0001539497-15-001018.txt : 20150715 0001539497-15-001018.hdr.sgml : 20150715 20150715172511 ACCESSION NUMBER: 0001539497-15-001018 CONFORMED SUBMISSION TYPE: ABS-15G PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20150715 0001515166 ITEM INFORMATION: 2.01 FILED AS OF DATE: 20150715 DATE AS OF CHANGE: 20150715 RULE-15GA2 N Commercial mortgages 0001515166 0000000000 CFCRE 2015-RUM Mortgage Trust FILER: COMPANY DATA: COMPANY CONFORMED NAME: CCRE Commercial Mortgage Securities, L.P. CENTRAL INDEX KEY: 0001515166 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: ABS-15G SEC ACT: SEC FILE NUMBER: 025-00534 FILM NUMBER: 15989966 BUSINESS ADDRESS: STREET 1: 110 EAST 59TH STREET CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: 212-938-5000 MAIL ADDRESS: STREET 1: 110 EAST 59TH STREET CITY: NEW YORK STATE: NY ZIP: 10022 ABS-15G 1 abs15g-cfcre2015rum.htm FORM ABS-15G

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

FORM ABS-15G

ASSET-BACKED SECURITIZER
REPORT PURSUANT TO SECTION 15G
OF THE SECURITIES EXCHANGE ACT OF 1934

Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:

[_] Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period _________ to __________.

Date of Report (Date of earliest event reported): ___________

Commission File Number of securitizer: ___________

Central Index Key Number of securitizer: ___________

(Name and telephone number, including area code, of the person to contact in connection with this filing)

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1): [_]

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i): [_]

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii): [_]
[X] Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2).

Central Index Key Number of depositor: 0001515166

CFCRE 2015-RUM Mortgage Trust
(Exact name of issuer as specified in its charter)

Central Index Key Number of issuing entity (if applicable): ___________

Central Index Key Number of underwriter (if applicable): ___________

Anthony Orso (212) 938-5000
(Name and telephone number, including area code, of the person to contact in connection with this filing)

INFORMATION TO BE INCLUDED IN THE REPORT

PART I: REPRESENTATION AND WARRANTY INFORMATION

N/A

PART II: FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS

Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer

The disclosures required by Rule 15Ga-2 (17 CFR 240.15Ga-2) are attached hereto as Exhibit 99.1.

SIGNATURES

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

Date: July 15, 2015

CFCRE Commercial Mortgage Securities, L.P.
(Depositor)

By: /s/ Anthony Orso    
Name: Anthony Orso
Title: Principal Executive Officer and Director

Exhibit 99.1 Agreed-upon procedures report, dated July 13, 2015, of KPMG LLP.

EX-99.1 2 exh_99-1.htm AGREED-UPON PROCEDURES REPORT, DATED JULY 13, 2015, OF KPMG LLP

 

Adobe Systems    
 

KPMG LLP

1676 International Drive

McLean, VA 22102

  

 

 

Independent Accountants’ Report on Applying Agreed-Upon Procedures

 

Cantor Commercial Real Estate Lending, L.P.

CCRE Commercial Mortgage Securities, L.P.

Cantor Fitzgerald & Co. (together, the “Company”)

Citigroup Global Markets Inc.

(collectively, the “Specified Parties”)

 

Re:CFCRE 2015-RUM – Loan File Procedures

 

We have performed the procedures described below, which were agreed to by the Specified Parties, solely to assist the Specified Parties with certain information pertaining to the mortgage loan and the related mortgaged property which we were informed is intended to be included as collateral in the offering of the CFCRE 2015-RUM Mortgage Trust, Commercial Mortgage Pass-Through Certificates. The Company is responsible for the information contained in the Data File (defined below). This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. The sufficiency of these procedures is solely the responsibility of the Specified Parties. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose.

 

Unless otherwise noted, the following definitions have been adopted in presenting our procedures and findings:

 

·The term “compared” means compared to the information shown and found it to be in agreement, unless otherwise stated. Such compared information was deemed to be in agreement if differences were attributable to rounding.
·The term “recomputed” means recalculated and compared the results to the information shown and found it to be in agreement, unless otherwise stated. Such recomputed information was deemed to be in agreement if differences were attributable to rounding.
·The term “rounding” means that amounts and percentages were within $1.00 and 0.1%, respectively.
·The term “Data File” means the electronic data file provided to us by the Company on July 13, 2015 containing information with respect to 1 mortgage loan (“Mortgage Loan”) and the related 1 mortgaged property (“Mortgaged Property”).
·The term “Cut-off Date” means the payment date in July 2015, as provided by the Company.
·The term “Compared Attributes” means the list of fields in the Data File which were selected by the Company for us to perform procedures and listed in Attachment A.
·The term “Loan File” means the copies of source documents made available by the Company and listed in Attachment A.
·The term “Recomputed Attributes” means the list of fields in the Data File which were selected by the Company for us to perform recomputation procedures and listed in Attachment B.

 

KPMG LLP is a Delaware limited liability partnership,
the U.S. member firm of KPMG International Cooperative
(“KPMG International”), a Swiss entity. 

  

 
 

  

KPMG_15mm42

 

CFCRE 2015-RUM

July 13, 2015

Page 2

    

   

·The term “Calculation Methodology” means the field listed in Attachment B containing the calculation methodology for the Recomputed Attributes provided by the Company.
·The term “Instructions” means the instructions provided by the Company pertaining to a procedure, specific attribute, methodology or value and described in Attachment C.

 

We were instructed by the Company to perform the following agreed-upon procedures on the Mortgage Loan and related Mortgaged Property in the Data File.

 

A.For the Mortgage Loan and related Mortgaged Property in the Data File, we compared the Compared Attributes in the Data File to the corresponding information set forth the Loan File (subject to the Instructions). Where more than one document is indicated, we used the highest priority document that we could locate in the Loan File. The document priority is the order provided by the Company, which is summarized on Attachment A, with the highest priority document listed first.

 

We found such information in the Data File to be in agreement.

 

B.Using (i) certain information in the Data File, and (ii) the Calculation Methodology, we recomputed the Recomputed Attributes for the Mortgage Loan and related Mortgaged Property listed in the Data File and compared the results of our recomputations to the corresponding information contained in the Data File.

 

We found such information in the Data File to be in agreement.

 

There were no conclusions that resulted from the procedures.

 

We were not engaged to, and did not conduct an examination or review, the objectives of which would be the expression of an opinion or conclusion, respectively, on the Data File. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

 

The procedures performed were applied based on the methodologies, instructions and information provided to us by the Company, without verification or evaluation of such methodologies, instructions, documents and information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the methodologies, instructions or information provided to us by the Company, (ii) the physical existence of the Mortgage Loan and Mortgaged Property, (iii) the reliability or accuracy of the documents furnished to us by the Company which were used in our procedures, (iv) the adequacy of the disclosures in the Data File, (v) as to whether any of the statements expressed therein omit any material facts, or (vi) matters of legal interpretation.

 

The procedures performed were not intended to address, nor did they address: (i) the conformity of the origination of the Mortgage Loan to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing any such Mortgage Loan being securitized, (iii) the compliance of the originator of the Mortgage Loan with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the Mortgage Loan that would be material to the likelihood that the issuer or the asset-backed security will pay interest and principal in accordance with applicable terms and conditions. The procedures performed were not intended to satisfy any criteria for due diligence published by a nationally recognized statistical rating organization (“NRSRO”).

 

 
 

 

KPMG_15mm42

 

CFCRE 2015-RUM

July 13, 2015

Page 3

    

 

 

 

 

 

The terms of our engagement are such that we have no obligation to update this report because of events and transactions that may subsequently occur.

 

This report is intended solely for the information and use of Cantor Commercial Real Estate Lending, L.P., CCRE Commercial Mortgage Securities, L.P., Cantor Fitzgerald & Co. and Citigroup Global Markets Inc. It is not intended to be and should not be used by any other person or entity, including investors and NRSROs, who are not identified in the report as Specified Parties but who may have access to this report as required by law or regulation.

 

KPMG LLP Signature

 

July 13, 2015

 

 
 

  

ATTACHMENT A

COMPARED ATTRIBUTES

 

Attribute Source Document
Loan Name Provided by the Company
Property Name Provided by the Company
Primary Type Appraisal Report
Secondary Type Appraisal Report
Hotel Flag Franchise Agreement
Address Appraisal Report
City Appraisal Report
State Appraisal Report
Zip Code Appraisal Report or USPS.com
Year Built Appraisal Report/Engineering Report
Latest Renovation Appraisal Report/Engineering Report
“As-is” Appr. Value Appraisal Report
“As-is” Value Date Appraisal Report
“Stabilized” Appr. Value Appraisal Report
“As-Stabilized” Value Date Appraisal Report
Appraisal Firm Appraisal Report
FIRREA Appraisal Report
Date of Seismic Report Engineering Report/Seismic Report
Seismic Firm Engineering Report/Seismic Report
Located in Seismic Zone (Yes/No) Engineering Report/Seismic Report
PML (%) Engineering Report/Seismic Report
Material Recognized Environmental Concern (Y/N) Environmental Report
Date of Engineering Report Engineering Report
Engineering Firm Engineering Report
Date of Phase I Report Environmental Report
Environmental Firm Environmental Report
Phase II Recommended (Yes/No) Environmental Report
Date of Phase II Report Environmental Report
Rooms / Total SF Company Underwritten Cash Flow Statement
Collateral Rooms / SF Company Underwritten Cash Flow Statement
Primary Unit of Measure Company Underwritten Cash Flow Statement
Occupancy Company Underwritten Cash Flow Statement

 

A-1
 

  

Attribute Source Document
Occupancy Date Company Underwritten Cash Flow Statement
Most Recent ADR Company Underwritten Cash Flow Statement
Most Recent RevPAR Company Underwritten Cash Flow Statement
2014 ADR Company Underwritten Cash Flow Statement
2014 RevPAR Company Underwritten Cash Flow Statement
2013 ADR Company Underwritten Cash Flow Statement
2013 RevPAR Company Underwritten Cash Flow Statement
2012 ADR Company Underwritten Cash Flow Statement
2012 RevPAR Company Underwritten Cash Flow Statement
2011 ADR Company Underwritten Cash Flow Statement
2011 RevPAR Company Underwritten Cash Flow Statement
1st Mortgage Original Balance Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Mezzanine Original Balance Mezzanine Loan Agreement
LIBOR Assumption Provided by the Company
LIBOR Setting Loan Agreement/Promissory Note, Deed of Trust/Mortgage
LIBOR Reset Frequency Loan Agreement/Promissory Note, Deed of Trust/Mortgage
LIBOR Rounding Loan Agreement/Promissory Note, Deed of Trust/Mortgage
LIBOR Floor Loan Agreement/Promissory Note, Deed of Trust/Mortgage
1st Mortgage Floor Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Mezzanine Floor Mezzanine Loan Agreement
Effective LIBOR 1st Mortgage Provided by the Company
Effective LIBOR Mezzanine Provided by the Company
Mezzanine Margin Mezzanine Loan Agreement
1st Mortgage Margin Loan Agreement/Promissory Note, Deed of Trust/Mortgage
LIBOR Cap Rate Cap Agreement
LIBOR Cap Expiration Rate Cap Agreement
LIBOR Cap Provider Rate Cap Agreement
LIBOR Cap Provider Ratings (S/M/F) Rate Cap Agreement
Note Date Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Borr. Legal Name Loan Agreement/Promissory Note, Deed of Trust/Mortgage

A-2
 

Attribute Source Document
Recourse Carve Out Guarantees (Yes/No) Guaranty
Recourse Guarantee Warm Body (Yes/No) Guaranty
Recourse Guarantor Name Guaranty
Recourse Guarantor Ongoing Net Worth and Liquidity Covenants Guaranty
Loan Purpose Settlement Statement
Payment Day Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Interest Accrual Begin Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Interest Accrual End Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Rate Type Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Loan Type Loan Agreement/Promissory Note, Deed of Trust/Mortgage
1st Amortization Date Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Mezz Amort Mezzanine Loan Agreement
IOPeriod Loan Agreement/Promissory Note, Deed of Trust/Mortgage
1st. IO Date Loan Agreement/Promissory Note, Deed of Trust/Mortgage
First Pmt Date Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Maturity Date Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Original Term Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Exit Fee Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Extension Option Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Extension Fee Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Extended Maturity Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Aggregate Extension Options Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Original Term Extended Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Prepay Description Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Partial Prepay Permitted (Provisions) Loan Agreement/Promissory Note, Deed of Trust/Mortgage

 

A-3
 

 

Attribute Source Document
Liquidated Damages Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Lockout Period Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Penalty Period Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Open Period Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Lockout Exp Date Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Prepay Penalty Start Date Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Prepay Penalty End Date Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Grace Days Default Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Grace Days Late Fee Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Default Rate Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Late Fee Loan Agreement/Promissory Note, Deed of Trust/Mortgage
SPE Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Non Consol Loan Agreement/Promissory Note, Deed of Trust/Mortgage/Non Consolidation Agreement
Ind. Director Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Cross Collat. Loan Agreement/Promissory Note, Deed of Trust/Mortgage/Cross Collateralized Agreement
Cross Default Loan Agreement/Promissory Note, Deed of Trust/Mortgage/Crossed Collateralized Agreement
Partial Release Permitted Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Partial Release Description Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Lien Position Proforma Title Policy
Fee Simple / Leasehold Proforma Title Policy
Ground Lease Proforma Title Policy/Ground Lease
Ground Lease Exp. Proforma Title Policy/Ground Lease
Annual Ground Lease Payment Proforma Title Policy/Ground Lease
LockBox Type Loan Agreement/Cash Management Agreement
Cash Management Loan Agreement/Cash Management Agreement

 

A-4
 

 

Attribute Source Document
Excess Cash Trap Trigger Loan Agreement/Promissory Note, Deed of Trust/Mortgage/Cash Management Agreement/Lockbox Agreement
Prop Management Property Management Agreement
Prop Management Fee Property Management Agreement
Prop Management Initial Expiration Date Property Management Agreement
Prop Management Renew Term Property Management Agreement
Initial Tax Reserve Loan Agreement/Promissory Note, Deed of Trust/Mortgage/Settlement Statement/Reserve Agreement
Initial Insurance Reserve Loan Agreement/Promissory Note, Deed of Trust/Mortgage/Settlement Statement/Reserve Agreement
Initial Replacement Reserve Loan Agreement/Promissory Note, Deed of Trust/Mortgage/Settlement Statement/Reserve Agreement
Initial TI/LC Reserve Loan Agreement/Promissory Note, Deed of Trust/Mortgage/Settlement Statement/Reserve Agreement
Initial Deferred Maintenance Reserve Loan Agreement/Promissory Note, Deed of Trust/Mortgage/Settlement Statement/Reserve Agreement
Initial Environmental Reserve Loan Agreement/Promissory Note, Deed of Trust/Mortgage/Settlement Statement/Reserve Agreement
Initial Debt Service Reserve Loan Agreement/Promissory Note, Deed of Trust/Mortgage/Settlement Statement/Reserve Agreement
Initial Other Reserve Loan Agreement/Promissory Note, Deed of Trust/Mortgage/Settlement Statement/Reserve Agreement
Initial Other Reserve Description Loan Agreement/Promissory Note, Deed of Trust/Mortgage/Settlement Statement/Reserve Agreement
Ongoing Tax Escrow Loan Agreement/Promissory Note, Deed of Trust/Mortgage/Settlement Statement/Reserve Agreement
Ongoing Insurance Escrow Loan Agreement/Promissory Note, Deed of Trust/Mortgage/Settlement Statement/Reserve Agreement
Ongoing Required Replacement Reserves Loan Agreement/Promissory Note, Deed of Trust/Mortgage/Settlement Statement/Reserve Agreement
Ongoing Required TI/LC Loan Agreement/Promissory Note, Deed of Trust/Mortgage/Settlement Statement/Reserve Agreement

 

A-5
 

 

Attribute Source Document
FFE Reserve Loan Agreement/Promissory Note, Deed of Trust/Mortgage/Settlement Statement/Reserve Agreement
Ongoing Other Reserve Loan Agreement/Promissory Note, Deed of Trust/Mortgage/Settlement Statement/Reserve Agreement
Ongoing Other Reserve Description Loan Agreement/Promissory Note, Deed of Trust/Mortgage/Settlement Statement/Reserve Agreement
UW Revenues Company Underwritten Cash Flow Statement
UW Expenses Company Underwritten Cash Flow Statement
UW NOI Company Underwritten Cash Flow Statement
UW Replacement Reserves/FF&E Company Underwritten Cash Flow Statement
UW TI/LC Company Underwritten Cash Flow Statement
UW NCF Company Underwritten Cash Flow Statement
Most Recent Financial Statement Date Company Underwritten Cash Flow Statement
Most Recent NCF Company Underwritten Cash Flow Statement
2nd Most Recent Financial Statement Date Company Underwritten Cash Flow Statement
2nd Most Recent NCF Company Underwritten Cash Flow Statement
3rd Most Recent Financial Statement Date Company Underwritten Cash Flow Statement
3rd Most Recent NCF Company Underwritten Cash Flow Statement
Master & Primary Fee Rate Provided by the Company
Cert Admin / Trustee Fee Rate Provided by the Company
CREFC Fee Provided by the Company
Directs Investment (Borrower or Lender) Loan Agreement/Promissory Note, Deed of Trust/Mortgage
RE Tax Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Insurance Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Replacement Reserves Loan Agreement/Promissory Note, Deed of Trust/Mortgage
TI/LC Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Immediate Repairs Loan Agreement/Promissory Note, Deed of Trust/Mortgage
Other Escrows Loan Agreement/Promissory Note, Deed of Trust/Mortgage

 

A-6
 

 

ATTACHMENT B

RECOMPUTED ATTRIBUTES

 

Attribute Calculation Methodology
Appraised Value / Unit “As-is” Appr. Value divided by Collateral Rooms / SF
Total Debt Original Balance The sum of 1st Mortgage Original Balance and Mezzanine Original Balance
Total Debt Current Balance The sum of 1st Mortgage Current Balance and Mezzanine Current Balance
1st Mortgage Current Balance We recomputed using the 1st Mortgage Original Balance, 1st Mortgage Debt Service at LIBOR, 1st Mortgage Coupon, First Pmt Date, Rate Type, IOPeriod, and Seasoning.  We are assuming all scheduled payments of principal and/or interest on the Mortgage Loan are made and that there are no prepayments or other unscheduled collections.
Mezzanine Current Balance

We recomputed using the Mezzanine Original Balance, Mezzanine Debt Service at LIBOR

Mezzanine Coupon, First Pmt Date, Rate Type, IOPeriod, and Seasoning. We are assuming all scheduled payments of principal and/or interest on the mezzanine mortgage loan are made and that there are no prepayments or other unscheduled collections.

Total Debt Balloon Balance The sum of 1st Mortgage Balloon Balance and Mezzanine Balloon Balance
1st Mortgage Balloon Balance We recomputed using the 1st Mortgage Original Balance, 1st Mortgage Debt Service at LIBOR, 1st Mortgage Coupon, First Pmt Date, Rate Type, IOPeriod, Seasoning and Maturity Date.  We are assuming all scheduled payments of principal and/or interest on the Mortgage Loan are made and that there are no prepayments or other unscheduled collections.
Mezzanine Balloon Balance We recomputed using the Mezzanine Original Balance, Mezzanine Debt Service at LIBOR Mezzanine Coupon, First Pmt Date, Rate Type, IOPeriod, Seasoning and Maturity Date.  We are assuming all scheduled payments of principal and/or interest on the mezzanine mortgage loan are made and that there are no prepayments or other unscheduled collections.
1st Mortgage Balance / Unit 1st Mortgage Current Balance divided by Collateral Rooms / SF
Total Debt Balance / Unit Total Debt Current Balance divided by Collateral Rooms / SF
1st Mortgage “As Is” Current LTV 1st Mortgage Current Balance divided by “As-is” Appr. Value
Total Debt “As Is” Current LTV Total Debt Current Balance divided by “As-is” Appr. Value

 

B-1
 

Attribute Calculation Methodology
1st Mortgage “As Stabilized” Current LTV 1st Mortgage Current Balance divided by “Stabilized” Appr. Value
Total Debt “As Stabilized” Current LTV Total Debt Current Balance divided by “Stabilized” Appr. Value
1st Mortgage “As Is” Maturity LTV 1st Mortgage Balloon Balance divided by “As-is” Appr. Value
Total Debt “As Is” Maturity LTV Total Debt Balloon Balance divided by “As-is” Appr. Value
1st Mortgage “As Stabilized” Maturity LTV 1st Mortgage Balloon Balance divided by “Stabilized” Appr. Value
Total Debt “As Stabilized” Maturity LTV Total Debt Balloon Balance divided by “Stabilized” Appr. Value
Total Debt Margin We calculated by using the weighted average of the 1st Mortgage Margin and Mezzanine Margin weighted by the 1st Mortgage Original Balance and the Mezzanine Original Balance, respectively
Total Debt Coupon We calculated by using the weighted average of the 1st Mortgage Coupon and Mezzanine Coupon weighted by the 1st Mortgage Original Balance and the Mezzanine Original Balance, respectively
1st Mortgage Coupon The sum of the 1st Mortgage Margin and the Effective LIBOR 1st Mortgage
Mezzanine Coupon The sum of the Mezzanine Margin and the Effective LIBOR Mezzanine
1st Mortgage Debt Service at LIBOR We recomputed by the following formula: 1st Mortgage Current Balance multiplied by the 1st Mortgage Coupon multiplied by the number of days in the month (Actual/360)
Mezzanine Debt Service at LIBOR We recomputed by the following formula: Mezzanine Current Balance multiplied by the Mezzanine Coupon multiplied by the number of days in the month (Actual/360)
Total Debt, Debt Service at LIBOR The sum of the 1st Mortgage Debt Service at LIBOR and the Mezzanine Debt Service at LIBOR
1st Mortgage Cap Coupon The sum of the LIBOR Cap and the 1st Mortgage Margin
Mezzanine Cap Coupon The sum of the LIBOR Cap and the Mezzanine Margin
1st Mortgage Debt Service at Cap We recomputed by the following formula: 1st Mortgage Current Balance multiplied by the 1st Mortgage Cap Coupon multiplied by the number of days in the month (Actual/360)
Mezzanine Debt Service at Cap We recomputed by the following formula: Mezzanine Current Balance multiplied by the Mezzanine Cap Coupon multiplied by the number of days in the month (Actual/360)
Total Debt, Debt Service at Cap The sum of the 1st Mortgage Debt Service at Cap and the Mezzanine Debt Service at Cap

 

B-2
 

Attribute Calculation Methodology
Seasoning Number of payments between and including the First Payment Date and the Cut-off Date.
Remaining Term Original Term minus Seasoning
Remaining Term Extended Original Term Extended minus Seasoning
Total Debt UW NOI DSCR at LIBOR UW NOI divided by the sum of the 1st Mortgage Debt Service at LIBOR and the Mezzanine Debt Service at LIBOR
Total Debt UW NCF DSCR at LIBOR UW NCF divided by the sum of the 1st Mortgage Debt Service at LIBOR and the Mezzanine Debt Service at LIBOR
Total Debt UW NOI DSCR at LIBOR at Cap UW NOI divided by the sum of the 1st Mortgage Debt Service at Cap and the Mezzanine Debt Service at Cap
Total Debt UW NCF DSCR at Cap UW NCF divided by the sum of the 1st Mortgage Debt Service at Cap and the Mezzanine Debt Service at Cap
1st Mortgage UW NCF DSCR at LIBOR UW NCF divided by the 1st Mortgage Debt Service at LIBOR
1st Mortgage UW NOI DSCR at LIBOR UW NOI divided by the 1st Mortgage Debt Service at LIBOR
1st Mortgage UW NCF DSCR at Cap UW NCF divided by the 1st Mortgage Debt Service at Cap
1st Mortgage UW NOI DSCR at Cap UW NOI divided by the 1st Mortgage Debt Service at Cap
Total Debt UW NOI Debt Yield UW NOI divided by the Total Debt Current Balance
Total Debt UW NCF Debt Yield UW NCF divided by the Total Debt Current Balance
1st Mortgage UW NOI Debt Yield UW NOI divided by the 1st Mortgage Current Balance
1st Mortgage UW NCF Debt Yield UW NCF divided by the 1st Mortgage Current Balance

Admin Fee Rate

 

Sum of the Master & Primary Fee Rate, Cert Admin / Trustee Fee Rate and the CREFC Fee

 

B-3
 

 

ATTACHMENT C

INSTRUCTIONS

 

 

1.For those Compared Attributes with the Source Document indicated as “Provided by Company,” we were instructed by the Company to assume the attribute is accurate and not perform any procedure.

 

 

C-1
 

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