[_] |
Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period _________ to __________. |
(Name and telephone number, including area code, of the person to contact in connection with this filing) |
Federal Home Loan Mortgage Corporation (as issuer of the Structured Pass-Through Certificates, Series ML-16) and
FRETE 2023-ML16 Trust |
(Exact name of issuing entity as specified in its charter) |
Jason Griest (703) 903-2000 |
(Name and telephone number, including area code, of the person to contact in connection with this filing) |
Date: June 5, 2023 |
Federal Home Loan Mortgage Corporation, as Depositor with respect to the Structured Pass-Through Certificates, Series ML-16 By:
/s/ Jason Griest
Name: Jason Griest Title: Vice President – Multifamily Securitization |
Exhibit 99.1 |
Report of Independent Accountants on Applying Agreed-Upon Procedures, dated June 5, 2023, of Ernst & Young LLP. |
|
Ernst
& Young LLP Tel: +1 212 773 3000
One Manhattan West ey.com New York, NY 10001 |
Re: | Freddie Mac |
Structured Pass-Through Certificates (SPCs) Series ML-16 | |
FRETE 2023-ML16 Trust | |
|
Multifamily ML Pass-Through Certificates, Series 2023-ML16 |
a. |
Certain electronic data files (the “Data Files”) that are described in Attachment A, |
b. |
Electronic copies of the loan files for the Loans, which contain various source documents (the “Source Documents”) relating to the
Loans and Properties (as defined herein) that secure the Loans, |
c. |
A list of characteristics on the Data Files (the “Compared Characteristics”), which are listed on Exhibit 1 to Attachment A, that
the Depositor instructed us to compare to information contained in the Source Documents, |
d. |
A list of characteristics on the Data Files (the “Recalculated Characteristics”), which are described in Attachment A, that the
Depositor instructed us to recalculate using information on the Data Files, |
e. |
A list of characteristics on the Data Files (the “Provided Characteristics”), which are listed on Exhibit 2 to Attachment A, on
which the Depositor instructed us to perform no procedures, |
f. |
A draft of the preliminary information circular for the Transaction (the “Draft Preliminary Information Circular”) and
|
g. |
Instructions, assumptions and methodologies, which are described in Attachment A. |
|
Page 2 of 3 |
a. |
Satisfying any criteria for due diligence published by a nationally recognized statistical rating organization (a “rating agency”)
or | |
b. |
Making any findings with respect to: | |
i. |
Whether the origination of the Loans conformed to, or deviated from, stated underwriting or credit extension guidelines, standards, criteria, or
other requirements, | |
ii. |
The value of the collateral securing the Loans, | |
iii. |
Whether the originator(s) of the Loans complied with federal, state or local laws or regulations or | |
iv. |
Any other factor or characteristic of the Loans that would be material to the likelihood that the issuer of the certificates that are secured by
the Loans will pay interest and principal in accordance with applicable terms and conditions. |
|
Page 3 of 3 |
|
Attachment A Page 1 of 7 |
1. |
The Depositor provided us with: |
a. |
An electronic data file (the “Preliminary Data File”) that the Depositor indicated contains information relating to the Loans as of 1 June 2023 (the “Cut-Off
Date”) and |
b. |
Record layout and decode information related to the information on the Data Files. |
Loan |
Draft Source Document(s) |
NAP |
NAP |
|
Attachment A Page 2 of 7 |
2. |
As instructed by the Depositor, we adjusted the information on the Preliminary Data File to correct all the differences we noted in performing the procedures described in the Item above and
provided a list of such differences to the Depositor. The Preliminary Data File, as so adjusted, is hereinafter referred to as the “Updated Data File.” |
3. |
Subsequent to the procedures described in the Items above, the Depositor provided us with an electronic data file (the “Final Data File,” which together with the Preliminary Data
File comprise the Data Files) that the Depositor indicated contains information relating to the Loans as of the Cut‑Off Date. |
a. |
Final Data File and |
b. |
Updated Data File, |
4. |
Using the: |
a. |
First Payment Date and |
b. |
Mandatory Prepayment Date, |
a. |
First Payment Date and |
b. |
Maturity Date, |
5. |
Using the: |
a. |
First Payment Date, as shown on the Final Data File, and |
b. |
First payment date that a payment of principal and interest is due following the conversion of the Loan to a permanent loan, as shown in the applicable Source Document, |
|
Attachment A Page 3 of 7 |
6. |
Using the “First Payment Date,” as shown on the Final Data File, we recalculated the “Seasoning” of each Loan as of the Cut-Off Date. We compared this
recalculated information to the corresponding information on the Final Data File and found such information to be in agreement. |
7. |
Using the: |
a. |
Original Loan Amount, |
b. |
Gross Interest Rate and |
c. |
Monthly Debt Service Amount (Amortizing), |
8. |
Using the: |
a. |
Seasoning, |
b. |
IO Period and |
c. |
Amortization Term (Original), |
9. |
Using the: |
a. |
Seasoning and |
b. |
Loan Term (Original), |
Attachment A Page 4 of 7 |
10. |
Using the: |
a. |
Original Loan Amount, |
b. |
Accrual Basis, |
c. |
IO Period, |
d. |
Seasoning, |
e. |
First Payment Date, |
f. |
Mandatory Prepayment Date, |
g. |
Gross Interest Rate and |
h. |
Monthly Debt Service Amount (Amortizing), |
a. |
Ignore differences of +/- $2 or less, |
b. |
Recalculate the “Mandatory Prepayment Date Balance” as the principal amount that is scheduled to be paid on the “Mandatory Prepayment Date” after the principal component (if
any) that is included in the scheduled payment that is due on the “Mandatory Prepayment Date” is applied to the principal balance of the corresponding Loan and |
c. |
Use “N/A” for the “Mandatory Prepayment Date Balance” characteristic for each Loan with a “Mandatory Prepayment Date” characteristic of “N/A,” as
shown on the Final Data File. |
|
Attachment A Page 5 of 7 |
11. |
Using the: |
a. |
Original Loan Amount, |
b. |
Accrual Basis, |
c. |
IO Period, |
d. |
Seasoning, |
e. |
First Payment Date, |
f. |
Maturity Date, |
g. |
Gross Interest Rate and |
h. |
Monthly Debt Service Amount (Amortizing), |
a. |
Ignore differences of +/- $2 or less, |
b. |
Recalculate the “Maturity Balance” as the principal amount that is scheduled to be paid on the “Maturity Date” after the principal component (if any) that is included in the
scheduled payment that is due on the “Maturity Date” is applied to the principal balance of the corresponding Loan and |
c. |
Use “N/A” for the “Maturity Balance” characteristic for each Loan with a “Mandatory Prepayment Date” characteristic other than “N/A,” as shown
on the Final Data File. |
12. |
Using the “Cut-Off Date Loan Amount,” as shown on the Final Data File, we recalculated the “% of Cut-Off Date Pool Balance” of each Loan. We compared this recalculated
information to the corresponding information on the Final Data File and found such information to be in agreement. |
13. |
Using the: |
a. |
Gross Interest Rate and |
b. |
Administration Fee Rate, |
|
Attachment A Page 6 of 7 |
14. |
Using the: |
a. |
Monthly Debt Service Amount (IO), |
b. |
Monthly Debt Service Amount (Amortizing), |
c. |
Most Recent NCF and |
d. |
UW NCF, |
i. |
Most Recent NCF DSCR, |
ii. |
Most Recent NCF DSCR (IO), |
iii. |
UW NCF DSCR and |
iv. |
UW NCF DSCR (IO) |
15. |
Using: |
a. |
Information on the Final Data File and |
b. |
The applicable calculation methodologies and assumptions that are described in the Draft Preliminary Information Circular, |
i. |
Cut-Off Date LTV, |
ii. |
Maturity LTV and |
iii. |
Cut-Off Date Balance/Unit |
16. |
Using the “Sponsor Name,” as shown on the Final Data File, we identified those Loans that had at least one common “Sponsor Name” (the “Related Borrower
Loans”). We compared the Related Borrower Loan information to the corresponding information on the Final Data File and found such information to be in agreement. |
|
Attachment A Page 7 of 7 |
17. |
Using the: |
a. |
Cut-Off Date Loan Amount and |
b. |
TEL Group, |
i. |
% of Cut-Off Date California TEL Group Balance and |
ii. |
% of Cut-Off Date Non-California TEL Group Balance |
Characteristic |
Source Document(s) |
Street Address (see Note 2) |
Certificate of Occupancy, Engineering Report, Property Condition Assessment, Site Inspection Report, Plan and Cost Review or Title Policy |
Property City |
Certificate of Occupancy, Engineering Report, Property Condition Assessment, Site Inspection Report, Plan and Cost Review or Title Policy |
County |
Certificate of Occupancy, Engineering Report, Property Condition Assessment, Site Inspection Report, Plan and Cost Review, Title Policy or USPS
Internet Site |
Property State |
Certificate of Occupancy, Engineering Report, Property Condition Assessment, Site Inspection Report, Plan and Cost Review or Title Policy |
Metropolitan Statistical Area (see Note 3) |
MSA Support File |
Zip Code |
Certificate of Occupancy, Engineering Report, Property Condition Assessment, Site Inspection Report, Plan and Cost Review, Title Policy or USPS
Internet Site |
Property Type |
Updated Appraisal Report, Engineering Report, Property Condition Assessment, Physical Needs Assessment or Site Inspection Report |
Property Subtype |
Updated Appraisal Report, Engineering Report, Property Condition Assessment, Physical Needs Assessment or Site Inspection Report |
Year Built |
Conversion Risk Review, Property Condition Assessment, Physical Needs Assessment, Conversion Credit Memo, Conversion Review Memo or Construction Risk
Review |
Year Renovated |
Conversion Risk Review, Property Condition Assessment, Physical Needs Assessment, Conversion Credit Memo or Conversion Review Memo |
UW Appraisal Value Date |
UW Appraisal Report |
UW Appraised Value |
UW Appraisal Report |
Characteristic |
Source Document(s) |
Appraised Value |
Updated Appraisal Report |
Appraisal Valuation Date |
Updated Appraisal Report |
Seismic Insurance if PML >= 20% (Y/N) (see Note 4) |
Seismic Evaluation Report, Construction Risk Review, Engineering Report, Property Condition Assessment, Physical Needs Assessment or Servicer
Insurance Assessment |
Total Units (see Note 5) |
Rent Roll or Updated Appraisal Report |
Unit of Measure |
Rent Roll or Updated Appraisal Report |
Monthly Rent Per Unit (see Note 6) |
Rent Roll |
Occupancy As of Date |
Rent Roll |
Occupancy % (see Note 7) |
Rent Roll |
Characteristic |
Source Document(s) |
3rd Most Recent Financial End Date |
Operating Statement Analysis Report |
3rd Most Recent EGI |
Operating Statement Analysis Report |
3rd Most Recent Expenses |
Operating Statement Analysis Report |
3rd Most Recent NOI |
Operating Statement Analysis Report |
3rd Most Recent NCF |
Operating Statement Analysis Report |
2nd Most Recent Financial End Date |
Operating Statement Analysis Report |
2nd Most Recent EGI |
Operating Statement Analysis Report |
2nd Most Recent Expenses |
Operating Statement Analysis Report |
2nd Most Recent NOI |
Operating Statement Analysis Report |
2nd Most Recent NCF |
Operating Statement Analysis Report |
Most Recent Financial End Date (see Note 9) |
Interim Financial Analysis Report or Operating Statement Analysis Report |
Most Recent EGI (see Note 9) |
Interim Financial Analysis Report or Operating Statement Analysis Report |
Most Recent Expenses (see Note 9) |
Interim Financial Analysis Report or Operating Statement Analysis Report |
Most Recent NOI (see Note 9) |
Interim Financial Analysis Report or Operating Statement Analysis Report |
Most Recent NCF (see Note 9) |
Interim Financial Analysis Report or Operating Statement Analysis Report |
UW EGI (see Note 15) |
Underwriting Report |
UW Expenses |
Underwriting Report |
UW NOI (see Note 15) |
Underwriting Report |
UW NCF (see Note 15) |
Underwriting Report |
Characteristic |
Source Document(s) |
Optigo Lender |
Multifamily Note, Amended and Restated Multifamily Note, Amendment or Allonge to Multifamily Note, Notice of Conversion, Funding Loan
Agreement or Lease Agreement |
Note Date |
Multifamily Note |
Loan Purpose (New Construction/Rehabilitation/ Refinance/Immediate Perm) |
Conversion Credit Memo |
Conversion Date |
Notice of Conversion |
Original Loan Amount |
Multifamily Note, Amended and Restated Multifamily Note, Amendment or Allonge to Multifamily Note, Notice of Conversion, Lease Agreement or
Transaction Summary Memo |
Cut-Off Date Loan Amount (see Note 10) |
Servicer Balance Statement |
Gross Interest Rate (see Note 16) |
Multifamily Note, Amended and Restated Multifamily Note, Amendment or Allonge to Multifamily Note, Notice of Conversion, Lease Agreement or
Transaction Summary Memo |
Loan Amortization Type |
Multifamily Note, Amended and Restated Multifamily Note, Amendment or Allonge to Multifamily Note, Notice of Conversion, Lease Agreement or
Transaction Summary Memo |
Monthly Debt Service Amount (IO) (see Note 11) |
Multifamily Note, Amended and Restated Multifamily Note, Amendment or Allonge to Multifamily Note, Notice of Conversion, Lease Agreement or
Transaction Summary Memo |
Monthly Debt Service Amount (Amortizing) (see Note 11) |
Multifamily Note, Amended and Restated Multifamily Note, Amendment or Allonge to Multifamily Note, Notice of Conversion, Lease Agreement or
Transaction Summary Memo |
First Payment Date (see Note 12) |
Notice of Conversion |
Payment Date (see Note 13) |
Multifamily Note, Amended and Restated Multifamily Note, Amendment or Allonge to Multifamily Note, Notice of Conversion, Lease Agreement or
Transaction Summary Memo |
Characteristic |
Source Document(s) |
Maturity Date |
Multifamily Note, Amended and Restated Multifamily Note, Amendment or Allonge to Multifamily Note, Notice of Conversion, Lease Agreement or
Transaction Summary Memo |
Mandatory Prepayment Date |
Multifamily Note, Amended and Restated Multifamily Note, Amendment or Allonge to Multifamily Note, Notice of Conversion, Lease Agreement,
Transaction Summary Memo or Notice of Prepayment |
Accrual Basis (see Note 16) |
Multifamily Note, Amended and Restated Multifamily Note, Amendment or Allonge to Multifamily Note, Notice of Conversion, Lease Agreement or
Transaction Summary Memo |
Late Charge Grace Period |
Multifamily Note, Amended and Restated Multifamily Note, Amendment or Allonge to Multifamily Note or Lease Agreement |
Prepayment Provision (see Note 14) |
Multifamily Note, Amended and Restated Multifamily Note, Amendment or Allonge to Multifamily Note, Notice of Conversion, Lease Agreement or
Escrow Break Notice |
Title Vesting (Fee/Leasehold/Both) |
Title Policy |
Lien Position |
Title Policy |
Number of Properties |
Borrower Loan Agreement, Lease Agreement, Engineering Report or Property Condition Assessment |
Ground Lease Maturity Date |
Ground Lease Agreement, Ground Lease Rider, Ground Lease Estoppel, Ground Lease Analysis or Lease Agreement |
Additional Financing In Place (existing) (Y/N) |
Title Policy, Subordinate Financing Agreement, Intercreditor Agreement or Audited Financial Statement |
Additional Financing Amount (existing) |
Title Policy, Subordinate Financing Agreement, Intercreditor Agreement or Audited Financial Statement |
Additional Financing Description (existing) |
Title Policy, Subordinate Financing Agreement, Intercreditor Agreement or Audited Financial Statement |
Bond Counsel Name |
Opinion of Bond Counsel or Opinion of Governmental Lender |
Tax Credit Investor Name |
Audited Financial Statement, Amended and Restated Limited Partnership Agreement or Operating Agreement |
Characteristic |
Source Document(s) |
Tax Reserve (Initial) |
Servicer Balance Statement |
Tax Reserve (Monthly) |
Servicer Balance Statement |
Insurance Reserve (Initial) |
Servicer Balance Statement |
Insurance Reserve (Monthly) |
Servicer Balance Statement |
Replacement Reserve (Initial) |
Servicer Balance Statement |
Replacement Reserve (Monthly) |
Servicer Balance Statement |
Other Reserve (Initial) |
Servicer Balance Statement |
Other Reserve (Monthly) |
Servicer Balance Statement |
Other Reserve Description |
Servicer Balance Statement |
Characteristic |
Source Document(s) |
Type of Regulatory Agreement(s) |
Regulatory Agreement, Regulatory Agreement Analysis, HAP Contract, HAP Agreement, Tax Credit Application or Tax Credit Reservation Letter
|
Description of Regulatory Agreement(s) |
Regulatory Agreement, Regulatory Agreement Analysis, HAP Contract, HAP Agreement, Tax Credit Application or Tax Credit Reservation Letter
|
Number of LIHTC Units |
Regulatory Agreement, Regulatory Agreement Analysis, Tax Credit Application or Tax Credit Reservation Letter |
Rental/Income/Age Restrictions (Y/N) |
Regulatory Agreement, Regulatory Agreement Analysis, HAP Contract, HAP Agreement, Tax Credit Application or Tax Credit Reservation Letter
|
Issuer |
Funding Loan Agreement or Trust Indenture |
Fiscal Agent Name |
Funding Loan Agreement or Trust Indenture |
Annual Fiscal Agent Fee ($) |
Funding Loan Agreement, Trust Indenture or Schedule of Fees |
Annual Fiscal Agent Fee Payment Date |
Funding Loan Agreement, Trust Indenture, Borrower Loan Agreement or Regulatory Agreement |
First Annual Fiscal Agent Fee Payment Date |
Funding Loan Agreement, Trust Indenture, Borrower Loan Agreement or Regulatory Agreement |
Annual Governmental Lender Fee |
Funding Loan Agreement, Trust Indenture, Borrower Loan Agreement or Regulatory Agreement |
Affordable Units (<=30% AMI) |
Regulatory Agreement, Regulatory Agreement Analysis, Tax Credit Application or Tax Credit Reservation Letter |
Affordable Units (<=50% AMI) |
Regulatory Agreement, Regulatory Agreement Analysis, Tax Credit Application or Tax Credit Reservation Letter |
Characteristic |
Source Document(s) |
Affordable Units (50-60% AMI) |
Regulatory Agreement, Regulatory Agreement Analysis, Tax Credit Application or Tax Credit Reservation Letter |
Affordable Units (60-70% AMI) |
Regulatory Agreement, Regulatory Agreement Analysis, Tax Credit Application or Tax Credit Reservation Letter |
Affordable Units (70-80% AMI) |
Regulatory Agreement, Regulatory Agreement Analysis, Tax Credit Application or Tax Credit Reservation Letter |
Affordable Units (80-90% AMI) |
Regulatory Agreement, Regulatory Agreement Analysis, Tax Credit Application or Tax Credit Reservation Letter |
High Cost Affordable Units (90‑100% AMI) |
Regulatory Agreement, Regulatory Agreement Analysis, Tax Credit Application or Tax Credit Reservation Letter |
Affordable LI Units (<=80% AMI) |
Regulatory Agreement, Regulatory Agreement Analysis, Tax Credit Application or Tax Credit Reservation Letter |
Affordable LI Units (<=60% AMI) |
Regulatory Agreement, Regulatory Agreement Analysis, Tax Credit Application or Tax Credit Reservation Letter |
Affordable VLI Units (<=50% AMI) |
Regulatory Agreement, Regulatory Agreement Analysis, Tax Credit Application or Tax Credit Reservation Letter |
1. |
For any Loan listed in Table A1, the Depositor instructed us to use the information in the “Provided Value” column for the applicable characteristic listed in Table A1,
even if the information in the “Provided Value” column did not agree with the information that was shown in the applicable Source Document(s) or the applicable Source Document(s) were not provided to us. |
Table A1: |
|||
Loan |
Characteristic |
Provided Value | |
NAP |
NAP |
NAP |
2. |
For the purpose of comparing the “Street Address” characteristic, the Depositor instructed us to ignore differences that are due to standard postal abbreviations. |
3. |
For the purpose of comparing the “Metropolitan Statistical Area” characteristic, the MSA support file Source Document is a Microsoft Excel file labelled “Freddie
2023 ML_MSA Report_v2.xlsx” which was provided by the Depositor on 1 April 2023. |
4. |
For the purpose of comparing the “Seismic Insurance if PML >= 20% (Y/N)” characteristic, the Depositor instructed us to use “Yes” if the applicable Source
Document(s) indicate the PML is greater than or equal to 20% and seismic insurance is in place. The Depositor instructed us to use “No” if the applicable Source Document(s) indicate the PML is less than 20% or seismic
insurance is not in place. |
5. |
For the purpose of comparing the “Total Units” characteristic, the Depositor instructed us to only include the residential units at the Property associated with each Loan, as
shown in the applicable Source Document(s). |
6. |
For the purpose of comparing the “Monthly Rent Per Unit” characteristic, the Depositor instructed us to use: |
a. |
Market rents for admin, vacant, model, leasing office or “down” units, |
b. |
In-place rents plus employee concessions for manager/employee units and |
c. |
In-place rents plus subsidized rents for occupied units, |
7. |
For the purpose of comparing the “Occupancy %” characteristic, the Depositor instructed us to include occupied, admin, model, leasing office and manager/employee units as occupied
and to include vacant and “down” units as vacant, as shown in the rent roll Source Document. |
8. |
For the purpose of comparing the indicated characteristics, the Depositor instructed us to ignore differences of +/- $1 or less. |
9. |
For the purpose of comparing the indicated characteristics, the interim financial analysis report Source Document is a Microsoft Excel file labelled “Freddie ML TTM 3.31.2023
working_5.31.2023_Delivery.xlsx” which was provided by the Depositor on 31 May 2023. |
10. |
For the purpose of comparing the indicated characteristics, the servicer balance statement Source Document is a Microsoft Excel file labelled “Freddie 2023 ML_Servicer Balances
June 2023.xlsx” which was provided by the Depositor on 15 May 2023. |
11. |
For the purpose of comparing the “Monthly Debt Service Amount (IO)” characteristic for any: |
a. |
Loan for which the “Loan Amortization Type” characteristic, as shown on the Preliminary Data File, is “Interest Only” (each, an “Interest Only Loan”)
or |
b. |
Loan for which the “Loan Amortization Type” characteristic, as shown on the Preliminary Data File, is “Partial IO” (each, a “Partial IO Loan”),
|
i. |
The “Original Loan Amount,” as shown on the Preliminary Data File, and |
ii. |
The “Gross Interest Rate,” as shown on the Preliminary Data File. |
a. |
The “Original Loan Amount,” as shown on the Preliminary Data File, |
b. |
The “Gross Interest Rate,” as shown on the Preliminary Data File, and |
c. |
365/360. |
12. |
For the purpose of comparing the “First Payment Date” characteristic for any Loan where the notice of conversion Source Document does not define the first payment date, the
Depositor instructed us to assume that the “First Payment Date” is the “Payment Date” related to the first full interest accrual period following the “Conversion Date,” as shown in the applicable Source
Document(s). |
13. |
For the purpose of comparing the “Payment Date” characteristic, the Depositor instructed us to ignore any adjustments based on business day convention, as stated in the applicable
Source Document(s). |
14. |
For the purpose of comparing the “Prepayment Provision” characteristic, the Depositor instructed us to ignore any adjustments based on business day convention, as stated in the
applicable Source Document(s). |
15. |
For the purpose of comparing the indicated characteristics for the Loan identified on the Preliminary Data File as “Luther Tower” (the “Luther Tower Loan”), the Depositor
instructed us to include the rent subsidy reserve amount of $205,586, as shown in the underwriting report Source Document, in the “UW EGI,” “UW NOI” and “UW NCF” characteristics. |
16. |
For the purpose of comparing the indicated characteristics for the Loan identified on the Preliminary Data File as “Vista La Rosa Apartments” (the “Vista La Rosa Apartments
Loan”), the multifamily note Source Document indicates that the Vista La Rosa Apartments Loan accrues interest based on a variable interest rate and an Actual/365 basis prior to the payment date in June 2019, and on and after the payment date
in June 2019, the Vista La Rosa Apartments Loan accrues interest based on a fixed interest rate of 4.16000% and a 30/360 basis. The Depositor instructed us to: |
a. |
Use “30/360” for the “Accrual Basis” characteristic and |
b. |
Use “4.16000%” for the “Gross Interest Rate” characteristic. |
Characteristic |
||
Property Name |
||
Loan No. / Property No. |
||
Berkadia Loan Number |
||
Administration Fee Rate |
||
Engineering Reserve/Deferred Maintenance |
||
Single Purpose Borrowing Entity / Single Asset Borrowing Entity |
||
Crossed Loans |
||
Defeasance to Maturity (Y/N) |
||
Cash Management (Description or N/A) |
||
Replacement Reserve - Contractual - Cap ($ or N/A) |
||
Springing Reserve Type |
||
Springing Reserve Amount |
||
Green Advantage |
||
Non-Compliance Provisions (Y/N) |
||
Future Supplemental Financing (Y/N) |
||
Future Supplemental Financing Description |
||
Tax Credit Syndicator Name |
||
Environmental Impact Indicator |
||
Description of Environmental Impact Indicator |
||
Furthering Economic Opportunity |
||
UW Appraised Value Type |
||
Appraised Value Type |
||
Sponsor Name |
||
Footnotes |
||
TEL Group |
Note: |
We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the Provided Characteristics. |
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