EX-1 2 exh991.htm REPORT OF INDEPENDENT ACCOUNTANTS DATED JUNE 8, 2021

Exhibit 99.1

 

 

 

BCP Trust 2021-330N

Commercial Mortgage Pass-Through Certificates, Series 2021-330N

 

 

Report To:

Morgan Stanley Capital I Inc.

Morgan Stanley Mortgage Capital Holdings LLC

Morgan Stanley Bank, N.A.

Morgan Stanley & Co. LLC

Goldman Sachs Mortgage Company

Goldman Sachs & Co. LLC

Goldman Sachs Bank USA

 

8 June 2021

 

 

   

Ernst & Young LLP

5 Times Square

New York, NY 10036

 

Tel: +1 212 773 3000

ey.com

 

Report of Independent Accountants on Applying Agreed-Upon Procedures

 

 

Morgan Stanley Capital I Inc.

Morgan Stanley Mortgage Capital Holdings LLC

Morgan Stanley Bank, N.A.

Morgan Stanley & Co. LLC

1585 Broadway

New York, New York 10036

Goldman Sachs Mortgage Company

Goldman Sachs & Co. LLC

Goldman Sachs Bank USA

200 West Street

New York, New York 10282

   

 

Re:  BCP Trust 2021-330N (the “Issuing Entity”) Commercial Mortgage Pass-Through Certificates,
Series 2021-330N (the “Certificates”)

 

 

We have performed the procedures enumerated in Attachment A, which were agreed to by the addressees of this report (the “Specified Parties”), solely to assist the Specified Parties in evaluating the accuracy of certain information with respect to the Mortgage Loan (as defined herein) relating to the Issuing Entity’s securitization transaction. This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. The sufficiency of the procedures is solely the responsibility of the Specified Parties. Consequently, we make no representation regarding the sufficiency of the procedures described in Attachment A, either for the purposes for which this report has been requested or for any other purpose.

 

The procedures performed and our associated findings are included in Attachment A.

 

For the purpose of the procedures described in this report, Morgan Stanley Capital I Inc. (the “Depositor”) provided us with:

a.Certain electronic data files (the “Data Files”) that are described in Attachment A,
b.Copies of various source documents (the “Source Documents”), which are listed on Exhibit 1 to Attachment A,
c.A list of characteristics on the Data Files (the “Compared Characteristics”), which are listed on Exhibit 2 to Attachment A, that the Depositor instructed us to compare to information contained in the Source Documents,
d.A list of characteristics on the Data Files (the “Recalculated Characteristics”), which are described in Attachment A, that the Depositor instructed us to recalculate using information on the Data Files,
e.A list of characteristics on the Data Files (the “Provided Characteristics”), which are listed on Exhibit 3 to Attachment A, on which the Depositor instructed us to perform no procedures,
f.A draft of the preliminary confidential offering circular for the Issuing Entity’s securitization transaction (the “Draft Preliminary Offering Circular”) and
g.Instructions, assumptions and methodologies, which are described in Attachment A.

 

   
 

Page 2 of 2

 

The procedures included in Attachment A were limited to comparing or recalculating certain information that is further described in Attachment A. The Depositor is responsible for the Data Files, Source Documents, Compared Characteristics, Recalculated Characteristics, Provided Characteristics, Draft Preliminary Offering Circular and the determination of the instructions, assumptions and methodologies that are described herein. We were not requested to perform and we have not performed any procedures other than those listed in Attachment A with respect to the Data Files. We have not verified, and we make no representation as to, the accuracy, completeness or reasonableness of the Source Documents, Provided Characteristics, Draft Preliminary Offering Circular or any other information provided to us by the Depositor upon which we relied in forming our findings. Accordingly, we make no representation and express no opinion or conclusion as to: (a) the existence of the Mortgage Loan, (b) questions of legal or tax interpretation or (c) the accuracy, completeness or reasonableness of any instructions, assumptions and methodologies provided to us by the Depositor that are described in this report. We undertake no responsibility to update this report for events and circumstances occurring after the date hereof.

 

We were not engaged to, and did not, conduct an examination to express an opinion or a review to express a conclusion in accordance with attestation standards established by the American Institute of Certified Public Accountants on any of the items referred to herein. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

 

The agreed-upon procedures described in this report were not performed for the purpose of:

a.Satisfying any criteria for due diligence published by a nationally recognized statistical rating organization (a “rating agency”) or
b.Making any findings with respect to:
i.Whether the origination of the Mortgage Loan conformed to, or deviated from, stated underwriting or credit extension guidelines, standards, criteria, or other requirements,
ii.The value of the collateral securing the Mortgage Loan,
iii.Whether the originator(s) of the Mortgage Loan complied with federal, state or local laws or regulations or
iv.Any other factor or characteristic of the Mortgage Loan that would be material to the likelihood that the issuer of the Certificates will pay interest and principal in accordance with applicable terms and conditions.

 

This report is intended solely for the information and use of the Specified Parties and is not intended to be, and should not be, used by anyone other than the Specified Parties. It is not intended to be, and should not be, used by any other person or entity, including investors and rating agencies, who are not identified in the report as Specified Parties, but who may have access to this report as required by law or regulation.

 

 

/s/ Ernst & Young LLP

 

 

8 June 2021

 

   
 

Attachment A
Page 1 of 4

 

Background

 

For the purpose of the procedures described in this report, the Depositor indicated that:

a.The assets of the Issuing Entity will consist primarily of a two-year componentized floating-rate mortgage loan subject to three, one-year extension options (the “Mortgage Loan”) and
b.The Mortgage Loan is secured primarily by, among other things, a first-lien mortgage on the borrower’s fee simple and leasehold interests in AMA Plaza, an office building located in Chicago, Illinois (the “Property”).

 

Procedures performed and our associated findings

 

1.The Depositor provided us with:
a.An electronic data file (the “Preliminary Data File”) that the Depositor indicated contains information relating to the Mortgage Loan and Property that is expected to be as of 9 June 2021 (the “Reference Date”) and
b.Record layout and decode information relating to the information on the Preliminary Data File.

 

Using the information in the Source Documents, we compared the Compared Characteristics listed on Exhibit 2 to Attachment A, as shown on the Preliminary Data File, to the corresponding information in the Source Documents indicated on Exhibit 2 to Attachment A, subject to the instructions, assumptions and methodologies stated in the notes on Exhibit 2 to Attachment A. If more than one Source Document is listed for a Compared Characteristic, the Depositor instructed us to note agreement if the value on the Preliminary Data File for the Compared Characteristic agreed with the corresponding information in at least one of the Source Documents listed for such Compared Characteristic on Exhibit 2 to Attachment A (except as described in the notes on Exhibit 2 to Attachment A). We performed no procedures to reconcile any differences that may exist between various Source Documents for any of the Compared Characteristics listed on Exhibit 2 to Attachment A.

 

2.As instructed by the Depositor, we adjusted the information on the Preliminary Data File to correct all the differences we noted in performing the procedures described in the Item above and provided a list of such differences to the Depositor. The Preliminary Data File, as so adjusted, is hereinafter referred to as the “Updated Data File.”

 

3.Subsequent to the performance of the procedures described in Items 1. and 2. above, we received from the Depositor:
a.An electronic data file (the “Final Data File,” which together with the Preliminary Data File comprise the Data Files) that the Depositor indicated contains information relating to the Mortgage Loan and Property as of the Reference Date and
b.Record layout and decode information relating to the information on the Final Data File.
   
 

Attachment A
Page 2 of 4

 

3. (continued)

 

Using information on the:

a.Final Data File and
b.Updated Data File,

we compared each Compared Characteristic listed on Exhibit 2 to Attachment A, as shown on the Final Data File, to the corresponding information on the Updated Data File and found such information to be in agreement.

 

4.Using the “First Payment Date,” as shown on the Final Data File, we recalculated the “Seasoning” of the Mortgage Loan as of the Reference Date. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

 

5.Using the:

a.       First Payment Date and

b.       Maturity Date,

as shown on the Final Data File, we recalculated the “Original Loan Term (mos)” of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

 

6.Using the:

a.       Original Loan Term (mos) and

b.       Seasoning,

as shown on the Final Data File, we recalculated the “Remaining Loan Term (mos)” of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

 

7.The applicable Source Document(s) indicate that the Mortgage Loan is interest-only for the entire term, including during any extension periods. Based on this information, the Depositor instructed us to:
a.Use the “Original Loan Term (mos),” as shown on the Final Data File, for the original interest-only period of the Mortgage Loan (the “IO Term (mos)”),
b.Use “0” for the original amortization term of the Mortgage Loan (the “Original Amortization Term”) and
c.Use the “Mortgage Loan Original Balance,” as shown on the Final Data File, as:
i.The principal balance of the Mortgage Loan as of the Reference Date (the “Mortgage Loan Cut-off Date Balance”) and
ii.The principal balance of the Mortgage Loan as of the “Maturity Date” of the Mortgage Loan (the “Mortgage Loan Balloon Balance”).

 

We compared this information to the corresponding information on the Final Data File and found such information to be in agreement.

   
 

Attachment A
Page 3 of 4

 

8.Using the:
a.Mortgage Loan Spread,
b.Mortgage Loan LIBOR Floor,
c.Mortgage Loan LIBOR Rounding Methodology and
d.Mortgage Loan LIBOR Cap Strike Rate,

as shown on the Final Data File, and a LIBOR assumption of 0.15000% provided by the Depositor, we recalculated the:

i.Mortgage Loan Interest Rate and
ii.Mortgage Loan Interest Rate at Cap

of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

 

9.Using the:
a.Mortgage Loan Original Balance,
b.Mortgage Loan Interest Rate,
c.Mortgage Loan Interest Rate at Cap and
d.Interest Accrual Method,

as shown on the Final Data File, and the calculation methodologies provided by the Depositor described in the succeeding paragraph(s) of this Item, we recalculated the:

i.Mortgage Loan Monthly IO Payment,
ii.Mortgage Loan Annual IO Debt Service and
iii.Mortgage Loan Annual IO Debt Service at Cap

of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

 

For the purpose of this procedure, the Depositor instructed us to recalculate the “Mortgage Loan Monthly IO Payment” of the Mortgage Loan as 1/12th of the product of:

a.The “Mortgage Loan Original Balance,” as shown on the Final Data File,
b.The “Mortgage Loan Interest Rate,” as shown on the Final Data File, and
c.365/360.

 

For the purpose of this procedure, the Depositor instructed us to recalculate the “Mortgage Loan Annual IO Debt Service” of the Mortgage Loan as twelve (12) times the “Mortgage Loan Monthly IO Payment” of the Mortgage Loan, as shown on the Final Data File.

 

For the purpose of this procedure, the Depositor instructed us to recalculate the “Mortgage Loan Annual IO Debt Service at Cap” of the Mortgage Loan as the product of:

a.The “Mortgage Loan Original Balance,” as shown on the Final Data File,
b.The “Mortgage Loan Interest Rate at Cap,” as shown on the Final Data File, and
c.365/360.
   
 

Attachment A
Page 4 of 4

 

10.Using the:
a.Mortgage Loan Annual IO Debt Service,
b.Mortgage Loan Annual IO Debt Service at Cap,
c.Mortgage Loan Cut-off Date Balance,
d.Mortgage Loan Balloon Balance,
e.Underwritten NOI,
f.Underwritten NCF,
g.Appraisal Value and
h.Collateral SF,

as shown on the Final Data File, and the applicable calculation methodologies and assumptions described in the Draft Preliminary Offering Circular, we recalculated the:

i.Underwritten Mortgage Loan IO NOI DSCR,
ii.Underwritten Mortgage Loan IO NCF DSCR,
iii.Underwritten Mortgage Loan IO NOI DSCR at Cap,
iv.Underwritten Mortgage Loan IO NCF DSCR at Cap,
v.Cut-off Date Mortgage Loan LTV,
vi.Maturity Date Mortgage Loan LTV,
vii.Underwritten Mortgage Loan NOI Debt Yield,
viii.Underwritten Mortgage Loan NCF Debt Yield and
ix.Mortgage Loan Per SF

of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

 

For the purpose of this procedure, the Depositor instructed us to:

a.Round the characteristics listed in i. through iv. above to two decimal places and
b.Round the characteristics listed in v. through viii. above to the nearest 1/10th of one percent.

 

11.Using the:
a.Mortgage Loan Interest Rate and
b.Administrative Fee Rate,

as shown on the Final Data File, we recalculated the “Net Interest Rate” of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

 

   
 

Exhibit 1 to Attachment A
Page 1 of 2

Source Documents

 

Mortgage Loan Source Documents

 

Source Document Title Source Document Date
   
Mortgage Loan Promissory Note 7 June 2021
   
Mortgage Loan Agreement 7 June 2021
   
Non-Consolidation Opinion 7 June 2021
   
Guaranty Agreement 7 June 2021
   
Environmental Indemnity Agreement 7 June 2021
   
Cash Management Agreement 7 June 2021
   
Deposit Account Control Agreement 7 June 2021
   
Interest Rate Cap Agreement 7 June 2021
   
Bloomberg Screenshot for LIBOR Cap Provider Rating Not Dated
   
Closing Statement 7 June 2021

 

Property Source Documents

 

Source Document Title Source Document Date
   
Appraisal Report 1 June 2021
   
Engineering Report 18 May 2021
   
Phase I Environmental Report 29 April 2021
   
USPS Internet Site (www.usps.com) Not Applicable
   
Underwriter’s Summary Report Not Dated
   
Underwritten Rent Roll Not Dated
   
Tenant Leases Various
   
Tenant Lease Amendments Various

   
 

Exhibit 1 to Attachment A
Page 2 of 2

 

Property Source Documents (continued)

 

Source Document Title Source Document Date
   
Tenant Lease Estoppels Various
   
Lease Abstract Summary Schedules Not Dated
   
Ground Lease Agreement 20 December 1968
   
Ground Lease Amendments Various
   
Ground Lease Abstract Not Dated
   
Insurance Review Report 4 June 2021
   
Capital Expenditure Schedules Not Dated
   
Management Agreement 29 September 2016
   
Sub-Management Agreement 29 September 2016
   
Exclusive Office Leasing Agreement 23 April 2021
   
Pro Forma Title Policy Not Dated

 

 

   
 

Exhibit 2 to Attachment A
Page 1 of 5

Compared Characteristics and Source Documents

 

Property Information:

 

Characteristic Source Document(s)
   
Street Address (see Note 1) Phase I Environmental Report
City (see Note 1) Phase I Environmental Report
State (see Note 1) Phase I Environmental Report
County USPS Internet Site (www.usps.com)
Zip Code USPS Internet Site (www.usps.com)
Property Type Appraisal Report
Property Type Detail Appraisal Report
Year Built Appraisal Report
Most Recent Renovation Appraisal Report
Collateral SF Underwritten Rent Roll
Collateral Occupancy Rate Underwritten Rent Roll
Total Property SF Underwritten Rent Roll
Total Property Occupancy Rate Underwritten Rent Roll

 

Third Party Information:

 

Characteristic Source Document(s)
   
Appraisal Value (see Note 2) Appraisal Report
Appraisal Date (see Note 2) Appraisal Report
Environmental Phase I Report Date Phase I Environmental Report
Engineering Report Date Engineering Report
Terrorism Insurance Insurance Review Report
Windstorm Insurance Insurance Review Report
Earthquake Insurance Insurance Review Report
Flood Insurance Insurance Review Report

 

Major Tenant Information: (see Note 3)

 

Characteristic Source Document(s)
   
Major Tenant 1 Underwritten Rent Roll
Major Tenant 1 Sq. Ft. Underwritten Rent Roll
Major Tenant 1 Expiration Underwritten Rent Roll
Major Tenant 2 Underwritten Rent Roll
Major Tenant 2 Sq. Ft. Underwritten Rent Roll
Major Tenant 2 Expiration Underwritten Rent Roll
Major Tenant 3 Underwritten Rent Roll
Major Tenant 3 Sq. Ft. Underwritten Rent Roll
Major Tenant 3 Expiration Underwritten Rent Roll

   
 

Exhibit 2 to Attachment A
Page 2 of 5

 

Major Tenant Information: (continued)

 

Characteristic Source Document(s)
   
Major Tenant 4 Underwritten Rent Roll
Major Tenant 4 Sq. Ft. Underwritten Rent Roll
Major Tenant 4 Expiration Underwritten Rent Roll
Major Tenant 5 Underwritten Rent Roll
Major Tenant 5 Sq. Ft. Underwritten Rent Roll
Major Tenant 5 Expiration Underwritten Rent Roll

 

Underwriting Information: (see Note 4)

 

Characteristic Source Document(s)
   
Third Most Recent NOI Date Underwriter’s Summary Report
Third Most Recent NOI Underwriter’s Summary Report
Second Most Recent NOI Date Underwriter’s Summary Report
Second Most Recent NOI Underwriter’s Summary Report
Most Recent NOI Date Underwriter’s Summary Report
Most Recent Description Underwriter’s Summary Report
Most Recent Revenue Underwriter’s Summary Report
Most Recent Expenses Underwriter’s Summary Report
Most Recent NOI Underwriter’s Summary Report
Most Recent NCF Underwriter’s Summary Report
Underwritten Effective Gross Income Underwriter’s Summary Report
Underwritten Expenses Underwriter’s Summary Report
Underwritten NOI Underwriter’s Summary Report
Underwritten Replacement Reserve Underwriter’s Summary Report
Underwritten TI/LC Reserve Underwriter’s Summary Report
Underwritten NCF Underwriter’s Summary Report

 

Reserve and Escrow Information:

 

Characteristic Source Document(s)
   
Real Estate Tax Escrow – Initial Mortgage Loan Agreement
Real Estate Tax Escrow – Ongoing Mortgage Loan Agreement
Real Estate Tax Escrow – Springing Condition Mortgage Loan Agreement
Insurance Escrow – Initial Mortgage Loan Agreement
Insurance Escrow – Ongoing Mortgage Loan Agreement
Insurance Escrow – Springing Condition Mortgage Loan Agreement
Replacement Reserve Escrow – Initial Mortgage Loan Agreement
Replacement Reserve Escrow – Ongoing Mortgage Loan Agreement
Replacement Reserve Escrow – Springing Condition Mortgage Loan Agreement

   
 

Exhibit 2 to Attachment A
Page 3 of 5

 

Reserve and Escrow Information: (continued)

 

Characteristic Source Document(s)
   
Rollover Escrow – Initial Closing Statement
Rollover Escrow – Ongoing Mortgage Loan Agreement
Rollover Escrow – Springing Condition Mortgage Loan Agreement
Immediate Repairs Escrow – Initial Mortgage Loan Agreement
Immediate Repairs Escrow – Ongoing Mortgage Loan Agreement
Other Escrow Required Mortgage Loan Agreement
Other Escrow 1 – Description Mortgage Loan Agreement
Other Escrow 1 – Initial Mortgage Loan Agreement
Other Escrow 1 – Ongoing Mortgage Loan Agreement
Other Escrow 1 – Springing Condition Mortgage Loan Agreement
Other Escrow 2 – Description Mortgage Loan Agreement
Other Escrow 2 – Initial Mortgage Loan Agreement
Other Escrow 2 – Ongoing Mortgage Loan Agreement
Other Escrow 2 – Springing Condition Mortgage Loan Agreement

 

Mortgage Loan Information:

 

Characteristic Source Document(s)
   
Origination Date Mortgage Loan Agreement
Borrower Mortgage Loan Agreement
Mortgage Loan Original Balance Mortgage Loan Agreement
Payment Date Mortgage Loan Agreement
First Payment Date Mortgage Loan Agreement
Grace Period (Late Fee) Mortgage Loan Agreement
Grace Period (Default) Mortgage Loan Agreement
Amortization Type Mortgage Loan Agreement
Interest Accrual Method Mortgage Loan Agreement
Interest Accrual Start Mortgage Loan Agreement
Interest Accrual End Mortgage Loan Agreement
Maturity Date Mortgage Loan Agreement
Extension Options Mortgage Loan Agreement
Extension Option Description Mortgage Loan Agreement

   
 

Exhibit 2 to Attachment A
Page 4 of 5

 

Mortgage Loan Information: (continued)

 

Characteristic Source Document(s)
   
Fully Extended Maturity Date Mortgage Loan Agreement
Mortgage Loan Spread Mortgage Loan Agreement
Mortgage Loan LIBOR Rounding Methodology Mortgage Loan Agreement
Mortgage Loan Interest Rate Adjustment Frequency Mortgage Loan Agreement
Mortgage Loan LIBOR Floor Mortgage Loan Agreement
Mortgage Loan LIBOR Cap Strike Rate Interest Rate Cap Agreement
Mortgage Loan LIBOR Cap Expiration Date Interest Rate Cap Agreement
Mortgage Loan LIBOR Cap Provider Interest Rate Cap Agreement
Mortgage Loan LIBOR Cap Provider Rating (F/M/S) Bloomberg Screenshot for LIBOR Cap Provider Rating
Prepay Description (see Note 5) Mortgage Loan Agreement
Open Period Begin Date (see Note 5) Mortgage Loan Agreement
Partial Release (Y/N) Mortgage Loan Agreement
Partial Release Description Mortgage Loan Agreement
Lockbox (see Note 6) Cash Management Agreement
Cash Management (see Note 7) Cash Management Agreement
Cash Management Springing Condition Mortgage Loan Agreement
Carve-Out Guarantor(s) Guaranty Agreement
Non-Consolidation Opinion Non-Consolidation Opinion
SPE Mortgage Loan Agreement
Independent Director Mortgage Loan Agreement
Future Debt Permitted (Y/N) Mortgage Loan Agreement
Title Type Pro Forma Title Policy
Loan Purpose Closing Statement
Ground Lease Expiration Date Ground Lease Amendments
Ground Lessor Ground Lease Agreement

   
 

Exhibit 2 to Attachment A
Page 5 of 5

 

Notes:

 

1.For the purpose of comparing the indicated characteristics, the Depositor instructed us to ignore differences that are due to standard postal abbreviations.

 

2.For the purpose of comparing the “Appraisal Value” and “Appraisal Date” characteristics, the Depositor instructed us to use the “$550,500,000” “Market Value “As Is” – With Extraordinary Assumption” appraisal value and related “5/16/2021” appraisal date, respectively, both as shown in the appraisal report Source Document.

 

3.For the purpose of comparing the “Major Tenant Information” characteristics, the Depositor instructed us to combine multiple spaces leased by the same tenant.

 

4.For the purpose of comparing the “Underwriting Information” characteristics that are expressed as dollar values, the Depositor instructed us to ignore differences of +/- $1 or less.

 

5.For the purpose of comparing the indicated characteristics, the Depositor instructed us to ignore any prepayment premiums or other conditions related to partial release events or partial prepayments to cure certain trigger periods, as described in the applicable Source Document(s).

 

6.For the purpose of comparing the “Lockbox” characteristic, the Depositor instructed us to use “Hard” if the applicable Source Document(s) require the borrower(s) to direct tenants to pay rents directly to a lockbox account controlled by the lender(s).

 

7.For the purpose of comparing the “Cash Management” characteristic, the Depositor instructed us to use “Springing” if:
a.Prior to the occurrence of an event of default or one or more specified trigger events described under the applicable Source Document(s), funds in the lockbox are forwarded to an account controlled by the borrower(s) or otherwise made available to the borrower(s) and
b.Upon the occurrence of an event of default or one or more specified trigger events under the applicable Source Document(s), funds in the lockbox are forwarded to a cash management account controlled by the lender(s), and the funds are disbursed according to the applicable Source Document(s).

 

We performed no procedures to determine the accuracy, completeness or reasonableness of the instructions, assumptions and methodologies provided by the Depositor that are described in the notes above.

   
 

Exhibit 3 to Attachment A
Page 1 of 2

Provided Characteristics

 

Characteristic
 
Loan Number
Unique ID
Loan / Property Name
Environmental Phase II Report Date
Seismic Report Date
PML %
Monthly P&I Payment
Annual P&I Debt Service
Defeasance Lockout Expiration Date
Partial Defeasance
Partial Defeasance Description
Future Debt Description
Mezzanine Loan Origination Date
Mezzanine Lender
Mezzanine Loan Original Balance
Mezzanine Loan Interest Accrual Method
Mezzanine Loan LIBOR Rounding Methodology
Mezzanine Loan Interest Rate Adjustment Frequency
Mezzanine Loan LIBOR Floor
Mezzanine Loan LIBOR Cap Strike Rate
Mezzanine Loan LIBOR Cap Expiration Date
Mezzanine Loan Spread
Mezzanine Loan LIBOR Cap Provider
Mezzanine Loan LIBOR Cap Provider Rating (F/M/S)
Mezzanine Loan LIBOR Assumption
Mezzanine Loan Interest Rate at Cap
Mezzanine Loan Interest Rate
Mezzanine Loan Balloon Balance
Mezzanine Loan Cut-off Date Balance
Mezzanine Loan Monthly IO Payment
Mezzanine Loan Annual IO Debt Service
Mezzanine Loan Annual IO Debt Service at Cap
Subordinate Loan Original Balance
Subordinate Loan Cut-off Date Balance
Subordinate Loan Monthly IO Payment
Subordinate Loan Annual IO Debt Service
Subordinate Loan Annual IO Debt Service At Cap
Subordinate Loan Balloon Balance
Subordinate Lender
Subordinate Loan Interest Accrual Method

   
 

Exhibit 3 to Attachment A
Page 2 of 2

 

Characteristic
 
Subordinate Loan Interest Rate
Subordinate Loan Interest Rate at Cap
Subordinate Loan Origination Date
Subordinate Loan LIBOR Assumption
Subordinate Loan LIBOR Rounding Methodology
Subordinate Loan Interest Rate Adjustment Frequency
Subordinate Loan Spread
Subordinate Loan LIBOR Floor
Subordinate Loan LIBOR Cap Strike Rate
Subordinate Loan LIBOR Cap Expiration Date
Subordinate Loan LIBOR Cap Provider
Subordinate Loan LIBOR Cap Provider Rating (F/M/S)
Total Debt Original Balance
Total Debt Cut-off Date Balance
Total Debt Per SF
Total Debt Spread
Total Debt Interest Rate
Total Debt Interest Rate at Cap
Total Debt Monthly IO Payment
Total Debt Annual IO Debt Service
Total Debt Annual IO Debt Service at Cap
Total Debt Balloon Balance
Underwritten Total Debt IO NOI DSCR
Underwritten Total Debt IO NCF DSCR
Underwritten Total Debt IO NOI DSCR at Cap
Underwritten Total Debt IO NCF DSCR at Cap
Cut-off Date Total Debt LTV
Maturity Date Total Debt LTV
Underwritten Total Debt NOI Debt Yield
Underwritten Total Debt NCF Debt Yield
Administrative Fee Rate
Occupancy As of Date
Sponsor

 

Note:We performed no procedures to determine the accuracy, completeness or reasonableness of the Provided Characteristics.