0001539497-23-002051.txt : 20231130 0001539497-23-002051.hdr.sgml : 20231130 20231130133754 ACCESSION NUMBER: 0001539497-23-002051 CONFORMED SUBMISSION TYPE: ABS-15G PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20231130 ITEM INFORMATION: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer FILED AS OF DATE: 20231130 DATE AS OF CHANGE: 20231130 ABS RULE: RULE-15GA2 REGISTERED ENTITY: N ABS ASSET CLASS: Commercial mortgages FILER: 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: ABS-15G SEC ACT: Dodd Frank Act SEC FILE NUMBER: 025-00461 FILM NUMBER: 231454997 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 DEPOSITOR: 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: ABS-15G SEC ACT: Dodd Frank Act 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 SECURITIZER: 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: ABS-15G SEC ACT: Dodd Frank Act SEC FILE NUMBER: 025-00461 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 ABS-15G 1 n3918_x1-abs15g.htm ABS-15G

 

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

 

FORM ABS-15G

 

ASSET-BACKED SECURITIZER
Report Pursuant to Section 15G of

the Securities Exchange Act of 1934


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

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

 

Date of Report (Date of earliest event reported)______________________

 

Commission File Number of securitizer: ____________________

 

Central Index Key Number of securitizer: ___________________

 

______________________________________________________________________

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

contact in connection with this filing

 

 

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

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

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

 

 

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

 

Central Index Key Number of depositor: 0000850779

 

DTP Commercial Mortgage Trust 2023-STE2
(Exact name of issuing entity as specified in its charter)

 

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

 

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

  

 

 

A.J. Sfarra, (212) 214-5613
Name and telephone number, including area code, of the person to
contact in connection with this filing

 

 

INFORMATION TO BE INCLUDED IN THE REPORT

FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS

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

Attached as Exhibit 1 hereto is an agreed-upon procedures report, dated November 30, 2023, obtained by the depositor, with respect to certain agreed-upon procedures performed by KPMG LLP.

 

 

  

 

 

SIGNATURES

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

Wells Fargo Commercial Mortgage Securities, Inc.

(Depositor)

Date: November 30, 2023

/s/ Anthony J. Sfarra  

 

By: Anthony J. Sfarra, President
(senior officer in charge of securitization of the depositor)

 

  

 

 

Exhibit 1

Independent Accountants’ Agreed-Upon Procedures Report, dated November 30, 2023.

 

  

 

 EX-1 2 exh1.htm INDEPENDENT ACCOUNTANTS' AGREED-UPON PROCEDURES REPORT, DATED NOVEMBER 30, 2023

Exhibit 1

 

 

   
 

KPMG LLP
Suite 900
8350 Broad Street
McLean, VA 22102

  

 

 

 

Independent Accountants’ Agreed-Upon Procedures Report

 

Wells Fargo Commercial Mortgage Securities, Inc. and Wells Fargo Bank, National Association
(together, the “Company”)

Wells Fargo Securities, LLC
Goldman Sachs & Co. LLC
Goldman Sachs Bank USA
Goldman Sachs Mortgage Company
KeyBanc Capital Markets, Inc.

KeyBank National Association
(together, the “Specified Parties”)

 

Re: DTP Commercial Mortgage Trust 2023-STE2 – Data File Procedures

 

We have performed the procedures described below on the specified attributes in an electronic data file entitled “DTP 2023-STE2 Accounting Tape.xlsx” provided by the Company on November 30, 2023 (the “Data File”), containing information on one mortgage loan (“Mortgage Loan”) and 10 related mortgaged properties (“Mortgaged Properties”) as of December 11, 2023 (the “Cut-off Date”), which we were informed are intended to be included as collateral in the offering by DTP Commercial Mortgage Trust 2023- STE2, Commercial Mortgage Pass-Through Certificates, Series 2023-STE2 (the “Certificates”). The Company is responsible for the specified attributes identified by the Company in the Data File.

The Specified Parties have agreed to and acknowledged that the procedures performed are appropriate to meet their intended purpose of assisting specified parties in evaluating the accuracy of the specified attributes in the Data File. This report may not be suitable for any other purpose. No other parties have agreed to or acknowledged the appropriateness of these procedures for the intended purpose or any other purpose.

The procedures performed may not address all the items of interest to a specified party of this report and may not meet the needs of all specified parties of this report and, as such, specified parties are responsible for determining whether the procedures performed are appropriate for their purposes. We make no representation regarding the appropriateness of the procedures either for the intended purpose or for any other purpose

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

·The term “compared” means compared to the information shown and found it to be in agreement, unless otherwise stated. Such compared information was deemed to be in agreement if differences were within the reporting threshold.
·The term “recomputed” means recalculated and compared the result to the information shown and found it to be in agreement, unless otherwise stated. Such recomputed information was deemed to be in agreement if differences were within the reporting threshold.
·The term “reporting threshold” means that dollar amounts and percentages were within $1.00 and 0.1%, respectively.

 

 

 

 

KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.

  

 

  

 

 

 

·The term “Loan Files” means the copies of source documents provided by the Company and listed in Attachment A. When the term “Draft” is included with a document, it means the source documents provided by the Company and listed in Attachment A are in draft form and are not executed with signatures as of the date of this report. We make no representation regarding the validity or accuracy of these documents.
·The term “Instructions” means the instructions provided by the Company pertaining to a procedure attribute, or methodology as described in Attachment C.
·The term “Compared Attributes” means the list of fields in the Data File which were selected by the Company for us to perform comparison procedures for and are listed in Attachment A.
·The term “Recomputed Attributes” means the list of fields in the Data File which were selected by the Company for us to perform recomputation procedures for and are listed in Attachment B.
·The term “Calculation Methodology” means the formula listed in the Calculation Methodology field of the Attachment B containing the calculation methodology for the Recomputed Attributes provided by the Company.
·The term “Provided Information” means the Loan Files, Cut-off Date, Calculation Methodology and Instructions.

 

Prior to being provided the Data File, we received one or more earlier versions of the data file on which to perform our procedures. In performing those procedures, we identified differences which were communicated to the Specified Parties. The Data File represents the revised information reflecting resolution of differences communicated as determined appropriate by the Specified Parties. We performed the procedures on the Data File, and the results of those procedures are reflected herein.

The procedures we were instructed by the Company to perform and the associated findings are as follows.

A.We compared the Compared Attributes in the Data File to the corresponding information included in the Loan Files. The Specified Parties indicated that the absence of any of the information in the Loan Files or the inability to agree the indicated information from the Data File to the Loan Files for each of the attributes identified, constituted an exception. The document priority is the order provided by the Company, which is listed in the “Source Document(s)” column in Attachment A, with the highest priority document listed first.
B.We recomputed the Recomputed Attributes in the Data File using (i) the corresponding information contained in the Data File, and (ii) the Calculation Methodology.

We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants, which involves us performing the specific procedures agreed to and acknowledged above and reporting on findings based on performing those procedures. We were not engaged to, and did not, conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the specified attributes in the Data File. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported.

We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

The procedures performed were applied based on the information included in the Data File and Provided Information, without verification or evaluation of such information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the information provided to us by the Company, (ii) the physical existence of the Mortgage Loan and related Mortgaged Properties, (iii) the reliability or accuracy of the Provided Information which was used in our procedures, or (iv) matters of legal interpretation.

2 

 

 

 

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

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

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

 

/s/KPMG LLP

 

McLean, VA
November 30, 2023

3 

 

ATTACHMENT A

 

COMPARED ATTRIBUTES

 

Attribute Source Document(s)
Address Appraisal; Property Condition Assessment (PCA)
City Appraisal
State Appraisal
County Appraisal
Zip Appraisal
Nearest MSA Appraisal
# of Buildings Appraisal
Property Type Appraisal
Property Sub type Appraisal
Anchor Tenant Underwritten Rent Roll
Occupancy % Underwritten Rent Roll
Occupancy % as of Date Underwritten Rent Roll
Borrower Name Draft Loan Agreement
Borrower Sponsor Draft Loan Agreement
Guarantor Draft Guaranty
SF Underwritten Rent Roll
Loan Purpose Provided by the Company
Note Date Draft Loan Agreement
First Payment Date Draft Loan Agreement
Initial Maturity Date or Anticipated Repayment Date Draft Loan Agreement
Fully Extended Maturity Date or Anticipated Repayment Date Draft Loan Agreement
Mortgage Rate Draft Loan Agreement
Certificate Administrator Fee Rate Provided by the Company
Operating Advisor Fee Rate Provided by the Company
Servicing Fee Rate Provided by the Company

A-1 

 

ATTACHMENT A

 

Attribute Source Document(s)
CREFC Fee Rate Provided by the Company
Rate Type Draft Loan Agreement
Interest Accrual Basis Draft Loan Agreement
Interest Rate Change Amount Draft Loan Agreement
Interest Rate Change Trigger Draft Loan Agreement
Original Principal Balance Draft Loan Agreement
Loan Level Cut-Off Date Balance Draft Loan Agreement
Loan Level Maturity Date Balance Draft Loan Agreement
Prepayment Restriction Code Draft Loan Agreement
Partial Release and/or Partial Prepayment (Y/N) Draft Loan Agreement
Partial Release and/or Prepayment Description Draft Loan Agreement
Amortization Term (Original) Draft Loan Agreement
Amortization Term (Remaining) Draft Loan Agreement
Loan Term (Original) Draft Loan Agreement
Extension Options Description Draft Loan Agreement
IO Period Draft Loan Agreement
Loan Amortization Type Draft Loan Agreement
ARD Loan (Y/N) Draft Loan Agreement
Appraisal Firm Appraisal
Appraisal Valuation Date Appraisal
Appraised Value Appraisal
As-Is Appraisal Valuation Date Appraisal
As-Is Appraised Value Appraisal
LTV Adjusted (Y/N) Provided by the Company
LTV Adjustment Amount Provided by the Company
UW DSCRs Adjusted (Y/N) Provided by the Company
UW DSCR Adjustment Amount Provided by the Company

A-2 

 

ATTACHMENT A

 

Attribute Source Document(s)
UW DYs Adjusted (Y/N) Provided by the Company
UW DY Adjustment Amount Provided by the Company
Year Built / Renovated Appraisal
Parking Spaces Appraisal
Land Size (Acres) Appraisal
Annual Base Rent as of December 1, 2023 Underwritten Rent Roll
Rent Escalations (annual) Underwritten Rent Roll
Tenant Sales (2020) Underwritten Rent Roll
Tenant Sales (2021) Underwritten Rent Roll
Tenant Sales (2022) Underwritten Rent Roll
3-Mile Pop. Costar Demographic Reports
5-Mile Pop. Costar Demographic Reports
10-Mile Pop. Costar Demographic Reports
3-Mile Median HH Income Costar Demographic Reports
5-Mile Median HH Income Costar Demographic Reports
10-Mile Median HH Income Costar Demographic Reports
3-Mile Average HH Income Costar Demographic Reports
5-Mile Average HH Income Costar Demographic Reports
10-Mile Average HH Income Costar Demographic Reports
In-Place Base Rent Underwritten Cash Flows
Percentage Rent Underwritten Cash Flows
Reimbursements Underwritten Cash Flows
Other Income Underwritten Cash Flows
Gross Potential Income Underwritten Cash Flows
Vacancy Underwritten Cash Flows
Effective Gross Income Underwritten Cash Flows
Real Estate Taxes Underwritten Cash Flows

A-3 

 

ATTACHMENT A

 

Attribute Source Document(s)
Other Expenses Underwritten Cash Flows
Insurance Underwritten Cash Flows
Management Fee Underwritten Cash Flows
Total Expenses Underwritten Cash Flows
UW NOI Underwritten Cash Flows
Replacement Reserves Underwritten Cash Flows
Tenant Improvements Underwritten Cash Flows
Leasing Commissions Underwritten Cash Flows
Total CapEx Underwritten Cash Flows
UW NCF Underwritten Cash Flows
Loan Cross Portfolio Name Draft Loan Agreement
Affiliated Sponsor (Y/N) Draft Loan Agreement
Lien Position Provided by the Company
Title Vesting (Fee/Leasehold/Both) Provided by the Company
Ground Lease Initial Expiration Date Ground Lease
Type of Lockbox Draft Loan Agreement; Draft DACA; Draft Cash Management Agreement
Cash Management Draft Loan Agreement; Draft DACA; Draft Cash Management Agreement
Engineering Escrow/Deferred Maintenance Draft Loan Agreement
Environmental Escrow Draft Loan Agreement
Springing Environmental Escrow Description Draft Loan Agreement
Tax Escrow (Initial) Draft Loan Agreement
Tax Escrow (Monthly) Draft Loan Agreement
Springing Tax Escrow Description Draft Loan Agreement
Insurance Escrow (Initial) Draft Loan Agreement
Insurance Escrow (Monthly) Draft Loan Agreement
Springing Insurance Escrow Description Draft Loan Agreement

A-4 

 

ATTACHMENT A

 

Attribute Source Document(s)
Replacement Reserve (Initial) Draft Loan Agreement
Replacement Reserve (Monthly) Draft Loan Agreement
Springing Replacement Reserve Description Draft Loan Agreement
TI/LC Reserve (Initial) Draft Loan Agreement
TI/LC Reserve (Monthly) Draft Loan Agreement
Springing TI/LC Reserve Description Draft Loan Agreement
Other Escrow I Reserve Description Draft Loan Agreement
Other Escrow I (Initial) Draft Loan Agreement
Other Escrow I (Monthly) Draft Loan Agreement
Springing Other Escrow I Reserve Description Draft Loan Agreement
Pari Passu Debt (Y/N) Draft Loan Agreement
Whole Loan Original Principal Balance Draft Loan Agreement
Whole Loan Cut-Off Date Balance Draft Loan Agreement
Whole Loan Maturity Date Balloon Payment Draft Loan Agreement
Trust Notes Original Balance Draft Loan Agreement
Trust Notes Cut-off Date Balance Draft Loan Agreement
Trust Notes Maturity Date Balloon Payment Draft Loan Agreement
Trust A Notes Original Principal Balance Draft Loan Agreement
Trust A Notes Cut-Off Date Balance Draft Loan Agreement
Junior Notes Original Balance ($) Draft Loan Agreement
Junior Notes Cut-off Date Balance ($) Draft Loan Agreement
Companion Notes Original Balance Draft Loan Agreement
Companion Notes Cut-off Date Balance Draft Loan Agreement
Companion Notes Description Draft Loan Agreement
Existing Subordinate Secured Debt (Y/N) Draft Loan Agreement
Sub Sec Debt Description Draft Loan Agreement
Sub Sec Debt Original Principal Balance Draft Loan Agreement

A-5 

 

ATTACHMENT A

 

Attribute Source Document(s)
Sub Sec Debt Cut-Off Date Principal Balance Draft Loan Agreement
Existing Mezzanine Debt (Y/N) Draft Loan Agreement
Mezzanine Debt Cut-Off Date Principal Balance Draft Loan Agreement
Existing Unsecured Debt (Y/N) Draft Loan Agreement
Unsecured Debt Cut-Off Date Principal Balance Draft Loan Agreement
Future Secured Debt Permitted (Y/N) Draft Loan Agreement
Future Mezzanine Debt Permitted (Y/N) Draft Loan Agreement
Future Unsecured Debt Permitted (Y/N) Draft Loan Agreement
Environmental Phase I Report Date Phase I Report
Phase II Performed Phase II Report
Engineering Report Firm PCA
Engineering Report Date PCA
Seismic Report Date Seismic Report, PCA
Seismic PML % Seismic Report, PCA
Seismic Insurance Required and Obtained if PML >= 20% (Y/N) Seismic Report, PCA
Single-Tenant (Y/N) Underwritten Rent Roll
Largest Tenant Name Underwritten Rent Roll
Largest Tenant SqFt Underwritten Rent Roll
Largest Tenant Exp. Date Underwritten Rent Roll
Second Largest Tenant Name Underwritten Rent Roll
Second Largest Tenant SqFt Underwritten Rent Roll
Second Largest Tenant Exp. Date Underwritten Rent Roll
Third Largest Tenant Name Underwritten Rent Roll
Third Largest Tenant SqFt Underwritten Rent Roll
Third Largest Tenant Exp. Date Underwritten Rent Roll
Fourth Largest Tenant Name Underwritten Rent Roll

A-6 

 

ATTACHMENT A

 

Attribute Source Document(s)
Fourth Largest Tenant SqFt Underwritten Rent Roll
Fourth Largest Tenant Exp. Date Underwritten Rent Roll
Fifth Largest Tenant Name Underwritten Rent Roll
Fifth Largest Tenant SqFt Underwritten Rent Roll
Fifth Largest Tenant Exp. Date Underwritten Rent Roll

A-7 

 

ATTACHMENT B

 

RECOMPUTED ATTRIBUTES

 

Attribute Calculation Methodology
Monthly Debt Service Amount Mortgage Rate multiplied by 365/360 multiplied by the Original Principal Balance divided by 12
Allocated Loan Amount Individual property's Allocated Loan Amount prorated based on UW NOI
Allocated Loan Amount % Individual property's Allocated Loan Amount divided by aggregate Allocated Loan Amount
Property Level Cut-Off Date Balance Same as Allocated Loan Amount
% of Aggregate Cut-off Date Balance Property Level Cut-Off Date Balance divided by the aggregate Property Level Cut-Off Date Balance
Property Level Maturity Date Balance Same as Allocated Loan Amount
% of Aggregate Maturity Date Balance Property Level Maturity Date Balance divided by the aggregate Property Level Maturity Date Balance
Loan Term (Remaining) Loan Term (Original) minus Seasoning
Seasoning Number of payments between and including the First Payment Date and the Cut-off Date
Cut-Off Date LTV Ratio Loan Level Cut-Off Date Balance divided by Appraised Value
LTV Ratio at Maturity or ARD Original Principal Balance divided by Appraised Value
Cut-Off Date As-Is LTV Ratio Loan Level Cut-Off Date Balance divided by As-Is Appraised Value
As-Is LTV Ratio at Maturity or ARD Original Principal Balance divided by As-Is Appraised Value
UW NCF DSCR UW NCF divided by the product of Monthly Debt Service Amount multiplied by 12
Cut-Off Date UW NOI Debt Yield UW NOI divided by Loan Level Cut-Off Date Balance
Cut-Off Date UW NCF Debt Yield UW NCF divided by Loan Level Cut-Off Date Balance
WA Lease Commencement Weighted average of individual property’s lease commencement date as sourced from the Underwritten Rent Roll
WA Lease Exp. Weighted average of individual property’s lease expiration date as sourced from the Underwritten Rent Roll

  

 

ATTACHMENT B

 

Attribute Calculation Methodology
% of Total NCF Individual property's UW NCF divided by the aggregate UW NCF

 

  

 

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