0001539497-19-001311.txt : 20190806 0001539497-19-001311.hdr.sgml : 20190806 20190806162328 ACCESSION NUMBER: 0001539497-19-001311 CONFORMED SUBMISSION TYPE: ABS-15G PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20190806 ITEM INFORMATION: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer FILED AS OF DATE: 20190806 DATE AS OF CHANGE: 20190806 ABS RULE: RULE-15GA2 REGISTERED ENTITY: N ABS ASSET CLASS: Commercial mortgages Greystone CRE Notes 2019-FL2, Ltd. FILER: COMPANY DATA: COMPANY CONFORMED NAME: Greystone Senior Debt Opportunity Operating Partnership LP CENTRAL INDEX KEY: 0001784703 IRS NUMBER: 822495217 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act SEC FILE NUMBER: 025-04663 FILM NUMBER: 191002395 BUSINESS ADDRESS: STREET 1: 152 WEST 57TH STREET STREET 2: 60TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 212-649-9700 MAIL ADDRESS: STREET 1: 152 WEST 57TH STREET STREET 2: 60TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 DEPOSITOR: COMPANY DATA: COMPANY CONFORMED NAME: Greystone Senior Debt Opportunity Operating Partnership LP CENTRAL INDEX KEY: 0001784703 IRS NUMBER: 822495217 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act BUSINESS ADDRESS: STREET 1: 152 WEST 57TH STREET STREET 2: 60TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 212-649-9700 MAIL ADDRESS: STREET 1: 152 WEST 57TH STREET STREET 2: 60TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 SECURITIZER: COMPANY DATA: COMPANY CONFORMED NAME: Greystone Senior Debt Opportunity Operating Partnership LP CENTRAL INDEX KEY: 0001784703 IRS NUMBER: 822495217 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: ABS-15G SEC ACT: Dodd Frank Act BUSINESS ADDRESS: STREET 1: 152 WEST 57TH STREET STREET 2: 60TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 212-649-9700 MAIL ADDRESS: STREET 1: 152 WEST 57TH STREET STREET 2: 60TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 ABS-15G 1 n1732_x1-abs15g.htm FORM ABS-15G

 

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

 

FORM ABS-15G

 

ASSET-BACKED SECURITIZER
Report Pursuant to Section 15G of

the Securities Exchange Act of 1934


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

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

 

Date of Report (Date of earliest event reported)______________________

 

Commission File Number of securitizer: ____________________

 

Central Index Key Number of securitizer: ___________________

 

______________________________________________________________________

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

contact in connection with this filing

 

 

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

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

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

 

 

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

 

Central Index Key Number of depositor: 0001784703

 

Greystone CRE Notes 2019-FL2, Ltd.
(Exact name of issuing entity as specified in its charter)

 

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

 

  

 

 

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

 

Jeffrey Baevsky, (212) 649-9782
Name and telephone number, including area code, of the person to
contact in connection with this filing

 

 

INFORMATION TO BE INCLUDED IN THE REPORT

FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS

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

Attached as Exhibit 1 hereto is a Report of Independent Accountants on Applying Agreed-Upon Procedures, dated August 5, 2019, of KPMG LLP, obtained by the sponsor, which report sets forth the findings and conclusions, as applicable, of KPMG LLP with respect to certain agreed-upon procedures performed by KPMG LLP.

 

  

 

 

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

 

 

Date: August 5, 2019 Greystone Senior Debt Opportunity Operating Partnership LP
   
   
  By:  /s/ Jeffrey Baevsky
    Jeffrey Baevsky, Executive Vice President

 

 

 

 

  

 

 

Exhibit 1 Independent Accountants’ Report on Applying Agreed-Upon Procedures, dated August 5, 2019, of KPMG LLP.

 

 

  

 

 EX-1 2 exh_1.htm INDEPENDENT ACCOUNTANTS' REPORT ON APPLYING AGREED-UPON PROCEDURES, DATED AUGUST 5, 2019, OF KPMG LLP

Exhibit 1

   
 

KPMG LLP

1676 International Drive
McLean, VA 22102

  

Independent Accountants’ Report on Applying Agreed-Upon Procedures

Greystone Senior Debt Opportunity Operating Partnership LP (the “Company”)
Wells Fargo Securities, LLC
J.P. Morgan Securities LLC
UBS Securities LLC
(together, the “Specified Parties”)

Re: Greystone CRE Notes 2019-FL2, Ltd. – Data File Procedures

We have performed the procedures described below, which were agreed to by the Specified Parties, on specific attributes identified by the Company contained in an electronic data file entitled “Greystone 2019-FL2 – Accounting Tape.xlsx” provided to us on August 5, 2019 (the “Data File”) containing information on 24 mortgage assets (the “Mortgage Assets”) and the related 24 mortgaged properties (the “Mortgaged Properties”) which we were informed are intended to be included as collateral related to the issuance of the Greystone CRE Notes 2019-FL2, Ltd., floating rate notes and preferred shares (the “Securities”). The Company is responsible for the specified attributes identified by the Company in the Data File. The sufficiency of these procedures is solely the responsibility of the Specified Parties. Consequently, we make no representation regarding the sufficiency of the procedures described below either for the purpose for which this report has been requested or for any other purpose.

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

·The term “compared” means compared to the information shown and found it to be in agreement, unless otherwise stated. Such compared information was deemed to be in agreement if differences were within the materiality threshold.
·The term “recomputed” means recalculated and compared the results to the information shown and found it to be in agreement, unless otherwise stated. Such recomputed information was deemed to be in agreement if differences were within the materiality threshold.
·The term “materiality threshold” means that dollar amounts and percentages were within $1.00 and 0.1%, respectively.
·The term “Cut-off Date” means the payment date in August 2019, as provided by the Company.
·The term “Compared Attributes” means the list of fields in the Data File which were selected by the Company for us to perform procedures and listed in Attachment A.
·The term “Loan Files” means the copies of source documents made available by the Company and listed in Attachment A.
·The term “Recomputed Attributes” means the list of fields in the Data File which were selected by the Company for us to perform recomputation procedures and listed in Attachment B.
·The term “Calculation Methodology” means the field listed in Attachment B containing the calculation methodology for the Recomputed Attributes provided by the Company.

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

 

  

 

 

·The term “Assumed LIBOR” means the LIBOR rate 2.38775% which we were instructed to use by the Company where applicable in the Calculation Methodology.
·The term “Instructions” means the instructions provided by the Company pertaining to a specific attribute, methodology or value and described in Attachment C.

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

A.We compared the Compared Attributes in the Data File to the corresponding information set forth in the Loan Files (subject to the Instructions). Where more than one document is indicated, we used the highest priority document that we could locate in the Loan File. The document priority is the order provided by the Company, which is listed in the “Source Document(s)” column in Attachment A, with the highest priority document listed first.
B.Using (i) certain information in the Data File, (ii) the Calculation Methodology and (iii) the Instructions, we recomputed the Recomputed Attributes and compared the results of our recomputations to the corresponding information contained in the Data File.

There were no conclusions that resulted from the procedures.

This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. We were not engaged to, and did not, conduct an examination or review, the objectives of which would be the expression of an opinion or conclusion, respectively, on the specified attributes identified by the Company in the Data File. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

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

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

 2

 

 

 

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

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

/s/ KPMG LLP

McLean, Virginia
August 5, 2019

 3

 

ATTACHMENT A

COMPARED ATTRIBUTES

Attribute Source Document(s)
Loan Number Provided by the Company
Loan Type Provided by the Company
Property Name Provided by the Company
Property Address Appraisal Report/Engineering Report
Property City Appraisal Report/Engineering Report
Property State Appraisal Report/Engineering Report
Property Zip Code Appraisal Report/Engineering Report
Property County Appraisal Report/Engineering Report
Year Built Appraisal Report/Engineering Report
Year Renovated Appraisal Report/Engineering Report
Property Type Appraisal Report
Specific Property Type Appraisal Report
No of Units Underwritten Rent Roll/Certified Rent Roll/Appraisal
Unit of Measure Underwritten Rent Roll/Certified Rent Roll
Occupancy % Company Underwritten Cash Flow Statement/ Underwritten Rent Roll/Certified Rent Roll
Occupancy Source Date Company Underwritten Cash Flow Statement/ Underwritten Rent Roll/Certified Rent Roll/
Loan Purpose (Acquisition, Refinance, DPO) Settlement Statement
Assumed Loan (Y/N) Promissory Note/Loan Agreement
Borrower Name Promissory Note/Loan Agreement
Principals (Individuals) Guaranties
Related Borrower (Y/N) Guaranties
Commitment Original Balance ($) Promissory Note/Loan Agreement/Deed of Trust
Initial Funded Amount ($) Promissory Note/Loan Agreement/Deed of Trust
Future Funding Trigger / Requirements Promissory Note/Loan Agreement/Deed of Trust
Mortgage Loan Cut-off Date Balance ($) Servicer Report
 A-1

 

 

Attribute Source Document(s)
Note Date Promissory Note/Loan Agreement/Deed of Trust
First Payment Date Promissory Note/Loan Agreement/Deed of Trust/Settlement Statement
Initial Maturity Date Promissory Note/Loan Agreement/Deed of Trust
Fully Extended Maturity Date Promissory Note/Loan Agreement/Deed of Trust
Extension Options Promissory Note/Loan Agreement/Deed of Trust
Extension Options Description Promissory Note/Loan Agreement/Deed of Trust
1st Extension Option Description Promissory Note/Loan Agreement/Deed of Trust
2nd Extension Option Description Promissory Note/Loan Agreement/Deed of Trust
3rd Extension Option Description Promissory Note/Loan Agreement/Deed of Trust
4th Extension Option Description Promissory Note/Loan Agreement/Deed of Trust
5th Extension Option Description Promissory Note/Loan Agreement/Deed of Trust
First Extension Period (Months) Promissory Note/Loan Agreement/Deed of Trust
First Extension Fee % Promissory Note/Loan Agreement/Deed of Trust
Second Extension Period (Months) Promissory Note/Loan Agreement/Deed of Trust
Second Extension Fee % Promissory Note/Loan Agreement/Deed of Trust
Third Extension Period (Months) Promissory Note/Loan Agreement/Deed of Trust
Third Extension Fee % Promissory Note/Loan Agreement/Deed of Trust
Fourth Extension Period (Months) Promissory Note/Loan Agreement/Deed of Trust
Fourth Extension Fee % Promissory Note/Loan Agreement/Deed of Trust
Fifth Extension Period (Months) Promissory Note/Loan Agreement/Deed of Trust
Fifth Extension Fee % Promissory Note/Loan Agreement/Deed of Trust
Exit Fee % Promissory Note/Loan Agreement/Deed of Trust
Exit Fee Balance Promissory Note/Loan Agreement/Deed of Trust
Rate Type Promissory Note/Loan Agreement/Deed of Trust
Index for Floating Rate Promissory Note/Loan Agreement/Deed of Trust
Fully Funded Mortgage Loan Margin % Promissory Note/Loan Agreement/Deed of Trust
Rounding Factor (4) Promissory Note/Loan Agreement/Deed of Trust
 A-2

 

 

Attribute Source Document(s)
Time of Rounding (Before Spread, After Spread) Promissory Note/Loan Agreement/Deed of Trust
Rounding Direction Promissory Note/Loan Agreement/Deed of Trust
Lookback Period Promissory Note/Loan Agreement/Deed of Trust
LIBOR Floor % Promissory Note/Loan Agreement/Deed of Trust
LIBOR Cap Strike Price % LIBOR Cap Confirmation
LIBOR Cap Provider LIBOR Cap Confirmation
LIBOR Cap Provider Rating Bloomberg Rating Provided by the Company
LIBOR Cap Expiration LIBOR Cap Confirmation
Interest Accrual Basis Promissory Note/Loan Agreement/Deed of Trust
Interest Rate Change Promissory Note/Loan Agreement/Deed of Trust
Interest Rate Change Amount Promissory Note/Loan Agreement/Deed of Trust
Interest Rate Change Trigger Promissory Note/Loan Agreement/Deed of Trust
Grace Period Default (Days) Promissory Note/Loan Agreement/Deed of Trust
Grace Period Late (Days) Promissory Note/Loan Agreement/Deed of Trust
Grace Period Balloon (Days) Promissory Note/Loan Agreement/Deed of Trust
Original Prepayment Provision Promissory Note/Loan Agreement/Deed of Trust
Remaining Prepayment Provision Promissory Note/Loan Agreement/Deed of Trust
Original Yield Maintenance or Minimum Interest Term Promissory Note/Loan Agreement/Deed of Trust
Rate for Prepayment Protection Promissory Note/Loan Agreement/Deed of Trust
Partial Release and/or Partial Prepayment (Y/N) Promissory Note/Loan Agreement/Deed of Trust
Partial Release and/or Prepayment Description Promissory Note/Loan Agreement/Deed of Trust
Amortization Style Promissory Note/Loan Agreement/Deed of Trust
Amort Constant Number of Months Promissory Note/Loan Agreement/Deed of Trust
Amortization Rate Promissory Note/Loan Agreement/Deed of Trust
Amortization Rate Mechanics Provided by the Company
Amortization Constant Basis Provided by the Company
Trigger for Amortization Promissory Note/Loan Agreement/Deed of Trust
 A-3

 

 

Attribute Source Document(s)
Immediate Application (Y/N) Promissory Note/Loan Agreement/Deed of Trust
Springing Amortization IO Period Promissory Note/Loan Agreement/Deed of Trust
Amortization Rate Basis Promissory Note/Loan Agreement/Deed of Trust
Amortization Type During Initial Term Promissory Note/Loan Agreement/Deed of Trust
Amortization Type During Extensions Promissory Note/Loan Agreement/Deed of Trust
Appraisal As-Is Valuation Date Appraisal Report
As-Is Appraised Value Appraisal Report
Stabilized Appraised Value Appraisal Report
Appraisal Anticipated Stabilization Date Appraisal Report
USPAP Appraisal (Y/N) Appraisal Report
FIRREA Appraisal (Y/N) Appraisal Report
Third Most Recent As Of Date Company Underwritten Cash Flow Statement
Third Most Recent Actual Revenues Company Underwritten Cash Flow Statement
Third Most Recent Actual Expenses Company Underwritten Cash Flow Statement
Third Most Recent Actual NOI Company Underwritten Cash Flow Statement
Third Most Recent Actual Capital Expenses Company Underwritten Cash Flow Statement
Third Most Recent Actual NCF Company Underwritten Cash Flow Statement
Second Most Recent As Of Date Company Underwritten Cash Flow Statement
Second Most Recent Actual Revenues Company Underwritten Cash Flow Statement
Second Most Recent Actual Expenses Company Underwritten Cash Flow Statement
Second Most Recent Actual NOI Company Underwritten Cash Flow Statement
Second Most Recent Actual Capital Expenses Company Underwritten Cash Flow Statement
Second Most Recent Actual NCF Company Underwritten Cash Flow Statement
Most Recent As Of Date Company Underwritten Cash Flow Statement
Most Recent Actual Revenues Company Underwritten Cash Flow Statement
Most Recent Actual Expenses Company Underwritten Cash Flow Statement
Most Recent Actual NOI Company Underwritten Cash Flow Statement
 A-4

 

 

Attribute Source Document(s)
Most Recent Actual Capital Expenses Company Underwritten Cash Flow Statement
Most Recent Actual NOI Company Underwritten Cash Flow Statement
Underwritten Occupancy % Company Underwritten Cash Flow Statement
Underwritten Revenues Company Underwritten Cash Flow Statement
Underwritten Expenses Company Underwritten Cash Flow Statement
Underwritten NOI Company Underwritten Cash Flow Statement
Underwritten Reserves Company Underwritten Cash Flow Statement
Underwritten NCF Company Underwritten Cash Flow Statement
Underwritten Stabilized Occupancy % Company Underwritten Cash Flow Statement
Underwritten Stabilized Revenues Company Underwritten Cash Flow Statement
Underwritten Stabilized Expenses Company Underwritten Cash Flow Statement
Underwritten Stabilized NOI Company Underwritten Cash Flow Statement
Underwritten Stabilized Reserves Company Underwritten Cash Flow Statement
Underwritten Stabilized NCF Company Underwritten Cash Flow Statement
Appraisal Stabilized Occupancy % Company Underwritten Cash Flow Statement
Appraisal Stabilized Revenues Company Underwritten Cash Flow Statement
Appraisal Stabilized Expenses Company Underwritten Cash Flow Statement
Appraisal Stabilized NOI Company Underwritten Cash Flow Statement
Appraisal Stabilized Reserves Company Underwritten Cash Flow Statement
Appraisal Stabilized NCF Company Underwritten Cash Flow Statement
Loan Cross Portfolio Name Provided by the Company
Lien Position Title Policy/Promissory Note
Full Recourse (Y/N/Partial) Guaranties/Loan Agreement
Recourse Provisions Guaranties/Loan Agreement
Recourse Carveout Guarantor Guaranties/Loan Agreement
Title Vesting (Fee/Leasehold/Both) Title Policy
Ground Lease Payment (Annual) Ground Lease
 A-5

 

 

Attribute Source Document(s)
Ground Lease Initial Expiration Date Ground Lease
Ground Lease Extension (Y/N) Ground Lease
# of Ground Lease Extension Options Ground Lease
Ground Lease Expiration Date with Extension Ground Lease
Type of Lockbox Promissory Note/Loan Agreement
Cash Management (Springing/In-place) Promissory Note/Loan Agreement
Lockbox Trigger Event Promissory Note/Loan Agreement
Capital Expenditure Escrow (Note Date) Servicer Report/Settlement Statement/Loan Agreement
Capital Expenditure Escrow (Cut-off Date) Servicer Report/Settlement Statement/Loan Agreement
Environmental Escrow (Cut-off Date) Servicer Report/Settlement Statement/Loan Agreement
Tax Escrow (Note Date) Settlement Statement/Loan Agreement
Tax Escrow (Cut-off Date) Servicer Report/Settlement Statement/Loan Agreement
Tax Escrow (Monthly) Servicer Report/Settlement Statement/Loan Agreement
Springing Tax Escrow Description Loan Agreement
Insurance Escrow (Note Date) Settlement Statement/Loan Agreement
Insurance Escrow (Cut-off Date) Servicer Report/Settlement Statement/Loan Agreement
Insurance Escrow (Monthly) Servicer Report/Settlement Statement/Loan Agreement
Springing Insurance Escrow Description Loan Agreement
Replacement Reserve (Note Date) Settlement Statement/Loan Agreement
Replacement Reserve (Cut-off Date) Servicer Report/Settlement Statement/Loan Agreement
Replacement Reserve (Monthly) Servicer Report/Settlement Statement/Loan Agreement
Springing Replacement Reserve Description Loan Agreement
 A-6

 

 

Attribute Source Document(s)
Note Date Other Reserve 1 ($) Settlement Statement/Loan Agreement
Cut-off Other Reserve 1 ($) Servicer Report/Settlement Statement/Loan Agreement
Other Escrow 1 (Monthly) Servicer Report/Settlement Statement/Loan Agreement
Other (Springing) Escrow Reserve 1 Description Settlement Statement/Loan Agreement
Note Date Other Reserve 2 ($) Settlement Statement/Loan Agreement
Cut-off Other Reserve 2 ($) Servicer Report/Settlement Statement/Loan Agreement
Other Escrow 2 (Monthly) Servicer Report/Settlement Statement/Loan Agreement
Other (Springing) Escrow Reserve 2 Description Settlement Statement/Loan Agreement
Note Date Interest Reserve ($) Settlement Statement/Loan Agreement
Cut-off Interest Reserve ($) Servicer Report/Settlement Statement/Loan Agreement
Interest Reserve (Monthly) Servicer Report/Settlement Statement/Loan Agreement
Engineering Report Date Engineering Report/CNA Report
Environmental Report Date (Phase I) Phase I Environmental Report
Environmental Report Date (Phase II) Phase II Environmental Report
Environmental Insurance (Y/N) Insurance Certificate/Promissory Note/Loan Agreement
Seismic Report Date Seismic Report
Seismic PML % Seismic Report/Engineering Report
Seismic Insurance Obtained if PML >= 20% (Y/N) Seismic Report/Engineering Report/Insurance Certificate
Single-Tenant (Y/N) Underwritten Rent Roll/Certified Rent Roll
Property Manager Management Agreement
TIC (Y/N) Promissory Note/Loan Agreement/TIC Agreement
Max Number of TICs Promissory Note/Loan Agreement/TIC Agreement
Single Purpose Borrower (Y/N) Promissory Note/Loan Agreement/Deed of Trust
 A-7

 

 

Attribute Source Document(s)
Independent Director (Y/N) Promissory Note/Loan Agreement/Deed of Trust
Borrower Non Consolidation Opinion (Y/N) Opinion of Counsel
DST (Y/N) Promissory Note/Loan Agreement/Deed of Trust
IDOT (Y/N) Promissory Note/Loan Agreement/Deed of Trust
Senior Debt Amount Promissory Note/Loan Agreement/Deed of Trust
Senior Debt Holder Promissory Note/Loan Agreement/Deed of Trust
Senior Debt Rate Promissory Note/Loan Agreement/Deed of Trust
Floor Promissory Note/Loan Agreement/Deed of Trust
Maturity Promissory Note/Loan Agreement/Deed of Trust
Amort Promissory Note/Loan Agreement/Deed of Trust
Administrative Fee Rate Provided by the Company
Net Mortgage Rate Provided by the Company
In-place Senior Debt Service Promissory Note/Loan Agreement/Deed of Trust
As Stabilized Senior Debt Service Promissory Note/Loan Agreement/Deed of Trust
Cut-off Date Subordinate Debt/Mezz Loan Bal ($) Promissory Note/Loan Agreement/Deed of Trust
Subordinate Debt/Mezz Loan Rate (%) Promissory Note/Loan Agreement/Deed of Trust
Permitted Additional Debt (Y/N) Promissory Note/Loan Agreement/Deed of Trust
Permitted Additional Debt Description Promissory Note/Loan Agreement/Deed of Trust
Comments Provided by the Company
 A-8

 

ATTACHMENT B

RECOMPUTED ATTRIBUTES

Attribute Calculation Methodology
Annual Debt Service Payment (IO) Fully Funded Mortgage Loan Rate % multiplied by Interest Accrual Basis multiplied by Mortgage Loan Cut-off Date Balance ($).
Annual Debt Service Payment (P&I) For Mortgage Assets where the Amortization Style is “Interest Only” or “Springing Amortization,” Fully Funded Mortgage Loan Rate % multiplied by Interest Accrual Basis multiplied by Mortgage Loan Cut-off Date Balance ($). For Mortgage Assets where the Amortization Style is “Amortizing,” annual principal and interest payment sourced from the amortization schedule provided by the Company.
Annual Debt Service Payment (Cap) Mortgage Rate Cap multiplied by Interest Accrual Basis multiplied by Mortgage Loan Cut-off Date Balance ($).
Cut-off Date Future Funding Remaining Balance ($) Commitment Original Balance ($) minus Mortgage Loan Cut-off Date Balance ($).
Mortgage Loan % of Total Cut-off Date Balance Mortgage Loan Cut-off Date Balance ($) divided by the aggregate Mortgage Loan Cut-off Date Balance ($) of all Mortgage Assets.
Mortgage Loan Balloon Payment ($) For Mortgage Assets where the Amortization Style is “Interest Only” or “Springing Amortization,” the amount equal to the Commitment Original Balance ($). For Mortgage Assets where the Amortization Style is “Amortizing,” balloon payment sourced from the amortization schedule provided by the Company.
Mortgage Loan Cut-off Date Balance / Unit ($) Mortgage Loan Cut-off Date Balance ($) divided by No of Units.
Committed Mortgage Loan Cut-off Date Balance / Unit ($) Commitment Original Balance ($) divided by No of Units.
Mortgage Loan Balloon Payment / Unit ($) Mortgage Loan Balloon Payment ($) divided by No of Units.
Initial Loan Term (Original) Number of payments between and including the Initial Maturity Date and the First Payment Date.
Cut-off Date Initial Loan Term (Remaining) Initial Loan Term (Original) minus Cut-off Date Seasoning.
Cut-off Date Seasoning Number of payments between and including the First Payment Date and the Cut-off Date.
 B-1

 

Attachment B

Attribute Calculation Methodology
Fully Extended Loan Term (Original) Number of payments between and including the Fully Extended Maturity Date and the First Payment Date.
Fully Extended Loan Term (Remaining) Fully Extended Loan Term (Original) minus Cut-off Date Seasoning.
First Extension Fee ($) Commitment Original Balance ($) multiplied by First Extension Fee % (if applicable).
First Extension Floor Equals the Mortgage Rate Floor (if applicable).
First Extension Cap Equals the Mortgage Rate Cap (if applicable).
Second Extension Fee ($) Commitment Original Balance ($) multiplied by Second Extension Fee % (if applicable).
Second Extension Floor Equals the Mortgage Rate Floor (if applicable).
Second Extension Cap Equals the Mortgage Rate Cap (if applicable).
Third Extension Fee ($) Commitment Original Balance ($) multiplied by Third Extension Fee % (if applicable).
Third Extension Floor Equals the Mortgage Rate Floor (if applicable).
Third Extension Cap Equals the Mortgage Rate Cap (if applicable).
Fourth Extension Fee ($) Commitment Original Balance ($) multiplied by Fourth Extension Fee % (if applicable).
Fourth Extension Floor Equals the Mortgage Rate Floor (if applicable).
Fourth Extension Cap Equals the Mortgage Rate Cap (if applicable).
Fifth Extension Fee ($) Commitment Original Balance ($) multiplied by Fifth Extension Fee % (if applicable).
Fifth Extension Floor Equals the Mortgage Rate Floor (if applicable).
Fifth Extension Cap Equals the Mortgage Rate Cap (if applicable).
Exit Fee ($) Commitment Original Balance ($) multiplied by Exit Fee %.
 B-2

 

Attachment B

 

Attribute Calculation Methodology
Mortgage Rate Floor The sum of the Fully Funded Mortgage Loan Margin % and the LIBOR Floor %.
Mortgage Rate Cap The sum of the LIBOR Cap Strike Price % and the Fully Funded Mortgage Loan Margin %.
Fully Funded Mortgage Loan Rate % The sum of the Fully Funded Mortgage Loan Margin % and Assumed LIBOR rounded by the respective Rounding Factor, Time of Rounding (Before Spread, After Spread) and Rounding Direction, subject to (i) the Mortgage Rate Floor and (ii) the Mortgage Rate Cap.
B Note / Mezz Loan % Cut-off Date Subordinate Debt/Mezz Loan Bal ($) divided by Cut-off Date Total Debt Balance.
IO Number of Months through Initial Term For Mortgage Assets where the Amortization Style is “Interest Only” or “Springing Amortization,” number of payments between and including the Initial Maturity Date and the First Payment Date.
IO Number of Months through Fully Extended Loan Term IO Number of Months plus the number of IO payments between and including the Initial Maturity Date and the Fully Extended Maturity Date.
Mortgage Loan Cut-off Date (As-Is) LTV Ratio Mortgage Loan Cut-off Date Balance ($) divided by As-Is Appraised Value.
Mortgage Loan Cut-off Date Adjusted (As-Is) LTV Ratio Mortgage Loan Cut-off Date Balance ($) minus Capital Expenditure Escrow (Note Date), divided by As-Is Appraised Value.
Committed Mortgage Loan (Stabilized) LTV Ratio Commitment Original Balance ($) divided by Stabilized Appraised Value.
Maturity Date Stabilized LTV Ratio Mortgage Loan Balloon Payment ($) divided by Stabilized Appraised Value.
Mortgage Loan Most Recent NOI DSCR Most Recent Actual NOI divided by Annual Debt Service Payment (IO).
Mortgage Loan Most Recent NCF DSCR Most Recent Actual NCF divided by Annual Debt Service Payment (IO).
Cut-off Date Mortgage Loan Most Recent NOI Debt Yield Most Recent Actual NOI divided by Mortgage Loan Cut-off Date Balance ($).
Cut-off Date Mortgage Loan Most Recent NCF Debt Yield Most Recent Actual NCF divided by Mortgage Loan Cut-off Date Balance ($).
 B-3

 

Attachment B

 

Attribute Calculation Methodology
Mortgage Loan Underwritten NOI DSCR Underwritten NOI divided by Annual Debt Service Payment (IO).
Mortgage Loan Underwritten NCF DSCR Underwritten NCF divided by Annual Debt Service Payment (IO).
Cut-off Date Mortgage Loan Underwritten NOI Debt Yield Underwritten NOI divided by Mortgage Loan Cut-off Date Balance ($).
Cut-off Date Mortgage Loan Underwritten NCF Debt Yield Underwritten NCF divided by Mortgage Loan Cut-off Date Balance ($).
Fully Funded Mortgage Loan Underwritten Stabilized NOI DSCR Underwritten Stabilized NOI divided by the product of Fully Funded Mortgage Loan Rate %, Commitment Original Balance ($) and Interest Accrual Basis.
Fully Funded Mortgage Loan Underwritten Stabilized NCF DSCR Underwritten Stabilized NCF divided by the product of Fully Funded Mortgage Loan Rate %, Commitment Original Balance ($) and Interest Accrual Basis.
Fully Funded Mortgage Loan Underwritten Stabilized NOI Debt Yield Underwritten Stabilized NOI divided by the Commitment Original Balance ($).
Fully Funded Mortgage Loan Underwritten Stabilized NCF Debt Yield Underwritten Stabilized NCF divided by the Commitment Original Balance ($).
Fully Funded Mortgage Loan Appraisal Stabilized NOI DSCR Appraisal Stabilized NOI divided by the product of Fully Funded Mortgage Loan Rate %, Commitment Original Balance ($) and Interest Accrual Basis.
Fully Funded Mortgage Loan Appraisal Stabilized NCF DSCR Appraisal Stabilized NCF divided by the product of Fully Funded Mortgage Loan Rate %, Commitment Original Balance ($) and Interest Accrual Basis.
Fully Funded Mortgage Loan Appraisal Stabilized NOI Debt Yield Appraisal Stabilized NOI divided by the Commitment Original Balance ($).
Fully Funded Mortgage Loan Appraisal Stabilized NCF Debt Yield Appraisal Stabilized NCF divided by the Commitment Original Balance ($).
Cut-off Date Total Debt Balance Mortgage Loan Cut-off Date Balance ($) plus Cut-off Date Subordinate Debt/Mezz Loan Balance ($).
Cut-off Date Total Debt As-Is LTV Cut-off Date Total Debt Balance divided by As-Is Appraised Value
Cut-off Date Total Debt Ann Debt Service ($) Annual Debt Service Payment (IO) plus the product of Cut-off Date Subordinate Debt/Mezz Loan Bal ($), Subordinate Debt/Mezz Loan Rate (%) and Interest Accrual Basis.
 B-4

 

Attachment B

 

Attribute Calculation Methodology
Cut-off Date Total Debt UW NCF DSCR Underwritten NCF divided by Cut-off Date Total Debt Ann Debt Service ($).

 

 B-5

 

ATTACHMENT C

 

 INSTRUCTIONS

1.For those Compared Attributes with the Source Document indicated as “Provided by the Company” we were instructed by the Company to assume the attribute is accurate and not perform any procedure.
2.The Mortgage Assets Athena-Bayview Health Care, Athena-Laurel Ridge Health Care Center and Athena-Northbridge Health Care Center were not closed as of the date of this report. Therefore, we were not provided the final Loan Agreement, Promissory Note, Deed of Trust, Title Policy, LIBOR Cap Confirmation, Management Agreement, Settlement Statement, Company Underwritten Cash Flow Statement, Underwritten Rent Roll, Certified Rent Roll, Servicer Report, Insurance Certificate, Opinion of Counsel, Guaranty, Appraisal Report, Engineering Report, Seismic Report or Environmental Report for these unclosed Mortgage Assets. We were instructed by the Company to assume the attribute is accurate and not perform any procedure for the Compared Attributes affected by the aforementioned Source Documents.
3.We were instructed by the Company to follow the instructions listed below pertaining to the applicable Mortgage Asset and Compared Attribute(s):
Property Name(s) Compared Attribute(s) Company Instruction
Villa Espada Apartments Commitment Original Balance ($), Initial Funded Amount ($) Instructed to use $20,450,000 to account for $1,050,000 prepayment
Villa Espada Apartments Exit Fee % Instructed to include the Exit Fee % as sourced from the Loan Agreement, plus a first and second extension fee which were not collected upon the initial and first extended maturity dates respectively, but postponed until the upcoming maturity date.
Dublin Village Apartments Mortgage Loan Most Recent NOI DSCR, Mortgage Loan Most Recent NCF DSCR, Mortgage Loan Underwritten NOI DSCR, Mortgage Loan Underwritten NCF DSCR, Cut-off Date Total Debt UW NCF DSCR Provided by the Company
Pavilions at Monterey Apartments Mortgage Loan Underwritten NCF DSCR, Cut-off Date Total Debt UW NCF DSCR Provided by the Company
Infinity at the Rim Apartments, Harriet Tubman Terrace Apartments, Villa Espada Apartments, Cedarwood Apartments, Pecan Tree Apartments Mortgage Loan Underwritten NOI DSCR, Mortgage Loan Underwritten NCF DSCR, Cut-off Date Total Debt UW NCF DSCR Provided by the Company

 

 C-1

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