0001539497-20-000417.txt : 20200221 0001539497-20-000417.hdr.sgml : 20200221 20200221171615 ACCESSION NUMBER: 0001539497-20-000417 CONFORMED SUBMISSION TYPE: ABS-15G PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20200221 ITEM INFORMATION: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer FILED AS OF DATE: 20200221 DATE AS OF CHANGE: 20200221 ABS RULE: RULE-15GA2 REGISTERED ENTITY: N ABS ASSET CLASS: Commercial mortgages CFK Trust 2020-MF2 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: Dodd Frank Act SEC FILE NUMBER: 025-00534 FILM NUMBER: 20641166 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 DEPOSITOR: 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: Dodd Frank Act 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 SECURITIZER: 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: Dodd Frank Act SEC FILE NUMBER: 025-00534 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 n2028_abs15g-x1.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) [_]

 

 

[ü] Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

 

Central Index Key Number of depositor: 0001515166

 

CFK Trust 2020-MF2                                                                                                            
(Exact name of issuing entity as specified in its charter)

 

Central Index Key Number of issuing entity (if applicable): Not applicable                        

 

   
 

 

Central Index Key Number of underwriter (if applicable): Not applicable                           

 

Paul Vanderslice, (212) 915-1249

Name and telephone number, including area code, of the person to

contact in connection with this filing

 

INFORMATION TO BE INCLUDED IN THE REPORT

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

Attached as Exhibit 1 hereto is an agreed-upon procedures report, dated February 21, 2020, of Deloitte & Touche LLP, obtained by the depositor, which report sets forth the findings and conclusions, as applicable, of Deloitte & Touche LLP with respect to certain agreed-upon procedures performed by Deloitte & Touche LLP.

 

   
 

 

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:  February 21, 2020 CCRE COMMERCIAL MORTGAGE SECURITIES, L.P.
     
     
  By: /s/ Gary Stellato
    Name: Gary Stellato
    Title:   Senior securitization officer

 

   
 

 

Exhibit 1     Agreed-upon procedures report, dated February 21, 2020, of Deloitte & Touche LLP.

 

 EX-1 2 exh-1.htm AGREED-UPON PROCEDURES REPORT, DATED FEBRUARY 21, 2020

Exhibit 1

 

 

 

Deloitte & Touche LLP

Suite 400
Harborside Plaza 10

Jersey City, NJ 07311
USA

 

Tel:   +1 212 937 8200

Fax:  +1 212 937 8298

www.deloitte.com

 

Cantor Commercial Real Estate Lending, L.P.

499 Park Avenue
New York, New York 10022

  
   
   

Independent Accountants’ Report

on Applying Agreed-Upon Procedures

 

We have performed the procedures described below, which were agreed to by Cantor Commercial Real Estate Lending, L.P. (the “Company”) and Cantor Fitzgerald & Co. and CCRE Commercial Mortgage Securities, L.P., KeyBank National Association and KeyBanc Capital Markets Inc. (together with the Company, the “Specified Parties”), relating to the proposed offering of certain classes of CFK Trust 2020-MF2, Commercial Mortgage Pass-Through Certificates, Series 2020-MF2.

 

The information provided to us, including the information set forth in the Data File (as defined herein), is the responsibility of the Company. The sufficiency of these procedures is solely the responsibility of the Specified Parties of this report. Consequently, we make no representations regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose.

 

Capitalized terms used but not defined herein are used with the meanings as described in “The Bond Market Association's Standard Formulas for the Analysis of Mortgage-Backed Securities and Other Related Securities.”

 

Procedures and Findings

 

On February 21, 2020, representatives of the Company provided us with a computer generated mortgage loan data file and related record layout (the “Data File”) containing certain information related to one mortgage loan contributed by Cantor Commercial Real Estate Lending, L.P. and KeyBank National Association (collectively, the “Mortgage Loan Seller”) that is secured by 27 mortgaged properties (the “Mortgage Asset”).

 

From January 31, 2020 through February 20, 2020, representatives of the Mortgage Loan Seller provided us with certain Source Documents (as defined in the attached Appendix A) related to the Mortgage Asset.

 

At your request, for the Mortgage Asset set forth on the Data File, we compared certain characteristics (the “Characteristics” as indicated on Appendix A, except for those Characteristics identified on Appendix A as “None - Mortgage Loan Seller Provided” or “Not Applicable”) to the corresponding information set forth on or derived from the corresponding Source Documents and found them to be in agreement.

 

******

    Member of
Deloitte Touche Tohmatsu

 

   
 

 

2

We make no representations as to (i) the actual characteristics or existence of the underlying documents or data comprising the Mortgage Assets underlying the Data File or the conformity of their respective characteristics with those assumed for purposes of the procedures described herein, (ii) whether the Source Documents are comprehensive and valid instruments and reflect the current prevailing terms with respect to the Mortgage Asset, (iii) the existence or ownership of the Mortgage Asset or (iv) the reasonableness of any of the aforementioned assumptions, information or methodologies.

 

It should be understood that we make no representations as to questions of legal interpretation or as to the sufficiency for your purposes of the procedures enumerated in the preceding paragraphs. Also, such procedures would not necessarily reveal any material misstatement of the information referred to above. We have no responsibility to update this report for events and circumstances that occur subsequent to the date of this report.

 

This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. We were not engaged to conduct, and did not conduct, an (i) audit conducted in accordance with generally accepted auditing standards or (ii) examination or a review conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants, the objective of which would be the expression of an opinion or conclusion, respectively, on the accompanying information. Accordingly, we do not express such an opinion or conclusion, or any other form of assurance, including reasonable assurance. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

 

None of the engagement, procedures or report was intended to address, nor did they address, the (i) conformity of the origination of the Mortgage Asset to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) value of collateral securing such Mortgage Asset or (iii) compliance of the originator of the Mortgage Asset with federal, state, and local laws and regulations.

 

None of the engagement, procedures or report were intended to satisfy, nor did they satisfy, any criteria for due diligence published by a nationally recognized statistical rating organization.

 

This report is intended solely for the use and information of the Specified Parties and is not intended to be and should not be used by anyone other than the Specified Parties.

 

Yours truly,

 

/s/ Deloitte & Touche LLP

 

February 21, 2020

 

   
 

 

Appendix A

Source Documents

 

For purposes of performing the agreed-upon procedures described herein and at your request, we relied upon the following source documents as provided to us by the Mortgage Loan Seller, with respect to the Mortgage Asset (the “Source Documents”):

 

·Loan agreements, promissory notes, consolidated, amended and restated promissory notes, indentures, note purchase agreements, pari passu loan agreements, pari passu promissory notes, mortgage deed of trusts or reserve agreements (collectively, the “Loan Agreement”);
·The closing statement (the “Closing Statement”);
·Cash management agreement and deposit account control agreement (collectively, the “Cash Management Agreement”);
·Real estate property appraisal report (the “Appraisal Report”);
·Historical occupancy report (the “Historical Occupancy Report”);
·Electronic Underwritten Model (the “Underwriting Model”);
·Title policy or pro-forma title policy (collectively, the “Title Policy”);
·Non-consolidation opinion letter (the “Non-Consolidation Opinion”);
·The guaranty of recourse obligation or environmental indemnity agreement (collectively, the “Guaranty”);
·Property condition report (the “Property Condition Report”);
·Environmental Insurance Certificate (the “Environmental Insurance Certificate”);
·Environmental Site Assessment Phase I environmental report (the “ESA Phase I Report”); and
·Property Hazard and Liability Insurance Certificate (collectively, the “Insurance Certificate”).
   
 

 

  Characteristic Source Document
1 Loan Pool No. None - Mortgage Loan Seller Provided
2 Loan Number None - Mortgage Loan Seller Provided
3 Mortgage Loan Seller None - Mortgage Loan Seller Provided
4 Mortgage Loan Originator Loan Agreement
5 Property ID Not Applicable
6 Property Name None - Mortgage Loan Seller Provided
7 % by Cut-Off Date Balance Refer to calculation procedures
8 Senior Trust Loan Original Balance Loan Agreement
9 Senior Trust Loan Cut-Off Date Balance Refer to calculation procedures
10 Senior Trust Loan Maturity Date Balance Refer to calculation procedures
11 Cut-Off Date Balance per Unit Refer to calculation procedures
12 Cut-Off Date None - Mortgage Loan Seller Provided
13 Number of Properties Appraisal Report
14 Street Address Appraisal Report
15 City Appraisal Report
16 State Appraisal Report
17 Zip Code Appraisal Report
18 County Appraisal Report
19 Property Type Appraisal Report
20 Property Sub-Type Appraisal Report
21 Units Appraisal Report
22 Primary Unit of Measure Appraisal Report
23 Year Built Appraisal Report
24 Year Renovated Appraisal Report
25 Current Occupancy Historical Occupancy Report
26 Current Occupancy Date Historical Occupancy Report
27 Ownership Interest Title Policy
28 “As-is” Appraised Value Appraisal Report
29 “As-is” Appraised Value as of Date Appraisal Report
30 “As-Portfolio” Appraised Value Appraisal Report
31 “As-is” Cut-off Date LTV Refer to calculation procedures
32 “As-Portfolio” Cut-off Date LTV Refer to calculation procedures
33 “As-is” Maturity Date LTV Refer to calculation procedures
34 Borrower Name Loan Agreement
35 Sponsor Loan Agreement
36 Nonrecourse Carve-out Guarantor Guaranty
37 Environmental Indemnitor Guaranty
38 Borrower Type (LLC, LP, TIC, DST, Corp, etc.) Loan Agreement
   
 

 

  Characteristic Source Document
39 Borrower State of Incorporation Loan Agreement
40 Prior Borrower/Sponsor BK, Material Litigation, Felony, Other (Y/N) None – Mortgage Loan Seller Provided
41 Borrower Issue Description Not Applicable
42 Discounted Payoff (DPO), Maturity Default (MD), Loan Modification (LM) None – Mortgage Seller Provided
43 SPE (Y/N) Loan Agreement
44 SAE (Y/N) Loan Agreement
45 Non-Consolidation Opinion (Y/N) Non-Consolidation Opinion
46 Independent Director (Y/N) Loan Agreement
47 Related Borrowers (Y/N) Loan Agreement
48 Related Borrower Pool Loan Agreement
49 Cross Collateralized / Cross Defaulted (Y/N) Loan Agreement
50 Single Note / Multiple Property Loan (Y/N) Loan Agreement
51 Acquisition or Refinance Loan Agreement
52 Note Date Loan Agreement
53 First Payment Date (P&I) Loan Agreement
54 First Payment Date (IO) Loan Agreement
55 Maturity Date Loan Agreement
56 ARD Loan (Y/N) Loan Agreement
57 Lockbox Type Loan Agreement/Cash Management Agreement
58 Cash Management Status Loan Agreement/ Cash Management Agreement
59 Terms/Description of Springing Lockbox Loan Agreement/ Cash Management Agreement
60 Original Term to Maturity (mos.) Refer to calculation procedures
61 Remaining Term to Maturity (mos.) Refer to calculation procedures
62 Original IO Period (mos.) Refer to calculation procedures
63 Remaining IO Period (mos.) Refer to calculation procedures
64 Original Amort. Term (mos.) Refer to calculation procedures
65 Amort. Type Loan Agreement
66 Interest Accrual Method Loan Agreement
67 Rate Loan Agreement
68 Monthly Debt Service (IO) Refer to calculation procedures
69 Annual Debt Service (IO) Refer to calculation procedures
70 Senior Non-Trust Pari Passu Monthly Debt Service (IO) Refer to calculation procedures
71 Senior Non-Trust Pari Passu Annual Debt Service (IO) Refer to calculation procedures
72 UW NCF DSCR Refer to calculation procedures
73 UW NOI DSCR Refer to calculation procedures
   
 

 

  Characteristic Source Document
74 2017 Operating Statement Date Underwriting Model
75 2017 EGI Underwriting Model
76 2017 Expenses Underwriting Model
77 2017 NOI Underwriting Model
78 2017 NOI Debt Yield Refer to calculation procedures
79 2018 Operating Statement Date Underwriting Model
80 2018 EGI Underwriting Model
81 2018 Expenses Underwriting Model
82 2018 NOI Underwriting Model
83 2018 NOI Debt Yield Refer to calculation procedures
84 TTM Operating Statement Date Underwriting Model
85 TTM EGI Underwriting Model
86 TTM Expenses Underwriting Model
87 TTM NOI Underwriting Model
88 TTM NOI Debt Yield Refer to calculation procedures
89 2017 Occupancy Historical Occupancy Report
90 2017 Occupancy Date Historical Occupancy Report
91 2018 Occupancy Historical Occupancy Report
92 2018 Occupancy Date Historical Occupancy Report
93 2019 Occupancy Historical Occupancy Report
94 2019 Occupancy Date Historical Occupancy Report
95 Underwritten Occupancy % Underwriting Model
96 Underwritten Revenues Underwriting Model
97 Underwritten EGI Underwriting Model
98 Underwritten Expenses Underwriting Model
99 Underwritten NOI Underwriting Model
100 Underwritten NOI Debt Yield Refer to calculation procedures
101 Underwritten TI/LC Underwriting Model
102 Underwritten Cap Ex Underwriting Model
103 Underwritten NCF Underwriting Model
104 Underwritten NCF Debt Yield Refer to calculation procedures
105 Tax Escrow in Place (Y/N) Loan Agreement/Closing Statement
106 Initial Tax Escrow Amount ($) Loan Agreement/Closing Statement
107 Ongoing Tax Escrow - Monthly ($) Loan Agreement/Closing Statement
108 Tax Reserve Cap ($ and Description) Loan Agreement/Closing Statement
109 Springing Reserve Requirement for Tax (Y/N) Loan Agreement/Closing Statement
110 Terms or Conditions for Springing Tax Reserve Requirement Loan Agreement/Closing Statement
111 Current Tax Escrow Balance Loan Agreement/Closing Statement
   
 

 

  Characteristic Source Document
112 Interest on Tax Escrow Goes to: Loan Agreement/Closing Statement
113 Insurance Escrow in Place (Y/N) Loan Agreement/Closing Statement
114 Initial Insurance Escrow Amount ($) Loan Agreement/Closing Statement
115 Ongoing Insurance Escrow - Monthly ($) Loan Agreement/Closing Statement
116 Insurance Reserve Cap ($ and Description) Loan Agreement/Closing Statement
117 Springing Reserve Requirement for Insurance (Y/N) Loan Agreement/Closing Statement
118 Terms or Conditions for Springing Insurance Reserve Requirement Loan Agreement/Closing Statement
119 Current Insurance Escrow Balance Loan Agreement/Closing Statement
120 Interest on Insurance Escrow Goes to: Loan Agreement/Closing Statement
121 Deferred Maintenance Escrow in Place (Y/N) Loan Agreement/Closing Statement
122 Deferred Maintenance Required ($) Loan Agreement/Closing Statement
123 Deferred Maintenance Escrow Amount ($) Loan Agreement/Closing Statement
124 % of Total Recommended Deferred Maintenance Amount Escrowed (%) Refer to calculation procedures
125 Deferred Maintenance Escrow Current Balance ($) Loan Agreement/Closing Statement
126 Interest on Deferred Maint. Escrow Goes to: Loan Agreement/Closing Statement
127 Cap Ex Escrow in Place (Y/N) Loan Agreement/Closing Statement
128 Initial Cap Ex Escrow Amount ($) Loan Agreement/Closing Statement
129 Ongoing Cap Ex Escrow - Monthly ($) Loan Agreement/Closing Statement
130 Cap Ex Reserve Cap ($ and Description) Loan Agreement/Closing Statement
131 Springing Reserve Requirement for Cap Ex (Y/N) Loan Agreement/Closing Statement
132 Terms or Conditions for Springing Cap Ex Reserve Requirement Loan Agreement/Closing Statement
133 Current Cap Ex Escrow Balance Loan Agreement/Closing Statement
134 Interest on Cap Ex Escrow Goes to: Loan Agreement/Closing Statement
135 TI/LC Escrow in Place (Y/N) Loan Agreement/Closing Statement
136 Initial TI/LC Escrow Amount ($) Loan Agreement/Closing Statement
137 Ongoing TI/LC Escrow - Monthly ($) Loan Agreement/Closing Statement
138 TI/LC Reserve Cap ($ and Description) Loan Agreement/Closing Statement
139 Springing Reserve Requirement for TI/LC (Y/N) Loan Agreement/Closing Statement
140 Terms or Conditions for Springing TI/LC Reserve Requirement Loan Agreement/Closing Statement
141 Current TI/LC Balance Loan Agreement/Closing Statement
142 Interest on TI/LC Escrow Goes to: Loan Agreement/Closing Statement
143 Other Escrows in Place (Y/N) Loan Agreement/Closing Statement
144 Description of "Other" Escrows Loan Agreement/Closing Statement
145 Initial Other Escrow Amount ($) Loan Agreement/Closing Statement
146 Ongoing Other Escrow - Monthly ($) Loan Agreement/Closing Statement
147 Other Reserve Cap ($) Loan Agreement/Closing Statement
   
 

 

  Characteristic Source Document
148 Other Springing Reserve Requirement (Y/N) Loan Agreement/Closing Statement
149 Terms or Conditions for Springing Other Reserve Requirement Loan Agreement/Closing Statement
150 Current Other Balance Loan Agreement/Closing Statement
151 Interest on Other Escrow Goes to: Loan Agreement/Closing Statement
152 Other Escrow Description/ Release Provisions     Loan Agreement/Closing Statement
153 FIRREA Appraisal (Y/N) Appraisal Report
154 Appraisal Report Date Appraisal Report
155 Phase I Date ESA Phase I Report
156 Phase II Date Not Applicable
157 Engineering Report Date Property Condition Report
158 Seismic Report Date Not Applicable
159 Earthquake  Zone 3 or 4 (Y/N) Property Condition Report
160 PML % Not Applicable
161 Earthquake Insurance (Y/N) Insurance Certificate
162 Windstorm Insurance (Y/N) Insurance Certificate
163 Flood Zone (Y/N) Insurance Certificate
164 Flood Insurance (Y/N) Insurance Certificate
165 Environmental Insurance (Y/N) Environmental Insurance Certificate
166 Environmental Insurance in Lieu of Phase II (Y/N) Environmental Insurance Certificate/ESA Phase I Report
167 Due Date Loan Agreement
168 Debt Service Payment Grace Period to Impose Late Charge Loan Agreement
169 Debt Service Grace Period to Call a Default Loan Agreement
170 Balloon Payment Grace Period to Impose Late Charge Loan Agreement
171 Balloon Payment Grace Period to Call a Default Loan Agreement
172 Default Interest % Loan Agreement
173 Assumption Provision (Y/N) Loan Agreement
174 Assumption/Fee Loan Agreement
175 Partial Collateral Release (Y/N) Loan Agreement
176 Partial Collateral Release and Prepayment Descriptions Loan Agreement
177 Substitution Allowed (Y/N) Loan Agreement
178 Substitution Provision Description Loan Agreement
179 Voluntary Partial Prepayment Permitted (Y/N) (escrows, LOCs, other, etc.) Loan Agreement
180 Prepayment Interest Shortfall (Y/N) Loan Agreement
181 Seasoning Refer to calculation procedures
182 Prepayment String Loan Agreement
183 Lockout Expiration Date Loan Agreement
   
 

 

  Characteristic Source Document
184 Prepayment/ Defeasance Begin Date Loan Agreement
185 Prepayment/ Defeasance End Date Loan Agreement
186 Pari Passu (Y/N) Loan Agreement
187 Senior Non-Trust Loan Pari Passu Original Balance Loan Agreement
188 Senior Non-Trust Loan Pari Passu Cut-off Date Balance Refer to calculation procedures
189 Senior Non-Trust Loan Pari Passu Maturity Balance Refer to calculation procedures
190 Additional Debt Permitted (Y/N) Loan Agreement
191 Type of Additional Debt Permitted Loan Agreement
192 Additional Debt Exist (Y/N) Loan Agreement
193 Additional Debt Type(s) Loan Agreement
194 Junior Trust Loan Original Balance Loan Agreement
195 Junior Trust Loan Cut-off Date Balance Refer to calculation procedures
196 Junior Trust Loan Maturity Balance Refer to calculation procedures
197 Total Original Debt Balance Loan Agreement
198 Total Cut-off Date Debt Balance Refer to calculation procedures
199 Total Debt Maturity Balance Refer to calculation procedures
200 Total Debt Monthly Debt Service Refer to calculation procedures
201 Total Debt Annual Debt Service Refer to calculation procedures
202 Total Debt Cut-off Date “As Is” LTV Ratio Refer to calculation procedures
203 Total Debt Cut-off Date "Portfolio" LTV Ratio Refer to calculation procedures
204 Total Debt UW NCF DSCR Refer to calculation procedures
205 Total Debt UW NOI DSCR Refer to calculation procedures
206 Total Debt UW NOI Debt Yield Refer to calculation procedures
207 Total Debt UW NCF Debt Yield Refer to calculation procedures
208 Master Fee None - Mortgage Loan Seller Provided
209 Primary Fee None - Mortgage Loan Seller Provided
210 Cert Admin / Trust Fee Rate None - Mortgage Loan Seller Provided
211 CREFC Fee None - Mortgage Loan Seller Provided
212 Admin Total Refer to calculation procedures
213 Net Coupon Refer to calculation procedures

 

 

   
 

 

Calculation Procedures

 

With respect to Characteristic 7, we recomputed the % by Cut-Off Date Balance as the quotient of the (i) Senior Trust Loan Cut-Off Date Balance and (ii) total Senior Trust Loan Cut-Off Date Balance.

 

With respect to Characteristic 9, the Senior Trust Loan Cut-Off Date Balance was set to equal the Senior Trust Loan Original Balance.

 

With respect to Characteristic 10, the Senior Trust Loan Maturity Date Balance was set to equal the Senior Trust Loan Original Balance.

 

With respect to Characteristic 11, we recomputed the Cut-Off Date Balance per Unit as the quotient of the (i) Total Cut-Off Date Debt Balance and (ii) Units.

 

With respect to Characteristic 31, we recomputed the “As-is” Cut-off Date LTV as the quotient of the (i) Total Cut-Off Date Debt Balance and (ii) “As-is” Appraised Value.

 

With respect to Characteristic 32, we recomputed the “As-Portfolio” Cut-off Date LTV as the quotient of the (i) Total Cut-Off Date Debt Balance and (ii) “As-Portfolio” Appraised Value.

 

With respect to Characteristic 33, we recomputed the “As-is” Maturity Date LTV as the quotient of the (i) Total Cut-Off Date Debt Balance and (ii) “As-is” Appraised Value.

 

With respect to Characteristic 60, we recomputed the Original Term to Maturity (mos.) by determining the number of payment dates from and inclusive of the First Payment Date (IO) to and inclusive of the Maturity Date.

 

With respect to Characteristic 61, we recomputed the Remaining Term to Maturity (mos.) by subtracting the (i) Seasoning from (ii) Original Term to Maturity (mos.).

 

With respect to Characteristic 62, we recomputed the Original IO Period (mos.) by determining the number of payment dates from and inclusive of the First Payment Date (IO) to and inclusive of the Maturity Date.

 

With respect to Characteristic 63, we recomputed the Remaining IO Periods (mos.) by subtracting the (i) Seasoning from (ii) Original IO Period (mos.).

 

With respect to Characteristic 64, the Original Amort. Term (mos.) was set to equal zero.

 

With respect to Characteristic 68, we recomputed the Monthly Debt Service (IO) as the product of (a) the Senior Trust Loan Original Balance, (b) quotient of (x) the Rate and (y) 12 and (c) a fraction equal to 365/360.

 

With respect to Characteristic 69, we recomputed the Annual Debt Service (IO) as the product of (i) the Monthly Debt Service (IO) and (ii) 12.

 

With respect to Characteristic 70, we recomputed the Senior Non-Trust Pari Passu Monthly Debt Service (IO) as the product of (a) the Senior Non-Trust Loan Pari Passu Original Balance, (b) the quotient of (x) the Rate and (y) 12 and (c) a fraction equal to 365/360.

 

With respect to Characteristic 71, we recomputed the Senior Non-Trust Pari Passu Annual Debt Service (IO) as the product of (i) the Senior Non-Trust Pari Passu Monthly Debt Service (IO) and (ii) 12.

 

   
 

 

With respect to Characteristic 72, we recomputed the UW NCF DSCR as the quotient of the (i) Underwritten NCF and (ii) Total Debt Annual Debt Service.

 

With respect to Characteristic 73, we recomputed the UW NOI DSCR as the quotient of the (i) Underwritten NOI and (ii) Total Debt Annual Debt Service.

 

With respect to Characteristic 78, we recomputed the 2017 NOI Debt Yield as the quotient of the (i) 2017 NOI and (ii) Total Cut-Off Date Debt Balance.

 

With respect to Characteristic 83, we recomputed the 2018 NOI Debt Yield as the quotient of the (i) 2018 NOI and (ii) Total Cut-Off Date Debt Balance.

 

With respect to Characteristic 88, we recomputed the TTM NOI Debt Yield as the quotient of the (i) TTM NOI and (ii) Total Cut-Off Date Debt Balance.

 

With respect to Characteristic 100, we recomputed the Underwritten NOI Debt Yield as the quotient of the (i) Underwritten NOI and (ii) Total Cut-Off Date Debt Balance.

 

With respect to Characteristic 104, we recomputed the Underwritten NCF Debt Yield as the quotient of the (i) Underwritten NCF and (ii) Total Cut-Off Date Debt Balance.

 

With respect to Characteristic 124, we recomputed the % of Total Recommended Deferred Maintenance Amount Escrowed (%) as the quotient of the (i) Deferred Maintenance Escrow Amount ($) and (ii) Deferred Maintenance Required ($).

 

With respect to Characteristic 181, the Seasoning was set to equal zero.

 

With respect to Characteristic 188, the Senior Non-Trust Loan Pari Passu Cut-off Date Balance was set to equal the Senior Non-Trust Loan Pari Passu Original Balance.

 

With respect to Characteristic 189, the Senior Non-Trust Loan Pari Passu Maturity Balance was set to equal the Senior Non-Trust Loan Pari Passu Original Balance.

 

With respect to Characteristic 195, the Junior Trust Loan Cut-off Date Balance was set to equal the Junior Trust Loan Original Balance.

 

With respect to Characteristic 196, the Junior Trust Loan Maturity Date Balance was set to equal the Junior Trust Loan Cut-off Date Balance.

 

With respect to Characteristic 198, the Total Cut-off Date Debt Balance was set to equal the Total Original Debt Balance.

 

With respect to Characteristic 199, the Total Debt Maturity Balance was set to equal the Total Cut-off Date Debt Balance.

 

With respect to Characteristic 200, we recomputed the Total Debt Monthly Debt Service as the product of (a) the Total Original Debt Balance, (b) the quotient of (x) the Rate and (y) 12 and (c) a fraction equal to 365/360.

 

With respect to Characteristic 201, we recomputed the Total Debt Annual Debt Service as the product of (a) the Total Debt Monthly Debt Service and (ii) 12.

 

   
 

 

With respect to Characteristic 202, we recomputed the Total Debt Cut-off Date “As Is” LTV Ratio as the quotient of the (i) Total Cut-off Date Debt Balance and (ii) “As-is” Appraised Value.

 

With respect to Characteristic 203, we recomputed the Total Debt Cut-off Date “Portfolio” LTV Ratio as the quotient of the (i) Total Cut-off Date Debt Balance and (ii) “As-Portfolio” Appraised Value.

 

With respect to Characteristic 204, we recomputed the Total Debt UW NCF DSCR as the quotient of the (i) Underwritten NCF and (ii) Total Debt Annual Debt Service.

 

With respect to Characteristic 205, we recomputed the Total Debt UW NOI DSCR as the quotient of the (i) Underwritten NOI and (ii) Total Debt Annual Debt Service.

 

With respect to Characteristic 206, we recomputed the Total Debt UW NOI Debt Yield as the quotient of the (i) Underwritten NOI and (ii) Total Cut-off Date Debt Balance.

 

With respect to Characteristic 207, we recomputed the Total Debt UW NCF Debt Yield as the quotient of the (i) Underwritten NCF and (ii) Total Cut-off Date Debt Balance.

 

With respect to Characteristic 212, we recomputed the Admin Total as the sum of the (i) Master Fee, (ii) Primary Fee, (iii) Cert Admin / Trust Fee Rate and (iv) CREFC Fee.

 

With respect to Characteristic 213, we recomputed the Net Coupon by subtracting the (i) Admin Total from (ii) Rate.

 

   

 

 GRAPHIC 3 image_001.gif GRAPHIC begin 644 image_001.gif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