                   10,000            08/31/07
    114     Kolorinas Restaurant                                           3,900            02/01/07
    115     Mountain View Family Medicine                                  3,162            08/10/06
    116
    117
   117.1
   117.2
   117.3
   117.4
    118     Broward Sheriff's Office                                       5,711            09/30/07
    119
    120
    121
    122
    123     Sprint Store                                                   3,322            11/30/06
    124     Blockbuster                                                    4,900            06/30/09
    125
    126     Blue Windows                                                   2,098            07/31/06
    127     Movie Gallery                                                  4,030            01/01/12
    128     ABCO Refrigeration Supply Corp.                               19,250            12/31/10
    129     Party Supplies                                                 3,500            09/30/08
    130     Suffolk OB/GYN                                                 3,360            05/31/11
    131     Impact Martial Arts                                            2,630            02/28/08
    132
    133
    134     HFC                                                            1,850            06/30/09
    135     Ram Chemical & Supply, Inc.                                    3,700            11/30/09
    136
    137     University Hospital - Dermatology                              6,891            06/30/09
    138
    139
    140
    141     Little Dumplings                                               1,188            01/31/09
    142     Trugreen Limited Part.                                         8,827            01/31/12
    143     Austin Karaoke                                                 5,017            09/04/09
    144     Good Spirits & Co                                              2,400            07/31/09
    145
    146     No Idea                                                        2,643            09/30/12
    147
    148     CVS                                                            9,000            11/08/09
    149     Gags and Games Inc                                             5,115            01/31/10
    150
    151     Charlie's Hamburgers                                           1,950            09/30/08
    152







                               3RD LARGEST TENANT
            ------------------------------------------------------------------------------------------------------
                                                                                               LEASE
  LOAN #    3RD LARGEST TENANT                                           UNIT SIZE           EXPIRATION
  ------    ------------------                                           ---------           ----------


     1      Eckerd Drugs                                                    17,100            05/31/05
     2      Petco Animal Supplies                                           15,277            01/31/15
     3      Colonial Wine & Spirits                                         18,585            11/30/12
     4      Advance Auto Parts                                              10,949            09/30/08
     5      Progressive Casualty Insurance                                   2,000            07/31/08
     6      Blockbuster                                                      6,500            10/31/05
     7      CVS Pharmacy                                                    10,069            07/31/07
     8      Monterrey Mexican Restaurant                                     3,500            08/31/07
     9      New York Sports                                                  5,000            12/31/06
    10      Rent-Way                                                         4,472            10/31/09
    11      Southeast Financial Credit Union                                 2,800            09/30/07
    12      Dollar Tree                                                      4,000            09/30/07
    13      Tequila's Mexican Bar                                            2,400            05/31/06
    14      KPMG International                                              30,172            03/08/07
    15      Nature America Inc.                                             22,058            12/31/05
    16      Modell's                                                        25,000            02/28/09
    17      Everest Partners                                                40,000            11/15/05
   17.1     Info Tree Corporation                                            5,250            03/31/09
   17.2     Airvana                                                         29,708            12/31/05
   17.3     Sumaria Systems                                                 12,245            05/15/08
   17.4     Storability                                                     18,194            08/31/05
   17.5     Seller Master Lease                                             12,800            12/31/07
    18      Albertsons                                                      50,645            05/31/19
    19
    20
    21      Intel Americas, Inc.                                            19,632            08/31/05
    22
    23      Office Max                                                      24,300            12/31/05
    24
    25
    26      The Hartford                                                    13,091            04/31/08
    27
    28      Citadel Communications                                          18,820            08/28/13
    29
    30      Office Max                                                      20,015            1/31/19
    31
    32      MJR Fashions                                                    28,024            06/30/07
    33
    34
    35      Bunzl California, Inc.                                          48,134            04/30/08
    36      REI                                                             26,500            10/18/14
    37
    38
    39
    40
    41      Textile Care Services                                           56,178            09/30/10
    42      Ovations Audio Video                                            14,103            01/31/06
    43
    44      Partners General Insurance                                       4,418            04/30/09
    45      US Postal Service                                               10,469            11/30/14
    46      GSA 3-FBI / GSA                                                 21,761            11/03/13
    47
    48      Allen Entin                                                      3,640            11/30/08
    49
    50      VA Commonwealth Unv. Health Systems                             14,138            04/30/09
    51
    52
    53
    54
    55
    56
    57      Kinko's Copies, Inc.                                             4,290            12/14/05
    58      Desert Flour, LLC                                                4,000            10/31/14
    59      Goodwill Industries                                              8,000            03/01/06
    60
    61      Advance America                                                  1,400            05/31/07
    62      Chinois Orient Bistro                                            3,000            02/28/14
    63      Wachovia Bank                                                    3,096            08/31/10
    64
    65
    66
    67
    68      M.G.A., Inc.                                                     5,600            12/31/09
    69      Shoe Carnival                                                    9,755            03/31/14
    70
    71      Daphne's Greek Cafe                                              2,300            07/31/14
    72
    73
    74      Party City                                                      13,875            01/31/08
    75      Petsmart                                                        19,040            09/30/18
    76      Green Garden Chinese Restaurant                                  3,477            07/31/14
    77      Four J's Comm.Living                                             5,856            09/30/04
    78      Harbor Freight                                                  15,000            10/31/11
    79
    80      Sprint PCS                                                       3,000            05/31/09
    81      Arbor Drugs Inc. (CVS)                                          10,564            05/31/10
    82      ZZ, Inc.                                                         4,415            12/31/05
    83      Pacific Beach Tanning                                            2,284            08/30/12
    84
    85
    86      Texas Health School                                              3,235            11/30/07
    87
    88      Ross the Boss                                                    4,104            09/30/06
    89
    90      Kyung & Young Kim (Maxima Trading)                               2,100            09/30/06
    91      Guadalajara                                                      4,900            05/31/06
    92      Extensions Dance Studio                                          4,700            11/01/05
    93
    94      Interior Resources                                               3,315            05/31/06
    95      Camransea Cleaning LLC                                           2,000            04/30/09
    96
    97
    98      CJS Investments                                                  5,000            07/31/09
    99
    100
    101
    102
    103
    104     Attitudes and Latitudes                                          3,310            07/31/08
    105
    106
    107
    108
    109     El Mar - Co.                                                     5,048            08/31/05
    110     First State Bank                                                 5,418            10/31/22
    111     Airgas Specialty Gases                                           2,794            05/31/07
    112     OHI, NJ Inc.                                                     4,000            05/31/14
    113     Metroland Business                                               6,500            03/31/09
    114     Semong & Straps                                                  2,800            05/01/05
    115     Physiotherapy Assoc.                                             2,800            11/30/07
    116
    117
   117.1
   117.2
   117.3
   117.4
    118     Housing Authority                                                4,042            11/30/04
    119
    120
    121
    122
    123     Acrylic Spas of AZ                                               2,827            04/30/07
    124     Nationwide Insurance                                             1,269            08/31/09
    125
    126     Studio B Pilates                                                 1,600            07/31/06
    127     State of Alabama ABC                                             3,500            10/14/04
    128
    129     Rockinghan National                                              3,050            01/24/07
    130     Leonard Izzo, MD                                                 2,418            12/31/04
    131     Wasabi Sushi & Grill                                             2,517            10/31/07
    132
    133
    134     Pick Up Stix                                                     1,781            02/28/08
    135     Sprintcom, Inc.                                                  2,200            09/30/09
    136
    137
    138
    139
    140
    141     Health Massage                                                   1,183            01/31/09
    142     Prime Service Center                                             5,000            09/30/07
    143     Passionate Spirits                                               2,295            09/30/09
    144     Bagelsmith                                                       2,400            10/01/06
    145
    146     Real Design                                                      1,565            12/31/04
    147
    148     Factory Connection                                               3,000            07/31/08
    149     Midwest Financial Credit Union                                   2,967            08/31/09
    150
    151     Body Worx                                                        1,935            11/30/09
    152




                            FOOTNOTES TO ANNEX A-1

(1)   With respect to cross-collateralized and cross-defaulted mortgage loans,
      the UW DSCR, Current LTV % and Maturity LTV % are calculated on an
      aggregate basis.

(2)   With respect to Loan Numbers 15, 60, 63, 75, 77, 99, 104, 115, 118, 124,
      135, 137, the applicable Mortgage Loan Seller will remit to the Trustee
      an amount that will be sufficient to cover the interest shortfall that
      would otherwise occur on the first Distribution Date as a result of the
      mortgage loan not having its first due date until February 2005.

(3)   For Mortgage Loans secured by multiple Mortgaged Properties, each
      Mortgage Loan's Current Balance is allocated to the respective Mortgaged
      Properties based on the Mortgage Loan documentation or the Mortgage Loan
      Seller's determination of the appropriate allocation.

(4)   Each number identifies a group of cross collateralized, cross defaulted
      mortgaged loans.

(5)   Each number identifies a group of related borrowers.

(6)   For each Mortgage Loan, the excess of the related Interest Rate over the
      related Servicing Fee Rate and the Trustee Fee Rate (together, the "Admin
      Fee").

(7)   The Monthly Debt Service for Loan Numbers 1-14, 25, 27, 34, 59, 68 and 70
      was calculated as 1/12th of the product of (i) the Original Balance, (ii)
      the Interest Rate and (iii) 365/360.

      The Monthly Debt Service for Loan Numbers 30, 88, 103 and 121 were
      calculated as 1/12th of the product of (i) the Original Balance and (ii)
      the Interest Rate.

(8)   With respect to Champaign Office and Retail (Loan Number 21), please
      refer to Annex C for the complete amortization schedule.

(9)   Annual Debt Service is calculated by multiplying the Monthly Debt Service
      by 12.

(10)  For Mortgage Loans with an I/O component, the I/O Period reflects the
      initial interest-only period as of the respective Note Date of the
      Mortgage Loan.

(11)  For ARD Loans, the related Anticipated Repayment Date.

(12)  For ARD Loans, calculated as of the related Anticipated Repayment Date.

(13)  The "L" component of the prepayment provision represents remaining
      lockout payments.

(14)  The UW DSCR for all partial interest-only loans were calculated based on
      the first principal and interest payment made into the trust during the
      term of the loan.

(15)  Represents the amount deposited by the borrower at origination. All or a
      portion of this amount may have been released pursuant to the terms of
      the related loan documents.

(16)  Represents the monthly amounts required to be deposited by the borrower.
      The amount required to be deposited in such account may be capped
      pursuant to the loan documents.

(17)  With respect to certain of the mortgage loans, the respective appraisal
      values and appraisal dates are reflective of stabilized values as defined
      in the respective appraisals.

(18)  With respect to Loan Numbers 1 through 13, the occupancy figure includes
      space master leased by Developers Diversified Realty Corporation.

(19)  In the case of 2 mortgages loans (identified as Loan Number 111 and 133),
      the debt service coverage ratio was calculated taking into account
      various assumptions regarding the financial performance of the related
      mortgaged real property on a "stabilized" basis that are consistent with
      the respective performance related criteria required to obtain the
      release of certain escrows pursuant to the related loan documents.

(20)  With regard to Loan Number 38, the payment date was changed from the 11th
      to the 1st of every month after the first payment date had occurred.


                                     A-1-1