0001539497-19-000987.txt : 20190617 0001539497-19-000987.hdr.sgml : 20190617 20190617164146 ACCESSION NUMBER: 0001539497-19-000987 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 34 FILED AS OF DATE: 20190617 DATE AS OF CHANGE: 20190617 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Wells Fargo Commercial Mortgage Trust 2019-C51 CENTRAL INDEX KEY: 0001776721 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-226486-06 FILM NUMBER: 19901796 BUSINESS ADDRESS: STREET 1: 301 SOUTH COLLEGE STREET CITY: CHARLOTTE STATE: NC ZIP: 28228-0166 BUSINESS PHONE: 7043832556 MAIL ADDRESS: STREET 1: 301 SOUTH COLLEGE STREET CITY: CHARLOTTE STATE: NC ZIP: 28228-0166 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: WELLS FARGO COMMERCIAL MORTGAGE SECURITIES INC CENTRAL INDEX KEY: 0000850779 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 561643598 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: 301 SOUTH COLLEGE STREET CITY: CHARLOTTE STATE: NC ZIP: 28228-0166 BUSINESS PHONE: 7043832556 MAIL ADDRESS: STREET 1: 301 SOUTH COLLEGE STREET CITY: CHARLOTTE STATE: NC ZIP: 28228-0166 FORMER COMPANY: FORMER CONFORMED NAME: WACHOVIA COMMERCIAL MORTGAGE SECURITIES INC DATE OF NAME CHANGE: 20020304 FORMER COMPANY: FORMER CONFORMED NAME: FIRST UNION COMMERCIAL MORTGAGE SECURITIES INC DATE OF NAME CHANGE: 19960520 FORMER COMPANY: FORMER CONFORMED NAME: FIRST UNION MORTGAGE SECURITIES INC DATE OF NAME CHANGE: 19951013 FWP 1 n1670-x5_ts.htm FREE WRITING PROSPECTUS

    FREE WRITING PROSPECTUS
    FILED PURSUANT TO RULE 433
    REGISTRATION FILE NO.: 333-226486-06
     

(GRAPHIC)  (GRAPHIC)  (GRAPHIC) 

 

Free Writing Prospectus 

Structural and Collateral Term Sheet

 

$729,480,091 

(Approximate Initial Pool Balance)

 

$641,030,000 

(Approximate Aggregate Certificate Balance of Offered Certificates)

 

Wells Fargo Commercial Mortgage Trust 2019-C51 

as Issuing Entity

 

Wells Fargo Commercial Mortgage Securities, Inc. 

as Depositor

 

Rialto Mortgage Finance, LLC 

Wells Fargo Bank, National Association 

Barclays Capital Real Estate Inc. 

UBS AG 

C-III Commercial Mortgage LLC 

as Sponsors and Mortgage Loan Sellers

 

 

 

Commercial Mortgage Pass-Through Certificates
Series 2019-C51

 

 

 

June 14, 2019

 

WELLS FARGO SECURITIES

 Co-Lead Manager and

 Joint Bookrunner

UBS SECURITIES LLC

 Co-Lead Manager and

 Joint Bookrunner

BARCLAYS

 Co-Lead Manager and

 Joint Bookrunner

     

Academy Securities

Co-Manager

 

Drexel Hamilton

 Co-Manager

 

 

 

STATEMENT REGARDING THIS FREE WRITING PROSPECTUS

 

The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (’’SEC’’) (SEC File No. 333-226486) 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 1-800-745-2063 (8 a.m. – 5 p.m. EST) or by emailing wfs.cmbs@wellsfargo.com.

 

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 and ultimately by the final prospectus relating to the securities. 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

 

The attached information contains certain tables and other statistical analyses (the “Computational Materials”) which 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 these securities. 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 securities 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 Wells Fargo Securities, LLC, Barclays Capital Inc., UBS Securities LLC, Academy Securities, Inc., Drexel Hamilton, LLC, 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 securities. 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.

 

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.

 

Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, and Wells Fargo Bank, N.A. Wells Fargo Securities, LLC and Wells Fargo Prime Services, LLC are distinct entities from affiliated banks and thrifts.

 

IMPORTANT NOTICE REGARDING THE OFFERED CERTIFICATES

 

The information herein is preliminary and may be supplemented or amended prior to the time of sale. In addition, 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.

 

The underwriters described in these materials may from time to time perform investment banking services for, or solicit investment banking business from, any company named in these materials. The underwriters and/or their affiliates or respective employees may from time to time have a long or short position in any security or contract discussed in these materials.

 

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.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

2

 

 

Wells Fargo Commercial Mortgage Trust 2019-C51 Certificate Structure

 

I.        Certificate Structure

 

    Class Expected Ratings
(Fitch/KBRA/Moody’s)(1)
Approximate Initial
Certificate Balance or
Notional Amount(2)

Approx. Initial
Credit
Support(3)

Pass-Through Rate Description Weighted Average Life (Years)(4) Expected
Principal
Window(4)
Certificate
Principal to
Value Ratio(5)
Certificate
Principal
U/W NOI
Debt
Yield(6)
    Offered Certificates        
    A-1 AAAsf/AAA(sf)/Aaa(sf) $22,389,000 30.000% (7) 2.72 08/19 – 05/24 44.1% 15.2%
    A-2 AAAsf/AAA(sf)/Aaa(sf) $45,489,000 30.000% (7) 4.84 05/24 – 05/24 44.1% 15.2%
    A-SB AAAsf/AAA(sf)/Aaa(sf) $29,432,000 30.000% (7) 7.27 05/24 – 01/29 44.1% 15.2%
    A-3 AAAsf/AAA(sf)/Aaa(sf) (8) 30.000% (7) (8) (8) 44.1% 15.2%
    A-4 AAAsf/AAA(sf)/Aaa(sf) (8) 30.000% (7) (8) (8) 44.1% 15.2%
    X-A AAAsf/AAA(sf)/Aaa(sf) $510,636,000(9) N/A Variable(10) N/A N/A N/A N/A
    X-B A-sf/AAA(sf)/NR $130,394,000(11) N/A Variable(12) N/A N/A N/A N/A
    A-S AAAsf/AAA(sf)/Aa3(sf) $62,005,000 21.500% (7) 9.93 06/29 – 06/29 49.4% 13.6%
    B AA-sf/AA-(sf)/NR $36,474,000 16.500% (7) 9.93 06/29 – 06/29 52.6% 12.7%
    C A-sf/A-(sf)/NR $31,915,000 12.125% (7) 9.93 06/29 – 06/29 55.3% 12.1%
    Non-Offered Certificates            
    X-D(13) BBB+sf/BBB+(sf)/NR $11,854,000(14) N/A Variable(15) N/A N/A N/A N/A
    D(13) BBB+sf/BBB+(sf)/NR $11,854,000 10.500% (7) 9.93 06/29 – 06/29 56.3% 11.9%
    Risk Retention Certificates            
    E-RR(13) BBB-sf/BBB-(sf)/NR $25,532,000 7.000% (7) 9.93 06/29 – 06/29 58.6% 11.4%
    F-RR BB-sf/BB-(sf)/NR $18,237,000 4.500% (7) 9.93 06/29 – 06/29 60.1% 11.1%
    G-RR B-sf/B(sf)/NR $7,295,000 3.500% (7) 9.93 06/29 – 06/29 60.8% 11.0%
    H-RR NR/NR/NR $25,532,090 0.000% (7) 9.93 06/29 – 06/29 63.0% 10.6%
Notes:
(1) The expected ratings presented are those of Fitch Ratings, Inc. (“Fitch”), Kroll Bond Rating Agency, Inc. (“KBRA”) and Moody’s Investors Service, Inc. (“Moody’s”),  which the depositor hired to rate the Offered Certificates.  One or more other nationally recognized statistical rating organizations that were not hired by the depositor may use information they receive pursuant to Rule 17g-5 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise, to rate or provide market reports and/or published commentary related to the Offered Certificates.  We cannot assure you as to what ratings a non-hired nationally recognized statistical rating organization would assign or that its reports will not express differing, possibly negative, views of the mortgage loans and/or the Offered Certificates.  The ratings of each Class of Offered Certificates address the likelihood of the timely distribution of interest and, except in the case of the Class X-A, X-B and X-D Certificates, the ultimate distribution of principal due on those Classes on or before the Rated Final Distribution Date.  See “Risk Factors—Other Risks Relating to the Certificates—Nationally Recognized Statistical Rating Organizations May Assign Different Ratings to the Certificates; Ratings of the Certificates Reflect Only the Views of the Applicable Rating Agencies as of the Dates Such Ratings Were Issued; Ratings May Affect ERISA Eligibility; Ratings May Be Downgraded” and “Ratings” in the Preliminary Prospectus, expected to be dated June 14, 2019 (the “Preliminary Prospectus”). Fitch, KBRA and Moody’s have informed us that the “sf” designation in their ratings represents an identifier for structured finance product ratings.
(2) The Certificate Balances and Notional Amounts set forth in the table are approximate.  The actual initial Certificate Balances and Notional Amounts may be larger or smaller depending on the initial pool balance of the mortgage loans definitively included in the pool of mortgage loans, which aggregate cut-off date balance may be as much as 5% larger or smaller than the amount presented in the Preliminary Prospectus.  In addition, the Notional Amounts of the Class X-A, X-B and X-D Certificates may vary depending upon the final pricing of the Classes of Principal Balance Certificates (as defined in the Preliminary Prospectus)  whose Certificate Balances comprise such Notional Amounts, and, if, as a result of such pricing, the pass-through rate of the Class X-A, X-B or X-D Certificates, as applicable, would be equal to zero at all times, such Class of Certificates may not be issued on the closing date of this securitization.
(3) The approximate initial credit support with respect to the Class A-1, A-2, A-SB, A-3 and A-4 Certificates represents the approximate credit enhancement for the Class A-1, A-2, A-SB, A-3 and A-4 Certificates in the aggregate.
(4) Weighted Average Lives and Expected Principal Windows are calculated based on an assumed prepayment rate of 0% CPR and the “Structuring Assumptions” described under “Yield and Maturity Considerations—Weighted Average Life” in the Preliminary Prospectus.
(5) The Certificate Principal to Value Ratio for each Class of Certificates (other than the Class A-1, A-2, A-SB, A-3 and A-4 Certificates) is calculated as the product of (a) the weighted average Cut-off Date LTV Ratio for the mortgage loans and (b) a fraction, the numerator of which is the total initial Certificate Balance of such Class of Certificates and all Classes of Principal Balance Certificates  senior to such Class of Certificates and the denominator of which is the total initial Certificate Balance of all of the Principal Balance Certificates. The Certificate Principal to Value Ratio for each of the Class A-1, A-2, A-SB, A-3 and A-4 Certificates is calculated in the aggregate for those Classes as if they were a single Class and is calculated as the product of (a) the weighted average Cut-off Date LTV Ratio for the mortgage loans and (b) a fraction, the numerator of which is the total initial aggregate Certificate Balances of such Classes of Certificates and the denominator of which is the total initial Certificate Balance of all of the Principal Balance Certificates.  In any event, however, excess mortgaged property value associated with a mortgage loan will not be available to offset losses on any other mortgage loan.
(6) The Certificate Principal U/W NOI Debt Yield for each Class of Certificates (other than the Class A-1, A-2, A-SB, A-3 and A-4 Certificates) is calculated as the product of (a) the weighted average U/W NOI Debt Yield for the mortgage loans and (b) a fraction, the numerator of which is the total initial Certificate Balance of all of the Classes of Principal Balance Certificates and the denominator of which is the total initial Certificate Balance for such Class of Certificates and all Classes of Principal Balance Certificates senior to such Class of Certificates.  The Certificate Principal U/W NOI Debt Yield for each of the Class A-1, A-2, A-SB, A-3 and A-4 Certificates is calculated in the aggregate for those Classes as if they were a single Class and is calculated as the product of (a) the weighted average U/W NOI Debt Yield for the mortgage loans and (b) a fraction, the numerator of which is the total initial Certificate Balance of all of the Classes of Principal Balance Certificates and the denominator of which is the total aggregate initial Certificate Balances for the Class A-1, A-2, A-SB, A-3 and A-4 Certificates. In any event, however, cash flow from each mortgaged property supports only the related mortgage loan and will not be available to support any other mortgage loan.
(7) The pass-through rates for the Class A-1, A-2, A-SB, A-3, A-4, A-S, B, C, D, E-RR, F-RR, G-RR and H-RR Certificates in each case will be one of the following: (i) a fixed rate per annum, (ii) a variable rate per annum equal to the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date, (iii) a variable rate per annum equal to the lesser of (a) a fixed rate and (b) the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date or (iv) a variable rate per annum equal to the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

3

 

 

Wells Fargo Commercial Mortgage Trust 2019-C51 Certificate Structure

 

minus a specified percentage. For purposes of the calculation of the weighted average of the net mortgage interest rates on the mortgage loans for each distribution date, the mortgage interest rates will be adjusted as necessary to a 30/360 basis.
(8) The exact initial certificate balances of the Class A-3 and A-4 Certificates are unknown and will be determined based on the final pricing of those Classes of certificates. However, the respective initial certificate balances, weighted average lives and principal windows of the Class A-3 and A-4 Certificates are expected to be within the applicable ranges reflected in the following chart. The aggregate initial certificate balance of the Class A-3 and A-4 Certificates is expected to be approximately $413,326,000, subject to a variance of plus or minus 5%.  

 

Class of Certificates

 

Expected Range of Approximate Initial
Certificate Balance

 

Expected Range of Weighted Average Life (Years)

 

Expected Range of

Principal Window

Class A-3  $50,000,000 - $200,000,000   9.70 – 9.81  01/29 – 04/29 / 01/29 – 05/29
Class A-4  $213,326,000 - $363,326,000   9.88 – 9.90  04/29 – 06/29 / 05/29 – 06/29

 

(9) The Class X-A Certificates are notional amount certificates. The Notional Amount of the Class X-A Certificates will be equal to the aggregate Certificate Balance of the Class A-1, A-2, A-SB, A-3 and A-4 Certificates outstanding from time to time. The Class X-A Certificates will not be entitled to distributions of principal.
(10) The pass-through rate for the Class X-A Certificates for any distribution date will be a per annum rate equal to the excess, if any, of (a) the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date, over (b) the weighted average of the pass-through rates on the Class A-1, A-2, A-SB, A-3 and A-4 Certificates for the related distribution date, weighted on the basis of their respective Certificate Balances outstanding immediately prior to that distribution date. For purposes of the calculation of the weighted average of the net mortgage interest rates on the mortgage loans for each distribution date, the mortgage interest rates will be adjusted as necessary to a 30/360 basis.
(11) The Class X-B Certificates are notional amount certificates. The Notional Amount of the Class X-B Certificates will be equal to the aggregate Certificate Balance of the Class A-S, B and C Certificates outstanding from time to time.  The Class X-B Certificates will not be entitled to distributions of principal.
(12) The pass-through rate for the Class X-B Certificates for any distribution date will be a per annum rate equal to the excess, if any, of (a) the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date, over (b) the weighted average of the pass-through rates on the Class A-S, B and C Certificates for the related distribution date, weighted on the basis of their respective Certificate Balances outstanding immediately prior to that distribution date. For purposes of the calculation of the weighted average of the net mortgage interest rates on the mortgage loans for each distribution date, the mortgage interest rates will be adjusted as necessary to a 30/360 basis.
(13) The initial Notional Amount of the X-D certificates and the initial Certificate Balance of each of the Class D and E-RR certificates are subject to change based on final pricing of all certificates and the final determination of the Class E-RR, F-RR, G-RR and H-RR Certificates (collectively, the “horizontal risk retention certificates”) that will be retained by the retaining sponsor through a third party purchaser as part of the U.S. risk retention requirements. For more information regarding the methodology and key inputs and assumptions used to determine the sizing of the horizontal risk retention certificates, see “Credit Risk Retention” in the Preliminary Prospectus.
(14) The Class X-D Certificates are notional amount certificates.  The Notional Amount of the Class X-D Certificates will be equal to the Certificate Balance of the Class D Certificates outstanding from time to time.  The Class X-D Certificates will not be entitled to distributions of principal.
(15) The pass-through rate for the Class X-D Certificates for any distribution date will be a per annum rate equal to the excess, if any, of (a) the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date, over (b) the pass-through rate on the Class D Certificates for the related distribution date. For purposes of the calculation of the weighted average of the net mortgage interest rates on the mortgage loans for each distribution date, the mortgage interest rates will be adjusted as necessary to a 30/360 basis.
   

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

4

 

 

Wells Fargo Commercial Mortgage Trust 2019-C51 Transaction Highlights

 

II.       Transaction Highlights

 

Mortgage Loan Sellers:

 

Mortgage Loan Seller

 

Number of
Mortgage Loans

 

Number of
Mortgaged
Properties

 

Aggregate Cut-off Date Balance

 

% of Initial Pool
Balance

Rialto Mortgage Finance, LLC  14  15  $191,411,520  26.2%
Wells Fargo Bank, National Association  10  10  181,831,836  24.9  
Barclays Capital Real Estate Inc.  8  25  174,144,513  23.9  
UBS AG  8  31  100,390,321  13.8  
C-III Commercial Mortgage LLC  14  24  81,701,901  11.2  

Total

 

54

 

105

 

$729,480,091

 

100.0%

 

Loan Pool:

 

Initial Pool Balance: $729,480,091
Number of Mortgage Loans: 54
Average Cut-off Date Balance per Mortgage Loan: $13,508,891
Number of Mortgaged Properties: 105
Average Cut-off Date Balance per Mortgaged Property(1): $6,947,429
Weighted Average Mortgage Interest Rate: 4.537%
Ten Largest Mortgage Loans as % of Initial Pool Balance: 54.7%
Weighted Average Original Term to Maturity (months): 116
Weighted Average Remaining Term to Maturity (months): 114
Weighted Average Original Amortization Term (months)(2): 355
Weighted Average Remaining Amortization Term (months)(2): 354
Weighted Average Seasoning (months): 2

 

(1)Information regarding mortgage loans secured by multiple properties is based on an allocation according to relative appraised values or the allocated loan amounts or property-specific release prices set forth in the related loan documents or such other allocation as the related mortgage loan seller deemed appropriate.

(2)Excludes any mortgage loan that does not amortize.

 

Credit Statistics:

 

Weighted Average U/W Net Cash Flow DSCR(1): 1.97x
Weighted Average U/W Net Operating Income Debt Yield(1): 10.6%
Weighted Average Cut-off Date Loan-to-Value Ratio(1): 63.0%
Weighted Average Balloon Loan-to-Value Ratio(1): 57.9%
% of Mortgage Loans with Additional Subordinate Debt(2): 0.0%
% of Mortgage Loans with Single Tenants(3): 10.0%

 

(1)With respect to any mortgage loan that is part of a whole loan, loan-to-value ratio, debt service coverage ratio and debt yield calculations include the related pari passu companion loan(s) (unless otherwise stated). The debt service coverage ratio, debt yield and loan-to-value ratio information do not take into account any subordinate debt (whether or not secured by the related mortgaged property), that currently exists or is allowed under the terms of any mortgage loan. The information for each mortgaged property that relates to a mortgage loan that is cross-collateralized or cross-defaulted with one or more other mortgage loans is based upon the principal balance of that mortgage loan, except that the applicable loan-to-value ratio, debt service coverage ratio, and debt yield for each such mortgage loan is based upon the ratio or yield (as applicable) for the aggregate indebtedness evidenced by all loans in the group (without regard to any limitation on the amount of indebtedness secured by any mortgaged property in such cross-collateralized group). See “Description of the Mortgage Pool—Mortgage Pool Characteristics” in the Preliminary Prospectus and Annex A-1 to the Preliminary Prospectus.

(2)The percentage figure expressed as “% of Mortgage Loans with Additional Subordinate Debt” is determined as a percentage of the initial pool balance and does not take into account any future subordinate debt (whether or not secured by the mortgaged property), if any, that may be permitted under the terms of any mortgage loan or the pooling and servicing agreement. See “Description of the Mortgage Pool—Additional Indebtedness—Other Unsecured Indebtedness” in the Preliminary Prospectus.

(3)Excludes mortgage loans that are secured by multiple single tenant properties.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

5

 

 

Wells Fargo Commercial Mortgage Trust 2019-C51 Transaction Highlights

 

Loan Structural Features:

 

Amortization: Based on the Initial Pool Balance, 51.1% of the mortgage pool (43 mortgage loans) has scheduled amortization, as follows:

 

30.1% (26 mortgage loans) requires amortization during the entire loan term; and

 

21.1% (17 mortgage loans) provides for an interest-only period followed by an amortization period.

 

Interest-Only: Based on the Initial Pool Balance, 48.9% of the mortgage pool (11 mortgage loans) provides for interest-only payments during the entire loan term through maturity. The Weighted Average Cut-off Date Loan-to-Value Ratio and Weighted Average U/W Net Cash Flow DSCR for those mortgage loans are 58.9% and 2.41x, respectively.

 

Hard Lockboxes: Based on the Initial Pool Balance, 51.8% of the mortgage pool (16 mortgage loans) have hard lockboxes in place.

 

Reserves: The mortgage loans require amounts to be escrowed monthly as follows (excluding any mortgage loans with springing provisions):

 

Real Estate Taxes:   71.1% of the pool
Insurance: 51.8% of the pool
Capital Replacements:   73.9% of the pool
TI/LC:   50.9% of the pool(1)

(1)The percentage of Initial Pool Balance for mortgage loans with TI/LC reserves is based on the aggregate principal balance allocable to loans that include retail, office, mixed use and industrial properties.

  

Call Protection/Defeasance: Based on the Initial Pool Balance, the mortgage pool has the following call protection and defeasance features:

 

87.5% of the mortgage pool (49 mortgage loans) features a lockout period, then defeasance only until an open period; and

 

12.5% of the mortgage pool (5 mortgage loans) features a lockout period, then the greater of a prepayment premium (1%) or yield maintenance until an open period.

 

Prepayment restrictions for each mortgage loan reflect the entire life of the mortgage loan. Please refer to Annex A-1 to the Preliminary Prospectus and the footnotes related thereto for further information regarding individual loan call protection.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

6

 

 

Wells Fargo Commercial Mortgage Trust 2019-C51 Issue Characteristics

 

III.       Issue Characteristics

 

  Securities Offered: $641,030,000 approximate monthly pay, multi-class, commercial mortgage REMIC pass-through certificates consisting of ten Classes (Classes A-1, A-2, A-SB, A-3, A-4, A-S, B, C, X-A and X-B), which are offered pursuant to a registration statement filed with the SEC (such Classes of certificates, the “Offered Certificates”).
  Mortgage Loan Sellers: Rialto Mortgage Finance, LLC (“RMF”), Wells Fargo Bank, National Association (“WFB”), Barclays Capital Real Estate Inc. (“Barclays”), UBS AG, by and through its branch office at 1285 Avenue of the Americas, New York, New York (“UBS AG”) and C-III Commercial Mortgage LLC (“CIIICM”)
  Joint Bookrunners and Co-Lead Managers: Wells Fargo Securities, LLC, Barclays Capital Inc. and UBS Securities LLC
  Co-Manager: Academy Securities, Inc. and Drexel Hamilton, LLC
  Rating Agencies: Kroll Bond Rating Agency , Fitch Ratings, Inc. and Moody’s Investors Service, Inc.
  Master Servicer: Wells Fargo Bank, National Association
  Special Servicer: C-III Asset Management LLC
  Certificate Administrator: Wells Fargo Bank, National Association
  Trustee: Wilmington Trust, National Association
  Operating Advisor: Pentalpha Surveillance LLC
  Asset Representations Reviewer: Pentalpha Surveillance LLC
  Initial Majority Controlling Class Certificateholder: LD II Sub V, LLC or an affiliate
  U.S. Credit Risk Retention:

For a discussion on the manner in which the U.S. credit risk retention requirements will be satisfied by Wells Fargo Bank, National Association, as the retaining sponsor, see “Credit Risk Retention” in the Preliminary Prospectus.

 

This transaction is being structured with a “third party purchaser” that will acquire an “eligible horizontal residual interest”, which will be comprised of the Class E-RR, F-RR, G-RR and H-RR certificates (the “horizontal risk retention certificates”). LD II Sub V, LLC (in satisfaction of the retention obligations of Wells Fargo Bank, National Association, as the retaining sponsor) will be contractually obligated to retain (or to cause its “majority-owned affiliate” to retain) the horizontal risk retention certificates for a minimum of five years after the closing date, subject to certain permitted exceptions provided for under the risk retention rules. During this time, LD II Sub V, LLC will agree to comply with hedging, transfer and financing restrictions that are applicable to third party purchasers under the credit risk retention rules. For additional information, see “Credit Risk Retention” in the Preliminary Prospectus.

 

  EU Credit Risk Retention None of the sponsors, the depositor or any other party to the transaction intends or is required to retain a material net economic interest in the securitization constituted by the issue of the certificates in a manner that would satisfy the requirements of the European Union Regulation (EU) 2017/2402. In addition, no such person undertakes to take any other action which may be required by any investor for the purposes of its compliance with any applicable requirement under such Regulation. Furthermore, the arrangements described under “Credit Risk Retention” in the Preliminary Prospectus have not been structured with the objective of ensuring compliance by any person with any requirements of such Regulation.
  Cut-off Date: The Cut-off Date with respect to each mortgage loan is the due date for the monthly debt service payment that is due in July 2019 (or, in the case of any mortgage loan that has its first due date in August 2019, the date that would have been its due date in July 2019 under the terms of that mortgage loan if a monthly debt service payment were scheduled to be due in that month).
  Expected Closing Date: On or about July 11, 2019.
  Determination Dates: The 11th day of each month (or if that day is not a business day, the next succeeding business day), commencing in August 2019.
  Distribution Dates: The fourth business day following the Determination Date in each month, commencing in August 2019.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

7

 

 

Wells Fargo Commercial Mortgage Trust 2019-C51 Issue Characteristics

 

  Rated Final Distribution Date: The Distribution Date in June 2052.
  Interest Accrual Period: With respect to any Distribution Date, the calendar month immediately preceding the month in which such Distribution Date occurs.
  Day Count: The Offered Certificates will accrue interest on a 30/360 basis.
  Minimum Denominations: $10,000 for each Class of Offered Certificates (other than the Class X-A and X-B Certificates) and $1,000,000 for the Class X-A and X-B Certificates. Investments may also be made in any whole dollar denomination in excess of the applicable minimum denomination.
  Clean-up Call: 1.0%
  Delivery: DTC, Euroclear and Clearstream Banking
  ERISA/SMMEA Status: Each Class of Offered Certificates is expected to be eligible for exemptive relief under ERISA.  No Class of Offered Certificates will be SMMEA eligible.
  Risk Factors: THE CERTIFICATES INVOLVE CERTAIN RISKS AND MAY NOT BE SUITABLE FOR ALL INVESTORS.  SEE THE “RISK FACTORS” SECTION OF THE PRELIMINARY PROSPECTUS.
  Bond Analytics Information: The Certificate Administrator will be authorized to make distribution date statements, CREFC® reports and certain supplemental reports (other than confidential information) available to certain financial modeling and data provision services, including Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., Interactive Data Corp., Markit Group Limited, BlackRock Financial Management, Inc., CMBS.com, Inc., Moody’s Analytics, MBS Data, LLC, Thomson Reuters Corporation and RealINSIGHT.
  Tax Treatment For U.S. federal income tax purposes, the issuing entity will consist of one or more REMICs and the Offered Certificates will represent REMIC regular interests.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

8

 

 

Wells Fargo Commercial Mortgage Trust 2019-C51 Characteristics of the Mortgage Pool

  

IV.      Characteristics of the Mortgage Pool(1)

A.       Ten Largest Mortgage Loans

Mortgage Loan
Seller
Mortgage Loan Name City State Number of Mortgage Loans / Mortgaged Properties Mortgage Loan Cut-off Date Balance ($) % of Initial Pool Balance (%) Property
Type

Number
of SF/

Units

Cut-off
Date
Balance
Per SF/Unit
Cut-off
Date LTV
Ratio (%)
Balloon LTV
Ratio (%)
U/W NCF
DSCR (x)
U/W NOI
Debt
Yield (%)
WFB Nova Place Pittsburgh PA 1 $71,000,000     9.7% Office 1,142,745 123   70.0% 70.0%   2.17x     9.7%
Barclays 188 Spear Street San Francisco CA 1 47,000,000 6.4 Office 218,669 572 57.6 57.6 2.82 10.5
WFB 450-460 Park Avenue South New York NY 1 45,000,000 6.2 Office 182,845 410 36.6 36.6 2.98 11.7
RMF El Con Center Tucson AZ 1 45,000,000 6.2 Retail 480,383 131 62.8 62.8 1.79 9.3
RMF Shetland Park Salem MA 1 44,901,066 6.2 Mixed Use 1,191,297 49 72.9 67.5 1.52 11.5
Barclays ExchangeRight Net Leased Portfolio #27 Various Various 1 / 18 41,000,000 5.6 Various 349,490 146 61.2 61.2 2.17 9.8
UBS AG Royal Caribbean - Miramar Miramar FL 1 29,250,000 4.0 Office 128,540 228 65.0 65.0 2.50 10.7
RMF TOPS Self Storage Thousand Oaks CA 1 27,000,000 3.7 Self Storage 149,599 180 63.8 58.9 1.26 8.2
Barclays Center North Lakewood OH 1 26,500,000 3.6 Multifamily 211 125,592 65.6 57.8 1.29 8.4
UBS AG The Chantilly Office Portfolio Chantilly VA 1 / 5 22,350,000 3.1 Office 429,126 108 44.4 44.4 3.59 16.8
Top Three Total/Weighted Average     3 / 3 $163,000,000 22.3%       57.2% 57.2% 2.58x 10.5%
Top Five Total/Weighted Average     5 / 5 $252,901,066 34.7%       61.0% 60.0% 2.25x 10.5%
Top Ten Total/Weighted Average     10 / 31 $399,001,066 54.7%       60.9% 59.4% 2.21x 10.5%
Non-Top Ten Total/Weighted Average     44 / 74 $330,479,025 45.3%       65.5% 56.1% 1.69x 10.9%
(1)With respect to any mortgage loan that is cross-collateralized or cross-defaulted with other mortgage loans, the loan-to-value ratio, debt service coverage ratio and debt yield for each such mortgage loan is based upon the ratio or yield (as applicable) for the aggregate indebtedness evidenced by all loans in the group (without regard to any limitation on the amount of indebtedness secured by any mortgaged property in such cross-collateralized group). On an individual basis, without regard to the cross-collateralization feature, any mortgage loan that is part of a cross-collateralized group of mortgage loans may have a higher loan-to-value ratio, lower debt service coverage ratio and/or lower debt yield than is presented herein. With respect to any mortgage loan that is part of a whole loan, the Cut-off Date Balance Per SF/Unit, loan-to-value ratio, debt service coverage ratio and debt yield calculations include the related pari passu companion loan(s) (unless otherwise stated). With respect to each mortgage loan, debt service coverage ratio, debt yield and loan-to-value ratio information do not take into account any subordinate debt (whether or not secured by the related mortgaged property) that currently exists or is allowed under the terms of such mortgage loan. See Annex A-1 to the Preliminary Prospectus.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

9

 

 

Wells Fargo Commercial Mortgage Trust 2019-C51 Characteristics of the Mortgage Pool

 

B.Summary of the Whole Loans

Property Name

Mortgage

Loan Seller in WFCM 2019-C51

Note(s)(1) Original Balance Holder of Note(1) Lead Servicer for Whole Loan

Master Servicer Under

Lead Securitization

Servicing Agreement

Special Servicer Under Lead Securitization Servicing Agreement
Nova Place WFB A-1 $71,000,000 WFCM 2019-C51 Yes Wells Fargo Bank National Association C-III Asset Management LLC
A-2 $49,000,000 WFB No
A-3 $20,000,000 WFB No
188 Spear Street Barclays A-1 $47,000,000 WFCM 2019-C51 No Wells Fargo Bank National Association(2) C-III Asset Management LLC(2)
A-2 $60,000,000 Barclays Capital Real Estate Inc. Yes
A-3 $18,000,000 Barclays Capital Real Estate Inc. No
450-460 Park Avenue South WFB A-1 $45,000,000 WFCM 2019-C51 Yes Wells Fargo Bank National Association C-III Asset Management LLC
A-2 $30,000,000 WFB No
El Con Center RMF A-1 $45,000,000 WFCM 2019-C51 Yes Wells Fargo Bank National Association C-III Asset Management LLC
A-2 $18,000,000 Rialto Mortgage Finance, LLC No
Shetland Park RMF A-1 $45,000,000 WFCM 2019-C51 Yes Wells Fargo Bank National Association C-III Asset Management LLC
A-2 $13,000,000 Rialto Mortgage Finance, LLC No
ExchangeRight Net Leased Portfolio #27 Barclays A-1 $41,000,000 WFCM 2019-C51 Yes Wells Fargo Bank National Association C-III Asset Management LLC
A-2 $10,050,000 Barclays Capital Real Estate Inc. No
The Chantilly Office Portfolio UBS AG A-1 $22,350,000 WFCM 2019-C51 No Wells Fargo Bank National Association(2) C-III Asset Management LLC(2)
A-2 $14,000,000 UBS AG Yes
A-3 $10,000,000 UBS AG No
CIRE Equity Retail & Industrial Portfolio UBS AG A-1 $30,000,000 Deutsche Bank AG, New York Branch Yes Wells Fargo Bank National Association(2) C-III Asset Management LLC(2)
A-2 $25,000,000 Deutsche Bank AG, New York Branch No
A-3 $22,160,000 Deutsche Bank AG, New York Branch No
A-4 $22,000,000 WFCM 2019-C51 No
A-5 $20,000,000 UBS AG No
A-6 $9,440,000 UBS AG No
Patuxent Crossing Barclays A-1 $20,000,000 BBCMS 2019-C3 Yes Midland Loan Services, a Division of PNC Bank, National Association Midland Loan Services, a Division of PNC Bank, National Association
A-2 $16,575,000 WFCM 2019-C51 No
Hilton at University Place Barclays A-1 $35,000,000 WFCM 2019-C50 Yes Wells Fargo Bank National Association Rialto Capital Advisors, LLC
A-2 $11,000,000 WFCM 2019-C51 No

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

10

 

  

Wells Fargo Commercial Mortgage Trust 2019-C51 Characteristics of the Mortgage Pool

 

Property Name

Mortgage

Loan Seller in WFCM 2019-C51

Note(s)(1) Original Balance Holder of Note(1) Lead Servicer for Whole Loan

Master Servicer Under

Lead Securitization

Servicing Agreement

Special Servicer Under Lead Securitization Servicing Agreement
Wolverine Portfolio UBS AG A-1 $10,000,000 WFCM 2019-C50 No Midland Loan Services, a Division of PNC Bank, National Association Midland Loan Services, a Division of PNC Bank, National Association
A-2 $10,000,000 WFCM 2019-C50 No
A-3 $10,000,000 BBCMS 2019-C3 Yes
A-4 $5,000,000 BBCMS 2019-C3 No
A-5 $5,000,000 WFCM 2019-C50 No
A-6 $5,000,000 BBCMS 2019-C3 No
A-7 $5,000,000 BBCMS 2019-C3 No
A-8 $5,000,000 BBCMS 2019-C3 No
A-9 $2,000,000 WFCM 2019-C51 No
A-10 $2,000,000 WFCM 2019-C51 No

 

(1)Unless otherwise indicated, each note not currently held by a securitization trust is expected to be contributed to a future securitization. No assurance can be provided that any such note will not be split further.

(2)The related whole loan is expected to initially be serviced under the WFCM 2019-C51 pooling and servicing agreement until the securitization of the related “lead” pari passu note (namely, the related pari passu note marked “Yes” in the column entitled “Lead Servicer for Whole Loan”), after which the related whole loan will be serviced under the pooling and servicing agreement governing such securitization of the related “lead” pari passu note. The master servicer and special servicer for such securitization will be identified in a notice, report or statement to holders of the WFCM 2019-C51 certificates after the closing of such securitization.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

11

 

 

Wells Fargo Commercial Mortgage Trust 2019-C51 Characteristics of the Mortgage Pool

 

C.       Previous Securitization History(1)

Loan
No.
Mortgage Loan Seller Mortgage
Loan or Mortgaged
Property Name
City State Property
Type
Mortgage Loan
or Mortgaged Property Cut-off Date Balance ($)
% of
Initial Pool Balance
(%)
Previous Securitization
2 Barclays 188 Spear Street San Francisco CA Office $47,000,000 6.4 % WFRBS 2013-C13
4 RMF El Con Center Tucson AZ Retail 45,000,000 6.2   MSBAM 2014-C17
8 RMF TOPS Self Storage Thousand Oaks CA Self Storage 27,000,000 3.7   UBSC 2011-C1
21 RMF University Square Shopping Center San Antonio TX Retail 13,393,852 1.8   LBUBS 2005-C3
24 Barclays Hilton at University Place Charlotte NC Hospitality 10,962,474 1.5   COMM 2014-UBS3
27 WFB Holiday Inn Express - Orem Orem UT Hospitality 7,291,580 1.0   JPMCC 2014-C20
29 RMF Frederick Avenue Shopping Center Gaithersburg MD Retail 6,359,383 0.9   LBUBS 2005-C5
30 UBS AG Coventry Commons Canton Township MI Retail 6,192,481 0.8   GCCFC 2004-GG1
31 UBS AG Asbury Commons Green Cove Springs FL Retail 5,880,160 0.8   WFCM 2010-C1
37 CIIICM All American Storage Bloomington South Bloomington IN Self Storage 4,800,000 0.7   WFRBS 2014-C21
38 RMF Firewheel Corners Shopping Center Garland TX Retail 4,208,298 0.6   WBCMT 2005-C17
40 CIIICM All American Storage East Bloomington IN Self Storage 4,025,000 0.6   WFRBS 2014-C21
41 UBS AG Wolverine Portfolio Various Various Manufactured Housing Community 4,000,000 0.5   LBUBS 2006-C7
Total           $186,113,229 25.5 %  
(1)The table above represents the most recent securitization with respect to the mortgaged property securing the related mortgage loan, based on information provided by the related borrower or obtained through searches of a third-party database. While loans secured by the above mortgaged properties may have been securitized multiple times in prior transactions, mortgage loans in this securitization are only listed in the above chart if the mortgage loan paid off a loan in another securitization. The information has not otherwise been confirmed by the mortgage loan sellers.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

12

 

 

Wells Fargo Commercial Mortgage Trust 2019-C51 Characteristics of the Mortgage Pool

 

D.       Mortgage Loans with Scheduled Balloon Payments and Related Classes

 

 

Class A-2(1)
Loan No. Mortgage Loan Seller Mortgage Loan Name State Property Type Mortgage Loan Cut-off Date Balance ($) % of Initial Pool
Balance (%)
Mortgage
Loan Balance at Maturity ($)
% of Class A-2 Certificate Principal
Balance (%)(2)
SF Loan per
SF ($)
U/W NCF DSCR
(x)
U/W NOI Debt Yield (%) Cut-off Date LTV Ratio (%) Balloon LTV Ratio (%) Rem. IO Period (mos.) Rem. Term to Maturity (mos.)
5 RMF Shetland Park MA Mixed Use $44,901,066 6.2 % $41,602,963 91.5% 1,191,297 $49 1.52 x 11.5 % 72.9 % 67.5 % 58
45 RMF Depot Self Storage NC Self Storage 3,500,000 0.5   3,352,541 7.4   59,450 $59 1.48   10.0   62.9   60.3   22 58
Total/Weighted Average     $48,401,066 6.6 % $44,955,504 98.8%     1.52 x 11.4 % 72.2 % 67.0 % 2  58

(1)The table above presents the mortgage loan(s) whose balloon payments would be applied to pay down the principal balance of the Class A-2 Certificates, assuming a 0% CPR and applying the “Structuring Assumptions” described in the Preliminary Prospectus, including the assumptions that (i) none of the mortgage loans in the pool experience prepayments prior to maturity, defaults or losses; (ii) there are no extensions of maturity dates of any mortgage loans in the pool; and (iii) each mortgage loan in the pool is paid in full on its stated maturity date. Each Class of Certificates evidences undivided ownership interests in the entire pool of mortgage loans. Debt service coverage ratio, debt yield and loan-to-value ratio information do not take into account subordinate debt (whether or not secured by the related mortgaged property), if any, that currently exists or is allowed under the terms of any mortgage loan. See Annex A-1 to the Preliminary Prospectus.

(2)Reflects the percentage equal to the Balloon Balance divided by the initial Class A-2 Certificate Balance.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

13

 

 

Wells Fargo Commercial Mortgage Trust 2019-C51 Characteristics of the Mortgage Pool

 

E.Property Type Distribution(1)

 

 

 

Property Type Number of Mortgaged Properties Aggregate
Cut-off Date
Balance ($)
% of Initial
Pool
Balance (%)
Weighted Average Cut-off Date LTV Ratio (%) Weighted Average Balloon LTV
Ratio (%)
Weighted Average
U/W NCF DSCR (x)
Weighted Average U/W NOI Debt Yield (%) Weighted Average U/W NCF Debt Yield (%) Weighted Average Mortgage Rate (%)
Office 15 $281,096,192   38.5 58.7 56.0 2.44 x 11.2 % 10.7 4.110 %
CBD 4 177,232,039   24.3   57.3   56.5   2.50   10.5   10.1   3.946  
Suburban 10 98,732,126   13.5   61.0   54.9   2.35   12.6   11.7   4.393  
Medical 1 5,132,027   0.7   61.2   61.2   2.17   9.8   9.6   4.343  
Retail 40 200,379,470   27.5   64.7   59.2   1.83   10.1   9.7   4.631  
Anchored 14 125,874,134   17.3   66.3   60.5   1.81   10.2   9.7   4.613  
Single Tenant 22 57,790,646   7.9   63.1   59.1   1.86   9.4   9.3   4.679  
Unanchored 3 12,506,392   1.7   59.7   50.5   1.86   11.9   11.5   4.690  
Shadow Anchored 1 4,208,298   0.6   55.5   44.7   1.90   11.8   11.4   4.350  
Mixed Use 3 77,001,066   10.6   69.3   64.4   1.54   10.3   9.3   5.000  
Industrial/Office/Self Storage 1 44,901,066   6.2   72.9   67.5   1.52   11.5   10.0   5.150  
Retail/Office 1 18,000,000   2.5   60.6   60.6   1.83   9.3   9.0   4.860  
Multifamily/Retail 1 14,100,000   1.9   69.1   59.3   1.24   7.7   7.7   4.701  
Self Storage 20 74,877,090   10.3   64.4   58.0   1.47   9.2   9.0   4.966  
Self Storage 20 74,877,090   10.3   64.4   58.0   1.47   9.2   9.0   4.966  
Hospitality 7 48,238,622   6.6   65.0   53.2   1.89   13.9   12.2   4.946  
Limited Service 4 20,862,282   2.9   61.6   50.4   2.03   15.1   13.3   5.112  
Full Service 2 20,689,764   2.8   66.9   54.9   1.76   13.1   11.2   4.841  
Select Service 1 6,686,577   0.9   69.7   56.9   1.82   13.0   11.4   4.750  
Multifamily 2 30,275,000   4.2   66.4   58.5   1.31   8.5   8.2   4.766  
High Rise 1 26,500,000   3.6   65.6   57.8   1.29   8.4   8.1   4.800  
Garden 1 3,775,000   0.5   72.2   63.2   1.49   9.4   9.1   4.530  
Manufactured Housing Community 14 15,863,935   2.2   65.9   56.3   1.38   9.1   8.9   4.975  
Manufactured Housing Community 14 15,863,935   2.2   65.9   56.3   1.38   9.1   8.9   4.975  
Industrial 4 1,748,715   0.2   64.9   64.9   2.27   10.2   9.6   4.139  
Warehouse 4 1,748,715   0.2   64.9   64.9   2.27   10.2   9.6   4.139  
Total/Weighted Average: 105 $729,480,091   100.0 63.0 57.9 1.97 x 10.6 % 10.0 4.537 %
(1)Because this table presents information relating to the mortgaged properties and not the mortgage loans, (a) the information for mortgage loans secured by more than one mortgaged property (other than through cross-collateralization with other mortgage loans) is based on allocated amounts (allocating the principal balance of the mortgage loan to each of those properties according to the relative appraised values of the mortgaged properties or the allocated loan amounts or property-specific release prices set forth in the related mortgage loan documents or such other allocation as the related mortgage loan seller deemed appropriate) and (b) the information for each mortgaged property that relates to a mortgage loan that is cross-collateralized or cross-defaulted with other mortgage loans is based upon the principal balance of that mortgage loan, except that the applicable loan-to-value ratio, debt service coverage ratio and debt yield for each such mortgage loan is based upon the ratio or yield (as applicable) for the aggregate indebtedness evidenced by all loans in the group (without regard to any limitation on the amount of indebtedness secured by any mortgaged property in such cross-collateralized group). On an individual basis, without regard to the cross-collateralization feature, any mortgage loan that is part of a cross-collateralized group of mortgage loans may have a higher loan-to-value ratio, lower debt service coverage ratio and/or lower debt yield than is presented herein. With respect to any mortgage loan that is part of a whole loan, the loan-to-value ratio, debt service coverage ratio and debt yield calculations include the related pari passu companion loan(s) (unless otherwise stated). With respect to each mortgage loan, debt service coverage ratio, debt yield and loan-to-value ratio information do not take into account any subordinate debt (whether or not secured by the related mortgaged property) that currently exists or is allowed under the terms of such mortgage loan. See Annex A-1 to the Preliminary Prospectus.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

14

 

 

Wells Fargo Commercial Mortgage Trust 2019-C51 Characteristics of the Mortgage Pool

 

F.       Geographic Distribution(1)

 

(GRAPHIC)

 

                       
Location Number of Mortgaged Properties Aggregate Cut-off Date Balance ($) % of Initial Pool
Balance (%)
Weighted Average Cut-off Date LTV Ratio (%) Weighted Average Balloon LTV Ratio (%) Weighted Average U/W NCF DSCR (x) Weighted Average U/W NOI Debt Yield (%) Weighted Average U/W NCF Debt Yield (%)

Weighted

Average Mortgage Rate (%)

California 14 $135,576,562  18.6% 62.6% 58.6% 1.98x 9.7% 9.4% 4.424%
Northern California 6 72,422,926  9.9  61.6  58.3  2.45  10.6  10.2  3.909 
Southern California 8 63,153,637  8.7  63.7  58.9  1.45  8.7  8.5  5.013 
Pennsylvania 5 98,305,970  13.5  69.0  66.6  2.00  9.9  9.4  4.368 
Arizona 8 81,361,396  11.2  63.5  59.9  1.77  9.7  9.2  4.742 
Texas 14 51,048,667  7.0  61.4  54.3  1.90  11.1  10.6  4.672 
New York 1 45,000,000  6.2  36.6  36.6  2.98  11.7  11.2  3.700 
Massachusetts 1 44,901,066  6.2  72.9  67.5  1.52  11.5  10.0  5.150 
Florida 8 41,578,076  5.7  65.5  62.5  2.24  10.7  10.5  4.370 
Ohio 8 38,317,103  5.3  64.7  56.5  1.58  10.4  9.8  4.809 
Michigan 11 32,284,921  4.4  70.7  59.8  1.45  9.8  9.2  4.855 
Virginia 6 32,077,290  4.4  51.6  47.7  3.04  15.6  13.9  4.271 
Maryland 2 22,934,383  3.1  69.3  58.6  1.76  11.6  10.7  4.531 
New Jersey 1 21,960,798  3.0  59.7  44.0  1.72  12.5  11.6  4.600 
Wisconsin 5 15,814,073  2.2  65.6  58.4  1.76  9.9  9.6  4.695 
North Carolina 2 14,462,474  2.0  65.2  56.0  1.68  12.5  11.1  5.136 
Minnesota 1 10,665,622  1.5  61.2  61.2  2.17  9.8  9.6  4.343 
Georgia 4 9,376,222  1.3  61.4  58.1  1.98  10.1  9.8  4.613 
Indiana 3 9,302,982  1.3  71.5  60.0  1.42  8.5  8.3  4.453 
Utah 1 7,291,580  1.0  59.0  49.0  1.72  12.8  11.3  5.220 
Louisiana 4 6,033,749  0.8  62.7  59.1  1.94  9.7  9.5  4.540 
Oregon 1 3,625,669  0.5  64.9  64.9  2.27  10.2  9.6  4.139 
Colorado 1 2,459,859  0.3  64.9  64.9  2.27  10.2  9.6  4.139 
Oklahoma 1 2,392,423  0.3  61.2  61.2  2.17  9.8  9.6  4.343 
New Mexico 1 929,879  0.1  66.1  54.4  1.42  9.6  9.2  4.990 
Alabama 1 903,911  0.1  66.1  54.4  1.42  9.6  9.2  4.990 
Tennessee 1 875,416  0.1  61.2  61.2  2.17  9.8  9.6  4.343 
Total/Weighted Average 105 $729,480,091  100.0% 63.0% 57.9% 1.97x 10.6% 10.0% 4.537%

(1)Because this table presents information relating to the mortgaged properties and not the mortgage loans, (a) the information for mortgage loans secured by more than one mortgaged property (other than through cross-collateralization with other mortgage loans) is based on allocated amounts (allocating the principal balance of the mortgage loan to each of those properties according to the relative appraised values of the mortgaged properties or the allocated loan amounts or property-specific release prices set forth in the related mortgage loan documents or such other allocation as the related mortgage loan seller deemed appropriate) and (b) the information for each mortgaged property that relates to a mortgage loan that is cross-collateralized or cross-defaulted with other mortgage loans is based upon the principal balance of that mortgage loan, except that the applicable loan-to-value ratio, debt service coverage ratio and debt yield for each such mortgage loan is based upon the ratio or yield (as applicable) for the aggregate indebtedness evidenced by all loans in the group (without regard to any limitation on the amount of indebtedness secured by any mortgaged property in such cross-collateralized group). On an individual basis, without regard to the cross-collateralization feature, any mortgage loan that is part of a cross-collateralized group of mortgage loans may have a higher loan-to-value ratio, lower debt service coverage ratio and/or lower debt yield than is presented herein. With respect to any mortgage loan that is part of a whole loan, the loan-to-value ratio, debt service coverage ratio and debt yield calculations include the related pari passu companion loan(s) (unless otherwise stated). With respect to each mortgage loan, debt service coverage ratio, debt yield and loan-to-value ratio information do not take into account any subordinate debt (whether or not secured by the related mortgaged property) that currently exists or is allowed under the terms of such mortgage loan. See Annex A-1 to the Preliminary Prospectus.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

15

 

 

Wells Fargo Commercial Mortgage Trust 2019-C51 Characteristics of the Mortgage Pool

 

G.       Characteristics of the Mortgage Pool(1)

 

CUT-OFF DATE BALANCE  
Range of Cut-off Date
Balances ($)
  Number of Mortgage Loans  Aggregate Cut-off Date Balance  Percent by Aggregate Cut-off Date Pool Balance (%)
1,280,773 - 2,000,000  3  $5,020,220    0.7 %
2,000,001 - 3,000,000  5  12,522,281    1.7  
3,000,001 - 4,000,000  6  21,951,775    3.0  
4,000,001 - 5,000,000  5  22,102,891    3.0  
5,000,001 - 6,000,000  6  33,469,197    4.6  
6,000,001 - 7,000,000  3  19,238,441    2.6  
7,000,001 - 8,000,000  1  7,291,580    1.0  
8,000,001 - 9,000,000  2  16,443,544    2.3  
9,000,001 - 10,000,000  1  9,727,290    1.3  
10,000,001 - 15,000,000  8  104,176,007    14.3  
15,000,001 - 20,000,000  2  34,575,000    4.7  
20,000,001 - 30,000,000  6  149,060,798    20.4  
30,000,001 - 70,000,000  5  222,901,066    30.6  
70,000,001 - 71,000,000  1  71,000,000    9.7  
Total:  54  $729,480,091    100.0 %
Weighted Average  $13,508,891          
UNDERWRITTEN NOI DEBT SERVICE COVERAGE RATIO  
Range of U/W NOI
DSCRs (x)
  Number of Mortgage Loans  Aggregate Cut-off Date Balance  Percent by Aggregate Cut-off Date Pool Balance (%)
1.24 - 1.30  4  $54,720,989    7.5 %
1.31 - 1.40  6  44,285,489    6.1  
1.41 - 1.50  6  41,762,553    5.7  
1.51 - 1.60  6  24,381,810    3.3  
1.61 - 1.70  2  3,739,448    0.5  
1.71 - 1.80  3  75,708,104    10.4  
1.81 - 1.90  5  94,530,054    13.0  
1.91 - 2.00  6  39,551,366    5.4  
2.01 - 2.50  11  201,407,509    27.6  
2.51 - 3.00  3  82,042,769    11.2  
3.01 - 3.50  1  45,000,000    6.2  
3.51 - 3.98  1  22,350,000    3.1  
Total:  54  $729,480,091    100.0 %
Weighted Average  2.09x          
UNDERWRITTEN NCF DEBT SERVICE COVERAGE RATIO  

Range of U/W NCF

DSCRs (x)

  Number of Mortgage Loans  Aggregate Cut-off Date Balance  Percent by Aggregate Cut-off Date Pool Balance (%)
1.24 - 1.30  9  $94,206,478    12.9 %
1.31 - 1.40  5  29,549,910    4.1  
1.41 - 1.50  5  32,368,998    4.4  
1.51 - 1.60  6  84,733,559    11.6  
1.61 - 1.70  3  9,931,929    1.4  
1.71 - 1.80  7  103,538,470    14.2  
1.81 - 1.90  6  51,726,810    7.1  
1.91 - 2.00  2  19,081,320    2.6  
2.01 - 2.50  8  189,992,617    26.0  
2.51 - 3.50  2  92,000,000    12.6  
3.51 - 3.59  1  22,350,000    3.1  
Total:  54  $729,480,091    100.0 %
Weighted Average  1.97x          
LOAN PURPOSE  
Loan Purpose  Number of Mortgage Loans  Aggregate Cut-off Date Balance  Percent by Aggregate Cut-off Date Pool Balance (%)
Refinance  36  $479,230,915    65.7 %
Acquisition  17  227,899,175    31.2  
Recapitalization  1  22,350,000    3.1  
Total:  54  $729,480,091    100.0 %
MORTGAGE RATE  

Range of Mortgage

Rates (%)

  Number of Mortgage Loans  Aggregate Cut-off Date Balance  Percent by Aggregate Cut-off Date Pool Balance (%)
3.570 - 4.000  2  $92,000,000    12.6 %
4.001 - 4.250  4  144,600,000    19.8  
4.251 - 4.500  7  87,361,533    12.0  
4.501 - 4.750  12  112,824,489    15.5  
4.751 - 5.000  15  186,209,409    25.5  
5.001 - 5.250  6  74,889,597    10.3  
5.251 - 5.500  8  31,595,064    4.3  
Total:  54  $729,480,091    100.0 %
Weighted Average  4.537%          
UNDERWRITTEN NOI DEBT YIELD  

Range of U/W NOI

Debt Yields (%)

  Number of Mortgage Loans  Aggregate Cut-off Date Balance  Percent by Aggregate Cut-off Date Pool Balance (%)
7.7 - 8.0  1  $14,100,000    1.9 %
8.1 - 9.0  11  103,261,244    14.2  
9.1 - 10.0  12  216,360,689    29.7  
10.1 - 11.0  10  153,262,722    21.0  
11.1 - 12.0  8  131,956,473    18.1  
12.1 - 13.0  6  57,296,405    7.9  
13.1 - 14.0  2  17,321,857    2.4  
14.1 - 16.0  1  5,687,468    0.8  
16.1 - 17.0  1  22,350,000    3.1  
17.1 - 17.5  2  7,883,234    1.1  
Total:  54  $729,480,091    100.0 %
Weighted Average  10.6%          
UNDERWRITTEN NCF DEBT YIELD  
Range of U/W NCF Debt
Yields (%)
  Number of Mortgage Loans  Aggregate Cut-off Date Balance  Percent by Aggregate Cut-off Date Pool Balance (%)
7.7 - 8.0  1  $14,100,000    1.9 %
8.1 - 9.0  15  171,108,253    23.5  
9.1 - 10.0  16  257,927,467    35.4  
10.1 - 11.0  7  109,355,547    15.0  
11.1 - 12.0  10  134,708,739    18.5  
12.1 - 13.0  1  5,687,468    0.8  
13.1 - 15.0  1  6,359,383    0.9  
15.1 - 15.6  3  30,233,234    4.1  
Total:  54  $729,480,091    100.0 %
Weighted Average  10.0%          
ORIGINAL TERM TO MATURITY  
Original Terms to
Maturity (months)
  Number of Mortgage Loans  Aggregate Cut-off Date Balance  Percent by Aggregate Cut-off Date Pool Balance (%)
60  2  $48,401,066    6.6 %
120  52  681,079,025    93.4  
Total:  54  $729,480,091    100.0 %
Weighted Average  116 months          

 

(1)The information for each mortgaged property that relates to a mortgage loan that is cross-collateralized or cross-defaulted with one or more other mortgage loans is based upon the principal balance of that mortgage loan, except that the applicable loan-to-value ratio, debt service coverage ratio, and debt yield for each such mortgage loan is based upon the ratio or yield (as applicable) for the aggregate indebtedness evidenced by all loans in the group (without regard to any limitation on the amount of indebtedness secured by any mortgaged property in such cross-collateralized group). With respect to any mortgage loan that is part of a whole loan, the loan-to-value ratio, debt service coverage ratio and debt yield calculations include the related pari passu companion loan(s) (unless otherwise stated). With respect to each mortgage loan, debt service coverage ratio, debt yield and loan-to-value ratio information do not take into account any subordinate debt (whether or not secured by the related mortgaged property) that currently exists or is allowed under the terms of such mortgage loan. See Annex A-1 to the Preliminary Prospectus. Prepayment provisions for each mortgage loan reflects the entire life of the loan (from origination to maturity).

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

16

 

 

Wells Fargo Commercial Mortgage Trust 2019-C51 Characteristics of the Mortgage Pool

 

REMAINING TERM TO MATURITY  
Range of Remaining Terms to
Maturity (months)
  Number of Mortgage Loans  Aggregate Cut-off Date Balance  Percent by Aggregate Cut-off Date Pool Balance (%)
58  2  $48,401,066    6.6 %
114 - 119  52  681,079,025    93.4  
Total:  54  $729,480,091    100.0 %
Weighted Average  114 months          
ORIGINAL AMORTIZATION TERM(2)  
Original
Amortization Terms
(months)
  Number of Mortgage Loans  Aggregate Cut-off Date Balance  Percent by Aggregate Cut-off Date Pool Balance (%)
Non-Amortizing  11  $356,476,775    48.9 %
300  3  28,976,173    4.0  
360  40  344,027,143    47.2  
Total:  54  $729,480,091    100.0 %
Weighted Average(3)  355 months          

(2)   The original amortization term shown for any mortgage loan that is interest-only for part of its term does not include the number of months in its interest-only period and reflects only the number of months as of the commencement of amortization remaining from the end of such interest-only period.

(3)   Excludes the non-amortizing mortgage loans.

REMAINING AMORTIZATION TERM(4)  
Range of Remaining Amortization Terms
(months)
  Number of Mortgage Loans  Aggregate Cut-off Date Balance  Percent by Aggregate Cut-off Date Pool Balance (%)
Non-Amortizing  11  $356,476,775    48.9 %
297 - 300  3  28,976,173    4.0  
301 - 360  40  344,027,143    47.2  
Total:  54  $729,480,091    100.0 %
Weighted Average(5)  354 months          

(4)   The remaining amortization term shown for any mortgage loan that is interest-only for part of its term does not include the number of months in its interest-only period and reflects only the number of months as of the commencement of amortization remaining from the end of such interest-only period.

(5)   Excludes the non-amortizing mortgage loans.

LOCKBOXES  
Type of Lockbox  Number of Mortgage Loans  Aggregate Cut-off Date Balance  Percent by Aggregate Cut-off Date Pool Balance (%)
Hard/Springing Cash Management  16  $378,114,728    51.8 %
Springing  35  336,127,456    46.1  
None  2  7,946,328    1.1  
Soft/Springing Cash Management  1  7,291,580    1.0  
Total:  54  $729,480,091    100.0 %
PREPAYMENT PROVISION SUMMARY(6)  
Prepayment Provision  Number of Mortgage Loans  Aggregate Cut-off Date Balance  Percent by Aggregate Cut-off Date Pool Balance (%)
Lockout / Defeasance / Open  49  $638,518,558    87.5 %
Lockout / GRTR 1% or YM / Open  5  90,961,533    12.5  
Total:  54  $729,480,091    100.0 %
(6)   As a result of property releases or the application of funds in a performance reserve, partial principal prepayments could occur during a period that voluntary principal prepayments are otherwise prohibited.
              
CUT-OFF DATE LOAN-TO-VALUE RATIO  
Range of Cut-off Date LTV Ratios (%)  Number of Mortgage Loans  Aggregate Cut-off Date Balance  Percent by Aggregate Cut-off Date Pool Balance (%)
36.6 - 40.0  1  $45,000,000    6.2 %
40.1 - 50.0  1  22,350,000    3.1  
50.1 - 55.0  1  6,359,383    0.9  
55.1 - 60.0  9  113,022,626    15.5  
60.1 - 65.0  16  233,742,556    32.0  
65.1 - 70.0  15  185,946,616    25.5  
70.1 - 74.9  11  123,058,909    16.9  
Total:  54  $729,480,091    100.0 %
Weighted Average  63.0%          

BALLOON LOAN-TO-VALUE RATIO

      
Range of Balloon LTV Ratios (%)  Number of Mortgage Loans  Aggregate Cut-off Date Balance  Percent by Aggregate Cut-off Date Pool Balance (%)
36.6 - 40.0  1  $45,000,000    6.2 %
40.1 - 45.0  5  56,968,944    7.8  
45.1 - 50.0  5  38,656,918    5.3  
50.1 - 55.0  9  55,864,437    7.7  
55.1 - 60.0  19  207,911,951    28.5  
60.1 - 65.0  12  204,076,775    28.0  
65.1 - 70.0  3  121,001,066    16.6  
Total:  54  $729,480,091    100.0 %
Weighted Average  57.9%          
AMORTIZATION TYPE  
Amortization Type  Number of Mortgage Loans  Aggregate Cut-off Date Balance  Percent by Aggregate Cut-off Date Pool Balance (%)
Interest-only, Balloon  11  $356,476,775    48.9 %
Amortizing Balloon  26  219,303,316    30.1  
Interest-only, Amortizing Balloon  17  153,700,000    21.1  
Total/Weighted Average:  54  $729,480,091    100.0 %
ORIGINAL TERM OF INTEREST-ONLY PERIOD FOR PARTIAL IO LOANS  
IO Terms (months)  Number of Mortgage Loans  Aggregate Cut-off Date Balance  Percent by Aggregate Cut-off Date Pool Balance (%)
12  3  $22,325,000    3.1 %
24  6  53,750,000    7.4  
36  4  37,275,000    5.1  
48  2  9,750,000    1.3  
60  2  30,600,000    4.2  
Total:  17  $153,700,000    21.1 %
Weighted Average  34 months          
SEASONING  
Seasoning (months)  Number of Mortgage Loans  Aggregate Cut-off Date Balance  Percent by Aggregate Cut-off Date Pool Balance (%)
    1  30  $408,975,889    56.1 %
    2  14  259,817,563    35.6  
    3  6  38,508,711    5.3  
    4  2  15,238,480    2.1  
    5  1  1,839,448    0.3  
    6  1  5,100,000    0.7  
Total:  54  $729,480,091    100.0 %
Weighted Average  2 months          


 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

17

 

 

Wells Fargo Commercial Mortgage Trust 2019-C51 Certain Terms and Conditions

 

V.       Certain Terms and Conditions

 

Interest Entitlements: The interest entitlement of each Class of Certificates on each Distribution Date generally will be the interest accrued during the related Interest Accrual Period on the related Certificate Balance or Notional Amount at the related pass-through rate, net of any prepayment interest shortfalls allocated to that Class for such Distribution Date as described below.  If prepayment interest shortfalls arise from voluntary prepayments (without Master Servicer consent) on particular non-specially serviced loans during any collection period, the Master Servicer is required to make a compensating interest payment to offset those shortfalls, generally up to an amount equal to the portion of its master servicing fees that accrue at 0.25 basis points per annum.  The remaining amount of prepayment interest shortfalls will be allocated to reduce the interest entitlement on all Classes of Certificates entitled to interest, on a pro rata basis, based on their respective amounts of accrued interest for the related Distribution Date.  If a Class receives less than the entirety of its interest entitlement on any Distribution Date, then the shortfall (excluding any shortfall due to prepayment interest shortfalls), together with interest thereon, will be added to its interest entitlement for the next succeeding Distribution Date.
Principal Distribution Amount: The Principal Distribution Amount for each Distribution Date generally will be the aggregate amount of principal received or advanced in respect of the mortgage loans, net of any non-recoverable advances and interest thereon and workout-delayed reimbursement amounts that are reimbursed to the Master Servicer, the Special Servicer or the Trustee during the related collection period.  Non-recoverable advances and interest thereon are reimbursable from principal collections and advances before reimbursement from other amounts.  Workout-delayed reimbursement amounts are reimbursable from principal collections.
Subordination, Allocation of Losses and Certain Expenses The chart below describes the manner in which the payment rights of certain Classes of Certificates will be senior or subordinate, as the case may be, to the payment rights of other Classes of Certificates. The chart also shows the corresponding entitlement to receive principal and/or interest of certain Classes of Certificates on any distribution date in descending order. It also shows the manner in which losses are allocated to certain Classes of Certificates in ascending order (beginning with the Non-Offered Certificates, and other than the Class R certificates) to reduce the balance of each such Class to zero; provided that no principal payments or mortgage loan losses will be allocated to the Class X-A, X-B, X-D or R Certificates, although principal payments and losses may reduce the Notional Amounts of the Class X-A, X-B and X-D certificates and, therefore, the amount of interest they accrue.
  (GRAPHIC)
 

(1)    The Class X-A, X-B and X-D Certificates are interest-only certificates.

(2)    Non-Offered Certificates.    

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

18

 

 

Wells Fargo Commercial Mortgage Trust 2019-C51 Certain Terms and Conditions

 

Distributions: On each Distribution Date, funds available for distribution from the mortgage loans, net of specified trust fees, expenses and reimbursements will generally be distributed in the following amounts and order of priority (in each case to the extent of remaining available funds):
  1.   Class A-1, A-2, A-SB, A-3, A-4, X-A, X-B and X-D Certificates: To interest on the Class A-1, A-2, A-SB, A-3, A-4, X-A, X-B and X-D Certificates, pro rata, according to their respective interest entitlements.
  2.   Class A-1, A-2, A-SB, A-3 and A-4 Certificates: To principal on the Class A-1, A-2, A-SB, A-3 and A-4 Certificates in the following amounts and order of priority: (i) first, to principal on the Class A-SB Certificates, in an amount up to the Principal Distribution Amount for such Distribution Date until their Certificate Balance is reduced to the Class A-SB Planned Principal Balance for such Distribution Date; (ii) second, to principal on the Class A-1 Certificates until their Certificate Balance is reduced to zero, up to the remainder of the Principal Distribution Amount for such Distribution Date; (iii) third, to principal on the Class A-2 Certificates until their Certificate Balance is reduced to zero, up to the remainder of the Principal Distribution Amount for such Distribution Date; (iv) fourth, to principal on the Class A-3 Certificates until their Certificate Balance is reduced to zero, up to the remainder of the Principal Distribution Amount for such Distribution Date; (v) fifth, to principal on the Class A-4 Certificates until their Certificate Balance is reduced to zero, up to the remainder of the Principal Distribution Amount for such Distribution Date; and (vi) sixth, to principal on the Class A-SB Certificates until their Certificate Balance is reduced to zero, up to the remainder of the Principal Distribution Amount for such Distribution Date.  However, if the Certificate Balance of each Class of Principal Balance Certificates, other than the Class A-1, A-2, A-SB, A-3 and A-4 Certificates, has been reduced to zero as a result of the allocation of Mortgage Loan losses and expenses and any of the Class A-1, A-2, A-SB, A-3 and A-4 Certificates remains outstanding, then the Principal Distribution Amount will be distributed to the Class A-1, A-2, A-SB, A-3 and A-4 Certificates, pro rata, based on their respective outstanding Certificate Balances, until their Certificate Balances have been reduced to zero.
  3.   Class A-1, A-2, A-SB, A-3 and A-4 Certificates: To reimburse the holders of the Class A-1, A-2, A-SB, A-3 and A-4 Certificates, pro rata, on the basis of previously allocated unreimbursed losses, for any previously unreimbursed losses (plus interest thereon) on the mortgage loans that were previously allocated in reduction of the Certificate Balances of such Classes.
 

4.   Class A-S Certificates: To make distributions on the Class A-S Certificates as follows: (a) first, to interest on the Class A-S Certificates in the amount of the interest entitlement for that Class; (b) next, to the extent of the portion of the Principal Distribution Amount remaining after distributions in respect of principal to each Class with a higher distribution priority (in this case, the Class A-1, A-2, A-SB, A-3 and A-4 Certificates), to principal on the Class A-S Certificates until their Certificate Balance is reduced to zero; and (c) next, to reimburse the holders of the Class A-S Certificates for any previously unreimbursed losses (plus interest thereon) on the mortgage loans that were previously allocated to that Class in reduction of their Certificate Balance.

 

5.   Class B Certificates: To make distributions on the Class B Certificates as follows: (a) first, to interest on the Class B Certificates in the amount of the interest entitlement for that Class; (b) next, to the extent of the portion of the Principal Distribution Amount remaining after distributions in respect of principal to each Class with a higher distribution priority (in this case, the Class A-1, A-2, A-SB, A-3, A-4 and A-S Certificates), to principal on the Class B Certificates until their Certificate Balance is reduced to zero; and (c) next, to reimburse the holders of the Class B Certificates for any previously unreimbursed losses (plus interest thereon) on the mortgage loans that were previously allocated to that Class in reduction of their Certificate Balance.

 

6.   Class C Certificates: To make distributions on the Class C Certificates as follows: (a) first, to interest on the Class C Certificates in the amount of the interest entitlement for that Class; (b) next, to the extent of the portion of the Principal Distribution Amount remaining after distributions in respect of principal to each Class with a higher distribution priority (in this case, the Class A-1, A-2, A-SB, A-3, A-4, A-S and B Certificates), to principal on the Class C Certificates until their Certificate Balance is reduced to zero; and (c) next, to reimburse the holders of the Class C Certificates for any previously unreimbursed losses (plus interest thereon) on the mortgage loans that were previously allocated to that Class in reduction of their Certificate Balance.

 

7.   After the Class A-1, A-2, A-SB, A-3, A-4, X-A, X-B, X-D, A-S, B and C Certificates are paid all amounts to which they are entitled, the remaining funds available for distribution will be used to pay interest, principal and loss reimbursement amounts on the Class D, E-RR,

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

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  F-RR, G-RR and H-RR Certificates sequentially in that order in a manner analogous to the Class C Certificates.
Allocation of Yield Maintenance Charges and Prepayment Premiums:

If any yield maintenance charge or prepayment premium is collected during any particular collection period with respect to any mortgage loan, then on the Distribution Date corresponding to that collection period, the certificate administrator will pay that yield maintenance charge or prepayment premium (net of liquidation fees payable therefrom) in the following manner: (1) to each of the Class A-1, A-2, A-SB, A-3, A-4, A-S, B, C and D Certificates, the product of (a) the yield maintenance charge or prepayment premium, (b) the related Base Interest Fraction (as defined in the Preliminary Prospectus) for such Class, and (c) a fraction, the numerator of which is equal to the amount of principal distributed to such Class for that Distribution Date, and the denominator of which is the total amount of principal distributed to all Principal Balance Certificates for that Distribution Date, (2) to the Class X-A Certificates, the excess, if any, of (a) the product of (i) such yield maintenance charge or prepayment premium and (ii) a fraction, the numerator of which is equal to the amount of principal distributed to the Class A-1, A-2, A-SB, A-3 and A-4 Certificates for that Distribution Date, and the denominator of which is the total amount of principal distributed to all Principal Balance Certificates for that Distribution Date, over (b) the amount of such yield maintenance charge or prepayment premium distributed to the Class A-1, A-2, A-SB, A-3 and A-4 Certificates as described above, and (3) to the Class X-B Certificates, any remaining portion of such yield maintenance charge or prepayment premium not distributed as described above.

 

No prepayment premiums or yield maintenance charges will be distributed to the holders of the Class X-D, E-RR, F-RR, G-RR, H-RR or R certificates. For a description of when prepayment premiums and yield maintenance charges are generally required on the mortgage loans, see Annex A-1 to the Preliminary Prospectus. See also “Risk Factors—Risks Relating to the Mortgage Loans—Risks Relating to Enforceability of Yield Maintenance Charges, Prepayment Premiums or Defeasance Provisions” and “Risk Factors—Other Risks Relating to the Certificates—Your Yield May Be Affected by Defaults, Prepayments and Other Factors” in the Preliminary Prospectus. Prepayment premiums and yield maintenance charges will be distributed on each Distribution Date only to the extent they are actually received on the mortgage loans as of the related Determination Date.

 

Realized Losses:

The Certificate Balances of the Class A-1, A-2, A-SB, A-3, A-4, A-S, B, C, D, E-RR, F-RR, G-RR and H-RR Certificates will be reduced without distribution on any Distribution Date as a write-off to the extent of any losses realized on the mortgage loans allocated to such Class on such Distribution Date. Such losses will be applied in the following order, in each case until the related Certificate Balance is reduced to zero: first, to the Class H-RR Certificates; second, to the Class G-RR Certificates; third, to the Class F-RR Certificates; fourth, to the Class E-RR Certificates; fifth, to the Class D Certificates; sixth, to the Class C Certificates; seventh, to the Class B Certificates; eighth, to the Class A-S Certificates; and, finally, pro rata, to the Class A-1, A-2, A-SB, A-3 and A-4 Certificates based on their outstanding Certificate Balances.

 

The Notional Amount of the Class X-A Certificates will be reduced by the amount of all losses that are allocated to the Class A-1, A-2, A-SB, A-3 and A-4 Certificates as write-offs in reduction of their Certificate Balances. The Notional Amount of the Class X-B Certificates will be reduced by the amount of all losses that are allocated to the Class A-S, B or C Certificates as write-offs in reduction of their Certificate Balances. The Notional Amount of the Class X-D Certificates will be reduced by the amount of all losses that are allocated to the Class D Certificates as write-offs in reduction of its Certificate Balance.

 

P&I Advances: The Master Servicer or, if the Master Servicer fails to do so, the Trustee, will be obligated to advance delinquent debt service payments (other than balloon payments and default interest) and assumed debt service payments on mortgage loans with delinquent balloon payments (excluding any related companion loan), except to the extent any such advance is deemed non-recoverable from collections on the related mortgage loan.  In addition, if an Appraisal Reduction Amount exists for a given mortgage loan, the interest portion of any P&I advance for such mortgage loan will be reduced, which will have the effect of reducing the amount of interest available for distribution to the Certificates in reverse alphabetical order of their Class designations (except that interest payments on the Class A-1, A-2, A-SB, A-3, A-4, X-A, X-B and X-D Certificates would be affected on a pari passu basis).
Servicing Advances: The Master Servicer or, if the Master Servicer fails to do so, the Trustee, will be obligated to make servicing advances, including the payment of delinquent property taxes, insurance premiums and ground rent, except to the extent that those advances are deemed non-recoverable from collections on the related mortgage loan. The Master Servicer or the Trustee, as applicable, will have the primary obligation to make any required servicing advances with respect to any serviced whole loan. With respect to any non-serviced whole loan, the master servicer or trustee, as applicable, under the related lead securitization servicing agreement will have the primary obligation to make any required servicing advances with respect to such non-serviced whole loan.


THE INFORMATION IN THIS STRUCTURAL AND 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.

 

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Appraisal Reduction

Amounts and Collateral Deficiency Amounts:

 

An “Appraisal Reduction Amount” generally will be created in the amount, if any, by which the principal balance of a required appraisal loan (which is a mortgage loan (other than a non-serviced mortgage loan) with respect to which certain defaults, modifications or insolvency events have occurred as further described in the Preliminary Prospectus) plus other amounts overdue or advanced in connection with such mortgage loan exceeds 90% of the appraised value of the related mortgaged property plus certain escrows and reserves (including letters of credit) held with respect to the mortgage loan. With respect to any serviced whole loan, any Appraisal Reduction Amount will be allocated, pro rata, to the related mortgage loan and the related pari passu companion loan(s). With respect to any non-serviced mortgage loan, appraisal reduction amounts are expected to be calculated in a similar manner under the related non-serviced pooling and servicing agreement.

 

A mortgage loan will cease to be a required appraisal loan when the same has ceased to be a specially serviced loan (if applicable), has been brought current for at least three consecutive months and no other circumstances exist that would cause such mortgage loan to be a required appraisal loan.

 

A “Collateral Deficiency Amount” will exist with respect to any mortgage loan that is modified into an AB loan structure and remains a corrected mortgage loan and will generally equal the excess of (i) the stated principal balance of such AB modified loan (taking into account the related junior note(s) and any pari passu notes included therein), over (ii) the sum of (in the case of a whole loan, solely to the extent allocable to the subject mortgage loan) (x) the most recent appraised value of the related mortgaged property plus (y) solely to the extent not reflected or taken into account in such appraised value and to the extent on deposit with, or otherwise under the control of, the lender as of the date of such determination, any capital or additional collateral contributed by the related borrower at the time the mortgage loan (and as part of the modification thereto) became an AB modified loan plus (z) any other escrows or reserves (in addition to any amounts set forth in the immediately preceding clause (y)) held with respect to the mortgage loan as of the date of such determination.

 

A “Cumulative Appraisal Reduction Amount” with respect to any mortgage loan will be the sum of any Appraisal Reduction Amount and any Collateral Deficiency Amount.

 

Appraisal Reduction Amounts will affect the amount of debt service advances in respect of the related mortgage loan. Additionally, Cumulative Appraisal Reduction Amounts will be taken into account in the determination of the identity of the Class whose majority constitutes the “majority controlling class certificateholder” and is entitled to appoint the directing certificateholder.

 

Clean-Up Call and Exchange

Termination:

 

On each Distribution Date occurring after the aggregate unpaid principal balance of the pool of mortgage loans is less than 1.0% of the principal balance of the mortgage loans as of the cut-off date, certain specified persons will have the option to purchase all of the remaining mortgage loans (and the trust’s interest in all property acquired through exercise of remedies in respect of any mortgage loan) at the price specified in the Preliminary Prospectus. Exercise of the option will terminate the trust and retire the then-outstanding certificates.

 

If the aggregate Certificate Balances of each of the Class A-1, A-2, A-SB, A-3, A-4, A-S, B, C and D Certificates have been reduced to zero, the trust may also be terminated in connection with an exchange of all the then-outstanding certificates (other than the Class R Certificates) for the mortgage loans and REO properties then remaining in the issuing entity, subject to payment of a price specified in the Preliminary Prospectus, but all of the holders of those outstanding Classes (other than the Class R Certificates) of certificates would have to voluntarily participate in the exchange.

 

Liquidation Loan Waterfall: Following the liquidation of any loan or property, the net liquidation proceeds generally will be applied (after reimbursement of advances and certain trust fund expenses), first, as a recovery of accrued interest, other than delinquent interest that was not advanced as a result of Appraisal Reduction Amounts, second, as a recovery of principal until all principal has been recovered, and then as a recovery of delinquent interest that was not advanced as a result of Appraisal Reduction Amounts. Please see “Description of the Certificates—Distributions—Application Priority of Mortgage Loan Collections or Whole Loan Collections” in the Preliminary Prospectus.
Control Eligible Certificates: The Class E-RR, F-RR, G-RR and H-RR Certificates.
Directing Certificateholder/ Controlling Class:

A directing certificateholder may be appointed by the “majority controlling class certificateholder”, which will be the holder(s) of a majority of the Controlling Class.

 

The “Controlling Class” will be, as of any time of determination, the most subordinate Class of Control Eligible Certificates then outstanding that has an aggregate Certificate Balance (as notionally reduced by any Cumulative Appraisal Reduction Amounts allocable to such Class(es)) at least equal to 25% of the initial Certificate Balance of that Class; provided, however, that if at any time the Certificate Balances of the certificates other than the Control Eligible Certificates have been reduced to zero as a result of principal payments on the Mortgage Loans, then the

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

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  Controlling Class will be the most subordinate Class of Control Eligible Certificates that has a Certificate Balance greater than zero without regard to any Cumulative Appraisal Reduction Amounts. The Controlling Class as of the Closing Date will be the Class H-RR Certificates.
Control and Consultation:

The rights of various parties to replace the Special Servicer and approve or consult with respect to major actions of the Special Servicer will vary according to defined periods.

 

A “Control Termination Event” will occur when the Class E-RR Certificates have a Certificate Balance (taking into account the application of any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Class) of less than 25% of the initial Certificate Balance of that Class; provided, however, that a Control Termination Event will not be deemed continuing in the event that the Certificate Balances of the certificates other than the Control Eligible Certificates have been reduced to zero as a result of principal payments on the Mortgage Loans.

 

A “Consultation Termination Event” will occur when there is no Class of Control Eligible Certificates that has a then-outstanding Certificate Balance at least equal to 25% of the initial Certificate Balance of that Class, in each case, without regard to the application of any Cumulative Appraisal Reduction Amounts; provided, however, that a Consultation Termination Event will not be deemed continuing in the event that the Certificate Balances of the certificates other than the Control Eligible Certificates have been reduced to zero as a result of principal payments on the Mortgage Loans.

 

If no Control Termination Event has occurred and is continuing, except with respect to the Excluded Loans (as defined below) and Servicing Shift Whole Loans (as defined below) (i) the directing certificateholder will be entitled to grant or withhold approval of asset status reports prepared, and material servicing actions proposed, by the Special Servicer, and (ii) the directing certificateholder will be entitled to terminate and replace the Special Servicer with or without cause, and appoint itself or another person as the successor special servicer. It will be a condition to such appointment that Fitch, KBRA and Moody’s (and any rating agency rating any securities backed by any pari passu companion loan(s) serviced under this transaction) confirm that the appointment would not result in a qualification, downgrade or withdrawal of any of their then-current ratings of certificates (and any certificates backed by any pari passu companion loan(s) serviced under this transaction).

 

If a Control Termination Event has occurred and is continuing but no Consultation Termination Event has occurred and is continuing, the Special Servicer will be required to consult with the directing certificateholder (other than with respect to Excluded Loans) in connection with asset status reports and material special servicing actions.

 

If a Consultation Termination Event has occurred and is continuing, no directing certificateholder will be recognized or have any right to terminate the Special Servicer or approve, direct or consult with respect to servicing matters.

 

With respect to each serviced whole loan that is not a Servicing Shift Whole Loan, the rights of the directing certificateholder described above will be subject to the consultation rights of the holders of the related pari passu companion loans. Those consultation rights will generally extend to asset status reports and material special servicing actions involving the related whole loan, will be as set forth in the related intercreditor agreement, and will be in addition to the rights of the directing certificateholder in this transaction described above.

 

With respect to each whole loan marked with footnote (2) under “IV. Characteristics of the Mortgage Pool—B. Summary of the Whole Loans” (each, a “Servicing Shift Whole Loan”), prior to the date of securitization of the related controlling pari passu companion loan (such date, a “Servicing Shift Securitization Date”), the holder of the related controlling pari passu companion loan will have certain control rights regarding the servicing of the related whole loan under the WFCM 2019-C51 pooling and servicing agreement, including the right to approve or disapprove various material servicing actions involving the related whole loan. For purposes of the servicing of any such whole loan contemplated by this paragraph, the occurrence and continuance of a Control Termination Event or Consultation Termination Event under this securitization will not limit the control or other rights of the holder of the related controlling pari passu companion loan(s).

 

With respect to (x) each non-serviced whole loan, and (y) each Servicing Shift Whole Loan after its Servicing Shift Securitization Date, the applicable servicing agreement for the related controlling pari passu companion loan(s) generally grants (or will grant) the directing certificateholder under the related securitization control rights that may include the right to approve or disapprove various material servicing actions involving the related whole loan. The directing certificateholder for this securitization (so long as no Consultation Termination Event has occurred and is occurring) generally will nonetheless have the right to be consulted on a non-binding basis with respect to such actions. For purposes of the servicing of any such whole loan

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

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contemplated by this paragraph, the occurrence and continuance of a Control Termination Event or Consultation Termination Event under this securitization will not limit the control or other rights of the directing certificateholder (or equivalent) under the securitization of the related controlling pari passu companion loan(s).

 

The control rights and consent and consultation rights described in the preceding paragraphs are subject to various limitations, conditions and exceptions as described in the Preliminary Prospectus.

 

Notwithstanding any contrary description set forth above, in the event that, with respect to any mortgage loan, the majority controlling class certificateholder or the directing certificateholder is a Borrower Party, the majority controlling class certificateholder and the directing certificateholder will have no right to receive asset status reports or such other information as may be specified in the WFCM 2019-C51 pooling and servicing agreement, or to grant or withhold approval of, or consult with respect to, asset status reports prepared, and material servicing actions proposed, by the Special Servicer, with respect to such mortgage loan, and such mortgage loan will be referred to as an “Excluded Loan” as to such party.

 

In addition, notwithstanding any contrary description set forth above, in the event that, with respect to any mortgage loan, a controlling class certificateholder is a Borrower Party, such controlling class certificateholder will have no right to receive asset status reports or such other information as may be specified in the WFCM 2019-C51 pooling and servicing agreement with respect to such mortgage loan.

 

“Borrower Party” means a borrower, a mortgagor or a manager of a mortgaged property, an Accelerated Mezzanine Loan Lender, or any Borrower Party Affiliate. “Accelerated Mezzanine Loan Lender” means a mezzanine lender under a mezzanine loan that has been accelerated or as to which foreclosure or enforcement proceedings have been commenced against the equity collateral pledged to secure such mezzanine loan. “Borrower Party Affiliate” means, with respect to a borrower, a mortgagor, a manager of a Mortgaged Property or an Accelerated Mezzanine Loan Lender, (x) any other person controlling or controlled by or under common control with such borrower, mortgagor, manager or Accelerated Mezzanine Loan Lender, as applicable, or (y) any other person owning, directly or indirectly, 25% or more of the beneficial interests in such borrower, mortgagor, manager or Accelerated Mezzanine Loan Lender.

Replacement of Special Servicer:

If a Control Termination Event has occurred and is continuing, the Special Servicer (other than with respect to a Servicing Shift Whole Loan) may be removed and replaced without cause upon the affirmative direction of certificate owners holding not less than 66-2/3% of a certificateholder quorum, following a proposal from certificate owners holding not less than 25% of the appraisal-reduced voting rights of all Certificates. The certificateholders who initiate a vote on a termination and replacement of the Special Servicer without cause must cause Fitch, KBRA and Moody’s to confirm the then-current ratings of the certificates (or decline to review the matter) and cause the payment of the fees and expenses incurred in the replacement. If no Control Termination Event has occurred and is continuing, the Special Servicer (other than with respect to a Servicing Shift Whole Loan) may be replaced by the directing certificateholder, subject to Fitch, KBRA and Moody’s (and any Rating Agency rating any securities backed by any pari passu companion loan(s) serviced under this transaction) confirming the then-current ratings of the Certificates (and any certificates backed by any pari passu companion loans serviced under this transaction) or declining to review the matter.

 

In addition, if at any time the Operating Advisor determines, in its sole discretion exercised in good faith, that (i) the Special Servicer is not performing its duties as required under the pooling and servicing agreement in accordance with the Servicing Standard and (ii) the replacement of the Special Servicer would be in the best interest of the certificateholders as a collective whole, then, the Operating Advisor will have the right to recommend the replacement of the Special Servicer and will submit its formal recommendation to the Trustee and the Certificate Administrator (along with its rationale, its proposed replacement special servicer and other relevant information justifying its recommendation).

 

The Operating Advisor’s recommendation to replace the Special Servicer must be confirmed by an affirmative vote of holders of Principal Balance Certificates evidencing at least a majority of a quorum of certificateholders (which, for this purpose, is the holders of Principal Balance Certificates that (i) evidence at least 20% of the Voting Rights (taking into account the application of any cumulative appraisal reduction amounts to notionally reduce the respective Certificate Balances) of all Principal Balance Certificates on an aggregate basis, and (ii) consist of at least three certificateholders or certificate owners that are not risk retention affiliated with each other). In the event the holders of Principal Balance Certificates evidencing at least a majority of a quorum of certificateholders elect to remove and replace the Special Servicer (which requisite affirmative votes must be received within 180 days of the posting of the notice of the Operating Advisor’s recommendation to replace the Special Servicer to the Certificate Administrator’s

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

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  website), the Certificate Administrator will be required to receive a Rating Agency Confirmation from each of the Rating Agencies at that time.
Excluded Special Servicer: In the event that, with respect to any mortgage loan, the Special Servicer is a Borrower Party, the Special Servicer will be required to resign as special servicer of such mortgage loan (referred to as an “excluded special servicer loan”). If no Control Termination Event has occurred and is continuing, the directing certificateholder will be entitled to appoint (and may replace with or without cause) a separate special servicer that is not a Borrower Party (referred to as an “excluded special servicer”) with respect to such excluded special servicer loan unless such excluded special servicer loan is also an excluded loan.  Otherwise, upon resignation of the Special Servicer with respect to an excluded special servicer loan, the resigning Special Servicer will be required to appoint the excluded special servicer.
Appraisal Remedy: If the Class of Certificates comprising the Controlling Class loses its status as Controlling Class because of the application of an Appraisal Reduction Amount or Collateral Deficiency Amount, the holders of a majority of the voting rights of such Class may require the Special Servicer to order a second appraisal for any mortgage loan in respect of which an Appraisal Reduction Amount or Collateral Deficiency Amount has been applied.  The Special Servicer must thereafter determine whether, based on its assessment of such second appraisal, any recalculation of the Appraisal Reduction Amount or Collateral Deficiency Amount is warranted. Such Class will not be able to exercise any direction, control, consent and/or similar rights of the Controlling Class unless and until reinstated as the Controlling Class through such determination; and pending such determination, the rights of the Controlling Class will be exercised by the Control Eligible Certificates, if any, that would be the Controlling Class taking into account the subject appraisal reduction amount.
Sale of Defaulted Assets:

There will be no “fair value” purchase option. Instead, the WFCM 2019-C51 pooling and servicing agreement will authorize the Special Servicer to sell defaulted mortgage loans serviced by such Special Servicer to the highest bidder in a manner generally similar to sales of REO properties.

 

The sale of a defaulted loan (other than a non-serviced whole loan) for less than par plus accrued interest and certain other fees and expenses owed on the loan will be subject to consent or consultation rights of the directing certificateholder and/or Operating Advisor, as described in the Preliminary Prospectus. Generally speaking, the holder of a pari passu companion loan will have consent and/or consultation rights, as described in the Preliminary Prospectus.

 

With respect to (x) any serviced whole loan and (y) any Servicing Shift Whole Loan prior to its Servicing Shift Securitization Date, if such whole loan becomes a defaulted loan under the WFCM 2019-C51 pooling and servicing agreement, the Special Servicer will generally be required to sell both the mortgage loan and the related pari passu companion loan(s) as a single whole loan.

 

With respect to (x) each non-serviced whole loan and (y) each Servicing Shift Whole Loan after

 

its related Servicing Shift Securitization Date, the applicable servicing agreement governing the servicing of such whole loan generally provides (or is expected to provide) that, if the related pari passu companion loan(s) serviced under such agreement becomes a defaulted loan under such servicing agreement, then the related special servicer may offer to sell to any person (or may offer to purchase) for cash such whole loan during such time as such applicable pari passu companion loan(s) constitutes a defaulted loan under such servicing agreement. Generally speaking, in connection with any such sale, the related special servicer is required to sell both the mortgage loan and the related pari passu companion loan(s) as a whole loan. The directing certificateholder for this securitization generally will have consent and/or consultation rights as the holder of an interest in the related mortgage loan, as described in the Preliminary Prospectus.

 

The procedures for the sale of any whole loan that becomes a defaulted whole loan, and any associated consultation rights, are subject to various limitations, conditions and exceptions as described in the Preliminary Prospectus.

 

“As-Is” Appraisals: Appraisals must be conducted on an “as-is” basis, and must be no more than 12 months old, for purposes of determining Appraisal Reduction Amounts and market value in connection with REO sales.  Required appraisals may consist of updates of prior appraisals.  Internal valuations by the Special Servicer are permitted if the principal balance of a mortgage loan is less than $2,000,000.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

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Wells Fargo Commercial Mortgage Trust 2019-C51 Certain Terms and Conditions

 

Operating Advisor:

The Operating Advisor will have certain review and consultation rights relating to the performance of the Special Servicer and with respect to its actions taken in connection with the resolution and/or liquidation of Specially Serviced Loans. With respect to each mortgage loan (other than a Non-Serviced Mortgage Loan) or serviced whole loan, the Operating Advisor will be responsible for:

 

●    reviewing the actions of the Special Servicer with respect to any Specially Serviced Loan;

 

●    reviewing (i) all reports by the Special Servicer made available to Privileged Persons on the Certificate Administrator’s website and (ii) each Asset Status Report (as defined in the Preliminary Prospectus) (after the occurrence and during the continuance of an Operating Advisor Consultation Event (as defined below)) and Final Asset Status Report (as defined in the Preliminary Prospectus);

 

●    recalculating and reviewing for accuracy and consistency with the WFCM 2019-C51 pooling and servicing agreement the mathematical calculations by the special servicer and the corresponding application of the non-discretionary portion of the applicable formulas required to be utilized in connection with Appraisal Reduction Amounts, Collateral Deficiency Amounts and net present value calculations used in the Special Servicer’s determination of what course of action to take in connection with the workout or liquidation of a Specially Serviced Loan; and

 

●    preparing an annual report (if any mortgage loan (other than any Non-Serviced Mortgage Loan) or serviced whole loan was a Specially Serviced Loan at any time during the prior calendar year or an Operating Advisor Consultation Event (as defined below) occurred during the prior calendar year) that sets forth whether the Operating Advisor believes, in its sole discretion exercised in good faith, that the Special Servicer is operating in compliance with the Servicing Standard with respect to its performance of its duties under the pooling and servicing agreement with respect to Specially Serviced Loans (and, after the occurrence and continuance of an Operating Advisor Consultation Event (as defined below), with respect to major decisions on non-Specially Serviced Loans) during the prior calendar year on a “trust-level basis”. The Operating Advisor will identify (1) which, if any, standards the Operating Advisor believes, in its sole discretion exercised in good faith, the Special Servicer has failed to comply with and (2) any material deviations from the Special Servicer’s obligations under the pooling and servicing agreement with respect to the resolution or liquidation of any Specially Serviced Loan or REO Property (other than with respect to any REO Property related to any Non-Serviced Mortgage Loan). In preparing any Operating Advisor Annual Report (as defined in the Preliminary Prospectus), the Operating Advisor will not be required to report on instances of non-compliance with, or deviations from, the Servicing Standard or the Special Servicer’s obligations under the pooling and servicing agreement that the Operating Advisor determines, in its sole discretion exercised in good faith, to be immaterial.

 

With respect to each mortgage loan (other than any Non-Serviced Mortgage Loan) or serviced whole loan, after the Operating Advisor has received notice that an Operating Advisor Consultation Event (as defined below) has occurred and is continuing, in addition to the duties described above, the Operating Advisor will be required to perform the following additional duties:

 

●    to consult (on a non-binding basis) with the Special Servicer in respect of asset status reports and

 

●    to consult (on a non-binding basis) with the Special Servicer with respect to “major decisions” processed by the Special Servicer.

 

An “Operating Advisor Consultation Event” will occur when the Certificate Balances of the Class E-RR, F-RR, G-RR and H-RR Certificates in the aggregate (taking into account the application of any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balances of such Classes) is 25% or less of the initial Certificate Balances of such Classes in the aggregate.

Asset Representations Reviewer:

The Asset Representations Reviewer will be required to review certain delinquent mortgage loans after a specified delinquency threshold has been exceeded (an “Asset Review Trigger”) and the required percentage of certificateholders vote to direct a review of such delinquent loans. An Asset Review Trigger will occur when either (1) mortgage loans with an aggregate outstanding principal balance of 25.0% or more of the aggregate outstanding principal balance of all of the mortgage loans (including any REO loans (or a portion of any REO loan in the case of a whole loan)) held by the issuing entity as of the end of the applicable collection period are delinquent loans or (2) at least 15 mortgage loans are delinquent loans as of the end of the applicable collection period and the outstanding principal balance of such delinquent loans in the aggregate constitutes at least 20.0% of the aggregate outstanding principal balance of all of the mortgage

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

25

 

 

Wells Fargo Commercial Mortgage Trust 2019-C51 Certain Terms and Conditions

 

 

loans (including any REO loans (or a portion of any REO loan in the case of a whole loan)) held by the issuing entity as of the end of the applicable collection period. See “Pooling and Servicing Agreement—The Asset Representations Reviewer—Asset Review” in the Preliminary Prospectus.

 

The Asset Representations Reviewer may be terminated and replaced without cause. Upon (i) the written direction of certificateholders evidencing not less than 25% of the voting rights (without regard to the application of any Cumulative Appraisal Reduction Amounts) requesting a vote to terminate and replace the Asset Representations Reviewer with a proposed successor Asset Representations Reviewer that is an eligible asset representations reviewer, and (ii) payment by such holders to the certificate administrator of the reasonable fees and expenses to be incurred by the certificate administrator in connection with administering such vote, the certificate administrator will promptly provide notice to all certificateholders and the Asset Representations Reviewer of such request by posting such notice on its internet website, and by mailing such notice to all certificateholders and the Asset Representations Reviewer. Upon the written direction of certificateholders evidencing at least 75% of a certificateholder quorum (without regard to the application of any Cumulative Appraisal Reduction Amounts), the Trustee will terminate all of the rights and obligations of the Asset Representations Reviewer under the WFCM 2019-C51 pooling and servicing agreement by written notice to the Asset Representations Reviewer, and the proposed successor Asset Representations Reviewer will be appointed. See “Pooling and Servicing Agreement—The Asset Representations Reviewer” in the Preliminary Prospectus.

Dispute Resolution Provisions:

The mortgage loan sellers will be subject to the dispute resolution provisions set forth in the WFCM 2019-C51 pooling and servicing agreement to the extent those provisions are triggered with respect to any mortgage loan sold to the depositor by a mortgage loan seller and such mortgage loan seller will be obligated under the related mortgage loan purchase agreement to comply with all applicable provisions and to take part in any mediation or arbitration proceedings that may result.

 

Generally, in the event that a Repurchase Request (as defined in the Preliminary Prospectus) is not “Resolved” (as defined below) within 180 days after the related mortgage loan seller receives such Repurchase Request, then the enforcing servicer will be required to send a notice to the “Initial Requesting Certificateholder” (if any) and the Certificate Administrator indicating the enforcing servicer’s intended course of action with respect to the Repurchase Request. If (a) the enforcing servicer’s intended course of action with respect to the Repurchase Request does not involve pursuing further action to exercise rights against the related mortgage loan seller with respect to the Repurchase Request and the Initial Requesting Certificateholder, if any, or any other certificateholder or certificate owner wishes to exercise its right to refer the matter to mediation (including non-binding arbitration) or arbitration, or (b) the enforcing servicer’s intended course of action is to pursue further action to exercise rights against the related mortgage loan seller with respect to the Repurchase Request but the Initial Requesting Certificateholder, if any, or any other certificateholder or certificate owner does not agree with the dispute resolution method selected by the enforcing servicer, then the Initial Requesting Certificateholder, if any, or such other certificateholder or certificate owner may deliver a written notice to the Special Servicer indicating its intent to exercise its right to refer the matter to either mediation or arbitration.

 

“Resolved” means, with respect to a Repurchase Request, (i) that the related Material Defect has been cured, (ii) the related mortgage loan has been repurchased in accordance with the related mortgage loan purchase agreement, (iii) a mortgage loan has been substituted for the related mortgage loan in accordance with the related mortgage loan purchase agreement, (iv) the applicable mortgage loan seller has made a Loss of Value Payment (as defined in the Preliminary Prospectus), (v) a contractually binding agreement is entered into between the enforcing servicer, on behalf of the issuing entity, and the related mortgage loan seller that settles the related mortgage loan seller’s obligations under the related mortgage loan purchase agreement or (vi) the related mortgage loan is no longer property of the issuing entity as a result of a sale or other disposition in accordance with the WFCM 2019-C51 pooling and servicing agreement. See “Pooling and Servicing Agreement—Dispute Resolution Provisions” in the Preliminary Prospectus.

Investor Communications: The certificate administrator is required to include on any Form 10–D any request received from a certificateholder to communicate with other certificateholders related to certificateholders exercising their rights under the terms of the WFCM 2019-C51 pooling and servicing agreement. Any certificateholder wishing to communicate with other certificateholders regarding the exercise of its rights under the terms of the WFCM 2019-C51 pooling and servicing agreement will be able to deliver a written request signed by an authorized representative of the requesting investor to the certificate administrator.
Certain Fee Offsets: If a workout fee is earned by the Special Servicer following a loan default with respect to any mortgage loan that it services, then certain limitations will apply based on modification fees paid by the borrower.  The modification fee generally must not exceed 1% of the principal balance of

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

26

 

 

Wells Fargo Commercial Mortgage Trust 2019-C51 Certain Terms and Conditions

 

  the loan as modified in any 12-month period.  In addition, if the loan re-defaults, any subsequent workout fee on that loan must be reduced by a portion of the modification fees paid by the borrower in the previous 12-months. Likewise, liquidation fees collected in connection with a liquidation or partial liquidation of a mortgage loan must be reduced by a portion of the modification fees paid by the borrower in the previous 12 months.
Deal Website: The Certificate Administrator will be required to maintain a deal website, which will include, among other items: (a) summaries of asset status reports prepared by the Special Servicer, (b) inspection reports, (c) appraisals, (d) various “special notices” described in the Preliminary Prospectus, (e) the “Investor Q&A Forum”, (f) a voluntary “Investor Registry” and (g) the “Risk Retention Special Notices” tab.  Investors may access the deal website following execution of a certification and confidentiality agreement.
Initial Majority Controlling Class Certificateholder: It is expected that LD II Sub V, LLC will be the initial majority controlling class certificateholder.
Whole Loans: Each of the mortgaged properties identified above under “IV. Characteristics of the Mortgage Pool—B. Summary of the Whole Loans” secures both a mortgage loan to be included in the trust fund and one or more other mortgage loans that will not be included in the trust fund, each of which will be pari passu in right of payment with the mortgage loan included in the trust fund. We refer to each such group of mortgage loans as a “whole loan”. Such “—Summary of the Whole Loans” section includes further information regarding the various notes in each whole loan, the holders of such notes, the lead servicing agreement for each such whole loan, and the master servicer and special servicer under such lead servicing agreement.

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

27

 

 

Office – CBD

100 South Commons

Pittsburgh, PA 15212

Loan #1 

Nova Place

 

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

 

$71,000,000

70.0%

2.17x

9.7%

 

    

(image) 

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

28

 

 

Office – CBD

100 South Commons

Pittsburgh, PA 15212

Loan #1 

Nova Place

 

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

 

$71,000,000

70.0%

2.17x

9.7%

 

  

(image) 

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

29

 

 

Office – CBD

100 South Commons

Pittsburgh, PA 15212

Loan #1 

Nova Place

 

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

 

$71,000,000

70.0%

2.17x

9.7%

 

 

(image) 

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

30

 

 

No. 1 – Nova Place
 
Mortgage Loan Information   Mortgaged Property Information
Mortgage Loan Seller: Wells Fargo Bank, National Association   Single Asset/Portfolio: Single Asset

Credit Assessment

(Fitch/KBRA/Moody’s):

NR/NR/NR   Property Type – Subtype: Office – CBD
Original Principal Balance(1): $71,000,000   Location: Pittsburgh, PA
Cut-off Date Balance(1): $71,000,000   Size: 1,142,745 SF
% of Initial Pool Balance: 9.7%   Cut-off Date Balance Per SF(1): $122.51
Loan Purpose: Refinance   Maturity Date Balance Per SF(1): $122.51
Borrower Sponsors: Jeremy Leventhal; Alexander Leventhal; Elliot Gould   Year Built/Renovated: 1966/2019
Guarantors: Jeremy Leventhal; Alexander Leventhal; Elliot Gould   Title Vesting: Fee
Mortgage Rate: 4.1920%   Property Manager: Self-managed
Note Date: June 3, 2019   Current Occupancy (As of)(5): 84.0% (6/1/2019)
Seasoning: 1 month   YE 2018 Occupancy(5): 76.5%
Maturity Date: June 11, 2029   YE 2017 Occupancy(5): 70.3%
IO Period: 120 months   YE 2016 Occupancy(5): 61.5%
Loan Term (Original): 120 months   YE 2015 Occupancy: NAV
Amortization Term (Original): NAP   Appraised Value: $200,050,000
Loan Amortization Type: Interest-only, Balloon   Appraised Value Per SF: $175.06
Call Protection(2)(3): L(25),D(91),O(4)   Appraisal Valuation Date: January 23, 2019
Lockbox Type: Hard/Springing Cash Management   Underwriting and Financial Information
Additional Debt: Yes   YE 2018 NOI(6): $10,035,031
Additional Debt Type (Balance): Pari Passu ($69,000,000)   YE 2017 NOI(6): $9,031,218
      YE 2016 NOI(6): $7,719,324
      YE 2015 NOI: NAV
      U/W Revenues: $22,082,440
      U/W Expenses: $8,570,650
Escrows and Reserves(4)   U/W NOI(6): $13,511,790
  Initial Monthly Cap   U/W NCF: $12,967,141
Taxes $459,339 $153,115 NAP   U/W DSCR based on NOI/NCF(1): 2.26x / 2.17x
Insurance $0 Springing NAP   U/W Debt Yield based on NOI/NCF(1): 9.7% / 9.3%
Replacement Reserve $0 $23,807 $857,059   U/W Debt Yield at Maturity based on NOI/NCF(1): 9.7% / 9.3%
Leasing Reserve $0 $76,183 $2,742,588   Cut-off Date LTV Ratio(1): 70.0%
Closing Date Leasing Reserve $4,000,000 $0 NAP   LTV Ratio at Maturity(1): 70.0%
Existing TI/LC Reserve $1,587,057 $0 NAP      
PNC Rollover Reserve $0 Springing $10,000,000      
             
               
Sources and Uses
Sources         Uses      
Original whole loan amount $140,000,000   100.0%   Loan payoff $103,250,054   73.8 %
          Upfront reserves 6,046,396   4.3  
          Closing costs 1,737,717   1.2  
          Return of equity 28,965,834   20.7  
Total Sources $140,000,000   100.0%   Total Uses $140,000,000   100.0 %

 

(1)All statistical information related to the Cut-off Date Balance Per SF, Maturity Date Balance Per SF, U/W DSCR based on NOI/NCF, U/W Debt Yield based on NOI/NCF, U/W Debt Yield at Maturity based on NOI/NCF, Cut-off Date LTV Ratio and LTV Ratio at Maturity numbers presented above are based on the Nova Place Whole Loan (as defined below).

(2)Defeasance of the Nova Place Whole Loan is permitted at any time after the earlier to occur of (a) the end of the two-year period commencing on the closing date of the securitization of the last note of the Nova Place Whole Loan to be securitized and (b) June 3, 2023. The assumed defeasance lockout period of 25 payments is based on the closing date of this transaction in July 2019.

(3)Partial prepayment is permitted in connection with a partial release. See “Partial Defeasance and Partial Release” section.

(4)See “Escrows” section.

(5)The increases in historical occupancy are due to new leases signed at the Nova Place Property. See “Historical Occupancy” section for further details.

(6)See “Cash Flow Analysis” section for a discussion of historical NOI increases and the increase in U/W NOI compared to the most recent NOI.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

31

 

 

Office – CBD

100 South Commons

Pittsburgh, PA 15212

Loan #1 

Nova Place

 

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

 

$71,000,000

70.0%

2.17x

9.7%

 

The Mortgage Loan. The mortgage loan (the “Nova Place Mortgage Loan”) is part of a whole loan (the “Nova Place Whole Loan”) in the original principal balance of $140,000,000. The Nova Place Whole Loan is secured by a first priority mortgage encumbering the fee interest in an office property in Pittsburgh, Pennsylvania (the “Nova Place Property”). The Nova Place Whole Loan consists of three notes totaling $140,000,000, which are pari passu with each other. The Nova Place Mortgage Loan represents the controlling Note A-1, which has an original principal balance of $71,000,000. See “Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans” and “Pooling and Servicing Agreement—Servicing of the Mortgage Loans” in the Preliminary Prospectus.

 

Nova Place Whole Loan Summary

 

 Notes Original
Balance
Cut-off Date Balance Note Holder Controlling Piece
A-1 $71,000,000 $71,000,000 WFCM 2019-C51 Yes
A-2 $49,000,000 $49,000,000 Wells Fargo Bank, National Association No
A-3 $20,000,000 $20,000,000 Wells Fargo Bank, National Association No
Nova Place Whole Loan $140,000,000 $140,000,000    

 

The Borrower and Borrower Sponsors. The borrowers comprise five Delaware limited liability companies, each of which is a single purpose entity with two independent directors: Faros ACA RE LLC, ACA Tower One Unit 4 LLC, ACA Tower Two Unit 5 LLC, ACA Garage Unit 6 LLC, and ACA Unit 7 LLC (collectively, the “Nova Place Borrower”). Legal counsel to the Nova Place Borrower delivered a non-consolidation opinion in connection with the origination of the Nova Place Whole Loan. The borrower sponsors and non-recourse carve-out guarantors of the Nova Place Whole Loan are Jeremy Leventhal, Alexander Leventhal, and Elliot Gould. In lieu of a warm body environmental carve-out guarantor, the lender obtained a $10,000,000 lender environmental collateral protection and liability-type environmental insurance policy.

 

Jeremy Leventhal, Alexander Leventhal, and Elliot Gould each serve as managing partners of Faros Properties (“Faros”), a real estate investment firm with offices in New York, Boston, and Pittsburgh. Principally funded by the Leventhal and Gould families, Faros was created to invest family capital in long-term real estate investment opportunities in primary markets. Faros’ strategy includes acquiring poorly operated assets, increasing value through operational expertise, and recapitalizing for long-term ownership. Faros has extensive experience in value-add investing and has owned assets in Pittsburgh since 2012, including the City View Apartments, 106 Isabella Street Office Building, Birmingham Place Office Building, Carson Street Commons, and the Park View Apartments.   

 

The Property. Situated on a 13.3-acre site, the Nova Place Property totals 1,142,745 square feet of rentable area and comprises four components:   

 

the “Concourse”, a two-story repurposed mall containing 612,969 square feet of office, data center, retail and amenity space;

 

“Tower 1”, an eight-story building containing 158,730 square feet of office space;

 

“Tower 2”, a 13-story building containing 278,044 square feet of office space; and

 

a three-level below grade “Garage Unit”, which contains 3,000 parking spaces in addition to 93,002 square feet of rentable area primarily consisting of data closets and storage.

 

The Nova Place Property was built in phases between 1966 and 1972. The Concourse portion of the Nova Place Property originally served as a shopping mall containing 75 stores and began to decline after Sears vacated its space in 1986. The borrower sponsors acquired the Nova Place Property in February 2015 for a total allocated cost of approximately $68.4 million, at which time it was approximately 63.0% occupied. Since acquisition, the borrower sponsors have invested approximately $33.5 million in capital expenditures at the Nova Place Property, including $22.3 million to upgrade and modernize the Concourse, exterior plaza and amenities and $8.1 million to address structural needs and lighting in the Garage Unit.

 

Amenities at the Nova Place Property include on-site property management & maintenance, 24-hour security patrol, conference facility, fitness center (Union Fitness), multiple restaurants, Federal Galley bar, a coffee shop, modernized common areas, and parking garage with bike storage. Based on the 3,000 parking spaces within the Garage Unit, the Nova Place Property contains a parking ratio of approximately 2.6 spaces per 1,000 square feet of rentable area. Of the parking spaces, 500 are for the exclusive use of PNC Financial Service (“PNC”), which has its own entrance and exit to the parking garage. As of June 1, 2019 the Nova Place Property was 84.0% occupied by 46 tenants.

 

The Nova Place Property comprises 201,817 square feet of data center space (of which 93,002 square feet consists of data closets and storage located in the Garage Unit), which accounts for 17.7% of the total net rentable area and 18.5% of underwritten base rent and was 82.4% occupied by 13 tenants as of June 1, 2019. Approximately 86.8% of the leased data center space is occupied by 10 tenants that have been at the Nova Place Property for an average of 16.4 years. The Nova Place Property is situated along the telecommunications trunk line, and the data center tenants benefit from internet access and dual fiber optic feeds from all major fiber optic providers, dedicated dark fiber access, electrical service from two independent power company distribution grids (allowing automatic transfers in the event of a power company failure), back-up generators, ample cooling capacity, and access to 10 major telecommunication carriers and internet service providers. 

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

32

 

  

Office – CBD

100 South Commons

Pittsburgh, PA 15212

Loan #1 

Nova Place

 

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

 

$71,000,000

70.0%

2.17x

9.7%

 

Major Tenants.

 

Largest Tenant by UW Base Rent: PNC Financial Service (A+/A3/A- by Fitch/Moody’s/S&P; 395,657 square feet; 34.6% of net rentable area; 27.8% of underwritten base rent; 12/31/2027 lease expiration) – Founded in 1845, PNC is a bank holding company and financial services corporation based in Pittsburgh, Pennsylvania. As of December 31, 2018, PNC had approximately $382 billion of assets, a retail branch network in 19 states and the District of Columbia, approximately 2,400 branches and 9,200 ATMs. PNC has been a tenant at the Nova Place Property since November 1992 through various predecessors including Integra Financial Corporation, which was acquired by National City Corporation in 1996 and subsequently acquired by PNC in 2008. In 2015, PNC executed a 10-year lease extension through December 2027 and has one, 5-year extension option remaining. PNC does not have any termination options.

 

PNC occupies a total of 395,657 square feet within the Concourse at the Nova Place Property, which is divided between a 318,115 square foot space and a 77,542 square foot space. The 318,115 square foot space is a former department store box previously occupied by Sears until 1986. PNC and its predecessors have occupied the 318,115 square foot space since 1992 and it is currently used as general office space. The 77,542 square foot space is located on the second floor of the southern end of the Concourse, which formerly served as inline retail space, overlooking the interior of the Concourse with panoramic views of the Pittsburgh skyline. PNC expanded into the 77,542 square foot space in 2011 and it is currently used to house asset management personnel. Additionally, PNC utilizes mortgage payment processing technology on site due to the Nova Place Property’s data capabilities and location along the telecommunications trunk line.

 

2nd Largest Tenant by UW Base Rent: United Healthcare Services, Inc. (A/A3/A+ by Fitch/Moody’s/S&P; 71,500 square feet; 6.3% of net rentable area; 12.2% of underwritten base rent; 6/30/2024 lease expiration) – Founded in 1977, United Healthcare Services, Inc. (“UHC”) is a diversified health and well-being company providing employer-sponsored and individual health benefits plans serving individuals, employers and Medicare and Medicaid beneficiaries. UHC has been a tenant at the Nova Place Property since March 2017 and has two, 3-year extension options remaining following its June 2024 lease expiration. UHC has a termination option for its fourth floor space (23,833 square feet) effective as of June 2022 with a 12-month notice period, and the tenant is currently marketing such space for sublease through January 2022. The termination option is subject to a fee in an amount equal to $332,793 ($13.96 per square foot) plus unamortized TI/LC costs.

 

3rd Largest Tenant by UW Base Rent: Expedient/Continental Broadband (73,000 square feet; 6.4% of net rentable area; 7.8% of underwritten base rent; 6/30/2020 lease expiration on 20,102 square feet; 9/30/2029 lease expiration on 52,898 square feet) – Expedient/Continental Broadband (“Expedient”) is a cloud and data center infrastructure service (IaaS) provider with local operations in Pittsburgh, Baltimore, Boston, Cleveland, Columbus, Indianapolis, and Memphis. Expedient has been a tenant at the Nova Place Property since April 2008, originally occupying 52,898 square feet of space within the Garage Unit, and expanding into 20,102 square feet of office space in Tower 1 in August 2013. The tenant’s original 52,898 square foot space has a September 2029 lease expiration with one, 5-year extension option remaining, and its 20,102 square foot expansion space has a June 2020 lease expiration with no extension options. Expedient does not have any termination options.   

 

Condominium Regime. As of August 2, 2017, the borrower sponsors recorded the “Nova Place Condominium”, which created eight condominium units (units 1 through 8). The Nova Place Property comprises condo units 1, 2, 4, 5, 6 and 7; and condo units 3 and 8 are not part of the collateral for the Nova Place Whole Loan. The Concourse comprises condo units 1, 2 and 7. The Nova Place Property holds an 87.0% voting interest in the Nova Place Condominium. See “Description of the Mortgage Pool—Mortgage Pool Characteristics—Condominium and Other Shared Interests” in the Preliminary Prospectus.

 

See below for further detail on each condo unit:

 

Unit 1: 395,657 square feet of space within the Concourse, all of which is leased to PNC (29.0% voting interest)

 

Unit 2: 199,979 square feet of space within the Concourse occupied by office, retail and data center tenants (11.0% voting interest)

 

Unit 3: approximately 144,000 square feet of office space (not part of the collateral)

 

Unit 4: Tower 1 (11.0% voting interest)

 

Unit 5: Tower 2 (23.0% voting interest)

 

Unit 6: the Garage Unit (11.0% voting interest)

 

Unit 7: amenity space within the Concourse comprising the exterior plaza area and 17,333 square feet of rentable area occupied by Union Fitness and Federal Galley bar restaurant (2.0% voting interest)

 

Unit 8: certain air rights over the entrance to the Garage Unit (not part of the collateral)

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

33

 

 

Office – CBD

100 South Commons

Pittsburgh, PA 15212

Loan #1 

Nova Place

 

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

 

$71,000,000

70.0%

2.17x

9.7%

 

The following table presents certain information relating to the tenancy at the Nova Place Property:

 

Major Tenants

 

Tenant Name Credit Rating (Fitch/
Moody’s/
S&P)(1)
Tenant
NRSF
% of
NRSF
Annual U/W Base Rent PSF(2) Annual
U/W Base Rent(2)
% of Total Annual U/W Base Rent Lease
Expiration
Date
Extension Options Termination Option (Y/N)
Major Tenants                
PNC (Concourse) A+/A3/A- 395,657 34.6% $12.10(3) $4,787,166(3) 27.8% 12/31/2027 1, 5-year N
UHC (Tower 2) A/A3/A+ 71,500 6.3% $29.39(4) $2,101,330(4) 12.2% 6/30/2024 2, 3-year Y(5)
Expedient(6) NR/NR/NR 73,000 6.4% $18.34(6) $1,338,472 7.8% Various(6) (6) N
Confluence Technologies, Inc. (Tower 1) NR/NR/NR 40,867 3.6% $26.99 $1,102,818 6.4% 11/30/2027 2, 5-year Y(7)
NSABP Foundation, Inc. (Tower 2) NR/NR/NR 33,328 2.9% $26.60 $886,361 5.1% 1/31/2029 1, 5-year N
Total Major Tenants 614,352 53.8% $16.63 $10,216,147 59.4%      
                 
Non-Major Tenant 345,047 30.2% $20.28 $6,997,064 40.6%      
                 
Occupied Collateral Total 959,399 84.0% $17.94 $17,213,211 100.0%      
                 
Vacant Space 183,346 16.0%            
                 
Collateral Total 1,142,745 100.0%            
                   

 

(1)Certain ratings are those of the parent company whether or not the parent company guarantees the lease.

(2)Annual U/W Base Rent PSF and Annual U/W Base Rent include contractual rent steps through May 2020 totaling $635,552 and straight-line rent averaging totaling $316,981 for investment grade tenants PNC ($138,196) and UHC ($178,785) over their remaining lease terms.

(3)Annual U/W Base Rent PSF and Annual U/W Base Rent for PNC represents straight-line rent averaging over the remaining lease term totaling $138,196. PNC’s current base rent is $11.75 per square foot.

(4)Annual U/W Base Rent PSF and Annual U/W Base Rent for UHC represents straight-line rent averaging over the remaining lease term totaling $178,785. UHC’s current base rent is $26.89 per square foot.

(5)UHC has a termination option for its fourth floor leased space (23,833 square feet) effective as of June 30, 2022 with 12-months’ notice, subject to a termination fee in an amount equal to $332,793 plus unamortized TI/LCs. UHC signed its lease in March of 2017 with the intention of moving into this fourth floor space, and the space is currently being offered for sublease through January 2022.

(6)

Expedient occupies 20,102 square feet of office space with an Annual U/W Base Rent PSF of $22.95 and lease expiration date of June 30, 2020, and 52,898 square feet of space within the Garage Unit with an Annual U/W Base Rent PSF of $16.58 and a lease expiration date of September 30, 2029. Expedient has one, 5-year renewal option on its 52,898 square feet of space following its September 2029 lease expiration.

(7)Confluence Technologies, Inc. has a termination option effective as of November 30, 2024 with 12-months’ notice, subject to a termination fee in an amount equal to unamortized TI/LCs.

 

The following table presents certain information relating to the lease rollover schedule at the Nova Place Property:

 

Lease Expiration Schedule(1)(2)

 

Year Ending
 December 31,
No. of Leases Expiring Expiring NRSF % of Total NRSF Cumulative Expiring NRSF Cumulative % of Total NRSF Annual
 U/W
Base Rent(3)
% of Total Annual U/W Base Rent Annual
 U/W
Base Rent
 PSF(3)
MTM 4 7,588 0.7% 7,588 0.7% $16,933 0.1% $2.23
2019 3 4,567 0.4% 12,155 1.1% $12,060 0.1% $2.64
2020 4 34,128 3.0% 46,283 4.1% $721,650 4.2% $21.15
2021 5 56,082 4.9% 102,365 9.0% $1,102,951 6.4% $19.67
2022 4 17,656 1.5% 120,021 10.5% $348,669 2.0% $19.75
2023 1 1,403 0.1% 121,424 10.6% $21,676 0.1% $15.45
2024 3 80,583 7.1% 202,007 17.7% $2,332,888 13.6% $28.95
2025 4 29,769 2.6% 231,776 20.3% $797,201 4.6% $26.78
2026 8 93,042 8.1% 324,818 28.4% $2,239,138 13.0% $24.07
2027 6 458,405 40.1% 783,223 68.5% $6,622,780 38.5% $14.45
2028 1 800 0.1% 784,023 68.6% $26,310 0.2% $32.89
2029 4 95,993 8.4% 880,016 77.0% $1,969,910 11.4% $20.52
Thereafter(4) 6 79,383 6.9% 959,399 84.0% $1,001,045 5.8% $12.61
Vacant 0 183,346 16.0% 1,142,745 100.0% $0 0.0% $0.00
Total/Weighted Average 53(5) 1,142,745 100.0%     $17,213,211 100.0% $17.94

 

(1)Information obtained from 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 Expiration Schedule.

(3)Total/Weighted Average Annual U/W Base Rent and Annual U/W Base Rent PSF exclude vacant space.

(4)Includes a conference center totaling 4,689 square feet.

(5)The Nova Place Property is occupied by 46 tenants subject to 53 leases.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

34

 

 

Office – CBD

100 South Commons

Pittsburgh, PA 15212

Loan #1 

Nova Place

 

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

 

$71,000,000

70.0%

2.17x

9.7%

 

The following table presents historical occupancy percentages at the Nova Place Property:

 

Historical Occupancy

 

12/31/2016(1)(2)

12/31/2017(1)(2)

12/31/2018(1)(2)

6/1/2019(2)(3)

61.5% 70.3% 76.5% 84.0%

 

(1)Information obtained from the borrower.

(2)The borrower sponsors have signed 30 new leases at the Nova Place Property totaling approximately 28.0% of the net rentable area since January 2017: 10 new leases (13.5% of net rentable area) in 2017; 14 new leases (9.2% of net rentable area) in 2018; and 6 new leases (5.3% of net rentable area) to date in 2019.

(3)Information obtained from the underwritten rent roll.

 

Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the Nova Place Property:

 

Cash Flow Analysis

 

  2016(1)   2017(1)   2018(1)   U/W(1)   %(2)   U/W $ per SF
Base Rent $8,711,376   $10,769,179   $13,240,158   $16,260,678   61.7%   $14.23
Contractual Rent Steps(3) 0   0   0   952,533   3.6   0.83
Grossed Up Vacant Space

0

 

0

 

0

 

4,285,632

 

16.3

 

3.75

Gross Potential Rent $8,711,376   $10,769,179   $13,240,158   $21,498,843   81.5%   $18.81
Other Income(4) 382,165   274,401   467,546   372,778   1.4   0.33
Parking Income 2,981,092   3,293,038   2,938,814   2,971,725   11.3   2.60
Total Recoveries

1,321,909

 

1,778,553

 

1,422,664

 

1,524,726

 

5.8

 

1.33

Net Rental Income $13,396,542   $16,115,171   $18,069,182   $26,368,072   100.0%   $23.07
(Vacancy & Credit Loss)

0

 

0

 

0

 

(4,285,632)(5)

 

(19.9)

 

(3.75)

Effective Gross Income $13,396,542   $16,115,171   $18,069,182   $22,082,440   83.7%   $19.32
                       
Real Estate Taxes 817,740   817,103   1,751,465   1,747,486   7.9   1.53
Insurance 149,689   180,158   168,050   158,300   0.7   0.14
Management Fee 398,917   489,896   566,364   662,473   3.0   0.58
Other Operating Expenses

4,310,872(6)

 

5,596,796(6)

 

5,548,272

 

6,002,391

 

27.2

 

5.25

Total Operating Expenses $5,677,218   $7,083,953   $8,034,151   $8,570,650   38.8%   $7.50
                       
Net Operating Income $7,719,324   $9,031,218   $10,035,031   $13,511,790   61.2%   $11.82
Replacement Reserves 0   0   0   182,839   0.8   0.16
TI/LC

0

 

0

 

0

 

361,809

 

1.6

 

0.32

Net Cash Flow $7,719,324   $9,031,218   $10,035,031   $12,967,141   58.7%   $11.35
                       
NOI DSCR 1.29x   1.51x   1.68x   2.26x        
NCF DSCR 1.29x   1.51x   1.68x   2.17x        
NOI Debt Yield 5.5%   6.5%   7.2%   9.7%        
NCF Debt Yield 5.5%   6.5%   7.2%   9.3%        

 

(1)The historical increases in Base Rent and Effective Gross Income are related to increasing occupancy and new leases signed at the Nova Place Property (see “Historical Occupancy” above). Since March 2016, the borrower sponsors have signed 34 new leases totaling 48.4% of underwritten base rent ($8,328,779): 4 new leases totaling 2.6% of underwritten base rent ($440,753) in 2016; 10 new leases totaling 25.8% of underwritten base rent ($4,446,862) in 2017; 14 new leases totaling 9.7% of underwritten base rent ($1,663,229) in 2018; and 6 new leases totaling 10.3% of underwritten base rent ($1,777,935) to date in 2019. The increase in Effective Gross Income from 2018 to U/W was further driven by the inclusion of contractual rent steps through May 2020 totaling $635,552, and straight-line rent averaging totaling $316,981 for investment grade tenants PNC ($138,196) and United Healthcare Services, Inc. ($178,785) over their remaining lease terms.

(2)Represents (i) percent of Net Rental Income for all revenue fields, (ii) percent of Gross Potential Rent for Vacancy & Credit Loss and (iii) percent of Effective Gross Income for all other fields.

(3)Represents contractual rent steps through May 2020 and straight-line rent averaging for the investment grade tenants over their remaining lease terms (see “Major Tenants” table above).

(4)Other Income is primarily comprised of event income which is generated by tenants that use the internal concourse and the outdoor plaza for events, conference center facilities, and other miscellaneous income.

(5)The underwritten economic vacancy is 19.9%. The Nova Place Property was 84.0% physically occupied as of June 1, 2019.

(6)The increase in Other Operating Expenses from 2016 to 2017 was driven by repairs & maintenance.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

35

 

 

Office – CBD

100 South Commons

Pittsburgh, PA 15212

Loan #1 

Nova Place

 

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

 

$71,000,000

70.0%

2.17x

9.7%

 

Appraisal. The appraiser concluded to an “as-is” Appraised Value for the Nova Place Property of $200,050,000 as of January 23, 2019.

 

Environmental Matters. According to the Phase I environmental site assessment dated April 10, 2019, there was no evidence of any recognized environmental conditions at the Nova Place Property. In lieu of a warm body environmental carve-out guarantor, the lender obtained a $10,000,000 lender environmental collateral protection and liability-type environmental insurance policy

 

Market Overview and Competition. The Nova Place Property is located in Pittsburgh, Pennsylvania, directly across the Allegheny River from the central business district. The Nova Place Property is situated one block north of Interstate 279, which turns into Interstate 376 and leads to the Pittsburgh International Airport (18.6 miles northwest). The largest employer in the region is the University of Pittsburgh Medical Center (“UPMC”) Health System, which, combined with the University of Pittsburgh, accounts for approximately 58,500 jobs. Along with Carnegie Mellon University (“CMU”), the UPMC medical and educational complex generates additional jobs through multiple spinoff biomedical and technology companies. With CMU’s technological infrastructure and support, technology companies such as Google, Microsoft, Disney, Apple, Uber, and Intel now have corporate offices located in Pittsburgh.

 

Over the past 15 years, the area within a 1-mile radius of the Nova Place Property has experienced the development and construction of two new sports stadiums (PNC Park (home of the MLB Pittsburgh Pirates) and Heinz Field (home of the NFL Pittsburgh Steelers and University of Pittsburgh Panthers Football)), a Residence Inn by Marriott, a Holiday Inn Express, a Hyatt Place Hotel, Stage AE (an indoor/outdoor entertainment complex), and the Rivers Casino. Additional attractions nearby include the Andy Warhol Museum (0.2 miles south; more than 100,000 visitors annually), the Carnegie Science Center (1.0 mile southwest; more than 700,000 visitors annually), the National Aviary (0.3 miles north; more than 185,000 visitors last year), and the Children’s Museum of Pittsburgh (0.2 miles north; approximately 306,000 visitors annually).

 

According to a third party market research provider, the estimated 2019 population within a three- and five-mile radius of the Nova Place Property was approximately 152,277 and 376,042, respectively; and the estimated 2019 average median income within the same radii was approximately $41,091 and $48,389, respectively.

 

Submarket Information – According to a third-party market research report, the Nova Place Property is situated within the Greater Downtown submarket of the Pittsburgh Office Market. As of the third quarter of 2018, the Greater Downtown submarket reported a total inventory of approximately 15.4 million square feet of office space with a 9.8% vacancy rate and average asking rent of $23.79 per square foot, gross.

 

The following table presents certain information relating to the appraiser’s market rent conclusions for the Nova Place Property:

 

Market Rent Summary(1)

 

 

Towers 1 & 2

(Office)

Concourse

(PNC)

Concourse

(Data)

Concourse

(Retail)

Market Rent (PSF) $26.00 $11.75 $25.00 $10.00
Lease Term (Years) 5 10 5 5
Lease Type (Reimbursements) Full Service Full Service Gross CAM
Rent Increase Projection 2.0% per annum 2.0% per annum 2.0% per annum 2.0% per annum

 

(1)Information obtained from the appraisal.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

36

 

 

Office – CBD

100 South Commons

Pittsburgh, PA 15212

Loan #1 

Nova Place

 

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

 

$71,000,000

70.0%

2.17x

9.7%

 

The following table presents certain information relating to comparable office leases to Nova Place Property:

 

Comparable Office Leases(1)

 

Property Name/Location Year Built/ Renovated Total GLA (SF) Distance from Subject Occupancy Tenant

Tenant Size

(SF)

Lease Term

(Yrs)

Annual Base Rent PSF Lease Type

District Fifteen

1501 Smallman Street

Pittsburgh, PA

2019/NAP 105,000 1.2 miles 97.0% Facebook 101,886 10.0 $24.00 Net

The Freight House Offices

125 West Station Square

Pittsburgh, PA

1976/NAP 104,521 1.5 miles 81.4% UPMC 36,435 15.0 $28.25 MG

Union Trust Building

501 Grant Street

Pittsburgh, PA

1916/2016 594,984 1.0 mile 83.7% Frost, Brown, Todd 18,000 10.0 $32.25 MG

Union Trust Building

501 Grant Street

Pittsburgh, PA

1916/2016 594,984 1.0 mile 83.7% Marshall, Dennehey 46,090 10.0 $31.25 Gross

Three Crossings

2555 Smallman Street

Pittsburgh, PA

2017/NAP 77,501 1.9 miles 93.6% Robert Bosch 52,000 7.0 $31.50 MG

11 Stanwix

11 Stanwix Street

Pittsburgh, PA

1970/2011 467,843 0.9 miles 93.7% Carmeuse 44,757 5.0 $29.75 MG

EQT Plaza

625 Liberty Avenue

Pittsburgh, PA

1987/NAP 615,942 0.7 miles 90.3% Ranstad Professionals 2,503 5.0 $26.00 MG

11 Stanwix

11 Stanwix Street

Pittsburgh, PA

1970/2011 467,843 0.9 miles 93.7% GPW, PC 21,645 8.0 $24.50 MG

 

(1)Information obtained from the appraisal and third party reports.

 

Escrows.

 

Real Estate Taxes – The Nova Place Whole Loan documents require an upfront real estate tax reserve of $459,339 and ongoing monthly real estate tax reserves in an amount equal to one-twelfth of the real estate taxes that the lender estimates will be payable during the next twelve months (initially $153,115).

 

Insurance – The Nova Place Whole Loan documents do not require ongoing monthly escrows for insurance premiums so long as (i) no event of default has occurred and is continuing, (ii) the Nova Place Borrower provides the lender with evidence that the Nova Place Property’s insurance coverage is included in a blanket policy and such policy is in full force and effect, and (iii) the Nova Place Borrower provides the lender with evidence of timely payment of the insurance premiums and renewals.

 

Replacement Reserve – The Nova Place Whole Loan documents require ongoing monthly replacement reserves in an amount equal to one-twelfth of $0.25 per square foot (currently $23,807), subject to a cap of $0.75 per square foot (currently $857,059) (the “Replacement Reserve Cap”). The Replacement Reserve and the Replacement Reserve Cap may be adjusted if the net rentable square footage of the Nova Place Property was to change following any partial defeasance and/or partial release (see “Partial Defeasance and Partial Release” section). 

 

Leasing Reserve The Nova Place Whole Loan documents require ongoing monthly general TI/LC reserves in an amount equal to one-twelfth of $0.80 per square foot (currently $76,183), subject to a cap of $2.40 per square foot (currently $2,742,588) (the “Leasing Reserve Cap”). The Leasing Reserve and the Leasing Reserve Cap may be adjusted if the net rentable square footage of the Nova Place Property was to change following any partial defeasance and/or partial release (see “Partial Defeasance and Partial Release” section).  

 

Closing Date Leasing Reserve – The Nova Place Whole Loan documents require an upfront reserve totaling $4,000,000 for qualified leasing expenses according to the terms of the loan documents. The Closing Date Leasing Reserve funds are not considered with respect to the Leasing Reserve Cap.

 

Existing TI/LC Reserve – The Nova Place Whole Loan documents require an upfront reserve totaling $1,587,057 related to outstanding tenant improvement and leasing commission (“TI/LC”) obligations with respect to eight tenants. As long as no event of default is continuing, if any Existing TI/LC Reserve funds are remaining after applying the funds to the stipulated tenants, the Nova Place Borrower has the right to apply the remaining funds to the Leasing Reserve and such funds will be considered with respect to the Leasing Reserve Cap.

 

PNC Rollover Reserve – Upon the occurrence of a PNC Trigger Period (see “Lockbox and Cash Management” section) specifically related to PNC, all excess cash flow will be deposited into the PNC Rollover Reserve, subject to a cap of $10.0 million. Upon a PNC Termination Event (as defined below), as long as no event of default is continuing, the Nova Place Borrower has the right to direct the lender to transfer any Leasing Reserve funds and/or Closing Date Leasing Reserve funds to the PNC Rollover Reserve. If, upon the occurrence    

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

37

 

 

Office – CBD

100 South Commons

Pittsburgh, PA 15212

Loan #1 

Nova Place

 

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

 

$71,000,000

70.0%

2.17x

9.7%

 

 

of a PNC Termination Event, the balance in the PNC Rollover Reserve is less than $10.0 million, the Nova Place Borrower is required to deposit with the lender an amount (in the form of cash or letter of credit) that would cause the balance to equal $10.0 million. 

 

A “PNC Termination Event” will occur upon PNC’s lease expiring, terminating, or being no longer in full force and effect.

 

Lockbox and Cash Management. The Nova Place Whole Loan documents require that the borrower establish and maintain a lender-controlled lockbox account and that the borrower direct all tenants to pay rent directly into such lockbox account. The Nova Place Whole Loan documents also require that all rents received by the Nova Place Borrower or the property manager be deposited into the lockbox account within two business days of receipt. Prior to the occurrence of a Cash Trap Event Period (as defined below), all funds on deposit in the lockbox account will be disbursed to the Nova Place Borrower. During a Cash Trap Event Period, all funds in the lockbox account are required to be swept each business day into the cash management account, and all excess cash flow is required to be swept to an excess cash flow subaccount held by the lender. During a Cash Trap Event Period caused solely by a PNC Trigger Period (as defined below) specifically related to PNC, all excess cash flow is required to be deposited into the PNC Rollover Reserve, subject to a cap of $10.0 million.

 

A “Cash Trap Event Period” will commence upon the earlier of the following:

(i)the occurrence and continuance of an event of default;

(ii)the NCF DY falling below 7.0% at the end of any calendar quarter; or

(iii)

the commencement of a PNC Trigger Period (as defined below).

 

A Cash Trap Event Period will end upon the occurrence of the following:

with regard to clauses (i), (ii) and (iii) above, payment in full or defeasance in full of the Nova Place Whole Loan;

with regard to clause (i), the cure of such event of default;

with regard to clause (ii), (A) the NCF DY being equal to or greater than 7.0% for two consecutive calendar quarters, or (B) the Nova Place Borrower delivering to the lender a letter of credit or cash in an amount that, if applied to prepay the outstanding principal amount of the Nova Place Whole loan, would cause the NCF DY to equal 7.0%; or

with regard to clause (iii), a PNC Trigger Period Cure (as defined below).

 

A “PNC Trigger Period” will commence upon the earliest to occur of the following: 

(i)

PNC providing written notice of its intention to terminate or cancel its lease;

(ii)

a default, beyond any notice and grace period, under PNC’s lease;

(iii)

PNC filing, as a debtor, a bankruptcy or similar insolvency proceeding, or otherwise becoming involved, as a debtor, in a bankruptcy or any similar insolvency proceeding;

(iv)

PNC’s lease expiring, terminating, or no longer being in full force and effect;

(v)

PNC going dark, vacating, ceasing to occupy, or ceasing to conduct business in 50.0% or more of its premises and its credit rating being downgraded to Baa3 or lower by Moody’s or to an equivalent rating by another rating agency which has rated or continues to rate any securitization to which any note(s) of the Nova Place Whole Loan are contributed (“Applicable Rating Agency”); or

(vi)

PNC failing to renew or extend its lease on the terms set forth in its lease on or prior to the earlier of (y) 18 months prior to its lease expiration or (z) the deadline to extend or renew such lease (PNC’s lease currently stipulates an 18-month notice period).

  

A “PNC Trigger Period Cure” will occur upon the earliest of the following: 

solely with respect to a PNC Trigger Period specifically related to PNC, the amount in the PNC Rollover Reserve being equal to $10.0 million; provided that, upon the occurrence of a PNC Termination Event, the Nova Place Borrower is required to cause the balance of the PNC Rollover Reserve to be equal to $10.0 million within 10 business days (see “Escrows” section above);

with regard to clause (i) above, (x) a Qualified Re-Tenanting Event (as defined below), (y) an Acceptable Lease Extension (as defined below), or (z) PNC revoking or rescinding all applicable termination or cancellation notices;

with regard to clause (ii) above, (x) the applicable default having been cured, or (y) in the event PNC’s lease is terminated as a result of such default, a Qualified Re-Tenanting Event;

with regard to clause (iii) above, (x) PNC’s lease having been affirmed or assumed in the applicable bankruptcy proceeding and PNC having cured any monetary defaults (or, if applicable, the dismissal of the PNC lease from the proceeding, provided that the bankruptcy (after dismissal) does not have a material adverse effect on PNC’s ability to perform its obligations pursuant to its lease), (y) in the event the PNC lease is rejected in the applicable bankruptcy proceeding, a Qualified Re-Tenanting Event or (z) an Acceptable Lease Extension;

with regard to clause (iv) and (vi) above, (x) a Qualified Re-Tenanting Event, or (y) an Acceptable Lease Extension; and

with regard to clause (v) above, (x) PNC re-commences operations in 50.0% or more of its space, (y) a Qualified Re-Tenanting Event with respect to the same (or substantially the same) amount of space that was terminated or cancelled which provides for rent that is equal to or greater than the rent previously being paid by PNC, or (z) the credit rating of PNC is subsequently raised above Baa3 by Moody’s (or its equivalent from another Applicable Rating Agency), or an entity with a credit rating above Baa3 by Moody’s (or its equivalent from another Applicable Rating Agency) becomes the guarantor of the applicable PNC lease.

 

Notwithstanding the foregoing, unless otherwise noted, any reference to PNC in the definitions of PNC Trigger Period and PNC Trigger Period Cure above shall also apply to any tenant that occupies at least 400,000 square feet (in the aggregate) of the Nova Place Property (or any lease guarantor of any such tenant).

 

A “Qualified Re-Tenanting Event” will occur upon the applicable space being leased to one or more tenants and the lender receiving satisfactory evidence, including, without limitation, a satisfactory estoppel certificate from each replacement tenant affirming, among

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

38

 

 

Office – CBD

100 South Commons

Pittsburgh, PA 15212

Loan #1 

Nova Place

 

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

 

$71,000,000

70.0%

2.17x

9.7%

 

 

other conditions outlined in the Nova Place Whole Loan documents, that (i) each such replacement lease is in full force and effect, (ii) each such replacement tenant is paying full, unabated rent (or such abatement having been reserved) and is in occupancy and open for business in at least 50.0% of its space (or is scheduled to be in occupancy and open for business in substantially all of its space within nine months), and (iii) all tenant improvement costs and leasing commissions have been paid (or such expenses having been reserved).  

 

An “Acceptable Lease Extension” means an extension or renewal of the applicable lease in accordance with the Nova Place Whole Loan documents either (A) with respect to all (or substantially all) of the applicable space, or (B) which lease, if related to less than substantially all of the applicable space, provides for rent that is equal to or greater than the rent under the applicable lease immediately prior to such extension or renewal.

 

Property Management. The Nova Place Property is managed by an affiliate of the borrower.

 

Partial Defeasance and Partial Release. Following the lockout release date and prior to March 11, 2029, in connection with a bona fide third-party sale, the Nova Place Borrower has the right to partially defease any of condominium units 1, 2, 4, 5, or 7 (unit 6 may not be defeased), provided that units 1, 2 and 7 must be defeased simultaneously (the “Permitted Defeasance/Release Collateral”), provided, further, that, among other things, (i) no event of default has occurred and is continuing, (ii) payment of a release price of 120.0% of the allocated loan amount with respect to the individual property being released, and (iii) the NCF DY of the remaining properties must be greater than the greater of (x) the NCF DY prior to the release and (y) 8.55%, (iv) a legal opinion covering compliance in all respects with all laws, rules and regulations governing REMICs has been delivered; and (v) rating agency confirmation is received.

 

In addition, at any time prior to the maturity date of the Nova Place Whole Loan, in connection with a bona fide third-party sale, the Nova Place Borrower has the right to partially release any of the Permitted Defeasance/Release Collateral, subject to conditions (i) through (v) above, plus the payment of the applicable yield maintenance premium. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Releases; Partial Releases” in the Preliminary Prospectus. 

 

Nova Place Property Condominium Units

 

Condominium Unit Building Location Current Occupancy

Allocated  

Cut-off Date Balance 

% of Cut-off Date Balance Appraised Value Annual U/W Base Rent % of Annual U/W Base Rent
1, 2, 7(1) Concourse 94.9% $66,098,475 47.2% $94,450,000 $7,680,039 44.6%
4 Tower 1 85.0% $19,105,224 13.6% $27,300,000 $3,384,082 19.7%
5 Tower 2 65.5% $34,291,427 24.5% $49,000,000 $5,115,133 29.7%
6(2) Garage Unit 65.1%(3) $20,504,874 14.6% $29,300,000 $1,033,957(3) 6.0%(3)
Total/Weighted Average 84.0% $140,000,000 100.0% $200,050,000 $17,213,211 100.0%

 

(1)All numbers shown represent the aggregate of condominium units 1, 2 and 7, as such condominium units are required to be partially defeased or partially released simultaneously.

(2)Condominium unit 6 (the Garage Unit) is not permitted to be partially defeased or partially released.

(3)Current Occupancy and Annual U/W Base Rent for the Garage Unit represents 93,002 square feet of rentable area consisting primarily of data closets and storage. Income from the 3,000 parking spaces is not included in underwritten base rent and is represented on a separate line item in the lender’s underwriting totaling $2,971,725 (see “Cash Flow Analysis” table below).

 

Right of First Refusal. PNC has a Right of First Refusal (“ROFR”) to purchase condominium unit 1 of the Nova Place Property if the Nova Place Borrower receives other offers to purchase condominium unit 1 that it is otherwise willing to accept, and the remaining unexpired term of the PNC lease is at least 10 years (including extension options). The ROFR is not extinguished by foreclosure; however, the ROFR does not apply to foreclosure or deed in lieu thereof.

 

Real Estate Substitution. Not permitted.

 

Subordinate and Mezzanine Indebtedness. Not permitted.

 

Ground Lease. None.

 

Terrorism Insurance. The Nova Place Mortgage Loan documents require that the “all risk” insurance policy required to be maintained by the borrower provides coverage for terrorism in an amount equal to the full replacement cost of the Nova Place Property, as well as business interruption insurance covering no less than the 18-month period following the occurrence of a casualty event, together with a 6-month extended period of indemnity (provided that if TRIPRA or a similar statute is not in effect, the Nova Place Borrower will not be obligated to pay terrorism insurance premiums in excess of two times the premium for the casualty and business interruption coverage on a stand-alone basis).

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

39

 

 

Office - CBD

Loan #2

188 Spear Street

Cut-off Date Balance: $47,000,000
188 Spear Street Cut-off Date LTV: 57.6%
San Francisco, CA 94105 U/W NCF DSCR: 2.82x
  U/W NOI Debt Yield: 10.5%

 

 

 

 

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

40

 

 

Office - CBD

Loan #2

188 Spear Street

Cut-off Date Balance: $47,000,000
188 Spear Street Cut-off Date LTV: 57.6%
San Francisco, CA 94105 U/W NCF DSCR: 2.82x
  U/W NOI Debt Yield: 10.5%

 

 

 

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

41

 

 

Office - CBD

Loan #2

188 Spear Street

Cut-off Date Balance: $47,000,000
188 Spear Street Cut-off Date LTV: 57.6%
San Francisco, CA 94105 U/W NCF DSCR: 2.82x
  U/W NOI Debt Yield: 10.5%

 

 

 

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

42

 

 

No. 2 – 188 Spear Street
 
Mortgage Loan Information   Mortgaged Property Information
Mortgage Loan Seller: Barclays Capital Real Estate Inc.   Single Asset/Portfolio: Single Asset

Credit Assessment

(Fitch/KBRA/Moody’s):

NR/NR/NR   Property Type – Subtype: Office – CBD
Original Principal Balance(1): $47,000,000   Location: San Francisco, CA
Cut-off Date Balance(1): $47,000,000   Size: 218,669 SF
% of Initial Pool Balance: 6.4%   Cut-off Date Balance Per SF(1): $571.64
Loan Purpose: Refinance   Maturity Date Balance Per SF(1): $571.64
Borrower Sponsor: Shorenstein Company LLC   Year Built/Renovated: 1972/2012
Guarantor: Shorenstein Company LLC   Title Vesting: Fee
Mortgage Rate: 3.5700%   Property Manager: Self-managed
Note Date: June 5, 2019   Current Occupancy (As of): 100.0% (4/1/2019)
Seasoning: 1 month   YE 2018 Occupancy: 99.8%
Maturity Date: June 6, 2029   YE 2017 Occupancy: 99.8%
IO Period: 120 months   YE 2016 Occupancy: 99.8%
Loan Term (Original): 120 months   YE 2015 Occupancy: 99.8%
Amortization Term (Original): NAP   Appraised Value: $217,000,000
Loan Amortization Type: Interest-only, Balloon   Appraised Value Per SF: $992.37
Call Protection(2): L(25),D(88),O(7)   Appraisal Valuation Date: April 29, 2019
Lockbox Type: Hard/Springing Cash Management   Underwriting and Financial Information
Additional Debt: Yes   TTM NOI (3/31/2019)(4): $10,609,308
Additional Debt Type (Balance): Pari Passu ($78,000,000); Future Mezzanine   YE 2018 NOI: $10,574,060
      YE 2017 NOI: $9,598,688
      YE 2016 NOI: $8,964,264
      U/W Revenues: $18,164,582
      U/W Expenses: $5,025,347
Escrows and Reserves(3)   U/W NOI(4): $13,139,235
  Initial Monthly Cap   U/W NCF: $12,782,805
Taxes $0 Springing NAP   U/W DSCR based on NOI/NCF(1): 2.90x/2.82x
Insurance $0 Springing NAP   U/W Debt Yield based on NOI/NCF(1): 10.5%/10.2%
Replacement Reserve $0 Springing $87,468   U/W Debt Yield at Maturity based on NOI/NCF(1): 10.5%/10.2%
TI/LC Reserve $0 Springing $656,007   Cut-off Date LTV Ratio(1): 57.6%
Amazon Free Rent Reserve $2,486,946 $0 NAP   LTV Ratio at Maturity(1): 57.6%
Outstanding TI/LC Reserve $6,448,233 $0 NAP      
               
Sources and Uses  
Sources       Uses      
Original loan amount $125,000,000 100.0%   Loan payoff(5) $85,009,418 68.0 %
        Upfront reserves 8,935,179 7.1  
        Closing costs 790,693 0.6  
        Return of equity 30,264,710 24.2  
Total Sources $125,000,000 100.0%   Total Uses $125,000,000 100.0 %

 

(1)The 188 Spear Street Mortgage Loan (as defined below) is part of the 188 Spear Street Whole Loan (as defined below), which comprises three pari passu notes with an aggregate original balance of $125,000,000. All statistical information related to the Cut-off Date Balance per Unit, Maturity Date Balance per Unit, U/W Debt Yield based on NOI/NCF, U/W Debt Yield at Maturity based on NOI/NCF, U/W DSCR based on NOI/NCF, Cut-off Date LTV Ratio and LTV Ratio at Maturity are based on the 188 Spear Street Whole Loan.

(2)Defeasance of the 188 Spear Street Whole Loan is permitted at any time after the earlier of (i) two years after the closing date that includes the last note to be securitized or (ii) June 5, 2022. The assumed lockout period of 25 months is based on the WFCM 2019-C51 securitization trust closing date of July 2019.

(3)See “Escrows” section.

(4)The increase in TTM NOI 3/31/2019 to U/W NOI is driven by Amazon’s October 2018 lease renewal and $944,439 of underwritten straight-lined rent from Amazon. Underwritten in-place rent for Amazon totals $9,947,784 ($77.00 PSF) which is based on Amazon’s lease renewal executed October 2018. Amazon’s in-place rent prior to the rent increase commencement date totalled $6,769,368 ($52.40 PSF), thus an increase of approximately $3.2 million.

(5)The loan payoff includes defeasance costs to refinance a loan originated in the WFRBS 2013-C13 trust.

 

The Mortgage Loan. The mortgage loan (the “188 Spear Street Mortgage Loan”) is part of a whole loan (the “188 Spear Street Whole Loan”) in the original principal balance of $125,000,000. The 188 Spear Street Whole Loan is secured by a first priority fee mortgage encumbering a Class A office property located in San Francisco, California (the “188 Spear Street Property”). See “Description of the Mortgage Pool – The Whole Loans – The Serviced Pari Passu Whole Loans” and “Pooling and Servicing Agreement” in the Preliminary Prospectus.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

43

 

 

Office - CBD

Loan #2

188 Spear Street

Cut-off Date Balance: $47,000,000
188 Spear Street Cut-off Date LTV: 57.6%
San Francisco, CA 94105 U/W NCF DSCR: 2.82x
  U/W NOI Debt Yield: 10.5%

 


 

Note Summary

 

Notes Original Principal Balance Cut-off Date
Balance
Note Holder Controlling Interest
A-1 $47,000,000 $47,000,000 WFCM 2019-C51 No
A-2 $60,000,000 $60,000,000 Barclays Capital Real Estate Inc. Yes
A-3 $18,000,000 $18,000,000 Barclays Capital Real Estate Inc. No
Total $125,000,000 $125,000,000    

 

The Borrower and Borrower Sponsor. The borrower is 188 Spear Street LLC, a Delaware limited liability company and single purpose entity with one independent director. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the 188 Spear Street Whole Loan. The borrower sponsor and non-recourse carve-out guarantor of the 188 Spear Street Whole Loan is Shorenstein Company LLC.

 

According to the borrower sponsor, Shorenstein Company LLC is one of the oldest and most active real estate organizations in the nation, specializing in the ownership of high-quality office and residential properties. According to the borrower sponsor, the company’s current portfolio totals approximately 25 million square feet (including 2.3 million square feet under development) in 20 markets with a gross value of approximately $9.0 billion. Shorenstein Company LLC is headquartered in San Francisco and currently owns seven properties totaling 3.3 million square feet in that market. Shorenstein Company LLC also provides asset management, leasing, property management and construction services to the properties in its portfolio through its wholly-owned property services affiliate, Shorenstein Realty Services. Shorenstein Company LLC has two prior foreclosures on unrelated retail properties. The 188 Spear Street Property was also acquired by the borrower from a mezzanine note holder following a foreclosure on the related ownership interest in November 2009. See “Description of the Mortgage Pool— Loan Purpose; Default History, Bankruptcy Issues and Other Proceedings” in the Preliminary Prospectus.

 

The Property. The 188 Spear Street Property is a 12-story Class A office building totaling 218,669 square feet and located in San Francisco, California. The first eight stories of the building were originally constructed in 1972. The borrower sponsor acquired the 188 Spear Street Property in 2009 and in 2012, expanded the property adding floors 9 to 12, and renovated the 188 Spear Street Property to include a new canopied street front entry and a double story lobby. The renovation resulted in the 188 Spear Street Property receiving LEED Gold Certification. The 188 Spear Street Property offers floorplates of approximately 18,500 square feet. The upper floors of the 188 Spear Street Property offer panoramic views of the Bay Bridge and San Francisco Bay. The 188 Spear Street Property offers a subterranean parking garage with access to 68 parking spots and is located less than a quarter of a mile from the Embarcadero Bay Area Rapid Transit (BART) stop. As of April 1, 2019, the 188 Spear Street Property was 100.0% leased to two office tenants (92.6% of net rentable area) and six commercial tenants (7.4% of net rentable area).

 

Major Tenants.

 

Largest Tenant: Amazon (A+/A3/AA- by Fitch/Moody’s/S&P; 129,192 square feet; 59.1% of net rentable area; 59.0% of underwritten base rent; 1/1/2027 lease expiration) – Amazon (NASDAQ: AMZN) is an American e-commerce company headquartered in Seattle, Washington. Founded in 1994, Amazon is now one of the largest online retailers in the world selling a wide range of products, services and entertainment to consumers. Amazon has reported that net sales have increased by 17.0% to $59.7 billion in the first quarter of 2019 compared to $51.0 billion in the first quarter of 2018. Amazon currently employs 647,500 employees as of year-end 2018, up 14.4% from the year-end 2017. The 188 Spear Street Property serves as the location for Amazon Music, the Goodreads division (a social cataloging website that allows free searches of its database of books, annotations and reviews) and development of Echo and Alexa devices (smart Bluetooth speakers and voice-controlled personal assistants). Amazon has been at the 188 Spear Street Property since 2012 and has expanded from 83,477 square feet to 129,192 square feet over the last seven years. In October 2018, Amazon exercised an 86-month extension on their existing space and signed a new 8,510 square foot lease to backfill a tenant vacating in July 2019.

 

2nd Largest Tenant: New Relic (73,392 square feet; 33.6% of net rentable area; 36.2% of underwritten base rent; 7/1/2027 lease expiration) – Founded in 2007, New Relic (NYSE: NEWR) is an American software analytics company based in San Francisco. New Relic’s technology, delivered as a software as a service (SaaS) model, monitors web and mobile applications in real-time with support for customer-built plug-ins to collect different types of data. New Relic serves over 17,000 global customers, with major partnerships including IBM Cloud, Amazon Web Services, Microsoft Azure, Google Cloud Platform and Pivotal Cloud Foundry. New Relic was recently recognized as a 2019 Gartner Customers’ Choice as the highest peer-rated application performance management vendor. The 188 Spear Property serves as New Relic’s headquarters. New Relic has been a tenant at the 188 Spear Street Property since 2012 and in November 2017, exercised an early renewal, extending their lease by seven years. New Relic also has exclusive access to the maintenance deck on the roof of the building.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

44

 

 

Office - CBD

Loan #2

188 Spear Street

Cut-off Date Balance: $47,000,000
188 Spear Street Cut-off Date LTV: 57.6%
San Francisco, CA 94105 U/W NCF DSCR: 2.82x
  U/W NOI Debt Yield: 10.5%

 

 

The following table presents certain information relating to the tenancy at the 188 Spear Street Property:

 

Major Tenants

 

Tenant Name Credit Rating (Fitch/
Moody’s/
S&P)(1)
Tenant
NRSF
% of
NRSF
Annual U/W Base Rent PSF(2) Annual
U/W Base Rent(2)
% of Total Annual U/W Base Rent Lease
Expiration
Date
Extension Options Termination Option (Y/N)
Major Tenants                
Amazon A+/A3/AA- 129,192 59.1% $77.00(3) $9,947,784(3) 59.0% 1/1/2027 1, 5-year(4) N
New Relic NR/NR/NR 73,392 33.6% $83.04 $6,094,739 36.2% 7/1/2027 1, 5-year(5) N
Total Major Tenants 202,584 92.6% $79.19 $16,042,523 95.2%      
                 
Non-Major Retail Tenants 16,085 7.4% $50.20 $807,478 4.8%      
                 
Occupied Collateral Total 218,669 100.0% $77.06 $16,850,001 100.0%      
                 
Vacant Space 0 0.0%            
                 
Collateral Total 218,669 100.0%            
                   

 

(1)Certain ratings are those of the parent company whether or not the parent company guarantees the lease.

(2)Annual U/W Base Rent PSF and Annual U/W Base Rent include contractual rent steps through May 2020 totaling $22,619.

(3)Annual U/W Base Rent PSF and Annual U/W Base Rent for Amazon includes straight-line rent averaging over the remaining lease term totaling $944,439.

(4)Amazon has one, 5-year renewal option at 95% of the fair market rent at the time of the renewal.

(5)New Relic has one, 5-year renewal option at the fair market rent at the time of the renewal.

 

The following table presents certain information relating to the lease rollover schedule at the 188 Spear Street Property:

 

Lease Expiration Schedule(1)(2)

 

Year Ending
 December 31,
No. of Leases Expiring Expiring NRSF % of Total NRSF Cumulative Expiring NRSF Cumulative % of Total NRSF Annual
 U/W
Base Rent
% of Total Annual U/W Base Rent Annual
 U/W
Base Rent
 PSF(3)
MTM(3) 0 1,020 0.5% 1,020 0.5% $0 0.0% $0.00
2019 0 0 0.0% 1,020 0.5% $0 0.0% $0.00
2020 1 1 0.0% 1,021 0.5% $60,531 0.4% $60,530.76
2021 0 0 0.0% 1,021 0.5% $0 0.0% $0.00
2022 3 7,043 3.2% 8,064 3.7% $321,812 1.9% $45.69
2023 3 8,022 3.7% 16,086 7.4% $485,667 2.9% $60.54
2024 0 0 0.0% 16,086 7.4% $0 0.0% $0.00
2025 0 0 0.0% 16,086 7.4% $0 0.0% $0.00
2026 0 0 0.0% 16,086 7.4% $0 0.0% $0.00
2027 2 202,583 92.6% 218,669 100.0% $15,981,992 94.8% $78.89
2028 0 0 0.0% 218,669 100.0% $0 0.0% $0.00
2029 0 0 0.0% 218,669 100.0% $0 0.0% $0.00
Thereafter 0 0 0.0% 218,669 100.0% $0 0.0% $0.00
Vacant 0 0 0.0% 218,669 100.0% $0 0.0% $0.00
Total/Weighted Average 9 218,669 100.0%     $16,850,001 100.0% $77.06

 

(1)Information obtained from 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 Expiration Schedule.

(3)MTM includes 1,020 square foot of storage space with no attributable U/W Base Rent.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

45

 

 

Office - CBD

Loan #2

188 Spear Street

Cut-off Date Balance: $47,000,000
188 Spear Street Cut-off Date LTV: 57.6%
San Francisco, CA 94105 U/W NCF DSCR: 2.82x
  U/W NOI Debt Yield: 10.5%

 

 

The following table presents historical occupancy percentages at the 188 Spear Street Property:

 

Historical Occupancy

 

12/31/2015(1) 

12/31/2016(1) 

12/31/2017(1) 

12/31/2018(1) 

4/1/2019(2)

99.8% 99.8% 99.8% 99.8% 100.0%
(1)Information obtained from the borrower.

(2)Information obtained from the underwritten rent roll.

 

Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the 188 Spear Street Property:

 

Cash Flow Analysis

 

  2016 2017(1) 2018(1) TTM 3/31/2019(2) U/W(2) %(3) U/W $ per SF
Base Rent $11,942,287 $12,436,932 $13,575,292 $13,693,419 $16,827,382 88.1% $76.95
Contractual Rent Steps 0 0 0 0 967,058 5.1 4.42
Grossed Up Vacant Space

0

0

0

0

0

0.0

0.00

Gross Potential Rent $11,942,287 $12,436,932 $13,575,292 $13,693,419 $17,794,440 93.2% $81.38
Other Income 422,032 422,657 499,314 507,889 507,889 2.7 2.32
Total Recoveries

585,392

999,892

874,669

951,255

791,552

4.1

3.62

Net Rental Income $12,949,712 $13,859,480 $14,949,275 $15,152,563 $19,093,881 100.0% $87.32
(Vacancy & Credit Loss)

0

0

0

0

(929,300)(4)

(5.2)

(4.25)

Effective Gross Income $12,949,712 $13,859,480 $14,949,275 $15,152,563 $18,164,582 95.1% $83.07
               
Real Estate Taxes 830,484 1,154,528 1,035,532 1,040,030 866,127 4.8 3.96
Insurance 588,904 301,938 475,665 475,665 519,362 2.9 2.38
Management Fee 399,040 424,635 458,043 462,481 544,937 3.0 2.49
Other Operating Expenses

2,167,019

2,379,691

2,405,974

2,565,079

3,094,920

17.0

14.15

Total Operating Expenses $3,985,448 $4,260,793 $4,375,215 $4,543,255 $5,025,346 27.7% $22.98
               
Net Operating Income $8,964,264 $9,598,688 $10,574,060 $10,609,308 $13,139,235 72.3% $60.09
Replacement Reserves 0 0 0 0 28,427 0.2 0.13
TI/LC

0

0

0

0

328,004

1.8

1.50

Net Cash Flow $8,964,264 $9,598,688 $10,574,060 $10,609,308 $12,782,805 70.4% $58.46
               
NOI DSCR(5) 1.98x 2.12x 2.33x 2.34x 2.90x    
NCF DSCR(5) 1.98x 2.12x 2.33x 2.34x 2.82x    
NOI Debt Yield(5) 7.2% 7.7% 8.5% 8.5% 10.5%    
NCF Debt Yield(5) 7.2% 7.7% 8.5% 8.5% 10.2%    

 

(1)The increase in Base Rent from 2017 to 2018 is due to rent increases for five tenants and the execution of leases for Lee’s Deli in May 2018 and Heyday in April 2018.

(2)The increase in Gross Potential Rent from TTM 3/31/2019 to U/W is driven by Amazon’s October 2018 lease renewal and $944,439 of underwritten straight-lined rent for Amazon. Underwritten in-place rent for Amazon totals $9,947,784 ($77.00 PSF) which is based on Amazon’s lease renewal executed October 2018. Amazon in-place rent prior to the rent increase commencement date totaled $6,769,368 ($52.40 PSF), thus an increase of approximately $3.2 million.

(3)Represents (i) percent of Net Rental Income for all revenue fields, (ii) percent of Gross Potential Rent for Vacancy & Credit Loss and (iii) percent of Effective Gross Income for all other fields.

(4)The underwritten economic vacancy is 5.0%. The 188 Spear Street Property was 100.0% physically occupied as of April 1, 2019.

(5)Based on the 188 Spear Street Whole Loan.

 

Appraisal. The appraiser concluded to an “as-is” Appraised Value for the 188 Spear Street Property of $217,000,000 as of April 29, 2019.

 

Environmental Matters. According to the Phase I environmental site assessment dated May 6, 2019, there was no evidence of any recognized environmental conditions at the 188 Spear Street Property.

 

Market Overview and Competition. The 188 Spear Street Property is located in the central business district of San Francisco, California within the South Financial District submarket. According to the appraisal, the unemployment rate in the San Francisco metropolitan statistical area hit a historic low in January 2019 and continues to fall despite labor force gains. Specifically, the South Financial District submarket has been one of the best performing major central business district submarkets in the United States during the most recent expansion period according to a third party research report. The South Financial District submarket’s vacancy rate fell to a 15-year low in 2016, and cumulative rent growth from 2010 to 2016 was approximately 110%, outpacing major central business district areas such as New York City’s World Trade Center, Downtown Seattle and Chicago’s Central Loop. San Francisco’s new Transbay Transit Center (approximately 0.3 miles from the 188 Spear Street Property) is expected to reopen in summer 2019 and has prompted

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

46

 

 

Office - CBD

Loan #2

188 Spear Street

Cut-off Date Balance: $47,000,000
188 Spear Street Cut-off Date LTV: 57.6%
San Francisco, CA 94105 U/W NCF DSCR: 2.82x
  U/W NOI Debt Yield: 10.5%

 

 

new building development in the South Financial District submarket, attracting technology companies such as Salesforce.com, Uber, Fitbit, LinkedIn and Facebook. The South Financial District submarket also contains major financial and legal tenants such as Blackstone, Wells Fargo and Morrison Foerster LLP. Access to the 188 Spear Street Property is provided by the Embarcadero Bay Area Rapid Transit stop (0.2 miles from the 188 Spear Street Property), the California Street and Drumm Street cable car stop (0.4 miles from the 188 Spear Street Property) and bus services serving Marin County (within one block of the 188 Spear Street Property).

 

According to the appraisal, the 2018 population within a one, three- and five-mile radius of the 188 Spear Street Property was approximately 49,856, 360,247 and 621,551, respectively. The 2018 average household income within the same radii was approximately $133,857, $130,106 and $135,256, respectively.

 

Submarket Information – According to a third party research report, the 188 Spear Street Property is situated within the South Financial District submarket of the San Francisco Office Market. As of the end of 2018, the South Financial District submarket reported a total inventory of approximately 29.8 million square feet with a 6.9% vacancy rate and average asking rent of $74.64 per square foot.

 

The following table presents certain information relating to the appraiser’s market rent conclusions for the 188 Spear Street Property:

 

Market Rent Summary(1)

 

  Office Floor 1

Office Floors 2-

8

Office Floors 9-

12

Retail Storage Roof
Market Rent (PSF) $56.00 $78.00 $82.00 $64.00 $18.00 $55,000(2)
Lease Term (Years) 5 7 7 5 7 10
Concessions 3 mos. 3 mos. 3 mos. 3 mos. 3 mos. 3 mos.
Lease Type (Reimbursements) Gross Gross Gross Net None None
Rent Increase Projection 3.0% per annum 3.0% per annum 3.0% per annum 3.0% per annum Flat 3.0% per annum
Tenant Improvements (New Tenants) (PSF) $30.00 $70.00 $70.00 $30.00 $0.00 $0.00
Tenant Improvements (Renewals) (PSF) $10.00 $25.00 $25.00 $10.00 $0.00 $0.00

 

(1)Information obtained from the appraisal.

(2)Roof Market Rent is measured in total dollar amount.

 

The table below presents certain information relating to comparable sales pertaining to the 188 Spear Street Property identified by the appraiser:

 

Comparable Sales(1)

 

Property Name Location Rentable Area (SF) Sale Date Sale Price Sale Price (PSF)
246 1st Street San Francisco, CA 98,566 Mar-19 $125,000,416 $1,268.19
410 Townsend Street San Francisco, CA 76,451 Feb-19 $85,999,730 $1,124.90
550 Terry Francois Boulevard San Francisco, CA 282,773 Feb-19 $342,500,313 $1,211.22
215 Fremont Street San Francisco, CA 373,500 Feb-19 $335,500,110 $898.26
345 Brannan Street San Francisco, CA 120,000 Dec-18 $146,000,400 $1,216.67
500 Pine Street(2) San Francisco, CA 56,179 Sep-18 $73,000,116 $1,299.42

 

(1)Information obtained from the appraisal.

(2)500 Pine Street is a secondary capitalization rate sale.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

47

 

 

Office - CBD

Loan #2

188 Spear Street

Cut-off Date Balance: $47,000,000
188 Spear Street Cut-off Date LTV: 57.6%
San Francisco, CA 94105 U/W NCF DSCR: 2.82x
  U/W NOI Debt Yield: 10.5%

 

 

The following table presents certain information relating to comparable properties to 188 Spear Street Property:

 

Comparable Leases(1)

 

Property Name/Location

Year

Built/

Renovated

Total

GLA

(SF)

Distance from Subject Occupancy

Lease

Term

Tenant

Size

(SF)

Adjusted

Annual

Base

Rent

PSF

TI Allowance PSF Lease Type
Office                  

Spear Street Corridor

150 Spear Street

San Francisco, CA

1981/NAV 264,551 0.0 miles 100.0% 10.3 Yrs 10,152 $78.00 $100.00 Gross

332 Pine Street

332 Pine Street

San Francisco, CA

1912/NAV 47,733 0.6 miles 100.0% 5.2 Yrs 6,345 $80.00 $0.00 Gross

115 Sansome Street

115 Sansome Street

San Francisco, CA

1913/NAV 125,310 0.7 miles 100.0% 5.2 Yrs 9,355 $77.00 $0.00 Gross

160 King Street

160 King Street

San Francisco, CA

2002/NAV 167,985 1.1 miles 100.0% 10.5 Yrs 35,577 $78.00 $65.00 Gross

500 3rd Street

500 3rd Street

San Francisco, CA

1927/NAV 146,961 1.2 miles 100.0% 4.0 Yrs 6,165 $78.00 $0.00 Gross

China Basin Wharfside

185 Berry Street

San Francisco, CA

1922/NAV 502,579 1.5 miles 100.0% 7.5 Yrs 57,692 $86.00 $90.00 Gross
Retail                  

201 Spear Street

San Francisco, CA

1985/NAV 252,591 0.0 miles 100.0% 5.0 Yrs 2,562 $62.00 $0.00 NNN

201 California Street

San Francisco, CA

1980/NAV 272,124 0.5 miles 100.0% 15.0 Yrs 1,700 $93.00 $85.00 NNN

168 2nd Street

San Francisco, CA

1907/NAV 7,200 0.5 miles 100.0% 10.0 Yrs 2,001 $94.92 $49.97 Net

455 Market Street

San Francisco, CA

1987/NAV 379,203 0.7 miles 100.0% 10.0 Yrs 2,391 $80.00 $0.00 Net

 

(1)Information obtained from appraisal.

 

Escrows.

 

Real Estate Taxes – The 188 Spear Street Borrower is required to make monthly payments of one-twelfth of the taxes payable during the next twelve months upon the occurrence and continuance of a Trigger Period (as defined below).

 

Insurance – The 188 Spear Street Borrower will not be required to make monthly payments of one-twelfth of the insurance premiums the lender estimates will be payable during the next twelve months as long as the 188 Spear Street Borrower maintains a blanket policy acceptable to the lender and a Trigger Period has not occurred or is continuing.

 

Replacement Reserve – The 188 Spear Street Borrower is required to make monthly payments of $3,644 into the replacement reserve account (subject to a cap of $87,468) upon the occurrence and continuance of a Trigger Period.

 

TI/LC Reserve – The 188 Spear Street Borrower is required to make monthly payments of $27,334 for tenant improvements and leasing commissions (subject to a cap of $656,007) upon the occurrence and continuance of a Trigger Period.

 

Amazon Free Rent Reserve – The 188 Spear Street Borrower is required to deposit $2,486,946 into a free rent reserve fund at closing to fund free rent for Amazon from November 2019 to January 2020.

 

Outstanding TI/LC Reserve – The 188 Spear Street Borrower is required to deposit $6,448,233 into a reserve to fund outstanding tenant improvements and leasing commissions for Amazon and New Relic.

 

Lockbox and Cash Management. The 188 Spear Street Whole Loan documents require a hard lockbox with springing cash management. At origination, the 188 Spear Street Borrower was required to deliver written instructions to tenants directing them to deposit all rents payable under such leases directly into a lender-controlled lockbox account. The 188 Spear Street Whole Loan documents require that all rents and other funds from operations received by the 188 Spear Street Borrower or the property manager be deposited into the lockbox within two business days after receipt. In the absence of a Trigger Period, funds in the lockbox account will be transferred daily to a borrower operating account. Upon the first occurrence of a Trigger Period, all amounts in the lockbox account are to be transferred daily for the payment, among other things, of the debt service, monthly escrows, and default interest. In the absence of a Cash Sweep Period (as defined below), any remaining funds after such disbursement will be returned to the 188 Spear Street Borrower. Upon the first occurrence of a Cash Sweep Period, all excess cash flow will be escrowed in an excess cash reserve account. In the event of a Cash Sweep Period due to a Major Tenant Rollover Reserve Event (as defined below), excess cash

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

48

 

 

Office - CBD

Loan #2

188 Spear Street

Cut-off Date Balance: $47,000,000
188 Spear Street Cut-off Date LTV: 57.6%
San Francisco, CA 94105 U/W NCF DSCR: 2.82x
  U/W NOI Debt Yield: 10.5%

 

 

will be swept into a major tenant rollover reserve fund up to a cap of $50 per square foot for the applicable tenant. Funds in this reserve will be disbursed for the re-leasing of the subject space.

 

A “Trigger Period” will commence upon the earliest of the following: 

(i)an event of default;

(ii)the debt yield being less than 7.0%;

(iii)a Major Tenant Trigger Event (as defined below); or

(iv)a Major Tenant Rollover Reserve Event.

 

A “Cash Sweep Period” will commence upon the earliest of the following: 

(i)an event of default;

(ii)the debt yield being less than 7.0% for two consecutive calendar quarters;

(iii)a Major Tenant Trigger Event; or

(iv)a Major Tenant Rollover Reserve Event.

 

A Trigger Period and Cash Sweep Period will end upon the occurrence of: 

with respect to clause (i) in each case, the end of such event of default;

with respect to clause (ii) in each case, the debt yield being equal to or greater than 7.0% for two consecutive calendar quarters;

with respect to clause (iii) in each case, the cure of such Major Tenant Trigger Event (as described below); and

with respect to clause (iv) in each case, the cure of such Major Tenant Rollover Reserve Event (as described below).

 

A “Major Tenant Trigger Event” will commence upon the earliest of the following: 

(i)a Major Tenant (as defined below) being in default under its lease;

(ii)any bankruptcy or insolvency of a Major Tenant, its parent company or a guarantor of the Major Tenant’s lease obligations;

(iii)with regard to Amazon, Amazon’s long-term debt rating being downgraded to Ba1 or lower by Moody’s or BB+ or lower by S&P; or

(iv)a Major Tenant going dark in more than 50% of its space.

 

A Major Tenant Trigger Event will end upon the occurrence of: 

with respect to clause (i), the cure of such event of default;

with respect to clause (ii), the Major Tenant (or its parent or guarantor, as applicable) no longer being insolvent or in bankruptcy;

with respect to clause (iii), Amazon’s long-term debt rating being higher than Ba1 by Moody’s and BB+ by S&P; and

with respect to clause (iv), the Major Tenant occupying more than 50% of its space and no longer being “dark.”

 

A “Major Tenant Rollover Reserve Event” will commence upon the earliest of the following: 

(i)the date that is 12 months prior to the expiration of an applicable Major Tenant lease (unless the Major Tenant space is re-tenanted); or

(ii)a Major Tenant giving notice to terminate its lease or any portion of its space.

 

A Major Tenant Rollover Reserve Event will end upon the occurrence of: 

with respect to clause (i) above, a Major Tenant Re-Tenanting Event (as defined below); or

with respect to clause (ii) above, the Major Tenant rescinding its notice to terminate and affirming in writing that its lease is in full force and effect.

 

A “Major Tenant Re-Tenanting Event” will occur upon: 

(i)the applicable Major Tenant renewing or extending its lease on terms acceptable to the lender and the Major Tenant paying full, unabated rent under the renewal or extension; or

(ii)the leasing of the entire Major Tenant space to one or more replacement leases acceptable to the lender, with the new tenant being in physical occupancy of at least 50% of the space, all tenant improvements and leasing commissions having been paid to the 188 Spear Street Borrower and the new tenant(s) paying full, unabated rent under such lease(s) or the 188 Spear Street Borrower depositing the free rent amount into a reserve account with the lender.

 

A “Major Tenant” is any tenant with a lease or instrument guaranteeing or providing credit support for a lease that: (i) provides for net rental income representing more than 10% or more of the total net rental income for the 188 Spear Street Property, (ii) covers more than 35,000 square feet at the 188 Spear Street Property, (iii) has a lease term of more than 10 years including options to renew, or (iv) is an affiliate of the 188 Spear Street Borrower.

 

Property Management. The 188 Spear Street Property is managed by an affiliate of the borrower.

 

Partial Release. Not permitted.

 

Real Estate Substitution. Not permitted.

 

Subordinate and Mezzanine Indebtedness. The holders of the ownership interests in the 188 Spear Street Borrower may obtain a permitted mezzanine loan subject to the satisfaction of the requirements as set forth in the 188 Spear Street Mortgage Loan

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

49

 

 

Office - CBD

Loan #2

188 Spear Street

Cut-off Date Balance: $47,000,000
188 Spear Street Cut-off Date LTV: 57.6%
San Francisco, CA 94105 U/W NCF DSCR: 2.82x
  U/W NOI Debt Yield: 10.5%
 

 

documents including: (i) no event of default is continuing; (ii) the aggregate loan-to-value ratio must not be greater than 57.6%; (iii) the aggregate debt yield must not be less than 8.5%; (iv) the term of the mezzanine loan is co-terminous with the senior mortgage or longer; (v) the execution of an intercreditor, subordination and standstill agreement acceptable to the lender in all respects; (vi) the mezzanine lender and mezzanine loan documents are reasonably acceptable to the lender; and (vii) rating agency confirmation; and other conditions as set forth in the 188 Spear Street Whole Loan documents.

 

Ground Lease. None.

 

Terrorism Insurance. The 188 Spear Street Whole Loan documents require that the “all risk” insurance policy required to be maintained by the borrower provides coverage for terrorism in an amount equal to the full replacement cost of the 188 Spear Street Property, as well as business interruption insurance covering no less than the 18-month period following the occurrence of a casualty event, together with a 12-month extended period of indemnity.

 

Earthquake Insurance: The 188 Spear Street Property is located within seismic zone 4 and has a probable maximum loss of 16%. The 188 Spear Whole Loan documents do not require earthquake insurance unless the property has a probable maximum loss greater than or equal to 20%. However, the borrower obtained earthquake insurance under a blanket policy with a limit of $300.0 million per occurrence.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

50

 

 

(THIS PAGE INTENTIONALLY LEFT BLANK)

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

51

 

  

Office – CBD

450-460 Park Avenue South

New York, NY 10016

Loan #3

 450-460 Park Avenue South

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

 

$45,000,000

36.6%

2.98x

11.7%

 

(image) 

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

52

 

 

Office – CBD

450-460 Park Avenue South

New York, NY 10016

Loan #3

 450-460 Park Avenue South

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

 

$45,000,000

36.6%

2.98x

11.7%

 

(image) 

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

53

 

 

Office – CBD

450-460 Park Avenue South

New York, NY 10016

Loan #3

 450-460 Park Avenue South

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

 

$45,000,000

36.6%

2.98x

11.7%

 

(image) 

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

54

 

 

No. 3 – 450-460 Park Avenue South
 
Mortgage Loan Information   Mortgaged Property Information
Mortgage Loan Seller: Wells Fargo Bank, National Association   Single Asset/Portfolio: Single Asset
Credit Assessment (Fitch/KBRA/Moody’s): NR/BBB/NR   Property Type – Subtype: Office – CBD
Original Principal Balance: $45,000,000   Location: New York, NY
Cut-off Date Balance: $45,000,000   Size: 182,845 SF
% of Initial Pool Balance: 6.2%   Cut-off Date Balance Per SF(3): $410.18
Loan Purpose: Refinance   Maturity Date Balance Per SF(3): $410.18
Borrower Sponsors: Joseph Moinian; Jacob Orfali; David Adelipour   Year Built/Renovated: 1912/2019
Guarantors: Joseph Moinian; Jacob Orfali; David Adelipour   Title Vesting: Fee
Mortgage Rate: 3.7000%   Property Manager: Self-managed
Note Date: May 1, 2019   Current Occupancy (As of): 95.1% (5/1/2019)
Seasoning: 2 months   YE 2018 Occupancy: 95.5%
Maturity Date: May 11, 2029   YE 2017 Occupancy: 85.8%
IO Period: 120 months   YE 2016 Occupancy: 89.1%
Loan Term (Original): 120 months   YE 2015 Occupancy: 98.3%
Amortization Term (Original): NAP   Appraised Value: $205,000,000
Loan Amortization Type: Interest-only, Balloon   Appraised Value Per SF: $1,121.17
Call Protection(1): L(26),D(87),O(7)   Appraisal Valuation Date: March 26, 2019
Lockbox Type: Hard/Springing Cash Management   Underwriting and Financial Information
Additional Debt: Yes   YE 2018 NOI(4): $2,453,518
Additional Debt Type (Balance): Pari Passu ($30,000,000)   YE 2017 NOI(4): $3,864,104
      YE 2016 NOI(4): $4,939,485
      YE 2015 NOI: NAV
      U/W Revenues: $12,784,100
      U/W Expenses: $3,976,506
Escrows and Reserves(2)   U/W NOI(4): $8,807,594
  Initial Monthly Cap   U/W NCF: $8,405,335
Taxes $0 Springing NAP   U/W DSCR based on NOI/NCF(3): 3.12x / 2.98x
Insurance $0 Springing NAP   U/W Debt Yield based on NOI/NCF(3): 11.7% / 11.2%
Replacement Reserve $0 Springing NAP   U/W Debt Yield at Maturity based on NOI/NCF(3): 11.7% / 11.2%
TI/LC Reserve $0 Springing NAP   Cut-off Date LTV Ratio(3): 36.6%
Rent Concession Reserve $2,438,878 $0 NAP   LTV Ratio at Maturity(3): 36.6%
Existing TI/LC Obligations Reserve $4,509,708 $0 NAP      
             
               
Sources and Uses
Sources         Uses      
Original whole loan amount(3) $75,000,000   100.0%   Loan payoff $54,942,262   73.3%
          Upfront reserves 6,948,585         9.3       
          Closing costs 4,633,585         6.2       
          Return of equity 8,475,568         11.3       
Total Sources $75,000,000   100.0%   Total Uses $75,000,000   100.0%

 

(1)Defeasance of the 450-460 Park Avenue South Whole Loan is permitted at any time after the earlier to occur of (a) the end of the two-year period commencing on the closing date of the securitization of the last note of the 450-460 Park Avenue South Whole Loan to be securitized and (b) June 11, 2022. The assumed defeasance lockout period of 26 payments is based on the closing date of this transaction in July 2019.
(2)See “Escrows” section.
(3)All statistical information related to the Cut-off Date Balance per SF, Maturity Date Balance Per SF, U/W DSCR based on NOI/NCF, U/W Debt Yield based on NOI/NCF, U/W Debt Yield at Maturity based on NOI/NCF, Cut-off Date LTV Ratio and LTV Ratio at Maturity are based on the 450-460 Park Avenue South Whole Loan (as defined below).
(4)See “Cash Flow Analysis” section for a discussion of historical NOI fluctuations and the increase in U/W NOI compared to the most recent NOI.

 

The Mortgage Loan. The mortgage loan (the “450-460 Park Avenue South Mortgage Loan”) is part of a whole loan (the “450-460 Park Avenue South Whole Loan”) in the original principal balance of $75,000,000. The 450-460 Park Avenue South Whole Loan is secured by a first priority mortgage encumbering the fee interest in a class B office property in New York, New York (the “450-460 Park Avenue South Property”). The 450-460 Park Avenue South Mortgage Loan represents the controlling Note A-1, which had an original principal balance of $45,000,000. See “Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans” and “Pooling and Servicing Agreement” in the Preliminary Prospectus.  

 

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

55

 

 

Office – CBD

450-460 Park Avenue South

New York, NY 10016

Loan #3

 450-460 Park Avenue South

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

 

$45,000,000

36.6%

2.98x

11.7%

 

Note Summary

 

Notes Original Balance Cut-off Date Balance Note Holder Controlling Piece
A-1 $45,000,000 $45,000,000 WFCM 2019-C51 Yes
A-2 $30,000,000 $30,000,000 Wells Fargo Bank, National Association No
Total $75,000,000 $75,000,000    

 

The Borrower and Borrower Sponsors. The borrower is 460 Park Avenue South Associates LLC, a New York limited liability company (the “450-460 Park Avenue South Borrower”) and single purpose entity with two independent directors. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the 450-460 Park Avenue South Whole Loan. The borrower sponsors and non-recourse carve-out guarantors of the 450-460 Park Avenue South Whole Loan are Joseph Moinian, Jacob Orfali and David Adelipour. Messrs. Moinian, Orfali and Adelipour each hold an equity interest of approximately 33.3% in the 450-460 Park Avenue South Borrower.

 

Joseph Moinian founded The Moinian Group (“Moinian”), a privately held real estate firm that develops, owns and operates properties across multiple asset categories, including office, hotel, retail, condos and rental apartments. Since its founding in 1982, Moinian has amassed a portfolio in excess of 20 million square feet across major markets including New York, Chicago, Dallas and Los Angeles. Moinian’s current portfolio comprises 12 commercial properties in Downtown, Midtown and Midtown South, New York City and an additional four commercial properties in Chicago, Los Angeles, Dallas and New Jersey. Moinian acquired the 450-460 Park Avenue South Property in 1982.

 

The Property. The 450-460 Park Avenue South Property comprises a 12-story (plus lower level), class B office building totaling 182,845 square feet and located within the Midtown South area of Manhattan in New York, New York. Constructed in 1912 and most recently renovated from 2018 to 2019, the 450-460 Park Avenue South Property is situated on a 0.3-acre (13,345 square foot) parcel and comprises two separate lobby entrances along Park Avenue South. The recent renovations totaled approximately $5.6 million and included renovations to the lobby and the first two floors, including windows and the building façade. The 450-460 Park Avenue South Property features open-space layouts and exposed ceilings. As of May 1, 2019, the 450-460 Park Avenue South Property was 95.1% leased to 15 tenants across various industries, including real estate, information technology, healthcare, marketing, education and financial services. Approximately 6.7% of the net rentable area and 17.0% of the underwritten base rent at the 450-460 Park Avenue South Property is attributed to four ground floor and lower level retail tenants with frontage along Park Avenue South and East 31st Street.

 

Major Tenants.

 

Largest Tenant: WeWork (76,373 square feet; 41.8% of net rentable area; 43.4% of underwritten base rent; 8/31/2034 lease expiration) – WeWork provides furnished and fully-serviced shared workspaces, primarily to small and midmarket enterprises. The company also provides access to health care, payment processing, IT support, payroll, and legal, among other services. According to the appraisal, WeWork currently leases approximately 25 million square feet of space across 562 locations in 86 cities, including the United States, Israel, Mexico, China, France, South Korea, Australia, the United Kingdom, Hong Kong, Germany, and the Netherlands. WeWork’s lease at the 450-460 Park Avenue South Property commenced in August 2018 and has one, 5-year renewal option remaining following its August 2034 lease expiration. WeWork is currently in a partial rent abatement period (see “Major Tenants” table below), and all remaining rent concessions and tenant improvements related to WeWork were reserved for in conjunction with the origination of the 450-460 Park Avenue South Whole Loan (see “Escrows” section). The entity on the WeWork lease is 460 Park Ave South Tenant LLC, and the lease is guaranteed by WeWork Companies Inc. The maximum aggregate liability of the lease guarantor is limited to $10,081,236; and beginning August 2021, as of the commencement of each lease year, as long as the tenant is not then in monetary or material non-monetary default under its lease beyond any applicable notice and cure periods, the lease guarantor’s cap on liability will be reduced by $840,103 per year.

 

2nd Largest Tenant: Deep Focus (23,400 square feet; 12.8% of net rentable area; 8.0% of underwritten base rent; 8/31/2020 lease expiration) – Deep Focus currently subleases all of its space to ShopKeep.com Inc. (“ShopKeep”) pursuant to a sublease agreement dated June 30, 2016. ShopKeep is a cloud-based iPad point of sale system provider headquartered in New York, New York. Founded in 2008, ShopKeep enables customers to accept multiple types of payment on an iPad and provides features such as automatic inventory tracking, employee management and real time sales reporting. ShopKeep’s platform encompasses approximately $289 million in annual transaction volume and serves over 25,000 customers in the United States. ShopKeep’s sublease is coterminous with the Deep Focus direct lease at the 450-460 Park Avenue South Property with a lease expiration date of August 2020. See “Major Tenants” below for information related to rental rates of the direct lease and sublease.

 

3rd Largest Tenant: Fusion Learning Inc. (14,070 square feet; 7.7% of net rentable area; 7.3% of underwritten base rent; 6/21/2022 & 6/20/2023 lease expiration) – Fusion Learning Inc. (“Fusion”) is a fully accredited private learning center with 58 locations throughout the United States. Fusion’s programing is customized for strengths, interests and learning style, with one teacher and one student per classroom. Fusion has been a tenant at the 450-460 Park Avenue South Property since November 2012, originally leasing 8,270 square feet and expanding into an additional 5,800 square feet in March 2015. Fusion’s lease for its original 8,270 square foot space expires in June 2023 and its lease for its 5,800 square foot space expires in June 2022.

 

No other tenant accounts for more than 4.4% of the net rentable area or 6.8% of underwritten base rent at the 450-460 Park Avenue South Property.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

56

 

 

Office – CBD

450-460 Park Avenue South

New York, NY 10016

Loan #3

 450-460 Park Avenue South

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

 

$45,000,000

36.6%

2.98x

11.7%

 

The following table presents certain information relating to the tenancy at the 450-460 Park Avenue South Property:

 

Major Tenants

 

Tenant Name Credit Rating (Fitch/
Moody’s/
S&P)
Tenant NRSF % of
NRSF
Annual U/W Base Rent PSF(1) Annual
U/W Base Rent(1)
% of Total Annual U/W Base Rent Lease
Expiration Date
Extension Options Termination Option (Y/N)
Major Tenants                
WeWork(2) BB-/NR/B(3) 76,373 41.8% $67.32(2) $5,141,430(2) 43.4% 8/31/2034 1, 5-year N
Deep Focus(4) NR/NR/NR 23,400 12.8% $40.74 $953,206 8.0% 8/31/2020 NAP N
Fusion Learning Inc. NR/NR/NR 14,070 7.7% $61.44 $864,466 7.3% Various(5) NAP N
TD Bank (Retail)(6) NR/Aa3/AA- 2,851 1.6% $280.60(6)(7) $800,000(6)(7) 6.8% 12/31/2028 NAP N
VigPark (Retail) NR/NR/NR 3,793 2.1% $200.00(8) $758,600(8) 6.4% 5/31/2024  NAP  N
Total Major Tenants 120,487 65.9% $70.69 $8,517,702 71.9%      
                 
Non-Major Tenant 53,423 29.2% $62.27 $3,326,663 28.1%      
                 
Occupied Collateral Total 173,910 95.1% $68.11 $11,844,365 100.0%      
                 
Vacant Space 8,935 4.9%            
                 
Collateral Total 182,845 100.0%            
                   

 

(1)Annual U/W Base Rent PSF and Annual U/W Base Rent include contractual rent steps through June 2020 totaling $662,436.
(2)WeWork is currently in a 50% rent abatement period for all of its space until February 6, 2020 and for solely its 12th floor suite (15,500 square feet) until April 2020. All outstanding rent concessions were reserved for at the time of origination of the 450-460 Park Avenue South Whole Loan (see “Escrows” section).
(3)The entity on the WeWork lease is 460 Park Ave South Tenant LLC, and the lease is guaranteed by WeWork Companies Inc., the rated entity. The maximum aggregate liability of the lease guarantor is limited to $10,081,236; and beginning August 2021, as of the commencement of each lease year, as long as the tenant is not then in monetary or material non-monetary default under its lease beyond any applicable notice and cure periods, the lease guarantor’s cap on liability will be reduced by $840,103 per year.
(4)Deep Focus subleases its space to ShopKeep with a sublease expiration date of August 30, 2020. The Annual U/W Base Rent PSF and Annual U/W Base Rent are based on Deep Focus’s direct rental rate (inclusive of a contractual rent increase in March 2020). The current sublease rental rate is $57.22 per square foot. Per the terms of the Deep Focus lease, the landlord is entitled to 50% of the amount of sublease rent in excess of direct rent, which is included in the lender’s underwritten other income (approximately $192,816).
(5)Fusion Learning Inc.’s lease for its original 8,270 square foot space expires in June 2023 and its lease for its 5,800 square foot expansion space expires in June 2022.
(6)TD Bank is currently in a free rent period through August 2019. All outstanding rent concessions were reserved for at the time of origination of the 450-460 Park Avenue South Whole Loan (see “Escrows” section).
(7)The Annual U/W Base Rent and Annual U/W Base Rent PSF shown above represent TD Bank’s current contractual rental rate (excluding the current rent abatement period). The lender’s underwriting gives separate credit for straight-line rent averaging over the remaining lease term for TD Bank totaling $35,862, which implies a total effective underwritten rental rate of $293.18 PSF (see “Operating History and Underwritten Net Cash Flow” below).
(8)

VigPark executed a five-year renewal option, effective June 1, 2019, with a rental rate based on fair market rent (“FMR”), as will be determined by an ongoing arbitration process.  The tenant and the landlord will each appoint one arbitrator and the two arbitrators will collectively appoint an impartial third arbitrator.  If at least two of the three arbitrators concur in their determination of FMR, the determination will be final and binding upon all parties.  If the arbitrators fail to concur, the FMR will be equal to 50% of the sum of the two determinations closest in amount and such amount will be final and binding.  The Annual U/W Base Rent and Annual U/W Base Rent PSF for VigPark reflect the appraiser’s concluded market rent for the space.  Prior to the recent lease renewal, VigPark’s rental rate was $86.82 per square foot.  If the Annual U/W Base Rent and Annual U/W Base Rent PSF for VigPark were based on the most recent rental rate, the 450-460 Park Avenue South Whole Loan’s U/W DSCR based on NOI/NCF would be 2.98x/2.84x, and its U/W Debt Yield based on NOI/NCF would be 11.2%/10.7%.  The lender cannot assure you that VigPark’s arbitrated rent will be in an amount equal to or greater than the appraiser’s concluded market rent.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

57

 

 

Office – CBD

450-460 Park Avenue South

New York, NY 10016

Loan #3

 450-460 Park Avenue South

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

 

$45,000,000

36.6%

2.98x

11.7%

 

The following table presents certain information relating to the lease rollover schedule at the 450-460 Park Avenue South Property:

 

Lease Expiration Schedule(1)(2)

 

Year Ending
 December 31,
No. of Leases Expiring Expiring NRSF % of Total NRSF Cumulative Expiring NRSF Cumulative % of Total NRSF Annual
 U/W
Base Rent(3)
% of Total Annual U/W Base Rent Annual
 U/W
Base Rent
 PSF(3)
MTM 0 0 0.0% 0 0.0% $0 0.0% $0.00
2019 1 7,500 4.1% 7,500 4.1% $497,815 4.2% $66.38
2020 2 23,400 12.8% 30,900 16.9% $953,206 8.0% $40.74
2021 0 0 0.0% 30,900 16.9% $0 0.0% $0.00
2022 3 21,300 11.6% 52,200 28.5% $1,417,670 12.0% $66.56
2023 6 32,303 17.7% 84,503 46.2% $1,752,882 14.8% $54.26
2024 1 3,793 2.1% 88,296 48.3% $758,600 6.4% $200.00
2025 0 0 0.0% 88,296 48.3% $0 0.0% $0.00
2026 0 0 0.0% 88,296 48.3% $0 0.0% $0.00
2027 0 0 0.0% 88,296 48.3% $0 0.0% $0.00
2028 3 5,956 3.3% 94,252 51.5% $1,046,000 8.8% $175.62
2029 0 0 0.0% 94,252 51.5% $0 0.0% $0.00
Thereafter 8 79,658 43.6% 173,910 95.1% $5,418,192 45.7% $68.02
Vacant 0 8,935 4.9% 182,845 100.0% $0 0.0% $0.00
Total/Weighted Average 24 182,845 100.0%     $11,844,365 100.0% $68.11

 

(1)Information obtained from 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 Expiration Schedule.
(3)Total/Weighted Average Annual U/W Base Rent and Annual U/W Base Rent PSF exclude vacant space.

 

The following table presents historical occupancy percentages at the 450-460 Park Avenue South Property:

 

Historical Occupancy

 

12/31/2015(1)

12/31/2016(1)

12/31/2017(1)

12/31/2018(1)

5/1/2019(2)

98.3% 89.1% 85.8% 95.5% 95.1%

 

(1)Information obtained from the borrower.
(2)Information obtained from the underwritten rent roll.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

58

 

 

Office – CBD

450-460 Park Avenue South

New York, NY 10016

Loan #3

 450-460 Park Avenue South

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

 

$45,000,000

36.6%

2.98x

11.7%

 

Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the 450-460 Park Avenue South Property:

 

Cash Flow Analysis

 

  2016(1) 2017(1) 2018(1)(2) U/W(2) %(3) U/W $ per SF
Base Rent $7,606,063 $6,936,954 $4,744,639 $11,181,929 83.4% $61.16
Rent Average Benefit(4) 0 0 0 35,862 0.3 0.20
Contractual Rent Steps(5) 0 0 0 662,436 4.9 3.62
Grossed Up Vacant Space

0

0

0

466,420

3.5

2.55

Gross Potential Rent $7,606,063 $6,936,954 $4,744,639 $12,346,647 92.1% $67.53
Other Income(6) 44,695 81,730 142,311 286,829 2.1 1.57
Total Recoveries

807,548

773,685

855,004

766,164

5.7

4.19

Net Rental Income $8,458,306 $7,792,369 $5,741,954 $13,399,640 100.0% $73.28
(Vacancy & Credit Loss)

0

0

0

(615,539)(7)

(5.0)

(3.37)

Effective Gross Income $8,458,306 $7,792,369 $5,741,954 $12,784,100 95.4% $69.92
             
Real Estate Taxes 1,541,112 1,636,073 1,747,705 1,832,983 14.3 10.02
Insurance 53,787 70,028 74,797 75,000 0.6 0.41
Management Fee 322,850 335,631 92,356 383,523 3.0 2.10
Other Operating Expenses

1,601,072

1,886,533

1,373,578

1,685,000

13.2

9.22

Total Operating Expenses $3,518,821 $3,928,265 $3,288,436 $3,976,506 31.1% $21.75
             
Net Operating Income $4,939,485 $3,864,104 $2,453,518 $8,807,594 68.9% $48.17
Replacement Reserves 0 0 0 36,569 0.3 0.20
TI/LC

0

0

0

365,690

2.9

2.00

Net Cash Flow $4,939,485 $3,864,104 $2,453,518 $8,405,335 65.7% $45.97
             
NOI DSCR 1.75x 1.37x 0.87x 3.12x    
NCF DSCR 1.75x 1.37x 0.87x 2.98x    
NOI Debt Yield 6.6% 5.2% 3.3% 11.7%    
NCF Debt Yield 6.6% 5.2% 3.3% 11.2%    

 

(1)The decrease in Net Operating Income from 2016 to 2017 and 2017 to 2018 was partly driven by Merchant Cash and Capital LLC (“Merchant”) vacating approximately 45,383 square feet (24.8% of net rentable area) in mid-2017. The Merchant space was re-leased to WeWork with lease commencement occurring in August 2018 and rent commencement occurring in February and May 2019, respectively.
(2)The increase in Net Operating Income from 2018 to U/W was driven by (i) five new leases totaling 58.0% of underwritten rent (totaling $6,864,318, inclusive of contractual rent steps through June 2020 totaling $662,436) commencing between May 2018 and May 2019 (including the WeWork lease with lease commencement in August 2018 and rent commencement in February and May 2019) and (ii) straight-line rent averaging for the investment grade tenant TD Bank ($35,862).
(3)Represents (i) percent of Net Rental Income for all revenue fields, (ii) percent of Gross Potential Rent for Vacancy & Credit Loss and (iii) percent of Effective Gross Income for all other fields.
(4)Represents straight-line rent averaging over the remaining lease terms for investment grade tenant TD Bank.
(5)Represents contractual rent steps through June 2020.
(6)Other Income is primarily composed of sublease profit sharing for the Deep Focus lease (see “Major Tenants” table), antenna, storage, and tenant specific cost reimbursements.
(7)The underwritten economic vacancy is 5.0%. The 450-460 Park Avenue South Property was 95.1% physically occupied as of May 1, 2019.

 

Appraisal. The appraiser concluded to an “as-is” Appraised Value for the 450-460 Park Avenue South Property of $205,000,000 as of March 26, 2019. The appraiser also concluded to a land value of $90,000,000 as of March 26, 2019.

 

Environmental Matters. According to the Phase I environmental site assessment dated March 28, 2019, there was no evidence of any recognized environmental conditions at any of the 450-460 Park Avenue South Property.

 

Market Overview and Competition. The 450-460 Park Avenue South Property is situated on the southwest corner of the intersection of Park Avenue South and East 31st Street within the Midtown South area of Manhattan, New York, New York. The 450-460 Park Avenue South Property is situated approximately two blocks south of the 33rd Street Subway station (which services the 6 train), three blocks northeast of the 28th Street subway station located on Broadway (which services Q and R lines), four blocks southeast of the 34th Street-Herald Square subway station (which services the B, D, F, M, N, Q, R W lines and is the third busiest Subway station according to the most recently published data by the Metropolitan Transportation Authority (MTA) in 2016), and 10 blocks south of the Grand Central Terminal. Madison Square Park, a 6.2-acre public park that opened in 1847, is located approximately four blocks south of the 450-460 Park Avenue South Property. Notable landmarks and historical buildings that surround Madison Square Park include the Flatiron Building, the Toy Center, the New York Life Building, 11 Madison Avenue, the Met Life Tower, and One Madison Park. According to a third party market research provider, the estimated 2019 population within a three- and five-mile radius of the 450-

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

59

 

 

Office – CBD

450-460 Park Avenue South

New York, NY 10016

Loan #3

 450-460 Park Avenue South

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

 

$45,000,000

36.6%

2.98x

11.7%

 

460 Park Avenue South Property was approximately 1,316,611 and 2,958,592, respectively; and the estimated 2019 average household income within the same radii was approximately $136,553 and $115,374, respectively.

 

Submarket Information – According to a third-party market research report, the 450-460 Park Avenue South Property is situated within the Murray Hill submarket of the New York Office Market. As of May 29, 2019, the Murray Hill submarket reported a total inventory of approximately 15.0 million square feet with a 7.5% vacancy rate. The appraiser concluded to market rents ranging from $68.00 to $72.00 per square foot, modified gross, for the office space at the 450-460 Park Avenue South Property and $30.00 to $275.00 per square foot, modified gross, for the retail space (see tables below). According to the appraisal, the weighted average contractual rental rate at the 450-460 Park Avenue South Property is approximately 15.4% below market rent.

 

Appraiser’s Comp Set – The appraiser identified eight directly competitive office properties totaling approximately 1.9 million square feet, with an average occupancy rate of 94.6% and base rents ranging from $61.00 to $87.00 per square foot, modified gross.

 

The following table presents certain information relating to the appraiser’s market rent conclusions for the 450-460 Park Avenue South Property:

 

Office Space Market Rent Summary(1)

 

  Minor Office
(Floors 2-10)
Major Office
(Floors 2-10)
Minor Office
(Floors 11-12)
Major Office
(Floors 11-12)
Market Rent (PSF) $68.00 $68.00 $72.00 $72.00
Lease Term (Years) 10 15 10 15
Lease Type (Reimbursements) MG MG MG MG
Rent Increase Projection 2.5% per annum 2.5% per annum 2.5% per annum 2.5% per annum

 

(1)Information obtained from the appraisal.

 

Retail Space Market Rent Summary(1)

 

  Retail Ground
Side Street
Retail Ground
Park Avenue
Retail Ground
Corner
Retail Lower
Level
Market Rent (PSF) $125.00 $200.00 $275.00 $30.00
Lease Term (Years) 10 10 10 10
Lease Type (Reimbursements) MG MG MG MG
Rent Increase Projection 3.0% per annum 3.0% per annum 3.0% per annum 3.0% per annum

 

(1)Information obtained from the appraisal.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

60

 

 

Office – CBD

450-460 Park Avenue South

New York, NY 10016

Loan #3

 450-460 Park Avenue South

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

 

$45,000,000

36.6%

2.98x

11.7%

 

The table below presents certain information relating to comparable sales pertaining to the 450-460 Park Avenue South Property identified by the appraiser:

 

Comparable Sales(1)

 

Property Name Location Rentable
Area (SF)
Sale Date Sale Price Sale Price
(PSF)
670 Broadway New York, NY 71,929 Feb-19 $130,500,000 $1,814.29
470 Park Avenue South New York, NY 301,178 Jan-19 $247,000,000 $820.11
400 Madison Avenue New York, NY 180,181 Oct-18 $194,500,000 $1,079.47
183 Madison Avenue New York, NY 274,413 Sep-18 $225,000,000 $819.93
540 West 26th South New York, NY 166,966 Aug-18 $257,000,000 $1,539.24
222 East 41st Street New York, NY 390,000 May-18 $332,500,000 $852.56
1065 Avenue of the Americas New York, NY 682,988 Mar-18 $640,000,000 $937.06
1180 Avenue of the Americas New York, NY 399,513 Feb-18 $305,000,000 $763.43
218 West 18th Street New York, NY 167,670 Oct-17 $178,000,000 $1,061.61

 

(1)Information obtained from the appraisal.

 

The following table presents certain information relating to comparable office leases for the 450-460 Park Avenue South Property:

 

Comparable Leases(1)

 

Property
Name/Location
Year Built/ Renovated Total GLA (SF) Distance from Subject Occupancy(2) Tenant Tenant Size Lease Term Annual Base Rent PSF Lease Type

11 East 26th Street

New York, NY

1913/NAV 264,660 0.4 miles 95.4% Butterfly Network, Inc. 24,166 SF 10.3 Yrs $67.00 MG

215 Park Avenue South

New York, New York

1914/1982 329,703 0.6 miles 91.2%

The Well Corporate Office LLC

Warshaw Blumenthal, Inc.

1,762 SF

5,092 SF

10.0 Yrs

5.2 Yrs

$79.50

$74.00

MG

MG

381 Park Avenue South

New York, NY

1910/NAV 208,481 0.2 miles 88.1% ListenFirst Media 10,439 SF 3.1 Yrs $65.00 MG

386 Park Avenue South

New York, NY

1927/1990 260,162 0.2 miles 100.0% Lowe & Partners, IPG Management LLC 13,121 SF 8.2 Yrs $72.00 MG

3 East 28th Street

New York, NY

1921/NAV 66,900 0.5 miles 91.7% Knotel, Inc. 16,725 SF 10.2 Yrs $61.00 MG

387 Park Avenue South

New York, NY

1910/NAV 222,000 0.2 miles 100.0% Atrium Staffing 19,372 SF 10.3 Yrs $70.00 MG

300 Park Avenue South

New York, NY

1910/NAV 185,000 0.4 miles 100.0% Swavelle/Mill Creek, Inc. 15,468 SF 15.4 Yrs $73.50 MG

315 Park Avenue South

New York, NY

1910/2007 356,330 0.4 miles 90.2% PitchBook Data, Inc. 34,100 SF 10.0 Yrs $87.00 MG

 

(1)Information obtained from the appraisal.
(2)Information obtained from a third party market research provider.

 

Escrows.

 

Real Estate Taxes – Upon the occurrence and continuance of a Cash Trap Event Period (see “Lockbox and Cash Management” section), the 450-460 Park Avenue South Whole Loan documents require ongoing monthly real estate tax reserves in an amount equal to one-twelfth of the real estate taxes that the lender estimates will be payable during the next 12 months.

 

Insurance – Upon the occurrence and continuance of a Cash Trap Event Period, the 450-460 Park Avenue South Whole Loan documents require ongoing monthly insurance reserves in an amount equal to one-twelfth of the insurance premiums that the lender estimates will be payable for the renewal of the coverage during the next 12 months; provided, however, the 450-460 Park Avenue South Whole Loan documents do not require ongoing monthly escrows for insurance premiums as long as (i) no event of default has occurred and is continuing, (ii) the 450-460 Park Avenue South Borrower (or borrower affiliate) provides the lender with evidence that the 450-460 Park Avenue South Property’s insurance coverage is included in a blanket policy and such policy is in full force and effect and (iii) the 450-460 Park Avenue South Borrower pays all applicable insurance premiums and provides the lender with evidence of timely payment of insurance premiums/renewals.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

61

 

 

Office – CBD

450-460 Park Avenue South

New York, NY 10016

Loan #3

 450-460 Park Avenue South

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

 

$45,000,000

36.6%

2.98x

11.7%

 

Replacement Reserve – Upon the occurrence and continuance of a Cash Trap Event Period, the 450-460 Park Avenue South Whole Loan documents require ongoing monthly replacement reserves of $3,047, which the lender may require the 450-460 Park Avenue South Borrower to increase (not more than once per year) if the lender reasonably determines such increase is necessary to maintain the proper operation of the 450-460 Park Avenue South Property.

 

Leasing Reserve – Upon the occurrence and continuance of a Cash Trap Event Period, the 450-460 Park Avenue South Whole Loan documents require ongoing monthly rollover reserves of $18,284.

 

Rent Concession Reserve – The 450-460 Park Avenue South Whole Loan documents require an upfront reserve of $2,438,878 for outstanding rent concessions related to Dig Inn ($157,500), TD Bank ($234,409) and WeWork ($2,046,969).

 

Existing TI/LC Reserve – The 450-460 Park Avenue South Whole Loan documents require an upfront reserve of $4,509,708 for outstanding TI/LCs related to Dig Inn ($447,051), TD Bank ($84,222) and WeWork ($3,978,434).

 

Lockbox and Cash Management. The 450-460 Park Avenue South Whole Loan documents require that the borrower establish and maintain a lender-controlled lockbox account, which is already in-place, and that the 450-460 Park Avenue South Borrower direct all tenants to pay rent directly into such lockbox account. The 450-460 Park Avenue South Whole Loan documents also require that all rents received by the 450-460 Park Avenue South Borrower or the property manager be deposited into the lockbox account within two business days of receipt. Prior to the occurrence of a Cash Trap Event Period, all funds on deposit in the lockbox account will be disbursed to the 450-460 Park Avenue South Borrower. During a Cash Trap Event Period, all funds in the lockbox account are required to be swept each business day into the cash management account controlled by the lender and, on each payment date, all funds in the cash management account are required to be applied in accordance with the 450-460 Park Avenue South Whole Loan documents. During a Cash Trap Event Period, any excess cash flow remaining after satisfaction of the waterfall items is required to be swept to an excess cash flow subaccount to be held by the lender as additional security for the 450-460 Park Avenue South Whole Loan.

 

A “Cash Trap Event Period” will commence upon the earlier of the following:

 

(i)the occurrence and continuance of an event of default;
(ii)the net cash flow debt service coverage ratio (“NCF DSCR”) falling below 1.50x at the end of any calendar quarter; or
(iii)the occurrence and continuation of a Material Tenant Event Period (as defined below).

 

A Cash Trap Event Period will end upon the occurrence of the following (provided no other Cash Trap Event Period exists):

 

with regard to clause (i), the cure or written waiver of such event of default;
with regard to clause (ii), the NCF DSCR being greater than or equal to 1.50x for two consecutive calendar quarters; or
with regard to clause (iii), a Material Tenant Event Period Cure (as defined below).

 

A “Material Tenant Event Period” will commence upon the earliest to occur of the following:

 

(i)WeWork “going dark” or providing notice to the 450-460 Park Avenue South Borrower and/or the property manager of its intent to discontinue its business and/or operations in its space;
(ii)WeWork filing, as a debtor, a bankruptcy or similar insolvency proceeding, or otherwise becoming involved, as a debtor, in a bankruptcy or any similar insolvency proceeding;
(iii)the WeWork lease being surrendered, cancelled, other otherwise terminating for any reason; or
(iv)WeWork being in a monetary default or material non-monetary default under its lease beyond any applicable notice and cure periods.

 

A “Material Tenant Event Period Cure” will occur upon:

 

with regard to clauses (i), (ii), (iii) and (iv) above:

(a) the date on which at least 90% of the gross leasable area of the WeWork space has been leased by one or more tenants in accordance with the 450-460 Park Avenue South Whole Loan documents, each of which (1) has taken actual possession of the WeWork space, (2) is open for business and (3) has commenced payment of rent at a base rental rate of not less than $75 per leasable square foot;

(b) the total amount of funds on deposit in the excess cash flow subaccount equals at least $5,727,975 ($75.00 per square foot on the WeWork space); or

(c) the NCF DSCR (excluding any rental income attributed to WeWork) being greater than or equal to 1.50x for two consecutive calendar quarters.

with regard to clause (ii) only of the definition of Material Tenant Event Period, WeWork no longer being insolvent, such bankruptcy or similar insolvency proceeding having ceased and WeWork’s lease having been reaffirmed pursuant to a final, non-appealable order of a court of competent jurisdiction.

 

Property Management. The 450-460 Park Avenue South Property is managed by an affiliate of the borrower. 

 

Partial Release. Not permitted.

 

Real Estate Substitution. Not permitted.

 

Subordinate and Mezzanine Indebtedness. Not permitted.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

62

 

 

Office – CBD

450-460 Park Avenue South

New York, NY 10016

Loan #3

 450-460 Park Avenue South

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

 

$45,000,000

36.6%

2.98x

11.7%

 

Ground Lease. None.

 

Terrorism Insurance. The 450-460 Park Avenue South Whole Loan documents require that the “all risk” insurance policy required to be maintained by the borrower provides coverage for terrorism in an amount equal to the full replacement cost of the 450-460 Park Avenue South Property, as well as business interruption insurance covering no less than the 18-month period following the occurrence of a casualty event, together with a 6-month extended period of indemnity.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

63

 

 

Retail - Anchored

Loan #4 

El Con Center 

Cut-off Date Balance:   $45,000,000
3601 East Broadway Boulevard Cut-off Date LTV:   62.8%
Tucson, AZ 85716 U/W NCF DSCR:   1.79x
  U/W NOI Debt Yield:   9.3%

 

 

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

64

 

 

Retail - Anchored

Loan #4 

El Con Center 

Cut-off Date Balance:   $45,000,000
3601 East Broadway Boulevard Cut-off Date LTV:   62.8%
Tucson, AZ 85716 U/W NCF DSCR:   1.79x
  U/W NOI Debt Yield:   9.3%

 

 

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

65

 

 

Retail - Anchored

Loan #4 

El Con Center 

Cut-off Date Balance:   $45,000,000
3601 East Broadway Boulevard Cut-off Date LTV:   62.8%
Tucson, AZ 85716 U/W NCF DSCR:   1.79x
  U/W NOI Debt Yield:   9.3%

 

 

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

66

 

 

No. 4 – El Con Center
 
Mortgage Loan Information   Mortgaged Property Information
Mortgage Loan Seller: Rialto Mortgage Finance, LLC   Single Asset/Portfolio: Single Asset

Credit Assessment 

(Fitch/KBRA/Moody’s): 

NR/NR/NR   Property Type – Subtype: Retail – Anchored
Original Principal Balance(1): $45,000,000   Location: Tucson, AZ
Cut-off Date Balance(1): $45,000,000   Size: 480,383 SF
% of Initial Pool Balance: 6.2%   Cut-off Date Balance Per SF(1): $131.15
Loan Purpose: Refinance   Maturity Date Balance Per SF(1): $131.15
Borrower Sponsors: E. Stanley Kroenke   Year Built/Renovated: 1971/2014
Guarantors: E. Stanley Kroenke   Title Vesting: Fee
Mortgage Rate: 4.8200%   Property Manager: Self-managed
Note Date: May 1, 2019   Current Occupancy (As of): 99.5% (2/2/2019)
Seasoning: 2 months   YE 2018 Occupancy: 99.7%
Maturity Date: May 6, 2029   YE 2017 Occupancy: 99.7%
IO Period: 120 months   YE 2016 Occupancy: 100.0%
Loan Term (Original): 120 months   YE 2015 Occupancy: 100.0%
Amortization Term (Original): NAP   Appraised Value: $100,300,000
Loan Amortization Type: Interest-only, Balloon   Appraised Value Per SF: $208.79
Call Protection: L(23),GRTR 1% or YM(93),O(4)   Appraisal Valuation Date: March 13, 2019
Lockbox Type: Springing   Underwriting and Financial Information
Additional Debt(1): Pari Passu   YE 2018 NOI: $6,512,035
Additional Debt Type (Balance)(1): $18,000,000   YE 2017 NOI: $5,636,536
      YE 2016 NOI: $5,551,924
      YE 2015 NOI: NAV
      U/W Revenues: $8,307,352
      U/W Expenses: $2,439,895
Escrows and Reserves(2)   U/W NOI: $5,867,457
  Initial Monthly Cap   U/W NCF: $5,531,189
Taxes $0 Springing NAP   U/W DSCR based on NOI/NCF(1): 1.90x / 1.79x
Insurance $0 Springing NAP   U/W Debt Yield based on NOI/NCF(1): 9.3% / 8.8%
Replacement Reserve $0 Springing NAP   U/W Debt Yield at Maturity based on NOI/NCF(1): 9.3% / 8.8%
TI/LC Reserve $0 Springing $1,200,958   Cut-off Date LTV Ratio(1): 62.8%
          LTV Ratio at Maturity(1): 62.8%
             
               

 

Sources and Uses
Sources         Uses      
Original whole loan amount $63,000,000   100.0%   Loan payoff $61,720,875   98.0%
          Closing Costs 503,586   0.8 
          Return of equity 775,539    1.2  
Total Sources $63,000,000   100.0%   Total Uses $63,000,000   100.0% 

 

(1)The El Con Center Mortgage Loan (as defined below) is part of the El Con Center Whole Loan (as defined below), which comprises two pari passu notes with an aggregate original balance of $63,000,000. All statistical information related to the Cut-off Date Balance per SF, Maturity Date Balance per SF, U/W Debt Yield based on NOI/NCF, U/W Debt Yield at Maturity based on NOI/NCF, U/W DSCR based on NOI/NCF, Cut-off Date LTV Ratio and LTV Ratio at Maturity are based on the El Con Center Whole Loan.

(2)See “Escrows” section for a full description of Escrows and Reserves.

 

The Mortgage Loan. The mortgage loan (the “El Con Center Mortgage Loan”) is part of a whole loan (the “El Con Center Whole Loan”) evidenced by two pari passu notes with a combined original principal balance of $63,000,000 and an outstanding principal balance as of the Cut-off Date of $63,000,000 secured by a first mortgage encumbering the fee interest in a 480,383 square feet power center located in Tucson, Arizona (the “El Con Center Property”). The El Con Center Mortgage Loan represents the controlling Note A-1. See “Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans” and “Pooling and Servicing Agreement” in the Preliminary Prospectus.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

67

 

 

Retail - Anchored

Loan #4 

El Con Center 

Cut-off Date Balance:   $45,000,000
3601 East Broadway Boulevard Cut-off Date LTV:   62.8%
Tucson, AZ 85716 U/W NCF DSCR:   1.79x
  U/W NOI Debt Yield:   9.3%

 

Note Summary

 

Notes Original Principal Balance Cut-off Date Balance Note Holder Controlling Interest
A-1 $45,000,000 $45,000,000 WFCM 2019-C51 Yes
A-2 $18,000,000 $18,000,000 Rialto Mortgage Finance, LLC No
Total $63,000,000 $63,000,000    

 

The Borrower and Borrower Sponsor. The borrower is TKG El Con Center, LLC (the “El Con Center Borrower”), a Delaware limited liability company and single purpose entity with two independent directors. Legal counsel to the El Con Center Borrower delivered a non-consolidation opinion in connection with the origination of the El Con Center Whole Loan. The borrower sponsor and nonrecourse carve-out guarantor of the El Con Center Whole Loan is E. Stanley Kroenke.

 

E. Stanley Kroenke is chairman, cofounder, and owner of THF Realty, a real estate development firm. Mr. Kroenke holds real estate interests in shopping centers, office buildings, industrial and warehouse properties, sports stadiums and storage facilities across the United States. Mr. Kroenke owns 308 properties totaling approximately 43.6 million square feet. Mr. Kroenke’s current and former board and trustee memberships include Wal-Mart Stores, Inc., Central Bancompany, Boone County National Bank and Community Investments Partnerships of St. Louis. Mr. Kroenke also owns the Denver Nuggets of the National Basketball Association, the Colorado Avalanche of the National Hockey League, the Los Angeles Rams of the National Football League, and is the largest shareholder in Arsenal of the English Premier League. The borrower sponsor is one of several defendants under complaints filed in April 2016 by the City of St. Louis related to the decision to relocate the St. Louis Rams to Los Angeles. See “Description of the Mortgage Pool - Litigation and Other Considerations” in the Preliminary Prospectus.

 

The Property. The El Con Center Property is a power center containing 480,383 square feet of net rentable area located in Tucson, Arizona. Originally built as a mall in 1971, the El Con Center Property was converted to an outdoor power center between 1999 and 2014 by the prior owner at a cost of $50.0 million. The El Con Center Property consists of six anchor tenant buildings, two multi-tenant building and eight pad sites located along East Broadway Boulevard. The El Con Center Property is situated on 91.2 acres and provides 2,603 surface parking spaces, resulting in a parking ratio of 5.4 spaces per square foot. The El Con Center Property is anchored by Home Depot, Target, Wal-Mart, JC Penney, and Century Theaters and junior anchored by Ross Dress for Less, Marshall’s, Office Depot, PetSmart, and Shoe Carnival. As of February 2, 2019, the El Con Center Property was 99.5% occupied by 22 national and regional tenants. Six of the tenant spaces are not accounted for in the El Con Center Property’s overall square footage as the ownership interests of the improved pad sites are ground leased. These include Home Depot, Target, Wal-Mart, Cheddars, Chick-Fil-A, and In-N-Out Burger. The ground lease tenants account for 34.7% of the underwritten base rent.

 

Major Tenants.

 

The following top major tenants are based on percentage of the underwritten base rent and are different from the top major tenants in the data tape, which are based on percentage of the NRA.

 

Largest Tenant: Century Theatres (BB by S&P; 16.5% of underwritten base rent; 6/30/2024 lease expiration) – Century Theatres is a subsidiary of Cinemark Holdings, Inc. (“Cinemark”). Cinemark is a leader in the motion picture exhibition industry and was founded in 1985 by Lee Roy Mitchell and Paul Broadhead. In 2006, Cinemark acquired Century Theatres, which was the eighth largest movie-theater at the time, adding over 1,000 screens to Cinemark’s operations. The company operates in smaller cities and suburban areas of major metropolitan markets. Century Theatres has been a tenant at the El Con Center Property since 1999 and has three, 5-year renewal options remaining. Pursuant to the El Con Center Whole Loan documents, in the event that (i) the Century Theatres lease is not renewed or extended; (ii) the Century Theatres lease is terminated prior to the lease expiration date; or (iii) a monetary event of default in the payment of rent occurs under the Century Theatres lease for two or more consecutive rent payment dates, the borrower sponsor will be required, among other conditions, to enter into a Master Lease (as defined in the “Lockbox and Cash Management” section) for the Century Theatres space.

 

2nd Largest Tenant: Home Depot (A/A2/A by Fitch/Moody’s/S&P; 12.3% of underwritten base rent; 6/30/2026 lease expiration) – Home Depot is one of the world’s largest home improvement retailers. Home Depot offers a variety of building materials, home improvement products, lawn and garden products, and décor products. In addition, Home Depot offers services which include home improvement installation services and tool and equipment rental. Home Depot has been a tenant at the El Con Center Property since 2001 and has three, 10-year renewal options remaining.

 

3rd Largest Tenant: Target (A-/A2/A by Fitch/Moody’s/S&P; 7.7% of underwritten base rent; 1/31/2023 lease expiration) – Target is a retail store headquartered in Minneapolis, Minnesota. Target offers its customers everyday essentials and fashionable differentiated merchandise at discounted prices and an edited food assortment, including perishables, dry grocery, dairy, and frozen items. Target has been a tenant at the El Con Center Property since 2003 and has four, 10-year renewal options remaining.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

68

 

 

Retail - Anchored

Loan #4 

El Con Center 

Cut-off Date Balance:   $45,000,000
3601 East Broadway Boulevard Cut-off Date LTV:   62.8%
Tucson, AZ 85716 U/W NCF DSCR:   1.79x
  U/W NOI Debt Yield:   9.3%

 

The following table presents certain information relating to the tenancy at the El Con Center Property:

 

Major Tenants

 

Tenant Name Credit Rating
(Fitch/Moody’s/

S&P)(1)
Tenant NRSF % of
NRSF
Annual U/W
Base Rent
PSF(2)
Annual
U/W Base
Rent(2)
% of
Total
Annual
U/W Base
Rent
Lease
Expiration
Date
Extension
Options
Termination
Option
(Y/N)
Ground Lease Tenants                
Home Depot(3) A/A2/A 0 N/A $805,260 $805,260 12.3% 6/30/2026 3, 10-year N
Target(4) A-/A2/A 0 N/A $500,000 $500,000 7.7% 1/31/2023 4, 10-year N
Wal-Mart(5) AA/Aa2/AA 0 N/A $495,000 $495,000 7.6% 9/30/2033 15, 5-year N
Total Ground Lease Tenants 0 N/A $1,800,260 $1,800,260 27.6%      
                   
Anchor Tenants                  
JC Penney B-/B3/CCC+ 220,424 45.9% $1.35 $298,223 4.6% 8/31/2021 1, 10-year, 2, 5-year Y(6)
Century Theatres NR/NR/BB 71,698 14.9% $15.00 $1,075,470 16.5% 6/30/2024 3, 5-year N
Burlington Coat Factory BB+/NR/BB+ 65,000 13.5% $6.75 $438,750 6.7% 4/30/2020 4, 5-year  N
Ross Dress for Less NR/A3/A- 30,186 6.3% $16.50 $498,069 7.6% 1/31/2023 3, 5-year N
Marshall’s NR/A2/A+ 25,000 5.2% $13.50 $337,500 5.2% 8/31/2025 4, 5-year N
PetSmart NR/Caa1/CCC 14,057 2.9% $19.25 $270,597 4.1% 9/30/2023 3, 5-year N
Shoe Carnival NR/NR/NR 12,007 2.5% $14.00 $168,098 2.6% 1/31/2020 None N
Total Anchor Tenants 438,372 91.3% $7.04 $3,086,707 47.3%      
                   
Outparcel / Non-Major Tenants (7) 39,645 8.3% $41.37 $1,640,195 25.1%      
                 
Vacant Space 2,366 0.5%            
                 
Collateral Total 480,383 100.0% $13.65 $6,527,162 100.0%      
                   

 

(1)Certain ratings are those of the parent company whether or not the parent company guarantees the lease.

(2)Annual U/W Base Rent PSF and Annual U/W Base Rent include contractual rent steps through December 2019 totaling $109,442.

(3)Home Depot operates under a 25-year ground lease. Home Depot’s square footage is not included in the square footage for the El Con Center Property and is not included in Tenant NRSF and % of NRSF.

(4)Target operates under a 20-year ground lease. Target’s square footage is not included in the square footage for the El Con Center Property and is not included in Tenant NRSF and % of NRSF.

(5)Wal-Mart operates under a 23-year ground lease. Wal-Mart’s square footage is not included in the square footage for the El Con Center Property and is not included in Tenant NRSF and % of NRSF.

(6)JC Penney has the right to terminate its lease effective any date on or after September 1, 2021 with a six month notice period.

(7)Cheddars operates under a 20-year ground lease with a lease expiration date of November 30, 2024. Chick-Fil-A operates under an 18-year ground lease with a lease expiration date of December 31, 2021. In-N-Out Burger operates under a 20-year ground lease with a lease expiration date of April 30, 2026. Cheddars, Chick-Fil-A and In-N-Out Burger square footage is not included in the total square footage of the El Con Center Property and is not included in Tenant NRSF and % of NRSF, but the Annual U/W Base Rent of $156,000, $165,997 and $145,200, respectively, is included. The % of Total Annual U/W Base Rent, Annual U/W Base Rent and Annual U/W Base Rent PSF for Outparcel / Non-Major Tenants include the Annual U/W Base Rent associated with the ground lease tenants.

 

The following table presents certain information relating to tenant sales at the El Con Center Property:

 

Tenant Sales (PSF)

 

Anchor Tenant Name % of Total
Annual U/W
Base Rent
2016 2017 2018 TTM Feb. 2019 Anchor
Tenant
Occupancy
Cost(1)
Century Theatres(2) 16.5% $450,647 $357,854(3) $340,647 $359,893 17.7%
Burlington Coat Factory 6.7% $180 $187 NAV NAV NAV
JC Penney 4.6% $52 $59(4) NAV NAV NAV

 

(1)Occupancy Cost is based on TTM sales, underwritten base rent and underwritten reimbursements.

(2)Century Theatres has 20 screens, and sales are on per screen basis.

(3)Century Theatres 2017 Sales are based on 11 months of sales. April 2017 sales were not available.

(4)JC Penney 2017 Sales are from September 1, 2016 to August 31, 2017.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

69

 

 

Retail - Anchored

Loan #4 

El Con Center 

Cut-off Date Balance:   $45,000,000
3601 East Broadway Boulevard Cut-off Date LTV:   62.8%
Tucson, AZ 85716 U/W NCF DSCR:   1.79x
  U/W NOI Debt Yield:   9.3%

 

The following table presents certain information relating to the lease rollover schedule at the El Con Center Property:

 

Lease Expiration Schedule(1)(2)

 

Year Ending
 December 31,
No. of
Leases
Expiring
Expiring
NRSF
% of
Total
NRSF
Cumulative
Expiring
NRSF
Cumulative
% of Total
NRSF
Annual
 U/W
Base Rent
% of Total
Annual U/W
Base Rent
Annual
 U/W
Base Rent
 PSF
MTM 0 0 0.0% 0 0.0% $0 0.0% $0.00
2019 0 0 0.0% 0 0.0% $0 0.0% $0.00
2020 3 78,207 16.3% 78,207 16.3% $647,948 9.9% $8.29
2021(3) 3 222,653 46.3% 300,860 62.6% $557,392 8.5% $2.50
2022 0 0 0.0% 300,860 62.6% $0 0.0% $0.00
2023(4) 5 67,588 14.1% 368,448 76.7% $1,797,036 27.5% $26.59
2024(5) 4 78,248 16.3% 446,696 93.0% $1,452,845 22.3% $18.57
2025 2 27,301 5.7% 473,997 98.7% $441,275 6.8% $16.16
2026(6)(7) 3 2,308 0.5% 476,305 99.2% $1,054,205 16.2% $456.76
2027 1 1,712 0.4% 478,017 99.5% $81,461 1.2% $47.58
2028 0 0 0.0% 478,017 99.5% $0 0.0% $0.00
2029 0 0 0.0% 478,017 99.5% $0 0.0% $0.00
Thereafter(8) 1 0 0.0% 478,017 99.5% $495,000 7.6% $495,000
Vacant 0 2,366 0.5%  480,383 100.0% $0 0.0% $0.00
Total/Weighted Average 22 480,383 100.0%     $6,527,162 100.0% $13.65

 

(1)Information obtained from 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 Expiration Schedule.

(3)Chick-Fil-A operates under an 18-year ground lease with a lease expiration date of December 31, 2021. Chick-Fil-A’s square footage is not included in the square footage for the El Con Center Property and is not included in the calculation of Expiring NRSF, % of Total NRSF, Cumulative Expiring NRSF, and Cumulative % of Total NRSF. The Annual U/W Base Rent of $165,997 is included in the calculation of Annual U/W Base Rent PSF, % of Total Annual U/W Base Rent and Annual U/W Base Rent.

(4)Target operates under a 20-year ground lease with a lease expiration date of January 31, 2023. Target’s square footage is not included in the square footage for the El Con Center Property and is not included in the calculation of Expiring NRSF, % of Total NRSF, Cumulative Expiring NRSF, and Cumulative % of Total NRSF. The Annual U/W Base Rent of $500,000 is included in the calculation of Annual U/W Base Rent PSF, % of Total Annual U/W Base Rent and Annual U/W Base Rent.

(5)Cheddars operates under a 20-year ground lease with a lease expiration date of November 30, 2024. Cheddars’ square footage is not included in the square footage for the El Con Center Property and is not included in the calculation of Expiring NRSF and % of Total NRSF, Cumulative Expiring NRSF, and Cumulative % of Total NRSF. The Annual U/W Base Rent of $156,000 is included in the calculation of Annual U/W Base Rent PSF, % of Total Annual U/W Base Rent and Annual U/W Base Rent.

(6)In-N-Out Burger operates under a 20-year ground lease with a lease expiration date of April 30, 2026. In-N-Out’s square footage is not included in the square footage for the El Con Center Property and is not included in the calculation of Expiring NRSF and % of Total NRSF, Cumulative Expiring NRSF, and Cumulative % of Total NRSF. The Annual U/W Base Rent of $145,200 is included in the calculation of Annual U/W Base Rent PSF, % of Total Annual U/W Base Rent and Annual U/W Base Rent.

(7)Home Depot operates under a 25-year ground lease with a lease expiration date of June 30, 2026. Home Depot’s square footage is not included in the square footage for the El Con Center Property and is not included in Expiring NRSF and % of Total NRSF, Cumulative Expiring NRSF, and Cumulative % of Total NRSF. The Annual U/W Base Rent of $805,260 is included in the calculation of Annual U/W Base Rent PSF, % of Total Annual U/W Base Rent and Annual U/W Base Rent.

(8)Wal-Mart operates under a 23-year ground lease with a lease expiration date of September 30, 2033. Wal-Mart’s square footage is not included in the square footage for the El Con Center Property and is not included in the calculation of Expiring NRSF and % of Total NRSF, Cumulative Expiring NRSF, and Cumulative % of Total NRSF. The Annual U/W Base Rent of $495,000 is included in the calculation of Annual U/W Base Rent PSF, % of Total Annual U/W Base Rent and Annual U/W Base Rent.

 

The following table presents historical occupancy percentages at the El Con Center Property:

 

Historical Occupancy

 

12/31/2016(1) 

12/31/2017(1) 

12/31/2018(1) 

2/2/2019(2) 

100.0% 99.7% 99.7% 99.5%

 

(1)Information obtained from the El Con Center Borrower.

(2)Information obtained from the underwritten rent roll.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

70

 

 

Retail - Anchored

Loan #4 

El Con Center 

Cut-off Date Balance:   $45,000,000
3601 East Broadway Boulevard Cut-off Date LTV:   62.8%
Tucson, AZ 85716 U/W NCF DSCR:   1.79x
  U/W NOI Debt Yield:   9.3%

 

Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the underwritten net cash flow at the El Con Center Property:

 

Cash Flow Analysis

 

  2016 2017 2018 U/W %(1) U/W $ per SF
Rents in Place $5,997,260 $5,970,160 $6,350,992 $6,417,720 74.2% $13.36
Contractual Rent Steps(2) 0 0 0 109,442  1.3 0.23
Straight Line Rent(3) 0 0 0 85,993  1.0 0.18
Grossed Up Vacant Space

75,712 

0.9 

0.16

Gross Potential Rent $5,997,260 $5,970,160 $6,350,992 $6,688,867 77.3% $13.92
Other Income 3,358 0 0 0  0.0   0.00
Total Recoveries

1,849,488 

2,014,175 

2,444,798 

1,962,385 

22.7 

4.09 

Net Rental Income $7,850,106 $7,984,336 $8,795,791 $8,651,252 100.0% $18.01
(Vacancy & Credit Loss)

(343,901)(4) 

(5.1) 

(0.72)

Effective Gross Income $7,850,106 $7,984,336 $8,795,791 $8,307,352 96.0% $17.29
             
Real Estate Taxes 1,257,816 1,269,165 1,281,728 1,275,374  15.4   2.65
Insurance 63,747 86,301 87,196 87,196  1.0   0.18
Management Fee 24,530 114,907 86,727 249,221  3.0   0.52
Other Operating Expenses

952,089

877,427

828,105

828,105

10.0  

1.72

Total Operating Expenses $2,298,182 $2,347,800 $2,283,756 $2,439,895 29.4% $5.08
             
Net Operating Income $5,551,924 $5,636,536 $6,512,035 $5,867,457 70.6% $12.21
Replacement Reserves 0 0 0 96,077  1.2   0.20
TI/LC

0

0

0

240,192

2.9  

0.50

Net Cash Flow $5,551,924 $5,636,536 $6,512,035 $5,531,189 66.6% $11.51
             
NOI DSCR 1.80x 1.83x 2.11x 1.90x    
NCF DSCR 1.80x 1.83x 2.11x 1.79x    
NOI Debt Yield 8.8% 8.9% 10.3% 9.3%    
NCF Debt Yield 8.8% 8.9% 10.3% 8.8%    

 

(1)Represents (i) percent of Net Rental Income for all revenue fields, (ii) percent of Gross Potential Rent for Vacancy & Credit Loss and (iii) percent of Effective Gross Income for all other fields.

(2)Represents contractual rent steps through December 2019.

(3)Represents straight line rent for Home Depot, Marshalls, Cheddars and Starbucks.

(4)The underwritten economic vacancy is 4.0%. The El Con Center Property was 99.5% leased as of February 2, 2019.

 

Appraisal. As of the appraisal valuation date of March 13, 2019, the El Con Center Property had an “as-is” appraised value of $100,300,000.

 

Environmental Matters. According to a Phase I environmental site assessment dated March 22, 2019, there was no evidence of any recognized environmental conditions at the El Con Center Property.

 

Market Overview and Competition. The El Con Center Property is located in Tucson, Pima County, Arizona, within the Tucson, AZ metropolitan statistical area (the “Tucson MSA”). Tucson is the seat of Pima County and the second most populous city in Arizona. The Tucson MSA’s economy is based on healthcare, retail trade, education, and accommodation/food service industries. Major employers include University of Arizona, Raytheon, State of Arizona, Davis-Monthan Air Force Base, Pima County and Tucson Unified School District. According to a government agency, the unemployment rate for the Tucson MSA was 4.8% as of December 2018. In comparison, the state’s unemployment rate was 4.9% and the national unemployment rate was 3.9% for the same period.

 

The El Con Center Property is approximately 3.7 miles east of the Tucson central business district (the “Tucson CBD”) and approximately 119 miles southeast of the Phoenix central business district (the “Phoenix CBD”). Access to the El Con Center Property neighborhood is provided by Interstate 10 and Interstate 19. Interstate 10 provides direct access to the Phoenix CBD to the northwest and to the city of El Paso to the southeast. Interstate 10 travels through the Tucson CBD and the El Con Center Property in a northwest-southeast direction. Interstate 19 is a major north-south highway, which intersects with Interstate 10 approximately 5.0 miles southwest of the El Con Center Property. Downtown Tucson houses various event spaces such as the Autobahn Indoor Speedway and Events, Tucson Music Hall, and Tucson Convention Center. The neighborhood surrounding the El Con Center Property consists predominantly of retail, office and residential developments. Retail development is primarily located along E Broadway Boulevard and includes Target, Hobby Lobby, Dick’s Sporting Goods, Best Buy and Barnes and Noble. Park Place, a regional mall, is located approximately 3.2 miles east of the El Con Center Property. According to a third party market research report, the estimated 2019 population in a one, three, and five-

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

71

 

 

Retail - Anchored

Loan #4 

El Con Center 

Cut-off Date Balance:   $45,000,000
3601 East Broadway Boulevard Cut-off Date LTV:   62.8%
Tucson, AZ 85716 U/W NCF DSCR:   1.79x
  U/W NOI Debt Yield:   9.3%

 

mile radius of the El Con Center Property is 9,511, 125,042 and 291,108. The average household income within the same radii is $68,959, $52,676, and $51,517, respectively.

 

Submarket Information – According to a third-party market research report, the El Con Center Property is situated within the Central East Tucson retail submarket. As of fourth quarter 2018, the submarket reported a total inventory of 8.5 million square feet with a 5.6% vacancy rate and an average quoted rental rate of $13.17 per square feet. As of fourth quarter 2018, the Central East Tucson retail submarket reported positive absorption of 66,614 square feet, with no new construction or deliveries.

 

Appraiser’s Comp Set – The appraiser identified 17 competitive properties for the El Con Center Property totaling approximately 1.1 million square feet, which reported an average occupancy rate of approximately 91.0%. The appraiser concluded to net market rents for the El Con Center Property of $7.00 per square foot, for anchor tenants, $1.35 per square foot for JC Penney anchor, $17.00 per square foot for Jr. anchor tenants, $14.50 per square foot for theater tenants, $40.00 per square foot for premium in-line tenants, and $32.00 per square foot for in-line tenants.

 

The following table presents certain information relating to the appraiser’s market rent conclusion for the El Con Center Property:

 

Market Rent Summary(1)

 

  Anchor Anchor - JC
Penney
Jr.
Anchor
Theater Inline –
Premium
Inline
Market Rent (PSF) $7.00 $1.35 $17.00 $14.50 $40.00 $32.00
Lease Term (Years) 10 10 10 10 10 8
Lease Type (Reimbursements) NNN NNN NNN NNN NNN NNN

 

(1)Information obtained from the appraisal.

 

The table below presents certain information relating to comparable sales for the El Con Center Property identified by the appraiser:

 

Comparable Sales(1)

 

Property Name Location Rentable
Area (SF)
Sale Date Sale Price Sale Price
(PSF)
Palm Valley Pavilions West Goodyear, AZ 232,577 Feb-16 $60,500,000 $260
Sonora Village Scottsdale, AZ 269,369 Sept-16 $72,500,000 $269
Southern Palms Tempe, AZ 235,839 Oct-16 $36,750,000 $156
Mesa Grand Mesa, AZ 202,147 Jul-17 $41,900,000 $207
San Tan Village Marketplace Gilbert, AZ 282,281 May-18 $51,400,000 $182
Oracle Crossings Oro Valley, AZ 251,194 Dec-18 $41,061,255 $163

 

(1)Information obtained from the appraisal.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

72

 

 

Retail - Anchored

Loan #4 

El Con Center 

Cut-off Date Balance:   $45,000,000
3601 East Broadway Boulevard Cut-off Date LTV:   62.8%
Tucson, AZ 85716 U/W NCF DSCR:   1.79x
  U/W NOI Debt Yield:   9.3%

 

The following table presents certain information relating to 17 comparable leases to those at the El Con Center Property:

 

Comparable Leases(1)

 

Property
Name/Location
Year Built/
Renovated
Total
GLA
(SF)
Distance
from
Subject
Occupancy Lease
Term
Tenant
Size (SF)
Annual
Base
Rent PSF
Lease
Type
Theaters                

Cinemark 

1300 E Tucson Marketplace Blvd 

Tucson, AZ 

2016/NAP 53,678 3.5 miles 100.0% 15.0 Yrs 53,678 $21.00 NNN

Superstition Gateway 

1935 S Signal Butte Rd 

Mesa, AZ 

2007/NAP 42,280 89.1 miles 100.0% 15.0 Yrs 42,280 $17.62 NNN

Temecula Cinemas 

26463 Ynez Rd 

Temecula, CA 

1995/NAP 29,650 373.1 miles 100.0% 5.0 Yrs 29,650 $11.16 NNN
Anchors                

At Home 

1944 S Greenfield Rd. 

Mesa, AZ 

2002/NAP 153,771 93.1 miles 100.0% 15.0 Yrs 146,455 $5.64 NNN

Catalina Village 

7856 E Wrightstown Rd. 

Tucson, AZ 

1978/NAP 79,891 5.6 miles 65.0% 7.0 Yrs 46,481 $7.00 NNN

Safeway at Continental Ranch 

9100 N Silverbell Rd 

Tucson, AZ 

2005/NAP 55,226 16.4 miles 100.0% 20 Yrs 55,226 $8.15 NNN

Sam’s Club 

222 S Babbit Drive 

Flagstaff, AZ 

1993/NAP 140,000 209.0 miles 100.0% 5.0 Yrs 140,000 $6.72 NNN
Jr. Anchors                

Santa Cruz Plaza 

3780 S 16th Ave 

Tucson, AZ 

1996/NAP 8,000 5.0 miles 100.0% 5.0 Yrs 8,000 $16.00 NNN

Circle Plaza 

7250 E Broadway Blvd 

Tucson, AZ 

1977/2014 152,434 4.6 miles 90.0% 5.0 Yrs 17,929 $14.00 NNN

Swanway Plaza 

4702 E Broadway Blvd 

Tucson, AZ 

1930/2000’s 55,670 1.5 miles 97.0% 5.0 Yrs 20,500 $14.00 NNN

Tucson Spectrum Phase II 

5265 S Calle Santa Cruz 

Tucson, AZ 

2008/NAP 209,210 6.4 miles 80.0% 5.0 Yrs 8,000 $17.00 NNN
Inline                

Embassy Plaza 

3900 W Ina Rd 

Tucson, AZ 

1981/NAP 90,596 11.1 miles 100.0% 5.0 Yrs 1,900 $30.00 NNN

Cortaro Crossings 

8225 N Courtney Page Way, Tucson, AZ 

2007/NAP 19,901 13.9 miles 94.0% 3.0 Yrs 3,104 $26.00 NNN

Grant & Tucson Pad 

2501 E Grant Road, 

Tuscon, AZ 

2018/NAP 6,850 2.1 miles 34.0% 10.0 Yrs 1,373 $42.00 NNN

Cortaro & I-10 

5600 W Cortaro Farms Rd, Tucson, AZ 

2019/NAP 10,000 13.6 miles 35.0% 10.0 Yrs 3,500 $32.00 NNN

Paloma Village Center 

6360 N Campbell Ave. 

Tucson, AZ 

2004/NAP 15,004 6.7 miles 82.0% 5.0 Yrs 1,128 $30.00 NNN

Tucson Marketplace, Shops F 

1580 E Tucson Marketplace Blvd 

Tucson, AZ 

2015/NAP 9,178 3.4 miles 100.0% 10.0 Yrs 2,790 $29.00 NNN

 

(1)Information obtained from the appraisal.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

73

 

 

Retail - Anchored

Loan #4 

El Con Center 

Cut-off Date Balance:   $45,000,000
3601 East Broadway Boulevard Cut-off Date LTV:   62.8%
Tucson, AZ 85716 U/W NCF DSCR:   1.79x
  U/W NOI Debt Yield:   9.3%

 

Escrows.

 

Real Estate Taxes – An upfront real estate tax reserve was not required at origination. Ongoing monthly real estate tax reserves will not be required unless a Cash Management Trigger Event (as defined below) or Cash Sweep Event (as defined below) has occurred and is continuing under the El Con Center Whole Loan. In the event a Cash Management Trigger Event or Cash Sweep Event has occurred, the El Con Center Borrower is required to make ongoing monthly real estate tax reserves in an amount equal to one-twelfth of the real estate taxes that the lender estimates will be necessary to pay taxes over the then succeeding twelve months.

 

Insurance – An upfront insurance reserve was not required at origination. Ongoing monthly insurance reserves will not be required unless a Cash Management Trigger Event or Cash Sweep Event has occurred and is continuing under the El Con Center Whole Loan. In the event a Cash Management Trigger Event or Cash Sweep Event has occurred, the El Con Center Borrower is required to make ongoing monthly insurance reserves in an amount equal to one-twelfth of the amount that the lender estimates will be necessary to pay insurance premiums over the then succeeding twelve months.

 

Replacement Reserves – An upfront replacement reserve was not required at origination. Ongoing monthly replacement reserves will not be required unless a Cash Management Trigger Event or Cash Sweep Event has occurred and is continuing under the El Con Center Whole Loan. In the event a Cash Management Trigger Event or Cash Sweep Event has occurred, the El Con Center Borrower is required to make ongoing monthly replacement reserves of $8,006.

 

TI/LC Reserve – An upfront tenant improvement and leasing commission reserve was not required at origination. Ongoing monthly tenant improvement and leasing commission reserves will not be required unless a Cash Management Trigger Event or Cash Sweep Event has occurred and is continuing under the El Con Center Whole Loan. In the event a Cash Management Trigger Event or Cash Sweep Event has occurred, the El Con Center Borrower is required to make ongoing monthly tenant improvement and leasing commissions deposits of $20,016, subject to a cap of $1,200,958. In addition, when a Cash Management Trigger Event and a Cash Sweep Event are in effect, the borrower is required to deposit into the TI/LC reserve any amounts paid to the borrower in connection with a termination, cancellation, sale or other disposition of any lease (or portion of the lease) other than any amount that relates to periods prior to such disposition date.

 

Lockbox and Cash Management. The El Con Center Whole Loan requires a springing lockbox and a springing cash management. Upon the occurrence and continuance of a Cash Management Trigger Event, (i) the El Con Center Borrower is required to establish a lender-controlled lockbox account and instruct tenants to deposit rents into such lockbox account, and (ii) the El Con Center Borrower or the property manager is required to deposit all revenues received into the lockbox account within one business day of receipt. Pursuant to the El Con Center Whole Loan documents, all excess funds on deposit are required to be applied as follows (a) if a Cash Sweep Event is not in effect, to the El Con Center Borrower; and (b) if a Cash Sweep Event is in effect due to the existence of a Critical Tenant Trigger Event (as defined below) to the Critical Tenant TI/LC account until the applicable Critical Tenant Trigger Event cure has occurred. If a Cash Sweep Event is in effect but a Critical Tenant Trigger Event is not in effect, then funds will be applied to an excess cash flow account controlled by the lender, to be held by the lender as additional security for the El Con Center Whole Loan.

 

A “Cash Management Trigger Event” will commence upon the occurrence of the following:

 

(i)an event of default;

(ii)the El Con Center Borrower’s second late debt service payment within a 12-month period;

(iii)a bankruptcy action of the El Con Center Borrower, guarantor or property manager;

(iv)a Cash Management DSCR Trigger Event (as defined below); or

(v)a Critical Tenant Trigger Event.

 

A Cash Management Trigger Event will end upon the occurrence of:

 

with regard to clause (i) above, the cure of such event of default being accepted or waived by lender;

with regard to clause (ii) above, the debt service payments being paid on time for 12 consecutive months;

with regard to clause (iii) above, such bankruptcy action petition being discharged, stayed, or dismissed within 60 days of such filing among other conditions for the El Con Center Borrower or guarantor and within 120 days for the property manager, or with respect to the property manager, the El Con Center Borrower replacing the manager with a qualified manager acceptable to the lender;

with regard to clause (iv) above, the date the amortizing debt service coverage ratio based on the trailing 12-month period immediately preceding the date of such determination is greater than 1.15x for two consecutive quarters; and

with regard to clause (v) above, a Critical Tenant Trigger Event Cure (as defined below).

 

A “Cash Management DSCR Trigger Event” will occur on any day the debt service coverage ratio, based on the trailing 12-month period immediately preceding the date of determination, is less than 1.15x, unless within five days of such date, the El Con Center Borrower delivers one or more Master Leases (as defined below) that result in a minimum debt service coverage ratio of 1.25x for the El Con Center Whole Loan.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

74

 

 

Retail - Anchored

Loan #4 

El Con Center 

Cut-off Date Balance:   $45,000,000
3601 East Broadway Boulevard Cut-off Date LTV:   62.8%
Tucson, AZ 85716 U/W NCF DSCR:   1.79x
  U/W NOI Debt Yield:   9.3%

 

A “Cash Sweep Event” will commence upon the occurrence of the following:

 

(i)an event of default;

(ii)a bankruptcy action of the El Con Center Borrower, guarantor or property manager;

(iii)a Cash Sweep DSCR Trigger Event; or

(iv)a Critical Tenant Trigger Event.

 

A Cash Sweep Event will end upon the occurrence of:

 

with regard to clause (i) above, the cure of such event of default being accepted or waived by lender;

with regard to clause (ii) above, such bankruptcy action petition being discharged, stayed, or dismissed within 60 days of such filing among other conditions for the El Con Center Borrower or guarantor and within 120 days for the property manager, or with respect to the property manager, the El Con Center Borrower replacing the manager with a qualified manager acceptable to the lender;

with regard to clause (iii) above, the date the amortizing debt service coverage ratio based on the trailing 12-month period immediately preceding the date of such determination is greater than 1.10x for two consecutive quarters; and

with regard to clause (iv) above, a Critical Tenant Trigger Event Cure.

 

A “Cash Sweep DSCR Trigger Event” will occur on any day the debt service coverage ratio, based on the trailing 12-month period immediately preceding the date of determination, is less than 1.10x, unless within five days of such date, the El Con Center Borrower delivers one or more Master Leases that result in a minimum debt service coverage ratio of 1.25x for the El Con Center Whole Loan.

 

A “Critical Tenant Trigger Event” will occur if E. Stanley Kroenke is not the guarantor of the El Con Center Whole Loan and upon the occurrence of any of the following:

 

(i)JC Penney, Century Theatres, or any other tenant occupying the space currently occupied by such tenant or tenants (each, a “Critical Tenant” and each related lease, a “Critical Tenant Lease”) giving notice of its intention to not extend or renew its lease, or the related Critical Tenant Lease otherwise being terminated;

(ii)the date that is twelve months prior to the related lease expiration date if the Critical Tenant has failed to give notice of its election to renew its lease;

(iii)the date by which the Critical Tenant is required under its lease to notify the El Con Center Borrower of its election to renew its lease, if the Critical Tenant fails to give such notice;

(iv)a material non-monetary event of default or monetary event of default under the Critical Tenant Lease;

(v)a bankruptcy action with respect to the Critical Tenant or any guarantor of the Critical Tenant;

(vi)any Critical Tenant electing to pay reduced rent (including, percentage rent in lieu of fixed rent) pursuant to any right or remedy contained in the Critical Tenant Lease;

(vii)the Critical Tenant discontinuing its normal business operations; or

(viii)JC Penney or any guarantor of the JC Penney lease being downgraded or rated below “Caa2” or the equivalent by an credit reporting agency.

 

A “Critical Tenant Trigger Event Cure” will occur upon:

 

with regard to clause (i), (ii) or (iii) above, the date that (1) the Critical Tenant Lease extension is executed and delivered to the lender by the El Con Center Borrower and the related tenant improvement costs, leasing commissions and other material costs and expenses have been deposited into the Critical Tenant TI/LC account; or (2) a Critical Tenant Space Re-Tenanting Event (as defined below);

with regard to clause (iv) above, a cure of the applicable default;

with regard to clause (v) above, an affirmation that the Critical Tenant is actually paying all rents and other amounts under the lease; or

with regard to clause (vi) above, the applicable Critical Tenant re-commencing the payment of full unabated rent; or

with regard to clause (vii) above, the Critical Tenant re-commencing its normal business operations or a Critical Tenant Space Re-Tenanting Event (as defined below) having occurred; or

with regard to clause (viii) above, the date the credit rating of the JC Penney is no longer less than a “Caa2” or the equivalent by any credit reporting agency.

 

A “Critical Tenant Space Re-tenanting Event” will occur on the date each of the following conditions has been satisfied: (i) the Critical Tenant space is at least 75% leased to one or more replacement tenants at a total annual rent at least equal to the one paid under the applicable Critical Tenant Lease for a term of at least five years and on terms that are acceptable to the lender; (ii) all tenant improvement costs, leasing commissions and other material costs and expenses relating to the re-letting of the space have been paid in full; and (iii) the replacement tenant(s) are conducting normal business operations at the related Critical Tenant space.

 

A “Master Lease” is a lease agreement between the El Con Center Borrower, as landlord, and E. Stanley Kroenke, the guarantor, as tenant, that (i) is for a term of 10 or more years; (ii) is subordinate to the loan documents, and (iii) contains terms and conditions reasonably acceptable to the lender. The Master Lease may not be amended without the prior consent of the lender and can be terminated only (x) if no event of default exists and (y) if, as of the Master Lease termination date, (a) the debt service coverage ratio is not less than 1.25x for two consecutive quarters without including rent from the Master Lease, or (b) the El Con Center Borrower has deposited with the lender an amount equal to cash flow that would have been swept into the excess cash flow account, among other conditions. There are no Master Leases currently in effect.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

75

 

 

Retail - Anchored

Loan #4 

El Con Center 

Cut-off Date Balance:   $45,000,000
3601 East Broadway Boulevard Cut-off Date LTV:   62.8%
Tucson, AZ 85716 U/W NCF DSCR:   1.79x
  U/W NOI Debt Yield:   9.3%

 

Property Management. The El Con Center Property is managed by an affiliate of the borrower.

 

Partial Release. Not permitted.

 

Real Estate Substitution. Not permitted.

 

Subordinate and Mezzanine Indebtedness. Not permitted.

 

Ground Lease. None.

 

Terrorism Insurance. The El Con Center Whole Loan documents require that the “all risk” insurance policy required to be maintained by the El Con Center Borrower provides coverage for terrorism in an amount equal to the full replacement cost of the El Con Center Property, as well as business interruption insurance covering no less than the 18-month period following the occurrence of a casualty event, together with a 6-month extended period of indemnity.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

76

 

 

(THIS PAGE INTENTIONALLY LEFT BLANK)

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

77

 

 

Mixed Use – Industrial/Office/Self Storage

Loan #5

Shetland Park

Cut-off Date Balance: $44,901,066
16 Lynch Street; 18 Perkins Street; 47 and Cut-off Date LTV: 72.9%
78 Congress Street U/W NCF DSCR: 1.52x
Salem, MA 01970 U/W NOI Debt Yield: 11.5%

 

(GRAPHIC)

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

78

 

 

Mixed Use – Industrial/Office/Self Storage

Loan #5

Shetland Park

Cut-off Date Balance: $44,901,066
16 Lynch Street; 18 Perkins Street; 47 and Cut-off Date LTV: 72.9%
78 Congress Street U/W NCF DSCR: 1.52x
Salem, MA 01970 U/W NOI Debt Yield: 11.5%

 

(MAP)

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

79

 

 

Mixed Use – Industrial/Office/Self Storage

Loan #5

Shetland Park

Cut-off Date Balance: $44,901,066
16 Lynch Street; 18 Perkins Street; 47 and Cut-off Date LTV: 72.9%
78 Congress Street U/W NCF DSCR: 1.52x
Salem, MA 01970 U/W NOI Debt Yield: 11.5%

 

(MAP)

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

80

 

 

No. 5 – Shetland Park
 
Mortgage Loan Information   Mortgaged Property Information
Mortgage Loan Seller: Rialto Mortgage Finance, LLC   Single Asset/Portfolio: Single Asset

Credit Assessment

(Fitch/KBRA/Moody’s):

NR/NR/NR   Property Type – Subtype: Mixed Use – Industrial/Office/Self Storage
Original Principal Balance: $45,000,000   Location: Salem, MA
Cut-off Date Balance: $44,901,066   Size: 1,191,297 SF
% of Initial Pool Balance: 6.2%   Cut-off Date Balance Per SF(1): $48.58
Loan Purpose: Acquisition   Maturity Date Balance Per SF(1): $45.01
Borrower Sponsor: Robert Moser   Year Built/Renovated: 1916/2016
Guarantor: Robert Moser   Title Vesting: Fee
Mortgage Rate: 5.1500%   Property Manager: Self-managed
Note Date: May 1, 2019   Current Occupancy (As of)(2): 76.3% (Various)
Seasoning: 2 months   YE 2018 Occupancy: 78.8%
Maturity Date: May 6, 2024   YE 2017 Occupancy: 78.4%
IO Period: 0 month   YE 2016 Occupancy: 76.5%
Loan Term (Original): 60 months   YE 2015 Occupancy: NAV
Amortization Term (Original): 360 months   Appraised Value: $79,400,000
Loan Amortization Type: Amortizing Balloon   Appraised Value Per SF: $66.65
Call Protection(3): L(26),D(30),O(4)   Appraisal Valuation Date: April 3, 2019
Lockbox Type: Springing   Underwriting and Financial Information
Additional Debt(1): Yes   TTM NOI (3/31/2019): $6,505,537
Additional Debt Type
(Balance)(1):
Pari Passu ($12,971,419); Future Mezzanine   YE 2018 NOI(5): $6,394,895
      YE 2017 NOI(5): $5,643,711
      YE 2016 NOI(5): $4,502,955
Escrows and Reserves(4)   U/W Revenues: $12,767,143
  Initial Monthly Cap   U/W Expenses: $6,092,237
Taxes $255,812 $81,210 NAP   U/W NOI: $6,674,907
Insurance $80,533 $38,349 NAP   U/W NCF: $5,787,075
Deferred Maintenance $108,875 $0 NAP   U/W DSCR based on NOI/NCF(1): 1.76x / 1.52x
Replacement Reserve $2,200,000 $14,891 NAP   U/W Debt Yield based on NOI/NCF(1): 11.5% / 10.0%
TI/LC Reserve $800,000 $59,095 NAP   U/W Debt Yield at Maturity based on NOI/NCF(1): 12.4% / 10.8%
Environmental Reserve $2,723,583 $0 NAP   Cut-off Date LTV Ratio(1): 72.9%
Tenant Specific TI $526,065 $0 NAP   LTV Ratio at Maturity(1): 67.5%
               
Sources and Uses
Sources         Uses      
Original whole loan amount $58,000,000   71.5%   Purchase Price(6) $69,700,000   85.9%
Sponsor’s new equity contribution 23,119,147   28.5   Upfront reserves 6,694,868   8.3
          Closing costs 4,724,279   5.8
Total Sources $81,119,147   100.0%   Total Uses $81,119,147   100.0%

 

(1)The Shetland Park Mortgage Loan (as defined below) is part of the Shetland Park Whole Loan (as defined below), which comprises two pari passu notes with an aggregate original balance of $58,000,000. All statistical information related to the Cut-off Date Balance per SF, Maturity Date Balance per SF, U/W Debt Yield based on NOI/NCF, U/W Debt Yield at Maturity based on NOI/NCF, U/W DSCR based on NOI/NCF, Cut-off Date LTV Ratio and LTV Ratio at Maturity are based on the Shetland Park Whole Loan. See “Subordinate and Mezzanine Indebtedness” section for a full description of additional future mezzanine debt.

(2)The Shetland Park Property’s office/industrial component was 74.3% occupied as of the rent roll dated April 25, 2019 rent roll. The Shetland Park Property self storage facility was 87.6% occupied on a square foot basis and 90.1% on a per unit basis as of the rent roll dated March 6, 2019. The occupancy shown is based on a per square foot basis.

(3)Defeasance of the Shetland Park Whole Loan is permitted at any time after the earlier to occur of (a) the end of the two-year period commencing on the closing date of the securitization of the last Shetland Park Whole Loan to be securitized and (b) May 1, 2022. The assumed defeasance lockout period of 26 payments is based on the closing date of this transaction in July 2019.

(4)See “Escrows” section for a full description of Escrows and Reserves.

(5)The increase in NOI from 2016 to 2018 was due to the increase in the square footage of the self storage facility. In 2016 and 2017, the prior owner completed phase III of the self storage facility which added an additional 62,320 square feet. In October and November 2018, the prior owner partially completed phase IV of the self storage facility which added an additional 32,135 square feet. There is 53,647 square feet remaining to be completed in phase IV.

(6)The gross Purchase Price of the Shetland Park Property is $70,000,000. The seller provided a $300,000 credit for environmental review costs.

 

The Mortgage Loan. The mortgage loan (the “Shetland Park Mortgage Loan”) is part of a whole loan (the “Shetland Park Whole Loan”) evidenced by two pari passu notes with a combined original principal balance of $58,000,000 and an outstanding principal balance as of the Cut-off Date of $57,872,485 secured by a first mortgage encumbering the fee interest in a 1,191,297 square feet mixed use property located in Salem, Massachusetts (the “Shetland Park Property”). The Shetland Park Mortgage Loan represents the controlling Note A-1. See “Description of the Mortgage Pool—The Whole Loans—The Serviced Pari Passu Whole Loans” and “Pooling and Servicing Agreement” in the Preliminary Prospectus.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

81

 

 

Mixed Use – Industrial/Office/Self Storage

Loan #5

Shetland Park

Cut-off Date Balance: $44,901,066
16 Lynch Street; 18 Perkins Street; 47 and Cut-off Date LTV: 72.9%
78 Congress Street U/W NCF DSCR: 1.52x
Salem, MA 01970 U/W NOI Debt Yield: 11.5%

 

Note Summary

 

Notes Original Principal Balance Cut-off Date Balance Note Holder Controlling Interest
A-1 $45,000,000 $44,901,066 WFCM 2019-C51 Yes
A-2 $13,000,000 $12,971,419 Rialto Mortgage Finance, LLC No
Total $58,000,000 $57,872,485    

 

The Borrower and Borrower Sponsor. The borrower, Prime Storage Shetland, LLC (the “Shetland Park Borrower”) is a Delaware limited liability company and single purpose entity with one independent director. Legal counsel to the Shetland Park Borrower delivered a non-consolidation opinion in connection with the origination of the Shetland Park Whole Loan. The borrower sponsor and non-recourse carveout guarantor of the Shetland Park Whole Loan is Robert Moser.

 

Robert Moser has over 20 years of experience as an owner, operator and developer of commercial real estate. Robert Moser is the owner and principal of Prime Group Holdings, overseeing all operations, strategic initiatives and investment activities of the company, and is a member of the firm’s investment committee. Over the past few years, Prime Group Holdings has grown to become the largest private owner-operator of self-storage in the United States. Mr. Moser was a party to prior foreclosure litigation. See “Description of the Mortgage Pool – Loan Purpose; Default History, Bankruptcy Issues and Other Proceedings” in the Preliminary Prospectus.

 

The Property. The Shetland Park Property consists of 1,191,297 square feet of mixed use space, which includes 1,013,053 square feet of industrial/office use and 178,244 square feet of self-storage, plus marina rights and two unimproved parcels. The Shetland Park Property is located in Salem, Massachusetts along the Salem Harbor approximately 25 miles northeast of the Boston central business district. The improvements were developed in phases from 1916 to 2016 and consist of nine buildings. Six of the buildings are used for office, industrial and self storage use; one building (building 9) is used as a pump house, which portion was not included in the underwritten rentable area, one building (building 7) is used as a school gymnasium (11,390 SF), which portion was not included in the underwritten rentable area, and one building (building 5) consists of a four-story parking garage. The Shetland Park Property is situated on 30.4 acres. The Shetland Park Property also includes two unimproved parcels located at 18 Perkins Street (0.13 acres) and 78 Congress Street (0.53 acres) that are utilized as a playground for Salem Academy Charter School and as additional parking, respectively. Amenities at the Shetland Park Property include ocean views, 24/7 security, high speed internet access, on-site management, marina slips, restaurants and cafés, a health center, a child care center, a full service salon, and professional services. Parking is provided by 1,733 parking spaces (which include 790 parking spaces within the four-story parking garage), resulting in a parking ratio of 1.5 spaces per square foot of rentable area.

 

Property Overview

 

Building Address Building Uses NRA SF No. of Stories Year Built
Building 1(1) 27 Congress Office, Micro Office, Tenant Storage, Self Storage Leasing Office 175,540 5 1916
Building 2 35 Congress Industrial, Office, School, Tenant Storage 475,586 4 1916
Building 3 45 Congress School 47,024 1 1924
Building 4 45 Congress Office, Industrial, Tenant Storage 302,553 2 1917
Building 4 Self Storage(1) 45 Congress Self Storage 178,244 2 2002, 2014, 2015, 2018
Building 5 Parking Structure Parking Structure NAP 4 1990
Building 6 47 Congress Medical Office 12,350 3 1989
Building 7(2) 16 Lynch Gymnasium NAP 1 2016
Building 8(3) 29 Congress Office NAP 2 1930
Building 9(4) Pump House Pump House NAP NAP  
Garage, Marina Rights, Boat Storage NAP NAP NAP NAP  
Totals     1,191,297    

 

(1)The self storage facility’s rental office and self-service kiosk are located in Building 1. The self storage units are located in Building 4.

(2)The Salem Academy Charter School gymnasium has 11,390 square feet of net rentable area in building 7 that is not included in the overall underwritten net rentable area of the Shetland Park Property.

(3)The prior owner retained occupancy at the office building located at Building 8 after origination and is not paying rent for three years. The square footage of Building 8 is not included in the underwritten net rentable area of the Shetland Park Property.

(4)The Pump House is used for storage of equipment related to the operation of the Shetland Park Property. The square footage of Building 9 is not included in the underwritten net rentable area of the Shetland Park Property.

 

The Shetland Park Property’s office/industrial component is comprised of 1,013,053 square feet, with 552,599 square feet of office space, 300,759 square feet of light industrial space, 91,364 square feet for tenant storage, 57,826 square feet for school use, and 10,505 square feet for small business center space. The Shetland Park Property’s office/industrial component is currently 74.3% occupied by 142 regional and local tenants across 166 units as of the April 25, 2019 rent roll. The Shetland Park Property’s office/industrial component accounts for 85.0% of the overall net rentable area and 84.9% of the underwritten base rent. The Shetland Park Property also generates income through a public parking garage, boat parking, and the leasing of water rights to one local marina.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

82

 

 

Mixed Use – Industrial/Office/Self Storage

Loan #5

Shetland Park

Cut-off Date Balance: $44,901,066
16 Lynch Street; 18 Perkins Street; 47 and Cut-off Date LTV: 72.9%
78 Congress Street U/W NCF DSCR: 1.52x
Salem, MA 01970 U/W NOI Debt Yield: 11.5%

 

The Shetland Park Property’s self storage component consist of 178,244 square feet (1,994 units) (15.0% of the overall net rentable area; 15.1% of overall underwritten base rent) located in the subterranean level of Building 4. The self storage facility was developed in phases from 2009 through 2017, with two additions completed in October and November 2018, increasing the overall square footage by 32,135 square feet. Further, the Shetland Park Borrower plans to add an additional 53,647 square feet of net rentable area to complete the second portion of phase IV (which was not included in the underwriting). The Shetland Park Property self storage facility includes a self-service kiosk, ground-level access, complimentary carts/dollies, on-site security, and video surveillance. The Shetland Park Property self storage facility was 87.6% occupied on a square foot basis and 90.1% on a per unit basis as of the rent roll dated March 6, 2019.

 

Self Storage Overview

 

Phase Year Built NRSF Cumulative NRSF
I 2009-2012 30,684 30,684
II 2013-2014 53,184 83,868
III 2016-2017 62,320 146,188
   IV(1) Oct & Nov 2018 32,135 178,323

 

(1)Phase IV has an additional 53,647 square feet remaining to be complete. Future units were not included in the underwriting.

 

Major Tenants.

 

Largest Tenant: Excelitas Technologies Corporation (B3/B- by Moody’s/S&P; 117,189 square feet; 14.2% of underwritten base rent; 9/30/2025 lease expiration on 114,789 square feet) – Excelitas Technologies Corporation (“Excelitas”) is a global technology leader focused on delivering innovative, customized solutions to meet the lighting, detection and other high-performance technology needs of original equipment manufacturer customers, from medical lighting to analytical instrumentation, clinical diagnostics, industrial, safety and security, and aerospace and defense applications. Excelitas is owned by AEA Investors LP, a private equity firm. The company was founded in 1931 and is based in Waltham, Massachusetts. The Waltham location serves as the company’s headquarters, and the Salem location at the Shetland Park Property is used for product development. The Salem site has 12 distinct product lines serving some of the world’s most recognizable brands in both the commercial and defense markets. The product portfolio includes Xenon flash lamps, Xenon flash lamp systems, high energy switching devices, and Rubidium Atomic Frequency Standards. Excelitas has been a tenant at the Shetland Park Property since 1961 and has no renewal options remaining. Excelitas has a right to terminate its lease in September 2020 with six months written notice. Additionally, Excelitas leases two units (2,400 square feet) on a month-to-month basis. Excelitas may terminate its lease at the end of year 7 (September 2020) by providing 6-months written notice.

 

2nd Largest Tenant: Salem Academy Charter School (57,826 square feet; 9.5% of underwritten base rent; 6/30/2032 lease expiration) – Salem Academy Charter School is a public charter school comprised of grades 6-12 with 477 students and 63 faculty members. According to the school’s website, all students take college preparatory classes, engage in enrichment activities and classes, and are required to apply their learning through service in the community. Salem Academy Charter School is governed by an independent board of trustees and is held accountable by the Massachusetts Department of Education. The Salem Academy Charter School is part of the Massachusetts Commonwealth Charter Schools, which are independently managed public schools that operate under a five-year charter granted by the Massachusetts Board of Education. The Salem Academy Charter School was recently approved for the renewal of the school’s charter, extending the term to June 30, 2024. Salem Academy Charter School leases a total of 57,826 square feet with 47,024 square feet within Building 3 (Suite 3104) and 10,802 square feet within Building 2 (Suite 2121). Additionally, the Salem Academy Charter School leases an 11,390 square feet gymnasium at the Shetland Park Property. Salem Academy Charter School has been a tenant at the Shetland Park Property since 2004 and has no renewal options remaining.

 

3rd Largest Tenant: Commonwealth of Massachusetts - Registry of Deeds (AA+/Aa1/AA by Fitch/Moody’s/S&P; 39,093 square feet; 6.4% of underwritten base rent; 3/27/2020 lease expiration) – The Registry of Deeds records documents related to the ownership of real estate within the district. The Southern Essex District Registry of Deeds is located at the Shetland Park Property and oversees property records for 30 communities, has a staff of 34 employees, and an annual budget of $2.85 million. Commonwealth of Massachusetts – Registry of Deeds has been a tenant at Shetland Park Property since 2008 and has been renewing its lease annually. The tenant has the right to terminate its lease, without penalty or other charges, if sufficient funds are not authorized by the Commonwealth of Massachusetts by giving notice to the Shetland Park Borrower.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

83

 

 

Mixed Use – Industrial/Office/Self Storage

Loan #5

Shetland Park

Cut-off Date Balance: $44,901,066
16 Lynch Street; 18 Perkins Street; 47 and Cut-off Date LTV: 72.9%
78 Congress Street U/W NCF DSCR: 1.52x
Salem, MA 01970 U/W NOI Debt Yield: 11.5%

 

The following table presents certain information relating to the tenancy of the industrial/office space component at the Shetland Park Property:

 

Major Tenants

 

Tenant Name Credit Rating (Fitch/
Moody’s/
S&P)(1)
Tenant NRSF % of
NRSF
Annual U/W Base Rent PSF(2) Annual
U/W Base
Rent(2)
% of Total Annual U/W Base Rent Lease
Expiration
Date
Extension Options Termination Option (Y/N)
Major Tenants                
Excelitas Technologies Corp. NR/B3/B- 117,189 11.6% $12.57 $1,473,497 14.2% Various(3) None Y(3)
Salem Academy Charter School NR/NR/NR 57,826 5.7% $16.98 $981,885 9.5% 6/30/2032 None N
Comm. of MA – Registry of Deeds AA+/Aa1/AA 39,093 3.9% $16.94 $662,235 6.4% 3/27/2020 None Y(4)
GTAT Corporation NR/NR/NR 37,408 3.7% $11.12 $416,103 4.0% Various(5) None Y(5)
Lahey Health Behavioral Services NR/NR/NR 27,760 2.7% $16.10 $447,005 4.3% Various(6) None N
Comm. of MA – Department of Children & Families AA+/Aa1/AA 25,618 2.5% $22.43 $574,505 5.5% MTM None Y(7)
Sundown Corporation NR/NR/NR 25,376 2.5% $6.00 $152,256 1.5% 4/30/2020 None N
Comm. of MA – Department of Transitional Assistance AA+/Aa1/AA 21,906 2.2% $19.35 $423,791 4.1% 4/26/2025 None Y(8)
North Shore Community Health NR/NR/NR 21,090 2.1% $13.67 $288,244 2.8% Various(9) None N
Total Major Tenants 373,266 36.8% $14.52 $5,419,522 52.2%      
                   
Non-Major Tenant 379,637 37.5% $13.08 $4,963,900 47.8%      
                 
Vacant Space 260,150 25.7%            
                 
Collateral Total 1,013,053 100.0% $13.79 $10,383,422 100.0%      
                   

 

(1)Certain ratings are those of the parent company whether or not the parent company guarantees the lease.

(2)Annual U/W Base Rent PSF and Annual U/W Base Rent include contractual rent steps through May 2020 totaling $129,257.

(3)Excelitas Technologies Corporation leases three suites within the Shetland Park Property. The lease for 114,789 square feet has a lease expiration date of September 30, 2025, and the tenant has a right to terminate the lease in September 2020 with six months written notice. The leases for 1,650 square feet and 750 square feet are on a month-to-month basis.

(4)Commonwealth of Massachusetts – Registry of Deeds has the right to terminate its lease without any penalty, or other charges, if sufficient funds are not authorized by the State of Massachusetts to cover its obligations under the lease.

(5)GTAT Corporation leases two suites within the Shetland Park Property. The lease for 19,151 square feet has a lease expiration date of May 31, 2021. The lease for 18,257 square feet has a lease expiration date of May 31, 2023, and the tenant has the right to terminate this lease at any time by providing a one-month prior written notice.

(6)Lahey Health Behavioral Services leases two suites within the Shetland Park Property. The lease for 18,830 square feet has a lease expiration date of November 30, 2027. The lease for 8,930 square feet has a lease expiration date of April 30, 2023.

(7)Commonwealth of Massachusetts – Department of Children & Families has the right to terminate its lease without any penalty, or other charges if sufficient funds are not authorized by the State of Massachusetts to cover its obligations under the lease.

(8)Commonwealth of Massachusetts – Department of Transitional Assistance has the right to terminate its lease without any penalty, or other charges if sufficient funds are not authorized by the State of Massachusetts to cover its obligations under the lease.

(9)North Shore Community Health leases three suites within the Shetland Park Property. The lease for 12,350 square feet has a lease expiration date of December 31, 2021. The lease for 8,140 square feet of space has a lease expiration date of July 31, 2022. The lease for 600 square feet is leased on a month-to-month basis.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

84

 

 

Mixed Use – Industrial/Office/Self Storage

Loan #5

Shetland Park

Cut-off Date Balance: $44,901,066
16 Lynch Street; 18 Perkins Street; 47 and Cut-off Date LTV: 72.9%
78 Congress Street U/W NCF DSCR: 1.52x
Salem, MA 01970 U/W NOI Debt Yield: 11.5%

 

The following table presents certain information relating to the lease rollover schedule of the industrial/office space component at the Shetland Park Property:

 

Lease Expiration Schedule(1)(2)

 

Year Ending
 December 31,
No. of
Leases Expiring
Expiring
NRSF
% of
Total
NRSF
Cumulative Expiring
NRSF
Cumulative % of Total
NRSF
Annual
 U/W
Base Rent
% of Total Annual
U/W Base
Rent
Annual
 U/W
Base Rent
 PSF
MTM(3) 65 70,990 7.0% 70,990 7.0% $1,065,350 10.3% $15.01
2019 30 76,569 7.6% 147,559 14.6% $813,766 7.8% $10.63
2020 13 88,472 8.7% 236,031 23.3% $1,137,626 11.0% $12.86
2021 16 67,232 6.6% 303,263 29.9% $936,054 9.0% $13.92
2022 9 34,203 3.4% 337,466 33.3% $479,368 4.6% $14.02
2023 13 81,589 8.1% 419,055 41.4% $1,112,354 10.7% $13.63
2024 7 50,986 5.0% 470,041 46.4% $694,163 6.7% $13.61
2025 7 172,517 17.0% 642,558 63.4% $2,432,085 23.4% $14.10
2026 2 26,910 2.7% 669,468 66.1% $294,920 2.8% $10.96
2027 1 18,830 1.9% 688,298 67.9% $320,110 3.1% $17.00
2028 0 0 0.0% 688,298 67.9% $0 0.0% $0.00
2029 0 0 0.0% 688,298 67.9% $0 0.0% $0.00
Thereafter 3 64,605 6.4% 752,903 74.3% $1,097,627 10.6% $16.99
Vacant 0 260,150 25.7%  1,013,053 100.0% $0 0.0% $0.00
Total/Weighted Average 166 1,013,053 100.0%     $10,383,422 100.0% $13.79

 

(1)Information obtained from 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 Expiration Schedule.

(3)The Shetland Park Property has 65 tenants leasing 70,990 square feet (7.0% of NRA, 10.3% of UW Base Rent) under month-to-month leases. These month-to-month tenants have been in occupancy at the Shetland Park Property for 5.9 years on average. Month-to-month base rents total $1,065,350. Additionally, the Shetland Park Property has certain tenants leasing space under “Rent-a-Desk” leases, with income that has ranged from $12,175 to $14,547 from 2016 to 2018. These tenants did not appear on the rent roll, were included in the vacant square feet, and were underwritten at $13,992 based on the trailing 12 period ending in March 2019.

 

The following table presents historical occupancy percentages at the Shetland Park Property:

 

Historical Occupancy

 

12/31/2016(1)

12/31/2017(1)

12/31/2018(1)

Various(2)

76.5% 78.4% 78.8% 76.3%

 

(1)Information obtained from the borrower sponsor.

(2)Information obtained from the underwritten rent roll. The office/industrial component was 74.3% occupied as of April 25, 2019, and the self-storage component was 87.6% occupied as of March 6, 2019.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

85

 

 

Mixed Use – Industrial/Office/Self Storage

Loan #5

Shetland Park

Cut-off Date Balance: $44,901,066
16 Lynch Street; 18 Perkins Street; 47 and Cut-off Date LTV: 72.9%
78 Congress Street U/W NCF DSCR: 1.52x
Salem, MA 01970 U/W NOI Debt Yield: 11.5%

 

Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the underwritten net cash flow at the Shetland Park Property:

 

Cash Flow Analysis

 

  2016 2017 2018 TTM
3/31/2019
U/W %(1) U/W $
per SF
Rents in Place - Office $9,392,491 $9,677,934 $10,275,326 $10,320,627 $10,254,165 61.6% $8.61
Grossed up Vacant Space - Office 0 0 0 0 3,604,192 21.6 3.03
Rents in Place – Self Storage 998,697 1,323,554 1,551,419 1,587,549 1,658,026 10.0 1.39
Grossed Up Vacant Space 0 0 0 0 280,620  1.7 0.24
Contractual Rent Steps(2)

0

0

0

0

129,257

0.8

0.11

Gross Potential Rent $10,391,188 $11,001,488 $11,826,745 $11,908,176 $15,926,261 95.6% $13.37
Other Income(3) 70,236 92,951 111,801 123,407 123,407  0.7 0.10
Total Recoveries

306,747

390,419

531,975

560,877

602,288

3.6

0.51

Net Rental Income $10,768,171 $11,484,858 $12,470,521 $12,592,460 $16,651,956 100.0% $13.98
(Vacancy & Credit Loss)

0

0

0

0

(3,884,812)(4)

(24.4)

(3.26)

Effective Gross Income $10,768,171 $11,484,858 $12,470,521 $12,592,460 $12,767,143 76.7% $10.72
               
Real Estate Taxes 839,384 878,637 882,546 927,018 974,522 7.6 0.82
Insurance 274,466 308,206 252,207 251,052 460,189 3.6 0.39
Management Fee 542,028 582,114 630,671 635,977 638,357 5.0 0.54
Other Operating Expenses

4,609,338

4,072,190

4,310,202

4,272,876

4,019,168

31.5

3.37

Total Operating Expenses $6,265,216 $5,841,147 $6,075,626 $6,086,923 $6,092,237 47.7% $5.11
               
Net Operating Income(5) $4,502,955 $5,643,711 $6,394,895 $6,505,537 $6,674,907 52.3% $5.60
Replacement Reserves - Office 0 0 0 0 151,958  1.2 0.13
Replacement Reserves – Self Storage 0 0 0 0 26,737   0.2 0.02
TI/LC

0

0

0

0

709,137

5.6

0.60

Net Cash Flow $4,502,955 $5,643,711 $6,394,895 $6,505,537 $5,787,075 45.3% $4.86
               
NOI DSCR 1.18x 1.49x 1.68x 1.71x 1.76x    
NCF DSCR 1.18x 1.49x 1.68x 1.71x 1.52x    
NOI Debt Yield 7.8% 9.8% 11.0% 11.2% 11.5%    
NCF Debt Yield 7.8% 9.8% 11.0% 11.2% 10.0%    

 

(1)Represents (i) percent of Net Rental Income for all revenue fields, (ii) percent of Gross Potential Rent for Vacancy & Credit Loss and (iii) percent of Effective Gross Income for all other fields.

(2)Represents contractual rent steps through May 2020 totaling $129,257.

(3)Other income consists of parking income and late fees. The Shetland Park Property includes a parking garage that generates income through public parking and auxiliary parking for the tenants.

(4)The underwritten economic vacancy is 23.5%. The Shetland Park Property’s office/industrial component was 74.3% occupied as of the rent roll dated April 25, 2019 rent roll. The Shetland Park Property self storage facility was 87.6% occupied on a square foot basis and 90.1% on a per unit basis as of the rent roll dated March 6, 2019.

(5)The increase in NOI from 2016 to 2017 was due to the increase in the square footage of the self storage facility. In 2016 and 2017, the prior owner completed phase III of the self storage facility which added an additional 62,320 square feet. In October and November 2018, the prior owner completed phase IV of the self storage facility which added an additional 32,135 square feet. There is 53,647 square feet remaining to be completed in phase IV; future units were not included in the underwriting.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

86

 

 

Mixed Use – Industrial/Office/Self Storage

Loan #5

Shetland Park

Cut-off Date Balance: $44,901,066
16 Lynch Street; 18 Perkins Street; 47 and Cut-off Date LTV: 72.9%
78 Congress Street U/W NCF DSCR: 1.52x
Salem, MA 01970 U/W NOI Debt Yield: 11.5%

 

Appraisal. The appraiser concluded to an “as-is” Appraised Value of $79,400,000 as of April 3, 2019. The “as-is” Appraised Value includes the land values of $71,000 and $289,000 for the unimproved land parcels at 18 Perkins Street and 78 Congress Street, respectively. The appraiser concluded to a “Prospective Market Value Upon Stabilization” for the Shetland Park Property of $85,500,000 as of April 1, 2020, which assumes that the Shetland Park Property will achieve stabilized occupancy by February 1, 2020. The Cut-off Date LTV Ratio and LTV Ratio at Maturity are based on the “as-is” Appraised Value.

 

Environmental Matters. According to the three Phase I environmental site assessments prepared in connection with origination, the environmental site assessments identified recognized environmental conditions, a controlled recognized environmental condition and environmental issues. At origination, the Shetland Park Borrower escrowed approximately $2.72 million into the Environmental Reserve and obtained the following insurance policies: (i) an Enviro Covered Location Insurance Policy (Site Environmental) (ECLIPSE) form of environmental impairment liability insurance with limits of $10 million for the term of the Shetland Park Loan which names the lender with its successors, assigns and/or affiliates as their interests may appear as an additional named insured, and (ii) a lender form of Environmental Impairment Policy with limits of $10 million for a term of 8 years. Premiums have been paid in full under both policies. Additionally, Prime Storage Fund II, LP, an affiliate of the borrower, is an additional guarantor on the environmental indemnity. For additional information, see “Environmental Considerations” in the Preliminary Prospectus.

 

Market Overview and Competition. The Shetland Park Property is located in Salem, within Essex County, Massachusetts in the Boston metropolitan area statistical area (“MSA”) in the northeastern region of the United States. Salem is located in the North Shore region approximately 25 miles northeast of downtown Boston. The region’s economy is primarily driven by finance, education, healthcare, high technology, pharmaceuticals and bio-life sciences. There are several major corporate headquarters in the Boston MSA including: Liberty Mutual Group, Massachusetts Mutual Life Insurance, Raytheon Co., Staples Inc., TJX Cos. (TJ Maxx, Home Goods and Marshalls), EMC Corporation, State Street Corporation, Thermo Fisher Scientific Inc., and BJ’s Wholesale Club Inc. The companies represent a collection of national and international corporations including such major employment sectors as industrial/research, biosciences, retail, information technology, health care, financial services, and telecommunications.

 

Primary access to the Shetland Park Property’s neighborhood is provided by Interstate 95 and Yankee Division Highway. Salem is approximately three miles east of Interstate 95 and six miles east of U.S. Route 1, which provide access to main employment and retail amenities of the Boston metropolitan area. The neighborhood surrounding the Shetland Park Property consists of office, retail and industrial uses. Immediately surrounding the area are primarily retail and residential uses. Retail centers are located along Highland Avenue, and include national retailers such as Target, T.J. Maxx, PetSmart, The Home Depot, and Walmart. Northshore Mall is located approximately 4.2 miles northwest of the Shetland Park Property and offers more than 140 specialty stores which include Nordstrom, Macy’s, DSW, Brooks Brothers and Ann Taylor. According to a third party market research report, the estimated 2019 population in a one-, three-, and five-mile radius of the Shetland Park Property is 22,654, 111,132, and 237,022. The average household income within the same radii is $85,508, $103,392, and $102,442, respectively.

 

Submarket Information – According to a third-party market research report, the Shetland Park Property is situated within the Peabody/Salem office and industrial submarket. As of the fourth quarter of 2018, the Peabody/Salem office market reported a total inventory of 3.85 million square feet with a 9.1% vacancy rate and average quoted rental rate of $19.48 per square foot. As of the fourth quarter of 2018, the Peabody/Salem office submarket reported positive net absorption of 2,800 square feet. As of the fourth quarter of 2018, the Peabody/Salem industrial submarket reported a total inventory of 9.2 million square feet with a 5.2% vacancy rate and an average quoted rental rate of $10.13 per square foot. As of the fourth quarter of 2018, the Peabody/Salem industrial submarket reported positive net absorption of 138,234 square feet.

 

According to a third party market research report, the Shetland Park Property is situated within the North Shore/Merrimack River Valley submarket. As of 2018, the North Shore/Merrimack River Valley submarket recorded a vacancy of 10.2%, and rental rates were recorded at $142.80 for 10x10 non-climate controlled units and $152.73 for 10x10 climate controlled units.

 

Appraiser’s Comp Set – The appraiser identified 15 competitive properties for the Shetland Park Property. There were six office competitive properties totaling 167,518 square feet, which reported an average occupancy rate of 97.0%. There were five industrial competitive properties totaling 246,154 square feet, which reported an average occupancy of 94.4%. There were five self storage competitive properties totaling 394,788 square feet, which reported an average occupancy of 92.1%. There were four micro office competitive properties totaling 1,376,047 square feet, which reported an average occupancy of 92.1%. The appraiser concluded to net market rents for the Shetland Park Property of $17.25 per square foot, for office tenants, $11.50 per square foot for industrial tenants, $5.50 per square foot for storage tenants, and $30.00 per square foot for the micro office tenants.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

87

 

 

Mixed Use – Industrial/Office/Self Storage

Loan #5

Shetland Park

Cut-off Date Balance: $44,901,066
16 Lynch Street; 18 Perkins Street; 47 and Cut-off Date LTV: 72.9%
78 Congress Street U/W NCF DSCR: 1.52x
Salem, MA 01970 U/W NOI Debt Yield: 11.5%

 

The following table presents certain information relating to the appraiser’s market rent conclusion for the Shetland Park Property:

 

Market Rent Summary(1)

 

  Office Industrial Self Storage Micro Office
Market Rent (PSF) $17.25 $11.50 $5.50 $30.00
Lease Term (Years) 5 3 1 1

 

(1)Information obtained from the appraisal.

 

The table below presents certain information relating to comparable sales for the Shetland Park Property identified by the appraiser:

 

Comparable Sales – Self Storage(1)

 

Property Name Location Rentable Area (SF) Sale Date Sale Price Sale Price (PSF)
Putnam Storage Danbury, CT 73,125 Mar-18 $7,920,000 $108
A Space Place Self Storage Farmingdale, NY 39,050 Mar-18 $4,190,000 $107
Right Space Storage Upton, MA 43,050 Jul-17 $4,600,000 $107
Townline Self Storage Saugus, MA 59,560 Apr-17 $6,180,000 $104
Cumberland Self Storage Cumberland, RI 43,700 Mar-16 $4,100,000 $94

 

(1)Information obtained from the appraisal.

 

Comparable Sales - Commercial (1)

 

Property Name Location Rentable Area (SF) Sale Date Sale Price Sale Price (PSF)
North Andover Industrial North Andover, MA 168,735 Oct-18 $14,500,000 $86
Billerica Industrial Billerica, MA 186,200 Mar-18 $19,839,228 $107
Taunton Industrial Taunton, MA 292,176 Mar-18 $22,000,000 $75
Attleboro Industrial Attleboro, MA 203,752 Feb-18 $15,500,000 $76
Hudson Industrial Hudson, NH 215,206 Jan-18 $9,500,000 $44
Billerica Industrial Billerica, MA 434,643 Oct-17 $40,400,000 $93

 

(1)Information obtained from the appraisal.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

88

 

 

Mixed Use – Industrial/Office/Self Storage

Loan #5

Shetland Park

Cut-off Date Balance: $44,901,066
16 Lynch Street; 18 Perkins Street; 47 and Cut-off Date LTV: 72.9%
78 Congress Street U/W NCF DSCR: 1.52x
Salem, MA 01970 U/W NOI Debt Yield: 11.5%

 

The following table presents certain information relating to comparable leases to those at the Shetland Park Property:

 

Comparable Leases(1)

 

Property
Name/Location
Year Built/ Renovated Total GLA (SF) Distance from Subject Occupancy Lease Term Tenant
Size
Annual Base Rent PSF Reimbursement Amount PSF Lease Type
Office                  

Beverly Office

9 May St.

Beverly, MA

1920/1995 1,920 2.0 miles 100.0% 2.0 Yrs 665 SF $15.33 NAV Gross

Salem Office

70 Washington St.

Salem, MA

1914/NAP 46,925 0.7 miles 100.0% 2.0 Yrs 616 SF $18.00 $16.00 Gross

Beverly Office

266 Cabot St.

Beverly, MA

1985/NAP 9,450 2.4 miles 100.0% 3.0 Yrs 806 SF $15.63 $15.00 Mod Gross

Salem Office

265 Essex St.

Salem, MA

1916/1990 14,200 0.7 miles 100.0% 3.0 Yrs 749 SF $16.00 $10.00 Gross

Beverly Office

30 Tozer Rd

Beverly, MA

1982/2015 46,834 4.0 miles NAV 10.0 Yrs 7,465 SF $17.00 $43.00 NNN

Peabody Office

200 Corporate Place

Peabody, MA

1985/NAP 48,189 5.7 miles 85.0% 5.0 Yrs 7,167 SF $16.15 $15.00 Mod Gross
Micro Office                  

Marblehead Micro Office

16 Anderson St.

Marblehead, MA

1940/2002 5,556 1.7 miles 100.0% 1.0 Yr 189 SF $29.20 NAV Gross

Beverly Micro Office

100 Cummings

Beverly, MA

1906/1999 1,356,891 4.3 miles 92.0% 4.5 Yrs 293 SF $20.50 NAV Gross

Salem Micro Office

6 Lynde St

Salem, MA

1938/1985 6,000 0.7 miles 100.0% 1.0 Yr 200 SF $36.00 NAV Gross

Salem Micro Office

26 Lynde St

Salem, MA

1850/NAP 7,600 0.8 miles 100.0% 1.0 Yr 150 – 300 SF $25.00-$26.00 NAV Gross
Industrial                  

Salem Industrial

41 Mason St

Salem, MA

1960/NAP 15,000 1.1 miles 100.0% 3.0 – 5.0 Yrs 1,154 SF $11.50 NAV Mod Gross

Peabody Industrial

77 Walnut St

Peabody, MA

1968/1983 38,320 1.9 miles 82.0% 3.0 Yrs 4,000 SF $10.73 NAV Mod Gross

Peabody Industrial

300 Jubilee Dr

Peabody, MA

1995/NAP 163,826 4.4 miles 90.0% 5.0 Yrs 35,307 SF $8.25 NAV NNN

Salem Industrial

41 Mason St.

Salem, MA

1960/NAP 15,000 1.1 miles 100.0% 5.0 Yrs 1,780 SF $11.50 NAV Mod Gross

Beverly Industrial

59 Park St.

Beverly, MA

1900/NAP 14,008 2.3 miles 100.0% 2.0 Yrs 3,000 SF $7.20 NAV NNN
(1)Information obtained from the appraisal.

 

Escrows.

 

Real Estate Taxes – The Shetland Park Whole Loan documents require an upfront real estate tax reserve of $255,812 and ongoing monthly real estate tax reserves in an amount equal to one-twelfth of the real estate taxes that the lender estimates will be payable during the next twelve months (initially $81,210).

 

Insurance – The Shetland Park Whole Loan documents require an upfront insurance reserve of $80,533 and ongoing monthly insurance reserves in an amount equal to one-twelfth of the insurance premiums that the lender estimates will be payable during the next twelve months (initially $38,349).

 

Replacement Reserves – The Shetland Park Whole Loan documents require an upfront replacement reserve of $2,200,000 and ongoing monthly replacement reserves of $14,891.

 

Deferred Maintenance – The Shetland Park Whole Loan documents require an upfront reserve of $108,875 for immediate repairs.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

89

 

 

Mixed Use – Industrial/Office/Self Storage

Loan #5

Shetland Park

Cut-off Date Balance: $44,901,066
16 Lynch Street; 18 Perkins Street; 47 and Cut-off Date LTV: 72.9%
78 Congress Street U/W NCF DSCR: 1.52x
Salem, MA 01970 U/W NOI Debt Yield: 11.5%

 

TI/LC Reserve – The Shetland Park Whole Loan documents require an upfront tenant improvement and leasing commissions reserve of $800,000 and ongoing monthly tenant improvement and leasing commissions reserves of $59,095.

 

Environmental Remediation Reserve – The Shetland Park Whole Loan documents require an upfront reserve of $2,723,583 which amount is 125% of the highest opinion of probable cost estimate for completion of the environmental work as described within the Shetland Park Loan documents. See “Environmental Matters” above.

 

Tenant Specific TI Reserve – The Shetland Park Whole Loan documents require an upfront reserve of $526,065 for existing tenant obligations related to Tinti, Quinn ($137,005), South Bay Medical ($147,029), and GSA SSA ($242,031).

 

Lockbox and Cash Management. The Shetland Park Whole Loan requires a springing lockbox and springing cash management. Upon the occurrence and continuance of a Cash Management Trigger Event, (i) the Shetland Park Borrower is required to establish a lender-controlled lockbox account and instruct tenants to deposit rents into such lockbox account, and (ii) the Shetland Park Borrower or the property manager is required to deposit all revenues received into the lockbox account within one business day of receipt. Pursuant to the Shetland Park Whole Loan documents, all excess funds on deposit are required to be applied as follows (a) if a Cash Sweep Event (as defined below) is not in effect, to the Shetland Park Borrower; and (b) if a Cash Sweep Event is in effect due to the existence of a Critical Tenant Trigger Event (as defined below) to the Critical Tenant TI/LC account until the applicable Critical Tenant Trigger Event cure has occurred. If a Cash Sweep Event is in effect but a Critical Tenant Trigger Event is not in effect, then funds will be applied to an excess cash flow account controlled by the lender, to be held by the lender as additional security for the Shetland Park Whole Loan.

 

A “Cash Management Trigger Event” will commence upon the occurrence of the following:

 

(i)an event of default;

(ii)the Shetland Park Borrower’s second late debt service payment within a 12-month period;

(iii)a bankruptcy action of the Shetland Park Borrower, guarantor or property manager;

(iv)a Cash Management DSCR Trigger Event (as defined below);

(v)a Critical Tenant Trigger Event (as defined below); or

(vi)a mezzanine borrower enters into a subordinated mezzanine loan.

 

A Cash Management Trigger Event will end upon the occurrence of:

 

with regard to clause (i) above, the cure of such event of default has been accepted or waived by the lender;

with regard to clause (ii) above, the debt service payments being paid on time for 12 consecutive months;

with regard to clause (iii) above, if such Cash Management Trigger Event is as a result of an involuntary bankruptcy, such bankruptcy action petition being discharged, stayed, or dismissed within 30 days of such filing among other conditions for the Shetland Park Borrower or guarantor and within 120 days for the property manager, or with respect to the property manager, the Shetland Park Borrower replacing the property manager with a qualified manager acceptable to the lender;

with regard to clause (iv) above, the date the debt service coverage ratio based on the trailing 12-month period immediately preceding the date of such determination is greater than 1.30x for two consecutive quarters; and

with regard to clause (v) above, a Critical Tenant Trigger Event Period Cure (as defined below).

 

A “Cash Management DSCR Trigger Event” will occur on any day the debt service coverage ratio, based on the trailing 12-month period immediately preceding the date of determination, is less than 1.25x for the Shetland Park Whole Loan.

 

A “Cash Sweep Event” will commence upon the occurrence of the following:

 

(i)an event of default;

(ii)a bankruptcy action of the Shetland Park Borrower, guarantor or property manager;

(iii)a Cash Sweep DSCR Trigger Event (as defined below); or

(iv)a Critical Tenant Trigger Event (as defined below).

 

A Cash Sweep Event will end upon the occurrence of:

 

with regard to clause (i) above, the cure of such event of default has been accepted or waived by the lender;

with regard to clause (ii) above, if such Cash Management Trigger Event is as a result of an involuntary bankruptcy, such bankruptcy action petition being discharged, stayed, or dismissed within 30 days of such filing among other conditions for the Shetland Park Borrower or guarantor and within 120 days for the property manager, or with respect to the property manager, the Shetland Park Borrower replacing the property manager with a qualified manager acceptable to the lender;

with regard to clause (iii) above, the date the debt service coverage ratio based on the trailing 12-month period immediately preceding the date of such determination is greater than 1.25x for two consecutive quarters; and

with regard to clause (iv) above, a Critical Tenant Trigger Event Period Cure.

 

A “Cash Sweep DSCR Trigger Event” will occur on any day the debt service coverage ratio, based on the trailing 12-month period immediately preceding the date of determination, is less than 1.20x for the Shetland Park Whole Loan.

 

A “Critical Tenant Trigger Event” will occur if Excelitas Technologies Corp. (a “Critical Tenant” and the related lease, a “Critical Tenant Lease”) gives notice of its intention to terminate its lease.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

90

 

 

Mixed Use – Industrial/Office/Self Storage

Loan #5

Shetland Park

Cut-off Date Balance: $44,901,066
16 Lynch Street; 18 Perkins Street; 47 and Cut-off Date LTV: 72.9%
78 Congress Street U/W NCF DSCR: 1.52x
Salem, MA 01970 U/W NOI Debt Yield: 11.5%

 

A “Critical Tenant Trigger Event Cure” will occur upon (i) the date that a Critical Tenant Space Re-Tenanting Event (as defined below) has occurred; (ii) the date that the Critical Tenant rescinds the termination notice and affirms the Critical Tenant Lease in writing for the remaining term of the Critical Tenant Lease; or (iii) the date that the Shetland Park Borrower deposits $1,500,000 with the lender, which amount will be held as additional collateral for the Shetland Park Whole Loan or used for related leasing expenses.

 

A “Critical Tenant Space Re-tenanting Event” will occur on the date each of the following conditions has been satisfied: (i) the Critical Tenant space is leased to one or more replacement tenants for a term of at least five years and on terms that are reasonably acceptable to the lender; (ii) all tenant improvement costs, leasing commissions and other material costs and expenses relating to the re-letting of the space have been paid in full; and (iii) the replacement tenant(s) are conducting normal business operations at the related Critical Tenant space.

 

Property Management. The Shetland Park Property is managed by an affiliate of the borrower.

 

Partial Release. Not permitted.

 

Real Estate Substitution. Not permitted.

 

Subordinate and Mezzanine Indebtedness. Provided no event of default has occurred and is continuing, the Shetland Park Whole Loan documents permit an affiliate of the Shetland Park Borrower to incur future mezzanine debt subject to certain conditions, including (i) the execution of an intercreditor agreement in form and substance reasonably acceptable to the lender; (ii) based on the Shetland Park Whole Loan and the mezzanine loan, (a) the combined loan-to-value ratio is not greater than 72.7% and (b) the debt service coverage ratio is not less than 1.53x; and (iii) receipt of rating agency confirmation from each of Fitch, KBRA and Moody’s that the mezzanine financing will not result in a downgrade, withdrawal or qualification of the respective ratings assigned to the Series WFCM 2019-C51 Certificates.

 

Ground Lease. None.

 

Terrorism Insurance. The Shetland Park Whole Loan documents require that the “all risk” insurance policy required to be maintained by the Shetland Park Borrower provides coverage for terrorism in an amount equal to the full replacement cost of the Shetland Park Property, as well as business interruption insurance covering no less than the 18-month period following the occurrence of a casualty event, together with a 12-month extended period of indemnity.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

91

 

 

Property Type - Various

Loan #6

ExchangeRight Net Leased Portfolio #27

Cut-off Date Balance:   $41,000,000
Property Addresses - Various Cut-off Date LTV:   61.2%
  U/W NCF DSCR:   2.17x
  U/W NOI Debt Yield:   9.8%

 

 

 

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

92

 

 

Property Type - Various

Loan #6

ExchangeRight Net Leased Portfolio #27

Cut-off Date Balance:   $41,000,000
Property Addresses - Various Cut-off Date LTV:   61.2%
  U/W NCF DSCR:   2.17x
  U/W NOI Debt Yield:   9.8%

 

 

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

93

 

 

No. 6 – ExchangeRight Net Leased Portfolio #27
 
Mortgage Loan Information   Mortgaged Property Information
Mortgage Loan Seller: Barclays Capital Real Estate Inc.   Single Asset/Portfolio: Portfolio

Credit Assessment

(Fitch/KBRA/Moody’s):

NR/NR/NR   Property Type – Subtype(4): Various
Original Principal Balance(1): $41,000,000   Location(4): Various
Cut-off Date Balance(1): $41,000,000   Size: 349,490 SF
% of Initial Pool Balance: 5.6%   Cut-off Date Balance Per SF(1): $146.07
Loan Purpose: Acquisition   Maturity Date Balance Per SF(1): $146.07
Borrower Sponsor: ExchangeRight Real Estate, LLC   Year Built/Renovated(4): Various/Various
Guarantors: David Fisher; Joshua Ungerecht; Warren Thomas   Title Vesting: Fee
Mortgage Rate: 4.34275%   Property Manager: Self-managed
Note Date: May 7, 2019   Current Occupancy (As of): 100.0% (7/1/2019)
Seasoning: 2 months   YE 2018 Occupancy(5): NAV
Maturity Date: May 6, 2029   YE 2017 Occupancy(5): NAV
IO Period: 120 months   YE 2016 Occupancy(5): NAV
Loan Term (Original): 120 months   YE 2015 Occupancy(5): NAV
Amortization Term (Original): NAP   Appraised Value: $83,360,000
Loan Amortization Type: Interest-only, Balloon   Appraised Value Per SF: $238.52
Call Protection(2): L(26),D(90),O(4)   Appraisal Valuation Date: Various
Lockbox Type: Hard/Springing Cash Management   Underwriting and Financial Information
Additional Debt(1): Pari Passu   YE 2018 NOI(5): NAV
Additional Debt Type (Balance)(1): $10,050,000   YE 2017 NOI(5): NAV
      YE 2016 NOI(5): NAV
      YE 2015 NOI(5): NAV
      U/W Revenues: $6,182,248
      U/W Expenses: $1,186,196
    U/W NOI: $4,996,052
Escrows and Reserves(3)   U/W NCF: $4,901,151
  Initial Monthly Cap   U/W DSCR based on NOI/NCF(1): 2.22x / 2.17x
Taxes $54,404 $7,772 NAP   U/W Debt Yield based on NOI/NCF(1): 9.8% / 9.6%
Insurance $8,776 $2,925 NAP   U/W Debt Yield at Maturity based on NOI/NCF(1): 9.8% / 9.6%
Replacement Reserve $356,261 $1,508 NAP   Cut-off Date LTV Ratio(1): 61.2%
TI/LC Reserve $500,000 Springing NAP   LTV Ratio at Maturity(1): 61.2%
Immediate Repairs $77,250 $0 NAP      
               
Sources and Uses
Sources         Uses      
Original whole loan amount $51,050,000   60.8%   Purchase price $82,601,996   98.4%
Sponsor’s new equity contribution 32,872,014   39.2        Upfront reserves 996,691         1.2       
          Closing costs(6) 323,327         0.4      
Total Sources $83,922,014   100.0%      Total Uses $83,922,014    100.0%

 

(1)The ExchangeRight Net Leased Portfolio #27 Mortgage Loan (as defined below) is part of the ExchangeRight Net Leased Portfolio #27 Whole Loan (as defined below), which comprises two pari passu notes with an aggregate original balance of $51,050,000. All statistical information related to the Cut-off Date Balance per SF, Maturity Date Balance per SF, U/W Debt Yield based on NOI/NCF, U/W Debt Yield at Maturity based on NOI/NCF, U/W DSCR based on NOI/NCF, Cut-off Date LTV Ratio and LTV Ratio at Maturity are based on the ExchangeRight Net Leased Portfolio #27 Whole Loan.

(2)Defeasance of the ExchangeRight Net Leased Portfolio #27 Whole Loan is permitted at any time after the earlier of (i) two years after the closing date that includes the last note to be securitized or (ii) May 7, 2022. The assumed lockout period of 26 months is based on the WFCM 2019-C51 securitization trust closing date in July 2019.

(3)See “Escrows” section.

(4)See “The Properties” section.

(5)The ExchangeRight Net Leased Portfolio #27 Properties (as defined below) were acquired by ExchangeRight between March 2018 and April 2019. According to the sponsor, the sellers of the ExchangeRight Net Leased Portfolio #27 Properties did not provide historical operating statements to ExchangeRight.

(6)Closing costs include a $785,385 closing cost credit relating to the interest rate buy-up by the ExchangeRight Net Leased Portfolio #27 Borrower.

 

The Mortgage Loan. The mortgage loan (the “ExchangeRight Net Leased Portfolio #27 Mortgage Loan”) is part of a whole loan (the “ExchangeRight Net Leased Portfolio #27 Whole Loan”) in the original principal balance of $51,050,000. The ExchangeRight Net Leased Portfolio #27 Whole Loan is secured by a first priority fee mortgage encumbering 17 single-tenant retail properties and one medical office property in Minnesota, Georgia, Wisconsin, Texas, Louisiana, Oklahoma, Pennsylvania, Tennessee and Ohio (the “ExchangeRight Net Leased Portfolio #27 Properties”). Note A-1 had an original principal balance of $41,000,000, has a Cut-off Date Balance of $41,000,000 and is being contributed to the WFCM 2019-C51 securitization trust. Note A-2 had an original principal balance of $10,050,000, has a Cut-off Date Balance of $10,050,000 and is expected to be contributed to a future securitization trust. See

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

94

 

 

Property Type - Various

Loan #6

ExchangeRight Net Leased Portfolio #27

Cut-off Date Balance:   $41,000,000
Property Addresses - Various Cut-off Date LTV:   61.2%
  U/W NCF DSCR:   2.17x
  U/W NOI Debt Yield:   9.8%

 

Description of the Mortgage Pool – The Whole Loans – The Serviced Pari Passu Whole Loans” and “Pooling and Servicing Agreement” in the Preliminary Prospectus.

 

Note Summary

 

Notes Original Principal Balance Cut-off Date Balance Note Holder Controlling Interest
A-1 $41,000,000 $41,000,000 WFCM 2019-C51 Yes
A-2 $10,050,000 $10,050,000 Barclays Capital Real Estate Inc. No
Total $51,050,000 $51,050,000    

 

The Borrower and Borrower Sponsor. The borrower is ExchangeRight Net Leased Portfolio 27 DST (the “ExchangeRight Net Leased Portfolio #27 Borrower”), a Delaware statutory trust with one trustee which is an independent director. The ExchangeRight Net Leased Portfolio #27 Borrower has master leased the ExchangeRight Net Leased Portfolio #27 Properties to a master lessee affiliated with the guarantors. The master lessee is structured as a special purpose entity with one independent director. The master lessee’s interest in all tenant rents are assigned to the ExchangeRight Net Leased Portfolio #27 Borrower, which in turn assigned its interest to the lender.  The lender has the ability to cause the ExchangeRight Net Leased Portfolio #27 Borrower to terminate the master lease. The borrower sponsor has a 100% ownership interest in the master lessee. The master lease is subordinate to the ExchangeRight Net Leased Portfolio #27 Whole Loan. Legal counsel to the ExchangeRight Net Leased Portfolio #27 Borrower delivered a non-consolidation opinion in connection with the origination of the ExchangeRight Net Leased Portfolio #27 Whole Loan. The nonrecourse carve-out guarantors of the ExchangeRight Net Leased Portfolio #27 are Loan are David Fisher, Joshua Ungerecht and Warren Thomas.

 

The borrower sponsor is ExchangeRight Real Estate, LLC (“ExchangeRight”). ExchangeRight has more than $1.8 billion of assets and more than 13 million square feet under management. ExchangeRight has more than 500 investment-grade retail and class B/B+ multifamily properties located across 38 states. Warren Thomas, one of the three nonrecourse carve-out guarantors was involved in a foreclosure that settled in 2013 unrelated to the ExchangeRight Net Leased Portfolio #27 Properties. See “Description of the Mortgage Pool—Loan Purpose; Default History, Bankruptcy Issues and Other Proceedings” in the Preliminary Prospectus.

 

The Properties. The ExchangeRight Net Leased Portfolio #27 Properties are comprised of 17 single-tenant retail properties and one medical office property (BioLife Plasma Services – Savannah, GA) totaling 349,490 square feet located in nine states. The largest geographical concentrations by Cut-off Date Balance include Minnesota (one property, 26.0% of the allocated Cut-off Date Balance), Wisconsin (three properties, 17.4% of the allocated Cut-off Date Balance) and Georgia (two properties, 15.7% of the allocated Cut-off Date Balance). Built between 1988 and 2019, the ExchangeRight Net Leased Portfolio #27 Properties range in size from 6,912 square feet to 100,206 square feet. As of July 1, 2019, the ExchangeRight Net Leased Portfolio #27 Properties were 100.0% occupied.

 

The ExchangeRight Net Leased Portfolio #27 Properties feature nine unique tenants and include nationally recognized credit-tenants, such as BioLife Plasma Services L.P. (rated Baa2 by Moody’s), Pick n Save (rated Baa1/BBB by Moody’s/S&P), Walgreens (rated Baa2/BBB/BBB by Moody’s/S&P/Fitch), Advance Auto Parts (rated Baa2/BBB- by Moody’s/S&P), O’Reilly (rated Baa1/BBB by Moody’s/S&P), Dollar General (rated Baa2/BBB by Moody’s/S&P), and Dollar Tree (rated Baa3/BBB- by Moody’s/S&P). Investment grade tenants occupy 16 of the 18 properties representing 70.0% of underwritten base rent. The ExchangeRight Net Leased Portfolio #27 Properties have a weighted average remaining initial lease term of approximately 14.3 years. Each tenant has at least three five-year renewal options remaining and if the fully extended lease maturity dates are used, the weighted average remaining lease term is approximately 40.8 years based on square footage and 42.9 years based on underwritten rent. Leases representing approximately 86.6% of the net rentable area and 85.6% of the underwritten base rent expire after the ExchangeRight Net Leased Portfolio #27 Whole Loan maturity date. The largest property, Hy-Vee – Cottage Grove, MN (the “Hy-Vee Property”), comprises 100,206 square feet and represents 28.7% of the portfolio net rentable area and 25.8% of the portfolio underwritten base rent. The Hy-Vee Property is utilized as a grocery store and is part of a larger retail center with other tenants that include TJ Maxx/Home Goods and Sports Clips Haircut. The Hy-Vee Property features separate entrances for major departments including Wine/Spirits, Pharmacy and Market Grille with made-to-order food. The Hy-Vee Property also features a gas station/convenience store outparcel as well as a Starbucks located on the premises. The Hy-Vee Property was constructed in 2017, and the tenant recently executed a 20-year lease through January 2039 with six five-year renewal options remaining. In 2018 Hy-Vee sales at the Hy-Vee Property totaled $46.54mm ($464 PSF) resulting in an occupancy cost of 3.8%.  Excluding the Hy-Vee Property, no other individual property accounts for more than 17.8% of portfolio net rentable area and 11.8% of the underwritten base rent.  

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

95

 

 

Property Type - Various

Loan #6

ExchangeRight Net Leased Portfolio #27

Cut-off Date Balance:   $41,000,000
Property Addresses - Various Cut-off Date LTV:   61.2%
  U/W NCF DSCR:   2.17x
  U/W NOI Debt Yield:   9.8%

 

The following table presents certain information relating to the ExchangeRight Net Leased Portfolio #27 Properties:

 

Tenant Name

Allocated Whole Loan Cut-off

Date

Balance

% of

Portfolio

Cut-off

Date

Balance

UW NOI % of UW NOI Year Built/ Renovated Tenant NRSF % of Portfolio NRSF Lease Expiration

Appraised

Value(1)

Hy-Vee(2)

Cottage Grove, MN

$13,280,000 26.0% $1,253,187 25.1% 2017/NAP 100,206 28.7% 1/31/2039 $22,600,000

BioLife Plasma Services L.P.(3)

Savannah, GA

$6,390,000 12.5% $606,462 12.1% 2019/NAP 15,730 4.5% 3/31/2034 $9,900,000

Pick n Save(4)

Muskego, WI

$4,850,000 9.5% $476,070 9.5% 1988/2017 62,300 17.8% 12/31/2029 $7,750,000

Walgreens(5)

Lubbock, TX

$3,430,000 6.7% $316,615 6.3% 2006/NAP 14,820 4.2% 8/31/2031(20) $5,200,000

Walgreens(6)

Houma, LA

$3,292,000 6.4% $312,455 6.3% 2006/NAP 14,490 4.1% 2/29/2032(20) $4,880,000

Walgreens(7)

Greendale, WI

$3,100,000 6.1% $283,237 5.7% 1998/NAP 13,905 4.0% 6/30/2031(20) $4,620,000

Walgreens(8)

Edmond, OK

$2,978,858 5.8% $273,372 5.5% 2007/NAP 14,762 4.2% 7/31/2032(20) $4,410,000

Tractor Supply(9)

Duncansville, PA

$2,202,000 4.3% $208,791 4.2% 2004/NAP 19,104 5.5% 1/31/2029 $3,600,000

Walgreens(10)

Dayton, OH

$1,651,142 3.2% $242,658 4.9% 1998/NAP 13,905 4.0% 3/31/2029(20) $3,900,000

Walgreens(11)

Augusta, GA

$1,620,000 3.2% $250,955 5.0% 2004/NAP 13,650 3.9% 4/1/2029(20) $4,150,000

Advance Auto Parts(12)

Houston, TX

$1,269,000 2.5% $115,354 2.3% 2018/NAP 6,912 2.0% 2/28/2033 $1,920,000

O’Reilly(13)

South Houston, TX

$1,192,000 2.3% $108,692 2.2% 2013/NAP 7,000 2.0% 4/30/2033 $1,775,000

O’Reilly(14)

Knoxville, TN

$1,090,000 2.1% $101,454 2.0% 2014/NAP 7,125 2.0% 11/30/2034 $1,620,000

Dollar General(15)

South Point, OH

$1,015,000 2.0% $95,748 1.9% 2019/NAP 9,002 2.6% 3/31/2034 $1,450,000

Dollar General(16)

Slidell, LA

$990,000 1.9% $92,577 1.9% 2018/NAP 9,002 2.6% 6/30/2033 $1,475,000

Dollar General(17)

Houma, LA

$940,000 1.8% $88,071 1.8% 2018/NAP 9,026 2.6% 6/15/2033 $1,400,000

Dollar Tree(18)

Kaukauna, WI

$908,000 1.8% $90,530 1.8% 2018/NAP 9,525 2.7% 5/31/2029 $1,450,000

Dollar General(19)

Mansfield, OH

$852,000 1.7% $79,824 1.6% 2019/NAP 9,026 2.6% 1/31/2034 $1,260,000
Total/Weighted Average $51,050,000 100.0% $4,996,052 100.0%   349,490 100.0%   $83,360,000

 

(1)Each appraisal provides a “go-dark” value for the related property. The ExchangeRight Net Leased Portfolio #27 Properties have an aggregate “go-dark” value of $60,170,000.

(2)Hy-Vee has six, five-year renewal options.

(3)BioLife Plasma Services L.P. has three, five-year renewal options. BioLife Plasma Services L.P. has the ongoing right to terminate its lease upon 30 days’ written notice and the payment of the net present value of the total obligations for base rent and additional rent for the remainder of its current lease term.

(4)Pick n Save has three, five-year renewal options.

(5)Walgreens has ten, five-year renewal options. Walgreens has the right to terminate its lease effective August 31, 2031 upon 12 months’ prior notice.

(6)Walgreens has ten, five-year renewal options. Walgreens has the right to terminate its lease effective February 29, 2032 upon 12 months’ prior notice.

(7)Walgreens has seven, five-year renewal options. Walgreens has the right to terminate its lease effective June 30, 2031 and every five years thereafter through June 30, 2066 (the final lease maturity date) with six months’ prior notice.

(8)Walgreens has ten, five-year renewal options. Walgreens has the right to terminate its lease effective July 31, 2032 upon 12 months’ prior notice.

(9)Tractor Supply has three, five-year renewal options.

(10)Walgreens has six, five-year renewal options. Walgreens has the right to terminate its lease effective March 31, 2029 and every five years thereafter through March 31, 2059 (the final lease maturity date) with 12 months’ prior notice.

(11)Walgreens has ten, five-year renewal options. Walgreens has the right to terminate its lease effective April 1, 2029 and every five years thereafter through April 1, 2079 (the final lease maturity date) with six months’ prior notice.

(12)Advance Auto Parts has three, five-year renewal options.

(13)O’Reilly has three, five-year renewal options.

(14)O’Reilly has three, five-year renewal options.

(15)Dollar General has four, five-year renewal options.

(16)Dollar General has three, five-year renewal options.

(17)Dollar General has three, five-year renewal options.

(18)Dollar Tree has four, five-year renewal options.

(19)Dollar General has four, five-year renewal options.

(20)For underwriting purposes, the lender has assumed the earliest termination option dates to be the lease expiration dates for all Walgreens tenants.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

96

 

 

 

Property Type - Various

Loan #6

ExchangeRight Net Leased Portfolio #27

Cut-off Date Balance:   $41,000,000
Property Addresses - Various Cut-off Date LTV:   61.2%
  U/W NCF DSCR:   2.17x
  U/W NOI Debt Yield:   9.8%

 

Major Tenants. The following table presents certain information relating to the tenancy at the ExchangeRight Net Leased Portfolio #27 Properties:

 

Major Tenants

 

Tenant Name Credit Rating (Fitch/Moody’s/
S&P)(1)
No. of Properties Tenant NRSF % of
NRSF
Annual U/W Base Rent PSF(2) Annual
U/W Base Rent(2)
% of Total Annual U/W Base Rent
               
Major Tenants              
Hy-Vee NR/NR/NR 1 100,206 28.7% $13.52 $1,354,500 25.8%
Walgreens BBB/Baa2/BBB 6 85,532 24.5% $20.44 $1,748,166 33.3%
Pick n Save NR/Baa1/BBB 1 62,300 17.8% $8.23 $512,843 9.8%
Dollar General NR/Baa2/BBB 4 36,056 10.3% $10.16 $366,394 7.0%
Tractor Supply NR/NR/NR 1 19,104 5.5% $11.78 $225,000 4.3%
BioLife Plasma Services L.P. NR/Baa2/NR 1 15,730 4.5% $39.39 $619,582 11.8%
O’Reilly NR/Baa1/BBB 2 14,125 4.0% $15.23 $215,067 4.1%
Dollar Tree NR/Baa3/BBB- 1 9,525 2.7% $10.25 $97,631 1.9%
Advance Auto Parts NR/Baa2/BBB- 1 6,912 2.0% $17.09 $118,109 2.2%
Total Major Tenants 18 349,490 100.0% $15.04 $5,257,292 100.0%
               
Vacant Space   0 0.0%      
             
Collateral Total   349,490 100.0%      
               

 

(1)Certain ratings are those of the parent company whether or not the parent company guarantees the lease.

(2)Annual U/W Base Rent PSF and Annual U/W Base Rent include straight-lined rent through loan maturity for Pick n Save – Muskego, WI, O’Reilly – South Houston, TX, O’Reilly – Knoxville, TN and BioLife Plasma Services – Savannah, GA totaling $45,236.

 

The following table presents certain information relating to the lease rollover schedule at the ExchangeRight Net Leased Portfolio #27 Properties:

 

Lease Expiration Schedule(1)(2)

 

Year Ending
 December 31,
No. of Leases Expiring Expiring NRSF % of Total NRSF Cumulative Expiring NRSF Cumulative % of Total NRSF Annual
 U/W
Base Rent
% of Total Annual U/W Base Rent Annual
 U/W
Base Rent
 PSF
MTM 0 0 0.0% 0 0.0% $0 0.0% $0.00
2019 0 0 0.0% 0 0.0% $0 0.0% $0.00
2020 0 0 0.0% 0 0.0% $0 0.0% $0.00
2021 0 0 0.0% 0 0.0% $0 0.0% $0.00
2022 0 0 0.0% 0 0.0% $0 0.0% $0.00
2023 0 0 0.0% 0 0.0% $0 0.0% $0.00
2024 0 0 0.0% 0 0.0% $0 0.0% $0.00
2025 0 0 0.0% 0 0.0% $0 0.0% $0.00
2026 0 0 0.0% 0 0.0% $0 0.0% $0.00
2027 0 0 0.0% 0 0.0% $0 0.0% $0.00
2028 0 0 0.0% 0 0.0% $0 0.0% $0.00
2029 5 118,484 33.9% 118,484 33.9% $1,369,474 26.0% $11.56
Thereafter 13 231,006 66.1% 349,490 100.0% $3,887,818 74.0% $16.83
Vacant 0 0 0.0% 349,490 100.0% $0 0.0% $0.00
Total/Weighted Average 18 349,490 100.0%     $5,257,292 100.0% $15.04

 

(1)Information obtained from the underwritten rent roll.

(2)For underwriting purposes, the lender has assumed the earliest termination option dates to be the lease expiration dates for all Walgreens tenants.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

97

 

 

Property Type - Various

Loan #6

ExchangeRight Net Leased Portfolio #27

Cut-off Date Balance:   $41,000,000
Property Addresses - Various Cut-off Date LTV:   61.2%
  U/W NCF DSCR:   2.17x
  U/W NOI Debt Yield:   9.8%

 

The following table presents historical occupancy percentages at the ExchangeRight Net Leased Portfolio #27 Properties:

 

Historical Occupancy

 

12/31/2015(1)

12/31/2016(1) 

12/31/2017(1)

12/31/2018(1) 

7/1/2019(2) 

NAV NAV NAV NAV 100.0%

 

(1)The ExchangeRight Net Leased Portfolio #27 Properties were acquired by ExchangeRight between March 2018 and April 2019. According to ExchangeRight, the sellers of the ExchangeRight Net Leased Portfolio #27 Properties did not provide historical operating statements to ExchangeRight.

(2)Information obtained from the underwritten rent roll.

 

Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the underwritten net cash flow at the ExchangeRight Net Leased Portfolio #27 Properties:

 

Cash Flow Analysis(1)

 

  U/W %(2) U/W $ per SF
Rents in Place $5,212,056 82.5% $14.91
Rent Steps(3) 45,236 0.7    0.13
Grossed Up Vacant Space

0

0.0   

0.00 

Gross Potential Rent $5,257,292 83.2% $15.04
Other Income 0 0.0    0.00
Total Recoveries

1,061,154 

16.8   

3.04 

Net Rental Income $6,318,446 100.0% $18.08
(Vacancy & Credit Loss)

(136,199)(4) 

 (2.6)  

(0.39) 

Effective Gross Income $6,182,248 97.8% $17.69
       
Real Estate Taxes 1,030,212  16.7    2.95
Insurance 32,339 0.5    0.09
Management Fee 123,645 2.0    0.35
Other Operating Expenses(5)

 0.0   

0.00 

Total Operating Expenses $1,186,196 19.2% $3.39
       
Net Operating Income $4,996,052 80.8% $14.30
Replacement Reserves(6) 18,101 0.3    0.05
TI/LC(7)

76,800 

1.2   

0.22 

Net Cash Flow $4,901,151 79.3% $14.02
       
NOI DSCR 2.22x    
NCF DSCR 2.17x    
NOI Debt Yield 9.8%    
NCF Debt Yield 9.6%    

 

(1)The ExchangeRight Net Leased Portfolio #27 Properties were acquired by the borrower sponsor between March 2018 and April 2019. According to the borrower sponsor, the sellers of the ExchangeRight Net Leased Portfolio #27 Properties did not provide historical operating statements to the borrower sponsor.

(2)Represents (i) percent of Net Rental Income for all revenue fields, (ii) percent of Gross Potential Rent for Vacancy & Credit Loss and (iii) percent of Effective Gross Income for all other fields.

(3)Represents straight-lined rent through loan maturity for Pick n Save – Muskego, WI, O’Reilly – South Houston, TX and O’Reilly – Knoxville, TN and BioLife Plasma Services – Savannah, GA totaling $45,236.

(4)The underwritten economic vacancy is 5.0% at the property level except for 12 properties that are underwritten to a 0.0% economic vacancy. The 12 properties are 100.0% occupied by investment grade tenants with at least 11 years remaining on the initial lease term and a fully extended expiration date of 2033 or later. The overall underwritten blended economic vacancy is 2.2%. The ExchangeRight Net Leased Portfolio #27 Properties are 100.0% physically occupied as of July 1, 2019.

(5)All tenants pay common area maintenance expenses directly.

(6)Tenants at 11 of the ExchangeRight Net Leased Portfolio #27 Properties are responsible for their own capital expenditures.

(7)TI/LC is inclusive of a straight-line credit for the upfront TI/LC Reserve equal to $50,000, which is 10.0% of the upfront TI/LC reserve of $500,000.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

98

 

 

Property Type - Various

Loan #6

ExchangeRight Net Leased Portfolio #27

Cut-off Date Balance:   $41,000,000
Property Addresses - Various Cut-off Date LTV:   61.2%
  U/W NCF DSCR:   2.17x
  U/W NOI Debt Yield:   9.8%

 

Appraisal. The ExchangeRight Net Leased Portfolio #27 Properties were valued individually, with the individual values reflecting a cumulative “as-is” appraised value of $83,360,000. The valuation dates range from November 20, 2018 to April 27, 2019. Additionally, each appraisal provided a corresponding “go-dark” value that equates to $60,170,000 for the ExchangeRight Net Leased Portfolio #27 Properties.

 

Environmental Matters. According to a Phase I environmental site assessments dated from November 12, 2018 to April 25, 2019, there was no evidence of any recognized environmental conditions at the ExchangeRight Net Leased Portfolio #27 Properties. However, there is a controlled recognized environmental condition at the Walgreens – Houma, LA property. See “Environmental Considerations” in the Preliminary Prospectus.

 

Escrows.

 

Real Estate Taxes – The ExchangeRight Net Leased Portfolio #27 Whole Loan documents require an upfront real estate tax reserve of $54,404 and ongoing monthly real estate tax reserves in an amount equal to one-twelfth of the real estate taxes that the lender estimates will be payable during the next twelve months (initially $7,772).

 

Insurance – The ExchangeRight Net Leased Portfolio #27 Whole Loan documents require an upfront insurance reserve of $8,776 and ongoing insurance reserves in an amount equal to one-twelfth of the insurance premiums that the lender estimates will be payable during the next twelve months (initially $2,925).

 

Replacement Reserves – The ExchangeRight Net Leased Portfolio #27 Whole Loan documents require an upfront replacement reserve of $356,261 and ongoing monthly replacement reserves of $1,508. Tenants at 11 of the ExchangeRight Net Leased Portfolio #27 Properties are responsible for their own capital expenditures.

 

TI/LC Reserve – The ExchangeRight Net Leased Portfolio #27 Whole Loan documents require an upfront TI/LC reserve of $500,000. Payment of the ongoing TI/LC monthly reserve of $20,387 will be waived as long as no event of default has occurred and is continuing.

 

Immediate Repairs - The ExchangeRight Net Leased Portfolio #27 Whole Loan documents require an upfront reserve of $77,250 for immediate repairs.

 

Lockbox and Cash Management. The ExchangeRight Net Leased Portfolio #27 Whole Loan documents require a hard lockbox and springing cash management. The ExchangeRight Net Leased Portfolio #27 Borrower was required at origination to deliver letters to the tenants at the ExchangeRight Net Leased Portfolio #27 Properties directing them to pay all rents directly into a lender-controlled lockbox account. Additionally, all revenues and other monies received by the ExchangeRight Net Leased Portfolio #27 Borrower or related property manager are required to be deposited into the lockbox account within two business days upon receipt. During the occurrence and continuance of a Cash Sweep Event (as defined below), all funds are required to be swept each business day into the cash management account controlled by the lender and disbursed on each payment date in accordance with the ExchangeRight Net Leased Portfolio #27 Whole Loan documents, with all excess cash flow to be held as additional security for the ExchangeRight Net Leased Portfolio #27 Whole Loan.

 

A “Cash Sweep Event” will commence upon the earliest of (i) an event of default, (ii) the debt service coverage ratio falling below 1.45x based on a 30-year amortization schedule (approximately 1.96x based on the interest only debt service payment) and (iii) the date that is 36 months prior to the maturity date (a “Qualified Transfer Trigger Event”). A Cash Sweep Period will end with regard to clause (i) above, upon the cure of such event of default; with regard to clause (ii) above, if the debt service coverage ratio is greater than or equal to 1.45x for two consecutive quarters based on a 30-year amortization schedule (approximately 1.96x based on the interest only debt service payment); or with respect to clause (iii) above, upon a Qualified Transfer Trigger Event Cure (as defined below).

 

A “Qualified Transfer Trigger Event Cure” means the occurrence of a qualified transfer under the ExchangeRight Net Leased Portfolio #27 Whole Loan documents, provided that the approved transferee: (i) must maintain either (a) a minimum net worth of at least $200,000,000 and total assets of at least $400,000,000 as reasonably determined by the lender or (b) an investment grade rating, (ii) must execute and deliver a full recourse guaranty guaranteeing the payment of the entire amount of the debt, (iii) must at all times own no less than 100% of the legal and beneficial ownership interests in the ExchangeRight Net Leased Portfolio #27 Borrower, (iv) must not be a Delaware statutory trust and (v) will cause the ExchangeRight Net Leased Portfolio #27 Borrower to convert to a limited liability company.

 

Property Management. The ExchangeRight Net Leased Portfolio #27 Properties are managed by an affiliate of the borrower.

 

Partial Release. Not permitted.

 

Real Estate Substitution. Not permitted.

 

Subordinate and Mezzanine Indebtedness. Not permitted.

 

Ground Lease. None.

 

Right of First Refusal. Nine tenants have rights of first refusal. See “Description of the Mortgage Pool – Purchase Options and Rights of First Refusal” in the Preliminary Prospectus.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

99

 

 

Property Type - Various

Loan #6

ExchangeRight Net Leased Portfolio #27

Cut-off Date Balance:   $41,000,000
Property Addresses - Various Cut-off Date LTV:   61.2%
  U/W NCF DSCR:   2.17x
  U/W NOI Debt Yield:   9.8%

 

Terrorism Insurance. The ExchangeRight Net Leased Portfolio #27 Whole Loan documents require that the “all risk” insurance policy required to be maintained by the ExchangeRight Net Leased Portfolio #27 Borrower provides coverage for terrorism in an amount equal to the full replacement cost of the ExchangeRight Net Leased Portfolio #27 Properties, as well as business interruption insurance covering no less than the 18-month period following the occurrence of a casualty event, together with a 12-month extended period of indemnity.

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

100

 

 

(THIS PAGE INTENTIONALLY LEFT BLANK)

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

101

 

 

Office – Suburban

14700 Caribbean Way

Miramar, Florida 33027

Loan #7

Royal Caribbean - Miramar

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$29,250,000

65.0%

2.50x

10.7%

 

 

 

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

102

 

 

Office – Suburban

14700 Caribbean Way

Miramar, Florida 33027

Loan #7

Royal Caribbean - Miramar

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$29,250,000

65.0%

2.50x

10.7%

 

 

 

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

103

 

No. 7 – Royal Caribbean – Miramar
 
Mortgage Loan Information   Mortgaged Property Information
Mortgage Loan Seller: UBS AG   Single Asset/Portfolio: Single Asset

Credit Assessment

(Fitch/KBRA/Moody’s):

NR/NR/NR   Property Type – Subtype: Office – Suburban
Original Principal Balance: $29,250,000   Location: Miramar, FL
Cut-off Date Balance: $29,250,000   Size: 128,540 SF
% of Initial Pool Balance: 4.0%   Cut-off Date Balance Per SF: $227.56
Loan Purpose: Acquisition   Maturity Date Balance Per SF: $227.56
Borrower Sponsor: SD US Holdings LLC   Year Built/Renovated: 2001/2018
Guarantor: SD US Holdings LLC   Title Vesting: Fee
Mortgage Rate: 4.1750%   Property Manager: Self-managed
Note Date: May 6, 2019   Current Occupancy (As of): 100.0% (7/1/2019)
Seasoning: 2 months   YE 2018 Occupancy: 100.0%
Maturity Date: May 6, 2029   YE 2017 Occupancy: 100.0%
IO Period: 120 months   YE 2016 Occupancy: 100.0%
Loan Term (Original): 120 months   YE 2015 Occupancy: 100.0%
Amortization Term (Original): NAP   Appraised Value: $45,000,000
Loan Amortization Type: Interest-only, Balloon   Appraised Value Per SF: $350.09
Call Protection: L(26),D(90),O(4)   Appraisal Valuation Date: April 8, 2019
Lockbox Type: Hard/Springing Cash Management  
Additional Debt: None   Underwriting and Financial Information
Additional Debt Type (Balance): NAP   TTM NOI(2): NAV
      YE 2018 NOI(2): NAV
      YE 2017 NOI(2): NAV
      YE 2016 NOI(2): NAV
      U/W Revenues: $3,933,534
      U/W Expenses: $807,242
Escrows and Reserves(1)   U/W NOI: $3,126,291
  Initial Monthly Cap   U/W NCF: $3,100,583
Taxes $0 Springing NAP   U/W DSCR based on NOI/NCF: 2.52x / 2.50x
Insurance $15,582 $9,739 NAP   U/W Debt Yield based on NOI/NCF: 10.7% / 10.6%
Replacement Reserve $0 $2,142 NAP   U/W Debt Yield at Maturity based on NOI/NCF: 10.7% / 10.6%
TI/LC Reserve $0 Springing NAP   Cut-off Date LTV Ratio: 65.0%
Sales Tax Reserve $18,334 $18,334 NAP   LTV Ratio at Maturity: 65.0%
             
               
Sources and Uses
Sources       Uses      
Original loan amount $29,250,000 63.9%   Purchase price $45,000,000 98.4 %
Cash equity contribution 16,495,064 36.1   Closing costs 711,148 1.6  
        Upfront reserves 33,916 0.1  
Total Sources $45,745,064 100.0%   Total Uses $45,745,064 100.0 %

 

(1)See “Escrows” section.

(2)Historical operating statements are not available as the Royal Caribbean - Miramar Property (as defined below) was recently acquired and such information was not made available by the prior owner.

 

The Mortgage Loan. The mortgage loan (the “Royal Caribbean - Miramar Mortgage Loan”) is evidenced by a single promissory note secured by a first mortgage encumbering the fee interest in a class A office property in Miramar, Florida (the “Royal Caribbean - Miramar Property”).

 

The Borrower and Borrower Sponsor. The borrower is 14700 Caribbean Way LLC, a Delaware limited liability company and single purpose entity with one independent director. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Royal Caribbean - Miramar Mortgage Loan. The borrower sponsor and non-recourse carve-out guarantor of the Royal Caribbean - Miramar Mortgage Loan is SD US Holdings LLC, a Delaware limited liability company. As of April 8, 2019, SD US Holdings LLC reported assets and equity of over $33.3 million, excluding the Royal Caribbean - Miramar Property.

 

The Property. The Royal Caribbean - Miramar Property is comprised of a three-story class A office building totaling 128,540 square feet located in Miramar, Florida. Constructed in 2001 and renovated in 2018, the Royal Caribbean - Miramar Property is 100.0% leased to Royal Caribbean Cruises Ltd (“Royal Caribbean”) as of July 1, 2019. The Royal Caribbean - Miramar Property is situated on a 10.4-acre site with 847 parking spaces resulting in a parking ratio of 6.6 spaces per 1,000 square feet of rentable area.

 

The Royal Caribbean - Miramar Property serves as Royal Caribbean’s information technology headquarters and includes the company’s only data center and its weather monitoring command center. The tenant uses the leased premises to test and implement all technology

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

104

 

 

Office – Suburban

14700 Caribbean Way

Miramar, Florida 33027

Loan #7

Royal Caribbean - Miramar

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$29,250,000

65.0%

2.50x

10.7%

 

 

devices prior to installation into the cruise ships. The Royal Caribbean - Miramar Property is the only location that houses Royal Caribbean’s information technology employees in the area, according to the borrower sponsor.

 

Renovations totaling approximately $12.4 million were completed in 2018 to reconfigure the office space on the second and third floor, including modern layouts with glass partitions, energy-efficient lightning, and ceramic and carpet floors. According to the borrower sponsor, Royal Caribbean funded approximately $7.4 million for the 2018 renovations. In addition, Royal Caribbean plans to remodel the first floor in the near future at its own expense, according to the appraisal. Further, Royal Caribbean is permitted to install a parking awning in the parking lot to facilitate an additional 20 parking spaces at the Royal Caribbean - Miramar Property.

 

Major Tenant.

 

Largest Tenant: Royal Caribbean (Baa2/BBB- by Moody’s/S&P; 128,540 square feet; 100.0% of net rentable area; 100.0% of underwritten base rent; 11/30/2028 lease expiration) – Founded in 1968, Royal Caribbean (NYSE: RCL) is the world’s second largest cruise company with ships that operate a selection of itineraries that call on more than 1,000 destinations in 126 countries, spanning all seven continents. Royal Caribbean controls and operates four global cruise brands: Royal Caribbean International, Celebrity Cruises, Azamara Club Cruises and Silversea Cruises (collectively, the “Global Brands”). Royal Caribbean also owns a 50% joint venture interest in TUI Cruises and a 49% interest in Pullmantur (collectively, the “Partner Brands”). The Global Brands and Partner Brands operate a combined total of 60 ships in the cruise vacation industry with an aggregate capacity of approximately 135,520 berths as of December 31, 2018. Royal Caribbean has been a tenant at the Royal Caribbean - Miramar Property since 2001 and renewed its lease in 2015 for an additional 13-year term, through November 30, 2028. Royal Caribbean currently pays a base rent of $23.73 per square foot, with 2.5% annual increases. Royal Caribbean has two, five-year renewal options remaining and no termination options (other than with respect to casualty, condemnation or interruption of utility services).

 

The following table presents certain information relating to the tenancy at the Royal Caribbean - Miramar Property:

 

Major Tenants

 

Tenant Name

Credit Rating

 

(Fitch/Moody’s/S&P)(1)

 

Tenant
NRSF
% of
NRSF
Annual U/W Base Rent PSF(2) Annual
U/W Base Rent(2)
% of Total Annual U/W Base Rent Lease
Expiration
Date
Extension Options Termination Option (Y/N)
Royal Caribbean NR/Baa2/BBB- 128,540 100.0% $24.33 $3,126,768 100.0% 11/30/2028 2, 5-year N
Occupied Collateral Total 128,540 100.0% $24.33 $3,126,768 100.0%      
                 
Vacant Space 0 0.0%            
                 
Collateral Total 128,540 100.0%            
                   

 

(1)Certain ratings are those of the parent company whether or not the parent company guarantees the lease.

(2)Annual U/W Base Rent PSF and Annual U/W Base Rent include contractual rent steps through June 2020 totaling $150,662.

 

The following table presents certain information relating to the lease rollover schedule at the Royal Caribbean - Miramar Property:

 

Lease Expiration Schedule(1)

 

Year Ending
 December 31,
No. of Leases Expiring Expiring NRSF

% of

Total NRSF

Cumulative Expiring

NRSF

Cumulative % of Total

NRSF

Annual
 U/W
Base Rent(2)
% of Total Annual U/W Base Rent Annual
 U/W
Base Rent
 PSF(2)
MTM 0 0 0.0% 0 0.0% $0 0.0% $0.00
2019 0 0 0.0% 0 0.0% $0 0.0% $0.00
2020 0 0 0.0% 0 0.0% $0 0.0% $0.00
2021 0 0 0.0% 0 0.0% $0 0.0% $0.00
2022 0 0 0.0% 0 0.0% $0 0.0% $0.00
2023 0 0 0.0% 0 0.0% $0 0.0% $0.00
2024 0 0 0.0% 0 0.0% $0 0.0% $0.00
2025 0 0 0.0% 0 0.0% $0 0.0% $0.00
2026 0 0 0.0% 0 0.0% $0 0.0% $0.00
2027 0 0 0.0% 0 0.0% $0 0.0% $0.00
2028 1 128,540 100.0% 128,540 100.0% $3,126,768 100.0% $24.33
2029 0 0 0.0% 128,540 100.0% $0 0.0% $0.00
Thereafter 0 0 0.0% 128,540 100.0% $0 0.0% $0.00
Vacant 0 0 0.0% 128,540 100.0% $0 0.0% $0.00
Total/Weighted Average 1 128,540 100.0%     $3,126,768 100.0% $24.33

 

(1)Information obtained from the underwritten rent roll.

(2)Total/Weighted Average Annual U/W Base Rent and Annual U/W Base Rent PSF include contractual rent steps through June 2020 totaling $150,662.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

105

 

 

Office – Suburban

14700 Caribbean Way

Miramar, Florida 33027

Loan #7

Royal Caribbean - Miramar

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$29,250,000

65.0%

2.50x

10.7%

 

 

The following table presents historical occupancy percentages at the Royal Caribbean - Miramar Property:

 

Historical Occupancy

 

12/31/2015(1)

12/31/2016(1)

12/31/2017(1)

12/31/2018(1)

7/1/2019(2)

100.0% 100.0% 100.0% 100.0% 100.0%
(1)Information obtained from the borrower.

(2)Information obtained from the underwritten rent roll.

 

Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the Royal Caribbean - Miramar Property:

 

Cash Flow Analysis(1)

 

  U/W %(2) U/W $ per SF
Base Rent $2,976,106 71.9% $23.15
Contractual Rent Steps(3) 461,719 11.2 3.59
Grossed Up Vacant Space

0

0.0

0.00

Gross Potential Rent $3,437,825 83.0% $26.75
Other Income 0 0.0 0.00
Total Recoveries

702,737

17.0

5.47

Net Rental Income $4,140,562 100.0% $32.21
(Vacancy & Credit Loss)

(207,028)(4)

(6.0)

(1.61)

Effective Gross Income $3,933,534 95.0% $30.60
       
Real Estate Taxes 572,369 14.6 4.45
Insurance 116,867 3.0 0.91
Management Fee 118,006 3.0 0.92
Other Operating Expenses

0

0.0

0.00

Total Operating Expenses $807,242 20.5% $6.28
       
Net Operating Income $3,126,291 79.5% $24.32
Replacement Reserves 25,708 0.7 0.20
TI/LC

0

0.0

0.00

Net Cash Flow $3,100,583 78.8% $24.12
       
NOI DSCR 2.52x    
NCF DSCR 2.50x    
NOI Debt Yield 10.7%    
NCF Debt Yield 10.6%    
(1)Historical operating statements are not available as the Royal Caribbean - Miramar Property was recently acquired and such information was not made available by the prior owner.

(2)Represents (i) percent of Net Rental Income for all revenue fields, (ii) percent of Gross Potential Rent for Vacancy & Credit Loss and (iii) percent of Effective Gross Income for all other fields.

(3)Represents contractual rent steps through June 2020 totaling $150,662 and straight-line rent averaging for the investment grade tenant over its remaining lease term totaling $311,057.

(4)The underwritten economic vacancy is 5.0%. The Royal Caribbean - Miramar Property was 100.0% physically occupied as of July 1, 2019.

 

Appraisal. The appraiser concluded to an “as-is” Appraised Value for the Royal Caribbean - Miramar Property of $45,000,000 as of April 8, 2019.

 

Environmental Matters. According to the Phase I environmental site assessment dated May 1, 2019, there was no evidence of any recognized environmental conditions at the Royal Caribbean - Miramar Property.

 

Market Overview and Competition. The Royal Caribbean - Miramar Property is located in Miramar, Broward County, Florida, adjacent to Interstate 75 (provides access southbound to Miami) and approximately 16.0 miles northwest of the Miami central business district, approximately 20.1 miles southwest of the Fort Lauderdale central business district, approximately 22.6 miles northwest of PortMiami, and approximately 19.2 miles southwest of the Fort Lauderdale-Hollywood International Airport. The Royal Caribbean - Miramar Property is situated approximately 0.8 miles from the on-ramp of Interstate 75 and Pines Boulevard where average daily traffic counts are approximately 146,500.

 

Shops at Pembroke Gardens is approximately 1.4 miles northeast of the Royal Caribbean - Miramar Property and features a Sephora, Barnes and Noble, Old Navy, DSW Designer Shoe Warehouse, Banana Republic, BRIO Tuscan Grille, Lime Fresh Mexican Grill and RA

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

106

 

 

Office – Suburban

14700 Caribbean Way

Miramar, Florida 33027

Loan #7

Royal Caribbean - Miramar

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$29,250,000

65.0%

2.50x

10.7%

 

 

Sushi Bar. In addition, Pembroke Lakes Mall is approximately 3.5 miles northeast of the Royal Caribbean - Miramar Property and features a Sears, J.C. Penney, Dillards, Macy’s and a nine-screen AMC Theatres.

 

Port Everglades, located 21.7 miles northeast of the Royal Caribbean - Miramar Property, is the world’s third busiest cruise port generating an estimated 230,747 jobs and has a $30.4 billion economic impact. Port Everglades serves 10 cruise lines and one ferry serving over 3.8 million passengers annually as of fiscal-year 2017. Additionally, PortMiami, located 22.6 miles southeast of the Royal Caribbean - Miramar Property, serves as global headquarters for Carnival Cruise Lines, Norwegian Cruise Lines, Royal Caribbean Cruises, Oceania Cruises and Regent Seven Seas Cruises. PortMiami is home to more than 22 cruise brands and 55 cruise ships. PortMiami generates more than 324,000 jobs and has a $41.4 billion economic impact. In November 2018, Royal Caribbean opened Terminal A, the largest cruise terminal in the U.S., in collaboration with Miami-Dade County. The new terminal serves as the homeport to some of Royal Caribbean’s largest ships.

 

According to a third party market research provider, the estimated 2019 population within a three- and five-mile radius of the Royal Caribbean - Miramar Property was approximately 149,658 and 379,316, respectively; and the estimated 2019 average household income within the same radii was approximately $99,334 and $93,858, respectively.

 

Submarket Information – According to a third party market research report, the Royal Caribbean - Miramar Property is situated within the Southwest Broward submarket of the Fort Lauderdale Office Market. As of March 29, 2019, the Southwest Broward submarket reported a total inventory of approximately 9.2 million square feet with a 5.1% vacancy rate and average asking rent of $33.01 per square foot, gross. According to a third party market research report, the Southwest Broward submarket has one of the highest concentrations of office-using employment in Fort Lauderdale. Royal Caribbean, Humana, and University of Phoenix have a presence, collectively employing approximately 2,000 people in the submarket.

 

The following table presents certain information relating to the appraiser’s market rent conclusion for the Royal Caribbean - Miramar Property:

 

Market Rent Summary(1)

 

  Office
Market Rent (PSF) $23.00
Average Lease Term (Years) 10
Lease Type (Reimbursements) Net
Rent Increase Projection 2.5% per annum

 

(1)Information obtained from the appraisal.

 

The table below presents certain information relating to comparable sales pertaining to the Royal Caribbean - Miramar Property identified by the appraiser:

 

Comparable Sales(1)

 

Property Name Location Rentable Area (SF) Sale Date Sale Price Sale Price (PSF)
6262 Sunset South Miami, FL 100,798 Dec-15 $40,000,000 $396.83
Comcast Building Miramar, FL 91,872 Dec-16 $23,000,000 $250.35
Altegra Health Building Weston, FL 52,960 Jan-17 $14,100,000 $266.24
Amsurg Headquarters Plantation, FL 221,597 Jul-17 $56,600,000 $255.42
Belcan Engineering West Palm Beach, FL 65,770 Aug-18 $22,300,000 $339.06

 

(1)Information obtained from the appraisal.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

107

 

 

Office – Suburban

14700 Caribbean Way

Miramar, Florida 33027

Loan #7

Royal Caribbean - Miramar

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$29,250,000

65.0%

2.50x

10.7%

 

 

The following table presents certain information relating to comparable office properties to the Royal Caribbean - Miramar Property identified by the appraiser:

 

Comparable Properties(1)

 

Property Name/Location Year Built/ Renovated Property Subtype Total GLA (SF) Distance from Subject Occupancy

Asking Base

Rent PSF

Lease Type

Belcan Engineering

2410 Metrocenter Blvd. E

West Palm Beach, FL

2000/2018 Single Tenant 65,770 68.1 miles 100.0% $20.95 NNN

DeVry Institute

2300 SW 145th Avenue

Miramar, FL

2002/NAP Single Tenant 94,060 0.3 miles 100.0% $22.08 NNN

1301 International Parkway

Sunrise, FL

2006/NAP Multi Tenant 140,160 13.2 miles 98.0% $23.00 NNN

1601 Sawgrass Centre

1601 Sawgrass Corporate Parkway

Sunrise, FL

1999/NAP Multi Tenant 101,300 12.6 miles 94.0% $22.50 NNN

Miramar Centre II

3501 SW 160th Avenue

Miramar, FL

2001/NAP Single Tenant 96,394 2.5 miles 100.0% $24.04 NNN

 

(1)Information obtained from the appraisal.

 

Escrows.

 

Real Estate Taxes – Ongoing monthly real estate tax reserves, equaling one-twelfth of the real estate taxes that the lender estimates will be payable during the next twelve months, are not currently required and will not be required so long as (i) no event of default has occurred or is continuing, (ii) all of the Royal Caribbean - Miramar Property is demised pursuant to the Royal Caribbean lease, (iii) the Royal Caribbean lease is in full force and effect, (iv) no Material Tenant Trigger Event (as defined below) has occurred, (v) Royal Caribbean is obligated pursuant to the terms and conditions of the Royal Caribbean lease to pay all taxes directly to the applicable governmental authorities in full in a timely manner, (vi) Royal Caribbean pays all relevant taxes directly to the governmental authorities, (vii) the Royal Caribbean lease has not been amended or modified without the lenders consent and (viii) Royal Caribbean performs its obligations under clause (vi) above and provides the lender with evidence within five days of such performance.

 

Insurance – The Royal Caribbean - Miramar Mortgage Loan documents require an upfront insurance reserve of $15,582 and ongoing monthly insurance reserves in an amount equal to one-twelfth of the insurance premiums that the lender estimates will be payable for the renewal of the coverage during the next twelve months (initially $9,739).

 

Replacement Reserve – The Royal Caribbean - Miramar Mortgage Loan documents require ongoing monthly replacement reserves of $2,142, which the lender may require the borrower to increase if the lender reasonably determines such increase is necessary to maintain the proper operation of the Royal Caribbean - Miramar Property.

 

TI/LC Reserve – Ongoing monthly TI/LC reserves of $10,712 are not currently required and will be not be required so long as (i) the Royal Caribbean lease is in full force and effect, (ii) no Material Tenant Trigger Event has occurred and (iii) the long term unsecured debt rating of Royal Caribbean is rated investment grade.

 

Sales Tax Reserve – The Royal Caribbean - Miramar Mortgage Loan documents require an upfront reserve of $18,334 for sales tax payable by Royal Caribbean and ongoing monthly sales tax reserves in an amount equal to one-twelfth of the sales taxes that the lender estimates will be payable during the next twelve months (initially $18,334).

 

Lockbox and Cash Management. The Royal Caribbean - Miramar Mortgage Loan documents require a hard lockbox with springing cash management. The borrower was required at origination of the Royal Caribbean - Miramar Mortgage Loan to deliver written instructions to Royal Caribbean directing it to deposit all rents payable under the Royal Caribbean lease directly into a lender-controlled lockbox account. The Royal Caribbean - Miramar Mortgage Loan documents require that all rents received by the borrower or any property manager be deposited into the lockbox account within one business day of receipt. Funds in the lockbox account, absent the occurrence and continuance of a Triggering Event (as defined below), are required to be transferred daily to a borrower operating account. Upon the first occurrence of a Triggering Event, the borrower is required to establish a cash management account under sole control of the lender, to which, during a Triggering Event, all amounts in the lockbox account are required to be automatically transferred daily for the payment, among other things, of the debt service, monthly escrows, default interest and late payment charges. Absent the continuance of a Cash Sweep Period (as defined below), any remaining funds after such disbursements are required to be distributed to the borrower. Upon a Cash Sweep Period, all remaining excess cash flow will be escrowed in an excess cash flow reserve account controlled by the lender, to be held by the lender as additional security for the Royal Caribbean - Miramar Mortgage Loan (provided, however, that if a Cash Sweep Period has occurred solely as a result of a Material Tenant Trigger Event (as defined below), then such amount will be applied to a Material Tenant (as defined below) reserve account).

 

A “Triggering Event” will commence upon the earliest to occur of the following:

(i)an event of default under the Royal Caribbean - Miramar Mortgage Loan documents;

(ii)the date on which the borrower, the guarantor, the key principal or any property manager becomes insolvent or a debtor in a bankruptcy action;

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

108

 

 

Office – Suburban

14700 Caribbean Way

Miramar, Florida 33027

Loan #7

Royal Caribbean - Miramar

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$29,250,000

65.0%

2.50x

10.7%

 

 

(iii)the debt service coverage ratio for the immediately preceding 12-month period falling below 1.25x;

(iv)an indictment for fraud or misappropriation of funds by the borrower, the guarantor or any property manager (provided, that in the case of a third party manager, such indictment is related to the Royal Caribbean - Miramar Property); or

(v)a Material Tenant Trigger Event.

 

A Triggering Event will end upon the occurrence of:

with regard to clause (i) above, the cure of such event of default;

with regard to clause (ii) above, such bankruptcy action petition having been discharged, stayed, or dismissed within 45 days of such filing for the borrower, the key principal or the guarantor, or within 120 days of such filing for the property manager, among other conditions;

with regard to clause (iii) above, the debt service coverage ratio being at least 1.30x for two consecutive calendar quarters;

with regard to clause (iv) above, (a) the dismissal of the applicable indictment, (b) the acquittal of each applicable person with respect to the related charge(s) or (c) the replacement of the property manager with a qualified manager under a replacement property management agreement; or

with regard to clause (v) above, the cure of such Material Tenant Trigger Event.

 

A “Cash Sweep Period” will commence upon the earliest to occur of the following:

(i)an event of default under the Royal Caribbean - Miramar Mortgage Loan documents;

(ii)the date on which the borrower, the key principal, the guarantor, or any property manager becomes insolvent or a debtor in a bankruptcy action; or

(iii)the debt service coverage ratio for the immediately preceding 12-month period falling below 1.20x.

 

A Cash Sweep Period will end upon the occurrence of:

with regard to clause (i) above, the cure of such event of default;

with regard to clause (ii) above, such bankruptcy action petition having been discharged, stayed, or dismissed within 45 days of such filing for the borrower, the key principal or the guarantor, or within 120 days of such filing for the property manager, among other conditions; or

with regard to clause (iii) above, the debt service coverage ratio being at least 1.25x for two consecutive calendar quarters.

 

A “Material Tenant Trigger Event” will commence upon the occurrence of:

(i)a Material Tenant giving notice of its intent to terminate or not to extend or renew its lease;

(ii)on or prior to twelve months prior to the expiration date of a Material Tenant’s lease, the related Material Tenant failing to extend or renew its lease;

(iii)on or prior to the date on which a Material Tenant is required under its lease to provide notification of its election to renew its lease, such Material Tenant failing to give such notice;

(iv)an event of default under a Material Tenant lease that continues beyond any applicable notice and cure period;

(v)any Material Tenant or any guarantor of the applicable Material Tenant lease becoming insolvent or a debtor in any bankruptcy action;

(vi)a Material Tenant lease being terminated, in whole or in part, or being no longer in full force and effect; provided that with respect to a partial termination, such partial termination relates to a portion of a Material Tenant’s space that (a) makes up 20% or more of the total net rentable square footage or (b) is responsible for 20% or more of the total base rent of the Royal Caribbean - Miramar Property;

(vii)any Material Tenant “going dark”, vacating or ceasing to occupy or conduct business at its space or a portion thereof constituting 20% or more of the total net rentable area at the Royal Caribbean - Miramar Property; or

(viii)if the long term unsecured debt rating of a Material Tenant or any lease guarantor is downgraded below investment grade.

 

A Material Tenant Trigger Event will end upon the occurrence of:

with regard to clause (i) above, (a) the revocation or rescission by the applicable Material Tenant of all termination or cancellation notices with respect to such Material Tenant lease, (b) an acceptable Material Tenant lease extension with respect to the applicable Material Tenant space, or (c) all of the applicable Material Tenant space being leased to a replacement tenant;

with regard to clauses (ii) and (iii) above, (x) an acceptable Material Tenant lease extension with respect to such Material Tenant space or (y) all of the applicable Material Tenant space being leased to a replacement tenant;

with regard to clause (iv) above, a cure of the applicable event of default under the applicable Material Tenant lease;

with regard to clause (v) above, an affirmation of the Material Tenant lease in the applicable bankruptcy proceeding and confirmation that the Material Tenant is actually paying all rents and other amounts due under its lease;

with regard to clause (vi) above, all of the applicable Material Tenant space being leased to a replacement tenant;

with regard to clause (vii) above, the applicable Material Tenant having re-opened for business or the applicable Material Tenant space being leased to an acceptable replacement tenant at the Royal Caribbean - Miramar Property or a portion thereof constituting 20% or more of the total net rentable area at the Royal Caribbean - Miramar Property; or

with regard to clause (viii) above, the long term unsecured debt rating of the applicable Material Tenant or the applicable lease guarantor is raised to investment grade.

 

A “Material Tenant” means (i) Royal Caribbean or (ii) any tenant whose leases, either individually or when taken together with any other lease with the same tenant or affiliate tenant, (x) cover no less than 20% of the net rentable area at the Royal Caribbean - Miramar Property or (y) require the payment of base rent that is no less than 20% of the total in-place base rent at the Royal Caribbean - Miramar Property.

 

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

109

 

 

Office – Suburban

14700 Caribbean Way

Miramar, Florida 33027

Loan #7

Royal Caribbean - Miramar

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$29,250,000

65.0%

2.50x

10.7%

 

 

Property Management. The Royal Caribbean - Miramar Property is managed by an affiliate of the borrower.

 

Partial Release. Not permitted.

 

Real Estate Substitution. Not permitted.

 

Subordinate and Mezzanine Indebtedness. Not permitted.

 

Ground Lease. None.

 

Terrorism Insurance. The borrower is required to obtain and maintain property insurance, commercial general liability insurance, and business income insurance that covers perils of terrorism and acts of terrorism, both foreign and domestic.

 

Windstorm Insurance. The Royal Caribbean - Miramar Mortgage Loan documents require windstorm insurance (including named storms) covering 100% of the full replacement cost of the Royal Caribbean - Miramar Property during the loan term.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

110

 

 

 

(THIS PAGE INTENTIONALLY LEFT BLANK)

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

111

 

 

Self Storage – Self Storage

Loan #8

TOPS Self Storage

Cut-off Date Balance:   $27,000,000
3485 Old Conejo Road Cut-off Date LTV:   63.8%
Thousand Oaks, CA 91320 U/W NCF DSCR:   1.26x
  U/W NOI Debt Yield:   8.2%

 

(GRAPHIC) 

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

112

 

 

Self Storage – Self Storage

Loan #8

TOPS Self Storage

Cut-off Date Balance:   $27,000,000
3485 Old Conejo Road Cut-off Date LTV:   63.8%
Thousand Oaks, CA 91320 U/W NCF DSCR:   1.26x
  U/W NOI Debt Yield:   8.2%

 

(GRAPHIC) 

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

113

 

 

No. 8 – TOPS Self Storage
 
Mortgage Loan Information   Mortgaged Property Information
Mortgage Loan Seller: Rialto Mortgage Finance, LLC   Single Asset/Portfolio: Single Asset

Credit Assessment 

(Fitch/KBRA/Moody’s):

NR/NR/NR   Property Type – Subtype: Self Storage – Self Storage
Original Principal Balance: $27,000,000   Location: Thousand Oaks, CA
Cut-off Date Balance: $27,000,000   Size: 149,599 SF
% of Initial Pool Balance: 3.7%   Cut-off Date Balance Per SF: $180.48
Loan Purpose: Refinance   Maturity Date Balance Per SF: $166.45
Borrower Sponsors: Raubi Sundher; Kabir Singh Sundher   Year Built/Renovated: 1982/2018
Guarantors: Raubi Sundher; Kabir Singh Sundher   Title Vesting: Fee
Mortgage Rate: 5.0000%   Property Manager: Self-managed
Note Date: May 23, 2019   Current Occupancy (As of): 91.9% (4/30/2019)
Seasoning: 1 month   YE 2018 Occupancy: 89.4%
Maturity Date: June 6, 2029   YE 2017 Occupancy: 91.5%
IO Period: 60 months   YE 2016 Occupancy: 91.9%
Loan Term (Original): 120 months   YE 2015 Occupancy: 95.0%
Amortization Term (Original): 360 months   Appraised Value: $42,300,000
Loan Amortization Type: Interest-only, Amortizing Balloon   Appraised Value Per SF: $282.76
Call Protection: L(25),D(91),O(4)   Appraisal Valuation Date: March 28, 2019
Lockbox Type: Springing   Underwriting and Financial Information
Additional Debt: None   TTM NOI (4/30/2019): $2,347,444
Additional Debt Type (Balance): NAP   YE 2018 NOI: $2,219,121
      YE 2017 NOI: $2,210,978
      YE 2016 NOI: $2,242,764
      U/W Revenues: $3,205,603
      U/W Expenses: $1,002,115
          U/W NOI: $2,203,488
Escrows and Reserves(1)   U/W NCF: $2,188,528
  Initial Monthly Cap   U/W DSCR based on NOI/NCF: 1.27x / 1.26x
Taxes $20,041 $6,362 NAP   U/W Debt Yield based on NOI/NCF: 8.2% / 8.1%
Insurance $30,715 $2,925 NAP   U/W Debt Yield at Maturity based on NOI/NCF: 8.8% / 8.8%
Replacement Reserve $0 $1,247 NAP   Cut-off Date LTV Ratio: 63.8%
Immediate Repair Reserve $69,141 $0 NAP   LTV Ratio at Maturity:  58.9%
               
Sources and Uses
Sources         Uses      
Original loan amount $27,000,000   100.0%   Loan payoff $17,065,406   63.2%
          Upfront reserves 119,898    0.4   
          Closing costs 310,414    1.1   
          Return of equity 9,504,281    35.2   
Total Sources $27,000,000   100.0%   Total Uses $27,000,000   100.0%

 

(1)See “Escrows” section.

 

The Mortgage Loan. The mortgage loan (the “TOPS Self Storage Mortgage Loan”) is evidenced by a single promissory note secured by a first mortgage encumbering the fee interest in a self storage property located in Thousand Oaks, California (the “TOPS Self Storage Property”).

 

The Borrower and Borrower Sponsors. The borrower is TOPS Delaware, LLC (the “TOPS Self Storage Borrower”), a single purpose Delaware limited liability company, with one independent director. Legal counsel to the TOPS Self Storage Borrower delivered a non-consolidation opinion in connection with the origination of the TOPS Self Storage Mortgage Loan. The nonrecourse carve-out guarantors and borrower sponsors of the TOPS Self Storage Mortgage Loan are Raubi Sundher and Kabir Singh Sundher. Raubi Sundher has over 30 years of real estate experience, is a founding member of the Hollywood Business Improvement District, is a member of the International Association of Amusement Parks & Attractions, and serves as co-chair of the Tourism Committee for the Hollywood Chamber of Commerce. Since 1987, Raubi Sundher has led Kuvera Partners, a Los Angeles-based private corporation with nationwide interests in attractions, self-storage, and real estate. Kabir Singh Sundher joined Kuvera Partners in 1996 after working as an attorney and as in-house counsel for the real estate developer C. L. Development, Inc. Kabir Singh Sundher is responsible for legal, financial and technological affairs for Kuvera Partners.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

114

 

 

Self Storage – Self Storage Loan #8 Cut-off Date Balance:   $27,000,000
3485 Old Conejo Road TOPS Self Storage Cut-off Date LTV:   63.8%
Thousand Oaks, CA 91320   U/W NCF DSCR:   1.26x
    U/W NOI Debt Yield:   8.2%

 

The Property. The TOPS Self Storage Property is a 149,599 square foot self storage facility located in Thousand Oaks, California. The TOPS Self Storage Property was completed in 1982 and renovated in 2018, and is situated on a 5.3 acre site. The TOPS Self Storage Property is comprised of 13 single-story and two-story buildings. The TOPS Self Storage Property has a total of 1,455 self storage units, which include 347 drive up units, 742 ground level units and 366 upper level units. Property amenities include 24-hour digital camera system, coded gates & individually alarmed units, systematic lock checks and on-site patrol, as well as U.S. Postal Service counter, safety deposit box services, and an e-Recycling Center. The TOPS Self Storage Property also includes 14 RV parking spaces, two apartment units, one office unit, and two cell tower leases, which generate additional income for the TOPS Self Storage Property. As of April 30, 2019, the TOPS Self Storage Property was 91.9% occupied.

 

Historical Occupancy

 

12/31/2015(1)

12/31/2016(1)

12/31/2017(1)

12/31/2018(1)

4/30/2019(2)

95.0% 91.9% 91.5% 89.4% 91.9%

 

(1)Information obtained from the TOPS Self Storage Borrower.

(2)Information obtained from the underwritten rent roll.

 

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 TOPS Self Storage Property:

 

Cash Flow Analysis

 

  2016 2017 2018 TTM 4/30/2019 U/W %(1) U/W $ per SF
Base Rent $2,905,002 $2,973,267 $2,960,747 $3,026,010 $3,279,785 82.9% $21.92
Grossed Up Vacant Space

0

0

0

0

559,308

14.1  

3.74

Gross Potential Rent $2,905,002 $2,973,267 $2,960,747 $3,026,010 $3,839,093 97.0% $25.66
Other Income(2)

105,927

99,103

113,635

118,173

118,173

3.0  

0.79

Net Rental Income $3,010,929 $3,072,370 $3,074,383 $3,144,184 $3,957,266 100.0% $26.45
(Vacancy & Credit Loss)

(25,370)

(42,420)

(21,609)

0

(751,663)(3)

(19.6) 

(5.02)

Effective Gross Income $2,985,559 $3,029,950 $3,052,773 $3,144,184 $3,205,603 81.0% $21.43
               
Real Estate Taxes 80,680 76,604 76,347 76,755 280,692   8.8    1.88
Insurance 29,794 33,900 41,427 40,932 35,103   1.1    0.23
Management Fee 120,217 126,191 127,145 120,958 128,224   4.0    0.86
Other Operating Expenses

512,104

582,277

588,734

558,095

558,095

17.4  

3.73

Total Operating Expenses $742,795 $818,972 $833,653 $796,740 $1,002,115 31.3% $6.70
               
Net Operating Income $2,242,764 $2,210,978 $2,219,121 $2,347,444 $2,203,488 68.7% $14.73
Replacement Reserves 0 0 0 0 14,960 0.5    0.10
TI/LC

0

0

0

0

0

0.0  

0.00

Net Cash Flow $2,242,764 $2,210,978 $2,219,121 $2,347,444 $2,188,528 68.3% $14.63
               
NOI DSCR 1.29x 1.27x 1.28x 1.35x 1.27x    
NCF DSCR 1.29x 1.27x 1.28x 1.35x 1.26x    
NOI Debt Yield 8.3% 8.2% 8.2% 8.7% 8.2%    
NCF Debt Yield 8.3% 8.2% 8.2% 8.7% 8.1%    

 

(1)Represents (i) percent of Net Rental Income for all revenue fields, (ii) percent of Gross Potential Rent for Vacancy & Credit Loss and (iii) percent of Effective Gross Income for all other fields.

(2)Other Income includes merchandise sales, administration fees, liens and late fees, truck rentals, insurance commission, and miscellaneous income.

(3)The underwritten economic vacancy is 19.6%. As of April 30, 2019, the TOPS Self Storage Property was 91.9% occupied, based on net rentable square footage, and 92.4%, based on net rentable units.

 

Appraisal. The appraiser concluded to an “as-is” appraised value of $42,300,000 for the TOPS Self Storage Property as of March 28, 2019.

 

Environmental Matters. According to a Phase I environmental assessment dated April 8, 2019, there was no evidence of any recognized environmental conditions at the TOPS Self Storage Property.

 

Market Overview and Competition. The TOPS Self Storage Property is located in Thousand Oaks, Ventura County, California, within the Oxnard-Thousand Oaks-Ventura, CA metropolitan statistical area (“Thousand Oaks MSA”). Ventura County has hundreds of miles of national and state parks and forestland, with the Los Padres National Forest making up most of the northern half of the county. Ventura County has evolved into an employment center with the growth of the technology corridor that stretches along U.S. Route

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

115

 

 

Self Storage – Self Storage Loan #8 Cut-off Date Balance:   $27,000,000
3485 Old Conjeo Road TOPS Self Storage Cut-off Date LTV:   63.8%
Thousand Oaks, CA 91320   U/W NCF DSCR:   1.26x
    U/W NOI Debt Yield:   8.2%

 

101 from Woodland Hills to Camarillo. Major employers with the Thousand Oaks MSA include Naval Construction Battalion, Amgen Inc., Naval Air Warfare Center Weapons, the Air National Guard and St. John’s Regional Medical Center.

 

The TOPS Self Storage Property is located along Old Conejo Road in the southeastern portion of Ventura County at the center of Conejo Valley which is bordered by Simi Valley to the north, Westlake Village to the east, Hidden Valley and the Santa Monica Mountains to the south, and Camarillo to the west. Access to the neighborhood is provided by U.S. Route 101, and State Route 23. Development in the neighborhood consists of office, retail and industrial uses along the major arterials with multifamily and single family development removed from arterials. The 2019 population within a one, three, and five mile radius was 8,803, 49,356, and 114,853, respectively. The 2019 average household income within the one, three, and five mile radius of the TOPS Self Storage Property is $162,571, $166,744, and $148,321 respectively, compared to the Thousand Oaks MSA and state of California’s average household income of $118,112 and $109,977 respectively.

 

Submarket Information - According to the appraisal, the TOPS Self Storage Property is located in the Thousand Oaks/Simi Valley self storage submarket of the Ventura County self storage market. As of fourth quarter 2018, the Thousand Oaks/Simi Valley self storage submarket reported a vacancy rate of 10.9%. Asking rentals rates were $205.35 for 10x10 non-climate controlled units and $180.25 for 10x10 climate controlled units as of fourth quarter 2018. The Ventura county self storage market reported a vacancy rate of 9.5% for fourth quarter 2018. Asking rental rates of $174.11 for 10x10 non-climate controlled units and $176.25 for 10x10 climate controlled units were quoted for the Ventura county self storage market as of fourth quarter 2018.

 

Appraiser’s Comp Set - The table below presents certain information relating to comparable sales for the TOPS Self Storage Property identified by the appraiser:

 

Comparable Sales – Self Storage(1)

 

Property Name Location Rentable
Area (SF)
Sale Date Sale Price Sale Price (PSF)
StorQuest Oxnard, CA Oxnard, CA 78,193 Dec-18 $17,000,000 $217
Magellan Storage Commerce, CA 140,000 Jan-18 $35,500,000 $254
Southmark Storage South Pasadena, CA 58,520 Nov-18 $16,500,000 $282
StorQuest Los Angeles, CA 52,100 Oct-16 $14,996,000 $288
Store More America Soquel Soquel, CA 79,821 Mar-17 $18,650,000 $234

 

(1)Information obtained from the appraisal.

 

The table below presents certain information relating to five comparable self storage properties to the TOPS Self Storage Property identified by the appraiser:

 

Competitive Set(1)

 

  TOPS Self Storage (Subject) Extra Space
Self Storage
Newbury Park
Self Storage
StorCal Self
Storage
Ventu Park Self
Storage
Hollywood
Storage - TOPS
Location Thousand Oaks, CA Newbury Park, CA Newbury Park, CA Newbury Park, CA Newbury Park, CA Newbury Park, CA
             
Distance to Subject -- 0.4 miles 2.1 miles 1.2 miles 2.6 miles 0.2 miles
             
Property Type Self Storage Self Storage Self Storage Self Storage Self Storage Self Storage
             
Year Built/Renovated 1982/2018 2001/NAP 1992/NAP 1981/NAP 2002/NAP 2002/NAP
             
Total Units 1,455 427 320 280 616 1,788
             
Total Occupancy 91.9% 93.0% 90.0% 92.0% 90.6% 91.9%

 

(1)Information obtained from the appraisal and the underwritten rent roll.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

116

 

 

Self Storage – Self Storage Loan #8 Cut-off Date Balance:   $27,000,000
3485 Old Conjeo Road TOPS Self Storage Cut-off Date LTV:   63.8%
Thousand Oaks, CA 91320   U/W NCF DSCR:   1.26x
    U/W NOI Debt Yield:   8.2%

 

Escrows.

 

Real Estate Taxes – The loan documents require an upfront real estate tax reserve of $20,041 and ongoing monthly real estate tax reserves in an amount equal to one-twelfth of the real estate taxes that the lender estimates will be payable during the next twelve months (initially $6,362).

 

Insurance – The loan documents require an upfront insurance reserve of $30,715 and ongoing monthly insurance reserves in an amount equal to one-twelfth of the insurance premiums that the lender estimates will be payable during the next twelve months (initially $2,925).

 

Replacement Reserves –The loan documents require ongoing monthly replacement reserves of $1,247 for replacements and repairs required to be made to the TOPS Self Storage Property.

 

Immediate Repairs Reserve – The loan documents require an upfront reserve of $69,141 for immediate repairs.

 

Lockbox and Cash Management. The TOPS Self Storage Mortgage Loan requires a springing lockbox and springing cash management. Upon the occurrence of a Cash Management Trigger Event (as defined below) the TOPS Self Storage Borrower will be required to establish a lender-controlled lockbox account and instruct each tenant to deposit rents into such lockbox account. Additionally, all revenues received by the TOPS Self Storage Borrower or the property manager relating to the TOPS Self Storage Property are required to be deposited into the lockbox account within one business day of receipt. Pursuant to the TOPS Self Storage Mortgage Loan documents, all excess funds on deposit are required to be applied as follows (a) if a Cash Sweep Event (as defined below) is not in effect, to the TOPS Self Storage Borrower; and (b) if a Cash Sweep Event is in effect, to an excess cash flow account controlled by the lender, to be held by the lender as additional security for the TOPS Self Storage Mortgage Loan. 

 

A “Cash Management Trigger Event” will commence upon:

(i)an event of default;

(ii)the TOPS Self Storage Borrower’s second late debt service payment within a twelve month period;

(iii)any bankruptcy action of the TOPS Self Storage Borrower, guarantors or property manager; or

(iv)a Cash Management DSCR Trigger Event (as defined below).

 

A Cash Management Trigger Event will end upon: 

(a)with respect to clause (i) above, a cure of such event of default has been accepted or waived by lender;

(b)with respect to clause (ii) above, the timely payment of the monthly debt service payments on twelve consecutive payment dates;

(c)with respect to clause (iii) above, such bankruptcy action being discharged, stayed, or dismissed within 30 days for the TOPS Self Storage Borrower or guarantors and 120 days for the property manager, among other conditions or, with respect to a bankruptcy action of the property manager, the TOPS Self Storage Borrower replacing the manager with a qualified manager acceptable to the lender; and

(d)with respect to clause (iv), the termination of the Cash Management DSCR Trigger Event as set forth below.

 

A “Cash Management DSCR Trigger Event” will commence upon any date the amortizing debt service coverage ratio based on the trailing 12-month period immediately preceding the date of such determination is less than 1.15x, and will end if the amortizing debt service coverage ratio based upon the trailing 12-month period immediately preceding the date of such determination is greater than 1.15x for two consecutive calendar quarters.

 

A “Cash Sweep Event” means:

(i)an event of default;

(ii)any bankruptcy action of the TOPS Self Storage Borrower, guarantors or property manager; or

(iii)a Cash Sweep DSCR Trigger Event (as defined below).

 

A Cash Sweep Event will end upon:

(a)with respect to clause (i) above, a cure of such event of default has been accepted or waived by lender;

(b)with respect to clause (ii) above, such bankruptcy action being discharged, stayed, or dismissed, within 30 days for the TOPS Self Storage Borrower or guarantors and 120 days for the property manager, among other conditions or, with respect to a bankruptcy action of the property manager, the TOPS Self Storage Borrower replacing the property manager with a qualified manager acceptable to the lender; and

(c)with respect to clause (iii) above, the termination of the Cash Sweep DSCR Trigger Event as set forth below.

 

A “Cash Sweep DSCR Trigger Event” occurs upon any date the amortizing debt service coverage ratio based on the trailing 12-month period immediately preceding the date of such determination is less than 1.10x and will end once the amortizing debt service coverage ratio based upon the trailing 12-month period immediately preceding the date of such determination is greater than 1.10x for two consecutive quarters.

 

Property Management. The TOPS Self Storage Property is managed by an affiliate of the borrower.

 

Partial Release. Not permitted.

 

Real Estate Substitution. Not permitted.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

117

 

 

Self Storage – Self Storage Loan #8 Cut-off Date Balance:   $27,000,000
3485 Old Conjeo Road TOPS Self Storage Cut-off Date LTV:   63.8%
Thousand Oaks, CA 91320   U/W NCF DSCR:   1.26x
    U/W NOI Debt Yield:   8.2%

 

Subordinate and Mezzanine Indebtedness. Not permitted.

 

Ground Lease. None.

 

Terrorism Insurance. The loan documents require that the “all risk” insurance policy required to be maintained by the borrowers provide coverage for terrorism in an amount equal to the full replacement cost of the TOPS Self Storage Property, as well as business interruption insurance covering no less than the 18-month period following the occurrence of a casualty event, together with a 12-month extended period of indemnity.

 

Earthquake Insurance. The loan documents do not require earthquake insurance. The TOPS Self Storage Property is located in Seismic Zone 4. The seismic report indicated scenario expected loss for the TOPS Self Storage Property is 14%.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

118

 

 

(THIS PAGE INTENTIONALLY LEFT BLANK)

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

119

 

 

Multifamily – High Rise

Loan #9

Center North

Cut-off Date Balance:   $26,500,000
14600 Detroit Avenue Cut-off Date LTV:   65.6%
Lakewood, OH 44107 U/W NCF DSCR:   1.29x
  U/W NOI Debt Yield:   8.4%

 

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

120

 

 

Multifamily – High Rise

Loan #9

Center North

Cut-off Date Balance:   $26,500,000
14600 Detroit Avenue Cut-off Date LTV:   65.6%
Lakewood, OH 44107 U/W NCF DSCR:   1.29x
  U/W NOI Debt Yield:   8.4%

 

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

121

 

 

No. 9 – Center North
 
Mortgage Loan Information   Mortgaged Property Information
Mortgage Loan Seller: Barclays Capital Real Estate Inc.   Single Asset/Portfolio: Single Asset

Credit Assessment 

(Fitch/KBRA/Moody’s):

NR/NR/NR   Property Type – Subtype: Multifamily – High Rise
Original Principal Balance: $26,500,000   Location: Lakewood, OH
Cut-off Date Balance: $26,500,000   Size: 211 Units
% of Initial Pool Balance: 3.6%   Cut-off Date Balance Per Unit: $125,592
Loan Purpose: Refinance   Maturity Date Balance Per Unit: $110,696
Borrower Sponsors: Bradley T. Kowit; Gregg Levy   Year Built/Renovated: 1974/2019
Guarantors: Bradley T. Kowit; Gregg Levy   Title Vesting: Fee
Mortgage Rate: 4.8000%   Property Manager: Self-managed
Note Date: May 31, 2019   Current Occupancy (As of): 91.0% (5/24/2019)
Seasoning: 1 month   YE 2018 Occupancy(2): NAV
Maturity Date: June 6, 2029   YE 2017 Occupancy(2): NAV
IO Period: 36 months   YE 2016 Occupancy(2): NAV
Loan Term (Original): 120 months   YE 2015 Occupancy(2): NAV
Amortization Term (Original): 360 months   Appraised Value: $40,400,000
Loan Amortization Type: Interest-only, Amortizing Balloon   Appraised Value Per Unit: $191,469
Call Protection: L(25),D(91),O(4)   Appraisal Valuation Date: May 3, 2019
Lockbox Type: Springing    
Additional Debt: None   Underwriting and Financial Information
Additional Debt Type (Balance): NAP   TTM NOI (4/30/2019)(3): $1,426,491
      YE 2018 NOI(3): $941,374
      YE 2017 NOI(3): ($44,432)
      YE 2016 NOI(3): NAV
      U/W Revenues: $3,436,703
          U/W Expenses: $1,216,291
    U/W NOI(3): $2,220,412
          U/W NCF: $2,145,501
Escrows and Reserves(1)   U/W DSCR based on NOI/NCF: 1.33x / 1.29x
  Initial Monthly Cap   U/W Debt Yield based on NOI/NCF: 8.4% / 8.1%
Taxes $0 $11,697 NAP   U/W Debt Yield at Maturity based on NOI/NCF: 9.5% / 9.2%
Insurance $0 Springing NAP   Cut-off Date LTV Ratio: 65.6%
Replacement Reserve $0 $4,755 NAP   LTV Ratio at Maturity: 57.8%
TI/LC Reserve $0 $1,198 NAP      
Conversion Work Reserve $1,850,000 $0 NAP      
Outstanding TI/LC Reserve $200,000 $0 NAP      
Gap Rent Reserve $13,476 $0 NAP      
               
Sources and Uses
Sources         Uses      
Original loan amount $26,500,000   100.0%   Loan payoff $17,258,355   65.1%
          Upfront reserves 2,063,476    7.8  
          Closing costs 559,669    2.1
          Return of equity 6,618,500    25.0   
Total Sources $26,500,000   100.0%   Total Uses $26,500,000   100.0%

 

(1)See “Escrows” section below.

(2)Year-end occupancies are not available, as the Center North Property (as defined below) was re-developed from an office building to a multifamily property starting in 2017. Phase 1 included 55 units delivered from September to November 2017 which were 81.8% pre-leased at delivery and are currently 100.0% occupied. Phase 2 included 66 units delivered from May to June 2018 which were 98.5% pre-leased at delivery and the only remaining vacant unit serves as a “model” unit. Phase 3 included 54 units delivered from January to February 2019 which were 96.3% pre-leased at delivery and are currently 100.0% occupied. Phase 4 included 18 units delivered in March 2019 which were 88.9% pre-leased at delivery and are currently 100.0% occupied. The next phase to be completed, phase 5, is the final re-development phase encompassing 18 residential units and 1,700 square feet of commercial space on the second floor. $1,850,000 was deposited into a Conversion Work Reserve at closing to complete work on the second floor.

(3)The sponsors began a redevelopment of the Center North Property from an office building to a multifamily property starting in 2017 and have completed it in phases, driving the increase in historical NOI. See “The Property” section for further details.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

122

 

 

Multifamily – High Rise

Loan #9

Center North

Cut-off Date Balance:   $26,500,000
14600 Detroit Avenue Cut-off Date LTV:   65.6%
Lakewood, OH 44107 U/W NCF DSCR:   1.29x
  U/W NOI Debt Yield:   8.4%

 

The Mortgage Loan. The mortgage loan (“Center North Mortgage Loan”) is evidenced by a single promissory note secured by a first mortgage encumbering the fee interest in a 211-unit multifamily high-rise property located in Lakewood, Ohio (the “Center North Property”).

 

The Borrower and Borrower Sponsors. The borrower is Lakewood Center North Development LLC, a Delaware limited liability company and single purpose entity with one independent director. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Center North Mortgage Loan. The borrower sponsors and guarantors are Bradley T. Kowit and Gregg Levy.

 

Brad Kowit is a partner at Kowit & Company Real Estate Group with over 20 years of commercial real estate experience. Kowit reports that he has been involved in the assembly of hundreds of land parcels for retailers’ build-to-suit purposes and has been a key player in the assembly of over 5 million square feet of space in major power centers across Northeast Ohio. Based in Ohio, Kowit & Company Real Estate Group is a full service commercial real estate brokerage specializing in tenant and landlord representation, land sales and assemblages, property management, consulting, disposition, and development and re-development of land, retail properties, office properties and industrial properties. Gregg Levy is a principal and attorney at McCarthy, Lebit, Crystal & Liffman. Levy focuses on commercial real estate, real estate acquisition, development and finance as well as general corporate and business law. The sponsors went into a maturity default on an unrelated property in 2008 and settled by December 2008. See “Description of the Mortgage Pool— Loan Purpose; Default History, Bankruptcy Issues and Other Proceedings” in the Preliminary Prospectus.

 

The Property. The Center North Property is a 211-unit multifamily property comprising one, 15-story building located in Lakewood, Ohio, approximately seven miles west of downtown Cleveland. The Center North Property contains 189 one-bedroom, one-bathroom units and 22 two-bedroom, two-bathroom units. The multifamily units at the Center North Property were 91.0% occupied as of May 24, 2019. The Center North Property also includes 28,754 square feet of commercial space, with office space on the 15th floor (16,409 square feet), ground-floor retail space including a salon and a restaurant (10,645 square feet), and 1,700 square feet of future commercial space on the second floor. The commercial space is currently 85.6% occupied. Additionally, the borrower has the option to convert the fifteenth floor from office space to multifamily units. The Center North Property is the tallest commercial structure in the area, offering views of Lake Erie on the upper floors. Additionally, common area amenities at the Center North Property include on-site storage, a dog area in the basement, a gym, community rooms and an outdoor patio with a grill. Unit amenities include stainless steel kitchen appliances, in-unit washer and dryers and granite countertops with select units having private balconies. Parking is provided by the Lakewood Center North Garage (not part of the collateral), a 1,050 space parking garage located adjacent to the Center North Property that offers monthly rates of $70 and daily rates of $5. There is also public meter parking along Detroit Avenue, free parking on side streets and other garages in the neighborhood.

 

The Center North Property was constructed as an office building in 1974 and was renovated to multifamily units by the borrower sponsors from 2017 to 2019. Phase 1 (floors three to six) occurred from September to November 2017 and delivered 55 units that are currently 100.0% occupied. Phase 2 (floors seven to ten) occurred from May to June 2018 and delivered 66 units that are currently 98.5% occupied with the one vacant unit serving as a “model” unit. Phase 3 (floors 11 to 13) occurred from January to February 2019 and delivered 54 units that are currently 100.0% occupied. Phase 4 (floor 14) occurred in March 2019 and delivered 18 units that are currently 100.0% occupied. Phase 5 is the final phase of the redevelopment encompassing 18 additional units on the second floor and 1,700 square feet of commercial space. According to the appraisal, the remaining renovations are expected to cost $1,850,000, of which the borrower reserved 100% at loan origination into a Conversion Work Reserve. The guarantors, Bradley T. Kowit and Gregg Levy, also provided a completion guaranty for full and timely performance and completion of the conversion work with regard to the second floor improvements.

 

The following table presents certain information relating to the unit mix and the appraiser’s market rent conclusion of the Center North Property:

 

Multifamily Unit Mix Summary(1)

 

Unit Type Total No. of
Units
% of Total
Units
Average Unit
Size (SF)
Average
Monthly Rent
per Unit
1 Bedroom / 1 Bathroom 189 89.6% 793 $1,186
2 Bedroom / 2 Bathroom 22 10.4% 1,340 $1,837
Total/Weighted Average 211 100.0% 850 $1,254

 

(1)Information obtained from the underwritten rent roll.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

123

 

 

Multifamily – High Rise

Loan #9

Center North

Cut-off Date Balance:   $26,500,000
14600 Detroit Avenue Cut-off Date LTV:   65.6%
Lakewood, OH 44107 U/W NCF DSCR:   1.29x
  U/W NOI Debt Yield:   8.4%

  

The following table presents historical occupancy percentages at the Center North Property:

 

Historical Occupancy

 

Type

12/31/2015(1)

12/31/2016(1) 

12/31/2017(1)

12/31/2018(1)

5/24/2019(2)

Multifamily NAV NAV NAV NAV 91.0%(3)
Commercial NAV NAV NAV NAV 85.6%(4)

 

(1)Year-end occupancies are not available, as the Center North Property was re-developed from an office building to a multifamily property starting in 2017. Phase 1 included 55 units delivered from September to November 2017 that were 81.8% pre-leased at delivery and are currently 100.0% leased. Phase 2 included 66 units delivered from May to June 2018 that were 98.5% pre-leased at delivery and are currently 100.0% leased. Phase 3 included 54 units delivered from January to February 2019 that were 96.3% pre-leased at delivery and are currently 100.0% leased. Phase 4 included 18 units which were delivered in March 2019 that were 88.9% pre-leased at delivery and are currently 100.0% leased. The total units include one model unit that was underwritten as vacant. Phase 5 is the final re-development phase encompassing 18 residential units and 1,700 square feet of commercial space on the second floor.

(2)Information obtained from the underwritten rent roll.

(3)Excluding the 18 units yet to commence construction on the second floor, current occupancy is equal to 99.5%, with the only vacant unit serving as a “model” unit.

(4)Excluding the 1,700 square feet of commercial space to be delivered on the second floor, current occupancy is equal to 90.9%, with a letter of intent executed on the one remaining vacant unit.

 

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 Center North Property:

 

Cash Flow Analysis(1)

 

  2017(2) 2018(2) TTM
4/30/2019(2)
U/W(2)

%(3)

U/W $

per Unit

Base Rent $765,274 $1,820,521 $2,280,449 $3,175,643 82.6% $15,050
Commercial Rent(4) 0 0 0 453,876 11.8 2,151
Grossed Up Vacant Space

0

0

0

0

0.0

0

Gross Potential Rent $765,274 $1,820,521 $2,280,449 $3,629,519 94.4% $17,202
Commercial Reimbursements 138,223 46,544 36,311 43,659 1.1 207
Other Income(5)

85,968

82,223

108,385

173,274

4.5

821

Net Rental Income $989,465 $1,949,288 $2,425,145 $3,846,453 100.0% $18,230
Less Vacancy & Concessions

0

0

0

(409,750)(6)

(11.3)

(1,942)

Effective Gross Income $989,465 $1,949,288 $2,425,145 $3,436,703 89.3% $16,288
             
Real Estate Taxes 144,784 133,327 134,801 316,500 9.2 1,500
Insurance 38,125 38,811 38,666 44,256 1.3 210
Management Fee 29,684 58,479 72,754 103,101 3.0 489
Other Operating Expenses 821,304 777,297 752,434 752,434 21.9 3,566
Total Operating Expenses $1,033,897 $1,007,914 $998,655 $1,216,291 35.4% $5,764
             
Net Operating Income $(44,432) $941,374 $1,426,491 $2,220,412 64.6% $10,523
Replacement Reserves 0 0 0 59,082 1.7 280
TI/LC

0

0

0

15,830

0.5

75

Net Cash Flow $(44,432) $941,374 $1,426,491 $2,145,501 62.4% $10,168
             
NOI DSCR (0.03x) 0.56x 0.85x 1.33x    
NCF DSCR (0.03x) 0.56x 0.85x 1.29x    
NOI DY (0.2%) 3.6% 5.4% 8.4%    
NCF DY (0.2%) 3.6% 5.4% 8.1%    

 

(1)Historical operating statements are unavailable prior to 2017 because the sponsors began a redevelopment of the Center North Property from an office building to a multifamily property in 2017 and have completed it in phases.

(2)The increase in NOI year-over-year is due to the Center North Property being converted from an office building to a multifamily property with commercial space. See “The Property” section for further details.

(3)Represents (i) percent of Net Rental Income for all revenue fields, (ii) percent of Gross Potential Rent for Vacancy & Credit Loss and (iii) percent of Effective Gross Income for all other fields.

(4)Integrity Staffing has a rent abatement from July 2019 to September 2019 totaling $13,476. At loan origination, the borrower deposited $13,476 into a reserve account for the remaining rent abatement.

(5)Other Income includes application fees, late fees and other miscellaneous items.

(6)The underwritten economic vacancy is 10.3%. The Center North Property multifamily units were 91.0% occupied and the commercial space was 85.6% occupied as of May 24, 2019.

 

Appraisal. The appraiser concluded to an “as-is” appraised value of $40,400,000 as of May 3, 2019.

 

Environmental Matters. According to a Phase I environmental assessment dated May 14, 2019, there was no evidence of any recognized environmental conditions at the Center North Property.

 

Market Overview and Competition. The Center North Property is located in Lakewood, Ohio, approximately seven miles west of downtown Cleveland. Lakewood is the most densely populated city in Ohio with numerous high-rise apartments and condominium buildings overlooking Lake Erie. The Center North Property is located in downtown Lakewood, with various restaurants, shops and office space nearby. According to the appraisal, the Center North Property is located within the Lakewood multifamily submarket, which

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

124

 

 

Multifamily – High Rise

Loan #9

Center North

Cut-off Date Balance:   $26,500,000
14600 Detroit Avenue Cut-off Date LTV:   65.6%
Lakewood, OH 44107 U/W NCF DSCR:   1.29x
  U/W NOI Debt Yield:   8.4%

 

is Cleveland’s second largest submarket with over 18,000 units and a total asset value of approximately $1 billion. The area benefits from its proximity to downtown Cleveland with some of the most affordable rents in the Cleveland metropolitan area. According to a third party report, the Lakewood submarket has generally outperformed in terms of rent growth, with rents up 3.4% year-over-year in 2018 and up nearly 20% since 2010. Downtown Cleveland can be accessed by the 26 Route bus, with a stop located at the intersection of Detroit Avenue and Belle Avenue, directly adjacent to the Center North Property.

 

The Center North Property is located directly across the street from the former Lakewood Hospital, with respect to which the City of Lakewood has proposed the construction of a $72 million mixed-use project on the 5.2-acre site. The city is targeting the fall of 2019 to start construction, which will include a mix of residential units, office space and shops located directly across the street from the Center North Property. Lakewood Hospital relocated to a new 64,700 square-foot $34 million facility neighboring its former location and is still in direct proximity to the Center North Property.

 

According to the appraisal, the estimated 2018 population within a one-, three- and five-mile radius of the Center North Property was 26,386, 121,377 and 227,640, respectively. The estimated 2018 average household income within the same radii was $76,011, $68,801 and $65,250, respectively.

 

Submarket Information – According to a third-party market research report, the Center North Property is situated within the Lakewood submarket. As of year-to-date 2019, the submarket reported a total inventory of 18,348 units with a 4.4% vacancy rate.

 

Appraiser’s Comp Set – The appraiser identified four primary competitive properties for the Center North Property totaling 492 units, which reported an average occupancy rate of approximately 94.9%. The appraiser concluded to monthly market rents per unit ranging from $1,001 to $1,420 for one-bedroom, one-bathroom units and $1,469 to $1,802 for the two-bedroom, two-bathroom units.

 

The following table presents certain information relating to comparable multifamily properties for the Center North Property:

 

Competitive Set(1)

 

  Center North
(Subject)
Marine
Towers West
12000
Edgewater Drive
Apartments
The Shoreham Edge 32
Location Lakewood, OH Lakewood, OH Lakewood, OH Lakewood, OH Cleveland, OH
Distance to Subject -- 1.7 miles 1.9 miles 2.1 miles 5.0 miles
Property Type High-Rise High-Rise High-Rise High-Rise Mid-Rise
Year Built/Renovated 1974/2019 1963/NAP 1963/2015 1961/2015 2017/NAP
Number of Units 211 171 117 144 60
Average Monthly Rent (per unit)          
1 Bedroom / 1 Bathroom $1,186(2) $1,089 $1,295 $1,001 $1,420
2 Bedroom / 2 Bathroom $1,837(2) $1,802 $1,469 $1,488 $1,794
Occupancy 91.0% 93.6% 97.4% 95.1% 93.3%

 

(1)Information obtained from the appraisal and underwritten rent roll.

(2)See “Multifamily Unit Mix Summary” above for information related to the Center North Property.

 

Escrows.

 

Real Estate Taxes – The loan documents require an ongoing monthly real estate tax reserves in an amount equal to one-twelfth of the real estate taxes that the lender estimates will be payable during the next twelve months (initially $11,697).

 

Insurance – Ongoing monthly insurance reserves, equaling one-twelfth of the insurance premiums that the lender estimates will be payable during the next twelve months, are not currently required and will not be required so long as the borrower maintains a blanket or umbrella policy acceptable to the lender.

 

Replacement Reserve – The loan documents require ongoing monthly replacement reserves of $4,755, which the lender may require the borrower to increase if the lender reasonably determines such increase is necessary to maintain the proper operation of the Center North Property.

 

TI/LC Reserve – The loan documents require ongoing monthly replacement reserves of $1,198 for tenant improvements and leasing commissions incurred following origination.

 

Conversion Work Reserve – The borrower deposited $1,850,000 into a conversion work reserve to complete the conversion of the use of the second floor from office to 18 multifamily units and 1,700 square feet of commercial space in accordance with the Center North Mortgage Loan documents. The guarantors, Bradley T. Kowit and Gregg Levy, also provided a completion guaranty for full and timely performance and completion of the conversion work with regard to the second floor improvements.

 

Outstanding TI/LC Reserve – The borrower deposited $200,000 for outstanding tenant improvements and leasing commissions for Integrity Staffing and GrooveRyde.

 

Gap Rent Reserve – The borrower deposited $13,476 into a free rent reserve for Integrity Staffing.

 

Fifteenth Floor Conversion Work - The borrower may convert the use of the fifteenth floor from office to multifamily (the “Fifteenth Floor Conversion Work”), provided that, among other things, the following conditions are satisfied: (i) no event of default has occurred

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

125

 

 

Multifamily – High Rise

Loan #9

Center North

Cut-off Date Balance:   $26,500,000
14600 Detroit Avenue Cut-off Date LTV:   65.6%
Lakewood, OH 44107 U/W NCF DSCR:   1.29x
  U/W NOI Debt Yield:   8.4%

 

and is continuing; (ii) the change in use complies with all applicable legal requirements; (iii) all work commenced in connection therewith is completed in a good and workmanlike manner and in compliance with all applicable legal requirements; and (iv) the borrower promptly delivers to the lender as security for the payment of the budgeted costs to complete the Fifteenth Floor Conversion Work and as additional security for the borrower’s obligations under the Center North Mortgage Loan Documents, any of the following: (A) cash, (B) U.S. Obligations, or (C) a completion bond or letter of credit issued by a financial institution having a rating by S&P of not less than A-1+ if the term of such bond or letter of credit is no longer than three months or, if such term is in excess of three months, issued by a financial institution having a rating that is acceptable to the lender and that the applicable rating agencies have confirmed in writing will not, in and of itself, result in a downgrade, withdrawal or qualification of the initial, or, if higher, then current ratings assigned in connection with any securitization. Such security shall be in an amount equal to the total budgeted costs for the completion of the Fifteenth Floor Conversion Work.

 

Lockbox and Cash Management. A springing lockbox is required for the Center North Mortgage Loan. The springing lockbox will be established upon the occurrence of a Lockbox Event (as defined below). During the continuance of a Lockbox Event, the borrower is required to deposit, or cause to be deposited, all rents into the lockbox account within one business day of receipt. Additionally, upon the occurrence of a Lockbox Event, the borrower is required to establish a cash management account into which all funds deposited in the lockbox account will be transferred to be disbursed in accordance with the Center North Mortgage Loan documents. During the continuance of a Lockbox Event, all excess cash flow will be deposited into an excess cash flow reserve account to be held as additional security for the Center North Mortgage Loan.

 

A “Lockbox Event” will commence upon the earlier of the following:

 

(i)the occurrence and continuance of an event of default; or
(ii)the debt service coverage ratio falling below 1.15x at the end of any calendar quarter.

 

A Lockbox Event will end upon the occurrence of the following: 

with regard to clause (i), the cure of such event of default; or
with regard to clause (ii), the debt service coverage ratio being greater than 1.20x on the last day of any calendar quarter.

 

Property Management. The Center North Property is managed by an affiliate of the borrower.

 

Partial Release. Not permitted

 

Real Estate Substitution. Not permitted.

 

Subordinate and Mezzanine Indebtedness. Not permitted.

 

Ground Lease. None.

 

Terrorism Insurance. The Center North Mortgage Loan documents require that the “all risk” insurance policy required to be maintained by the borrower provide coverage for terrorism in an amount equal to the full replacement cost of Center North Property, as well as business interruption insurance covering no less than the 18-month period following the occurrence of a casualty event, together with a six-month extended period of indemnity.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

126

 

 

(THIS PAGE INTENTIONALLY LEFT BLANK)

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

127

 

 

Office – Suburban Loan #10 Cut-off Date Balance:   $22,350,000
Various The Chantilly Office Portfolio Cut-off Date LTV:   44.4%
Chantilly, VA 20151   U/W NCF DSCR:   3.59x
    U/W NOI Debt Yield:   16.8%

 

(GRAPHIC) 

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

128

 

 

Office – Suburban Loan #10 Cut-off Date Balance:   $22,350,000
Various The Chantilly Office Portfolio Cut-off Date LTV:   44.4%
Chantilly, VA 20151   U/W NCF DSCR:   3.59x
    U/W NOI Debt Yield:   16.8%

 

(GRAPHIC) 

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

129

 

 

Office – Suburban Loan #10 Cut-off Date Balance:   $22,350,000
Various The Chantilly Office Portfolio Cut-off Date LTV:   44.4%
Chantilly, VA 20151   U/W NCF DSCR:   3.59x
    U/W NOI Debt Yield:   16.8%

 

(GRAPHIC) 

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

130

 

 

Office – Suburban Loan #10 Cut-off Date Balance:   $22,350,000
Various The Chantilly Office Portfolio Cut-off Date LTV:   44.4%
Chantilly, VA 20151   U/W NCF DSCR:   3.59x
    U/W NOI Debt Yield:   16.8%

 

(GRAPHIC) 

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

131

 

 

No. 10 – The Chantilly Office Portfolio
 
Mortgage Loan Information   Mortgaged Property Information
Mortgage Loan Seller: UBS AG   Single Asset/Portfolio: Portfolio

Credit Assessment

(Fitch/KBRA/Moody’s):

NR/NR/NR   Property Type – Subtype: Office – Suburban
Original Principal Balance(1): $22,350,000   Location: Chantilly, VA
Cut-off Date Balance(1): $22,350,000   Size: 429,126 SF
% of Initial Pool Balance: 3.1%   Cut-off Date Balance Per SF(1): $108.01
Loan Purpose: Recapitalization   Maturity Date Balance Per SF(1): $108.01
Borrower Sponsor: RMR Office Property Fund LP   Year Built/Renovated: Various/NAP
Guarantor: RMR Office Property Fund LP   Title Vesting: Fee
Mortgage Rate: 4.1500%   Property Manager: Self-managed
Note Date: May 16, 2019   Current Occupancy (As of)(4)(5): 86.2% (5/31/2019)
Seasoning: 1 month   YE 2018 Occupancy(5): 77.4%
Maturity Date: June 6, 2029   YE 2017 Occupancy(5): 85.4%
IO Period: 120 months   YE 2016 Occupancy: 91.5%
Loan Term (Original): 120 months   YE 2015 Occupancy(6): NAV
Amortization Term (Original): NAP   Appraised Value(7): $104,500,000
Loan Amortization Type: Interest-only, Balloon   Appraised Value Per SF: $243.52
Call Protection(2): L(25),D(88),O(7)   Appraisal Valuation Date: March 28, 2019
Lockbox Type: Hard/Springing Cash Management      
Additional Debt(1): Yes      
Additional Debt Type (Balance)(1): Pari Passu ($24,000,000)   Underwriting and Financial Information
      TTM NOI (2/28/2019)(5): $6,211,845
      YE 2018 NOI(5): $6,479,354
      YE 2017 NOI(5): $7,031,577
      YE 2016 NOI: $8,170,070
      U/W Revenues: $12,579,017
Escrows and Reserves(3)   U/W Expenses: $4,792,591
  Initial Monthly Cap   U/W NOI: $7,786,425
Taxes $0 Springing NAP   U/W NCF: $7,027,419
Insurance $0 Springing NAP   U/W DSCR based on NOI/NCF(1): 3.98x / 3.59x
Replacement Reserve $0 Springing $257,476   U/W Debt Yield based on NOI/NCF(1): 16.8% / 15.2%
TI/LC Reserve $0 Springing NAP   U/W Debt Yield at Maturity based on NOI/NCF(1): 16.8% / 15.2%
TATILC Funds $1,481,290 $0 NAP   Cut-off Date LTV Ratio(1)(7): 44.4%
Rent Concessions Funds $593,341 $0 NAP   LTV Ratio at Maturity(1)(7): 44.4%
               
Sources and Uses
Sources         Uses      
Original whole loan amount $46,350,000   100.0%   Return of equity(8) $43,830,893   94.6%
          Upfront reserves 2,074,631   4.5
          Closing costs 444,476   1.0
Total Sources $46,350,000   100.0%   Total Uses $46,350,000   100.0%
(1)The Chantilly Office Portfolio Mortgage Loan (as defined below) is part of The Chantilly Office Portfolio Whole Loan (as defined below), which is comprised of three pari passu promissory notes with an aggregate original principal balance of $46,350,000. The Cut-off Date Balance Per SF, Maturity Date Balance Per SF, U/W DSCR based on NOI/NCF, U/W Debt Yield based on NOI/NCF, U/W Debt Yield at Maturity based on NOI/NCF, Cut-off Date LTV Ratio and LTV Ratio at Maturity numbers presented above are based on the aggregate principal balance of the promissory notes comprising The Chantilly Office Portfolio Whole Loan.

(2)The lockout period will be at least 25 payments, beginning with and including the first payment date of July 6, 2019. Defeasance of The Chantilly Office Portfolio Mortgage Loan is permitted at any time after two years after the closing date of the securitization that includes the last note to be securitized. The assumed lockout period of 25 payments is based on the expected WFCM 2019-C51 securitization trust closing date in July 2019.

(3)See “Escrows” section below.

(4)Two tenants leasing 40,378 square feet (9.4% of net rentable area) at The Chantilly Office Portfolio Properties (as defined below) have yet to take occupancy as the spaces are currently being built out. Excluding these spaces, The Chantilly Office Portfolio Properties are 76.8% occupied.

(5)Since acquisition in September 2017, the borrower sponsor has executed 62,686 square feet (14.6% of net rentable area and 15.0% of underwritten base rent) of new and expanded leases totaling $1,747,647 of underwritten base rent and 94,982 square feet (22.1% of net rentable area and 26.0% of underwritten base rent) of lease extensions totaling $3,024,562 of underwritten base rent.

(6)Prior information is not available as the borrower sponsor acquired The Chantilly Office Portfolio Properties in September 2017 as part of a six-asset portfolio for $71.8 million.

(7)The Chantilly Office Portfolio Properties have an “as-is” appraised value of $104,500,000 as of March 28, 2019 and an “as-stabilized” appraised value of $121,700,000 as of March 28, 2020 and March 28, 2022. The Cut-off Date LTV Ratio and LTV Ratio at Maturity based on The Chantilly Office Portfolio Whole Loan and the “as-stabilized” appraised value are 38.1% and 38.1%, respectively.

(8)An affiliate of the borrower sponsor acquired The Chantilly Office Portfolio Properties in September 2017 as part of a six-asset portfolio for $71.8 million. The borrower sponsor subsequently acquired from the affiliate and recapitalized five of the six properties at an allocated purchase price of approximately $71.2 million ($165.89 per square feet) in September 2018. At origination of The Chantilly Office Portfolio Whole Loan, the borrower sponsor had cash equity in The Chantilly Office Portfolio Properties of approximately $29.0 million ($67.47 per square feet).

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

132

 

 

Office – Suburban Loan #10 Cut-off Date Balance:   $22,350,000
Various The Chantilly Office Portfolio Cut-off Date LTV:   44.4%
Chantilly, VA 20151   U/W NCF DSCR:   3.59x
    U/W NOI Debt Yield:   16.8%

 

The Mortgage Loan. The mortgage loan (“The Chantilly Office Portfolio Mortgage Loan”) is part of a whole loan evidenced by three pari passu promissory notes with an aggregate original principal balance of $46,350,000 (“The Chantilly Office Portfolio Whole Loan”). The Chantilly Office Portfolio Whole Loan is secured by a first mortgage encumbering the fee interest in five office buildings in Chantilly, Virginia totaling 429,126 square feet (collectively, “The Chantilly Office Portfolio Properties”). The Chantilly Office Portfolio Mortgage Loan represents Note A-1 totaling $22,350,000. The below table summarizes The Chantilly Office Portfolio Whole Loan, including the remaining pari passu promissory notes comprising The Chantilly Office Portfolio Whole Loan, which are currently held by the entities listed below and are expected to be contributed to one or more future securitization trusts. The lender provides no assurances that any non-securitized note will not be split further or replaced by new notes with reallocated balances. The Chantilly Office Portfolio Whole Loan will be serviced under the WFCM 2019-C51 pooling and servicing agreement until the controlling pari passu Note A-2 is securitized, whereupon The Chantilly Office 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.

 

Note Summary

 

Notes Original Principal Balance Cut-off Date Balance Note Holder Controlling
Interest
A-1 $22,350,000 $22,350,000 WFCM 2019-C51 No
A-2 $14,000,000 $14,000,000 UBS AG, or an affiliate Yes
A-3 $10,000,000 $10,000,000 UBS AG, or an affiliate No
Total $46,350,000 $46,350,000    

 

The Borrower and Borrower Sponsor. The borrower is RMR Office OPF Chantilly LP (“The Chantilly Office Portfolio Borrower”), a Delaware limited partnership and single purpose entity. Legal counsel to The Chantilly Office Portfolio Borrower delivered a non-consolidation opinion in connection with the origination of The Chantilly Office Portfolio Whole Loan. The nonrecourse carve-out guarantor and borrower sponsor of The Chantilly Office Portfolio Whole Loan is RMR Office Property Fund LP.

 

RMR Office Property Fund LP is a subsidiary of The RMR Group Inc. (NASDAQ: RMR) (“RMR”), an alternative asset management company founded in 1986 to invest in real estate and manage real estate related businesses. RMR’s business primarily consists of providing management services to five publicly traded real estate investment trusts, three real estate related operating companies, one real estate securities mutual fund, and one firm specializing in commercial real estate finance. As of December 31, 2018, RMR had approximately $30.0 billion of total assets under management, including more than 1,500 properties, and employed approximately 600 real estate professionals in more than 30 offices throughout the United States; and the companies managed by RMR collectively had approximately 50,000 employees. RMR Office Property Fund LP is a private, open end core fund focused on the acquisition, ownership and leasing of a diverse portfolio of office properties throughout the U.S.

 

The Properties. The Chantilly Office Portfolio Properties are comprised of (i) two freestanding five-story class A office buildings situated on a 10.1-acre parcel totaling 109,598 square feet (“Stoneleigh I”) and 106,547 square feet (“Stoneleigh II, and together with Stoneleigh I, the “Stoneleigh Properties”), (ii) two freestanding four-story class A office buildings situated on a 9.3-acre parcel totaling 76,760 square feet (“Glenview I”) and 77,427 square feet (“Glenview II”) and (iii) a freestanding three-story class A office building situated on a 4.6-acre parcel adjacent to Glenview I and Glenview II totaling 58,794 square feet (“Glenbrook III”, and together with Glenview I and Glenview II, the “Newbrook Properties”) (collectively, “The Chantilly Office Portfolio Properties”). The Stoneleigh Properties were built in 2006 and provide for 828 parking spaces (3.83 spaces per 1,000 square feet of net rentable area). The Newbrook Properties were built in 2000 and provide for 951 parking spaces (4.47 spaces per 1,000 square feet of net rentable area). The Chantilly Office Portfolio Properties are located within 0.3 miles of each other in Chantilly, Virginia, approximately 25 miles west of Washington, D.C.

 

Property Summary

 

Property Name Net Rentable
Area (SF)
Occupancy % Year Built Appraised Value Allocated Whole Loan Cut-off Date Balance LTV
Stoneleigh I 109,598 64.0% 2006 $26,874,518 $11,840,000 44.1%
Stoneleigh II 106,547 100.0% 2006 $26,125,482 $11,510,000 44.1%
Glenview I 76,760 94.3%(1) 2000 $18,562,391 $8,290,000 44.7%
Glenview II 77,427 87.5%(2) 2000 $18,719,130 $8,360,000 44.7%
Glenbrook III 58,794 90.4% 2000 $14,218,478 $6,350,000 44.7%
Total/Weighted Average 429,126 86.2%(3)   $104,500,000 $46,350,000 44.4%
(1)Includes one tenant, Tetra Tech, Inc., leasing 20,020 square feet (4.7% of portfolio net rentable area) that has yet to take occupancy as the space is currently being built out. Excluding this space, the Glenview I property is 68.2% occupied.

(2)Includes one tenant, Redfin, leasing 20,358 square feet (4.7% of portfolio net rentable area) that has yet to take occupancy as the space is currently being built out. Excluding this space, the Glenview II property is 61.3% occupied.

(3)Includes two tenants leasing 40,378 square feet (9.4% of portfolio net rentable area) at The Chantilly Office Portfolio Properties that have yet to take occupancy as the spaces are currently being built out. Excluding these spaces, The Chantilly Office Portfolio Properties are 76.8% occupied.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

133

 

 

Office – Suburban Loan #10 Cut-off Date Balance:   $22,350,000
Various The Chantilly Office Portfolio Cut-off Date LTV:   44.4%
Chantilly, VA 20151   U/W NCF DSCR:   3.59x
    U/W NOI Debt Yield:   16.8%

 

An affiliate of the borrower sponsor acquired The Chantilly Office Portfolio Properties in September 2017 as part of a six-asset portfolio for $71.8 million. The borrower sponsor subsequently acquired from the affiliate and recapitalized five of the six properties at an allocated purchase price of approximately $71.2 million in September 2018 and subsequently invested capital improvements of approximately $1.6 million. As of May 31, 2019, The Chantilly Office Portfolio Properties were 86.2% leased to 15 national, regional, and local tenants. Investment grade tenants account for 17.6% of net rentable area and 19.3% of underwritten base rent. National tenants, including Aetna Life Insurance, First American Title, and WEX, Inc., account for 47.2% of net rentable area and 53.0% of underwritten base rent. Eleven tenants totaling 290,413 square feet (67.7% of net rentable area, 79.8% of underwritten base rent) have either extended their lease terms or expanded their spaces.

 

Major Tenants.

 

Largest Tenant: AECOM Management Services, Inc. (Ba3/BB by Moody’s/S&P; 71,383 square feet; 16.6% of net rentable area; 19.4% of underwritten base rent; various lease expirations) – AECOM Management Services, Inc. (“AECOM”) (NYSE: ACM) is an engineering firm that provides planning, consulting, architectural and engineering design services to commercial and government clients worldwide in markets such as transportation, facilities, environmental, energy, water and government. According to Engineering News-Record’s (“ENR”) 2018 Design Survey, AECOM is the second largest general architectural and engineering design firm in the world, ranked by 2017 design revenue. In addition, AECOM is ranked by ENR as the leading firm in a number of design end markets, including transportation and general building. AECOM operated in over 150 countries with over 87,000 employees and reported revenues of approximately $20.2 billion as of fiscal year 2018. AECOM has been a tenant at The Chantilly Office Portfolio Properties since July 2006 and currently occupies 71,383 square feet across seven suites at The Chantilly Office Portfolio Properties. The lease related to four suites at the Stoneleigh Properties totaling 50,066 square feet (11.7% of NRA, 14.4% of underwritten base rent) have a current expiration date of September 30, 2020 and provide for two, five-year renewal options. The lease related to one suite at the Stoneleigh Properties totaling 12,770 square feet (3.0% of NRA, 2.8% of underwritten base rent) has a current expiration date of October 31, 2021 and has no renewal options. The lease related to one suite at the Glenbrook III Property totaling 5,184 square feet (1.2% of NRA, 1.3% of underwritten base rent) has a current expiration date of October 31, 2021 and has no renewal options. The lease related to one suite at the Stoneleigh Properties totaling 3,363 square feet (0.8% of NRA, 0.9% of underwritten base rent) has a current expiration date of November 30, 2022 and has no renewal options. Underwritten base rents for AECOM’s seven suites range from $25.49 to $33.45 per square foot with a weighted average underwritten base rent of $31.60 per square foot. With respect to AECOM’s lease at the Glenbrook III property (5,184 square feet), AECOM has a contract with the Open Source Enterprise of the U.S. government. In the event the U.S. government does not renew or irrevocably terminates its contract, the scope of the contract, or the funding received by AECOM pursuant to the contract is reduced to the extent that the premises are no longer required by AECOM, after 12 months from the lease commencement, AECOM may at any time terminate the lease effective as of the last day of any calendar month, upon 120 days’ notice, along with payment of a termination fee equal to the sum of (i) the amount of annual fixed rent that would have been payable by tenant during the three months immediately following the early termination date and (ii) the unamortized portion of the tenant improvement and brokerage commissions.

 

2nd Largest Tenant: The Teaching Company, LLC (49,529 square feet; 11.5% of net rentable area; 14.6% of underwritten base rent; 6/30/2021 lease expiration) – The Teaching Company, LLC (“TTC”), headquartered at one of the Stoneleigh Properties, owns The Great Courses brand, which was founded in 1990 and publishes teaching videos. The company provides unlimited access to learning experiences available on a wide variety of internet-connected devices, with each series taught by award-winning lecturers. Course subject matters include topics such as economics and finance, mathematics, science, history, and literature, among many others. TTC has been a tenant at The Chantilly Office Portfolio Properties since June 2008 and currently occupies three suites totaling 49,529 square feet at the Stoneleigh Properties. TTC’s leases have a current expiration date of June 30, 2021 and have an underwritten base rent of $34.42 per square foot. TTC’s leases have no renewal options and no termination options.

 

3rd Largest Tenant: General Dynamics Information Technology, Inc. (A2/A+ by Moody’s/S&P; 40,627 square feet; 9.5% of net rentable area; 10.8% of underwritten base rent; various lease expirations) – General Dynamics Information Technology, Inc. (“GDIT”) (NYSE: GD) is a global aerospace and defense company that offers a broad portfolio of products and services in business aviation, combat vehicles, weapons systems and munitions, information technology services, C4ISR (command, control, communications, computers, intelligence, surveillance and reconnaissance) solutions, and shipbuilding and ship repair. On April 3, 2018, GDIT completed its acquisition of CSRA Inc. for $9.7 billion, creating a provider of IT solutions to the defense, intelligence, and federal civilian markets. GDIT reported revenues of approximately $36.2 billion as of December 31, 2018. GDIT has been a tenant at The Chantilly Office Portfolio Properties since September 1999 and currently occupies 40,627 square feet across two suites at The Chantilly Office Portfolio Properties. The lease related to one suite at the Glenbrook III Property totaling 20,627 square feet (4.8% of NRA, 5.3% of underwritten base rent) has a current expiration date of December 31, 2020, an underwritten base rent of $29.97 per square foot, and one, three-year renewal option remaining. The lease related to one suite at the Glenview I & II Properties totaling 20,000 square feet (4.7% of NRA, 5.5% of underwritten base rent) has a current expiration date of January 31, 2021, an underwritten base rent of $32.07 per square foot, and no renewal options. GDIT’s leases have no termination options.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

134

 

 

Office – Suburban Loan #10 Cut-off Date Balance:   $22,350,000
Various The Chantilly Office Portfolio Cut-off Date LTV:   44.4%
Chantilly, VA 20151   U/W NCF DSCR:   3.59x
    U/W NOI Debt Yield:   16.8%

 

The following table presents certain information relating to the tenancy at The Chantilly Office Portfolio Properties:

 

Major Tenants

 

Tenant Name Credit Rating
(Fitch/Moody’s/
S&P)(1)
Tenant NRSF % of
NRSF
Annual
U/W Base
Rent
PSF(2)
Annual
U/W Base Rent(2)
% of Total Annual U/W Base Rent Lease
Expiration
Date
Extension Options Termination Option (Y/N)
Major Tenants                
AECOM Management Services, Inc.(3) NR/Ba3/BB 71,383 16.6% $31.60 $2,255,792 19.4% 9/30/2020 2, 5-year Y(4)
The Teaching Company, LLC NR/NR/NR 49,529 11.5% $34.42 $1,704,788 14.6% 6/30/2021 N/A N
General Dynamics Information Technology, Inc.(5) NR/A2/A+ 40,627 9.5% $31.00 $1,259,591 10.8% 12/31/2020 1, 3-year N
WEX, Inc. NR/Ba3/BB- 32,342 7.5% $31.18 $1,008,397 8.7% 12/31/2022 1, 5-year N
Community Management Corporation NR/NR/NR 31,556 7.4% $33.54 $1,058,388 9.1% 7/31/2021 1, 5-year N
Total Major Tenants 225,437 52.5% $32.32 $7,286,957 62.6%      
Non-Major Tenants   144,515 33.7% $30.16 $4,359,070 37.4%      
Occupied Collateral Total   369,952 86.2% $31.48 $11,646,028 100.0%      
                   
Vacant Space 59,174 13.8%            
                 
Collateral Total 429,126 100.0%            
                   

 

(1)Certain ratings are those of the parent company whether or not the parent company guarantees the lease.

(2)Annual U/W Base Rent PSF and Annual U/W Base Rent include contractual rent steps through July 2020 totaling $347,801.

(3)Four suites totaling 50,066 square feet (11.7% of net rentable area) have a current expiration date of September 30, 2020 with two, five-year renewal options, two suites totaling 17,954 square feet (4.2% of net rentable area) have a current expiration date of October 31, 2021 with no renewal options, and one suite totaling 3,363 square feet (0.8% of net rentable area) has a current expiration date of November 30, 2022 with no renewal options.

(4)With respect to AECOM’s lease at the Glenbrook III property (5,184 square feet; 1.2% of net rentable area), AECOM has a contract with the Open Source Enterprise of the U.S. government. In the event the U.S. government does not renew or irrevocably terminates its contract, the scope of the contract, or the funding received by AECOM pursuant to the contract is reduced to the extent that the premises are no longer required by AECOM, after 12 months from the lease commencement, AECOM may at any time terminate the lease effective as of the last day of any calendar month, upon 120 days’ notice, along with payment of a termination fee equal to the sum of (i) the amount of annual fixed rent that would have been payable by tenant during the three months immediately following the early termination date and (ii) the unamortized portion of the tenant improvement and brokerage commissions.

(5)One suite totaling 20,627 square feet (4.8 % of net rentable area) has a current expiration date of December 31, 2020 with one, three-year renewal option and one suite totaling 20,000 square feet (4.7% of net rentable area) has a current expiration date of January 31, 2021 with no renewal options.

 

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

 

Lease Expiration Schedule(1)(2)

 

Year Ending
 December 31,
No. of Leases Expiring Expiring
NRSF
% of Total NRSF Cumulative Expiring NRSF Cumulative % of Total NRSF Annual
 U/W
Base Rent(3)
% of Total Annual U/W Base Rent Annual
 U/W
Base Rent
 PSF(3)
MTM(4) 2 3,235 0.8% 3,235 0.8% $0 0.0% $0.0
2019 1 10,701 2.5% 13,936 3.2% $328,093 2.8% $30.66
2020 4 87,868 20.5% 101,804 23.7% $2,847,614 24.5% $32.41
2021 9 135,691 31.6% 237,495 55.3% $4,363,178 37.5% $32.16
2022 4 64,885 15.1% 302,380 70.5% $1,939,415 16.7% $29.89
2023 0 0 0.0% 302,380 70.5% $0 0.0% $0.00
2024(5) 4 67,572 15.7% 369,952 86.2% $2,167,728 18.6% $32.08
2025 0 0 0.0% 369,952 86.2% $0 0.0% $0.00
2026 0 0 0.0% 369,952 86.2% $0 0.0% $0.00
2027 0 0 0.0% 369,952 86.2% $0 0.0% $0.00
2028 0 0 0.0% 369,952 86.2% $0 0.0% $0.00
2029 0 0 0.0% 369,952 86.2% $0 0.0% $0.00
Thereafter 0 0 0.0% 369,952 86.2% $0 0.0% $0.00
Vacant 0 59,174 13.8% 429,126 100.0% $0 0.0% $0.00
Total/Weighted Average 24 429,126 100.0%     $11,646,028 100.0% $31.48

 

(1)Information obtained from 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 Expiration Schedule.

(3)Total/Weighted Average Annual U/W Base Rent and Annual U/W Base Rent PSF exclude vacant space.

(4)MTM represents building amenity space comprised of a cafeteria space, a fitness center, and a conference meeting center.

(5)Includes two tenants leasing 40,378 square feet (9.4% of net rentable area and 9.9% of underwritten base rent) at The Chantilly Office Portfolio Properties that have yet to take occupancy as the spaces are currently being built out.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

135

 

 

Office – Suburban Loan #10 Cut-off Date Balance:   $22,350,000
Various The Chantilly Office Portfolio Cut-off Date LTV:   44.4%
Chantilly, VA 20151   U/W NCF DSCR:   3.59x
    U/W NOI Debt Yield:   16.8%

 

The following table presents historical occupancy percentages at The Chantilly Office Portfolio Properties:

 

Historical Occupancy

 

12/31/2015(1) 

12/31/2016(2) 

12/31/2017(2) 

12/31/2018(2) 

5/31/2019(3) 

NAV 91.5% 85.4% 77.4% 86.2%

 

(1)Prior information not available as the borrower sponsor acquired The Chantilly Office Portfolio Properties in September 2017.

(2)Information obtained from The Chantilly Office Portfolio Borrower.

(3)Information obtained from the underwritten rent roll. Includes two tenants leasing 40,378 square feet (9.4% of portfolio net rentable area) at The Chantilly Office Portfolio Properties that have yet to take occupancy as the spaces are currently being built out. Excluding these spaces, The Chantilly Office Portfolio Properties are 76.8% occupied.

 

Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the underwritten net cash flow at The Chantilly Office Portfolio Properties:

 

Cash Flow Analysis

 

  2016 2017(1) 2018(1) TTM
2/28/2019(1)
U/W %(2) U/W $ per SF
Rents in Place(3) $11,904,956 $10,713,849 $10,227,482 $10,153,472 $11,298,226 78.5% $26.33
Contractual Rent Steps(4) 0 0 0 0 377,697 2.6 0.88
Grossed Up Vacant Space

0

0

0

0

1,814,888

12.6

4.23

Gross Potential Rent $11,904,956 $10,713,849 $10,227,482 $10,153,472 $13,490,811 93.7% $31.44
Other Income 95,083 105,240 148,734 131,104 134,403 0.9 0.31
Total Recoveries

1,006,379

744,732

589,919

592,326

768,690

5.3

1.79

Net Rental Income $13,006,418 $11,563,821 $10,966,136 $10,876,903 $14,393,905 100.0% $33.54
(Vacancy & Credit Loss)

0

0

0

0

(1,814,888)(5)

(13.5)

(4.23)

Effective Gross Income $13,006,418 $11,563,821 $10,966,136 $10,876,903 $12,579,017 87.4% $29.31
               
Real Estate Taxes 1,233,634 1,184,389 1,015,954 988,686 1,069,026 8.5 2.49
Insurance 45,468 56,012 30,848 36,524 32,609 0.3 0.08
Management Fee 409,451 357,072 328,939 326,262 377,370 3.0 0.88
Other Operating Expenses

3,147,795

2,934,771

3,111,041

3,313,586

3,313,586

26.3

7.72

Total Operating Expenses $4,836,348 $4,532,245 $4,486,782 $4,665,057 $4,792,591 38.1% $11.17
               
Net Operating Income $8,170,070 $7,031,577 $6,479,354 $6,211,845 $7,786,425 61.9% $18.14
Replacement Reserves 0 0 0 0 85,825 0.7 0.20
TI/LC

0

0

0

0

673,181

5.4

1.57

Net Cash Flow $8,170,070 $7,031,577 $6,479,354 $6,211,845 $7,027,419 55.9% $16.38
               
NOI DSCR(6) 4.18x 3.60x 3.31x 3.18x 3.98x    
NCF DSCR(6) 4.18x 3.60x 3.31x 3.18x 3.59x    
NOI Debt Yield(6) 17.6% 15.2% 14.0% 13.4% 16.8%    
NCF Debt Yield(6) 17.6% 15.2% 14.0% 13.4% 15.2%    
(1)Since acquisition in September 2017, the borrower sponsor has executed 62,686 square feet (14.6% of net rentable area and 15.0% of underwritten base rent) of new and expanded leases totaling $1,747,647 of underwritten base rent and 94,982 square feet (22.1% of net rentable area and 26.0% of underwritten base rent) of lease extensions totaling $3,024,562 of underwritten base rent.

(2)Represents (i) percent of Net Rental Income for all revenue fields, (ii) percent of Gross Potential Rent for Vacancy & Credit Loss and (iii) percent of Effective Gross Income for all other fields.

(3)Rents in Place declined from 2016 to 2017 due to Aetna Life Insurance vacating suite 300 (20,358 square feet) of the Glenview II property. Rents in Place increased from TTM 2/28/2019 to U/W due to two tenants leasing 40,378 square feet (9.4% of portfolio net rentable area) totaling $1,151,216 of underwritten base rent (9.9% of underwritten base rent) at The Chantilly Office Portfolio Properties that have yet to take occupancy as the spaces are currently being built out.

(4)Represents (i) contractual rent steps through July 6, 2020 totaling $347,801 and (ii) straight line rent averaging for investment grade tenant, Aetna Life Insurance, totaling $29,896.

(5)The underwritten economic vacancy is 12.7%. The Chantilly Office Portfolio Properties were 86.2% physically occupied as of May 31, 2019.

(6)Based on The Chantilly Office Portfolio Whole Loan.

 

Appraisal. The appraiser concluded to an aggregate “as-is” appraised value of $104,500,000 as of March 28, 2019 and an “as stabilized” appraised value of $121,700,000 as of March 28, 2020 and March 28, 2022.

 

Environmental Matters. According to Phase I environmental site assessments dated April 3, 2019, there was no evidence of any recognized environmental conditions at The Chantilly Office Portfolio Properties.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

136

 

 

Office – Suburban Loan #10 Cut-off Date Balance:   $22,350,000
Various The Chantilly Office Portfolio Cut-off Date LTV:   44.4%
Chantilly, VA 20151   U/W NCF DSCR:   3.59x
    U/W NOI Debt Yield:   16.8%

 

 

Market Overview and Competition. The Chantilly Office Portfolio Properties are located in Chantilly, Fairfax County, Virginia, approximately 27.2 miles west of Washington, D.C. and approximately 8.6 miles south of Dulles International Airport. The Chantilly Office Portfolio Properties are located immediately off State Route 28, which provides access to Interstate 66, approximately 2.8 miles to the south. The neighborhood is predominately a commercial district with numerous business and industrial parks that line the State Highway 50 and Route 28 corridors. State Highway 50, located approximately 1.7 miles to the north of The Chantilly Office Portfolio Properties, extends east and west and provides access to Cincinnati and Arlington. Route 28 traverses the western edge of Fairfax County into Loudoun County.

 

The Chantilly Office Portfolio Properties are adjacent to The Field at Commonwealth, a newly constructed 167,270 square foot retail center anchored by a Wegman’s supermarket that was completed in 2018 and several local and chain restaurants including Lazy Dog Restaurant and Bar, The Habit Burger Grill, Chipotle Mexican Grill, and Peet’s Coffee & Tea. Within a short drive of The Chantilly Office Portfolio Properties are several additional retailers including Walmart Supercenter, Costco Wholesale, Lowe’s Home Improvement and Target.

 

Due to the presence of major government agencies such as the National Reconnaissance Office headquarters, the FBI’s Chantilly office, and CIA training facilities, many major defense contractors, engineering, and aerospace firms have offices in Chantilly including General Dynamics, Boeing, Northrup Grumman, Booz Allen Hamilton, Raytheon, and the Aerospace Corporation. Additionally, the Northern Virginia office market has become a major market for technology firms due to the strength of the region’s technology labor market.

 

In November 2018, Amazon announced plans to open an ‘HQ2’ in Crystal City, Virginia, approximately 27.0 miles east of The Chantilly Office Portfolio Properties. The headquarters expansion is projected to bring in approximately 25,000 jobs and approximately 4.0 million square feet of office space over the next 10 years according to the appraisal. Amazon’s 4.0 million square foot requirement accounts for 33.0% of Crystal City’s existing office inventory, and its projected 25,000 employees would comprise 11.0% of the Washington D.C. region’s technology labor market. Furthermore, Amazon’s HQ2 is expected to generate approximately 50,000 additional jobs in indirect industries and in retail, housing, and services, according to the appraisal.

 

According to a third party market research report, the estimated 2019 population within a one-, three- and five-mile radius of The Chantilly Office Portfolio Properties is 7,309, 95,647 and 204,742, respectively. The 2019 estimated population within a five-mile radius increased by 40.8% from 2000 to 2019, in comparison to a 30.5% increase for the Washington-Arlington-Alexandria, DC-VA-MD-WV metropolitan statistical area (“SMA”) over the same period. The 2019 estimated average household income within the same one-, three- and five-mile radius was $161,259, $151,659 and $175,062, respectively. The 2019 estimated average household income within a five-mile radius is 24.8% higher than the average household income for the Washington-Arlington-Alexandria, DC-VA-MD-WV SMA.

 

Submarket Information – According to a third party market research report, The Chantilly Office Portfolio Properties are situated within the Route 28 Corridor South office submarket. The Route 28 Corridor South office submarket contains approximately 14.7 million square feet of office space with a vacancy rate of 15.5% and an average asking rental rate of $26.34 per square foot NNN as of the fourth quarter of 2018. The Route 28 Corridor South office submarket experienced positive year to date net absorption of 43,948 square feet at the end of the fourth quarter of 2018.

 

Appraiser’s Comp Set – The appraiser identified five competitive properties built between 1997 and 2008 ranging in size from approximately 114,126 square feet to 316,081 square feet. The appraiser’s competitive set reported rent from $27.00 per square foot to $34.84 per square foot, with a weighted average rent of $28.50 per square foot. The appraisals indicated a market rent of $32.00 per square foot for office space at the Stoneleigh Properties and $28.00 per square foot for office space at the Newbrook Properties.

 

The table below presents certain information relating to comparable sales for The Chantilly Office Portfolio Properties identified by the appraiser:

 

Comparable Sales(1)

 

Property Name Location Rentable Area (SF) Sale Date Sale Price Sale Price (PSF)
Commonwealth Centre I & II Chantilly, VA 316,081 Apr-18 $97,750,000 $309.26
Liberty Center at Westfields Chantilly, VA 409,478 Dec-16 $104,183,000 $254.43
Stonecroft at Westfields Chantilly, VA 323,489 Dec-16 $73,550,000 $227.36
Independence Center I Chantilly, VA 274,223 Jul-16 $57,916,000 $211.20
(1)Information obtained from the appraisal.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

137

 

 

Office – Suburban Loan #10 Cut-off Date Balance:   $22,350,000
Various The Chantilly Office Portfolio Cut-off Date LTV:   44.4%
Chantilly, VA 20151   U/W NCF DSCR:   3.59x
    U/W NOI Debt Yield:   16.8%

 

The table below presents certain information relating to five comparable office properties to The Chantilly Office Portfolio Properties identified by the appraiser:

 

Competitive Set(1)

 

  The Chantilly Office Portfolio (Subject) Greens I & II Penrose Center Ridgeview I Commonwealth Centre I & II Corporate Pointe 3
Location Chantilly, VA Chantilly, VA Chantilly, VA Chantilly, VA Chantilly, VA Chantilly, VA
Distance from Subject -- 1.1 miles 1.4 miles 1.3 miles 0.5 miles 0.1 miles
Property Type Office/Suburban Office/Suburban Office/Suburban Office/Suburban Office/Suburban Office/Suburban
Year Built/Renovated 2000, 2006/NAP 1997/NAP 2008/NAP 1999/NAP 2007/NAP 1999/NAP
Total GLA 429,126 SF 289,567 SF 145,921 SF 127,115 SF 316,081 SF 114,126 SF
Total Occupancy 86.2%(2) 93.0% 100.0% 100.0% 100.0% 74.0%
(1)Information obtained from the appraisal and the underwritten rent roll.

(2)Two tenants leasing 40,378 square feet (9.4% of net rentable area) at The Chantilly Office Portfolio Properties have yet to take occupancy as the spaces are currently being built out. Excluding these spaces, The Chantilly Office Portfolio Properties are 76.8% occupied.

 

The following table presents certain information relating to 10 comparable leases to those at The Chantilly Office Portfolio Properties:

 

Comparable Leases(1)

 

Property Name/Location Year Built/ Renovated Total GLA (SF) Distance from Subject Occupancy Lease Term Tenant Size Annual Base Rent PSF

Greens I & II 

15049 & 15059 Conference Center Drive 

Chantilly, VA 

1997/NAP 289,567 1.1 miles 93.0%

5.4 Yrs 

5.4 Yrs 

11.0 Yrs 

7.4 Yrs 

4,597 SF 

21,144 SF 

19,577 SF 

9,457 SF

$30.00 

$29.00 

$28.30 

$28.75 

Penrose Center 

14425 Penrose Place 

Chantilly, VA 

2008/NAP 145,921 1.4 miles 100.0%

5.3 Yrs

 

6.0 Yrs

 

20,864 SF 

8,052 SF 

$33.00 

$28.00

Ridgeview I 

14900 Conference Center Drive 

Chantilly, VA 

1999/NAP 127,115 1.3 miles 100.0% 6.3 Yrs 52,698 SF $27.00

Commonwealth Centre I & II 

14370 & 14360 Newbrook Drive 

Chantilly, VA 

2007/NAP 316,081 0.5 miles 100.0%

9.4 Yrs 

13.1 Yrs

32,015 SF 

220,551 SF 

$34.84 

$27.50 

Corporate Pointe 3 

14280 Park Meadow Drive 

Chantilly, VA 

1999/NAP 114,126 0.1 miles 74.0% 7.5 Yrs 7,300 SF $27.50
(1)Information obtained from the appraisal.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

138

 

 

Office – Suburban Loan #10 Cut-off Date Balance:   $22,350,000
Various The Chantilly Office Portfolio Cut-off Date LTV:   44.4%
Chantilly, VA 20151   U/W NCF DSCR:   3.59x
    U/W NOI Debt Yield:   16.8%

 

Escrows.

 

Real Estate Taxes – Ongoing monthly real estate tax reserves, equaling one-twelfth of the real estate taxes that the lender estimates will be payable during the next twelve months, are not currently required and will not be required so long as (i) no event of default has occurred or is continuing, (ii) all of The Chantilly Office Portfolio Properties maintain a debt yield of at least 9.0% and (iii) all of The Chantilly Office Portfolio Properties maintain a debt service coverage ratio for the immediately preceding 12-month period of at least 2.00x (collectively with (i) and (ii) above, the “Reserve Waiver Conditions”).

 

Insurance – Ongoing monthly escrows for insurance premiums, equaling one-twelfth of the insurance premiums that the lender estimates will be payable for the renewal of the coverage during the next twelve months, are not currently required and will not be required so long as the Reserve Waiver Conditions are satisfied.

 

Replacement Reserves – Ongoing monthly replacement reserves of $7,152 (subject to a cap of $257,476) are not currently required and will not be required so long as the Reserve Waiver Conditions are satisfied.

 

TI/LC Reserve – Ongoing monthly TI/LC reserves of $53,641 are not currently required and will not be required so long as the Reserve Waiver Conditions are satisfied.

 

TATILC Funds – The Chantilly Office Portfolio Whole Loan documents require an upfront reserve of $1,481,290 for outstanding tenant allowances, tenant improvements and leasing commissions with respect to Redfin ($952,788), Aetna Life Insurance ($248,260), Tetra Tech, Inc. ($209,663) and TTC ($70,579).

 

Rent Concessions Funds – The Chantilly Office Portfolio Whole Loan documents require an upfront reserve of $593,341 for outstanding free rents, rent abatements or other rent concessions with respect to Redfin ($186,615) and Tetra Tech, Inc. ($406,726).

 

Lockbox and Cash Management. The Chantilly Office Portfolio Whole Loan documents require a hard lockbox with springing cash management. The Chantilly Office Portfolio Borrower was required at origination of The Chantilly Office Portfolio Whole Loan to deliver written instructions to tenants directing them to deposit all rents payable under such leases directly into a lender-controlled lockbox account. The Chantilly Office Portfolio Whole Loan documents require that all rents received by The Chantilly Office Portfolio Borrower or the property manager be deposited into the lockbox account within two business days of receipt. Funds in the lockbox account, absent the occurrence and continuance of a Triggering Event (as defined below), are required to be transferred daily to a borrower operating account. Upon the first occurrence of a Triggering Event, The Chantilly Office Portfolio Borrower is required to establish a cash management account under the sole control of the lender, to which, during a Triggering Event, all amounts in the lockbox account are required to be automatically transferred daily for the payment, among other things, of the debt service, monthly escrows, default interest and late payment charges. Absent the continuance of a Cash Sweep Period (as defined below), any remaining funds after such disbursements are required to be distributed to The Chantilly Office Portfolio Borrower. Upon a Cash Sweep Period, all remaining excess cash flow will be escrowed in an excess cash flow reserve account (provided, however, that if a Cash Sweep Period has occurred solely as a result of a Material Tenant Trigger Event (as defined below), then such amount will be applied to a Material Tenant (as defined below) reserve account).

 

A “Triggering Event” will commence upon the earliest to occur of the following:

(i)an event of default under The Chantilly Office Portfolio Whole Loan documents;

(ii)the date on which The Chantilly Office Portfolio Borrower, the guarantor, the key principal or the property manager becomes insolvent or a debtor in a bankruptcy action;

(iii)the debt service coverage ratio for the immediately preceding 12-month period falling below 1.75x;

(iv) an indictment for fraud or misappropriation of funds by The Chantilly Office Portfolio Borrower, the guarantor or the property manager (provided, that in the case of a third party manager, such indictment is related to The Chantilly Office Portfolio Properties); or 

(v) a Material Tenant Trigger Event.

 

A Triggering Event will end upon the occurrence of:

with regard to clause (i) above, the cure of such event of default;

with regard to clause (ii) above, such bankruptcy action petition having been discharged, stayed, or dismissed within 90 days of such filing for The Chantilly Office Portfolio Borrower, the key principal or the guarantor, or within 120 days of such filing for the property manager, among other conditions;

with regard to clause (iii) above, the debt service coverage ratio being at least 1.80x for two consecutive calendar quarters;

with regard to clause (iv) above, (a) the dismissal of the applicable indictment, (b) the acquittal of each applicable person with respect to the related charge(s) or (c) the replacement of the property manager with a qualified manager under a replacement property management agreement; or

with regard to clause (v) above, the cure of such Material Tenant Trigger Event.

 

A “Cash Sweep Period” will commence upon the earliest to occur of the following:

(i)an event of default under The Chantilly Office Portfolio Whole Loan documents;

(ii)the date on which The Chantilly Office Portfolio Borrower, the key principal, the guarantor, or the property manager becomes insolvent or a debtor in a bankruptcy action; or

(iii)the debt service coverage ratio for the immediately preceding 12-month period falling below 1.75x.

 

A Cash Sweep Period will end upon the occurrence of:

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

139

 

 

Office – Suburban Loan #10 Cut-off Date Balance:   $22,350,000
Various The Chantilly Office Portfolio Cut-off Date LTV:   44.4%
Chantilly, VA 20151   U/W NCF DSCR:   3.59x
    U/W NOI Debt Yield:   16.8%

 

with regard to clause (i) above, the cure of such event of default;

with regard to clause (ii) above, such bankruptcy action petition having been discharged, stayed, or dismissed within 90 days of such filing for The Chantilly Office Portfolio Borrower, the key principal, the guarantor or the property manager, among other conditions; or

with regard to clause (iii) above, the debt service coverage ratio being at least 1.80x for two consecutive calendar quarters.

 

A “Material Tenant Trigger Event” will commence upon the occurrence of:

(i)a Material Tenant giving notice of its intent to terminate or not to extend or renew its lease;

(ii)on or prior to six months prior to the expiration date of a Material Tenant’s lease, the related Material Tenant failing to extend or renew its lease;

(iii)on or prior to the date on which a Material Tenant is required under its lease to provide notification of its election to renew its lease, such Material Tenant failing to give such notice;

(iv)a monetary or material non-monetary event of default under a Material Tenant lease that continues beyond any applicable notice and cure period;

(v)any Material Tenant or any guarantor of the applicable Material Tenant lease becoming insolvent or a debtor in any bankruptcy action;

(vi)a Material Tenant lease being terminated, in whole or in part, or being no longer in full force and effect; provided that with respect to a partial termination, such partial termination relates to a portion of a Material Tenant’s space that (a) makes up 20% or more of the total net rentable square footage or (b) is responsible for 20% or more of the total base rent of The Chantilly Office Portfolio Properties; or

(vii) any Material Tenant “going dark”, vacating or ceasing to occupy or conduct business at its space or a portion thereof constituting 20% or more of the total net rentable area at The Chantilly Office Portfolio Properties.

 

A Material Tenant Trigger Event will end upon the occurrence of:

with regard to clause (i) above, (a) the revocation or rescission by the applicable Material Tenant of all termination or cancellation notices with respect to such Material Tenant lease, (b) an acceptable Material Tenant lease extension with respect to the applicable Material Tenant space, or (c) all of the applicable Material Tenant space being leased to a replacement tenant;

with regard to clauses (ii) and (iii) above, (x) an acceptable Material Tenant lease extension with respect to such Material Tenant space or (y) all of the applicable Material Tenant space being leased to a replacement tenant;

with regard to clause (iv) above, a cure of the applicable event of default under the applicable Material Tenant lease;

with regard to clause (v) above, an affirmation of the Material Tenant lease in the applicable bankruptcy proceeding and confirmation that the Material Tenant is actually paying all rents and other amounts due under its lease;

with regard to clause (vi) above, all of the applicable Material Tenant space being leased to a replacement tenant; or

with regard to clause (vii) above, the applicable Material Tenant having re-opened for business or the applicable Material Tenant space being leased to an acceptable replacement tenant at The Chantilly Office Portfolio Properties or a portion thereof constituting 20% or more of the total net rentable area at The Chantilly Office Portfolio Properties.
Notwithstanding anything to the contrary with regard to clauses (i), (ii), (iii) and (iv) above, in lieu of a lease extension or replacement tenant with respect to all of the applicable Material Tenant space, a Material Tenant Trigger Event will end upon execution of an extension or replacement lease for at least 65% of the applicable Material Tenant space provided that the base rent per annum payable therefor is no less than 100% of the base rent previously payable.

 

A “Material Tenant” means any tenant whose leases, either individually or when taken together with any other lease with the same tenant or affiliate tenant, (x) cover no less than 20% of the net rentable area at The Chantilly Office Portfolio Properties or (y) require the payment of base rent that is no less than 20% of the total in-place base rent at The Chantilly Office Portfolio Properties.

 

Property Management. The Chantilly Office Portfolio Properties are managed by an affiliate of the borrower.

 

Partial Release. Not permitted.

 

Real Estate Substitution. Not permitted.

 

Subordinate and Mezzanine Indebtedness. None.

 

Ground Lease. None.

 

Terrorism Insurance. The Chantilly Office Portfolio Whole Loan documents require that the “all risk” insurance policy required to be maintained by The Chantilly Office Portfolio Borrower provides coverage for terrorism in an amount equal to the full replacement cost of The Chantilly Office Portfolio Properties, as well as business interruption insurance covering no less than the 18-month period following the occurrence of a casualty event, together with a 12-month extended period of indemnity.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

140

 

 

(THIS PAGE INTENTIONALLY LEFT BLANK)

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

141

 

 

No. 11 – CIRE Equity Retail & Industrial Portfolio
 
Mortgage Loan Information   Mortgaged Property Information
Mortgage Loan Seller(1): UBS AG   Single Asset/Portfolio: Portfolio

Credit Assessment

(Fitch/KBRA/Moody’s):

NR/NR/NR   Property Type – Subtype: Various
Original Principal Balance(2): $22,000,000   Location: Various
Cut-off Date Balance(2): $22,000,000   Size: 1,190,355 SF
% of Initial Pool Balance: 3.0%   Cut-off Date Balance Per SF(2): $108.03
Loan Purpose: Refinance   Maturity Date Balance Per SF(2): $108.03
Borrower Sponsors: Josh Volen; Trevor Smith; CIRE OPCO I, LLC   Year Built/Renovated: Various/Various
Guarantors: Josh Volen; Trevor Smith; CIRE OPCO I, LLC   Title Vesting: Fee
Mortgage Rate: 4.1390%   Property Manager: Self-managed
Note Date: May 9, 2019   Current Occupancy (As of): 91.4% (Various)
Seasoning: 1 month   YE 2018 Occupancy: 90.5%
Maturity Date: June 6, 2029   YE 2017 Occupancy: 92.9%
IO Period: 120 months   YE 2016 Occupancy: 93.7%
Loan Term (Original): 120 months   YE 2015 Occupancy: NAV
Amortization Term (Original): NAP   Appraised Value(5): $198,100,000
Loan Amortization Type: Interest-only, Balloon   Appraised Value Per SF: $166.42
Call Protection(3): L(24),GRTR 1% or YM(89),O(7)   Appraisal Valuation Date: Various
Lockbox Type: Hard/Springing Cash Management      
Additional Debt(2): Yes   Underwriting and Financial Information
Additional Debt Type (Balance)(2): Pari Passu ($106,600,000)   TTM NOI (2/28/2019): $12,866,781
      YE 2018 NOI(6): $12,674,720
      YE 2017 NOI(6): $10,561,894
      YE 2016 NOI: $10,236,354
      U/W Revenues: $17,894,164
Escrows and Reserves   U/W Expenses: $4,772,257
  Initial Monthly Cap   U/W NOI: $13,121,906
Taxes $323,078 $161,539 NAP   U/W NCF: $12,303,298
Insurance $0 Springing(4) NAP   U/W DSCR based on NOI/NCF(2): 2.42x / 2.27x
Replacement Reserve $301,104 $20,994 NAP   U/W Debt Yield based on NOI/NCF(2): 10.2% / 9.6%
TI/LC Reserve $589,027 $87,423 NAP   U/W Debt Yield at Maturity based on NOI/NCF(2) 10.2% / 9.6%
Immediate Repairs Reserve $171,330 $0 NAP   Cut-off Date LTV Ratio(2)(5): 64.9%
Rent Concession Funds $52,244 $5,887 NAP   LTV Ratio at Maturity(2)(5): 64.9%
             
               
Sources and Uses
Sources         Uses      
Original whole loan amount $128,600,000   100.0%   Loan payoff $101,632,278   79.0%
          Closing costs 2,569,664   2.0
          Upfront reserves 1,436,784   1.1
          Return of equity 22,961,274   17.9
Total Sources $128,600,000   100.0%   Total Uses $128,600,000   100.0%
(1)The CIRE Equity Retail & Industrial Portfolio Whole Loan (as defined below), was co-originated by Deutsche Bank AG, New York Branch (“DBNY”) and UBS AG.

(2)The CIRE Equity Retail & Industrial Portfolio Mortgage Loan (as defined below) is part of the CIRE Equity Retail & Industrial Portfolio Whole Loan, which is comprised of six pari passu promissory notes with an aggregate original principal balance of $128,600,000. The Cut-off Date Balance per SF, Maturity Date Balance per SF, U/W DSCR based on NOI/NCF, U/W Debt Yield based on NOI/NCF, U/W Debt Yield at Maturity based on NOI/NCF, Cut-off Date LTV Ratio and LTV Ratio at Maturity presented above are based on the CIRE Equity Retail & Industrial Portfolio Whole Loan.

(3)Partial release and substitution are permitted. See “Partial Release” and “Real Estate Substitution” sections.

(4)The CIRE Equity Retail & Industrial Portfolio Whole Loan documents do not require ongoing monthly escrows for insurance premiums as long as the borrower provides the lender with evidence that the CIRE Equity Retail & Industrial Portfolio Properties’ insurance coverage is included in a blanket policy and such policy is in full force and effect.

(5)On a portfolio basis, the CIRE Equity Retail & Industrial Portfolio (as defined below) has an “as-is” appraised value of $198,100,000. On a stand-alone basis, the 11 CIRE Equity Retail & Industrial Portfolio Properties have an aggregate “as-is” appraised value of $188,710,000. The Cut-off Date LTV Ratio and the LTV Ratio at Maturity based on the CIRE Equity Retail & Industrial Portfolio Whole Loan and the aggregate stand-alone “as-is” appraised value of $188,710,000 are 68.1% and 68.1%, respectively.

(6)The increase in YE 2018 NOI from YE 2017 NOI is due to the acquisition of the Val Vista Towne Center property and the Pear Tree property in 2017 and the Wood Village Town Center property in 2018.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

142

 

 

Various – Various 

Property Addresses – Various 

Loan #11 

CIRE Equity Retail & Industrial Portfolio

Cut-off Date Balance: 

Cut-off Date LTV: 

U/W NCF DSCR: 

U/W NOI Debt Yield:

 

 

$22,000,000 

64.9% 

2.27x 

10.2% 

 

 

The Mortgage Loan. The mortgage loan (the “CIRE Equity Retail & Industrial Portfolio Mortgage Loan”) is part of a whole loan (the “CIRE Equity Retail & Industrial Portfolio Whole Loan”) evidenced by six pari passu promissory notes with an aggregate original principal balance of $128,600,000. The CIRE Equity Retail & Industrial Portfolio Whole Loan is secured by a first mortgage encumbering the borrowers’ fee interest in 11 retail and industrial properties located across six states (each a “CIRE Equity Retail & Industrial Portfolio Property”, and collectively, the “CIRE Equity Retail & Industrial Portfolio Properties” or “CIRE Equity Retail & Industrial Portfolio”). The CIRE Equity Retail & Industrial Portfolio Mortgage Loan represents the non-controlling Note A-4. The CIRE Equity Retail & Industrial Portfolio Whole Loan will be serviced under the WFCM 2019-C51 pooling and servicing agreement until the controlling pari passu Note A-1 is securitized, whereupon the CIRE Equity Retail & Industrial 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.

 

Note Summary

 

Notes Original Principal Balance Cut-off Date Balance Note Holder Controlling Interest
A-1 $30,000,000 $30,000,000 DBNY Yes
A-2 $25,000,000 $25,000,000 DBNY No
A-3 $22,160,000 $22,160,000 DBNY No
A-4 $22,000,000 $22,000,000 WFCM 2019-C51 No
A-5 $20,000,000 $20,000,000 UBS AG No
A-6 $9,440,000 $9,440,000 UBS AG No
Total $128,600,000 $128,600,000    

 

The Properties. The CIRE Equity Retail & Industrial Portfolio Properties consist of seven retail properties totaling 1,049,075 square feet (the “Retail Properties”) and four single-tenant industrial properties totaling 141,280 square feet (the “Industrial Properties”), with an aggregate square footage of 1,190,355 across the CIRE Equity Retail & Industrial Portfolio. The CIRE Equity Retail & Industrial Portfolio Properties net rentable area is spread across 11 properties located in Arizona (four properties; 47.6% of net rentable area), California (three properties; 20.9% of net rentable area), Oregon (one property; 11.5% of net rentable area), Colorado (one property; 12.4% of net rentable area), Indiana (one property; 1.9% of net rentable area) and Florida (one property; 5.7% of net rentable area).

 

The borrower sponsors acquired the CIRE Equity Retail & Industrial Portfolio Properties between 2011 and 2018 in separate transactions and have invested approximately $5.2 million in additional capital, for a total cost basis of $137.7 million. The CIRE Equity Retail & Industrial Portfolio is well diversified, with only one tenant comprising more than 10.0% of the total CIRE Equity Retail & Industrial Portfolio net rentable area, and no individual-location tenant contributing more than 8.4% of the total underwritten base rent (no individual tenant contributes more than 8.6% of base rent across the CIRE Equity Retail & Industrial Portfolio).

 

The four industrial properties are situated on 27.2 acres of improved industrial land, with two properties located in Riverside, California, one property located in Indianapolis, Indiana and one property located in Bartow, Florida. All four industrial properties are 100.0% leased to 48Forty Solutions as of July 1, 2019.

 

Major Tenants.

 

Largest Tenant: 48Forty Solutions (141,280 square feet; 11.9% of net rentable area; 7.4% of underwritten base rent; various lease expirations) – 48Forty Solutions is the largest distributor of wooden pallets in North America with a national network of over 225 facilities, including 45 company-owned and operated plants and more than 180 affiliates. 48Forty Solutions operates its own fleet of 4,500 trailers and approximately 300 power units providing end-to-end pallet solutions, from supply to retrieval, on-site services, reverse logistics, and packaging materials. 48Forty Solutions occupies 100.0% of net rentable area as of July 1, 2019 at the 2621 Hall Ave - Riverside, CA, 2641 Hall Ave - Riverside, CA, 606 W Troy - Indianapolis, IN and Homeland - Bartow, FL properties. The lease at the Homeland - Bartow, FL property (67,438 square feet) expires on June 30, 2025. The leases at the 2641 Hall Ave - Riverside, CA property (34,982 square feet) and the 2621 Hall Ave - Riverside, CA property (16,000 square feet) expire on May 31, 2023. The lease at the 606 W Troy - Indianapolis, IN property (22,860 square feet) expires on April 30, 2024. All four 48Forty Solutions leases have two, five-year renewal options remaining.

 

2nd Largest Tenant: Ross Stores (A3/A- by Moody’s/S&P; 108,939 square feet; 9.2% of net rentable area; 8.6% of underwritten base rent; various lease expirations) – Ross Stores (NASDAQ: ROST) is owned by Ross Stores, Inc., which is headquartered in Dublin, California and operates Ross Dress for Less and dd’s DISCOUNTS. Ross Dress for Less and dd’s DISCOUNTS offer name brand apparel, accessories, footwear, and home fashions. Ross Dress for Less is the largest off-price apparel and home fashion chain in the United States, with 1,480 locations in 38 states, the District of Columbia, and Guam. Ross Stores, Inc. reported approximately $15.0 billion in revenue as of February 2, 2019. Ross Stores has four leases at the CIRE Equity Retail & Industrial Portfolio Properties. The lease at the Pecan Promenade property (30,187 square feet) expires on January 31, 2022 with three, five-year renewal options. The lease at the Valley Plaza property (27,650 square feet) expires on January 31, 2021 with four, five-year renewal options. The lease at the Val Vista Towne Center property (25,126 square feet) expires on January 31, 2022 with two, five-year renewal options. The lease at the Pear Tree property (25,976 square feet) expires on January 30, 2025 with no renewal options.

 

3rd Largest Tenant: Kohl’s Department Stores, Inc. (BBB/Baa2/BBB by Fitch/Moody’s/S&P; 87,501 square feet; 7.4% of net rentable area; 8.4% of underwritten base rent; 1/31/2027 lease expiration) – Kohl’s Corporation (“Kohl’s”) (NYSE: KSS) sells moderately-

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

143

 

 

Various – Various 

Property Addresses – Various 

Loan #11 

CIRE Equity Retail & Industrial Portfolio

Cut-off Date Balance: 

Cut-off Date LTV: 

U/W NCF DSCR: 

U/W NOI Debt Yield:

 

 

$22,000,000 

64.9% 

2.27x 

10.2% 

 

priced proprietary and national brand apparel, footwear, accessories, beauty and home products. Kohl’s operated 1,159 Kohl’s department stores with 82.6 million selling square feet in 49 states as well as 12 FILA outlets and four off-aisle clearance centers as of February 2, 2019. Kohl’s reported approximately $20.2 billion in revenue as of February 2, 2019. Kohl’s Department Stores, Inc. has been at the Wood Village Town Center property since April 2006 and has eight, five-year renewal options following its January 2027 lease expiration.

 

The following table presents certain information relating to the CIRE Equity Retail & Industrial Portfolio Properties:

 

Property Name - Location

Allocated  

Cut-off Date Whole Loan Balance 

% of Portfolio Cut-off Date Balance Occupancy Year Built/ Renovated Net Rentable Area (SF) Appraised Value(1) Allocated Cut-off Date LTV(1) % of UW NOI Parking Ratio (per 1,000 SF)

Wood Village Town Center - 

22557 Park Lane 

Wood Village, OR 

$21,193,683 16.5% 94.1% 2006/NAP 137,105 $31,100,000 68.1% 15.3% 5.4

Pecan Promenade - 

2735-2755 South 99th Avenue;
9820-9870 West Lower Buckeye
Road 

Tolleson, AZ 

$19,701,266 15.3% 88.5% 2006/NAP 141,485 $28,910,000 68.1% 15.5% 5.0

Valley Plaza - 

3115 South McClintock Drive 

Tempe, AZ 

$17,922,633 13.9% 95.6% 1991/NAP 146,226 $26,300,000 68.1% 14.7% 3.8

Pear Tree - 

504 East Perkins Street 

Ukiah, CA 

$16,695,989 13.0% 90.9% 1977/1998 197,437 $24,500,000 68.1% 12.9% 4.5

Glendale Market Square - 

5840, 5870, 5880, 5890 West Bell
Road; 17045 North 59th Street 

Glendale, AZ 

$15,810,079 12.3% 92.8% 1988/NAP 185,907 $23,200,000 68.1% 13.8% 6.1

Central Park Shopping Center - 

7425-7719 East Iliff Avenue;
2150 South Quebec Street 

Unincorporated Arapahoe, CO 

$14,378,994 11.2% 95.1% 1986/NAP 147,563 $21,100,000 68.1% 12.4% 4.5

Val Vista Towne Center - 

1395-1505 East Warner Road 

Gilbert, AZ 

$12,675,322 9.9% 64.3%(2) 2000/NAP 93,352 $18,600,000 68.1% 8.5% 4.7

2641 Hall Ave - Riverside, CA - 

2641 Hall Avenue 

Riverside, CA 

$3,740,992 2.9% 100.0% 1987/NAP 34,982 $5,489,600 68.1% 1.7% 0.1

606 W Troy - Indianapolis, IN - 606 West Troy Avenue 

Indianapolis, IN

$2,794,023 2.2% 100.0% 1967/1989 22,860 $4,100,000 68.1% 2.3% 1.4

Homeland - Bartow, FL - 

5700 US Highway 17 South 

Bartow, FL 

$1,976,260 1.5% 100.0% 1983/NAP 67,438 $2,900,000 68.1% 1.7% 0.3

2621 Hall Ave - Riverside, CA - 

2621 Hall Avenue 

Riverside, CA 

$1,710,760 1.3% 100.0% 1990/NAP 16,000 $2,510,400 68.1% 1.3% 0.0
Total/Weighted Average $128,600,000 100.0% 91.4%   1,190,355 $198,100,000 64.9% 100.0% 4.4
(1)The aggregate Appraised Value for each CIRE Retail & Industrial Portfolio Property represents the “as-is” appraised value on a stand-alone basis. Total Appraised Value and weighted average Allocated Cut-off Date LTV are based on the portfolio “as-is” appraised value of $198,100,000. Weighted average Allocated Cut-off Date LTV based on the aggregate stand-alone “as-is” appraised value of $188,710,000 is 68.1%.

(2)Goodwill and CoreYoga have provided letters of intent for 23,848 square feet and 3,200 square feet of space at the Val Vista Towne Center property, respectively. Including these tenants, Occupancy at the Val Vista Towne Center property would be 93.3% as of May 1, 2019. Staples vacated 23,848 square feet of the Val Vista Towne Center property in 2017.

 

Market Overview. The CIRE Equity Retail & Industrial Portfolio Properties are located across six different states. Four properties, accounting for 51.4% of the allocated loan amount, are located in Maricopa County, Arizona. Pear Tree, which accounts for 13.0% of the allocated loan amount, is located in Mendocino County, California and two properties, accounting for 4.2% of the allocated loan amount, are located in Riverside County, California. Wood Village Town Center, which accounts for 16.5% of the allocated loan amount, is located in Multnomah County, Oregon. Central Park Shopping Center, which accounts for 11.2% of the allocated loan amount, is located in Unincorporated Arapahoe, Colorado. The two remaining properties, accounting for 3.7% of the allocated loan amount, are located in Marion County, Indiana and Polk County, Florida.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

144

 

 

Various – Various 

Property Addresses – Various

Loan #11 

CIRE Equity Retail & Industrial Portfolio

Cut-off Date Balance: 

Cut-off Date LTV: 

U/W NCF DSCR: 

U/W NOI Debt Yield:

 

 

$22,000,000 

64.9% 

2.27x 

10.2% 

 

The seven Retail Properties of the CIRE Equity Retail & Industrial Portfolio are anchored neighborhood retail centers. The following table presents certain information relating to comparable demographic and rental information for the Retail Properties of the CIRE Equity Retail & Industrial Portfolio:

 

Retail Market Summary(1)

 

Retail Properties Net Rentable Area (SF)(2) 5-Mile Radius Population(3) 5-Mile Radius
Avg Household
Income(3)
In-Place U/W
Base Rent
PSF(2)
Appraiser Concluded Rent PSF In-Place Vacancy(2) Appraiser Concluded Vacancy
Glendale Market Square 185,907 339,439 $85,227 $9.77 $9.64 7.2% 5.0%
Pecan Promenade 141,485 198,051 $68,284 $16.52 $16.66 11.5% 4.3%
Valley Plaza 146,226 357,707 $72,674 $13.44 $14.85 4.4% 7.0%
Val Vista Towne Center 93,352 323,025 $104,870 $18.79 $17.60 35.7%(4) 7.0%
Central Park Shopping Center 147,563 437,996 $103,273 $11.60 $12.94 4.9% 4.0%
Pear Tree 197,437 29,895 $70,664 $9.46 $10.57 9.1% 7.0%
Wood Village Town Center 137,105 236,513 $77,830 $16.26 $16.43 5.9% 2.0%
Total/Weighted Average 1,049,075 263,611 $81,771 $12.87 $13.55 9.8% 5.2%
(1)Information obtained from appraisals.

(2)Information obtained from the underwritten rent roll as of May 1, 2019. In-Place U/W Base Rent PSF includes contractual rent steps through June 2020 totaling $178,175 and excludes vacant space.

(3)Information obtained from third party research reports.

(4)Goodwill and CoreYoga have provided letters of intent for 23,848 square feet and 3,200 square feet of space at Val Vista Towne Center, respectively. Including these tenants, In-Place Vacancy at Val Vista Towne Center would be 6.7% and the Weighted Average In-Place Vacancy would be 7.2%. Staples vacated 23,848 square feet of the Val Vista Towne Center property in 2017.

 

According to the appraisal, the United States industrial market has inventory of approximately 14.8 billion square feet with approximately 262.7 million square feet under construction. As of the fourth quarter of 2018, the national vacancy rate for industrial space was 5.0%, compared to 5.2% as of the prior year. Over the same period, average asking rent rose from 10.3% to $7.16 per square foot. Annual net absorption of industrial space as of the fourth quarter of 2018 was approximately 238.0 million square feet, compared to net absorption of 239.9 million square feet as of the prior year.

 

The following table presents certain information relating to comparable demographic and rental information for the Industrial Properties of the CIRE Equity Retail & Industrial Portfolio:

 

Industrial Warehouse Market Summary(1)

 

Industrial Properties Net Rentable Area (SF)(2) 5-Mile Radius Population(3) 5-Mile Radius Avg Household Income(3) In-Place U/W
Base Rent
PSF(2)
Appraiser Concluded Rent PSF In-Place Vacancy(2) Appraiser Concluded Vacancy
2621 Hall Ave - Riverside, CA 16,000 241,853 $75,987 $10.98 $4.80 0.0% 3.0%
2641 Hall Ave - Riverside, CA 34,982 240,021 $76,298 $6.72 $6.66 0.0% 3.0%
606 W Troy - Indianapolis, IN 22,860 209,984 $56,896 $14.10 $13.50 0.0% 2.0%
Homeland - Bartow, FL 67,438 14,784 $71,780 $3.46 $3.50 0.0% 5.0%
Total/Weighted Average 141,280 127,855 $70,967 $6.84 $6.05 0.0% 3.8%
(1)Information obtained from appraisals.

(2)Information obtained from the underwritten rent roll as of July 1, 2019. In-Place U/W Base Rent PSF includes contractual rent steps through June 2020 totaling $5,947.

(3)Information obtained from third party research reports.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

145

 

 

Various – Various 

Property Addresses – Various

Loan #11 

CIRE Equity Retail & Industrial Portfolio

Cut-off Date Balance: 

Cut-off Date LTV: 

U/W NCF DSCR: 

U/W NOI Debt Yield:

 

 

$22,000,000 

64.9% 

2.27x 

10.2% 

 

The following table presents certain information relating to the tenancy at the CIRE Equity Retail & Industrial Portfolio Properties:

 

Major Tenants

 

Tenant Name Credit Rating (Fitch/Moody’s/
S&P)(1)
Tenant NRSF % of
NRSF
Annual
U/W Base
Rent PSF(2)
Annual
U/W Base Rent(2)
% of Total Annual U/W Base Rent Lease
Expiration
Date
Extension Options Termination Option (Y/N)
Major Tenants                
48Forty Solutions NR/NR/NR 141,280 11.9% $6.84 $966,391 7.4% Various(3) 2, 5-year Y(4)
Ross Stores NR/A3/A- 108,939 9.2% $10.43 $1,135,820 8.6% Various(5) 3, 5-year(5)
4, 5-year(5)
2, 5-year(5)
N
Kohl’s Department Stores, Inc. BBB/Baa2/BBB 87,501 7.4% $12.57 $1,100,004 8.4% 1/31/2027 8, 5-year N
Floor & Décor NR/NR/BB- 75,000 6.3% $7.50 $562,500 4.3% 4/30/2028 1, 5-year N
US Foods NR/NR/NR 60,145 5.1% $7.47 $449,464 3.4% 3/31/2024 3, 5-year N
Total Major Tenants 472,865 39.7% $8.91 $4,214,180 32.1%      
                 
Non-Major Tenants 614,613 51.6% $14.53 $8,932,253 67.9%      
                   
Occupied Collateral Total 1,087,478 91.4% $12.09 $13,146,433 100.0%      
                   
Vacant Space 102,877 8.6%            
                 
Collateral Total 1,190,355 100.0%            
                   
(1)Certain ratings are those of the parent company whether or not the parent company guarantees the lease.

(2)Annual U/W Base Rent PSF and Annual U/W Base Rent include contractual rent steps through June 2020 totaling $184,122.

(3)48Forty Solutions has four leases at the CIRE Equity Retail & Industrial Portfolio Properties. The lease at the Homeland - Bartow, FL property (67,438 square feet) expires on June 30, 2025. The leases at the 2641 Hall Ave - Riverside, CA property (34,982 square feet) and the 2621 Hall Ave - Riverside, CA property (16,000 square feet) expire May 31, 2023. The lease at the 606 W Troy - Indianapolis, IN property (22,860 square feet) expires on April 30, 2024.

(4)48Forty Solutions has a one-time option to terminate its lease at the Homeland - Bartow, FL property effective July 1, 2022 with at least 12 months’ written notice and a termination fee of $500,000 plus any unamortized capital expenditure allowance amortized over a 60-month term at 12% per annum. 48Forty Solutions has an option to terminate its lease at the 2641 Hall Ave - Riverside, CA property, the 2621 Hall Ave - Riverside, CA property and the 606 W Troy - Indianapolis, IN property if capital expenditures are required as a result of the specific and unique use of the premises during the last two years of its lease and the cost thereof exceeds six months’ base rent. 48Forty Solutions may terminate the lease unless the landlord notifies 48Forty Solutions, in writing, within 10 days after receipt of the termination notice that the landlord has elected to pay the difference between the actual cost thereof and an amount equal to six months’ base rent. If 48Forty Solutions is unable to finance the landlord’s share of capital expenditures or if the balance of the base rent due and payable for the remainder of the lease is not sufficient to fully reimburse 48Forty Solutions on an offset basis, 48Forty Solutions will have the right to terminate its lease.

(5)Ross Stores has four leases at the CIRE Equity Retail & Industrial Portfolio Properties. The lease at the Pecan Promenade property (30,187 square feet) expires on January 31, 2022 with three, five-year renewal options. The lease at the Valley Plaza property (27,650 square feet) expires on January 31, 2021 with four, five-year renewal options. The lease at the Val Vista Towne Center property (25,126 square feet) expires on January 31, 2022 with two, five-year renewal options. The lease at the Pear Tree property (25,976 square feet) expires on January 30, 2025 with no renewal options.

 

The following table presents certain information relating to the lease rollover schedule at the CIRE Equity Retail & Industrial Portfolio Properties:

 

Lease Expiration Schedule(1)(2)

 

Year Ending
 December 31,
No. of Leases Expiring Expiring NRSF % of Total NRSF Cumulative Expiring NRSF Cumulative % of Total NRSF Annual
 U/W
Base Rent(3)
% of Total Annual U/W Base Rent Annual
 U/W
Base Rent
 PSF(3)
MTM 0 0 0.0% 0 0.0% $0 0.0% $0.00
2019 14 28,953 2.4% 28,953 2.4% $564,808 4.3% $19.51
2020 25 62,326 5.2% 91,279 7.7% $1,191,672 9.1% $19.12
2021 25 79,666 6.7% 170,945 14.4% $1,544,410 11.7% $19.39
2022 26 132,091 11.1% 303,036 25.5% $1,967,860 15.0% $14.90
2023 18 114,889 9.7% 417,925 35.1% $1,397,892 10.6% $12.17
2024 20 274,340 23.0% 692,265 58.2% $2,360,678 18.0% $8.60
2025 4 151,617 12.7% 843,882 70.9% $1,010,454 7.7% $6.66
2026 3 13,874 1.2% 857,756 72.1% $264,163 2.0% $19.04
2027 6 101,024 8.5% 958,780 80.5% $1,320,718 10.0% $13.07
2028 6 93,735 7.9% 1,052,515 88.4% $919,823 7.0% $9.81
2029 6 34,963 2.9% 1,087,478 91.4% $603,955 4.6% $17.27
Thereafter 0 0 0.0% 1,087,478 91.4% $0 0.0% $0.00
Vacant 0 102,877 8.6% 1,190,355 100.0% $0 0.0% $0.00
Total/Weighted Average 153 1,190,355 100.0%     $13,146,433 100.0% $12.09
(1)Information obtained from the underwritten rent roll.

(2)Certain tenants may have termination options that are exercisable prior to the originally stated expiration date of the subject lease and that are not considered in the Lease Expiration Schedule.

(3)Total/Weighted Average Annual U/W Base Rent and Annual U/W Base Rent PSF exclude vacant space.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

146

 

 

Various – Various 

Property Addresses – Various

Loan #11 

CIRE Equity Retail & Industrial Portfolio

Cut-off Date Balance: 

Cut-off Date LTV: 

U/W NCF DSCR: 

U/W NOI Debt Yield:

 

 

$22,000,000 

64.9% 

2.27x 

10.2% 

 

The following table presents historical occupancy percentages at the CIRE Equity Retail & Industrial Portfolio Properties:

 

Historical Occupancy(1)

 

12/31/2016 

12/31/2017 

12/31/2018 

Various(2) 

93.7% 92.9% 90.5% 91.4%

 

(1)Information obtained from the borrowers.

(2)As of May 1, 2019 for the Retail Properties and July 1, 2019 for the Industrial Properties.

 

Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the underwritten net cash flow at the CIRE Equity Retail & Industrial Portfolio Properties:

 

Cash Flow Analysis

 

  2016 2017 2018 TTM
2/28/2019
U/W %(1) U/W $ per SF
Rents in Place $10,595,213 $10,679,433 $12,599,495 $12,891,042 $12,962,310 64.3% $10.89
Straight Line Rent(2) 0 0 0 0 8,500  0.0    0.01
Contractual Rent Steps(3) 0 0 0 0 184,122  0.9    0.15
Grossed Up Vacant Space

0

0

0

0

2,162,622

10.7   

1.82

Gross Potential Rent $10,595,213 $10,679,433 $12,599,495 $12,891,042 $15,317,554 76.0% $12.87
Other Income 148,514 88,502 223,333 141,968 223,333  1.1    0.19
Total Recoveries

3,386,438

3,854,446

4,424,239

4,528,586

4,615,869

22.9   

3.88

Net Rental Income $14,130,165 $14,622,381 $17,247,067 $17,561,596 $20,156,756 100.0% $16.93
(Vacancy & Credit Loss)

0

0

0

0

(2,262,592)(4)

(14.8)  

(1.90)

Effective Gross Income $14,130,165 $14,622,381 $17,247,067 $17,561,596 $17,894,164 88.8% $15.03
               
Real Estate Taxes 1,603,665 1,650,070 1,938,441 2,022,699 2,022,699  11.3   1.70
Insurance 215,562 184,687 177,742 182,311 123,327  0.7   0.10
Management Fee 506,665 509,356 591,337 590,090 609,650  3.4   0.51
Other Operating Expenses

1,567,919

1,716,373

1,864,826

1,899,715

2,016,581

11.3  

1.69

Total Operating Expenses $3,893,811 $4,060,487 $4,572,346 $4,694,815 $4,772,257 26.7% $4.01
               
Net Operating Income(5) $10,236,354 $10,561,894 $12,674,720 $12,866,781 $13,121,906 73.3% $11.02
Replacement Reserves 0 0 0 0 223,431  1.2    0.19
TI/LC

0

0

0

0

595,178

3.3   

0.50

Net Cash Flow $10,236,354 $10,561,894 $12,674,720 $12,866,781 $12,303,298 68.8% $10.34
               
NOI DSCR(6) 1.89x 1.95x 2.34x 2.38x 2.42x    
NCF DSCR(6) 1.89x 1.95x 2.34x 2.38x 2.27x    
NOI Debt Yield(6) 8.0% 8.2% 9.9% 10.0% 10.2%    
NCF Debt Yield(6) 8.0% 8.2% 9.9% 10.0% 9.6%    

 

(1)Represents (i) percent of Net Rental Income for all revenue fields, (ii) percent of Gross Potential Rent for Vacancy & Credit Loss and (iii) percent of Effective Gross Income for all other fields.

(2)Represents straight line rent averaging for investment grade tenant Starbucks.

(3)Represents contractual rent steps through June 2020.

(4)The underwritten economic vacancy is 11.2%. The CIRE Equity Retail & Industrial Portfolio Properties were 91.4% leased as of May 1, 2019 for the Retail Properties and July 1, 2019 for the Industrial Properties.

(5)The YE 2018 Net Operating Income increased compared to the YE 2017 Net Operating Income due to the acquisition of the Val Vista Towne Center property and the Pear Tree property in 2017 and the Wood Village Town Center property in 2018.

(6)The debt service coverage ratios and debt yields are based on the CIRE Equity Retail & Industrial Portfolio Whole Loan.

 

Partial Release. At any time after the earlier to occur of (A) May 9, 2020 and (B) the securitization of the final CIRE Equity Retail & Industrial Portfolio Whole Loan promissory note (the “Lockout Period”), the related borrowers have the right to partially defease any of the CIRE Equity Retail & Industrial Portfolio Properties (the “Permitted Defeasance/Release Collateral”), provided that, among other things, (i) (a) if in connection with a bona fide third-party sale, the borrowers make a payment of a release price equal to the greater of (1) 100.0% of the net sales proceeds or (2) 115.0% of the allocated loan amount with respect to the individual property being released, or (b) if in connection with a transfer to an affiliated party, the borrowers make a payment of a release price in an amount equal to 125.0% of such allocated loan amount, along with, in either case, any applicable prepayment fee; (ii) after giving effect to such release, (a) the borrower owning the applicable CIRE Equity Retail & Industrial Portfolio Property is dissolved and liquidated, (b) the debt service coverage ratio for the remaining CIRE Equity Retail & Industrial Portfolio Properties will not be less than the greater of (x) the debt service coverage ratio immediately preceding such release and (y) 1.52x; and (iii) the loan-to-value ratio for the

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

147

 

 

Various – Various 

Property Addresses – Various

Loan #11 

CIRE Equity Retail & Industrial Portfolio

Cut-off Date Balance: 

Cut-off Date LTV: 

U/W NCF DSCR: 

U/W NOI Debt Yield:

 

 

$22,000,000 

64.9% 

2.27x 

10.2% 

 

remaining CIRE Equity Retail & Industrial Portfolio Properties is not greater than the lesser of (x) the loan-to-value ratio immediately preceding such release or (y) 64.9%.

 

In addition, following the Lockout Period, the related borrowers have the right to release certain unimproved portions of the CIRE Equity Retail & Industrial Portfolio Properties (each, a “Non-Income Producing Release Parcel”), provided that, among other things, (i) the borrowers prepay the CIRE Equity Retail & Industrial Portfolio Whole Loan in an amount equal to (a) the greater of (1) 100% of the net sales proceeds of such Non-Income Producing Release Parcel or (2) the applicable allocated loan amount set forth in the CIRE Equity Retail & Industrial Portfolio Mortgage Loan documents, plus any applicable prepayment fee; (ii) the release of such Non-Income Producing Release Parcel will not have a material adverse effect on the use or operation of, or access to or from, the portion of its remaining respective CIRE Equity Retail & Industrial Portfolio Property, (iii) the loan-to-value ratio for the remaining CIRE Equity Retail & Industrial Portfolio Properties is not greater than 125%; and (iv) the borrowers deliver an anti-poaching agreement satisfactory to the lender.

 

In addition, following the Lockout Period, the related borrowers have the right to release certain improved portions of the CIRE Equity Retail & Industrial Portfolio Properties (each, an “Income Producing Release Parcel”), provided that, among other conditions: (i) the borrowers prepay the CIRE Equity Retail & Industrial Portfolio Whole Loan in an amount equal to (a) the greater of (1) 100% of the net sales proceeds of such Income Producing Release Parcel or (2) the applicable allocated loan amount set forth in the CIRE Equity Retail & Industrial Portfolio Whole Loan documents, plus (b) any applicable prepayment fee; (ii) the release of such Non-Income Producing Release Parcel will not have a material adverse effect on the use or operation of, or access to or from, the remainder of the related CIRE Equity Retail & Industrial Portfolio Property; (iii) the loan-to-value ratio for the remaining CIRE Equity Retail & Industrial Portfolio Properties is not greater than 125%; (iv) (a) the debt service coverage ratio for the remaining CIRE Equity Retail & Industrial Portfolio Properties will not be less than the greater of (x) the debt service coverage ratio immediately preceding such release and (y) 1.52x, (b) the loan-to-value ratio for the remaining CIRE Equity Retail & Industrial Portfolio Properties is not greater than the lesser of (x) the loan-to-value ratio immediately preceding such release or (y) 64.9%; and (v) the borrowers deliver an anti-poaching agreement satisfactory to the lender. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Releases; Partial Releases” in the Preliminary Prospectus.

 

Real Estate Substitution. Any time after the expiration of the related Lockout Period, the related borrowers have the right to release one or more of the CIRE Equity Retail & Industrial Portfolio Properties (each, a “Released Property”), and to the release of the applicable borrower’s obligations under the CIRE Equity Retail & Industrial Portfolio Whole Loan documents with respect to such Released Property (other than those obligations expressly stated to survive), by simultaneously substituting another fee interest (not subject to a ground lease or condominium regime) in real property (or properties) (each, a “Substitute Property”) for the Released Property, provided that, among other things, (i) the allocated loan amounts previously released in connection with a substitution, including the Released Property for such requested substitution, do not exceed $32,150,000; (ii) the appraised value of the Substitute Property is not less than the greater of (1) the appraised value of the Released Property as of the date of origination, and (2) the appraised value of the Released Property immediately preceding such substitution; (iii) (1) the debt service coverage ratio for the remaining CIRE Equity Retail & Industrial Portfolio Properties will not be less than the greater of (x) the debt service coverage ratio immediately preceding such substitution and (y) 1.52x, and (2) the substitution loan-to-value ratio for the Substitute Property is not greater than the lesser of (x) the substitution loan-to-value ratio for the Released Property immediately preceding such sale or (y) the substitution loan-to-value ratio for the Released Property as of the date of origination; (iv) the geographic diversity of the CIRE Equity Retail & Industrial Portfolio Properties is not materially different than the geographic diversity of the CIRE Equity Retail & Industrial Portfolio Properties immediately prior thereto; (v) the Substitute Property must be of the same asset type (i.e., a retail or industrial property) and of like kind and quality as the Released Property, except that, (x) if the Released Property is a Retail Property, such Substitute Property may be a retail, office or industrial property, and (y) if the Released Property is the Homeland - Bartow, FL property, such Substitute Property may be an office or industrial property; (vi) a new borrowing entity is formed to own the Substitute Property; (vii) the weighted average expiration of the term of the leases at the Substitute Property is no earlier than that weighted average expiration of the term of the leases at the Released Property; and (viii) the borrowers pay the lender a fee of $15,000 for each substitution. See “Description of the Mortgage Pool—Certain Terms of the Mortgage Loans—Releases; Partial Releases” in the Preliminary Prospectus.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

148

 

 

(THIS PAGE INTENTIONALLY LEFT BLANK)

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

149

 

 

No. 12 – 155 Tice Boulevard
 
Mortgage Loan Information   Mortgaged Property Information
Mortgage Loan Seller: Wells Fargo Bank, National Association   Single Asset/Portfolio: Single Asset

Credit Assessment

(Fitch/KBRA/Moody’s):

NR/NR/NR   Property Type – Subtype: Office – Suburban
Original Principal Balance: $22,000,000   Location: Woodcliff Lake, NJ
Cut-off Date Balance: $21,960,798   Size: 118,092 SF
% of Initial Pool Balance: 3.0%   Cut-off Date Balance Per SF: $185.96
Loan Purpose: Acquisition   Maturity Date Balance Per SF: $137.27
Borrower Sponsor: Ferdinand Nachman Brach   Year Built/Renovated: 1980/2009
Guarantors: Ferdinand Nachman Brach   Title Vesting: Fee
Mortgage Rate: 4.6000%   Property Manager: Tenant-managed
Note Date: May 31, 2019   Current Occupancy (As of)(1): 100.0% (7/1/2019)
Seasoning: 1 month   YE 2018 Occupancy: 100.0%
Maturity Date: June 11, 2029   YE 2017 Occupancy: 100.0%
IO Period: 0 months   YE 2016 Occupancy: 100.0%
Loan Term (Original): 120 months   YE 2015 Occupancy: 100.0%
Amortization Term (Original): 300 months   Appraised Value: $36,800,000
Loan Amortization Type: Amortizing Balloon   Appraised Value Per SF: $311.62
Call Protection: L(25),D(91),O(4)   Appraisal Valuation Date: February 6, 2019
Lockbox Type: Hard/Springing Cash Management   Underwriting and Financial Information
Additional Debt: None   TTM NOI (4/30/2019): $2,986,410
Additional Debt Type (Balance): NAP   YE 2018 NOI: $2,881,935
      YE 2017 NOI: $2,886,801
      YE 2016 NOI: $2,886,755
      U/W Revenues: $3,302,937
Escrows and Reserves   U/W Expenses: $548,439
  Initial Monthly Cap   U/W NOI: $2,754,498
Taxes $170,813 $36,233 NAP   U/W NCF: $2,555,737
Insurance $0 $1,645 NAP   U/W DSCR based on NOI/NCF: 1.86x / 1.72x
Replacement Reserve $0 $4,262 NAP   U/W Debt Yield based on NOI/NCF: 12.5% / 11.6%
TI/LC Reserve $0 $14,762 NAP   U/W Debt Yield at Maturity based on NOI/NCF: 17.0% / 15.8%
          Cut-off Date LTV Ratio: 59.7%
          LTV Ratio at Maturity: 44.0%
             
               
Sources and Uses
Sources       Uses    
Original loan amount $22,000,000 57.9 %   Purchase price $36,000,000 94.7 %
Cash equity contribution 16,003,861 42.1     Upfront reserves 170,813 0.4  
        Closing costs 1,833,048 4.8  
Total Sources $38,003,861 100.0 %   Total Uses $38,003,861 100.0 %

 

(1)According to a tenant representative, Eisai (as defined below) is currently utilizing approximately 65% of its space at the 155 Tice Boulevard Property (as defined below).

 

The Mortgage Loan. The mortgage loan (the “155 Tice Boulevard Mortgage Loan”) is evidenced by a single promissory note secured by a first mortgage encumbering the borrower’s fee interest in a suburban office property located in Woodcliff Lake, New Jersey (the “155 Tice Boulevard Property”).

 

The Property. The 155 Tice Boulevard Property is a three-story, 118,092 square foot class A suburban office building constructed in 1980 and most recently renovated in 2009. The 155 Tice Boulevard Property is situated on a 10.0-acre site, features a full service cafeteria and contains 465 surface parking spaces, resulting in a parking ratio of 3.9 spaces per 1,000 square feet of rentable area.

 

The 155 Tice Boulevard Property is 100.0% leased to Eisai, Inc. (“Eisai”), the American subsidiary of the global Japanese based pharmaceutical company Eisai Co. Ltd. through June 30, 2028 with two, 5-year extension options remaining. Eisai Co. Ltd. is a research and development based pharmaceutical company specializing in neurological and oncological diseases. Headquartered in Tokyo, Japan and founded in 1941, Eisai Co. Ltd. employs over 10,000 people globally with production plants, laboratories, and sales offices located across the globe. As of January 2019, a Japanese rating agency, Rating and Investments Information, Inc. issued an ‘A+ Stable’ credit rating for Eisai Co. Ltd.

 

The 155 Tice Boulevard Property is allocated to the company’s oncology, clinical research, medical services, and global regulatory compliance divisions. Eisai leases approximately 209,000 square feet at 100 Tice Boulevard (adjacent to the 155 Tice Boulevard

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

150

 

 

Office – Suburban

155 Tice Boulevard

Woodcliff Lake, NJ 07677

Loan #12

 155 Tice Boulevard

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$21,960,798

59.7%

1.72x

12.5%

 

 

Property; not part of the collateral), which serves as Eisai Co. Ltd.’s U.S. headquarters. According to a tenant representative, Eisai currently utilizes approximately 65% of its space at the 155 Tice Boulevard Property.

 

The 155 Tice Boulevard Property is one unit in a two-unit condominium regime. Each unit in the condominium regime contains a separate office building, and the common elements consist principally of a connecting wall between the two buildings and a plaza located between the units. Each unit owner has sole responsibility for the maintenance of its respective building and the owners association’s duties are limited solely to any common areas. The borrower has a 50% voting rights interest in the related owners’ association. See “Description of the Mortgage Pool—Mortgage Pool Characteristics—Condominium and Other Shared Interests” in the Preliminary Prospectus.

 

Market Overview. The 155 Tice Boulevard Property is located in Woodcliff Lake in Bergen County, New Jersey, approximately 31.0 miles northeast of the New York City central business district, 34.5 miles north of Newark Liberty International Airport, and 38.1 miles northeast of the John F. Kennedy International Airport. The 155 Tice Boulevard Property is less than one mile north of the Garden State Parkway, a major commuter highway (which provides access to the immediate market area), 11.3 miles north of Interstate 80, 18.2 miles northwest of the George Washington Bridge, and 5.1 miles north of Interstate 287. In addition, Woodcliff Lake is served by the New Jersey Transit train system, with service to Hoboken and New York City. The 155 Tice Boulevard Property is located approximately 4.4 miles northwest of the Allendale Station along the Main-Bergen Co. train line with regular direct service to Hoboken, Penn Station New York City, and Secaucus. Immediate uses surrounding the 155 Tice Boulevard Property include the Eisai U.S. headquarters, a Hilton Hotel with 338 rooms, additional office buildings serving KPMG and Eagle Pharmaceuticals Inc., and Tice’s Corner, a neighborhood shopping center featuring various national tenants including Apple, Panera Bread, Pottery Barn, and Madewell.

 

According to a third party market research report, the estimated 2019 population within a three- and five-mile radius of the 155 Tice Boulevard Property was 54,201, and 219,481, respectively; and the estimated 2019 average household income within the same radii was $169,014, and $149,009, respectively.

 

Submarket Information According to a third party market research report, the 155 Tice Boulevard Property is situated within the Upper Parkway submarket of the Northern New Jersey office market. As of June 5, 2019, the submarket reported a total inventory of approximately 5.0 million square feet with an 11.9% vacancy rate and an average asking rental rate of $29.59 per square foot, gross. The appraiser concluded to a market rent for the 155 Tice Boulevard Property of $16.89 per square foot, triple net.

 

The following table presents certain information relating to the tenancy at the 155 Tice Boulevard Property:

 

Major Tenants

 

Tenant Name Credit Rating (Fitch/Moody’s/
S&P)
Tenant NRSF % of
NRSF
Annual U/W Base Rent PSF(1) Annual
U/W Base Rent(1)
% of Total Annual U/W Base Rent Lease
Expiration
Date
Extension Options Termination Option (Y/N)
Major Tenants                
Eisai(2) NR/NR/NR(3) 118,092 100.0% $27.27 $3,220,579 100.0% 6/30/2028 2, 5-year N
Total Major Tenants 118,092 100.0% $27.27 $3,220,579 100.0%      
                 
Non-Major Tenant 0 0.0% $0.00 $0.00 0.0%      
                 
Occupied Collateral 118,092 100.0% $27.27 $3,220,579 100.0%      
                 
Vacant Space 0 0.0%            
                 
Collateral Total 118,092 100.0%            
                   

 

(1)Annual U/W Base Rent PSF and Annual U/W Base Rent includes rent averaging for Eisai over its remaining lease term totaling $330,657. Eisai’s current rental rate is $24.47 per square foot.

(2)According to a tenant representative, Eisai is currently utilizing approximately 65% of its space at the 155 Tice Boulevard Property.

(3)As of January 2019, a Japanese rating agency, Rating and Investments Information, Inc. issued an ‘A+ Stable’ credit rating for Eisai Co. Ltd. (the parent company of Eisai). The entity on the lease is Eisai, Inc.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

151

 

 

Office – Suburban

155 Tice Boulevard

Woodcliff Lake, NJ 07677

Loan #12

 155 Tice Boulevard

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$21,960,798

59.7%

1.72x

12.5%

 

 

The following table presents certain information relating to the lease rollover schedule at the 155 Tice Boulevard Property:

 

Lease Expiration Schedule(1)

 

Year Ending
 December 31,
No. of Leases Expiring Expiring NRSF % of Total NRSF Cumulative Expiring NRSF Cumulative % of Total NRSF Annual
 U/W
Base Rent
% of Total Annual U/W Base Rent Annual
 U/W
Base Rent
 PSF(3)
MTM 0 0 0.0% 0 0.0% $0 0.0% $0.00
2019 0 0 0.0% 0 0.0% $0 0.0% $0.00
2020 0 0 0.0% 0 0.0% $0 0.0% $0.00
2021 0 0 0.0% 0 0.0% $0 0.0% $0.00
2022 0 0 0.0% 0 0.0% $0 0.0% $0.00
2023 0 0 0.0% 0 0.0% $0 0.0% $0.00
2024 0 0 0.0% 0 0.0% $0 0.0% $0.00
2025 0 0 0.0% 0 0.0% $0 0.0% $0.00
2026 0 0 0.0% 0 0.0% $0 0.0% $0.00
2027 0 0 0.0% 0 0.0% $0 0.0% $0.00
2028 1 118,092 100.0% 118,092 100.0% $3,220,579 100.0% $27.27
2029 0 0 0.0% 118,092 100.0% $0 0.0% $0.00
Thereafter 0 0 0.0% 118,092 100.0% $0 0.0% $0.00
Vacant 0 0 0.0% 118,092 100.0% $0 0.0% $0.00
Total/Weighted Average 1 118,092 100.0%     $3,220,579 100.0% $27.27

 

(1)Information obtained from the underwritten rent roll.

 

The following table presents historical occupancy percentages at the 155 Tice Boulevard Property:

 

Historical Occupancy

 

12/31/2015(1)

12/31/2016(1)

12/31/2017(1)

12/31/2018(1)

7/1/2019(2)(3)

100.0% 100.0% 100.0% 100.0% 100.0%

 

(1)Information obtained from the lease.

(2)Information obtained from the underwritten rent roll.

(3)According to a tenant representative, Eisai is currently utilizing approximately 65% of its space at the 155 Tice Boulevard Property.

 

The following table presents certain information relating to comparable office leases for the 155 Tice Boulevard Property:

 

Comparable Leases(1)

 

Property Name/Location Year Built/ Renovated Stories Total GLA (SF) Total Occupancy Distance from Subject Tenant Name

Lease Date

/ Term

Lease Area (SF) Annual Base Rent PSF Lease Type

155 Tice Boulevard

Woodcliff Lake, NJ

(Subject)

1980/2009 3 118,092 100.0% -- Eisai

December 2009

/ 18.5 Yrs

118,092 $24.47(2) NNN

Country Club Plaza

117 W. Century Road

Paramus, NJ

2008/NAP 2 63,761 100.0% 8.8 miles Octapharma

July 2018

/ 16.4 Yrs

63,761 $30.00 Gross + TE

Mack-Cali Centre I

365 W Passaic Street

Rochelle Park, NJ

1976/NAP 5 218,492 87.1% 10.5 miles Avenue Stores LLC

July 2018

/ 7.3 Yrs

54,730 $20.75 Gross + TE

10 Sharp Plaza

Mahwah, NJ

1986/NAP 2 180,000 100.0% 9.9 miles Jaguar Land Rover North America LLC

February 2018

/ 21.0 Yrs

147,000 $13.30 NNN

Montvale 3

3 Paragon Drive

Montvale, NJ

1988/NAP 2 98,124 100.0% 2.4 miles Pentax Medical Company

January 2018

/ 7.7 Yrs

72,784 $23.50 Gross + TE

270 Sylvan Avenue

Englewood Cliffs, NJ

1987/NAP 3 132,000 93.4% 17.1 miles Bauer Publishing

December 2017

/ 10.8 Yrs

35,405 $25.00 Gross + TE

Country Club Plaza

115 W. Century Road

Paramus, NJ

1988/NAP 3 231,000 100.0% 8.8 miles Sony Electronics

August 2017

/ 11.0 Yrs

55,217 $27.50 Gross + TE

 

(1)Information obtained from the appraisal.

(2)Represents Eisai’s current contractual rental rate. The lender’s underwriting includes straight line rent averaging credit over the remaining lease term due to the tenant’s investment grade status.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

152

 

 

Office – Suburban

155 Tice Boulevard

Woodcliff Lake, NJ 07677

Loan #12

 155 Tice Boulevard

Cut-off Date Balance:

Cut-off Date LTV:

U/W NCF DSCR:

U/W NOI Debt Yield:

$21,960,798

59.7%

1.72x

12.5%

 

 

Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the historical operating statements and underwritten net cash flow at the 155 Tice Boulevard Property:

 

Cash Flow Analysis

 

  2016   2017   2018   TTM 4/30/2019   U/W   %(1)   U/W $ per SF
Rents in Place $2,889,921   $2,889,921   $2,889,921   $2,889,921   $2,889,922   79.7%   $24.47
Contractual Rent Steps 0   0   0   0   330,657(2)   9.1   2.80
Grossed Up Vacant Space

0

 

0

 

0

 

0

 

0

 

0.0

 

0.00

Gross Potential Rent $2,889,921   $2,889,921   $2,889,921   $2,889,921   $3,220,579   88.8%   $27.27
Total Recoveries

342,970

 

343,424

 

425,343

 

547,795

 

404,416

 

11.2

 

3.42

Net Rental Income $3,232,891   $3,233,345   $3,315,265   $3,437,716   $3,624,995   100.0%   $30.70
(Vacancy & Credit Loss)

0

 

0

 

0

 

0

 

(322,058)(3)

 

(10.0)

 

(2.73)

Effective Gross Income $3,232,891   $3,233,345   $3,315,265   $3,437,716   $3,302,937   91.1%   $27.97
                           
Real Estate Taxes 322,393   325,936   407,871   428,355   428,355   13.0   3.63
Insurance 23,743   20,608   25,458   22,951   20,996   0.6   0.18
Management Fee 0   0   0   0   99,088   3.0   0.84
Other Operating Expenses

0

 

0

 

0

 

0

 

0

 

0.0

 

0.00

Total Operating Expenses $346,136   $346,544   $433,329   $451,306   $548,439   16.6%   $4.64
                           
Net Operating Income $2,886,755   $2,886,801   $2,881,935   $2,986,410   $2,754,498   83.4%   $23.33
Replacement Reserves 0   0   0       51,146   1.5   0.43
TI/LC

0

 

0

 

0

   

147,615

 

4.5

 

1.25

Net Cash Flow $2,886,755   $2,886,801   $2,881,935   $2,986,410   $2,555,737   77.4%   $21.64
                           
NOI DSCR 1.95x   1.95x   1.94x   2.01x   1.86x        
NCF DSCR 1.95x   1.95x   1.94x   2.01x   1.72x        
NOI Debt Yield 13.1%   13.1%   13.1%   13.6%   12.5%        
NCF Debt Yield 13.1%   13.1%   13.1%   13.6%   11.6%        

 

(1)Represents (i) percent of Net Rental Income for all revenue fields, (ii) percent of Gross Potential Rent for Vacancy & Credit Loss and (iii) percent of Effective Gross Income for all other fields.

(2)Represents rent averaging for Eisai over its remaining lease term totaling $330,657.

(3)The underwritten vacancy is 10.0%. The 155 Tice Boulevard Property was 100.0% leased as of July 1, 2019.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

153

 

 

No. 13 – Grand Plaza Commercial
 
Mortgage Loan Information   Mortgaged Property Information
Mortgage Loan Seller: Rialto Mortgage Finance, LLC   Single Asset/Portfolio: Single Asset

Credit Assessment

(Fitch/KBRA/Moody’s):

NR/NR/NR   Property Type – Subtype: Mixed Use – Retail/Office
Original Principal Balance: $18,000,000   Location: Los Angeles, CA
Cut-off Date Balance: $18,000,000   Size: 71,320 SF
% of Initial Pool Balance: 2.5%   Cut-off Date Balance Per SF: $252.38
Loan Purpose: Refinance   Maturity Date Balance Per SF: $252.38
Borrower Sponsors: David Mi   Year Built/Renovated: 1991/2019
Guarantors: David Mi   Title Vesting: Fee
Mortgage Rate: 4.8600%   Property Manager: Self-managed
Note Date: May 28, 2019   Current Occupancy (As of)(1): 95.8% (4/1/2019)
Seasoning: 1 month   YE 2018 Occupancy: 99.2%
Maturity Date: June 6, 2029   YE 2017 Occupancy: 87.7%
IO Period: 120 months   YE 2016 Occupancy: 91.9%
Loan Term (Original): 120 months   YE 2015 Occupancy: 91.9%
Amortization Term (Original): NAP   As-Stabilized Appraised Value(2): $29,700,000
Loan Amortization Type: Interest-only, Balloon   As-Stabilized Appraised Value Per SF(2): $416.43
Call Protection: L(25),D(91),O(4)   As-Stabilized Appraisal Valuation Date(2): October 1, 2019
Lockbox Type: Springing   Underwriting and Financial Information
Additional Debt: No   YE 2018 NOI(3): $1,085,228
Additional Debt Type (Balance): NAP   YE 2017 NOI: $967,797
      YE 2016 NOI: $1,142,639
      YE 2015 NOI: NAV
      U/W Revenues: $2,430,338
      U/W Expenses: $750,002
Escrows and Reserves   U/W NOI(3): $1,680,336
  Initial Monthly Cap   U/W NCF: $1,623,280
Taxes $71,746 $14,349 NAP   U/W DSCR based on NOI/NCF: 1.89x / 1.83x
Insurance $0 Springing(4) NAP   U/W Debt Yield based on NOI/NCF: 9.3% / 9.0%
Replacement Reserve $0 $892 $42,792   U/W Debt Yield at Maturity based on NOI/NCF: 9.3% / 9.0%
TI/LC Reserve $0 $3,863 $185,432   Cut-off Date LTV Ratio(2): 60.6%
Earnout Reserve(5) $1,400,000 $0 NAP   LTV Ratio at Maturity(2): 60.6%
Other Reserves(6) $1,085,977 $0 NAP      
               
Sources and Uses
Sources         Uses      
Original loan amount $18,000,000   100.0%   Loan payoff $9,760,924   54.2 %
          Closing costs 711,438    4.0  
          Reserves 2,557,723    14.2  
          Return of equity 4,969,914    27.6  
Total Sources $18,000,000   100.0%   Total Uses $18,000,000   100.0 %

 

(1)Current Occupancy includes EOS Fitness which is not in occupancy. EOS Fitness is expected to take occupancy in late August/early September 2019.

(2)

The Appraised Value is based on the “As-Stabilized” appraised value of $29,700,000, which assumes that the tenant improvements for EOS Fitness and 7-Eleven are complete and the related tenants are in occupancy and paying rents. The “As-Is” appraised value for the Grand Plaza Commercial Property (as defined below) is $27,700,000. The Cut-off Date LTV Ratio and LTV Ratio at Maturity based on the $27,700,000 “As-Is” appraised value are 65.0% and 65.0%, respectively.

(3)

The U/W NOI increased compared to the YE 2018 NOI due to the largest tenant at the Grand Plaza Commercial Property, EOS Fitness, being expected to take occupancy of its space in September 2019 and expected to start paying rent in October 2019.

(4)

The Grand Plaza Commercial Mortgage Loan (as defined below) does not require ongoing monthly escrows for insurance as long as (i) no event of default exists; (ii) the operator under the REA (as defined below) is obligated under the terms of the REA to maintain insurance policies in accordance with the Grand Plaza Commercial Mortgage Loan documents and pay the related insurance premiums; (iii) the borrower provides evidence to lender that all insurance required to be maintained is being maintained; and (iv) the Grand Plaza Commercial Borrower (as defined below) is the named insured and the lender is named as mortgagee.

(5)

The Earnout Reserve is associated with the 7-Eleven tenant, which has not taken occupancy and is underwritten as vacant. The Earnout Reserve will be released upon the satisfaction of each of the following conditions: (i) 7-Eleven has completed the buildout and fixturing of its leased premises; (ii) all tenant improvement costs, leasing commissions and other material costs and expenses relating to 7-Eleven’s leased premises have been paid in full; (iii) 7-Eleven is paying full contractual rent; (iv) 7-Eleven is conducting normal business operations; (v) the debt yield is equal to or greater than 9.8%; and (vi) no event of default is continuing.

(6)Other Reserves include a (i) Rent Abatement Reserve of $381,340 related to EOS Fitness; (ii) a Free Rent Reserve of $339,934 for EOS Fitness and $34,341 for 7-Eleven; and (iii) a Special TI/LC Reserve of $305,862 for EOS Fitness and $24,500 for 7-Eleven.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

154

 

 

Mixed Use – Retail/Office Cut-off Date Balance:   $18,000,000
701 West Cesar Estrada Loan #13 Cut-off Date LTV:   60.6%
Chavez Avenue Grand Plaza Commercial U/W NCF DSCR:   1.83x
Los Angeles, CA 90012   U/W NOI Debt Yield:   9.3%

 

 

The Mortgage Loan. The mortgage loan (the “Grand Plaza Commercial Mortgage Loan”) is evidenced by a single promissory note secured by a first mortgage encumbering the fee interest in a 71,320 square feet mixed use center located in Los Angeles, CA (the “Grand Plaza Commercial Property”).

 

The Borrower and Borrower Sponsor. The borrower is 602 North Grand Avenue L.P. (the “Grand Plaza Commercial Borrower”), a California limited partnership and single purpose entity with one independent director. The nonrecourse carve-out guarantor of the Grand Plaza Commercial Mortgage Loan is David Mi.

 

David Mi is the owner of David Mi & Partners Architects (“David Mi & Partners”), a full service architectural firm. David Mi & Partners design and develop commercial facilities, custom single-family residences, condominiums, affordable rental housing, and assisted living facilities for both the general public and for the elderly. In order to respond to the future real estate industry and related trends, Mr. Mi formed an associated company that offers a wide range of coordinated services, WJCJ Development Inc. (“WJCJ”), formerly known as MICH Development, Inc. WJCJ is a full service minority owned development and consulting firm with affiliates in the fields of construction, architecture (David Mi & Partners), real estate, and property management (EQ/Equitable Real Estate Management, Inc.). Most of its development and consulting experience has been in the Southern California area, with special focuses on affordable housing.   

 

The Property. The Grand Plaza Commercial Property is a mixed use center containing 71,320 square feet of net rentable area located in Los Angeles, California. The net rentable area of the Grand Plaza Commercial Property comprises 69.0% of retail space and 21.0% of medical office space. The improvements were constructed in 1991 and are part of a mixed use, six story building located at 701 West Cesar Estrada Chavez Avenue, that is subdivided into three lots; certain matters are governed by a Declaration Establishing Reciprocal Easements and Covenants Running with the Land (the “REA”). The Grand Plaza Commercial Property (Lot 2) includes 71,320 square feet of commercial improvements and parking facilities on the first and second floors of the building that include 177 parking spaces allocated to the Grand Plaza Commercial Property. Lot 1 consists of the land and foundation for the building; Lot 3 consists of 4 floors that contain 302 senior multifamily residential apartment units and parking facilities. Pursuant to the REA, the owner of each lot is granted easements for ingress, egress, encroachment, use and enjoyment, utilities, horizontal and vertical support, HVAC and plumbing, landscaping and other purposes. The owner of Lot 1 and Lot 3 (the residential unit owner) is the operator under the REA and is required to maintain insurance for the building and provide maintenance to the common areas (which include elevator lobbies on each floor, common area restrooms and support areas, and interior corridors leading to tenant spaces). As of April 1, 2019, the Grand Plaza Commercial Property was 95.8% leased by seven national, regional and local tenants. Two tenants, EOS Fitness and 7-Eleven, are in the process of building out their spaces and are not yet in occupancy and have not commenced paying rent. 

 

Major Tenants.

 

Largest Tenant: EOS Fitness (38,134 SF; 56.3% of underwritten base rent; 8/31/2034 lease expiration) – EOS Fitness is a privately held gym that offers a range of amenities such as personal training, group classes, cycling studios, swimming pools, turf functional training areas and a signature Kids’ Club. The location will feature amenities including a pool and hot tub, saunas, cycling studio, EŌS cinema, and a huge free weight area. EOS Fitness was founded in 2015 and currently operates 30 locations in Phoenix, Las Vegas and Southern California. EOS Fitness offers a low cost membership fee, with a wide range of service amenities. In 2019, the company announced plans for continued expansion following a multi-million dollar recapitalization. EOS Fitness leases two suites within the Grand Plaza Commercial Property. The tenant has taken possession of its space and has completed 50% of their buildout, with an expected occupancy date of late August or early September 2019. EOS Fitness lease provides for a 120 day free rent period starting in June and is expected to start paying rents in October 2019. Additionally, EOS Fitness is entitled to a rental credit of $381,340, which can be applied any time during the lease term. All free rent and rent credits were reserved by the lender at origination. EOS Fitness also has a total tenant improvement cost of $2.8 million, with a landlord tenant improvement allowance of $1.14 million. The outstanding TI/LC was reserved at origination. EOS Fitness has three, 5-year renewal options remaining.

 

2nd Largest Tenant: AltaMed Health Services Corp (“AltaMed”) (22,108 SF; 28.4% of underwritten base rent; 3/28/2031 lease expiration) – AltaMed is a community based health network throughout Southern California. AltaMed has 35 locations in Los Angeles and Orange Counties, with their headquarters in Commerce, California. The company began as a free medical clinic in 1969 and now provides healthcare to more than 300,000 people, offering medical, dental, and pharmacy services. AltaMed offers a managed healthcare plan called Program of All-Inclusive Care for the Elderly (“PACE”) that provides medical, social, nutritional, and rehabilitation services to seniors 55 years and older. AltaMed occupies two suites within the Grand Plaza Commercial Property and has been a tenant since 1999 and has three, 5-year renewal options remaining. 

 

3rd Largest Tenant: David Mi & Partners (3,024 SF; 3.8% of underwritten base rent; 10/31/2022 lease expiration) – David Mi & Partners, an affiliate of the borrower, utilizes its premises as office space. David Mi & Partners is a full service architectural firm with expertise in environmental studies, architectural design, all requisite engineering, interior design, and construction management for both public and private clientele. The firm’s abilities encompass all project phases - from initial concept through completion of construction. The company is committed to creating architectural designs serving multiple purposes. David Mi & Partners has been a tenant at the Grand Plaza Commercial Property since 2010 and has two, 3-year renewal options remaining.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

155

 

 

Mixed Use – Retail/Office Cut-off Date Balance:   $18,000,000
701 West Cesar Estrada Loan #13 Cut-off Date LTV:   60.6%
Chavez Avenue Grand Plaza Commercial U/W NCF DSCR:   1.83x
Los Angeles, CA 90012   U/W NOI Debt Yield:   9.3%

 

 

The following table presents certain information relating to the tenancy at the Grand Plaza Commercial Property:

 

Major Tenants

 

Tenant Name Credit Rating (Fitch/Moody’s/
S&P)(1)
Tenant NRSF % of
NRSF
Annual U/W Base Rent PSF(2) Annual
U/W Base Rent(2)
% of Total Annual U/W Base Rent Lease
Expiration
Date
Extension Options Termination Option (Y/N)
Major Tenants                
EOS Fitness(3) NR/NR/NR 38,134 53.5% $24.95 $951,283 56.3% 8/31/2034 3, 5-year N
AltaMed Health Services Corp NR/NR/NR 22,108 31.0% $21.68 $479,256 28.4% 3/28/2031 3, 5-year N
Total Major Tenants 60,242 84.5% $23.75 $1,430,539 84.7%      
                   
Non-Major Tenants 8,078 11.3% $31.89 $257,646 15.3%      
                 
Vacant Space (4) 3,000 4.2%            
                 
Collateral Total 71,320 100.0% $24.71 $1,688,185 100.0%      
                   

 

(1)Certain ratings are those of the parent company whether or not the parent company guarantees the lease.

(2)Annual U/W Base Rent PSF and Annual U/W Base Rent include contractual rent steps through March 2020 totaling $18,327.

(3)EOS Fitness leases two suites within the Grand Plaza Commercial Property. The tenant has taken possession of its space and has completed 50% of their buildout, with an expected occupancy date of late August or early September 2019.

(4)Vacant Space include 7-Eleven which is not yet in occupancy. 7-Eleven leases 2,450 square feet and is expected to take occupancy in September 2019.

 

Market Overview and Competition. The Grand Plaza Commercial Property is located in Los Angeles, California, within the Los Angeles-Long Beach-Glendale metropolitan statistical area (the “Los Angeles-Long Beach-Glendale MSA”). The Los Angeles-Long Beach-Glendale MSA’s economy is based on the service, manufacturing, retail trade, and finance/insurance/real estate and construction industries. Major employers include University of California Los Angeles, Kaiser Permanente, University of Southern California, Northrop Grumman Corp and Providence Health System. According to a government agency, the unemployment rate for the Los Angeles-Long Beach-Glendale MSA was 4.5% as of November 2018. In comparison, the state’s unemployment rate was 4.1% and the national unemployment rate was 3.9% for the same period.

 

The Grand Plaza Commercial Property is located approximately 1.2 miles north of the Los Angeles central business district (“Los Angeles CBD”). The region is well served by the Los Angeles County freeway network. The Grand Plaza Commercial Property is located within the Chinatown neighborhood of Los Angeles, which is situated between Interstate 5 to the east, U.S. Highway 101 to the west, and Interstate 110 to the north, as well as Interstate 10 to the south. On a local level, the Grand Plaza Commercial Property is located at the intersection of West Cesar Estrada Chavez Avenue and North Grand Avenue, which has an average daily traffic count of 37,268 vehicles per day, according to a third party market research provider. The Chinatown neighborhood encompasses a mixture of restaurants, shops, and residences. Modern Chinatown has been the subject of revitalization and commercial growth. The 34-acre Los Angeles Historic Park (1.3 miles northeast) underwent a $20 million renovation from 2014 to 2017. The park’s landscaping, new pedestrian walkways, and an onsite restaurant make it a destination for Los Angeles residents and out-of-town visitors. Six apartment buildings, with approximately 1,600 units, have been built or are in the final processes of being built in the neighborhood, in part due to Chinatown’s proximity to many major transit hubs. The Grand Plaza Commercial Property is located 0.7 miles west of Union Station, which connects Downtown Los Angeles to the San Gabriel Valley with its trains, buses, and Metro lines. According to a third party market research report, the estimated 2019 population in a one-, three-, and five-mile radius of the Grand Plaza Commercial Property is 34,926, 420,569 and 1,188,753. The average household income within the same radii is $63,674, $69,684, and $68,605, respectively.

 

According to a third-party market research report, the Grand Plaza Commercial Property is situated within the Downton/Chinatown/ Silverlake retail submarket. As of the fourth quarter of 2018, the submarket reported a total inventory of 41.3 million square feet with a 4.3% vacancy rate and an average quoted rental rate of $35.75 per square feet. As of the fourth quarter of 2018, the Downtown/Chinatown/Silverlake retail submarket reported positive absorption of 79,351 square feet, with 81,110 square feet of deliveries.

 

The appraiser identified 13 competitive properties for the Grand Plaza Commercial Property totaling approximately 1.8 million square feet, which reported an average occupancy rate of approximately 85.7%. The appraiser concluded to net market rents for the Grand Plaza Commercial Property of $45.60 per square foot for prime street retail, $37.80 per square foot for inline street retail, $24.00 per square foot for fitness/large space, and $21.00 per square foot for office tenants.   

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

156

 

 

Mixed Use – Retail/Office Cut-off Date Balance:   $18,000,000
701 West Cesar Estrada Loan #13 Cut-off Date LTV:   60.6%
Chavez Avenue Grand Plaza Commercial U/W NCF DSCR:   1.83x
Los Angeles, CA 90012   U/W NOI Debt Yield:   9.3%

 

 

The following table presents certain information relating to the lease rollover schedule at the Grand Plaza Commercial Property:

 

Lease Expiration Schedule(1)(2)

 

Year Ending
 December 31,
No. of Leases Expiring Expiring NRSF % of Total NRSF Cumulative Expiring NRSF Cumulative % of Total NRSF Annual
 U/W
Base Rent
% of Total Annual U/W Base Rent Annual
 U/W
Base Rent
 PSF
MTM 0 0 0.0% 0 0.0% $0 0.0% $0.00
2019 0 0 0.0% 0 0.0% $0 0.0% $0.00
2020 1 1,238 1.7% 1,238 1.7% $48,445 2.9% $39.13
2021 1 1,240 1.7% 2,478 3.5% $33,789 2.0% $27.25
2022 1 3,024 4.2% 5,502 7.7% $63,504 3.8% $21.00
2023 1 956 1.3% 6,458 9.1% $44,169 2.6% $46.20
2024 0 0 0.0% 6,458 9.1% $0 0.0% $0.00
2025 0 0 0.0% 6,458 9.1% $0 0.0% $0.00
2026 0 0 0.0% 6,458 9.1% $0 0.0% $0.00
2027 1 1,620 2.3% 8,078 11.3% $67,740 4.0% $41.81
2028 0 0 0.0% 8,078 11.3% $0 0.0% $0.00
2029 0 0 0.0% 8,078 11.3% $0 0.0% $0.00
Thereafter 2 60,242 84.5% 68,320 95.8% $1,430,539 84.7% $23.75
Vacant(3) 0 3,000 4.2%  71,320 100.0% $0 0.0% $0.00
Total/Weighted Average 7 71,320 100.0%     $1,688,185 100.0% $24.71

 

(1)Information obtained from 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 Expiration Schedule.

(3)Vacant Space includes 7-Eleven which is not yet in occupancy. 7-Eleven leases 2,450 square feet and is expected to take occupancy in September 2019.

 

The following table presents historical occupancy percentages at the Grand Plaza Commercial Property:

 

Historical Occupancy

 

12/31/2015(1)

12/31/2016(1)

12/31/2017(1)

12/31/2018(1)

4/1/2019(2)

91.9% 91.9% 87.7% 99.2% 95.8%

 

(1)Information obtained from the Grand Plaza Commercial Borrower.

(2)Information obtained from the underwritten rent roll.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

157

 

 

Mixed Use – Retail/Office Cut-off Date Balance:   $18,000,000
701 West Cesar Estrada Loan #13 Cut-off Date LTV:   60.6%
Chavez Avenue Grand Plaza Commercial U/W NCF DSCR:   1.83x
Los Angeles, CA 90012   U/W NOI Debt Yield:   9.3%

 

 

Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the underwritten net cash flow at the Grand Plaza Commercial Property:

 

Cash Flow Analysis

 

  2016   2017   2018   U/W   %(1)   U/W $ per SF
Rents in Place $1,220,134   $1,053,663   $1,190,297   $1,669,858    64.5 %   $23.41
Contractual Rent Steps(2) 0   0   0   18,327    0.7     0.26
Grossed Up Vacant Space

0

 

0

 

0

 

131,922

 

5.1

 

 

1.85

Gross Potential Rent $1,220,134   $1,053,663   $1,190,297   $1,820,107   70.3 %   $25.52
Other Income 37,509   45,394   30,244   30,244    1.2     0.42
Total Recoveries

316,479

 

258,400

 

296,202

 

738,143

 

28.5

 

 

10.35

Net Rental Income $1,574,122   $1,357,456   $1,516,743   $2,588,494   100.0 %   $36.29
(Vacancy & Credit Loss)

0

 

0

 

0

 

(158,157)(3)

 

(8.7

)

 

(2.22)

Effective Gross Income $1,574,122   $1,357,456   $1,516,743   $2,430,338   93.9 %   $34.08
                       
Real Estate Taxes 162,732   166,173   170,315   216,000    8.9     3.03
Insurance 25,637   23,901   25,478   36,730    1.5     0.52
Management Fee 93,418   81,419   88,510   97,214    4.0     1.36
Other Operating Expenses

149,695

 

118,167

 

147,212

 

400,058

 

16.5

 

 

5.61

Total Operating Expenses $431,482   $389,659   $431,515   $750,002   30.9 %   $10.52
                       
Net Operating Income(4) $1,142,639   $967,797   $1,085,228   $1,680,336   69.1 %   $23.56
Replacement Reserves 0   0   0   10,698    0.4   0.15
TI/LC

0

 

0

 

0

 

46,358

 

1.9

 

 

0.65

Net Cash Flow $1,142,639   $967,797   $1,085,228   $1,623,280   66.8 %   $22.76
                       
NOI DSCR 1.28x   1.09x   1.22x   1.89x        
NCF DSCR 1.28x   1.09x   1.22x   1.83x        
NOI Debt Yield 6.3%   5.4%   6.0%   9.3%        
NCF Debt Yield 6.3%   5.4%   6.0%   9.0%        

 

(1)Represents (i) percent of Net Rental Income for all revenue fields, (ii) percent of Gross Potential Rent for Vacancy & Credit Loss and (iii) percent of Effective Gross Income for all other fields.

(2)Represents contractual rent steps through March 2020.

(3)The underwritten economic vacancy 6.2%. The Grand Plaza Commercial Property was 95.8% leased as of April 1, 2019.

(4)

The U/W NOI increase compared to the YE 2018 NOI reflects the largest tenant at the Grand Plaza Commercial Property, EOS Fitness, being expected to take occupancy of its space in September 2019 and expected to start paying rent in October 2019. The changes in the historical NOIs at the Grand Plaza Commercial Property are due to leasing activity.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

158

 

 

 

(THIS PAGE INTENTIONALLY LEFT BLANK)

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

159

 

 

               
No. 14 – Patuxent Crossing
 
Mortgage Loan Information   Mortgaged Property Information
Mortgage Loan Seller: Barclays Capital Real Estate Inc.   Single Asset/Portfolio(2): Single Asset

Credit Assessment
(Fitch/KBRA/Moody’s):

NR/NR/NR   Property Type – Subtype(2): Office - Suburban
Original Principal Balance(1): $16,575,000   Location: Columbia, MD
Cut-off Date Balance(1): $16,575,000   Size: 294,730 SF
% of Initial Pool Balance: 2.3%   Cut-off Date Balance Per SF(1): $124.10
Loan Purpose: Acquisition   Maturity Date Balance Per SF(1): $106.27
Borrower Sponsors: David Ridini; Matthew Snyder   Year Built/Renovated: 1986 / NAP
Guarantor: David Ridini; Matthew Snyder   Title Vesting: Fee
Mortgage Rate: 4.6000%   Property Manager: Newmark Knight Frank
Note Date: April 4, 2019   Current Occupancy (As of): 93.8% (4/9/2019)
Seasoning: 3 months   YE 2018 Occupancy(3): 96.7%
Maturity Date: April 6, 2029   YE 2017 Occupancy(3): 63.3%
IO Period: 24 months   YE 2016 Occupancy(4): 54.2%
Loan Term (Original): 120 months   YE 2015 Occupancy(4): 67.3%
Amortization Term (Original): 360 months   As-Is Appraised Value: $48,850,000
Loan Amortization Type: Interest-only, Amortizing Balloon   As-Is Appraised Value Per SF: $165.74
Call Protection: L(27),D(89),O(4)   As-Is Appraisal Valuation Date: February 6, 2019
Lockbox Type: Hard/Springing Cash Management   Underwriting and Financial Information
Additional Debt(1): Pari Passu   YE 2018 NOI(5): $1,954,288
Additional Debt Type (Balance)(1): $20,000,000   YE 2017 NOI: $1,950,916
      YE 2016 NOI: $2,248,623
      U/W Revenues: $6,367,530
      U/W Expenses: $2,462,340
Escrows and Reserves   U/W NOI(5): $3,905,191
  Initial Monthly Cap   U/W NCF: $3,517,164
Taxes $263,178 $37,597 NAP   U/W DSCR based on NOI/NCF(1): 1.74x / 1.56x
Insurance $3,738 $3,738 NAP   U/W Debt Yield based on NOI/NCF(1): 10.7% / 9.6%
Replacement Reserve $0 $5,364 NAP   U/W Debt Yield at Maturity based on NOI/NCF(1): 12.5% / 11.2%
TI/LC Reserve $950,000 $24,561 $1,500,000   Cut-off Date LTV Ratio(1): 74.9%
Deferred Maintenance $252,250 $0 NAP   LTV Ratio at Maturity(1): 64.1%
REA Charges $94,641 $7,887 NAP      


Sources and Uses
Sources          Uses        
Original loan amount  $36,575,000   73.1%  Purchase price  $47,500,000   94.9%
Sponsor equity  $13,478,104   26.9   Upfront reserves  1,563,807   3.1 
           Closing costs  989,297   2.0 
Total Sources  $50,053,104   100.0%  Total Uses  $50,053,104   100.0%

 

(1)The Patuxent Crossing Mortgage Loan (as defined below) is part of the Patuxent Crossing Whole Loan (as defined below), which comprises two pari passu notes with an aggregate original balance of $36,575,000. All statistical information related to the Cut-off Date Balance per SF, Maturity Date Balance per SF, U/W Debt Yield based on NOI/NCF, U/W Debt Yield at Maturity Based on NOI/NCF, U/W DSCR based on NOI/NCF, Cut-off Date LTV and LTV Ratio at Maturity are based on the Patuxent Crossing Whole Loan.

(2)The Patuxent Crossing Property (as defined below) comprises eight office buildings located in the same business park, which are owned and operated as a single asset by the borrower sponsors. Any time after the payment date in July 2021, the borrower can partially defease a portion of the Patuxent Crossing Mortgage Loan in connection with the sale to an unaffiliated third party of (x) the 9755 Patuxent building and/or (y) the 9820 and 9830 Patuxent buildings subject to, among other conditions, (i) no event of default has occurred and is continuing; (ii) payment of the release price equal to $13,311,250 (115.0% of the allocated loan amount) for the 9755 Patuxent building and $8,625,000 for the 9820 and 9830 Patuxent buildings (125.0% of the allocated loan amount); (iii) the debt service coverage ratio of the remaining properties must be greater than or equal to the greater of (a) the debt service coverage ratio for the twelve months immediately preceding the origination date and (b) the debt service coverage ratio for the twelve months immediately preceding the release; (iv) the debt yield of the remaining properties must be greater than or equal to the greater of (a) the debt yield for the twelve months immediately preceding the origination date and (b) the debt yield for the twelve months immediately preceding the release; (v) the loan-to-value ratio of the remaining properties is no greater than the lesser of (a) the loan-to-value ratio immediately preceding the origination date and (b) the loan-to-value ratio for the remaining properties immediately preceding the release; and (vi) REMIC requirements are met.

(3)The increase in occupancy from YE 2017 to YE 2018 is due to Howard County, Maryland expanding its space by 55,739 square feet in October 2018 (18.9% of net rentable area) and State of Maryland – Department of Human Services executing a lease for 42,702 square feet in November 2018 (14.5% of net rentable area).

(4)The low occupancy in 2015 and the decrease in occupancy from YE 2015 to YE 2016 resulted from two large tenants leaving the Patuxent Crossing Property from 2014 to 2016 due to corporate acquisitions.

(5)The increase from 2018 NOI to U/W NOI is driven by Howard County, Maryland expanding its space in October 2018 by 55,379 square feet and the State of Maryland – Department of Human Services executing a lease in November 2018 for 42,702 square feet. In-place rent for these two spaces totals approximately $2.1 million.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

160

 

 

Office - Suburban

Loan #14

Patuxent Crossing

Cut-off Date Balance:   $16,575,000
9755 Patuxent Woods Drive and
9770-9830 Patuxent Woods Drive

Cut-off Date LTV:

  74.9%
Columbia, MD 21046 U/W NCF DSCR:   1.56x
  U/W NOI Debt Yield:   10.7%
 

 

The Mortgage Loan. The mortgage loan (the “Patuxent Crossing Mortgage Loan”) is part of a whole loan (the “Patuxent Crossing Whole Loan”) in the original principal balance of $36,575,000. The Patuxent Crossing Whole Loan is secured by a first priority fee mortgage encumbering eight suburban office buildings operated as a single asset in Columbia, Maryland (the “Patuxent Crossing Property”). Note A-1 had an original principal balance of $20,000,000, has an outstanding balance as of the Cut-off Date of $20,000,000 and was contributed to the BBCMS 2019-C3 trust. Note A-2 has an original principal balance of $16,575,000, has an outstanding balance as of the Cut-off Date of $16,575,000 and is being contributed to the WFCM 2019-C51 trust. 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.

 

Note Summary

 

Notes Original Principal Balance Cut-off Date Balance Note Holder Controlling Interest
A-1 $20,000,000 $20,000,000 BBCMS 2019-C3 Yes
A-2 $16,575,000 $16,575,000 WFCM 2019-C51 No
Total $36,575,000 $36,575,000    

 

The Property. The Patuxent Crossing Property is an eight-building suburban office business park totaling 294,730 square feet located in Columbia, Maryland, halfway between Baltimore and Washington D.C. The Patuxent Crossing Property consists of seven one-story buildings that were constructed between 1986 and 1989 and one three-story office building that was constructed in 1998.The Patuxent Crossing Property contains 1,166 parking spaces, resulting in a ratio of 4.0 spaces per 1,000 square feet. The Patuxent Crossing Property is the site of the Howard County Community Resource Campus, an initiative established by Howard County to consolidate assistance, increase collaboration between government agencies and nonprofit organizations and improve the efficiency and delivery of services. As a result, three of the five largest tenants are affiliated with Howard County or the State of Maryland. As of April 9, 2019, the Patuxent Crossing Property was 93.8% occupied.

 

Market Overview. The Patuxent Crossing Property is located in Columbia, Maryland, a planned community encompassing roughly 21 square miles of Howard County, and land uses within the area consist of a mixture of commercial and residential development. Columbia’s central location between Baltimore and Washington D.C., access to major airports and interstate highways and an educated labor force have attracted more than 2,900 businesses. Access to the Patuxent Crossing Property is primarily provided by Interstate 95 and Route 32, located immediately adjacent to the Patuxent Crossing Property. Interstate 95 is a major north-south highway spanning from Maine to Florida, while Route 32 provides access to the surrounding Maryland area. The Patuxent Crossing Property is also located 0.2 miles away from the nearest Regional Transportation Agency bus stop that serves central Maryland.

 

According to the appraisal, the estimated 2018 population within a one-, three- and five-mile radius of the Patuxent Crossing Property was approximately 11,130, 78,810 and 208,357, respectively. The 2018 average household income within the same radii was approximately $119,899, $129,203 and $135,334, respectively. According to the appraisal, the Patuxent Crossing Property is located within the Columbia South submarket, the largest suburban office submarket in the Baltimore metropolitan area. As of year-end 2018, the Columbia South submarket reported a total inventory of 10.3 million square feet of office space with an 10.3% vacancy rate and market rents of $24.60 per square foot.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

161

 

 

Office - Suburban

Loan #14

Patuxent Crossing

Cut-off Date Balance:   $16,575,000
9755 Patuxent Woods Drive and
9770-9830 Patuxent Woods Drive

Cut-off Date LTV:

  74.9%
Columbia, MD 21046 U/W NCF DSCR:   1.56x
  U/W NOI Debt Yield:   10.7%
 

 

The following table presents certain information relating to the tenancy at the Patuxent Crossing Property:

 

Major Tenants

 

Tenant Name Credit Rating (Fitch/Moody’s/
S&P)(1)
Tenant NRSF % of
NRSF

Annual U/W Base

Rent

PSF(2)

Annual
U/W Base

Rent(2)

% of Total Annual U/W Base Rent Lease
Expiration
Date
Extension Options Termination Option (Y/N)
Major Tenants                
Howard County, Maryland AAA/Aaa/AAA 63,927 21.7% $20.89 $1,335,322 22.8% Various(4) Various(4) N
FEI.com NR/NR/NR 58,332 19.8% $25.20 $1,469,893 25.1% Various(5) Various(5) Y(6)
State of Maryland – Department of Human Services AAA/Aaa/AAA 42,702 14.5% $24.88 $1,062,426 18.1% 10/31/2028 1, 5-year Y(7)
Howard County Housing Comm(3) NR/NR/NR 27,332 9.3% $21.50 $587,638 10.0% 6/30/2027 2, 5-year N
Kennedy Krieger Institute NR/NR/NR 26,946 9.1% $9.66 $260,400 4.4% 4/30/2022 2, 5-year Y(8)
Total Major Tenants 219,239 74.4% $21.51 $4,715,679 80.5%      
                 
Non-Major Tenant 57,088 19.4% $20.07 $1,145,565 19.5%      
                 
Occupied Collateral 276,327 93.8% $21.21 $5,861,244 100.0%      
                 
Vacant Space 18,403 6.2%            
                 
Collateral Total 294,730 100.0%            
                   

 

(1)Certain ratings are those of the parent company whether or not the parent company guarantees the lease.

(2)Annual U/W Base Rent PSF and Annual U/W Base Rent include contractual rent steps through April 2020 totaling $80,147 and the straight-line rent for Howard County, Maryland totaling $70,900. Additionally, CBIZ underwritten rent has been reduced by $108,973 from its in-place rent to reflect the appraisals concluded market rent of $24.50 per square foot.

(3)Howard County Housing Comm has committed to using part of its space as a non-profit collaborative space and as such has subleased 10,425 SF of its space to 15 unique subtenants. The underwriting was based upon the prime lease rent. The expiration date for the subleases expire at various dates in 2027.

(4)Howard County, Maryland has 8,188 square feet of space with a lease expiration date of September 30, 2025 with one 5-year renewal option. Howard County, Maryland’s remaining 55,739 square feet of space has a lease expiration date of June 30, 2028 with three 3-year renewal options.

(5)FEI.com has 48,832 square feet of space that has a lease expiration date of May 31, 2023 with two 5-year renewal options. FEI.com also subleases 9,500 square feet of space from Ascend One Corporation with a lease expiration date of May 31, 2021 with no renewal options.

(6)FEI.com has the one-time right to terminate its lease effective on May 1, 2021 upon nine months’ written notice and a termination fee of the landlord’s unamortized costs in connection with the lease at an interest rate of 8% per annum. In the event that FEI.com provides notice to terminate its lease, all excess cash will be deposited monthly into a reserve account up to a cap of $1,500,000 to fund tenant improvements and leasing commissions in connection with the FEI.com space. The borrower also has the option to post $1,500,000 in cash or a letter of credit in lieu of monthly deposits.

(7)State of Maryland – Department of Human Services may terminate its lease effective on October 31, 2021 if the tenant determines that it is in the best interest of the State of Maryland. Additionally, the lease will automatically terminate at the beginning of any fiscal period in which the General Assembly of Maryland does not appropriate funds or if funds are not available for continued performance for such fiscal period. On May 1, 2021 (unless the space has been re-tenanted), six months prior to the termination option, all excess cash will be deposited monthly into a reserve account up to a cap of $635,000 to fund tenant improvements and leasing commissions in connection with the State of Maryland – Department of Human Services space. The borrower also has the option to post $635,000 in cash or a letter of credit in lieu of monthly deposits.

(8)Kennedy Krieger Institute has an ongoing termination option to terminate its lease upon nine months’ written notice and a termination fee of five months’ rent.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

162

 

 

Office - Suburban

Loan #14

Patuxent Crossing

Cut-off Date Balance:   $16,575,000
9755 Patuxent Woods Drive and
9770-9830 Patuxent Woods Drive

Cut-off Date LTV:

  74.9%
Columbia, MD 21046 U/W NCF DSCR:   1.56x
  U/W NOI Debt Yield:   10.7%
 

 

The following table presents certain information relating to the lease rollover schedule at the Patuxent Crossing Property:

 

Lease Expiration Schedule(1)(2)

 

Year Ending
 December 31,
No. of Leases Expiring Expiring NRSF % of Total NRSF Cumulative Expiring NRSF Cumulative % of Total NRSF Annual
 U/W
Base Rent(3)
% of Total Annual U/W Base Rent Annual
 U/W
Base Rent
 PSF(3)
MTM 0 0 0.0% 0 0.0% $0 0.0% $0.00
2019 1 0 0.0% 0 0.0% $530 0.0% NAP(4)
2020 1 19,204 6.5% 19,204 6.5% $294,981 5.0% $15.36
2021 2 35,870 12.2% 55,074 18.7% $836,873 14.3% $23.33
2022 2 33,581 11.4% 88,655 30.1% $358,279 6.1% $10.67
2023 2 53,711 18.2% 142,366 48.3% $1,385,197 23.6% $25.79
2024 0 0 0.0% 142,366 48.3% $0 0.0% $0.00
2025 1 8,188 2.8% 150,554 51.1% $205,381 3.5% $25.08
2026 0 0 0.0% 150,554 51.1% $0 0.0% $0.00
2027 1 27,332 9.3% 177,886 60.4% $587,638 10.0% $21.50
2028 1 42,702 14.5% 220,588 74.8% $1,062,426 18.1% $24.88
2029 0 0 0.0% 220,588 74.8% $0 0.0% $0.00
Thereafter 1 55,739 18.9% 276,327 93.8% $1,129,941 19.3% $20.27
Vacant 0 18,403 6.2% 294,730 100.0% $0 0.0% $0.00
Total/Weighted Average 12 294,730 100.0%     $5,861,244 100.0% $21.21

 

(1)Information obtained from 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 Expiration Schedule.

(3)Total/Weighted Average Annual U/W Base Rent and Annual U/W Base Rent PSF exclude vacant space.

(4)Includes telecom tenant with no applicable net rentable area.

 

The following table presents historical occupancy percentages at the Patuxent Crossing Property:

 

Historical Occupancy

 

12/31/2015(1)(2)

12/31/2016(1)(2)

12/31/2017(1)(3)

12/31/2018(1)(3)

4/9/2019(4)

67.3% 54.2% 63.3% 96.7% 93.8%

(1)Information obtained from the borrower.

(2)The low occupancy in 2015 and the decrease in occupancy from 2015 to 2016 resulted from two large tenants leaving the Patuxent Crossing Property from 2014 to 2016 due to corporate acquisitions.

(3)The increase in occupancy from 2017 to 2018 is due to Howard County, Maryland expanding its space by 55,739 square feet in October 2018 (18.9% of net rentable area) and State of Maryland – Department of Human Services executing a lease for 42,702 square feet in November 2018 (14.5% of net rentable area).

(4)Information obtained from the underwritten rent roll.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

163

 

 

Office - Suburban

Loan #14

Patuxent Crossing

Cut-off Date Balance:   $16,575,000
9755 Patuxent Woods Drive and
9770-9830 Patuxent Woods Drive

Cut-off Date LTV:

  74.9%
Columbia, MD 21046 U/W NCF DSCR:   1.56x
  U/W NOI Debt Yield:   10.7%
 

 

Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the historical operating statements and underwritten net cash flow at the Patuxent Crossing Property:

 

Cash Flow Analysis

 

  2016 2017 2018(1) U/W(1) %(2)

U/W $

per SF

Rents in Place $4,319,013 $3,851,042 $3,620,500 $5,819,170 85.5% $19.74
Contractual Rent Steps 0 0 0 42,074(3) 0.6 0.14
Grossed Up Vacant Space

0

0

0

380,418

5.6

1.29

Gross Potential Rent $4,319,013 $3,851,042 $3,620,500 $6,241,662 91.7% $21.18
Other Income 185,590 11,861 (358) 0 0.0 0.00
Total Recoveries

679,900

416,358

694,788

562,783

8.3

1.91

Net Rental Income $5,184,503 $4,279,261 $4,314,930 $6,804,446 100.0% $23.09
(Vacancy & Credit Loss)

(494,463)

(169,303)

0

(436,915)(4)

(7.0)

(1.48)

Effective Gross Income $4,690,039 $4,109,959 $4,314,930 $6,367,530 93.6% $21.60
             
Real Estate Taxes $577,059 $526,384 $544,422 $567,411 8.9% $1.93
Insurance 27,288 27,682 28,762 44,856 0.7 0.15
Management Fee 142,574 123,140 128,411 191,026 3.0 0.65
Other Operating Expenses

1,694,495

1,481,837

1,659,047

1,659,047

26.1

5.63

Total Operating Expenses $2,441,416 $2,159,043 $2,360,642 $2,462,340 38.7% $8.35
             
Net Operating Income $2,248,623 $1,950,916 $1,954,288 $3,905,191 61.3% $13.25
Replacement Reserves 0 0 0 64,368 1.0 0.22
TI/LC

0

0

0

323,659(5)

5.1

   1.10 

Net Cash Flow $2,248,623 $1,950,916 $1,954,288 $3,517,164 55.2% $11.93
             
NOI DSCR 1.00x 0.87x 0.87x 1.74x    
NCF DSCR 1.00x 0.87x 0.87x 1.56x    
NOI Debt Yield 6.1% 5.3% 5.3% 10.7%    
NCF Debt Yield 6.1% 5.3% 5.3% 9.6%    
(1)The increase in Rents in Place from 2018 to U/W is driven by Howard County, Maryland expanding its space in October 2018 by 55,739 square feet and the State of Maryland – Department of Human Services executing a lease in November 2018 for 42,702 square feet of space. In-place rent for these two spaces totals approximately $2.1 million.

(2)Represents (i) percent of Net Rental Income for all revenue fields, (ii) percent of Gross Potential Rent for Vacancy & Credit Loss and (iii) percent of Effective Gross Income for all other fields.

(3)Represents contractual rent steps through April 2020 totaling $80,147 and the straight-line rent for Howard County, Maryland totaling $70,900. Additionally, underwritten rent has been marked down by $108,973 for CBIZ to reflect its concluded market rent of $24.50 per square foot.

(4)The underwritten vacancy is 7.0%. The Patuxent Crossing Property was 93.8% leased as of April 9, 2019.

(5)TI/LC is inclusive of a straight-line credit for the upfront TI/LC reserve equal to $95,000, which is 10.0% of the upfront TI/LC reserve of $950,000.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

164

 

 

(THIS PAGE INTENTIONALLY LEFT BLANK)

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

165

 

 

No. 15 – 3636 North Central Avenue
 
Mortgage Loan Information   Mortgaged Property Information
Mortgage Loan Seller: Barclays Capital Real Estate Inc.   Single Asset/Portfolio: Single Asset

Credit Assessment

(Fitch/KBRA/Moody’s):

NR/NR/NR   Property Type – Subtype: Office - CBD
Original Principal Balance: $14,250,000   Location: Phoenix, AZ
Cut-off Date Balance: $14,232,039   Size: 218,081 SF
% of Initial Pool Balance: 2.0%   Cut-off Date Balance Per SF: $65.26
Loan Purpose: Refinance   Maturity Date Balance Per SF: $53.27
Borrower Sponsors: John Michael Heckethorn; Heckethorn Funds, LLC   Year Built/Renovated: 1983/2018
Guarantor: John Michael Heckethorn   Title Vesting: Fee
Mortgage Rate: 4.7400%   Property Manager: Cushman & Wakefield U.S., Inc.
Note Date: May 24, 2019   Current Occupancy (As of)(2): 75.8% (4/1/2019)
Seasoning: 1 month   YE 2018 Occupancy(2)(3): 84.5%
Maturity Date: June 6, 2029   YE 2017 Occupancy(3)(4): 55.3%
IO Period: 0 months   YE 2016 Occupancy(4): 70.2%
Loan Term (Original): 120 months   YE 2015 Occupancy: 65.6%
Amortization Term (Original): 360 months   As-Is Appraised Value: $24,200,000
Loan Amortization Type: Amortizing Balloon   As-Is Appraised Value Per SF: $110.97
Call Protection: L(25),D(91),O(4)   As-Is Appraisal Valuation Date: April 9, 2019
Lockbox Type: Hard/Springing Cash Management   Underwriting and Financial Information
Additional Debt: None   TTM NOI (3/31/2019)(5): $310,092
Additional Debt Type (Balance): NAP   YE 2018 NOI(5): $563,919
      YE 2017 NOI(5): $712,578
      YE 2016 NOI(5): $1,040,667
      U/W Revenues: $3,461,824
      U/W Expenses: $1,907,448
Escrows and Reserves   U/W NOI(5): $1,554,376
  Initial Monthly Cap   U/W NCF: $1,427,187
Taxes $183,423 $45,856 NAP   U/W DSCR based on NOI/NCF: 1.74x / 1.60x
Insurance $12,938 $3,235 NAP   U/W Debt Yield based on NOI/NCF: 10.9% / 10.0%
Replacement Reserve $0 $3,635 NAP   U/W Debt Yield at Maturity based on NOI/NCF: 13.4% / 12.3%
TI/LC Reserve(1) $2,000,000 Springing $2,000,000   Cut-off Date LTV Ratio: 58.8%
Deferred Maintenance $2,488 $0 NAP   LTV Ratio at Maturity: 48.0%
Outstanding TI/LC Reserve $351,033 $0 NAP      
Outstanding Free/Gap Rent Reserve $531,019 $0 NAP      
               
Sources and Uses
Sources         Uses      
Original loan amount $14,250,000   100.0%   Loan payoff $6,398,966      44.9%
          Upfront reserves 3,080,902    21.6
          Closing costs 511,413      3.6
          Return of equity 4,258,720    29.9
Total Sources $14,250,000   100.0%   Total Uses $14,250,000     100.0%

 

(1)At origination of the 3636 North Central Avenue Mortgage Loan (as defined below), $2,000,000 was deposited into a TI/LC reserve. Monthly deposits of $18,173 will be required anytime the TI/LC reserve is less than $1,250,000 until a cap of $2,000,000 is reached.

(2)The decrease in occupancy from 2018 to Current Occupancy is due to Engleman Berger, P.C. (13,505 square feet, 6.2% of net rentable area) and Law Offices of Laura Gills (1,145 square feet, 0.5% of net rentable area) being underwritten as vacant. Engleman Berger, P.C. vacated at its lease expiration on May 31, 2019, and Law Offices of Laura Gills will be vacating on July 31, 2019.

(3)The increase in occupancy from 2017 to 2018 was the result of five new tenants (65,688 square feet, 30.1% of net rentable area) commencing occupancy at the 3636 North Central Avenue Property (as defined below) in 2018.

(4)The decrease in occupancy from 2016 to 2017 was the result of a large tenant vacating the 3636 North Central Avenue Property.

(5)The decrease in historical NOI from 2016 to 2017 was driven by the decrease in occupancy. The decrease in NOI from 2017 to TTM 3/31/2019 is primarily driven by $1,190,872 of free rent packages provided by the borrower sponsors to newly signed tenants. The increase in UW NOI from TTM 3/31/2019 is driven by those same free rent packages expiring. The remaining outstanding free rent of $531,019 and outstanding tenant improvement and leasing commissions of $351,033 have been reserved at loan closing.

 

The Mortgage Loan. The mortgage loan (the “3636 North Central Avenue Mortgage Loan”) is evidenced by a single promissory note secured by a first mortgage encumbering the fee interest in a 218,081 square-foot Class A office property located in the central business district of Phoenix, Arizona (the “3636 North Central Avenue Property”).

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

166

 

 

Office - CBD Cut-off Date Balance:   $14,232,039
3636 North Central Avenue Loan #15 Cut-off Date LTV:   58.8%
Phoenix, AZ 85012 3636 North Central Avenue U/W NCF DSCR:   1.60x
    U/W NOI Debt Yield:   10.9%

  

The Property. The 3636 North Central Avenue Property is a 12-story Class A office building totaling 218,081 square feet located in Phoenix, Arizona. The 3636 North Central Avenue Property was built in 1983, and after the borrower sponsors acquired the property in 2015, they invested approximately $6.5 million into building and tenant renovations through 2018. In total the borrower sponsors have reported a total cost basis equal to $24.5 million. On-site amenities include an atrium entrance with a fountain, an on-site deli, after-hours security, balconies that overlook Central Avenue and on-site storage. The 3636 North Central Avenue Property was awarded an Energy Star label from 2010 to 2017 for its operating efficiency. The 3636 North Central Avenue Property contains 742 parking spaces (3.4 spaces per 1,000 square feet), including 582 garage spaces and 160 surface spaces. As of April 1, 2019, the 3636 North Central Avenue Property was 75.8% occupied. The largest tenants include Arizona Children Association (20.4% of net rentable area and 24.5% of underwritten base rent) which uses the property as it’s co-headquarters and GSA – Army Corp of Engineers (13.0% of net rentable area and 18.0% of underwritten base rent). Excluding these two tenants, no tenant makes up more than 7.5% of the net rentable area and 11.0% of underwritten base rent. The 3636 North Central Avenue Property has experienced significant leasing momentum with 11 new leases totaling 82,437 square feet and four renewals totaling 47,648 square feet since 2018.

 

Market Overview. The 3636 North Central Avenue Property is located in the central portion of the city of Phoenix, Arizona. According to the appraisal, Phoenix is experiencing significant acceleration in employment growth with year-over-year job growth of 3.7%, which is more than twice the national rate. The 3636 North Central Avenue Property is situated within Encanto Village, which has numerous restaurants, amenities and residential offerings. The 3636 North Central Avenue Property is also located within the Central Arts District of Phoenix, with numerous arts and cultural venues including the Heard Museum of American Indian Art directly across the street from the 3636 North Central Avenue Property. Access to the 3636 North Central Avenue Property is provided by Interstate 10 from the south, State Route 51 from the east and Interstate 17 from the west. The 3636 North Central Avenue Property is adjacent to the 26-mile Metro Light Rail that runs from North Phoenix through downtown Phoenix and Tempe to Mesa. Sky Harbor International Airport, the busiest airport in Arizona, is located approximately seven miles from the 3636 North Central Avenue Property.

 

According to the appraisal, the estimated 2019 population within a one-, three- and five-mile radius of the 3636 North Central Avenue Property is approximately 18,032, 169,111 and 425,857, respectively. The 2019 estimated average household income within the same radii was approximately $72,303, $69,784 and $68,112, respectively. According to a third party market research report, the 3636 North Central Avenue Property is located within the Midtown submarket. As of year-to-date 2019, the Midtown submarket reported a total inventory of 12.9 million square feet of office space with an 18.4% vacancy rate and market rents of $24.38 per square foot.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

167

 

 

Office - CBD Cut-off Date Balance:   $14,232,039
3636 North Central Avenue Loan #15 Cut-off Date LTV:   58.8%
Phoenix, AZ 85012 3636 North Central Avenue U/W NCF DSCR:   1.60x
    U/W NOI Debt Yield:   10.9%

 

The following table presents certain information relating to the tenancy at the 3636 North Central Avenue Property:

 

Major Tenants

 

Tenant Name Credit Rating (Fitch/Moody’s/
S&P)(1)
Tenant NRSF % of
NRSF
Annual U/W Base Rent PSF(2) Annual
U/W Base
Rent(2)
% of Total Annual U/W Base Rent Lease
Expiration
Date
Extension Options Termination Option (Y/N)
Major Tenants                
Arizona Children Association(3) NR/NR/NR 44,390 20.4% $18.50 $821,215 24.5% 5/31/2030 2, 5-year Y(4)
GSA – Army Corp of Engineers NR/NR/NR 28,436 13.0% $21.17 $601,990 18.0% 8/31/2033 NAP Y(5)
Manning & Kass, Ellrod, Ramirez, Trester LLP NR/NR/NR 16,360 7.5% $22.51 $368,264 11.0% 12/14/2022 1, 3-year N
Cavco Industries, Inc. NR/NR/NR 14,974 6.9% $18.00 $269,532 8.1% 3/12/2026 1, 3-year Y(6)
Mayes Telles PLLC NR/NR/NR 12,203 5.6% $21.50 $262,365 7.8% 8/21/2024 2, 5-year N
Total Major Tenants 116,363 53.4% $19.97 $2,323,365 69.4%      
                 
Non-Major Tenant 48,882 22.4% $20.94 $1,023,828 30.6%      
                 
Occupied Collateral 165,245 75.8% $20.26 $3,347,193 100.0%      
                 
Vacant Space 52,836 24.2%            
                 
Collateral Total 218,081 100.0%            
                   

 

(1)Certain ratings are those of the parent company whether or not the parent company guarantees the lease.

(2)Annual U/W Base Rent PSF and Annual U/W Base Rent include contractual rent steps through July 2020 totaling $69,589.

(3)Arizona Children Association has a free rent period through September 2019 totaling $266,340. At loan origination, the borrower deposited $531,019 into a free rent reserve for remaining free rent for eight tenants.

(4)Arizona Children Association has the right to terminate its lease upon 30 days’ notice if there is a loss of funding from the State of Arizona with a termination payment equal to the unamortized balance of the tenant improvement allowance, commissions paid to the broker and four months’ rent.

(5)GSA – Army Corp of Engineers has the right to terminate its lease effective September 1, 2028 by providing 90 days’ notice to the lessor.

(6)Cavco Industries Inc. has the right to terminate its lease effective November 2024 upon nine months’ notice and the payment of unamortized tenant improvements and commissions.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

168

 

 

Office - CBD Cut-off Date Balance:   $14,232,039
3636 North Central Avenue Loan #15 Cut-off Date LTV:   58.8%
Phoenix, AZ 85012 3636 North Central Avenue U/W NCF DSCR:   1.60x
    U/W NOI Debt Yield:   10.9%

 

The following table presents certain information relating to the lease rollover schedule at the 3636 North Central Avenue Property:

 

Lease Expiration Schedule(1)(2)

 

Year Ending
 December 31,
No. of Leases Expiring Expiring NRSF % of Total NRSF Cumulative Expiring NRSF Cumulative % of Total NRSF Annual
 U/W
Base Rent
% of Total Annual U/W Base Rent Annual
 U/W
Base Rent
 PSF(3)
MTM 0  0 0.0% 0 0.0% $0 0.0% $0.00
2019 0 0 0.0% 0 0.0% $0 0.0% $0.00
2020 1 5,754 2.6% 5,754 2.6% $156,546 4.7% $27.21
2021 3 6,040 2.8% 11,794 5.4% $128,379 3.8% $21.25
2022 4 26,015 11.9% 37,809 17.3% $567,375 17.0% $21.81
2023 4 7,826 3.6% 45,635 20.9% $116,369 3.5% $14.87
2024 5 21,137 9.7% 66,772 30.6% $447,197 13.4% $21.16
2025 3 10,673 4.9% 77,445 35.5% $238,590 7.1% $22.35
2026  1 14,974 6.9% 92,419 42.4% $269,532 8.1% $18.00
2027 0 0 0.0% 92,419 42.4% $0 0.0% $0.00
2028 0 0 0.0% 92,419 42.4% $0 0.0% $0.00
2029 0 0 0.0% 92,419 42.4% $0 0.0% $0.00
Thereafter 2 72,826 33.4% 165,245 75.8% $1,423,205 42.5% $19.54
Vacant 0 52,836 24.2% 218,081 100.0% $0 0.0% $0.00
Total/Weighted Average 23 218,081 100.0%     $3,347,193 100.0% $20.26
                 

(1)Information obtained from 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 Expiration Schedule.

(3)Total/Weighted Average Annual U/W Base Rent PSF excludes Vacant space.

 

The following table presents historical occupancy percentages at the 3636 North Central Avenue Property:

 

Historical Occupancy

 

12/31/2015(1)

12/31/2016(1)(2)

12/31/2017(1)(2)(3)

12/31/2018(1)(3)(4)

4/1/2019(4)(5)

65.6% 70.2% 55.3% 84.5% 75.8%

 

(1)

Information obtained from the borrower.

(2)The decrease in occupancy from 2016 to 2017 was due to a large tenant vacating the 3636 North Central Avenue Property.

(3)The increase in occupancy from 2017 to 2018 is due to five new tenants (65,688 square feet, 30.1% of net rentable area) commencing occupancy at the 3636 North Central Avenue Property in 2018.

(4)The decrease in occupancy from 2018 to April 1, 2019 is due to Engleman Berger, P.C. (13,505 square feet, 6.2% of net rentable area) and Law Offices of Laura Gills (1,145 square feet, 0.5% of net rentable area) being underwritten as vacant. Engleman Berger, P.C. vacated at its lease expiration on May 31, 2019, and Law Offices of Laura Gills will be vacating on July 31, 2019.

(5)Information obtained from the underwritten rent roll.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

169

 

 

Office - CBD Cut-off Date Balance:   $14,232,039
3636 North Central Avenue Loan #15 Cut-off Date LTV:   58.8%
Phoenix, AZ 85012 3636 North Central Avenue U/W NCF DSCR:   1.60x
    U/W NOI Debt Yield:   10.9%

 

Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the historical operating statements and underwritten net cash flow at the 3636 North Central Avenue Property:

 

Cash Flow Analysis

 

  2016(1) 2017(1) 2018(1) TTM 3/31/2019(1) U/W(1) %(2)

U/W $

per SF

Rents in Place $2,766,076 $2,395,166 $2,967,653 $3,211,507 $3,277,604 72.3% $15.03
Contractual Rent Steps 0 0 0 0 69,589(3) 1.5 0.32
Grossed Up Vacant Space

0

0

0

0

1,071,431(4)

23.6

4.91

Gross Potential Rent $2,766,076 $2,395,166 $2,967,653 $3,211,507 $4,418,623 97.5% $20.26
Other Income(5) 64,401 63,416 65,211 45,329  45,329 1.0 0.21
Total Recoveries

98,234

22,110

81,575

93,444

69,302

1.5

0.32

Net Rental Income $2,928,711 $2,480,692 $3,114,439 $3,350,280 $4,533,254 100.0% $20.79
(Vacancy & Credit Loss)(6)

(85,774)

(71,325)

(752,034)

(1,190,872)

(1,071,431)(7)

(24.2)

(4.91)

Effective Gross Income $2,842,937 $2,409,368 $2,362,405 $2,159,408 $3,461,824 76.4% $15.87
               
Real Estate Taxes $492,020 $485,750 $529,106 $549,281 $550,006 15.9 $2.52
Insurance 52,438 59,629 61,193 59,606 38,814 1.1 0.18
Management Fee 49,622 42,835 43,476 43,133 103,855 3.0 0.48
Other Operating Expenses

1,208,191

1,108,575

1,164,711

1,197,297

1,214,773

35.1

5.57

Total Operating Expenses $1,802,271 $1,696,789 $1,798,486 $1,849,316 $1,907,448 55.1% $8.75
               
Net Operating Income $1,040,667 $712,578 $563,919 $310,092 $1,554,376 44.9% $7.13
Replacement Reserves 0 0 0 0 43,616 1.3 0.20
TI/LC

0

0

0

0

83,572(8)

2.4

0.38

Net Cash Flow $1,040,667 $712,578 $563,919 $310,092 $1,427,187 41.2% $6.54
               
NOI DSCR 1.17x 0.80x 0.63x 0.35x 1.74x    
NCF DSCR 1.17x 0.80x 0.63x 0.35x 1.60x    
NOI Debt Yield 7.3% 5.0% 4.0% 2.2% 10.9%    
NCF Debt Yield 7.3% 5.0% 4.0% 2.2% 10.0%    

 

(1)The decrease in NOI from 2016 to 2017 was driven by a decrease in occupancy. The decrease in NOI from 2017 to TTM 3/31/2019 is primarily driven by $1,190,827 of free rent packages provided by the borrower sponsors to newly signed tenants. The increase in UW NOI from TTM 3/31/2019 is driven by those same free rent packages expiring. The remaining outstanding free rent of $531,019 and outstanding tenant improvement and leasing commissions of $351,033 have been reserved at loan closing.

(2)Represents (i) percent of Net Rental Income for all revenue fields, (ii) percent of Gross Potential Rent for Vacancy & Credit Loss and (iii) percent of Effective Gross Income for all other fields.

(3)Represents contractual rent steps through July 2020 totaling $69,589.

(4)Vacant spaces are grossed up and underwritten to the appraiser’s market rent of $21.50 per square foot.

(5)Other income consists of parking income, storage income, and forfeited deposits.

(6)Vacancy & Credit Loss represents free rent concessions in 2016, 2017, 2018 and TTM 3/31/2019 and vacancy gross up for U/W.

(7)The underwritten vacancy is 24.2%. The 3636 North Central Avenue Property was 75.8% leased as of April 1, 2019.
(8)TI/LC is inclusive of a straight-line credit for the upfront TI/LC reserve equal to $200,000, which is 10.0% of the upfront TI/LC reserve of $2,000,000.

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

170

 

 

Wells Fargo Commercial Mortgage Trust 2019-C51 Transaction Contact Information

 

VI.Transaction Contact Information

 

Questions regarding this Structural and Collateral Term Sheet may be directed to any of the following individuals:

 

Wells Fargo Securities, LLC  
   
Brigid Mattingly Tel. (312) 269-3062
   
A.J. Sfarra Tel. (212) 214-5613
   
Alex Wong Tel. (212) 214-5615

 

Barclays Capital Inc.  
   
Daniel Vinson Tel. (212) 528-8224
   
Brian Wiele

Tel. (212) 412-5780 

 

UBS Securities LLC  
   
David Schell Tel. (212) 713-3375
   
Nicholas Galeone Tel. (212) 713-8832
   
Siho Ham Tel. (212) 713-1278

 

THE INFORMATION IN THIS STRUCTURAL AND 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.

 

171

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