Unassociated Document

Because this table presents information relating to mortgaged properties and not mortgage loans, the information for mortgage loans secured by more than one mortgaged property is based on allocated loan amounts as set forth in Annex A-1.

The mortgaged properties are located in twenty-seven (27) states. The following table lists the states that have concentrations of mortgaged properties of 5% or more of the aggregate principal balance of the pool of mortgage loans as of the cut-off date:


	SUMMARY OF TERMS

	This summary highlights selected information from this free writing prospectus. It does not contain all of the information you need to consider in making your investment decision. To understand all of the terms of the offering of the offered certificates, read this entire document and the accompanying prospectus carefully.

	Relevant Parties and Dates

	Depositor		J.P. Morgan Chase Commercial Mortgage Securities Corp., a Delaware corporation, a wholly-owned subsidiary of JPMorgan Chase Bank, National Association, a national banking association organized under the laws of the United States of America, which is a wholly-owned subsidiary of JPMorgan Chase & Co., a Delaware corporation. The depositor’s address is 383 Madison Avenue, 31st Floor, New York, New York 10179, and its telephone number is (212) 272-6858. See “Transaction Parties—The Depositor” in this free writing prospectus.

	Issuing Entity		JPMBB Commercial Mortgage Securities Trust 2014-C26, a New York common law trust, to be established on the closing date under the pooling and servicing agreement. For more detailed information, see “Transaction Parties—The Trust” in this free writing prospectus.

	Mortgage Loan Sellers		JPMorgan Chase Bank, National Association, a national banking association organized under the laws of the United States of America, Column Financial, Inc., a Delaware corporation, Barclays Bank PLC, a public limited company registered in England and Wales, Redwood Commercial Mortgage Corporation, a Delaware corporation, General Electric Capital Corporation, a Delaware corporation and RAIT Funding, LLC, a Delaware limited liability company. JPMorgan Chase Bank, National Association is also an affiliate of each of the depositor and J.P. Morgan Securities LLC, one of the underwriters and an initial purchaser of the non-offered certificates. Column Financial, Inc. is an affiliate of Credit Suisse Securities (USA) LLC, one of the underwriters and an initial purchaser of certain of the non-offered certificates. Barclays Bank PLC is an affiliate of Barclays Capital Inc., one of the underwriters and an initial purchaser of certain of the non-offered certificates. See “Transaction Parties—The Sponsors and Mortgage Loan Sellers” in this free writing prospectus.


Sellers of the Mortgage Loans

Seller	Number of Mortgage Loans	Aggregate Principal Balance of Mortgage Loans			Approx. % of Initial Pool Balance
JPMCB	19		$	535,590,750	36.9	%
Column Financial	12			304,654,404	21.0
Barclays	12			273,628,152	18.9
RCMC	10			158,546,099	10.9
GECC	8			103,096,851	7.1
RAIT	8			74,090,617	5.1
Total	69		$	1,449,606,872	100.0	%


	Master Servicer		Midland Loan Services, a Division of PNC Bank, National Association will be the master servicer and will be responsible for

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			the master servicing and administration of the mortgage loans, the serviced whole loans and the HOW trust subordinate companion loan, pursuant to the pooling and servicing agreement. The master servicing office of Midland Loan Services, a Division of PNC Bank, National Association, is located at 10851 Mastin Street, Building 82, Suite 300, Overland Park, Kansas 66210 and its telephone number is (913) 253-9000. See “Transaction Parties—The Master Servicer and the Special Servicer” in this free writing prospectus.

			The Florida Multifamily Portfolio whole loan will be serviced under the pooling and servicing agreement entered into in connection with the issuance of the JPMBB Commercial Mortgage Securities Trust 2014-C25, Commercial Mortgage Pass-Through Certificates, Series 2014-C25. The master servicer of the Florida Multifamily Portfolio whole loan under the JPMBB 2014-C25 pooling and servicing agreement is Wells Fargo Bank, National Association. See “Description of the Mortgage Pool—The Whole Loans—The Florida Multifamily Portfolio Whole Loan” and “Servicing of the Mortgage Loans—Servicing of the Florida Multifamily Portfolio Mortgage Loan” in this free writing prospectus.

	Special Servicer		Midland Loan Services, a Division of PNC Bank, National Association will act as special servicer with respect to the mortgage loans, the serviced whole loans and the HOW trust subordinate companion loan. The special servicer will be primarily responsible for (i) making decisions and performing certain servicing functions with respect to the mortgage loans, the serviced whole loans and the HOW trust subordinate companion loan that, in general, are in default or as to which default is imminent and (ii) in certain circumstances, reviewing, evaluating and providing or withholding consent as to certain major decisions and other transactions relating to such mortgage loans, serviced whole loans and the HOW trust subordinate companion loan, as applicable, that are non-specially serviced mortgage loans pursuant to the pooling and servicing agreement for this transaction. Midland Loan Services, a Division of PNC Bank, National Association was appointed to be the special servicer by BlackRock Realty Advisors, Inc. BlackRock Realty Advisors, Inc. on behalf of one or more managed funds or accounts is expected to purchase the Class X-E, Class X-F, Class X-NR, Class E, Class F and Class NR certificates (and may on behalf of one or more managed funds or accounts purchase other classes of certificates), and is expected to be the initial directing certificateholder. The principal servicing office of Midland Loan Services, a Division of PNC Bank, National Association is located at 10851 Mastin Street, Building 82, Suite 300, Overland Park, Kansas 66210. See “Transaction Parties—The Master Servicer and the Special Servicer” in this free writing prospectus.

			Midland Loan Services, a Division of PNC Bank, National Association, the master servicer and the special servicer, is an affiliate of BlackRock Realty Advisors, Inc. Midland Loan Services, a Division of PNC Bank, National Association assisted

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			BlackRock Realty Advisors, Inc. with due diligence relating to the mortgage loans to be included in the mortgage pool.

			The Florida Multifamily Portfolio whole loan will be specially serviced under the JPMBB 2014-C25 pooling and servicing agreement. The special servicer of the Florida Multifamily Portfolio whole loan under the JPMBB 2014-C25 pooling and servicing agreement is Rialto Capital Advisors, LLC. The primary servicing office of Rialto Capital Advisors, LLC is located at 790 NW 107th Avenue, 4th Floor, Miami, Florida 33172 and its telephone number is (305) 485-2077. See “Description of the Mortgage Pool—The Whole Loans—The Florida Multifamily Portfolio Whole Loan” and “Servicing of the Mortgage Loans—Servicing of the Florida Multifamily Portfolio Mortgage Loan” in this free writing prospectus.

	Trustee		Wells Fargo Bank, National Association, a national banking association, will act as trustee. The corporate trust office of Wells Fargo Bank, National Association is located at 9062 Old Annapolis Road, Columbia, Maryland 21045. See “Transaction Parties—The Trustee” in this free writing prospectus. Following the transfer of the mortgage loans and the HOW trust subordinate companion loan into the trust, the trustee, on behalf of the trust, will become the mortgagee of record under each mortgage loan and the HOW trust subordinate companion loan, except for the Florida Multifamily Portfolio mortgage loan, for which Wilmington Trust, National Association, in its capacity as trustee under the JPMBB 2014-C25 pooling and servicing agreement, is the mortgagee of record under the JPMBB Commercial Mortgage Securities Trust 2014-C25 securitization.

	Certificate Administrator
	and Custodian		Wells Fargo Bank, National Association, a national banking association, will initially act as certificate administrator, custodian, certificate registrar and authenticating agent. The corporate trust offices of Wells Fargo Bank, National Association are located at 9062 Old Annapolis Road, Columbia, Maryland 21045 and for certificate transfer services, at Sixth Street & Marquette Avenue, Minneapolis, Minnesota 55479-0113. See “Transaction Parties—The Certificate Administrator” in this free writing prospectus.

			The custodian with respect to the Florida Multifamily Portfolio mortgage loan is Wells Fargo Bank, National Association, the custodian under the JPMBB 2014-C25 pooling and servicing agreement.

	Sponsors		JPMorgan Chase Bank, National Association, a national banking association, Column Financial, Inc., a Delaware corporation, Barclays Bank PLC, a public limited company registered in England and Wales, Redwood Commercial Mortgage Corporation, a Delaware corporation, General Electric Capital Corporation, a Delaware corporation and RAIT Funding, LLC, a Delaware limited liability company. For more information, see “Transaction Parties—The Sponsors and Mortgage Loan Sellers” in this free writing prospectus and “The Sponsor” in the prospectus.

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	Senior Trust Advisor		Pentalpha Surveillance LLC, a Delaware limited liability company, will be the senior trust advisor. During such time as (x) the Class E certificates have a certificate balance (taking into account the application of appraisal reductions to notionally reduce the certificate balance of such class of certificates) of less than 25% of the initial certificate balance of the Class E certificates or (y) a holder of the Class E certificates is the majority controlling class certificateholder and has irrevocably waived its right to exercise any of its rights as the controlling class certificateholder and such rights have not been reinstated to a successor controlling class certificateholder, the senior trust advisor will generally be required to review the special servicer’s operational practices in respect of specially serviced mortgage loans to formulate an opinion as to whether or not those operational practices generally satisfy the servicing standard with respect to the resolution and/or liquidation of specially serviced mortgage loans. In addition, during such time, the senior trust advisor will consult on a non-binding basis with the special servicer with regard to certain matters with respect to the servicing of specially serviced mortgage loans to the extent set forth in the pooling and servicing agreement and described in this free writing prospectus. See “Transaction Parties—The Senior Trust Advisor” in this free writing prospectus.

			From time to time and under certain circumstances, the senior trust advisor, in order to maintain its familiarity with the mortgage loans, is required to review promptly certain information available to privileged persons regarding the mortgage loans and certain asset status reports; however, prior to the occurrence of a control event, the senior trust advisor generally will not be involved in any assessment of specific actions of the special servicer or be obligated to deliver any reports or otherwise provide feedback to investors as to any specific actions of the special servicer and, in any event, will be subject to limitations set forth in the pooling and servicing agreement and described in this free writing prospectus.

			After the occurrence and continuance of a control event, the senior trust advisor will prepare an annual report to be provided to the certificate administrator for the benefit of the certificateholders setting forth its assessment of the special servicer’s performance of its duties under the pooling and servicing agreement on a “platform-level basis” with respect to the resolution and liquidation of specially serviced mortgage loans that the special servicer is responsible for servicing under the pooling and servicing agreement; provided, however, that in the event the special servicer is replaced, the senior trust advisor’s annual report will only relate to the entity that was acting as special servicer as of December 31 in the prior calendar year and is continuing in such capacity through the date of such annual report. Only as used in connection with the senior trust advisor’s annual report, the term “platform-level basis” refers to the special servicer’s performance of its duties as they relate to the resolution and liquidation of specially serviced mortgage loans, taking into account the special servicer’s specific duties under the pooling and servicing agreement as

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			well as the extent to which those duties were performed in accordance with the servicing standard, with reasonable consideration by the senior trust advisor of any assessment of compliance report, attestation report, asset status report and other information delivered to the senior trust advisor by the special servicer (other than any communications between the directing certificateholder and the special servicer that would be privileged information) pursuant to the pooling and servicing agreement for this transaction.

			After the occurrence of a consultation termination event, if the senior trust advisor determines the special servicer is not performing its duties as required under the pooling and servicing agreement or is otherwise not acting in accordance with the servicing standard, the senior trust advisor may recommend the replacement of the special servicer as described under “Transaction Parties—Replacement of the Special Servicer” in this free writing prospectus.

			For additional information regarding the responsibilities of the senior trust advisor, see “Servicing of the Mortgage Loans—The Senior Trust Advisor” in this free writing prospectus.

			The senior trust advisor will be entitled to a fee payable on each distribution date calculated on the outstanding principal amount of each mortgage loan in the trust fund and the senior trust advisor fee rate, and will have certain rights to indemnification for certain expenses by the trust fund. The senior trust advisor will also be entitled under certain circumstances to a consulting fee. See “Servicing of the Mortgage Loans—The Senior Trust Advisor” in this free writing prospectus.

			Notwithstanding the foregoing, the senior trust advisor will generally have no obligations or consultation rights under the pooling and servicing agreement for this transaction with respect to the Florida Multifamily Portfolio whole loan or any related REO property. However, Pentalpha Surveillance LLC is also the senior trust advisor under the JPMBB 2014-C25 pooling and servicing agreement, and, in such capacity, has certain obligations and consultation rights with respect to the Florida Multifamily Portfolio whole loan that are substantially similar to those of the senior trust advisor under the pooling and servicing agreement for this transaction. See “Description of the Mortgage Pool—The Whole Loans—The Florida Multifamily Portfolio Whole Loan” in this free writing prospectus.

			Furthermore, prior to the occurrence and continuance of a control appraisal period with respect to the HOW trust subordinate companion loan, the senior trust advisor will have no obligations or consultation rights under the pooling and servicing agreement for this transaction with respect to the 543 Howard whole loan. See “Description of the Mortgage Pool—The 543 Howard Whole Loan” in this free writing prospectus.

	Directing Certificateholder		With respect to each mortgage loan (other than the non-serviced mortgage loan, and other than the 543 Howard mortgage loan until a control appraisal period occurs and is continuing under

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			the related intercreditor agreement), the directing certificateholder will be the controlling class certificateholder (or its representative) selected by more than 50% of the controlling class certificateholders (by certificate balance, as certified by the certificate registrar from time to time as provided for in the pooling and servicing agreement); provided, however, that (1) absent that selection, or (2) until a directing certificateholder is so selected or (3) upon receipt of a notice from a majority of the controlling class certificateholders, by certificate balance, that a directing certificateholder is no longer designated, the controlling class certificateholder that owns the largest aggregate certificate balance of the controlling class (or its representative) will be the directing certificateholder; provided, however, that in the case of this clause (3), in the event that no one holder owns the largest aggregate certificate balance of the controlling class, then there will be no directing certificateholder until appointed in accordance with the terms of the pooling and servicing agreement.

			The controlling class will be the most subordinate class of the Class E, Class F and Class NR certificates then outstanding that has an aggregate certificate balance, as notionally reduced by any appraisal reductions allocable to such class, at least equal to 25% of the initial certificate balance of that class; provided, however, that during such time as the Class E certificates would be the controlling class, the holders of such certificates will have the right to irrevocably waive their right to appoint a directing certificateholder or to exercise any of the rights of the controlling class certificateholder (including the consent and consultation rights described below). No class of certificates, other than as described above, will be eligible to act as the controlling class or appoint a directing certificateholder.

			The directing certificateholder will have certain consent and consultation rights under the pooling and servicing agreement in certain circumstances with respect to the mortgage loans (other than (i) the non-serviced mortgage loan and (ii) the 543 Howard mortgage loan unless a control appraisal period is continuing under the related intercreditor agreement); provided that, after and during such time as the Class E certificates have a certificate balance (taking into account the application of appraisal reductions to notionally reduce the certificate balance of such class of certificates) of less than 25% of the initial certificate balance, the consent rights will terminate. After such time that none of the Class E, Class F and Class NR certificates has a then-outstanding certificate balance at least equal to 25% of the initial certificate balance of that class without regard to the application of any appraisal reductions, the consultation rights of the directing certificateholder will terminate.

			With respect to the HOW trust subordinate companion loan, during such time as the holder of the Class HOW certificates (as the holder of a beneficial interest in the HOW trust subordinate companion loan) is no longer permitted to exercise control or consultation rights under the related intercreditor agreement, the directing certificateholder will generally have the same consent

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			and consultation right with respect to the 543 Howard mortgage loan as it does for the other mortgage loans in the pool. See “Description of the Mortgage Pool—The 543 Howard Whole Loan” in this free writing prospectus.

			It is anticipated that BlackRock Realty Advisors, Inc. on behalf of one or more managed funds or accounts will purchase the Class X-E, Class X-F, Class X-NR, Class E, Class F and Class NR certificates (and may purchase certain other classes of certificates) and, on the closing date, is expected to be the initial directing certificateholder with respect to each mortgage loan (other than (i) the non-serviced mortgage loan and (ii) the 543 Howard mortgage loan unless a control appraisal period is continuing under the related intercreditor agreement); however, we cannot assure you that arrangement will continue. See “Risk Factors—Potential Conflicts of Interest—Potential Conflicts of Interest of the Directing Certificateholder” in this free writing prospectus.

			An affiliate of RREF II CMBS AIV, LP, the directing certificateholder under the JPMBB 2014-C25 pooling and servicing agreement, will have certain consent and consultation rights with respect to the Florida Multifamily Portfolio whole loan, which rights are substantially similar, but not identical, to those of the directing certificateholder under the pooling and servicing agreement for this securitization, subject to similar appraisal mechanics. See “Description of the Mortgage Pool—The Whole Loans—The Florida Multifamily Portfolio Whole Loan” and “Servicing of the Mortgage Loans—Servicing of the Florida Multifamily Portfolio Mortgage Loan” in this free writing prospectus.

	Holders of the HOW
	Certificates		One (1) mortgage loan identified as “543 Howard” on Annex A-1 to this free writing prospectus, representing approximately 2.1% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, is comprised of a senior note and the HOW trust subordinate companion loan (a subordinate interest in the related whole loan included in the trust and beneficially owned by the holders of the Class HOW certificates). The holders of the Class HOW certificates, as holders of a beneficial interest in the HOW trust subordinate companion loan, will have the right to purchase (without payment of any yield maintenance charge or prepayment premium) the 543 Howard mortgage loan under certain limited default circumstances. In addition, prior to the occurrence and continuance of a control appraisal period with respect to the HOW trust subordinate companion loan, the holders of the Class HOW certificates, acting through the Class HOW directing certificateholder, will have the right to cure certain defaults with respect to the 543 Howard mortgage loan and the right to approve certain modifications and consent to certain actions to be taken with respect to the 543 Howard mortgage loan under certain circumstances. The Class HOW directing certificateholder will also have the right under the related intercreditor agreement to replace the special servicer with respect to the 543 Howard mortgage loan at any time prior

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			to the occurrence and continuance of a control appraisal period with respect to the HOW trust subordinate companion loan, subject to the requirements provided for in the related intercreditor agreement. See “Description of the Mortgage Pool—The 543 Howard Whole Loan” and “Transaction Parties—Replacement of the Special Servicer” in this free writing prospectus.

			Notwithstanding that the HOW trust subordinate companion loan is an asset of the trust and is being serviced by the master servicer and special servicer, generally, none of the master servicer, special servicer, the certificate administrator or trustee will exercise any rights granted the holders of the HOW trust subordinate companion loan under the related intercreditor agreement other than at the direction of the Class HOW directing certificateholder appointed by the holders of more than 50% of the certificate balance of the Class HOW certificates; provided, however, that the pooling and servicing agreement will provide that none of the master servicer, special servicer, the certificate administrator or trustee will be permitted to take any action at the direction of the holders of the Class HOW certificates that would cause it to violate applicable law, the related mortgage loan documents, the pooling and servicing agreement, including the servicing standard, the REMIC provisions of the Internal Revenue Code of 1986, as amended, or the related intercreditor agreement.

			Furthermore, none of the master servicer, special servicer or trustee will make any servicing advance in connection with the exercise of any cure rights or purchase rights granted to the holders of the HOW trust subordinate companion loan under the related intercreditor agreement.

			The Class HOW directing certificateholder appointed by the holders of more than 50% of the certificate balance of the Class HOW certificates, will be entitled to exercise certain of the rights of the holders of the HOW trust subordinate companion loan under the related intercreditor agreement on behalf of the holders of the Class HOW certificates, as the beneficial owner of such certificates.

			In addition, it is anticipated that Redwood Commercial Mortgage Corporation, a Delaware corporation or its affiliate will purchase the Class HOW certificates, however, there can be no assurance that such party will continue to hold the Class HOW certificates. See “Certain Affiliations, Relationships and Related Transactions Involving Transaction Parties” in this free writing prospectus.

	Certain Affiliations		JPMorgan Chase Bank, National Association and its affiliates have several roles in this transaction. J.P. Morgan Chase Commercial Mortgage Securities Corp. is the depositor and a wholly-owned subsidiary of JPMorgan Chase Bank, National Association. JPMorgan Chase Bank, National Association, Column Financial, Inc., Barclays Bank PLC, Redwood Commercial Mortgage Corporation, General Electric Capital Corporation and RAIT Funding, LLC, each have (or, as of the closing date, will have) originated, co-originated or acquired their

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			respective mortgage loans (and with respect to Redwood Commercial Mortgage Corporation, the HOW Trust Subordinate Companion Loan) and will be selling them to the depositor.

			JPMorgan Chase Bank, National Association is also an affiliate of J.P. Morgan Securities LLC, an underwriter for the offering of the offered certificates and an initial purchaser of the non-offered certificates. JPMorgan Chase Bank, National Association is also a sponsor.

			JPMorgan Chase Bank, National Association currently holds six (6) mezzanine loans related to six (6) mortgage loans identified as “1515 Market”, “Heron Lakes”, “Shaner Hotels Limited Service Portfolio”, “Marriott Fort Lauderdale”, “Florida Multifamily Portfolio” and “Renaissance Boca Raton” on Annex A-1 to this free writing prospectus, representing approximately 16.0% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date. In addition, JPMorgan Chase Bank, National Association currently holds The Outlet Shoppes of the Bluegrass pari passu companion loan; however, JPMorgan Chase Bank, National Association expects to deposit The Outlet Shoppes of the Bluegrass pari passu companion loan into a future securitization.

			Column Financial, Inc. currently holds the 500 Fifth Avenue pari passu companion loan and the St. Louis Premium Outlets pari passu companion loan; however, Column Financial, Inc. expects to deposit each such pari passu companion loan into one or more future securitizations.

			Barclays Bank PLC, one of the sponsors and a mortgage loan seller, is an affiliate of Barclays Capital Inc., an underwriter for the offering of the offered certificates and an initial purchaser of certain of the non-offered certificates. Barclays Bank PLC provides warehouse financing to RAIT CMBS Conduit II, LLC, an affiliate of RAIT Funding, LLC, one of the sponsors and a mortgage loan seller, through a repurchase facility. Certain of the mortgage loans that RAIT Funding, LLC originated that will be included in the trust are subject to that repurchase facility. See “Risk Factors—Potential Conflicts of Interest—Potential Conflicts of Interest of the Sponsors and Mortgage Loan Sellers” in this free writing prospectus.

			Redwood Commercial Mortgage Corporation is an indirect wholly-owned subsidiary of Redwood Trust, Inc. Redwood Trust, Inc. will guarantee the performance of Redwood Commercial Mortgage Corporation’s obligations to repurchase or replace its respective mortgage loans for material breaches of representations and warranties or defective loan documentation under the circumstances described under “Description of the Mortgage Pool—Sale of Mortgage Loans; Mortgage File Delivery” and “—Representations and Warranties; Repurchases and Substitutions” in this free writing prospectus. JPMorgan Chase Bank, National Association, provides warehouse financing to an affiliate of Redwood Commercial Mortgage Corporation through a repurchase facility. The mortgage loans

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			intended to be included in the trust may be subject to that repurchase facility.

			In addition, Redwood Commercial Mortgage Corporation is the holder of a mezzanine loan related to each of three (3) mortgage loans identified as “Eagle View Apartments”, “Eastwood Village Shopping Center” and “10 New Road” on Annex A-1 to this free writing prospectus, representing approximately 3.2% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date.

			In addition, it is anticipated that Redwood Commercial Mortgage Corporation or its affiliate will purchase the Class HOW certificates.

			RAIT Funding, LLC is a wholly-owned indirect subsidiary of RAIT Financial Trust. RAIT Financial Trust will guarantee the performance of RAIT Funding, LLC’s obligations to repurchase or replace its respective mortgage loans for material breaches of representations and warranties or defective loan documentation under the circumstances described under “Description of the Mortgage Pool—Sale of Mortgage Loans; Mortgage File Delivery” and “—Representations and Warranties; Repurchases and Substitutions” in this free writing prospectus.

			In addition, RAIT Partnership, L.P., an affiliate of RAIT Funding, LLC, a sponsor and mortgage loan seller, is the holder of a mezzanine loan related to the mortgage loan identified as “Hampshire Park Apartments” on Annex A-1 to this free writing prospectus, representing approximately 0.6% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date.

			Column Financial, Inc., one of the sponsors and a mortgage loan seller, is an affiliate of Credit Suisse Securities (USA) LLC, an underwriter for the offering of the offered certificates and an initial purchaser of certain of the non-offered certificates. In addition, Column Financial, Inc. provides warehouse financing to an affiliate of RAIT Funding, LLC, through a repurchase facility. None of the mortgage loans intended to be included in the trust that RAIT Funding, LLC originated are subject to that repurchase facility.

			Wells Fargo Bank, National Association is the interim custodian with respect to the mortgage loans that Column Financial, Inc. is contributing to the securitization.

			Wells Fargo Bank, National Association is the trustee, the certificate administrator, the custodian, the certificate registrar and the 17g-5 information provider. Wells Fargo Bank, National Association also serves as the custodian, the master servicer and the certificate administrator (among other functions) under the JPMBB 2014-C25 pooling and servicing agreement with respect to the Florida Multifamily Portfolio whole loan.

			Midland Loan Services, a Division of PNC Bank, National Association, the master servicer and the special servicer, is an

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			affiliate of BlackRock Realty Advisors, Inc. BlackRock Realty Advisors, Inc. on behalf of one or more managed funds or accounts is expected to be designated as the initial directing certificateholder.

			Midland Loan Services, a Division of PNC Bank, National Association assisted BlackRock Realty Advisors, Inc. with due diligence relating to the mortgage loans to be included in the mortgage pool.

			These roles and other potential relationships may give rise to conflicts of interest as further described in this free writing prospectus under “Risk Factors—Potential Conflicts of Interest” in this free writing prospectus.

			As described in “—Relevant Parties and Dates” above, each of the master servicer, the special servicer, the certificate administrator, the trustee and the senior trust advisor is also a service provider under one or more pooling and servicing agreements for different securitizations that govern the servicing and administration of the mortgage loans included in the trust but which will not be serviced under the pooling and servicing agreement for this transaction. These roles may create similar conflicts of interest as those described above.

	Cut-off Date		With respect to each mortgage loan and the HOW trust subordinate companion loan, the related due date in December 2014, or with respect to any mortgage loan that has its first due date in January or February 2015, the earlier of the date that would have otherwise been the related due date in December 2014 and the origination date.

	Closing Date		On or about December 29, 2014.

	Distribution Date		The 4th business day following each determination date. The first distribution date will be in January 2015.

	Interest Accrual Period		Interest will accrue on the offered certificates during the calendar month prior to the related distribution date. Interest will be calculated on the offered certificates assuming that each month has 30 days and each year has 360 days.

	Due Period		For any mortgage loan or the HOW trust subordinate companion loan and any distribution date, the period commencing on the day immediately following the due date for such mortgage loan in the month preceding the month in which that distribution date occurs and ending on and including the due date for such mortgage loan in the month in which that distribution date occurs. However, in the event that the last day of a due period (or applicable grace period) is not a business day, any periodic payments received with respect to the mortgage loans relating to that due period on the business day immediately following that last day will be deemed to have been received during that due period and not during any other due period.

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	Determination Date		The 11th calendar day of each month or, if the 11th calendar day is not a business day, then the business day immediately succeeding such 11th calendar day.

	Record Date		With respect to any distribution date, the last business day of the month preceding the month in which that distribution date occurs.

	Assumed Final Distribution Date		The assumed final distribution dates set forth below for each class have been determined on the basis of the assumptions described in “Description of the Certificates—Assumed Final Distribution Date; Rated Final Distribution Date” in this free writing prospectus:

	Class A-1	October 2019
	Class A-2	January 2020
	Class A-3	November 2024
	Class A-4	December 2024
	Class A-SB	July 2024
	Class X-A	December 2024
	Class X-B	December 2024
	Class A-S	December 2024
	Class B	December 2024
	Class C	December 2024
	Class EC	December 2024

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	Transaction Overview On the closing date, each sponsor will sell its respective mortgage loans and the HOW trust subordinate companion loan to the depositor, which will in turn deposit the mortgage loans and the HOW trust subordinate companion loan into the issuing entity, a common law trust created on the closing date. The trust, which will be the issuing entity, will be formed by a pooling and servicing agreement, to be entered into among the depositor, the master servicer, the special servicer, the certificate administrator, the trustee and the senior trust advisor. The master servicer will service the mortgage loans and the HOW trust subordinate companion loan (other than the specially serviced mortgage loans and any non-serviced mortgage loan) in accordance with the pooling and servicing agreement and provide the information to the certificate administrator necessary for the certificate administrator to calculate distributions and other information regarding the certificates. The transfers of the mortgage loans from the sponsors to the depositor and from the depositor to the issuing entity in exchange for the offered certificates are illustrated below(1):



	(1) Although the HOW trust subordinate companion loan is an asset of the trust, amounts distributable to the HOW trust subordinate companion loan pursuant to its related intercreditor agreement will be payable only to the Class HOW certificates and therefore support only the Class HOW certificates.

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Offered Certificates

General	We are offering the following classes of commercial mortgage pass-through certificates as part of Series 2014-C26:

	●	Class A-1

	●	Class A-2

	●	Class A-3

	●	Class A-4

	●	Class A-SB

	●	Class X-A

	●	Class X-B

	●	Class A-S

	●	Class B

	●	Class C

	●	Class EC

	The certificates will consist of the above classes and the following classes that are not being offered by this free writing prospectus and the accompanying prospectus: Class X-C, Class X-D, Class X-E, Class X-F, Class X-NR, Class D, Class E, Class F, Class NR, Class HOW and Class R. The certificates, other than the Class HOW certificates, are referred to in this free writing prospectus as the pooled certificates.

	The certificates will collectively represent beneficial ownership in the issuing entity, a trust created by J.P. Morgan Chase Commercial Mortgage Securities Corp. The trust’s assets will primarily be 69 fixed rate commercial mortgage loans secured by first mortgage liens on 93 mortgaged properties. The mortgage loans are comprised of (i) 64 mortgage loans (which have no related pari passu or subordinate interest secured by the related mortgaged property), (ii) four (4) mortgage loans represented by a pari passu portion of a split whole loan secured by the related mortgaged property or properties, and (iii) one (1) mortgage loan represented by a senior portion of a split whole loan and the HOW trust subordinate companion loan, which HOW trust subordinate companion loan is also an asset of the trust and each of such mortgage loan and the HOW trust subordinate companion loan is secured by the related mortgaged property. The HOW trust subordinate companion loan will be held as a separate asset of the trust, beneficial ownership of which will be represented by a separate class of certificates, the Class HOW certificates. The 543 Howard mortgage loan related to the HOW trust subordinate companion loan is separately an asset of the trust. Although the HOW trust subordinate companion loan is an asset of the trust, amounts distributable to the HOW trust subordinate companion loan pursuant to its related intercreditor agreement will be payable only to the Class HOW certificates.

	For purposes of the mortgage loan and pool composition data and other information contained in this free writing prospectus (including the annexes and statistical information), the above

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			described pari passu companion loans and the HOW trust subordinate companion loan are not reflected in this free writing prospectus, and the term “mortgage loan” does not include any pari passu companion loan or the HOW trust subordinate companion loan, unless otherwise expressly stated in this free writing prospectus. However, with respect to each of the mortgage loans that is part of a whole loan, we generally present the loan-to-value ratio, debt service coverage ratio, debt yield and cut-off date balance per net rentable square foot, pad, room or unit, as applicable, in this free writing prospectus (including any tables, charts and information set forth on Annex A-1, A-2 and A-3) in a manner that takes account of that mortgage loan and its related pari passu companion loan. Unless otherwise specifically indicated, all information presented in this free writing prospectus (including any tables, charts and information set forth on Annex A-1, A-2 and A-3) with respect to the 543 Howard mortgage loan is calculated without regard to the HOW trust subordinate companion loan. Other than as specifically noted, the loan-to-value ratio, the debt service coverage ratio, debt yield and mortgage loan rate information for each mortgage loan is presented in this free writing prospectus without regard to any other indebtedness (whether or not secured by the related mortgaged property, ownership interests in the related borrower or otherwise) that currently exists or that may be incurred by the related borrower or its owners in the future, in order to present statistics for the related mortgage loan without combination with the other indebtedness. Whenever percentages and other information in this free writing prospectus are presented on the mortgaged property level rather than the mortgage loan level, the information for mortgage loans secured by more than one mortgaged property is based on allocated loan amounts as stated in Annex A-1 to this free writing prospectus.

	Certificate Balances and
	Notional Amounts		Your certificates will have the approximate aggregate initial certificate balance or notional amount set forth below, subject to a variance of plus or minus 5%:


Class A-1		$	59,050,000
Class A-2		$	211,650,000
Class A-3		$	300,000,000
Class A-4		$	337,579,000
Class A-SB		$	106,446,000
Class X-A		$	1,108,949,000
Class X-B		$	67,045,000
Class A-S(1)		$	94,224,000
Class B(1)		$	67,045,000
Class C(1)		$	48,924,000
Class EC(1)		$	210,193,000

(1)	The initial certificate balance of any of the Class A-S, Class B or Class C certificates represents the principal balance of such class without giving effect to any exchange and conversion for Class EC certificates. The initial certificate balance of the Class EC certificates is equal to the aggregate of the initial certificate balances of the Class A-S, Class B and Class C certificates and represents the maximum principal balance of such class that could be issued in an exchange and conversion. In the event that none of the Class A-S, Class B and Class C certificates are converted to Class EC certificates, the Class EC certificate balance would be equal to zero. Other than for federal income tax purposes, any exchange of (i) a portion of

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			the Class A-S, Class B or Class C certificates will result in a conversion and reduction, on a dollar-for-dollar basis, of a proportionate share of each related component class of Class A-S, Class B and Class C certificates for, and an increase, on a dollar-for-dollar basis, of the certificate balance of the Class EC certificates, and (ii) any amount of the Class EC certificates will result in a conversion and reduction, on a dollar-for-dollar basis, of the certificate balance of the Class EC certificates converted and an increase, on a dollar-for-dollar basis, of a proportionate share of the related certificate balances of each class of Class A-S, Class B and Class C certificates.

Pass-Through Rates

A.	Offered Certificates	Your certificates will accrue interest at an annual rate called a pass-through rate. The initial approximate pass-through rate is set forth below for each class:

		Class A-1		%
		Class A-2		%
		Class A-3		%
		Class A-4		%
		Class A-SB		%
		Class X-A		%	(1)
		Class X-B		%	(2)
		Class A-S		%
		Class B		%
		Class C		%
		Class EC		N/A(3)

		(1)	The interest accrual amount on the Class X-A certificates will be calculated by reference to a notional amount equal to the aggregate of the certificate balances of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class A-S certificates (calculated without giving effect to any exchange and conversion of any Class A-S certificates for Class EC certificates). The pass-through rate for the Class X-A certificates for any distribution date will equal the excess, if any, of (a) 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) for the related distribution date, over (b) the weighted average of the pass-through rates on the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class A-S certificates weighted on the basis of their respective certificate balances immediately prior to that distribution date (calculated without giving effect to any exchange and conversion of any Class A-S certificates for Class EC certificates) as described under “Description of the Certificates—Distributions” in this free writing prospectus.

		(2)	The interest accrual amount on the Class X-B certificates will be calculated by reference to a notional amount equal to the certificate balance of the Class B certificates (calculated without giving effect to any exchange and conversion of any Class B certificates for Class EC certificates). The pass-through rate for the Class X-B certificates for any distribution date will equal the excess, if any, of (a) 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) for the related distribution date, over (b) the pass-through rate of the Class B certificates, as described under “Description of the Certificates—Distributions” in this free writing prospectus.

		(3)	The Class EC certificates will not have a pass-through rate, but will be entitled to receive the sum of the interest that would otherwise be distributable on the Class A-S, Class B and Class C certificates that are converted in an exchange for such Class EC certificates. The effective pass-through rate applicable to the Class EC certificates for the initial distribution date is approximately % per annum.

B.	Class EC and
	Exchangeable Certificates	Exchangeable certificates (the Class A-S, Class B and Class C certificates), in the exchange proportion described in this free writing prospectus, may be converted in an exchange for

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		Class EC certificates. Conversely, Class EC certificates may be converted in an exchange for a proportionate interest in the exchangeable certificates (in the exchange proportion described in this free writing prospectus). The Class EC certificates will receive principal and interest that would otherwise have been payable on the portion of the exchangeable certificates that have been exchanged for such Class EC certificates. Any such allocations of principal and interest as between Class EC certificates, on the one hand, and exchangeable certificates, on the other hand, will have no effect on the principal or interest entitlements of any other class of certificates. Exchanges will be subject to various conditions that we describe in this free writing prospectus. See “Description of the Certificates—Exchanges of Exchangeable Certificates and Class EC Certificates” in this free writing prospectus for a description of the conversion and exchange procedures relating to the Class EC certificates and the exchangeable certificates. See also “Risk Factors—Risks Relating to the Exchangeable Certificates and Class EC Certificates” in this free writing prospectus.

C.	Interest Rate Calculation
	Convention	Interest on the offered certificates will be calculated based on a 360-day year consisting of twelve 30-day months, or a “30/360 basis”.

		For purposes of calculating the pass-through rates on the offered certificates (other than the Class EC certificates), the interest rate for each mortgage loan that accrues interest based on the actual number of days in each month and assuming a 360-day year, or an “actual/360 basis”, will be recalculated, if necessary, so that the amount of interest that would accrue at that recalculated rate in the applicable month, calculated on a 30/360 basis, will equal the amount of interest that is required to be paid on that mortgage loan in that month, subject to certain adjustments as described in “Description of the Certificates—Distributions—Pass-Through Rates” and “—Interest Distribution Amount” in this free writing prospectus.

D.	Servicing and
	Administration Fees	The master servicer and special servicer are entitled to a master servicing fee and a special servicing fee, respectively, from the interest payments on each mortgage loan (other than the non-serviced mortgage loan with respect to the special servicing fee only), each REO loan, each serviced companion loan and the HOW trust subordinate companion loan and, with respect to special servicing fees, if the related loan interest payments (or other collections in respect of the related loan or property) are insufficient, then from general collections on all mortgage loans. The servicing fee for each distribution date pursuant to the pooling and servicing agreement, which includes the master servicing fee and the portion of the servicing fee payable to any primary servicer, is calculated on the outstanding principal amount of each mortgage loan (including any REO loan and the non-serviced mortgage loan), the serviced companion loans and the HOW trust subordinate companion loan at the servicing fee rate equal to a per annum rate ranging from 0.0050% to

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				0.0525%. The special servicing fee for each distribution date is calculated based on the outstanding principal amount of each mortgage loan (other than any non-serviced mortgage loan), the HOW trust subordinate companion loan and any related serviced companion loan that is a specially serviced mortgage loan or REO loan, on a loan-by-loan basis at the special servicing fee rate equal to a per annum rate of 0.25%; provided that the special servicer will not be entitled to a special servicing fee with respect to any non-serviced mortgage loan, but with respect to the Florida Multifamily Portfolio mortgage loan, the special servicer under the JPMBB 2014-C25 pooling and servicing agreement will be entitled to a special servicing fee at a rate equal to the greater of a per annum rate of 0.25% and a per annum rate that would result in a special servicing fee of $3,500 for such loan for the related month. Any primary servicing fees or sub-servicing fees will be paid by the related master servicer or special servicer, respectively, out of the fees described above. The master servicer and special servicer are also entitled to additional fees and amounts, including income on the amounts held in certain accounts and certain permitted investments, liquidation fees and workout fees. See “Transaction Parties—Servicing and Other Compensation and Payment of Expenses” in this free writing prospectus.

				The certificate administrator fee for each distribution date is calculated on the outstanding principal amount of each mortgage loan (including any REO loan, the non-serviced mortgage loan and the HOW trust subordinate companion loan) in the trust fund at the certificate administrator fee rate equal to a per annum rate of 0.0031%. The trustee fee is payable by the certificate administrator from the certificate administrator fee. The senior trust advisor will be entitled to a fee on each distribution date calculated on the outstanding principal amount of each mortgage loan and REO Loan (including the specially serviced mortgage loans, the non-serviced mortgage loan and the HOW trust subordinate companion loan) in the trust fund and at the senior trust advisor fee rate, which will be a per annum rate of 0.0017%. The senior trust advisor will also be entitled under certain circumstances to a consulting fee. Fees payable by the trust to the master servicer, special servicer and senior trust advisor are generally payable prior to any distributions to certificateholders. See “Transaction Parties—Servicing and Other Compensation and Payment of Expenses” and “Servicing of the Mortgage Loans—The Senior Trust Advisor” in this free writing prospectus.

				Additionally, with respect to each distribution date, an amount equal to the product of 0.0005% per annum multiplied by the outstanding principal amount of each mortgage loan, the HOW trust subordinate companion loan and any REO loan (but not any companion loan) in the trust will be payable to the Commercial Real Estate Finance Council as a license fee for use of their names and trademarks, including an investor reporting package. This fee will be payable prior to any distributions to certificateholders.

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Distributions

A.	Amount and Order of
	Distributions	On each distribution date, funds available for distribution from the mortgage loans (net of specified trust fees, reimbursements, expenses and yield maintenance charges or other prepayment premiums and excess interest) will be distributed to the pooled certificates in the following amounts and order of priority:

		First, Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F and Class X-NR certificates: To pay interest on the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F and Class X-NR certificates, pro rata, in each case in accordance with their interest entitlements.

		Second, Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB certificates: To the extent of funds allocated to principal and available for distribution: (a) first, to principal on the Class A-SB certificates, until the certificate balance of the Class A-SB certificates is reduced to the planned principal balance for the related distribution date set forth in Annex E to this free writing prospectus, (b) second, to principal on the Class A-1 certificates, until the certificate balance of the Class A-1 certificates has been reduced to zero, (c) third, to principal on the Class A-2 certificates, until the certificate balance of the Class A-2 certificates has been reduced to zero, (d) fourth, to principal on the Class A-3 certificates, until the certificate balance of the Class A-3 certificates has been reduced to zero, (e) fifth, to principal on the Class A-4 certificates until the certificate balance of the Class A-4 certificates has been reduced to zero and (f) sixth, to principal on the Class A-SB certificates, until the certificate balance of the Class A-SB certificates has been reduced to zero. If the certificate balance of each class of certificates other than the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB certificates has been reduced to zero as a result of the allocation of mortgage loan losses to those certificates, funds available for distributions of principal will be distributed to the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB certificates, pro rata, without regard to the distribution priorities described above or the planned principal balance of the Class A-SB certificates.

		Third, Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB certificates: To reimburse the Class A-1, Class A-2, Class A-3, Class A-4 and Class A-SB certificates, pro rata, for any previously unreimbursed losses on the mortgage loans allocable to principal that were previously borne by those classes.

		Fourth, Class A-S certificates: To the Class A-S certificates as follows: (a) first, to interest on the Class A-S certificates, in an amount up to their interest entitlement; (b) second, to the extent of funds allocated to principal and available for distribution remaining after distributions in respect of principal to each class with a higher priority (in this case, the Class A-1, Class A-2,

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		Class A-3, Class A-4 and Class A-SB certificates), to principal on the Class A-S certificates, until the certificate balance of the Class A-S certificates has been reduced to zero; and (c) third, to reimburse the Class A-S certificates, for any previously unreimbursed losses on the mortgage loans allocable to principal that were previously borne by that class.

		Fifth, Class B certificates: To the Class B certificates in a manner analogous to the Class A-S certificates’ allocations of priority Fourth above.

		Sixth, Class C certificates: To the Class C certificates in a manner analogous to the Class A-S certificates’ allocations of priority Fourth above.

		Seventh, Non-offered certificates (other than the Class X-C, Class X-D, Class X-E, Class X-F, Class X-NR and Class HOW certificates): In the amounts and order of priority described in “Description of the Certificates—Distributions” in this free writing prospectus.

		On each distribution date, the Class EC certificates will receive, in the aggregate, the sum of the principal and interest and other amounts otherwise distributable to the Class A-S, Class B and Class C certificates that are converted in an exchange for such Class EC certificates and will similarly be allocated the realized losses and other shortfalls otherwise allocable to the Class A-S, Class B and Class C certificates that are converted in an exchange for such Class EC certificates.

B.	Interest and Principal
	Entitlements	A description of the interest entitlement of each class of certificates (other than the Class HOW and Class R certificates) can be found in “Description of the Certificates—Distributions—Interest Distribution Amount” in this free writing prospectus.

		A description of the amount of principal required to be distributed to each class of certificates entitled to principal on a particular distribution date (other than the Class HOW certificates) can be found in “Description of the Certificates—Distributions—Principal Distribution Amount” in this free writing prospectus.

C.	Yield Maintenance Charges,
	Prepayment Premiums
	and Excess Interest	Yield maintenance charges and prepayment premiums with respect to the mortgage loans will be allocated to the certificates as described in “Description of the Certificates—Allocation of Yield Maintenance Charges and Prepayment Premiums” in this free writing prospectus.

		For an explanation of the calculation of yield maintenance charges, see “Description of the Mortgage Pool—Certain Terms and Conditions of the Mortgage Loans” in this free writing prospectus.

		Yield maintenance charges received in respect of the HOW trust subordinate companion loan pursuant to the related intercreditor

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		agreement will be distributed to the Class HOW certificates, and will not be allocated to the other classes of certificates.

		On each distribution date, any excess interest collected in respect of a mortgage loan in the trust fund with an anticipated repayment date during the related collection period will be distributed to the holders of the Class NR certificates. This interest will not be available to provide credit support for other classes of certificates or offset any interest shortfalls.

D.	General	The chart below describes the manner in which the payment rights of certain classes of certificates will be senior or subordinate, as the case may be, to the payment rights of other classes of certificates. The chart shows the entitlement to receive principal and/or interest of certain classes of certificates (other than excess interest that accrues on each mortgage loan that has an anticipated repayment date) on any distribution date in descending order. It also shows the manner in which mortgage loan losses are allocated to certain classes of the certificates in ascending order (beginning with the non-offered pooled certificates, other than the Class R certificates); provided that, losses with respect to the 543 Howard whole loan will be allocated first to the HOW trust subordinate companion loan (and correspondingly, to the Class HOW certificates, until the certificate balance of such class is reduced to zero), then, to the pooled certificates entitled to distributions of principal in ascending order (beginning with the non-offered pooled certificates, other than the Class R certificates) as set forth in the chart below; provided, further, that no principal payments or mortgage loan losses will be allocated to the Class X-A, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-NR or Class R certificates, although principal payments and mortgage loan losses may reduce the notional amounts of the Class X-A, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F or Class X-NR certificates and, therefore, the amount of interest they accrue.



		(1)	The Class X-A, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F and Class X-NR certificates are interest-only certificates and the Class X-C, Class X-D, Class X-E, Class X-F and Class X-NR certificates are not offered by this free writing prospectus.
		(2)	The Class A-S, Class B and Class C certificates may be exchanged for Class EC certificates in the manner described under “Description of the Certificates—Exchanges of Exchangeable Certificates and Class EC Certificates” in this free writing prospectus.
		(3)	Other than the Class X-C, Class X-D, Class X-E, Class X-F, Class X-NR and Class R certificates.
		(4)	The Class HOW certificates will be allocated losses and shortfalls on the HOW trust subordinate companion loan first, and then losses and shortfalls will be allocated to the related mortgage loan.

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				Other than the subordination of certain classes of certificates, as described above, no other form of credit enhancement will be available for the benefit of the holders of the offered certificates.

				On each distribution date, the Class EC certificates will receive, in the aggregate, the sum of the principal and interest and other amounts otherwise distributable to the Class A-S, Class B and Class C certificates that are converted in an exchange for such Class EC certificates and will similarly be allocated any realized losses and other shortfalls otherwise allocable to the Class A-S, Class B and Class C certificates that are converted in an exchange for such Class EC certificates.

				Principal losses and principal payments, if any, on mortgage loans that are allocated to a class of certificates (other than the Class HOW, Class X-A, Class X-B, Class X-C, Class X-D, Class X-E, Class X-F, Class X-NR or Class R certificates) and principal losses and principal payments, if any, on the HOW trust subordinate companion loan allocated to the Class HOW certificates will reduce the certificate balance of that class of certificates; provided that no payments of principal on the HOW trust subordinate companion loan will be permitted until the related mortgage loan has been paid in full.

				The notional amount of the Class X-A certificates will be reduced by the amount of principal losses or principal payments, if any, allocated to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB and Class A-S certificates (determined without giving effect to any exchange and conversion of any Class A-S certificates for Class EC certificates). The notional amount of the Class X-B certificates will be reduced by the amount of principal losses or principal payments, if any, allocated to the Class B certificates (determined without giving effect to any exchange and conversion of any Class B certificates for Class EC certificates). The notional amount of the Class X-C certificates will be reduced by the amount of principal losses or principal payments, if any, allocated to the Class C certificates (determined without giving effect to any exchange and conversion of any Class C certificates for Class EC certificates).The notional amount of the Class X-D certificates will be reduced by the amount of principal losses or principal payments, if any, allocated to the Class D certificates. The notional amount of the Class X-E certificates will be reduced by the amount of principal losses or principal payments, if any, allocated to the Class E certificates. The notional amount of the Class X-F certificates will be reduced by the amount of principal losses or principal payments, if any, allocated to the Class F certificates. The notional amount of the Class X-NR certificates will be reduced by the amount of principal losses or principal payments, if any, allocated to the Class NR certificates.

				The Class HOW certificates will not be subordinate to any class of certificates, except to the extent of the subordination of the HOW trust subordinate companion loan to the 543 Howard mortgage loan as and to the extent set forth in the related intercreditor agreement.

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		See “Description of the Certificates” in this free writing prospectus.

E.	Shortfalls in Available Funds	The following types of shortfalls in available funds will reduce distributions to the classes of certificates with the lowest payment priorities: shortfalls resulting from the payment of special servicing fees and other additional compensation that the special servicer is entitled to receive; shortfalls resulting from interest on advances made by the master servicer or the trustee (to the extent not covered by late payment charges or default interest paid by the related borrower); shortfalls resulting from the application of appraisal reductions to reduce principal and interest advances; shortfalls resulting from extraordinary expenses of the trust, including indemnification payments payable to the depositor, master servicer, special servicer, certificate administrator, trustee or senior trust advisor; shortfalls resulting from a modification of a mortgage loan’s interest rate or principal balance; and shortfalls resulting from other unanticipated or default-related expenses of the trust. Prepayment interest shortfalls on the mortgage loans that are not covered by certain compensating interest payments made by the master servicer are required to be allocated among the classes of certificates (other than the Class HOW, Class EC and Class R certificates), on a pro rata basis, to reduce the amount of interest payable on each such class of certificates to the extent described in this free writing prospectus. The Class EC certificates will receive the sum of the interest that would otherwise be distributable to the Class A-S, Class B and Class C certificates that are converted in an exchange for such Class EC certificates, and will therefore bear the risk of prepayment interest shortfalls that would otherwise be allocated to such certificates. See “Description of the Certificates—Distributions—Priority” in this free writing prospectus.

		Shortfalls in available funds resulting from any of the foregoing with respect to the 543 Howard whole loan will result first in a reduction in amounts distributable in accordance with the related intercreditor agreement in respect of the HOW trust subordinate companion loan, which will in turn reduce distributions in respect of the Class HOW certificates, and second in a reduction in amounts distributable in accordance with the related intercreditor agreement in respect of the 543 Howard mortgage loan, which will in turn reduce distributions in respect of the pooled certificates as described above. See “Description of the Mortgage Pool—The 543 Howard Whole Loan—Application of Payments” and “Yield and Maturity Considerations—Yield Considerations—Losses and Shortfalls” in this free writing prospectus.

F.	Excess Interest	On each distribution date, any excess interest in respect of the increase in the interest rate on any mortgage loan with an anticipated repayment date after the related anticipated repayment date to the extent actually collected and applied as interest during a due period will be distributed to the holders of the Class NR certificates on the related distribution date. This excess interest will not be available to make distributions to any

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		other class of certificates or to provide credit support for other classes of certificates or offset any interest shortfalls or to pay any other amounts to any other party under the pooling and servicing agreement. The Class NR certificates will be entitled to such distributions of excess interest notwithstanding any reduction of their related certificate balance to zero.

Advances

A.	P&I Advances	The master servicer is required to advance a delinquent periodic mortgage loan payment (unless the master servicer or the special servicer determines that the advance would be non-recoverable). Neither the master servicer nor the trustee will be required to advance balloon payments due at maturity in excess of the regular periodic payment, interest in excess of a mortgage loan’s regular interest rate, default interest, late payment charges, prepayment premiums or yield maintenance charges. The amount of the interest portion of any advance will be subject to reduction to the extent that an appraisal reduction of the related mortgage loan has occurred (and with respect to any mortgage loan that is part of a whole loan, to the extent such appraisal reduction amount is allocated to the related mortgage loan). See “Description of the Certificates—Advances” in this free writing prospectus. There may be other circumstances in which the master servicer will not be required to advance a full month of principal and/or interest. If the master servicer fails to make a required advance, the trustee will be required to make the advance, unless the trustee determines that the advance would be non-recoverable. See “Description of the Certificates—Advances” in this free writing prospectus. If an interest advance is made by the master servicer, the master servicer will not advance the portion of interest that constitutes its servicing fee, but will advance the portion of interest that constitutes the certificate administrator’s fee and the CREFC® license fee. See “Description of the Certificates—Advances” in this free writing prospectus. Neither the master servicer nor the trustee will make, or be permitted to make, any principal or interest advance with respect to any pari passu companion loan or the HOW trust subordinate companion loan.

B.	Property Protection Advances	The master servicer may be required to make advances with respect to mortgage loans and the HOW trust subordinate companion loan that it is required to service to pay delinquent real estate taxes, assessments and hazard insurance premiums and similar expenses necessary to:

		●	protect and maintain (and in the case of REO properties, lease and manage) the related mortgaged property;

		●	maintain the lien on the related mortgaged property; and/or

		●	enforce the related mortgage loan documents.

		If the master servicer fails to make a required advance of this type, the trustee will be required to make this advance. Neither the master servicer nor the trustee is required to advance amounts determined by such party to be non-recoverable. See

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		“Description of the Certificates—Advances” in this free writing prospectus.

		With respect to the Florida Multifamily Portfolio mortgage loan, the master servicer (and the trustee, as applicable), under the JPMBB 2014-C25 pooling and servicing agreement is required to, and the special servicer under the JPMBB 2014-C25 pooling and servicing agreement may, make similar advances with respect to delinquent real estate taxes, assessments and hazard insurance premiums as described above.

		None of the master servicer, special servicer or trustee will make or be permitted to make any advance in connection with the exercise of any cure rights or purchase rights granted to the holders of the HOW trust subordinate companion loan or any pari passu companion loan under the related intercreditor agreement. Those cure rights and purchase option rights will only be exercisable in accordance with the terms of the related intercreditor agreement, and, with respect to the 543 Howard whole loan, by the Class HOW directing certificateholder appointed by the holder or holders acting together of more than 50% of the certificate balance of the Class HOW certificates on behalf of all the holders of the Class HOW certificates.

C.	Interest on Advances	The master servicer and the trustee, as applicable, will be entitled to interest on the above described advances at the “Prime Rate” as published in The Wall Street Journal, as described in this free writing prospectus. Interest accrued on outstanding advances may result in reductions in amounts otherwise payable on the certificates. Neither the master servicer nor the trustee will be entitled to interest on advances made with respect to principal and interest due on a mortgage loan until the related due date has passed and any grace period for late payments applicable to the mortgage loan has expired. See “Description of the Certificates—Advances” and “—Subordination; Allocation of Collateral Support Deficit” in this free writing prospectus.

		With respect to the non-serviced mortgage loan, the applicable makers of advances under the related pooling and servicing agreement will similarly be entitled to interest on advances.

		The Mortgage Loans

The Mortgage Pool		The trust’s primary assets will be 69 fixed rate commercial mortgage loans and the HOW trust subordinate companion loan, each evidenced by one or more promissory notes secured by first mortgages, deeds of trust, deeds to secure debt or similar security instruments on the fee and/or leasehold estate of the related borrower in 93 commercial, multifamily and manufactured housing properties. See “Description of the Mortgage Pool—Additional Debt” in this free writing prospectus.

		The aggregate principal balance of the mortgage loans as of the cut-off date will be approximately $1,449,606,872. The principal balance of the HOW trust subordinate companion loan related to

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				the 543 Howard whole loan as of the cut-off date will be approximately $10,000,000.

				Whole Loans

				In the case of the four (4) mortgage loans identified as “500 Fifth Avenue”, “St. Louis Premium Outlets”, “The Outlet Shoppes of the Bluegrass” and “Florida Multifamily Portfolio” on Annex A-1 to this free writing prospectus, representing approximately 6.9%, 3.3%, 3.1% and 1.5%, respectively, of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, each such mortgage loan is part of a split loan structure that also includes a pari passu companion loan. Each such mortgage loan is secured by the same mortgage instrument on the same mortgaged property or portfolio of mortgaged properties as a related pari passu companion loan, each of which companion loan is evidenced by a pari passu note that is not part of the trust and is referred to in this free writing prospectus as the respective “pari passu companion loan”.

				The following table and discussion contains general information regarding the whole loans:


Loan No.	Mortgage Loan	Mortgage Loan Cut-off Date Principal Balance		Approx. % of Initial Pool Balance	Pari Passu Companion Loan Cut-off Date Balance
1	500 Fifth Avenue		$100,000,000	6.9%		$100,000,000
6	St. Louis Premium Outlets		$47,500,000	3.3%		$47,500,000
8	The Outlet Shoppes of the Bluegrass		$45,000,000	3.1%		$32,500,000
26	Florida Multifamily Portfolio		$22,300,000	1.5%		$35,000,000


		Each mortgage loan identified in the above table is included in the trust; however, none of the related pari passu companion loans are included in the trust. In the case of the Florida Multifamily Portfolio whole loan, the note comprising the related pari passu companion loan is included in the JPMBB Commercial Mortgage Securities Trust 2014-C25 securitization. The related pari passu companion loan is pari passu in right of payment with the related mortgage loan.

		Servicing of the Whole Loans

		The Florida Multifamily Portfolio mortgage loan and the Florida Multifamily Portfolio pari passu companion loan is serviced under the JPMBB 2014-C25 pooling and servicing agreement entered into in connection with the issuance of the JPMBB Commercial Mortgage Securities Trust 2014-C25, Commercial Mortgage Pass-Through Certificates, Series 2014-C25. In addition, pursuant to the intercreditor agreement related to the Florida Multifamily Portfolio whole loan, the directing certificateholder under that securitization (prior to the occurrence and continuance of a control event under that pooling and servicing agreement) may exercise certain rights granted to the holder of the Florida Multifamily Portfolio pari passu companion loan, and therefore will have the right, subject to certain conditions set forth in the related intercreditor agreement, to advise and direct the master servicer and/or special servicer under JPMBB

S-42


		Commercial Mortgage Securities Trust 2014-C25 securitization with respect to various servicing matters or mortgage loan modifications affecting such mortgage loan in the related split loan structure. In addition, pursuant to the intercreditor agreement related to the Florida Multifamily Portfolio whole loan, the directing certificateholder under the JPMBB 2014-C25 pooling and servicing agreement has the right (prior to the occurrence and continuance of a control event under that pooling and servicing agreement) to replace the special servicer for the related mortgage loan. See “Description of the Mortgage Pool—The Whole Loans—The Florida Multifamily Portfolio Whole Loan” in this free writing prospectus.

		Each of (i) the 500 Fifth Avenue mortgage loan and the 500 Fifth Avenue pari passu companion loan, (ii) the St. Louis Premium Outlets mortgage loan and the St. Louis Premium Outlets pari passu companion loan and (iii) The Outlet Shoppes of the Bluegrass mortgage loan and The Outlet Shoppes of the Bluegrass pari passu companion loan will be serviced in accordance with the pooling and servicing agreement for this transaction and the related intercreditor agreement by the master servicer and the special servicer with respect to this transaction, and in accordance with the servicing standard provided in the pooling and servicing agreement for this securitization. In addition, pursuant to the related intercreditor agreement, the directing certificateholder (prior to the occurrence and continuance of a control event under the pooling and servicing agreement for this securitization) may exercise certain rights granted to the holder of the related mortgage loan and therefore will have the right, subject to certain conditions set forth in the related intercreditor agreement, to advise and direct the master servicer and/or special servicer under this securitization with respect to various servicing matters or mortgage loan modifications affecting the applicable mortgage loan in the related split loan structure. In addition, pursuant to the intercreditor agreement related to the applicable companion loan, the directing certificateholder under the pooling and servicing agreement has the right (prior to the occurrence and continuance of a control event under the pooling and servicing agreement for this securitization) to replace the special servicer for such mortgage loan. See “Description of the Mortgage Pool—The Whole Loans—The 500 Fifth Avenue Whole Loan”, “—The St. Louis Premium Outlets Whole Loan” and “—The Outlet Shoppes of the Bluegrass Whole Loan” in this free writing prospectus.

		Serviced Whole Loans

		Each of the 500 Fifth Avenue whole loan, the St. Louis Premium Outlets whole loan and The Outlet Shoppes of the Bluegrass whole loan is referred to in this free writing prospectus as a “serviced whole loan” or a “serviced pari passu whole loan.”

		Each of the 500 Fifth Avenue pari passu companion loan, the St. Louis Premium Outlets pari passu companion loan and The Outlet Shoppes of the Bluegrass pari passu companion loan is

S-43


		referred to in this free writing prospectus as a “serviced companion loan” or a “serviced pari passu companion loan.”

		For additional information regarding these pari passu split loans, see “Description of the Mortgage Pool—The Whole Loans—The 500 Fifth Avenue Whole Loan”, “—The St. Louis Premium Outlets Whole Loan” and “—The Outlet Shoppes of the Bluegrass Whole Loan” in this free writing prospectus.

		Non-Serviced Whole Loan

		The Florida Multifamily Portfolio whole loan is referred to in this free writing prospectus as a “non-serviced whole loan” or “non-serviced pari passu whole loan.”

		The Florida Multifamily Portfolio pari passu companion loan is referred to in this free writing prospectus as a “non-serviced companion loan” or as a “non-serviced pari passu companion loan.”

		For additional information regarding this pari passu split loan, see “Description of the Mortgage Pool—The Whole Loans—The Florida Multifamily Portfolio Whole Loan” in this free writing prospectus.

		The 543 Howard Whole Loan

		One (1) mortgage loan identified as “543 Howard” on Annex A-1 to this free writing prospectus, representing 2.1% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date (and referred to in this free writing prospectus as the “543 Howard mortgage loan”), is evidenced by the senior of two notes secured by a single mortgage on the related mortgaged property and a single assignment of leases and rents. With respect to the 543 Howard mortgage loan, the HOW trust subordinate companion loan evidenced by the related junior note is also part of the trust.

		The Class HOW directing certificateholder appointed by the holders of more than 50% of the certificate balance of the Class HOW certificates on behalf of all of the holders of such class of certificates, will be entitled to exercise certain of the rights of the holder of the HOW trust subordinate companion loan under the related intercreditor agreement as the beneficial owner thereof.

		The following table and discussion contains general information regarding the 543 Howard mortgage loan:


Loan No.		Mortgage Loan	Mortgage Loan Cut-off Date Principal Balance	% of Initial Pool Balance	HOW Trust Subordinate Companion Loan Cut-off Date Principal Balance
20		543 Howard	$30,798,301	2.1%	$10,000,000(1)

(1)	The HOW trust subordinate companion loan is beneficially owned by the holders of the Class HOW certificates.

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		The master servicer and the special servicer will service and administer the 543 Howard whole loan pursuant to the pooling and servicing agreement and the related intercreditor agreement so long as the 543 Howard mortgage loan is part of the trust fund. See “Description of the Mortgage Pool—The 543 Howard Whole Loan” in this free writing prospectus. With respect to the HOW trust subordinate companion loan, the Class HOW directing certificateholder appointed by holders of more than 50% of the Class HOW certificates will have the right to purchase the 543 Howard mortgage loan under certain limited circumstances. In addition, the holders of the Class HOW certificates, acting through the Class HOW directing certificateholder, will also have the right to approve certain modifications to the 543 Howard mortgage loan, cure defaults under certain circumstances and to replace the special servicer with respect to the 543 Howard whole loan, in each case, so long as no control appraisal period is continuing under the related intercreditor agreement. See “Description of the Mortgage Pool—The 543 Howard Whole Loan” in this free writing prospectus.

		The 543 Howard companion loan is referred to in this free writing prospectus as the “HOW trust subordinate companion loan”.

		Mortgage Loan Characteristics

		The following tables set forth certain anticipated characteristics of the mortgage loans as of the cut-off date (unless otherwise indicated). With respect to each of the mortgage loans that is part of a whole loan, we generally present the loan-to-value ratio, debt service coverage ratio, debt yield and cut-off date balance per net rentable square foot, pad, room or unit, as applicable, in this free writing prospectus (including any tables, charts and information set forth on Annex A-1, A-2 and A-3) in a manner that takes account of that mortgage loan and its related pari passu companion loan. Unless otherwise specifically indicated, all information presented in this free writing prospectus (including any tables, charts and information set forth on Annex A-1, A-2 and A-3) with respect to the 543 Howard mortgage loan is calculated without regard to the HOW trust subordinate companion loan. Other than as specifically noted, the loan-to-value ratio, the debt service coverage ratio, debt yield and mortgage loan rate information for each mortgage loan is presented in this free writing prospectus without regard to any other indebtedness (whether or not secured by the related mortgaged property, ownership interests in the related borrower or otherwise) that currently exists or that may be incurred by the related borrower or its owners in the future, in order to present statistics for the related mortgage loan without combination with the other indebtedness.

		The HOW trust subordinate companion loan supports only the Class HOW certificates.

		The sum of the numerical data in any column may not equal the indicated total due to rounding. Unless otherwise indicated, all figures and percentages presented in this “Summary of Terms”

S-45


		are calculated as described under “Description of the Mortgage Pool—Additional Mortgage Loan Information” in this free writing prospectus and, unless otherwise indicated, such figures and percentages are approximate and in each case, represent the indicated figure or percentage of the aggregate principal balance of the pool of mortgage loans as of the cut-off date. The principal balance of each mortgage loan as of the cut-off date assumes the timely receipt of principal scheduled to be paid on or before the cut-off date and no defaults, delinquencies or prepayments on, or modifications of, any mortgage loan on or prior to the cut-off date. Whenever percentages and other information in this free writing prospectus are presented on the mortgaged property level rather than the mortgage loan level, the information for mortgage loans secured by more than one mortgaged property is based on allocated loan amounts as stated in Annex A-1 to this free writing prospectus.

S-46

ANNEX A-1

Number of

Property

Loan #

Seller

Property Name

Street Address

City

State

Zip Code

County

Properties

Type

Subtype

Year Built

Column

500 Fifth Avenue

New York

10110

New York

Office

CBD

1931

JPMCB

1515 Market

1515 Market Street

Philadelphia

19102

Philadelphia

Office

CBD

1960

JPMCB

Wells Fargo Center Tampa

100 South Ashley Drive

Tampa

33602

Hillsborough

Office

CBD

1985

JPMCB

Heron Lakes

7840-7908 North Sam Houston Parkway West

Houston

77064

Harris

Office

Suburban

2001-2008

JPMCB

Shaner Hotels Limited Service Portfolio

Various

Hotel

Limited Service

Various

5.01

JPMCB

Holiday Inn Express - Charleston

100 Civic Center Drive

Charleston

25301

Kanawha

Hotel

Limited Service

1978

5.02

JPMCB

Courtyard - Mechanicsburg

4921 Gettysburg Road

Mechanicsburg

17055

Cumberland

Hotel

Limited Service

2007

5.03

JPMCB

Courtyard - St. Augustine

2075 State Road 16

St. Augustine

32084

Saint Johns

Hotel

Limited Service

2009

5.04

JPMCB

Fairfield Inn & Suites - Augusta

2145 Gordon Highway

Augusta

30909

Richmond

Hotel

Limited Service

2009

5.05

JPMCB

Courtyard - Jacksonville - I295 East

9815 Lantern Street

Jacksonville

32225

Duval

Hotel

Limited Service

2009

5.06

JPMCB

Fairfield Inn & Suites - Lakeland

4307 Sterling Commerce Drive

Plant City

33566

Hillsborough

Hotel

Limited Service

2008

5.07

JPMCB

Fairfield Inn & Suites - St. Augustine

305 Outlet Mall Boulevard

St. Augustine

32084

Saint Johns

Hotel

Limited Service

2009

Column

St. Louis Premium Outlets

18521 Outlet Boulevard

Chesterfield

63005

Saint Louis

Retail

Outlet Center

2013

GECC

Centergy One

75 Fifth Street Northwest

Atlanta

30308

Fulton

Office

CBD

2003

JPMCB

The Outlet Shoppes of the Bluegrass

1155 Buck Creek Road

Simpsonville

40067

Shelby

Retail

Outlet Center

2014

Barclays

United Healthcare Office

2716 North Tenaya Way

Las Vegas

89128

Clark

Office

Suburban

1998

JPMCB

117 Kendrick Street

Needham

02494

Norfolk

Office

Suburban

1955

Column

The View & Legends

Various

Dallas

Various

Dallas

Multifamily

Various

11.01

Column

View at Kessler Park

2511 Wedglea Drive

Dallas

75211

Dallas

Multifamily

High Rise

1964

11.02

Column

Legends on Lake Highlands

11201 East Lake Highlands Drive

Dallas

75218

Dallas

Multifamily

Garden

1971-1979

RCMC

Arbor Gate

2501 & 2601 West Beltline Highway, 2801 & 2821 Todd Drive

Madison

53713

Dane

Office

Suburban

2008

Column

Threshold Multifamily Portfolio II

Various

Multifamily

Garden

Various

13.01

Column

Gable Oaks

752 Patriot Parkway

Rockhill

29730

York

Multifamily

Garden

1997

13.02

Column

Sharon Pointe

5626 Sharon Pointe Road

Charlotte

28215

Mecklenburg

Multifamily

Garden

2001

13.03

Column

Woodbrook

2525 Woodbrook Lane

Monroe

28110

Union

Multifamily

Garden

1997

JPMCB

Columbia Centre I & II

5600 North River Road

Rosemont

60018

Cook

Office

CBD

1986, 1988

Barclays

Holiday Inn & Suites Across from Universal Studios

5905 South Kirkman Road

Orlando

32819

Orange

Hotel

Full Service

1971

Barclays

Belford Towers Apartments

6731 New Hampshire Avenue

Takoma Park

20912

Prince George’s

Multifamily

High Rise

1968

JPMCB

Hyatt Regency Lexington

401 West High Street

Lexington

40507

Fayette

Hotel

Full Service

1977

Column

Threshold Multifamily Portfolio III

Various

Multifamily

Garden

Various

18.01

Column

Huntersville Apartments

300 Hunters Road

Huntersville

28078

Mecklenburg

Multifamily

Garden

1989

18.02

Column

Wexford Apartments

1811 Wexford Meadows Lane

Charlotte

28262

Mecklenburg

Multifamily

Garden

1996

18.03

Column

Davidson Apartments

100 Horizon Court

Concord

28027

Cabarrus

Multifamily

Garden

1994

18.04

Column

Marion Ridge Apartments

1829 East Marion Street

Shelby

28152

Cleveland

Multifamily

Garden

1999

Barclays

West Shore Plaza Shopping Center

1775 South Avenue

Staten Island

10314

Richmond

Retail

Anchored

1990, 2008

RCMC

543 Howard

543 Howard Street

San Francisco

94105

San Francisco

Office

CBD

1920

Barclays

International Corporate Center

555 Theodore Fremd Avenue

Rye

10580

Westchester

Office

Suburban

1988

JPMCB

Marriott Fort Lauderdale

6650 North Andrews Avenue

Fort Lauderdale

33309

Broward

Hotel

Full Service

1986

Barclays

Dedham Place

3 Allied Drive

Dedham

02026

Norfolk

Office

Suburban

1987

RCMC

Eagle View Apartments

84 Silver Maple Ridge

Charleston

25306

Kanawha

Multifamily

Garden

2013

RAIT

Newington Commons

196 Kitts Lane

Newington

06111

Hartford

Retail

Anchored

1996

JPMCB

Florida Multifamily Portfolio

Various

Multifamily

Garden

Various

26.01

JPMCB

Lakeland Manor

929 Gilmore Avenue and 730-810 East 1st Street

Lakeland

33801

Lake

Multifamily

Garden

1972

26.02

JPMCB

Kings Trail

3770 Toledo Road

Jacksonville

32217

Duval

Multifamily

Garden

1968

26.03

JPMCB

Rolling Hills

5402 Pine Chase Drive

Orlando

32808

Orange

Multifamily

Garden

1995

26.04

JPMCB

Bella Mar I & II

12406 North 15th Street

Tampa

33612

Hillsborough

Multifamily

Garden

1973, 1974

26.05

JPMCB

Jacksonville Heights

8050 103rd Street

Jacksonville

32210

Duval

Multifamily

Garden

1969

26.06

JPMCB

Del Rio

5013 East Sligh Avenue

Tampa

33617

Hillsborough

Multifamily

Garden

1982, 1983

26.07

JPMCB

Lago Bello

13533 Gragston Circle

Tampa

33613

Hillsborough

Multifamily

Garden

1984

26.08

JPMCB

Tanglewood

2811 Ruleme Street

Eustis

32726

Lake

Multifamily

Garden

1972, 1986

26.09

JPMCB

Mount Dora

3001 Northland Road

Mount Dora

32757

Lake

Multifamily

Garden

1986, 1988

26.10

JPMCB

North Washington

1877 19th Street

Sarasota

34234

Sarasota

Multifamily

Garden

1961

26.11

JPMCB

Brandywyne

418 19th Street Southeast

Winter Haven

33884

Polk

Multifamily

Garden

1980

26.12

JPMCB

Landings

102 Landings Way

Winter Haven

33880

Polk

Multifamily

Garden

1984

26.13

JPMCB

Country Place

3950 Country Place

Winter Haven

33880

Polk

Multifamily

Garden

1984

Barclays

St. John Knits Campus

17522, 17572, 17622 and 17632 Armstrong Avenue

Irvine

92614

Orange

Mixed Use

Industrial/Office

1969

Column

Westview Apartments

201 West Southwest Parkway

Lewisville

75067

Denton

Multifamily

Garden

1986

JPMCB

1019 Market Street

San Francisco

94103

San Francisco

Office

CBD

1909

Barclays

Fordham Road Business Park

100-110 Fordham Road

Wilmington

01887

Middlesex

Industrial

Flex

1968

JPMCB

Renaissance Boca Raton

2000 Northwest 19th Street

Boca Raton

33431

Palm Beach

Hotel

Full Service

1982

RAIT

Broadway Marketplace - Parcel 2,3,4

303-487 South Broadway

Denver

80209

Denver

Retail

Anchored

1994

Barclays

Staybridge Suites Savannah Historic District

301 East Bay Street

Savannah

31401

Chatham

Hotel

Extended Stay

1871

JPMCB

Metro Centre

4700 North University Street

Peoria

61614

Peoria

Retail

Shadow Anchored

1971-1985

JPMCB

Hilton Garden Inn Tampa Riverview

4328 Garden Vista Drive

Riverview

33578

Hillsborough

Hotel

Limited Service

2009

GECC

Whispering Palms MHC/RV

10305 US Highway 1

Sebastian

32958

Indian River

Manufactured Housing

1969

RCMC

Hilton Garden Inn Westampton

111 Hancock Lane

Westampton

08060

Burlington

Hotel

Limited Service

2009

GECC

Riverstone - Deer Creek MHC

7051 Daniel Drive

Stockbridge

30281

Clayton

Manufactured Housing

1970

RCMC

Eastwood Village Shopping Center

1604-1624 Montclair Road

Irondale

35210

Jefferson

Retail

Anchored

2007

JPMCB

Hilton Garden Inn Houston

750 West Texas Avenue

Webster

77598

Harris

Hotel

Limited Service

2009

RCMC

Westview Business Park

5119 & 5123 Pegasus Court

Frederick

21704

Frederick

Industrial

Flex

2006

RCMC

10 New Road

Rumford

02916

Providence

Industrial

Warehouse

1958

GECC

Residence Inn - Dover

600 Jefferic Boulevard

Dover

19901

Kent

Hotel

Extended Stay

2007

Barclays

33 Boston Post Road

Marlborough

01752

Middlesex

Office

Suburban

1983

RAIT

Hampshire Park Apartments

400 North Lake Park Avenue

Hobart

46342

Lake

Multifamily

Garden

1972

GECC

100 Provena Way

Bourbonnais

60914

Kankakee

Office

Medical

2004

Column

Forest Cove

3001-3061 Miller Road

Ann Arbor

48103

Washtenaw

Office

Suburban

2000

JPMCB

Guardian Self Storage

1555 South 76th Street

Superior

80027

Boulder

Self Storage

2013

JPMCB

Summer Chase

3952 Horseshoe Road North

Little River

29566

Horry

Multifamily

Garden

2000

Barclays

Walden Park Shopping Center

10900 Lakeline Mall Drive

Austin

78717

Williamson

Retail

Anchored

2003

Column

Candlewood Suites Indianapolis Airport

5250 West Bradbury Avenue

Indianapolis

46241

Marion

Hotel

Extended Stay

2007

RAIT

Lyncourt Apartments

1210 Southwest 3rd Avenue

Gainesville

32601

Alachua

Multifamily

Student

2014

RCMC

Mill Creek Crossing

1935 Buford Mill Drive

Buford

30519

Gwinnett

Retail

Shadow Anchored

1999

RAIT

Cypress Pointe

1020-1090 East Cypress Avenue

Redding

96002

Shasta

Retail

Unanchored

2002

RCMC

American Water Works

7303 Plantation Road

Pensacola

32504

Escambia

Office

Suburban

1977

JPMCB

Gander Mountain

700 Council Drive

Lebanon

46052

Boone

Industrial

Warehouse

2000

A-1-1

ANNEX A-1

Number of

Property

Loan #

Seller(1)

Property Name

Street Address

City

State

Zip Code

County

Properties

Type

Subtype

Year Built

GECC

153-157 West Ohio St

153 West Ohio Street

Chicago

60654

Cook

Office

CBD

1906

JPMCB

3445 North Causeway

3445 North Causeway Boulevard

Metairie

70002

Jefferson

Office

CBD

1972

Barclays

Rockaway Shopping Center

14-59 Beach Channel Drive

Far Rockaway

11691

Queens

Retail

Anchored

2006

RCMC

701 Martinsville

701 Martinsville Road

Liberty Corner

07059

Somerset

Office

Suburban

1964

RAIT

ATR Transmissions

401 Terrace Drive

Mundelein

60060

Lake

Industrial

Flex

1998

Column

Northridge Plaza

17062-17092 Devonshire Street

Northridge

91325

Los Angeles

Retail

Unanchored

1973

Column

Copper Creek Apartments

6666 East Golf Links Road

Tucson

85730

Pima

Multifamily

Garden

1973

RAIT

Cottages at Hooper Hill

2905 South Lamar Boulevard

Oxford

38655

Lafayette

Multifamily

Student

2014

RAIT

Tractor Supply - Flagstaff

2020 East Route 66

Flagstaff

86004

Coconino

Retail

Single Tenant

2014

GECC

Colonial Manor MHC

525 Airport Boulevard

Watsonville

95076

Santa Cruz

Manufactured Housing

1965

Column

Mobile Gardens MHC

1901 North Glasscock Road

Mission

78572

Hidalgo

Manufactured Housing

1968

GECC

Lakeshore - Summit Village/Blue Coral MHC Portfolio

8461 Perry Highway & 411 Kelso Drive

Erie

16509, 16505

Erie

Manufactured Housing

1971

Column

Harvard Court Townhouses

1324 Harvard Way

Reno

89502

Washoe

Multifamily

Garden

1964

A-1-2

ANNEX A-1


												Original		Current
			Year		Unit of		Occupancy	Appraised	Appraisal	Current	Original	Balance	Current	Balance
Loan #	Seller(1)	Property Name	Renovated	Units(2)	Measure	Occupancy %(3)	Date	Value ($)(4)	Date	LTV %(4)	Balance ($)(5)(6)	per Unit ($)	Balance ($)(5)(6)	per Unit ($)
1	Column	500 Fifth Avenue	2012	712,791	Square Feet	92.3%	10/01/14	600,000,000	08/13/14	33.3%	100,000,000	281	100,000,000	281
2	JPMCB	1515 Market	2007	502,213	Square Feet	88.7%	11/20/14	87,000,000	10/31/14	73.3%	63,750,000	127	63,750,000	127
3	JPMCB	Wells Fargo Center Tampa	2013	389,524	Square Feet	93.1%	11/01/14	78,000,000	10/29/14	76.7%	59,800,000	154	59,800,000	154
4	JPMCB	Heron Lakes		314,504	Square Feet	98.2%	12/01/14	71,000,000	11/01/14	73.2%	52,000,000	165	52,000,000	165
5	JPMCB	Shaner Hotels Limited Service Portfolio	Various	732	Rooms	73.4%	08/31/14	72,250,000	09/01/14	68.9%	49,750,000	67,964	49,750,000	67,964
5.01	JPMCB	Holiday Inn Express - Charleston	2013	195	Rooms	68.6%	08/31/14	14,000,000	09/01/14		9,640,000		9,640,000
5.02	JPMCB	Courtyard - Mechanicsburg		91	Rooms	75.8%	08/31/14	13,000,000	09/01/14		8,950,000		8,950,000
5.03	JPMCB	Courtyard - St. Augustine		98	Rooms	76.5%	08/31/14	10,750,000	09/01/14		7,400,000		7,400,000
5.04	JPMCB	Fairfield Inn & Suites - Augusta		82	Rooms	72.3%	08/31/14	10,500,000	09/01/14		7,230,000		7,230,000
5.05	JPMCB	Courtyard - Jacksonville - I295 East		97	Rooms	74.0%	08/31/14	9,250,000	09/01/14		6,370,000		6,370,000
5.06	JPMCB	Fairfield Inn & Suites - Lakeland		87	Rooms	72.1%	08/31/14	8,000,000	09/01/14		5,510,000		5,510,000
5.07	JPMCB	Fairfield Inn & Suites - St. Augustine		82	Rooms	80.0%	08/31/14	6,750,000	09/01/14		4,650,000		4,650,000
6	Column	St. Louis Premium Outlets		351,462	Square Feet	100.0%	07/08/14	132,600,000	08/18/14	71.6%	47,500,000	270	47,500,000	270
7	GECC	Centergy One		253,435	Square Feet	99.2%	10/01/14	61,000,000	10/13/14	75.0%	45,750,000	181	45,750,000	181
8	JPMCB	The Outlet Shoppes of the Bluegrass		374,683	Square Feet	97.5%	10/01/14	123,000,000	11/02/14	63.0%	45,000,000	207	45,000,000	207
9	Barclays	United Healthcare Office		204,123	Square Feet	100.0%	12/06/14	60,000,000	07/09/14	70.0%	42,000,000	206	42,000,000	206
10	JPMCB	117 Kendrick Street	2001	212,846	Square Feet	100.0%	11/01/14	53,000,000	09/26/14	74.6%	39,560,000	186	39,560,000	186
11	Column	The View & Legends	2013	655	Units	90.8%	10/16/14	51,000,000	08/04/14	75.0%	38,250,000	58,397	38,250,000	58,397
11.01	Column	View at Kessler Park	2013	299	Units	90.0%	10/16/14	30,000,000	08/04/14		22,500,000		22,500,000
11.02	Column	Legends on Lake Highlands	2013	356	Units	91.6%	10/16/14	21,000,000	08/04/14		15,750,000		15,750,000
12	RCMC	Arbor Gate		216,612	Square Feet	95.9%	10/01/14	52,740,000	08/25/14	72.2%	38,100,000	176	38,100,000	176
13	Column	Threshold Multifamily Portfolio II		610	Units	95.1%	09/01/14	47,550,000	07/28/14	80.0%	38,040,000	62,361	38,040,000	62,361
13.01	Column	Gable Oaks		252	Units	96.4%	09/01/14	18,300,000	07/28/14		14,640,000		14,640,000
13.02	Column	Sharon Pointe		190	Units	93.2%	09/01/14	15,500,000	07/28/14		12,400,000		12,400,000
13.03	Column	Woodbrook		168	Units	95.2%	09/01/14	13,750,000	07/28/14		11,000,000		11,000,000
14	JPMCB	Columbia Centre I & II	2011	370,775	Square Feet	92.0%	10/08/14	53,200,000	08/14/14	70.0%	37,240,000	100	37,240,000	100
15	Barclays	Holiday Inn & Suites Across from Universal Studios	2010-2011	390	Rooms	88.1%	09/30/14	58,600,000	10/02/14	61.4%	36,000,000	92,308	36,000,000	92,308
16	Barclays	Belford Towers Apartments		467	Units	96.8%	09/01/14	69,100,000	09/17/14	50.6%	35,000,000	74,946	34,953,152	74,846
17	JPMCB	Hyatt Regency Lexington	2008	366	Rooms	66.1%	09/30/14	43,000,000	10/20/14	79.1%	34,000,000	92,896	34,000,000	92,896
18	Column	Threshold Multifamily Portfolio III	Various	620	Units	94.5%	09/01/14	41,650,000	Various	79.3%	33,038,986	53,289	33,038,986	53,289
18.01	Column	Huntersville Apartments		174	Units	97.1%	09/01/14	12,900,000	08/01/14		10,320,000		10,320,000
18.02	Column	Wexford Apartments		142	Units	97.2%	09/01/14	9,850,000	07/28/14		7,880,000		7,880,000
18.03	Column	Davidson Apartments	2005	156	Units	98.1%	09/01/14	9,300,000	07/30/14		7,440,000		7,440,000
18.04	Column	Marion Ridge Apartments		148	Units	85.1%	09/01/14	9,600,000	07/28/14		7,398,986		7,398,986
19	Barclays	West Shore Plaza Shopping Center		255,902	Square Feet	88.4%	11/12/14	48,200,000	08/18/14	66.4%	32,000,000	125	32,000,000	125
20	RCMC	543 Howard	2002	72,987	Square Feet	100.0%	09/01/14	54,800,000	08/22/14	56.2%	31,000,000	425	30,798,301	422
21	Barclays	International Corporate Center		168,585	Square Feet	98.2%	10/15/14	41,000,000	10/21/14	72.3%	29,625,000	176	29,625,000	176
22	JPMCB	Marriott Fort Lauderdale	2008	315	Rooms	73.7%	09/30/14	41,200,000	10/16/14	63.0%	25,950,000	82,381	25,950,000	82,381
23	Barclays	Dedham Place	2004	160,910	Square Feet	88.4%	07/02/14	33,000,000	08/08/14	72.7%	24,000,000	149	24,000,000	149
24	RCMC	Eagle View Apartments		214	Units	100.0%	09/30/14	33,000,000	08/13/14	72.7%	24,000,000	112,150	24,000,000	112,150
25	RAIT	Newington Commons	2010	189,864	Square Feet	100.0%	09/16/14	32,300,000	07/31/14	74.3%	24,000,000	126	24,000,000	126
26	JPMCB	Florida Multifamily Portfolio	Various	2,198	Units	94.1%	08/25/14	86,670,000	Various	66.1%	22,300,000	26,069	22,300,000	26,069
26.01	JPMCB	Lakeland Manor	2012	373	Units	94.4%	08/25/14	13,800,000	09/03/14		3,580,000		3,580,000
26.02	JPMCB	Kings Trail		320	Units	94.7%	08/25/14	13,400,000	09/03/14		3,465,000		3,465,000
26.03	JPMCB	Rolling Hills		240	Units	91.3%	08/25/14	12,000,000	08/27/14		3,090,000		3,090,000
26.04	JPMCB	Bella Mar I & II		264	Units	93.2%	08/25/14	9,150,000	09/03/14		2,350,000		2,350,000
26.05	JPMCB	Jacksonville Heights	2013	173	Units	93.1%	08/25/14	7,600,000	09/03/14		1,960,000		1,960,000
26.06	JPMCB	Del Rio		160	Units	96.3%	08/25/14	6,100,000	09/03/14		1,570,000		1,570,000
26.07	JPMCB	Lago Bello		120	Units	97.5%	08/25/14	4,850,000	09/03/14		1,250,000		1,250,000
26.08	JPMCB	Tanglewood		138	Units	93.5%	08/25/14	4,500,000	09/03/14		1,160,000		1,160,000
26.09	JPMCB	Mount Dora	2012-2013	132	Units	94.7%	08/25/14	4,400,000	09/03/14		1,160,000		1,160,000
26.10	JPMCB	North Washington		118	Units	94.9%	08/25/14	5,300,000	09/04/14		1,270,000		1,270,000
26.11	JPMCB	Brandywyne	2011-2013	82	Units	92.7%	08/25/14	2,780,000	09/03/14		720,000		720,000
26.12	JPMCB	Landings	2011-2013	60	Units	95.0%	08/25/14	2,220,000	09/03/14		570,000		570,000
26.13	JPMCB	Country Place		18	Units	100.0%	08/25/14	570,000	09/03/14		155,000		155,000
27	Barclays	St. John Knits Campus	1998	178,372	Square Feet	100.0%	12/06/14	32,800,000	10/06/14	61.0%	20,000,000	112	20,000,000	112
28	Column	Westview Apartments	2014	335	Units	91.3%	10/07/14	26,150,000	07/01/15	75.0%	19,600,000	58,507	19,600,000	58,507
29	JPMCB	1019 Market Street	2013	75,523	Square Feet	100.0%	10/20/14	48,250,000	10/17/14	40.0%	19,300,000	256	19,300,000	256
30	Barclays	Fordham Road Business Park		301,932	Square Feet	81.7%	06/01/14	26,500,000	08/08/14	69.8%	18,500,000	61	18,500,000	61
31	JPMCB	Renaissance Boca Raton	2008, 2013	189	Rooms	75.4%	09/30/14	31,100,000	10/15/14	59.3%	18,450,000	97,619	18,450,000	97,619
32	RAIT	Broadway Marketplace - Parcel 2,3,4		122,803	Square Feet	100.0%	10/10/14	23,600,000	08/20/14	70.5%	16,660,000	136	16,638,691	135
33	Barclays	Staybridge Suites Savannah Historic District	2014	104	Rooms	79.4%	10/31/14	23,800,000	10/14/14	62.4%	14,850,000	142,788	14,850,000	142,788
34	JPMCB	Metro Centre	2013	155,657	Square Feet	93.4%	09/12/14	21,000,000	08/29/14	70.0%	14,697,000	94	14,697,000	94
35	JPMCB	Hilton Garden Inn Tampa Riverview	2013	119	Rooms	73.4%	09/30/14	18,200,000	07/16/14	79.1%	14,405,000	121,050	14,405,000	121,050
36	GECC	Whispering Palms MHC/RV	2014	572	Pads	81.3%	09/01/14	19,600,000	06/06/14	71.1%	14,000,000	24,476	13,927,793	24,349
37	RCMC	Hilton Garden Inn Westampton		113	Rooms	76.2%	08/31/14	20,000,000	09/03/14	69.0%	13,800,000	122,124	13,800,000	122,124
38	GECC	Riverstone - Deer Creek MHC	1983	525	Pads	92.0%	09/30/14	19,650,000	08/05/14	69.3%	13,650,000	26,000	13,616,381	25,936
39	RCMC	Eastwood Village Shopping Center		134,256	Square Feet	97.9%	09/28/14	17,250,000	08/20/14	74.8%	12,900,000	96	12,900,000	96
40	JPMCB	Hilton Garden Inn Houston		126	Rooms	67.1%	09/30/14	19,200,000	10/08/14	59.9%	11,500,000	91,270	11,500,000	91,270
41	RCMC	Westview Business Park		122,840	Square Feet	84.5%	10/17/14	15,700,000	09/23/14	70.0%	11,000,000	90	10,984,927	89
42	RCMC	10 New Road	2013	339,952	Square Feet	94.7%	09/11/14	13,500,000	08/29/14	72.2%	9,750,000	29	9,750,000	29
43	GECC	Residence Inn - Dover		98	Rooms	81.3%	08/31/14	13,000,000	06/04/14	75.0%	9,750,000	99,490	9,750,000	99,490
44	Barclays	33 Boston Post Road		106,348	Square Feet	89.5%	08/01/14	12,500,000	07/01/14	72.0%	9,000,000	85	9,000,000	85
45	RAIT	Hampshire Park Apartments		186	Units	93.5%	08/22/14	11,725,000	09/11/14	76.8%	9,000,000	48,387	9,000,000	48,387
46	GECC	100 Provena Way		39,590	Square Feet	100.0%	12/01/14	12,500,000	08/06/14	69.8%	8,750,000	221	8,720,789	220
47	Column	Forest Cove		82,870	Square Feet	96.0%	09/28/14	14,500,000	08/20/14	57.6%	8,350,000	101	8,350,000	101
48	JPMCB	Guardian Self Storage		638	Units	84.2%	10/31/14	12,900,000	10/30/14	63.6%	8,200,000	12,853	8,200,000	12,853
49	JPMCB	Summer Chase		168	Units	95.8%	09/12/14	11,150,000	09/26/14	69.6%	7,760,000	46,190	7,760,000	46,190
50	Barclays	Walden Park Shopping Center		57,569	Square Feet	86.0%	10/17/14	11,900,000	10/22/14	63.0%	7,500,000	130	7,500,000	130
51	Column	Candlewood Suites Indianapolis Airport		125	Rooms	85.3%	07/31/14	10,090,000	08/21/14	73.0%	7,370,000	58,960	7,370,000	58,960
52	RAIT	Lyncourt Apartments		110	Beds	99.1%	10/16/14	10,000,000	10/10/14	73.0%	7,300,000	66,364	7,300,000	66,364
53	RCMC	Mill Creek Crossing		51,235	Square Feet	91.6%	10/01/14	9,750,000	07/25/14	71.1%	6,930,000	135	6,930,000	135
54	RAIT	Cypress Pointe		29,627	Square Feet	84.9%	10/31/14	9,700,000	08/22/14	68.0%	6,600,000	223	6,600,000	223
55	RCMC	American Water Works	2005	64,053	Square Feet	100.0%	12/05/14	8,440,000	08/28/14	74.6%	6,300,000	98	6,300,000	98
56	JPMCB	Gander Mountain		226,756	Square Feet	100.0%	07/01/14	10,950,000	09/19/14	56.9%	6,228,750	27	6,228,750	27

A-1-3

ANNEX A-1


												Original		Current
			Year		Unit of		Occupancy	Appraised	Appraisal	Current	Original	Balance	Current	Balance
Loan #	Seller(1)	Property Name	Renovated	Units(2)	Measure	Occupancy %(3)	Date	Value ($)(4)	Date	LTV %(4)	Balance ($)(5)(6)	per Unit ($)	Balance ($)(5)(6)	per Unit ($)
57	GECC	153-157 West Ohio St	2005	40,318	Square Feet	100.0%	10/16/14	8,200,000	10/01/14	74.1%	6,075,000	151	6,075,000	151
58	JPMCB	3445 North Causeway	1998	130,417	Square Feet	87.2%	08/01/14	10,200,000	06/25/14	55.9%	5,700,000	44	5,700,000	44
59	Barclays	Rockaway Shopping Center		20,300	Square Feet	91.4%	06/25/14	8,450,000	09/02/14	61.5%	5,200,000	256	5,200,000	256
60	RCMC	701 Martinsville		31,441	Square Feet	100.0%	12/05/14	7,800,000	09/08/14	63.9%	5,000,000	159	4,982,871	158
61	RAIT	ATR Transmissions		92,636	Square Feet	100.0%	12/01/14	6,000,000	06/06/14	68.4%	4,125,000	45	4,105,812	44
62	Column	Northridge Plaza		23,810	Square Feet	100.0%	09/30/14	5,850,000	08/12/14	68.2%	4,000,000	168	3,990,108	168
63	Column	Copper Creek Apartments		107	Units	92.5%	07/31/14	4,940,000	08/01/14	76.9%	3,800,000	35,514	3,800,000	35,514
64	RAIT	Cottages at Hooper Hill		72	Beds	98.6%	10/31/14	4,700,000	09/26/14	71.3%	3,350,000	46,528	3,350,000	46,528
65	RAIT	Tractor Supply - Flagstaff		22,870	Square Feet	100.0%	12/01/14	4,800,000	10/11/14	64.5%	3,100,000	136	3,096,114	135
66	GECC	Colonial Manor MHC		72	Pads	100.0%	06/01/14	3,750,000	06/30/14	73.3%	2,750,000	38,194	2,750,000	38,194
67	Column	Mobile Gardens MHC		182	Pads	95.1%	10/07/14	3,700,000	06/18/14	71.5%	2,655,000	14,588	2,645,310	14,535
68	GECC	Lakeshore - Summit Village/Blue Coral MHC Portfolio		172	Pads	73.8%	10/08/14	3,600,000	08/04/14	69.6%	2,510,000	14,593	2,506,888	14,575
69	Column	Harvard Court Townhouses		44	Units	97.7%	06/13/14	3,100,000	05/22/14	66.8%	2,070,000	47,045	2,070,000	47,045

A-1-4

ANNEX A-1


								Net
			% of Initial	Crossed	Related	Interest	Admin.	Mortgage		Monthly Debt	Annual Debt		First	Partial IO	Partial IO Loan
Loan #	Seller(1)	Property Name	Pool Balance	Loan	Borrower(7)	Rate %(8)	Fee %(8)	Rate %(8)	Accrual Type	Service ($)(9)(10)	Service ($)(10)	Note Date	Payment Date(11)	Last IO Payment	First P&I Payment
1	Column	500 Fifth Avenue	6.9%	No	No	3.58000	0.01030	3.56970	Actual/360	302,476.85	3,629,722.22	10/03/14	11/06/14
2	JPMCB	1515 Market	4.4%	No	No	4.30450	0.02030	4.28420	Actual/360	315,649.02	3,787,788.24	12/02/14	01/01/15	01/01/20	02/01/20
3	JPMCB	Wells Fargo Center Tampa	4.1%	No	No	4.72150	0.01030	4.71120	Actual/360	310,918.66	3,731,023.92	11/25/14	01/01/15
4	JPMCB	Heron Lakes	3.6%	No	No	4.48500	0.01030	4.47470	Actual/360	263,013.11	3,156,157.32	11/14/14	01/01/15	12/01/16	01/01/17
5	JPMCB	Shaner Hotels Limited Service Portfolio	3.4%	No	No	4.52700	0.01030	4.51670	Actual/360	252,874.70	3,034,496.40	10/31/14	12/01/14	11/01/16	12/01/16
5.01	JPMCB	Holiday Inn Express - Charleston	0.7%
5.02	JPMCB	Courtyard - Mechanicsburg	0.6%
5.03	JPMCB	Courtyard - St. Augustine	0.5%
5.04	JPMCB	Fairfield Inn & Suites - Augusta	0.5%
5.05	JPMCB	Courtyard - Jacksonville - I295 East	0.4%
5.06	JPMCB	Fairfield Inn & Suites - Lakeland	0.4%
5.07	JPMCB	Fairfield Inn & Suites - St. Augustine	0.3%
6	Column	St. Louis Premium Outlets	3.3%	No	No	4.06100	0.01030	4.05070	Actual/360	228,445.89	2,741,350.62	09/11/14	11/06/14	10/06/19	11/06/19
7	GECC	Centergy One	3.2%	No	No	4.60000	0.01030	4.58970	Actual/360	234,534.80	2,814,417.60	11/13/14	01/01/15	12/01/16	01/01/17
8	JPMCB	The Outlet Shoppes of the Bluegrass	3.1%	No	No	4.04500	0.01030	4.03470	30/360	216,005.96	2,592,071.52	11/24/14	01/01/15
9	Barclays	United Healthcare Office	2.9%	No	No	4.74186	0.01030	4.73156	Actual/360	168,270.17	2,019,242.04	10/01/14	11/06/14
10	JPMCB	117 Kendrick Street	2.7%	No	No	4.30000	0.01030	4.28970	Actual/360	195,771.14	2,349,253.68	12/01/14	01/01/15	12/01/19	01/01/20
11	Column	The View & Legends	2.6%	No	No	5.21000	0.01030	5.19970	Actual/360	210,271.26	2,523,255.12	09/24/14	11/06/14	10/06/16	11/06/16
11.01	Column	View at Kessler Park	1.6%
11.02	Column	Legends on Lake Highlands	1.1%
12	RCMC	Arbor Gate	2.6%	No	No	4.64000	0.01030	4.62970	Actual/360	196,229.34	2,354,752.08	11/07/14	01/05/15	12/05/16	01/05/17
13	Column	Threshold Multifamily Portfolio II	2.6%	No	Yes - Group 2	4.41100	0.01030	4.40070	Actual/360	201,073.95	2,412,887.40	10/10/14	12/06/14	05/06/18	06/06/18
13.01	Column	Gable Oaks	1.0%
13.02	Column	Sharon Pointe	0.9%
13.03	Column	Woodbrook	0.8%
14	JPMCB	Columbia Centre I & II	2.6%	No	No	4.22000	0.03030	4.18970	Actual/360	182,544.97	2,190,539.64	10/15/14	12/01/14	11/01/16	12/01/16
15	Barclays	Holiday Inn & Suites Across from Universal Studios	2.5%	No	No	4.40000	0.01030	4.38970	Actual/360	180,273.93	2,163,287.16	11/13/14	01/06/15	12/06/17	01/06/18
16	Barclays	Belford Towers Apartments	2.4%	No	No	4.41000	0.01030	4.39970	Actual/360	175,473.12	2,105,677.44	10/07/14	12/06/14
17	JPMCB	Hyatt Regency Lexington	2.3%	No	Yes - Group 1	5.22000	0.01030	5.20970	Actual/360	187,117.99	2,245,415.88	11/14/14	01/01/15	12/01/16	01/01/17
18	Column	Threshold Multifamily Portfolio III	2.3%	No	Yes - Group 2	4.41100	0.01030	4.40070	Actual/360	174,639.31	2,095,671.72	10/10/14	12/06/14	05/06/18	06/06/18
18.01	Column	Huntersville Apartments	0.7%
18.02	Column	Wexford Apartments	0.5%
18.03	Column	Davidson Apartments	0.5%
18.04	Column	Marion Ridge Apartments	0.5%
19	Barclays	West Shore Plaza Shopping Center	2.2%	No	No	4.40500	0.01030	4.39470	Actual/360	160,338.02	1,924,056.24	11/18/14	01/06/15	12/06/17	01/06/18
20	RCMC	543 Howard	2.1%	No	No	5.00000	0.01030	4.98970	Actual/360	197,436.55	2,369,238.60	09/05/14	10/05/14
21	Barclays	International Corporate Center	2.0%	No	No	4.33200	0.01030	4.32170	Actual/360	147,162.86	1,765,954.32	11/14/14	01/06/15	12/06/19	01/06/20
22	JPMCB	Marriott Fort Lauderdale	1.8%	No	Yes - Group 1	4.59860	0.01030	4.58830	Actual/360	133,009.50	1,596,114.00	11/14/14	01/01/15	12/01/16	01/01/17
23	Barclays	Dedham Place	1.7%	No	Yes - Group 3	4.51500	0.01030	4.50470	Actual/360	121,818.47	1,461,821.64	09/30/14	11/06/14	10/06/19	11/06/19
24	RCMC	Eagle View Apartments	1.7%	No	No	4.41000	0.03780	4.37220	Actual/360	120,324.43	1,443,893.16	11/03/14	12/05/14	11/05/15	12/05/15
25	RAIT	Newington Commons	1.7%	No	No	4.79000	0.03780	4.75220	Actual/360	125,774.66	1,509,295.92	09/17/14	11/01/14	10/01/16	11/01/16
26	JPMCB	Florida Multifamily Portfolio	1.5%	No	No	4.65052	0.03280	4.61772	Actual/360	114,994.01	1,379,928.12	10/15/14	12/01/14	11/01/17	12/01/17
26.01	JPMCB	Lakeland Manor	0.2%
26.02	JPMCB	Kings Trail	0.2%
26.03	JPMCB	Rolling Hills	0.2%
26.04	JPMCB	Bella Mar I & II	0.2%
26.05	JPMCB	Jacksonville Heights	0.1%
26.06	JPMCB	Del Rio	0.1%
26.07	JPMCB	Lago Bello	0.1%
26.08	JPMCB	Tanglewood	0.1%
26.09	JPMCB	Mount Dora	0.1%
26.10	JPMCB	North Washington	0.1%
26.11	JPMCB	Brandywyne	0.0%
26.12	JPMCB	Landings	0.0%
26.13	JPMCB	Country Place	0.0%
27	Barclays	St. John Knits Campus	1.4%	No	No	4.24000	0.05030	4.18970	Actual/360	98,270.93	1,179,251.16	10/28/14	12/06/14	11/06/18	12/06/18
28	Column	Westview Apartments	1.4%	No	No	4.75000	0.01030	4.73970	Actual/360	102,242.88	1,226,914.56	08/27/14	10/06/14	09/06/16	10/06/16
29	JPMCB	1019 Market Street	1.3%	No	No	3.55000	0.01030	3.53970	Actual/360	57,888.83	694,665.97	12/02/14	01/01/15
30	Barclays	Fordham Road Business Park	1.3%	No	Yes - Group 3	4.49000	0.01030	4.47970	Actual/360	93,626.89	1,123,522.68	10/24/14	12/06/14	11/06/17	12/06/17
31	JPMCB	Renaissance Boca Raton	1.3%	No	Yes - Group 1	4.60960	0.01030	4.59930	Actual/360	94,688.77	1,136,265.24	11/14/14	01/01/15	12/01/16	01/01/17
32	RAIT	Broadway Marketplace - Parcel 2,3,4	1.1%	No	No	4.66000	0.03780	4.62220	Actual/360	86,004.97	1,032,059.64	10/31/14	12/01/14
33	Barclays	Staybridge Suites Savannah Historic District	1.0%	No	No	4.70000	0.01030	4.68970	Actual/360	77,017.71	924,212.52	10/30/14	12/06/14	11/06/16	12/06/16
34	JPMCB	Metro Centre	1.0%	No	No	4.04350	0.05030	3.99320	Actual/360	70,534.80	846,417.60	10/24/14	12/01/14	11/01/17	12/01/17
35	JPMCB	Hilton Garden Inn Tampa Riverview	1.0%	No	No	4.90000	0.01030	4.88970	Actual/360	83,373.06	1,000,476.72	11/14/14	01/01/15	12/01/16	01/01/17
36	GECC	Whispering Palms MHC/RV	1.0%	No	No	4.39000	0.01030	4.37970	Actual/360	70,023.85	840,286.20	07/23/14	09/01/14
37	RCMC	Hilton Garden Inn Westampton	1.0%	No	No	4.63000	0.01030	4.61970	Actual/360	77,726.71	932,720.52	11/07/14	01/05/15
38	GECC	Riverstone - Deer Creek MHC	0.9%	No	No	4.60000	0.01030	4.58970	Actual/360	69,975.96	839,711.52	09/15/14	11/01/14
39	RCMC	Eastwood Village Shopping Center	0.9%	No	No	4.31000	0.01030	4.29970	Actual/360	63,914.19	766,970.28	11/03/14	12/05/14	11/05/16	12/05/16
40	JPMCB	Hilton Garden Inn Houston	0.8%	No	No	4.42000	0.01030	4.40970	Actual/360	57,723.45	692,681.40	11/03/14	01/01/15
41	RCMC	Westview Business Park	0.8%	No	No	4.28000	0.04780	4.23220	Actual/360	54,306.75	651,681.00	10/30/14	12/05/14
42	RCMC	10 New Road	0.7%	No	No	4.28000	0.01030	4.26970	Actual/360	48,135.53	577,626.36	10/08/14	12/05/14	11/05/16	12/05/16
43	GECC	Residence Inn - Dover	0.7%	No	No	4.50000	0.01030	4.48970	Actual/360	49,401.82	592,821.84	11/07/14	01/01/15
44	Barclays	33 Boston Post Road	0.6%	No	Yes - Group 3	4.41500	0.01030	4.40470	Actual/360	45,148.26	541,779.12	11/05/14	12/06/14	11/06/19	12/06/19
45	RAIT	Hampshire Park Apartments	0.6%	No	No	4.51500	0.01030	4.50470	Actual/360	44,619.01	535,428.12	10/30/14	12/01/14	11/01/17	12/01/17
46	GECC	100 Provena Way	0.6%	No	Yes - Group 4	4.79000	0.01030	4.77970	Actual/360	50,086.79	601,041.48	09/18/14	11/01/14
47	Column	Forest Cove	0.6%	No	No	4.73000	0.01030	4.71970	Actual/360	43,456.95	521,483.40	09/17/14	11/06/14	10/06/15	11/06/15
48	JPMCB	Guardian Self Storage	0.6%	No	No	4.30900	0.05780	4.25120	Actual/360	40,622.80	487,473.60	11/24/14	01/01/15	12/01/15	01/01/16
49	JPMCB	Summer Chase	0.5%	No	No	4.44000	0.05030	4.38970	Actual/360	29,110.78	349,329.33	10/08/14	12/01/14
50	Barclays	Walden Park Shopping Center	0.5%	No	No	4.32800	0.01030	4.31770	Actual/360	37,238.77	446,865.24	11/20/14	01/06/15	12/06/19	01/06/20
51	Column	Candlewood Suites Indianapolis Airport	0.5%	No	No	4.94000	0.01030	4.92970	Actual/360	39,293.94	471,527.28	09/23/14	11/06/14	10/06/16	11/06/16
52	RAIT	Lyncourt Apartments	0.5%	No	No	4.48500	0.01030	4.47470	Actual/360	36,922.99	443,075.88	12/02/14	01/01/15	12/01/17	01/01/18
53	RCMC	Mill Creek Crossing	0.5%	No	No	4.62000	0.01030	4.60970	Actual/360	35,609.13	427,309.56	11/24/14	01/05/15	12/05/16	01/05/17
54	RAIT	Cypress Pointe	0.5%	No	No	4.49500	0.01030	4.48470	Actual/360	33,421.63	401,059.56	11/03/14	01/01/15	12/01/17	01/01/18
55	RCMC	American Water Works	0.4%	No	No	4.55000	0.01030	4.53970	Actual/360	32,108.61	385,303.32	11/10/14	01/05/15
56	JPMCB	Gander Mountain	0.4%	No	No	4.30000	0.01030	4.28970	Actual/360	22,629.68	271,556.20	10/20/14	12/01/14

A-1-5

ANNEX A-1


								Net
			% of Initial	Crossed	Related	Interest	Admin.	Mortgage		Monthly Debt	Annual Debt		First	Partial IO	Partial IO Loan
Loan #	Seller(1)	Property Name	Pool Balance	Loan	Borrower(7)	Rate %(8)	Fee %(8)	Rate %(8)	Accrual Type	Service ($)(9)(10)	Service ($)(10)	Note Date	Payment Date(11)	Last IO Payment	First P&I Payment
57	GECC	153-157 West Ohio St	0.4%	No	Yes - Group 4	4.44000	0.01030	4.42970	Actual/360	30,564.93	366,779.16	11/10/14	01/01/15
58	JPMCB	3445 North Causeway	0.4%	No	No	3.67900	0.01030	3.66870	Actual/360	17,717.96	212,615.54	11/12/14	01/01/15
59	Barclays	Rockaway Shopping Center	0.4%	No	No	4.63000	0.01030	4.61970	Actual/360	29,288.32	351,459.84	11/13/14	01/06/15
60	RCMC	701 Martinsville	0.3%	No	No	4.63000	0.01030	4.61970	Actual/360	28,161.85	337,942.20	10/01/14	11/05/14
61	RAIT	ATR Transmissions	0.3%	No	No	4.90000	0.01030	4.88970	Actual/360	21,892.48	262,709.76	07/25/14	09/01/14
62	Column	Northridge Plaza	0.3%	No	No	4.57000	0.01030	4.55970	Actual/360	20,424.12	245,089.44	09/25/14	11/06/14
63	Column	Copper Creek Apartments	0.3%	No	Yes - Group 5	4.50000	0.01030	4.48970	Actual/360	19,254.04	231,048.48	09/25/14	11/06/14	10/06/16	11/06/16
64	RAIT	Cottages at Hooper Hill	0.2%	No	No	4.85000	0.01030	4.83970	Actual/360	17,677.68	212,132.16	11/14/14	01/01/15
65	RAIT	Tractor Supply - Flagstaff	0.2%	No	No	4.77000	0.01030	4.75970	Actual/360	16,208.46	194,501.52	10/23/14	12/01/14
66	GECC	Colonial Manor MHC	0.2%	No	No	4.82000	0.01030	4.80970	Actual/360	14,461.56	173,538.72	08/28/14	10/01/14	09/01/16	10/01/16
67	Column	Mobile Gardens MHC	0.2%	No	No	4.76000	0.01030	4.74970	Actual/360	13,865.74	166,388.88	08/07/14	10/06/14
68	GECC	Lakeshore - Summit Village/Blue Coral MHC Portfolio	0.2%	No	No	4.83000	0.01030	4.81970	Actual/360	13,214.65	158,575.80	10/28/14	12/01/14
69	Column	Harvard Court Townhouses	0.1%	No	Yes - Group 5	4.87000	0.01030	4.85970	Actual/360	10,948.33	131,379.96	06/18/14	08/06/14	07/06/15	08/06/15

A-1-6

ANNEX A-1



			Rem.(11)	Rem.			Payment	Grace Period	Grace Period			Final	Maturity/ARD	Maturity	Prepayment
Loan #	Seller(1)	Property Name	Term	Amort	I/O Period(11)	Seasoning	Due Date	(Late Payment)	(Default)	Maturity Date(11)	ARD Loan(11)	Mat Date(11)	Balance ($)(5)	LTV %(4)	Provision (Payments)(11)(12)
1	Column	500 Fifth Avenue	118	0	120	2	6	0	0	10/06/24	No		100,000,000	33.3%	L(26),Def(89),O(5)
2	JPMCB	1515 Market	121	360	61	0	1	0	0	01/01/25	No		58,157,544	66.8%	L(26),Grtr1%orYM(92),O(3)
3	JPMCB	Wells Fargo Center Tampa	60	360	0	0	1	0	0	12/01/19	No		54,914,163	70.4%	L(24),Grtr1%orYM(12),O(24)
4	JPMCB	Heron Lakes	120	360	24	0	1	0	0	12/01/24	No		44,392,143	62.5%	L(25),Grtr1%orYM(91),O(4)
5	JPMCB	Shaner Hotels Limited Service Portfolio	119	360	24	1	1	0	0	11/01/24	No		42,517,443	58.8%	L(25),Def(91),O(4)
5.01	JPMCB	Holiday Inn Express - Charleston											8,238,556
5.02	JPMCB	Courtyard - Mechanicsburg											7,648,867
5.03	JPMCB	Courtyard - St. Augustine											6,324,203
5.04	JPMCB	Fairfield Inn & Suites - Augusta											6,178,917
5.05	JPMCB	Courtyard - Jacksonville - I295 East											5,443,942
5.06	JPMCB	Fairfield Inn & Suites - Lakeland											4,708,967
5.07	JPMCB	Fairfield Inn & Suites - St. Augustine											3,973,992
6	Column	St. Louis Premium Outlets	118	360	60	2	6	0	0	10/06/24	No		43,158,196	65.1%	L(26),Def(87),O(7)
7	GECC	Centergy One	120	360	24	0	1	5	5	12/01/24	No		39,176,320	64.2%	L(24),Def(93),O(3)
8	JPMCB	The Outlet Shoppes of the Bluegrass	120	360	0	0	1	5	0	12/01/24	No		35,506,614	49.7%	L(25),Grtr1%orYM(91),O(4)
9	Barclays	United Healthcare Office	58	0	60	2	6	0	0	10/06/19	No		42,000,000	70.0%	L(26),Def(27),O(7)
10	JPMCB	117 Kendrick Street	120	360	60	0	1	0	0	12/01/24	No		36,087,792	68.1%	L(13),Grtr1%orYM(94),O(13)
11	Column	The View & Legends	58	360	24	2	6	0	0	10/06/19	Yes	10/06/24	36,619,487	71.8%	L(26),Def(27),O(7)
11.01	Column	View at Kessler Park											21,540,875
11.02	Column	Legends on Lake Highlands											15,078,612
12	RCMC	Arbor Gate	120	360	24	0	5	0	0	12/05/24	No		32,659,997	61.9%	L(24),Def(92),O(4)
13	Column	Threshold Multifamily Portfolio II	119	324	42	1	6	0	0	11/06/24	No		32,701,018	68.8%	L(25),Def(88),O(7)
13.01	Column	Gable Oaks											12,585,250
13.02	Column	Sharon Pointe											10,659,638
13.03	Column	Woodbrook											9,456,130
14	JPMCB	Columbia Centre I & II	119	360	24	1	1	0	0	11/01/24	No		31,562,365	59.3%	L(25),Def(92),O(3)
15	Barclays	Holiday Inn & Suites Across from Universal Studios	120	360	36	0	6	0	0	12/06/24	No		31,439,924	53.7%	L(24),Def(92),O(4)
16	Barclays	Belford Towers Apartments	119	359	0	1	6	0	0	11/06/24	No		28,209,740	40.8%	L(25),Def(88),O(7)
17	JPMCB	Hyatt Regency Lexington	120	360	24	0	1	0	0	12/01/24	No		29,579,950	68.8%	L(26),Grtr1%orYM(91),O(3)
18	Column	Threshold Multifamily Portfolio III	119	324	42	1	6	0	0	11/06/24	No		28,401,906	68.2%	L(25),Def(88),O(7)
18.01	Column	Huntersville Apartments											8,871,570
18.02	Column	Wexford Apartments											6,774,028
18.03	Column	Davidson Apartments											6,395,783
18.04	Column	Marion Ridge Apartments											6,360,525
19	Barclays	West Shore Plaza Shopping Center	120	360	36	0	6	0	0	12/06/24	No		27,949,863	58.0%	L(24),Def(89),O(7)
20	RCMC	543 Howard	117	297	0	3	5	0	0	09/05/24	No		20,655,908	37.7%	L(27),Def(89),O(4)
21	Barclays	International Corporate Center	120	360	60	0	6	0	0	12/06/24	No		27,039,031	65.9%	L(24),Def(89),O(7)
22	JPMCB	Marriott Fort Lauderdale	120	360	24	0	1	0	0	12/01/24	No		22,220,500	53.9%	L(26),Grtr1%orYM(91),O(3)
23	Barclays	Dedham Place	118	360	60	2	6	0	0	10/06/24	No		21,970,381	66.6%	L(24),Grtr1%orYM(92),O(4)
24	RCMC	Eagle View Apartments	119	360	12	1	5	0	0	11/05/24	No		19,909,775	60.3%	L(25),Def(91),O(4)
25	RAIT	Newington Commons	118	360	24	2	1	5	5	10/01/24	No		20,654,266	63.9%	L(26),Def(90),O(4)
26	JPMCB	Florida Multifamily Portfolio	119	360	36	1	1	0	0	11/01/24	No		19,587,387	58.1%	L(25),Def(92),O(3)
26.01	JPMCB	Lakeland Manor											3,144,522
26.02	JPMCB	Kings Trail											3,043,511
26.03	JPMCB	Rolling Hills											2,714,127
26.04	JPMCB	Bella Mar I & II											2,064,142
26.05	JPMCB	Jacksonville Heights											1,721,582
26.06	JPMCB	Del Rio											1,379,022
26.07	JPMCB	Lago Bello											1,097,948
26.08	JPMCB	Tanglewood											1,018,895
26.09	JPMCB	Mount Dora											1,018,895
26.10	JPMCB	North Washington											1,115,515
26.11	JPMCB	Brandywyne											632,418
26.12	JPMCB	Landings											500,664
26.13	JPMCB	Country Place											136,146
27	Barclays	St. John Knits Campus	119	360	48	1	6	0	0	11/06/24	No		17,822,103	54.3%	L(25),Def(89),O(6)
28	Column	Westview Apartments	117	360	24	3	6	0	0	09/06/24	No		16,849,451	64.4%	L(27),Def(89),O(4)
29	JPMCB	1019 Market Street	61	0	61	0	1	0	0	01/01/20	Yes	08/01/22	19,300,000	40.0%	L(26),Grtr1%orYM(32),O(3)
30	Barclays	Fordham Road Business Park	59	360	36	1	6	0	0	11/06/19	No		17,911,899	67.6%	Grtr1%orYM(47),O(13)
31	JPMCB	Renaissance Boca Raton	120	360	24	0	1	0	0	12/01/24	No		15,802,986	50.8%	L(26),Grtr1%orYM(91),O(3)
32	RAIT	Broadway Marketplace - Parcel 2,3,4	59	359	0	1	1	5	5	11/01/19	No		15,283,737	64.8%	L(25),Def(31),O(4)
33	Barclays	Staybridge Suites Savannah Historic District	59	360	24	1	6	0	0	11/06/19	No		14,152,798	59.5%	L(25),Def(32),O(3)
34	JPMCB	Metro Centre	119	360	36	1	1	0	2 (one time per year)	11/01/24	No		12,726,390	60.6%	L(25),Grtr1%orYM(92),O(3)
35	JPMCB	Hilton Garden Inn Tampa Riverview	120	300	24	0	1	0	0	12/01/24	No		11,617,816	63.8%	L(25),Grtr1%orYM(93),O(2)
36	GECC	Whispering Palms MHC/RV	116	356	0	4	1	5	5	08/01/24	No		11,276,935	57.5%	L(28),Def(89),O(3)
37	RCMC	Hilton Garden Inn Westampton	120	300	0	0	5	0	0	12/05/24	No		10,178,570	50.9%	L(24),Def(92),O(4)
38	GECC	Riverstone - Deer Creek MHC	118	358	0	2	1	5	5	10/01/24	No		11,074,623	56.4%	L(26),Def(91),O(3)
39	RCMC	Eastwood Village Shopping Center	119	360	24	1	5	0	0	11/05/24	No		10,960,279	63.5%	L(25),Def(91),O(4)
40	JPMCB	Hilton Garden Inn Houston	120	360	0	0	1	0	0	12/01/24	No		9,272,599	48.3%	L(25),Grtr1%orYM(92),O(3)
41	RCMC	Westview Business Park	119	359	0	1	5	0	0	11/05/24	No		8,825,761	56.2%	L(25),Def(91),O(4)
42	RCMC	10 New Road	119	360	24	1	5	0	0	11/05/24	No		8,277,141	61.3%	L(25),Def(91),O(4)
43	GECC	Residence Inn - Dover	120	360	0	0	1	5	5	12/01/24	No		7,883,302	60.6%	L(24),Def(93),O(3)
44	Barclays	33 Boston Post Road	119	360	60	1	6	0	0	11/06/24	No		8,225,376	65.8%	L(24),Grtr1%orYM(92),O(4)
45	RAIT	Hampshire Park Apartments	119	360	36	1	1	5	5	11/01/24	No		7,969,561	68.0%	L(25),Def(91),O(4)
46	GECC	100 Provena Way	118	298	0	2	1	5	5	10/01/24	Yes	10/01/39	6,492,560	51.9%	L(26),Def(91),O(3)
47	Column	Forest Cove	118	360	12	2	6	0	0	10/06/24	No		6,994,891	48.2%	L(26),Def(91),O(3)
48	JPMCB	Guardian Self Storage	120	360	12	0	1	0	0	12/01/24	No		6,781,534	52.6%	L(25),Grtr1%orYM(92),O(3)
49	JPMCB	Summer Chase	119	0	120	1	1	0	0	11/01/24	No		7,760,000	69.6%	L(25),Grtr1%orYM(92),O(3)
50	Barclays	Walden Park Shopping Center	120	360	60	0	6	0	0	12/06/24	No		6,844,875	57.5%	L(24),Def(91),O(5)
51	Column	Candlewood Suites Indianapolis Airport	118	360	24	2	6	0	0	10/06/24	No		6,367,081	63.1%	L(26),Def(90),O(4)
52	RAIT	Lyncourt Apartments	120	360	36	0	1	5	5	12/01/24	No		6,387,934	63.9%	L(24),Def(92),O(4)
53	RCMC	Mill Creek Crossing	120	360	24	0	5	0	0	12/05/24	No		5,937,387	60.9%	L(24),Def(92),O(4)
54	RAIT	Cypress Pointe	120	360	36	0	1	5	5	12/01/24	No		5,776,728	59.6%	L(24),Def(92),O(4)
55	RCMC	American Water Works	60	360	0	0	5	0	0	12/05/19	No		5,769,609	68.4%	L(24),Def(32),O(4)
56	JPMCB	Gander Mountain	119	0	120	1	1	5	5	11/01/24	No		6,228,750	56.9%	L(25),Grtr1%orYM(92),O(3)

A-1-7

ANNEX A-1



			Rem.	Rem.			Payment	Grace Period	Grace Period			Final	Maturity/ARD	Maturity	Prepayment
Loan #	Seller(1)	Property Name	Term	Amort	I/O Period	Seasoning	Due Date	(Late Payment)	(Default)	Maturity Date(11)	ARD Loan(11)	Mat Date(11)	Balance ($)(5)	LTV %(4)	Provision (Payments)(12)
57	GECC	153-157 West Ohio St	120	360	0	0	1	5	5	12/01/24	No		4,901,746	59.8%	L(24),Def(93),O(3)
58	JPMCB	3445 North Causeway	60	0	60	0	1	0	0	12/01/19	No		5,700,000	55.9%	L(25),Grtr1%orYM(31),O(4)
59	Barclays	Rockaway Shopping Center	120	300	0	0	6	0	0	12/06/24	No		3,835,404	45.4%	L(24),Def(92),O(4)
60	RCMC	701 Martinsville	118	298	0	2	5	0	0	10/05/24	No		3,687,954	47.3%	L(26),Def(90),O(4)
61	RAIT	ATR Transmissions	116	356	0	4	1	0	5	08/01/24	No		3,380,629	56.3%	L(28),Def(88),O(4)
62	Column	Northridge Plaza	118	358	0	2	6	0	0	10/06/24	No		3,243,515	55.4%	L(26),Def(87),O(7)
63	Column	Copper Creek Apartments	118	360	24	2	6	0	0	10/06/24	No		3,245,381	65.7%	L(26),Grtr1%orYM(90),O(4)
64	RAIT	Cottages at Hooper Hill	120	360	0	0	1	15	5	12/01/24	No		2,740,849	58.3%	L(24),Def(92),O(4)
65	RAIT	Tractor Supply - Flagstaff	119	359	0	1	1	5	5	11/01/24	No		2,529,409	52.7%	L(25),Def(91),O(4)
66	GECC	Colonial Manor MHC	117	360	24	3	1	5	5	09/01/24	No		2,368,374	63.2%	L(27),Def(90),O(3)
67	Column	Mobile Gardens MHC	117	357	0	3	6	0	0	09/06/24	No		2,165,626	58.5%	L(27),Def(90),O(3)
68	GECC	Lakeshore - Summit Village/Blue Coral MHC Portfolio	119	359	0	1	1	5	5	11/01/24	No		2,052,108	57.0%	L(25),Def(92),O(3)
69	Column	Harvard Court Townhouses	115	360	12	5	6	0	0	07/06/24	No		1,741,399	56.2%	L(29),Grtr1%orYM(87),O(4)

A-1-8

ANNEX A-1

			HISTORICAL FINANCIALS(13)

			2011	2011	2011	2012	2012	2012	2013	2013	2013	Most Recent	Most Recent	Most Recent
Loan #	Seller(1)	Property Name	Revenues ($)	Total Expenses ($)	NOI ($)	Revenues ($)	Total Expenses ($)	NOI ($)	Revenues ($)	Total Expenses ($)	NOI ($)	Revenues ($)	Total Expenses ($)	NOI ($)	As of
1	Column	500 Fifth Avenue	37,929,122	16,545,496	21,383,626	38,676,676	17,661,985	21,014,691	38,129,508	18,667,607	19,461,901	37,579,836	18,771,752	18,808,084	07/31/14
2	JPMCB	1515 Market	12,020,806	5,947,512	6,073,294	10,508,177	5,701,084	4,807,093	9,609,604	5,519,383	4,090,220	10,441,545	5,562,663	4,878,882	10/31/14
3	JPMCB	Wells Fargo Center Tampa	6,154,791	3,398,422	2,756,369	5,956,827	3,615,108	2,341,719	6,623,829	3,705,127	2,918,702	7,002,682	3,826,138	3,176,544	09/30/14
4	JPMCB	Heron Lakes	7,031,517	2,524,825	4,506,692	7,260,348	2,699,504	4,560,844	7,284,620	2,777,656	4,506,964	7,713,318	3,008,652	4,704,666	09/30/14
5	JPMCB	Shaner Hotels Limited Service Portfolio	16,825,553	13,657,403	3,168,150	18,456,176	14,340,041	4,116,135	18,973,831	14,300,185	4,673,646	20,021,078	14,678,222	5,342,856	08/31/14
5.01	JPMCB	Holiday Inn Express - Charleston	4,232,597	3,301,788	930,809	4,444,710	3,569,264	875,446	4,379,697	3,483,569	896,128	4,389,764	3,534,039	855,725	08/31/14
5.02	JPMCB	Courtyard - Mechanicsburg	2,873,706	2,239,448	634,258	3,067,684	2,238,083	829,601	3,119,003	2,316,776	802,227	3,160,095	2,211,272	948,823	08/31/14
5.03	JPMCB	Courtyard - St. Augustine	2,159,520	1,941,972	217,548	2,556,182	2,052,289	503,893	2,760,977	2,045,014	715,963	3,020,902	2,115,840	905,062	08/31/14
5.04	JPMCB	Fairfield Inn & Suites - Augusta	2,199,943	1,335,229	864,714	2,256,928	1,458,855	798,073	2,294,145	1,484,670	809,475	2,377,027	1,539,871	837,156	08/31/14
5.05	JPMCB	Courtyard - Jacksonville - I295 East	2,129,482	1,777,770	351,712	2,402,733	1,920,228	482,505	2,313,979	1,824,881	489,098	2,593,854	1,966,411	627,443	08/31/14
5.06	JPMCB	Fairfield Inn & Suites - Lakeland	1,685,165	1,529,299	155,866	1,954,343	1,630,304	324,039	2,057,419	1,592,864	464,555	2,244,488	1,648,091	596,397	08/31/14
5.07	JPMCB	Fairfield Inn & Suites - St. Augustine	1,545,140	1,531,897	13,243	1,773,596	1,471,019	302,577	2,048,611	1,552,411	496,200	2,234,948	1,662,698	572,250	08/31/14
6	Column	St. Louis Premium Outlets										15,516,744	6,597,139	8,919,605	06/30/14
7	GECC	Centergy One	7,623,043	2,713,339	4,909,704	6,809,767	2,965,067	3,844,700	6,867,037	2,971,958	3,895,078	7,190,718	2,947,746	4,242,972	09/30/14
8	JPMCB	The Outlet Shoppes of the Bluegrass
9	Barclays	United Healthcare Office							5,817,297	127,330	5,689,966	5,857,563	118,826	5,738,737	06/30/14
10	JPMCB	117 Kendrick Street	2,042,874	2,019,629	23,245	3,535,293	1,691,690	1,843,603	4,303,885	1,659,593	2,644,292	4,493,461	1,901,851	2,591,611	10/31/14
11	Column	The View & Legends							4,546,082	2,767,411	1,778,671	5,494,597	2,930,659	2,563,938	07/31/14
11.01	Column	View at Kessler Park							2,398,563	1,594,685	803,878	3,048,673	1,717,758	1,330,915	07/31/14
11.02	Column	Legends on Lake Highlands							2,147,519	1,172,726	974,793	2,445,924	1,212,901	1,233,023	07/31/14
12	RCMC	Arbor Gate	3,731,983	1,636,568	2,095,415	4,491,841	1,691,924	2,799,918	4,653,313	1,719,350	2,933,963	4,865,629	1,817,138	3,048,491	08/31/14
13	Column	Threshold Multifamily Portfolio II	4,156,903	2,128,331	2,028,572	4,463,359	2,029,865	2,433,494	4,725,601	2,093,666	2,631,935	5,005,363	2,083,914	2,921,449	08/31/14
13.01	Column	Gable Oaks	1,609,469	900,829	708,640	1,676,896	876,937	799,959	1,809,568	870,819	938,749	1,979,437	861,927	1,117,510	08/31/14
13.02	Column	Sharon Pointe	1,239,122	653,175	585,947	1,416,728	583,525	833,203	1,512,195	648,998	863,197	1,587,678	643,309	944,369	08/31/14
13.03	Column	Woodbrook	1,308,312	574,327	733,985	1,369,735	569,403	800,332	1,403,838	573,849	829,989	1,438,248	578,678	859,570	08/31/14
14	JPMCB	Columbia Centre I & II				4,622,134	3,337,484	1,284,650	5,625,034	3,652,214	1,972,820	6,090,313	3,807,739	2,282,574	07/31/14
15	Barclays	Holiday Inn & Suites Across from Universal Studios	6,489,439	4,169,214	2,320,225	9,329,631	5,727,476	3,602,155	10,383,357	6,269,650	4,113,707	11,405,801	7,305,041	4,100,760	09/30/14
16	Barclays	Belford Towers Apartments	6,657,432	3,489,637	3,167,795	6,809,316	3,451,843	3,357,473	7,180,525	3,351,521	3,829,004	7,385,457	3,523,352	3,862,105	08/31/14
17	JPMCB	Hyatt Regency Lexington	16,562,259	13,282,054	3,280,205	16,422,944	13,512,530	2,910,414	17,331,484	13,994,460	3,337,024	17,954,271	14,343,958	3,610,313	09/30/14
18	Column	Threshold Multifamily Portfolio III	4,187,172	2,110,533	2,076,639	4,367,942	2,021,109	2,346,833	4,470,454	2,072,238	2,398,216	7,098,997	3,182,286	3,916,711	08/31/14
18.01	Column	Huntersville Apartments	1,220,207	556,966	663,241	1,308,053	558,660	749,393	1,340,741	541,318	799,423	2,129,996	817,392	1,312,604	08/31/14
18.02	Column	Wexford Apartments	992,476	519,907	472,569	1,041,131	498,250	542,881	1,054,283	489,614	564,669	1,689,134	821,259	867,875	08/31/14
18.03	Column	Davidson Apartments	987,038	540,612	446,426	1,003,446	505,536	497,910	1,068,301	542,210	526,091	1,729,274	775,231	954,043	08/31/14
18.04	Column	Marion Ridge Apartments	987,451	493,048	494,403	1,015,312	458,663	556,649	1,007,129	499,096	508,033	1,550,594	768,404	782,190	08/31/14
19	Barclays	West Shore Plaza Shopping Center	4,067,815	1,165,103	2,902,712	4,065,570	1,185,147	2,880,424	4,053,018	1,176,810	2,876,208	4,233,282	1,208,297	3,024,985	09/30/14
20	RCMC	543 Howard				2,208,181	738,251	1,469,930	2,344,555	754,411	1,590,144	2,108,723	758,162	1,350,561	06/30/14
21	Barclays	International Corporate Center	5,057,775	1,890,058	3,167,716	4,006,198	1,833,340	2,172,858	4,607,475	1,925,273	2,682,202	4,901,444	1,996,435	2,905,008	09/30/14
22	JPMCB	Marriott Fort Lauderdale	12,589,230	10,322,414	2,266,816	12,788,731	10,182,229	2,606,502	12,830,900	10,244,494	2,586,406	13,116,999	10,490,759	2,626,240	09/30/14
23	Barclays	Dedham Place	3,912,546	1,566,044	2,346,502	4,095,304	1,642,749	2,452,555	3,839,457	1,659,006	2,180,451
24	RCMC	Eagle View Apartments										1,303,127	319,975	983,152	08/31/14
25	RAIT	Newington Commons	3,405,106	1,149,264	2,255,842	3,369,278	1,130,139	2,239,139	3,363,522	1,301,980	2,061,542	3,662,850	1,346,646	2,316,204	07/31/14
26	JPMCB	Florida Multifamily Portfolio										14,745,361	8,153,513	6,591,848	Various
26.01	JPMCB	Lakeland Manor										2,212,681	1,316,223	896,458	07/31/14
26.02	JPMCB	Kings Trail										2,169,834	1,159,830	1,010,004	07/31/14
26.03	JPMCB	Rolling Hills										1,870,065	993,195	876,870	07/31/14
26.04	JPMCB	Bella Mar I & II										1,750,018	1,035,259	714,760	07/31/14
26.05	JPMCB	Jacksonville Heights										1,220,188	671,139	549,049	07/31/14
26.06	JPMCB	Del Rio										1,179,431	806,756	372,674	07/31/14
26.07	JPMCB	Lago Bello										846,430	532,233	314,197	07/31/14
26.08	JPMCB	Tanglewood										825,716	434,057	391,659	08/31/14
26.09	JPMCB	Mount Dora										825,032	355,111	469,921	08/31/14
26.10	JPMCB	North Washington										788,370	353,712	434,657	07/31/14
26.11	JPMCB	Brandywyne										532,799	259,623	273,176	08/31/14
26.12	JPMCB	Landings										400,450	192,878	207,572	07/31/14
26.13	JPMCB	Country Place										124,349	43,496	80,853	07/31/14
27	Barclays	St. John Knits Campus	2,125,575	9,461	2,116,114	2,128,082	9,881	2,118,201	2,138,764	12,497	2,126,267	2,138,763	7,143	2,131,620	07/31/14
28	Column	Westview Apartments	2,728,517	1,457,237	1,271,280	2,728,093	1,261,101	1,466,992	2,932,806	1,464,170	1,468,636	3,086,678	1,539,444	1,547,234	05/31/14
29	JPMCB	1019 Market Street
30	Barclays	Fordham Road Business Park	2,888,022	1,260,041	1,627,982	3,075,203	1,272,847	1,802,356	2,953,822	1,164,269	1,789,553	3,089,066	1,231,879	1,857,188	06/30/14
31	JPMCB	Renaissance Boca Raton	8,714,630	7,102,581	1,612,049	8,831,497	7,118,578	1,712,919	8,535,229	7,054,538	1,480,691	9,411,689	7,454,379	1,957,310	09/30/14
32	RAIT	Broadway Marketplace - Parcel 2,3,4				2,099,802	633,779	1,466,023	2,090,354	625,989	1,464,365	2,139,525	612,665	1,526,860	06/30/14
33	Barclays	Staybridge Suites Savannah Historic District	3,344,722	2,328,473	1,016,249	3,642,577	2,465,098	1,177,479	3,994,171	2,528,609	1,465,562	4,352,939	2,716,258	1,636,681	10/31/14
34	JPMCB	Metro Centre	2,524,959	828,062	1,696,897	2,505,332	703,393	1,801,939	2,546,801	747,928	1,798,873	2,649,009	816,598	1,832,410	07/31/14
35	JPMCB	Hilton Garden Inn Tampa Riverview	3,643,217	2,670,310	972,907	4,122,492	2,903,300	1,219,192	4,234,345	3,012,882	1,221,463	4,577,335	3,148,380	1,428,955	09/30/14
36	GECC	Whispering Palms MHC/RV	1,861,312	777,291	1,084,021	1,938,023	768,962	1,169,062	2,030,557	788,601	1,241,955	2,070,563	764,033	1,306,530	08/31/14
37	RCMC	Hilton Garden Inn Westampton				5,743,484	4,079,030	1,664,454	5,814,601	4,278,104	1,536,497	6,010,121	4,503,374	1,506,747	08/31/14
38	GECC	Riverstone - Deer Creek MHC				2,173,966	1,088,492	1,085,474	2,278,868	1,106,429	1,172,438	2,513,812	1,143,678	1,370,134	09/30/14
39	RCMC	Eastwood Village Shopping Center				1,903,168	418,631	1,484,538	2,125,606	415,649	1,709,957	2,063,326	393,638	1,669,688	06/30/14
40	JPMCB	Hilton Garden Inn Houston	3,042,587	2,471,258	571,329	3,112,542	2,207,795	904,746	3,671,429	2,580,244	1,091,185	4,049,337	2,783,982	1,265,354	09/30/14
41	RCMC	Westview Business Park	461,886	260,984	200,902	452,728	231,551	221,177	848,958	254,675	594,283	998,243	289,703	708,540	09/10/14
42	RCMC	10 New Road							1,424,345	957,340	467,005	1,840,096	979,969	860,127	08/31/14
43	GECC	Residence Inn - Dover	3,113,920	1,830,892	1,283,028	3,261,128	1,730,756	1,530,372	3,196,928	1,733,333	1,463,595	3,326,113	1,752,196	1,573,917	08/31/14
44	Barclays	33 Boston Post Road				1,239,579	630,630	608,949	1,594,622	711,773	882,849	1,724,117	716,102	1,008,015	08/28/14
45	RAIT	Hampshire Park Apartments	1,743,774	1,014,175	729,599	1,804,210	983,754	820,456	1,799,678	1,017,394	782,284	1,822,528	1,066,234	756,294	07/31/14
46	GECC	100 Provena Way	981,830	217,593	764,237	975,240	224,423	750,817	1,020,874	216,213	804,661	1,022,469	212,196	810,273	07/31/14
47	Column	Forest Cove	1,377,501	1,108,712	268,789	1,257,183	508,947	748,236	1,448,747	511,846	936,901	1,592,574	618,951	973,623	06/30/14
48	JPMCB	Guardian Self Storage							438,609	297,109	141,500	936,917	411,286	525,631	09/30/14
49	JPMCB	Summer Chase				1,268,642	487,188	781,454	1,311,916	494,741	817,175	1,414,689	507,620	907,069	08/31/14
50	Barclays	Walden Park Shopping Center							917,093	303,510	613,583	841,311	360,509	480,802	09/30/14
51	Column	Candlewood Suites Indianapolis Airport	2,281,899	1,711,412	570,487	2,434,941	1,721,211	713,730	2,429,681	1,651,983	777,698	2,526,962	1,684,258	842,704	07/31/14
52	RAIT	Lyncourt Apartments
53	RCMC	Mill Creek Crossing				674,458	113,094	561,364	701,652	94,653	606,999	694,143	116,321	577,822	07/31/14
54	RAIT	Cypress Pointe				752,139	306,853	445,286	746,607	220,952	525,655	768,533	236,508	532,025	08/31/14
55	RCMC	American Water Works	1,002,787	176,159	826,628	989,092	143,100	845,992	938,318	131,557	806,761
56	JPMCB	Gander Mountain	837,496	144,556	692,939	822,580	130,237	692,342	893,849	136,112	757,737

A-1-9

ANNEX A-1

			HISTORICAL FINANCIALS(13)

			2011	2011	2011	2012	2012	2012	2013	2013	2013	Most Recent	Most Recent	Most Recent
Loan #	Seller(1)	Property Name	Revenues ($)	Total Expenses ($)	NOI ($)	Revenues ($)	Total Expenses ($)	NOI ($)	Revenues ($)	Total Expenses ($)	NOI ($)	Revenues ($)	Total Expenses ($)	NOI ($)	As of
57	GECC	153-157 West Ohio St				921,123	346,753	574,370	987,421	388,348	599,073	1,017,708	408,096	609,611	09/30/14
58	JPMCB	3445 North Causeway	1,652,958	1,161,246	491,712	1,852,779	1,119,400	733,379	1,824,119	1,250,629	573,490
59	Barclays	Rockaway Shopping Center				555,705	97,032	458,673	597,964	96,120	501,844
60	RCMC	701 Martinsville	660,000	323,746	336,254	660,000	265,411	394,589	660,000	79,863	580,137	660,000	0	660,000	09/01/14
61	RAIT	ATR Transmissions	450,130	169,760	280,370	420,000	148,255	271,745	480,000	176,004	303,996	480,000	176,004	303,996	05/31/14
62	Column	Northridge Plaza	546,193	127,396	418,797	568,945	137,343	431,602	566,729	135,792	430,937	569,458	136,325	433,133	06/30/14
63	Column	Copper Creek Apartments	881,947	553,222	328,725	879,215	543,878	335,337	871,823	488,910	382,913	868,842	490,697	378,145	07/31/14
64	RAIT	Cottages at Hooper Hill
65	RAIT	Tractor Supply - Flagstaff
66	GECC	Colonial Manor MHC	413,081	196,191	216,890	411,269	231,774	179,495	426,136	213,877	212,259	431,877	214,477	217,400	09/30/14
67	Column	Mobile Gardens MHC				519,919	270,349	249,570	496,750	250,444	246,306	528,397	251,621	276,776	06/30/14
68	GECC	Lakeshore - Summit Village/Blue Coral MHC Portfolio				544,237	304,612	239,625	539,301	337,802	201,499	529,141	341,178	187,963	09/30/14
69	Column	Harvard Court Townhouses	346,751	183,054	163,697	361,682	170,137	191,545	367,767	157,028	210,739	362,333	160,258	202,075	04/30/14

A-1-10

ANNEX A-1


			UW
			Economic	UW	UW Total	UW	UW Capital	UW	UW	UW NCF	UW NOI	UW NCF		Ground Lease
Loan #	Seller(1)	Property Name	Occupancy %	Revenues ($)(3)	Expenses ($)	NOI ($)(3)(14)	Items ($)	NCF ($)(3)(14)	NOI DSCR(15)	DSCR(15)	Debt Yield %	Debt Yield %	Title Type(16)	Expiration
1	Column	500 Fifth Avenue	92.5%	48,087,824	20,697,525	27,390,298	2,956,988	24,433,310	3.77	3.37	13.7%	12.2%	Fee
2	JPMCB	1515 Market	89.3%	12,069,378	5,487,872	6,581,505	907,972	5,673,534	1.74	1.50	10.3%	8.9%	Fee
3	JPMCB	Wells Fargo Center Tampa	91.4%	9,349,535	3,965,225	5,384,310	425,981	4,958,329	1.44	1.33	9.0%	8.3%	Fee
4	JPMCB	Heron Lakes	95.0%	7,968,098	3,137,765	4,830,334	542,039	4,288,295	1.53	1.36	9.3%	8.2%	Fee
5	JPMCB	Shaner Hotels Limited Service Portfolio	73.4%	20,021,078	14,708,924	5,312,154	0	5,312,154	1.75	1.75	10.7%	10.7%	Fee/Leasehold
5.01	JPMCB	Holiday Inn Express - Charleston	68.6%	4,389,764	3,519,852	869,912	0	869,912					Leasehold	Hotel: 8/31/2023; Parking Lot: 8/31/2023
5.02	JPMCB	Courtyard - Mechanicsburg	75.8%	3,160,095	2,217,510	942,585	0	942,585					Fee
5.03	JPMCB	Courtyard - St. Augustine	76.5%	3,020,902	2,119,873	901,029	0	901,029					Fee
5.04	JPMCB	Fairfield Inn & Suites - Augusta	72.3%	2,377,027	1,542,376	834,651	0	834,651					Fee
5.05	JPMCB	Courtyard - Jacksonville - I295 East	74.0%	2,593,854	1,998,136	595,718	0	595,718					Fee
5.06	JPMCB	Fairfield Inn & Suites - Lakeland	72.1%	2,244,488	1,645,100	599,388	0	599,388					Fee
5.07	JPMCB	Fairfield Inn & Suites - St. Augustine	80.0%	2,234,948	1,666,077	568,871	0	568,871					Fee
6	Column	St. Louis Premium Outlets	95.0%	14,361,102	6,213,688	8,147,414	421,754	7,725,659	1.49	1.41	8.6%	8.1%	Fee
7	GECC	Centergy One	96.2%	6,943,759	2,883,369	4,060,390	418,168	3,642,223	1.44	1.29	8.9%	8.0%	Fee
8	JPMCB	The Outlet Shoppes of the Bluegrass	97.5%	12,708,777	3,976,907	8,731,870	562,437	8,169,433	1.96	1.83	11.3%	10.5%	Fee
9	Barclays	United Healthcare Office	100.0%	4,209,843	84,197	4,125,646	36,742	4,088,904	2.04	2.02	9.8%	9.7%	Fee
10	JPMCB	117 Kendrick Street	94.1%	5,493,570	2,037,084	3,456,486	329,911	3,126,575	1.47	1.33	8.7%	7.9%	Fee
11	Column	The View & Legends	88.8%	6,135,171	2,805,343	3,329,828	165,245	3,164,583	1.32	1.25	8.7%	8.3%	Fee
11.01	Column	View at Kessler Park	88.5%	3,375,430	1,516,302	1,859,128	76,245	1,782,883					Fee
11.02	Column	Legends on Lake Highlands	89.2%	2,759,741	1,289,041	1,470,700	89,000	1,381,700					Fee
12	RCMC	Arbor Gate	95.0%	5,232,445	1,838,775	3,393,669	259,934	3,133,735	1.44	1.33	8.9%	8.2%	Fee
13	Column	Threshold Multifamily Portfolio II	93.1%	5,138,581	2,103,609	3,034,971	152,500	2,882,471	1.26	1.19	8.0%	7.6%	Fee
13.01	Column	Gable Oaks	94.0%	2,042,993	871,163	1,171,830	63,000	1,108,830					Fee
13.02	Column	Sharon Pointe	92.0%	1,643,999	644,702	999,297	47,500	951,797					Fee
13.03	Column	Woodbrook	93.1%	1,451,589	587,744	863,844	42,000	821,844					Fee
14	JPMCB	Columbia Centre I & II	87.5%	7,827,712	3,956,005	3,871,707	581,151	3,290,555	1.77	1.50	10.4%	8.8%	Fee/Leasehold	09/12/16
15	Barclays	Holiday Inn & Suites Across from Universal Studios	86.0%	11,405,801	7,302,653	4,103,148	0	4,103,148	1.90	1.90	11.4%	11.4%	Fee
16	Barclays	Belford Towers Apartments	93.6%	7,335,242	3,454,932	3,880,310	117,000	3,763,310	1.84	1.79	11.1%	10.8%	Fee
17	JPMCB	Hyatt Regency Lexington	64.7%	17,704,935	14,201,441	3,503,495	0	3,503,495	1.56	1.56	10.3%	10.3%	Leasehold	04/30/17
18	Column	Threshold Multifamily Portfolio III	92.4%	4,740,615	2,093,660	2,646,955	155,000	2,491,955	1.26	1.19	8.0%	7.5%	Fee
18.01	Column	Huntersville Apartments	95.0%	1,423,469	549,896	873,573	43,500	830,073					Fee
18.02	Column	Wexford Apartments	94.8%	1,180,512	527,988	652,524	35,500	617,024					Fee
18.03	Column	Davidson Apartments	95.0%	1,167,011	530,297	636,714	39,000	597,714					Fee
18.04	Column	Marion Ridge Apartments	83.7%	969,623	485,479	484,144	37,000	447,144					Fee
19	Barclays	West Shore Plaza Shopping Center	88.0%	4,241,733	1,293,805	2,947,928	212,985	2,734,943	1.53	1.42	9.2%	8.5%	Fee
20	RCMC	543 Howard	92.0%	4,484,197	982,995	3,501,202	87,592	3,413,610	1.48	1.44	11.4%	11.1%	Fee
21	Barclays	International Corporate Center	90.9%	5,138,000	2,028,954	3,109,046	364,032	2,745,015	1.76	1.55	10.5%	9.3%	Fee
22	JPMCB	Marriott Fort Lauderdale	73.7%	13,116,999	10,496,360	2,620,639	0	2,620,639	1.64	1.64	10.1%	10.1%	Fee
23	Barclays	Dedham Place	88.6%	4,263,293	1,719,803	2,543,490	458,352	2,085,138	1.74	1.43	10.6%	8.7%	Fee
24	RCMC	Eagle View Apartments	95.0%	3,079,290	856,979	2,222,311	53,500	2,168,811	1.54	1.50	9.3%	9.0%	Fee
25	RAIT	Newington Commons	91.0%	3,133,724	1,079,437	2,054,287	123,412	1,930,875	1.36	1.28	8.6%	8.0%	Fee
26	JPMCB	Florida Multifamily Portfolio	91.8%	16,092,120	8,756,904	7,335,216	810,793	6,524,423	2.07	1.84	12.8%	11.4%	Fee
26.01	JPMCB	Lakeland Manor	91.7%	2,609,857	1,396,979	1,212,878	111,900	1,100,978					Fee
26.02	JPMCB	Kings Trail	92.8%	2,455,831	1,239,961	1,215,870	99,200	1,116,670					Fee
26.03	JPMCB	Rolling Hills	89.3%	1,989,755	1,076,661	913,094	115,200	797,894					Fee
26.04	JPMCB	Bella Mar I & II	92.1%	1,868,646	1,125,867	742,779	124,608	618,171					Fee
26.05	JPMCB	Jacksonville Heights	92.0%	1,333,706	696,077	637,629	72,141	565,488					Fee
26.06	JPMCB	Del Rio	93.1%	1,244,297	834,985	409,311	53,760	355,551					Fee
26.07	JPMCB	Lago Bello	92.6%	893,676	570,048	323,627	47,160	276,467					Fee
26.08	JPMCB	Tanglewood	91.7%	883,399	466,639	416,760	51,198	365,562					Fee
26.09	JPMCB	Mount Dora	92.6%	850,391	386,090	464,301	39,600	424,701					Fee
26.10	JPMCB	North Washington	92.7%	849,305	395,816	453,489	48,026	405,463					Fee
26.11	JPMCB	Brandywyne	89.6%	553,421	280,022	273,399	24,600	248,799					Fee
26.12	JPMCB	Landings	92.5%	428,011	202,158	225,853	18,000	207,853					Fee
26.13	JPMCB	Country Place	94.1%	131,826	85,600	46,226	5,400	40,826					Fee
27	Barclays	St. John Knits Campus	95.0%	2,215,400	79,209	2,136,191	99,384	2,036,807	1.81	1.73	10.7%	10.2%	Fee
28	Column	Westview Apartments	88.0%	3,157,709	1,528,325	1,629,384	83,750	1,545,634	1.33	1.26	8.3%	7.9%	Fee
29	JPMCB	1019 Market Street	95.0%	3,829,064	1,143,146	2,685,918	179,817	2,506,102	3.87	3.61	13.9%	13.0%	Fee
30	Barclays	Fordham Road Business Park	79.4%	3,196,591	1,210,528	1,986,064	293,252	1,692,812	1.77	1.51	10.7%	9.2%	Fee
31	JPMCB	Renaissance Boca Raton	75.4%	9,411,694	7,453,894	1,957,800	0	1,957,800	1.72	1.72	10.6%	10.6%	Fee
32	RAIT	Broadway Marketplace - Parcel 2,3,4	95.0%	2,064,331	631,414	1,432,917	96,645	1,336,272	1.39	1.29	8.6%	8.0%	Fee
33	Barclays	Staybridge Suites Savannah Historic District	79.4%	4,352,941	2,941,521	1,411,420	0	1,411,420	1.53	1.53	9.5%	9.5%	Fee
34	JPMCB	Metro Centre	94.2%	2,742,715	875,138	1,867,578	180,964	1,686,614	2.21	1.99	12.7%	11.5%	Fee
35	JPMCB	Hilton Garden Inn Tampa Riverview	73.7%	4,577,335	3,183,085	1,394,250	0	1,394,250	1.39	1.39	9.7%	9.7%	Fee
36	GECC	Whispering Palms MHC/RV	81.3%	2,081,102	747,605	1,333,497	25,740	1,307,757	1.59	1.56	9.6%	9.4%	Fee
37	RCMC	Hilton Garden Inn Westampton	76.2%	6,010,121	4,611,666	1,398,455	0	1,398,455	1.50	1.50	10.1%	10.1%	Fee
38	GECC	Riverstone - Deer Creek MHC	88.0%	2,700,313	1,092,297	1,608,016	21,000	1,587,016	1.91	1.89	11.8%	11.7%	Fee
39	RCMC	Eastwood Village Shopping Center	92.0%	1,985,402	515,428	1,469,974	154,394	1,315,580	1.92	1.72	11.4%	10.2%	Fee
40	JPMCB	Hilton Garden Inn Houston	67.1%	4,049,337	2,808,865	1,240,471	0	1,240,471	1.79	1.79	10.8%	10.8%	Fee
41	RCMC	Westview Business Park	86.7%	1,427,257	303,750	1,123,507	98,272	1,025,235	1.72	1.57	10.2%	9.3%	Fee
42	RCMC	10 New Road	91.8%	2,012,926	878,728	1,134,198	118,983	1,015,215	1.96	1.76	11.6%	10.4%	Fee
43	GECC	Residence Inn - Dover	81.3%	3,326,113	1,918,502	1,407,611	0	1,407,611	2.37	2.37	14.4%	14.4%	Fee
44	Barclays	33 Boston Post Road	88.0%	1,701,880	694,153	1,007,727	232,461	775,266	1.86	1.43	11.2%	8.6%	Fee
45	RAIT	Hampshire Park Apartments	93.4%	1,830,224	963,248	866,976	55,800	811,176	1.62	1.52	9.6%	9.0%	Fee
46	GECC	100 Provena Way	98.0%	1,128,378	211,100	917,278	13,461	903,817	1.53	1.50	10.5%	10.4%	Fee
47	Column	Forest Cove	95.0%	1,751,764	644,404	1,107,360	146,707	960,653	2.12	1.84	13.3%	11.5%	Fee
48	JPMCB	Guardian Self Storage	85.7%	1,185,482	413,381	772,101	7,942	764,159	1.58	1.57	9.4%	9.3%	Fee
49	JPMCB	Summer Chase	88.7%	1,395,314	547,938	847,376	50,400	796,976	2.43	2.28	10.9%	10.3%	Fee
50	Barclays	Walden Park Shopping Center	85.4%	1,079,419	392,948	686,471	45,404	641,067	1.54	1.43	9.2%	8.5%	Fee
51	Column	Candlewood Suites Indianapolis Airport	85.3%	2,528,405	1,851,262	677,143	0	677,143	1.44	1.44	9.2%	9.2%	Fee
52	RAIT	Lyncourt Apartments	93.6%	850,230	274,918	575,312	11,700	563,612	1.30	1.27	7.9%	7.7%	Fee
53	RCMC	Mill Creek Crossing	90.4%	860,744	144,523	716,221	52,014	664,207	1.68	1.55	10.3%	9.6%	Fee
54	RAIT	Cypress Pointe	85.9%	882,225	249,153	633,072	41,774	591,298	1.58	1.47	9.6%	9.0%	Fee
55	RCMC	American Water Works	95.0%	808,879	189,900	618,979	76,865	542,115	1.61	1.41	9.8%	8.6%	Fee
56	JPMCB	Gander Mountain	97.0%	995,005	299,710	695,295	55,062	640,233	2.56	2.36	11.2%	10.3%	Fee

A-1-11

ANNEX A-1


			UW
			Economic	UW	UW Total	UW	UW Capital	UW	UW	UW NCF	UW NOI	UW NCF		Ground Lease
Loan #	Seller(1)	Property Name	Occupancy %	Revenues ($)(3)	Expenses ($)	NOI ($)(3)(14)	Items ($)	NCF ($)(3)(14)	NOI DSCR(15)	DSCR(15)	Debt Yield %	Debt Yield %	Title Type(16)	Expiration
57	GECC	153-157 West Ohio St	91.6%	1,035,639	422,851	612,787	98,136	514,651	1.67	1.40	10.1%	8.5%	Fee
58	JPMCB	3445 North Causeway	87.3%	2,126,785	1,248,090	878,695	228,858	649,837	4.13	3.06	15.4%	11.4%	Fee
59	Barclays	Rockaway Shopping Center	92.0%	712,618	180,592	532,026	3,943	528,083	1.51	1.50	10.2%	10.2%	Fee
60	RCMC	701 Martinsville	93.0%	613,800	18,414	595,386	0	595,386	1.76	1.76	11.9%	11.9%	Fee
61	RAIT	ATR Transmissions	92.5%	701,497	281,300	420,197	30,021	390,176	1.60	1.49	10.2%	9.5%	Fee
62	Column	Northridge Plaza	95.0%	579,898	175,868	404,030	31,697	372,333	1.65	1.52	10.1%	9.3%	Fee
63	Column	Copper Creek Apartments	84.4%	881,674	513,802	367,872	29,700	338,172	1.59	1.46	9.7%	8.9%	Fee
64	RAIT	Cottages at Hooper Hill	94.4%	448,800	127,307	321,493	7,200	314,293	1.52	1.48	9.6%	9.4%	Fee
65	RAIT	Tractor Supply - Flagstaff	95.0%	287,972	12,595	275,377	3,431	271,946	1.42	1.40	8.9%	8.8%	Fee
66	GECC	Colonial Manor MHC	95.0%	421,087	196,338	224,749	5,964	218,786	1.30	1.26	8.2%	8.0%	Fee
67	Column	Mobile Gardens MHC	87.5%	526,588	244,557	282,032	9,200	272,832	1.70	1.64	10.7%	10.3%	Fee
68	GECC	Lakeshore - Summit Village/Blue Coral MHC Portfolio	72.9%	542,244	324,338	217,906	6,880	211,026	1.37	1.33	8.7%	8.4%	Fee
69	Column	Harvard Court Townhouses	93.5%	364,459	159,702	204,757	13,200	191,557	1.56	1.46	9.9%	9.3%	Fee

A-1-12

ANNEX A-1

					UPFRONT ESCROW(17)

			Ground Lease		Upfront Capex	Upfront Engin.	Upfront Envir.	Upfront TI/LC	Upfront RE Tax	Upfront Ins.	Upfront Debt Service	Upfront Other
Loan #	Seller(1)	Property Name	Extension Terms	PML %	Reserve ($)	Reserve ($)	Reserve ($)	Reserve ($)	Reserve ($)	Reserve ($)	Reserve ($)	Reserve ($)
1	Column	500 Fifth Avenue			0	413	0	0	0	0	0	16,028,841
2	JPMCB	1515 Market			8,371	212,750	0	54,167	911,434	0	0	2,594,604
3	JPMCB	Wells Fargo Center Tampa			800,000	759,484	0	40,576	116,465	0	0	1,310,815
4	JPMCB	Heron Lakes			5,250	47,500	0	39,375	94,445	9,479	0	5,087,669
5	JPMCB	Shaner Hotels Limited Service Portfolio			0	825	0	0	313,522	127,795	0	357,399
5.01	JPMCB	Holiday Inn Express - Charleston	Hotel: Five ten-year options; Parking Lot: Two five-year options
5.02	JPMCB	Courtyard - Mechanicsburg
5.03	JPMCB	Courtyard - St. Augustine
5.04	JPMCB	Fairfield Inn & Suites - Augusta
5.05	JPMCB	Courtyard - Jacksonville - I295 East
5.06	JPMCB	Fairfield Inn & Suites - Lakeland
5.07	JPMCB	Fairfield Inn & Suites - St. Augustine
6	Column	St. Louis Premium Outlets			0	0	0	0	0	0	0	0
7	GECC	Centergy One			0	155,183	0	1,463,271	223,837	38,125	0	0
8	JPMCB	The Outlet Shoppes of the Bluegrass			0	0	0	0	124,895	0	0	6,958,372
9	Barclays	United Healthcare Office			0	0	0	0	0	0	0	0
10	JPMCB	117 Kendrick Street			3,540	40,563	0	0	0	0	195,771	338,792
11	Column	The View & Legends			13,770	52,951	0	0	368,920	87,689	0	0
11.01	Column	View at Kessler Park
11.02	Column	Legends on Lake Highlands
12	RCMC	Arbor Gate			0	0	0	0	287,705	0	0	100,000
13	Column	Threshold Multifamily Portfolio II			0	75,675	0	0	392,471	65,347	0	0
13.01	Column	Gable Oaks
13.02	Column	Sharon Pointe
13.03	Column	Woodbrook
14	JPMCB	Columbia Centre I & II	None		8,651	0	0	54,071	371,332	0	0	1,014,048
15	Barclays	Holiday Inn & Suites Across from Universal Studios			0	0	0	0	0	0	0	250,000
16	Barclays	Belford Towers Apartments			0	100,750	0	0	76,104	0	0	0
17	JPMCB	Hyatt Regency Lexington	Five ten-year options		0	0	0	0	0	0	0	7,431,000
18	Column	Threshold Multifamily Portfolio III			0	121,929	0	0	268,265	63,567	0	0
18.01	Column	Huntersville Apartments
18.02	Column	Wexford Apartments
18.03	Column	Davidson Apartments
18.04	Column	Marion Ridge Apartments
19	Barclays	West Shore Plaza Shopping Center			0	37,620	0	0	0	0	0	1,575,400
20	RCMC	543 Howard		17%	400,000	0	0	0	101,177	35,458	0	3,894,436
21	Barclays	International Corporate Center			0	0	0	0	257,961	12,760	0	34,000
22	JPMCB	Marriott Fort Lauderdale			0	0	0	0	45,584	0	0	7,940,000
23	Barclays	Dedham Place			0	75,650	0	0	0	0	0	689,556
24	RCMC	Eagle View Apartments			0	0	0	0	12,153	25,299	0	0
25	RAIT	Newington Commons			600,000	0	0	0	209,873	68,468	0	224,396
26	JPMCB	Florida Multifamily Portfolio			67,589	335,156	0	0	570,864	0	0	0
26.01	JPMCB	Lakeland Manor
26.02	JPMCB	Kings Trail
26.03	JPMCB	Rolling Hills
26.04	JPMCB	Bella Mar I & II
26.05	JPMCB	Jacksonville Heights
26.06	JPMCB	Del Rio
26.07	JPMCB	Lago Bello
26.08	JPMCB	Tanglewood
26.09	JPMCB	Mount Dora
26.10	JPMCB	North Washington
26.11	JPMCB	Brandywyne
26.12	JPMCB	Landings
26.13	JPMCB	Country Place
27	Barclays	St. John Knits Campus		9%	0	0	0	0	0	0	0	0
28	Column	Westview Apartments			6,979	0	0	0	227,521	25,005	0	1,423,750
29	JPMCB	1019 Market Street		17%	0	0	0	0	0	0	0	241,088
30	Barclays	Fordham Road Business Park			0	20,348	0	0	0	0	0	49,583
31	JPMCB	Renaissance Boca Raton			0	0	0	0	27,406	0	0	3,753,000
32	RAIT	Broadway Marketplace - Parcel 2,3,4			300,000	0	0	0	165,695	16,514	0	0
33	Barclays	Staybridge Suites Savannah Historic District			0	0	0	0	0	0	0	1,188,327
34	JPMCB	Metro Centre			3,077	10,531	0	14,268	108,459	54,102	0	299,845
35	JPMCB	Hilton Garden Inn Tampa Riverview			15,250	0	0	0	32,445	0	0	0
36	GECC	Whispering Palms MHC/RV			0	0	0	0	151,365	9,705	0	140,000
37	RCMC	Hilton Garden Inn Westampton			1,000,000	0	0	0	57,796	0	0	0
38	GECC	Riverstone - Deer Creek MHC			0	38,563	0	0	170,962	20,543	0	0
39	RCMC	Eastwood Village Shopping Center			0	0	0	300,000	17,042	5,936	0	0
40	JPMCB	Hilton Garden Inn Houston			13,948	0	0	0	53,646	0	0	0
41	RCMC	Westview Business Park			0	0	0	190,000	38,568	0	0	47,535
42	RCMC	10 New Road			0	0	0	0	67,348	9,524	0	280,000
43	GECC	Residence Inn - Dover			0	0	0	0	30,200	15,000	0	816,162
44	Barclays	33 Boston Post Road			0	0	0	0	19,027	0	0	0
45	RAIT	Hampshire Park Apartments			150,000	0	0	0	36,392	10,468	0	0
46	GECC	100 Provena Way			0	0	0	1,603,373	12,436	10,750	0	0
47	Column	Forest Cove			2,900	101,675	0	185,208	95,349	5,835	0	0
48	JPMCB	Guardian Self Storage			662	0	0	0	58,723	0	0	0
49	JPMCB	Summer Chase			3,500	0	0	0	85,451	5,534	0	0
50	Barclays	Walden Park Shopping Center			0	0	0	0	0	12,341	0	1,562,475
51	Column	Candlewood Suites Indianapolis Airport			0	17,588	0	0	59,307	15,975	0	1,641,557
52	RAIT	Lyncourt Apartments			0	92,206	0	0	16,003	15,538	0	0
53	RCMC	Mill Creek Crossing			0	25,344	0	0	16,490	6,722	0	25,375
54	RAIT	Cypress Pointe		7%	0	0	0	0	19,926	6,585	0	100,000
55	RCMC	American Water Works			0	18,750	0	0	8,535	6,603	0	459,047
56	JPMCB	Gander Mountain			1,890	0	0	0	0	0	0	30,241

A-1-13

ANNEX A-1

					UPFRONT ESCROW(17)

			Ground Lease		Upfront Capex	Upfront Engin.	Upfront Envir.	Upfront TI/LC	Upfront RE Tax	Upfront Ins.	Upfront Debt Service	Upfront Other
Loan #	Seller(1)	Property Name	Extension Terms	PML %	Reserve ($)	Reserve ($)	Reserve ($)	Reserve ($)	Reserve ($)	Reserve ($)	Reserve ($)	Reserve ($)
57	GECC	153-157 West Ohio St			0	0	0	0	47,142	3,751	0	400,000
58	JPMCB	3445 North Causeway			0	423,880	0	0	128,676	0	0	81,363
59	Barclays	Rockaway Shopping Center			0	3,750	0	150,000	0	6,126	0	42,000
60	RCMC	701 Martinsville			0	16,250	0	0	20,909	5,435	0	0
61	RAIT	ATR Transmissions			0	0	0	0	14,994	22,289	0	0
62	Column	Northridge Plaza		17%	40,000	0	0	50,000	23,910	0	0	0
63	Column	Copper Creek Apartments			2,475	184,300	0	0	22,518	2,483	0	0
64	RAIT	Cottages at Hooper Hill			0	0	0	0	41,403	3,466	0	36,850
65	RAIT	Tractor Supply - Flagstaff			0	0	0	0	0	0	0	0
66	GECC	Colonial Manor MHC		13%	0	0	0	0	26,015	954	0	0
67	Column	Mobile Gardens MHC			767	0	0	0	5,774	2,009	0	5,000
68	GECC	Lakeshore - Summit Village/Blue Coral MHC Portfolio			0	81,340	0	0	3,170	10,463	0	0
69	Column	Harvard Court Townhouses		13%	1,100	0	0	0	15,086	1,836	0	0

A-1-14

ANNEX A-1

			MONTHLY ESCROW(18)						RESERVE CAPS(19)

			Monthly Capex	Monthly Envir.	Monthly TI/LC	Monthly RE Tax	Monthly Ins.	Monthly Other	CapEx	Envir.	TI/LC	RE Tax	Insur.	Debt Service	Other
Loan #	Seller(1)	Property Name	Reserve ($)	Reserve ($)	Reserve ($)	Reserve ($)	Reserve ($)	Reserve ($)	Reserve Cap ($)	Reserve Cap ($)	Reserve Cap ($)	Reserve Cap ($)	Reserve Cap ($)	Reserve Cap ($)	Reserve Cap ($)
1	Column	500 Fifth Avenue	Springing	0	Springing	Springing	Springing	0
2	JPMCB	1515 Market	8,371	0	54,167	91,144	Springing	Springing			3,750,000
3	JPMCB	Wells Fargo Center Tampa	4,870	0	40,576	116,465	Springing	0
4	JPMCB	Heron Lakes	5,250	0	39,375	94,445	Springing	0			1,890,000
5	JPMCB	Shaner Hotels Limited Service Portfolio	4% of Gross Revenues	0	0	47,334	21,303	210,732
5.01	JPMCB	Holiday Inn Express - Charleston
5.02	JPMCB	Courtyard - Mechanicsburg
5.03	JPMCB	Courtyard - St. Augustine
5.04	JPMCB	Fairfield Inn & Suites - Augusta
5.05	JPMCB	Courtyard - Jacksonville - I295 East
5.06	JPMCB	Fairfield Inn & Suites - Lakeland
5.07	JPMCB	Fairfield Inn & Suites - St. Augustine
6	Column	St. Louis Premium Outlets	Springing	0	Springing	Springing	Springing	0	210,877		1,054,386
7	GECC	Centergy One	4,224	0	31,679	74,612	5,446	0	150,000		1,140,000
8	JPMCB	The Outlet Shoppes of the Bluegrass	Springing	0	Springing	62,448	Springing	0	150,000
9	Barclays	United Healthcare Office	0	0	0	Springing	Springing	0
10	JPMCB	117 Kendrick Street	3,540	0	Springing	Springing	Springing	0
11	Column	The View & Legends	13,770	0	0	40,991	17,538	0
11.01	Column	View at Kessler Park
11.02	Column	Legends on Lake Highlands
12	RCMC	Arbor Gate	3,610	0	46,659	47,775	Springing	0			600,000
13	Column	Threshold Multifamily Portfolio II	12,902	0	0	35,679	7,261	0
13.01	Column	Gable Oaks
13.02	Column	Sharon Pointe
13.03	Column	Woodbrook
14	JPMCB	Columbia Centre I & II	8,651	0	54,071	92,779	Springing	27,124			1,946,569
15	Barclays	Holiday Inn & Suites Across from Universal Studios	4% of Gross Revenues	0	0	24,175	Springing	0
16	Barclays	Belford Towers Apartments	9,750	0	0	38,052	Springing	0	351,000
17	JPMCB	Hyatt Regency Lexington	4% of Gross Revenues	0	0	0	Springing	Springing
18	Column	Threshold Multifamily Portfolio III	13,387	0	0	24,388	7,063	0
18.01	Column	Huntersville Apartments
18.02	Column	Wexford Apartments
18.03	Column	Davidson Apartments
18.04	Column	Marion Ridge Apartments
19	Barclays	West Shore Plaza Shopping Center	3,199	0	14,928	71,489	Springing	0
20	RCMC	543 Howard	1,216	0	6,082	14,454	3,223	0			218,952
21	Barclays	International Corporate Center	4,074	0	21,073	54,003	6,380	Springing	146,670		850,000
22	JPMCB	Marriott Fort Lauderdale	4% of Gross Revenues	0	0	45,584	Springing	285,000
23	Barclays	Dedham Place	4,559	0	13,409	46,427	Springing	0	164,124		482,730
24	RCMC	Eagle View Apartments	4,458	0	0	4,051	8,433	0
25	RAIT	Newington Commons	2,373	0	7,911	52,468	7,608	0
26	JPMCB	Florida Multifamily Portfolio	183,167	0	0	71,358	72,855	0
26.01	JPMCB	Lakeland Manor
26.02	JPMCB	Kings Trail
26.03	JPMCB	Rolling Hills
26.04	JPMCB	Bella Mar I & II
26.05	JPMCB	Jacksonville Heights
26.06	JPMCB	Del Rio
26.07	JPMCB	Lago Bello
26.08	JPMCB	Tanglewood
26.09	JPMCB	Mount Dora
26.10	JPMCB	North Washington
26.11	JPMCB	Brandywyne
26.12	JPMCB	Landings
26.13	JPMCB	Country Place
27	Barclays	St. John Knits Campus	Springing	0	0	Springing	Springing	0
28	Column	Westview Apartments	6,979	0	0	28,440	6,251	0
29	JPMCB	1019 Market Street	Springing	0	Springing	Springing	Springing	0
30	Barclays	Fordham Road Business Park	5,032	0	12,581	59,080	Springing	0	181,159		750,000
31	JPMCB	Renaissance Boca Raton	4% of Gross Revenues	0	0	27,406	Springing	143,000
32	RAIT	Broadway Marketplace - Parcel 2,3,4	1,535	0	Springing	27,616	1,376	0			368,000
33	Barclays	Staybridge Suites Savannah Historic District	4% of Gross Revenues	0	0	16,417	Springing	Springing
34	JPMCB	Metro Centre	3,077	0	14,268	27,115	6,213	0	60,000		330,000
35	JPMCB	Hilton Garden Inn Tampa Riverview	4% of Gross Revenues	0	0	16,223	Springing	0
36	GECC	Whispering Palms MHC/RV	2,145	0	0	15,136	3,235	0
37	RCMC	Hilton Garden Inn Westampton	Springing	0	0	19,265	Springing	Springing
38	GECC	Riverstone - Deer Creek MHC	2,188	0	0	15,542	2,054	0
39	RCMC	Eastwood Village Shopping Center	1,679	0	11,188	17,042	2,968	0			430,000
40	JPMCB	Hilton Garden Inn Houston	4% of Gross Revenues	0	0	16,524	Springing	0
41	RCMC	Westview Business Park	1,536	0	6,654	7,714	Springing	0	55,296		300,000
42	RCMC	10 New Road	2,833	0	7,082	22,449	1,905	0			750,000
43	GECC	Residence Inn - Dover	4% of Gross Revenues	0	0	6,700	2,500	Springing
44	Barclays	33 Boston Post Road	1,950	0	8,862	19,027	Springing	Springing	70,190		319,044
45	RAIT	Hampshire Park Apartments	4,650	0	0	18,196	5,234	0
46	GECC	100 Provena Way	1,122	0	0	6,218	827	0
47	Column	Forest Cove	2,900	0	9,325	23,837	1,167	0
48	JPMCB	Guardian Self Storage	662	0	0	8,389	Springing	0	23,827
49	JPMCB	Summer Chase	3,500	0	0	8,546	5,534	0
50	Barclays	Walden Park Shopping Center	Springing	0	Springing	18,345	Springing	0	25,906		115,138
51	Column	Candlewood Suites Indianapolis Airport	4,214	0	0	9,885	2,324	Springing
52	RAIT	Lyncourt Apartments	975	0	0	5,334	3,108	0	30,000
53	RCMC	Mill Creek Crossing	919	0	3,416	5,497	960	0	33,084		122,976
54	RAIT	Cypress Pointe	395	0	3,086	4,982	823	0			74,000
55	RCMC	American Water Works	1,068	0	5,338	4,268	2,201	0
56	JPMCB	Gander Mountain	1,890	0	0	Springing	Springing	0	113,400

A-1-15

ANNEX A-1

			MONTHLY ESCROW(18)						RESERVE CAPS(19)

			Monthly Capex	Monthly Envir.	Monthly TI/LC	Monthly RE Tax	Monthly Ins.	Monthly Other	CapEx	Envir.	TI/LC	RE Tax	Insur.	Debt Service	Other
Loan #	Seller(1)	Property Name	Reserve ($)	Reserve ($)	Reserve ($)	Reserve ($)	Reserve ($)	Reserve ($)	Reserve Cap ($)	Reserve Cap ($)	Reserve Cap ($)	Reserve Cap ($)	Reserve Cap ($)	Reserve Cap ($)	Reserve Cap ($)
57	GECC	153-157 West Ohio St	1,644	0	5,560	15,714	1,875	0			200,151
58	JPMCB	3445 North Causeway	Springing	0	Springing	10,723	Springing	0	71,824		658,466
59	Barclays	Rockaway Shopping Center	254	0	2,115	9,140	3,063	0
60	RCMC	701 Martinsville	0	0	0	7,007	2,718	1,725
61	RAIT	ATR Transmissions	1,081	0	1,421	14,994	3,184	0			138,954
62	Column	Northridge Plaza	1,000	0	3,032	6,127	1,450	0	40,000		50,000
63	Column	Copper Creek Apartments	2,475	0	0	4,504	1,241	0	59,400
64	RAIT	Cottages at Hooper Hill	600	0	0	3,450	1,155	0
65	RAIT	Tractor Supply - Flagstaff	286	0	0	0	0	0	13,722
66	GECC	Colonial Manor MHC	497	0	0	3,716	477	0
67	Column	Mobile Gardens MHC	767	0	0	2,887	670	0
68	GECC	Lakeshore - Summit Village/Blue Coral MHC Portfolio	573	0	0	3,170	1,308	0
69	Column	Harvard Court Townhouses	1,100	0	0	1,257	612	0	26,400

A-1-16

ANNEX A-1

LARGEST TENANT (3)(20)(21)(22)

2nd LARGEST TENANT (3)(20)(21)(22)

3rd LARGEST TENANT (3)(20)(21)(22)

Single

Lease

Loan #

Seller(1)

Property Name

Tenant

Largest Tenant

Unit Size

Expiration

2nd Largest Tenant

Unit Size

Expiration

3rd Largest Tenant

Unit Size

Expiration

Column

500 Fifth Avenue

Zara USA, Inc.

72,544

02/28/35

W.W. Norton & Co.

64,668

07/31/17

Mercer, Inc.

36,232

06/14/19

JPMCB

1515 Market

Temple University

130,213

06/30/22

Heffler Radetich & Saitta

26,027

05/31/19

Commonwealth of PA

18,356

05/31/23

JPMCB

Wells Fargo Center Tampa

Wells Fargo Bank

58,098

07/31/22

Phelps Dunbar

36,272

10/31/17

UBS Financial Services

19,997

02/28/21

JPMCB

Heron Lakes

Boots & Coots

34,052

07/31/17

Intergraph

29,581

06/30/20

Icon Bank

22,029

02/28/17

JPMCB

Shaner Hotels Limited Service Portfolio

5.01

JPMCB

Holiday Inn Express - Charleston

5.02

JPMCB

Courtyard - Mechanicsburg

5.03

JPMCB

Courtyard - St. Augustine

5.04

JPMCB

Fairfield Inn & Suites - Augusta

5.05

JPMCB

Courtyard - Jacksonville - I295 East

5.06

JPMCB

Fairfield Inn & Suites - Lakeland

5.07

JPMCB

Fairfield Inn & Suites - St. Augustine

Column

St. Louis Premium Outlets

Saks Fifth Avenue Off 5th

27,996

08/31/23

Nike Factory Store

12,000

01/31/19

Under Armour

9,331

08/31/23

GECC

Centergy One

Georgia Tech Research Corporation

74,386

12/31/16

Georgia Department of Economic Development

42,232

06/30/34

Accenture

32,654

07/31/24

JPMCB

The Outlet Shoppes of the Bluegrass

Saks Fifth Avenue Off 5th

24,558

07/31/24

Nike

14,355

01/31/20

Old Navy

13,266

07/31/19

Barclays

United Healthcare Office

Yes

United Healthcare Services, Inc.

204,123

12/31/25

JPMCB

117 Kendrick Street

Warner Brothers Entertainment Inc.

77,365

08/08/18

Braver & Company

27,361

09/30/21

Enservio

18,463

06/30/16

Column

The View & Legends

11.01

Column

View at Kessler Park

11.02

Column

Legends on Lake Highlands

RCMC

Arbor Gate

Wipfli, LLP

40,052

12/01/23

Navitus Health Solutions

38,717

09/30/18

Meriter Wisconsin Heart

29,000

12/01/23

Column

Threshold Multifamily Portfolio II

13.01

Column

Gable Oaks

13.02

Column

Sharon Pointe

13.03

Column

Woodbrook

JPMCB

Columbia Centre I & II

Randa Accessories

32,818

02/28/22

Resolution Life Inc.

26,369

12/31/24

HQ Global Workplaces LLC

24,225

09/30/19

Barclays

Holiday Inn & Suites Across from Universal Studios

Barclays

Belford Towers Apartments

JPMCB

Hyatt Regency Lexington

Column

Threshold Multifamily Portfolio III

18.01

Column

Huntersville Apartments

18.02

Column

Wexford Apartments

18.03

Column

Davidson Apartments

18.04

Column

Marion Ridge Apartments

Barclays

West Shore Plaza Shopping Center

Burlington Coat Factory

83,500

09/30/19

DMV

26,389

10/31/18

Asian Food Market

25,128

04/30/16

RCMC

543 Howard

Galvanize

68,405

08/31/29

GFDS

4,582

02/28/18

Barclays

International Corporate Center

Mitsubishi Imaging

26,272

06/30/16

Dorf & Nelson LLP

15,166

12/31/21

Greenbriar Equity

15,151

10/31/17

JPMCB

Marriott Fort Lauderdale

Barclays

Dedham Place

Rage Frameworks

15,497

11/30/19

RGN - Dedham

14,136

11/30/24

Reflexis Systems

13,894

03/30/20

RCMC

Eagle View Apartments

RAIT

Newington Commons

Stop & Shop

65,243

02/28/22

Bob’s Stores

48,884

01/31/17

Planet Fitness

23,520

04/30/30

JPMCB

Florida Multifamily Portfolio

26.01

JPMCB

Lakeland Manor

26.02

JPMCB

Kings Trail

26.03

JPMCB

Rolling Hills

26.04

JPMCB

Bella Mar I & II

26.05

JPMCB

Jacksonville Heights

26.06

JPMCB

Del Rio

26.07

JPMCB

Lago Bello

26.08

JPMCB

Tanglewood

26.09

JPMCB

Mount Dora

26.10

JPMCB

North Washington

26.11

JPMCB

Brandywyne

26.12

JPMCB

Landings

26.13

JPMCB

Country Place

Barclays

St. John Knits Campus

Yes

St. John Knits

178,372

07/31/19

Column

Westview Apartments

JPMCB

1019 Market Street

Zendesk

72,933

08/31/22

The Chai Bar

2,590

02/28/25

Barclays

Fordham Road Business Park

Red Thread

136,216

06/30/16

Rever Tech (aka BRTRL)

45,000

02/28/18

Accellent

44,711

10/14/17

JPMCB

Renaissance Boca Raton

RAIT

Broadway Marketplace - Parcel 2,3,4

Albertson’s

50,645

05/31/19

Office Max

23,500

01/31/20

Ace Hardware

15,000

07/31/16

Barclays

Staybridge Suites Savannah Historic District

JPMCB

Metro Centre

Jo-Ann Fabrics

20,200

01/31/22

Naturally Yours Grocery

9,000

10/31/25

My Dog’s Bakery

5,980

01/31/17

JPMCB

Hilton Garden Inn Tampa Riverview

GECC

Whispering Palms MHC/RV

RCMC

Hilton Garden Inn Westampton

GECC

Riverstone - Deer Creek MHC

RCMC

Eastwood Village Shopping Center

Ross Dress for Less

30,063

01/31/18

Office Depot

20,898

09/30/18

Party City

15,000

12/31/17

JPMCB

Hilton Garden Inn Houston

RCMC

Westview Business Park

Airtron

15,000

04/30/16

Knight Sky

12,840

09/30/24

Bechtel National, Inc.

12,840

01/31/18

RCMC

10 New Road

Eaton Corporation

145,997

01/31/28

Aspen Aerogel

128,000

03/31/19

Teknicote, Inc.

48,000

01/31/24

GECC

Residence Inn - Dover

Barclays

33 Boston Post Road

Environmental Chemical Corp

18,231

09/30/19

Bay Path Elder Services

13,838

07/31/18

Broadridge Financial Solutions

8,931

09/30/18

RAIT

Hampshire Park Apartments

GECC

100 Provena Way

Yes

St. Mary’s Hospital

39,590

11/30/29

Column

Forest Cove

ETAS Inc

22,000

03/31/16

Enlighten

21,014

01/31/17

Grand River LLC

8,987

05/31/16

JPMCB

Guardian Self Storage

JPMCB

Summer Chase

Barclays

Walden Park Shopping Center

HomeGoods, Inc.

24,131

04/30/25

Ulta Salon, Cosmetics & Fragrance, Inc.

10,000

10/31/24

Kirkland’s

7,500

11/30/24

Column

Candlewood Suites Indianapolis Airport

RAIT

Lyncourt Apartments

RCMC

Mill Creek Crossing

Dollar Tree

14,685

01/31/19

Top Beauty Supply

5,250

01/01/25

Stevi B’s Pizza

4,500

04/30/18

RAIT

Cypress Pointe

Massage Envy

3,000

04/30/24

Golden One Credit Union

3,000

11/30/17

Habit Burger

2,253

11/30/23

RCMC

American Water Works

Yes

American Water Works

64,053

01/31/20

JPMCB

Gander Mountain

Yes

Gander Mountain

226,756

07/31/24

A-1-17

ANNEX A-1

LARGEST TENANT (3)(20)(21)(22)

2nd LARGEST TENANT (3)(20)(21)(22)

3rd LARGEST TENANT (3)(20)(21)(22)

Single

Lease

Loan #

Seller(1)

Property Name

Tenant

Largest Tenant

Unit Size

Expiration

2nd Largest Tenant

Unit Size

Expiration

3rd Largest Tenant

Unit Size

Expiration

GECC

153-157 West Ohio St

Leo J. Shapiro & Associates

15,180

12/31/17

Envision It Media, Inc.

12,048

06/30/16

PWC

6,984

10/31/17

JPMCB

3445 North Causeway

Louisiana Health Cooperative

14,326

06/30/18

WCS

14,326

12/31/20

AAA

12,398

02/28/15

Barclays

Rockaway Shopping Center

Family Dollar

8,500

06/30/18

Wash & Fold Laundry

4,400

03/31/19

Redfern Drugs, Inc.

2,000

06/30/18

RCMC

701 Martinsville

Yes

Couch Braunsdorf Insurance Group, Inc.

31,441

08/01/29

RAIT

ATR Transmissions

Yes

ATR Transmissions

92,636

07/31/26

Column

Northridge Plaza

Lakeshore Learning Materials

7,455

11/30/18

Elite of Northridge

6,020

07/31/18

Mandarin King Restaurant

4,560

04/30/19

Column

Copper Creek Apartments

RAIT

Cottages at Hooper Hill

RAIT

Tractor Supply - Flagstaff

Yes

Tractor Supply

22,870

11/30/29

GECC

Colonial Manor MHC

Column

Mobile Gardens MHC

GECC

Lakeshore - Summit Village/Blue Coral MHC Portfolio

Column

Harvard Court Townhouses

A-1-18

ANNEX A-1

4th LARGEST TENANT (3)(20)(21)(22)

5th LARGEST TENANT (3)(20)(21)(22)

Lease

Loan

Loan #

Seller(1)

Property Name

4th Largest Tenant

Unit Size

Expiration

5th Largest Tenant

Unit Size

Expiration

Purpose

Column

500 Fifth Avenue

Vince LLC

33,009

04/30/25

Lankler Siffert & Wohl

23,957

05/31/23

Refinance

JPMCB

1515 Market

Service Employees International Union

16,529

03/31/25

Sweeney & Sheehan

16,072

09/30/21

Acquisition

JPMCB

Wells Fargo Center Tampa

Allegiant MD

18,951

01/31/19

Warren Averett

18,743

08/31/18

Acquisition

JPMCB

Heron Lakes

Kiewit

21,923

06/30/19

Art Institute

20,711

06/30/19

Refinance

JPMCB

Shaner Hotels Limited Service Portfolio

Refinance

5.01

JPMCB

Holiday Inn Express - Charleston

5.02

JPMCB

Courtyard - Mechanicsburg

5.03

JPMCB

Courtyard - St. Augustine

5.04

JPMCB

Fairfield Inn & Suites - Augusta

5.05

JPMCB

Courtyard - Jacksonville - I295 East

5.06

JPMCB

Fairfield Inn & Suites - Lakeland

5.07

JPMCB

Fairfield Inn & Suites - St. Augustine

Column

St. Louis Premium Outlets

Calvin Klein

8,304

04/30/19

Coach

8,000

01/31/24

Refinance

GECC

Centergy One

LA Fitness

29,462

05/31/19

Panasonic Automotive Systems

8,998

05/31/17

Refinance

JPMCB

The Outlet Shoppes of the Bluegrass

Polo Ralph Lauren

12,317

01/31/25

American Eagle

9,194

01/31/20

Refinance

Barclays

United Healthcare Office

Refinance

JPMCB

117 Kendrick Street

Firestone Financial

17,057

05/31/25

Food Should Taste Good, Inc

16,911

07/31/16

Acquisition

Column

The View & Legends

Refinance

11.01

Column

View at Kessler Park

11.02

Column

Legends on Lake Highlands

RCMC

Arbor Gate

Dean Health System

18,934

04/30/21

Social Security Administration (ODAR)

16,265

08/31/20

Refinance

Column

Threshold Multifamily Portfolio II

Refinance

13.01

Column

Gable Oaks

13.02

Column

Sharon Pointe

13.03

Column

Woodbrook

JPMCB

Columbia Centre I & II

Rail Europe Inc.

23,385

05/31/17

AFCO Credit Corporation

17,800

07/31/16

Acquisition

Barclays

Holiday Inn & Suites Across from Universal Studios

Refinance

Barclays

Belford Towers Apartments

Refinance

JPMCB

Hyatt Regency Lexington

Acquisition

Column

Threshold Multifamily Portfolio III

Refinance

18.01

Column

Huntersville Apartments

18.02

Column

Wexford Apartments

18.03

Column

Davidson Apartments

18.04

Column

Marion Ridge Apartments

Barclays

West Shore Plaza Shopping Center

AC Moore

20,428

04/30/15

Modell’s Sporting Goods

17,454

01/31/19

Refinance

RCMC

543 Howard

Refinance

Barclays

International Corporate Center

Bank of Tokyo

10,986

07/31/19

Jarden Corp.

9,664

02/28/20

Acquisition

JPMCB

Marriott Fort Lauderdale

Acquisition

Barclays

Dedham Place

Hart Associates

13,869

09/30/19

ARC Advisory Group

12,500

03/31/15

Acquisition

RCMC

Eagle View Apartments

Refinance

RAIT

Newington Commons

Michaels Stores

18,301

02/29/16

Petco

15,733

12/31/17

Refinance

JPMCB

Florida Multifamily Portfolio

Acquisition

26.01

JPMCB

Lakeland Manor

26.02

JPMCB

Kings Trail

26.03

JPMCB

Rolling Hills

26.04

JPMCB

Bella Mar I & II

26.05

JPMCB

Jacksonville Heights

26.06

JPMCB

Del Rio

26.07

JPMCB

Lago Bello

26.08

JPMCB

Tanglewood

26.09

JPMCB

Mount Dora

26.10

JPMCB

North Washington

26.11

JPMCB

Brandywyne

26.12

JPMCB

Landings

26.13

JPMCB

Country Place

Barclays

St. John Knits Campus

Refinance

Column

Westview Apartments

Acquisition

JPMCB

1019 Market Street

Acquisition

Barclays

Fordham Road Business Park

World Travel Holdings, Inc

20,810

01/31/17

Refinance

JPMCB

Renaissance Boca Raton

Acquisition

RAIT

Broadway Marketplace - Parcel 2,3,4

Dollar Tree

9,439

01/31/17

Visionworks

4,956

09/30/18

Refinance

Barclays

Staybridge Suites Savannah Historic District

Acquisition

JPMCB

Metro Centre

Peoria Camera

5,625

08/31/17

Alexander Travel

5,625

08/31/16

Refinance

JPMCB

Hilton Garden Inn Tampa Riverview

Refinance

GECC

Whispering Palms MHC/RV

Refinance

RCMC

Hilton Garden Inn Westampton

Refinance

GECC

Riverstone - Deer Creek MHC

Refinance

RCMC

Eastwood Village Shopping Center

Tuesday Morning

15,000

01/31/18

Shoe Carnival

12,500

01/31/18

Acquisition

JPMCB

Hilton Garden Inn Houston

Refinance

RCMC

Westview Business Park

HVAC Concepts

8,520

02/28/25

Performance Automatic

7,515

07/31/22

Refinance

RCMC

10 New Road

Acquisition

GECC

Residence Inn - Dover

Refinance

Barclays

33 Boston Post Road

Law offices of Gary Kreppel

5,714

12/31/16

Quest Diagnostics

5,287

08/09/15

Refinance

RAIT

Hampshire Park Apartments

Acquisition

GECC

100 Provena Way

Refinance

Column

Forest Cove

Nederveld Associates Sur

3,925

12/31/18

Seasons Hospice & Palliati

3,668

06/30/15

Refinance

JPMCB

Guardian Self Storage

Refinance

JPMCB

Summer Chase

Acquisition

Barclays

Walden Park Shopping Center

Subway

2,000

07/31/21

Ardalan Zahedi DDS PLLC

1,700

03/31/21

Refinance

Column

Candlewood Suites Indianapolis Airport

Acquisition

RAIT

Lyncourt Apartments

Refinance

RCMC

Mill Creek Crossing

Viva Mexico Restaurant

4,200

06/30/24

Payless Shoes

3,500

01/31/19

Refinance

RAIT

Cypress Pointe

Redding Fam Chiropractic

1,750

08/31/16

Starbucks

1,500

02/28/18

Refinance

RCMC

American Water Works

Acquisition

JPMCB

Gander Mountain

Acquisition

A-1-19

ANNEX A-1

4th LARGEST TENANT (3)(20)(21)(22)

5th LARGEST TENANT (3)(20)(21)(22)

Lease

Loan

Loan #

Seller(1)

Property Name

4th Largest Tenant

Unit Size

Expiration

5th Largest Tenant

Unit Size

Expiration

Purpose

GECC

153-157 West Ohio St

Avant Communications, Inc.

5,500

01/31/17

Sommerset Group

606

10/31/17

Acquisition

JPMCB

3445 North Causeway

G.E.C.

10,055

12/31/16

Compass Capital Management

8,962

11/30/19

Refinance

Barclays

Rockaway Shopping Center

Happy Six Restaurant

1,250

05/31/18

Fish & Dish

1,200

09/30/18

Acquisition

RCMC

701 Martinsville

Refinance

RAIT

ATR Transmissions

Refinance

Column

Northridge Plaza

Ocean Café

4,350

12/31/18

Education Management

1,425

07/31/15

Refinance

Column

Copper Creek Apartments

Acquisition

RAIT

Cottages at Hooper Hill

Refinance

RAIT

Tractor Supply - Flagstaff

Acquisition

GECC

Colonial Manor MHC

Refinance

Column

Mobile Gardens MHC

Refinance

GECC

Lakeshore - Summit Village/Blue Coral MHC Portfolio

Refinance

Column

Harvard Court Townhouses

Refinance

A-1-20

ANNEX A-1

Pari Passu Debt

Pari

Pari Passu

Total Cut-off

Lockbox

Passu

Note Control

Piece In Trust

Piece Non Trust

Date Pari

Loan #

Seller(1)

Property Name

Principal / Carveout Guarantor(23)

(Y/N)

Type(24)

(Y/N)

Cut-Off Balance

Passu Debt

Column

500 Fifth Avenue

500 Holdings, Inc.

Yes

CMA

Yes

100,000,000

200,000,000

JPMCB

1515 Market

Accesso Investment Properties V, LLLP, Accesso Investment Properties V (US), LLLP

Yes

Hard

NAP

JPMCB

Wells Fargo Center Tampa

Greenfield Acquisition Partners VII, L.P.

Yes

Hard

NAP

JPMCB

Heron Lakes

Mohammad Nasr

Yes

Hard

NAP

JPMCB

Shaner Hotels Limited Service Portfolio

Lance T. Shaner

Yes

Hard

NAP

5.01

JPMCB

Holiday Inn Express - Charleston

5.02

JPMCB

Courtyard - Mechanicsburg

5.03

JPMCB

Courtyard - St. Augustine

5.04

JPMCB

Fairfield Inn & Suites - Augusta

5.05

JPMCB

Courtyard - Jacksonville - I295 East

5.06

JPMCB

Fairfield Inn & Suites - Lakeland

5.07

JPMCB

Fairfield Inn & Suites - St. Augustine

Column

St. Louis Premium Outlets

Simon/Woodmont Development, LLC

Yes

CMA

Yes

47,500,000

95,000,000

GECC

Centergy One

David Richard Tyndall, Marvin McKemie Reese

Yes

Hard

NAP

JPMCB

The Outlet Shoppes of the Bluegrass

CBL & Associates Limited Partnership, Horizon Group Properties, L.P.

Yes

CMA

Yes

45,000,000

32,500,000

77,500,000

Barclays

United Healthcare Office

Lloyd W. Kendall, Jr.

Yes

Hard

NAP

JPMCB

117 Kendrick Street

BRI 3 Holdings, LLC

Yes

CMA

NAP

Column

The View & Legends

Charles F. Hill, Edward P. Lorin, The Hill Family Living Trust, The Lorin Family Trust

Yes

Springing

NAP

11.01

Column

View at Kessler Park

11.02

Column

Legends on Lake Highlands

RCMC

Arbor Gate

Patrick J. Baxter, Bradley L. Hutter

Yes

CMA

NAP

Column

Threshold Multifamily Portfolio II

Brian A. Martin

Yes

Springing

NAP

13.01

Column

Gable Oaks

13.02

Column

Sharon Pointe

13.03

Column

Woodbrook

JPMCB

Columbia Centre I & II

Adventus Holdings LP

Yes

CMA

NAP

Barclays

Holiday Inn & Suites Across from Universal Studios

Allan V. Rose

Yes

CMA

NAP

Barclays

Belford Towers Apartments

David Lichtenstein

Yes

CMA

NAP

JPMCB

Hyatt Regency Lexington

TH Investment Holdings II, LLC

Yes

Hard

NAP

Column

Threshold Multifamily Portfolio III

Brian A. Martin

Yes

Springing

NAP

18.01

Column

Huntersville Apartments

18.02

Column

Wexford Apartments

18.03

Column

Davidson Apartments

18.04

Column

Marion Ridge Apartments

Barclays

West Shore Plaza Shopping Center

Stanley Cayre, Harry Adjmi

Yes

CMA

NAP

RCMC

543 Howard

Erik G. Robbins, James S. Robbins, Sandra G. Robbins, James S. Robbins and Sandra G. Robbins as trustees of the Robbins Family Trust Dated May 21, 1982

Yes

Hard

NAP

Barclays

International Corporate Center

Vill-Shepherd Equities Corp.

Yes

CMA

NAP

JPMCB

Marriott Fort Lauderdale

TH Investment Holdings II, LLC

Yes

Hard

NAP

Barclays

Dedham Place

Kambiz Shahbazi

Yes

CMA

NAP

RCMC

Eagle View Apartments

Edward Allen Bell

Yes

CMA

NAP

RAIT

Newington Commons

Robert M. Fishbein, Richard Schlanger

Yes

Springing

NAP

JPMCB

Florida Multifamily Portfolio

Adam M. Hendry

Yes

Soft

Yes

22,300,000

35,000,000

57,300,000

26.01

JPMCB

Lakeland Manor

26.02

JPMCB

Kings Trail

26.03

JPMCB

Rolling Hills

26.04

JPMCB

Bella Mar I & II

26.05

JPMCB

Jacksonville Heights

26.06

JPMCB

Del Rio

26.07

JPMCB

Lago Bello

26.08

JPMCB

Tanglewood

26.09

JPMCB

Mount Dora

26.10

JPMCB

North Washington

26.11

JPMCB

Brandywyne

26.12

JPMCB

Landings

26.13

JPMCB

Country Place

Barclays

St. John Knits Campus

John R. Saunders

Yes

Springing

NAP

Column

Westview Apartments

Edward I. Biskind

Yes

Springing

NAP

JPMCB

1019 Market Street

RREEF Investment GmbH

Yes

CMA

NAP

Barclays

Fordham Road Business Park

Kambiz Shahbazi

Yes

CMA

NAP

JPMCB

Renaissance Boca Raton

TH Investments Holdings II, LLC

Yes

Hard

NAP

RAIT

Broadway Marketplace - Parcel 2,3,4

Warren P. Cohen, James Frank, The Warren P. Cohen Beneficial Trust

Yes

Springing

NAP

Barclays

Staybridge Suites Savannah Historic District

Carey Watermark Investors Incorporated

Yes

CMA

NAP

JPMCB

Metro Centre

Eric Brinker, Lawrence Bernick

Yes

CMA

NAP

JPMCB

Hilton Garden Inn Tampa Riverview

Gerald L. Sapp

Yes

CMA

NAP

GECC

Whispering Palms MHC/RV

Julio C. Jaramillo

None

NAP

RCMC

Hilton Garden Inn Westampton

DRL, LLC

Yes

Springing

NAP

GECC

Riverstone - Deer Creek MHC

James L. Bellinson

None

NAP

RCMC

Eastwood Village Shopping Center

James J. Morrison, Jr.

Yes

Springing

NAP

JPMCB

Hilton Garden Inn Houston

Vikram Patel Family, LTD.

Yes

CMA

NAP

RCMC

Westview Business Park

Edward St. John, LLC

None

NAP

RCMC

10 New Road

Donald A. Levine, Lewis Heafitz, Bruce Levine

Yes

Hard

NAP

GECC

Residence Inn - Dover

Jayendra Sonecha

Yes

CMA

NAP

Barclays

33 Boston Post Road

Kambiz Shahbazi

Yes

CMA

NAP

RAIT

Hampshire Park Apartments

Bryan Pritchard, Matthew G. Van Arkel

Yes

CMA

NAP

GECC

100 Provena Way

Paul B. Reisman, Steven M. Reisman, George Allen

Yes

Hard

NAP

Column

Forest Cove

John P. Damico

Yes

Springing

NAP

JPMCB

Guardian Self Storage

Steven H. Cohen

Yes

Springing

NAP

JPMCB

Summer Chase

W. Leonard Blevins, Gary Shahid, Anthony Kassis, Timothy J. Burns, Jim A. Hearn, William Saul, Ernest Johnson

Yes

CMA

NAP

Barclays

Walden Park Shopping Center

Bruce Weiner

Yes

CMA

NAP

Column

Candlewood Suites Indianapolis Airport

Vamsikrishna Bonthala, Sheenal Patel

Yes

Springing

NAP

RAIT

Lyncourt Apartments

Svein Dyrkolbotn, Will Olinger

Yes

Springing

NAP

RCMC

Mill Creek Crossing

Ernest W. Livingston, Jr.

Yes

CMA

NAP

RAIT

Cypress Pointe

Thomas A. Lynch, Thomas A. Lynch as Trustee of the Thomas A. Lynch 2007 Living Trust

Yes

Springing

NAP

RCMC

American Water Works

Abraham Horowitz, Charles A. Moskovits

Yes

CMA

NAP

JPMCB

Gander Mountain

Four Springs Capital Trust Operating Partnership, L.P.

Yes

Hard

NAP

A-1-21

ANNEX A-1

Pari Passu Debt

Pari

Pari Passu

Total Cut-off

Lockbox

Passu

Note Control

Piece In Trust

Piece Non Trust

Date Pari

Loan #

Seller(1)

Property Name

Principal / Carveout Guarantor(23)

(Y/N)

Type(24)

(Y/N)

Cut-Off Balance

Passu Debt

GECC

153-157 West Ohio St

Paul B. Reisman, Steven M. Reisman

Yes

Hard

NAP

JPMCB

3445 North Causeway

Jeffrey Feil

Yes

Springing

NAP

Barclays

Rockaway Shopping Center

Louis Romano

Yes

CMA

NAP

RCMC

701 Martinsville

James L. Johnston

Yes

CMA

NAP

RAIT

ATR Transmissions

Richard Kuempel, Deanna Kuempel

Yes

CMA

NAP

Column

Northridge Plaza

Dennis Needleman

Yes

Hard

NAP

Column

Copper Creek Apartments

Todd Kaufman

Yes

Soft

NAP

RAIT

Cottages at Hooper Hill

Sidney G. Brian

Yes

Springing

NAP

RAIT

Tractor Supply - Flagstaff

Investors Associated, LLP

Yes

Springing

NAP

GECC

Colonial Manor MHC

Philip A. Hoon

None

NAP

Column

Mobile Gardens MHC

Richard M. Nodel

Yes

Springing

NAP

GECC

Lakeshore - Summit Village/Blue Coral MHC Portfolio

Joseph I. Wolf

None

NAP

Column

Harvard Court Townhouses

Todd Kaufman

Yes

CMA

NAP

A-1-22

ANNEX A-1

Additional Debt

Total Debt

Additional

Total Debt

Addit Debt

Additional

Debt Cut off

Additional Debt

Total Debt

UW NCF

Total Debt

UW NOI

Loan #

Seller(1)

Property Name

Permitted (Y/N)

Exist (Y/N)(25)

Debt Type(s)

Date Balance

Interest Rate

Cut-off Balance

DSCR

Current LTV %

Debt Yield %

Column

500 Fifth Avenue

NAP

200,000,000

3.37

33.3%

13.7%

JPMCB

1515 Market

Yes

Mezzanine Loan

8,500,000

10.00000

72,250,000

1.22

83.0%

9.1%

JPMCB

Wells Fargo Center Tampa

NAP

JPMCB

Heron Lakes

Yes

Mezzanine Loan

7,000,000

10.10000

59,000,000

1.11

83.1%

8.2%

JPMCB

Shaner Hotels Limited Service Portfolio

Yes

Mezzanine Loan

8,050,000

10.00000

57,800,000

1.38

80.0%

9.2%

5.01

JPMCB

Holiday Inn Express - Charleston

1.38

80.0%

9.2%

5.02

JPMCB

Courtyard - Mechanicsburg

1.38

80.0%

9.2%

5.03

JPMCB

Courtyard - St. Augustine

1.38

80.0%

9.2%

5.04

JPMCB

Fairfield Inn & Suites - Augusta

1.38

80.0%

9.2%

5.05

JPMCB

Courtyard - Jacksonville - I295 East

1.38

80.0%

9.2%

5.06

JPMCB

Fairfield Inn & Suites - Lakeland

1.38

80.0%

9.2%

5.07

JPMCB

Fairfield Inn & Suites - St. Augustine

1.38

80.0%

9.2%

Column

St. Louis Premium Outlets

NAP

95,000,000

1.41

71.6%

8.6%

GECC

Centergy One

NAP

JPMCB

The Outlet Shoppes of the Bluegrass

NAP

77,500,000

1.83

63.0%

11.3%

Barclays

United Healthcare Office

Yes

Mezzanine Loan

9,000,000

10.50000

51,000,000

1.37

85.0%

8.1%

JPMCB

117 Kendrick Street

NAP

Column

The View & Legends

NAP

11.01

Column

View at Kessler Park

NAP

11.02

Column

Legends on Lake Highlands

NAP

RCMC

Arbor Gate

NAP

Column

Threshold Multifamily Portfolio II

NAP

13.01

Column

Gable Oaks

NAP

13.02

Column

Sharon Pointe

NAP

13.03

Column

Woodbrook

NAP

JPMCB

Columbia Centre I & II

NAP

Barclays

Holiday Inn & Suites Across from Universal Studios

NAP

Barclays

Belford Towers Apartments

NAP

JPMCB

Hyatt Regency Lexington

NAP

Column

Threshold Multifamily Portfolio III

NAP

18.01

Column

Huntersville Apartments

NAP

18.02

Column

Wexford Apartments

NAP

18.03

Column

Davidson Apartments

NAP

18.04

Column

Marion Ridge Apartments

NAP

Barclays

West Shore Plaza Shopping Center

NAP

RCMC

543 Howard

Yes

B-Note

10,000,000

5.00000

40,798,301

1.19

74.4%

8.6%

Barclays

International Corporate Center

Yes

Permitted Mezzanine

NAP

JPMCB

Marriott Fort Lauderdale

Yes

Mezzanine Loan

4,000,000

10.00000

29,950,000

1.31

72.7%

8.8%

Barclays

Dedham Place

NAP

RCMC

Eagle View Apartments

Yes

Mezzanine Loan

3,200,000

10.00000

27,200,000

1.22

82.4%

8.2%

RAIT

Newington Commons

NAP

JPMCB

Florida Multifamily Portfolio

Yes

Mezzanine Loan

12,000,000

11.00000

69,300,000

1.34

80.0%

10.6%

26.01

JPMCB

Lakeland Manor

1.34

80.0%

10.6%

26.02

JPMCB

Kings Trail

1.34

80.0%

10.6%

26.03

JPMCB

Rolling Hills

1.34

80.0%

10.6%

26.04

JPMCB

Bella Mar I & II

1.34

80.0%

10.6%

26.05

JPMCB

Jacksonville Heights

1.34

80.0%

10.6%

26.06

JPMCB

Del Rio

1.34

80.0%

10.6%

26.07

JPMCB

Lago Bello

1.34

80.0%

10.6%

26.08

JPMCB

Tanglewood

1.34

80.0%

10.6%

26.09

JPMCB

Mount Dora

1.34

80.0%

10.6%

26.10

JPMCB

North Washington

1.34

80.0%

10.6%

26.11

JPMCB

Brandywyne

1.34

80.0%

10.6%

26.12

JPMCB

Landings

1.34

80.0%

10.6%

26.13

JPMCB

Country Place

1.34

80.0%

10.6%

Barclays

St. John Knits Campus

NAP

Column

Westview Apartments

NAP

JPMCB

1019 Market Street

NAP

Barclays

Fordham Road Business Park

NAP

JPMCB

Renaissance Boca Raton

Yes

Mezzanine Loan

4,000,000

10.00000

22,450,000

1.27

72.2%

8.7%

RAIT

Broadway Marketplace - Parcel 2,3,4

NAP

Barclays

Staybridge Suites Savannah Historic District

NAP

JPMCB

Metro Centre

NAP

JPMCB

Hilton Garden Inn Tampa Riverview

NAP

GECC

Whispering Palms MHC/RV

NAP

RCMC

Hilton Garden Inn Westampton

NAP

GECC

Riverstone - Deer Creek MHC

NAP

RCMC

Eastwood Village Shopping Center

Yes

Mezzanine Loan

1,600,000

10.00000

14,500,000

1.41

84.1%

10.1%

JPMCB

Hilton Garden Inn Houston

NAP

RCMC

Westview Business Park

NAP

RCMC

10 New Road

Yes

Mezzanine Loan

1,370,000

10.00000

11,120,000

1.41

82.4%

10.2%

GECC

Residence Inn - Dover

NAP

Barclays

33 Boston Post Road

NAP

RAIT

Hampshire Park Apartments

Yes

Mezzanine Loan

900,000

10.01500

9,900,000

1.27

84.4%

8.8%

GECC

100 Provena Way

NAP

Column

Forest Cove

NAP

JPMCB

Guardian Self Storage

NAP

JPMCB

Summer Chase

NAP

Barclays

Walden Park Shopping Center

NAP

Column

Candlewood Suites Indianapolis Airport

Yes

Permitted Mezzanine, Permitted Subordinate Secured Debt

NAP

RAIT

Lyncourt Apartments

NAP

RCMC

Mill Creek Crossing

NAP

RAIT

Cypress Pointe

NAP

RCMC

American Water Works

NAP

JPMCB

Gander Mountain

NAP

A-1-23

ANNEX A-1

Additional Debt

Total Debt

Additional

Total Debt

Addit Debt

Additional

Debt Cut off

Additional Debt

Total Debt

UW NCF

Total Debt

UW NOI

Loan #

Seller(1)

Property Name

Permitted (Y/N)

Exist (Y/N)(25)

Debt Type(s)

Date Balance

Interest Rate

Cut-off Balance

DSCR

Current LTV %

Debt Yield %

GECC

153-157 West Ohio St

NAP

JPMCB

3445 North Causeway

NAP

Barclays

Rockaway Shopping Center

NAP

RCMC

701 Martinsville

NAP

RAIT

ATR Transmissions

NAP

Column

Northridge Plaza

NAP

Column

Copper Creek Apartments

NAP

RAIT

Cottages at Hooper Hill

NAP

RAIT

Tractor Supply - Flagstaff

NAP

GECC

Colonial Manor MHC

NAP

Column

Mobile Gardens MHC

NAP

GECC

Lakeshore - Summit Village/Blue Coral MHC Portfolio

NAP

Column

Harvard Court Townhouses

NAP

A-1-24


ANNEX A-1

			HOTEL OPERATING STATISTICS

			2011	2011	2011	2012	2012	2012	2013	2013	2013	Most Recent	Most Recent	Most Recent	UW	UW	UW
Loan #	Seller(1)	Property Name	Occupancy %	ADR ($)	RevPAR ($)	Occupancy %	ADR ($)	RevPAR ($)	Occupancy %	ADR ($)	RevPAR ($)	Occupancy %	ADR ($)	RevPAR ($)	Occupancy %	ADR ($)	RevPAR ($)	Loan #
1	Column	500 Fifth Avenue																1
2	JPMCB	1515 Market																2
3	JPMCB	Wells Fargo Center Tampa																3
4	JPMCB	Heron Lakes																4
5	JPMCB	Shaner Hotels Limited Service Portfolio	68.4%	88.27	60.36	72.0%	90.85	65.42	72.1%	93.48	67.41	73.4%	96.93	71.11	73.4%	96.93	71.11	5
5.01	JPMCB	Holiday Inn Express - Charleston	69.4%	82.34	57.13	69.1%	85.82	59.32	69.3%	85.64	59.33	68.6%	86.82	59.53	68.6%	86.82	59.53	5.01
5.02	JPMCB	Courtyard - Mechanicsburg	74.5%	109.85	81.84	76.4%	110.15	84.19	75.0%	114.72	86.00	75.8%	115.32	87.47	75.8%	115.32	87.47	5.02
5.03	JPMCB	Courtyard - St. Augustine	63.8%	87.28	55.65	71.0%	92.27	65.55	73.8%	95.10	70.17	76.5%	99.56	76.17	76.5%	99.56	76.17	5.03
5.04	JPMCB	Fairfield Inn & Suites - Augusta	75.8%	95.55	72.39	74.1%	100.14	74.24	70.5%	107.29	75.59	72.3%	108.78	78.64	72.3%	108.78	78.64	5.04
5.05	JPMCB	Courtyard - Jacksonville - I295 East	66.6%	85.07	56.62	78.8%	79.96	63.00	72.9%	82.17	59.86	74.0%	90.33	66.82	74.0%	90.33	66.82	5.05
5.06	JPMCB	Fairfield Inn & Suites - Lakeland	63.2%	82.63	52.23	66.5%	90.91	60.46	69.5%	91.67	63.75	72.1%	96.70	69.68	72.1%	96.70	69.68	5.06
5.07	JPMCB	Fairfield Inn & Suites - St. Augustine	65.0%	78.21	50.85	70.8%	82.26	58.22	77.2%	87.21	67.35	80.0%	91.94	73.55	80.0%	91.94	73.55	5.07
6	Column	St. Louis Premium Outlets																6
7	GECC	Centergy One																7
8	JPMCB	The Outlet Shoppes of the Bluegrass																8
9	Barclays	United Healthcare Office																9
10	JPMCB	117 Kendrick Street																10
11	Column	The View & Legends																11
11.01	Column	View at Kessler Park																11.01
11.02	Column	Legends on Lake Highlands																11.02
12	RCMC	Arbor Gate																12
13	Column	Threshold Multifamily Portfolio II																13
13.01	Column	Gable Oaks																13.01
13.02	Column	Sharon Pointe																13.02
13.03	Column	Woodbrook																13.03
14	JPMCB	Columbia Centre I & II																14
15	Barclays	Holiday Inn & Suites Across from Universal Studios	73.3%	88.69	64.97	68.8%	81.43	56.06	81.3%	76.84	62.50	88.1%	78.83	69.47	86.0%	80.78	69.47	15
16	Barclays	Belford Towers Apartments																16
17	JPMCB	Hyatt Regency Lexington	61.5%	117.01	71.91	59.3%	122.47	72.60	62.4%	127.82	79.77	66.1%	127.26	84.14	64.7%	128.20	82.97	17
18	Column	Threshold Multifamily Portfolio III																18
18.01	Column	Huntersville Apartments																18.01
18.02	Column	Wexford Apartments																18.02
18.03	Column	Davidson Apartments																18.03
18.04	Column	Marion Ridge Apartments																18.04
19	Barclays	West Shore Plaza Shopping Center																19
20	RCMC	543 Howard																20
21	Barclays	International Corporate Center																21
22	JPMCB	Marriott Fort Lauderdale	78.1%	99.90	77.99	75.8%	108.22	82.04	76.0%	111.86	85.04	73.7%	120.98	89.18	73.7%	120.98	89.18	22
23	Barclays	Dedham Place																23
24	RCMC	Eagle View Apartments																24
25	RAIT	Newington Commons																25
26	JPMCB	Florida Multifamily Portfolio																26
26.01	JPMCB	Lakeland Manor																26.01
26.02	JPMCB	Kings Trail																26.02
26.03	JPMCB	Rolling Hills																26.03
26.04	JPMCB	Bella Mar I & II																26.04
26.05	JPMCB	Jacksonville Heights																26.05
26.06	JPMCB	Del Rio																26.06
26.07	JPMCB	Lago Bello																26.07
26.08	JPMCB	Tanglewood																26.08
26.09	JPMCB	Mount Dora																26.09
26.10	JPMCB	North Washington																26.10
26.11	JPMCB	Brandywyne																26.11
26.12	JPMCB	Landings																26.12
26.13	JPMCB	Country Place																26.13
27	Barclays	St. John Knits Campus																27
28	Column	Westview Apartments																28
29	JPMCB	1019 Market Street																29
30	Barclays	Fordham Road Business Park																30
31	JPMCB	Renaissance Boca Raton	80.2%	108.61	87.09	79.0%	117.58	92.86	71.6%	127.05	91.02	75.4%	138.33	104.27	75.4%	138.33	104.27	31
32	RAIT	Broadway Marketplace - Parcel 2,3,4																32
33	Barclays	Staybridge Suites Savannah Historic District	71.2%	114.47	81.46	74.1%	119.94	81.46	77.9%	127.76	99.53	79.4%	137.50	109.30	79.4%	137.50	109.30	33
34	JPMCB	Metro Centre																34
35	JPMCB	Hilton Garden Inn Tampa Riverview	64.2%	105.43	67.65	68.9%	113.58	78.24	72.3%	110.93	80.21	73.4%	117.42	86.19	73.7%	117.94	86.90	35
36	GECC	Whispering Palms MHC/RV																36
37	RCMC	Hilton Garden Inn Westampton				73.8%	118.13	87.13	75.0%	119.53	89.68	76.2%	118.92	90.67	76.2%	118.92	90.67	37
38	GECC	Riverstone - Deer Creek MHC																38
39	RCMC	Eastwood Village Shopping Center																39
40	JPMCB	Hilton Garden Inn Houston	53.1%	103.87	55.15	51.7%	114.27	59.07	64.5%	114.48	73.81	67.1%	120.47	80.83	67.1%	120.47	80.83	40
41	RCMC	Westview Business Park																41
42	RCMC	10 New Road																42
43	GECC	Residence Inn - Dover	81.4%	104.59	85.01	84.4%	105.50	89.02	78.1%	111.71	87.21	81.3%	111.95	90.73	81.3%	111.95	90.73	43
44	Barclays	33 Boston Post Road																44
45	RAIT	Hampshire Park Apartments																45
46	GECC	100 Provena Way																46
47	Column	Forest Cove																47
48	JPMCB	Guardian Self Storage																48
49	JPMCB	Summer Chase																49
50	Barclays	Walden Park Shopping Center																50
51	Column	Candlewood Suites Indianapolis Airport	80.7%	60.52	48.85	81.1%	64.22	52.11	83.2%	62.23	51.80	85.3%	63.13	53.82	85.3%	63.13	53.85	51
52	RAIT	Lyncourt Apartments																52
53	RCMC	Mill Creek Crossing																53
54	RAIT	Cypress Pointe																54
55	RCMC	American Water Works																55
56	JPMCB	Gander Mountain																56

A-1-25

ANNEX A-1

HOTEL OPERATING STATISTICS

2011

2012

2013

Most Recent

Loan #

Seller(1)

Property Name

Occupancy %

ADR ($)

RevPAR ($)

Occupancy %

ADR ($)

RevPAR ($)

Occupancy %

ADR ($)

RevPAR ($)

Occupancy %

ADR ($)

RevPAR ($)

Occupancy %

ADR ($)

RevPAR ($)

Loan #

GECC

153-157 West Ohio St

JPMCB

3445 North Causeway

Barclays

Rockaway Shopping Center

RCMC

701 Martinsville

RAIT

ATR Transmissions

Column

Northridge Plaza

Column

Copper Creek Apartments

RAIT

Cottages at Hooper Hill

RAIT

Tractor Supply - Flagstaff

GECC

Colonial Manor MHC

Column

Mobile Gardens MHC

GECC

Lakeshore - Summit Village/Blue Coral MHC Portfolio

Column

Harvard Court Townhouses

A-1-26

Footnotes to Annex A-1


(1)	“JPMCB” denotes JPMorgan Chase Bank, National Association, as Mortgage Loan Seller; “Column” denotes Column Financial, Inc., as Mortgage Loan Seller; “Barclays” denotes Barclays Bank PLC, as Mortgage Loan Seller; “RCMC” denotes Redwood Commercial Mortgage Corporation, as Mortgage Loan Seller; “RAIT” denotes RAIT Funding, LLC, as Mortgage Loan Seller; and “GECC” denotes General Electric Capital Corporation, as Mortgage Loan Seller.

(2)	Certain of the mortgage loans include parcels ground leased to tenants in the calculation of the total square footage and the occupancy of the mortgaged property.

	With respect to Loan No. 16, Belford Towers Apartments, the collateral is comprised of 467 residential units and one commercial unit.

	With respect to Loan No. 36, Whispering Palms MHC/RV, 12 affiliate-owned “cottage” units located on the Mortgage Property are leased from the affiliate to the borrower under a master lease. The user makes one rent payment for the pad and cottage unit, which is then allocated between the pad owner (the borrower) and the cottage unit owner (the affiliate). The rental income allocated to the 12 affiliate-owned cottage units was not included in underwriting and the cottage units were not included as collateral for the mortgage loan.

(3)	In certain cases, mortgaged properties may have tenants that have executed leases that were included in the underwriting but have not yet commenced paying rent and/or are not in occupancy.

	With regards to Loan No. 1, 500 Fifth Avenue, the Largest Tenant, Zara USA, Inc., received a six-month abatement of monthly rent ending February 10, 2015 and has yet to occupy the newly leased premises. Additionally, the borrower has not received a fully executed certificate of occupancy which would allow Zara USA, Inc. to occupy the space.

	With respect to Loan No. 4, Heron Lakes, Occupancy (%), UW NOI ($) and UW NCF ($) include Logan International, Global Drilling Support and American International Relocation Services, which have executed leases but have not yet taken occupancy or commenced paying rent. The tenants are expected to take occupancy in February 2015, January 2015 and February 2015, respectively. In addition, Occupancy (%), UW NOI ($) and UW NCF ($) include three leases with tenants affiliated with the related Principal/Carveout Guarantor. Collectively, the tenants represent approximately 4% of the net rentable area of the property and approximately 3.2% of underwritten rents.

	With respect to Loan No. 6, St. Louis Premium Outlets, seven tenants pay percentage-in-lieu rent (“PIL”), and these tenant comprise approximately 14.0% of underwritten rents. These tenants include the 4th Largest Tenant, Calvin Klein and the 5th Largest Tenant, Coach. The rental calculation is based on the minimum PIL payment set forth in the related lease and the borrower’s estimated sales, and these tenant will pay percentage-in-lieu rent for their entire lease terms

	With respect to Loan No. 7, Centergy One, the 3rd Largest Tenant, Accenture, has a 50% rent abatement for 30,197 square feet of the 32,654 square feet total through June 30, 2015.

	With respect to Loan No. 8, The Outlet Shoppes of the Bluegrass, four tenants pay percentage-in-lieu rent (“PIL”), and these tenants comprise approximately 12.2% of underwritten rents. These tenants include the Largest Tenant, Saks Fifth Avenue Off 5th and the 4th Largest Tenant, Polo Ralph Lauren. The rental calculation is based on the minimum PIL payment set forth in the related lease and the borrower’s estimated sales, and these tenants will pay percentage-in-lieu rent for their entire lease terms.

	With respect to Loan No. 10, 117 Kendrick Street, Occupancy (%), UW NOI ($) and UW NCF ($) include the 4th Largest Tenant, Firestone Financial, which has executed a lease and taken occupancy but not yet commenced paying rent. The tenant will commence paying rent under its lease in May 2015.

	With respect to Loan No. 14, Columbia Centre I & II, the eighth largest tenant by square footage, PERQ/HCI LLC (WPP), has executed a lease but has not yet taken occupancy of its leased premises and or commenced paying rent. The tenant is expected to take occupancy in January 2015.

	With respect to Loan No. 20, 543 Howard, the Largest Tenant, Galvanize, has leased but is not yet in full occupancy of its space. Per the lease, the tenant will be required to pay rent on their entire premises beginning January 1, 2015. At closing, $1,050,934 was escrowed to cover rent concessions and $2,843,502 was escrowed to cover the remaining tenant improvement allowance.

A-1-27

	With respect to Loan No. 25, Newington Commons, UW NOI ($) and UW NCF ($) include Planet Fitness rent, which is abated until May 1, 2015. Lender required an upfront reserve of $224,396 at origination to address the free rent period.

	With respect to Loan No. 26, Florida Multifamily Portfolio, UW NOI ($) and UW NCF ($) for three of the mortgaged properties, Bella Mar I & II, Del Rio and Lago Bello, include units that have rent subsidies as a result of accepting Section 8 vouchers. These units constitute approximately 10%, 16% and 18% of the total units at the properties, respectively. In addition, in the case of the Kings Trail mortgaged property, the related property is subject to low-income housing extended-use agreements due to prior Section 42 tax credit financing. The agreement requires the property to be operated in accordance with low-income and rent restrictions until December 31, 2026. This agreement and the restrictions terminate upon a foreclosure, so long as the borrower or a related party does not acquire any interest in the property and, following any termination of this agreement, there is a statutory requirement that there can be no evictions other than for cause and no increases in gross rents for a three year period after the termination with respect to any existing low-income tenants.

	With respect to Loan No. 29, 1019 Market Street, the property is subject to a Mills Act historic property real estate tax abatement, which runs through 2023. Real estate taxes were underwritten based on the fully unabated tax bill ($566,600) less the net present value of the remaining tax abatement savings per year of the term ($235,837). See “Risk Factors – Increases in Real Estate Taxes Due to Termination of a PILOT Program or Other Tax Abatement Arrangements May Reduce Net Cash Flow and Payments to Certificateholders” and “Description of the Mortgage Pool – Net Cash Flow and Certain Underwriting Considerations” in this free writing prospectus.

	With respect to Loan No. 36, Whispering Palms MHC/RV, the Occupancy (%) was calculated based on the pads only and excludes the RV spaces.

	With respect to Loan No. 54, Cypress Pointe, Occupancy (%), UW NOI ($) and UW NCF ($) includes the sixth largest tenant by square footage, Arcadia Home Care, which has executed a lease but has not yet taken occupancy of its leased premises and/or commenced paying rent. The tenant is expected to take occupancy in March 2015, at which time rent payments will commence.

	With respect to Loan No. 58, 3445 North Causeway, the Occupancy (%) calculation includes month-to-month leases at the mortgaged property, which represent approximately 1.6% of the net rentable area at the property.

(4)	With respect to all mortgage loans, with the exceptions of the mortgage loans listed below, the Current LTV% and the Maturity LTV% are based on the “as-is” Appraisal Value even though, for certain mortgage loans, the appraiser provided “as-stabilized” values based on certain criteria being met.

	With respect to Loan No. 12, Arbor Gate, the Appraised Value ($) includes the value of an excess land parcel amounting to $240,000.

	With respect to Loan No. 13, Threshold Multifamily Portfolio II, the appraiser concluded a bulk sale portfolio Appraised Value ($) of $49,531,257 as of October 1, 2014.

	With respect to Loan No. 14, Columbia Centre I & II, the Appraised Value ($) represents the “Hypothetical Market Value As-Is” of $53,200,000 for the mortgaged property, effective as of August 14, 2014, which assumes that all rent concessions, tenant improvement allowances, and leasing commissions for existing leases have been paid. At origination of the loan, the borrower was required to reserve the full amount of the outstanding tenant improvements and free rent in the amount of $1,014,048, and the borrower is also required to reserve $27,124 on each payment date in December 2014 and January and February 2015 for gap rent periods. The “as-is” Appraised Value ($) for the property as of August 14, 2014 was $50,600,000, which results in a Current LTV% of 73.6%.

	With respect to Loan No. 18, Threshold Multifamily Portfolio III, the appraiser concluded a bulk sale portfolio Appraised Value ($) of $43,347,646 as of October 1, 2014.

	With respect to Loan No. 28, Westview Apartments, the “as-renovated” Appraised Value ($) was used and accounts for a $1,423,750 Capital Improvement Reserve. The “as-is” Appraised Value ($) of $23,100,000 results in a Current LTV% of 84.8%.

	With respect to Loan No. 43, Residence Inn – Dover, the Appraised Value ($) includes the $900,000 PIP, $816,162 of which was reserved at closing.

	With respect to Loan No. 52, Lyncourt Apartments, the Appraised Value ($) of $10,000,000 is the “as stabilized” value since the property was under construction when the appraisal was performed.

A-1-28

	With respect to Loan No. 54, Cypress Pointe, the “as-is” Appraised Value ($) was based on a stabilized pro forma occupancy of 94.5%, rather than the underwritten occupancy of 84.9% (inclusive of the Arcadia Home Care tenant), reduced by the anticipated costs to lease up the property to stabilized occupancy.

	With respect to Loan No. 65, Tractor Supply-Flagstaff, the Appraised Value ($) of $4,800,000 is the “as-complete” value since the property was under construction when the appraisal was performed.

(5)	For mortgage loans secured by multiple mortgaged properties, each mortgage loan’s Original Balance ($), Current Balance ($), and Maturity/ARD Balance ($) are allocated to the respective mortgaged property based on the mortgage loan’s documentation, or if no such allocation is provided in the mortgage loan documentation, the mortgage loan seller’s determination of the appropriate allocation.

	With respect to Loan No. 20, 543 Howard, the $41,000,000 whole loan was bifurcated into a $31,000,000 A-Note and $10,000,000 Subordinate B-Note. The A-Note amortizes on the principal payment schedule provided in Annex F of the Free Writing Prospectus. As such, the Cut-off Date Balance ($), Maturity/ARD Balance ($), Monthly Debt Service ($), UW NOI DSCR, and UW NCF DSCR all reflect this principal payment schedule and a fixed interest rate of 5.0000%. The Subordinate B-Note is interest only and the interest rate is fixed at 5.0000%.

(6)	With regards to Loan No. 1, 500 Fifth Avenue, the mortgage loan is part of a $200,000,000 whole loan (the “500 Fifth Avenue Whole Loan”) which is comprised of two pari passu components (Note A-1 and Note A-2). Note A-1 (the “500 Fifth Avenue Mortgage Loan”) has an outstanding principal balance as of the Cut-off Date of $100,000,000 and is being contributed to the JPMBB 2014-C26 Trust. Note A-2 (the “500 Fifth Avenue Pari Passu Companion Loan”) has an outstanding principal balance as of the Cut-off date of $100,000,000 and is expected to be contributed to a future securitization trust. All loan level metrics are based on the 500 Fifth Avenue Whole Loan balance.

	With regards to Loan No. 6, St. Louis Premium Outlets, the mortgage loan is part of a $95,000,000 whole loan (the “St. Louis Premium Outlets Whole Loan”) which is comprised of two pari passu components (Note A-1 and Note A-2). Note A-1 (the “St. Louis Premium Outlets Mortgage Loan”) has an outstanding principal balance as of the Cut-off Date of $47,500,000 and is being contributed to the JPMBB 2014-C26 Trust. Note A-2 (the “St. Louis Premium Outlets Pari Passu Companion Loan”) has an outstanding principal balance as of the Cut-off Date of $47,500,000 and is expected to be contributed to a future securitization trust. All loan level metrics are based on the St. Louis Premium Outlets Whole Loan balance.

	With respect to Loan No. 8, The Outlet Shoppes of the Bluegrass, the mortgage loan is part of a $77,500,000 whole loan (“The Outlet Shoppes of the Bluegrass Whole Loan”) which is comprised of two pari passu components (Note A-1 and Note A-2). Note A-1 (the “The Outlet Shoppes of the Bluegrass Mortgage Loan”) has an outstanding principal balance as of the Cut-off Date of $45,000,000 and is being contributed to the JPMBB 2014-C26 Trust. Note A-2 (the “The Outlet Shoppes of the Bluegrass Pari Passu Companion Loan”) has an outstanding principal balance as of the Cut-off Date of $32,500,000 and is expected to be contributed to a future securitized trust. All loan level metrics are based on The Outlet Shoppes of the Bluegrass Whole Loan balance.

	With respect to Loan No. 26, Florida Multifamily Portfolio, the mortgage loan is part of a $57,300,000 whole loan (“Florida Multifamily Portfolio Whole Loan”) which is comprised of two pari passu components (Note A-1 and Note A-2). Note A-2 (the “Florida Multifamily Portfolio Mortgage Loan”) has an outstanding principal balance as of the Cut-off Date of $22,300,000 and is being contributed to the JPMBB 2014-C26 Trust. Note A-1 (the “Florida Multifamily Portfolio Pari Passu Companion Loan”) has an outstanding principal balance as of the Cut-off Date of $35,000,000 and was contributed to the JPMBB 2014-C25 Trust. All loan level metrics are based on the Florida Multifamily Portfolio Whole Loan balance.

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

(8)	For each mortgage loan, the excess of the related Interest Rate% over the related Servicing Fee Rate, the Trustee Fee Rate (including the Certificate Administrator Fee Rate), the Senior Trust Advisor Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate (collectively, the “Admin Fee%”).

	With respect to Loan No. 26, Florida Multifamily Portfolio, the Interest Rate is 4.650524% when extended to full precision.

(9)	For the mortgage loans that are interest-only for the entire term and accrue interest on an Actual/360 basis, the Monthly Debt Service ($) was calculated as 1/12th of the product of (i) the Original Balance ($), (ii) the Interest Rate% and (iii) 365/360.

A-1-29

(10)	With respect to all mortgage loans, except for the mortgage loans 20 and 45, Annual Debt Service ($) is calculated by multiplying the Monthly Debt Service ($) by 12.

	With respect to Loan No. 20, 543 Howard, the Annual Debt Service ($) is calculated based on the sum of the first 12 principal and interest payments following the cut-off date based on the assumed principal payment schedule set forth on Annex F to this Free Writing Prospectus.

	With respect to Loan No. 45, Hampshire Park Apartments, the Annual Debt Service ($) is calculated based on the sum of the first 12 principal and interest payments following the interest-only period based on the assumed principal payment schedule set forth on Annex G to this Free Writing Prospectus.

(11)	With respect to each of Loan Nos. 2 and 29, 1515 Market and 1019 Market Street, the First Payment Date for the loans is February 1, 2015. On the Closing Date, JPMCB will deposit sufficient funds to pay the interest associated with the interest due for the January 2015 payment for the related loans.

	With respect to Loan No. 11, The View & Legends, the mortgage loan has an ARD feature with an anticipated repayment date of October 6, 2019, with an increase in interest rate equal to the greater of (i) 3.00000% plus the initial note rate and (ii) 3.00000%, plus the five year treasury rate, plus the five year swap spread until the final maturity date of October 6, 2024. In no event will the increased interest rate exceed 8.50000%.

	With respect to Loan No. 29, 1019 Market Street, the mortgage loan has an ARD feature with an anticipated repayment date of January 1, 2020, with an increase in the interest rate equal to the greater of (i) 6.55000% per annum, or (ii) the sum of the five year swap yield in effect on the ARD plus 3.00000%, until the Final Mat Date of August 1, 2022. In no event will the increased interest rate exceed 8.55000%.

	With respect to Loan No. 46, 100 Provena Way, the mortgage loan has an ARD feature with an anticipated repayment date of October 1, 2024, the outstanding principal balance will accrue interest on and after that date until the final maturity date of October 1, 2039 at an increased interest rate equal to 2.02000% per annum plus the greater of (i) 4.79000% per annum or (ii) 10-year swap yield.

(12)	The “L” component of the prepayment provision represents lockout payments.
	The “Def” component of the prepayment provision represents defeasance payments.
	The “YM” component of the prepayment provision represents yield maintenance payments.
	The “O” component of the prepayment provision represents the free payments including the Maturity Date.

	With respect to Loan No. 10, 117 Kendrick Street, the lockout period is 13 payment dates from and including the first payment date.

	With respect to Loan No. 26, Florida Multifamily Portfolio, the related borrower may prepay a portion of the whole loan in an amount up to 15% of the original principal balance of the whole loan at any time during the term (including during the lockout period) in connection with the release of individual properties without the payment of any yield maintenance or other premium or defeasance. The lockout period is the date that is two years from the Closing Date.

	With respect to Loan No. 27, St. John Knits Campus, the related borrower, prior to the date that the tenant St. John has exercised its first renewal option, is permitted to prepay the mortgage loan in the amount of any net proceeds from the sale of the developmental rights on a parcel adjacent to the mortgaged property.

(13)	With respect to some mortgage loans, historical financial information may not be available due to when the properties were constructed and/or acquired.

	With respect to Loan Nos. 6 and 48, St. Louis Premium Outlets and Guardian Self Storage, the properties were recently constructed and either no or limited historical financials are available.

	With respect to Loan No. 9, United Healthcare Office, 2011 NOI and 2012 NOI are not available as the property and previous loan went into court receivership in August 2011. Please refer to “Description of the Top Ten Mortgage Loans” in Annex A-3 to the free writing prospectus for additional detail. The respective 2011 and 2012 monthly rental rates under the prior NNN lease of the Largest Tenant, United Healthcare Services Inc. were $434,304 and $440,818, equating to annual rents of $5,211,648 and in $5,289,816 respectively.

A-1-30

	With respect to Loan No. 15, Holiday Inn & Suites Across from Universal Studios, 2011 NOI is lower relative to subsequent years because 42.7% of the total rooms were taken offline in 2011 for renovations that occurred between 2010 and 2011.

	With respect to Loan No. 19, West Shore Plaza Shopping Center, the Most Recent NOI is for the nine months ended September 30, 2014, annualized.

	With respect to Loan No. 26, Florida Multifamily Portfolio, the properties were recently acquired and historical financials are not available.

	With respect to Loan No. 27, St. John Knits Campus, Most Recent NOI is for the seven months ended July 31, 2014, annualized.

	With respect to Loan No. 33, Staybridge Suites Savannah Historic District, the Most Recent NOI is based on September 30, 2014 trailing eleven months and the October 2014 forecasted cash flows.

	With respect to Loan No. 39, Eastwood Village Shopping Center, Most Recent Revenues, Most Recent Expenses and Most Recent NOI is for the six months ended June 30, 2014 annualized.

	With respect to Loan No. 50, Walden Park Shopping Center, 2013 NOI is for the 9.5 months ended December 31, 2013, annualized.

(14)	With respect to all hotel properties, the UW NOI ($) is shown after taking a deduction for an FF&E reserve, and as such, the UW NOI ($) and UW NCF ($) for these properties are the same.

(15)	The UW NOI DSCR and UW NCF DSCR for all partial interest-only mortgage loans were calculated based on the first principal and interest payment after the Note Date during the term of the mortgage loan.

	With respect to Loan No. 45, Hampshire Park Apartments, the Annual Debt Service ($) is calculated based on the sum of the first 12 principal and interest payments following the interest-only period based on the assumed principal payment schedule set forth on Annex G to this Free Writing Prospectus.

(16)	With respect to Loan No. 14, Columbia Centre I & II, upon expiration of the ground lease, the leasehold interest will be released from the lien of the loan documents. No value was attributed to the ground leased portion of the property in the related appraisal, which contains eight parking spots that are not required for compliance with zoning.

	With respect to Loan No. 15, Holiday Inn & Suites Across from Universal Studios, the loan is secured by the first mortgage on both the fee and leasehold interests in the property. The sponsor, Allan V. Rose, is currently the lessor on the ground lease and the borrower is the lessee.

	With respect to Loan No. 33, Staybridge Suites Savannah Historic District, the mortgage loan is secured by the fee interest in the mortgaged property along with a leasehold interest in a lease for parking garage space near the mortgaged property.

	With respect to Loan No. 37, Hilton Garden Inn Westampton, the borrower has entered into a ground lease with an affiliate related to an adjacent land parcel; ground rent due under the ground lease is de minimus at a fixed $1 per annum for the 50-year term. The adjacent land parcel may be released from the loan collateral without payment of a release premium and RCMC did not attribute any value to this adjacent land parcel.

(17)	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.

	With respect to Loan No. 10, 117 Kendrick Street, the Upfront Other Reserve represents approximately one month of debt service, which was deposited into the excess cash flow reserve. This amount will be held by the lender as additional collateral for the loan.

(18)	Represents the monthly amounts required to be deposited by the borrower. The monthly collected amounts may be increased or decreased pursuant to the terms of the related loan documents. In certain cases, reserves with $0 balances are springing and are collected in the event of certain conditions being triggered in the respective mortgage loan documents. In certain other cases, all excess cash flow will be swept into reserve accounts in the event of certain conditions being trigger in the respective mortgage loan documents.

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	With respect to Loan No. 5, Shaner Hotels Limited Service Portfolio, on the payment date occurring in December 2014 and on each payment date through and including the payment date in May 2015, the borrowers are required to escrow $195,000 into the Monthly Other Reserve ($) for certain PIP expenses.

	With respect to Loan No. 7, Centergy One, the 3rd largest tenant, Accenture, may terminate its lease with respect to 2,457 square feet of its total leased area of 32,654 square feet on March 31, 2017 with termination payment of the unamortized balance of TI/LC. Additionally, Accenture may terminate its lease with respect to 30,197 square feet of its total leased area of 32,654 square feet on July 31, 2019 and July 31, 2021 with termination payment of the unamortized costs of TI/LC plus six months base rent and additional rent.

	With respect to Loan No. 8, The Outlet Shoppes of the Bluegrass, the Monthly Capex Reserve is waived to the extent that there is no event of default and, at any time after the calendar quarter ending September 30, 2015, the debt service coverage ratio is greater than 1.30x for the two previous consecutive calendar quarters based on the trailing 12 month period. The Monthly TI/LC Reserve commences on January 1, 2018.

	With respect to Loan No. 12, Arbor Gate, the borrower will make monthly deposits into the TI/LC Reserve in the amount of $46,659 until the TI/LC Reserve account equals $600,000. Thereafter, the borrower will make monthly deposits into the TI/LC Reserve in the amount of $18,051 until the TI/LC Reserve account equals $300,000 and no event of default has occurred.

	With respect to Loan No. 20, 543 Howard, the borrower will make monthly deposits of $6,082 into the TI/LC Reserve. However, so long as (i) no event of default has occurred and is continuing and (ii) the physical and economic occupancy at the property is 90.0% or greater, borrower will make monthly deposits into the TI/LC Reserve only to the extent that funds on deposit are less than $218,952.

	With respect to Loan No. 21, International Corporate Center, upon failure to satisfy the renewal criteria set forth in the loan agreement for the lease of the Largest Tenant, Mitsubishi Imaging, on or before six months prior to the expiration of the lease on June 30, 2016, all excess cash will be deposited into a reserve for tenant improvements, leasing commissions and free rent obligations incurred in connection with the renewal of the Mitsubishi Imaging lease or replacement leases satisfactory to the lender.

	With respect to Loan Nos. 22 and 31, Marriott Fort Lauderdale and Renaissance Boca Raton, respectively, the Monthly Other Reserve represents a seasonality reserve, and each related borrower is required to deposit such amount on the payment dates in January, February and March in each year during the terms of the mortgage loans.

	With respect to Loan No. 26, Florida Multifamily Portfolio, the borrower is required to deposit $183,167 (approximately $1,000 per unit annually) into the Monthly Capex Reserve. On April 1, 2016, the monthly escrow is reduced to $67,589 (approximately $369 per unit annually).

	With respect to Loan No. 27, St. John Knits Campus, upon the earlier of i) the debt service coverage ratio falling below 1.25x, ii) July 31, 2018, or, if the Largest Tenant, St. John Knits, has exercised its first renewal option, July 31, 2023, iii) the date St. John Knits ceases operations at the property, iv) the date St. John Knits seeks protection under any creditor rights’ laws or v) the occurrence of an event of default, the borrower will make monthly deposits into the Capex Reserve in the amount of $2,230.

	With respect to Loan No. 30, Fordham Road Business Park, on each payment date following the occurrence of a tenant trigger event (as defined in the loan agreement) and until the occurrence of a tenant trigger event cure (as defined in the loan agreement) for the tenants Accellent, ReverTech (aka BRTRL) and Red Thread, the borrower will deposit $80,000 into the TI/LC Reserve. The amounts deposited into the TI/LC Reserve are capped at $750,000.

	With respect to Loan No. 32, Broadway Marketplace – Parcel 2,3,4, following the first occurrence of (i) an event of default or (ii) if the debt service coverage ratio for the mortgage loan is less than 1.10 to 1.00, the borrower is required to pay $10,233.58 on each monthly payment date into a leasing reserve for tenant improvements and leasing commissions, provided, the borrower is not required to make deposits into the leasing reserve if the amount then on deposit in the reserve equals or exceeds the sum of $368,000.

	With respect to Loan No. 33, Staybridge Suites Savannah Historic District, the borrower will escrow, on each payment date, an amount needed to complete all work described in any property improvement plan required by the franchise agreement as reasonably estimated by the lender.

	With respect to Loan No. 37, Hilton Garden Inn Westampton, commencing on the first payment date after the initial upfront FF&E deposit of $1,000,000 has been fully disbursed, borrower will make monthly deposits into the FF&E reserve equal to one twelfth of 4.0% of gross income from operations from the preceding calendar year. In addition,

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	upon any new PIP imposed by the franchisor pursuant to the franchise agreement, borrower will deposit into the PIP reserve 100% of the amount determined by lender to be required to for such new PIP.

	With respect to Loan No. 39, Eastwood Village Shopping Center, so long as there is no event of default and the property maintains a minimum occupancy of 90.0%, borrower shall not be required to make monthly deposits into the TI/LC Reserve which would cause the TI/LC Reserve to exceed $430,000. Further notwithstanding the foregoing, if a Sweep Event, as defined in the loan agreement, is then in effect as the result of the occurrence of a Tenant Trigger Event, as defined in the loan agreement, the TI/LC Reserve Cap of $430,000 will be suspended and funds in the TI/LC Reserve will be made available to borrower for tenant improvement and leasing commission obligations incurred in connection with the trigger tenant’s space, as defined in the loan agreement.

	With respect to Loan No. 40, Hilton Garden Inn Houston, in addition to the Monthly Capex Reserve, the borrower will escrow, on each payment date, an amount needed to complete all work described in any property improvement plan required by the franchise agreement as reasonably estimated by the lender.

	With respect to Loan No. 41, Westview Business Park, the TI/LC Reserve Cap of $300,000 will be reduced after November 5, 2017 to an amount equal to $200,000 plus $10.00 per square foot of any original vacant space which has not been leased and as such original vacant space becomes leased, such amount shall continue to reduce the TI/LC Reserve Cap.

	With respect to Loan No. 44, 33 Boston Post Road, borrower will make monthly deposits into the TI/LC Reserve of $30,000 during a period commencing upon the date the borrower receives notice that the Largest Tenant, Environmental Chemical Corp, is exercising an early termination option and ending upon the earliest of (i) the payment date in which the TI/LC Reserve balance reaches $319,044, (ii) the ninth payment date following the commencement of the deposits, (iii) satisfaction of the Environmental Chemical Corp replacement lease criteria, as defined in the loan agreement or (iv) lender has received sufficient evidence that the tenant has revoked its early termination option.

	With respect to Loan No. 50, Walden Park Shopping Center, in lieu of making monthly deposits into the reserves, borrower has the right during the term of the loan to deposit with lender one or more letters of credit in an aggregate amount equal to 12 months of deposits for each of the TI/LC Reserve, Capex Reserve and Insurance Reserve. In the event the borrower does not provide a letter of credit that satisfies the loan document requirements then the borrower will be required to make monthly deposits into the Capex Reserve, TI/LC Reserve, and Insurance Reserve in the amounts of $720, $2,399 and $1,543, respectively. The Capex Reserve and TI/LC Reserve are subject to caps in the amounts of $25,906 and $115,138, respectively. At loan closing, the borrower deposited a $55,932 letter of credit with the lender, representing 12 months of deposits for TI/LC Reserves, Capex Reserves and Insurance Reserves.

	With regards to Loan No. 51, Candlewood Suites Indianapolis Airport, if at any time a property improvement plan is required by the franchisor under the franchise agreement, the borrower shall deposit 110% of the estimated cost of such PIP less any amount in the Capex Reserve to the PIP Reserve within ten business days.

	With respect to Loan No. 57, 153-157 West Ohio St, the Rollover Reserve fund, the Special Tenant Reserve Fund, or the combined amount is subject to a reserve floor of $200,151.

	With respect to Loan No. 60, 701 Martinsville, the borrower will make monthly deposits of $1,725 into the Roof Reserve up to and including the payment date occurring on October 5, 2017.

(19)	Represents a cap on the amount required to be deposited by the borrower pursuant to the related mortgage loan documents. In certain cases, during the term of the mortgage loan, the caps may be altered or terminated subject to conditions of the respective mortgage loan documents.

(20)	With respect to the footnotes hereto, no footnotes have been provided with respect to tenants that are not among the five largest tenants by square footage for any Mortgaged Property.

(21)	In certain cases, the data for tenants occupying multiple spaces includes square footage only from the primary spaces sharing the same expiration date, and may not include smaller spaces with different expiration dates.

	With regards to Loan No. 1, 500 Fifth Avenue, the Largest Tenant, Zara USA, Inc., includes two individual leases for 13,843 square feet expiring in March 2024 and 58,701 square feet expiring in February 2035. Zara USA, Inc. received a six-month abatement of monthly rent for the period ending August 11, 2014 with respect to suite retail 1B, suite 105, suite 107, suite 109, suite 110, suite 11, suite 114, suite 115, and suite 301. The 5th Largest Tenant,

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	Lankler Siffert & Wohl, includes two individual leases for 3,453 square feet expiring in February 2017 and 23,957 square feet expiring in May 31, 2023.

	With respect to Loan No. 7, Centergy One, the 3rd Largest Tenant, Accenture, has multiple leases expiring as follows: (i) 2,457 square feet expire March 31, 2019 and (ii) 30,197 square feet expire July 31, 2024.

	With respect to Loan No. 20, 543 Howard, the Largest Tenant, Galvanize, occupies 39,859 square feet that expires on August 31, 2030 and 28,546 square feet that expires on August 31, 2029.

	With respect to Loan No. 60, 701 Martinsville, the Largest Tenant, Couch Braunsdorf Insurance Group, Inc., is majority owned by the loan sponsor.

(22)	The lease expirations shown are based on full lease terms; however, in some instances, the tenant may have the option to terminate its lease with respect to all or a portion of its leased space prior to the expiration date shown. In addition, in some instances, a tenant may have the right to assign its lease or sublease the leased premises and be released from its obligations under the subject lease.

	With regards to Loan No. 1, 500 Fifth Avenue, the 4th Largest Tenant, Vince LLC, has a one-time right to terminate its lease on April 22, 2022, provided one year’s notice and a $1,708,413 termination fee is provided.

	With respect to Loan No. 2, 1515 Market, the Third Largest Tenant, the Commonwealth of Pennsylvania, is only liable under its lease for rent and other obligations to the extent it receives sufficient appropriations from the state government.

	With respect to Loan No. 8, The Outlet Shoppes of the Bluegrass, 67 of the 89 total tenants have termination options based on sales thresholds. Such tenants include the Largest Tenant, Saks Fifth Avenue Off 5th and the 4th Largest Tenant, Polo Ralph Lauren. These options are generally exercisable between the years 2017 and 2020.

	With respect to Loan No. 10, 117 Kendrick Street, the Largest Tenant, Warner Brothers Entertainment Inc., has the right to terminate its lease on August 31, 2016 with 12 months’ notice and a payment of a termination fee. In addition, the 5th Largest Tenant, Food Should Taste Good, Inc, subleases its entire space to Euro-Pro Operating LLC.

	With respect to Loan No. 12, Arbor Gate, the 4th Largest Tenant, Dean Health System, has the option to terminate its lease effective on April 30, 2018 with six months written notice at any time during the month of October 2017. The six month notice period would then begin on November 1, 2017 following the date of delivery of the notice of tenant’s election on its option to terminate. The option to terminate expires on November 1, 2017 if not elected by tenant.

	With respect to Loan No. 14, Columbia Centre I & II, the Largest Tenant, Randa Accessories, has the right to terminate its lease on December 31, 2020, with 12 months’ notice and payment of a termination fee. The 2nd Largest Tenant, Resolution Life, Inc., has the right to terminate its lease as of either May 31, 2020 or May 31, 2022, with nine months’ notice and payment of a termination fee. The 3rd Largest Tenant, HQ Global Workplaces LLC, has the right to terminate its lease on or after September 30, 2016, with 10 months’ notice and payment of a termination fee.

	With respect to Loan No. 19, West Shore Plaza Shopping Center, the Largest Tenant, Burlington Coat Factory, may terminate its lease upon giving landlord one year’s notice in writing and paying a termination fee equal to its one year share of minimum rent, percentage rent, increases in taxes and increases in expenses.

	With respect to Loan No. 21, International Corporate Center, the 2nd Largest Tenant, Dorf & Nelson LLP, has a one-time option to terminate its lease, effective December 31, 2018, upon giving landlord twelve months’ notice in writing and paying a termination fee equal to any unamortized cost of the aggregate of landlord’s work, landlord’s contribution, brokerage commission and interest on such amounts at the rate of 6% per annum.

	With respect to Loan No. 23, Dedham Place, the 2nd Largest Tenant, RGN - Dedham, has a one-time option to terminate its lease, effective December 1, 2021, upon giving landlord notice in writing no later than December 1, 2020 and paying a termination fee equal to $608,959.

	With respect to Loan No. 34, Metro Centre, the 2nd Largest Tenant, Naturally Yours, has the right to terminate its lease between October 31, 2020 and January 31, 2021, with 12 months’ notice.

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	With respect to Loan No. 39, Eastwood Village Shopping Center, the 4th Largest Tenant, Tuesday Morning, has a one-time option to terminate its lease effective as of July 31, 2015 upon notice given at any time within a 30 day period after December 31, 2014 in the event that gross sales have not exceeded the sum of $1,200,000 for the 12 months preceding the December 31, 2014.

	With respect to Loan No. 41, Westview Business Park, the 4th Largest Tenant, HVAC Concepts, has a right to terminate its lease on February 28, 2021 provided the landlord is not able to accommodate the tenant’s expansion requirements with contiguous space or space within Westview Business Park. To exercise the option the tenant must provide the landlord with written notice on or before May 31, 2020 and pay the landlord a cancellation fee in the amount of six months of annual base rent in addition to the unamortized cost of tenant improvements and brokerage commissions. Additionally, the tenant shall have a one-time right to terminate its lease on February 28, 2022, by providing landlord with written notice on or before May 31, 2021 and payment of a cancellation fee of unamortized tenant improvements and leasing commissions

	With respect to Loan No. 44, 33 Boston Post Road, the Largest Tenant, Environmental Chemical Corp, has a one-time option to terminate its lease, effective September 30, 2016, upon giving landlord nine months’ notice in writing and paying a termination fee equal to unamortized transaction costs, including brokerage and legal fees.

	With regards to Loan No. 47, Forest Cove, the 2nd Largest Tenant, Enlighten, has the right to terminate 3,870 square feet of Oakwood expansion space on January 30, 2015.

	With respect to Loan No. 57, 153-157 West Ohio St, the 4th Largest Tenant, Avant Communications, Inc., may terminate its lease effective January 31, 2016 with six months’ prior notice and payment of a $24,000 termination fee.

	With respect to Loan No. 58, 3445 North Causeway, the 2nd Largest Tenant, WCS, has the right to terminate its lease on or after August 1, 2018, with six months’ notice and payment of a termination fee.

(23)	In certain cases, the Principal / Carveout Guarantor name was shortened for spacing purposes.

	With regards to Loan No. 1, 500 Fifth Avenue, Simon Property Group’s nonrecourse carve-out liability is capped at 20% of the outstanding principal balance of the mortgage loan.

	With respect to Loan No. 29, 1019 Market Street, the Principal/Carveout Guarantor is not a party to the environmental indemnity and is only liable for breaches or violations of the following full recourse carveouts: (i) a breach of any backward-looking representation, warranty or covenant in the mortgage loan documents related to “recycled” single-purpose entities; (ii) any substantive consolidation of the borrower or its principal (to the extent it leads to a substantive consolidation of the borrower); or (iii) the failure to replace the general partner of the borrower in accordance with its organizational documents in the event that the principal dissolves, liquidates or becomes the subject of any bankruptcy, insolvency, dissolution or liquidation proceeding. Additionally, the Principal/Carveout Guarantor has executed its guaranty not in its individual capacity, but acting on behalf of and with its liability limited to the assets of grundbesitz-global, a German open end real estate fund.

(24)	The classification of the lockbox types is described in the Free Writing Prospectus. See “Description of the Mortgage Pool – Lockbox Accounts” for further details.

(25)	Refers to (a) debt secured by the mortgaged property, (b) mezzanine debt and (c) preferred equity. See “Description of the Mortgage Pool—Additional Debt—Existing Mezzanine Debt,” “—Future Mezzanine Debt” and “—Preferred Equity” and “Certain Legal Aspects of the Mortgage Loans” in the free writing prospectus for information related to mortgage loans with subordinate, mezzanine or other additional debt or preferred equity that permit subordinate, mezzanine or other additional debt in the future.

	With respect to Loan No. 5, Shaner Hotels Limited Service Portfolio, the mezzanine loan is cross-collateralized and cross-defaulted with three other mezzanine loans in the aggregate amount of $31,600,000 that are related to three mortgage loans which are not included in the mortgage loan pool. The mezzanine loans are cross-collateralized and cross-defaulted through guaranties and pledge agreements signed by the mezzanine loan borrowers on the other mezzanine loans. See “Description of the Mortgage Loans – Additional Debt – Existing Mezzanine Debt” in this free writing prospectus.

	With respect to Loan No. 10, 117 Kendrick Street, the related mortgage loan documents allow for the pledge of up to 75% of the equity interests in the sole member of the borrower to an institutional investor (as defined in the loan documents) upon certain terms and conditions in the mortgage loan documents. The mortgage loan documents

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	prohibit a change of control of the borrower in connection with such pledge. See “Description of the Mortgage Loans – Additional Debt – Existing Mezzanine Debt” in this free writing prospectus.

	With respect to Loan No. 12, Arbor Gate, at closing, a TIF Loan secured by the property in the amount of approximately $900,116 will be outstanding. See “Description of the Mortgage Loans – Additional Debt – Secured Debt in this free writing prospectus.

	With respect to Loan No. 14, Columbia Centre I & II, an affiliate of the related borrower has incurred $5,000,000 loan from Tallinn Capital Mezzanine Limited Partnership, which is secured by cash distributions in various upper-tier entity affiliates of the borrower. The loan is not secured by any equity interests in the borrower, and the exercise of remedies under the loan will not result in a change of control of the borrower. See “Description of the Mortgage Loans – Additional Debt – Existing Mezzanine Debt” in this free writing prospectus.

	With respect to Loan No. 29, 1019 Market Street, the principal/carveout guarantor of the related borrower, RREEF Investment GmbH, has made an unsecured loan in the amount of $12,000,000 to the borrower. The principal/carveout guarantor has executed a subordination and standstill agreement with JPMCB. See “Description of the Mortgage Loans – Additional Debt – Unsecured Debt” in this free writing prospectus.

	With respect to Loan No. 45, Hampshire Park Apartments, at loan origination, RAIT Partnership, L.P. provided a $900,000 mezzanine loan to a borrower affiliate, which is secured by a 100% pledge of the direct equity interest in the related borrower. See “Description of the Mortgage Loans – Additional Debt” and Annex A-3 in the free writing prospectus.

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DESCRIPTION OF TOP TEN MORTGAGE LOANS AND ADDITIONAL MORTGAGE LOAN INFORMATION

A-3-1

ANNEX A-3

JPMBB 2014-C26

500 Fifth Avenue

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

A-3-2

ANNEX A-3

JPMBB 2014-C26

500 Fifth Avenue

A-3-3

ANNEX A-3

JPMBB 2014-C26

500 Fifth Avenue

A-3-4

ANNEX A-3

JPMBB 2014-C26

500 Fifth Avenue

Mortgage Loan Information		Property Information
Mortgage Loan Seller:	Column	Single Asset / Portfolio:	Single Asset
Original Principal Balance(1):	$100,000,000	Title:	Fee
Cut-off Date Principal Balance(1):	$100,000,000	Property Type - Subtype:	Office - CBD
% of Pool by IPB:	6.9%	Net Rentable Area (SF):	712,791
Loan Purpose:	Refinance	Location:	New York, NY
Borrower:	500 Fifth Avenue (New York) LLC	Year Built / Renovated:	1931 / 2012
Sponsor:	500 Holdings, Inc.	Occupancy:	92.3%
Interest Rate:	3.58000%	Occupancy Date:	10/1/2014
Note Date:	10/3/2014	Number of Tenants:	94
Maturity Date:	10/6/2024	2011 NOI:	$21,383,626
Interest-only Period:	120 months	2012 NOI:	$21,014,691
Original Term:	120 months	2013 NOI:	$19,461,901
Original Amortization:	None	TTM NOI (as of 7/2014)(2):	$18,808,084
Amortization Type:	Interest Only	UW Economic Occupancy:	92.5%
Call Protection(3):	L(26),Def(89),O(5)	UW Revenues:	$48,087,824
Lockbox:	CMA	UW Expenses:	$20,697,525
Additional Debt:	Yes	UW NOI(2):	$27,390,298
Additional Debt Balance:	$100,000,000	UW NCF:	$24,433,310
Additional Debt Type:	Pari Passu	Appraised Value / Per SF:	$600,000,000 / $842
		Appraisal Date:	8/13/2014


Escrows and Reserves(4)				Financial Information(1)
	Initial	Monthly	Initial Cap	Cut-off Date Loan / SF:	$281
Taxes:	$0	Springing	N/A	Maturity Date Loan / SF:	$281
Insurance:	$0	Springing	N/A	Cut-off Date LTV:	33.3%
Replacement Reserves:	$0	Springing	N/A	Maturity Date LTV:	33.3%
TI/LC:	$0	Springing	N/A	UW NCF DSCR:	3.37x
Other:	$16,029,253	$0	N/A	UW NOI Debt Yield:	13.7%

Sources and Uses

Sources	Proceeds	% of Total	Uses	Proceeds	% of Total
Mortgage Loan(1)	$200,000,000	100.0%	Payoff Existing Debt	$105,854,644	52.9%
			Return of Equity	74,395,810	37.2
			Upfront Reserves	16,029,253	8.0
			Closing Costs	3,720,293	1.9
Total Sources	$200,000,000	100.0%	Total Uses	$200,000,000	100.0%

(1)	500 Fifth Avenue is part of a loan evidenced by two pari passu notes with an aggregate original principal balance of $200.0 million. The Financial Information presented in the chart above reflects the Cut-off Date balance of the $200.0 million 500 Fifth Avenue Whole Loan.

(2)

The increase in UW NOI from TTM NOI is primarily the result of five new or renewed leases to tenants expanding or relocating within the building, representing approximately 111,686 square feet and $7,633,820 of annual rent with lease commencement dates ranging from February 1, 2014 through February 1, 2015. Additionally, the UW NOI includes $895,565 in rent steps through October 31, 2015.

(3)

The lockout period will be at least 26 payment dates beginning with and including the first payment date of November 6, 2014. Defeasance of the full $200.0 million 500 Fifth Avenue Whole Loan is permitted after the date that is the earlier of (i) two years after the securitization of the last pari passu note to be securitized, and (ii) three years after the closing date.

(4)	For a full description of Escrows and Reserves, please refer to “Escrows and Reserves” below.

A-3-5

ANNEX A-3

JPMBB 2014-C26

500 Fifth Avenue

The Loan. The 500 Fifth Avenue loan is secured by a first mortgage lien on a 59-story, 712,791 square foot office building located in midtown Manhattan. The whole loan has an outstanding principal balance of $200.0 million (the “500 Fifth Avenue Whole Loan”), which is comprised of two pari passu notes, Note A-1 and Note A-2. Note A-1 has an outstanding principal balance as of the Cut-off Date of $100.0 million and is being contributed to the JPMBB 2014-C26 Trust. Note A-2, with an outstanding principal balance as of the Cut-off Date of $100.0 million, is currently held by Column and is expected to be contributed to a future securitized trust. The holder of Note A-1 (the “Controlling Noteholder”) will be the trustee of the JPMBB 2014-C26 Trust. The trustee of the JPMBB 2014-C26 Trust (or, prior to the occurrence and continuance of a Control Event, the Directing Certificateholder) will be entitled to exercise all of the rights of the Controlling Noteholder with respect to the 500 Fifth Avenue Whole Loan; however, the holder of Note A-2 will be entitled, under certain circumstances, to consult with respect to certain major decisions. The loan has a 10-year term and is interest-only for the term of the loan.

The Borrower. The borrowing entity for the 500 Fifth Avenue Whole Loan is 500 Fifth Avenue (New York) LLC, a Delaware limited liability company and special purpose entity.

The Sponsor. The loan sponsor and nonrecourse carve-out guarantor of the mortgage loan is 500 Holdings, Inc. which owns four commercial properties in addition to the property in New York, California and Illinois. The loan sponsor is ultimately controlled and owned by Moises Cosio Espinosa, a Mexican-born businessman and member of a prominent Mexican family with a long history in the investment and banking sectors.

The Property. 500 Fifth Avenue is a 59-story office building located in midtown Manhattan. The property was constructed in 1931, renovated in 2012 and consists of primarily office space with a retail component. The property offers unobstructed southerly views from the second floor up, over New York’s Bryant Park and the New York City Public Library and also offers unobstructed easterly and westerly views from the mid and tower floors. The ground floor features the main entrance on Fifth Avenue and retail spaces along West 42nd Street and Fifth Avenue. The property’s office space is located on floors three through 59. In the last 10 years, in excess of $12.0 million has been spent on capital items, including a lobby renovation (2005 - 2009), a retail restack expanding retail use to the basement and third floors (underway), standpipe to sprinkler conversion (2006 - 2012), winterization of the cooling tower (2011 - 2012), common corridor (2005 - 2012), restroom renovations (2005 - 2006), electrical riser installation (2006 - 2007), and a class E system upgrade (2010).

As of October 1, 2014, the property was 92.3% leased by 94 tenants representing apparel manufacturing and sales, publishing, legal, financial services and technology sectors. The largest tenant at the property, Zara USA, Inc. (“Zara”), leases 10.2% of the net rentable area with 13,843 square feet expiring in March 2024 and 58,701 square feet expiring in February 2035. Zara leases portions of four floors and the basement at the property, which comprises traditional office (portions of third and fourth floors), retail (basement to third floor), and traditional office which serves as its United States corporate office for Zara’s parent, Inditex (MSE: ITX). Zara currently has a presence in 88 countries with 2,000 stores. The tenant originally took occupancy in 2008 and has expanded its presence over the years to its current square footage of 72,544 square feet. The Zara space is currently being built out on the ground floor and lower level by the tenant with an anticipated opening in February 2015. The tenant has a five year renewal option for both the retail and office space at the greater of 95% of fair market value and the current rent. The second largest tenant, W.W. Norton & Co., leases 64,668 square feet (9.1% of net rentable area) through July 2017 and has no remaining renewal or termination rights. W.W. Norton & Co. is an international publishing firm which has been in operation for over 90 years. The firm originally took occupancy in 1973 and currently occupies space on five floors. The third largest tenant, Mercer, Inc. leases 36,232 square feet (5.1% of net rentable area) through June 2019. The company, which is a wholly owned subsidiary of Marsh & McLennan Companies, is a global consulting firm specializing in talent, health, retirement and investment services.

The property is located within the Midtown office market containing approximately 241.5 million square feet, representing the largest office market inventory in Manhattan. As of the second quarter 2014, the Midtown market reported an overall vacancy rate of 11.0%, and an overall average market rent of $70.82 per square foot, representing an increase of 1.1% over the prior quarter and increase of 3.8% over the prior year. More specifically, the property is located in the Grand Central submarket. The Grand Central submarket contains approximately 44.0 million square feet of office space and represents the largest office inventory within the Midtown market. As of the second quarter 2014, the submarket reported an overall vacancy rate of 13.6% and reported an overall average submarket rent of $61.85 per square foot, almost 6% higher than a year ago. The appraisal identified seven buildings which are directly competitive with the property. As identified by the appraisal, asking rents ranged between $50.00 and $85.00 per square foot and direct occupancy averaged 92.6% compared to rents at the property of $58.00 per square foot to $95.00 per square foot depending on the floor and current occupancy of 92.3%. No new construction is currently under construction within the submarket.

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ANNEX A-3

JPMBB 2014-C26

500 Fifth Avenue

Historical and Current Occupancy(1)

2011	2012	2013	Current(2)
N/A	87.7%	87.4%	92.3%

(1)	Historical Occupancies are as of December 31 of each respective year. 2011 occupancy was not provided by the borrower.

(2)	Current Occupancy is as of October 1, 2014.

Recent Leasing Activity
Tenant Name	New / Renewal / Relocation Leases	Net Rentable Area	Lease Date	Term (years)	Base Rent PSF	Annual Rent
Vince LLC	New / Renewal	33,009	04/01/2014	10.0	$59.00	$1,947,531
Zara USA, Inc.(office expansion)	Expansion	13,067	08/01/2014	21.0	$151.40	1,978,332
Zara USA, Inc. (office expansion)	Expansion	9,783	02/01/2015	20.0	$35.34	345,731
Zara USA, Inc. (basement expansion)	Expansion	2,558	07/01/2014	20.6	$197.11	504,207
Kanematsu	New	10,914	07/01/2014	10.0	$63.50	693,039
Bliss PR	Relocation	9,783	12/01/2014	7.8	$50.01	489,248
W.W. Norton & Co.	Expansion	5,779	09/01/2014	2.9	$53.00	306,287
Computer Design & Integration LLC	Relocation	5,356	10/15/2014	5.2	$55.50	277,500
Wolmuth Maher & Deutsch LLP	Expansion	4,923	01/01/2015	15.7	$50.00	246,150
South African Tourism Board	Relocation	4,880	04/01/2014	10.4	$48.00	234,240
The Reed Foundation	Renewal / Relocation	4,070	10/01/2014	1.0	$81.98	333,659
Lankler Siffert & Wohl	Relocation	3,544	02/01/2014	3.0	$20.02	70,951
KFW-Ipex-Bank GmbH	Renewal / Relocation	2,566	03/01/2014	5.5	$51.75	132,791
The Swiss Benevolent Society	Renewal	1,454	07/01/2014	3.0	$51.00	74,154
Total		111,686				$7,633,820

Tenant Summary(1)
Tenant	Ratings(2) Moody’s/S&P/Fitch	Net Rentable Area (SF)	% of Total NRA	Base Rent PSF	Lease Expiration Date
Zara USA, Inc.(3)	NA / NA / NA	72,544	10.2%	$137.66	02/28/2035
W.W. Norton & Co.	NA / NA / NA	64,668	9.1%	$45.19	07/31/2017
Mercer, Inc.(4)	Baa1 /A- / BBB+	36,232	5.1%	$41.34	06/14/2019
Vince LLC(5)	NA / NA / NA	33,009	4.6%	$59.00	04/30/2025
Lankler Siffert & Wohl(6)	NA / NA / NA	27,500	3.9%	$53.78	05/31/2023
Schlesinger Assoc, N.Y. Inc.	NA / NA / NA	21,006	2.9%	$66.07	02/28/2018
Wollmuth, Maher & Deutsch LLP	NA / NA / NA	19,942	2.8%	$50.70	08/31/2029
Dragados USA Inc	NA / NA / NA	14,190	2.0%	$72.77	05/31/2017
A.R. Schmeidler & Co. Inc.	NA / NA / NA	12,088	1.7%	$55.76	05/31/2017
Kanematsu USA Inc.	NA / NA / NA	10,914	1.5%	$63.50	01/31/2025

(1)	Based on the underwritten rent roll.

(2)	Ratings provided are for the parent company of the entity listed in the “Tenant” field whether or not the parent company guarantees the lease.

(3)

Zara USA, Inc. has multiple leases at the property and the expiration date listed above reflects the expiration date of the largest space that the tenant occupies. In total, Zara USA, Inc. has 58,701 square feet expiring in February 2035 and 13,843 square feet expiring in March 2024. Currently, the borrower has not received a fully executed certificate of occupancy which would allow Zara USA, Inc. to occupy the space being renovated upon its completion. Additionally, the tenant has received a six-month abatement of monthly rent for the six-month period ending February 10, 2015.

(4)	Mercer, Inc. is currently subleasing 5,143 square feet to W.W. Norton & Co. and has the remainder of its space on the market for sublease.

(5)	Vince LLC has the right to terminate its lease in April 2022 with 12 months’ notice and the payment of a termination fee.

(6)	Lankler Siffert & Wohl has multiple leases at the property and the expiration date listed above reflects the expiration date of the largest space that the tenant occupies. Lankler Siffert & Wohl has 3,543 square feet expiring in February 2017 and 23,957 square feet expiring in May 2023.

A-3-7

ANNEX A-3

JPMBB 2014-C26

500 Fifth Avenue

Lease Rollover Schedule (1)
Year	Number of Leases Expiring	Net Rentable Area Expiring	% of NRA Expiring		Base Rent Expiring	% of Base Rent Expiring	Cumulative Net Rentable Area Expiring	Cumulative % of NRA Expiring	Cumulative Base Rent Expiring	Cumulative % of Base Rent Expiring
Vacant	NAP	54,845	7.7	%	NAP	NAP	54,845	7.7%	NAP	NAP
2014 & MTM(2)	9	29,477	4.1		$1,603,456	3.6%	84,322	11.8%	$1,603,456	3.6%
2015	11	25,124	3.5		1,313,202	2.9	109,446	15.4%	$2,916,658	6.5%
2016	7	31,632	4.4		1,817,187	4.1	141,078	19.8%	$4,733,845	10.6%
2017	24	172,956	24.3		9,386,454	21.0	314,034	44.1%	$14,120,299	31.6%
2018	15	91,571	12.8		6,213,719	13.9	405,605	56.9%	$20,334,018	45.5%
2019	9	66,361	9.3		3,891,754	8.7	471,966	66.2%	$24,225,772	54.2%
2020	4	24,438	3.4		1,646,133	3.7	496,404	69.6%	$25,871,905	57.9%
2021	0	0	0.0		0	0.0	496,404	69.6%	$25,871,905	57.9%
2022	4	24,893	3.5		1,435,895	3.2	521,297	73.1%	$27,307,800	61.1%
2023	3	33,284	4.7		2,414,024	5.4	554,581	77.8%	$29,721,824	66.5%
2024	4	35,644	5.0		2,068,147	4.6	590,225	82.8%	$31,789,971	71.1%
2025 & Beyond	4	122,566	17.2		12,925,963	28.9	712,791	100.0%	$44,715,934	100.0%
Total	94	712,791	100.0	%	$44,715,934	100.0%

(1)	Based on the underwritten rent roll.

(2)	Includes the building’s security and management offices.

Operating History and Underwritten Net Cash Flow(1)
	2012	2013	TTM(2)	Underwritten	Per Square Foot	%(3)
Rents in Place(4)	$35,585,996	$34,840,348	$34,484,013	$44,715,934	$62.73	86.5%
Vacant Income	0	0	0	3,680,279	5.16	7.1
Gross Potential Rent	$35,585,996	$34,840,348	$34,484,013	$48,396,213	$67.90	93.7%
Total Reimbursements	2,673,958	3,019,339	2,987,719	3,276,638	4.6	6.3
Net Rental Income	$38,259,954	$37,859,687	$37,471,732	$51,672,851	$72.49	100.0%
(Vacancy/Credit Loss)	0	(60,687)	(86,621)	(3,899,013)	(5.47)	(7.5)
Other Income	416,722	330,508	194,725	313,985	0.44	0.6
Effective Gross Income	$38,676,676	$38,129,508	$37,579,836	$48,087,824	$67.46	93.1%

Total Expenses	$17,661,985	$18,667,607	$18,771,752	$20,697,525	$29.04	43.0%

Net Operating Income(5)	$21,014,691	$19,461,901	$18,808,084	$27,390,298	$38.43	57.0%

Total TI/LC, Capex/RR	0	0	0	2,956,988	4.15	6.1

Net Cash Flow	$21,014,691	$19,461,901	$18,808,084	$24,433,310	$34.28	50.8%

(1)	A detailed operating statement for 2011 was not provided by the borrower.

(2)	TTM column represents the trailing twelve months ending July 31, 2014.

(3)	Percentage column represents percent of Net Rental Income for all revenue lines and represents percent of Effective Gross Income for the remainder of fields.

(4)	Underwritten rents in-place, include $895,565 in contractual rent steps through October 31, 2015.

(5)

Property Management. The property is managed by Cushman & Wakefield under an agreement that automatically renews annually unless terminated by either party in writing.

A-3-8

ANNEX A-3

JPMBB 2014-C26

500 Fifth Avenue

Escrows and Reserves. At origination, the borrower deposited into escrow approximately $16,028,841 for unfunded obligations, and required repairs of $413. The unfunded obligations reserve covers unfunded tenant improvements of $7,153,458, façade repairs of $4,021,131, rent abatements for existing tenants of $3,094,077, building improvements in progress of $1,393,384 and unfunded leasing commissions of $366,791.

Tax Escrows - The requirement for the borrower to make monthly deposits to the tax escrow is waived so long as no Cash Sweep Period exists.

Insurance Escrows - The requirement for the borrower to make monthly deposits to the insurance escrow is waived so long as no Cash Sweep Period exists.

Replacement Reserves - The requirement for the borrower to make monthly deposits to the replacement reserve escrow is waived so long as no Cash Sweep Period exists.

TI/LC Reserves - The requirement for the borrower to make monthly deposits to the TI/LC escrow is waived so long as no Cash Sweep Period exists. During the existence of a Cash Sweep Period, the borrower shall pay to the lender on each monthly payment date the sum of $229,649 (approximately $3.86 per square foot annually), which amounts shall be deposited with and held by lender for tenant improvement and leasing commission obligations.

Lockbox / Cash Management. The 500 Fifth Avenue Whole Loan is structured with a CMA lockbox. The borrower and property manager are required to direct tenants to deposit all rents directly to the lockbox account. All funds in the lockbox account shall be remitted to the borrower on a daily basis in the absence of a Cash Sweep Period. During the continuance of a Cash Sweep Period, all excess cash flow after payment of debt service, required reserves and operating expenses will be held as additional collateral for the loan.

A “Cash Sweep Period” means, subject to termination in accordance with the related loan documents, the period commencing upon the earliest of (i) the occurrence of an event of default, (ii) the debt yield on a trailing twelve-month basis falls below 7.0%, or (iii) any bankruptcy action of the borrower or manager.

A-3-9

ANNEX A-3

JPMBB 2014-C26

1515 Market

A-3-10

ANNEX A-3

JPMBB 2014-C26

1515 Market

A-3-11

ANNEX A-3

JPMBB 2014-C26

1515 Market

A-3-12

ANNEX A-3

JPMBB 2014-C26

1515 Market

Mortgage Loan Information		Property Information
Mortgage Loan Seller:	JPMCB	Single Asset / Portfolio:	Single Asset
Original Principal Balance:	$63,750,000	Title:	Fee
Cut-off Date Principal Balance:	$63,750,000	Property Type - Subtype:	Office - CBD
% of Pool by IPB:	4.4%	Net Rentable Area (SF):	502,213
Loan Purpose:	Acquisition	Location:	Philadelphia, PA
Borrower:	BRI 1866 1515 Market, LP	Year Built / Renovated:	1960 / 2007
Sponsors(1):	Various	Occupancy:	88.7%
Interest Rate:	4.30450%	Occupancy Date:	11/20/2014
Note Date:	12/2/2014	Number of Tenants:	73
Maturity Date:	1/1/2025	2011 NOI:	$6,073,294
Interest-only Period(2):	61 months	2012 NOI:	$4,807,093
Original Term(2):	121 months	2013 NOI(3):	$4,090,220
Original Amortization:	360 months	TTM NOI (as of 10/2014):	$4,878,882
Amortization Type:	IO-Balloon	UW Economic Occupancy:	89.3%
Call Protection:	L(26),Grtr1%orYM(92),O(3)	UW Revenues:	$12,069,378
Lockbox:	Hard	UW Expenses:	$5,487,872
Additional Debt:	Yes	UW NOI(3):	$6,581,505
Additional Debt Balance:	$8,500,000	UW NCF:	$5,673,534
Additional Debt Type:	Mezzanine Loan	Appraised Value / Per SF:	$87,000,000 / $173
		Appraisal Date:	10/31/2014


Escrows and Reserves(4)				Financial Information
	Initial	Monthly	Initial Cap	Cut-off Date Loan / SF:	$127
Taxes:	$911,434	$91,144	N/A	Maturity Date Loan / SF:	$116
Insurance:	$0	Springing	N/A	Cut-off Date LTV:	73.3%
Replacement Reserves:	$8,371	$8,371	N/A	Maturity Date LTV:	66.8%
TI/LC:	$54,167	$54,167	$3,750,000	UW NCF DSCR:	1.50x
Other:	$2,807,354	Springing	N/A	UW NOI Debt Yield:	10.3%

Sources and Uses
Sources	Proceeds	% of Total	Uses	Proceeds	% of Total
Mortgage Loan	$63,750,000	72.7%	Net Purchase Price(5)	$81,087,385	92.4%
Mezzanine Loan	8,500,000	9.7	Upfront Reserves	3,781,326	4.3
Sponsor Equity	15,483,167	17.6	Closing Costs	2,864,456	3.3
Total Sources	$87,733,167	100.0%	Total Uses	$87,733,167	100.0%

(1)	For a full description of the Sponsors, please refer to “The Sponsors” below.

(2)

The first payment date for the loan according to the mortgage loan documents is February 1, 2015. At securitization, funds sufficient to pay the interest associated with the loan on the Distribution Date in January 2015 will be deposited into the trust. Consequently, the mortgage loan term has been adjusted to reflect the additional payment of interest that the trust will receive on behalf of the mortgage loan.

(3)	The increase in 2013 NOI to UW NOI can be attributed to lease-up at the property, with occupancy increasing from 76.0% as of December 31, 2013 to 88.7% as of November 20, 2014.

(4)	For a full description of Escrows and Reserves, please refer to “Escrows and Reserves” below.

(5)	The Sponsors purchased the property for $85,000,000. The Net Purchase Price of $81,087,385 is $3,912,615 lower due to adjustments for real estate taxes, rent credits, outstanding tenant improvements, outstanding rent abatements, security deposits and other credits.

A-3-13

ANNEX A-3

JPMBB 2014-C26

1515 Market

The Loan. The 1515 Market loan has an outstanding principal balance of $63.75 million and is secured by a first mortgage lien on a Class A office building located in Philadelphia, Pennsylvania. The loan has a 10-year term and, subsequent to a five-year interest-only period, will amortize on a 30-year schedule.

The Borrower. The borrowing entity for the loan is BRI 1866 1515 Market, LP, a Delaware limited partnership and special purpose entity.

The Sponsors. The loan sponsors and nonrecourse carve-out guarantors are Accesso Investment Properties V, LLLP and Accesso Investment Properties V (US), LLLP, which are both Florida limited liability limited partnerships. The loan sponsors are affiliated with Accesso Partners LLC, formerly known as Beacon Investment Properties. Accesso Partners LLC is a real estate investment and property development group that was founded in 2003 and is based in Hallandale Beach, Florida. Accesso Partners LLC currently has a portfolio of 31 properties totaling approximately 7.8 million square feet.

The loan sponsors acquired the property from Winthrop Realty Trust for approximately $85.0 million. Prior to Winthrop Realty Trust’s ownership the property was owned by a joint venture between CBRE Realty Finance and Stockton Partners of New York, which had purchased the building in 2007 for approximately $75.0 million. As part of the acquisition, a $70.0 million loan was put in place that was subsequently securitized in the JPMCC 2007-LDPX transaction. The loan faced a number of near-term lease maturities, complicating its ability to refinance the mortgage and in April 2011 was placed into special servicing as the previous owner pursued a loan modification. The loan modification failed to close and due to strong interest in the building the special servicer conducted a note sale in September 2012. Winthrop Realty Trust acquired the note from the JPMCC 2007-LDPX Trust for approximately $56.85 million (81.2% of par) resulting in a loss to the JPMCC 2007-LDPX Trust. At the time of the note purchase, the occupancy was approximately 76.0%

The Property. 1515 Market is a Class A office building located at the corner of Market Street and 15th Street in Philadelphia’s central business district. The 20-story property was constructed in 1960, renovated in 2007 and totals 502,213 square feet.

As of November 20, 2014, the property is approximately 88.7% leased by 73 tenants. The largest tenant at the property, Temple University, leases 130,213 square feet (25.9% of the net rentable area) through June 2022. Temple University is the fourth largest provider of professional post-secondary education in the United States. Temple University utilizes its space at the property as its “downtown campus”, an annex to its primary campus which is located two miles north. This location caters primarily to adults/full time employees that are pursuing a graduate degree. The tenant has its own separate entrance with security and elevator lobby. Temple University has been a tenant since 2000 and in 2012 executed an early ten year lease extension through June 2022. In September 2014, Temple University agreed to lease an additional 2,347 square feet of ground floor space which will have a bookstore and outdoor café. The second largest tenant at the property, Heffler Radetich & Saitta, leases 26,027 square feet (5.2% of the net rentable area) through May 2019. Heffler Radetich & Saitta has been a tenant at the property since 2000, when it originally occupied approximately 19,752 square feet, and has subsequently expanded multiple times to its current 26,027 square feet. Heffler Radetich & Saitta is a full-service certified public accounting and consulting firm. The firm is ranked by the Philadelphia Business Journal as the 19th largest CPA firm in Pennsylvania, New Jersey and Delaware. The third largest tenant at the property, the Commonwealth of PA, leases 18,356 square feet (3.7% of the net rentable area) through May 2023. The Commonwealth of PA has been a tenant at the property since 1986 and most recently in September 2013 extended the term of its lease for ten years to its expiration in May 2023. The Commonwealth of PA represents the government of the Commonwealth of Pennsylvania and currently uses the space for administrative offices supporting the Pennsylvania court system. No other tenant accounts for more then 3.3% of the net rentable area.

The property is located adjacent to both City Hall and Dilworth Park which recently re-opened following the completion of an approximately $70.0 million renovation project and now is an integrated transit/public space with a fountain/ice skating rink, café and areas for markets, concerts and other open-air activities. In addition, the property is part of and has direct weather protected access to the subterranean retail and regional train complex known as Suburban Station. Tenants and visitors are sheltered from weather and vehicular traffic as the property’s lobby offers direct access to the Southeastern Pennsylvania Transportation Authority’s (“SEPTA”) regional rail, Suburban Station’s concourse retail, surface trolleys as well as the Market-Frankford and Broad Street subway lines.

1515 Market is located in the Market West submarket of the Philadelphia central business district which is considered the city’s primary office district. According to the appraisal, the Market West corridor is located between 15th and 21st streets from Market to Arch streets. As of the third quarter of 2014 the Market West office market is comprised of approximately 29.9 million square feet and reported overall occupancy of 84.4% with asking rents of $29.77 per square foot. The appraisal identified six office properties that serve as a competitive set for the property. The properties in the competitive set range from 235,000 square feet to 686,503 square feet with a weighted average vacancy rate of 18.8% and asking rents of $22.50 to $27.00 per square foot.

A-3-14

ANNEX A-3

JPMBB 2014-C26

1515 Market

Historical and Current Occupancy(1)
2011	2012	2013	Current(2)
84.0%	76.4%	76.0%	88.7%

(1)	Historical Occupancies are as of December 31 of each respective year.

(2)	Current Occupancy is as of November 20, 2014.

Tenant Summary(1)
Tenant	Ratings(2) Moody’s/S&P/Fitch	Net Rentable Area (SF)	% of Total NRA	Base Rent PSF	Lease Expiration Date
Temple University	NA / NA / NA	130,213	25.9%	$25.50	6/30/2022
Heffler Radetich & Saitta	NA / NA / NA	26,027	5.2%	$24.39	5/31/2019
Commonwealth of PA(3)	NA / NA / AA-	18,356	3.7%	$25.73	5/31/2023
Service Employees International Union	A2 / NA / NA	16,529	3.3%	$21.00	3/31/2025
Sweeney & Sheehan	NA / NA / NA	16,072	3.2%	$25.50	9/30/2021
Simon & Simon PC	NA / NA / NA	15,983	3.2%	$24.00	4/30/2018
American Executive Center	NA / NA / NA	15,822	3.2%	$23.25	5/31/2025
Ricci, Tyrrell, Johnson,	NA / NA / NA	13,632	2.7%	$21.00	1/31/2022
Gannett Fleming, Inc.	NA / A / NA	12,418	2.5%	$26.59	4/30/2015
Golomb & Honick PC	NA / NA / NA	11,464	2.3%	$27.66	5/31/2018

(1)	Based on the underwritten rent roll.

(2)	Ratings provided are for the parent company of the entity listed in the “Tenant” field whether or not the parent company guarantee the lease.

(3)	Commonwealth of PA is only obligated to pay rent to the extent it has received appropriations from the state government.

Lease Rollover Schedule(1)

Year	Number of Leases Expiring	Net Rentable Area Expiring	% of NRA Expiring		Base Rent Expiring	% of Base Rent Expiring		Cumulative Net Rentable Area Expiring	Cumulative % of NRA Expiring	Cumulative Base Rent Expiring	Cumulative % of Base Rent Expiring
Vacant	NAP	56,761	11.3	%	NAP	NAP		56,761	11.3%	NAP	NAP
2014 & MTM	2	7,105	1.4		$29,975	0.3	%	63,866	12.7%	$29,975	0.3%
2015	6	24,230	4.8		697,706	6.0		88,096	17.5%	$727,681	6.2%
2016	8	21,562	4.3		567,066	4.9		109,658	21.8%	$1,294,747	11.1%
2017	8	19,875	4.0		500,159	4.3		129,533	25.8%	$1,794,906	15.4%
2018	15	64,141	12.8		1,804,565	15.5		193,674	38.6%	$3,599,471	30.8%
2019	14	58,470	11.6		1,849,996	15.8		252,144	50.2%	$5,449,466	46.7%
2020	1	4,698	0.9		115,101	1.0		256,842	51.1%	$5,564,567	47.6%
2021	7	41,558	8.3		1,084,078	9.3		298,400	59.4%	$6,648,645	56.9%
2022	3	148,185	29.5		3,719,544	31.9		446,585	88.9%	$10,368,189	88.8%
2023	4	19,622	3.9		501,048	4.3		466,207	92.8%	$10,869,237	93.1%
2024	1	1,383	0.3		89,597	0.8		467,590	93.1%	$10,958,834	93.8%
2025 & Beyond	4	34,623	6.9		719,187	6.2		502,213	100.0%	$11,678,020	100.0%
Total	73	502,213	100.0	%	$11,678,020	100.0	%

(1)	Based on the underwritten rent roll.

A-3-15

ANNEX A-3

JPMBB 2014-C26

1515 Market

Operating History and Underwritten Net Cash Flow
	2011	2012	2013	TTM(1)	Underwritten	Per Square Foot	%(2)
Rents in Place(3)	$10,742,096	$9,858,321	$8,976,675	$9,776,056	$11,678,020	$23.25	86.4%
Vacant Income	0	0	0	0	1,404,706	2.80	10.4
Gross Potential Rent	$10,742,096	$9,858,321	$8,976,675	$9,776,056	$13,082,726	$26.05	96.8%
Total Reimbursements	936,295	380,523	580,668	525,978	438,432	0.87	3.2
Net Rental Income	$11,678,391	$10,238,844	$9,557,344	$10,302,034	$13,521,158	$26.92	100.0%
(Vacancy/Credit Loss)	0	0	0	0	(1,451,780)	(2.89)	(10.7)
Other Income	342,415	269,333	52,260	139,511	0	0.00	0.0
Effective Gross Income	$12,020,806	$10,508,177	$9,609,604	$10,441,545	$12,069,378	$24.03	89.3%

Total Expenses	$5,947,512	$5,701,084	$5,519,383	$5,562,663	$5,487,872	$10.93	45.5%

Net Operating Income	$6,073,294	$4,807,093	$4,090,220	$4,878,882	$6,581,505	$13.11	54.5%

Total TI/LC, Capex/RR	0	0	0	0	907,972	1.81	7.5
Net Cash Flow	$6,073,294	$4,807,093	$4,090,220	$4,878,882	$5,673,534	$11.30	47.0%

(1)	TTM column represents the trailing twelve months ending October 31, 2014.

(2)	Percentage column represents percent of Net Rental Income for all revenue lines and represents percent of Effective Gross Income for the remainder of fields.

(3)	The increase in 2013 Rents in Place to the Underwritten Rents in Place can be attributed to lease-up at the property, with occupancy increasing from 76.0% as of December 31, 2013 to 88.7% as of November 20, 2014.

Property Management. The property is managed by Accesso Services, LLC, an affiliate of the sponsor.

Escrows and Reserves. At origination, the borrower deposited into escrow approximately $1,934,290 for outstanding tenant improvement and leasing commissions associated with 12 tenants, $911,434 for real estate taxes, $660,314 for free rent, $212,750 for deferred maintenance, $54,167 for tenant improvement and leasing commissions and $8,371 for replacement reserves.

Tax Escrows - On a monthly basis, the borrower is required to escrow 1/12 of the annual estimated tax payments, which currently equates to $91,144.

Insurance Escrows - The requirement for the borrower to make monthly deposits into the insurance escrow is waived so long as no event of default exists and either the borrower provides satisfactory evidence that the property is insured under an approved blanket policy in accordance with the loan documents or the property maintains a debt service coverage ratio as calculated in the loan documents greater than 1.25x.

Replacement Reserves - On a monthly basis, the borrower is required to escrow $8,371 (approximately $0.20 per square foot annually) for replacement reserves.

TI/LC Reserves - On a monthly basis, the borrower is required to escrow $54,167 (approximately $1.29 per square foot annually) for future tenant improvements and leasing commissions. The reserve is subject to a cap of $3.75 million (approximately $7.47 per square foot).

Lockbox / Cash Management. The loan is structured with a hard lockbox and in-place cash management. The borrower or manager were required to send tenant direction letters to all tenants instructing them to deposit all rents and payments into the lockbox account controlled by the lender. All funds in the lockbox account are swept daily to a cash management account under the control of the lender and disbursed during each interest period during the term of the loan in accordance with the loan documents. To the extent that (i) there is an event of default under the loan documents, (ii) the debt service coverage ratio (including the mezzanine loan) as calculated in the loan documents based on a trailing three month period falls below 1.10x, (iii) the borrower or property manager becomes the subject of a bankruptcy, insolvency or similar action or (iv) a Temple University Trigger Event occurs, then all excess cash flow after payment of debt service, required reserves and operating expenses will be held as additional collateral for the loan.

A “Temple University Trigger Event” means: (i) any bankruptcy action with respect to Temple University, (ii) Temple University goes dark, vacates or abandons its space at the property, (iii) Temple University terminates its lease or (iv) Temple University fails to renew its lease for a minimum of five years on or before 12 months prior to its current lease expiration date in June 2022.

A-3-16

ANNEX A-3

JPMBB 2014-C26

1515 Market

Additional Mezzanine Debt. JPMCB provided the loan sponsors with a $8.5 million mezzanine loan that is secured by the loan sponsor’s equity interest in the borrower. The mezzanine loan has an anticipated repayment date of June 29, 2015 and a final maturity date of January 1, 2025. The mezzanine loan is interest-only for the term of the loan and has an initial interest rate of 10.00000%. If the mezzanine loan has not been repaid prior to the anticipated repayment date, after the anticipated repayment date, the interest rate will be 12.00000% and all excess cash flow will be swept and utilized to pay down the outstanding mezzanine loan balance (subject to the waterfall set forth in the cash management agreement). Including the mezzanine loan, the Cut-off Date LTV is 83.0%, the UW NCF DSCR is 1.22x based on the current mezzanine loan interest rate of 10.00000% and the amortizing mortgage loan debt service. Based on the mezzanine loan interest rate converting to 12.00000% and the amortizing mortgage loan debt service payment, the UW NCF DSCR is 1.18x. The mortgage and mezzanine lenders have entered into an intercreditor agreement.

A-3-17

ANNEX A-3		JPMBB 2014-C26

Wells Fargo Center Tampa

A-3-18

ANNEX A-3		JPMBB 2014-C26

Wells Fargo Center Tampa

A-3-19

ANNEX A-3		JPMBB 2014-C26

Wells Fargo Center Tampa

A-3-20

ANNEX A-3		JPMBB 2014-C26

Wells Fargo Center Tampa

Mortgage Loan Information		Property Information
Mortgage Loan Seller:	JPMCB	Single Asset / Portfolio:	Single Asset
Original Principal Balance:	$59,800,000	Title:	Fee
Cut-off Date Principal Balance:	$59,800,000	Property Type - Subtype:	Office - CBD
% of Pool by IPB:	4.1%	Net Rentable Area (SF):	389,524
Loan Purpose:	Acquisition	Location:	Tampa, FL
Borrower:	100 South Ashley Property Owner, LLC	Year Built / Renovated:	1985 / 2013
Sponsor:	Greenfield Acquisition Partners VII, L.P.	Occupancy:	93.1%
Interest Rate:	4.72150%	Occupancy Date:	11/1/2014
Note Date:	11/25/2014	Number of Tenants:	51
Maturity Date:	12/1/2019	2011 NOI:	$2,756,369
Interest-only Period:	None	2012 NOI(1):	$2,341,719
Original Term:	60 months	2013 NOI(1):	$2,918,702
Original Amortization:	360 months	TTM NOI (as of 9/2014)(1)(2) :	$3,176,544
Amortization Type:	Balloon	UW Economic Occupancy:	91.4%
Call Protection:	L(24),Grtr1%orYM(12),O(24)	UW Revenues:	$9,349,535
Lockbox:	Hard	UW Expenses:	$3,965,225
Additional Debt:	N/A	UW NOI(2):	$5,384,310
Additional Debt Balance:	N/A	UW NCF:	$4,958,329
Additional Debt Type:	N/A	Appraised Value / Per SF:	$78,000,000 / $200
		Appraisal Date:	10/29/2014

Escrows and Reserves(3)				Financial Information
	Initial	Monthly	Initial Cap	Cut-off Date Loan / SF:	$154
Taxes:	$116,465	$116,465	N/A	Maturity Date Loan / SF:	$141
Insurance:	$0	Springing	N/A	Cut-off Date LTV:	76.7%
Replacement Reserves:	$800,000	$4,870	N/A	Maturity Date LTV:	70.4%
TI/LC:	$40,576	$40,576	N/A	UW NCF DSCR:	1.33x
Other:	$2,070,300	$0	N/A	UW NOI Debt Yield:	9.0%

Sources and Uses
Sources	Proceeds	% of Total		Uses	Proceeds	% of Total
Mortgage Loan	$59,800,000	72.9	%	Purchase Price	$78,000,000	95.1	%
Sponsor Equity	22,204,601	27.1		Upfront Reserves	3,027,341	3.7
				Closing Costs	977,260	1.2
Total Sources	$82,004,601	100.0	%	Total Uses	$82,004,601	100.0	%

(1)	Increases in historical NOI can be attributed to lease-up at the property, with occupancy increasing from 72.5% in 2011 to 75.1% in 2012, 86.3% in 2013 and to the current occupancy of 93.1% as of November 1, 2014.

(2)	The increase in UW NOI from TTM NOI is primarily the result of contractual rent increases through December 2015 and 26,132 square feet of newly executed leases since September 2014 that account for approximately $653,300 of annual rent.

(3)	For a full description of Escrows and Reserves, please refer to “Escrows and Reserves” below.

The Loan. The Wells Fargo Center Tampa loan is secured by a first mortgage lien on a 22-story, 389,524 square foot office building located in the central business district of Tampa, Florida. The loan has an outstanding principal balance of $59.8 million, has a five-year term and amortizes on a 30-year schedule for the entire term of the loan.

The Borrower. The borrowing entity for the Wells Fargo Center Tampa loan is 100 South Ashley Property Owner, LLC, a Delaware limited liability company and special purpose entity.

A-3-21

ANNEX A-3		JPMBB 2014-C26

Wells Fargo Center Tampa

The Sponsor. The loan sponsor and nonrecourse carve-out guarantor is Greenfield Acquisition Partners VII, L.P. The loan sponsor is an affiliate of Greenfield Partners, which was established in 1997 by Eugene A. Gorab and is a real estate acquisition, development, asset management and finance company. The firm manages capital on behalf of its principals and limited partners, and has since inception secured capital commitments in excess of $4.0 billion across a series of discretionary investment vehicles. The company’s limited partners include state and corporate pension plans, university endowments, private foundations and high net worth individuals.

The Property. Wells Fargo Center Tampa is a Class A office building located on South Ashley Drive and occupies one city block between East Brorein Street and East Whiting Street in the central business district of Tampa, Florida. The property was constructed in 1985 and renovated in 2013. The 22-story property totals 389,524 square feet and consists primarily of office space with a small retail component which includes a Wells Fargo Bank branch. The property features amenities that include a fitness center, café, full service bank branch, conference center and complimentary shuttle service. The property also features an attached nine-story parking garage with 505 spaces, which provides for a parking ratio of 1.3 per 1,000 square feet. Prior to the acquisition, the previous owner spent over $6.0 million in upgrades and renovations. The renovations included modernizing of systems, telecommunications infrastructure and multi-tenant corridors. The corridor renovations include new lighting, new carpeting and bathroom upgrades. Upgrades to the property amenities include a new restaurant, a high-end fitness center and an upgrade to the parking garage. Additionally, the property obtained LEED Gold status.

As of November 1, 2014, the property was 93.1% leased by 51 tenants. The largest tenant at the property, Wells Fargo Bank (“Wells Fargo”), leases 14.9% of the net rentable area through July 2022 and has two five-year extension options remaining. Wells Fargo has been a tenant at the property since 1994 and in August 2012 extended the term of their lease through their current expiration of July 2022. Wells Fargo is rated A2/A+/AA- by Moody’s, S&P and Fitch, respectively. The property is Wells Fargo’s Tampa headquarters and is home to the wholesale banking unit which includes investment banking and capital markets, securities investment, commercial real estate and capital finance. Wells Fargo is a nationwide, diversified financial services company with $1.6 trillion in assets. At the end of third quarter 2014, Wells Fargo ranked fourth in assets among U.S. banks and was the world’s most valuable bank by market capitalization. The second largest tenant, Phelps Dunbar, leases 9.3% of the net rentable area through October 2017 and has two five-year extension options remaining. Phelps Dunbar is a regional law firm of more than 270 attorneys with offices positioned along the Gulf Coast from Houston to Tampa and has been a tenant at the property since 2006. The third largest tenant, UBS Financial Services, leases 5.1% of the net rentable area through February 2021 and has one five-year extension option remaining. UBS Financial Services is rated A2/A/A by Moody’s, S&P and Fitch and has been at the property since 1986 and is part of UBS’s Wealth Management Americas segment. UBS Wealth Management offers an array of investment products and services to affluent clients with more than $250,000 of investable assets. UBS Financial Services has a network of 7,000 financial advisors across the U.S., Puerto Rico and Canada serving more than two million customers. It has more than $600 billion of assets under management.

The property is located on South Ashley Drive and occupies one city block between East Brorein Street and East Whiting Street in the central business district of Tampa, Florida. Given the property’s central location, it is within walking distance of the Tampa Riverwalk, Tampa Convention Center and many of the amenities of downtown Tampa. At 22-stories, the property offers expansive views overlooking Hillsborough Bay, the Hillsborough River and the downtown Tampa skyline.

According to the appraisal, the overall Tampa-St. Petersburg-Clearwater office market consists of approximately 45.2 million square feet with an overall vacancy rate of 16.1% and a weighted average Class A rent of $23.63 per square foot as of first quarter 2014. Wells Fargo Center Tampa is located in the Tampa central business district office submarket which consists of approximately 6.4 million square feet with an overall vacancy rate of 13.2% and a weighted average Class A rent of $24.08 per square foot as of first quarter 2014. The Tampa central business district submarket is identified as one of the more desirable submarkets within the overall Tampa market. Overall vacancy in the central business district submarket has decreased by 2.1% between first quarter 2013 and first quarter 2014. The appraisal identified recent leases at five directly competitive properties built between 1981 and 1992 and ranging in size from 281,187 to 762,062 square feet. The rents at the comparable properties ranged from $22.00 to $27.50 per square foot. The appraisal’s conclusion of market rent for the property ranged from $24.50 to $26.00 per square foot depending on location and quality of space within the property. Using this conclusion of market rent, the appraisal determined that rents at the property are approximately 12.95% below market.

Historical and Current Occupancy(1)
2010	2011	2012	2013	Current(2)
69.8%	72.5%	75.1%	86.3%	93.1%

(1)	Historical Occupancies are as of December 31 of each respective year.

(2)	Current Occupancy is as of November 1, 2014.

A-3-22

ANNEX A-3		JPMBB 2014-C26

Wells Fargo Center Tampa

Tenant Summary(1)
Tenant	Ratings(2) Moody’s/S&P/Fitch	Net Rentable Area (SF)	% of Total NRA	Base Rent PSF	Lease Expiration Date
Wells Fargo Bank	A2 / A+ / AA-	58,098	14.9%	$21.85	7/31/2022
Phelps Dunbar	N/A / N/A / N/A	36,272	9.3%	$24.39	10/31/2017
UBS Financial Services	A2 / A / A	19,997	5.1%	$25.00	2/28/2021
Allegiant MD	N/A / N/A / N/A	18,951	4.9%	$21.38	1/31/2019
Warren Averett	N/A / N/A / N/A	18,743	4.8%	$24.78	8/31/2018
Valet Waste	N/A / N/A / N/A	17,194	4.4%	$21.50	3/31/2021
Hinshaw & Culbertson	N/A / N/A / N/A	16,039	4.1%	$24.76	8/31/2017
Carlton Fields	N/A / N/A / N/A	14,510	3.7%	$19.94	10/31/2019
Glenn Rasmussen	N/A / N/A / N/A	14,400	3.7%	$22.28	3/31/2019
Entegra Power Services	N/A / N/A / N/A	13,632	3.5%	$21.67	3/31/2017

(1)	Based on the underwritten rent roll.

(2)	Ratings provided are for the parent company of the entity listed in the “Tenant” field whether or not the parent company guarantees the lease.

Lease Rollover Schedule(1)
Year	Number of Leases Expiring	Net Rentable Area Expiring	% of NRA Expiring	Base Rent Expiring	% of Base Rent Expiring	Cumulative Net Rentable Area Expiring	Cumulative % of NRA Expiring	Cumulative Base Rent Expiring	Cumulative % of Base Rent Expiring
Vacant	NAP	27,014	6.9%	NAP	NAP	27,014	6.9%	NAP	NAP
2014 & MTM	1	1,338	0.3	$28,259	0.3%	28,352	7.3%	$28,259	0.3%
2015	4	9,488	2.4	204,263	2.5	37,840	9.7%	$232,522	2.9%
2016	5	13,399	3.4	317,234	3.9	51,239	13.2%	$549,755	6.8%
2017	11	96,777	24.8	2,250,959	27.8	148,016	38.0%	$2,800,714	34.6%
2018	5	27,542	7.1	651,163	8.0	175,558	45.1%	$3,451,877	42.7%
2019	15	84,876	21.8	1,807,801	22.3	260,434	66.9%	$5,259,679	65.0%
2020	2	12,412	3.2	306,534	3.8	272,846	70.0%	$5,566,212	68.8%
2021	2	37,191	9.5	869,596	10.7	310,037	79.6%	$6,435,808	79.5%
2022	1	58,098	14.9	1,270,987	15.7	368,135	94.5%	$7,706,795	95.2%
2023	2	4,893	1.3	108,749	1.3	373,028	95.8%	$7,815,544	96.6%
2024	0	0	0.0	0	0.0	373,028	95.8%	$7,815,544	96.6%
2025 & Beyond	3	16,496	4.2	277,501	3.4	389,524	100.0%	$8,093,045	100.0%
Total	51	389,524	100.0%	$8,093,045	100.0%

(1)	Based on the underwritten rent roll.

A-3-23

ANNEX A-3		JPMBB 2014-C26

Wells Fargo Center Tampa

Operating History and Underwritten Net Cash Flow
	2011	2012	2013	TTM(1)	Underwritten	Per Square Foot	%(2)
Rents in Place(3)(4)(5)	$5,291,377	$5,166,622	$5,876,099	$6,036,722	$8,093,045	$20.78	87.7%
Vacant Income	0	0	0	0	666,172	1.71	7.2
Gross Potential Rent	$5,291,377	$5,166,622	$5,876,099	$6,036,722	$8,759,217	$22.49	95.0%
Total Reimbursements	234,534	171,889	103,483	240,453	465,285	1.19	5.0
Net Rental Income	$5,525,911	$5,338,511	$5,979,582	$6,277,175	$9,224,502	$23.68	100.0%
(Vacancy/Credit Loss)	0	0	0	0	(792,967)	(2.04)	(8.6)
Parking Income	628,880	618,316	644,247	725,508	918,000	2.36	10.0
Effective Gross Income	$6,154,791	$5,956,827	$6,623,829	$7,002,682	$9,349,535	$24.00	101.4%

Total Expenses	$3,398,422	$3,615,108	$3,705,127	$3,826,138	$3,965,225	$10.18	42.4%

Net Operating Income	$2,756,369	$2,341,719	$2,918,702	$3,176,544	$5,384,310	$13.82	57.6%

Total TI/LC, Capex/RR	0	0	0	0	425,981	1.09	4.6
Net Cash Flow	$2,756,369	$2,341,719	$2,918,702	$3,176,544	$4,958,329	$12.73	53.0%

(1)	TTM column represents the trailing twelve-month period ending on September 30, 2014.

(2)	Percentage column represents percent of Net Rental Income for all revenue lines and represents percent of Effective Gross Income for the remainder of fields.

(3)	The increase in 2013 Rents in Place from 2012 Rents in Place is primarily the result of approximately 47,898 square feet of leasing activity at the property in 2013. Occupancy increased from 75.1% in 2012 to 86.3% in 2013.

(4)	The increase in TTM Rents in Place from 2013 Rents in Place is primarily the result of a new lease to Valet Waste for 17,194 square feet.

(5)	The increase in Underwritten Rents in Place from TTM Rents in Place is primarily the result of 26,132 square feet of newly executed leases since September 2014 that account for approximately $653,300 of annual rent and contractual rent increases through December 2015.

Property Management. The property is managed by Tower Realty Asset Management, Inc., an affiliate of Tower Realty Partners, a privately held commercial real estate investment firm focusing on value-added opportunities throughout Florida. The company owns and operates over three million square feet of office and retail space throughout Florida.

Escrows and Reserves. At origination, the borrower deposited into escrow approximately $819,185 for a free rent reserve relating to 12 tenants, $800,000 for general replacement reserves, $759,484 for capital expenditure relating to modernization of the elevator system, $491,631 for outstanding tenant improvement and leasing commissions, $116,465 for real estate taxes and $40,576 for future tenant improvement and leasing commissions.

Tax Escrows - On a monthly basis, the borrower is required to escrow 1/12 of the annual estimated tax payments, which currently equates to $116,465.

Insurance Escrows - The requirement for the borrower to make monthly deposits into the insurance escrow is waived so long as (i) no event of default exists and (ii) the borrower provides satisfactory evidence that the property is insured under an approved blanket policy in accordance with the loan documents.

Replacement Reserves - On a monthly basis, the borrower is required to escrow $4,870 (approximately $0.15 per square foot annually) for replacement reserves.

TI/LC Reserves - On a monthly basis, the borrower is required to deposit $40,576 (approximately $1.25 per square foot annually) into the TI/LC escrow.

Lockbox / Cash Management. The loan is structured with a hard lockbox and in-place cash management. The borrower was required to send tenant direction letters to all tenants instructing them to deposit all rents and payments into the lockbox account controlled by the lender. All rents will be swept daily to a segregated cash management account and disbursed during each interest period in accordance with the loan documents. The lender will have a first priority security interest in the cash management account. Upon the occurrence and during the continuance of a Cash Sweep Event, all funds deposited into the cash management account after payment of debt service, required reserves and budgeted operating expenses will be held as additional security for the loan.

A “Cash Sweep Event” means: (i) the occurrence and continuance of an event of default, (ii) any bankruptcy action of the borrower, its principal or manager or (iii) the debt service coverage ratio as calculated in the loan documents based on the trailing three-month period falls below 1.10x.

A-3-24

ANNEX A-3

JPMBB 2014-C26

[THIS PAGE INTENTIONALLY LEFT BLANK]

A-3-25

ANNEX A-3

JPMBB 2014-C26

Heron Lakes

A-3-26

ANNEX A-3

JPMBB 2014-C26

Heron Lakes

A-3-27

ANNEX A-3

JPMBB 2014-C26

Heron Lakes

Mortgage Loan Information		Property Information
Mortgage Loan Seller:	JPMCB	Single Asset / Portfolio:	Single Asset
Original Principal Balance:	$52,000,000	Title:	Fee
Cut-off Date Principal Balance:	$52,000,000	Property Type - Subtype:	Office - Suburban
% of Pool by IPB:	3.6%	Net Rentable Area (SF):	314,504
Loan Purpose:	Refinance	Location:	Houston, TX
Borrower:	L REIT, Ltd.	Year Built / Renovated:	2001-2008 / N/A
Sponsor:	Mohammad Nasr	Occupancy(1)(2):	98.2%
Interest Rate:	4.48500%	Occupancy Date:	12/1/2014
Note Date:	11/14/2014	Number of Tenants:	37
Maturity Date:	12/1/2024	2011 NOI:	$4,506,692
Interest-only Period:	24 months	2012 NOI:	$4,560,844
Original Term:	120 months	2013 NOI:	$4,506,964
Original Amortization:	360 months	TTM NOI (as of 9/2014):	$4,704,666
Amortization Type:	IO-Balloon	UW Economic Occupancy:	95.0%
Call Protection:	L(25),Grtr1%orYM(91),O(4)	UW Revenues(2):	$7,968,098
Lockbox:	Hard	UW Expenses:	$3,137,765
Additional Debt:	Yes	UW NOI:	$4,830,334
Additional Debt Balance:	$7,000,000	UW NCF:	$4,288,295
Additional Debt Type:	Mezzanine Loan	Appraised Value / Per SF:	$71,000,000 / $226
		Appraisal Date:	11/1/2014

Escrows and Reserves(3)				Financial Information
	Initial	Monthly	Initial Cap	Cut-off Date Loan / SF:	$165
Taxes:	$94,445	$94,445	N/A	Maturity Date Loan / SF:	$141
Insurance:	$9,479	Springing	N/A	Cut-off Date LTV:	73.2%
Replacement Reserves:	$5,250	$5,250	N/A	Maturity Date LTV:	62.5%
TI/LC:	$39,375	$39,375	$1,890,000	UW NCF DSCR:	1.36x
Other:	$5,135,169	$0	N/A	UW NOI Debt Yield:	9.3%

Sources and Uses
Sources	Proceeds	% of Total	Uses	Proceeds	% of Total
Mortgage Loan	$52,000,000	88.1%	Payoff Existing Debt	$48,672,135	82.5%
Mezzanine Loan	7,000,000	11.9	Upfront Reserves	5,283,718	9.0
			Closing Costs	2,538,285	4.3
			Return of Equity	2,505,862	4.2
Total Sources	$59,000,000	100.0%	Total Uses	$59,000,000	100.0%

(1)

Occupancy includes Logan International (14,482 square feet), Global Drilling Support (9,865 square feet) and American International Relocation Services (7,775 square feet), which have executed leases but are not expected to take occupancy until February 2015, January 2015 and February 2015, respectively.

(2)	Occupancy and UW Revenues include three tenants that are affiliated with the sponsor. These tenants account for approximately 4.0% of the net rentable area and 3.2% of the underwritten rents.

(3)	For a full description of Escrows and Reserves, please refer to “Escrows and Reserves” below.

The Loan. The Heron Lakes loan has an outstanding principal balance of $52.0 million and is secured by a first mortgage lien on seven Class A office buildings located in Houston, Texas. The loan has a 10-year term and subsequent to a two-year interest-only period, will amortize on a 30-year schedule. The previously existing debt consisted of a $26.0 million mortgage loan that was securitized in the JPMCC 2013-FL3 transaction, together with a $25.0 million mezzanine loan.

The Borrower. The borrowing entity for the loan is L REIT, Ltd., a Texas limited partnership and special purpose entity.

A-3-28

ANNEX A-3

JPMBB 2014-C26

Heron Lakes

The Sponsor. The loan sponsor and nonrecourse carve-out guarantor is Mohammad Nasr. Mr. Nasr is the principal of a Houston based architectural and real estate development firm that has experience in over 24 projects across the United States comprising over 5.0 million square feet. Mr. Nasr developed the property between 2001 and 2008 for a total cost of approximately $73.0 million and has a current basis of approximately $74.3 million.

The Property. The property consists of seven Class A/B office buildings containing approximately 314,504 square feet located in Houston, Texas. The seven buildings were developed between 2001 and 2008 and are situated across 14.4 acres with frontage along Beltway 8 (Sam Houston Parkway), approximately 13 miles north of the Houston central business district. The buildings range from two to five stories and from approximately 35,000 square feet to 75,000 square feet.

As of December 1, 2014, the property was approximately 98.2% leased by 37 tenants. The tenants at the property operate in a variety of industries including oil and gas services, energy, technology, education, communications and banking. The largest tenant at the property, Boots & Coots, leases 34,052 square feet (10.8% of the net rentable area) through July 2017. Boots & Coots is a subsidiary of Halliburton and provides services to the oil and gas industry. The second largest tenant at the property, Intergraph, leases 29,581 square feet (9.4% of the net rentable area) through June 2020. Intergraph is a provider of engineering and geospatial software. In December 2012, Intergraph expanded by 21,040 square feet to its current total of 29,581 square feet and extended the term of its lease from May 2014 to June 2020. The third largest tenant at the property, Icon Bank, leases 22,029 square feet (7.0% of the net rentable area) and is headquartered at the property. Of the total space Icon Bank leases, 12,548 square feet are expiring in February 2017 and 9,481 square feet are expiring in February 2020. Icon Bank has been a tenant at the property since 2007 and has expanded multiple times, most recently in October 2014 by an additional 5,695 square feet. Icon Bank is a Texas based full-service bank with seven offices located in the state. As of the second quarter of 2014, the bank reported assets of approximately $597.1 million, up from approximately $481.5 million the previous year.

When the Heron Lakes loan was previously securitized in the JPMCC 2013-FL3 transaction, the third largest tenant at the time was the University of Phoenix, which occupied 24,749 square feet on a lease through December 2014. The University of Phoenix vacated the property in early 2014 but continued to fulfill its obligations under the lease until November 2014, when the tenant and loan sponsor agreed to terminate the lease early. The University of Phoenix space is being backfilled by Global Drilling Support, American International Relocation Services and Coperion. All three tenants have executed leases but Global Drilling Support and American International Relocation Services are not expected to take occupancy of their respective spaces until January 2015 and February 2015, respectively.

Located off of Sam Houston Parkway and North Gessner Road, the property represents the office component of the master-planned Heron Lakes Estates, which includes residential units, the 18-hole Heron Lakes Golf Course, and a Staybridge Suites hotel (none of which are part of the collateral). Nearby amenities for the residents of the community include Willowbrook Mall and the Sam Houston Race Park. Bush Intercontinental Airport is approximately 15 miles east/northeast of the property. The property has nearby access to Beltway 8, the FM 1960 highway and State Highway 249, which are the main thorough-fares in the area going east/west and north/south.

Heron Lakes is located in the FM 1960 submarket, northwest of the Houston central business district office market. According to the appraisal, as of the second quarter of 2014 the FM 1960 office market was comprised of approximately 6.2 million square feet, of which 2.04 million square feet is Class A. The Class A vacancy rate for the FM 1960 submarket as of the second quarter of 2014 was 6.9%, down from 11.8% at the end of 2012. Class A asking rents as of the second quarter of 2014 were $29.38 per square foot, up from $24.57 at the end of 2012. The appraiser stated that Heron Lakes lies within a stronger micromarket within the FM 1960 submarket, primarily due to its recent construction and frontage along Beltway 8. The appraisal identified five office properties that serve as a competitive set for the property. The properties in the competitive set range from 48,139 square feet to 159,175 square feet and were constructed between 2007 and 2009. The competitive set has a rental range of $17.50 to $21.50 per square foot NNN with a weighted average vacancy rate of 2.6%.

A-3-29

ANNEX A-3

JPMBB 2014-C26

Heron Lakes

Historical and Current Occupancy(1)
2010	2011	2012	2013	Current(2)(3)
96.0%	94.8%	90.0%	95.3%	98.2%

(1)	Historical Occupancies are as of December 31 of each respective year.

(2)	Current Occupancy is as of December 1, 2014.

(3)

Current Occupancy includes Logan International (14,482 square feet), Global Drilling Support (9,865 square feet) and American International Relocation Services (7,775 square feet), which have executed leases but are not expected to take occupancy until February 2015, January 2015 and February 2015, respectively.

Tenant Summary(1)
Tenant	Ratings(2) Moody’s/S&P/Fitch	Net Rentable Area (SF)	% of Total NRA	Base Rent PSF	Lease Expiration Date
Boots & Coots	A2 / A / A-	34,052	10.8%	$25.01	7/31/2017
Intergraph	NA / NA / NA	29,581	9.4%	$25.05	6/30/2020
Icon Bank(3)(4)	NA / NA / NA	22,029	7.0%	$20.44	2/28/2017
Kiewit	NA / NA / NA	21,923	7.0%	$26.95	6/30/2019
Art Institute(4)	NA / NA / NA	20,711	6.6%	$19.50	6/30/2019
Energy Solution	NA / NA / NA	16,447	5.2%	$25.00	4/30/2016
Accudata	NA / NA / NA	14,885	4.7%	$24.87	6/30/2016
Logan International(4)	NA / NA / NA	14,482	4.6%	$17.00	1/31/2025
Caldwell Watson Real Estate Group	NA / NA / NA	13,692	4.4%	$23.67	12/31/2019
Global Drilling Support(4)	NA / NA / NA	9,865	3.1%	$17.50	12/31/2019

(1)	Based on the underwritten rent roll.

(2)	Ratings provided are for the parent company of the entity listed in the “Tenant” field whether or not the parent company guarantees the lease.

(3)	Icon Bank has multiple leases at the property and the expiration date listed above reflects the expiration date of the largest space they occupy. In total, 12,548 square feet are expiring in February 2017 and 9,481 square feet are expiring in February 2020.

(4)

The Base Rent PSF for Icon Bank, Art Institute, Logan International and Global Drilling Support are lower then other tenants in the above chart because the leases are NNN while other tenants have gross leases. The loan sponsor has made a recent effort to convert new or renewal leases from gross to NNN.

Lease Rollover Schedule(1)

Year	Number of Leases Expiring	Net Rentable Area Expiring	% of NRA Expiring	Base Rent Expiring	% of Base Rent Expiring	Cumulative Net Rentable Area Expiring	Cumulative % of NRA Expiring	Cumulative Base Rent Expiring	Cumulative % of Base Rent Expiring
Vacant	NAP	5,563	1.8%	NAP	NAP	5,563	1.8%	NAP	NAP
2014 & MTM	1	411	0.1	$0	0.0%	5,974	1.9%	$0	0.0%
2015	2	15,266	4.9	378,711	5.5	21,240	6.8%	$378,711	5.5%
2016	8	60,688	19.3	1,491,556	21.7	81,928	26.0%	$1,870,267	27.2%
2017	5	56,737	18.0	1,331,678	19.4	138,665	44.1%	$3,201,944	46.5%
2018	4	14,889	4.7	296,198	4.3	153,554	48.8%	$3,498,142	50.8%
2019	7	76,072	24.2	1,659,426	24.1	229,626	73.0%	$5,157,567	74.9%
2020	5	53,834	17.1	1,174,233	17.1	283,460	90.1%	$6,331,800	92.0%
2021	0	0	0.0	0	0.0	283,460	90.1%	$6,331,800	92.0%
2022	1	2,444	0.8	41,548	0.6	285,904	90.9%	$6,373,348	92.6%
2023	0	0	0.0	0	0.0	285,904	90.9%	$6,373,348	92.6%
2024	0	0	0.0	0	0.0	285,904	90.9%	$6,373,348	92.6%
2025 & Beyond	4	28,600	9.1	508,026	7.4	314,504	100.0%	$6,881,374	100.0%
Total	37	314,504	100.0%	$6,881,374	100.0%

(1)	Based on the underwritten rent roll.

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Heron Lakes

Operating History and Underwritten Net Cash Flow

	2011	2012	2013	TTM(1)	Underwritten	Per Square Foot	%(2)
Rents in Place	$7,031,517	$7,260,348	$7,284,620	$7,713,318	$6,881,374	$21.88	82.3%
Vacant Income	0	0	0	0	101,525	0.32	1.2
Gross Potential Rent	$7,031,517	$7,260,348	$7,284,620	$7,713,318	$6,982,899	$22.20	83.5%
Total Reimbursements(3)	0	0	0	0	1,375,100	4.37	16.5
Net Rental Income	$7,031,517	$7,260,348	$7,284,620	$7,713,318	$8,357,998	$26.58	100.0%
(Vacancy/Credit Loss)	0	0	0	0	(417,900)	(1.33)	(5.0)
Other Income	0	0	0	0	28,000	0.09	0.3
Effective Gross Income	$7,031,517	$7,260,348	$7,284,620	$7,713,318	$7,968,098	$25.34	95.3%

Total Expenses	$2,524,825	$2,699,504	$2,777,656	$3,008,652	$3,137,765	$9.98	39.4%

Net Operating Income	$4,506,692	$4,560,844	$4,506,964	$4,704,666	$4,830,334	$15.36	60.6%

Total TI/LC, Capex/RR	0	0	0	0	542,039	1.72	6.8
Net Cash Flow	$4,506,692	$4,560,844	$4,506,964	$4,704,666	$4,288,295	$13.64	53.8%

(1)	TTM column represents the trailing twelve months ending September 30, 2014.

(2)	Percentage column represents percent of Net Rental Income for all revenue lines and represents percent of Effective Gross Income for the remainder of fields.

(3)	The increase in TTM and Underwritten Total Reimbursements is due to the loan sponsor’s recent efforts to convert new or renewal leases from gross to NNN.

Property Management. The property is managed by Hollister Property, Inc., an affiliate of the loan sponsor.

Escrows and Reserves. At origination, the borrower deposited into escrow approximately $4,000,000 for a Logan International reserve as described below, $1,087,669 for an outstanding leasing costs and free rent reserve as described below, $94,445 for real estate taxes, $47,500 for deferred maintenance, $39,375 for tenant improvements and leasing commissions, $9,479 for insurance and $5,250 for replacement reserves.

Tax Escrows - On a monthly basis, the borrower is required to escrow 1/12 of the annual estimated tax payments, which currently equates to $94,445.

Replacement Reserves - On a monthly basis, the borrower is required to escrow $5,250 (approximately $0.20 per square foot annually) for replacement reserves.

TI/LC Reserves - On a monthly basis, the borrower is required to escrow $39,375 (approximately $1.50 per square foot annually) for future tenant improvements and leasing commissions. The reserve is subject to a cap of $1.89 million (approximately $6.01 per square foot). The borrower is required to deposit all fees into the TI/LC reserve in connection with any tenant exercising any termination or partial termination or contraction rights.

Outstanding Leasing Costs Reserves - At closing, the borrower deposited into escrow $1,087,669 for outstanding leasing costs. Of such funds, $890,570 will be used for outstanding tenant improvement and leasing commission obligations under leases in effect at closing and $197,099 will be used for free rent, rent abatements and tenant reimbursements under such existing leases.

Logan International Reserve - At closing, the borrower deposited into escrow $4,000,000 which shall be disbursed when Logan International (or one or more tenants acceptable to the lender) is in possession of its space, open for business and is paying full rent without offset, free rent or abatements and all landlord and tenant improvement and leasing commission obligations have been satisfied. The Logan International lease is expected to commence in February 2015 and is structured with four months of abated rent.

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ANNEX A-3

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Heron Lakes

Lockbox / Cash Management. The loan is structured with a hard lockbox and in-place cash management. The borrower or manager were required to send tenant direction letters to all tenants instructing them to deposit all rents and payments into the lockbox account controlled by the lender. All funds in the lockbox account are swept daily to a cash management account under the control of the lender and disbursed during each interest period during the term of the loan in accordance with the loan documents. To the extent that (i) there is an event of default under the loan documents, (ii) the debt service coverage ratio (including the mezzanine loan) as calculated in the loan documents based on a trailing three-month period falls below 1.05x for the period beginning on December 1, 2014 and ending on November 30, 2015 and 1.10x at any time thereafter or (iii) the borrower or property manager becomes the subject of a bankruptcy, insolvency or similar action, then all excess cash flow after payment of debt service, required reserves and operating expenses will be held as additional collateral for the loan.

Release of Individual Properties. None.

Additional Mezzanine Debt. A mezzanine loan of $7.0 million secured by the equity interests in the borrower was provided by JPMCB. The mezzanine loan has a coterminous maturity with the mortgage loan. The mezzanine loan makes interest only payments throughout the term of the loan and has a 10.10000% coupon. Including the mezzanine loan, the Cut-off Date LTV is 83.1%, the UW NCF DSCR is 1.11x (calculated based on amortizing debt service payments for the Mortgage Loan) and the UW NOI Debt Yield is 8.2%. The mortgage and mezzanine lenders have entered into an intercreditor agreement.

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ANNEX A-3		JPMBB 2014-C26

Shaner Hotels Limited Service Portfolio

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Shaner Hotels Limited Service Portfolio

Mortgage Loan Information		Property Information
Mortgage Loan Seller:	JPMCB	Single Asset / Portfolio:	Portfolio
Original Principal Balance:	$49,750,000	Title:	Fee / Leasehold
Cut-off Date Principal Balance:	$49,750,000	Property Type - Subtype:	Hotel - Limited Service
% of Pool by IPB:	3.4%	Net Rentable Area (Rooms):	732
Loan Purpose:	Refinance	Location:	Various
Borrowers(1):	Various	Year Built / Renovated:	Various / Various
Sponsor:	Lance T. Shaner	Occupancy / ADR / RevPAR:	73.4% / $96.93 / $71.11
Interest Rate:	4.52700%	Occupancy / ADR / RevPAR Date:	8/31/2014
Note Date:	10/31/2014	Number of Tenants:	N/A
Maturity Date:	11/1/2024	2011 NOI:	$3,168,150
Interest-only Period:	24 months	2012 NOI:	$4,116,135
Original Term:	120 months	2013 NOI:	$4,673,646
Original Amortization:	360 months	TTM NOI (as of 8/2014):	$5,342,856
Amortization Type:	IO-Balloon	UW Occupancy / ADR / RevPAR:	73.4% / $96.93 / $71.11
Call Protection:	L(25),Def(91),O(4)	UW Revenues:	$20,021,078
Lockbox:	Hard	UW Expenses:	$14,708,924
Additional Debt:	Yes	UW NOI:	$5,312,154
Additional Debt Balance:	$8,050,000	UW NCF:	$5,312,154
Additional Debt Type:	Mezzanine Loan	Appraised Value / Per Room:	$72,250,000 / $98,702
		Appraisal Date:	9/1/2014

Escrows and Reserves(2)				Financial Information
	Initial	Monthly	Initial Cap	Cut-off Date Loan / Room:	$67,964
Taxes:	$313,522	$47,334	N/A	Maturity Date Loan / Room:	$58,084
Insurance:	$127,795	$21,303	N/A	Cut-off Date LTV:	68.9%
FF&E Reserves:	$0	4% of Gross Revenues	N/A	Maturity Date LTV:	58.8%
TI/LC:	$0	$0	N/A	UW NCF DSCR:	1.75x
Other:	$358,224	$210,732	N/A	UW NOI Debt Yield:	10.7%

Sources and Uses
Sources	Proceeds	% of Total	Uses	Proceeds	% of Total
Mortgage Loan	$49,750,000	86.1%	Payoff Existing Debt	$42,367,985	73.3	%
Mezzanine Loan	8,050,000	13.9	Return of Equity	13,369,180	23.1
			Closing Costs	1,263,294	2.2
			Upfront Reserves	799,541	1.4
Total Sources	$57,800,000	100.0%	Total Uses	$57,800,000	100.0	%

(1)	For a full description of the borrowers, please refer to “The Borrowers” below.

(2)	For a full description of Escrows and Reserves, please refer to “Escrows and Reserves” below.

The Loan. The Shaner Hotels Limited Service Portfolio loan has an outstanding principal balance of $49.75 million and is secured by a first mortgage lien on the fee or leasehold interests in seven limited service hotels totaling 732 rooms located in Florida, West Virginia, Pennsylvania and Georgia. The loan has a 10-year term, and subsequent to a two-year interest-only period, will amortize on a 30-year schedule.

The Borrowers. The borrowing entities for the loan are Shaner Select Services Hotels II, LLC, Shaner Select Services Hotels III, LLC, Shaner Select Services Hotels IV, LLC, Shaner Select Services Hotels V, LLC, Shaner Select Services Hotels VI, LLC, Shaner Augusta 141 LLC and Shaner Charleston LLC, each a Delaware limited liability company and a special purpose entity.

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ANNEX A-3		JPMBB 2014-C26

Shaner Hotels Limited Service Portfolio

The Sponsor. The loan sponsor and nonrecourse carve-out guarantor is Lance T. Shaner, chairman and CEO of Shaner Hotel Group (“Shaner”). Shaner, a leading owner-operator in the hospitality industry, owns or manages 40 hotel properties in 17 states and two countries with gross revenues in excess of $150.0 million. Shaner’s hotels comprise 16 different brands, and Shaner employs approximately 2,700 people.

The Portfolio. The collateral consists of seven limited service hotels totaling 732 rooms located in Florida, West Virginia, Pennsylvania and Georgia. The portfolio is comprised of three Courtyards (286 rooms, 45.9% of UW NCF), three Fairfield Inn & Suites (251 rooms, 37.7% of UW NCF) and one Holiday Inn Express (195 rooms, 16.4% of UW NCF).

Portfolio Summary
Property	Location	Rooms	Year Built / Renovated	Cut-off Date Allocated Loan Amount	% of Allocated Loan Amount	Appraised Value	Underwritten Net Cash Flow	% of Underwritten Net Cash Flow
Holiday Inn Express - Charleston	Charleston, WV	195	1978 / 2013	$9,640,000	19.4%	$14,000,000	$869,912	16.4%
Courtyard - Mechanicsburg	Mechanicsburg, PA	91	2007 / NA	8,950,000	18.0	13,000,000	942,585	17.7
Courtyard - St. Augustine	St. Augustine, FL	98	2009 / NA	7,400,000	14.9	10,750,000	901,029	17.0
Fairfield Inn & Suites - Augusta	Augusta, GA	82	2009 / NA	7,230,000	14.5	10,500,000	834,651	15.7
Courtyard - Jacksonville - I295 East	Jacksonville, FL	97	2009 / NA	6,370,000	12.8	9,250,000	595,718	11.2
Fairfield Inn & Suites - Lakeland	Plant City, FL	87	2008 / NA	5,510,000	11.1	8,000,000	599,388	11.3
Fairfield Inn & Suites - St. Augustine	St. Augustine, FL	82	2009 / NA	4,650,000	9.3	6,750,000	568,871	10.7
Total		732		$49,750,000	100.0%	$72,250,000	$5,312,154	100.0%

Geographic Summary
State	# of Properties	Cut-off Date Allocated Loan Amount	% of Allocated Loan Amount	# of Rooms	% of Rooms	Appraised Value	% of Appraised Value	Underwritten Net Cash Flow	% of Underwritten Net Cash Flow
Florida	4	$23,930,000	48.1%	364	49.7%	$34,750,000	48.1%	$2,665,006	50.2%
West Virginia	1	9,640,000	19.4	195	26.6	14,000,000	19.4	869,912	16.4
Pennsylvania	1	8,950,000	18.0	91	12.4	13,000,000	18.0	942,585	17.7
Georgia	1	7,230,000	14.5	82	11.2	10,500,000	14.5	834,651	15.7
Total	7	$49,750,000	100.0%	732	100.0%	$72,250,000	100.0%	$5,312,154	100.0%

Brand Summary
Flag	# of Properties	Cut-off Date Allocated Loan Amount	% of Allocated Loan Amount	# of Rooms	% of Rooms	Appraised Value	% of Appraised Value	Underwritten Net Cash Flow	% of Underwritten Net Cash Flow
Courtyard	3	$22,720,000	45.7%	286	39.1%	$33,000,000	45.7%	$2,439,332	45.9%
Fairfield Inn & Suites	3	17,390,000	35.0	251	34.3	25,250,000	34.9	2,002,910	37.7
Holiday Inn Express	1	9,640,000	19.4	195	26.6	14,000,000	19.4	869,912	16.4
Total	7	$49,750,000	100.0%	732	100.0%	$72,250,000	100.0%	$5,312,154	100.0%

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ANNEX A-3		JPMBB 2014-C26

Shaner Hotels Limited Service Portfolio

Historical Occupancy, ADR and RevPAR(1)
	Occupancy				ADR				RevPAR

Property	2011	2012	2013	TTM(2)	2011	2012	2013	TTM(2)	2011	2012	2013	TTM(2)
Holiday Inn Express – Charleston(3)	69.4%	69.1%	69.3%	68.6%	$82.34	$85.82	$85.64	$86.82	$57.13	$59.32	$59.33	$59.53
Courtyard - Mechanicsburg	74.5%	76.4%	75.0%	75.8%	$109.85	$110.15	$114.72	$115.32	$81.84	$84.19	$86.00	$87.47
Courtyard - St. Augustine	63.8%	71.0%	73.8%	76.5%	$87.28	$92.27	$95.10	$99.56	$55.65	$65.55	$70.17	$76.17
Fairfield Inn & Suites – Augusta(4)	75.8%	74.1%	70.5%	72.3%	$95.55	$100.14	$107.29	$108.78	$72.39	$74.24	$75.59	$78.64
Courtyard - Jacksonville - I295 East	66.6%	78.8%	72.9%	74.0%	$85.07	$79.96	$82.17	$90.33	$56.62	$63.00	$59.86	$66.82
Fairfield Inn & Suites - Lakeland	63.2%	66.5%	69.5%	72.1%	$82.63	$90.91	$91.67	$96.70	$52.23	$60.46	$63.75	$69.68
Fairfield Inn & Suites - St. Augustine	65.0%	70.8%	77.2%	80.0%	$78.21	$82.26	$87.21	$91.94	$50.85	$58.22	$67.35	$73.55
Weighted Average(5)	68.4%	72.0%	72.1%	73.4%	$88.27	$90.85	$93.48	$96.93	$60.36	$65.42	$67.41	$71.11

(1)	Based on operating statements provided by the borrowers.

(2)	TTM as of August 31, 2014.

(3)	In the TTM period, the Holiday Inn Express - Charleston’s competitive set was adjusted to include a 94 room Wingate By Wyndham Charleston and a 64 room Country Inn & Suites Charleston South and the removal of the 225 room Ramada Charleston Downtown.

(4)	Beginning in December 2013, the Fairfield Inn & Suites - Augustas’s competitive set was expanded to include a newly constructed 88 room Hampton Inn Augusta Gordon Highway.

(5)	Weighted by room count.

Historical Occupancy, ADR and RevPAR Penetration Rates(1)
	Occupancy					ADR					RevPAR

Property	2010	2011	2012	2013	TTM(2)	2010	2011	2012	2013	TTM(2)	2010	2011	2012	2013	TTM(2)
Holiday Inn Express - Charleston	117.2%	135.7%	114.1%	131.5%	107.6%	100.0%	97.4%	97.4%	89.2%	88.0%	117.2%	132.2%	111.1%	117.3%	94.6%
Courtyard - Mechanicsburg	117.7%	119.4%	120.1%	120.4%	118.4%	114.0%	118.1%	116.8%	117.7%	118.5%	134.3%	141.0%	140.3%	141.8%	140.4%
Courtyard - St. Augustine	103.5%	112.3%	119.9%	116.6%	120.5%	102.8%	105.4%	104.7%	101.6%	100.1%	106.4%	118.3%	125.5%	118.4%	120.6%
Fairfield Inn & Suites - Augusta	118.5%	118.4%	116.8%	115.7%	107.7%	112.0%	118.3%	121.9%	128.8%	125.2%	132.7%	140.1%	142.3%	149.0%	134.8%
Courtyard - Jacksonville - I295 East	112.0%	117.7%	126.6%	114.7%	114.8%	124.0%	121.7%	112.0%	114.1%	110.5%	138.9%	143.2%	141.8%	130.9%	126.9%
Fairfield Inn & Suites - Lakeland	112.2%	114.4%	117.2%	114.3%	116.4%	92.1%	95.0%	99.9%	96.5%	93.5%	103.4%	108.8%	117.1%	110.3%	108.9%
Fairfield Inn & Suites - St. Augustine	93.0%	107.5%	110.1%	111.5%	115.6%	104.5%	104.5%	103.4%	103.6%	101.8%	97.1%	112.4%	113.9%	115.4%	117.7%
Weighted Average(3)	111.6%	120.5%	117.5%	119.9%	113.6%	106.2%	107.1%	106.4%	104.6%	102.8%	118.6%	128.8%	125.2%	124.8%	116.8%

(1)	2010, 2011 and 2012 Penetration Factors are per the 2012 STR report. 2013 and TTM Penetration Factors are per the 2013 and TTM August 2014 STR reports, respectively.

(2)	TTM is as of August 31, 2014.

(3)	Weighted by room count.

Holiday Inn Express - Charleston (Charleston, WV). The Holiday Inn Express - Charleston is a six-story, limited service hotel situated on a 2.08 acre site on Civic Centre Drive, off of Route 60 and Interstate 64 in Charleston, West Virginia. The property, which was constructed as a Sheraton, was built in 1978 and is comprised of 195 guest rooms of various layouts. The Holiday Inn Express - Charleston features a business center, fitness center, breakfast room and approximately 2,383 square feet of meeting space. Between 2011 and 2013, the loan sponsor invested approximately $3.7 million (approximately $18,813 per room) in capital expenditures. The property is located in Charleston, the capital of West Virginia and the state’s primary business center. The city of Charleston had an average household income of $47,582 and an estimated total population of 50,821 residents as of 2013 according to the U.S. Census. According to the appraisal, in 2013 the property generated approximately 60% of its room nights from commercial business, 22% from leisure business and 18% from meeting and group business. The primary competitive set for the property consists of six hotels, which range in size from 84 to 176 rooms. Per the appraisal, there is one new hotel project under construction in the Charleston market at this time: a 110-room Courtyard by Marriott which is scheduled to open in the fourth quarter of 2014 and is located approximately 0.2 miles from the subject property.

Courtyard - Mechanicsburg (Mechanicsburg, PA). The Courtyard - Mechanicsburg is a three-story, limited service hotel situated on a 6.29 acre site, on Gettysburg Road in Mechanicsburg, Pennsylvania. The property was built in 2007 and is comprised of 91 guest rooms of various layouts. The Courtyard - Mechanicsburg features an indoor pool, a business center, fitness center, café and 635 square feet of meeting space. The property is located in Mechanicsburg, home to a number of major corporations including Rite Aid, Acosta and Ahold USA, among others. Mechanicsburg is approximately eight miles southwest of the state capitol of Harrisburg and 20 miles from Hershey, home of Hershey Chocolate and Hershey Park. The Harrisburg-Carlisle metropolitan statistical area had a median household income of approximately $55,300 and an estimated total population of approximately 557,700 residents as of 2013 according to a report by Moody’s Analytics. According to the appraisal, in 2013 the property generated approximately 60% of its room nights from commercial business, 25% from meeting and group business and 15% from leisure business. The primary competitive set

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ANNEX A-3		JPMBB 2014-C26

Shaner Hotels Limited Service Portfolio

for the property consists of seven hotels, which range in size from 64 to 219 rooms. Per the appraisal, there is one new hotel project currently under construction in the Mechanicsburg market: a 120-room Towneplace Suites by Marriott which is scheduled to open in the fourth quarter of 2014 and is located approximately 0.9 miles from the subject property. Approximately $1.6 million is expected to be spent in conjunction with the hotel’s property improvement plan over the next two years.

Courtyard - St. Augustine (St. Augustine, FL). The Courtyard - St. Augustine is a three-story, limited service hotel situated on a 2.75 acre site in the historic city of St. Augustine, Florida and near the World Golf Village. The property was built in 2009 and is comprised of 98 guest rooms of various layouts. The Courtyard - St. Augustine features an outdoor pool, bistro, business center, fitness center, lounge and approximately 638 square feet of meeting space. St. Augustine is the oldest continuously occupied European settlement in the United States, featuring an array of historical monuments and sites, as well as access to a number of popular beaches. The hotel is also located near the World Golf Village, a golf resort created by the PGA Tour which showcases the World Golf Hall of Fame and features two championship golf courses. The Courtyard - St. Augustine is located in the Jacksonville metropolitan statistical area, which had a per capita income of $42,356 and an estimated total population of approximately 1.4 million residents as of 2013 according to a report by Moody’s Analytics. According to the appraisal, in 2013 the property generated approximately 45% of its room nights from leisure business, 43% from commercial business and 12% from meeting and group business. The primary competitive set for the property consists of seven hotels, which range in size from 54 to 162 rooms. Per the appraisal, there are two new hotel projects under construction in the St. Augustine market at this time: a 95-room DoubleTree by Hilton which is scheduled to open in December 2014 and a 200-room Courtyard by Marriott expected to open in October 2015.

Fairfield Inn & Suites - Augusta (Augusta, GA). The Fairfield Inn & Suites - Augusta is a four-story, limited service hotel situated on a 2.12 acre site near Fort Gordon, a U.S. Army military base which is home to the U.S. Army Signal Corps and Signal Center, in Augusta, Georgia. The property was built in 2009 and is comprised of 82 guest rooms of various layouts. The Fairfield Inn & Suites - Augusta features an indoor pool, a fitness center and breakfast area. Since 2009, the loan sponsor has invested $87,344 (approximately $1,065 per room) in capital expenditures. Approximately $25,910 in capital expenditures was budgeted for 2014. The property is located in Augusta, the third largest city in the state of Georgia and an important hub for the medical, biotechnology, military and nuclear power industries. Augusta is also home to Augusta National Golf Club, the annual host to the Masters Tournament. The Augusta-Richmond County metropolitan statistical area had a median household income of approximately $45,000 and an estimated total population of approximately 572,500 residents as of 2013 according to a report by Moody’s Analytics. According to the appraisal, in 2013 the property generated approximately 60% of its room nights from commercial business, 20% from meeting and group business and 20% from leisure business. The primary competitive set for the property consists of five hotels, which range in size from 61 to 150 rooms. Per the appraisal, there is one new hotel project under construction in the Augusta market at this time: a 124-room Residence Inn which is scheduled to open in March 2015. A 90-room SpringHill Suites is also under consideration, although no construction schedule has yet been set.

Courtyard - Jacksonville - I295 East (Jacksonville, FL). The Courtyard - Jacksonville - I295 East is a four-story, limited service hotel situated on a 2.50 acre site between downtown Jacksonville and the Naval Station Mayport. The property was built in 2009 and is comprised of 97 guest rooms of various layouts. The Courtyard - Jacksonville - I295 East features an outdoor pool, bistro, business center, fitness center, lounge and approximately 700 square feet of meeting space. Jacksonville is Florida’s most populous city and an important financial and insurance center, as well as home to two naval bases, several hospitals and medical facilities and the NFL’s Jacksonville Jaguars. Jacksonville is also a popular tourist destination due to its proximity to a number of beaches and golf courses. The Jacksonville metropolitan statistical area had a per capita income of $42,356 and an estimated total population of approximately 1.4 million residents as of 2013 according to a report by Moody’s Analytics. According to the appraisal, in 2013 the property generated approximately 50% of its room nights from commercial business, 35% from leisure business and 15% from meeting and group business. The primary competitive set for the property consists of four hotels, which range in size from 73 to 112 rooms. Per the appraisal, there are no new hotel projects currently under construction in the Jacksonville market.

Fairfield Inn & Suites - Lakeland (Plant City, FL). The Fairfield Inn & Suites - Lakeland is a three-story, limited service hotel situated on a 2.65 acre site in Plant City, Florida. The property was built in 2008 and is comprised of 87 guest rooms of various layouts. The Fairfield Inn & Suites - Lakeland features an outdoor pool, a fitness center, business center and breakfast area. The property is located in Plant City, within the Tampa metropolitan statistical area and approximately 22 miles east of the Tampa central business district. Local attractions include LEGOLAND, alligator nature tours, Lakeland Center (home to the Lakeland Raiders of the Xtreme Indoor Football League) and Sun ‘N Fun, a non-profit promoting aviation education and known for its annual weeklong airshow. The Tampa metropolitan statistical area had per capita income of $41,412 and an estimated total population of approximately 2.8 million residents as of 2013 according to a report by Moody’s Analytics. According to the appraisal, in 2013 the property generated approximately 55% of its room nights from commercial business, 25% from leisure business and 20% from meeting and group business. The primary competitive set for the property consists of five hotels, which range in size from 60 to 119 rooms. Per the appraisal, there are no new hotel projects currently under construction in the property’s submarket. Minor upgrades totaling approximately $200,000 (approximately $2,299 per room) are expected to be completed within the next year.

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ANNEX A-3		JPMBB 2014-C26

Shaner Hotels Limited Service Portfolio

Fairfield Inn & Suites - St. Augustine (St. Augustine, FL). The Fairfield Inn & Suites - St. Augustine is a three-story, limited service hotel situated on a 2.57 acre site in the historic city of St. Augustine, Florida and near the World Golf Village. The property was built in 2009 and is comprised of 82 guest rooms of various layouts. The Fairfield Inn & Suites - St. Augustine features an outdoor pool, a fitness center, business center and breakfast area. St. Augustine is the oldest continuously occupied European settlement in the United States, featuring an array of historical monuments and sites, as well as access to a number of popular beaches. The hotel is also located near the World Golf Village, a golf resort created by the PGA Tour which showcases the World Golf Hall of Fame and features two championship golf courses. The Fairfield Inn & Suites - St. Augustine is located in the Jacksonville metropolitan statistical area, which had a per capita income of $42,356 and an estimated total population of approximately 1.4 million residents as of 2013 according to a report by Moody’s Analytics. According to the appraisal, in 2013 the property generated approximately 45% of its room nights from leisure business, 35% from meeting and group business and 20% from commercial business. The primary competitive set for the property consists of seven hotels, which range in size from 48 to 108 rooms. Per the appraisal, there are two new hotel projects under construction in the St. Augustine market at this time: a 95-room DoubleTree by Hilton which is scheduled to open in December 2014 and a 200-room Courtyard by Marriott expected to open in October 2015.

Operating History and Underwritten Net Cash Flow
	2011	2012	2013	TTM(1)	Underwritten	Per Room(2)	% of Total Revenue(3)
Occupancy	68.4%	72.0%	72.1%	73.4%	73.4%
ADR	$88.27	$90.85	$93.48	$96.93	$96.93
RevPAR	$60.36	$65.42	$67.41	$71.11	$71.11

Room Revenue	$16,127,001	17,525,957	$18,011,014	$18,999,996	$18,999,996	$25,956	94.9%
Other Department Revenues	698,552	930,219	962,817	1,021,082	1,021,082	1,395	5.1
Total Revenue	$16,825,553	$18,456,176	$18,973,831	$20,021,078	$20,021,078	$27,351	100.0%

Room Expense	$4,941,269	$5,143,913	$5,104,454	$5,256,127	$5,256,127	$7,181	27.7%
Other Departmental Expenses	743,120	818,191	807,254	849,592	849,592	1,161	83.2
Departmental Expenses	$5,684,389	$5,962,104	$5,911,708	$6,105,719	$6,105,719	$8,341	30.5%

Departmental Profit	$11,141,164	$12,494,072	$13,062,123	$13,915,359	$13,915,359	$19,010	69.5%

Operating Expenses	$4,561,369	$4,590,461	$4,586,941	$4,649,020	$4,649,020	$6,351	23.2%
Gross Operating Profit	$6,579,795	$7,903,611	$8,475,182	$9,266,339	$9,266,339	$12,659	46.3%

Management Fees(4)	$504,767	$553,685	$569,215	$600,632	$600,632	$821	3.0%
Franchise Fees	1,267,731	1,449,379	1,506,604	1,537,743	1,537,743	2,101	7.7
Property Taxes	502,330	583,365	514,670	529,640	558,235	763	2.8
Property Insurance	292,795	291,800	279,612	287,134	284,250	388	1.4
Ground Lease	171,000	171,000	172,482	167,491	172,482	236	0.9
FF&E(5)	673,022	738,247	758,953	800,843	800,843	1,094	4.0
Total Other Expenses	$3,411,645	$3,787,476	$3,801,536	$3,923,483	$3,954,185	$5,402	19.8%

Net Operating Income	$3,168,150	$4,116,135	$4,673,646	$5,342,856	$5,312,154	$7,257	26.5%
Net Cash Flow	$3,168,150	$4,116,135	$4,673,646	$5,342,856	$5,312,154	$7,257	26.5%

(1)	The TTM column represents the trailing twelve-month period ending on August 31, 2014.

(2)	Per Room values are based on 732 guest rooms.

(3)	% of Total Revenue column for Room Expense and Other Departmental Expenses is based on their corresponding revenue line item.

(4)	Historical Management Fees were adjusted to 3.0% of Total Revenue.

(5)	Historical FF&E was adjusted to 4.0% of Total Revenue.

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ANNEX A-3		JPMBB 2014-C26

Shaner Hotels Limited Service Portfolio

Property Management. The portfolio is managed by Shaner Hotel Holdings Limited Partnership, an affiliate of the loan sponsor.

Franchise Agreements. Shaner has franchise agreements with Marriott International, Inc. for six of the seven properties in the portfolio and with Holiday Hospitality Franchising, Inc. for the Holiday Inn Express - Charleston property.

Marriott Properties. Courtyard - Mechanicsburg, Courtyard - St. Augustine, Fairfield Inn & Suites - Augusta, Courtyard - Jacksonville - I295 East, Fairfield Inn & Suites - Lakeland and Fairfield Inn & Suites - St. Augustine each have franchise agreements in place with Marriott International, Inc. Courtyard - Mechanicsburg pays a franchise fee of 5.0% of gross room sales and a marketing fee of 2.0% of gross room sales. Courtyard - St. Augustine and Courtyard - Jacksonville - I295 East each pay a franchise fee of 5.5% of gross room sales and a marketing fee of 2.0% of gross room sales. Fairfield Inn & Suites - Augusta, Fairfield Inn & Suites - Lakeland and Fairfield Inn & Suites - St. Augustine each pay a franchise fee of 4.5% of gross room sales and a marketing fee of 2.5% of gross room sales.

Holiday Inn Property. The Holiday Inn Express - Charleston pays a franchise fee of 6.0% of gross room sales and a services contribution fee of 3.0% of gross room sales. Additionally, the hotel is subject to a monthly technology fee of $11.91 per room, subject to periodic increases.

Franchise Agreement Summary
Property	Flag	Franchise Fee (% of gross room revenue)(1)	Expiration Date
Holiday Inn Express - Charleston	Holiday Hospitality Franchising, Inc.	9.0%	March 2020
Courtyard - Mechanicsburg	Marriott International, Inc.	7.0%	October 2026
Courtyard - St. Augustine	Marriott International, Inc.	7.5%	April 2028
Fairfield Inn & Suites - Augusta	Marriott International, Inc.	7.0%	January 2028
Courtyard - Jacksonville - I295 East	Marriott International, Inc.	7.5%	April 2029
Fairfield Inn & Suites - Lakeland	Marriott International, Inc.	7.0%	January 2028
Fairfield Inn & Suites - St. Augustine	Marriott International, Inc.	7.0%	December 2028

(1)	Includes marketing fees due under the franchise agreements.

Ground Lease. The Holiday Inn Express - Charleston property is subject to two ground leases which commenced in 1973 and expire on August 31, 2023. The ground lease on the hotel has five additional 10-year extensions remaining and the ground lease on the parking lot has two additional five-year extensions remaining. The current total ground rent payment for the hotel ground lease consists of base rent of $60,000 per year, plus additional rent equal to 5% of gross room sales in excess of $2.2 million, subject to a cap of $3.2 million (which increases by $200,000 for each additional renewal period). The current total ground rent payment for the parking ground lease is $71,000 annually, which is adjusted during each renewal period in accordance with the Consumer Price Index (with a minimum rent of $84,000 for each renewal period).

Escrows and Reserves. At origination, the borrowers were required to deposit into escrow $313,522 for real estate taxes, $275,000 for a PIP reserve, $127,795 for insurance premiums, $82,399 for a ground rent reserve and $825 for deferred maintenance.

Tax Escrows - The borrowers are required to escrow 1/12 of the annual estimated tax payments monthly, which currently equates to $47,334.

Insurance Escrows - The borrowers are required to escrow 1/12 of the annual estimated insurance premiums monthly, which currently equates to $21,303.

FF&E Reserve - On a monthly basis, the borrowers are required to deposit 1/12 of an amount equal to 4.0% of gross revenues from the hotel for the calendar month two months prior to such payment date for FF&E.

PIP Reserve - On the payment date occurring in December 2014 and on each payment date through and including the payment date in May 2015, the borrowers are required to escrow $195,000 for certain PIP expenses.

Ground Lease Reserve - On a monthly basis, the borrowers are required to escrow $15,732 for ground rent.

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ANNEX A-3		JPMBB 2014-C26

Shaner Hotels Limited Service Portfolio

Lockbox / Cash Management. The loan is structured with a hard lockbox and in-place cash management. At origination, the borrowers and manager were required to direct credit card companies to deliver all receipts directly into the lockbox account. All funds in the lockbox account are swept daily to a segregated cash management account under the control of the lender and disbursed during each interest period in accordance with the loan documents. To the extent there is a Cash Sweep Event (as defined below), all excess cash flow after payment of the debt service, required reserves and operating expenses will be held as additional collateral for the loan. The lender will have a first priority security interest in the cash management account.

A “Cash Sweep Event” means the occurrence of: (i) an event of default, (ii) either any borrower or property manager becomes the subject of a bankruptcy, insolvency or similar action, (iii) the debt service coverage ratio as calculated in the loan documents based on the trailing twelve months falls below 1.15x or (iv) any franchise agreement or replacement franchise agreement is terminated or not renewed, extended or replaced on or prior to the date that is 12 months prior to the termination or expiration date of such franchise agreement either (i) subject to and in compliance with the terms of any such franchise agreement, or (ii) on terms and conditions acceptable to lender, in each case within 30 days of such termination or expiration.

Additional Debt. The $8.05 million mezzanine loan is secured by the direct equity interests in the borrowers and is coterminous with the mortgage loan. The mezzanine loan is interest-only for the term of the loan and has a 10.00000% coupon. Including the mezzanine loan, the Cut-off Date LTV is 80.0%, the UW NCF DSCR is 1.38x and the UW NOI Debt Yield is 9.2%. The lenders have entered into an intercreditor agreement. The mezzanine loan is cross-collateralized and cross-defaulted with three other mezzanine loans related to mortgage loans, which are not included in the pool, through guaranties and pledge agreements signed by the various mezzanine loan borrowers. The total amount of mezzanine debt including the cross-collateralized and cross-defaulted loans is approximately $31.6 million.

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ANNEX A-3

JPMBB 2014-C26

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ANNEX A-3	JPMBB 2014-C26

St. Louis Premium Outlets

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ANNEX A-3	JPMBB 2014-C26

St. Louis Premium Outlets

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ANNEX A-3	JPMBB 2014-C26

St. Louis Premium Outlets

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ANNEX A-3	JPMBB 2014-C26

St. Louis Premium Outlets

Mortgage Loan Information		Property Information
Mortgage Loan Seller:	Column	Single Asset / Portfolio:	Single Asset
Original Principal Balance(1):	$47,500,000	Title:	Fee
Cut-off Date Principal Balance(1):	$47,500,000	Property Type - Subtype:	Retail – Outlet Center
% of Pool by IPB:	3.3%	Net Rentable Area (SF):	351,462
Loan Purpose:	Refinance	Location:	Chesterfield, MO
Borrower:	St. Louis Premium Outlets, LLC	Year Built / Renovated:	2013 / N/A
Sponsor:	Simon/Woodmont Development, LLC	Occupancy:	100.0%
Interest Rate:	4.06100%	Occupancy Date:	7/8/2014
Note Date:	9/11/2014	Number of Tenants:	95
Maturity Date:	10/6/2024	2011 NOI(2):	N/A
Interest-only Period:	60 months	2012 NOI(2):	N/A
Original Term:	120 months	2013 NOI(2):	N/A
Original Amortization:	360 months	TTM NOI (as of 6/2014)(3):	$8,919,605
Amortization Type:	IO-Balloon	UW Economic Occupancy:	95.0%
Call Protection(4):	L(26),Def(87),O(7)	UW Revenues:	$14,361,102
Lockbox:	CMA	UW Expenses:	$6,213,688
Additional Debt:	Yes	UW NOI:	$8,147,414
Additional Debt Balance:	$47,500,000	UW NCF:	$7,725,659
Additional Debt Type:	Pari Passu	Appraised Value / Per SF:	$132,600,000 / $377
		Appraisal Date:	8/18/2014

Escrows and Reserves(5)				Financial Information(1)
	Initial	Monthly	Initial Cap	Cut-off Date Loan / SF:	$270
Taxes:	$0	Springing	N/A	Maturity Date Loan / SF:	$246
Insurance:	$0	Springing	N/A	Cut-off Date LTV:	71.6%
Replacement Reserves:	$0	Springing	$210,877	Maturity Date LTV:	65.1%
TI/LC:	$0	Springing	$1,054,386	UW NCF DSCR:	1.41x
Other:	$0	$0	N/A	UW NOI Debt Yield:	8.6%


Sources and Uses

Sources	Proceeds	% of Total		Uses	Proceeds	% of Total
Mortgage Loan(1)	$95,000,000	100.0	%	Return of Equity	$93,890,499	98.8	%
				Closing Costs	1,109,501	1.2

Total Sources	$95,000,000	100.0	%	Total Uses	$95,000,000	100.0	%

(1)	The St. Louis Premium Outlets is part of a loan evidenced by two pari passu notes with an aggregate original principal balance of $95.0 million. The Financial Information presented in the chart above reflects the Cut-off Date balance of the $95.0 million St. Louis Premium Outlets Whole Loan.

(2)	The property was recently constructed in 2013. Therefore, 2011, 2012 and 2013 NOI are not available.

(3)	Represents trailing 10 months ending June 30, 2014 as an annualized figure.

(4)

The lockout period will be at least 26 payment dates beginning with and including the first payment date of November 6, 2014. Defeasance of the full $95.0 million St. Louis Premium Outlets Whole Loan is permitted after the date that is the earlier of (i) two years after the securitization of the last pari passu note to be securitized and (ii) October 6, 2018.

(5)	For a full description of Escrows and Reserves, please refer to “Escrows and Reserves” below.

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ANNEX A-3	JPMBB 2014-C26

St. Louis Premium Outlets

The Loan. The St. Louis Premium Outlets loan is secured by a first mortgage lien on a 351,462 square foot outlet center that opened in 2013 and is located in Chesterfield, Missouri, approximately 21 miles west of St. Louis, Missouri. The whole loan has an outstanding principal balance of $95.0 million (the “St. Louis Premium Outlets Whole Loan”), which is comprised of two pari passu notes, Note A-1 and Note A-2. Note A-1 has an outstanding principal balance as of the Cut-off Date of $47.5 million and is being contributed to the JPMBB 2014-C26 Trust. Note A-2, with an outstanding principal balance as of the Cut-off Date of $47.5 million, is currently held by Column Financial, Inc. and is expected to be contributed to a future securitized trust. The holder of Note A-1 (the “Controlling Noteholder”) will be the trustee of the JPMBB 2014-C26 Trust. The trustee of the JPMBB 2014-C26 Trust (or, prior to the occurrence and continuance of a Control Event, the Directing Certificateholder) will be entitled to exercise all of the rights of the Controlling Noteholder with respect to the St. Louis Premium Outlets Whole Loan; however, the holder of the Note A-2 will be entitled, under certain circumstances, to consult with respect to certain major decisions. The loan has a 10-year term, and subsequent to a five-year interest-only period, will amortize on a 30-year schedule.

The Borrower. The borrowing entity is St. Louis Premium Outlets, LLC, a Delaware limited liability company and special purpose entity.

The Sponsor. The loan’s sponsor is Simon/Woodmont Development, LLC, a Delaware limited liability company. The sponsor is a joint venture between Simon Property Group, LP and The Woodmont Company. Simon Property Group, LP (“Simon”) is a wholly owned subsidiary of Simon Property Group Inc., a publicly traded REIT (NYSE: SPG, S&P: A, Fitch A, Moody’s: A3) that is focused on retail property ownership and management. The company is the largest publicly traded owner, operator and developer of retail assets. As of September 30, 2014, the company operated 208 income-producing properties located in 37 states and Puerto Rico.

The Woodmont Company is a full-service real estate firm headquartered in Fort Worth, Texas with over 31 years of experience in commercial real estate. The company specializes in every aspect of commercial real estate, including development, asset management, tenant representation, brokerage, construction supervision and investment sales.

The St. Louis Premium Outlets Whole Loan will be recourse to the sponsor pursuant to standard carve-outs; however, the guaranty provides that Simon’s liability shall not exceed $19.0 million in the aggregate, plus all of the reasonable out-of-pocket costs and expenses (including court costs and reasonable attorneys’ fees) incurred by lender in the enforcement of the guaranty or the preservation of lender’s rights thereunder.

The Property. St. Louis Premium Outlets is a one-story outlet center located in Chesterfield, Missouri. The improvements were constructed in 2013 and are located on a 31.73-acre site bounded by Monarch Chesterfield Levee Trail to the north and west, I-64 to the east, and Outlet Boulevard to the south in Chesterfield, Missouri, just west of St. Louis, in the St. Louis metropolitan statistical area. The total net rentable area of the property is 351,462 square feet including an approximately 3,300 square feet, centralized, enclosed food court with five tenant spaces. The property contains a total of approximately 2,038 surface parking spaces (5.80 spaces per 1,000 square feet). Access to the neighborhood is provided by I-64/Hwy 40, which is accessible immediately east of the property and provides a direct route to St. Louis, Missouri.

As of July 8, 2014, the property was 100.0% leased by 95 tenants. The property is anchored by Saks Fifth Avenue Off 5th, (27,996 square feet, 8.0% of net rentable area) and Nike Factory Store (12,000 square feet, 3.4% of net rentable area). In addition to its anchors, the property’s in-line tenants generally consist of national and international retailers such as Under Armour, Calvin Klein, Coach and Columbia Sportswear Co. Gross mall sales for all tenants that reported as of opening in August 22, 2013 through May 30, 2014 annualized were approximately $134 million. In-line sales per square foot for comparable stores less than 10,000 square feet were approximately $373 per square foot for the trailing twelve months ended September 30, 2014.

The Market. The property is located within the St. Louis retail market, MO-IL metropolitan statistical area (“St. Louis MSA”), which is situated at the confluence of the Missouri and Mississippi Rivers. According to the appraisal, the metro area contains 2.8 million residents and 28,453,000 square feet of space. The property lies within the St. Louis Central submarket, the largest submarket of St. Louis, with 8,788,000 square feet of retail space comprising 30.9% of the larger market’s total inventory. As of second quarter 2014, the overall vacancy rate for the market was 12.3% with the average asking rental rate for all types of space in the region at $14.95 per square foot. For the same period, the St. Louis Central submarket had a vacancy rate of 13.5% and an average asking rent of $17.87 per square foot. According to the appraisal, the primary trade area within a 10-mile radius contained approximately 331,501 residents with an average household income of approximately $106,450, which exceeds that of the state and country. According to the appraisal, the secondary trade area within a 15-mile radius contained approximately 741,740 residents with an average household income of $93,831.

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ANNEX A-3	JPMBB 2014-C26

St. Louis Premium Outlets


Competitive Set Summary(1)
Property	Year Built / Renovated	Total GLA (square feet)	Est. Sales PSF	Est. Occ.	Proximity (miles)	Anchor Tenants
Taubman Prestige Outlets	2013 / N/A	450,000	N/A	70%	3.7	The Bedroom Store, Restoration Hardware, Abercrombie & Fitch
St. Louis Outlets	2003 / 2007	1,183,581	$205	67%	15.1	Cabela’s, Regal Cinemas, Burlington Coat Factory
St. Louis Galleria	1986 / 2011	1,179,486	$550	97%	16.9	Macy’s, Dillard’s, Nordstrom
West County Center	2002 / N/A	1,209,799	$350	99%	12.7	Nordstrom, JC Penney, Macy’s, Dicks Sporting Goods
Chesterfield Mall	1976 / 2006	1,301,776	$275	80%	14.0	Macy’s, Dillards, Sears, AMC Theaters
Plaza Frontenac	1974 / 2013	483,810	$540	97%	5.3	Neiman Marcus, Saks Fifth Avenue

(1)	Per the appraisal.

Historical and Current Occupancy(1)
2011	2012	2013	Current(2)
N/A	N/A	100.0%	100.0%

(1)	Historical Occupancies are as of December 31 of each respective year. The property was constructed in 2013.

(2)	Current Occupancy is as of July 8, 2014.

Sales and Occupancy Costs(1)
	2011	2012	2013	TTM(2)
Sales PSF	N/A	N/A	N/A	$373
Occupancy Costs	N/A	N/A	N/A	14.6	%

(1)	Sales PSF and Occupancy Costs are for in-line tenants that occupy less than 10,000 square feet.

(2)	TTM Sales per square foot and Occupancy Costs are as of the trailing twelve months ending September 30, 2014.

Tenant Summary(1)
Tenant	Ratings(2) Moody’s/S&P/Fitch	Net Rentable Area (SF)	% of Total NRA	Base Rent PSF	Sales PSF(3)	Occupancy Costs(3)	Lease Expiration Date
Saks Fifth Avenue Off 5th	B1 / B+ / NA	27,996	8.0%	$14.00	$171.82	10.5%	8/31/2023
Nike Factory Store	A1 / AA- / NA	12,000	3.4%	$18.00	NAV	NAV	1/31/2019
Under Armour	NA / NA / NA	9,331	2.7%	$25.00	$791.90	6.7%	8/31/2023
Calvin Klein(4)	Ba1 / BB+ / NA	8,304	2.4%	$0.00	$198.43	15.9%	4/30/2019
Coach(4)	NA / NA / NA	8,000	2.3%	$0.00	$1,160.65	7.2%	1/31/2024
Columbia Sportswear Co.	NA / NA / NA	7,597	2.2%	$22.00	$348.77	10.7%	1/31/2024
Tommy Hilfiger	Ba1 / BB+ / NA	7,452	2.1%	$20.00	$315.13	11.3%	8/31/2018
Gap Outlet	Baa3 / BBB- / BBB-	7,175	2.0%	$15.00	$547.44	7.5%	1/31/2019
Hanesbrands	Ba2 / BB / NA	7,000	2.0%	$20.00	$119.92	30.3%	8/31/2023
Hollister Co.	NA / NA / NA	6,500	1.8%	$25.00	$168.49	24.1%	11/30/2023

(1)	Based on the underwritten rent roll.

(2)	Ratings provided are for the parent company of the entity listed in the “Tenant” field whether or not the parent company guarantees the lease.

(3)	Sales PSF and Occupancy Costs are for the trailing-twelve months as of September 30, 2014. Nike Factory Store is a non-reporting tenant.

(4)	Calvin Klein and Coach pay percentage in lieu rent.

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ANNEX A-3	JPMBB 2014-C26

St. Louis Premium Outlets

Currently, 71 tenants at the property have termination options based on certain levels of sales thresholds, which are generally exercisable between 2016 and 2020. In addition, two tenants, Saks Fifth Avenue Off 5th and Calvin Klein have on-going co-tenancy provisions that require at least 70% and 75%, respectively, of the floor space of the shopping center be leased and open for business, which if not met may result in a right to terminate their respective lease.

Percent-in-lieu Rent Schedule
	T-12(1)			T-12 Estimated	Underwritten
Tenant	Total Sales	Sales PSF	PIL	PIL Rent(1)	Rent (2)
Calvin Klein	$1,647,763	$198	6%	$98,866	$130,479
Coach	9,285,200	$1,161	3%	278,556	360,043
J. Crew Factory Store	4,083,060	$681	5%	204,153	211,425
The Children’s Place	1,169,160	$195	6%	70,150	74,909
Giorgio Armani	701,032	$137	5%	35,052	44,268
Bath & Body Works	1,627,344	$603	8%	130,188	127,380
St. John	909,846	$362	6%	54,591	60,814
Totals	$19,423,405	$503		$871,554	$1,009,318

(1)	Based on trailing 12 months ending September 30, 2014.
(2)	Based on estimates provided by the loan sponsors given their experience managing certain of these tenants and other similar tenants at outlet centers within the loan sponsors’ portfolio.

Lease Rollover Schedule(1)
Year	Number of Leases Expiring	Net Rentable Area Expiring	% of NRA Expiring		Base Rent Expiring	% of Base Rent Expiring		Cumulative Net Rentable Area Expiring	Cumulative % of NRA Expiring	Cumulative Base Rent Expiring	Cumulative % of Base Rent Expiring
Vacant	NAP	0	0.0	%	NAP	NAP		0	0.0%	NAP	NAP
2014 & MTM	2	8,176	2.3		$30,000	0.4	%	8,176	2.3%	$30,000	0.4%
2015	0	0	0.0		0	0.0		8,176	2.3%	$30,000	0.4%
2016	0	0	0.0		0	0.0		8,176	2.3%	$30,000	0.4%
2017	0	0	0.0		0	0.0		8,176	2.3%	$30,000	0.4%
2018	10	29,644	8.4		728,481	10.1		37,820	10.8%	$758,481	10.5%
2019(2)	5	33479	9.5		467,625	6.5		71,299	20.3%	$1,226,106	17.0%
2020	1	2,800	0.8		64,400	0.9		74,099	21.1%	$1,290,506	17.9%
2021	0	0	0.0		0	0.0		74,099	21.1%	$1,290,506	17.9%
2022	0	0	0.0		0	0.0		74,099	21.1%	$1,290,506	17.9%
2023	63	212,888	60.6		4,963,664	68.7		286,987	81.7%	$6,254,170	86.6%
2024(2)	14	64475	18.3		971,210	13.4		351,462	100.0%	$7,225,380	100.0%
2025 & Beyond	0	0	0.0		0	0.0		351,462	100.0%	$7,225,380	100.0%
Total	95	351,462	100.0	%	$7,225,380	100.0	%

(1)	Based on the underwritten rent roll.

(2)	Excludes percentage rent from the Calvin Klein and Coach tenants.

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ANNEX A-3	JPMBB 2014-C26

St. Louis Premium Outlets

Operating History and Underwritten Net Cash Flow
	TTM(1)	Underwritten	Per Square Foot	%(2)
Rents in Place	$7,329,294	$7,225,380	$20.56	48.3%
Percentage & Other Rent(3)	2,322,503	2,973,031	8.46	19.9
Vacant Income	0	0	0.00	0.0
Gross Potential Rent	$9,651,797	$10,198,411	$29.02	68.1%
Total Reimbursements	5,611,757	4,773,594	13.58	31.9
Net Rental Income	$15,263,554	$14,972,005	$42.60	100.0%
(Vacancy/Credit Loss)	0	(748,600)	(2.13)	(5.0)
Other Income	253,190	137,698	0.39	0.9
Effective Gross Income	$15,516,744	$14,361,102	$40.86	95.9%
Total Expenses	$6,597,139	$6,213,688	$17.68	43.3%
Net Operating Income	$8,919,605	$8,147,414	$23.18	56.7%
Total TI/LC, Capex/RR	0	421,754	1.20	2.9
Net Cash Flow	$8,919,605	$7,725,659	$21.98	53.8%

(1)	Represents trailing 10 months ending June 30, 2014 annualized.
(2)	Percentage column represents percent of Net Rental Income for all revenue lines and represents percent of Effective Gross Income for the remainder of fields.
(3)	Based on estimates of percentage, overage and certain other additional rent (including items such as cart, kiosk, ATM, etc.) provided by the loan sponsors given their experience managing other outlet centers within the loan sponsors’ portfolio.

Property Management. The property is managed by Simon Management Associates II, LLC, an affiliate of the loan sponsor.

Escrows and Reserve. No upfront escrows were taken at origination.

Tax Escrows - Lender shall not require an escrow for taxes provided that (i) taxes are actually paid prior to the assessment of any penalty for late payment and prior to the date that such taxes are considered delinquent, (ii) upon request, the borrower provides reasonably satisfactory evidence that taxes have been paid prior to the assessment of any penalty for late payment and prior to the date that such taxes are considered delinquent, (iii) no event of default has occurred and is continuing (iv) no DSCR Reserve Trigger Period is continuing.

Insurance Escrows - Lender shall not require an escrow for insurance provided that (i) no event of default has occurred and (ii) the borrower provides lender with satisfactory evidence (as determined by lender) that the property is insured in accordance with the loan documents pursuant to a blanket insurance policy acceptable to lender.

Replacement Reserve - Commencing at closing and continuing on a monthly basis thereafter, an escrow for replacement reserves equal to $5,858 (approximately $0.20 per square foot annually) will be required to be deposited with the lender; provided, however, that the amount on deposit in such reserve shall be capped at $210,877 (approximately $0.60 per square foot); provided further, however, that such amounts are subject to increase based on a higher amount recommended by a property condition report. Notwithstanding the foregoing, the lender shall not require an escrow for replacement reserves provided that (i) no event of default has occurred, and (ii) no DSCR Reserve Trigger Period is continuing.

Tenant Rollover Reserve - Commencing at closing and continuing on a monthly basis thereafter, the borrower shall deposit $29,289 (approximately $1.00 per square foot annually) into such escrow; provided, however, that the amount on deposit in such reserve shall be capped at $1,054,386 (approximately $3.00 per square foot). Notwithstanding the foregoing, lender shall not require an escrow for tenant improvements and leasing commission costs provided that (i) no event of default has occurred, and (ii) no DSCR Reserve Trigger Period is continuing.

“DSCR Reserve Trigger Period” means the debt service coverage ratio (as defined in the loan documents) calculated on a trailing four quarter basis is less than (i) 1.75x for two consecutive quarters on an interest only basis prior to November 6, 2019 and (ii) 1.15x for two consecutive quarters on an amortizing basis beginning November 6, 2019.

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ANNEX A-3	JPMBB 2014-C26

St. Louis Premium Outlets

Lockbox / Cash Management. The loan is structured with a CMA lockbox. The borrower was required to send tenant direction letters to tenants instructing them to deposit all rents and payments into the lockbox account controlled by the lender. All funds in the lockbox account are swept on each Wednesday (or more frequently if required by the borrower in accordance with the lockbox agreement) to a cash management account under the control of the lender and disbursed during each interest period of the term of the loan in accordance with the loan documents. If (i) a DSCR Reserve Trigger Period occurs, (ii) there is an event of default under the loan documents, or (iii) the borrower or the property manager becomes the subject of a bankruptcy, borrower shall have no rights to make withdrawals from the lockbox account.

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ANNEX A-3

JPMBB 2014-C26

Centergy One

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ANNEX A-3

JPMBB 2014-C26

Centergy One

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JPMBB 2014-C26

Centergy One

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Centergy One

Mortgage Loan Information		Property Information
Mortgage Loan Seller:	GECC	Single Asset / Portfolio:	Single Asset
Original Principal Balance:	$45,750,000	Title:	Fee
Cut-off Date Principal Balance:	$45,750,000	Property Type - Subtype:	Office - CBD
% of Pool by IPB:	3.2%	Net Rentable Area (SF):	253,435
Loan Purpose:	Refinance	Location:	Atlanta, GA
Borrower:	Centergy One Associates, LLC	Year Built / Renovated:	2003 / N/A
Sponsors:	David Richard Tyndall and Marvin McKemie Reese	Occupancy:	99.2%
Sponsors:	David Richard Tyndall and Marvin McKemie Reese	Occupancy Date:	10/1/2014
Interest Rate:	4.60000%	Number of Tenants:	22
Note Date:	11/13/2014	2011 NOI:	$4,909,704
Maturity Date:	12/1/2024	2012 NOI:	$3,844,700
Interest-only Period:	24 months	2013 NOI:	$3,895,078
Original Term:	120 months	TTM NOI (as of 9/2014):	$4,242,972
Original Amortization:	360 months	UW Economic Occupancy:	96.2%
Amortization Type:	IO-Balloon	UW Revenues:	$6,943,759
Call Protection:	L(24),Def(93),O(3)	UW Expenses:	$2,883,369
Lockbox:	Hard	UW NOI:	$4,060,390
Additional Debt:	N/A	UW NCF:	$3,642,223
Additional Debt Balance:	N/A	Appraised Value / Per SF:	$61,000,000 / $241
Additional Debt Type:	N/A	Appraisal Date:	10/13/2014

Escrows and Reserves(1)				Financial Information
	Initial	Monthly	Initial Cap	Cut-off Date Loan / SF:	$181
Taxes:	$223,837	$74,612	N/A	Maturity Date Loan / SF:	$155
Insurance:	$38,125	$5,446	N/A	Cut-off Date LTV:	75.0%
Replacement Reserves:	$0	$4,224	$150,000	Maturity Date LTV:	64.2%
TI/LC:	$1,463,271	$31,679	$1,140,000	UW NCF DSCR:	1.29x
Other:	$155,183	$0	N/A	UW NOI Debt Yield:	8.9%


Sources and Uses
Sources	Proceeds		% of Total	Uses	Proceeds	% of Total
Mortgage Loan	$45,750,000		100.0%	Payoff Existing Debt	$35,634,900	77.9%
				Return of Equity	7,196,685	15.7
				Upfront Reserves	1,880,416	4.1
				Closing Costs	1,037,999	2.3
Total Sources	$45,750,000		100.0%	Total Uses	$45,750,000	100.0%

(1)	For a full description of Escrows and Reserves, please refer to “Escrows and Reserves” below.

The Loan. The Centergy One loan has an outstanding balance of $45.75 million and is secured by a first mortgage lien on the borrower’s fee interest in nine units (253,435 square feet) of a 14-unit condominium regime (the “Century One Property”) comprising a 13-story, 487,011 square foot, Class A office building located in Atlanta, Georgia (the “Centergy One Building”). The loan has a 10-year term, and subsequent to a two-year interest-only period, will amortize on a 30-year schedule.

The Borrower. The borrowing entity for the Centergy One loan is Centergy One Associates, LLC, a Georgia limited liability company and single purpose entity. The borrower has a 52% voting interest in the owners’ association and the right to appoint two of three directors of the condominium association. Certain actions of the owners’ association require either a supra-majority or other mortgage holders’ consent (thus being outside the borrower’s affirmative control), including (i) amendment or termination of the condominium regime, (ii) restoration following casualty, (iii) filing of actions to enforce condominium documents, but otherwise the borrower has effective operational control over the condominium association.

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Centergy One

The Sponsor. The loan sponsors and nonrecourse carve-out guarantors are David Richard Tyndall and Marvin McKemie Reese. David Richard Tyndall and Marvin McKemie Reese are the indemnitors and managers of the borrower. They are cofounders of Gateway Development Services, Inc.

The Property. The Centergy One Property consists of floors 6 through 13 and the basement/retail level of the Centergy One Building. Centergy One Building lies within the Technology Square mixed use district. The Centergy One Building is a Class A, LEED-Silver certified office building located in Atlanta, Georgia located on approximately 1.23 acres. The 13-story steel and poured concrete tower was built in 2003. It is currently undergoing a roof replacement for which a reserve was required at closing. The Century One Property shares a 1,493-space parking deck via a lease that provides for 537 spaces or 2.12 spaces per 1,000 square feet of net rentable area.

As of October 1, 2014, the Centergy One Property was 99.2% leased to 22 tenants. Approximately 67.9% of the net rentable area is leased to credit tenants (see tenant summary table below). The Century One Property has had an average occupancy of 92.0% over the past 10 years. The largest tenant is Georgia Tech Research Corporation (“GTRC”), GTRC leases 29.4% of the net rentable area through December 2016 and February 2019. GTRC is a state chartered not-for-profit corporation whose activities primarily support Georgia Institute of Technology, a unit of the University System of Georgia (an organizational unit of the State of Georgia). The second largest tenant, Georgia Department of Economic Development (“GDEcD”) leases 16.7% of the net rentable area through June 30, 2015 with annual renewals through 2034. GDEcD is a department of the State of Georgia. It serves as the state’s sales and marketing arm and is the lead agency for attracting new business investment, encouraging the expansion of existing industry and small businesses, locating new markets for Georgia products, attracting tourists to Georgia, and promoting the state as a location for film, music, and digital entertainment projects, as well as planning and mobilizing state resources for economic development. The third largest tenant, Accenture leases 12.9% of the net rentable area through March 2019 and July 2024. Accenture provides management consulting, technology, and outsourcing services and has more than 305,000 employees and offices and operations in more than 200 cities in 56 countries. The company had net revenues of $30 billion for fiscal year 2014, and is rated A1 by Moody’s and A+ by S&P (investment grade). The tenant has been at the property since 2004 and recently in August 2014 renewed its existing lease and in April 2014 expanded into an additional 2,457 square feet.

The Centergy One Building is located in the Midtown submarket and within Georgia Tech University’s Technology Square research park. The Technology Square is an eight building complex and opened in 2003. The $380.0 million project totaling 1.4 million square feet encompasses education, research, hospitality, office and retail creating a new urban “main street” for the campus and Midtown Atlanta. The research park is home to the Scheller College of Business, Georgia Tech Hotel & Conference Center, the Global Learning Center, the Economic Development Institute, and the Barnes & Noble campus bookstore. The development has turned the area into a high tech corridor. Specifically, the Century One Building is located at the northwest corner of the intersection of Fifth Street Northwest and Spring Street Northwest, with frontage on both streets. The neighborhood is urban in character. Access is excellent, with good accessibility form Interstates 75 and 85. There are two MARTA stations located within walking distance to the property and multiple Cobb Community Transit bus stops located one block east of the property along West Peachtree Street. The Georgia Tech trolley has a stop directly in front of the property.

According to the appraisal, the Midtown Atlanta office submarket’s Class A sector consisted of 35 projects with 14,900,264 square feet of office space at the end of second quarter 2014. Additionally, there were 40 owner-occupied office buildings within this market containing roughly 2,679,420 square feet of space. Class A projects within Midtown Atlanta reported a second quarter 2014 vacancy rate of 16.9%, down from the 18.3% reported at the end of first quarter 2014. Year-to-date net absorption within the Class A sector totals positive 260,241 square feet. Quoted rates for available space within this sector of the market averaged $26.06 per square foot.

Historical and Current Occupancy(1)

2011	2012	2013	Current(2)
100.0%	93.7%	94.4%	99.2%

(1)	Historical Occupancies are the average of each respective year.

(2)	Current Occupancy is as of October 1, 2014 rent roll.

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Centergy One

Tenant Summary(1)

Tenant	Ratings(2) Moody’s/S&P/Fitch	Net Rentable Area (SF)	% of Total NRA	Base Rent PSF	Lease Expiration Date
Georgia Tech Research Corporation(4)	Aaa / AAA / NA(3)	74,386	29.4%	$26.00	12/31/2016
Georgia Dept. of Econ. Development(5)(6)	Aaa / AAA / NA(3)	42,232	16.7%	$22.27	6/30/2034
Accenture(7)(8)	A1 / A+ / A+	32,654	12.9%	$27.74	7/31/2024
LA Fitness	NA / NA / NA	29,462	11.6%	$22.38	5/31/2019
Panasonic Automotive Systems	Baa2 / BBB+ / BBB-	8,998	3.6%	$31.21	5/31/2017
Governor’s Office of Workforce Development	Aaa / AAA / NA(3)	7,432	2.9%	$27.50	6/30/2019
Qcept Technologies, Inc.	NA / NA / NA	6,684	2.6%	$30.81	4/30/2018
Home Depot	A2 / A / A-	6,500	2.6%	$31.00	5/31/2019
Gateway Development	NA / NA / NA	5,934	2.3%	$30.75	9/30/2023
Star2Star	NA / NA / NA	5,452	2.2%	$31.00	8/31/2019

(1)	Based on the underwritten rent roll.

(2)	Ratings provided are for the parent company of the entity listed in the “Tenant” field whether or not the parent company guarantees the lease.

(3)	State of Georgia General Obligation Bond Ratings.

(4)	Georgia Tech Research Corporation leases 44,193 square feet expiring December 2016 and 30,193 square feet expiring February 2019.

(5)	Georgia Department of Economic Development lease 864 square feet expiring June 2033 and 41,368 square feet expiring June 2034.

(6)	Georgia Department of Economic Development has an annual renewal clause in their lease.

(7)	Accenture leases 2,457 square feet expiring March 2019 and 30,197 square feet expiring July 2024.

(8)	Accenture has a 50% rent abatement for 30,197 square feet of its total square feet at the property through June 30, 2015. The borrower reserved $118,800 at origination in connection with such rent abatement.

Lease Rollover Schedule(1)
Year	Number of Leases Expiring	Net Rentable Area Expiring	% of NRA Expiring		Base Rent Expiring	% of Base Rent Expiring		Cumulative Net Rentable Area Expiring	Cumulative % of NRA Expiring	Cumulative Base Rent Expiring	Cumulative % of Base Rent Expiring
Vacant	NAP	2,042	0.8	%	NAP	NAP		2,042	0.8%	NAP	NAP
2014 & MTM	0	0	0.0		$0	0.0	%	2,042	0.8%	$0	0.0%
2015	1	2,930	1.2		58,600	0.9		4,972	2.0%	$58,600	0.9%
2016	3	48,173	19.0		1,270,474	19.3		53,145	21.0%	$1,329,073	20.2%
2017	2	12,408	4.9		389,504	5.9		65,553	25.9%	$1,718,577	26.1%
2018	3	8,763	3.5		244,433	3.7		74,316	29.3%	$1,963,010	29.8%
2019	9	89,357	35.3		2,334,952	35.5		163,673	64.6%	$4,297,962	65.3%
2020	0	0	0.0		0	0.0		163,673	64.6%	$4,297,962	65.3%
2021	1	4,517	1.8		128,735	2.0		168,190	66.4%	$4,426,698	67.2%
2022	0	0	0.0		0	0.0		168,190	66.4%	$4,426,698	67.2%
2023	3	12,816	5.1		391,650	5.9		181,006	71.4%	$4,818,348	73.2%
2024	1	30,197	11.9		824,378	12.5		211,203	83.3%	$5,642,725	85.7%
2025 & Beyond	2	42,232	16.7		940,632	14.3		253,435	100.0%	$6,583,357	100.0%
Total	25	253,435	100.0	%	$6,583,358	100.0	%

(1)	Based on the underwritten rent roll.

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Centergy One

Operating History and Underwritten Net Cash Flow

	2011	2012	2013	TTM (1)	Underwritten	Per Square Foot	%(2)
Rents in Place(3)	$6,525,514	$6,401,850	$6,337,233	$6,174,391	$6,583,358	$25.98	91.5	%
Vacant Income	0	0	0	0	61,260	0.24	0.9
Gross Potential Rent	$6,525,514	$6,401,850	$6,337,233	$6,174,391	$6,644,618	$26.22	92.3	%
Total Reimbursements	692,592	390,847	532,983	453,171	552,294	2.18	7.7

Net Rental Income	$7,218,106	$6,792,697	$6,870,216	$6,627,562	$7,196,912	$28.40	100.0	%
(Vacancy/Credit Loss)	(8,816)	(112,475)	(4,883)	(771,247)	(253,153)	(1.00)	(3.5	)
Other Income(3)	413,753	129,545	1,704	1,334,404	0	0.00	0.0
Effective Gross Income	$7,623,043	$6,809,767	$6,867,037	$7,190,718	$6,943,759	$27.40	96.5	%

Total Expenses	$2,713,339	$2,965,067	$2,971,958	$2,947,746	$2,883,369	$11.38	41.5	%

Net Operating Income	$4,909,704	$3,844,700	$3,895,078	$4,242,972	$4,060,390	$16.02	58.5	%

Total TI/LC, Capex/RR	0	0	0	0	418,168	1.65	6.0
Net Cash Flow	$4,909,704	$3,844,700	$3,895,078	$4,242,972	$3,642,223	$14.37	52.5	%

(1)	The TTM column represents the trailing twelve months ending September 30, 2014.

(2)	Percentage column represents percent of Net Rental Income for all revenue lines and represents percent of Effective Gross Income for the remainder of fields.

(3)	The early termination of PNC accounts for the unusually high Other Income in the TTM numbers (termination fees), and the lower Rents in Place. Underwritten Rents in Place are higher than TTM due to new leases signed.

Property Management. The property is managed by Gateway Facility Services, LLC.

Escrows & Reserves. At origination the borrower deposited into escrow $1,463,271 for tenant improvements, free rent, and leasing commissions, $223,837 for real estate taxes, $155,183 for immediate repairs, and $38,125 for insurance.

Tax Escrows - On a monthly basis, the borrower is required to escrow 1/12 of the annual estimated tax payments, which currently equates to $74,612.

Insurance Escrows - On a monthly basis, the borrower is required to escrow 1/12 of the annual estimated insurance premium, which currently equates to $5,446.

Replacement Reserves - On a monthly basis, the borrower is required to escrow $4,224 (approximately $0.20 per square foot annually) for replacement reserves. The reserve is subject to a cap of $150,000 (approximately $0.59 per square foot).

TI/LC Reserves - On a monthly basis, the borrower is required to escrow approximately $31,679 (approximately $1.50 per square foot annually), for TI/LC reserves. The reserve is subject to a cap of $1,140,000 (approximately $4.50 per square foot).

Lease Termination Reserve - Upon any lease termination, all termination fees shall be deposited into a lease termination reserve and shall be used to pay TI/LC costs associated with re-leasing these spaces.

Lockbox / Cash Management. The loan is structured with a hard lockbox and in-place cash management. The borrower was required to send tenant direction letters to tenants instructing them to deposit all rents and payments into the lockbox account controlled by the lender. All funds in the lockbox account are swept to a cash management account under the control of the lender and disbursed during each interest period of the term of the loan in accordance with the loan documents. To the extent that an event of default occurs, all excess cash flow after payment of debt service, required reserves and operating expenses will be held as additional collateral for the loan.

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The Outlet Shoppes of the Bluegrass

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The Outlet Shoppes of the Bluegrass

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The Outlet Shoppes of the Bluegrass

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The Outlet Shoppes of the Bluegrass

Mortgage Loan Information		Property Information
Mortgage Loan Seller:	JPMCB	Single Asset / Portfolio:	Single Asset
Original Principal Balance(1):	$45,000,000	Title:	Fee
Cut-off Date Principal Balance(1):	$45,000,000	Property Type - Subtype:	Retail – Outlet Center
% of Pool by IPB:	3.1%	Net Rentable Area (SF):	374,683
Loan Purpose:	Refinance	Location:	Simpsonville, KY
Borrower:	Bluegrass Outlet Shoppes CMBS,	Year Built / Renovated:	2014 / N/A
	LLC	Occupancy:	97.5%
Sponsors(2):	Various	Occupancy Date:	10/1/2014
Interest Rate:	4.04500%	Number of Tenants:	88
Note Date:	11/24/2014	2011 NOI(3):	N/A
Maturity Date:	12/1/2024	2012 NOI(3):	N/A
Interest-only Period:	None	2013 NOI(3):	N/A
Original Term:	120 months	TTM NOI(3):	N/A
Original Amortization:	360 months	UW Economic Occupancy:	97.5%
Amortization Type:	Balloon	UW Revenues:	$12,708,777
Call Protection:	L(25),Grtr1%orYM(91),O(4)	UW Expenses:	$3,976,907
Lockbox:	CMA	UW NOI:	$8,731,870
Additional Debt:	Yes	UW NCF:	$8,169,433
Additional Debt Balance:	$32,500,000	Appraised Value / Per SF:	$123,000,000 / $328
Additional Debt Type:	Pari Passu	Appraisal Date:	11/2/2014

Escrows and Reserves(4)				Financial Information(1)
	Initial	Monthly	Initial Cap	Cut-off Date Loan / SF:	$207
Taxes:	$124,895	$62,448	N/A	Maturity Date Loan / SF:	$163
Insurance:	$0	Springing	N/A	Cut-off Date LTV:	63.0%
Replacement Reserves:	$0	Springing	$150,000	Maturity Date LTV:	49.7%
TI/LC:	$0	Springing	N/A	UW NCF DSCR:	1.83x
Other:	$6,958,372	$0	N/A	UW NOI Debt Yield:	11.3%

Sources and Uses
Sources	Proceeds	% of Total	Uses	Proceeds	% of Total
Mortgage Loan(1)	$77,500,000	100.0%	Payoff Existing Debt	$47,988,196	61.9%
			Return of Equity	19,330,251	24.9
			Upfront Reserves	7,083,267	9.1
			Closing Costs	3,098,287	4.0
Total Sources	$77,500,000	100.0%	Total Uses	$77,500,000	100.0%

(1)

The Outlet Shoppes of the Bluegrass is part of a loan evidenced by two pari passu notes with an aggregate original principal balance of $77.5 million. The Financial Information presented in the chart above reflects the Cut-off Date balance of the $77.5 million The Outlet Shoppes of the Bluegrass Whole Loan.

(2)	For a full description of the loan sponsors, please refer to “The Sponsors” below.

(3)	Historical NOI is not available because the property was built in 2014.

(4)	For a full description of Escrows and Reserves, please refer to “Escrows and Reserves” below.

The Loan. The Outlet Shoppes of the Bluegrass loan is secured by a first mortgage lien on a 374,683 square foot regional outlet mall located in Simpsonville, Kentucky. The whole loan has an outstanding principal balance of $77.5 million (“The Outlet Shoppes of the Bluegrass Whole Loan”), which is comprised of two pari passu notes, Note A-1 and Note A-2. Note A-1 has an outstanding principal balance as of the Cut-off Date of $45.0 million and is being contributed to the JPMBB 2014-C26 Trust. Note A-2 has an outstanding principal balance as of the Cut-off Date of $32.5 million and is expected to be contributed to a future securitization trust. The holder of Note A-1 (the “Controlling Noteholder”) will be the trustee of the JPMBB 2014-C26 Trust. The trustee of the JPMBB 2014-C26 Trust (or, prior to the occurrence and continuance of a Control Event under the pooling and servicing agreement, the Directing Certificateholder) will be entitled to exercise all of the rights of the Controlling Noteholder with respect to The Outlet Shoppes of the Bluegrass Whole Loan; however, the holder of Note A-2 will be entitled, under certain circumstances, to consult with respect to certain major decisions. The Outlet Shoppes of the Bluegrass Whole Loan has a 10-year term and amortizes on a 30-year schedule.

A-3-65

ANNEX A-3

JPMBB 2014-C26

The Outlet Shoppes of the Bluegrass

The Borrower. The borrowing entity for The Outlet Shoppes of the Bluegrass Whole Loan is Bluegrass Outlet Shoppes CMBS, LLC, a Delaware limited liability company and special purpose entity.

The Sponsor. The loan sponsor is a joint venture between CBL & Associates Limited Partnership (“CBL”) and Horizon Group Properties, L.P. (“Horizon”). CBL was founded in 1978 and is headquartered in Chattanooga, Tennessee. CBL (NYSE: CBL, rated Baa3/BBB- by Moody’s and Fitch) is one of the largest REITs in the United States. As of December 31, 2013, CBL owned controlling interests in 75 regional malls or outlet centers. Horizon is a publicly traded REIT founded in 1998 and headquartered in Rosemont, Illinois. The firm engages in the ownership, operation, and development of shopping centers in the United States. The loan sponsor has a current basis in the property of approximately $79.9 million.

The Property. The Outlet Shoppes of the Bluegrass is a 374,683 square foot one-level regional mall located in Simpsonville, Kentucky. The property recently opened in July 2014 and is located on approximately 36.1 acres. The property is anchored by Saks Fifth Avenue Off 5th (24,558 square feet) which is the only Saks Fifth Avenue Off 5th in the state. The property also includes several smaller anchors including Nike (14,355 square feet), Old Navy (13,266 square feet) and Polo Ralph Lauren (12,317 square feet), as well as several high-end tenants including Coach and Gucci. The Gucci store is the only one in the state. The property has approximately 1,885 parking spaces which are included in the collateral, resulting in a parking ratio of approximately 5.03 spaces per 1,000 square feet of net rentable area.

The property opened in July 2014 at 95.0% occupancy and subsequently signed new leases with Gucci, Kate Spade and Tumi bringing occupancy up to 97.5% by October 1, 2014. In addition to its anchors, the property’s in-line tenants generally consist of national tenants such as American Eagle, Under Armour, Tommy Hilfiger, Gap and Banana Republic.

The Outlet Shoppes of the Bluegrass is the only premium outlet center in Kentucky and is located in Simpsonville which is between Louisville and Lexington on Interstate 64. Simpsonville is located in the Louisville metropolitan statistical area and is approximately 22 miles east of the Louisville central business district and approximately 55 miles west of Lexington. The property’s central location allows the center to draw from both markets. In addition, there are 50,000 college students located within a 40-mile radius. Regional access to the area is provided by Interstates 64, 65, and 71 and according to the appraisal benefits from an average traffic count of 68,000 cars per day. According to the appraisal, the primary trade area within a 40-mile radius contained approximately 1,418,229 people, with a median household income of $66,083, in 2014. The properties secondary trade area spans up to a 50-mile radius and contains approximately 2,000,742 people with a median household income of $65,226. The appraisal concluded that market rents were generally in-line with the rents in-place at the property of $24.08 per square foot. According to the appraisal, the property’s primary and secondary competition consists of the six properties detailed in the table below. The closest outlet center is 83 miles from the property.

Competitive Set Summary(1)
Property	Year Built / Renovated	Total GLA	Est. Occ.	Proximity (miles)	Anchor Tenants
The Paddock Shops	2001 / N/A	365,302	98%	13.9	Old Navy, Ulta, BB&B, Earth Fair, Office Depot
Springhurst Towne Center	1997 / N/A	798,035	95%	12.6	Meijer, Target, Kohl’s, Dick’s, TJ Maxx
Shelbyville Road Plaza	1954 / 2007	388,803	90%	15.4	Ross, Nordstrom’s, Feeder’s Supply, Nike, Guitar Center
Plaza at Fayette	2006 / N/A	216,841	99%	47.2	Old Navy, Kirkland’s, Gordman’s, Cinamark, Guitar Center
Cincinnati Premium Outlets	2009 / N/A	425,000	100%	100.0	Gap Brands, Adidas, Reebok, Saks, Nike
Edinburgh Premium Outlets	1989 / 1994	377,772	100%	83.0	Hilfiger, Dress Barn, Gap Brands, Rue21, Nike, VF

(1)	Per the appraisal.

Historical and Current Occupancy(1)
2011	2012	2013	Current(2)
N/A	N/A	N/A	97.5%

(1)	2011, 2012 and 2013 Occupancy figures are not available because the property opened in 2014.

(2)	Current Occupancy is as of October 1, 2014.

A-3-66

ANNEX A-3

JPMBB 2014-C26

The Outlet Shoppes of the Bluegrass

According to the loan sponsors, in August and September, 85 tenants that reported sales at the property achieved combined sales of $30.7 million. Assuming a 20% “grand opening haircut” and the loan sponsors’ estimates of sales dispersion by month, tenants would achieve total sales of approximately $158 million or $444 per square foot. The sensitivity chart below offers projections based upon a range of haircuts to the estimated sales extrapolated from the first two months. Sixty-seven tenants at the property have termination options based on sales thresholds, which are generally exercisable between 2017 and 2020.

Preliminary Sales Sensitivity

Grand Opening Haircut	Estimated Total Sales(1)	Sales PSF	Occupancy Cost
0%(2)	$197,722,444	$555	5.8%
10%	$177,950,199	$499	6.4%
20%	$158,177,955	$444	7.2%
30%	$138,405,711	$388	8.3%

(1)

Estimated Total Sales were calculated based on the August 2014 and September 2014 sales only, taking into account the projected sales distribution at the property. Because the Estimated Total Sales were based on a limited number of months of sales data, the actual sales at the property during a 12 month period may be materially lower than the estimate. Additionally, the Estimated Total Sales were calculated taking into account an estimate of the monthly distribution of total sales during a calendar year. The actual sales distribution at the property during any calendar year may be materially different from the monthly sales distribution used in determining the Estimated Total Sales.

(2)	Assumes reported sales for 85 tenants of $30.7 million are annualized at the seasonal weights estimated by the loan sponsors with no adjustments.

Tenant Summary(1)
Tenant	Ratings(2) Moody’s/S&P/Fitch	Net Rentable Area (SF)	% of Total NRA	Base Rent PSF	Lease Expiration Date
Saks Fifth Avenue Off 5th(3)(4)	B1 / B+ / NA	24,558	6.6%	$9.00	7/31/2024
Nike	A1 / AA- / NA	14,355	3.8%	$21.00	1/31/2020
Old Navy	Baa3 / BBB- / BBB-	13,266	3.5%	$17.50	7/31/2019
Polo Ralph Lauren(3)(5)	A3 / A / NA	12,317	3.3%	$16.67	1/31/2025
American Eagle	NA / NA / NA	9,194	2.5%	$21.42	1/31/2020
Under Armour(6)	NA / NA / NA	8,847	2.4%	$23.18	7/31/2019
Tommy Hilfiger(7)	Ba3 / BB+ / NA	8,039	2.1%	$22.00	8/31/2019
Gap	Baa3 / BBB- / BBB-	7,836	2.1%	$18.95	7/31/2019
Banana Republic	Baa3 / BBB- / BBB-	7,729	2.1%	$19.00	7/31/2019
Coach(3)(8)	NA / NA / NA	7,651	2.0%	$39.21	1/31/2025

(1)	Based on the underwritten rent roll.

(2)	Ratings provided are for the parent company of the entity listed in the “Tenant” field whether or not the parent company guarantees the lease.

(3)	Tenant pays percent-in-lieu for entire lease term. PIL is based on the minimum PIL payment per the leases or estimated sales provided by the borrower and these tenants will pay PIL for their entire lease terms.

(4)	If gross sales for the fifth lease year are less than $7.0 million, the tenant will have the right to terminate the lease with 90 days’ notice.

(5)	If gross sales for the fifth lease year are less than or equal to $500 per square foot, the tenant will have the right to terminate the lease with 60 days’ notice.

(6)	If gross sales for the third lease year are less than $2.0 million, the tenant will have the right to terminate the lease with 60 days’ notice.

(7)	If gross sales for the third lease year are less than approximately $2.2 million, the tenant will have the right to terminate the lease with 90 days’ notice.

(8)	If gross sales for the fourth lease year are less than $5.0 million, the tenant will have the right to terminate the lease with 90 days’ notice.

A-3-67

ANNEX A-3

JPMBB 2014-C26

The Outlet Shoppes of the Bluegrass

Percent-in-lieu Rent Schedule

Tenant	Estimated Year One Sales(1)	Estimated Sales PSF(1)	PIL	Underwritten Rent
Gucci	$7,500,300	$1,604	5.00%	$375,015
Coach	10,000,000	$1,307	3.00%	300,000
Saks Fifth Avenue Off 5th	6,314,914	$257	3.50%	221,022
Polo Ralph Lauren(2)	7,184,933	$583	3.00%	205,284
Total	$31,000,147			$1,101,321

(1)	Based on estimates provided by the loan sponsors given experience managing other outlet centers as well as discussions with leasing agents.

(2)	Polo Ralph Lauren will pay 3.00% percent-in-lieu rent if sales are below $500 PSF; 2.00% percent-in-lieu rent if sales are between $500 PSF and $1,000 PSF and 1.00% percent-in-lieu rent if sales are in excess of $1,000 PSF.

Of the 88 tenants, 73 tenants representing 336,589 square feet have co-tenancy provisions. These provisions generally require a minimum occupancy at the property ranging from 65.0%-85.0%. Twenty-eight of these tenants representing 150,425 square feet require that key tenants remain at the property which generally include Sak’s Fifth Avenue Off 5th, Coach, Nike and Tommy Hilfiger. If these co-tenancy clauses are not met, these tenants begin paying alternate rent which is a percentage of gross sales generally ranging from 1.0% to 50.0%.

Lease Rollover Schedule(1)

Year	Number of Leases Expiring	Net Rentable Area Expiring	% of NRA Expiring		Base Rent Expiring	% of Base Rent Expiring		Cumulative Net Rentable Area Expiring	Cumulative % of NRA Expiring	Cumulative Base Rent Expiring	Cumulative % of Base Rent Expiring
Vacant	NAP	9,315	2.5	%	NAP	NAP		9,315	2.5%	NAP	NAP
2014	0	0	0.0		$0	0.0	%	9,315	2.5%	$0	0.0%
2015	1	3,402	0.9		85,050	0.9		12,717	3.4%	$85,050	0.9%
2016	0	0	0.0		0	0.0		12,717	3.4%	$85,050	0.9%
2017	1	2,073	0.6		55,000	0.6		14,790	3.9%	$140,050	1.6%
2018	0	0	0.0		0	0.0		14,790	3.9%	$140,050	1.6%
2019	14	69,430	18.5		1,550,739	17.2		84,220	22.5%	$1,690,789	18.7%
2020	11	54,686	14.6		1,512,189	16.8		138,906	37.1%	$3,202,979	35.5%
2021	0	0	0.0		0	0.0		138,906	37.1%	$3,202,979	35.5%
2022	0	0	0.0		0	0.0		138,906	37.1%	$3,202,979	35.5%
2023	0	0	0.0		0	0.0		138,906	37.1%	$3,202,979	35.5%
2024	39	137,130	36.6		3,416,882	37.9		276,036	73.7%	$6,619,861	73.4%
2025 & Beyond	22	98,647	26.3		2,403,626	26.6		374,683	100.0%	$9,023,487	100.0%
Total	88	374,683	100.0	%	$9,023,487	100.0	%

(1)	Based on the underwritten rent roll.

A-3-68

ANNEX A-3

JPMBB 2014-C26

The Outlet Shoppes of the Bluegrass

Underwritten Net Cash Flow
	Underwritten	Per Square Foot	%(1)
Rents in Place(2)	$9,023,487	$24.08	75.3%
Vacant Income	204,930	0.55	1.7
Gross Potential Rent	$9,228,417	$24.63	77.0%
Total Reimbursements	2,749,646	7.34	23.0
Net Rental Income	$11,978,063	$31.97	100.0%
(Vacancy/Credit Loss)	(298,657)	(0.80)	(2.5)
Other Income(3)	1,029,371	2.75	8.6
Effective Gross Income	$12,708,777	$33.92	106.1%

Total Expenses	$3,976,907	$10.61	31.3%

Net Operating Income	$8,731,870	$23.30	68.7%

Total TI/LC, Capex/RR	562,437	1.50	4.4
Net Cash Flow	$8,169,433	$21.80	64.3%

(1) Percentage column represents percent of Net Rental Income for all revenue lines and represents percent of Effective Gross Income for the remainder of fields.

(2) Underwritten Rents in Place are based on October 1, 2014 rent roll, with underwritten rent bumps totaling $40,927 through November 2015. Four tenants pay PIL, which comprises approximately $1.1 million of Underwritten Rents in Place based on estimated sales of approximately $31.0 million. PIL tenants include Saks Fifth Avenue Off 5th, Coach, Gucci and Polo Ralph Lauren.

(3) Other income primarily includes tenant marketing income including signage and branding income.

Property Management. The property is managed by Horizon Group Properties, L.P., an affiliate of one of the loan sponsors.

Escrows and Reserves. At origination, the borrower deposited into escrow approximately $7.0 million for outstanding tenant improvement and leasing commissions associated with 62 tenants and $124,895 for real estate taxes.

Tax Escrows - On a monthly basis, the borrower is required to escrow 1/12 of the annual estimated tax payments, which currently

equates to $62,448.

Insurance Escrows - The requirement for the borrower to make monthly deposits to the insurance escrow is waived so long as no event of default or Cash Sweep Event exists and so long as the borrower provides satisfactory evidence that the property is insured under an acceptable blanket policy.

Replacement Reserves - The requirement for the borrower to make monthly deposits to the replacement reserve is waived through September 30, 2015 so long as no event of default exists. At any time after September 30, 2015, the requirement for the borrower to make monthly deposits to the replacement reserve is waived so long as the debt service coverage ratio as calculated in the loan documents based on the trailing twelve months does not fall below 1.30x for the two consecutive calendar quarters preceding the date of determination (a “Replacement Reserve DSCR Trigger”) and no event of default exists. Following the occurrence and during the continuance of a Replacement Reserve DSCR Trigger or an event of default, the borrower is required to deposit $6,250 per month (approximately $0.20 per square foot annually) for replacement reserves. The reserve is subject to a cap of $150,000 (approximately $0.40 per square foot).

TI/LC Reserves - On a monthly basis commencing on December 1, 2017, the borrower is required to escrow $43,123 (approximately $1.38 per square foot annually) for tenant improvements and leasing commissions.

Lockbox / Cash Management. The loan is structured with a CMA lockbox. The borrower and/or manager was required to send tenant direction letters to all tenants instructing them to deposit all rents and payments into the lockbox account controlled by the lender. The funds are then returned to an account controlled by the borrower until the occurrence of a Cash Sweep Event. During the continuance of a Cash Sweep Event, all rents will be swept daily to a segregated cash management account and held in trust and for the benefit of the lender. The lender will have a first priority security interest in the cash management account. Upon the occurrence and during the continuance of a Cash Sweep Event, all excess cash after payment of debt service, required reserves and budgeted operating expenses will be held as additional security for the loan.

A “Cash Sweep Event” means: (i) the occurrence and continuance of an event of default, (ii) any bankruptcy action of the borrower or manager or (iii) the debt service coverage ratio as calculated in the loan documents based on the trailing twelve months falls below 1.20x.

A-3-69

ANNEX A-3

JPMBB 2014-C26

The Outlet Shoppes of the Bluegrass

Release of Outparcels. At any time during the term of the loan, the borrower is permitted to release an unimproved release parcel in accordance with certain terms and conditions set forth in the loan documents.

Phase II Development. The area surrounding the shopping center can accommodate additional improvements that will not be included as collateral for the loan. According to the loan sponsors, 57,800 square feet of space is planned to be built adjacent to the shopping center. Leasing is currently underway and tenants will include complementary retail stores and restaurants. Construction is estimated to commence in the first quarter of 2015 and will be built on land that is not part of the collateral for the loan. There is also an outparcel containing 0.3 acres that may be developed which is not part of the collateral for the loan. There is currently no development activity with respect to the outparcel. The appraiser has allocated no value to either of these parcels or their related development potential.

A-3-70

ANNEX A-3

JPMBB 2014-C26

[THIS PAGE INTENTIONALLY LEFT BLANK]

A-3-71

ANNEX A-3		JPMBB 2014-C26

United Healthcare Office

A-3-72

ANNEX A-3		JPMBB 2014-C26

United Healthcare Office

A-3-73

ANNEX A-3		JPMBB 2014-C26

United Healthcare Office

Mortgage Loan Information		Property Information
Mortgage Loan Seller:	Barclays	Single Asset / Portfolio:	Single Asset
Original Principal Balance:	$42,000,000	Title:	Fee
Cut-off Date Principal Balance:	$42,000,000	Property Type - Subtype:	Office - Suburban
% of Pool by IPB:	2.9%	Net Rentable Area (SF):	204,123
Loan Purpose:	Refinance	Location:	Las Vegas, NV
Borrower:	2716 N. Tenaya Loan 1, LLC	Year Built / Renovated:	1998 / N/A
Sponsor:	Lloyd W. Kendall, Jr.	Occupancy:	100.0%
Interest Rate:	4.74186%	Occupancy Date:	12/6/2014
Note Date:	10/1/2014	Number of Tenants:	1
Maturity Date:	10/6/2019	2011 NOI(1)(2):	N/A
Interest-only Period:	60 months	2012 NOI(1)(2):	N/A
Original Term:	60 months	2013 NOI(1):	$5,689,966
Original Amortization:	None	TTM NOI (as of 6/2014)(1):	$5,738,737
Amortization Type:	Interest Only	UW Economic Occupancy:	100.0%
Call Protection:	L(26),Def(27),O(7)	UW Revenues:	$4,209,843
Lockbox:	Hard	UW Expenses:	$84,197
Additional Debt:	Yes	UW NOI(1):	$4,125,646
Additional Debt Balance:	$9,000,000	UW NCF:	$4,088,904
Additional Debt Type:	Mezzanine Loan	Appraised Value / Per SF:	$60,000,000 / $294
		Appraisal Date:	7/9/2014

Escrows and Reserves(3)				Financial Information
	Initial	Monthly	Initial Cap	Cut-off Date Loan / SF:	$206
Taxes:	$0	Springing	N/A	Maturity Date Loan / SF:	$206
Insurance:	$0	Springing	N/A	Cut-off Date LTV:	70.0%
Replacement Reserves:	$0	$0	N/A	Maturity Date LTV:	70.0%
TI/LC:	$0	$0	N/A	UW NCF DSCR:	2.02x
Other:	$0	$0	N/A	UW NOI Debt Yield:	9.8%


Sources and Uses
Sources	Proceeds	% of Total	Uses	Proceeds	% of Total
Mortgage Loan	$42,000,000	82.4%	Loan Payoff	$47,182,899	92.5%
Mezzanine Loan	9,000,000	17.6	United Healthcare Payment(4)	3,316,999	6.5
			Closing Costs	497,933	1.0
			Return of Equity	2,169	0.0
Total Sources	$51,000,000	100.0%	Total Uses	$51,000,000	100.0%

(1)

UW NOI is less than historical figures as a result of a new lease executed in July 2014 with United Healthcare Services, Inc. (“UHS”) for a rental rate below its previous rental rate. Based on the previous lease executed by Sierra Healthcare Services, Inc. in December 2000 and assumed by UHS in 2008, UHS’s monthly base rents for 2011, 2012, 2013 and 2014 were $434,304, $440,818, $447,431 and $454,142, respectively. Based on the new 11.5-year lease, UHS’s current monthly base rent is $331,700 and will increase 3.0% annually beginning in January 2016. The underwritten monthly base rent equals $350,820, which reflects the straight line average base rent over the five-year loan term.

(2)

2011 NOI and 2012 NOI are not available as the property and previous loan went into court appointed receivership in August 2011. Please refer to “Maturity Default” below. The 2011 and 2012 monthly base rents under the previous NNN lease were $434,304 and $440,818, which equate to annual rents of $5,211,648 and $5,289,816, respectively.

(3)	For a full description of Escrows and Reserves, please refer to “Escrows and Reserves” below.

(4)

The UHS lease is structured with a 10-month free rent period between October 2014 and July 2015. According to the lease, and at the borrower’s option, the borrower was entitled to elect to pay UHS any outstanding free rent amounts in lieu of the tenant continuing to receive free rent. At loan origination, the borrower elected to pay UHS $3,316,999, which represents the outstanding free rent due under the lease. UHS no longer has a free rent period and is currently paying rent of $331,700 per month.

The Loan. The United Healthcare Office loan has an outstanding principal balance of $42.0 million and is secured by a first mortgage lien on the borrower’s fee interest in a six-story, Class A, 204,123 square foot office building located in Las Vegas, Nevada. The loan has a five-year term and is interest only for the term of the loan. The previously existing debt was securitized in WBCMT 2006-C27.

A-3-74

ANNEX A-3		JPMBB 2014-C26

United Healthcare Office

The Borrower. The borrowing entity for the United Healthcare Office loan is 2716 N. Tenaya Loan 1, LLC, a Delaware limited liability company and special purpose entity.

The Sponsor. The loan sponsor and non-recourse carve-out guarantor is Lloyd W. Kendall, Jr., an affiliate of Breakwater Equity Partners. The original borrowing entity purchased the property in 2006 for $73.0 million and after accounting for closing costs and upfront reserves, will have approximately $22.0 million of equity remaining. An affiliate of Breakwater Equity Partners is the managing member of the new borrowing entity. Breakwater Equity Partners is a commercial real estate consulting firm. Lloyd W. Kendall, Jr. has ownership interests in three other commercial properties which are collectively valued at approximately $133.3 million.

The Property. United Healthcare Office is a six-story, 204,123 square foot, Class A office property located in Las Vegas, Nevada, approximately six miles northwest of the Las Vegas central business district and eight miles northwest of the Las Vegas Strip. The property was built in 1998 and includes a five-story parking garage with 727 spaces and 182 surface spaces, resulting in a parking ratio of 4.5 spaces per 1,000 square feet, which is greater than the property’s primary competition. Building amenities include two auditoriums, several conference rooms, a library, an executive dining room, employee cafeteria and beauty salon.

As of December 6, 2014, the property was 100.0% occupied by a single tenant, UHS. Since 2000, the property has been 100.0% occupied by UHS or Sierra Health Services, Inc. (acquired by United Health Group in 2008). The property serves as the main administrative office for the UHS’s west coast operations and houses a total of 800 employees. According to the borrower, the tenant is consolidating employees from another office location into the property.

On July 15, 2014, UHS signed a new lease with 11.5-year term through December 31, 2025, approximately six years and three months past the loan’s maturity date. The lease includes three five-year extension options, resulting in a fully extended maturity date of December 31, 2040. The lease is triple net with the tenant being responsible for all operating and building maintenance expenses. According to the appraisal, the tenant’s current rental rate of $19.50 per square foot is in-line with market rental rates. If UHS exercises the extension options, the rental rate would be 95% of the then current market rental rate and would increase 3.0% annually.

United Health Group, UHS’s parent company, is based in Minnetonka, Minnesota and is rated A3, A+ and A- by Moody’s, S&P and Fitch, respectively. In 2008, United Health Group acquired Sierra Health Services, Inc., who previously occupied the property. United Health Group provides affordable health plans, quality patient care and advanced technology in order to help people achieve optimal health. The company features an array of medical services and specialties such as, cardiology, endocrinology, gastroenterology, neurology, podiatry, rheumatology, pain management and on-site urgent care services. United Health Group serves more than 85 million individuals worldwide, covering all 50 states and more than 125 countries around the world. As of year-end 2013, total revenues were approximately $122.5 billion and annualizing June 2014 total revenues equal approximately $128.6 billion. UHS accounts for a substantial portion of United Health Group’s assets. The subsidiaries held by UHS include the individual state insurance holding companies of United Health Group.

The United Healthcare Office property is located immediately west of Highway 95, approximately six miles northwest of the Las Vegas central business district, approximately eight miles northwest of the Las Vegas Strip and approximately 15 miles north of McCarran International Airport. The property is also less than a mile away from Mountain View Hospital and less than five miles away from Summerlin Hospital Medical Center. US Highway 95 is located next to the property and provides access to Phoenix, Arizona to the southeast and Reno, Nevada to the northwest. Additionally, the property has regional access to US Highway 93 and Interstates 215, 15 and 515. Approximately six miles southeast of the property, US Highway 95 intersects Interstate 15. Travel time from the property to the Las Vegas central business district is approximately 20 minutes while travel to McCarran International Airport is approximately 30 minutes. The neighborhood in which the building is located consists of a mixture of residential developments, several retail centers, small strip centers and a mixture of Class A and Class B office buildings.

According to the appraisal, the property is located in the Northwest submarket of the Las Vegas market. As of the first quarter of 2014, there was no new construction of office buildings or Class A office buildings in the Northwest submarket. Furthermore, more than 11,000 square feet of office space was absorbed in the Northwest submarket and approximately 2,000 square feet of Class A office space was absorbed in the Northwest submarket. Per the appraisal, as of the first quarter of 2014, average occupancy for office properties within the Las Vegas market was 77.5%, whereas average occupancy was 66.6% within the Northwest submarket. Comparable office rentals near the property have occupancy rates ranging from 31.0% to 82.0%.

Historical and Current Occupancy(1)(2)

2011	2012	2013	Current(3)
100.0%	100.0%	100.0%	100.0%

(1)	Historical Occupancies are as of December 31 of each respective year.

(2)	The property has been 100% occupied since 2000.

(3)	Current Occupancy is as of December 6, 2014.

A-3-75

ANNEX A-3		JPMBB 2014-C26

United Healthcare Office

Tenant Summary(1)
Tenant	Ratings(2) Moody’s/S&P/Fitch	Net Rentable Area (SF)	% of Total NRA	UW Base Rent PSF(3)	Lease Expiration Date
United Healthcare Services, Inc.	A3 / A+ / A-	204,123	100.0%	$20.62	12/31/2025

(1)	Based on the underwritten rent roll.

(2)	Ratings provided are for the parent company of the entity listed in the “Tenant” field whether or not the parent company guarantees the lease.

(3)	UW Base Rent PSF is underwritten on a straight-line basis and represents the five-year average over the five-year loan term.

Lease Rollover Schedule(1)
Year	Number of Leases Expiring	Net Rentable Area Expiring	% of NRA Expiring	Base Rent Expiring	% of Base Rent Expiring	Cumulative Net Rentable Area Expiring	Cumulative % of NRA Expiring	Cumulative Base Rent Expiring	Cumulative % of Base Rent Expiring
Vacant	NAP	0	0.0%	NAP	NAP	0	0.0%	NAP	NAP
2014 & MTM	0	0	0.0	$0	0.0%	0	0.0%	$0	0.0%
2015	0	0	0.0	0	0.0	0	0.0%	$0	0.0%
2016	0	0	0.0	0	0.0	0	0.0%	$0	0.0%
2017	0	0	0.0	0	0.0	0	0.0%	$0	0.0%
2018	0	0	0.0	0	0.0	0	0.0%	$0	0.0%
2019	0	0	0.0	0	0.0	0	0.0%	$0	0.0%
2020	0	0	0.0	0	0.0	0	0.0%	$0	0.0%
2021	0	0	0.0	0	0.0	0	0.0%	$0	0.0%
2022	0	0	0.0	0	0.0	0	0.0%	$0	0.0%
2023	0	0	0.0	0	0.0	0	0.0%	$0	0.0%
2024	0	0	0.0	0	0.0	0	0.0%	$0	0.0%
2025 & Beyond	1	204,123	100.0	4,209,843	100.0	204,123	100.0%	$4,209,843	100.0%
Total	1	204,123	100.0%	$4,209,843	100.0%

(1)	Based on the underwritten rent roll.

Operating History and Underwritten Net Cash Flow(1)
	2013	TTM(2)	Underwritten	Per Square Foot	%(3)
Rents in Place(4)	$5,817,297	$5,857,563	$4,209,843	$20.62	100.0%
Vacant Income	0	0	0	0	0.0
Gross Potential Rent	$5,817,297	$5,857,563	$4,209,843	$20.62	100.0%
Total Reimbursements	0	0	0	0	0.0
Net Rental Income	$5,817,297	$5,857,563	$4,209,843	$20.62	100.0%
(Vacancy/Credit Loss)	0	0	0	0	0.0
Effective Gross Income	$5,817,297	$5,857,563	$4,209,843	$20.62	100.0%

Total Expenses	$127,330	$118,826	$84,197	$0.41	2.0%

Net Operating Income	$5,689,966	$5,738,737	$4,125,646	$20.21	98.0%

Total Capex/RR	0	0	36,742	0.18	0.9

Net Cash Flow	$5,689,966	$5,738,737	$4,088,904	$20.03	97.1%

(1)

2011 NOI and 2012 NOI are not available as the property and previous loan went into court appointed receivership in August 2011. Please refer to “Maturity Default” below. The 2011 and 2012 monthly base rents under the previous NNN lease were $434,304 and $440,818 which equate to annual rents of $5,211,648 and $5,289,816, respectively.

(2)	TTM column represents the trailing twelve-month period ending on June 30, 2014.

(3)	Percentage column represents percent of Net Rental Income for all revenue lines and represents percent of Effective Gross Income for the remainder of fields.

(4)

UW Rents in Place is less than historical figures as a result of a new lease executed in July 2014 with UHS for a rental rate below its previous rental rate. Based on the previous lease executed by Sierra Healthcare Services, Inc. in December 2000 and assumed by UHS in 2008, UHS’s monthly base rents for 2011, 2012, 2013 and 2014 were $434,304, $440,818, $447,431 and $454,142, respectively. Based on the new 11.5-year, lease, UHS’s current monthly base rent is $331,700 and will increase 3.0% annually beginning in January 2016. The underwritten monthly base rent equals $350,820 which reflects the straight line average base rent over the five-year loan term.

A-3-76

ANNEX A-3		JPMBB 2014-C26

United Healthcare Office

Property Management. The property is managed by Clear Vista Management, LLC, a Nevada limited liability company.

Escrows and Reserves. At origination, the borrower was not required to deposit funds into escrow.

Tax Escrows - On a monthly basis, the borrower is required to escrow 1/12 of the annual estimated tax payments; however, these are waived for so long as UHS pays for taxes and evidence of such is provided to the lender within five days of written request.

Insurance Escrows - On a monthly basis, the borrower is required to escrow 1/12 of the annual estimated insurance premiums payments; however, these are waived for so long as UHS pays for insurance and evidence of such is provided to lender within five days of written request.

Lockbox / Cash Management. The loan is structured with a hard lockbox and in-place cash management. The borrower was required to send tenant direction letters to tenants instructing them to deposit all rents and payments directly to the lockbox account controlled by the lender. All funds in the lockbox account are swept daily to a cash management account under the control of the lender and disbursed during each monthly payment date of the term of the loan in accordance with the loan documents. To the extent that there is a Triggering Event, all excess cash flow after payment of debt service, required reserves and operating expenses will be held as additional collateral for the loan.

A “Triggering Event” means the period commencing upon the earlier of: (i) an event of default or a mezzanine event of default, (ii) the debt service coverage ratio falling below 1.20x, (iii) United Healthcare Services, Inc. filing for bankruptcy, (iv) United Health Group’s long term unsecured debt being downgraded (as determined by any rating agency rating such debt) below the rating as of the origination date and (v) United Healthcare Services, Inc. going dark, vacating or ceasing operations at the property.

Maturity Default. United Healthcare Office was previously securitized in the WBCMT 2006-C27 transaction with an original balance of $50.75 million. The property was held in a court appointed receivership as a result of a maturity default in August 2011. According to the loan sponsor, the borrower was awaiting the UHS’s lease renewal and the recovery of the real estate market in order to refinance. In July 2014, UHS signed a new lease through December 31, 2025 with an 11.5-year term. In 2012, the owners hired Breakwater Equity Partners to assist in extending and refinancing the loan. An affiliate of Breakwater Equity Partners, Lloyd W. Kendall, Jr., is the non-recourse carve-out guarantor for the loan. An affiliate of Breakwater Equity Partners is the managing member of the new borrowing entity. In February, May and July 2014, the borrower made three principal payments from excess property cash escrows worth approximately $5.5 million, reducing the previous loan’s outstanding principal balance to approximately $45.3 million. At loan origination, a majority of proceeds from the mortgage and mezzanine loans were used by the borrower to pay off the previous loan’s $45.3 million outstanding principal balance, pay $3.3 million to United Healthcare Services, Inc. in lieu of a free rent period, pay default interest on the previous loan of approximately $1.6 million and pay approximately $642,000 of interest due on the previous loan. Approximately $4.9 million in default interest was forgiven by the special servicer.

Additional Debt. The $9.0 million mezzanine loan is secured by the direct equity interests in the borrower and is coterminous with the mortgage loan. The mezzanine loan is interest-only for the term of the loan and has a 10.50000% coupon. Including the mezzanine loan, the Cut-off Date LTV is 85.0%, the UW NCF DSCR is 1.37x and the UW NOI Debt Yield is 8.10%. The lenders have entered into an intercreditor agreement.

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ANNEX A-3		JPMBB 2014-C26

117 Kendrick Street

A-3-78

ANNEX A-3		JPMBB 2014-C26

117 Kendrick Street

A-3-79

ANNEX A-3		JPMBB 2014-C26

117 Kendrick Street

A-3-80

ANNEX A-3		JPMBB 2014-C26

117 Kendrick Street

Mortgage Loan Information		Property Information
Mortgage Loan Seller:	JPMCB	Single Asset / Portfolio:	Single Asset
Original Principal Balance:	$39,560,000	Title:	Fee
Cut-off Date Principal Balance:	$39,560,000	Property Type - Subtype:	Office - Suburban
% of Pool by IPB:	2.7%	Net Rentable Area (SF):	212,846
Loan Purpose:	Acquisition	Location:	Needham, MA
Borrower:	117 Kendrick DE, LLC	Year Built / Renovated:	1955 / 2001
Sponsor:	BRI 3 Holdings, LLC	Occupancy:	100.0%
Interest Rate:	4.30000%	Occupancy Date:	11/1/2014
Note Date:	12/1/2014	Number of Tenants:	10
Maturity Date:	12/1/2024	2011 NOI(1):	$23,245
Interest-only Period:	60 months	2012 NOI(1):	$1,843,603
Original Term:	120 months	2013 NOI:	$2,644,292
Original Amortization:	360 months	TTM NOI (as of 10/2014)(2):	$2,591,611
Amortization Type:	IO-Balloon	UW Economic Occupancy:	94.1%
Call Protection:	L(13),Grtr1%orYM(94),O(13)	UW Revenues(2):	$5,493,570
Lockbox:	CMA	UW Expenses:	$2,037,084
Additional Debt:	N/A	UW NOI(2):	$3,456,486
Additional Debt Balance:	N/A	UW NCF:	$3,126,575
Additional Debt Type:	N/A	Appraised Value / Per SF:	$53,000,000 / $249
		Appraisal Date:	9/26/2014

Escrows and Reserves(3)				Financial Information
	Initial	Monthly	Initial Cap	Cut-off Date Loan / SF:		$186
Taxes:	$0	Springing	N/A	Maturity Date Loan / SF:		$170
Insurance:	$0	Springing	N/A	Cut-off Date LTV:		74.6%
Replacement Reserves:	$3,540	$3,540	N/A	Maturity Date LTV:		68.1%
TI/LC:	$0	Springing	N/A	UW NCF DSCR:		1.33x
Other:	$575,126	$0	N/A	UW NOI Debt Yield:		8.7%


Sources and Uses
Sources	Proceeds		% of Total	Uses	Proceeds		% of Total
Mortgage Loan	$39,560,000		73.9%	Purchase Price	$52,750,000		98.5%
Sponsor Equity	13,973,505		26.1	Upfront Reserves	578,666		1.1
				Closing Costs	204,839		0.4
Total Sources	$53,533,505		100.0%	Total Uses	$53,533,505		100.0%

(1)	The increase from 2011 NOI to 2012 NOI is primarily due to increased leasing activity and the burn off of free rent concessions.

(2)	The increase from TTM NOI to UW NOI is primarily due to underwriting two newly executed leases for Firestone Financial and Verastem, which account for $989,896 of UW Revenues, as well as underwriting contractual rent steps through October 2015.

(3)	For a full description of Escrows and Reserves, please refer to “Escrows and Reserves” below.

The Loan. The 117 Kendrick Street loan has an outstanding principal balance of $39.56 million and is secured by a first mortgage lien on a 212,846 square foot office building located in Needham, Massachussetts. The loan has a 10-year term, and subsequent to a five-year interest-only period, will amortize on a 30-year schedule.

The Borrower. The borrowing entity for the 117 Kendrick Street loan is 117 Kendrick DE, LLC, a Delaware limited liability company and special purpose entity.

A-3-81

ANNEX A-3		JPMBB 2014-C26

117 Kendrick Street

The Sponsor. The loan sponsor is BRI 3 Holdings, LLC, an affiliate of The Bulfinch Companies, Inc. The Bulfinch Companies, Inc. is an entrepreneurial commercial real estate firm specializing in the development, acquisition and management of properties in the Greater Boston area and is headquartered in Needham, Massachusetts. The Bulfinch Companies, Inc.’s current portfolio includes nearly 3.0 million square feet of office, medical office, biotechnology and R&D space with a market value approaching $1.0 billion. The sponsor purchased the property from affiliates of Intercontinental Real Estate Corporation for $52.75 million.

The Property. 117 Kendrick Street is a single-story, 212,846 square foot Class A office building situated on approximately 12.1 acres in Needham, Massachusetts. The property was constructed as an industrial building in 1955 and renovated and repurposed for office use in 2001. The building’s interior was transformed with two mirroring lobbies connected by a “Main Street” style corridor. The renovation included the creation of a full-service cafeteria and fitness center as well as all new mechanical and building systems in order to reposition the building for office lease-up. Other on-site amenities include a childcare center and shuttle service to the MBTA Green Line.

As of November 1, 2014, the property was 100.0% occupied by 10 tenants. The largest tenant is Warner Brothers Entertainment Inc. (“Warner”), which occupies 36.3% of the net rentable area until August 2018 with two, five-year renewal options remaining. Warner operates its Turbine gaming division, which it acquired in 2010, at the property. The Turbine division is a computer game developer specializing in 3D massively multiplayer online role-playing games including The Lord of the Rings Online and Dungeons & Dragons Online. The second largest tenant is Braver & Company, which occupies 12.9% of the net rentable area through September 2021 and has two, five-year renewal options outstanding. Braver & Company is a national accounting and advisory firm that offers accounting, tax, assurance, business and consulting services to family-owned and privately held businesses as well as to not-for-profit and governmental organizations. The third largest tenant is Enservio, which occupies 8.7% of the net rentable area through June 2016 and has one, five-year renewal option outstanding. Enservio offers software and services across the entire value chain of contents claim processing, from on-site inventory capture and forensic reconstruction of non-restorable contents to transcription, desk appraisal, contents valuation services, payment, replacement and reporting. All of the tenants at the property have outstanding renewal options.

117 Kendrick Street is located approximately 10 miles west of Boston in Needham, Massachusetts. It is located one mile from Route 128 and four miles south of Massachusetts Turnpike. The property is situated in Needham Crossing, an approximately 3.0 million square foot business park that contains over ten buildings, the majority of which were originally used for industrial purposes. Needham Crossing is undergoing a transformation from a manufacturing and industrial park to an office and mixed-use district. This transformation has been spurred by the town of Needham which has worked with developers to replace obsolete industrial buildings with new office buildings. Notable tenants in this business park include Coca-Cola, Federal Express, General Dynamics and Gillette. 117 Kendrick Street is located on the banks of the Charles River with frontage along Cutler Park Reservation, a 700-acre, state-maintained reservation that has trails and picnic areas adjacent to the property. The property is also adjacent to the newly-launched N2 Innovation Corridor, just off of Route 128. The development initiative will be anchored by TripAdvisor’s new 290,000 square foot headquarters and is being developed with the goal of making Needham and Newton an attractive area for technology companies, start-ups and other innovators. According to CoStar, the property is considered to be part of the Route 128 West submarket within the Boston office market. The Route 128 West Class A office market contained an inventory of approximately 15.6 million square feet of office space with a reported vacancy rate of 8.6% and average asking rents of $33.56 per square foot as of the third quarter of 2014.

Historical and Current Occupancy(1)
2011	2012	2013	Current(2)
75.3%	83.9%	85.9%	100.0%

(1)

Historical Occupancies are as of December 31 of each respective year.

(2)

Current Occupancy is as of November 1, 2014.

A-3-82

ANNEX A-3		JPMBB 2014-C26

117 Kendrick Street

Tenant Summary(1)
Tenant	Ratings(2) Moody’s/S&P/Fitch	Net Rentable Area (SF)	% of Total NRA	Base Rent PSF	Lease Expiration Date
Warner(3)	Baa2 / BBB / BBB+	77,365	36.3%	$27.00	8/8/2018
Braver & Company	NA / NA / NA	27,361	12.9%	$25.65	9/30/2021
Enservio	NA / NA / NA	18,463	8.7%	$24.00	6/30/2016
Firestone Financial(4)	NA / NA / NA	17,057	8.0%	$28.25	5/31/2025
Food Should Taste Good, Inc(5)	A3 / BBB+ / BBB+	16,911	7.9%	$26.75	7/31/2016
Verastem	NA / NA / NA	15,197	7.1%	$33.43	9/30/2019
BBK	NA / NA / NA	14,990	7.0%	$25.75	3/31/2024
Louis Berger(6)	NA / NA / NA	14,533	6.8%	$24.78	2/28/2021
Dovetail Partners	NA / NA / NA	10,889	5.1%	$27.00	7/31/2017
AT&T Communications	A3 / A- / A	80	0.0%	$40.10	12/31/2018

(1)	Based on the underwritten rent roll.

(2)	Ratings provided are for the parent company of the entity listed in the “Tenant” field whether or not the parent company guarantees the lease.

(3)	Warner has the right to terminate its lease on or after August 31, 2016 with 12 months’ notice and a payment of a termination fee. Warner’s current lease expires in August 2018 and offers two, five-year renewal options.

(4)	Firestone Financial has a newly executed lease and commences paying rent on May 1, 2015. At origination of the loan, $180,050 was escrowed to cover rent due until the tenant is paying full rent.

(5)	Food Should Taste Good, Inc subleases its entire space to Euro-Pro Operating LLC.

(6)	Louis Berger has the right to terminate its lease on or after February 28, 2018, with six months’ notice and a payment of a termination fee. Louis Berger’s current lease expires in February 2021 and offers one five-year renewal option.

Lease Rollover Schedule(1)
Year	Number of Leases Expiring	Net Rentable Area Expiring	% of NRA Expiring	Base Rent Expiring	% of Base Rent Expiring	Cumulative Net Rentable Area Expiring	Cumulative % of NRA Expiring	Cumulative Base Rent Expiring	Cumulative % of Base Rent Expiring
Vacant	NAP	0	0.0%	NAP	NAP	0	0.0%	NAP	NAP
2014 & MTM	0	0	0.0	$0	0.0%	0	0.0%	$0	0.0%
2015	0	0	0.0	0	0.0	0	0.0%	$0	0.0%
2016	2	35,374	16.6	895,481	15.7	35,374	16.6%	$895,481	15.7%
2017	1	10,889	5.1	294,003	5.1	46,263	21.7%	$1,189,484	20.8%
2018	2	77,445	36.4	2,092,063	36.6	123,708	58.1%	$3,281,547	57.4%
2019	1	15,197	7.1	508,036	8.9	138,905	65.3%	$3,789,583	66.3%
2020	0	0	0.0	0	0.0	138,905	65.3%	$3,789,583	66.3%
2021	2	41,894	19.7	1,061,996	18.6	180,799	84.9%	$4,851,579	84.8%
2022	0	0	0.0	0	0.0	180,799	84.9%	$4,851,579	84.8%
2023	0	0	0.0	0	0.0	180,799	84.9%	$4,851,579	84.8%
2024	1	14,990	7.0	385,993	6.7	195,789	92.0%	$5,237,572	91.6%
2025 & Beyond	1	17,057	8.0	481,860	8.4	212,846	100.0%	$5,719,432	100.0%
Total	10	212,846	100.0%	$5,719,432	100.0%

(1)	Based on the underwritten rent roll.

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ANNEX A-3		JPMBB 2014-C26

117 Kendrick Street

Operating History and Underwritten Net Cash Flow
	2011	2012	2013	TTM(1)	Underwritten	Per Square Foot	%(2)
Rents in Place(3)(4)	$2,748,274	$3,774,852	$4,508,538	$4,731,145	$5,719,432	$26.87	98.1%
Vacant Income	0	0	0	0	0	0.00	0.0
Gross Potential Rent	$2,748,274	$3,774,852	$4,508,538	$4,731,145	$5,719,432	$26.87	98.1%
Total Reimbursements	39,025	12,973	36,182	34,001	109,108	0.51	1.9
Net Rental Income	$2,787,298	$3,787,825	$4,544,720	$4,765,146	$5,828,540	$27.38	100.0%
(Vacancy/Credit Loss)	(763,244)	(252,532)	(243,835)	(285,185)	(340,970)	(1.60)	(5.9)
Other Income	18,820	0	3,000	13,500	6,000	0.03	0.1
Effective Gross Income	$2,042,874	$3,535,293	$4,303,885	$4,493,461	$5,493,570	$25.81	94.3%

Total Expenses	$2,019,629	$1,691,690	$1,659,593	$1,901,851	$2,037,084	$9.57	37.1%

Net Operating Income(3)(4)	$23,245	$1,843,603	$2,644,292	$2,591,611	$3,456,486	$16.24	62.9%

Total TI/LC, Capex/RR	0	0	0	0	329,911	1.55	6.0
Net Cash Flow	$23,245	$1,843,603	$2,644,292	$2,591,611	$3,126,575	$14.69	56.9%

(1)	TTM column represents the trailing twelve months ending on October 31, 2014.

(2)	% column represents percent of Net Rental Income for all revenue lines and represents percent of Effective Gross Income for the remainder of fields.

(3)	The increase from 2011 NOI to 2012 NOI is primarily due to increased leasing activity and the burn off of free rent concessions.

(4)	The increase from TTM NOI to UW NOI is primarily due to underwriting two newly executed leases for Firestone Financial and Verastem, which account for $989,896 of UW Revenues, as well as underwriting contractual rent steps through October 2015.

Property Management. The property is managed by The Bulfinch Companies, Inc.

Escrows and Reserves. At origination, the borrower deposited into escrow $195,771 for a one month debt service reserve, $188,342 for a free rent reserve associated with Firestone Financial and BBK, approximately $150,450 for outstanding tenant improvements and leasing commissions associated with Verastem, $40,563 for immediate repairs and $3,540 for replacement reserves.

Tax Escrows - The requirement for the borrower to make monthly deposits into the tax escrow is waived so long as (i) no event of default exists, (ii) no Warner Trigger Event has occurred or is occurring and (iii) the borrower does not become delinquent on taxes or fails to provide the lender with satisfactory evidence that taxes have not become delinquent upon request.

A “Warner Trigger Event” means the borrower’s failure to renew the Warner lease or enter into an amendment to extend the term of the lease for at least five years beyond the current lease expiration in August 2018 on or before the date that is nine months prior to the Warner lease expiration date. A Warner Trigger Event will not commence if the borrower provides a Warner security payment as defined in the loan documents on or before the date that is nine months prior to the Warner lease expiration date.

Replacement Reserves - On a monthly basis, the borrower is required to escrow $3,540 (approximately $0.20 per square foot annually) for replacement reserves.

TI/LC Reserves - The requirement of the borrower to make monthly deposits into the TI/LC reserve is waived so long as no DSCR Reserve Trigger Period, as defined below, is existing. During the continuance of a DSCR Reserve Trigger Period, the borrower is required to deposit $20,400 per month (approximately $1.15 per square foot annually) for TI/LC reserves.

A “DSCR Reserve Trigger Period” means the debt service coverage ratio as calculated in the loan documents based on the trailing twelve-month period falls below 1.10x.

Lockbox / Cash Management. The loan is structured with a CMA lockbox. The borrower and property manager were required to deliver tenant direction letters to all tenants instructing them to deposit all revenues directly into the lockbox account controlled by the lender. All funds in the lockbox account are returned to an account controlled by the borrower until the occurrence of an event of default or a Warner Trigger Event. During an event of default or a Warner Trigger Event, all funds on deposit in the lockbox account will be swept on a daily basis to a cash management account and all excess cash flow after payment of debt service, required reserves and operating expenses are required to be held as additional collateral for the loan.

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ANNEX A-3

JPMBB 2014-C26

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ANNEX A-3

JPMBB 2014-C26

The View & Legends

Mortgage Loan Information		Property Information
Mortgage Loan Seller:	Column	Single Asset / Portfolio:	Portfolio
Original Principal Balance:	$38,250,000	Title:	Fee
Cut-off Date Principal Balance:	$38,250,000	Property Type - Subtype:	Multifamily - Various
% of Pool by IPB:	2.6%	Net Rentable Area (Units):	655
Loan Purpose:	Refinance	Location:	Dallas, TX
Borrowers(1):	Various	Year Built / Renovated:	Various / 2013
Sponsors(2):	Various	Occupancy:	90.8%
Interest Rate:	5.21000%	Occupancy Date:	10/16/2014
Note Date:	9/24/2014	Number of Tenants:	N/A
Anticipated Repayment Date(3):	10/6/2019	2011 NOI(4):	N/A
Interest-only Period:	24 months	2012 NOI(4):	N/A
Original Term(5):	60 months	2013 NOI:	$1,778,671
Original Amortization:	360 months	TTM NOI (as of 7/2014)(6):	$2,563,938
Amortization Type:	ARD-IO-Balloon	UW Economic Occupancy:	88.8%
Call Protection:	L(26),Def(27),O(7)	UW Revenues:	$6,135,171
Lockbox:	Springing	UW Expenses:	$2,805,343
Additional Debt:	N/A	UW NOI(6):	$3,329,828
Additional Debt Balance:	N/A	UW NCF:	$3,164,583
Additional Debt Type:	N/A	Appraised Value / Per Unit:	$51,000,000 / $77,863
		Appraisal Date:	8/4/2014

Escrows and Reserves				Financial Information
	Initial	Monthly	Initial Cap	Cut-off Date Loan / Unit:	$58,397
Taxes:	$368,920	$40,991	N/A	Maturity Date Loan / Unit:	$55,908
Insurance:	$87,689	$17,538	N/A	Cut-off Date LTV:	75.0%
Replacement Reserves:	$13,770	$13,770	N/A	Maturity Date LTV:	71.8%
TI/LC:	$0	$0	N/A	UW NCF DSCR:	1.25x
Other (7):	$52,951	$0	N/A	UW NOI Debt Yield:	8.7%

Sources and Uses
Sources	Proceeds	% of Total	Uses	Proceeds	% of Total
Mortgage Loan	$38,250,000	100.0%	Payoff Existing Debt	$26,500,000	69.3	%
			Return of Equity	10,795,041	28.2
			Upfront Reserves	523,330	1.4
			Closing Costs	431,629	1.1
Total Sources	$38,250,000	100.0%	Total Uses	$38,250,000	100.0	%

(1)	The borrowing entites for the loan are The View DFW 4 Two LLC and Legends DFW 4 Two LLC.

(2)	The sponsors for the entities are Charles F. Hill, Edward P. Lorin, The Hill Family Living Trust and The Lorin Family Trust.

(3)

The loan is structured with an anticipated repayment date (“ARD”) of October 6, 2019. In the event that the loan is not paid off on or before the ARD, the borrower is required to make monthly payments to the lender of principal and interest in the amount of the monthly debt service payment and interest will accrue at an interest rate (“Revised Note Rate”) that will be equal to the greater of (i) 3.0% plus the initial interest rate and (ii) 3.0% plus the then-current five-year treasury rate plus the five year swap spread determined on the ARD Date. The payment of interest in excess of interest at the initial interest rate will be deferred until the principal balance is paid in full. The Revised Note Rate may not exceed 8.5%. The final maturity date of the loan is October 6, 2024.

(4)

The properties were acquired in November 2012. Due to the timing of the acquisitions of the properties and the lack of information provided by the previous owners as part of the acquisitions, consolidated historical financials are not available prior to the twelve-month period ending December 31, 2013.

(5)	Represents the Original Term to the ARD.

(6)	Increase from TTM NOI to UW NOI is due to improving occupancy and an increase in rent at all properties in July 2014.

(7)	Initial Other Escrows and Reserves includes $52,951 for deferred maintenance.

A-3-86

ANNEX A-3

JPMBB 2014-C26

The View & Legends

The Loan. The View & Legends loan has an outstanding principal balance of $38.25 million and is secured by a first mortgage lien on two Class B multifamily properties totaling 655 units located in Dallas, Texas. The properties include the View at Kessler Park (299 units) and the Legends on Lake Highlands (356 units). The loan is structured with an ARD of October 6, 2019 and a final maturity date of October 6, 2024, and subsequent to a two-year interest only period, will amortize on a 30-year schedule. The sponsors of the borrowers and the non-recourse carve-out guarantors are Charles F. Hill, Edward P. Lorin, The Hill Family Living Trust and The Lorin Family Trust. Mr. Hill and Mr. Lorin have over 40 years of combined experience and in 2007 co-founded Strategic Realty Capital (“SRC”) to focus on the acquisition and repositioning of distressed multifamily properties. Strategic Realty Capital and affiliate companies currently own over 10,000 units.

The Properties. The properties were acquired by the borrower in November 2012, after which they underwent significant renovations that lasted through most of 2013. During this year, the properties’ occupancy dipped in an attempt to upgrade the tenant base and re-brand the properties. With this strategy, the properties offered higher concessions to keep occupancy from dropping further, and incurred some higher expenses. The properties began increasing rental rates and has experienced increasing occupancy since the completion of the renovations in late 2013.

The View at Kessler Park is a 299-unit, Class B, high-rise style apartment community located at 2511 Wedglea Drive in Dallas, Texas. The property was originally built in 1964 and renovated in 2013. The property is improved with one, 11-story residential building and a three-story parking garage. Property amenities include a swimming pool, a pet park, picnic areas, laundry facilities on each floor, media room, game room, fitness center, business center, and an access gate. The property also has four office spaces containing a total of 2,178 square feet that are currently vacant and are being marketed for lease. A newly renovated bistro/café located on the first floor currently serves coffee to residents but is anticipated to be a full-service restaurant for resident use only. Open parking is provided for 144 vehicles and the three-story parking garage has 442 spaces for a total of 586 parking spaces, equating to 1.96 spaces per unit.

Legends on Lake Highlands is a 356-unit, Class B, garden-style apartment community located at 11201 East Lake Highlands Drive in Dallas, Texas. The property was originally developed in two phases between 1971 and 1979 and renovated by the borrower in 2013. The phases are located on non-contiguous parcels separated by Lake Highlands Circle, an interior roadway providing access to the property from East Lake Highlands Drive. The property is improved with 27 two-story residential buildings and one single story office/clubhouse building. Property amenities consist of two outdoor swimming pools, laundry facilities, a clubhouse, a fitness center, security gates, Wi-Fi access and a pet park. Open surface parking is provided for 518 vehicles (1.46 parking spaces per unit).

The Market. The properties are located in the City of Dallas, Texas within the Dallas/Fort Worth Consolidated Metropolitan Statistical Area (“CMSA”). According to the appraisal, as of the second quarter of 2014, the Dallas apartment market reported a total inventory of 499,214 units with annual completion of 12,000 units and absorption of 13,163 units. The market had an overall occupancy of 94.6% and an effective rent per unit of $918. The appraisal identified the View at Kessler Park as being located in the Oak Cliff submarket which contained 15,423 units as of the second quarter of 2014, which equates to approximately 3.1% of the Dallas apartment market. Current average occupancy in the submarket is 92.2% with an average monthly rent is $759 per unit compared to 90.0% and $893 per unit, respectively, at the subject property as of October 16, 2014. The appraisal identified a competitive set including five properties built between 2001 and 2012, with occupancy ranging from 92.0% to 98.0% and average monthly rent per unit ranging from $910 to $1,318.

According to the appraisal, Legends on Lake Highlands is located within the East Dallas submarket. As of second quarter 2014, the submarket reported a total inventory of 21,275 units, which equates to approximately 4.3% of the Dallas apartment market. Average occupancy within the submarket was 93.7% as of the second quarter of 2014, representing a 30 bps increase over the last 12 months. Monthly rental rates averaged $1,109 per unit in the second quarter of 2014. The property has a current occupancy of 91.6% as of October 16, 2014 and a monthly market rent per unit of $685. The appraisal identified five comparable properties built between 1968 and 1985, with occupancy ranging from 90.0% to 95.0% and average monthly rent per unit ranging from $648 to to $765.

A-3-87

ANNEX A-3

JPMBB 2014-C26

The View & Legends

View at Kessler Park - Multifamily Unit Mix(1)

Unit Type (Bed / Bath)	# of Units	% of Total	Occupied Units	Occupancy	Average Unit Size (Square Feet)	Average Monthly Rental Rate(2)	Average Monthly Rental Rate PSF(2)	Monthly Market Rental Rate(3)(4)	Monthly Market Rental Rate PSF(3)(4)
0x1	35	11.7%	30	85.7%	377	$612	$1.62	$701	$1.86
0x1	49	16.4	48	98.0%	393	$646	$1.64	$697	$1.77
1x1	35	11.7	30	85.7%	689	$811	$1.18	$872	$1.27
1x1	61	20.4	53	86.9%	713	$840	$1.18	$882	$1.24
1x1	10	3.3	7	70.0%	724	$838	$1.16	$907	$1.25
1x1	20	6.7	19	95.0%	773	$881	$1.14	$911	$1.18
2x1	49	16.4	47	95.9%	821	$918	$1.12	$965	$1.18
2x2	27	9.0	25	92.6%	1,066	$1,101	$1.03	$1,170	$1.10
3x2	13	4.3	10	76.9%	1,214	$1,291	$1.06	$1,364	$1.12
Total/Wtd. Avg.	299	100.0%	269	90.0%	694	$834	$1.20	$893	$1.29

(1)	Based on the rent roll dated October 16, 2014.

(2)	Average Monthly Rental Rate and Average Monthly Rental Rate PSF are based on the weighted average occupied rents.

(3)	Market rents are based on the appraiser’s concluded market rents.

(4)	Monthly Market Rental Rate and Monthly Market Rental Rate PSF are based on all units.

Legends on Lake Highlands - Multifamily Unit Mix(1)

Unit Type (Bed / Bath)	# of Units	% of Total	Occupied Units	Occupancy	Average Unit Size (Square Feet)	Average Monthly Rental Rate(2)	Average Monthly Rental Rate PSF(2)	Monthly Market Rental Rate(3)(4)	Monthly Market Rental Rate PSF(3)(4)
0x1	8	2.3%	8	100.0%	529	$514	$0.97	$520	$0.98
1x1	48	13.5	48	100.0%	550	$551	$1.00	$562	$1.02
1x1	88	24.7	84	95.5%	650	$633	$0.97	$640	$0.98
1x1	36	10.1	32	88.9%	660	$581	$0.88	$588	$0.89
1x1	20	5.6	19	95.0%	721	$618	$0.86	$630	$0.87
2x1	40	11.2	36	90.0%	820	$702	$0.86	$708	$0.86
2x1	24	6.7	22	91.7%	900	$724	$0.80	$738	$0.82
2x2	56	15.7	47	83.9%	950	$835	$0.88	$848	$0.89
2x2	24	6.7	23	95.8%	978	$762	$0.78	$785	$0.80
2x2	12	3.4	7	58.3%	1,029	$843	$0.82	$858	$0.83
Total/Wtd. Avg.	356	100.0%	326	91.6%	748	$669	$0.89	$685	$0.92

(1)	Based on the rent roll dated October 16, 2014.

(2)	Average Monthly Rental Rate and Average Monthly Rental Rate PSF are determined by the weighted average of occupied units.

(3)	Market rents are based on the appraiser’s concluded market rents.

(4)	Monthly Market Rental Rate and Monthly Market Rental Rate PSF are based on all units.

A-3-88

ANNEX A-3

JPMBB 2014-C26

The View & Legends

Operating History and Underwritten Net Cash Flow
	2013	TTM(1)	Underwritten	Per Unit	% (2)
Rents in Place(3)	$5,259,008	$5,553,843	$5,307,477	$8,103	89.8	%
Vacant Income	0	0	602,028	919	10.2
Gross Potential Rent	$5,259,008	$5,553,843	$5,909,505	$9,022	100.0	%
(Vacancy and Credit Loss)	(1,304,608)	(850,988)	(661,099)	(1,009)	(11.2	)
Other Income	591,682	791,742	886,765	1,354	15.0
Effective Gross Income	$4,546,082	$5,494,597	$6,135,171	$9,367	103.8	%

Total Expenses	$2,767,411	$2,930,659	$2,805,343	$4,283	45.7	%

Net Operating Income	$1,778,671	$2,563,938	$3,329,828	$5,084	54.3	%
Replacement Reserves	0	0	165,245	252	2.7
Non-Recurring Item	51,144	59,360	0	0	0.0

Net Cash Flow	$1,727,527	$2,504,578	$3,164,583	$4,831	51.6	%

Occupancy(4)	90.7%	90.8%	88.8%

(1)	TTM column represents the trailing twelve-month period ending on July 31, 2014.

(2)	Percentage column represents percent of Gross Potential Rent for all revenue lines and represents percent of Effective Gross Income for the remainder of fields.

(3)	Based on the rent roll dated September 3, 2014 with vacant units grossed up at the appraiser’s market rents.

(4)	TTM occupancy is as of October 16, 2014.

A-3-89

ANNEX A-3

JPMBB 2014-C26

Arbor Gate

Mortgage Loan Information		Property Information
Mortgage Loan Seller:	RCMC	Single Asset / Portfolio:	Single Asset
Original Principal Balance:	$38,100,000	Title:	Fee
Cut-off Date Principal Balance:	$38,100,000	Property Type - Subtype:	Office - Suburban
% of Pool by IPB:	2.6%	Net Rentable Area (SF):	216,612
Loan Purpose:	Refinance	Location:	Madison, WI
Borrower:	Arbor Gate Development, LLC	Year Built / Renovated:	2008 / N/A
Sponsors:	Patrick J. Baxter and Bradley L. Hutter	Occupancy:	95.9%
Interest Rate:	4.64000%	Occupancy Date:	10/1/2014
Note Date:	11/7/2014	Number of Tenants:	20
Maturity Date:	12/5/2024	2011 NOI(1):	$2,095,415
Interest-only Period:	24 months	2012 NOI(1):	$2,799,918
Original Term:	120 months	2013 NOI(1):	$2,933,963
Original Amortization:	360 months	TTM NOI (as of 8/2014)(1):	$3,048,491
Amortization Type:	IO-Balloon	UW Economic Occupancy:	95.0%
Call Protection:	L(24),Def(92),O(4)	UW Revenues:	$5,232,445
Lockbox:	CMA	UW Expenses:	$1,838,775
Additional Debt(2):	N/A	UW NOI(1):	$3,393,669
Additional Debt Balance(2):	N/A	UW NCF:	$3,133,735
Additional Debt Type(2):	N/A	Appraised Value / Per SF(3):	$52,740,000 / $243
		Appraisal Date:	8/25/2014

Escrows and Reserves				Financial Information
	Initial	Monthly	Initial Cap	Cut-off Date Loan / SF:	$176
Taxes:	$287,705	$47,775	N/A	Maturity Date Loan / SF:	$151
Insurance:	$0	Springing	N/A	Cut-off Date LTV:	72.2%
Replacement Reserves:	$0	$3,610	N/A	Maturity Date LTV:	61.9%
TI/LC:	$0	$46,659	$600,000	UW NCF DSCR:	1.33x
Other(4):	$100,000	$0	N/A	UW NOI Debt Yield:	8.9%

Sources and Uses
Sources	Proceeds	% of Total	Uses	Proceeds	% of Total
Mortgage Loan	$38,100,000	95.9%	Payoff Existing Debt	$38,885,834	97.9%
Sponsor Equity	1,620,986	4.1	Closing Costs	447,447	1.1
			Upfront Reserves	387,705	1.0
Total Sources	$39,720,986	100.0%	Total Uses	$39,720,986	100.0%

(1)

Increases in historical NOI can be attributed to lease-up at the property, with occupancy increasing from 70.6% in 2010 to 85.8% in 2011, 87.2% in 2012, 94.4% in 2013 and to the current occupancy of 95.9% as of October 1, 2014. In addition, the UW NOI includes approximately $50,909 of contractual rent bumps occurring through October 1, 2015.

(2)	At closing, a TIF Loan secured by the property in the amount of approximately $900,116 will be outstanding. Please refer to the “Additional Debt” section below for more information.

(3)	The Appraised Value includes 24,287 square feet of excess land that is currently being utilized for additional parking and which was valued at $240,000.

(4)	The Initial Other Escrows and Reserves is comprised of a $100,000 rent concession provided to the tenant Dean Health Systems.

A-3-90

ANNEX A-3

JPMBB 2014-C26

Arbor Gate

The Loan. The Arbor Gate loan has an outstanding principal balance of $38.1 million and is secured by a first mortgage lien on the borrower’s fee interest in the Arbor Gate property, which is comprised of two adjacent Class A office buildings, an attached five-story parking structure, a daycare center and an excess land parcel used for overflow parking that are located in Madison, Wisconsin. The loan has a 10-year term and subsequent to a two-year interest only period, will amortize on a 30-year schedule. The loan sponsors and nonrecourse carve-out guarantors are Patrick J. Baxter and Bradley L. Hutter who developed the property in 2008 for a total cost basis of approximately $53.6 million.

The Property. The Arbor Gate property is comprised of two Class A, six‐story office buildings with 208,812 square feet of net rentable area including ground floor retail, an attached five-story parking garage containing 544 parking spaces, a single-story, 7,800 square foot office building that is used as a daycare facility and an excess land parcel currently utilized for overflow parking with 291 striped spaces. In total, the property contains 835 parking spaces (approximately 4.0 spaces per 1,000 square feet). The office buildings are adjoined by a three-level pedestrian skyway and the upper floors feature views of the University of Wisconsin Arboretum and the capitol building in downtown Madison.

As of October 1, 2014, the property was 95.9% occupied by 20 tenants. The largest tenant, Wipfli, LLP (“Wipfli”), was established in Wausau, Wisconsin in 1930 and since that time the firm has become one of the largest CPA and consulting firms in the United States with 24 offices across Wisconsin, Minnesota, Illinois, Washington and India. The firm is also an integral part of PKF North America, one of the largest global accounting networks in the world. Wipfli’s lease commenced in December 2008 and it occupies 40,052 square feet, approximately 18.5% of total net rentable area, through December 2023. The second largest tenant, Navitus Health Solutions (“Navitus”), is a Madison, Wisconsin-based pharmacy benefit management company that was founded in 2003 by Dean Health Plan and its partners. Dean Health Plan is owned by SSM Health Care, a non‐profit Catholic health system that includes St. Mary’s Hospital in Madison, and Dean Health System, a multi‐specialty practice that owns and operates clinics and medical facilities in 22 counties in southern Wisconsin. Navitus’ corporate headquarters are located at the property under a lease that expires in September 2018. The third largest tenant, Meriter Wisconsin Heart, was formed in 2011 through Meriter Health Services’ acquisition of Wisconsin Heart and Vascular Institute. At the time, Wisconsin Heart and Cardiovascular Institute was a group of 16 cardiologists, vascular surgeons and mid-level providers that had moved to the property from Meriter Hospital in 2008. Meriter Wisconsin Heart occupies 29,000 square feet that expires December 2023.

The Market. Arbor Gate is located in Madison, Wisconsin, the capitol and second largest city within the state, with a 2010 population of 231,453. The property is located within the South Central submarket, approximately four miles south of the Madison central business district. According to the appraisal, the property is prominent asset in this submarket with a recognizable location given its height and construction quality along the Beltline Highway, a major east-west thoroughfare in the southern bounds of the Madison area. Additionally, the property benefits from its proximity to the largest hospital campuses in Madison, including: University of Wisconsin, Meriter Hospital and St. Mary’s Hospital.

According to the appraisal, as of the second quarter of 2014, the vacancy rate in the Madison market was 10.2% while the South Central submarket was approximately 4.6% vacant, with an average vacancy rate of 7.4% over the past five years. The property’s competitive set for the office space has a vacancy rate of 9.5% and average adjusted lease rate of $19.51 per square foot. The property’s competitive set for retail space has a vacancy rate of 11.4% and an average lease rate of $21.22 per square foot. According to the appraisal, there has been no new construction in the submarket from 2010 through 2013 and there are few development sites available.

A-3-91

ANNEX A-3

JPMBB 2014-C26

Arbor Gate

The property’s top 10 tenants account for 184,965 square feet of the total space, or 85.4% of the total net rentable area.

Tenant Summary(1)

Tenant	Ratings(2) Moody’s/S&P/Fitch	Net Rentable Area (SF)	% of Total NRA	UW Base Rent PSF	Lease Expiration Date
Wipfli, LLP	NA / NA / NA	40,052	18.5%	$19.75	12/1/2023
Navitus Health Solutions	NA / NA / NA	38,717	17.9%	$23.65	9/30/2018
Meriter Wisconsin Heart	NA / NA / NA	29,000	13.4%	$17.83	12/1/2023
Dean Heath System(3)	NA / NA / NA	18,934	8.7%	$19.72	4/30/2021
Social Security Administration (ODAR)	Aaa / AA+ / AAA	16,265	7.5%	$22.53	8/31/2020
Singlewire Software	NA / NA / NA	11,390	5.3%	$20.40	4/30/2016
Meriter Hospital, Inc.	NA / NA / NA	9,706	4.5%	$21.46	10/1/2018
Arbor Gate Hospitality(4)	NA / NA / NA	8,944	4.1%	$23.73	10/31/2019
Dane County Parent Council	NA / NA / NA	7,800	3.6%	$10.95	7/31/2024
The Egg & I	NA / NA / NA	4,157	1.9%	$18.50	7/31/2021

(1)	Based on the underwritten rent roll.

(2)	Ratings provided are for the parent company of the entity listed in the “Tenant” field whether or not the parent company guarantees the lease.

(3)	Dean Health System has the right to terminate the lease with said termination effective on April 30, 2018 with six months’ notice at any time during the month of October 2017.

(4)	Arbor Gate Hospitality occupies 8,944 square feet at the property of which 7,637 square feet expires on October 31, 2019 and 1,307 square feet expires on December 31, 2019.

Operating History and Underwritten Net Cash Flow
	2011	2012	2013	TTM(1)	Underwritten	Per Square Foot	%(2)
Rents In Place	$3,276,759	$3,667,267	$3,777,160	$4,022,369	$4,205,240	$19.41	76.6%
Vacant Income	0	0	0	0	167,941	0.78	3.1
Gross Potential Rent	$3,276,759	$3,667,267	$3,777,160	$4,022,369	$4,373,181	$20.19	79.6%
Total Reimbursements	844,283	1,031,803	1,035,504	1,011,168	1,119,268	5.17	20.4
Concessions	(393,163)	(208,989)	(162,284)	(176,826)	0	0.00	0.0
Net Rental Income	$3,727,879	$4,490,081	$4,650,380	$4,856,711	5,492,449	$25.36	100.0%
(Vacancy/Credit Loss)	0	0	0	0	(274,622)	(1.27)	(5.0)
Other Income	4,105	1,760	2,933	8,918	14,618	0.07	0.3
Effective Gross Income	$3,731,983	$4,491,841	$4,653,313	$4,865,629	$5,232,445	$24.16	95.3%

Total Expenses	$1,636,568	$1,691,924	$1,719,350	$1,817,138	$1,838,775	$8.49	35.1%

Net Operating Income(3)	$2,095,415	$2,799,918	$2,933,963	$3,048,491	$3,393,669	$15.67	64.9%

Total TI/LC, Capex/RR	0	0	0	0	259,934	1.20	5.0
Net Cash Flow	$2,095,415	$2,799,918	$2,933,963	$3,048,491	$3,133,735	$14.47	59.9%

Occupancy(4)	85.8%	87.2%	94.4%	95.9%	95.0%

(1)	TTM column represents the trailing twelve month period ending on August 31, 2014.

(2)	Percentage column represents percent of Net Rental Income for all revenue lines and represents percent of Effective Gross Income for the remainder of fields.

(3)

Increases in historical Net Operating Income can be attributed to lease-up at the property, with occupancy increasing from 70.6% in 2010 to 85.8% in 2011, 87.2% in 2012, 94.4% in 2013 and to the current occupancy of 95.9% as of October 1, 2014. In addition, the UW NOI includes approximately $50,909 of contractual rent bumps occurring through October 1, 2015.

(4)	Historical Occupancies are as of December 31 of each respective year. TTM Occupancy is as of October 1, 2014.

Additional Debt. The property is subject to a subordinate mortgage in the original principal amount of $2,700,000 (the “TIF Loan”), which loan was originated in connection with a tax increment financing arrangement. In connection with the tax increment financing arrangement, the TIF Loan is to be repaid by increased property tax revenues resulting from improvements financed by the TIF Loan. The TIF Loan requires a minimum pay down of $400,000 per year; however, the incremental taxes paid currently exceed this threshold. The current loan balance of the TIF Loan is approximately $900,116.

A-3-92

ANNEX A-3

JPMBB 2014-C26

[THIS PAGE INTENTIONALLY LEFT BLANK]

A-3-93

ANNEX A-3		JPMBB 2014-C26

Threshold Multifamily Portfolio II

Mortgage Loan Information		Property Information
Mortgage Loan Seller:	Column	Single Asset / Portfolio:	Portfolio
Original Principal Balance:	$38,040,000	Title:	Fee
Cut-off Date Principal Balance:	$38,040,000	Property Type - Subtype:	Multifamily - Garden
% of Pool by IPB:	2.6%	Net Rentable Area (Units):	610
Loan Purpose:	Refinance	Location:	Various
Borrowers(1):	Various	Year Built / Renovated:	Various / N/A
Sponsor:	Brian A. Martin	Occupancy:	95.1%
Interest Rate:	4.41100%	Occupancy Date:	9/1/2014
Note Date:	10/10/2014	Number of Tenants:	N/A
Maturity Date:	11/6/2024	2011 NOI:	$2,028,572
Interest-only Period:	42 months	2012 NOI:	$2,433,494
Original Term:	120 months	2013 NOI:	$2,631,935
Original Amortization:	324 months	TTM NOI (as of 8/2014)(2):	$2,921,449
Amortization Type:	IO-Balloon	UW Economic Occupancy:	93.1%
Call Protection:	L(25),Def(88),O(7)	UW Revenues:	$5,138,581
Lockbox:	Springing	UW Expenses:	$2,103,609
Additional Debt:	N/A	UW NOI(2):	$3,034,971
Additional Debt Balance:	N/A	UW NCF:	$2,882,471
Additional Debt Type:	N/A	Appraised Value / Per Unit(3):	$47,550,000 / $77,951
		Appraisal Date:	7/28/2014

Escrows and Reserves				Financial Information
	Initial	Monthly	Initial Cap	Cut-off Date Loan / Unit:	$62,361
Taxes:	$392,471	$35,679	N/A	Maturity Date Loan / Unit:	$53,608
Insurance:	$65,347	$7,261	N/A	Cut-off Date LTV:	80.0%
Replacement Reserves:	$0	$12,902	N/A	Maturity Date LTV:	68.8%
TI/LC:	$0	$0	N/A	UW NCF DSCR:	1.19x
Other(4):	$75,675	$0	N/A	UW NOI Debt Yield:	8.0%

Sources and Uses
Sources	Proceeds	% of Total	Uses	Proceeds	% of Total
Mortgage Loan	$38,040,000	100.0%	Payoff Existing Debt	$30,560,987	80.3%
			Return of Equity	6,718,077	17.7
			Upfront Reserves	533,492	1.4
			Closing Costs	227,443	0.6
Total Sources	$38,040,000	100.0%	Total Uses	$38,040,000	100.0%

(1)	The borrowing entities for the loan are BMA Rock Hill Apartments, LLC, BMA North Sharon Amity Apartments, LLC, and BMA Monroe III Apartments, LLC.

(2)	Increase from TTM NOI to UW NOI is due to improving occupancy and an increase in rent at all properties in July 2014.

(3)	In addition to the individual property valuations, the appraisal also valued the mortgaged properties for purposes of a bulk sale as a portfolio at $49,531,257 ($81,199 per unit), as of October 1, 2014. The above presented value is the sum of individual property values.

(4)	Initial Other reserves represents deferred maintenance of $75,675.

A-3-94

ANNEX A-3		JPMBB 2014-C26

Threshold Multifamily Portfolio II

The Loan. The Threshold Multifamily Portfolio II loan has an outstanding principal balance of $38.04 million and is secured by a first mortgage lien on three multifamily properties totaling 610 units. The loan has a 10-year term and, subsequent to a 42-month interest-only period, will amortize on a 27-year schedule. The loan sponsor and nonrecourse carve-out guarantor of the mortgage loan is Brian A. Martin. Mr. Martin is the President of Threshold Capital, which he founded in 2004. Threshold Capital is a real estate investment firm specializing in the acquisition, renovation and operation of multifamily communities. Threshold Capital’s real estate portfolio is currently valued at $375 million and includes 40 multifamily properties in the Southern United States.

The Properties. The three properties include: (i) Gable Oaks, a 252-unit garden-style multifamily property located in Rockhill, South Carolina; (ii) Sharon Pointe, a 190-unit garden-style multifamily property located in Charlotte, North Carolina and (iii) Woodbrook, a 168-unit garden-style multifamily property located in Monroe, North Carolina.

Gable Oaks. The Gable Oaks property is a 252-unit garden-style multifamily development which was completed in 1997 and as of September 1, 2014 was 96.4% occupied. Amenities at the property include an on-site leasing office, clubhouse, fitness room, laundry room and a swimming pool. The apartments feature carpeting and vinyl tile flooring, standard kitchen appliances, washer/dryer connections (two and three bedroom units only) and a patio/balcony. The studio units are leased fully furnished, with a murphy bed, sofa, chair, end table, two bar stools and a microwave. The property has 452 parking spaces, which results in a parking ratio of approximately 1.79 spaces per unit.

Sharon Pointe. The Sharon Pointe property is a 190-unit garden-style multifamily development which was completed in 2001 and as of September 1, 2014 was 93.2% occupied. Amenities at the property include an on-site leasing office, clubhouse, fitness center, laundry room, and a swimming pool. The apartments feature carpeting and vinyl tile flooring, standard kitchen appliances, ceiling fans, washer/dryer connections (two and three bedroom units only) and a patio/balcony. The studio units are leased fully furnished, with a murphy bed, sofa, chair, end table, two bar stools and a microwave. The property has 280 parking spaces, which results in parking ratio approximately 1.47 parking spaces per unit.

Woodbrook. The Woodbrook property is a 168-unit garden-style multifamily development which was completed in 1997 and as of September 1, 2014 was 95.2% occupied. Amenities at the property include an on-site leasing office, clubhouse, fitness center, laundry room, basketball court and a swimming pool. The apartments feature carpeting and vinyl tile flooring, standard kitchen appliances, ceiling fans, washer/dryer connections (two and three bedroom units only) and a patio/balcony. The studio units are leased fully furnished, with a murphy bed, sofa, chair, end table, two bar stools and a microwave. The property has 361 parking spaces, which results in parking ratio approximately 2.15 parking spaces per unit.

The Markets. Gable Oaks. The Gable Oaks property is located in Rockhill, South Carolina, approximately 20 miles south of the Charlotte central business district (“CBD”). The major retail development near the property is the Rockhill Galleria, a regional mall that is located approximately three miles south of the property. The neighborhood is also home to two colleges, York Technical College and Winthrop University, each located within 3.5 miles. York Technical College enrolls approximately 6,000 students and Winthrop University enrolls over 5,000 undergraduates and 1,100 graduate students. According to the appraisal, the Gable Oaks property is located within the North Pineville apartment submarket. As of the first quarter of 2014, the North Pineville submarket’s 1990-1999 built apartment properties reported an occupancy of 95.0% and comparable properties had an average occupancy of 96.2%. The average monthly market rent of the property’s submarket is $833 per unit and the market rent for the property’s age group is $831 per unit. The appraisal’s competitive set has an average monthly market rent of $705 per unit ($0.75 per square foot).

Sharon Pointe. The Sharon Pointe property is located in Charlotte, North Carolina approximately seven miles east of the Charlotte CBD. The major retail developments near the property include Compare Foods Supermarket, located adjacent to the north of the property. Hickory Grove Market Shopping Center is located within proximity to the east of the property. Eastland Mall is located approximately two miles south of the property along Central Avenue. The regional mall is anchored by Dillard’s, Burlington Coat Factory, and Sears. There is a transit system stop approximately one block from the property. According to the appraisal, the property is located within the North Tryon Street apartment submarket. As of the first quarter of 2014, the North Tryon Street submarket’s 2000-2009 built apartment properties reported an occupancy of 95.6% and comparable properties had an average occupancy of 95.5%. The average monthly market rent of the property’s submarket is $671 per unit and the market rent for property’s age group properties is $884 per unit. The appraisal’s competitive set has an average monthly market rent of $670 per unit ($0.83 per square foot).

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ANNEX A-3		JPMBB 2014-C26

Threshold Multifamily Portfolio II

Woodbrook. The Woodbrook property is located in the northern portion of Monroe, North Carolina, approximately five miles northeast of the Monroe CBD. Harris Teeter, Food Lion, and Bi-Lo supermarkets are located approximately 2.5 to three miles from the property. Wal-Mart Supercenter, Lowe’s, and CVS are located approximately two miles east of the property along Roosevelt Boulevard. Big-K Mart and Monroe Mall (anchors include JCPenney, Belk, Sears, and Peebles) are located approximately 2.5 miles east of the property along Roosevelt Boulevard. There is a Park N Ride stop approximately 2.5 miles east of the property along Roosevelt Boulevard. According to the appraisal, the property is located within the Carmel apartment submarket. As of the first quarter 2014, the Carmel submarket’s 1990-1999 built apartment properties reported an occupancy of 95.4% and comparable properties had an average occupancy of 97.6%. The average monthly market rent of the property’s submarket is $1,014 per unit and the market rent for property’s age group properties is $1,064 per unit. The appraisal’s competitive set has an average monthly market rent of $735 per unit ($0.87 per square foot).

Gable Oaks Unit Mix(1)

Unit Type	# of Units	% of Total	Occupied Units	Occupancy	Average Unit Size (SF)	Monthly In-Place Rents(2)	Monthly In-Place Rent PSF (2)	Monthly Market Rent(3)	Monthly Market Rent PSF
Studio	21	8.3%	21	100.0%	336	$526	$1.56	$545	$1.62
1 Bedroom	63	25.0	62	98.4%	520	$544	$1.05	$565	$1.09
2 / 1 Bedroom	13	5.2	13	100.0%	864	$636	$0.74	$670	$0.78
2 / 2 Bedroom	107	42.5	103	96.3%	864	$663	$0.77	$694	$0.80
3 Bedroom	48	19.0	44	91.7%	1,080	$769	$0.71	$804	$0.74
Total / Wtd. Avg.	252	100.0%	243	96.4%	775	$641	$0.89	$669	$0.93

(1) Based on the underwritten rent roll.

(2) Average monthly rental rate per unit and PSF are determined by weighted average on occupied units.

(3) Market Rents are sourced from the borrower rent roll dated September 1, 2014.

Sharon Pointe Unit Mix(1)
Unit Type	# of Units	% of Total	Occupied Units	Occupancy	Average Unit Size (SF)	Monthly In-Place Rents(2)	Monthly In- Place Rent PSF (2)	Monthly Market Rent(3)	Monthly Market Rent PSF
Studio	24	12.6%	24	100.0%	440	$540	$1.23	$555	$1.26
1 Bedroom	14	7.4	13	92.9%	544	$612	$1.13	$625	$1.15
2 / 2 Bedroom	120	63.2	112	93.3%	844	$694	$0.82	$715	$0.85
3 Bedroom	32	16.8	28	87.5%	1,080	$848	$0.79	$840	$0.78
Total / Wtd. Avg.	190	100.0%	177	93.2%	811	$695	$0.89	$709	$0.91

(1) Based on the underwritten rent roll.

(2) Average monthly rental rate per unit and PSF are determined by weighted average on occupied units.

(3) Market Rents are sourced from the borrower rent roll dated September 1, 2014.

Woodbrook Unit Mix(1)
Unit Type	# of Units	% of Total	Occupied Units	Occupancy	Average Unit Size (SF)	Monthly In-Place Rents(2)	Monthly In- Place Rent PSF (2)	Monthly Market Rent(3)	Monthly Market Rent PSF
Studio	18	10.7%	18	100.0%	336	$600	$1.78	$615	$1.83
1 Bedroom	21	12.5	20	95.2%	600	$601	$1.00	$625	$1.04
2 / 1 Bedroom	10	6.0	9	90.0%	868	$666	$0.77	$690	$0.79
2 / 2 Bedroom	95	56.5	91	95.8%	868	$732	$0.84	$755	$0.87
3 Bedroom	24	14.3	22	91.7%	1,040	$832	$0.80	$860	$0.83
Total / Wtd. Avg.	168	100.0%	160	95.2%	802	$712	$0.95	$735	$0.98

(1) Based on the underwritten rent roll.

(2) Average monthly rental rate per unit and PSF are determined by weighted average on occupied units.

(3) Market Rents are sourced from the borrower rent roll dated September 1, 2014.

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ANNEX A-3		JPMBB 2014-C26

Threshold Multifamily Portfolio II

Operating History and Underwritten Net Cash Flow(1)
	2012	2013	TTM(2)	Underwritten	Per Unit	%(3)
Rents in Place(4)	$4,568,938	$4,745,701	$4,854,816	$4,956,527	$8,125	100.0	%
Vacant Income	0	0	0	0	0	0.0
Gross Potential Rent	$4,568,938	$4,745,701	$4,854,816	$4,956,527	$8,125	100.0	%
Total Reimbursements	0	0	0	0	0	0.0
Net Rental Income	$4,568,938	$4,745,701	$4,854,816	$4,956,527	$8,125	100.0	%
(Vacancy and Credit Loss)(5)	(498,850)	(436,309)	(335,393)	(342,307)	(561)	(6.9	)
Other Income	393,271	416,209	485,940	524,361	860	10.6
Effective Gross Income	$4,463,359	$4,725,601	$5,005,363	$5,138,581	$8,424	103.7	%

Total Expenses	$2,029,865	$2,093,666	$2,083,914	$2,103,610	$3,449	40.9	%

Net Operating Income	$2,433,494	$2,631,935	$2,921,449	$3,034,971	$4,975	59.1	%

Total TI/LC, Capex/RR	115,070	114,550	116,517	152,500	250	3.0
Net Cash Flow	$2,318,424	$2,517,385	$2,804,932	$2,882,471	$4,725	56.1	%

Occupancy(6)	91.4%	94.7%	95.1%	93.1%

(1)	A detailed operating statement for 2011 was not provided by the borrower.
(2)	The TTM column represents the trailing twelve months ending August 31, 2014.
(3)	Percentage column represents percent of Net Rental Income for all revenue lines and represents percent of Effective Gross Income for the remainder of fields.
(4)	Underwritten Rents in Place are based on the September 1, 2014 rent roll.
(5)	Vacancy and Credit Loss in the TTM period represent employee discount, vacancy loss, loss from non revenue units, concessions and uncollectible rents as of September 1, 2014.
(6)	Historical Occupancies are as of December 31 of each year. TTM occupancy is as of September 1, 2014. Underwritten Occupancy represents economic occupancy.

Release of Individual Properties. After the lockout period, the borrower is permitted to obtain the release of any individual property in connection with a partial defeasance of the loan, subject to the satisfaction of certain conditions, including, but not limited to the following: (i) partial defeasance of a principal amount equal to the greater of (a) 100% of the net sales proceeds with respect to such property and (b) 125% of the aggregate of the allocated loan amount for such property, (ii) after giving effect to such sale and defeasance, the debt service coverage ratio of the properties then remaining shall be no less than the greater of (a) the debt service coverage ratio immediately preceding such sale and (b) 1.20x, and (iii) after giving effect to such sale and defeasance, the loan to value ratio of the properties then remaining shall be no more than the lesser of (a) the loan to value ratio immediately preceding such sale and (b) 80%.

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ANNEX A-3	JPMBB 2014-C26

Columbia Centre I & II

Mortgage Loan Information		Property Information
Mortgage Loan Seller:	JPMCB	Single Asset / Portfolio:	Single Asset
Original Principal Balance:	$37,240,000	Title:	Fee / Leasehold
Cut-off Date Principal Balance:	$37,240,000	Property Type - Subtype:	Office - CBD
% of Pool by IPB:	2.6%	Net Rentable Area (SF):	370,775
Loan Purpose:	Acquisition	Location:	Rosemont, IL
Borrower:	Adventus US Realty #6 LP	Year Built / Renovated:	1986, 1988 / 2011
Sponsor:	Adventus Holdings LP	Occupancy(1):	92.0%
Interest Rate:	4.22000%	Occupancy Date:	10/8/2014
Note Date:	10/15/2014	Number of Tenants:	44
Maturity Date:	11/1/2024	2011 NOI:	N/A
Interest-only Period:	24 months	2012 NOI:	$1,284,650
Original Term:	120 months	2013 NOI:	$1,972,820
Original Amortization:	360 months	TTM NOI (as of 7/2014)(2):	$2,282,574
Amortization Type:	IO-Balloon	UW Economic Occupancy:	87.5%
Call Protection:	L(25),Def(92),O(3)	UW Revenues:	$7,827,712
Lockbox:	CMA	UW Expenses:	$3,956,005
Additional Debt:	N/A	UW NOI(1)(2):	$3,871,707
Additional Debt Balance:	N/A	UW NCF(1):	$3,290,555
Additional Debt Type:	N/A	Appraised Value / Per SF(3):	$53,200,000 / $143
		Appraisal Date:	8/14/2014

Escrows and Reserves				Financial Information
	Initial	Monthly	Initial Cap	Cut-off Date Loan / SF:		$100
Taxes:	$371,332	$92,779	N/A	Maturity Date Loan / SF:		$85
Insurance:	$0	Springing	N/A	Cut-off Date LTV(3):		70.0%
Replacement Reserves:	$8,651	$8,651	N/A	Maturity Date LTV(3):		59.3%
TI/LC(3):	$54,071	$54,071	$1,946,569	UW NCF DSCR:		1.50x
Other(3)(4):	$1,014,048	$27,124	N/A	UW NOI Debt Yield:		10.4%


Sources and Uses
Sources	Proceeds		% of Total	Uses	Proceeds		% of Total
Mortgage Loan	$37,240,000		69.3%	Purchase Price	$52,136,000		97.0%
Sponsor Equity	16,527,255		30.7	Upfront Reserves	1,448,102		2.7
				Closing Costs	183,153		0.3
Total Sources:	$53,767,255		100.0%	Total Uses:	$53,767,255		100.0%

(1)	Occupancy, UW NOI and UW NCF include PERQ/HCI LLC (WPP), which has executed a lease but is not yet in occupancy or paying rent.

(2)	The increase from TTM NOI to UW NOI is primarily due to increased leasing activity and underwriting contractual rent escalations through September 2015.

(3)

Appraised Value / Per SF, Cut-off Date LTV and Maturity Date LTV reflect the “Hypothetical Market Value As Is” of $53.2 million, which assumes that all rent concessions, tenant improvement allowances, and leasing commissions for all existing leases have been paid. At origination, the borrower was required to escrow $54,071 for tenant improvements and $1,014,048 for free rent under the leases, and the borrower is also required to escrow $27,124 on each payment date in December 2014 and January and February 2015 for additional rent abatements. The “as-is” appraised value of $50.6 million would result in a Cut-off Date LTV and Maturity Date LTV of 73.6% and 62.4%, respectively.

(4)

Initial Other Escrows and Reserves consist of a free rent reserve related to tenants, PERQ/HCI LLC (WPP), Randa Accessories, Resolution Life Inc., Foresite Realty Management, Pasona, Celerity and Coty, Inc. Monthly Other Escrows and Reserves represents a monthly deposit for rent abatements which the borrower is required to make on the payment dates in December 2014 and January and February 2015.

The Loan. The Columbia Centre I & II loan has an outstanding principal balance of $37.24 million and is secured by a first mortgage lien on two Class A office buildings totaling 370,775 square feet in Rosemont, Illinois. The loan has a 10-year term, and subsequent to a two-year interest-only period, will amortize on a 30-year schedule. The loan sponsor is Adventus Holdings LP (“Adventus”), a full service private REIT founded and based in Vancouver, Canada. The firm was founded by a group of former PricewaterhouseCoopers executives, including Rod Johnston and Brad Newell. Adventus is focused on acquiring and managing a portfolio of core properties in

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ANNEX A-3	JPMBB 2014-C26

Columbia Centre I & II

the $10.0 to $50.0 million range, with a primary focus on suburban office properties in Chicago, Illinois. To date, Adventus has acquired five properties and has a commercial real estate portfolio valued at approximately $141.1 million, consisting of approximately 1.5 million square feet. The loan sponsor acquired the property from a joint-venture between White Oak Realty and Angelo Gordon for approximately $52.1 million. The borrowing entity for the Columbia Centre I & II loan is Adventus US Realty #6 LP, a Delaware limited partnership and special purpose entity.

The Property. Columbia Centre I & II are two class A office buildings totaling 370,775 square feet in Rosemont, Illinois. Columbia Centre I was built in 1986 and consists of a nine-story office tower and a five-level parking structure totaling 829 spaces. Columbia Centre II consists of a seven-story office tower with an adjacent four-story 437-space parking garage. The building was completed in 1988 as the second phase of the Columbia Centre office complex. Both office towers are designed with large setbacks, creating accessible terraces for the office tenants. Property amenities include a newly built 6,000 square foot fitness center, an on-site deli, a complimentary shuttle service to and from the CTA Blue Line Rosemont train station and 24/7 key card access and security cameras. Columbia Centre I & II were acquired by the seller in 2011, and according to the borrower, since 2011, there has been approximately $10.2 million invested in capital expenditures and re-leasing costs in order to renovate the common areas and re-tenant the space. The extensive renovations to reposition the property have brought overall occupancy from 67.6% in early 2011 to 92.0% as of October 8, 2014.

As of October 8, 2014, the property was 92.0% occupied by 44 tenants. The largest tenant is Randa Accessories, which occupies 8.9% of the property’s net rentable area on a lease through February 2022. Randa Accessories is the leading manufacturer, distributor and marketer of lifestyle accessories including belts, wallets, neckwear, small leather goods, luggage, business cases and jewelry for men, women and children. The company was founded in 1910 and provides its goods through over 10,000 retailers on five continents. The company has licensing agreements to make accessories for companies including Nautica, Diane von Furstenberg, Kenneth Cole, Guess, Tommy Hilfiger, Columbia Sportswear, Tumi and Anne Klein, along with retailers including Macy’s, Nordstrom and Sears. Randa Accessories utilizes its space at Columbia Centre I as its regional headquarters housing executive, marketing and accounting personnel. Randa Accessories originally executed a lease for 26,565 square feet in 2010, with a 6,253 square foot expansion in November 2013. The second largest tenant is Resolution Life Inc., which occupies 7.1% of the net rentable area through December 2024. Resolution Life Inc. is a U.S. based life insurance company that was founded in 2004 and is headquartered in London, England. In July 2013, Resolution Life Inc. acquired the Lincoln Benefit Life Company for $600 million. After the acquisition the company moved its headquarters to Rosemont, Illinois. In 2014, the parent company, Resolution Limited, changed its name to Friends Life. The company is traded on the London Stock Exchange under the ticker symbol, FLG and, as of August 2014, the company reported a market capitalization of $4.31 billion. The third largest tenant is HQ Global Workplaces LLC, which occupies 6.5% of the property’s net rentable area through September 2019. HQ Global Workplaces LLC is a division of the Regus Business Centre Corporation, which is a provider of workplace solutions. In 2004 Regus acquired HQ Global Workplaces LLC, the United States’ leading business center operator.

The Market. Columbia Centre I & II are located in Rosemont, Illinois, a suburb that is approximately 16 miles away from downtown Chicago. The property is located approximately two miles from the Chicago O’Hare International Airport and is accessible from both Interstate 294 and Interstate 90. The property is located in the heart of Rosemont’s recently developed entertainment, dining and shopping district anchored by the adjacent MB Financial Park. The master-planned community was opened in 2012 and is home to 12 retail & entertainment venues offering upscale international cuisine, live music, comedy, state-of-the-art theatre, bowling and seasonal events. The property is located less than two blocks from the Donald E. Stephens Convention Center and the newly opened Fashions Outlets of Chicago, half a mile from the entertainment venue the Park at Rosemont and approximately two miles from the Rivers Casino. The Donald E. Stephens Convention Center is the tenth largest convention facility in the nation and the Fashion Outlets of Chicago, which opened in August 2013, is a 530,000 square foot shopping center that consists of over 130 stores.

Columbia Centre I & II are located in the town of Rosemont in Cook County in northeastern Illinois. The property is located in the O’Hare submarket of the Chicago metro area. O’Hare is the only major suburban office submarket to feature a Chicago Transit Authority train line with direct access to Chicago’s central business district. The Rosemont Blue Line stop, which is located less than half a mile from the property, provides direct service between Chicago O’Hare International Airport and downtown Chicago. The property also provides a shuttle for tenants with service in the mornings and evenings to the CTA Blue Line. The O’Hare submarket had an office inventory of approximately 13.7 million square feet of which approximately 6.5 million square feet is Class A office space as of second quarter 2014. The O’Hare Class A office space had an estimated vacancy rate of 24.6% and average asking rents of $28.10 per square foot as of the second quarter of 2014. However, within the O’Hare submarket, the appraiser identified a subset of 10 directly competitive properties built between 1984 and 2010 and ranging from 121,117 square feet to 380,360 square feet that have a weighted average vacancy rate of 7.5% and average asking rents of $18.31 per square foot. Based on this peer group, the appraiser concluded a vacancy rate of 7.5% for Columbia Centre I & II. The property has a primary trade area consisting of a three-mile radius that contains an estimated 103,709 people with an estimated average household income of $40,814 for 2014.

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ANNEX A-3	JPMBB 2014-C26

Columbia Centre I & II

Tenant Summary(1)
Tenant	Ratings(2) Moody’s/S&P/Fitch	Net Rentable Area (SF)	% of Total NRA	Base Rent PSF	Lease Expiration Date
Randa Accessories(3)	NA / NA / NA	32,818	8.9%	$12.49	2/28/2022
Resolution Life Inc.(4)	NA / NA / NA	26,369	7.1%	$13.50	12/31/2024
HQ Global Workplaces LLC(5)	NA / NA / NA	24,225	6.5%	$15.75	9/30/2019
Rail Europe Inc.	NA / NA / NA	23,385	6.3%	$13.20	5/31/2017
AFCO Credit Corporation	NA / NA / NA	17,800	4.8%	$12.00	7/31/2016
Sprint Communications Company(6)	B1 / BB- / B+	12,895	3.5%	$13.00	7/31/2017
General Services Administration	NA / NA / NA	12,580	3.4%	$25.75	4/30/2019
PERQ/HCI LLC (WPP)	NA / NA / NA	12,073	3.3%	$14.00	7/31/2022
Tecta America Corp.(7)	NA / NA / NA	11,782	3.2%	$12.00	9/30/2023
Lee & Associates of Illinois(8)	NA / NA / NA	11,396	3.1%	$14.00	6/30/2023

(1)	Based on the underwritten rent roll.

(2)	Ratings provided are for the parent company of the entity listed in the “Tenant” field whether or not the parent company guarantees the lease.

(3)	Randa Accessories has the right to terminate its lease on or after December 31, 2020, with 12 months’ notice and a payment of a termination fee. Randa Accessories originally executed a lease for 26,565 square feet in 2010 and executed a 6,253 square foot expansion in November 2013.

(4)	Resolution Life Inc. has the right to terminate its lease on May 31, 2020 or May 31, 2022 with nine months’ notice and payment of a termination fee.

(5)	HQ Global Workplaces LLC has the right to terminate its lease on or after September 30, 2016, with 10 months’ notice and payment of a termination fee.

(6)	Sprint Communications Company has the right to terminate its lease on or after July 31, 2015, with 10 months’ notice and a payment of a termination fee.

(7)

Tecta America Corp. has the right to terminate its lease for 11,872 square feet as of September 30, 2020 with 12 months’ written notice and the payment of a termination fee. With regards to the 95 square feet of storage space, either party may terminate the storage lease on the last day of any calendar month with 30 days’ prior notice.

(8)	Lee & Associates of Illinois has the right to terminate its lease on or after June 30, 2020, with nine months’ prior notice and payment of a termination fee.

Operating History and Underwritten Net Cash Flow
	2012	2013	TTM(1)	Underwritten(1)	Per Square Foot	%(2)
Rents in Place	$2,986,743	$3,496,864	$3,480,970	$4,696,321	$12.67	52.5%
Vacant Income	0	0	0	417,424	1.13	4.7
Gross Potential Rent	$2,986,743	$3,496,864	$3,480,970	$5,113,745	$13.79	57.2%
Total Reimbursements	1,635,391	2,128,170	2,609,343	3,832,211	10.34	42.8
Net Rental Income	$4,622,134	$5,625,034	$6,090,313	$8,945,957	$24.13	100.0%
(Vacancy/Credit Loss)	0	0	0	(1,118,245)	(3.02)	(12.5)
Other Income	0	0	0	0	0.00	0.0
Effective Gross Income	$4,622,134	$5,625,034	$6,090,313	$7,827,712	$21.11	87.5%

Total Expenses	$3,337,484	$3,652,214	$3,807,739	$3,956,005	$10.67	50.5%

Net Operating Income	$1,284,650	$1,972,820	$2,282,574	$3,871,707	$10.44	49.5%

Total TI/LC, Capex/RR	0	0	0	581,151	1.57	7.4
Net Cash Flow	$1,284,650	$1,972,820	$2,282,574	$3,290,555	$8.87	42.0%

Occupancy(3)	78.6%	74.1%	92.0%	87.5%

(1)	TTM column represents the trailing twelve month period ending on July 31, 2014. Increase from TTM Net Operating Income to UW Net Operating Income is primarily due to increased leasing activity and underwriting contractual rent escalations through September 2015.

(2)	Percentage column represents percent of Net Rental Income for all revenue lines and represents percent of Effective Gross Income for the remainder of fields.

(3)	Historical Occupancies are as of December 31 of each year. TTM Occupancy is as of October 8, 2014. Underwritten Occupancy represents economic occupancy.

Ground Lease. There is a small portion of the property which consists of eight parking spaces that is subject to a ground lease. The ground lease commenced on September 12, 1966 and will expire on September 12, 2016. Upon expiration, the ground leased portion of the property will be released from the collateral for the loan.

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ANNEX A-3	JPMBB 2014-C26

Holiday Inn & Suites Across from Universal Studios

200

Mortgage Loan Information		Property Information
Mortgage Loan Seller:	Barclays	Single Asset / Portfolio:	Single Asset
Original Principal Balance:	$36,000,000	Title(1):	Fee
Cut-off Date Principal Balance:	$36,000,000	Property Type - Subtype:	Hotel - Full Service
% of Pool by IPB:	2.5%	Net Rentable Area (Rooms):	390
Loan Purpose:	Refinance	Location:	Orlando, FL
Borrower:	Orlando Hotel Associates LLC	Year Built / Renovated:	1971 / 2010-2011
Sponsor:	Allan V. Rose	Occupancy / ADR / RevPAR:	88.1% / $78.83 / $69.47
Interest Rate:	4.40000%	Occupancy / ADR / RevPAR Date:	9/30/2014
Note Date:	11/13/2014	Number of Tenants(2):	N/A
Maturity Date:	12/6/2024	2011 NOI(3):	$2,320,225
Interest-only Period:	36 months	2012 NOI(3):	$3,602,155
Original Term:	120 months	2013 NOI:	$4,113,707
Original Amortization:	360 months	TTM NOI (as of 9/2014):	$4,100,760
Amortization Type:	IO-Balloon	UW Occupancy / ADR / RevPAR:	86.0% / $80.78 / $69.47
Call Protection:	L(24),Def(92),O(4)	UW Revenues:	$11,405,801
Lockbox:	CMA	UW Expenses:	$7,302,653
Additional Debt:	N/A	UW NOI:	$4,103,148
Additional Debt Balance:	N/A	UW NCF:	$4,103,148
Additional Debt Type:	N/A	Appraised Value / Per Room:	$58,600,000 / $150,256
		Appraisal Date:	10/2/2014

Escrows and Reserves					Financial Information
	Initial	Monthly		Initial Cap	Cut-off Date Loan / Room:	$92,308
Taxes:	$0	$24,175		N/A	Maturity Date Loan / Room:	$80,615
Insurance:	$0	Springing		N/A	Cut-off Date LTV:	61.4%
FF&E Reserves:	$0	4% of Gross Revenues		N/A	Maturity Date LTV:	53.7%
TI/LC:	$0	$0		N/A	UW NCF DSCR:	1.90x
Other(4):	$250,000	$0		N/A	UW NOI Debt Yield:	11.4%


Sources and Uses
Sources		Proceeds	% of Total		Uses	Proceeds	% of Total
Mortgage Loan		$36,000,000	100.0%		Payoff Existing Debt	$24,002,597	66.7%
					Return of Equity	10,803,493	30.0
					Closing Costs	943,910	2.6
					Upfront Reserves	250,000	0.7
Total Sources		$36,000,000	100.0%		Total Uses	$36,000,000	100.0%

(1)	The loan is secured by the first mortgage on both the fee and leasehold interests in the property as the loan sponsor, Allan V. Rose, is the ground lessor.

(2)	The hotel’s restaurant is occupied by TGI Friday’s, which provides room service.

(3)	The increase in 2012 NOI from 2011 NOI is primarily a result of the property undergoing extensive room renovations in 2010 and 2011; as such approximately 42.7% of the available rooms were offline in 2011.

(4)

The Initial Other Escrows and Reserves include $250,000 for a property improvement plan (“PIP”) reserve, which is in excess of the engineering and management estimates. By May 26, 2015, the borrower is required to have completed the remaining PIP work, which includes improvements to the parking lot, guest rooms, public spaces and other hotel amenities.

The Loan. The Holiday Inn & Suites Across from Universal Studios loan has an outstanding principal balance of $36.0 million and is secured by a first mortgage lien on the fee and leasehold interests in a 10-story 390-room full service hotel located in Orlando, Florida. The loan has a 10-year term and, subsequent to a three-year interest-only period, will amortize on a 30-year schedule.

A-3-102

ANNEX A-3	JPMBB 2014-C26

Holiday Inn & Suites Across from Universal Studios

The Sponsor. The loan sponsor and nonrecourse carve-out guarantor is Allan V. Rose, the owner and chief executive officer of AVR Realty Company (“AVR”), a privately-held real estate development and management company. Over the past 45 years, AVR has built, acquired and developed more than 30 million square feet of office complexes, shopping centers, corporate and industrial parks, apartment complexes, residential communities and hotels. The borrower has a total cost basis of approximately $45.4 million and approximately $9.4 million of equity remaining in the property.

The Property. The Holiday Inn & Suites Across from Universal Studios loan is secured by the fee and leasehold interests in a 10-story, 390-guestroom, full service hotel located in Orlando, Florida. The property is situated across the street from Universal Studios and Universal Islands of Adventure, at the intersection of Major Boulevard and South Kirkman Road. In 2010 and 2011 the hotel underwent a property improvement plan incorporating approximately $11.5 million ($29,578 per key) in extensive renovations to the lobby, guestrooms, ballrooms, corridors, elevators and building exteriors and façade. An additional $0.5 million in upgrades to the HVAC, ADA accessibility facilities and property management systems took place from 2012 through 2014.

Amenities at the property include two ballrooms with three meeting rooms, a penthouse, adult and children’s swimming pools, a fitness center, a business center and a laundry room. Of the 390 guestrooms available, there are 27 guestrooms with king-sized beds, 229 guestrooms with double beds, 95 one-bedroom suites and 39 two-bedroom suites. There are 427 parking spaces resulting in a ratio of approximately 1.1 parking spaces for every guestroom. Holiday Inn & Suites Across from Universal Studios provides complimentary scheduled transportation to Universal Studios, Wet ’n Wild Orlando, Sea World, Aquatica and Disney. Additionally, the property offers discounted tickets to many of the area’s attractions.

The property also benefits from having a TGI Friday’s (“TGIF”) restaurant located inside the hotel. The approximately 8,800 square foot restaurant is able to seat 200 to 300 people and provides a breakfast buffet, lunch, dinner and room service to hotel guests. TGIF has been at the property since 1998 and recently extended their lease through December 2018 and has six five-year extension options remaining. The restaurant pays fixed rent of $199,650, $25,000 in CAM and real estate tax reimbursements and 6.0% percentage rent on gross sales over $2.5 million. Between 2012 and 2014, with 2014 annualized for the first two quarters, TGIF has paid an average of $170,295 in overage rent yearly. TGIF total sales were $5,479,954 and $6,092,403 in 2012 and 2013, respectively.

The property is located in the Orlando-Deltona-Daytona Beach, Florida combined statistical area, in close proximity to numerous tourist attractions such as Universal Studios, Walt Disney World, SeaWorld Adventure Park, Discovery Cove and Wet ’n Wild Orlando. The property is located across the street from Universal Studios, The Wizarding World of Harry Potter and Universal’s Islands of Adventure. Simon Property Group’s Orlando Premium Outlets is located across Interstate 4, and features national tenants such as Nike Factory Store, Saks Fifth Avenue Off 5th, Barneys New York Warehouse, Polo Ralph Lauren Factory Store, Forever 21, Fendi, J. Crew and Ferragamo, among others. I-Drive 360, a $200 million entertainment center, is under construction less than 3.0 miles away and is expected to open in the spring of 2015. I-Drive 360 will include a 425-foot observation wheel, Madame Tussaud’s Wax Museum and the Sea Life Aquarium. Additionally, Disney has announced plans to transform Downtown Disney, creating additional demand generators.

According to the appraisal, the property generated approximately 75% of its room nights from leisure, 15% from commercial and 10% from meeting and group business. Annually, there are approximately 60 million tourists who visit the Orlando market. In 2013, there were 59 million people who visited Orlando, up 3.0% from 2012.

Historical Occupancy, ADR, RevPAR
	Competitive Set(1)			Holiday Inn & Suites Across from Universal Studios(2)			Penetration Factor(3)
Year	Occupancy	ADR	RevPAR	Occupancy	ADR	RevPAR	Occupancy	ADR	RevPAR
2011	66.7%	$70.43	$46.98	73.3%	$88.69	$64.97	109.9%	125.9%	138.3%
2012	72.3%	$69.98	$50.63	68.8%	$81.43	$56.06	95.1%	116.4%	110.7%
2013	73.7%	$71.52	$52.72	81.3%	$76.84	$62.50	110.3%	107.4%	118.6%
TTM(4)	80.6%	$74.29	$59.87	86.6%	$79.23	$68.58	107.4%	106.7%	114.5%

(1)

Data provided by Smith Travel Research. Competitive set contains the following properties: International Palms Resort Orlando I Drive, DoubleTree by Hilton Universal Orlando, Four Points Studio City, Best Western Orlando Gateway Hotel, Holiday Inn Express Universal Studio and Hyatt Place Orlando Universal.

(2)	Based on operating statements provided by the borrower.

(3)	Penetration Factor is calculated based on data provided by Smith Travel Research and the appraisal for the competitive set and based on operating statements provided by the borrower for the property.

(4)	TTM represents the trailing twelve-month period ending on August 31, 2014.

A-3-103

ANNEX A-3	JPMBB 2014-C26

Holiday Inn & Suites Across from Universal Studios

Competitive Hotels Profile(1)
			2013 Estimated Market Mix			2013 Estimated Operating Statistics
Property	Rooms	Year Built	Commercial	Meeting & Group	Leisure	Occupancy	ADR	RevPAR
Holiday Inn & Suites Across from Universal Studios	390	1971	15%	10%	75%	81.3%	$76.84	$62.50
DoubleTree by Hilton Universal Orlando	742	1972	20%	25%	55%	74%	$90.00	$66.60
Hyatt Place Orlando Universal	150	2000	20%	20%	60%	84%	$95.00	$79.80
Four Points Studio City	301	1979	15%	15%	70%	78%	$74.00	$57.72
Holiday Inn Express Universal Studio	196	2000	20%	15%	65%	70%	$82.00	$57.40
Total(2)	1,389

(1)	Per the appraisal.

(2)	Excludes the subject property.

Operating History and Underwritten Net Cash Flow
	2011(1)	2012(1)	2013	TTM(2)	Underwritten	Per Room(3)	% of Total Revenue(4)
Occupancy	73.3%	68.8%	81.3%	88.1%	86.0%
ADR	$88.69	$81.43	$76.84	$78.83	$80.78
RevPAR	$64.97	$56.06	$62.50	$69.47	$69.47

Room Revenue	$5,311,479	$8,001,820	$8,897,098	$9,889,434	$9,889,434	$25,358	86.7%
Food & Beverage Revenue	476,020	529,427	554,708	584,298	584,298	1498	5.1
Telephone Revenue	3,547	2,329	3,294	1,992	1,992	5	0.0
Other Departmental Revenues(5)	698,393	796,055	928,257	930,078	930,078	2,385	8.2
Total Revenue	$6,489,439	$9,329,631	$10,383,357	$11,405,801	$11,405,801	$29,246	100.0%

Room Expense	$1,138,501	$1,854,981	$2,156,029	$2,382,034	$2,382,034	$6,108	24.1%
Food & Beverage Expense	239,668	279,898	307,165	320,181	320,181	821	54.8
Telephone Expense	36,982	41,546	43,417	47,685	47,685	122	2,394.3
Other Departmental Expenses	38,299	46,246	42,941	44,813	44,813	115	4.8
Departmental Expenses	$1,453,450	$2,222,671	$2,549,552	$2,794,713	$2,794,713	$7,166	24.5%

Departmental Profit	$5,035,989	$7,106,960	$7,833,805	$8,611,088	$8,611,088	$22,080	75.5%

Operating Expenses	$2,390,820	$3,146,900	$3,315,691	$3,646,355	$3,646,355	$9,350	32.0%
Gross Operating Profit	$2,645,169	$3,960,060	$4,518,114	$4,964,733	$4,964,733	$12,730	43.5%

Fixed Expenses	$324,944	$357,905	$404,406	$407,741	$405,353	$1,039	3.6%
FF&E	0	0	0	456,232	456,232	1,170	4.0

Total Other Expenses	$324,944	$357,905	$404,406	$863,973	$861,585	$2,209	7.6%

Net Operating Income	$2,320,225	$3,602,155	$4,113,707	$4,100,760	$4,103,148	$10,521	36.0%

Net Cash Flow	$2,320,225	$3,602,155	$4,113,707	$4,100,760	$4,103,148	$10,521	36.0%

(1)	The increase in 2012 NOI from 2011 NOI is primarily a result of the property undergoing extensive room renovations in 2010 and 2011; as such approximately 42.7% of the available rooms were offline in 2011.

(2)	TTM column represents the trailing twelve-month period ending on September 30, 2014.

(3)	Per Room values based on 390 guestrooms.

(4)	% of Total Revenue column for Room Expense, Food & Beverage Expense, Telephone Expense and Other Departmental Expenses is based on their corresponding revenue line item.

(5)	Other Departmental Revenues are partially comprised of TGIF’s rent, inclusive of fixed rent and percentage rent.

A-3-104

ANNEX A-3	JPMBB 2014-C26

Holiday Inn & Suites Across from Universal Studios

Franchise Agreement. The Holiday Inn & Suites Across from Universal Studios property has a 15-year franchise agreement with Holiday Hospitality Franchising, Inc., an affiliate of InterContinental Hotels Group for use of the Holiday Inn flag through September 30, 2024, with no extension options. The agreement provides for a contractual franchise fee equal to 5.0% of room revenue and may increase by an amount not to exceed 1.0% of room revenue. The franchise agreement also provides for a marketing fee equal to 2.5% of room revenue. If the franchise agreement is not renewed upon terms acceptable to the lender or if the franchise agreement has not been replaced with a replacement franchise agreement acceptable to the lender, cash flow will be swept twelve months prior to the current expiration date of the franchise agreement.

A-3-105

(THIS PAGE INTENTIONALLY LEFT BLANK)

ANNEX B

FORM OF REPORT TO CERTIFICATEHOLDERS

B-1

(THIS PAGE INTENTIONALLY LEFT BLANK)

J.P. Morgan	Barclays	Credit Suisse
Co-Lead Manager and Joint Bookrunner	Co-Lead Manager and Joint Bookrunner	Co-Lead Manager and Joint Bookrunner

	Drexel Hamilton
	Co-Manager

	December , 2014

SUMMARY OF CERTIFICATES	S-3	Risks Relating to Affiliation with a
IMPORTANT NOTICE REGARDING		Franchise or Hotel Management
THE OFFERED CERTIFICATES	S-11	Company	S-73
IMPORTANT NOTICE ABOUT		Retail Properties Have Special
INFORMATION PRESENTED IN		Risks	S-75
THIS FREE WRITING		Industrial Properties Have Special
PROSPECTUS AND THE		Risks	S-77
ACCOMPANYING PROSPECTUS	S-12	Manufactured Housing Community
SUMMARY OF TERMS	S-17	Properties Have Special Risks	S-78
RISK FACTORS	S-61	Mixed Use Facilities Have Special
Combination or “Layering” of		Risks	S-80
Multiple Risks May Significantly		Self Storage Properties Have
Increase Risk of Loss	S-61	Special Risks	S-81
The Offered Certificates May Not Be		Risks of Lease Early Termination
a Suitable Investment for You	S-61	Options	S-81
The Credit Crisis and Downturn in		Geographic Concentration Entails
the Real Estate Market Have		Risks	S-82
Adversely Affected and May		Risks Relating to Mortgage Loan
Continue To Adversely Affect		Concentrations and Borrower-
the Value of Commercial		Sponsor Concentrations	S-83
Mortgage-Backed Securities	S-61	The Borrower’s Form of Entity May
Market Considerations and Limited		Cause Special Risks	S-85
Liquidity	S-62	Tenancies-in-Common May Hinder
Legal and Regulatory Provisions		Recovery	S-88
Affecting Investors Could		Additional Debt or the Ability To
Adversely Affect the Liquidity of		Incur Other Borrowings Entails
the Certificates	S-63	Risk	S-88
The Volatile Economy and Credit		Borrower May Be Unable To Repay
Crisis May Increase Loan		Remaining Principal Balance on
Defaults and Affect the Value		Maturity Date or Anticipated
and Liquidity of Your Investment	S-65	Repayment Date; Longer
The Prospective Performance of the		Amortization Schedules and
Mortgage Loans Included in the		Interest-Only Provisions Create
Trust Fund Should Be		Risks	S-90
Evaluated Separately from the		Tenant Concentration Entails Risk	S-92
Performance of the Mortgage		Certain Additional Risks Relating to
Loans in Any of Our Other		Tenants	S-92
Trusts	S-67	Options and Other Purchase Rights
Commercial Lending Is Dependent		May Affect Value or Hinder
Upon Net Operating Income	S-68	Recovery with Respect to the
Risks Relating to Underwritten Net		Mortgaged Properties	S-95
Cash Flow	S-69	Risks Related to Redevelopment
Limited Information Causes		and Renovation at the
Uncertainty	S-69	Mortgaged Properties	S-95
No Reunderwriting of the Mortgage		Mortgaged Properties Leased to
Loans	S-69	Borrowers or Borrower Affiliated
Risks Associated with Commercial		Entities Also Have Risks	S-96
Real Estate Lending	S-70	Tenant Bankruptcy Entails Risks	S-96
Office Properties Have Special		Mortgage Loans Are Nonrecourse
Risks	S-70	and Are Not Insured or
Multifamily Properties Have Special		Guaranteed	S-97
Risks	S-71	Lack of Skillful Property
Hotel Properties Have Special Risks	S-72	Management Entails Risks	S-97

The Performance of a Mortgage		Potential Conflicts of Interest of
Loan and the Related		the Master Servicer and the
Mortgaged Property Depends in		Special Servicer	S-113
Part on Who Controls the		Potential Conflicts of Interest of
Borrower and the Related		the Directing
Mortgaged Property	S-98	Certificateholder	S-114
Some Mortgaged Properties May		Conflicts Between
Not Be Readily Convertible to		Certificateholders and the
Alternative Uses	S-98	Holder of a Pari Passu
Condominiums and Master		Companion Loan or the
Developments May Limit Use		HOW Trust Subordinate
and Improvements	S-98	Companion Loan	S-114
Mortgage Loans Secured by		Potential Conflicts of Interest of
Leasehold Interests May		the Underwriters and Their
Expose Investors to Greater		Affiliates	S-115
Risks of Default and Loss	S-99	Other Possible Conflicts of
Limitations of Appraisals	S-99	Interest	S-116
Different Timing of Mortgage Loan		Potential Conflicts of Interest in
Amortization Poses Certain		the Selection of the
Risks	S-100	Mortgage Loans	S-118
Environmental Risks Relating to the		Your Lack of Control Over the Trust
Mortgaged Properties	S-100	Can Adversely Impact Your
Availability of Earthquake, Flood		Investment	S-119
and Other Insurance	S-103	Special Servicer May Be Directed
Risks Associated with Blanket		To Take Actions	S-120
Insurance Policies or Self-		The Sponsors, the Depositor and
Insurance	S-104	the Trust Are Subject to
Availability of Terrorism Insurance	S-105	Bankruptcy or Insolvency Laws
Zoning Compliance, Use		That May Affect the Trust
Restrictions and Condemnation		Fund’s Ownership of the
May Adversely Affect Property		Mortgage Loans	S-121
Value	S-106	Risks Relating to the Exchangeable
Risks Related to Historic Tax		Certificates and Class EC
Credits	S-107	Certificates	S-122
Increases in Real Estate Taxes Due		Risks Relating to Prepayments and
to Termination of a PILOT		Repurchases	S-123
Program or Other Tax		Optional Early Termination of the
Abatement Arrangements May		Trust Fund May Result in an
Reduce Net Cash Flow and		Adverse Impact on Your Yield or
Payments to Certificateholders	S-108	May Result in a Loss	S-126
Litigation or Other Legal		The Mortgage Loan Sellers May Not
Proceedings Could Adversely		Be Able To Make a Required
Affect the Mortgage Loans	S-108	Repurchase or Substitution of a
Certain of the Mortgage Loans Lack		Defective Mortgage Loan	S-127
Customary Provisions	S-109	Realization on Certain Mortgage
Subordination of the Class A-S,		Loans May Be Adversely
Class B, Class C and Class EC		Affected by the Rights of the
Certificates Will Affect the		Holder of the HOW Trust
Timing of Distributions and the		Subordinate Companion Loan
Application of Losses on the		or Mezzanine Lender	S-127
Class A-S, Class B, Class C		Limited Obligations	S-128
and Class EC Certificates	S-109	Changes to Accounting Standards
Potential Conflicts of Interest	S-110	and Regulatory Restrictions
Potential Conflicts of Interest of		Could Have an Adverse Impact
the Sponsors and Mortgage		on the Certificates	S-128
Loan Sellers	S-110

Tax Consequences Related to		Zoning and Building Code
Foreclosure	S-128	Compliance and
State and Local Tax Considerations	S-128	Condemnation	S-183
Ratings of the Certificates	S-129	Certain Terms and Conditions of the
DESCRIPTION OF THE MORTGAGE		Mortgage Loans	S-184
POOL	S-132	ARD Loans	S-188
General	S-132	Defeasance; Collateral
Mortgage Pool Characteristics	S-133	Substitution; Property
General	S-133	Releases	S-188
Fee & Leasehold Estates;		Releases of Individual
Ground Leases	S-135	Mortgaged Properties	S-189
Mortgage Loan Concentrations	S-137	Other Releases	S-191
Multi-Property Mortgage Loans		“Due-on-Sale” and “Due-on-
and Related Borrower		Encumbrance” Provisions	S-191
Mortgage Loans	S-137	Hazard, Liability and Other
Tenancies-in-Common	S-139	Insurance	S-193
Property Type Concentrations	S-140	Additional Mortgage Loan
Geographic Concentrations	S-143	Information	S-195
Additional Debt	S-144	Sale of Mortgage Loans; Mortgage
The Whole Loans	S-150	File Delivery	S-199
The 500 Fifth Avenue Whole		Representations and Warranties;
Loan	S-150	Repurchases and Substitutions	S-201
The St. Louis Premium Outlets		Lockbox Accounts	S-204
Whole Loan	S-153	TRANSACTION PARTIES	S-206
The Outlet Shoppes of the		The Sponsors and Mortgage Loan
Bluegrass Whole Loan	S-157	Sellers	S-206
The Florida Multifamily		JPMorgan Chase Bank,
Portfolio Whole Loan	S-160	National Association	S-206
The 543 Howard Whole Loan	S-165	Column Financial, Inc.	S-214
General	S-165	Barclays Bank PLC	S-228
Application of Payments	S-166	Redwood Commercial Mortgage
Cure Rights	S-168	Corporation	S-233
Amendments and Consents	S-169	General Electric Capital
Purchase Option	S-171	Corporation	S-240
Special Servicer Appointment		RAIT Funding, LLC	S-248
Rights	S-172	The Depositor	S-253
Net Cash Flow and Certain		The Trust	S-253
Underwriting Considerations	S-172	The Trustee and the Certificate
Mortgaged Property Considerations	S-173	Administrator	S-254
Environmental Considerations	S-173	Resignation and Removal of the
Property Redevelopment and		Trustee and the Certificate
Renovation Issues	S-174	Administrator	S-257
Litigation Considerations;		The Master Servicer and the Special
Bankruptcy Issues and		Servicer	S-257
Other Proceedings	S-175	Replacement of the Special Servicer	S-260
Tenant Issues	S-178	Servicing and Other Compensation
Purchase Options, Rights of		and Payment of Expenses	S-262
First Refusal and Rights of		The Senior Trust Advisor	S-273
First Offer	S-180	DESCRIPTION OF THE
Additional Considerations	S-181	CERTIFICATES	S-274
Assessments of Property Value and		General	S-274
Condition	S-182	Exchanges of Exchangeable
Appraisals	S-182	Certificates and Class EC
Engineering Reports	S-183	Certificates	S-277
		Exchanges	S-277
		Procedures and Fees	S-278

Book-Entry Registration and		Inspections; Collection of Operating
Definitive Certificates	S-279	Information	S-348
List of Certificateholders	S-281	Certain Matters Regarding the
Distributions	S-281	Master Servicer, the Special
Allocation of Yield Maintenance		Servicer, the Senior Trust
Charges and Prepayment		Advisor and the Depositor	S-349
Premiums	S-296	Rating Agency Confirmations	S-352
Assumed Final Distribution Date;		Evidence as to Compliance	S-354
Rated Final Distribution Date	S-297	Servicer Termination Events	S-355
Subordination; Allocation of		Rights Upon Servicer Termination
Collateral Support Deficit	S-298	Event	S-356
Advances	S-301	Amendment	S-358
Appraisal Reductions	S-305	CERTAIN AFFILIATIONS,
Reports to Certificateholders;		RELATIONSHIPS AND RELATED
Certain Available Information	S-309	TRANSACTIONS INVOLVING
Voting Rights	S-317	TRANSACTION PARTIES	S-361
Termination; Retirement of		PENDING LEGAL PROCEEDINGS
Certificates	S-318	INVOLVING TRANSACTION
SERVICING OF THE MORTGAGE		PARTIES	S-363
LOANS	S-319	YIELD AND MATURITY
General	S-319	CONSIDERATIONS	S-363
The Directing Certificateholder	S-324	Yield Considerations	S-363
Limitation on Liability of Directing		Weighted Average Life	S-367
Certificateholder	S-330	Yield Sensitivity of the Class X-A
The Senior Trust Advisor	S-330	and Class X-B Certificates	S-373
Consultation Duties of the		Pre-Tax Yield to Maturity Tables	S-373
Senior Trust Advisor After a		MATERIAL FEDERAL INCOME TAX
Control Event	S-333	CONSEQUENCES	S-379
Replacement of the Special		General	S-379
Servicer	S-334	Tax Status of Offered Certificates	S-380
Termination and Resignation of		Taxation of Offered Certificates	S-380
the Senior Trust Advisor	S-335	Taxation of the Class EC
Senior Trust Advisor		Certificates	S-381
Compensation	S-336	Taxation of Foreign Investors	S-382
Maintenance of Insurance	S-336	Further Information	S-382
Modifications, Waivers and		CERTAIN STATE AND LOCAL TAX
Amendments	S-339	CONSIDERATIONS	S-382
Mortgage Loans with “Due-on-Sale”		CERTAIN ERISA CONSIDERATIONS	S-382
and “Due-on-Encumbrance”		CERTAIN LEGAL ASPECTS OF THE
Provisions	S-341	MORTGAGE LOANS	S-385
Realization Upon Defaulted		LEGAL INVESTMENT	S-386
Mortgage Loans	S-342	LEGAL MATTERS	S-386
Servicing of the Florida Multifamily		RATINGS	S-387
Portfolio Mortgage Loan	S-347	INDEX OF DEFINED TERMS	S-389

		FREE WRITING PROSPECTUS
		FILED PURSUANT TO RULE 433
		REGISTRATION FILE NO.: 333-190246-11

	Initial Class Certificate Balance or Notional Amount(1)			Initial Approx. Pass-Through Rate	Pass-Through Rate Description	Assumed Final Distribution Date(3)	Expected Ratings (Moody’s/DBRS/KBRA)(5)	Rated Final Distribution Date(3)
Class A-1	$	59,050,000		%	(6)	October 2019	Aaa(sf) / AAA(sf) / AAA(sf)	January 2048
Class A-2	$	211,650,000		%	(6)	January 2020	Aaa(sf) / AAA(sf) / AAA(sf)	January 2048
Class A-3	$	300,000,000		%	(6)	November 2024	Aaa(sf) / AAA(sf) / AAA(sf)	January 2048
Class A-4	$	337,579,000		%	(6)	December 2024	Aaa(sf) / AAA(sf) / AAA(sf)	January 2048
Class A-SB	$	106,446,000		%	(6)	July 2024	Aaa(sf) / AAA(sf) / AAA(sf)	January 2048
Class X-A	$	1,108,949,000	(7)	%	Variable(8)	December 2024	Aa1(sf) / AAA(sf) / AAA(sf)	January 2048
Class X-B	$	67,045,000	(7)	%	Variable(8)	December 2024	Aa3(sf) / AAA(sf) / AAA(sf)	January 2048
Class A-S(9)	$	94,224,000	(10)	%	(6)	December 2024	Aa1(sf) / AAA(sf) / AAA(sf)	January 2048
Class B(9)	$	67,045,000	(10)	%	(6)	December 2024	Aa3(sf) / AA(sf) / AA(sf)	January 2048
Class C(9)	$	48,924,000	(10)	%	(6)	December 2024	A3(sf) / A(high)(sf) / A(sf)	January 2048
Class EC(9)(11)	$	210,193,000	(10)	(12)	N/A(12)	December 2024	A1(sf) / A(high)(sf) / A(sf)	January 2048

Class	Initial Class Certificate Balance or Notional Amount(1)			Approx. Initial Credit Support(2)	Pass-Through Rate Description	Assumed Final Distribution Date(3)	Initial Approx. Pass- Through Rate	Weighted Average Life (Yrs.)(4)	Expected Ratings (Moody’s/DBRS/ KBRA)(5)	Principal Window(4)
Offered Certificates
A-1	$	59,050,000		30.000%	(6)	October 2019	%	3.02	Aaa(sf) / AAA(sf) / AAA(sf)	1/15-10/19
A-2	$	211,650,000		30.000%	(6)	January 2020	%	4.89	Aaa(sf) / AAA(sf) / AAA(sf)	10/19-1/20
A-3	$	300,000,000		30.000%	(6)	November 2024	%	9.77	Aaa(sf) / AAA(sf) / AAA(sf)	7/24-11/24
A-4	$	337,579,000		30.000%	(6)	December 2024	%	9.89	Aaa(sf) / AAA(sf) / AAA(sf)	11/24-12/24
A-SB	$	106,446,000		30.000%	(6)	July 2024	%	7.30	Aaa(sf) / AAA(sf) / AAA(sf)	10/19-7/24
X-A	$	1,108,949,000	(7)	N/A	Variable(8)	December 2024	%	N/A	Aa1(sf) / AAA(sf) / AAA(sf)	N/A
X-B	$	67,045,000	(7)	N/A	Variable(8)	December 2024	%	N/A	Aa3(sf) / AAA(sf) / AAA(sf)	N/A
A-S(9)	$	94,224,000	(10)	23.500%	(6)	December 2024	%	9.96	Aa1(sf) / AAA(sf) / AAA(sf)	12/24-12/24
B(9)	$	67,045,000	(10)	18.875%	(6)	December 2024	%	9.96	Aa3(sf) / AA(sf) / AA(sf)	12/24-12/24
C(9)	$	48,924,000	(10)	15.500%	(6)	December 2024	%	9.96	A3(sf) / A(high)(sf) / A(sf)	12/24-12/24
EC(9)(11)	$	210,193,000	(10)	15.500%	N/A(12)	December 2024	(12)	9.96	A1(sf) / A(high)(sf) / A(sf)	12/24-12/24
Non-Offered Certificates(13)
X-C	$	48,924,000	(14)	N/A	Variable(15)	December 2024	%	N/A	A3(sf) / AAA(sf) / AAA(sf)	N/A
X-D	$	106,908,000	(16)	N/A	Variable(17)	December 2024	%	N/A	NR / AAA(sf) / BBB-(sf)	N/A
X-E	$	34,428,000	(18)	N/A	Variable(19)	December 2024	%	N/A	NR / AAA(sf) / BB(sf)	N/A
X-F	$	25,369,000	(20)	N/A	Variable(21)	January 2025	%	N/A	NR / AAA(sf) / B(sf)	N/A
X-NR	$	57,983,872	(22)	N/A	Variable(23)	January 2025	%	N/A	NR / AAA(sf) / NR	N/A
D	$	106,908,000		8.125%	(6)	December 2024	%	9.96	NR / BBB(low)(sf) / BBB-(sf)	12/24-12/24
E	$	34,428,000		5.750%	(6)	December 2024	%	9.96	NR / BB(sf) / BB(sf)	12/24-12/24
F	$	25,369,000		4.000%	(6)	January 2025	%	9.96	NR / B(sf) / B(sf)	12/24-1/25
NR	$	57,983,872		0.000%	(6)	January 2025	%	10.04	NR / NR / NR	1/25-1/25
HOW(24)	$	10,000,000		0.000%	(25)	September 2024	%	9.71	NR / NR / NR	9/24-9/24

ANNEX A-1	CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
ANNEX A-2	CERTAIN POOL CHARACTERISTICS OF THE MORTGAGE LOANS AND MORTGAGED PROPERTIES
ANNEX A-3	DESCRIPTION OF TOP TEN MORTGAGE LOANS AND ADDITIONAL MORTGAGE LOAN INFORMATION
ANNEX B	FORM OF REPORT TO CERTIFICATEHOLDERS
ANNEX C	FORM OF SENIOR TRUST ADVISOR ANNUAL REPORT
ANNEX D-1	MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES

ANNEX D-2	EXCEPTIONS TO MORTGAGE LOAN REPRESENTATIONS AND WARRANTIES
ANNEX E	CLASS A-SB PLANNED PRINCIPAL BALANCE SCHEDULE
ANNEX F	ASSUMED PRINCIPAL PAYMENT SCHEDULE FOR THE 543 HOWARD WHOLE
	LOAN
ANNEX G	ASSUMED PRINCIPAL PAYMENT SCHEDULE FOR THE HAMPSHIRE PARK
	APARTMENTS MORTGAGE LOAN


The mortgage loans will have the following approximate characteristics as of the cut-off date:

Cut-off Date Mortgage Loan Characteristics
		All Mortgage Loans
Aggregate outstanding principal balance(1)		$1,449,606,872
Number of mortgage loans		69
Number of mortgaged properties		93
Range of mortgage loan principal balances		$2,070,000 to $100,000,000
Average mortgage loan principal balances		$21,008,795
Range of mortgage rates		3.55000% to 5.22000%
Weighted average mortgage rate		4.44151%
Range of original terms to maturity(2)(3)		60 months to 120 months
Weighted average original term to maturity(2)(3)		111 months
Range of remaining terms to maturity(2)(3)		58 months to 120 months
Weighted average remaining term to maturity(2)(3)		110 months
Range of original amortization term(4)(5)		300 months to 360 months
Weighted average original amortization term(4)(5)		354 months
Range of remaining amortization terms(4)(5)		297 months to 360 months
Weighted average remaining amortization term(4)(5)		354 months
Range of loan-to-value ratios(6)(7)		33.3% to 80.0%
Weighted average loan-to-value ratio(6)(7)		67.2%
Range of loan-to-value ratios as of the maturity date(2)(6)(7)		33.3% to 71.8%
Weighted average loan-to-value ratio as of the maturity date(2)(6)(7)		58.9%
Range of underwritten net cash flow debt service coverage ratios(7)(8)		1.19x to 3.61x
Weighted average underwritten net cash flow debt service coverage ratio(7)(8)		1.69x
Percentage of aggregate outstanding principal balance consisting of:
Interest Only-Balloon		63.4%
Balloon		20.9%
Interest Only		11.2%
ARD-Interest Only-Balloon		2.6%
ARD-Interest Only		1.3%
ARD-Balloon		0.6%

(1)	Subject to a permitted variance of plus or minus 5%.

(2)	Three (3) mortgage loans with an anticipated repayment date, identified as “The View & Legends”, “1019 Market Street” and “100 Provena Way” on Annex A-1 to this free writing prospectus, representing approximately 4.6% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, are calculated as of the related anticipated repayment date.

(3)	With respect to two (2) mortgage loans identified as “1515 Market” and “1019 Market Street” on Annex A-1 to this free writing prospectus, representing approximately 5.7% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, the first payment for such mortgage loans are in February 2015. On the closing date, the related mortgage loan seller will deposit funds sufficient to pay the interest


				associated with the interest due for the January 2015 payment for each such mortgage loan. Information presented in the table above reflects the loans contractual loan terms.

			(4)	Excludes six (6) mortgage loans identified as “500 Fifth Avenue”, “United Healthcare Office”, “1019 Market Street”, “Summer Chase”, “Gander Mountain” and “3445 North Causeway” on Annex A-1 to this free writing prospectus, representing approximately 12.5% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, that are interest-only for the entire term or until the related anticipated repayment date, as applicable.

			(5)	In the case of two (2) mortgage loans identified as “543 Howard” and “Hampshire Park Apartments” on Annex A-1 to this free writing prospectus, representing approximately 2.1% and 0.6%, respectively, of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, the loans will amortize based on the principal payment schedules set forth on Annex F and Annex G, respectively, to this free writing prospectus.

			(6)	In the case of four (4) mortgaged properties identified as “Columbia Centre I & II”, “Westview Apartments”, “Lyncourt Apartments” and “Tractor Supply – Flagstaff” on Annex A-1 to this free writing prospectus, securing four (4) mortgage loans representing approximately 4.6% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, the loan-to-value ratio was calculated based upon an appraised value that contained certain assumptions and provided an “as-stabilized” value, an “as-renovated” or “as-complete” value or another hypothetical valuation other than an “as-is” value. The remaining mortgage loans were calculated using “as-is” values as described under “Description of the Mortgage Pool—Additional Mortgage Loan Information” in this free writing prospectus. In the case of two (2) mortgage loans identified as “Lyncourt Apartments” and “Tractor Supply – Flagstaff” on Annex A-1 to this free writing prospectus, the conditions to the “as-stabilized” or “as-complete” value for the related mortgaged property have been satisfied. For further information, see Annex A-1 to this free writing prospectus. See also “Risk Factors—Limitations of Appraisals”, “Transaction Parties—The Sponsors and Mortgage Loan Sellers—JPMorgan Chase Bank, National Association—Exceptions to JPMCB’s Disclosed Underwriting Guidelines”, “—Column Financial, Inc.—Exceptions to Column’s Disclosed Underwriting Guidelines”, “—RAIT Funding, LLC—Exceptions to Disclosed Underwriting Guidelines for Loans Originated by RAIT” and “Description of the Mortgage Pool—Assessments of Property Value and Condition—Appraisals” in this free writing prospectus.

			(7)	For each mortgage loan with a related pari passu companion loan, the calculation of the loan-to-value ratios and debt service coverage ratios includes the principal balance and debt service payment of the related pari passu companion loan. With respect to one (1) mortgage loan identified as “543 Howard” on Annex A-1 to this free writing prospectus, representing approximately 2.1% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, the calculation of the loan-to-value ratios and debt service coverage ratios is without regard to the HOW trust subordinate companion loan, and the related loan-to-value ratio as of the cut-off date and underwritten net cash flow debt service coverage ratio including the HOW trust subordinate companion loan are 74.4% and 1.19x, respectively.

			(8)	For each partial interest-only loan, the debt service coverage ratio was calculated based on the first principal and interest payment to be made into the trust during the term of the mortgage loan once amortization has commenced. For all interest-only loans, the debt service coverage ratio was calculated based on the sum of the first 12 interest payments following the cut-off date. In the case of two (2) mortgage loans identified as “543 Howard” and “Hampshire Park Apartments” on Annex A-1 to this free writing prospectus, representing approximately 2.7% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, the debt service coverage ratio was calculated based on the sum of the first 12 principal and interest payments (following the initial interest-only period with respect to the Hampshire Park Apartments mortgage loan) listed in the assumed principal payment schedules set forth on Annex F and Annex G, respectively, to this free writing prospectus. With respect to twenty-six (26) mortgaged properties identified as “500 Fifth Avenue”, “Heron Lakes”, “St. Louis Premium Outlets”, “The Outlet Shoppes of the Bluegrass”, “117


				Kendrick Street”, “Columbia Centre I & II”, “Newington Commons”, “Florida Multifamily Portfolio”, “1019 Market Street”, “Whispering Palms MHC/RV”, “Guardian Self Storage”, “Cypress Pointe”, “3445 North Causeway” and “Harvard Court Townhouses” on Annex A-1 to this free writing prospectus, securing fourteen (14) mortgage loans, representing approximately 29.2% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, certain assumptions and/or adjustments were made to the occupancy, underwritten net cash flow and underwritten net cash flow debt service coverage ratios reflected in the table above. For specific discussions on those particular assumptions and adjustments, see “Description of the Mortgage Pool—Net Cash Flow and Certain Underwriting Considerations”, “—Mortgaged Property Considerations—Tenant Issues—Occupancy and Tenant Concentrations” and “—Additional Mortgage Loan Information” in this free writing prospectus. See also Annex A-1 and Annex A-3 to this free writing prospectus.

			All of the mortgage loans (other than with respect to one (1) mortgage loan identified as “The Outlet Shoppes of the Bluegrass” on Annex A-1 to this free writing prospectus, representing approximately 3.1% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, which accrues interest on the basis of a 360-day year consisting of twelve 30-day months) accrue interest on an actual/360 basis.

			The mortgage loans have the amortization characteristics set forth in the following table:

			Amortization Types

Amortization Type	Number of Mortgage Loans	Aggregate Principal Balance of Mortgage Loans		Approx. % of Initial Pool Balance
IO-Balloon	40	$	918,625,986	63.4	%
Balloon	21		303,021,347	20.9
Interest Only	5		161,688,750	11.2
ARD-IO-Balloon	1		38,250,000	2.6
ARD-Interest Only	1		19,300,000	1.3
ARD-Balloon	1		8,720,789	0.6
Total:	69	$	1,449,606,872	100.0	%


			Three (3) mortgage loans identified as “The View & Legends”, “1019 Market Street” and “100 Provena Way” on Annex A-1 to this free writing prospectus, representing approximately 4.6% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, provide for an increase in the related interest rate after, and otherwise provide incentives to the related borrowers to repay the related mortgage loans by, a certain date, referred to as the anticipated repayment date. The interest accrued in excess of the original rate, together with any interest on that accrued interest (if any, as required by the related mortgage loan documents and to the extent permitted by applicable law), will be deferred and will not be paid until the principal balance of the related mortgage loan has been paid, at which time the excess interest, to the extent actually collected, will be required to be paid to the Class NR certificates. After the anticipated repayment date, cash flow in excess of that required for debt service and certain budgeted expenses with respect to the related mortgaged property would be applied towards the payment of principal (without payment of a yield maintenance charge or prepayment premium) of the mortgage loan until its principal balance has been reduced to zero and then to the


			payment of accrued excess interest. A substantial principal payment will be required to pay off the mortgage loan on its anticipated repayment date. The actual term for such mortgage loan is longer than the period up to the mortgage loan’s anticipated repayment date. See “Description of the Mortgage Pool—Certain Terms and Conditions of the Mortgage Loans—ARD Loans” in this free writing prospectus.

			See “Description of the Mortgage Pool—Additional Mortgage Loan Information” and “—Certain Terms and Conditions of the Mortgage Loans” in this free writing prospectus.

			The following table contains general information regarding the prepayment provisions of the mortgage loans:

			Overview of Prepayment Protection(1)(2)

Prepayment Protection	Number of Mortgage Loans	Aggregate Principal Balance of Mortgage Loans		Approx. % of Initial Pool Balance
Defeasance(3)	48	$	965,936,122	66.6	%
Yield Maintenance	21		483,670,750	33.4
Total:	69	$	1,449,606,872	100.0	%


			(1)	See Annex A-1 to this free writing prospectus for specific criteria applicable to the mortgage loans.

			(2)	Prepayments may occur (often without any yield maintenance charge or prepayment premium) in connection with a casualty at or condemnation of the related mortgaged property and, if the casualty or condemnation is sufficiently material and/or if the insurance proceeds or condemnation award is not released for restoration, some mortgage loans permit the related borrower to prepay the related mortgage loan in full or up to a specified percentage of the allocated loan amount of the affected property to obtain a property release.

			(3)	Includes thirteen (13) mortgaged properties identified as “Florida Multifamily Portfolio” on Annex A-1 to this free writing prospectus, securing one (1) mortgage loan representing approximately 1.5% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, that permits the related borrower to prepay a portion of the whole loan in the aggregate amount of up to 15% of the original principal balance of the whole loan at any time after the origination date (including during the lockout period) in connection with the release of an individual mortgaged property and without the payment of any yield maintenance or other premium or defeasance. Also includes one (1) mortgaged property identified as “St. John Knits Campus” on Annex A-1 to this free writing prospectus, securing one (1) mortgage loan representing approximately 1.4% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, that permits the related borrower, prior to the date that the tenant St. John has exercised its first lease renewal option, to prepay the mortgage loan in the amount of any net proceeds from the sale of the developmental rights (the “TRIP Rights”) on a parcel adjacent to the mortgaged property arising under local law to promote development in the area, without payment of a prepayment penalty. The appraiser noted no material value associated with these TRIP Rights. See “Description of the Mortgage Pool—Certain Terms and Conditions of the Mortgage Loans—Releases of Individual Mortgaged Properties” in this free writing prospectus.

			Defeasance permits the related borrower to substitute direct non-callable U.S. Treasury obligations or, in certain cases, other government securities for the related mortgaged property as collateral for the related mortgage loan (or whole loan).


			The mortgage loans generally permit voluntary prepayment without payment of a yield maintenance charge or any prepayment premium during a limited “open period” immediately prior to and including the stated maturity date or anticipated repayment date as follows:

			Prepayment Open Periods(1)

Open Periods (Payments)	Number of Mortgage Loans	Aggregate Principal Balance of Mortgage Loans		Approx. % of Initial Pool Balance
2	1	$	14,405,000	1.0	%
3	23		398,317,910	27.5
4	30		492,126,716	33.9
5	2		107,500,000	7.4
6	1		20,000,000	1.4
7	9		299,397,246	20.7
13	2		58,060,000	4.0
24	1		59,800,000	4.1
Total:	69	$	1,449,606,872	100.0	%


			(1)	See Annex A-1 to this free writing prospectus for specific criteria applicable to the mortgage loans.

			See “Description of the Mortgage Pool—Additional Mortgage Loan Information” and “—Certain Terms and Conditions of the Mortgage Loans—Defeasance; Collateral Substitution; Property Releases” in this free writing prospectus.

				Current Uses of the Mortgaged Properties(1)

Property Type	Number of Mortgaged Properties	Aggregate Principal Balance of Mortgaged Properties		Approx. % of Initial Pool Balance
Office	20	$	631,051,961	43.5	%
Multifamily	31		243,462,138	16.8
Hotel	17		235,825,000	16.3
Retail	13		226,051,914	15.6
Industrial	5		49,569,488	3.4
Manufactured Housing	5		35,446,371	2.4
Mixed Use	1		20,000,000	1.4
Self Storage	1		8,200,000	0.6
Total:	93	$	1,449,606,872	100.0	%


Geographic Distribution(1)

Geographic Location	Number of Mortgaged Properties	Aggregate Principal Balance of Mortgaged Properties		Approx. % of Initial Pool Balance
Florida	25	$	228,362,793	15.8	%
New York	4		166,825,000	11.5
Texas	7		131,495,310	9.1
Massachusetts	4		91,060,000	6.3
Georgia	5		88,376,381	6.1
California	6		83,438,409	5.8
Kentucky	2		79,000,000	5.4
Pennsylvania	3		75,206,888	5.2
Total:	56	$	943,764,781	65.1	%


	(1)	Because this table presents information relating to mortgaged properties and not mortgage loans, the information for mortgage loans secured by more than one mortgaged property is based on allocated loan amounts as set forth in Annex A-1.

Refinanced Loans	Several of the mortgage loans were refinancings of loans in default at the time of refinancing and/or otherwise involved discounted pay-offs in connection with the origination of the mortgage loan as described below:

	With respect to one (1) mortgage loan identified as “Heron Lakes” on Annex A-1 to this free writing prospectus, representing approximately 3.6% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, the mortgage loan refinanced a prior loan secured by the related mortgaged property that had entered maturity default for one (1) week. The principal balance of the prior loan was paid off in full, and no default interest was assessed by the servicer.

	With respect to one (1) mortgage loan identified as “United Healthcare Office” on Annex A-1 to this free writing prospectus, representing approximately 2.9% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, the mortgage loan refinanced a prior loan secured by the mortgaged property that entered maturity default. The principal balance of the prior loan was paid off in full. Approximately $4,900,000 in default interest was forgiven by the special servicer.

	With respect to two (2) mortgage loans identified as “Forest Cove” and “Mill Creek Crossing” on Annex A-1 to this free writing prospectus, representing approximately 1.1% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, each of the related mortgage loans refinanced a prior loan secured by the related mortgaged property that had entered maturity default.

	With respect to one (1) mortgage loan identified as “ATR Transmissions” on Annex A-1 to this free writing prospectus, representing approximately 0.3% of the aggregate principal balance of the pool of mortgage loans as of the cut-off date, the mortgage loan refinanced a performing loan originated in 2007 in the original principal amount of $5,000,000. This mortgage loan was subsequently included in a portfolio of loans sold to an investor. At loan payoff, the investor agreed to accept a discount of approximately 13% on the outstanding principal balance of $4,558,271.


Additional Aspects of Certificates

Denominations	The offered certificates (other than the Class X-A and Class X-B certificates) that are initially offered and sold to purchasers will be issued in minimum denominations of $10,000 and integral multiples of $1 in excess of $10,000. The Class X-A and Class X-B certificates will be issued, maintained and transferred only in minimum denominations of authorized initial notional amounts of not less than $1,000,000 and in integral multiples of $1 in excess of $1,000,000.

Registration, Clearance and
Settlement	Each class of offered certificates will initially be registered in the name of Cede & Co., as nominee of The Depository Trust Company, or DTC.

	You may hold offered certificates through: (1) DTC in the United States; or (2) Clearstream Banking, société anonyme or Euroclear Bank, as operator of the Euroclear System. Transfers within DTC, Clearstream Banking, société anonyme or Euroclear Bank, as operator of the Euroclear System, will be made in accordance with the usual rules and operating procedures of those systems.

	We may elect to terminate the book-entry system through DTC (with the consent of the DTC participants), Clearstream Banking, société anonyme or Euroclear Bank, as operator of the Euroclear System, with respect to all or any portion of any class of the offered certificates.

	See “Description of the Certificates—Book-Entry Registration and Definitive Certificates” in this free writing prospectus and in the prospectus.

Information Available to
Certificateholders	On each distribution date, the certificate administrator will prepare and make available to each certificateholder of record, initially expected to be Cede & Co., a statement as to the distributions being made on that date. Additionally, under certain circumstances, certificateholders of record may be entitled to certain other information regarding the trust. See “Description of the Certificates—Reports to Certificateholders; Certain Available Information” in this free writing prospectus.

Deal Information/Analytics	Certain information concerning the mortgage loans and the certificates may be available to subscribers through the following services:

	●	Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., BlackRock Financial Management Inc., Interactive Data Corporation, CMBS.com and Markit;
	●	the certificate administrator’s website initially located at “www.ctslink.com”; and

	●	the master servicer’s website initially located at “www.pnc.com/midland”.


	Optional Termination		On any distribution date on which the aggregate principal balance of the pool of mortgage loans is less than 1% of the aggregate principal balance of the mortgage loans as of the cut-off date (calculated excluding the HOW trust subordinate companion loan), certain entities specified in this free writing prospectus will have the option to purchase all of the remaining mortgage loans (and all property acquired through exercise of remedies in respect of any mortgage loan), but not the HOW trust subordinate companion loan, at the price specified in this free writing prospectus. Exercise of this option will terminate the trust and retire the then-outstanding certificates.

			The trust may also be terminated in connection with a voluntary exchange of all the then-outstanding certificates (other than the Class HOW certificates and the Class R certificates) (provided, however, that the Class A-1, Class A-2, Class A-3, Class A-4, Class A-SB, Class X-A, Class X-B, Class A-S, Class B, Class C, Class EC and Class D certificates are no longer outstanding, there is only one holder (or multiple holders acting unanimously) of the outstanding certificates (other than the Class HOW certificates and the Class R certificates) and the master servicer consents to the exchange) for the mortgage loans and each REO property remaining in the trust.

			In the event that the HOW trust subordinate companion loan and the Class HOW certificates are still outstanding at the time that any optional termination described above is effectuated, the HOW trust subordinate companion loan will be returned to the holder of the Class HOW certificates and, in exchange for the Class HOW certificates, the HOW trust subordinate companion loan REMIC will be terminated pursuant to a “qualified liquidation” as defined in the REMIC provisions of the Internal Revenue Code of 1986, as amended, and the master servicer will have no further obligation to service the HOW trust subordinate companion loan under the pooling and servicing agreement for this transaction.

			See “Description of the Certificates—Termination; Retirement of Certificates” in this free writing prospectus and “Description of the Certificates—Termination” in the prospectus.

	Required Repurchases or
	Substitutions of Mortgage Loans		Under certain circumstances, the related mortgage loan seller (or Redwood Trust Inc. as guarantor of the repurchase and substitution obligations of Redwood Commercial Mortgage Corporation or RAIT Financial Trust as guarantor of the repurchase and substitution obligations of RAIT Funding, LLC) may be obligated to repurchase (without payment of any yield maintenance charge or prepayment premium) or substitute for an affected mortgage loan from the trust as a result of a material document defect or a material breach of a representation and warranty made by the related mortgage loan seller with respect to the mortgage loan in the mortgage loan purchase agreement that materially and adversely affects the value of the mortgage loan, the value of the related mortgaged property or the interests of certificateholders in the mortgage loan. See “Description of


			the Mortgage Pool—Representations and Warranties; Repurchases and Substitutions” in this free writing prospectus.

	Sale of Defaulted Loans		Pursuant to the pooling and servicing agreement (and subject to any applicable intercreditor agreement), the special servicer may offer to sell to any person (or may offer to purchase) any specially serviced mortgage loan (other than the non-serviced mortgage loan) and the HOW trust subordinate companion loan, if applicable, if it determines that no satisfactory arrangements (including by way of a discounted pay-off) can be made for collection of delinquent payments and such a sale would be in the best economic interest of the trust (or, in the case of any whole loan, the trust and the holder of the related companion loan, as a collective whole, taking into account the pari passu or subordinate nature, as applicable, of such companion loan) on a net present value basis. The special servicer is generally required to accept the highest offer received from any person as more particularly described in “Servicing of the Mortgage Loans—Realization Upon Defaulted Mortgage Loans” in this free writing prospectus. However, with respect to each mortgage loan with a related mezzanine loan (including if any such mezzanine loan is originated in the future), the sale by the special servicer of any defaulted mortgage loan may be subject to the rights of the holder of any related mezzanine debt, to exercise its option to purchase the related mortgage loan or REO property, as applicable, following a default to the extent set forth in the related intercreditor agreement. Similarly, with respect to the 543 Howard mortgage loan, the sale by the special servicer of such defaulted mortgage loan may be subject to the rights of the holders of the Class HOW certificates beneficially owning the HOW trust subordinate companion loan to exercise its option to purchase the related mortgage loan or REO property, as applicable, following a default to the extent set forth in the related intercreditor agreement.

			If any mortgage loan with a related pari passu companion loan becomes a defaulted mortgage loan and the special servicer (or, with respect to the non-serviced mortgage loan, the other related special servicer described in this free writing prospectus), determines to sell the related mortgage loan as described above, then the applicable special servicer will be required to sell the related pari passu companion loan together with the related mortgage loan as a single loan. In connection with any such sale, such special servicer will be required to follow the procedures set forth under “Servicing of the Mortgage Loans—Realization Upon Defaulted Mortgage Loans” in this free writing prospectus, or similar procedures provided for under the other pooling and servicing agreement, as applicable.

	Tax Status		Elections will be made to treat designated portions of the trust (exclusive of (a) interest that is deferred after the anticipated repayment date of each mortgage loan with an anticipated repayment date and the excess interest distribution account and (b) the portion, if any, of the regular interests represented by the Class A-S, Class B and Class C certificates that have been exchanged for and converted to Class EC certificates and the


	related amounts in the Class EC distribution account) as three separate REMICs – the HOW trust subordinate companion loan REMIC, the lower-tier REMIC and the upper-tier REMIC – for federal income tax purposes. In addition, (i) the portions of the trust consisting of (a) any Class A-S, Class B and Class C certificates that have been exchanged for and converted to Class EC certificates (and the related amounts in the Class EC distribution account) and (b) the excess interest (and related amounts in the excess interest distribution account), will be treated as a grantor trust for federal income tax purposes under subpart E, part I of subchapter J of the Internal Revenue Code of 1986, as amended, (ii) the Class EC certificates will represent undivided beneficial interests in the portion of the grantor trust described in clause (i)(a) above and (iii) the Class NR certificates will represent undivided beneficial interests in the portion of the grantor trust described in clause (i)(b) above.

	Pertinent federal income tax consequences of an investment in the offered certificates include:

	●	Each class of offered certificates will represent or beneficially represent, in the case of the Class EC certificates, “regular interests” in a trust REMIC as further described under “Material Federal Income Tax Consequences” in this free writing prospectus.

	●	Each regular interest represented by an offered certificate will generally be treated as a newly originated debt instrument for federal income tax purposes.

	●	You will be required to report income on the regular interest represented by your offered certificates using the accrual method of accounting.

	●	It is anticipated that the Class certificates will be issued with original issue discount and that the Class certificates will be issued at a premium for federal income tax purposes.

	See “Material Federal Income Tax Consequences” in this free writing prospectus and the prospectus.

Certain ERISA Considerations	Subject to important considerations described under “Certain ERISA Considerations” in this free writing prospectus and the prospectus, the offered certificates are eligible for purchase by persons investing assets of employee benefit plans or individual retirement accounts.

Legal Investment	No class of the certificates will constitute “mortgage related securities” for purposes of the Secondary Mortgage Market Enhancement Act of 1984, as amended.

	If your investment activities are subject to legal investment laws and regulations, regulatory capital requirements, or review by regulatory authorities, then you may be subject to restrictions on investment in the certificates. You should consult your own legal advisors for assistance in determining the suitability of and


			consequences to you of the purchase, ownership, and sale of the certificates.

			The issuing entity will not be registered under the Investment Company Act of 1940, as amended. The issuing entity will be relying on an exclusion or exemption from the definition of “investment company” under the Investment Company Act of 1940, as amended, contained in Section 3(c)(5) of the Investment Company Act of 1940, as amended, or Rule 3a-7 under the Investment Company Act of 1940, as amended, although there may be additional exclusions or exemptions available to the issuing entity. The issuing entity is being structured so as not to constitute a “covered fund” for purposes of the Volcker Rule under the Dodd-Frank Act (both as defined in this free writing prospectus).

			See “Legal Investment” in this free writing prospectus and in the prospectus.

	Ratings		The offered certificates will not be issued unless each of the offered classes receives the following ratings from Moody’s Investors Service, Inc., DBRS, Inc. and Kroll Bond Rating Agency, Inc.:

Class	Moody’s(1)	DBRS(1)	KBRA(1)
Class A-1	Aaa(sf)	AAA(sf)	AAA(sf)
Class A-2	Aaa(sf)	AAA(sf)	AAA(sf)
Class A-3	Aaa(sf)	AAA(sf)	AAA(sf)
Class A-4	Aaa(sf)	AAA(sf)	AAA(sf)
Class A-SB	Aaa(sf)	AAA(sf)	AAA(sf)
Class X-A	Aa1(sf)	AAA(sf)	AAA(sf)
Class X-B	Aa3(sf)	AAA(sf)	AAA(sf)
Class A-S	Aa1(sf)	AAA(sf)	AAA(sf)
Class B	Aa3(sf)	AA(sf)	AA(sf)
Class C	A3(sf)	A(high)(sf)	A(sf)
Class EC	A1(sf)	A(high)(sf)	A(sf)


			security rating. Such ratings on the offered certificates do not address the tax attributes of such certificates or the receipt of any default interest or prepayment premium or constitute an assessment of the likelihood or frequency of prepayments on the mortgage loans.

			In general, the ratings address credit risk and not prepayment risk and do not represent any assessment of the yield to maturity that purchasers may experience as a result of the rate of principal prepayments. A security rating is not a recommendation to buy, sell, or hold securities, a measure of asset value or an indication of the suitability of an investment, and may be subject to revision or withdrawal at any time by the assigning rating agency. Ratings are forward-looking opinions about credit risk and express an agency’s opinion about the ability and willingness of an issuer of securities to meet its financial obligations in full and on time. Ratings are not indications of investment merit. See “Ratings” in this free writing prospectus. A security rating does not represent any assessment of the yield to maturity that investors may experience or the possibility that the holders of the Class X-A and Class X-B certificates might not fully recover their initial investment in the event of delinquencies or defaults, prepayments (both voluntary (to the extent permitted) and involuntary), or losses in respect of the mortgage loans. As described in this free writing prospectus, the amounts payable with respect to the Class X-A and Class X-B certificates consist only of interest. If the mortgage loans were to prepay in the initial month, with the result that the holders of the Class X-A and Class X-B certificates receive only a single month’s interest and therefore, suffer a nearly complete loss of their investment, all amounts “due” to such holders will nevertheless have been paid, and such result is consistent with the rating received on the Class X-A and Class X-B certificates. The notional amounts of the Class X-A and Class X-B certificates on which interest is calculated may be reduced by the allocation of realized losses and principal prepayments, whether voluntary or involuntary. The ratings do not address the timing or magnitude of reductions of such notional amount, but only the obligation to pay interest timely on the notional amount, as so reduced from time to time. Therefore, the ratings of the Class X-A and Class X-B certificates should be evaluated independently from similar ratings on other types of securities.

			The rated final distribution date will be the distribution date in January 2048. See “Yield and Maturity Considerations” and “Description of the Certificates—Advances” in this free writing prospectus.

			Although the depositor will prepay fees for ongoing rating surveillance by certain of the rating agencies engaged by the depositor, the depositor has no obligation or ability to ensure that any rating agency performs ratings surveillance. In addition, a rating agency may cease ratings surveillance if the information furnished to that rating agency is insufficient to allow it to perform surveillance.


			Additionally, other nationally recognized statistical rating organizations that we have not engaged to rate the offered certificates may nevertheless issue unsolicited credit ratings on one or more classes of certificates, relying on information they receive pursuant to Rule 17g-5 under the Securities Exchange Act of 1934, as amended, or otherwise. If any such unsolicited ratings are issued, we cannot assure you that they will not be different from or lower than any ratings assigned to the offered certificates by any other nationally recognized statistical rating organization. The issuance of an unsolicited rating of a class of the offered certificates that is lower than the ratings assigned by the rating agencies engaged by the depositor may adversely impact the liquidity, market value and regulatory characteristics of that class. As part of the process of obtaining ratings for the offered certificates, the depositor had initial discussions with and submitted certain materials to DBRS, Inc., Fitch Ratings, Inc., Kroll Bond Rating Agency, Inc., Moody’s Investors Service, Inc., Morningstar Credit Ratings, LLC and Standard & Poor’s Ratings Service. Based on preliminary feedback from those nationally recognized statistical rating organizations at that time, the depositor selected Moody’s Investors Service, Inc., DBRS, Inc., and Kroll Bond Rating Agency, Inc.to rate the offered certificates and not the other three nationally recognized statistical rating organizations due, in part, to their initial subordination levels for the various classes of offered and non-offered certificates. Had the depositor selected such other nationally recognized statistical rating organizations to rate the offered certificates, we cannot assure you as to the ratings that such other nationally recognized statistical rating organizations would ultimately have assigned to the offered certificates. Although unsolicited ratings may be issued by any nationally recognized statistical rating organization, a nationally recognized statistical rating organization might be more likely to issue an unsolicited rating if it was not selected after having provided preliminary feedback to the depositor. See “Risk Factors—Ratings of the Certificates” and “Ratings” in this free writing prospectus.

			In addition, neither the depositor nor any other person or entity will be required to monitor any changes to any ratings of the offered certificates or will have any duty to notify you if any other nationally recognized statistical rating organization issues, or delivers notice of its intention to issue, unsolicited ratings on one or more classes of offered certificates after the date of this free writing prospectus. In no event will rating agency confirmations from any such other nationally recognized statistical rating organization (except insofar as the matter involves a mortgage loan with a split loan structure and such other rating organization is hired to rate securities backed by the related pari passu companion loan) be a condition to any action, or the exercise of any right, power or privilege by any person or entity under the pooling and servicing agreement.

			Furthermore, the Securities and Exchange Commission may determine that any or all of the nationally recognized statistical rating organizations engaged by the depositor to rate the offered certificates no longer qualifies as a nationally recognized

Property Type	Number of Mortgaged Properties	Aggregate Principal Balance of Mortgaged Properties		Approx. % of Initial Pool Balance
Office	20	$	631,051,961	43.5	%
Multifamily	31		243,462,138	16.8
Hotel	17		235,825,000	16.3
Retail	13		226,051,914	15.6
Total:	81	$	1,336,391,013	92.2	%