FWP 1 n1449_premktts-x2.htm FREE WRITING PROSPECTUS

		FREE WRITING PROSPECTUS
		FILED PURSUANT TO RULE 433
		REGISTRATION FILE NO.: 333-227784-02

December 6, 2018 FREE WRITING PROSPECTUS COLLATERAL TERM SHEET $646,477,345 (Approximate Total Mortgage Pool Balance) UBS 2018-C15 UBS Commercial Mortgage Securitization Corp. Depositor UBS AG Société Générale German American Capital Corporation Natixis Real Estate Capital LLC CIBC Inc. Rialto Mortgage Finance, LLC Sponsors and Mortgage Loan Sellers UBS Securities LLC Deutsche Bank Securities Natixis Société Générale Co-Lead Managers and Joint Bookrunners CIBC World Markets Drexel Hamilton Academy Securities Co-Managers The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (’’SEC’’) (SEC File No. 333-227784) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter, or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-877-713-1030 (8 a.m. - 5 p.m. EST). The offered certificates referred to in these materials and the asset pool backing them are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis.

STATEMENT REGARDING THIS FREE WRITING PROSPECTUS

Nothing in this document constitutes an offer of securities for sale in any jurisdiction where the offer or sale is not permitted. The information contained herein is preliminary as of the date hereof, supersedes any such information previously delivered to you and will be superseded by any such information subsequently delivered prior to the time of sale and ultimately by the final prospectus relating to the offered certificates. These materials are subject to change, completion, supplement or amendment from time to time.

This free writing prospectus has been prepared by the underwriters for information purposes only and does not constitute, in whole or in part, a prospectus for the purposes of Directive 2003/71/EC (as amended) and/or Part VI of the Financial Services and Markets Act 2000, as amended, or other offering document.

STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION

This free writing prospectus contains certain forward-looking statements. If and when included in this free writing prospectus, the words “expects”, “intends”, “anticipates”, “estimates” and analogous expressions and all statements that are not historical facts, including statements about our beliefs or expectations, are intended to identify forward-looking statements. Any forward-looking statements are made subject to risks and uncertainties which could cause actual results to differ materially from those stated. Those risks and uncertainties include, among other things, declines in general economic and business conditions, increased competition, changes in demographics, changes in political and social conditions, regulatory initiatives and changes in customer preferences, many of which are beyond our control and the control of any other person or entity related to this offering. The forward- looking statements made in this free writing prospectus are made as of the date stated on the cover. We have no obligation to update or revise any forward-looking statement.

The attached information contains certain tables and other statistical analyses (the “Computational Materials”) that have been prepared in reliance upon information furnished by the Mortgage Loan Sellers. Numerous assumptions were used in preparing the Computational Materials, which may or may not be reflected herein. As such, no assurance can be given as to the Computational Materials’ accuracy, appropriateness or completeness in any particular context; or as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. The Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. You should consult your own counsel, accountant and other advisors as to the legal, tax, business, financial and related aspects of a purchase of the offered certificates. Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment and/or loss assumptions, and changes in such prepayment and/or loss assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments or losses on the underlying assets will occur at rates higher or lower than the rates shown in the attached Computational Materials. The specific characteristics of the offered certificates may differ from those shown in the Computational Materials due to differences between the final underlying assets and the preliminary underlying assets used in preparing the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. None of UBS Securities LLC, Deutsche Bank Securities Inc., SG Americas Securities, LLC, Natixis Securities Americas LLC, CIBC World Markets Corp., Drexel Hamilton, LLC or Academy Securities, Inc., or any of their respective affiliates, make any representation or warranty as to the actual rate or timing of payments or losses on any of the underlying assets or the payments or yield on the offered certificates. The information in this presentation is based upon management forecasts and reflects prevailing conditions and management’s views as of this date, all of which are subject to change. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us by or on behalf of the Mortgage Loan Sellers or which was otherwise reviewed by us.

IMPORTANT NOTICE REGARDING THE OFFERED CERTIFICATES

The offered certificates described herein are not suitable investments for all investors. In particular, you should not purchase any class of offered certificates unless you understand and are able to bear the prepayment, credit, liquidity and market risks associated with such class of certificates. For those reasons and for the reasons set forth under the heading “Risk Factors” in the Preliminary Prospectus, the yield to maturity and the aggregate amount and timing of distributions on the offered certificates are subject to material variability from period to period and give rise to the potential for significant loss over the life of such certificates. The interaction of these factors and their effects are impossible to predict and are likely to change from time to time. As a result, an investment in the offered certificates involves substantial risks and uncertainties and should be considered only by sophisticated institutional investors with substantial investment experience with similar types of securities and who have conducted appropriate due diligence on the mortgage loans and the certificates. Potential investors are advised and encouraged to review the Preliminary Prospectus in full and to consult with their legal, tax, accounting and other advisors prior to making any investment in the offered certificates described in this free writing prospectus.

This free writing prospectus is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The information contained in this free writing prospectus may not pertain to any securities that will actually be sold. The information contained in this free writing prospectus may be based on assumptions regarding market conditions and other matters as reflected in this free writing prospectus. We make no representations regarding the reasonableness of such assumptions or the likelihood that any of such assumptions will coincide with actual market conditions or events, and this free writing prospectus should not be relied upon for such purposes. The underwriters and their respective affiliates, officers, directors, partners and employees, including persons involved in the preparation or issuance of this free writing prospectus may, from time to time, have long or short positions in, and buy or sell, the offered certificates mentioned in this free writing prospectus or derivatives thereof (including options). Information contained in this free writing prospectus is current as of the date appearing on this free writing prospectus only. None of UBS Securities LLC, Deutsche Bank Securities Inc., SG Americas Securities, LLC, Natixis Securities Americas LLC, CIBC World Markets Corp., Drexel Hamilton, LLC or Academy Securities, Inc. provides accounting, tax or legal advice.

The issuing entity will be relying upon an exclusion or exemption from the definition of “investment company” under the Investment Company Act of 1940, as amended (the “Investment Company Act”), contained in Section 3(c)(5) of the Investment Company Act or Rule 3a-7 under the Investment Company Act, 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 “Risk Factors—Other Risks Relating to the Certificates—Legal and Regulatory Provisions Affecting Investors Could Adversely Affect the Liquidity of the Offered Certificates” in the Preliminary Prospectus). See also “Legal Investment” in the Preliminary Prospectus.

The information contained herein supersedes any previous such information delivered to any prospective investor and will be superseded by information delivered to such prospective investor prior to the time of sale.

IMPORTANT NOTICE RELATING TO AUTOMATICALLY-GENERATED EMAIL DISCLAIMERS

Any legends, disclaimers or other notices that may appear at the bottom of any email communication to which this free writing prospectus is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) any representation that these materials are accurate or complete and may not be updated or (3) these materials possibly being confidential, are not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another system.

UBS 2018-C15

Capitalized terms used but not defined herein have the meanings assigned to them in the preliminary prospectus expected to be dated December 10, 2018 relating to the offered certificates (hereinafter referred to as the “Preliminary Prospectus”).

KEY FEATURES OF SECURITIZATION

Offering Terms:
Co-Lead Managers and Joint Bookrunners:	UBS Securities LLC Deutsche Bank Securities Inc. SG Americas Securities, LLC Natixis Securities Americas LLC
Co-Managers:	CIBC World Markets Corp. Drexel Hamilton, LLC Academy Securities, Inc.
Mortgage Loan Sellers:	UBS AG, by and through its branch office at 1285 Avenue of the Americas, New York, New York (“UBS AG”) (47.8%), Société Générale (“SG”) (15.2%), German American Capital Corporation (“GACC”, an indirect wholly owned subsidiary of Deutsche Bank AG) (15.1%), CIBC Inc. (“CIBC”) (8.6%), Rialto Mortgage Finance, LLC (“RMF”) (7.8%) and Natixis Real Estate Capital LLC (“Natixis”) (5.4%)
Master Servicer:	Midland Loan Services, a Division of PNC Bank, National Association
Operating Advisor:	Pentalpha Surveillance LLC
Asset Representations Reviewer:	Pentalpha Surveillance LLC
Special Servicer:	Midland Loan Services, a Division of PNC Bank, National Association
Trustee:	Wells Fargo Bank, National Association
Certificate Administrator:	Wells Fargo Bank, National Association
Rating Agencies:	Fitch Ratings, Inc., Kroll Bond Rating Agency, Inc. and Moody’s Investors Service, Inc.
U.S. Credit Risk Retention:	UBS AG is expected to act as the “retaining sponsor” for this securitization and intends to satisfy the U.S. credit risk retention requirement through the purchase by KKR Real Estate Credit Opportunity Partners Aggregator I L.P. (or a majority owned affiliate) as a third party purchaser (as defined in Regulation RR), from the initial purchasers, on the Closing Date, of an “eligible horizontal residual interest”. The aggregate estimated fair value of the “eligible horizontal residual interest” will equal at least 5% of the estimated fair value of all of the certificates (other than the Class R certificates) issued by the issuing entity. The pooling and servicing agreement will include the required provisions applicable to an operating advisor necessary for the securitization to comply with the credit risk retention rules utilizing the “third party purchaser” option. For further discussion on the manner in which the U.S. credit risk retention requirements will be satisfied see “Credit Risk Retention” in the Preliminary Prospectus.
EU Credit Risk Retention:	The transaction is not structured to satisfy the EU risk retention and due diligence requirements.
Closing Date:	On or about December 28, 2018
Clean-up Call:	1.0%

Distribution of Collateral by Property Type

(PIE CHART)

THE INFORMATION IN THIS 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.

UBS 2018-C15

TRANSACTION HIGHLIGHTS

Mortgage Loan Sellers	Number of Mortgage Loans	Number of Mortgaged Properties	Aggregate Cut-off Date Balance	% of Initial Outstanding Pool Balance⁽¹⁾
UBS AG	18	256	$309,268,780	47.8	%
Société Générale	7	30	$98,395,000	15.2	%
German American Capital Corporation	4	15	$97,905,000	15.1	%
CIBC Inc.	5	5	$55,575,000	8.6	%
Rialto Mortgage Finance, LLC	5	9	$50,333,565	7.8	%
Natixis Real Estate Capital LLC	2	2	$35,000,000	5.4	%
Total	41	317	$646,477,345	100.0	%

Pooled Collateral Facts:
Initial Outstanding Pool Balance:	$646,477,345
Number of Mortgage Loans:	41
Number of Mortgaged Properties:	317
Average Mortgage Loan Cut-off Date Balance:	$15,767,740
Average Mortgaged Property Cut-off Date Balance:	$2,039,361
Weighted Average Mortgage Rate:	5.133%
Weighted Average Mortgage Loan Original Term to Maturity Date or ARD (months)⁽²⁾:	114
Weighted Average Mortgage Loan Remaining Term to Maturity Date or ARD (months)⁽²⁾:	113
Weighted Average Mortgage Loan Seasoning (months):	1
% of Mortgage Loans Secured by a Property or a Portfolio of Mortgaged Properties Leased to a Single Tenant:	11.1%

Credit Statistics
Weighted Average Mortgage Loan U/W NCF DSCR⁽³⁾:	2.03x
Weighted Average Mortgage Loan Cut-off Date LTV⁽³⁾⁽⁴⁾:	57.1%
Weighted Average Mortgage Loan Maturity Date or ARD LTV^(2)(3)(4):	51.5%
Weighted Average U/W NOI Debt Yield⁽³⁾:	12.4%

Amortization Overview
% Mortgage Loans which pay Interest Only through Maturity Date or ARD⁽²⁾:	38.6%
% Mortgage Loans with Amortization through Maturity Date or ARD⁽²⁾:	38.3%
% Mortgage Loans which pay Interest Only followed by Amortization through Maturity Date or ARD⁽²⁾:	23.1%
Weighted Average Remaining Amortization Term (months)⁽⁵⁾:	353

Loan Structural Features
% Mortgage Loans with Upfront or Ongoing Tax Reserves:	73.1%
% Mortgage Loans with Upfront or Ongoing Replacement Reserves⁽⁶⁾:	70.0%
% Mortgage Loans with Upfront or Ongoing Insurance Reserves:	70.9%
% Mortgage Loans with Upfront or Ongoing TI/LC Reserves⁽⁷⁾:	57.5%
% Mortgage Loans with Upfront Engineering Reserves:	35.8%
% Mortgage Loans with Upfront or Ongoing Other Reserves:	47.2%
% Mortgage Loans with In Place Hard Lockboxes:	64.9%
% Mortgage Loans with Cash Traps Triggered at DSCR Levels ≥ 1.05x:	83.8%
% Mortgage Loans with Defeasance Only After a Lockout Period and Prior to an Open Period:	70.6%
% Mortgage Loans with Prepayment with a Yield Maintenance Charge Only After a Lockout Period and Prior to an Open Period:	20.1%
% Mortgage Loans with Lockout Followed by a Period of Prepayment with a Yield Maintenance Charge Followed by a Period of Prepayment with a Yield Maintenance Charge or Defeasance Followed by an Open Period:	5.1%
% Mortgage Loans with Prepayment with a Yield Maintenance Charge or Defeasance After a Lockout Period and Prior to an Open Period:	4.2%

Please see footnotes on the following page.

UBS 2018-C15

TRANSACTION HIGHLIGHTS

(1)

Unless otherwise indicated, all references to “% of Outstanding Pool Balance” in this Term Sheet reflect a percentage of the aggregate principal balance of the mortgage pool as of the Cut-off Date, after application of all payments of principal due during or prior to December 2018.

(2)

For any mortgage loan with an anticipated repayment date, calculated to or as of, as applicable, that anticipated repayment date.

(3)

With respect to any mortgage loan that is part of a whole loan, unless otherwise indicated, LTV, DSCR and Debt Yield calculations in this Term Sheet include any related pari passu companion loans and exclude any subordinate companion loans, as applicable. Additionally, LTV, DSCR and Debt Yield figures in this Term Sheet are calculated for mortgage loans without regard to any additional indebtedness that may be incurred at a future date. See “Description of the Mortgage Pool—Mortgage Pool Characteristics” in the Preliminary Prospectus and Annex A-1 to the Preliminary Prospectus.

(4)

The Cut-off Date LTV Ratio and LTV Ratio at Maturity or ARD for the following mortgage loans are based on an Appraised Value for one or more mortgaged properties that is not an “As-Is” Appraised Value.

With respect to the mortgage loan secured by the portfolio of mortgaged properties identified on Annex A-1 to the Preliminary Prospectus as Great Value Storage Portfolio, the Cut-off Date LTV Ratio, LTV Ratio at Maturity or ARD, and Appraised Value with respect to the whole loan are based on the “As-Portfolio” Appraised Value of $376,000,000 as of October 10, 2018, which reflects a 15.3% premium attributed to the aggregate sum of the “As-Is” Appraised Values, as applicable, for each of the Great Value Storage Portfolio mortgaged properties on an individual basis. On a portfolio basis, the Great Value Storage Portfolio mortgaged properties have an “As Stabilized” Appraised Value of $392,000,000 as of October 10, 2019. On a standalone basis, the Great Value Storage Portfolio mortgaged properties have an aggregate “As-Is” Appraised Value of $326,000,000. The Cut-off Date LTV Ratio and LTV Ratio at Maturity or ARD based on the whole loan and the aggregate standalone “As-Is” Appraised Value of $326,000,000 are 33.7% and 33.7%, respectively. The Cut-off Date LTV Ratio and LTV Ratio at Maturity or ARD based on the whole loan and the portfolio basis “As Stabilized” Appraised Value of $392,000,000 are 28.1% and 28.1%, respectively.

With respect to the mortgage loan secured by the portfolio of mortgaged properties identified on Annex A-1 to the Preliminary Prospectus as Warren Hospitality Portfolio, the Cut-off Date LTV Ratio, LTV Ratio at Maturity or ARD, and the Appraised Value are based on the “As Is (PIP Extraordinary Assumption)” Appraised value of $14,000,000 for the Holiday Inn Express - Warren mortgaged property as of September 12, 2018, which assumes the completion of an estimated $1,939,010 property improvement plan, for which the borrower reserved $2,229,862 at origination. The Appraised Value for the Holiday Inn Express – Warren mortgaged property assuming the “As-Is” Appraised Value is $12,500,000 as of September 12, 2018. The Cut-off Date LTV Ratio and LTV Ratio at Maturity or ARD assuming the “As-Is” Appraised Value for the mortgaged property are 63.6% and 48.7%, respectively.

With respect to the mortgage loan secured by the mortgaged property identified on Annex A-1 to the Preliminary Prospectus as Marina Gardens, the Cut-off Date LTV Ratio, LTV Ratio at Maturity or ARD, and Appraised Value with respect to the mortgage loan are based on the “As Complete” Appraised Value of $14,500,000 as of September 27, 2018, which assumes the completion of $616,110 in deferred maintenance, for which the lender reserved $650,153 at origination. The Appraised Value for the mortgaged property assuming the “As-Is” Appraised Value is $13,900,000 as of September 27, 2018. The Cut-off Date LTV Ratio and LTV Ratio at Maturity or ARD assuming the “As-Is” Appraised Value for the mortgaged property are 78.2% and 65.0%, respectively.

With respect to the mortgage loan secured by the mortgaged property identified on Annex A-1 to the Preliminary Prospectus as Hilton Garden Inn – Killeen, TX, the Cut-off Date LTV Ratio, LTV Ratio at Maturity or ARD, and Appraised Value with respect to the mortgage loan are based on the “As-Renovated” Appraised Value of $11,600,000 as of September 27, 2018, which assumes the completion of $700,000 in renovations, the cost of which the lender reserved at origination. The Appraised Value for the mortgaged property assuming the “As-Is” Appraised Value is $11,000,000 as of September 27, 2018. The Cut-off Date LTV Ratio and LTV Ratio at Maturity or ARD assuming the “As-Is” Appraised Value for the mortgaged properties are 74.5% and 57.6%, respectively.

With respect to the mortgage loan secured by the mortgaged property identified on Annex A-1 to the Preliminary Prospectus as Hampton Inn - Derby, the Cut-off Date LTV Ratio, LTV Ratio at Maturity or ARD, and the Appraised Value are based on the “As-Is” Appraised Value of $7,000,000 as of August 28, 2018 along with a $150,000 FF&E reserve credit. A $472,500 property improvement plan is expected to be completed sometime in the future as the Mortgaged property is currently in compliance, but an initial reserve along with monthly escrows were required at origination. The Cut-off Date LTV Ratio and LTV Ratio at Maturity or ARD assuming the “As-Is” Appraised Value for the mortgaged property are 71.3% and 55.1%, respectively.

With respect to the mortgage loan secured by the mortgaged property identified on Annex A-1 to the Preliminary Prospectus as Bradenton Health Park East, the Cut-off Date LTV Ratio, LTV Ratio at Maturity or ARD, and Appraised Value are based on the “As Stabilized” Appraised Value of $6,300,000 as of February 15, 2019, which assumes that construction at building 6020 is completed and all three tenants at the building 6020 occupy their spaces and pay rents. The Appraised Value for the mortgaged property based on the “As-Is” Appraised Value is $5,700,000 as of November 26, 2018. The Cut-off Date LTV Ratio and LTV Ratio at Maturity or ARD based on the “As-Is” Appraised Value for the mortgaged property are 70.2% and 65.0%, respectively. At origination, the borrower deposited $374,614 into the Synergy Construction Reserve, $102,790 into the Caretenders Construction Reserve, $130,284 into the Blue Wave TI Reserve, $45,803 into the Free Rent Reserve - Synergy, and $15,450 into the Free Rent Reserve – Caretenders.

(5)

Excludes mortgage loans that are interest-only for the full loan term to maturity or anticipated repayment date.

(6)

Includes FF&E Reserves.

(7)

Represents the percent of the allocated aggregate principal balance of the mortgage pool as of the Cut-off Date of only the office, retail, industrial, and mixed use properties.

UBS 2018-C15

OVERVIEW OF MORTGAGE POOL CHARACTERISTICS

Distribution of Cut-off Date Balances

							Weighted Averages⁽¹⁾
Range of Cut-off Date Balances			Number of Mortgage Loans	Aggregate Cut-off Date Balance	% of Initial Outstanding Pool Balance⁽¹⁾		Mortgage Rate		Stated Remaining Term (Mos.)⁽⁵⁾	U/W NCF DSCR⁽²⁾⁽³⁾		Cut-off Date LTV Ratio⁽²⁾⁽³⁾		Maturity Date or ARD LTV Ratio^(2)(3)(5)
$3,000,000	-	$5,000,000	6	$24,607,661	3.8	%	5.415	%	120	1.70	x	64.1	%	57.2	%
$5,000,001	-	$10,000,000	12	$94,822,014	14.7	%	5.356	%	114	1.84	x	59.7	%	52.3	%
$10,000,001	-	$15,000,000	8	$100,985,000	15.6	%	5.225	%	120	1.69	x	58.0	%	49.0	%
$15,000,001	-	$20,000,000	6	$101,615,640	15.7	%	5.443	%	119	1.59	x	67.5	%	58.0	%
$20,000,001	-	$25,000,000	2	$44,475,000	6.9	%	5.122	%	120	2.42	x	60.4	%	60.4	%
$25,000,001	-	$30,000,000	2	$57,000,000	8.8	%	4.620	%	119	2.01	x	53.6	%	51.2	%
$30,000,001	-	$35,000,000	2	$68,030,000	10.5	%	4.997	%	118	1.74	x	62.2	%	62.2	%
$35,000,001	-	$45,000,000	1	$45,000,000	7.0	%	4.997	%	119	1.67	x	51.5	%	47.0	%
$45,000,001	-	$55,000,000	2	$109,942,030	17.0	%	4.919	%	89	3.14	x	42.3	%	37.9	%
Total/Weighted Average			41	$646,477,345	100.0	%	5.133	%	113	2.03	x	57.1	%	51.5	%

Distribution of Mortgage Rates
							Weighted Averages⁽¹⁾
Range of Mortgage Rates			Number of Mortgage Loans	Aggregate Cut-off Date Balance	% of Initial Outstanding Pool Balance⁽¹⁾		Mortgage Rate		Stated Remaining Term (Mos.)⁽⁵⁾	U/W NCF DSCR⁽²⁾⁽³⁾		Cut-off Date LTV Ratio⁽²⁾⁽³⁾		Maturity Date or ARD LTV Ratio^(2)(3)(5)
4.1398%	-	4.5000%	3	$95,000,000	14.7	%	4.237	%	85	3.86	x	34.3	%	34.3	%
4.5001%	-	4.7000%	2	$24,640,000	3.8	%	4.675	%	120	2.47	x	57.8	%	57.8	%
4.7001%	-	4.9000%	2	$40,500,000	6.3	%	4.855	%	118	1.61	x	56.9	%	50.9	%
4.9001%	-	5.1000%	7	$149,830,000	23.2	%	4.999	%	119	1.78	x	57.5	%	54.3	%
5.1001%	-	5.3000%	7	$82,900,000	12.8	%	5.218	%	120	1.60	x	60.7	%	55.0	%
5.3001%	-	5.5000%	6	$78,105,000	12.1	%	5.433	%	120	1.66	x	69.8	%	62.0	%
5.5001%	-	5.7000%	9	$141,409,684	21.9	%	5.635	%	119	1.62	x	60.7	%	50.3	%
5.7001%	-	5.9700%	5	$34,092,661	5.3	%	5.912	%	108	1.70	x	65.3	%	56.6	%
Total/Weighted Average			41	$646,477,345	100.0	%	5.133	%	113	2.03	x	57.1	%	51.5	%

Property Type Distribution
						Weighted Averages⁽¹⁾
Property Type	Number of Mortgaged Properties	Aggregate Cut-Off Date Balance	% of Initial Outstanding Pool Balance⁽¹⁾		Number of Units/Rooms/Pads/ NRA/Beds	Cut-off Date Balance per Unit/Room/Pad NRA⁽²⁾	Mortgage Rate		Stated Remaining Term (Mos.)⁽⁵⁾	Occupancy		U/W NCF DSCR⁽²⁾⁽³⁾		Cut-off Date LTV Ratio⁽²⁾⁽³⁾		Maturity Date or ARD LTV Ratio^(2)(3)(5)
Retail	45	$191,109,648	29.6	%	3,927,737	$229	5.131	%	119	95.3	%	1.75	x	59.1	%	52.5	%
Anchored	18	$99,067,128	15.3	%	1,897,444	$95	5.272	%	119	93.2	%	1.65	x	67.5	%	59.3	%
Super Regional Mall	2	$55,000,000	8.5	%	1,244,779	$501	4.866	%	118	97.2	%	1.94	x	48.0	%	44.4	%
Single Tenant	22	$15,244,648	2.4	%	362,425	$172	5.125	%	120	100.0	%	1.49	x	61.4	%	53.2	%
Outlet Center	1	$13,000,000	2.0	%	367,047	$195	5.210	%	119	99.0	%	1.82	x	47.7	%	44.1	%
Shadow Anchored	2	$8,797,872	1.4	%	56,042	$197	5.100	%	120	92.5	%	2.01	x	46.5	%	38.8	%
Office	155	$142,866,727	22.1	%	1,640,297	$325	5.124	%	119	99.0	%	1.81	x	57.2	%	50.2	%
CBD	3	$68,300,000	10.6	%	565,475	$478	4.686	%	119	99.8	%	2.07	x	53.6	%	49.4	%
Medical	151	$56,566,727	8.7	%	920,789	$189	5.638	%	119	97.6	%	1.59	x	55.9	%	47.5	%
Suburban	1	$18,000,000	2.8	%	154,033	$170	5.169	%	120	100.0	%	1.55	x	75.0	%	62.0	%
Hospitality	9	$101,800,316	15.7	%	1,038	$168,517	5.667	%	119	73.3	%	1.89	x	64.7	%	55.7	%
Full Service	3	$43,200,000	6.7	%	488	$225,632	5.630	%	120	71.9	%	2.13	x	62.8	%	58.8	%
Limited Service	4	$35,316,750	5.5	%	334	$134,575	5.707	%	119	71.7	%	1.74	x	65.3	%	52.5	%
Extended Stay	1	$15,083,565	2.3	%	114	$132,312	5.530	%	119	82.7	%	1.65	x	65.3	%	54.7	%
Select Service	1	$8,200,000	1.3	%	102	$80,392	5.940	%	120	70.7	%	1.69	x	70.7	%	54.6	%
Industrial	14	$84,530,000	13.1	%	6,111,594	$38	4.993	%	119	98.6	%	1.79	x	58.9	%	57.3	%
Warehouse/Distribution	8	$35,000,000	5.4	%	4,031,127	$31	4.918	%	118	100.0	%	1.72	x	62.6	%	62.6	%
Cold Storage/Distribution	4	$33,030,000	5.1	%	951,651	$56	5.080	%	119	100.0	%	1.77	x	61.7	%	61.7	%
Flex	1	$13,500,000	2.1	%	878,448	$15	4.840	%	120	91.4	%	2.06	x	42.6	%	34.8	%
Warehouse	1	$3,000,000	0.5	%	250,368	$12	5.600	%	120	100.0	%	1.65	x	58.8	%	49.3	%
Self Storage	66	$65,750,000	10.2	%	4,105,252	$1,212	4.388	%	64	86.2	%	4.20	x	34.4	%	34.4	%
Multifamily	4	$42,625,000	6.6	%	410	$185,889	5.232	%	120	95.8	%	1.52	x	61.6	%	57.3	%
Garden	3	$29,875,000	4.6	%	122	$246,329	5.250	%	119	97.7	%	1.39	x	68.1	%	63.5	%
Student Housing	1	$12,750,000	2.0	%	288	$44,271	5.191	%	120	91.3	%	1.82	x	46.2	%	42.7	%
Mixed Use	23	$9,795,656	1.5	%	141,725	$187	5.700	%	119	95.5	%	1.59	x	55.4	%	46.6	%
Medical/Retail	23	$9,795,656	1.5	%	141,725	$187	5.700	%	119	95.5	%	1.59	x	55.4	%	46.6	%
Other	1	$8,000,000	1.2	%	34,500	$232	4.951	%	117	100.0	%	2.04	x	54.4	%	54.4	%
Office	1	$8,000,000	1.2	%	34,500	$232	4.951	%	117	100.0	%	2.04	x	54.4	%	54.4	%
Total/Weighted Average	317	$646,477,345	100.0	%			5.133	%	113	92.2	%	2.03	x	57.1	%	51.5	%

Please see footnotes on page 10.

UBS 2018-C15

OVERVIEW OF MORTGAGE POOL CHARACTERISTICS

Geographic Distribution
					Weighted Averages⁽¹⁾
State/Location	Number of Mortgaged Properties	Aggregate Cut-off Date Balance	% of Initial Outstanding Pool Balance⁽¹⁾		Mortgage Rate		Stated Remaining Term (Mos.)⁽⁵⁾	U/W NCF DSCR⁽²⁾⁽³⁾		Cut-off Date LTV Ratio⁽²⁾⁽³⁾		Maturity Date or ARD LTV Ratio^(2)(3)(5)
Texas	55	$125,975,068	19.5	%	4.846	%	103	2.48	x	52.3	%	49.1	%
California	4	$68,675,000	10.6	%	4.904	%	120	1.93	x	59.7	%	52.9	%
California - Northern⁽⁴⁾	3	$50,675,000	7.8	%	4.809	%	120	2.07	x	54.3	%	49.6	%
California - Southern⁽⁴⁾	1	$18,000,000	2.8	%	5.169	%	120	1.55	x	75.0	%	62.0	%
Missouri	10	$50,078,676	7.7	%	5.036	%	118	1.73	x	51.4	%	46.6	%
Florida	45	$48,590,652	7.5	%	5.508	%	119	1.72	x	59.6	%	54.9	%
Maryland	5	$35,687,329	5.5	%	5.222	%	118	1.61	x	66.2	%	59.2	%
Other	198	$317,470,621	49.1	%	5.245	%	114	2.00	x	57.9	%	51.7	%
Total/Weighted Average	317	$646,477,345	100.0	%	5.133	%	113	2.03	x	57.1	%	51.5	%

Distribution of Cut-off Date LTV Ratios⁽²⁾⁽³⁾
							Weighted Averages⁽¹⁾
Range of Cut-off Date LTV Ratios			Number of Mortgage Loans	Aggregate Cut-off Date Balance	% of Initial Outstanding Pool Balance⁽¹⁾		Mortgage Rate		Stated Remaining Term (Mos.)⁽⁵⁾	U/W NCF DSCR⁽²⁾⁽³⁾		Cut-off Date LTV Ratio⁽²⁾⁽³⁾		Maturity Date or ARD LTV Ratio^(2)(3)(5)
29.3%	-	45.0%	5	$116,000,000	17.9	%	4.359	%	91	3.54	x	35.8	%	34.4	%
45.1%	-	50.0%	2	$25,750,000	4.0	%	5.201	%	119	1.82	x	47.0	%	43.4	%
50.1%	-	55.0%	4	$70,800,000	11.0	%	5.049	%	119	1.81	x	52.4	%	46.6	%
55.1%	-	60.0%	4	$85,017,030	13.2	%	5.470	%	115	1.82	x	56.1	%	50.1	%
60.1%	-	65.0%	13	$203,745,000	31.5	%	5.220	%	119	1.71	x	62.7	%	59.2	%
65.1%	-	70.0%	5	$57,300,316	8.9	%	5.596	%	119	1.61	x	66.6	%	54.9	%
70.1%	-	75.0%	8	$87,865,000	13.6	%	5.375	%	119	1.46	x	73.6	%	62.0	%
Total/Weighted Average			41	$646,477,345	100.0	%	5.133	%	113	2.03	x	57.1	%	51.5	%

Distribution of Maturity Date or ARD LTV Ratios^(2)(3)(5)
							Weighted Averages⁽¹⁾
Range of LTV Ratios at Maturity or ARD			Number of Mortgage Loans	Aggregate Cut-off Date Balance	% of Initial Outstanding Pool Balance⁽¹⁾		Mortgage Rate		Stated Remaining Term (Mos.)⁽⁵⁾	U/W NCF DSCR⁽²⁾⁽³⁾		Cut-off Date LTV Ratio⁽²⁾⁽³⁾		Maturity Date or ARD LTV Ratio^(2)(3)(5)
29.3%	-	40.0%	4	$86,000,000	13.3	%	4.344	%	81	3.87	x	32.8	%	31.0	%
40.1%	-	50.0%	9	$193,792,030	30.0	%	5.219	%	119	1.86	x	52.0	%	45.5	%
50.1%	-	55.0%	8	$67,618,240	10.5	%	5.516	%	119	1.62	x	63.8	%	53.2	%
55.1%	-	60.0%	7	$100,057,075	15.5	%	5.251	%	115	1.76	x	63.0	%	57.6	%
60.1%	-	65.1%	13	$199,010,000	30.8	%	5.201	%	119	1.67	x	67.2	%	62.8	%
Total/Weighted Average			41	$646,477,345	100.0	%	5.133	%	113	2.03	x	57.1	%	51.5	%

Distribution of Underwritten NCF Debt Service Coverage Ratios⁽²⁾⁽³⁾
							Weighted Averages⁽¹⁾
Range of Underwritten NCF Debt Service Coverage Ratios			Number of Mortgage Loans	Aggregate Cut-off Date Balance	% of Initial Outstanding Pool Balance⁽¹⁾		Mortgage Rate		Stated Remaining Term (Mos.)⁽⁵⁾	U/W NCF DSCR⁽²⁾⁽³⁾		Cut-off Date LTV Ratio⁽²⁾⁽³⁾		Maturity Date or ARD LTV Ratio^(2)(3)(5)
1.30x	-	1.30x	1	$10,875,000	1.7	%	5.306	%	120	1.30	x	75.0	%	62.3	%
1.31x	-	1.40x	6	$85,300,000	13.2	%	5.240	%	119	1.38	x	66.7	%	57.9	%
1.41x	-	1.50x	6	$59,090,000	9.1	%	5.351	%	119	1.45	x	67.1	%	60.4	%
1.51x	-	1.60x	4	$84,534,691	13.1	%	5.612	%	115	1.58	x	60.6	%	51.2	%
1.61x	-	1.70x	6	$92,265,640	14.3	%	5.329	%	119	1.67	x	58.9	%	51.1	%
1.71x	-	1.80x	2	$68,030,000	10.5	%	4.997	%	118	1.74	x	62.2	%	62.2	%
1.81x	-	1.90x	4	$47,200,000	7.3	%	5.373	%	120	1.83	x	53.3	%	46.2	%
1.91x	-	2.00x	1	$10,000,000	1.5	%	5.970	%	118	2.00	x	63.9	%	59.8	%
2.01x	-	2.25x	5	$38,407,014	5.9	%	4.982	%	119	2.06	x	50.1	%	43.8	%
2.26x	-	2.50x	2	$35,300,000	5.5	%	5.334	%	120	2.32	x	60.3	%	55.9	%
2.51x	-	4.69x	4	$115,475,000	17.9	%	4.319	%	91	3.63	x	38.3	%	38.3	%
Total/Weighted Average			41	$646,477,345	100.0	%	5.133	%	113	2.03	x	57.1	%	51.5	%

Please see footnotes on page 10.

UBS 2018-C15

OVERVIEW OF MORTGAGE POOL CHARACTERISTICS

Distribution of Original Terms to Maturity or ARD⁽⁵⁾
					Weighted Averages⁽¹⁾
Original Terms to Maturity or ARD	Number of Mortgage Loans	Aggregate Cut-off Date Balance	% of Initial Outstanding Pool Balance⁽¹⁾		Mortgage Rate		Stated Remaining Term (Mos.)⁽⁵⁾	U/W NCF DSCR⁽²⁾⁽³⁾		Cut-off Date LTV Ratio⁽²⁾⁽³⁾		Maturity Date or ARD LTV Ratio^(2)(3)(5)
60	2	$61,600,000	9.5	%	4.326	%	60	4.35	x	32.4	%	32.4	%
120	39	$584,877,345	90.5	%	5.218	%	119	1.78	x	59.7	%	53.6	%
Total/Weighted Average	41	$646,477,345	100.0	%	5.133	%	113	2.03	x	57.1	%	51.5	%

Distribution of Remaining Terms to Maturity or ARD⁽⁵⁾
							Weighted Averages⁽¹⁾
Range of Remaining Terms to Maturity or ARD			Number of Mortgage Loans	Aggregate Cut-off Date Balance	% of Initial Outstanding Pool Balance⁽¹⁾		Mortgage Rate		Stated Remaining Term (Mos.)⁽⁵⁾	U/W NCF DSCR⁽²⁾⁽³⁾		Cut-off Date LTV Ratio⁽²⁾⁽³⁾		Maturity Date or ARD LTV Ratio^(2)(3)(5)
60			2	$61,600,000	9.5	%	4.326	%	60	4.35	x	32.4	%	32.4	%
116	-	120	39	$584,877,345	90.5	%	5.218	%	119	1.78	x	59.7	%	53.6	%
Total/Weighted Average			41	$646,477,345	100.0	%	5.133	%	113	2.03	x	57.1	%	51.5	%

Distribution of Underwritten NOI Debt Yields⁽²⁾⁽³⁾
							Weighted Averages⁽¹⁾
Range of Underwritten NOI Debt Yields			Number of Mortgage Loans	Aggregate Cut-off Date Balance	% of Initial Outstanding Pool Balance⁽¹⁾		Mortgage Rate		Stated Remaining Term (Mos.)⁽⁵⁾	U/W NCF DSCR⁽²⁾⁽³⁾		Cut-off Date LTV Ratio⁽²⁾⁽³⁾		Maturity Date or ARD LTV Ratio^(2)(3)(5)
7.8%	-	9.5%	6	$87,640,000	13.6	%	5.136	%	114	1.56	x	63.9	%	60.9	%
9.6%	-	10.0%	3	$43,250,000	6.7	%	4.978	%	117	1.39	x	67.3	%	60.5	%
10.1%	-	10.5%	7	$100,540,000	15.6	%	5.241	%	119	1.62	x	65.8	%	59.5	%
10.6%	-	11.0%	2	$21,750,000	3.4	%	5.486	%	119	1.41	x	68.2	%	59.0	%
11.1%	-	11.5%	3	$56,030,000	8.7	%	5.112	%	119	1.63	x	55.2	%	49.4	%
11.6%	-	12.0%	3	$88,942,030	13.8	%	5.244	%	119	1.92	x	52.0	%	46.3	%
12.1%	-	12.5%	2	$27,833,565	4.3	%	5.375	%	119	1.73	x	56.6	%	49.2	%
12.6%	-	13.0%	3	$50,457,075	7.8	%	5.167	%	119	2.07	x	57.7	%	53.2	%
13.1%	-	13.5%	2	$7,992,661	1.2	%	5.781	%	119	1.59	x	65.7	%	52.2	%
13.6%	-	14.0%	1	$10,000,000	1.5	%	4.278	%	116	3.15	x	32.5	%	32.5	%
14.1%	-	14.5%	1	$8,200,000	1.3	%	5.940	%	120	1.69	x	70.7	%	54.6	%
14.6%	-	20.1%	8	$143,842,014	22.3	%	4.909	%	97	3.10	x	46.2	%	41.5	%
Total/Weighted Average			41	$646,477,345	100.0	%	5.133	%	113	2.03	x	57.1	%	51.5	%

Amortization Types
					Weighted Averages⁽¹⁾
Amortization Type	Number of Mortgage Loans	Aggregate Cut-off Date Balance	% of Initial Outstanding Pool Balance⁽¹⁾		Mortgage Rate		Stated Remaining Term (Mos.)⁽⁵⁾	U/W NCF DSCR⁽²⁾⁽³⁾		Cut-off Date LTV Ratio⁽²⁾⁽³⁾		Maturity Date or ARD LTV Ratio^(2)(3)(5)
Full IO	12	$249,420,000	38.6	%	4.766	%	104	2.66	x	51.1	%	51.1	%
Amortizing	20	$247,497,345	38.3	%	5.482	%	120	1.64	x	61.6	%	50.6	%
Partial IO	9	$149,560,000	23.1	%	5.170	%	118	1.60	x	59.5	%	53.9	%
Total/Weighted Average	41	$646,477,345	100.0	%	5.133	%	113	2.03	x	57.1	%	51.5	%

Loan Purposes
					Weighted Averages⁽¹⁾
Loan Purpose	Number of Mortgage Loans	Aggregate Cut-off Date Balance	% of Initial Outstanding Pool Balance⁽¹⁾		Mortgage Rate		Stated Remaining Term (Mos.)⁽⁵⁾	U/W NCF DSCR⁽²⁾⁽³⁾		Cut-off Date LTV Ratio⁽²⁾⁽³⁾		Maturity Date or ARD LTV Ratio^(2)(3)(5)
Refinance	25	$404,067,345	62.5	%	5.133	%	110	2.15	x	53.7	%	47.5	%
Acquisition	13	$207,910,000	32.2	%	5.144	%	119	1.82	x	62.9	%	59.7	%
Recapitalization	3	$34,500,000	5.3	%	5.077	%	120	1.76	x	60.9	%	50.3	%
Total/Weighted Average	41	$646,477,345	100.0	%	5.133	%	113	2.03	x	57.1	%	51.5	%

Please see footnotes on page 10.

UBS 2018-C15

OVERVIEW OF MORTGAGE POOL CHARACTERISTICS

(1)

All numerical information concerning the mortgage loans is approximate and, in the case of mortgage loans secured by multiple properties, is based on allocated loan amounts with respect to such properties. All weighted average information regarding the mortgage loans reflects the weighting of the mortgage loans based on their outstanding principal balances as of the Cut-off Date or, in the case of mortgage loans secured by multiple properties, allocated loan amounts. The sum of numbers and percentages in columns may not match the “Total/Weighted Average” due to rounding.

(2)

With respect to any mortgage loan that is part of a whole loan, unless otherwise indicated, Balance per Unit/Room/Pad/NRA, LTV, DSCR and Debt Yield calculations in this Term Sheet include any related pari passu companion loans and exclude any subordinate companion loans, as applicable. Additionally, Balance per Unit/Room/Pad/NRA, LTV, DSCR and Debt Yield figures in this Term Sheet are calculated for mortgage loans without regard to any additional indebtedness that may be incurred at a future date.

(3)

With respect to the mortgage loan secured by the mortgaged property identified on Annex A-1 to the Preliminary Prospectus as Marina Gardens, the Cut-off Date LTV Ratio, LTV Ratio at Maturity or ARD, and Appraised Value with respect to the mortgage loan are based on the "As Complete" Appraised Value of $14,500,000 as of September 27, 2018, which assumes the completion of $616,110 in deferred maintenance, for which the lender reserved $650,153 at origination. The Appraised Value for the mortgaged property assuming the “As-Is” Appraised Value is $13,900,000 as of September 27, 2018. The Cut-off Date LTV Ratio and LTV Ratio at Maturity or ARD assuming the “As-Is” Appraised Value for the mortgaged property are 78.2% and 65.0%, respectively.

With respect to the mortgage loan secured by the mortgaged property identified on Annex A-1 to the Preliminary Prospectus as Hilton Garden Inn – Killeen, TX, the Cut-off Date LTV Ratio, LTV Ratio at Maturity or ARD, and Appraised Value with respect to the mortgage loan are based on the "As-Renovated" Appraised Value of $11,600,000 as of September 27, 2018, which assumes the completion of $700,000 in renovations, the cost of which the lender reserved at origination. The Appraised Value for the mortgaged property assuming the “As-Is” Appraised Value is $11,000,000 as of September 27, 2018. The Cut-off Date LTV Ratio and LTV Ratio at Maturity or ARD assuming the “As-Is” Appraised Value for the mortgaged properties are 74.5% and 57.6%, respectively.

With respect to the mortgage loan secured by the mortgaged property identified on Annex A-1 to the Preliminary Prospectus as Hampton Inn - Derby, the Cut-off Date LTV Ratio, LTV Ratio at Maturity or ARD, and the Appraised Value are based on the "As-Is" Appraised Value of $7,000,000 as of August 28, 2018 along with a $150,000 FF&E reserve credit. A $472,500 property improvement plan is expected to be completed sometime in the future as the Mortgaged property is currently in compliance, but an initial reserve along with monthly escrows were required at origination. The Cut-off Date LTV Ratio and LTV Ratio at Maturity or ARD assuming the “As-Is” Appraised Value for the mortgaged property are 71.3% and 55.1%, respectively.

With respect to the mortgage loan secured by the mortgaged property identified on Annex A-1 to the Preliminary Prospectus as Bradenton Health Park East, the Cut-off Date LTV Ratio, LTV Ratio at Maturity or ARD, and Appraised Value are based on the "As Stabilized" Appraised Value of $6,300,000 as of February 15, 2019, which assumes that construction at building 6020 is completed and all three tenants at the building 6020 occupy their spaces and pay rents. The Appraised Value for the mortgaged property based on the “As-Is” Appraised Value is $5,700,000 as of November 26, 2018. The Cut-off Date LTV Ratio and LTV Ratio at Maturity or ARD based on the “As-Is” Appraised Value for the mortgaged property are 70.2% and 65.0%, respectively. At origination, the borrower deposited $374,614 into the Synergy Construction Reserve, $102,790 into the Caretenders Construction Reserve, $130,284 into the Blue Wave TI Reserve, $45,803 into the Free Rent Reserve - Synergy, and $15,450 into the Free Rent Reserve – Caretenders.

(4)

“California—Northern” includes zip codes above 93600, and “California—Southern” includes zip codes at or below 93600.

(5)

With respect to an ARD loan, refers to the term through the related anticipated repayment date.

UBS 2018-C15

OVERVIEW OF MORTGAGE POOL CHARACTERISTICS

Ten Largest Mortgage Loans
Mortgage Loan	Mortgage Loan Seller	City, State	Property Type	Cut-off Date Balance	% of Initial Outstanding Pool Balance	Cut-off Date Balance per Unit/Room/ Pad/NRA⁽¹⁾	Cut-off Date LTV Ratio⁽¹⁾⁽²⁾	U/W NCF DSCR⁽¹⁾	U/W NOI Debt Yield⁽¹⁾
Great Value Storage Portfolio	UBS AG	Various, Various	Self Storage	$55,000,000	8.5%	$27	29.3%	4.69x	20.1%
Heartland Dental Medical Office Portfolio	UBS AG	Various, Various	Various	$54,942,030	8.5%	$187	55.4%	1.59x	11.7%
Saint Louis Galleria	SG	St. Louis, MO	Retail	$45,000,000	7.0%	$515	51.5%	1.67x	11.3%
Staples Strategic Industrial	GACC	Various, Various	Industrial	$35,000,000	5.4%	$31	62.6%	1.72x	9.5%
CBBC Industrial Portfolio	GACC	Various, Various	Industrial	$33,030,000	5.1%	$56	61.7%	1.77x	10.4%
435 Tasso Street	UBS AG	Palo Alto, CA	Office	$30,000,000	4.6%	$934	44.2%	2.57x	11.9%
Pier 1 Imports Headquarters	Natixis	Fort Worth, TX	Office	$27,000,000	4.2%	$134	64.0%	1.38x	9.6%
Princeton Marriott at Forrestal	UBS AG	Princeton, NJ	Hospitality	$24,000,000	3.7%	$79,470	63.3%	2.30x	17.1%
McCreless Market	CIBC	San Antonio, TX	Retail	$20,475,000	3.2%	$119	56.9%	2.56x	12.7%
Woodbury & Cyrene	GACC	Olympia, WA	Multifamily	$19,000,000	2.9%	$231,707	64.2%	1.45x	7.8%
Total/Weighted Average				$343,447,030	53.1%		52.9%	2.30x	12.7%

(1)

With respect to any mortgage loan that is part of a whole loan, unless otherwise indicated, all LTV Ratio, U/W NCF DSCR, Debt Yield and Balance per Unit/Room/Pad/NRA calculations in this Term Sheet include any related pari passu companion loans and exclude any subordinate companion loans, as applicable. Additionally, LTV Ratio, U/W NCF DSCR, Debt Yield and Balance per Unit/Room/Pad/NRA figures in this Term Sheet are calculated for mortgage loans without regard to any additional indebtedness that may be incurred at a future date.

(2)

Existing Mezzanine Debt Summary
Mortgage Loan	Mortgage Loan Cut-off Date Balance	Mezzanine Debt Cut-off Date Balance	Trust U/W NCF DSCR⁽¹⁾	Total Debt U/W NCF DSCR⁽²⁾	Trust Cut-off Date LTV Ratio⁽¹⁾⁽³⁾	Total Debt Cut-off Date LTV Ratio⁽²⁾⁽³⁾	Trust U/W NOI Debt Yield⁽¹⁾	Total Debt U/W NOI Debt Yield⁽²⁾
Great Value Storage Portfolio	$55,000,000	$166,000,000	4.69x	1.41x	29.3%	73.4%	20.1%	8.0%
Saint Louis Galleria	$45,000,000	$24,688,302	1.67x	1.55x	51.5%	56.8%	11.3%	10.3%

(1)

With respect to any mortgage loan that is part of a whole loan, the Trust U/W NCF DSCR, Trust Cut-off Date LTV Ratio and Trust U/W NOI Debt Yield include the related pari passu companion loan(s) and exclude any related subordinate companion loan(s) and the related mezzanine loan(s).

(2)

Total Debt U/W NCF DSCR, Total Debt Cut-off Date LTV Ratio and Total Debt U/W NOI Debt Yield calculations include any related pari passu companion loan(s), related subordinate companion loan(s) and/or related mezzanine loan(s).

(3)

Subordinate Debt Summary
Mortgage Loan	Mortgage Loan Cut-off Date Balance	Pari Passu Companion Loan(s) Cut-off Date Balance	Subordinate Debt Cut-off Date Balance	Trust U/W NCF DSCR	Total Mortgage Debt U/W NCF DSCR⁽¹⁾	Trust Cut-off Date LTV Ratio	Total Mortgage Debt Cut-off Date LTV Ratio⁽¹⁾	Trust U/W NOI Debt Yield	Total Mortgage Debt U/W NOI Debt Yield⁽¹⁾
Christiana Mall	$10,000,000	$328,000,000	$212,000,000	3.15x	1.93x	32.5%	52.9%	13.8%	8.5%

(1)

Total Mortgage Debt U/W NCF DSCR, Total Mortgage Debt Cut-off Date LTV Ratio and Total Mortgage Debt U/W NOI Debt Yield calculations include any related pari passu companion loan(s), and related subordinate companion loan(s) and excludes related mezzanine loan(s), if any.

UBS 2018-C15

OVERVIEW OF MORTGAGE POOL CHARACTERISTICS

Pari Passu Companion Loan Summary
Mortgage Loan	Note(s)	Original Balance	Holder of Note⁽¹⁾	Lead Servicer for Whole Loan (Y/N)	Master Servicer Under Lead Securitization	Special Servicer Under Lead Securitization
Great Value Storage Portfolio	A-1, A-3	$55,000,000	UBS 2018-C15	No	Midland Loan Services, a Division of PNC Bank, National Association⁽²⁾	Midland Loan Services, a Division of PNC Bank, National Association⁽²⁾
	A-2 (controlling), A-4, A-5, A-6	$55,000,000	UBS AG	Yes
	Total	$110,000,000
Heartland Dental Medical Office Portfolio	A-4, A-5, A-6	$55,000,000	UBS 2018-C15	No	Midland Loan Services, a Division of PNC Bank, National Association⁽³⁾	Rialto Capital Advisors, LLC⁽³⁾
	A-1, A-10	$44,000,000	UBS 2018-C14⁽⁴⁾	No
	A-2 (controlling), A-3, A-7, A-8, A-9	$81,500,000	UBS AG	Yes
	Total	$180,500,000
Saint Louis Galleria	A-2-A1, A-2-A3	$45,000,000	UBS 2018-C15	No	Midland Loan Services, a Division of PNC Bank, National Association⁽⁵⁾	Midland Loan Services, a Division of PNC Bank, National Association⁽⁵⁾
	A-1-A1 (controlling), A-1-A3, A-1-A4, A-1-A5	$106,479,245	Deutsche Bank AG, acting through its New York Branch	Yes
	A-1-A2	$55,000,000	BMARK 2018-B8⁽⁶⁾	No
	A-2-A2, A-2-A4, A-2-A5	$33,520,755	Société Générale Financial Corporation	No
	Total	$240,000,000
Staples Strategic Industrial	A-2-1, A-2-2	$35,000,000	UBS 2018-C15	No	Midland Loan Services, a Division of PNC Bank, National Association	CWCapital Asset Management LLC
	A-1-1 (controlling), A-3	$56,100,000	BMARK 2018-B8⁽⁶⁾	Yes
	A-1-2, A-2-3, A-4	$35,000,000	Deutsche Bank AG, acting through its New York Branch	No
	Total	$126,100,000
CBBC Industrial Portfolio	A-1 (controlling)	$33,030,000	UBS 2018-C15	Yes	Midland Loan Services, a Division of PNC Bank, National Association	Midland Loan Services, a Division of PNC Bank, National Association
	A-2	$20,000,000	Deutsche Bank AG, acting through its New York Branch	No
	Total	$53,030,000
Pier 1 Imports Headquarters	A-2, A-4, A-5, A-6	$27,000,000	UBS 2018-C15	No	Midland Loan Services, a Division of PNC Bank, National Association	Midland Loan Services, a Division of PNC Bank, National Association
	A-1 (controlling), A-3	$28,000,000	UBS 2018-C13	Yes
	Total	$55,000,000
16300 Roscoe Blvd.	A-1 (controlling)	$18,000,000	UBS 2018-C15	Yes	Midland Loan Services, a Division of PNC Bank, National Association	Midland Loan Services, a Division of PNC Bank, National Association
	A-2	$8,2500,000	UBS AG	No
	Total	$26,250,000
Regency Properties Portfolio	A-2	$15,250,000	UBS 2018-C15	No	Midland Loan Services, a Division of PNC Bank, National Association	Rialto Capital Advisors, LLC
	A-1 (controlling)	$20,000,000	UBS 2018-C14⁽⁴⁾	Yes
	Total	$35,250,000
Nebraska Crossing	A-2	$15,000,000	UBS 2018-C15	No	Midland Loan Services, a Division of PNC Bank, National Association	Rialto Capital Advisors, LLC
	A-1 (controlling)	$35,000,000	UBS 2018-C14⁽⁴⁾	Yes
	A-3, A-4	$21,500,000	SG	No
	Total	$71,500,000
Clevelander South Beach	A-2	$10,000,000	UBS 2018-C15	No	Midland Loan Services, a Division of PNC Bank, National Association	Rialto Capital Advisors, LLC
	A-1 (controlling), A-3	$32,500,000	UBS 2018-C14⁽⁴⁾	Yes
	Total	$42,500,000
Christiana Mall	A-2-D	$10,000,000	UBS 2018-C15	No	Wells Fargo Bank, National Association	Wells Fargo Bank, National Association
	A-1-A (controlling), A-2-A, A-3-A, B-1, B-2, B-3	$284,320,000	BBCMS 2018-CHRS	Yes
	A-1-C, A-1-D, A-1-E	$82,840,000	Barclays Bank PLC	No
	A-3-B, A-3-C	$53,136,000	DBGS 2018-C1	No
	A-1-B	$50,000,000	WFCM 2018-C47	No
	A-2-B	$30,000,000	UBS 2018-C13	No
	A-2-C	$30,000,000	UBS 2018-C14⁽⁴⁾	No
	A-2-E	$9,704,000	SG	No
	Total	$550,000,000
Ellsworth Place	A-4, A-5	$10,000,000	UBS 2018-C15	No	Wells Fargo Bank, National Association	Midland Loan Services, a Division of PNC Bank, National Association
	A-1 (controlling)	$24,000,000	WFCM 2018-C47	Yes
	A-2	$20,000,000	UBS 2018-C13	No
	A-3	$15,000,000	UBS 2018-C14⁽⁴⁾	No
	Total	$69,000,000
ExchangeRight Net Leased Portfolio 24	A-2	$4,165,000	UBS 2018-C15	No	Midland Loan Services, a Division of PNC Bank, National Association⁽⁷⁾	Midland Loan Services, a Division of PNC Bank, National Association⁽⁷⁾
	A-1 (controlling), A-3, A-4	$50,000,000	SG	Yes
	Total	$54,165,000

Please see footnotes on the following page.

UBS 2018-C15

OVERVIEW OF MORTGAGE POOL CHARACTERISTICS

(1)

Identifies the expected holder as of the Closing Date.

(2)

The Great Value Storage Portfolio Whole Loan is expected to initially be serviced under the UBS 2018-C15 pooling and servicing agreement until the securitization of the related controlling pari passu Note A-2, after which the Great Value Storage Portfolio Whole Loan will be serviced under the pooling and servicing agreement related to the securitization of the related controlling pari passu Note A-2 (the “Great Value Storage Portfolio Servicing Shift PSA”). The master servicer and special servicer under the Great Value Storage Portfolio Servicing Shift PSA will be identified in a notice, report or statement to holders of the UBS 2018-C15 certificates after the securitization of the related controlling pari passu Note A-2.

(3)

The Heartland Dental Medical Office Portfolio Whole Loan is currently serviced under the UBS 2018-C14 pooling and servicing agreement until the securitization of the related controlling pari passu Note A-2, after which the Heartland Dental Medical Office Portfolio Whole Loan will be serviced under the pooling and servicing agreement related to the securitization of the related controlling pari passu Note A-2 (the “Heartland Dental Medical Office Portfolio Servicing Shift PSA”). The master servicer and special servicer under the Heartland Dental Medical Office Portfolio Servicing Shift PSA will be identified in a notice, report or statement to holders of the UBS 2018-C14 certificates after the securitization of the related controlling pari passu Note A-2.

(4)

UBS 2018-C14 is expected to close on or about December 12, 2018.

(5)

The Saint Louis Galleria Whole Loan is expected to initially be serviced under the BMARK 2018-B8 pooling and servicing agreement until the securitization of the related controlling pari passu Note A-1-A1, after which the Saint Louis Galleria Whole Loan will be serviced under the pooling and servicing agreement related to the securitization of the related controlling pari passu Note A-1-A1 (the “Saint Louis Galleria PSA”). The master servicer and special servicer under the Saint Louis Galleria Servicing Shift PSA will be identified in a notice, report or statement to holders of the UBS 2018-C15 certificates after the securitization of the related controlling pari passu Note A-1-A1.

(6)

BMARK 2018-B8 is expected to close on or about December 27, 2018.

(7)

The ExchangeRight Net Leased Portfolio 24 Whole Loan is expected to initially be serviced under the UBS 2018-C15 pooling and servicing agreement until the securitization of the related controlling pari passu Note A-1, after which the ExchangeRight Net Leased Portfolio 24 Whole Loan will be serviced under the pooling and servicing agreement related to the securitization of the related controlling pari passu Note A-1 (the “ExchangeRight Net Leased Portfolio 24 Servicing Shift PSA”). The master servicer and special servicer under the ExchangeRight Net Leased Portfolio 24 Servicing Shift PSA will be identified in a notice, report or statement to holders of the UBS 2018-C15 certificates after the securitization of the related controlling pari passu Note A-1.

UBS 2018-C15

OVERVIEW OF MORTGAGE POOL CHARACTERISTICS

Previous Securitization History⁽¹⁾
Mortgage Loan	Mortgage Loan Seller	City, State	Property Type	Cut-off Date Balance	% of Initial Outstanding Pool Balance	Previous Securitization(s)
GVS - 1223, 1235, 1431, 1441, 1451, 1491, 1527, 1543 & 1559 North Nellis Boulevard⁽²⁾	UBS AG	Las Vegas, NV	Self Storage	$1,713,775	0.3%	WFRBS 2014-C21
GVS - 4901 South Freeway⁽²⁾	UBS AG	Fort Worth, TX	Self Storage	$1,036,230	0.2%	COMM 2013-CR9
GVS - 613 North Freeway⁽²⁾	UBS AG	Fort Worth, TX	Self Storage	$737,320	0.1%	COMM 2013-CR9
Saint Louis Galleria	SG	St. Louis, MO	Retail	$45,000,000	7.0%	COMM 2014-CCRE14
Food Lion Portfolio	RMF	Various, Various	Retail	$15,000,000	2.3%	WFCM 2010-C1
Main Street Commons	UBS AG	St. Charles, IL	Retail	$12,560,000	1.9%	CSFB 2002-CKN2
Five Points Plaza	SG	Atlanta, GA	Office	$11,300,000	1.7%	JPMBB 2014-C19
Christiana Mall	SG	Newark, DE	Retail	$10,000,000	1.5%	MSC 2011-C1
Spanish Springs Shopping Center	UBS AG	Sparks, NV	Retail	$7,500,000	1.2%	LBUBS 2007-C7
Liberty Square	SG	Hinesville, GA	Retail	$6,730,000	1.0%	WFRBS 2012-C8
Skyland Towne Center	RMF	Asheville, NC	Retail	$6,250,000	1.0%	WFCM 2010-C1
Walgreens - Lawrenceville, GA⁽³⁾	SG	Lawrenceville, GA	Retail	$262,211	0.0%	GSMS 2013-GC16

(1)

Includes mortgage loans for which all or a portion of the previously existing debt was most recently securitized in one or more conduit securitizations, based on information provided by the related borrower or obtained through searches of a third-party database. The information has not otherwise been confirmed by the mortgage loan sellers.

(2)

Part of collateral for the Great Value Storage Portfolio.

(3)

Part of collateral for the ExchangeRight Net Leased Portfolio 24.

Various

Collateral Asset Summary – Loan No. 1

Great Value Storage Portfolio

Cut-off Date Balance:

Cut-off Date LTV Ratio:

UW NCF DSCR:

UW NOI Debt Yield:

$55,000,000

29.3%

4.69x

20.1%

(GRAPHICS)

Various

Collateral Asset Summary – Loan No. 1

Great Value Storage Portfolio

Cut-off Date Balance:

Cut-off Date LTV Ratio:

UW NCF DSCR:

UW NOI Debt Yield:

$55,000,000

29.3%

4.69x

20.1%

(GRAPHICS)

Various

Collateral Asset Summary – Loan No. 1

Great Value Storage Portfolio

Cut-off Date Balance:

Cut-off Date LTV Ratio:

UW NCF DSCR:

UW NOI Debt Yield:

$55,000,000

29.3%

4.69x

20.1%

Mortgage Loan Information				Property Information
Mortgage Loan Seller:	UBS AG			Single Asset/Portfolio:	Portfolio
Credit Assessment (Fitch/KBRA/Moody’s):	[ ]/[ ]/[ ]			Location:	Various
Credit Assessment (Fitch/KBRA/Moody’s):	[ ]/[ ]/[ ]			General Property Type:	Self Storage
Original Balance⁽¹⁾:	$55,000,000			Detailed Property Type:	Self Storage
Cut-off Date Balance⁽¹⁾:	$55,000,000			Title Vesting⁽²⁾	Fee Simple
% of Initial Pool Balance:	8.5%			Year Built/Renovated:	Various
Loan Purpose:	Refinance			Size⁽³⁾:	4,103,764 SF
Borrower Sponsor:	Natin Paul			Cut-off Date Balance per SF⁽¹⁾:	$27
Mortgage Rate:	4.13977%			Maturity Date Balance per SF⁽¹⁾:	$27
Note Date:	11/30/2018			Property Manager:	Great Value Storage, LLC (borrower-related)
First Payment Date:	1/6/2019			Property Manager:	Great Value Storage, LLC (borrower-related)
Maturity Date:	12/6/2023
Original Term to Maturity:	60 months
Original Amortization Term:	0 months			Underwriting and Financial Information
IO Period:	60 months			UW NOI⁽⁵⁾:	$22,105,016
Seasoning:	0 months			UW NOI Debt Yield⁽¹⁾:	20.1%
Prepayment Provisions:	LO (24); DEF (29); O (7)			UW NOI Debt Yield at Maturity⁽¹⁾:	20.1%
Lockbox/Cash Mgmt Status:	Hard/Springing			UW NCF DSCR⁽¹⁾:	4.69x
Additional Debt Type⁽¹⁾⁽⁴⁾:	Pari Passu/Mezzanine			Most Recent NOI⁽⁵⁾:	$20,930,541 (9/30/2018 TTM)
Additional Debt Balance⁽¹⁾⁽⁴⁾:	$55,000,000/$166,000,000			2nd Most Recent NOI⁽⁵⁾:	$19,294,182 (12/31/2017)
Future Debt Permitted (Type)⁽⁴⁾:	Yes (Mezzanine)			3rd Most Recent NOI⁽⁵⁾:	$17,914,420 (12/31/2016)
Reserves⁽⁶⁾				Most Recent Occupancy⁽⁵⁾:	87.0% (9/16/2018)
Type	Initial	Monthly	Cap	2nd Most Recent Occupancy⁽⁵⁾:	82.7% (12/31/2017)
RE Tax:	$525,978	$328,736	N/A	3rd Most Recent Occupancy⁽⁵⁾:	84.8% (12/31/2016)
Insurance:	$807,323	$93,875	N/A	Appraised Value (as of)⁽⁷⁾:	$376,000,000 (10/10/2018)
Replacements:	$0	$34,198	N/A	Cut-off Date LTV Ratio⁽¹⁾⁽⁷⁾:	29.3%
Deferred Maintenance:	$536,017	$0	N/A	Maturity Date LTV Ratio⁽¹⁾⁽⁷⁾:	29.3%

Sources and Uses
Sources	Proceeds	% of Total	Uses	Proceeds	% of Total
Loan Amount⁽¹⁾:	$110,000,000	39.9%	Loan Payoff⁽⁸⁾:	$253,809,659	92.0%
Mezzanine Loans⁽⁴⁾:	$166,000,000	60.1%	Reserves:	$1,869,318	0.7%
			Closing Costs:	$6,019,566	2.2%
			Return of Equity:	$14,301,457	5.2%
Total Sources:	$276,000,000	100.0%	Total Uses:	$276,000,000	100.0%

(1)

The Great Value Storage Portfolio Mortgage Loan (as defined below) is part of the Great Value Storage Portfolio Whole Loan (as defined below), which is comprised of six pari passu promissory notes with an aggregate original principal balance of $110,000,000. The Great Value Storage Portfolio Whole Loan was originated concurrently with the Great Value Storage Portfolio Mezzanine Loans (as defined below) with an aggregate original principal balance of $166,000,000. The Cut-off Date Balance per SF, Maturity Date Balance per SF, UW NOI Debt Yield, UW NOI Debt Yield at Maturity, UW NCF DSCR, Cut-off Date LTV Ratio and Maturity Date LTV Ratio presented above are based on the aggregate principal balance of the promissory notes comprising the Great Value Storage Portfolio Whole Loan. The Cut-off Date Balance per SF, Maturity Date Balance per SF, UW NOI Debt Yield, UW NOI Debt Yield at Maturity, UW NCF DSCR, Cut-off Date LTV Ratio and Maturity Date LTV Ratio based on the Great Value Storage Portfolio Whole Loan and the Great Value Storage Portfolio Mezzanine Loans are $67, $67, 8.0%, 8.0%, 1.41x, 73.4% and 73.4%, respectively.

(2)

A strip of land bisecting the 4043 - Fort Worth South property is owned by a utility company and is not collateral for the Great Value Store Portfolio Whole Loan. As of May 2011, the utility company, as licensor, has granted a license to the Great Value Storage Portfolio Borrower (as defined below) for use of the strip of land for parking. The strip of land has several power lines and electrical transmission towers, but is not improved by any other buildings, and the two portions of the 4043 - Fort Worth South property have separate access. All income and expenses attributed to the strip of land have been excluded from the valuation and underwriting.

(3)

The Great Value Storage Portfolio (as defined below) has 30,811 units totaling 4,103,764 SF.

(4)

See “The Mortgage Loan”, “Additional Secured Indebtedness (not including trade debts)” and “Mezzanine Loans and Preferred Equity” below for further discussion of additional and permitted additional debt.

(5)

The Great Value Storage Portfolio Borrowers acquired two properties, 4076 - Bay Street and 4077 - Loop 197, in 2016 and two additional properties, 4079 - Aurora and 4080 - Commerce City, in 2017. As such, 2016 historical performance does not include 4076 - Bay Street and 4077 - Loop 197 and 2017 historical performance does not include 4079 - Aurora and 4080 - Commerce City. The increase in NOI is primarily due to the inclusion of the acquired additions. UW NOI is based on the underwritten rent roll.

(6)

See “Escrows and Reserves” below for further discussion of reserve requirements.

(7)

On a portfolio basis, the Great Value Storage Portfolio has an “as-is” appraised value of $376,000,000 as of October 10, 2018 and an “as stabilized” appraised value of $392,000,000 as of October 10, 2019. On a stand-alone basis, the 64 Great Value Storage Portfolio Properties (as defined below) have an aggregate “as-is” appraised value of $326,000,000. The Cut-off Date LTV Ratio and Maturity Date LTV Ratio based on the Great Value Storage Portfolio Whole Loan and the aggregate stand-alone “as-is” appraised value of $326,000,000 are 33.7% and 33.7%, respectively. The Cut-off Date LTV Ratio and Maturity Date LTV Ratio based on the Great Value Storage Portfolio Whole Loan and the portfolio “as stabilized” appraised value of $392,000,000 are 28.1% and 28.1%, respectively.

(8)

Payoff includes defeasance costs of approximately $527,879.

The Mortgage Loan. The largest mortgage loan (the “Great Value Storage Portfolio Mortgage Loan”) is part of a whole loan (the “Great Value Storage Portfolio Whole Loan”) evidenced by six promissory notes with an aggregate original principal balance of $110,000,000. The Great Value Storage Portfolio Whole Loan is secured by a first priority fee mortgage encumbering a 4,103,764 SF, 30,811-unit portfolio of 64 self storage properties located across 10 states (each a “Great Value Storage Portfolio Property”, and collectively, the “Great Value Storage Portfolio Properties” or “Great Value Storage Portfolio”).

Various

Collateral Asset Summary – Loan No. 1

Great Value Storage Portfolio

Cut-off Date Balance:

Cut-off Date LTV Ratio:

UW NCF DSCR:

UW NOI Debt Yield:

$55,000,000

29.3%

4.69x

20.1%

Promissory Notes A-1 and A-3, with an aggregate original principal balance of $55,000,000, represent the Great Value Storage Portfolio Mortgage Loan and will be included in the UBS 2018-C15 Trust. The below table summarizes the Great Value Storage Portfolio Whole Loan, including the remaining promissory notes, which are currently held by UBS AG and are expected to be contributed to one or more future securitization transactions or may otherwise be transferred at any time. The Great Value Storage Portfolio Whole Loan will be serviced pursuant to the pooling and servicing agreement for the UBS 2018-C15 Trust until the controlling pari passu Note A-2 is securitized, whereupon the Great Value Storage Portfolio Whole Loan will be serviced pursuant to the pooling and servicing agreement for such future securitization. See “Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans”, “—The Non-Serviced Pari Passu Whole Loans” and “Pooling and Servicing Agreement” in the Preliminary Prospectus.

Great Value Storage Portfolio Whole Loan Summary
Note	Original Balance	Cut-off Date Balance	Anticipated Note Holder	Controlling Piece
Note A-1	$35,000,000	$35,000,000	UBS 2018-C15	No
Note A-2	$35,000,000	$35,000,000	UBS AG	Yes
Note A-3	$20,000,000	$20,000,000	UBS 2018-C15	No
Note A-4	$10,000,000	$10,000,000	UBS AG	No
Note A-5	$5,000,000	$5,000,000	UBS AG	No
Note A-6	$5,000,000	$5,000,000	UBS AG	No
Total	$110,000,000	$110,000,000

The proceeds of the Great Value Storage Portfolio Mortgage Loan, together with the proceeds of two mezzanine loans (collectively, the “Great Value Storage Portfolio Mezzanine Loans”) of $166.0 million, were used to pay off existing debt on the Great Value Storage Portfolio Properties, fund reserves, pay closing costs, and return equity to the borrower sponsor.

The Borrowers and the Borrower Sponsor. The borrowers are 12 Delaware special purpose entities (each individually, a “Great Value Storage Portfolio Borrower”, and collectively, the “Great Value Storage Portfolio Borrowers”), which are controlled and owned, directly and indirectly by World Class Holding Company, LLC. Each borrowing entity is structured to be bankruptcy remote with two independent directors in its organizational structure. Legal counsel to the Great Value Storage Portfolio Borrowers delivered a non-consolidation opinion in connection with the origination of the Great Value Storage Portfolio Whole Loan. The borrower sponsor and non-recourse guarantor of the Great Value Storage Portfolio Mortgage Loan is Natin Paul (the “Great Value Storage Portfolio Sponsor”), who is the sole owner of 100% of the common units in World Class Holding Company, LLC.

The Great Value Storage Portfolio Sponsor is the Founder, President, and CEO of World Class, a holding company that owns a diverse portfolio of real estate assets and operating companies, including real estate investment platforms, World Class Property Company, World Class Equity, and Great Value Storage. World Class Property Company, headquartered in Austin, Texas, owns and operates a portfolio of over 150 properties across 16 states, in addition to a portfolio of development sites entitled for over 50 million SF of potential development. The existing portfolio includes office buildings, retail properties, apartment communities, mixed-use assets, industrial warehouses, parking facilities, hospitality properties, marina, and land located throughout the nation. Founded in 2008, Great Value Storage (“GVS”) owns and operates 83 self storage facilities comprising 6.5 million SF of rentable space across 11 states.

The Properties. The Great Value Storage Portfolio Mortgage Loan is secured by 64 self storage properties located across ten states with an aggregate of 30,811 units totaling 4,103,764 SF. The Great Value Storage Portfolio Sponsor acquired the Great Value Storage Portfolio Properties over the past ten years at a total cost basis of approximately $310.0 million. Since August 2016, the Great Value Storage Portfolio Sponsor has invested approximately $4.4 million in non-reoccurring capital improvements, which included uniformity in branding across the properties, full repainting of the exteriors and interiors of properties, new awnings, new signage, new unit doors, access improvements, office construction, and LED light installation.

Excluding four properties not owned prior to January 2016, the Great Value Storage Portfolio’s net operating income has increased 2.6% from 2016 to 2017 and 6.7% from 2017 to the trailing twelve-months ending in September 30, 2018. The Great Value Storage Portfolio has average quarterly portfolio occupancy between 83% and 88% since the first quarter of 2015 and as of the underwritten rent roll dated September 16, 2018, the portfolio occupancy based on SF and units was 87.0% and 85.7%, respectively.

The Great Value Storage Portfolio includes 3,758 climate-controlled units totaling 403,764 SF, 25,560 non-climate-controlled units totaling 3,537,581 SF and 87 other office/warehouse/retail storage units totaling 125,562 SF. The non-climate-controlled units average 237 SF and range in unit size from 9 SF to 4,428 SF. The climate-controlled units average 122 SF and range in unit size from 13 SF to 375 SF. The office/warehouse/retail storage units average 1,125 SF and range in unit size from 160 SF to 7,020 SF. The storage units account for 99.1% of net rentable square footage and 95.9% of UW base rent.

In addition to conventional storage units, the Great Value Storage Portfolio includes 1,380 covered and uncovered vehicle parking units, 13 office/warehouse/retail commercial spaces, four campsites, seven billboard and two cell tower leases. Five of the Great Value Storage Portfolio Properties lease 34,427 SF to 11 commercial tenants, accounting for UW base rent of $291,303 (0.9% of annual UW base rent). The commercial tenants include Jack Williams Tire Company (16,065 SF, 32.6% of commercial UW base rent), which utilizes its space as a tire repair shop, JJ Auto Sales (4,800 SF, 12.8% of commercial UW base rent), which utilizes its space as a used car dealership, and West Licking Joint Fire Department (2,404, SF, 6.6% of commercial UW base rent), which utilizes its space as the city fire department. Six of the Great Value Storage Portfolio Properties lease seven billboards and two of the Great Value Storage Portfolio Properties lease two cell towers, accounting for UW base rent of $37,854 (0.2% of annual UW base rent) in the aggregate. Additionally, the 4003 - Texas Storage Park property leases four open area campsites totaling 2,400 SF.

Various

Collateral Asset Summary – Loan No. 1

Great Value Storage Portfolio

Cut-off Date Balance:

Cut-off Date LTV Ratio:

UW NCF DSCR:

UW NOI Debt Yield:

$55,000,000

29.3%

4.69x

20.1%

The following table presents certain information relating to the Great Value Storage Portfolio Properties:

Portfolio Summary
State	Average Year Built	Average Year Renovated	No. of Properties	Net Rentable Area (SF)⁽¹⁾	Net Rentable Area (Units)⁽¹⁾	Occupancy⁽¹⁾⁽²⁾	Allocated Cut-off Date Balance⁽³⁾	% of Allocated Cut-off Date Balance	Appraised Value⁽⁴⁾	LTV⁽³⁾⁽⁴⁾	UW NCF
Texas	1981	1998	34	2,186,173	15,947	86.5%	$56,634,060	51.5%	$174,135,000	32.5%	$10,861,717
Ohio	1985	1991	16	939,677	7,567	90.4%	$26,304,340	23.9%	$72,930,000	36.1%	$5,449,419
Mississippi	1988	NAP	3	236,355	1,801	83.6%	$5,858,700	5.3%	$17,550,000	33.4%	$1,113,642
Illinois	2001	2004	2	163,944	1,387	63.3%	$4,543,470	4.1%	$12,900,000	35.2%	$892,530
Colorado	1984	NAP	2	103,520	717	90.8%	$4,025,360	3.7%	$11,700,000	34.4%	$869,445
Nevada	1954	1982	1	131,744	694	99.5%	$3,427,550	3.1%	$9,200,000	37.3%	$660,453
New York	1966	NAP	2	90,862	736	89.9%	$3,387,680	3.1%	$9,100,000	37.2%	$712,156
Missouri	1997	NAP	1	70,000	480	87.7%	$2,072,460	1.9%	$6,700,000	30.9%	$397,172
Tennessee	1979	NAP	2	108,575	766	91.2%	$2,032,610	1.8%	$6,275,000	32.4%	$389,694
Indiana	1985	NAP	1	72,914	716	81.0%	$1,713,770	1.6%	$5,510,000	31.1%	$324,771
Total/Wtd. Avg.			64	4,103,764	30,811	87.0%	$110,000,000	100.0%	$376,000,000	29.3%	$21,671,000

(1)

Information is based on the underwritten rent roll.

(2)

Occupancy is based on the net rentable square footage at each Great Value Storage Portfolio Property. The weighted average occupancy of the Great Value Storage Portfolio, based on net rentable units, is 85.7%.

(3)

Allocated Cut-off Date Balance and LTV are based on the Great Value Storage Portfolio Whole Loan.

(4)

The aggregate Appraised Value for each state represents the “as-is” appraised value on a stand-alone basis. Total Appraised Value and Wtd Avg. LTV are based on the portfolio “as-is” appraised value of $376,000,000 as of October 10, 2018. Wtd. Avg. LTV based on the aggregate stand-alone “as-is” appraised value of $326,000,000 is 33.7%.

The following table presents certain information relating to the unit mix at the Great Value Storage Portfolio Properties:

Portfolio Unit Mix⁽¹⁾
Unit Type	Net Rentable Area (SF)	% of Net Rentable Area (SF)	Net Rentable Area (Units)	% of Net Rentable Area (Units)	Occupancy (%)⁽²⁾	Annual UW Base Rent	% of Annual UW Base Rent
Storage Units (Conventional)⁽³⁾	4,066,907	99.1%	29,405	95.4%	85.5%	$31,736,047	95.9%
Parking Spaces (Covered)	N/A	N/A	97	0.3%	95.9%	$128,282	0.4%
Parking Spaces (Uncovered)	N/A	N/A	249	0.8%	90.8%	$177,023	0.5%
Parking Spaces (Other)	N/A	N/A	1,034	3.4%	87.6%	$708,962	2.1%
Commercial Units	34,457	0.8%	13	0.0%	100.0%	$291,303	0.9%
Campsite	2,400	0.1%	4	0.0%	75.0%	$16,800	0.1%
Billboard	N/A	N/A	7	0.0%	100.0%	$20,745	0.1%
Cell Tower	N/A	N/A	2	0.0%	100.0%	$17,109	0.1%
Total	4,103,764	100.0%	30,811	100.0%	85.7%	$33,096,271	100.0%

(1)

Information is based on the underwritten rent roll.

(2)

Occupancy is based on the net rentable units at each Great Value Storage Portfolio Property. The weighted average occupancy of the Great Value Storage Portfolio, based on net rentable square footage, is 87.0%.

(3)

Includes non-climate-controlled, climate-controlled, and office/warehouse/retail storage space

The Market. The Great Value Storage Portfolio benefits from geographical diversity with properties located across ten states and 39 cities. Of these, 34 properties are located across six statistical metropolitan areas (“SMAs”) in Texas (53.3% of net rental square footage, 51.5% of the allocated cut-off date balance). Additionally, 16 properties are located across five SMAs in Ohio (22.9% of net rentable square footage, 23.9% of the allocated cut-off date balance). No individual property represents more than 3.5% of net rentable square footage or 3.9% of the allocated cut-off date balance.

The weighted average estimated 2018 population and average household income within a three-mile radius and five-mile radius of the Great Value Storage Portfolio Properties is 102,474 and $71,294 and 237,731 and $75,872, respectively. The Great Value Storage Portfolio Properties are primarily located in accessible urban and suburban areas along commercial roadways, in which the weighted average traffic count, based on the nearest major intersection to the Great Value Storage Portfolio Properties, is 18,875.

According to a third party research report, there are approximately 52,747 self storage facilities across the United States, which represents an increase of 1.1% over 2017. National occupancy rates have continued to improve from 82.8% in 2011 to 88.5% as of 2018. Within the Great Value Storage Portfolio, 28 properties are located within the Southwest division of the self storage market, which exhibited a national average occupancy rate of 87.3% for 2018. Additionally, 19 properties are located within the East North Central division of the self storage market, which exhibited a national average occupancy rate of 88.2% for 2018. According to the appraisal, 2018 nationwide non-climate-controlled storage units and climate-controlled storage units have an average rental rate of $15.42 PSF and $19.11 PSF, respectively. Non-climate-controlled storage units and climate-controlled storage units at the Great Value Storage Portfolio Properties have an average rental rate of $7.58 PSF and $11.32 PSF, respectively.

Various

Collateral Asset Summary – Loan No. 1

Great Value Storage Portfolio

Cut-off Date Balance:

Cut-off Date LTV Ratio:

UW NCF DSCR:

UW NOI Debt Yield:

$55,000,000

29.3%

4.69x

20.1%

Distribution by SMA
SMA	# of Properties	Net Rentable Area (SF)⁽¹⁾	UW NCF	% of UW NCF	Traffic Count⁽²⁾	2018 Population - 5-Mile Radius⁽³⁾	Allocated Cut-off Date Balance⁽⁴⁾	Appraised Value⁽⁵⁾	LTV⁽⁴⁾⁽⁵⁾
Houston-The Woodlands-Sugar Land, TX	22	1,385,596	$6,865,943	31.7%	11,308	302,438	$36,467,390	$114,440,000	31.9%
Dallas-Fort Worth-Arlington, TX	6	582,612	$2,789,948	12.9%	43,739	334,063	$14,547,100	$42,900,000	33.9%
Columbus, OH	7	456,336	$2,788,848	12.9%	15,829	240,262	$13,510,870	$38,000,000	35.6%
Dayton, OH	5	276,069	$1,375,388	6.3%	13,286	144,025	$6,934,780	$19,060,000	36.4%
Other, OH⁽⁶⁾	4	207,272	$1,285,183	5.9%	12,168	97,731	$5,858,690	$15,870,000	36.9%
Champaign-Urbana, IL	2	163,944	$892,530	4.1%	38,100	129,539	$4,543,470	$12,900,000	35.2%
Denver-Aurora-Lakewood, CO	2	103,520	$869,445	4.0%	9,597	264,542	$4,025,360	$11,700,000	34.4%
Jackson, MS	2	159,600	$743,406	3.4%	29,765	75,818	$3,905,800	$11,900,000	32.8%
Las Vegas-Henderson-Paradise, NV	1	131,744	$660,453	3.0%	38,000	415,102	$3,427,550	$9,200,000	37.3%
Austin-Round Rock, TX	4	113,270	$734,845	3.4%	2,929	173,371	$3,188,410	$8,770,000	36.4%
Other, TX⁽⁷⁾	2	104,695	$470,982	2.2%	3,035	31,574	$2,431,160	$8,025,000	30.3%
Orange-Rockland-Westchester, NY	1	63,137	$472,277	2.2%	18,300	108,334	$2,271,740	$6,100,000	37.2%
Kansas City, MO-KS	1	70,000	$397,172	1.8%	2,824	154,766	$2,072,460	$6,700,000	30.9%
Memphis, TN-AR-MS	2	108,575	$389,694	1.8%	31,612	196,642	$2,032,610	$6,275,000	32.4%
Hattiesburg, MS	1	76,755	$370,236	1.7%	10,000	66,649	$1,952,900	$5,650,000	34.6%
Indianapolis-Carmel-Anderson, IN	1	72,914	$324,771	1.5%	19,774	187,001	$1,713,770	$5,510,000	31.1%
Poughkeepsie-Newburgh-Middletown NY	1	27,725	$239,879	1.1%	9,180	22,489	$1,115,940	$3,000,000	37.2%
Total/Wtd. Avg.	64	4,103,764	$21,671,000	100.0%	18,875	237,731	$110,000,000	$376,000,000	29.3%

(1)

Information is based on the underwritten rent roll.

(2)

Information is based on third party market research reports.

(3)

Information is based on the appraisals.

(4)

Allocated Cut-off Date Balance and LTV are based on the Great Value Storage Portfolio Whole Loan.

(5)

The aggregate Appraised Value for each SMA represents the “as-is” appraised value on a stand-alone basis. Total Appraised Value and Wtd Avg. LTV are based on the portfolio “as-is” appraised value of $376,000,000 as of October 10, 2018. Wtd. Avg. LTV based on the aggregate stand-alone “as-is” appraised value of $326,000,000 is 33.7%.

(6)

Includes two properties in the Youngstown-Warren-Boardman, OH-PA SMA, one property in the Mansfield, OH SMA and one property in the Cincinnati, OH-KY-IN SMA.

(7)

Includes one property in the Brownsville-Harlingen, TX SMA and one property in the San Antonio-New Braunfels, TX SMA.

Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the historical operating performance and the Underwritten Net Cash Flow at the Great Value Storage Portfolio Properties:

Cash Flow Analysis
	2015	2016	2017	9/30/2018 TTM	UW	UW PSF
Gross Potential Rent⁽¹⁾	$21,899,319	$32,785,852	$34,642,967	$35,352,553	$36,811,708	$8.97
Other Income⁽²⁾	$1,517,842	$3,982,911	$4,227,152	$4,573,337	$4,573,337	$1.11
Less Vacancy & Credit Loss	($4,423,818)	($6,701,017)	($6,575,081)	($5,484,505)	($5,679,034)	($1.38)
Effective Gross Income	$18,993,343	$30,067,746	$32,295,038	$34,441,385	$35,706,011	$8.70
Total Operating Expenses	$8,683,039	$12,153,326	$13,000,855	$13,510,843	$13,600,995	$3.31
Net Operating Income	$10,310,304	$17,914,420	$19,294,182	$20,930,541	$22,105,016	$5.39
Capital Expenditures	$0	$0	$0	$0	$434,016	$0.11
Net Cash Flow	$10,310,304	$17,914,420	$19,294,182	$20,930,541	$21,671,000	$5.28

Occupancy %⁽³⁾	86.0%	84.8%	82.7%	84.6%	84.6%
NOI DSCR⁽⁴⁾	2.23x	3.88x	4.18x	4.53x	4.79x
NCF DSCR⁽⁴⁾	2.23x	3.88x	4.18x	4.53x	4.69x
NOI Debt Yield⁽⁴⁾	9.4%	16.3%	17.5%	19.0%	20.1%
NCF Debt Yield⁽⁴⁾	9.4%	16.3%	17.5%	19.0%	19.7%

(1)

The Great Value Storage Portfolio Borrower acquired two properties, 4076 - Bay Street and 4077 - Loop 197, in 2016 and two additional properties, 4079 - Aurora and 4080 - Commerce City, in 2017. As such, the 2016 historical performance does not include 4076 - Bay Street and 4077 - Loop 197 and the 2017 historical performance does not include 4079 - Aurora and 4080 - Commerce City. The increase in Gross Potential Rent is primarily due to the inclusion of the acquired properties. UW Gross Potential Rent is based on the underwritten rent roll and includes base rental revenue from conventional self storage units, vehicle parking spaces, commercial units, campsites, billboards, and cell towers.

(2)

Other Income includes personal property protection reimbursement, late fees, lien fees, admin fees, merchandise sales, miscellaneous income and other fees.

(3)

UW Occupancy % is based on the economic occupancy of 15.4%. As of September 16, 2018, the Great Value Storage Portfolio had physical occupancy of 87.0%, based on net rentable square footage, and 85.7%, based on net rentable units.

(4)

Debt service coverage ratios and debt yields are based on the Great Value Storage Portfolio Whole Loan.

Various

Collateral Asset Summary – Loan No. 1

Great Value Storage Portfolio

Cut-off Date Balance:

Cut-off Date LTV Ratio:

UW NCF DSCR:

UW NOI Debt Yield:

$55,000,000

29.3%

4.69x

20.1%

Escrows and Reserves. The Great Value Storage Portfolio Borrower deposited in escrow at origination (i) $525,978 for annual real estate taxes, (ii) $807,323 for annual insurance premiums, and (iii) $536,017 for immediate repairs. The Great Value Storage Portfolio Borrower is required to escrow monthly (i) 1/12 of the annual estimated tax payments, currently equal to $328,736, (ii) 1/12 of the annual estimated insurance premiums, currently equal to $93,875 and (iii) $34,198 for replacement reserves.

Lockbox and Cash Management. The Great Value Storage Portfolio Whole Loan has a hard lockbox with springing cash management upon the occurrence and continuance of a Cash Management Trigger Event (as defined below). Pursuant to the Great Value Storage Portfolio Whole Loan documents, during the continuance of a Cash Management Trigger Event, all excess funds on deposit in the cash management account (after payment of required monthly reserve deposits, debt service payment and cash management bank fees) will be applied as follows: (i) to the debt service payment of the Great Value Storage Portfolio Mezzanine A Loan, (ii) if no event of default is continuing under the Great Value Storage Portfolio Mezzanine A Loan, to the debt service payment of the Great Value Storage Portfolio Mezzanine B Loan, (iii) if a Cash Sweep Trigger Event (as defined below) is continuing, to an excess cash reserve, or (a) if a Cash Sweep Trigger Event has occurred as a result of an event of default under the Great Value Storage Portfolio Mezzanine A Loan, to the lender of the Great Value Storage Portfolio Mezzanine A Loan, or (b) if no event of default is continuing under the Great Value Storage Portfolio Mezzanine A Loan, but an event of default is continuing under the Great Value Storage Portfolio Mezzanine B Loan, to the lender of the Great Value Storage Portfolio Mezzanine B Loan, and (iv) if a Cash Sweep Trigger Event is not continuing, to the Great Value Storage Portfolio Borrower.

A “Cash Management Trigger Event” will occur upon (i) an event of default, (ii) any bankruptcy action involving the Great Value Storage Portfolio Borrower, the Great Value Storage Portfolio Sponsor, the guarantor, or the property manager, (iii) the trailing 12-month period debt service coverage ratio, based on the Great Value Storage Portfolio Whole Loan and Great Value Storage Portfolio Mezzanine Loans (the “Cumulative DSCR”), falling below 1.34x, or if the Permitted Mezzanine Loan (as defined below) is then outstanding, the trailing 12-month period debt service coverage ratio, based on the Great Value Storage Portfolio Whole Loan, Great Value Storage Portfolio Mezzanine Loans and the Permitted Mezzanine Loan (the “Fully Funded Cumulative DSCR”), falling below 1.16x, (iv) any indictment for fraud or misappropriation of funds by the Great Value Storage Portfolio Borrower, the Great Value Storage Portfolio Sponsor, the guarantor, or the property manager, or any officer of the aforementioned, or (v) notice of an event of default under any of the Great Value Storage Portfolio Mezzanine Loans. A Cash Management Trigger Event will continue until, in regard to clause (i) above, the cure of such event of default and acceptance of such cure by the lender, in regard to clause (ii) above, the filing being discharged, stayed or dismissed within 60 days for the Great Value Storage Portfolio Borrower, the Great Value Storage Portfolio Sponsor, or guarantor, or within 120 days for the property manager, and the lender’s determination that such filing does not materially affect the obligations of the Great Value Storage Portfolio Borrower, the Great Value Storage Portfolio Sponsor, the guarantor, or the property manager under the applicable the Great Value Storage Portfolio Whole Loan documents or management agreement, as applicable, in regard to clause (iii) above, either (a) the Cumulative DSCR is at least 1.39x for two consecutive calendar quarters or if the Permitted Mezzanine Loan is then outstanding, the Fully Funded Cumulative DSCR is at least 1.21x for two consecutive calendar quarters, or (b) the Great Value Storage Portfolio Borrower deposits with the lender, either in cash or letter of credit, an amount that if applied to the reduction of the outstanding principal balances of the Great Value Storage Portfolio Whole Loan and the Great Value Storage Portfolio Mezzanine Loans, would result in a Cumulative DSCR of at least 1.34x or if the Permitted Mezzanine Loan is then outstanding, would result in a Fully Funded Cumulative DSCR of 1.16x, in regard to clause (iv) above, the dismissal of the applicable indictment with prejudice or the acquittal of the applicable person with respect to the related charge or the replacement of the property manager with a qualified manager pursuant to the Great Value Storage Portfolio Whole Loan documents, or in regard to clause (v) above, the lender receives notice of the cure of such event of default and acceptance of such cure by the applicable lender of the Great Value Storage Portfolio Mezzanine Loan.

A “Cash Sweep Trigger Event” will occur upon (i) an event of default, (ii) any bankruptcy action involving the Great Value Storage Portfolio Borrower, the Great Value Storage Portfolio Sponsor, the guarantor, or the property manager, (iii) the Cumulative DSCR falling below 1.34x, or if the Permitted Mezzanine Loan is then outstanding, the Fully Funded Cumulative DSCR falling below 1.16x, or (iv) notice of an event of default under any of the Great Value Storage Portfolio Mezzanine Loans. A Cash Sweep Trigger Event will continue until, in regard to clause (i) above, the cure of such event of default and acceptance of such cure by the lender, in regard to clause (ii) above, the filing being discharged, stayed or dismissed within 60 days for the Great Value Storage Portfolio Borrower, the Great Value Storage Portfolio Sponsor, or guarantor, or within 120 days for the property manager, and the lender’s determination that such filing does not materially affect the obligations of the Great Value Storage Portfolio Borrower, the Great Value Storage Portfolio Sponsor, the guarantor, or the property manager under the applicable the Great Value Storage Portfolio Whole Loan documents or management agreement, as applicable, in regard to clause (iii) above, either (a) the Cumulative DSCR is at least 1.39x for two consecutive calendar quarters or if the Permitted Mezzanine Loan is then outstanding, the Fully Funded Cumulative DSCR is at least 1.21x for two consecutive calendar quarters, or (b) the Great Value Storage Portfolio Borrower deposits with the lender, either in cash or letter of credit, an amount that if applied to the reduction of the outstanding principal balances of the Great Value Storage Portfolio Whole Loan and the Great Value Storage Portfolio Mezzanine Loans, would result in a Cumulative DSCR of at least 1.34x or if the Permitted Mezzanine Loan is then outstanding, would result in a Fully Funded Cumulative DSCR of 1.16x, or in regard to clause (iv) above, the lender receives notice of the cure of such event of default and acceptance of such cure by the applicable lender of the Great Value Storage Portfolio Mezzanine Loan.

Additional Secured Indebtedness (not including trade debts). Prior to November 30, 2020, a newly-formed single-purpose entity that owns 100% of the direct equity interests of the borrower of the Great Value Storage Portfolio Mezzanine B Loan has a one-time right to pledge all or any portion of its limited liability company interests to secure an additional mezzanine loan up to a maximum principal amount of $19,000,000 (the “Permitted Mezzanine Loan”), provided that the following conditions, among others, are satisfied: (i) the debt yield, including the Great Value Storage Portfolio Whole Loan, the Great Value Storage Portfolio Mezzanine Loans and the Permitted Mezzanine Loan, is not less than 7.3%, (ii) the debt service coverage ratio, including the Great Value Storage Portfolio Whole Loan, the Great Value Storage Portfolio Mezzanine Loans and the Permitted Mezzanine Loan, is not less than 1.20x, (iii) the loan-to-value ratio, including the Great Value Storage Portfolio Whole Loan, the Great Value Storage Portfolio Mezzanine Loans and the Permitted Mezzanine Loan, is not greater than 79.0%, and (iv) the Permitted Mezzanine Loan is coterminous with the Great Value Storage Portfolio Whole Loan and provides for a fixed rate of interest.

Mezzanine Loans and Preferred Equity. The Great Value Storage Portfolio Mezzanine Loans are comprised of a mezzanine loan in the original principal amount of $103.0 million (the “Great Value Storage Portfolio Mezzanine A Loan”), which is secured by the direct equity ownership in the Great Value Storage Portfolio Borrower, and a mezzanine loan in the original principal amount of $63.0 million (the “Great Value Storage Portfolio Mezzanine B Loan”), which is subordinate to the Great Value Storage Portfolio Mezzanine A Loan. The Great Value Storage Portfolio Mezzanine A Loan and Great Value Storage Portfolio Mezzanine B Loan have a coupon of 5.5000% per annum and 7.8750% per annum, respectively, and are coterminous with the Great Value Storage Portfolio Whole Loan. Including the Great Value Storage Portfolio Whole Loan and the Great Value Storage Portfolio Mezzanine Loans,

Various

Collateral Asset Summary – Loan No. 1

Great Value Storage Portfolio

Cut-off Date Balance:

Cut-off Date LTV Ratio:

UW NCF DSCR:

UW NOI Debt Yield:

$55,000,000

29.3%

4.69x

20.1%

the cumulative Cut-off Date LTV Ratio, cumulative UW NCF DSCR and cumulative UW NOI Debt Yield are 73.4%, 1.41x and 8.0%, respectively. The lenders of the Great Value Storage Portfolio Whole Loan and Great Value Storage Portfolio Mezzanine Loans have entered into an intercreditor agreement.

Release of Property. The Great Value Storage Portfolio Borrower may partially defease the Great Value Storage Portfolio Whole Loan and obtain the release of any of the Great Value Storage Portfolio Properties securing the Great Value Storage Portfolio Whole Loan, at any time after the lockout period, provided that, among other things, (i) no event of default has occurred and is continuing, (ii) the Great Value Storage Portfolio Borrower prepays a portion of the Great Value Storage Portfolio Whole Loan equal to 110% of the allocated loan amount of the property being released, (iii) the Cumulative DSCR for the remaining properties following the release based on the trailing 12 months is no less than the greater of (a) the Cumulative DSCR immediately preceding such release and (b) the Cumulative DSCR (or the Fully Funded Cumulative DSCR, if applicable) as of the origination date, (iv) the debt yield for the remaining properties is no less than the greater of (a) the debt yield immediately preceding such release and (b) the debt yield at origination of the Great Value Storage Portfolio Whole Loan, (v) the loan-to-value ratio for the remaining properties is no greater than the lesser of (a) the loan-to-value ratio (based on the appraisals obtained in connection with the origination of the Great Value Storage Portfolio Whole Loan) immediately preceding such release and (b) the loan-to-value ratio at origination of the Great Value Storage Portfolio Whole Loan, (vi) the property or properties being released will be conveyed to a third party that is not an affiliate of the Great Value Storage Portfolio Borrower, (vii) the aggregate net operating income (“NOI”) of the remaining properties located in the Houston, Texas metropolitan area will not exceed 20% of the aggregate NOI of the remaining properties and the aggregate NOI of the remaining properties located in the Dallas, Texas metropolitan area will not exceed 40% of the aggregate NOI of the remaining properties, (viii) the Great Value Storage Portfolio Borrower delivers a REMIC opinion, (ix) the lender has obtained a rating agency confirmation, and (x) if any Great Value Storage Portfolio Mezzanine Loan is outstanding, the applicable borrower prepays a portion of the Great Value Storage Portfolio Mezzanine Loan equal to 110% of the allocated loan amount of the property being released. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Releases; Partial Releases” in the Preliminary Prospectus.

Terrorism Insurance. The Great Value Storage Portfolio Borrower is required to obtain and maintain property insurance, commercial general liability insurance, and business income or rental loss insurance that covers perils of terrorism and acts of terrorism, both foreign and domestic.

Various

Collateral Asset Summary – Loan No. 2

Heartland Dental Medical
Office Portfolio

Cut-off Date Balance:

Cut-off Date LTV Ratio:

UW NCF DSCR:

UW NOI Debt Yield:

$54,942,030

55.4%

1.59x

11.7%

(GRAPHIC)

Various

Collateral Asset Summary – Loan No. 2

Heartland Dental Medical
Office Portfolio

Cut-off Date Balance:

Cut-off Date LTV Ratio:

UW NCF DSCR:

UW NOI Debt Yield:

$54,942,030

55.4%

1.59x

11.7%

(MAP)

Various

Collateral Asset Summary – Loan No. 2

Heartland Dental Medical
Office Portfolio

Cut-off Date Balance:

Cut-off Date LTV Ratio:

UW NCF DSCR:

UW NOI Debt Yield:

$54,942,030

55.4%

1.59x

11.7%

Mortgage Loan Information				Property Information
Mortgage Loan Seller:	UBS AG			Single Asset/Portfolio:	Portfolio
Credit Assessment (Fitch/KBRA/Moody’s):	NR/NR/NR			Location:	Various
Credit Assessment (Fitch/KBRA/Moody’s):	NR/NR/NR			General Property Type:	Various
Original Balance⁽¹⁾:	$55,000,000			Detailed Property Type:	Various
Cut-off Date Balance⁽¹⁾:	$54,942,030			Title Vesting:	Fee Simple
% of Initial Pool Balance:	8.5%			Year Built/Renovated:	Various
Loan Purpose:	Refinance			Size:	962,501 SF
Borrower Sponsor:	Richard Eugene Workman			Cut-off Date Balance per SF⁽¹⁾:	$187
Mortgage Rate:	5.7000%			Maturity Date Balance per SF⁽¹⁾:	$158
Note Date:	10/26/2018			Property Manager:	Self-managed
First Payment Date:	12/6/2018
Maturity Date:	11/6/2028
Original Term to Maturity:	120 months
Original Amortization Term:	360 months
IO Period:	0 months
Seasoning:	1 month			Underwriting and Financial Information
Prepayment Provisions⁽²⁾:	LO (12); YM1 (104); O (4)			UW NOI:	$21,164,378
Lockbox/Cash Mgmt Status:	Hard/Springing			UW NOI Debt Yield⁽¹⁾:	11.7%
Additional Debt Type⁽¹⁾:	Pari Passu			UW NOI Debt Yield at Maturity⁽¹⁾:	14.0%
Additional Debt Balance⁽¹⁾:	$125,367,722			UW NCF DSCR⁽¹⁾:	1.59x
Future Debt Permitted (Type):	No (N/A)			Most Recent NOI⁽⁴⁾:	$20,451,419 (6/30/2018 TTM)
Reserves⁽³⁾				2nd Most Recent NOI⁽⁴⁾:	$17,428,719 (12/31/2017)
Type	Initial	Monthly	Cap	3rd Most Recent NOI⁽⁴⁾:	$13,960,122 (12/31/2016)
RE Tax:	$250,000	Springing	N/A	Most Recent Occupancy:	96.8% (9/13/2018)
Insurance:	$384,109	Springing	N/A	2nd Most Recent Occupancy:	97.0% (12/31/2017)
Replacements:	$0	$16,042	$385,000	3rd Most Recent Occupancy:	97.0% (12/31/2016)
Deferred Maintenance:	$316,121	$0	N/A	Appraised Value (as of):	$325,235,000 (Various)
TI/LC:	$109,315	$80,208	$1,925,002	Cut-off Date LTV Ratio⁽¹⁾:	55.4%
Rent Concession:	$62,050	$0	N/A	Maturity Date LTV Ratio⁽¹⁾:	46.6%

Sources and Uses
Sources	Proceeds	% of Total	Uses	Proceeds	% of Total
Loan Amount⁽¹⁾:	$180,500,000	100.0%	Loan Payoff:	$149,277,510	82.7%
			Reserves:	$1,121,595	0.6%
			Closing Costs:	$8,087,845	4.5%
			Return of Equity:	$22,013,050	12.2%
Total Sources:	$180,500,000	100.0%	Total Uses:	$180,500,000	100.0%

(1)

The Heartland Dental Medical Office Portfolio Mortgage Loan (as defined below) is part of the Heartland Dental Medical Office Portfolio Whole Loan (as defined below), which is comprised of ten pari passu promissory notes with an aggregate original principal balance of $180,500,000. The Cut-off Date Balance per SF, Maturity Date Balance per SF, UW NOI Debt Yield, UW NOI Debt Yield at Maturity, UW NCF DSCR, Cut-off Date LTV Ratio and Maturity Date LTV Ratio presented above are based on the aggregate principal balance of the promissory notes comprising the Heartland Dental Medical Office Portfolio Whole Loan.

(2)

Partial Release is permitted. See “Release of Property” below for further discussion of release requirements.

(3)

See “Escrows and Reserves” below for further discussion of reserve requirements and caps.

(4)

Several of the Heartland Dental Medical Office Portfolio Properties (as defined below) were acquired/developed by the borrower sponsor in 2016 (18 properties), 2017 (25 properties) and 2018 (10 properties); as such, the 3rd Most Recent NOI includes full-year financial reporting for only 121 of the 169 Heartland Dental Medical Office Portfolio Properties and the 2nd Most Recent NOI includes full-year financial reporting for only 143 of the 169 Heartland Dental Medical Office Portfolio Properties. Most Recent NOI includes full-year financial reporting for 168 of the 169 Heartland Dental Medical Office Portfolio Properties.

The Mortgage Loan. The second largest mortgage loan (the “Heartland Dental Medical Office Portfolio Mortgage Loan”) is part of a whole loan (the “Heartland Dental Medical Office Portfolio Whole Loan”) evidenced by ten pari passu promissory notes with an aggregate original principal balance of $180,500,000. The Heartland Dental Medical Office Portfolio Whole Loan is secured by the fee interests in a 169-property portfolio totaling 962,501 SF, geographically distributed throughout 24 states, with the largest concentrations in Illinois (237,545 SF; 24.7% of NRA), Florida (179,190 SF; 18.6% of NRA) and Georgia (72,239 SF; 7.5% of NRA) (collectively, the “Heartland Dental Medical Office Portfolio Properties” or “Heartland Dental Medical Office Portfolio”). Promissory Notes A-4, A-5 and A-6, with an aggregate original principal balance of $55,000,000, represent the Heartland Dental Medical Office Portfolio Mortgage Loan and will be included in the UBS 2018-C15 Trust. The Heartland Dental Medical Office Portfolio Whole Loan will be serviced pursuant to the pooling and servicing agreement for the UBS 2018-C14 Trust until the controlling pari passu Promissory Note A-2 is securitized, whereupon the Heartland Dental Medical Office Portfolio Whole Loan will be serviced pursuant to the pooling and servicing agreement for such future securitization. The below table summarizes the Heartland Dental Medical Office Portfolio Whole Loan, including the remaining promissory notes, which are currently held by UBS AG and are expected to be contributed to one or more future securitization transactions or may otherwise be transferred at any time. See “Description of the Mortgage Pool—The Whole Loans—The Non-Serviced Pari Passu Whole Loans” and “Pooling and Servicing Agreement” in the Preliminary Prospectus.

Various

Collateral Asset Summary – Loan No. 2

Heartland Dental Medical
Office Portfolio

Cut-off Date Balance:

Cut-off Date LTV Ratio:

UW NCF DSCR:

UW NOI Debt Yield:

$54,942,030

55.4%

1.59x

11.7%

Heartland Dental Medical Office Portfolio Whole Loan Summary
Note	Original Balance	Cut-off Date Balance	Anticipated Note Holder	Controlling Piece
Note A-1	$40,000,000	$39,957,840	UBS 2018-C14⁽¹⁾	No
Note A-2	$30,000,000	$29,968,380	UBS AG	Yes
Note A-3	$20,000,000	$19,978,920	UBS AG	No
Note A-4	$20,000,000	$19,978,920	UBS 2018-C15	No
Note A-5	$20,000,000	$19,978,920	UBS 2018-C15	No
Note A-6	$15,000,000	$14,984,190	UBS 2018-C15	No
Note A-7	$15,000,000	$14,984,190	UBS AG	No
Note A-8	$10,000,000	$9,989,460	UBS AG	No
Note A-9	$6,500,000	$6,493,149	UBS AG	No
Note A-10	$4,000,000	$3,995,784	UBS 2018-C14⁽¹⁾	No
Total	$180,500,000	$180,309,752

(1)

Notes A-1 and A-10 are currently held by UBS AG and are expected to be contributed to the UBS 2018-C14 securitization transaction, which is expected to close on or about December 12, 2018.

The proceeds of the Heartland Dental Medical Office Portfolio Whole Loan were used to refinance existing debt on the Heartland Dental Medical Office Portfolio Properties, fund reserves, pay closing costs, and return equity to the borrower sponsor.

The Borrower and the Borrower Sponsor. The borrower is PRD Owner, LLC (the “Heartland Dental Medical Office Portfolio Borrower”), a single-purpose Delaware limited liability company structured to be bankruptcy remote with two independent directors. A non-consolidation opinion was delivered in connection with the origination of the Heartland Dental Medical Office Portfolio Whole Loan. The Heartland Dental Medical Office Portfolio Borrower is wholly owned by PRD Mezz Owner, LLC, which is wholly owned by Professional Resource Development, Inc. (“PRDI”). PRDI is owned by Richard E. Workman 2001 Trust with Richard, Angela, Jordan, Jared, Meredith, and Madison Workman as the beneficiaries (33.33%), Workman Irrevocable Trust, with Jordan M. Workman as the beneficiary (16.66%), Workman Irrevocable Trust, with Jared R. Workman as the beneficiary (16.66%), Workman Irrevocable Trust, with Meredith A. Workman as the beneficiary (16.66%), and Workman Irrevocable Trust, with Madison A. Workman as the beneficiary (16.66%). The borrower sponsor and non-recourse carveout guarantor is Dr. Richard Eugene Workman.

Richard Eugene Workman founded PRDI in 2003 and currently serves as its President. PRDI, based in Effingham, Illinois, is a full-service real estate investment and development company that owns and develops commercial real estate throughout the United States. PRDI’s services include market analysis, site selection, site acquisition, site planning and design, leasing, permitting and zoning approvals, construction management, build-to-suits, and acquisition of existing assets and notes. As of December 31, 2017, PRDI reported total assets of approximately $298.4 million and stockholders’ equity of approximately $24.4 million. PRDI’s investment portfolio includes 212 single and multitenant medical office properties primarily occupied by dental offices affiliated with Heartland Dental, LLC (“Heartland Dental”) and its affiliates. Heartland Dental is 100.0% beneficially owned by Heartland Dental Holding Corporation, a Delaware corporation, which is majority-owned and controlled by affiliates of KKR & Co. LP.

Richard Eugene Workman founded Heartland Dental in 1997 and currently retains a 4.28% ownership interest in the company. See “Description of the Mortgage Pool—Tenant Issues—Affiliated Leases” in the Preliminary Prospectus. Heartland Dental is a dental service organization (“DSO”) that develops and manages the administrative functions of dental practices through Administrative Service Agreements (“ASAs”) with multiple professional corporations (“PCs”) located throughout the United States. Heartland Dental, through its wholly owned subsidiaries and supported PCs, is a dental practice management and dental practice operating company that develops, consolidates, and manages multispecialty dental practices throughout the United States. See “Major Tenant” below for more information on Heartland Dental.

The Properties. The Heartland Dental Medical Office Portfolio Properties are comprised of 169 properties totaling 962,501 SF of space across 24 states, with no state representing more than 24.7% of NRA or 23.0% of UW NCF. Sixty-two (62) of the Heartland Dental Medical Office Portfolio Properties, representing 284,718 SF (29.6% of NRA), were built between 2013 and 2018 and 134 of the Heartland Dental Medical Office Portfolio Properties, representing 680,377 SF (70.7% of NRA), were built between 2000 and 2018. Eleven (11) of the 169 Heartland Dental Medical Office Portfolio Properties, totaling approximately 42,782 SF or 4.4% of NRA, are subject to condominium structures and represent approximately $8.1 million (4.5%) of the Allocated Original Balance (as shown in the Portfolio Summary table below) of the Heartland Dental Medical Office Portfolio Whole Loan. See “Description of the Mortgage Pool—Condominium Interests” in the Preliminary Prospectus.

Various

Collateral Asset Summary – Loan No. 2

Heartland Dental Medical
Office Portfolio

Cut-off Date Balance:

Cut-off Date LTV Ratio:

UW NCF DSCR:

UW NOI Debt Yield:

$54,942,030

55.4%

1.59x

11.7%

The following table presents certain information relating to the Heartland Dental Medical Office Portfolio Properties:

Portfolio Summary
State	No. of Properties	Net Rentable Area (SF)⁽¹⁾	Approximate % of SF	UW NCF	% of UW NCF	Allocated Original Balance⁽²⁾	% of Whole Loan Original Balance	Appraised Value	Allocated Original Balance LTV Ratio⁽²⁾
Florida	39	179,190	18.6%	$4,609,359	23.0%	$41,664,150	23.1%	$75,565,000	55.1%
Illinois	23	237,545	24.7%	$3,646,754	18.2%	$32,720,160	18.1%	$59,600,000	54.9%
South Carolina	17	69,247	7.2%	$1,502,059	7.5%	$13,708,420	7.6%	$25,080,000	54.7%
Missouri	8	68,201	7.1%	$1,472,593	7.4%	$13,280,570	7.4%	$22,350,000	59.4%
Georgia	13	72,239	7.5%	$1,357,863	6.8%	$12,489,450	6.9%	$24,610,000	50.7%
Indiana	12	62,211	6.5%	$1,328,830	6.6%	$11,891,670	6.6%	$22,110,000	53.8%
Texas	10	50,597	5.3%	$1,260,308	6.3%	$11,363,270	6.3%	$20,040,000	56.7%
Tennessee	11	50,674	5.3%	$1,210,481	6.1%	$10,749,150	6.0%	$19,730,000	54.5%
Oklahoma	5	24,949	2.6%	$491,555	2.5%	$4,506,800	2.5%	$8,145,000	55.3%
Kentucky	4	25,175	2.6%	$402,499	2.0%	$3,597,810	2.0%	$5,840,000	61.6%
Maryland	2	10,539	1.1%	$344,196	1.7%	$2,921,440	1.6%	$4,300,000	67.9%
Arizona	3	9,892	1.0%	$283,930	1.4%	$2,578,680	1.4%	$5,310,000	48.6%
Wisconsin	3	15,166	1.6%	$296,839	1.5%	$2,562,750	1.4%	$3,950,000	64.9%
Alabama	3	13,300	1.4%	$270,712	1.4%	$2,521,770	1.4%	$4,400,000	57.3%
Ohio	3	14,233	1.5%	$271,449	1.4%	$2,494,200	1.4%	$4,150,000	60.1%
Virginia	2	10,129	1.1%	$240,010	1.2%	$2,202,970	1.2%	$3,825,000	57.6%
Arkansas	2	13,994	1.5%	$227,141	1.1%	$2,138,570	1.2%	$3,670,000	58.3%
Nebraska	2	8,067	0.8%	$214,648	1.1%	$1,967,830	1.1%	$3,620,000	54.4%
Michigan	2	9,026	0.9%	$177,105	0.9%	$1,626,450	0.9%	$2,710,000	60.0%
Colorado	1	4,150	0.4%	$166,696	0.8%	$1,520,860	0.8%	$2,770,000	54.9%
Kansas	1	4,207	0.4%	$94,528	0.5%	$814,290	0.5%	$1,400,000	58.2%
Minnesota	1	3,600	0.4%	$52,922	0.3%	$495,020	0.3%	$950,000	52.1%
New Hampshire	1	3,270	0.3%	$41,823	0.2%	$343,000	0.2%	$490,000	70.0%
New Mexico	1	2,900	0.3%	$38,443	0.2%	$340,720	0.2%	$620,000	55.0%
Total/Wtd. Avg.	169	962,501	100.0%	$20,002,741	100.0%	$180,500,000	100.0%	$325,235,000	55.5%

(1)

Information is based on the underwritten rent roll.

(2)

Allocated Original Balance is based on the Heartland Dental Medical Office Portfolio Whole Loan.

As of September 13, 2018 the Heartland Dental Medical Office Portfolio Properties were 96.8% occupied across 244 leases. A total of 104 Heartland Dental Medical Office Portfolio Properties, representing approximately 544,419 SF (56.6% of NRA) of space at the Heartland Dental Medical Office Portfolio, are single tenant and 100.0% leased by Heartland Dental and its affiliates. In total, Heartland Dental and its affiliates lease approximately 796,231 SF (82.7% of NRA) of space at 168 Heartland Dental Medical Office Portfolio Properties, 166 of which are medical offices and two of which are corporate offices located in Effingham, Illinois. The remainder of the Heartland Dental Medical Office Portfolio's net rentable area is leased by unaffiliated medical office tenants (14.1% of NRA).

Eighty-nine (89) of the Heartland Dental Medical Office Portfolio Properties (44.9% of NRA) were originally built and leased by Heartland Dental (built-to-suit for Heartland Dental as the intended user and tenant and first generation space in under-serviced areas) (collectively, the “De Novo Properties”). Seventy-seven (77) of the Heartland Dental Medical Office Portfolio Properties (39.9% of NRA) were acquired with existing medical office practices in place and have since been leased by Heartland Dental and its affiliates (collectively, the “Affiliate Properties”). Twenty-seven (27) of the De Novo Properties (11.9% of NRA) are newly constructed with operations commencing after January 1, 2016 and therefore are represented with non-stabilized operations (collectively, the “De Novo Model Properties”). Sixty-two (62) of the De Novo Properties (32.9% of NRA) are properties with operations commencing prior to January 1, 2016 and therefore are represented with stabilized operations (collectively, the “De Novo Base Properties”).

The 166 De Novo Properties and Affiliate Properties collectively generate total revenues of approximately $321.9 million with EBITDAR of approximately $79.2 million and average EBITDAR margins of 24.6% as of June 30, 2018, all of which are related to Heartland Dental leased buildings and units. Excluding the 27 recently opened De Novo Model Properties, the 139 De Novo Base Properties and Affiliate Properties collectively generate total revenues of approximately $293.8 million with EBITDAR of $76.8 million and average EBITDAR margins of 26.1% as of June 30, 2018. The De Novo Base Properties have a weighted average EBITDAR margin of 25.9% and a weighted average revenue of $555 PSF as of the June 30, 2018 trailing 12-month period.

Various

Collateral Asset Summary – Loan No. 2

Heartland Dental Medical
Office Portfolio

Cut-off Date Balance:

Cut-off Date LTV Ratio:

UW NCF DSCR:

UW NOI Debt Yield:

$54,942,030

55.4%

1.59x

11.7%

The following tables present certain information relating to the tenant type distributions at the Heartland Dental Medical Office Portfolio Properties:

Distribution by Tenant Type⁽¹⁾
Tenant Type	No. of Properties	Net Rentable Area (SF)⁽²⁾	Approximate % of SF	UW NOI	% of UW NOI	UW NOI Debt Yield⁽³⁾	Allocated Original Balance⁽³⁾	% of Whole Loan Original Balance	Appraised Value
De Novo Base	62	317,104	32.9%	$8,115,799	38.3%	11.6%	$69,957,170	38.8%	$126,055,000
Affiliate	77	384,489	39.9%	$7,732,434	36.5%	11.8%	$65,338,670	36.2%	$113,440,000
De Novo Model	27	114,930	11.9%	$3,705,053	17.5%	11.4%	$32,492,330	18.0%	$62,220,000
Corporate	2	127,152	13.2%	$1,319,696	6.2%	12.9%	$10,266,760	5.7%	$19,820,000
Other	1	18,826	2.0%	$291,396	1.4%	11.9%	$2,445,070	1.4%	$3,700,000
Total/Wtd. Avg.	169	962,501	100.0%	$21,164,378	100.0%	11.7%	$180,500,000	100.0%	$325,235,000

(1)

Tenant Type is based on the profile of the space leased to Heartland Dental at each related property.

(2)

Information is based on the underwritten rent roll.

(3)

Allocated Original Balance and UW NOI Debt Yield are based on the Heartland Dental Medical Office Portfolio Whole Loan.

Distribution by Tenant Type⁽¹⁾
Tenant Type	Allocated Original Balance⁽²⁾	UW Base Rent⁽³⁾	% of UW Base Rent	UW Base Rent PSF⁽⁴⁾	6/30/2018 TTM Revenue⁽⁵⁾	6/30/2018 EBITDAR⁽⁵⁾	EBITDAR %⁽⁵⁾	UW Total Rent⁽⁵⁾	EBITDAR/ UW Base Rent⁽⁵⁾⁽⁶⁾	EBITDAR/ UW Total Rent⁽⁵⁾⁽⁶⁾
De Novo Base	$69,957,170	$8,426,917	37.8%	$28.21	$124,307,274	$32,240,003	25.9%	$8,313,624	4.90x	3.88x
Affiliate	$65,338,670	$8,163,101	36.6%	$21.82	$169,530,613	$44,574,432	26.3%	$9,122,128	5.98x	4.89x
De Novo Model	$32,492,330	$3,962,543	17.8%	$34.48	$28,014,107	$2,392,341	8.5%	$3,872,166	0.77x	0.62x
Corporate	$10,266,760	$1,404,132	6.3%	$11.04	N/A	N/A	N/A	N/A	N/A	N/A
Other	$2,445,070	$363,222	1.6%	$21.15	N/A	N/A	N/A	N/A	N/A	N/A
Total/Wtd. Avg.	$180,500,000	$22,319,914	100.0%	$23.95	$321,851,994	$79,206,776	24.6%	$21,307,918	4.62x	3.72x

(1)

Tenant Type is based on the profile of the space leased to Heartland Dental at each related property.

(2)

Allocated Original Balance is based on the Heartland Dental Medical Office Portfolio Whole Loan.

(3)

UW Base Rent includes all spaces leased to affiliated and unaffiliated third party tenants at the Heartland Dental Medical Office Portfolio Properties.

(4)

Wtd. Avg. UW Base Rent PSF excludes vacant space.

(5)

Information excludes spaces leased to unaffiliated third party tenants.

(6)

De Novo Model properties are newly constructed with operations commencing after January 1, 2016 and are represented with non-stabilized operations. EBITDAR/UW Base Rent and EBITDAR/UW Total Rent excluding the De Novo Model tenants is 5.47x and 4.41x, respectively.

The borrower sponsor acquired or constructed the Heartland Dental Medical Office Portfolio Properties at various times since November 1999 with land acquisition costs totaling approximately $61.5 million, building costs totaling approximately $162.3 million, and total costs totaling approximately $223.8 million as of June 30, 2018.

Major Tenant.

Heartland Dental (796,231 SF, 82.7% of NRA, 86.8% of underwritten base rent). Heartland Dental (Moody’s/S&P: B3/B-), through its wholly owned subsidiaries and supported PCs, is a dental practice management and dental practice operating company that develops, consolidates, and manages multispecialty dental practices throughout the United States. Heartland Dental provides a full range of management and financial services to its supported PCs in the multispecialty dental services system and has ASAs with 67 PCs located in 35 different states. The ASAs represent Heartland Dental’s right to manage the administrative functions of the supported PCs and their dental group practices during the five- to 25-year terms of the agreements, which enable Heartland Dental to control substantially all nonprofessional activities of each dental practice. The ASAs also provide PCs with the right to operate in space leased directly by Heartland Dental.

Heartland Dental’s competitors include American Dental Partners, Great Expressions, InterDent, Aspen Dental, and Western Dental, which are regionally-or nationally-branded DSOs or health maintenance organization dental providers. In comparison to its competitors, Heartland Dental operates and supports locally-branded dental offices, lending to a doctor-centric and neighborhood-provider approach.

Heartland Dental has an integration team that leverages the Heartland Dental platform and expertise to maximize the success of its De Novo (new offices in under-serviced areas) strategy. When considering potential locations, Heartland Dental’s De Novo team uses demographic analyses to optimize locations within its existing markets. Heartland Dental utilizes its network of brokers and developers to seek out potential locations. In addition, Heartland Dental utilizes a healthcare site selection analytics firm to assist in continuing to identify site locations. Heartland Dental’s analytics include patient demographics, population statistics, recruiting conditions, and competitive environment. Heartland Dental supports a network of over 1,300 dentists and the company has approximately 11,000 team members in more than 875 supported dental practices across 37 states.

As of June 30, 2018, Heartland Dental Holding Corporation reported total assets of approximately $3.0 billion, total shareholders’ equity of approximately $1.4 billion, and cash of approximately $19.2 million, compared to December 31, 2017, when Heartland Dental Holding Corporation reported total assets of approximately $1.6 billion, total shareholders’ equity of approximately $428.2 million, and cash of approximately $11.0 million. Heartland Dental, as a subsidiary of Heartland Dental Holding Corporation, only has annual financial statements available as part of the parent company's annual audited financials/supplemental schedules. As of December 31, 2017, Heartland Dental reported total assets of approximately $1.7 billion, total shareholders’ equity of $493.3 million, and cash of approximately $6.6 million.

Various

Collateral Asset Summary – Loan No. 2

Heartland Dental Medical
Office Portfolio

Cut-off Date Balance:

Cut-off Date LTV Ratio:

UW NCF DSCR:

UW NOI Debt Yield:

$54,942,030

55.4%

1.59x

11.7%

On April 30, 2018, KKR & Co. Inc. (“KKR”) acquired a majority interest in Heartland Dental from Ontario Teachers' Pension Plan, while Ontario Teachers’ Pension Plan retained a significant minority stake in Heartland Dental. KKR, founded in 1976 and led by Henry Kravis and George Roberts, is a global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate, credit, and hedge funds worldwide. As of June 30, 2018, KKR reported $191.3 billion of assets under management.

The Heartland Dental Medical Office Portfolio Properties are subject to individual leases between PRDI, as landlord, and Heartland Dental and its affiliates, as tenant. The dental practice leases are unaffiliated with one another apart from their relationship to Heartland Dental. The leases with Heartland Dental are primarily structured with an initial lease term of 10 years, with two, 10-year renewal options with annual base rent increasing annually by the greater of (i) 2.5% or (ii) the percentage change in the CPI factor from the lease commencement date to the anniversary date. At the commencement of each renewal period, rent resets to fair market value.

The following table presents certain information relating to the lease rollover schedule at the Heartland Dental Medical Office Portfolio Properties:

Lease Rollover Schedule⁽¹⁾⁽²⁾
Year	# of Leases Rolling	SF Rolling	Approx. % of Total SF Rolling	Approx. Cumulative % of SF Rolling	UW Base Rent PSF Rolling⁽³⁾	Total UW Base Rent Rolling	Approx. % of Total Base Rent Rolling	Approx. Cumulative % of Total Base Rent Rolling
MTM	2	2,879	0.3%	0.3%	$20.39	$58,702	0.3%	0.3%
2018	2	3,251	0.3%	0.6%	$18.82	$61,197	0.3%	0.5%
2019	14	28,138	2.9%	3.6%	$27.01	$760,078	3.4%	3.9%
2020	11	26,235	2.7%	6.3%	$18.91	$496,029	2.2%	6.2%
2021	22	78,278	8.1%	14.4%	$25.58	$2,002,576	9.0%	15.1%
2022	32	101,830	10.6%	25.0%	$25.59	$2,606,067	11.7%	26.8%
2023	21	71,584	7.4%	32.4%	$27.03	$1,934,828	8.7%	35.5%
2024	30	116,242	12.1%	44.5%	$24.92	$2,896,366	13.0%	48.5%
2025	27	90,934	9.4%	54.0%	$24.67	$2,243,051	10.0%	58.5%
2026	29	141,688	14.7%	68.7%	$20.69	$2,931,606	13.1%	71.6%
2027	26	85,443	8.9%	77.6%	$24.67	$2,107,904	9.4%	81.1%
2028	20	154,705	16.1%	93.6%	$20.59	$3,184,638	14.3%	95.4%
2029 & Beyond	8	30,850	3.2%	96.8%	$33.61	$1,036,873	4.6%	100.0%
Vacant	0	30,444	3.2%	100.0%	$0.00	$0	0.0%	100.0%
Total/Wtd. Avg.	244	962,501	100.0%		$23.95	$22,319,914	100.0%

(1)

Information is based on the underwritten rent roll.

(2)

Certain tenants may have lease termination options that are exercisable prior to the originally stated expiration date of the subject lease and that are not considered in the lease rollover schedule.

(3)

Wtd. Avg. UW Base Rent PSF Rolling excludes vacant space.

The Markets. The Heartland Dental Medical Office Portfolio Properties are located across the United States, with the three largest property concentrations, based on UW NOI, in the Orlando, Florida metropolitan statistical area (“MSA”), the Chicago-Naperville-Elgin, IL-IN-WI MSA, and the Effingham, Illinois MSA.

The following tables present certain market information relating to the Heartland Dental Medical Office Portfolio Properties’ major MSAs:

Distribution by MSA
MSA	No. of Prop	NRA (SF)⁽¹⁾	% of SF	UW NOI	% of UW NOI	6/30/2018 TTM Revenue	6/30/2018 EBITDAR⁽²⁾	Appraised Value	Allocated Original Balance⁽³⁾	UW NOI Debt Yield⁽³⁾
Orlando, FL	10	51,922	5.4%	$1,433,828	6.8%	$20,107,920	$4,734,341	$23,570,000	$12,536,510	11.4%
Chicago-Naperville-Elgin, IL-IN-WI	11	55,538	5.8%	$1,352,945	6.4%	$17,572,995	$3,964,218	$21,650,000	$11,561,800	11.7%
Effingham, IL	2	127,152	13.2%	$1,319,696	6.2%	N/A	N/A	$19,820,000	$10,266,760	12.9%
St. Louis, MO-IL	8	61,042	6.3%	$1,137,858	5.4%	$14,964,631	$4,406,835	$16,350,000	$9,619,610	11.8%
Jacksonville, FL	8	40,553	4.2%	$1,112,796	5.3%	$14,814,522	$3,998,083	$17,440,000	$9,546,220	11.7%
Nashville-Davidson-Murfreesboro-Franklin, TN	8	40,227	4.2%	$1,054,028	5.0%	$14,880,713	$3,947,235	$16,630,000	$8,988,560	11.7%
Dallas-Fort Worth-Arlington, TX	6	30,246	3.1%	$832,949	3.9%	$19,983,508	$4,798,324	$13,160,000	$7,231,450	11.5%
Atlanta-Sandy Springs-Roswell, GA	7	50,979	5.3%	$925,905	4.4%	$19,581,993	$4,335,894	$15,650,000	$8,033,850	11.5%
Indianapolis-Carmel-Anderson, IN	5	30,839	3.2%	$663,767	3.1%	$7,102,490	$842,781	$10,640,000	$5,585,800	11.9%
Kansas City, MO-KS	3	19,559	2.0%	$607,038	2.9%	$4,400,935	$1,011,673	$8,450,000	$5,153,450	11.8%
Other	101	454,444	47.2%	$10,723,567	50.7%	$188,442,287	$47,167,392	$161,875,000	$91,975,990	11.7%
Total/Wtd. Avg.	169	962,501	100.0%	$21,164,378	100.0%	$321,851,994	$79,206,776	$325,235,000	$180,500,000	11.7%

(1)

Information is based on the underwritten rent roll.

(2)

Total 6/30/2018 EBITDAR excludes spaces leased to unaffiliated third party tenants.

(3)

Allocated Original Balance and UW NOI Debt Yield are based on the Heartland Dental Medical Office Portfolio Whole Loan.

Various

Collateral Asset Summary – Loan No. 2

Heartland Dental Medical
Office Portfolio

Cut-off Date Balance:

Cut-off Date LTV Ratio:

UW NCF DSCR:

UW NOI Debt Yield:

$54,942,030

55.4%

1.59x

11.7%

Distribution by MSA
MSA	No. of Prop	NRA (SF)⁽¹⁾	% of SF	Allocated Original Balance⁽²⁾	% of Whole Loan Original Balance	Wtd. Avg. Market Rent PSF	Wtd. Avg. Market Vacancy	Wtd. Avg. UW Base Rent PSF⁽¹⁾⁽³⁾	Wtd. Avg. Vacancy
Orlando, FL	10	51,922	5.4%	$12,536,510	6.9%	$29.95	4.2%	$30.01	0.0%
Chicago-Naperville-Elgin, IL-IN-WI	11	55,538	5.8%	$11,561,800	6.4%	$26.62	2.4%	$26.65	0.0%
Effingham, IL	2	127,152	13.2%	$10,266,760	5.7%	$11.13	0.0%	$11.04	0.0%
St. Louis, MO-IL	8	61,042	6.3%	$9,619,610	5.3%	$23.83	7.2%	$22.14	7.3%
Jacksonville, FL	8	40,553	4.2%	$9,546,220	5.3%	$29.62	5.6%	$29.79	0.0%
Nashville-Davidson-Murfreesboro-Franklin, TN	8	40,227	4.2%	$8,988,560	5.0%	$28.78	3.3%	$28.25	0.0%
Dallas-Fort Worth-Arlington, TX	6	30,246	3.1%	$7,231,450	4.0%	$30.59	1.2%	$30.62	7.6%
Atlanta-Sandy Springs-Roswell, GA	7	50,979	5.3%	$8,033,850	4.5%	$23.25	5.0%	$19.75	9.4%
Indianapolis-Carmel-Anderson, IN	5	30,839	3.2%	$5,585,800	3.1%	$23.93	2.0%	$24.08	12.6%
Kansas City, MO-KS	3	19,559	2.0%	$5,153,450	2.9%	$33.58	4.0%	$35.00	12.4%
Other	101	454,444	47.2%	$91,975,990	51.0%	$25.03	3.3%	$25.49	2.8%
Total/Wtd. Avg.	169	962,501	100.0%	$180,500,000	100.0%	$24.05	3.2%	$23.95	3.2%

(1)

Information is based on the underwritten rent roll.

(2)

Allocated Original Balance is based on the Heartland Dental Medical Office Portfolio Whole Loan.

(3)

Wtd. Avg. UW Base Rent PSF excludes vacant space.

Orlando, FL MSA:

There are 10 Heartland Dental Medical Office Portfolio Properties located in the Orlando, Florida MSA totaling approximately 51,922 SF (5.4% of NRA) in the aggregate, which collectively generate $1,433,828 in UW NOI (6.8% of UW NOI).

The following table presents certain market information relating to the Heartland Dental Medical Office Portfolio Properties located in the Orlando, Florida MSA:

Orlando, FL - Competitive Property Overview⁽¹⁾
Property	Location	Population⁽²⁾	Average Household Income⁽²⁾	# of Comp Properties	Year Built Range⁽³⁾	NRA Range / Total⁽³⁾	Occupancy Range / Average⁽³⁾	Base Rent Range / Average⁽³⁾
Heartland Dental Medical Office Portfolio - 9625 Lake Nona Village Place	9625 Lake Nona Village Place Orlando, FL	70,364	$78,212	5	2008 - 2017	5,050 - 46,400 / 71,848	100.0% - 100.0% / 100.0%	$28.75 - $37.00 / $32.95
Heartland Dental Medical Office Portfolio - 4999 North Tanner Road	4999 North Tanner Road Orlando, FL	166,275	$77,161	5	2008 - 2017	5,050 - 46,400 / 71,848	100.0% - 100.0% / 100.0%	$28.75 - $37.00 / $32.95
Heartland Dental Medical Office Portfolio - 7551 Osceola Polk Line Road	7551 Osceola Polk Line Road Davenport, FL	36,483	$75,278	6	2003 - 2017	4,596 - 6,576 / 34,165	100.0% - 100.0% / 100.0%	$22.00 - $39.00 / $31.17
Heartland Dental Medical Office Portfolio - 13816 Narcoossee Road	13816 Narcoossee Road Orlando, FL	56,686	$87,701	5	2008 - 2017	5,050 - 46,400 / 71,848	100.0% - 100.0% / 100.0%	$28.75 - $37.00 / $32.95
Heartland Dental Medical Office Portfolio - 8624 Lee Vista Boulevard	8624 Lee Vista Boulevard Orlando, FL	155,636	$63,549	5	2008 - 2017	5,050 - 46,400 / 71,848	100.0% - 100.0% / 100.0%	$28.75 - $37.00 / $32.95
Heartland Dental Medical Office Portfolio - 609 Front Street	609 Front Street Celebration, FL	39,321	$76,952	4	1994 - 2018	4,838 - 8,782 / 29,411	100.0% - 100.0% / 100.0%	$21.50 - $31.50 / $26.30
Heartland Dental Medical Office Portfolio - 2301 Old Canoe Creek Road	2301 Old Canoe Creek Road St. Cloud, FL	60,366	$64,892	4	2008 - 2017	6,070 - 10,392 / 32,443	100.0% - 100.0% / 100.0%	$26.00 - $35.00 / $31.81
Heartland Dental Medical Office Portfolio - 13851 North US Highway 441	13851 North US Highway 441 Lady Lake, FL	81,304	$63,831	6	2004 - 2017	3,600 - 14,894 / 43,911	100.0% - 100.0% / 100.0%	$28.00 - $36.00 / $32.76
Heartland Dental Medical Office Portfolio - 2620 East Highway 50	2620 East Highway 50 Clermont, FL	80,483	$81,197	6	2015 - 2017	3,600 - 46,400 / 71,817	100.0% - 100.0% / 100.0%	$28.00 - $36.00 / $32.76
Heartland Dental Medical Office Portfolio - 1381 Citrus Tower Boulevard	1381 Citrus Tower Boulevard Clermont, FL	84,471	$80,640	6	2008 - 2018	5,243 - 85,500 / 138,346	67.0% - 100.0% / 97.3%	$17.50 - $31.55 / $23.76

(1)

Information is based on the appraisals.

(2)

Based on the five-mile radius as of 2017.

(3)

Year Built Range, NRA Range / Total, Occupancy Range / Average and Base Rent Range / Average are based on the appraisals’ rent comparables.

Various

Collateral Asset Summary – Loan No. 2

Heartland Dental Medical
Office Portfolio

Cut-off Date Balance:

Cut-off Date LTV Ratio:

UW NCF DSCR:

UW NOI Debt Yield:

$54,942,030

55.4%

1.59x

11.7%

Chicago-Naperville-Elgin, IL-IN-WI MSA:

There are 11 Heartland Dental Medical Office Portfolio Properties located in the Chicago-Naperville-Elgin, IL-IN-WI MSA totaling approximately 55,538 SF (5.8% of NRA) in the aggregate, which collectively generate $1,352,945 in UW NOI (6.4% of UW NOI).

The following table presents certain market information relating to the Heartland Dental Medical Office Portfolio Properties located in the Chicago-Naperville-Elgin, IL-IN-WI MSA:

Chicago-Naperville-Elgin, IL-IN-WI - Competitive Property Overview⁽¹⁾
Property	Location	Population⁽²⁾	Average Household Income⁽²⁾	# of Comp Properties	Year Built Range⁽³⁾	NRA Range / Total⁽³⁾	Occupancy Range / Average⁽³⁾	Base Rent Range / Average⁽³⁾
Heartland Dental Medical Office Portfolio - 1010 West U.S. Route 6	1010 West U.S. Route 6 Morris, IL	18,648	$80,981	5	1950 - 2007	4,000 - 70,023 / 100,734	4.0% - 50.0% / 15.1%	$18.00 - $24.00 / $22.00 - $22.80
Heartland Dental Medical Office Portfolio - 12222 Route 47	12222 Route 47 Huntley, IL	71,343	$114,601	5	2004 - 2017	7,420 - 70,122 / 126,632	41.1% - 100.0% / 75.3%	$24.00 - $33.00 / $26.20 - $27.20
Heartland Dental Medical Office Portfolio - 450 South Weber Road	450 South Weber Road Romeoville, IL	154,985	$86,159	5	1977 - 2014	12,329 - 115,000 / 237,510	84.0% - 100.0% / 95.5%	$22.00 - $36.00 / $25.80 - $28.80
Heartland Dental Medical Office Portfolio - 16620 West 159th Street	16620 West 159th Street Lockport, IL	97,516	$92,356	5	1977 - 2014	12,329 - 115,000 / 237,510	84.0% - 100.0% / 95.5%	$22.00 - $36.00 / $25.80 - $28.80
Heartland Dental Medical Office Portfolio - 561 East Lincoln Highway	561 East Lincoln Highway New Lenox, IL	90,036	$114,628	6	2005 - 2014	3,732 - 15,088 / 60,717	71.2% - 100.0% / 94.4%	$16.00 - $20.00 / $16.00 - $20.00
Heartland Dental Medical Office Portfolio - 692 Essington Road	692 Essington Road Joilet, IL	90,036	$114,628	6	1979 - 2009	6,026 - 70,023 / 164,128	80.0% - 100.0% / 90.0%	$17.00 - $28.00 / $19.50 - $22.67
Heartland Dental Medical Office Portfolio - 1840 Dekalb Avenue	1840 Dekalb Avenue Sycamore, IL	69,156	$66,213	9	1968 - 2017	4,533 - 15,848 / 89,368	43.3% - 100.0% / 93.7%	$21.00 - $25.00 / $21.00 - $25.00
Heartland Dental Medical Office Portfolio - 1402 U.S. Route 12	1402 U.S. Route 12 Fox Lake, IL	99,785	$85,485	4	1949 - 2007	2,700 - 22,440 / 46,066	80.0% - 100.0% / 89.9%	$18.00 - $38.00 / $21.50 - $26.50
Heartland Dental Medical Office Portfolio - 2707 Sycamore Road	2707 Sycamore Road DeKalb, IL	69,156	$66,213	5	1995 - 2017	5,000 - 12,950 / 36,591	65.7% - 100.0% / 87.9%	$16.00 - $16.00 / $16.00 - $16.00
Heartland Dental Medical Office Portfolio - 309 West Ogden Avenue	309 West Ogden Avenue Naperville, IL	207,802	$127,038	4	1954 - 2005	1,900 - 11,790 / 23,690	91.5% - 100.0% / 95.8%	$17.00 - $32.80 / $21.69 - $27.20
Heartland Dental Medical Office Portfolio - 1515 West 45th Avenue	1515 West 45th Avenue Griffith, IN	144,526	$54,876	4	1982 - 2018	14,000 - 30,000 / 92,484	90.0% - 100.0% / 96.8%	$17.00 - $26.00 / $19.25 - $22.75

(1)

Information is based on the appraisals.

(2)

Based on the five-mile radius as of 2017.

(3)

Year Built Range, NRA Range / Total, Occupancy Range / Average and Base Rent Range / Average are based on the appraisals’ rent comparables.

Effingham, IL MSA:

There are two Heartland Dental Medical Office Portfolio Properties located in the Effingham, Illinois MSA totaling approximately 127,152 SF (13.2% of NRA) in the aggregate, which collectively generate $1,319,696 in UW NOI (6.2% of UW NOI).

The following table presents certain market information relating to the Heartland Dental Medical Office Portfolio Properties located in the Effingham, Illinois MSA:

Effingham, IL - Competitive Property Overview⁽¹⁾

Property

Location

Population⁽²⁾

Average Household Income⁽²⁾

# of Comp Properties

Year Built

Range⁽³⁾

NRA Range /

Total⁽³⁾

Occupancy Range / Average⁽³⁾

Base Rent Range / Average⁽³⁾

Heartland Dental Medical Office Portfolio - 2202 Althoff Drive

2202 Althoff Drive

Effingham, IL

19,097

$70,177