EX-99.1 2 file002.htm COMPUTATIONAL MATERIALS AND/OR ABS TERM SHEETS

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[BEAR STEARNS LOGO] May 26, 2005 [MORGAN STANLEY LOGO]

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CMBS NEW ISSUE
COLLATERAL TERM SHEET

----------------------------------

$1,643,882,000
(APPROXIMATE)

BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

----------------------------------

BEAR STEARNS COMMERCIAL MORTGAGE, INC.
PRUDENTIAL MORTGAGE CAPITAL FUNDING, LLC
PRINCIPAL COMMERCIAL FUNDING, LLC
WELLS FARGO BANK, NATIONAL ASSOCIATION
NATIONWIDE LIFE INSURANCE COMPANY
AS MORTGAGE LOAN SELLERS

----------------------------------

<TABLE>

-------------------------------------------------------------------------------------------------------------------------------
INITIAL
CERTIFICATE APPROXIMATE WEIGHTED
BALANCE OR INITIAL AVERAGE PRINCIPAL ASSUMED FINAL
NOTIONAL PASS-THROUGH RATINGS SUBORDINATION LIFE WINDOW DISTRIBUTION
CLASS AMOUNT(1)(3) RATE (MOODY'S/FITCH) LEVELS (YRS.)(2) (MOS.)(2) DATE(2)
-------------------------------------------------------------------------------------------------------------------------------

A-1 $104,300,000 Aaa/AAA 20.000% 2.86 1-57 3/11/10
------------------------------------------------------------------------------------------------------------------------------
A-2 $46,500,000 Aaa/AAA 20.000% 5.00 57-65 11/11/10
------------------------------------------------------------------------------------------------------------------------------
A-3 $63,000,000 Aaa/AAA 20.000% 6.86 81-84 6/11/12
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A-AB $128,000,000 Aaa/AAA 20.000% 7.52 65-111 9/11/14
------------------------------------------------------------------------------------------------------------------------------
A-4 $1,070,394,000 Aaa/AAA 20.000% 9.78 111-120 6/11/15
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X-2 $1,721,955,000 Aaa/AAA -- -- -- 6/11/13
------------------------------------------------------------------------------------------------------------------------------
A-J $150,046,000 Aaa/AAA 11.500% 9.97 120-120 6/11/15
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B $37,511,000 Aa2/AA 9.375% 9.97 120-120 6/11/15
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C $17,653,000 Aa3/AA- 8.375% 9.97 120-120 6/11/15
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D $26,478,000 A2/A 6.875% 9.97 120-120 6/11/15
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</TABLE>

(1) Subject to a permitted variance of plus or minus 5%.

(2) Based on the structuring assumptions, assuming 0% CPR, described in the
Prospectus Supplement.

(3) Notional amount for the X-2 class.

BEAR, STEARNS & CO. INC. MORGAN STANLEY

Co-Lead and Joint Bookrunning Manager Co-Lead and Joint Bookrunning Manager

This information has been prepared solely for information purposes and is not an
offer to buy or sell or solicitation of an offer to buy or sell any security or
instrument or to participate in any trading strategy. No representation or
warranty can be given that any future offer of securities will conform to the
terms hereof. If any such offer of securities is made, it will be made pursuant
to a definitive Prospectus and Prospectus Supplement, prepared by the Depositor,
which will contain material information not contained herein and to which
prospective purchasers are referred. In the event of any such offering, this
information shall be deemed superseded in its entirety by such Prospectus and
Prospectus Supplement. ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE
ONLY AFTER REVIEWING SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. The Information
is provided solely by Bear, Stearns & Co. Inc. and Morgan Stanley & Co.
Incorporated (the "Underwriters") not as agent for any issuer, and although it
may be based on data supplied to it by an issuer, the issuer has not
participated in its preparation. This information should only be considered
after reading the Statement Regarding Assumptions as to Securities, Pricing
Estimates, and Other Information (the "Statement") which is attached. Do not use
or rely on this information if you have not received the Statement. You may
obtain a copy of the Statement from your sales representative.

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

TRANSACTION FEATURES
--------------------
o Sellers:

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NO. OF CUT-OFF DATE
SELLERS LOANS BALANCE ($) % OF POOL
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Bear Stearns Commercial Mortgage, Inc. 30 628,668,004 35.6
Prudential Mortgage Capital Funding, LLC 46 439,057,491 24.9
Principal Commercial Funding, LLC 37 345,277,193 19.6
Wells Fargo Bank, National Association 76 324,467,742 18.4
Nationwide Life Insurance Company 4 27,772,864 1.6
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TOTAL: 193 1,765,243,294 100.0
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o Loan Pool:

o Average Cut-off Date Balance: $9,146,338

o Largest Mortgage Loan by Cut-off Date Balance: $180,000,000

o Five largest and ten largest loans: 21.1% and 29.6% of pool,
respectively

o Credit Statistics:

o Weighted average underwritten debt service coverage ratio of 1.73x

o Weighted average cut-off date loan-to-value ratio of 67.9%; weighted
average balloon loan-to-value ratio of 58.0%

o Property Types:

[PIECHART OMITTED]

Retail 37.2%
Office 32.6%
Hospitality 7.5%
Multifamily 7.1%
Industrial 6.9%
Self Storage 6.2%
Manufactured Housing Community 1.7%
Mixed Use 0.8%
Land 0.0%

o Call Protection:

o 81.4% of the pool (142 loans) has a lockout period ranging from 24 to
47 payments from origination, then defeasance provisions.

o 14.4% of the pool (25 loans) has a lockout period ranging from 13 to
48 payments from origination, then the greater of a prepayment premium
or yield maintenance.

o 3.7% of the pool (25 loans) has a lockout period of 25 to 35 payments
from origination, then either yield maintenance or defeasance.

o 0.6% of the pool (1 loan) has no lockout period, but prepayments
require the greater of a prepayment premium or yield maintenance.

o Bond Information: Cash flows are expected to be modeled by TREPP, CONQUEST
and INTEX and are expected to be available on BLOOMBERG.

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

OFFERED CERTIFICATES
--------------------

<TABLE>

---------------------------------------------------------------------------------------------------------------------------------
INITIAL
CERTIFICATE APPROXIMATE
BALANCE OR WEIGHTED PRINCIPAL ASSUMED FINAL INITIAL
NOTIONAL SUBORDINATION RATINGS AVERAGE WINDOW DISTRIBUTION PASS-THROUGH
CLASS AMOUNT(1)(6) LEVELS (MOODY'S/FITCH) LIFE (YRS.)(2) (MOS.)(2) DATE(2) RATE(3)
---------------------------------------------------------------------------------------------------------------------------------

A-1 $104,300,000 20.000% Aaa/AAA 2.86 1-57 3/11/10
---------------------------------------------------------------------------------------------------------------------------------
A-2 $46,500,000 20.000% Aaa/AAA 5.00 57-65 11/11/10
---------------------------------------------------------------------------------------------------------------------------------
A-3 $63,000,000 20.000% Aaa/AAA 6.86 81-84 6/11/12
---------------------------------------------------------------------------------------------------------------------------------
A-AB $128,000,000 20.000% Aaa/AAA 7.52 65-111 9/11/14
---------------------------------------------------------------------------------------------------------------------------------
A-4 $1,070,394,000 20.000% Aaa/AAA 9.78 111-120 6/11/15
---------------------------------------------------------------------------------------------------------------------------------
X-2 $1,721,955,000 -- Aaa/AAA -- -- 6/11/13
---------------------------------------------------------------------------------------------------------------------------------
A-J $150,046,000 11.500% Aaa/AAA 9.97 120-120 6/11/15
---------------------------------------------------------------------------------------------------------------------------------
B $37,511,000 9.375% Aa2/AA 9.97 120-120 6/11/15
---------------------------------------------------------------------------------------------------------------------------------
C $17,653,000 8.375% Aa3/AA- 9.97 120-120 6/11/15
---------------------------------------------------------------------------------------------------------------------------------
D $26,478,000 6.875% A2/A 9.97 120-120 6/11/15
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</TABLE>

PRIVATE CERTIFICATES (4)
------------------------

<TABLE>

---------------------------------------------------------------------------------------------------------------------------------
INITIAL
CERTIFICATE APPROXIMATE
BALANCE OR WEIGHTED PRINCIPAL ASSUMED FINAL INITIAL
NOTIONAL SUBORDINATION RATINGS AVERAGE WINDOW DISTRIBUTION PASS-THROUGH
CLASS AMOUNT(1)(5) LEVELS (MOODY'S/FITCH) LIFE (YRS.)(2) (MOS.)(2) DATE(2) RATE(3)
---------------------------------------------------------------------------------------------------------------------------------

X-1 $1,765,243,294 -- Aaa/AAA -- -- 5/11/24
---------------------------------------------------------------------------------------------------------------------------------
E $17,653,000 5.875% A3/A- 9.97 120-120 6/11/15
---------------------------------------------------------------------------------------------------------------------------------
F $19,859,000 4.750% Baa1/BBB+ 9.97 120-120 6/11/15
---------------------------------------------------------------------------------------------------------------------------------
G $15,446,000 3.875% Baa2/BBB 9.97 120-120 6/11/15
---------------------------------------------------------------------------------------------------------------------------------
H $17,652,000 2.875% Baa3/BBB- 9.97 120-120 6/11/15
---------------------------------------------------------------------------------------------------------------------------------
J $8,826,000 2.375% Ba1/BB+ 9.97 120-120 6/11/15
---------------------------------------------------------------------------------------------------------------------------------
K $4,413,000 2.125% Ba2/BB 9.97 120-120 6/11/15
---------------------------------------------------------------------------------------------------------------------------------
L $6,620,000 1.750% Ba3/BB- 9.97 120-120 6/11/15
---------------------------------------------------------------------------------------------------------------------------------
M $6,620,000 1.375% B1/B+ 9.97 120-120 6/11/15
---------------------------------------------------------------------------------------------------------------------------------
N $2,206,000 1.250% B2/B 9.97 120-120 6/11/15
---------------------------------------------------------------------------------------------------------------------------------
P $4,413,000 1.000% B3/B- 9.97 120-120 6/11/15
---------------------------------------------------------------------------------------------------------------------------------
Q $17,653,294 0.000% NR/NR 12.67 120-227 5/11/24
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Notes: (1) Subject to a permitted variance of plus or minus 5%.
(2) Based on the structuring assumptions, assuming 0% CPR, described
in the Prospectus Supplement.
(3) The Class A-1, A-2, A-3, A-AB, A-4, A-J, B, C, D, E, F, G, H, J,
K, L, M, N, P and Q Certificates will each accrue interest at one
of the following: (i) a fixed rate, (ii) a fixed rate subject to a
cap equal to the weighted average net mortgage rate, (iii) a rate
equal to the weighted average net mortgage rate or (iv) a rate
equal to the weighted average net mortgage rate less a specified
percentage. The Class X-1 and X-2 Certificates will accrue
interest at a variable rate.
(4) To be offered privately pursuant to Rule 144A.
(5) The Class X-1 Notional Amount is equal to the sum of all
Certificate Balances outstanding from time to time.
(6) The Class X-2 Notional Amount is as described herein.

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

I. ISSUE CHARACTERISTICS
---------------------

Issue Type: Public: Classes A-1, A-2, A-3, A-AB, A-4, X-2,
A-J, B, C and D (the "Offered Certificates").
Private (Rule 144A): Classes X-1, E, F, G, H,
J, K, L, M, N, P and Q.

Securities Offered: $1,643,882,000 monthly pay, multi-class,
commercial mortgage REMIC Pass-Through
Certificates, including nine principal and
interest classes (Classes A-1, A-2, A-3, A-AB,
A-4, A-J, B, C and D) and one interest only
class (Class X-2).

Mortgage Loan Sellers: Bear Stearns Commercial Mortgage, Inc.
("BSCMI"); Prudential Mortgage Capital
Funding, LLC ("PMCF"); Principal Commercial
Funding, LLC ("PCF"); Wells Fargo Bank,
National Association ("WFB"); and Nationwide
Life Insurance Company ("NLIC")

Co-lead Bookrunning Managers: Bear, Stearns & Co. Inc. and Morgan Stanley &
Co. Incorporated

Master Servicers:(1) Prudential Asset Resources, Inc. (with respect
to the mortgage loans sold by PMCF) and Wells
Fargo Bank, National Association (with respect
to the mortgage loans sold by BSCMI, PCF, WFB
and NLIC)

Primary Servicers: Principal Global Investors, LLC (with respect
to the mortgage loans sold by PCF) and
Nationwide Life Insurance Company (with
respect to the mortgage loans sold by NLIC)

Special Servicer:(1)(2) ARCap Servicing, Inc.

Certificate Administrator: Wells Fargo Bank, National Association

Trustee: LaSalle Bank National Association

Fiscal Agent: ABN AMRO Bank N.V.

Cut-Off Date: June 1, 2005(3)

Expected Closing Date: On or about June 21, 2005.

Distribution Dates: The 11th of each month, commencing in July
2005 (or if the 11th is not a business day,
the next succeeding business day).

Minimum Denominations: $25,000 for the Class A-1, A-2, A-3, A-AB, A-4
and A-J; $100,000 for the Class B, C and D;
and notional amounts of $250,000 for the Class
X-2, with investments in excess of the minimum
denominations made in multiples of $1.

Delivery: DTC, Euroclear and Clearstream.

ERISA/SMMEA Status: Classes A-1, A-2, A-3, A-AB, A-4, A-J, B, C, D
and X-2 are expected to be ERISA eligible. No
Class of Certificates is SMMEA eligible.

Rating Agencies: The Offered Certificates will be rated by
Moody's Investors Service, Inc. and Fitch,
Inc.

Risk Factors: THE CERTIFICATES INVOLVE CERTAIN RISKS AND MAY
NOT BE SUITABLE FOR ALL INVESTORS. SEE THE
"RISK FACTORS" SECTION OF THE PROSPECTUS
SUPPLEMENT AND THE "RISK FACTORS" SECTION OF
THE PROSPECTUS.

(1) The Marquis Apartments Loan is principally serviced and administered under
a separate pooling and servicing agreement relating to the BSCMSI 2005-PWR7
trust. See "Summary of Pari Passu Split Loan Structures".

(2) Prudential Asset Resources, Inc. is the Special Servicer with respect to
the pooled mortgage loan and the non-pooled mortgage loan that are together
secured by the mortgaged properties identified as the Lock Up Storage
Centers Portfolio.

(3) The cut-off date with respect to each Mortgage Loan is the due date for the
monthly debt service payment that is due in June 2005 (or, in the case of
any mortgage loan that has its first due date in July 2005, the date that
would have been its due date in June 2005 under the terms of such mortgage
loan if a monthly payment were scheduled to be due in such month).

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

II. STRUCTURE CHARACTERISTICS
-------------------------

The Class A-1, A-2, A-3, A-AB, A-4, A-J, B, C, D, E, F, G, H, J, K, L, M, N, P
and Q Certificates will each accrue interest at one of the following: (i) a
fixed rate, (ii) a fixed rate subject to a cap equal to the weighted average net
mortgage rate, (iii) a rate equal to the weighted average net mortgage rate or
(iv) a rate equal to the weighted average net mortgage rate less a specified
percentage. The Class X-1 and X-2 Certificates will accrue interest at a
variable rate. All Classes of Certificates derive their cash flows from the
entire pool of mortgage loans.

IO STRUCTURE:
-------------

[GRAPHIC OMITTED]

<TABLE>

Month 0 12 24 36 48 60 72 84 96 Maturity

Class A-1 Aaa/AAA [%] $104.3 MM
Class A-2 Aaa/AAA [%] $46.5 MM
Class A-3 Aaa/AAA [%] $63.0 MM
Class A-AB Aaa/AAA [%] $128.0 MM
Class A-4 Aaa/AAA [%] $1,070.4 MM
Class A-J Aaa/AAA [%] $150.0 MM
Class B Aa2/AA [%] $37.5 MM
Class C Aa3/AA- [%] $17.7 MM
Class D A2/A [%] $26.5 MM
Class E A3/A- [%] $17.7 MM
Class F Baa1/BBB+ [%] $19.9 MM
Class G Baa2/BBB [%] $15.4 MM
Class H Baa3/BBB- [%] $17.7 MM
Class J Ba1/BB+ [%] $8.8 MM
Class K Ba2/BB [%] $4.4 MM
Class L Ba3/BB- [%] $6.6 MM
Class M-Q B1/B+ to NR [%] $30.9 MM

[ ] X-1 + X2 IO Strip [ ] X-1 Notional [ ] X-2 Notional NR = Not Rated
</TABLE>

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

CLASS X-1 AND X-2 NOTIONAL BALANCES:

The Notional Amount of the Class X-1 Certificates will be equal to the aggregate
of the Certificate Balances of the classes of Principal Balance Certificates
outstanding from time to time. The Notional Amount of the Class X-2 Certificates
will equal:

o during the period from the Closing Date through and including the
Distribution Date occurring in June 2006, the sum of (a) the lesser of
$91,904,000 and the Certificate Balance of the Class A-1 Certificates
outstanding from time to time and (b) the aggregate of the Certificate
Balances of the Class A-2, Class A-3, Class A-AB, Class A-4, Class A-J,
Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class J,
Class K and Class L Certificates outstanding from time to time;

o during the period following the Distribution Date occurring in June 2006
through and including the Distribution Date occurring in June 2007, the sum
of (a) the lesser of $14,806,000 and the Certificate Balance of the Class
A-1 Certificates outstanding from time to time, (b) the aggregate of the
Certificate Balances of the Class A-2, Class A-3, Class A-AB, Class A-4,
Class A-J, Class B, Class C, Class D, Class E, Class F, Class G, Class H,
Class J and Class K Certificates outstanding from time to time, and (c) the
lesser of $3,549,000 and the Certificate Balance of the Class L
Certificates outstanding from time to time;

o during the period following the Distribution Date occurring in June 2007
through and including the Distribution Date occurring in June 2008, the sum
of (a) the lesser of $40,877,000 and the Certificate Balance of the Class
A-3 Certificates outstanding from time to time, (b) the aggregate of the
Certificate Balances of the Class A-AB, Class A-4, Class A-J, Class B,
Class C, Class D, Class E and Class F Certificates outstanding from time to
time and (c) the lesser of $15,237,000 and the Certificate Balance of the
Class G Certificates outstanding from time to time;

o during the period following the Distribution Date occurring in June 2008
through and including the Distribution Date occurring in June 2009, the sum
of (a) the lesser of $88,405,000 and the Certificate Balance of the Class
A-AB Certificates outstanding from time to time, (b) the aggregate of the
Certificate Balances of the Class A-4, Class A-J, Class B, Class C, Class D
and Class E Certificates outstanding from time to time and (c) the lesser
of $2,865,000 and the Certificate Balance of the Class F Certificates
outstanding from time to time;

o during the period following the Distribution Date occurring in June 2009
through and including the Distribution Date occurring in June 2010, the sum
of (a) the lesser of $1,057,480,000 and the Certificate Balance of the
Class A-4 Certificates outstanding from time to time, (b) the aggregate of
the Certificate Balances of the Class A-J, Class B and Class C Certificates
outstanding from time to time and (c) the lesser of $17,160,000 and the
Certificate Balance of the Class D Certificates outstanding from time to
time;

o during the period following the Distribution Date occurring in June 2010
through and including the Distribution Date occurring in June 2011, the sum
of (a) the lesser of $983,281,000 and the Certificate Balance of the Class
A-4 Certificates outstanding from time to time, (b) the aggregate of the
Certificate Balances of the Class A-J and Class B Certificates outstanding
from time to time and (c) the lesser of $7,707,000 and the Certificate
Balance of the Class C Certificates outstanding from time to time;

o during the period following the Distribution Date occurring in June 2011
through and including the Distribution Date occurring in June 2012, the sum
of (a) the lesser of $877,594,000 and the Certificate Balance of the Class
A-4 Certificates outstanding from time to time, (b) the Certificate Balance
of the Class A-J Certificates outstanding from time to time and (c) the
lesser of $20,264,000 and the Certificate Balance of the Class B
Certificates outstanding from time to time;

o during the period following the Distribution Date occurring in June 2012
through and including the Distribution Date occurring in June 2013, the sum
of (a) the lesser of $816,465,000 and the Certificate Balance of the Class
A-4 Certificates outstanding from time to time and (b) the lesser of
$148,040,000 and the Certificate Balance of the Class A-J Certificates
outstanding from time to time; and

o following the Distribution Date occurring in June 2013, $0.

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

III. COLLATERAL CHARACTERISTICS
--------------------------

CUT-OFF DATE BALANCE ($)
------------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
------------------------------------------------------------------
578,571 - 2,000,000 31 42,730,673 2.4
2,000,001 - 3,000,000 27 68,986,292 3.9
3,000,001 - 5,000,000 31 124,773,751 7.1
5,000,001 - 7,000,000 23 133,420,446 7.6
7,000,001 - 9,000,000 19 151,218,170 8.6
9,000,001 - 11,000,000 18 181,016,063 10.3
11,000,001 - 13,000,000 12 142,310,243 8.1
13,000,001 - 15,000,000 7 100,625,424 5.7
15,000,001 - 17,000,000 3 47,321,865 2.7
17,000,001 - 19,000,000 3 53,491,536 3.0
19,000,001 - 21,000,000 2 40,000,000 2.3
21,000,001 - 31,000,000 10 233,990,643 13.3
31,000,001 - 41,000,000 3 112,128,188 6.4
41,000,001 - 61,000,000 3 153,230,000 8.7
61,000,001 - 180,000,000 1 180,000,000 10.2
------------------------------------------------------------------
TOTAL: 193 1,765,243,294 100.0
------------------------------------------------------------------
Min: 578,571 Max: 180,000,000 Average: 9,146,338
------------------------------------------------------------------

STATE
--------------------------------------------------------------
NO. OF AGGREGATE
MORTGAGED CUT-OFF DATE % OF
PROPERTIES BALANCE ($) POOL
--------------------------------------------------------------
California 38 264,386,894 15.0
Southern California 27 203,981,265 11.6
Northern California 11 60,405,629 3.4
New York 9 240,988,423 13.7
Illinois 20 123,382,533 7.0
Texas 12 119,177,115 6.8
Florida 19 102,894,975 5.8
Virginia 7 94,493,877 5.4
Maryland 10 80,966,403 4.6
Washington 9 80,625,391 4.6
New Jersey 7 78,242,691 4.4
Arizona 27 57,116,976 3.2
Other 166 522,968,017 29.6
--------------------------------------------------------------
TOTAL: 324 1,765,243,294 100.0
--------------------------------------------------------------

PROPERTY TYPE
--------------------------------------------------------
NO. OF AGGREGATE
MORTGAGED CUT-OFF DATE % OF
PROPERTIES BALANCE ($) POOL
--------------------------------------------------------
Retail 197 656,304,479 37.2
Office 34 575,342,950 32.6
Hospitality 10 132,937,800 7.5
Multifamily 24 124,623,930 7.1
Industrial 23 122,240,981 6.9
Self Storage 28 109,949,479 6.2
Manufactured Housing
Community 6 29,334,089 1.7
Mixed Use 1 14,386,168 0.8
Land 1 123,419 0.0
--------------------------------------------------------
TOTAL: 324 1,765,243,294 100.0
--------------------------------------------------------

MORTGAGE RATE (%)
--------------------------------------------------------
NO.OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
--------------------------------------------------------
4.7000% - 5.0000% 5 44,917,983 2.5
5.0001% - 5.2500% 29 292,149,910 16.6
5.2501% - 5.5000% 69 666,188,178 37.7
5.5001% - 5.7500% 41 323,333,996 18.3
5.7501% - 6.0000% 30 357,745,276 20.3
6.0001% - 6.2500% 15 63,715,723 3.6
6.2501% - 6.3300% 4 17,192,228 1.0
--------------------------------------------------------
TOTAL: 193 1,765,243,294 100.0
--------------------------------------------------------
Min: 4.7000 Max: 6.3300 Wtd Avg: 5.4994
--------------------------------------------------------

ORIGINAL TERM TO STATED MATURITY OR ARD (MOS)
-----------------------------------------------------
NO.OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
-----------------------------------------------------
60 4 33,310,459 1.9
61 - 84 9 68,137,219 3.9
85 - 120 173 1,648,631,268 93.4
121 - 240 7 15,164,348 0.9
-----------------------------------------------------
TOTAL: 193 1,765,243,294 100.0
-----------------------------------------------------
Min: 60 Max: 240 Wtd Avg: 118
-----------------------------------------------------

REMAINING TERM TO STATED MATURITY OR ARD (MOS)
-------------------------------------------------------
NO.OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
-------------------------------------------------------
56 - 60 4 33,310,459 1.9
61 - 84 9 68,137,219 3.9
85 - 120 173 1,648,631,268 93.4
121 - 227 7 15,164,348 0.9
-------------------------------------------------------
TOTAL: 193 1,765,243,294 100.0
-------------------------------------------------------
Min: 56 Max: 227 Wtd Avg: 116
-------------------------------------------------------

CUT-OFF DATE LOAN-TO-VALUE RATIO (%)
------------------------------------------------------
NO.OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
------------------------------------------------------
6.7 - 40.0 13 104,701,032 5.9
40.1 - 45.0 3 5,481,660 0.3
45.1 - 50.0 10 58,291,941 3.3
50.1 - 55.0 8 46,107,540 2.6
55.1 - 60.0 11 127,512,691 7.2
60.1 - 65.0 26 189,589,055 10.7
65.1 - 70.0 33 232,538,000 13.2
70.1 - 75.0 53 612,347,903 34.7
75.1 - 84.0 36 388,673,473 22.0
------------------------------------------------------
TOTAL: 193 1,765,243,294 100.0
------------------------------------------------------
Min: 6.7 Max: 84.0 Wtd Avg: 67.9
------------------------------------------------------

LOAN-TO-VALUE RATIO AT MATURITY OR ARD (%)
-------------------------------------------------------
NO.OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
-------------------------------------------------------
0.4 - 25.0 11 17,575,170 1.0
25.1 - 30.0 1 14,942,786 0.8
30.1 - 35.0 5 32,934,930 1.9
35.1 - 40.0 12 97,543,801 5.5
40.1 - 45.0 9 70,718,159 4.0
45.1 - 50.0 13 71,559,559 4.1
50.1 - 55.0 33 247,458,076 14.0
55.1 - 60.0 36 271,450,111 15.4
60.1 - 65.0 38 478,500,462 27.1
65.1 - 70.0 27 376,768,414 21.3
70.1 - 71.7 8 85,791,827 4.9
-------------------------------------------------------
TOTAL: 193 1,765,243,294 100.0
-------------------------------------------------------
Min: 0.4 Max: 71.7 Wtd Avg: 58.0
-------------------------------------------------------

DEBT SERVICE COVERAGE RATIOS (X)
--------------------------------------------------------
NO.OF AGGREGATE
MORTGAGE CUT-OFF DATE % OF
LOANS BALANCE ($) POOL
--------------------------------------------------------
1.07 - 1.20 6 18,909,204 1.1
1.21 - 1.30 23 177,189,887 10.0
1.31 - 1.40 41 268,821,661 15.2
1.41 - 1.50 29 207,210,755 11.7
1.51 - 1.60 26 223,483,729 12.7
1.61 - 1.70 20 206,169,181 11.7
1.71 - 1.80 12 270,830,126 15.3
1.81 - 1.90 5 30,442,836 1.7
1.91 - 2.00 5 54,685,113 3.1
2.01 - 2.10 5 77,324,776 4.4
2.11 - 2.20 3 18,491,554 1.0
2.21 - 2.30 1 13,581,074 0.8
2.31 - 2.50 3 35,276,099 2.0
2.51 - 16.19 14 162,827,299 9.2
--------------------------------------------------------
TOTAL: 193 1,765,243,294 100.0
--------------------------------------------------------
Min: 1.07 Max: 16.19 Wtd Avg: 1.73
--------------------------------------------------------

All numerical information concerning the mortgage loans is approximate. All
weighted average information regarding the mortgage loans reflects the weighting
of the mortgage loans based on their outstanding principal balances as of the
Cut-off Date. State and Property Type tables reflect allocated loan amounts in
the case of mortgage loans secured by multiple properties. Original and
Remaining Term to Stated Maturity tables are based on the anticipated repayment
dates for mortgage loans with anticipated repayment dates. The sum of numbers
and percentages in columns may not match the "Total" due to rounding. The
loan-to-value ratios and debt service coverage ratios with respect to each
mortgage loan that has one or more related non-pooled pari passu companion loans
are calculated in a manner that reflects the aggregate indebtedness evidenced by
that mortgage loan and those related non-pooled pari passu companion loans
collectively. The loan-to-value ratios and debt service coverage ratios with
respect to each mortgage loan that has one or more related non-pooled
subordinate loans are calculated in a manner that reflects only the indebtedness
evidenced by that mortgage loan, without regard to the indebtedness evidenced by
those non-pooled subordinate loans.

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

IV. LARGE LOAN DESCRIPTION
----------------------

TEN LARGEST LOANS
-----------------
<TABLE>

------------------------------------------------------------------------------------------------------------------------------------
CUT-OFF BALLOON/
PROPERTY CUT-OFF DATE % OF ROOMS/ LOAN PER U/W DATE ARD
NO. PROPERTY NAME CITY STATE TYPE BALANCE POOL SF ROOM/SF DSCR LTV LTV
-----------------------------------------------------------------------------------------------------------------------------------

1. One MetroTech Center(1) Brooklyn NY Office $180,000,000 10.2% 933,011 $192.92 1.71x 72.9% 64.5%
-----------------------------------------------------------------------------------------------------------------------------------
2. Lock Up Storage Centers
Portfolio(2) Various Various Self Storage $56,330,000 3.2% 1,030,694 $54.65 3.51x 38.6% 35.8%
-----------------------------------------------------------------------------------------------------------------------------------
3. Park Place(3) Florham Park NJ Office $50,900,000 2.9% 351,955 $144.62 2.08x 59.2% 59.2%
-----------------------------------------------------------------------------------------------------------------------------------
4. Ballston Office Center(4) Arlington VA Office $46,000,000 2.6% 178,452 $257.77 1.61x 73.1% 67.8%
-----------------------------------------------------------------------------------------------------------------------------------
5. Marriott Troy(5) Troy MI Hospitality $38,660,000 2.2% 350 $110,457 2.55x 62.8% 51.4%
-----------------------------------------------------------------------------------------------------------------------------------
6. Northwood Centre(6) Tallahassee FL Office $37,500,000 2.1% 421,853 $88.89 1.95x 75.0% 65.6%
-----------------------------------------------------------------------------------------------------------------------------------
7. Kaleidoscope Center Mission Viejo CA Retail $35,968,188 2.0% 219,009 $164.23 1.27x 72.7% 61.4%
-----------------------------------------------------------------------------------------------------------------------------------
8. Alexandria Mall Alexandria LA Retail $27,117,511 1.5% 388,987 $69.71 1.53x 63.4% 53.2%
-----------------------------------------------------------------------------------------------------------------------------------
9. Marriott Houston(7) Houston TX Hospitality $25,280,000 1.4% 390 $64,821 2.36x 67.6% 55.4%
-----------------------------------------------------------------------------------------------------------------------------------
10. Seattle Design Center Seattle WA Retail $24,889,495 1.4% 340,290 $73.14 1.55x 65.2% 54.7%
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE $522,645,193 29.6% 1.99X 66.2% 58.6%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

(1) The loan is interest only for the initial 24 months of the loan term and
thereafter is scheduled to amortize based upon a 360-month amortization
term. The U/W DSCR presented in the table is based on scheduled debt
service prior to the commencement of amortization.

(2) The subject $56,330,000 loan represents the A-Note portion of a $92,180,000
total first mortgage debt. All Loan per SF, LTV and DSCR numbers in this
table are based on the A-Note. The loan is interest only for the initial 60
months of the loan term and thereafter is scheduled to amortize based upon
a 360-month amortization term. The U/W DSCR presented in the table is based
on scheduled debt service prior to the commencement of amortization.

(3) The subject $50,900,000 loan represents the A-Note portion of a $60,000,000
total first mortgage debt. All Loan per SF, LTV and DSCR numbers in this
table are based on the A-Note. The loan is interest only for the entire
loan term. The U/W DSCR presented in the table is based on scheduled debt
service prior to the commencement of amortization.

(4) The loan is interest only for the initial 60 months of the loan term and
thereafter is scheduled to amortize based upon a 360-month amortization
term. The U/W DSCR presented in the table is based on scheduled debt
service prior to the commencement of amortization.

(5) The loan is interest only for the initial 24 months of the loan term and
thereafter is scheduled to amortize based upon a 300-month amortization
term. The U/W DSCR presented in the table is based on scheduled debt
service prior to the commencement of amortization.

(6) The loan is interest only for the initial 24 months of the loan term and
thereafter is scheduled to amortize based upon a 360-month amortization
term. The U/W DSCR presented in the table is based on scheduled debt
service prior to the commencement of amortization.

(7) The loan is interest only for the initial 24 months of the loan term and
thereafter is scheduled to amortize based upon a 300-month amortization
term. The U/W DSCR presented in the table is based on scheduled debt
service prior to the commencement of amortization.

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

V. SUMMARY OF PARI PASSU SPLIT LOAN STRUCTURES(1)
----------------------------------------------

<TABLE>

--------------------------------------------------------------------------------------------------------------------------------
WHETHER NOTE IS HELD WHETHER NOTE IS LEAD
RELATED NOTES IN LOAN BY SERIES 2005-PWR8 SERVICER FOR THE
PROPERTY NAME GROUP (ORIGINAL BALANCE) TRUST FUND HOLDER OF NOTE ENTIRE LOAN GROUP(2)
--------------------------------------------------------------------------------------------------------------------------------

JL Holdings Portfolio Senior A Notes (pari passu with each other)
--------------------------------------------------------------------------------------------------------------------------------
$15,000,000 Yes BSCMSI Series 2005 - PWR8 Yes
--------------------------------------------------------------------------------------------------------------------------------
$15,000,000 No N/A(5) N/A(5)
--------------------------------------------------------------------------------------------------------------------------------
Subordinate B Note
--------------------------------------------------------------------------------------------------------------------------------
29,800,000 N/A(5) N/A(5) N/A(5)
--------------------------------------------------------------------------------------------------------------------------------
Marquis Apartments Senior A Notes (pari passu with each other)
--------------------------------------------------------------------------------------------------------------------------------
$45,000,000 No BSCMSI Series 2005 - PWR7 Yes
--------------------------------------------------------------------------------------------------------------------------------
$5,000,000 Yes BSCMSI Series 2005 - PWR8 No
--------------------------------------------------------------------------------------------------------------------------------
Subordinate B Note
--------------------------------------------------------------------------------------------------------------------------------
None N/A N/A N/A
--------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------
CURRENT SPECIAL
CURRENT MASTER SERVICER SERVICER FOR
PROPERTY NAME FOR SECURITIZED NOTE(3) SECURITIZED NOTE(4)
------------------------------------------------------------------------------

JL Holdings Portfolio
------------------------------------------------------------------------------
Well Fargo Bank, ARCap Servicing, Inc.
National Association
------------------------------------------------------------------------------
N/A(5) N/A(5)
------------------------------------------------------------------------------

------------------------------------------------------------------------------
N/A(5) N/A(5)
------------------------------------------------------------------------------
Marquis Apartments
------------------------------------------------------------------------------
Well Fargo Bank, ARCap Servicing, Inc.
National Association
------------------------------------------------------------------------------
Well Fargo Bank, ARCap Servicing, Inc.
National Association
------------------------------------------------------------------------------

------------------------------------------------------------------------------
N/A N/A
------------------------------------------------------------------------------
</TABLE>

(1) This chart only includes those loans with pari passu loan structures.

(2) Indicates whether the pooling and servicing agreement for the trust that
holds the relevant note or tranche is also the pooling and servicing
agreement under which the entire loan group is principally serviced and
administered.

(3) Indicates the identity of the master servicer for the holder of the
relevant note, whether or not the same entity is the master servicer under
the pooling and servicing agreement under which the entire loan group is
principally serviced and administered.

(4) Indicates the identity of the special servicer for the holder of the
relevant note, whether or not the same entity is the special servicer under
the pooling and servicing agreement under which the entire loan group is
principally serviced and administered.

(5) Not yet securitized.

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

MORTGAGE LOAN NO. 1 -- ONE METROTECH CENTER

[ONE METROTECH CENTER PICTURE OMITTED]

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

[ONE METROTECH CENTER MAP OMITTED]

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

--------------------------------------------------------------------------------
MORTGAGE LOAN NO. 1 -- ONE METROTECH CENTER
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
LOAN INFORMATION
--------------------------------------------------------------------------------
MORTGAGE LOAN SELLER: BSCMI

LOAN PURPOSE: Refinance

ORIGINAL BALANCE: $180,000,000

CUT-OFF DATE BALANCE: $180,000,000

FIRST PAYMENT DATE: 07/01/2005

INTEREST RATE: 5.85700%

AMORTIZATION TERM: Months 1-24: Interest Only

Months 25-120: 360 months

ARD: Yes

ANTICIPATED REPAYMENT DATE: 06/01/2015

MATURITY DATE: 06/01/2035

EXPECTED ARD BALANCE: $159,278,794

SPONSORS: Forest City Enterprises, Inc. and
Bruce Ratner

INTEREST CALCULATION: Actual/360

CALL PROTECTION: 24-payment lockout from date of securitization,
with U.S. Treasury defeasance for the following
92 payments, and open to prepayment without
premium thereafter through maturity.

CUT-OFF DATE BALANCE PER SF: $192.92

UP-FRONT RESERVES: RE Taxes: $1,062,651

Insurance: $15,044

Replacement: $20,000

TI/LC: $3,000,000

Other:(2) $7,153,363

ONGOING RESERVES: RE Taxes: $233,783/month

Insurance:(3) Springing

Replacement: $20,000/month

TI/LC: $25,000/month

Other: $412,500/month

LOCKBOX: Hard
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
PROPERTY INFORMATION
--------------------------------------------------------------------------------
SHADOW RATING (M/F):(1) Baa2/BBB-

SINGLE ASSET/PORTFOLIO: Single Asset

PROPERTY TYPE: Office

PROPERTY SUB-TYPE: Urban

LOCATION: Brooklyn, NY

YEAR BUILT/RENOVATED: 1991/2003-2004

PERCENT LEASED (AS OF): 93.7% (05/01/05)

NET RENTABLE AREA: 933,011

THE COLLATERAL: A 23-story, Class A office property located in
Brooklyn, New York.

OWNERSHIP INTEREST: Leasehold

LEASE
MAJOR TENANTS % NRA RENT PSF EXPIRATION
------------- ----- -------- ----------
Keyspan Energy 39.3% $33.13 02/28/2025
Bear Stearns 31.2% $23.88 06/30/2024
Forest City Ratner Co. 3.8% $30.00 01/31/2007

PROPERTY MANAGEMENT: First New York Partners

U/W NET CASH FLOW: $18,264,031

APPRAISED VALUE (AS OF): $247,000,000 (03/01/05)

CUT-OFF DATE LTV RATIO: 72.9%

LTV RATIO AT ARD: 64.5%

U/W DSCR:(4) 1.71x
--------------------------------------------------------------------------------

(1) Moody's Investors Service, Inc. and Fitch, Inc. have confirmed that the One
Metrotech Center loan has, in the context of its inclusion in the trust,
credit characteristics consistent with that of an obligation rated "Baa2" /
"BBB-", respectively.

(2) This up-front reserve consists of tenant improvements that the borrower
owes Keyspan, ground rent due under the ground lease and principal and
interest payments due under the UDAG loan.

(3) An ongoing escrow springs if the borrower fails to provide lender evidence
of payment of the insurance premiums.

(4) The DSCR is based on the interest only period. The DSCR would be 1.43x
based on the principal and interest payments commencing on July 1, 2007
(after the interest only period).

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

THE ONE METROTECH CENTER LOAN.

THE LOAN. The largest loan (the "One MetroTech Center Loan") is a
$180,000,000 first mortgage loan secured by the borrower's leasehold interest in
a Class A office building located in Brooklyn, New York.

THE BORROWER. The borrower, Forest City Jay Street Associates, LP, is a
single purpose entity that owns no material assets other than the mortgaged
property and related interests (other than as described under "Common Area
Interest" below). The general partner of the borrower is structured with two
independent directors. A non-consolidation opinion was delivered at origination.
The borrower is sponsored by Forest City Enterprises, Inc. ("FCE"; NYSE: FCY)
and Bruce Ratner. Together, they established Forest City Ratner Companies
("FCR") in 1985, are headquartered in One MetroTech Center and are principally
engaged in the ownership, development, acquisition and management of premier
commercial and residential real estate throughout New York. Established in 1921,
FCE's $7.3 billion portfolio includes interests in retail centers, apartment
communities, office buildings and hotels in 23 states and the District of
Columbia as of January 31, 2005. FCR's current portfolio is comprised of
approximately 6 million square feet of GLA in operation, 1.2 million square feet
under construction and another 1.5 million square feet under development.

THE PROPERTY. One MetroTech Center is a 23-story office building with an
attached 270-car garage. The property was constructed in 1991 and was renovated
in 2003 and 2004. The property is part of the MetroTech Center which is a 7.6
million square foot, eleven building, commercial, academic and high technology
complex located on a ten-block, sixteen-acre site in the center of downtown
Brooklyn. FCR was the developer of MetroTech Center. One MetroTech Center is
located directly above the Jay Street/Borough Hall subway stop, which offers
both express and local subway service on the A, C and F lines to points in
Manhattan, Brooklyn and Queens. Additionally, the New York Marriott at Brooklyn
Bridge is located directly across the street from the property.

SIGNIFICANT TENANTS: As of May 1, 2005, One MetroTech Center was
approximately 93.7% leased by 16 tenants and approximately 84% of the NRA is
leased to investment grade rated tenants.

Keyspan Energy ("Keyspan"; NYSE: KSE; rated A/A3/A- by S/M/F) leases
366,445 sq.ft. (39.3% of the NRA) under a lease for $33.13psf expiring in
February 2025. Keyspan is headquartered in One MetroTech Center and operates in
the gas distribution, electric services, energy services and energy investments
segments. A member of the Standard & Poor's 500 Index, KeySpan Corporation
(NYSE: KSE) is a distributor of natural gas in the United States and serves
approximately 2.6 million customers in the Northeast. KeySpan is an electric
generator in New York State, with approximately 6,600 megawatts of generating
capacity that provides power to 1.1 million customers of the Long Island Power
Authority (LIPA) on Long Island and supplies approximately 25 percent of New
York City's capacity needs.

Bear Stearns (NYSE: BSC; rated A/A1/A+ by S/M/F) leases 291,044 sq.ft.
(31.2% of the NRA) under a lease for $23.88psf expiring in June 2024 with one
10-year extension option. Bear Stearns is an investment banking, securities and
derivatives trading and brokerage firm that serves corporations, governments,
institutional and individual investors worldwide. Bear Stearns is headquartered
in New York City and currently employs approximately 11,000 people worldwide.
Bear Stearns had total capital of $48.5 billion (as of February 28, 2005) and
total assets of $255.9 billion (as of November 30, 2004).

Forest City Ratner Co. leases 35,794 sq.ft. (3.8% of the NRA) under a lease
for $30.00psf expiring in January 2007. Forest City Ratner Co. ("FCR") was
founded in 1985 by Forest City Enterprises, Inc. and Bruce Ratner, the sponsors.
FCR is headquartered in One MetroTech Center and is principally engaged in the
ownership, development, acquisition and management of premier commercial and
residential real estate throughout New York. FCR's current portfolio is
comprised of approximately 6 million square feet of GLA in operation, 1.2
million square feet under construction and another 1.5 million under
development. FCR is an affiliate of the borrower.

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

--------------------------------------------------------------------------------
LEASE EXPIRATION SCHEDULE (1)
--------------------------------------------------------------------------------
# OF LEASES TOTAL SF % OF TOTAL CUMULATIVE CUMULATIVE %
YEAR EXPIRING EXPIRING SF EXPIRING TOTAL SF OF SF EXPIRING
--------------------------------------------------------------------------------
MTM 2 8,785 0.9% 8,785 0.9%
2005 1 23,812 2.6% 32,597 3.5%
2006 1 4,172 0.4% 36,769 3.9%
2007 4 82,883 8.9% 119,652 12.8%
2008 1 4,200 0.5% 123,852 13.3%
2010 1 25,000 2.7% 148,852 16.0%
2012 2 56,531 6.1% 205,383 22.0%
2013 1 4,500 0.5% 209,883 22.5%
THEREAFTER 3 663,945 71.2% 873,828 93.7%
VACANT NAP 59,183 6.3% 933,011 100.0%
--------------------------------------------------------------------------------
TOTAL 16 933,011 100.0%
--------------------------------------------------------------------------------

(1) The above table represents the rollover at the property through year-end
2015. Years in which there are no lease expirations have been excluded.

PROPERTY MANAGEMENT. The property is managed by First New York Partners, an
affiliate of the borrower.

ADDITIONAL INDEBTEDNESS. The borrower has incurred additional indebtedness
of $8 million to a New York City agency through an Urban Development Action
Grant ("UDAG"). The One MetroTech Center Loan is structured with a debt service
reserve for the UDAG Loan. The UDAG Loan is fully subordinated and subject to a
standstill agreement pursuant to which the holder of the UDAG Loan is required
to stand still for 6 months. Additionally, the One MetroTech Center Loan
documents permit pledges of interests in Forest City Rental Properties ("FCRP")
in connection with corporate level financings. In addition, FCRP may create a
new entity with a smaller net worth and pledge interests therein provided such
entity must have a substantial net worth and the borrower must first obtain a
confirmation of no downgrade from the rating agencies with respect to the One
MetroTech Center Loan.

COMMON AREA INTEREST. In addition to its ownership of the mortgaged
property, the borrower owns, and has pledged to the lender as additional
security for the One MetroTech Center Loan, an equity interest in a New York
general partnership that owns certain common area that is part of the MetroTech
Center. The borrower has an obligation to make limited rental payments for this
common area. The borrower may have additional liability with respect to its
ownership interests in this equity (and indirectly, the common area) to the
extent not covered by insurance.

GROUND LEASE. The property is encumbered by a ground lease that expires
March 10, 2087. The ground lease base rent per annum is $415,000. In addition to
the base rent, the ground lease structure requires payments totaling $25.7
million over the term of the One MetroTech Center Loan. The One MetroTech Center
Loan is structured with an annual escrow in the amount of $4.55 million over the
term of the One MetroTech Center Loan to cover the payments under the ground
lease that are in excess of the base rent.

RELEASE AND SUBSTITUTION OF PARCELS. Not Allowed.

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

[THIS PAGE INTENTIONALLY LEFT BLANK]

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

MORTGAGE LOAN NO. 2 -- LOCK UP STORAGE CENTERS PORTFOLIO

[LOCK UP STORAGE CENTERS PORTFOLIO PICTURES OMITTED]

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

[LOCK UP STORAGE CENTERS PORTFOLIO MAP OMITTED]

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

--------------------------------------------------------------------------------
MORTGAGE LOAN NO. 2 -- LOCK UP STORAGE CENTERS PORTFOLIO
--------------------------------------------------------------------------------

LOAN PURPOSE: Refinance

ORIGINAL BALANCE:(1) $56,330,000

CUT-OFF DATE BALANCE:(1) $56,330,000

FIRST PAYMENT DATE: 07/05/2005

INTEREST RATE: 5.29000%

AMORTIZATION TERM: Months 1-60: Interest Only
Months 61-120: 360 months

ARD: No

ANTICIPATED REPAYMENT DATE: NAP

MATURITY DATE: 06/05/2015

EXPECTED MATURITY BALANCE:(1) $52,249,647

SPONSOR: Lock Up Evergreen, LLC

INTEREST CALCULATION: Actual/360

CALL PROTECTION: 23-payment lockout from the first payment date,
with the greater of 1% or Yield Maintenance
until 30 days prior to the maturity date when
it is open to prepayment without premium.

CUT-OFF DATE BALANCE PER SF:(1) $54.65

UP-FRONT RESERVES: TI/LC:(2) $6,500,000

Other:(3) $1,724,000

ONGOING RESERVES: NAP

LOCKBOX: Hard
--------------------------------------------------------------------------------

SINGLE ASSET/PORTFOLIO: Portfolio

PROPERTY TYPE: Self-Storage

PROPERTY SUB-TYPE: Self-Storage

LOCATION: See Table Below

YEAR BUILT/RENOVATED: Various

PERCENT LEASED (AS OF): 66.1% (04/07/05)

NET RENTABLE AREA: 1,030,694

THE COLLATERAL: 15 cross-collateralized self-storage properties
located in Illinois, New Jersey and Florida.

OWNERSHIP INTEREST: Fee (14); Leasehold (1)

PROPERTY MANAGEMENT: SHS Development Company

U/W NET CASH FLOW: $10,607,727

APPRAISED VALUE (AS OF):(5) $145,990,000 (See footnote)

CUT-OFF DATE LTV RATIO:(1)(5) 38.6%

LTV RATIO AT MATURITY:(1)(5) 35.8%

U/W DSCR:(1)(6) 3.51x
--------------------------------------------------------------------------------

(1) The subject $56,330,000 loan represents the A-Note portion of a $92,180,000
total first mortgage debt. All Loan per SF, LTV and DSCR numbers in this
table are based on the A-Note. All LTV calculations are based on the
appraised "As Is" value.

(2) The borrower deposited $6,500,000 at origination to be held as additional
security for the debt. Within 90 days from the origination date, the
borrower is required under the Loan Agreement to replace the deposit with a
letter of credit in the amount of $6,500,000 (the "Lease Up LC") which will
be held until Stabilization of the combined portfolio. The Lease Up LC will
be reduced to $3,250,000 following achievement of an annualized trailing
six month NOI of no less than $9,650,000, and fully released following
achievement of Stabilization. According to the loan documents,
"Stabilization" will be achieved when the combined portfolio reaches an
annualized trailing six month NOI of $11,000,000 as well as a physical
occupancy of no less than 75% of the total rentable space.

(3) The borrower delivered a letter of credit at origination in the amount of
$1,724,000 that represents the estimated purchase price of the fee interest
in the 2600 Old Willow Road property pursuant to the related ground lease.
See "Ground Lease" below for additional information relating to the
purchase option.

(4) Moody's Investors Service, Inc. and Fitch, Inc. have confirmed that the
Lock Up Storage Centers Portfolio loan has, in the context of its inclusion
in the trust, credit characteristics consistent with that of an obligation
rated "A2" / "A", respectively.

(5) Appraisal as-of dates range from March 31, 2005 to April 8, 2005. The
appraiser also concluded an "As-Stabilized" value of $151,640,000 for the
portfolio. The Cut-off Date LTV Ratio and LTV Ratio at Maturity of the
$92,180,000 total first mortgage debt are 63.1% and 58.6%, respectively.

(6) The DSCR is based solely on the A-Note portion during the interest only
period. The DSCR solely on the A-Note portion would be 2.83x based on the
principal and interest payment due on July 5, 2010 (after the interest only
period). The DSCR based on the total first mortgage debt during the
interest only period is 2.07x. The DSCR based on the total first mortgage
debt would be 1.69x, based on the principal and interest payment due on
July 5, 2010 (after the interest only period).

THE LOCK UP STORAGE CENTERS PORTFOLIO LOAN.

THE LOAN. The second largest loan (the "Lock Up Storage Centers Portfolio
Loan") is a $56,330,000 A-Note (the "A-Note"), which is the senior portion of a
$92,180,000 first mortgage loan originated by Prudential Mortgage Capital
Company, LLC, an affiliate of PMCF. The junior portion of the $92,180,000 loan
is in the amount of $35,850,000 (the "B-Note") and is currently held by The
Prudential Insurance Company of America. The A-Note and the B-Note have the same
maturity date, and the B-Note has a

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

fixed interest rate of 5.86% on a 30/360 basis. The Lock Up Storage Centers
Portfolio Loan is secured by 15 cross-collateralized self-storage properties
located in various locations throughout Illinois, New Jersey and Florida.

THE BORROWER. The borrowers consist of 15 separate bankruptcy-remote
single-purpose entities that are directly wholly-owned by the sponsor, Lock Up
Evergreen, LLC, a Delaware limited liability company. Each borrower owns no
material assets other than the related property and related interests. The board
of directors of each borrower has one independent director. A non-consolidation
opinion was delivered at origination. Lock Up Evergreen, LLC is a long-term
strategic joint venture relationship between The Lock Up Self Storage Centers
and Evergreen Real Estate Partners.

THE PROPERTIES. The collateral consists of 15 cross-collateralized
stabilized and pre-stabilized self-storage facilities with approximately 11,698
rental units totaling approximately 1,030,694 net rentable square feet. Eleven
properties are stabilized, totaling approximately 8,252 units with 738,589 net
rentable square feet and averaging approximately 79.1% physical occupancy as of
April 2005. The remaining four pre-stabilized properties total approximately
3,446 units with 292,105 net rentable square feet and have an average physical
occupancy of approximately 33.3% as of April 2005. Overall, the portfolio is
approximately 66.1% occupied as of April 2005.

More specific information about each property is set forth in the chart
below:

<TABLE>

------------------------------------------------------------------------------------------------------------------------
"AS-IS"
YEAR BUILT/ APPRAISED
PROPERTY LOCATION RENOVATED UNITS NRSF OCCUPANCY(1) U/W NCF VALUE
------------------------------------------------------------------------------------------------------------------------

Stabilized Properties
747 Milwaukee Ave. Glenview, IL 1987 869 73,577 68.50% $395,211 $5,610,000
2600 Old Willow Rd. Northbrook,IL 1976/1995 703 71,731 87.20% $514,913 $6,950,000
431 Ogden Ave. Lisle, IL 1998 484 55,627 85.80% $429,490 $6,200,000
125 Bergenline Ave. Westwood, NJ 1999 432 43,025 89.70% $574,713 $8,000,000
800 Frontage Rd. Northfield, IL 1996 253 28,424 98.10% $371,027 $5,430,000
1930 N. Clybourne Ave. Chicago, IL 2000 1,090 97,993 81.60% $1,345,847 $19,500,000
350 W. Kinzie St. Chicago, IL 1904/2000 1,101 71,683 76.20% $1,004,906 $13,300,000
1401 N. Plum Grove Rd. Schaumburg, IL 1998/2002 726 88,689 67.00% $441,939 $7,350,000
1400 S. Skokie Hwy. Lake Forest, IL 1996/2001 877 75,694 73.00% $901,851 $14,400,000
2525 W. Armitage Ave. Chicago, IL 2000 718 58,226 76.40% $338,298 $6,600,000
305 Eisenhower Pkwy. Livingston, NJ 2002 999 73,920 85.60% $1,036,859 $14,200,000
------------------------------------------------------------------------------------------------------------------------
Stabilized Subtotal/Wtd. Avg. 8,252 738,589 79.09% $7,355,054 $107,540,000

Pre-Stabilized Properties
750 Busse Highway Park Ridge, IL 2004 880 72,861 25.40% $874,019 $10,580,000
5250 Golf Rd. Skokie, IL 2005 1,049 94,423 3.90% $1,126,848 $11,000,000
995 Golden Gate Pkwy. Naples, FL 2002 708 57,013 59.00% $560,784 $7,280,000
1200 Pine Ridge Rd. Naples, FL 2003 809 67,808 61.20% $691,023 $9,590,000
------------------------------------------------------------------------------------------------------------------------
Pre-Stabilized Subtotal/Wtd. Avg. 3,446 292,105 33.32% $3,252,674 $38,450,000

TOTAL PORTFOLIO/WTD. AVG. 11,698 1,030,694 66.12% $10,607,727 $145,990,000
------------------------------------------------------------------------------------------------------------------------
(1) AS PER A BORROWER PROVIDED RENT ROLL DATED 4/7/05
------------------------------------------------------------------------------------------------------------------------
</TABLE>

PROPERTY MANAGEMENT. The properties are managed by SHS Development Company,
an Illinois corporation.

ADDITIONAL INDEBTEDNESS. The properties also secure a subordinate
$35,850,000 B-Note. The B-Note will not be included in the trust. The holder of
the B-Note will have various consent rights with respect to material servicing
decisions, a right to appoint or replace the special servicer, a right to cure
defaults and an option to purchase the A-Note under certain circumstances. For
more information with respect to these rights, see "Description of the Mortgage
Pool-Certain Characteristics of the Mortgage Pool-Pari Passu, Subordinate and
Other Financing-Split Loan Structures" and "Servicing of the Mortgage Loans
Under the Series 2005-PWR8 Pooling and Servicing Agreement-Lock Up Storage
Centers Portfolio Non-Pooled Subordinate Noteholder" in the Prospectus
Supplement.

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

GROUND LEASE. One of the borrowers, Northfield Self Storage Centers, LLC
("Northfield"), owns the leasehold interest in the 2600 Old Willow Road property
pursuant to a ground lease with an unaffiliated third party. The ground lease
expires on November 30, 2011 (subject to an extension for the 30-day option
period thereafter) and monthly payments are currently $6,250. The monthly
payments are subject to an adjustment every third year based on a new appraised
value. The last appraised valuation took place on January 1, 2004. At the
expiration of the ground lease, Northfield has a purchase option that extends
for 30 days thereafter, which Northfield is required to exercise under the loan
documents. This option allows Northfield to purchase the fee interest at a price
equal to 160% of its fair market value as determined by an MAI appraisal. At
origination, Northfield posted a $1,724,000 letter of credit representing the
estimated purchase price of the fee interest at the time of origination. This
amount may be increased in the mortgagee's reasonable discretion based on an MAI
appraisal.

SUBSTITUTION OF PARCELS. Beginning on the later of a) 12 months following
the origination date or b) Stabilization and up until 12 months prior to the
maturity date, the borrowers may substitute up to six portfolio properties in no
more than four separate transactions provided certain conditions are met. These
conditions include but are not limited to (i) the first substitution is required
to be the 2600 Old Willow Road property, so long as the related borrower's
interest is a leasehold; (ii) the substitute property must be a self-storage
property that is similar or better in quality to the proposed replacement
property as described in the loan documents; (iii) the substitution is required
to result in an overall loan-to-value ratio less than or equal to the lesser of
a 65% loan-to-value ratio or the loan-to-value ratio immediately prior to the
substitution, as well as a debt service coverage ratio greater than 1.75x; (iv)
after giving effect to the substitution, the aggregate allocated loan amounts
for the properties as to which substitutions have been effected and as to which
a substitution is proposed must not cumulatively exceed thirty five percent
(35%) of the original principal balance of the Lock Up Storage Centers Portfolio
Loan; and (v) after giving effect to the substitution, the allocated loan
amounts for the properties located in the Chicago MSA must not exceed
seventy-five percent (75%) of the then outstanding principal balance of the Lock
Up Storage Centers Portfolio Loan.

RELEASE OF PARCELS. Beginning on the later of a) 24 months following the
origination date or b) Stabilization and up until 12 months prior to the
maturity date, the borrowers may request the release of up to six portfolio
properties in no more than four separate transactions provided certain
conditions are met. These conditions include but are not limited to (i) the
first release is required to be the 2600 Old Willow Road property, so long as
the related borrower's interest is a leasehold; (ii) the borrowers are required
to prepay the Lock Up Storage Centers Portfolio Loan by an amount equal to 115%
of the allocated loan amount applicable to the released property; (iii) after
giving effect to the release, the remaining properties must have an overall
loan-to-value ratio less than or equal to the lesser of a 65% loan-to-value
ratio or the loan-to-value ratio immediately prior to the release, as well as a
debt service coverage ratio greater than 1.75x; (iv) the monthly principal
amortization payments must be reduced to reflect the reductions in the principal
balance for the remainder of the term; (v) after giving effect to the release,
the aggregate allocated loan amounts for the properties as to which releases
have been effected and as to which a release is proposed must not cumulatively
exceed thirty five percent (35%) of the original principal balance of the Lock
Up Storage Centers Portfolio Loan; and (vi) after giving effect to the release,
the allocated loan amounts for the properties located in the Chicago MSA must
not exceed seventy-five percent (75%) of the then outstanding principal balance
of the Lock Up Storage Centers Portfolio Loan.

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

[THIS PAGE INTENTIONALLY LEFT BLANK]

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

MORTGAGE LOAN NO. 3 -- PARK PLACE

[PARK PLACE PICTURES OMITTED]

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

[PARK PLACE MAP OMITTED]

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

--------------------------------------------------------------------------------
MORTGAGE LOAN NO. 3 -- PARK PLACE
--------------------------------------------------------------------------------

LOAN PURPOSE: Refinance

ORIGINAL BALANCE: $50,900,000

CUT-OFF DATE BALANCE: $50,900,000

FIRST PAYMENT DATE: 02/03/2005

INTEREST RATE: 5.67000%

AMORTIZATION TERM: Interest Only

ARD: No

ANTICIPATED REPAYMENT DATE: NAP

MATURITY DATE: 01/03/2015

EXPECTED MATURITY BALANCE: $50,900,000

SPONSOR: Advance Realty Group, LLC

INTEREST CALCULATION: Actual/360

CALL PROTECTION: 24-payment lockout from the date of
securitization, with U.S. Treasury defeasance for
the following 87 payments, and open to prepayment
without premium thereafter through the maturity
date.

CUT-OFF DATE BALANCE PER SF: $144.62

UP-FRONT RESERVES: RE Taxes: $139,641

TI/LC: $6,175,000

Other: (1) See Footnote

ONGOING RESERVES: RE Taxes: $46,547/month

TI/LC: (2) Springing

LOCKBOX: None
--------------------------------------------------------------------------------

SINGLE ASSET/PORTFOLIO: Single Asset

PROPERTY TYPE: Office

PROPERTY SUB-TYPE: Suburban

LOCATION: Florham Park, NJ

YEAR BUILT/RENOVATED: 1975 and 1977 / 2001

PERCENT LEASED (AS OF): 93.7% (04/04/05)

NET RENTABLE AREA: 351,955

THE COLLATERAL: Four 3-story, Class A office buildings located in
Florham Park, New Jersey.

OWNERSHIP INTEREST: Fee

LEASE
MAJOR TENANTS % NRA RENT PSF EXPIRATION
------------- ----- -------- ----------
Altana, Inc. 33.7% $28.63 07/31/2013
Global Crossing 15.5% $32.00 04/30/2010
Development Co.
Odyssey Pharmaceuticals, Inc. 14.5% $28.35 11/30/2015

PROPERTY MANAGEMENT: Advance Realty Management, Inc.

U/W NET CASH FLOW: $6,094,168

APPRAISED VALUE (AS OF):(3) $86,000,000 (09/01/05)

CUT-OFF DATE LTV RATIO:(3) 59.2%

LTV RATIO AT MATURITY:(3) 59.2%

U/W DSCR:(4) 2.08x
--------------------------------------------------------------------------------

(1) Advance Realty Group has provided a personal guaranty in the amount of
$3,150,000 due to free rent in place at the property. This guaranty will be
released upon the earlier of (1) the property maintaining contractual
payments of base rent of at least $733,500 per month without concessions or
(2) October 31, 2005, the date by which the majority of the free rent
expires. Additionally, Advance Realty Group will provide a personal
guarantee in the amount of $1,600,000 in the event that (1) the DSCR is not
equal to or greater than 1.50x and (b) Global Crossing does not exercise
their renewal option and borrower does not provide evidence of an
acceptable replacement tenant prior to the lease expiration of April 30,
2010. This guarantee is being provided to cover the cost to complete any
tenant improvements and leasing commissions associated with the Global
Crossing space. Lastly, the borrower has given a collateral assignment of
the letter of credit in the amount of approximately $1,600,000 which was
posted by Global Crossing as a security deposit. This security deposit
reduces annually beginning April 2006.

(2) Beginning January 3, 2011, the borrower is required to deposit monthly
escrow payments of $26,350 for TI/LC's to be capped at $1,580,000. Once the
cap is reached, payments will be suspended until it is reduced below the
cap at which time the monthly escrow payments will commence again until the
cap is reached.

(3) The Appraised Value and LTV for Park Place is based on the "Stabilized"
value of $86,000,000 as of September 1, 2005. The "Stabilized" value
assumes the occupancy has stabilized and rental abatements have expired.
The occupancy as of April 4, 2005 was 93.7%. Based on the "As-Is" Value as
of May 1, 2005 of $83,000,000, the LTV is 61.3%.

(4) The DSCR is based solely on the A-Note portion. The DSCR based on the total
first mortgage debt during the interest only period is 1.73x.

THE PARK PLACE LOAN.

THE LOAN. The third largest loan (the "Park Place Loan") is a $50,900,000
Note A that is part of a $60,000,000 first mortgage loan secured by the
borrower's fee interest in an office building on a 29.89 acre site in Florham
Park, New Jersey, known as Park Place.

THE BORROWER. The borrower, Advance at Park Place, LLC, is a single purpose
entity that owns no material assets other than the mortgaged property and
related interests. The borrower is a single purpose entity whose managing member
has an independent director. A non-consolidation opinion was delivered at
origination. The borrower is ultimately controlled by Advance Realty Group, LLC.

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

THE PROPERTY. Park Place consists of four 3-story office buildings
containing approximately 351,955 square feet. The property was constructed in
1975 and 1977. Borrower purchased the mortgaged property in 2000, tore it down
to structural steel and reconstructed the buildings in 2001. Redevelopment costs
were $41,500,000. The property is located adjacent to Route 24 and is 1/8 mile
from the Route 24 Columbia Turnpike interchange.

SIGNIFICANT TENANTS: Based on the rent roll provided by the borrower dated
as of April 4, 2005, the property was approximately 93.7% leased.

Altana, Inc. ("Altana") leases a total of 118,633 sq.ft. (33.7% of the NRA)
for $28.63psf expiring in July 2013. Altana is the managing group for the U.S.
operation of Altana Pharma AG, a division of Altana AG. Altana AG is an
international pharmaceuticals and chemicals company.

Global Crossing Development Co. ("Global Crossing") leases a total of
54,660 sq.ft. (15.5% of the NRA) for $32.00psf expiring in April 2010. Global
Crossing is an international telecommunication services company. The mortgaged
property is the world headquarters for Global Crossing.

Odyssey Pharmaceuticals, Inc. ("Odyssey") leases 50,948 sq. ft. (14.5% of
the NRA) for $28.35psf expiring in November 2015. Odyssey is a wholly owned
subsidiary of PLIVA d.d., a pharmaceutical company. PLIVA d.d. has entered into
a guaranty of all of Odyssey's obligations under its lease. The borrower was
recently informed that Odyssey no longer intends to occupy the mortgaged
property and intends to move out over the next 6-12 months. The borrower was
further informed that Odyssey has contacted a realty firm to locate a subtenant
for the leased space.

--------------------------------------------------------------------------------
LEASE EXPIRATION SCHEDULE (1)
--------------------------------------------------------------------------------
YEAR # OF LEASES TOTAL SF % OF TOTAL CUMULATIVE CUMULATIVE %
EXPIRING EXPIRING SF EXPIRING TOTAL SF OF SF EXPIRING
------------------------------------- ------------------------------------------
2009 1 7,139 2.0% 7,139 2.0%
2010 3 59,084 16.8% 66,223 18.8%
2012 2 22,487 6.4% 88,710 25.2%
2013 5 118,633 33.7% 207,343 58.9%
THEREAFTER 4 122,497 34.8% 329,840 93.7%
VACANT NAP 22,115 6.3% 351,955 100.0%
------------------------------------- ------------------------------------------
TOTAL 15 351,955 100.0%
--------------------------------------------------------------------------------

(1) The above table represents the rollover at the property through year-end
2014. Years in which there are no lease expirations have been excluded.

PROPERTY MANAGEMENT. The property is managed by Advance Realty Management,
Inc., an affiliate of the borrower.

ADDITIONAL INDEBTEDNESS. The property is currently encumbered by a
$9,100,000 Note B, which is subordinated to the Note A pursuant to a co-lender
agreement between the holders of the Note A and the Note B. For more information
with respect to these rights, see "Description of the Mortgage Pool-Certain
Characteristics of the Mortgage Pool-Pari Passu, Subordinate and Other
Financing-Split Loan Structures" and "Servicing of the Mortgage Loans Under the
Series 2005-PWR8 Pooling and Servicing Agreement-PCF Non-Pooled Subordinate
Noteholder" in the Prospectus Supplement.

GROUND LEASE. None.

RELEASE OF PARCELS. Not Allowed.

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

MORTGAGE LOAN NO. 4 -- BALLSTON OFFICE CENTER

[BALLSTON OFFICE CENTER PICTURE OMITTED]

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

[BALLSTON OFFICE CENTER MAP OMITTED]

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

--------------------------------------------------------------------------------
MORTGAGE LOAN NO. 4 -- BALLSTON OFFICE CENTER
--------------------------------------------------------------------------------

LOAN PURPOSE: Acquisition

ORIGINAL BALANCE: $46,000,000

CUT-OFF DATE BALANCE: $46,000,000

FIRST PAYMENT DATE: 06/01/2005

INTEREST RATE: 5.19400%

AMORTIZATION TERM: Months 1-60: Interest Only
Months 61-120: 360 months

ARD: No

ANTICIPATED REPAYMENT DATE: NAP

MATURITY DATE: 05/01/2015

EXPECTED MATURITY BALANCE: $42,616,483

SPONSOR: Forest City Enterprises, Inc.

INTEREST CALCULATION: Actual/360

CALL PROTECTION: 24-payment lockout from date of securitization,
with U.S. Treasury defeasance for the following
91 payments, and open to prepayment without
premium thereafter through maturity.

CUT-OFF DATE BALANCE PER SF: $257.77

UP-FRONT RESERVES: Deferred
Maintenance: $136,875

Replacement: $2,923

TI/LC: $372,549

Other:(1) $516,140

ONGOING RESERVES: RE Taxes:(2) Springing

Insurance:(2) Springing

Replacement: $2,923/month

TI/LC: (2) $14,583/month
LOCKBOX: Hard
--------------------------------------------------------------------------------

SINGLE ASSET/PORTFOLIO: Single Asset

PROPERTY TYPE: Office

PROPERTY SUB-TYPE: Urban

LOCATION: Arlington, VA

YEAR BUILT/RENOVATED: 1986/NAP

PERCENT LEASED (AS OF): 94.4% (04/15/05)

NET RENTABLE AREA: 178,452

THE COLLATERAL: An 8-story, Class A office building
located in Arlington, Virginia.

OWNERSHIP INTEREST: Fee

LEASE
MAJOR TENANTS % NRA RENT PSF EXPIRATION
------------- ----- -------- ------------
U.S. Coast Guard 73.1% $32.16 06/30/2006(3)
Council of Better
Business 12.2% $32.45 11/30/2013
Global Knowledge Network 9.1% $28.13 08/31/2007

PROPERTY MANAGEMENT: Forest City Commercial Management, Inc.

U/W NET CASH FLOW: $3,904,028

APPRAISED VALUE (AS OF): $62,900,000 (04/30/05)

CUT-OFF DATE LTV RATIO: 73.1%

LTV RATIO AT MATURITY: 67.8%

U/W DSCR: (4) 1.61x
--------------------------------------------------------------------------------

(1) The other escrow includes 100% of the environmental remediation costs
identified ($32,400), one year of rent for the U.S. Coast Guard tenant in
holdover ($266,860) and a tenant improvement escrow for the Counsil of
Better Business ($216,880).

(2) An ongoing escrow springs if the borrower fails to provide lender evidence
of payment of the real estate taxes and/or insurance premiums. An ongoing
TI/LC reserve of $10psf springs if the United States Coast Guard fails to
renew any portion of their space 12 months prior to the lease expiration
date.

(3) The U.S. Coast Guard occupies several spaces with staggered expiration
dates. 46,502 sq.ft. expires in 2006, 35,526 sq.ft. expires in 2009 and
48,477 sq.ft. expires in 2013. In addition, 6,065 sq.ft. of the vacant
space is anticipated to be leased to the U.S. Coast Guard, with a lease out
for signature.

(4) The DSCR is based on the interest only period. The DSCR would be 1.29x
based on the principal and interest payments commencing on June 1, 2010
(after the interest only period).

THE BALLSTON OFFICE CENTER LOAN.

THE LOAN. The fourth largest loan (the "Ballston Office Center Loan") is a
$46,000,000 first mortgage loan secured by the borrower's fee simple interest in
the Ballston Office Center located in Arlington, Virginia.

THE BORROWER. The borrower, Ballston Office Center, LLC, is a single
purpose entity that owns no material assets other than the mortgaged property
and related interests. The managing member of the borrower is structured with
one independent director. A non-consolidation opinion was delivered at
origination. The borrower is sponsored by Forest City Enterprises, Inc. ("Forest
City"). Forest City is a publicly traded real estate company and is principally
engaged in the ownership, development, acquisition and

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

management of commercial and residential real estate throughout the United
States. Established in 1921, Forest City's $7.3 billion portfolio includes
interests in retail centers, apartment communities, office buildings and hotels
in 23 states and the District of Columbia as of January 31, 2005.

THE PROPERTY. The Ballston Office Center is a 178,452 square foot, 8-story,
Class A office building built on top of the Ballston Common Mall, located in
Arlington, Virginia. The Ballston Office Center was built in 1986 on air rights
on the southern perimeter of the Ballston Common Mall. The Ballston Common Mall
is owned by Forest City. The office is accessible through the dedicated office
lobby on Wilson Boulevard or through a hallway that connects the lobby to the
2nd floor of the Ballston Common Mall. The property is located less than two
blocks from the Ballston-Marymount University Metrorail Station and parking is
provided on site. The property is located approximately five miles west of
downtown Washington D.C. and is accessible by several nearby bridges. The Ronald
Reagan Washington National Airport is located approximately seven miles
southeast of the property. According to CB Richard Ellis' 1st quarter 2005
Northern Virginia office market report, the Ballston submarket vacancy and
average rent were 10% and $31.78, respectively.

SIGNIFICANT TENANTS: As of April 15, 2005, the Ballston Office Center was
approximately 94.4% leased by 3 tenants and approximately 73% of the NRA is
leased to investment grade rated tenants.

The U.S. Coast Guard (GSA) (implied rating of AAA) leases 130,505 sq.ft.
(73.1% of the NRA) under leases for $32.16psf expiring at various dates in 2006,
February 2009 and June 2013. The U.S. Coast Guard has been at the property since
1991. The U.S. Coast Guard is a military organization that was founded 211 years
ago and is responsible for maritime safety, protection of natural resources,
mobility, maritime security, and national defense. As of July 2004, the U.S.
Coast Guard reported 91,300 employees. The U.S. Coast Guard lease is subject to
congressional budget appropriations.

Council of Better Business ("BBB") leases 21,688 sq.ft. (12.2% of the NRA)
under a lease for $32.45psf expiring in November 2013. BBB is a private,
non-profit organization developed to monitor and report marketplace activities
to the public. There are more than 135 Bureau offices in the U.S., Canada and
Puerto Rico. Each office maintains files on companies headquartered in its
service area, which may extend as far as a 200-mile radius. The borrower has
reported that it has received notice from BBB that BBB intends to sublease its
space.

Global Knowledge Network ("Global Knowledge") leases 16,180 sq.ft. (9.1% of
the NRA) under a lease for $28.13psf expiring in August 2007. Global Knowledge
is a privately held provider of training, enterprise learning services and
software solutions for information technology and management professionals.
Founded in 1995, Global Knowledge employs more than 800 people worldwide and is
headquartered in Cary, North Carolina. The company is owned by New York-based
investment firm Welsh, Carson, Anderson, and Stowe. Global Knowledge offers 700
courses in 13 languages, including vendor-specific training for Cisco, Nortel,
Microsoft, Oracle, Red Hat and Foundstone technologies and certifications, as
well as application and web development, operating systems, networking and
wireless, security, telephony, project management and professional skills
training.

--------------------------------------------------------------------------------
LEASE EXPIRATION SCHEDULE (1)
--------------------------------------------------------------------------------
YEAR # OF LEASES TOTAL SF % OF TOTAL CUMULATIVE CUMULATIVE %
EXPIRING EXPIRING SF EXPIRING TOTAL SF OF SF EXPIRING
--------------------------------------------------------------------------------
2006 2 46,502 26.1% 46,502 26.1%
2007 2 16,180 9.1% 62,682 35.1%
2009 4 35,526 19.9% 98,208 55.0%
2013 2 70,165 39.3% 168,373 94.4%
VACANT NAP 10,079 5.6% 178,452 100.0%
--------------------------------------------------------------------------------
TOTAL 10 178,452 100.0%
--------------------------------------------------------------------------------
(1) The above table represents the rollover at the property through year-end
2013. Years in which there are no lease expirations have been excluded.

PROPERTY MANAGEMENT. The property is managed by Forest City Commercial
Management, Inc., an affiliate of the borrower.

ADDITIONAL INDEBTEDNESS. Not Allowed.

GROUND LEASE. None.

RELEASE OF PARCELS. Not Allowed.

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

MORTGAGE LOAN NO. 5 -- MARRIOTT TROY

--------------------------------------------------------------------------------

[PICTURE OMITTED]

--------------------------------------------------------------------------------

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

--------------------------------------------------------------------------------

[Map OMITTED]

--------------------------------------------------------------------------------

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

<TABLE>

-----------------------------------------------------------------------------------------------------------------------------------
MORTGAGE LOAN NO. 5 -- MARRIOTT TROY
-----------------------------------------------------------------------------------------------------------------------------------
LOAN INFORMATION PROPERTY INFORMATION
---------------------------------------------------------------- ---------------------------------------------------------------

MORTGAGE LOAN SELLER: BSCMI SHADOW RATING: NAP

LOAN PURPOSE: Refinance SINGLE ASSET/PORTFOLIO: Single Asset

ORIGINAL BALANCE: $38,660,000 PROPERTY TYPE: Hospitality

CUT-OFF DATE BALANCE: $38,660,000 PROPERTY SUB-TYPE: Full Service

FIRST PAYMENT DATE: 06/01/2005 LOCATION: Troy, MI

INTEREST RATE: 5.33850% YEAR BUILT/RENOVATED: 1990 / 2003

AMORTIZATION TERM: Months 1-24: Interest Only OCCUPANCY (AS OF): 67.7% (T-12 - 02/28/05)
Months 25-120: 300 months
ARD: No ROOMS: 350

ANTICIPATED REPAYMENT DATE: NAP

MATURITY DATE: 05/01/2015 THE COLLATERAL: A 16-story, 350-room, full-service
hotel located in Troy, Michigan.
EXPECTED MATURITY BALANCE: $31,664,556

SPONSOR: Sunstone Hotel Investors, Inc.

INTEREST CALCULATION: Actual/360 OWNERSHIP INTEREST: Fee

CALL PROTECTION: 24-payment lockout from date
of securitization, with U.S.
Treasury defeasance for the
following 94 payments, and open
to prepayment without premium on
the maturity date.

PROPERTY MANAGEMENT: Marriott International, Inc.

CUT-OFF DATE BALANCE PER ROOM: $110,457

UP-FRONT RESERVES: RE Taxes: $319,413 U/W NET CASH FLOW: $5,335,263
Other: (1) $670,000 APPRAISED VALUE (AS OF): $61,600,000 (04/01/05)

ONGOING RESERVES: RE Taxes: $79,853 / CUT-OFF DATE LTV RATIO: 62.8%
month

Insurance: (2) Springing LTV RATIO AT MATURITY: 51.4%
LOCKBOX: Springing Hard U/W DSCR: (3) 2.55x
---------------------------------------------------------------- ---------------------------------------------------------------
</TABLE>

(1) The other reserve of $670,000 was held back in conjunction with money the
borrower set aside to fund a renovation program and other repairs.

(2) An ongoing insurance escrow springs if the borrower fails to provide lender
evidence of payment of the insurance premiums.

(3) The DSCR is based on the interest only period. The DSCR would be 1.90x
based on the principal and interest payments commencing on June 1, 2007
(after the interest only period).

THE MARRIOTT TROY LOAN.

THE LOAN. The fifth largest loan (the "Marriott Troy Loan") is a
$38,660,000 first mortgage loan secured by the borrower's fee simple interest in
the Marriott Troy located in Troy, Michigan.

THE BORROWER. The borrower, Sunstone Big Beaver, LLC, is a single purpose
entity that owns no material assets other than the mortgaged property and
related interests. The managing member of the borrower is structured with one
independent director. A non-consolidation opinion was delivered at origination.
The sponsor, Sunstone Hotel Investors, Inc. ("Sunstone"; NYSE: SHO), is a
southern California-based real estate investment trust ("REIT") that owns hotels
throughout the United States. As of December 31, 2004, Sunstone owned 54 hotels,
comprising 13,183 rooms, located in 17 states in the United States. Sunstone's
hotels are operated under brand names including Marriott, Hilton, Hyatt,
InterContinental and Wyndham.

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

THE PROPERTY. The property is a Marriott flagged, 16-story, 350-room
full-service hotel located in Troy, Michigan. The Marriott Troy was built in
1990 and features a fully equipped health club with heated indoor swimming pool,
whirlpool, dry saunas, a sundeck and private locker rooms. There is
approximately 14,000 square feet of meeting space with 15 meeting and banquet
rooms. Over the past two years, approximately $4.5 million, or $12,771 per key,
has been spent in capital improvements on the Marriott Troy. The property is
located on Big Beaver Road near I-75 (a major interstate highway), which is a
major thoroughfare with numerous office buildings and the Somerset Mall.

<TABLE>

--------------------------------------------------------------------------------------------
HISTORICAL PENETRATION PERCENTAGES (1)
--------------------------------------------------------------------------------------------
YEAR OCCUPANCY PENETRATION ADR PENETRATION REVPAR PENETRATION
--------------------- ---------------------- ------------------------ ----------------------

2002 110.6% 122.2% 135.2%
2003 110.9% 124.1% 137.5%
2004 106.6% 125.6% 133.8%
T-12 THROUGH 02/05 107.3% 125.6% 134.8%
--------------------------------------------------------------------------------------------
</TABLE>
(1) The above table is based on data provided by STAR Trend Reports.

PROPERTY MANAGEMENT. The property is managed by Marriott International,
Inc. (NYSE:MAR; rated BBB+/Baa2/BBB by S&P/Moody's/Fitch), a hospitality company
with nearly 2,800 operating units in the United States and 69 other countries
and territories. The company has approximately 128,000 employees and is
headquartered in Washington, D.C.

ADDITIONAL INDEBTEDNESS. Not Allowed.

GROUND LEASE. None.

RELEASE OF PARCELS. Not Allowed.

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

MORTGAGE LOAN NO. 6 -- NORTHWOOD CENTRE

--------------------------------------------------------------------------------

[PICTURE OMITTED]

--------------------------------------------------------------------------------

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

--------------------------------------------------------------------------------

[MAP OMITTED]

--------------------------------------------------------------------------------

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

<TABLE>

-----------------------------------------------------------------------------------------------------------------------------------
MORTGAGE LOAN NO. 6 -- NORTHWOOD CENTRE
-----------------------------------------------------------------------------------------------------------------------------------
LOAN INFORMATION PROPERTY INFORMATION
---------------------------------------------------------------- ---------------------------------------------------------------

MORTGAGE LOAN SELLER: BSCMI SHADOW RATING: NAP
LOAN PURPOSE: Refinance SINGLE ASSET/PORTFOLIO: Single Asset
ORIGINAL BALANCE: $37,500,000 PROPERTY TYPE: Office
CUT-OFF DATE BALANCE: $37,500,000 PROPERTY SUB-TYPE: Suburban
FIRST PAYMENT DATE: 03/01/2005 LOCATION: Tallahassee, FL
INTEREST RATE: 5.34500% YEAR BUILT/RENOVATED: 1969 / 1989
AMORTIZATION TERM: Months 1-24: Interest Only PERCENT LEASED (AS OF): 99.1% (12/07/04)
Months 24-120: 360 months
ARD: Yes NET RENTABLE AREA: 421,853
ANTICIPATED REPAYMENT DATE: 02/01/2015
MATURITY DATE: 02/01/2035 THE COLLATERAL: A 4-building office complex located
in Tallahassee, Florida.
EXPECTED ARD BALANCE: $32,781,177
SPONSOR: UrbanAmerica, L.P. OWNERSHIP INTEREST: Fee
INTEREST CALCULATION: Actual/360
CALL PROTECTION: 24-payment lockout from date of
securitization, with U.S.
Treasury defeasance for the
following 88 payments, and open
to prepayment without premium LEASE
thereafter through maturity. -----
MAJOR TENANTS % NRA RENT PSF EXPIRATION
------------- ----- -------- ----------
State of Florida 95.7% $15.10 11/30/2019
Hooters 1.1% $17.83 08/01/2009
The Original Italian Pie 0.7% $13.50 12/31/2014
CUT-OFF DATE BALANCE PER SF: $88.89
PROPERTY MANAGEMENT: Urban America Property Management
LLC
UP-FRONT RESERVES: RE Taxes: $136,076
Insurance: $35,966
Deferred
Maintenance: $532,600
Replacement: $8,258
TI/LC: $16,667
Other: (1) $2,965,415
ONGOING RESERVES: RE Taxes: $34,019 / U/W NET CASH FLOW: $3,960,131
month
Insurance: $11,989 / APPRAISED VALUE (AS $50,000,000 (12/09/04)
month OF):
Replacement: $8,258 / month CUT-OFF DATE LTV RATIO: 75.0%
TI/LC: $16,667 / LTV RATIO AT ARD: 65.6%
month
LOCKBOX: Hard U/W DSCR: (2) 1.95x
---------------------------------------------------------------- ---------------------------------------------------------------
</TABLE>

(1) This reserve consists of $2,751,415 for tenant improvements owed to the
State of Florida and $214,000 for rent recapture for the State of Florida.

(2) The DSCR is based on the interest only period. The DSCR would be 1.58x
based on the principal and interest payments commencing on March 1, 2007
(after the interest only period).

THE NORTHWOOD CENTRE LOAN.

THE LOAN. The sixth largest loan (the "Northwood Centre Loan") is a
$37,500,000 first mortgage loan secured by the borrower's fee simple interest in
the Northwood Centre located in Tallahassee, Florida.

THE BORROWER. The borrower, 1940 Monroe Street FI, LLC, is a single purpose
entity that owns no material assets other than the mortgaged property and
related interests and is structured with one independent director. A
non-consolidation opinion was delivered at origination. The sponsor of the loan
is UrbanAmerica, L.P. ("UrbanAmerica"). UrbanAmerica is a real estate private
equity firm founded in 1998 that focuses on investments in inner city commercial
real estate. UrbanAmerica's investor base includes numerous banks, pension
funds, and insurance companies. As of December 31, 2004, UrbanAmerica had total
assets of approximately $331 million and partners' capital of over $90 million.

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

THE PROPERTY. Northwood Centre is a 421,853 square foot, office complex
located in Tallahassee, Florida. The property was built in 1969 as a mall, but
renovated and converted to office use in 1989. The borrower has plans for
additional improvements to common areas in the next two years totaling $1.3
million which was reserved for at origination. Tallahassee is the state capital
of Florida and the property is principally occupied by the State of Florida. In
addition to the State of Florida, there are some retail stores within the
property, which serve as amenities to the office users and their clients, and
two outparcels which are occupied by a Hooters restaurant and The Original
Italian Pie restaurant. The property is located on the south side of North
Monroe Street which runs from Tallahassee to I-10. North Monroe Street is a
retail corridor anchored by the Tallahassee Mall, which is located one mile
north of the property. Downtown Tallahassee is approximately three miles south
of the Northwood Centre.

SIGNIFICANT TENANTS: As of December 7, 2004, the Northwood Centre was
approximately 99.1% leased by 8 tenants and approximately 95.8% of the net
rentable area is leased to investment grade rated tenants.

The State of Florida (rated AAA/Aa1/AAA by S&P, Moody's, and Fitch,
respectively) leases 403,716 sq.ft. (95.7% of the NRA) for $15.10psf expiring in
November 2019. The space is leased by the Department of Management Services
("DMS"), the business arm of the Florida government. The space is occupied by
four separate State of Florida departments: Department of Children and Families,
Department of Education, Department of Revenue and Department of Business and
Professional Regulation. The State of Florida has been a tenant at the property
since its conversion from a mall to office space in 1989. The State of Florida
has a partial termination right for 70,780 square feet if the Department of
Education and the Department of Revenue are relocated to State-owned space. The
lease is also subject to standard government annual budget appropriations.

Hooters leases 4,500 sq.ft. (1.1% of the NRA) for $17.83psf expiring in
August 2009 with one 5-year extension option. Hooters is an Atlanta-based
operator and franchiser of over 375 Hooters locations in 46 states, Argentina,
Aruba, Austria, Brazil, Canada, Chile, England, Guatemala, Mexico, Singapore,
Switzerland, Taiwan, Taipei and Venezuela. The Hooters system employs over
25,000 people.

The Original Italian Pie leases 3,100 sq.ft. (0.7% of the NRA) for
$13.50psf expiring in December 2014. The Original Italian Pie was founded in
1992 in New Orleans as a single restaurant and has expanded to over 20 locations
across the southeastern United States.

<TABLE>

-----------------------------------------------------------------------------------------------------------
LEASE EXPIRATION SCHEDULE (1)
-----------------------------------------------------------------------------------------------------------
YEAR # OF LEASES TOTAL SF % OF TOTAL CUMULATIVE CUMULATIVE %
EXPIRING EXPIRING SF EXPIRING TOTAL SF OF SF EXPIRING
---------------------- ---------------- ------------------ -------------- ---------------- ----------------

MTM 1 1,350 0.3% 1,350 0.3%
2005 1 1,800 0.4% 3,150 0.7%
2008 2 2,400 0.6% 5,550 1.3%
2009 3 5,641 1.3% 11,191 2.7%
2014 1 3,100 0.7% 14,291 3.4%
THEREAFTER 3 403,716 95.7% 418,007 99.1%
VACANT NAP 3,846 0.9% 421,853 100.0%
---------------------- ---------------- ------------------ -------------- ---------------- ----------------
TOTAL 11 421,853 100.0%
-----------------------------------------------------------------------------------------------------------
</TABLE>

(1) The above table represents the rollover at the property through year-end
2015. Years in which there are no lease expirations have been excluded.

PROPERTY MANAGEMENT. The property is managed by Urban America Property
Management LLC, an affiliate of the sponsor.

ADDITIONAL INDEBTEDNESS. Not Allowed.

GROUND LEASE. None.

RELEASE OF PARCELS. The Northwood Centre borrower may obtain a release of a
specified vacant parcel of land adjacent to the mortgaged property, without any
required prepayment of the Northwood Centre Loan, provided the borrower
satisfies certain legal conditions specified in the mortgage loan documents. The
lender did not underwrite any income from this parcel, and the appraisal did not
assign it any value.

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

MORTGAGE LOAN NO. 7 -- KALEIDOSCOPE CENTER

--------------------------------------------------------------------------------

[MAP OMITTED]

--------------------------------------------------------------------------------

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

[MAP OMITTED]

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

<TABLE>

-----------------------------------------------------------------------------------------------------------------------------------
MORTGAGE LOAN NO. 7 -- KALEIDOSCOPE CENTER
-----------------------------------------------------------------------------------------------------------------------------------
LOAN INFORMATION PROPERTY INFORMATION
---------------------------------------------------------------- ---------------------------------------------------------------

MORTGAGE LOAN SELLER: BSCMI SHADOW RATING: NAP
LOAN PURPOSE: Refinance SINGLE ASSET/PORTFOLIO: Single Asset
ORIGINAL BALANCE: $36,000,000 PROPERTY TYPE: Retail
CUT-OFF DATE BALANCE: $35,968,188 PROPERTY SUB-TYPE: Anchored
FIRST PAYMENT DATE: 06/01/2005 LOCATION: Mission Viejo, CA
INTEREST RATE: 5.75300% YEAR BUILT/RENOVATED: 1998 / NAP
AMORTIZATION TERM: 360 months PERCENT LEASED (AS OF): 85.5% (03/29/05)
ARD: No NET RENTABLE AREA: 219,009
ANTICIPATED REPAYMENT DATE: NAP
MATURITY DATE: 05/01/2015 THE COLLATERAL: A grocery anchored,
retail/entertainment center located
in Mission Viejo, Orange County,
California.
EXPECTED MATURITY BALANCE: $30,372,623
SPONSORS: Jong Yong Lee and Ji Hee Lee
INTEREST CALCULATION: Actual/360 OWNERSHIP INTEREST: Fee

CALL PROTECTION: 24-payment lockout from date of
securitization, with U.S.
Treasury defeasance for the
following 94 payments, and open
to prepayment without premium LEASE
thereafter through maturity. -----
MAJOR TENANTS % NRA RENT PSF EXPIRATION
------------- ----- -------- ----------
Edwards Theaters 19.6% $16.11 06/04/2014
Crunch Fitness Center 12.8% $21.89 06/30/2009
Bristol Farms 11.8% $17.40 09/30/2013
CUT-OFF DATE BALANCE PER SF: $164.23
PROPERTY MANAGEMENT: Summit Team, Inc.
UP-FRONT RESERVES: RE Taxes: $34,748
Insurance: $7,474
Replacement: $2,738
TI/LC: $7,849
Other: (1) $2,467,052
ONGOING RESERVES: RE Taxes: $34,748 / U/W NET CASH FLOW: $3,199,112
month
Insurance: $7,474 / month APPRAISED VALUE (AS OF): $49,500,000 (03/01/05)

Replacement: $2,738 / month CUT-OFF DATE LTV RATIO: 72.7%
TI/LC: $7,849 / month LTV RATIO AT MATURITY: 61.4%
LOCKBOX: Hard U/W DSCR: 1.27x
---------------------------------------------------------------- ---------------------------------------------------------------
</TABLE>

(1) This reserve is an amount equal to approximately two years of rent and
reimbursements plus the costs of any outstanding tenant improvements,
leasing commissions, or other landlord obligations to three tenants with
recently signed leases: Howie's Game Shack ($892,450), Laserquest
($606,200) and Riptide Restaurant ($968,402). The escrow may be released in
part if among other things: i) such tenant takes occupancy, ii) such tenant
is open for business, iii) such tenant commences rent payments, and iv) the
DSCR as determined by lender is no less than 1.25x.

THE KALEIDOSCOPE CENTER LOAN.

THE LOAN. The seventh largest loan (the "Kaleidoscope Center Loan") is a
$36,000,000 first mortgage loan secured by the borrower's fee simple interest in
the Kaleidoscope Center located in Mission Viejo, California.

THE BORROWER. The borrower, K. T. Kaleidoscope, Inc. is a single purpose
entity that owns no material assets other than the mortgaged property and
related interests and is structured with two independent directors. A
non-consolidation opinion was delivered at origination. The sponsors of the loan
are Jong Yong Lee and Ji Hee Lee. They report a net worth in excess of $40
million. Their real estate portfolio consists of shopping centers, apartment
buildings and office buildings. More specifically, the sponsors own 22.5% of two
partnerships which own a combined 12 apartment buildings totaling 2,300 units in
Arizona, Texas, Louisiana, Virginia and North Carolina.

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

THE PROPERTY. Kaleidoscope Center is a 219,009 square foot, grocery
anchored, retail/entertainment center located in Mission Viejo, Orange County,
California. The property was completed in 1998 at a cost of approximately $60
million, or nearly $275psf. The property consists of an underground garage and
three levels of retail space (one at ground level, two above ground). Situated
on Interstate 5, a primary north/south freeway linking Los Angeles, Orange
County and San Diego, the property is passed by approximately 300,000 cars per
day. The 5-mile radius surrounding the property has a population of 315,365,
average household income of $115,533, and generated total annual retail sales of
$4.04 billion. Based on CB Richard Ellis' 1st quarter 2005 Orange County retail
report, the South Orange County retail submarket encompasses 16.9 million square
feet of retail space, a 4.3% vacancy and a $32.16psf triple net average rent. In
addition, Kaleidoscope Center is located across the street from The Shops at
Mission Viejo, a 1.2 million square foot, regional mall owned by Simon Property
Group and anchored by Saks 5th Avenue, Nordstrom, Macy's and Robinson-May.

SIGNIFICANT TENANTS: As of March 29, 2005, the property was 85.5% leased by
approximately 21 tenants. Of the tenants that report sales (excluding Edwards
Theaters), the average 2004 sales were $440psf with an occupancy cost of 6.0%.

Edwards Theaters leases 42,834 sq.ft. (19.6% of the NRA) for $16.11psf
expiring in June 2014 with one 5-year extension option. Edwards Theaters is
owned by Regal Entertainment Group (NYSE: RGC). The Regal Entertainment Group,
comprising Regal Cinemas, United Artists Theatres and Edwards Theatres, operated
6,273 screens in 558 locations in 40 states as of December 30, 2004. The Edwards
Theaters at Kaleidoscope Center reported 2004 sales per screen of approximately
$469,000.

Crunch Fitness Center leases 28,121 sq.ft. (12.8% of the NRA) for $21.89psf
expiring in June 2009 with two 5-year extension options. The parent company,
Bally Total Fitness, is a national, commercial operator of fitness centers, with
approximately four million members and nearly 420 facilities located in 29
states, Canada, Asia and the Caribbean. Bally Total Fitness operates under the
popular brands Bally Total Fitness, Crunch Fitness, Sports Clubs of Canada,
Pinnacle Fitness, Bally Sports Clubs and Gorilla Sports.

Bristol Farms leases 25,763 sq.ft. (11.8% of the NRA) for $17.40psf
expiring in September 2013 with four 5-year extension options. Bristol Farms is
wholly-owned by Albertson's (NYSE: ABS; rated BBB/Baa2/BBB by S&P, Moody's, and
Fitch, respectively). Albertson's is an operator of retail food and drug stores
in the United States. Albertson's stores are operated under several names
including Albertsons, Jewel-Osco, Acme, Sav-on Drugs, Osco Drug, Max Foods,
Super Saver Foods, Shaw's, Star Markets and Bristol Farms. As of October 2004,
the company operated 2,507 stores in 37 states. The Bristol Farms at
Kaleidoscope Center reported 2004 sales of $590psf with an occupancy cost of
4.1%.

<TABLE>

MTM 1 5,277 2.4% 5,277 2.4%

2005 1 1,052 0.5% 6,329 2.9%

2006 1 1,240 0.6% 7,569 3.5%

2007 3 3,759 1.7% 11,328 5.2%

2008 4 9,950 4.5% 21,278 9.7%

2009 4 49,643 22.7% 70,921 32.4%

2010 3 17,378 7.9% 88,299 40.3%

2013 1 25,763 11.8% 114,062 52.1%

2014 2 52,106 23.8% 166,168 75.9%

2015 2 21,167 9.7% 187,335 85.5%

VACANT NAP 31,674 14.5% 219,009 100.0%
---------------------- ---------------- ------------------ -------------- ---------------- ----------------
TOTAL 22 219,009 100.0%
-----------------------------------------------------------------------------------------------------------
</TABLE>

(1) The above table represents the rollover at the property through year-end
2015. Years in which there are no lease expirations have been excluded.

PROPERTY MANAGEMENT. The property is managed by Summit Team, Inc., a third
party management and leasing firm based in Orange County, CA. Summit manages
approximately 35 properties throughout Southern California.

ADDITIONAL INDEBTEDNESS. Not Allowed.

GROUND LEASE. None.

RELEASE OF PARCELS. Not Allowed.

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

MORTGAGE LOAN NO. 8 -- ALEXANDRIA MALL

--------------------------------------------------------------------------------

[PICTURE OMITTED] [PICTURE OMITTED]

--------------------------------------------------------------------------------

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

--------------------------------------------------------------------------------

[MAP OMITTED]

--------------------------------------------------------------------------------

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

<TABLE>

-----------------------------------------------------------------------------------------------------------------------------------
MORTGAGE LOAN NO. 8 -- ALEXANDRIA MALL
-----------------------------------------------------------------------------------------------------------------------------------
LOAN INFORMATION PROPERTY INFORMATION
---------------------------------------------------------------- ---------------------------------------------------------------

MORTGAGE LOAN SELLER: BSCMI SHADOW RATING: NAP
LOAN PURPOSE: Refinance SINGLE ASSET/PORTFOLIO: Single Asset
ORIGINAL BALANCE: $27,200,000 PROPERTY TYPE: Retail
CUT-OFF DATE BALANCE: $27,117,511 PROPERTY SUB-TYPE: Anchored
FIRST PAYMENT DATE: 04/01/2005 LOCATION: Alexandria, LA
INTEREST RATE: 5.44000% YEAR BUILT/RENOVATED: 1973 / 1986, 1993
AMORTIZATION TERM: 360 months PERCENT LEASED (AS OF): 83.3% (02/11/05)
ARD: No NET RENTABLE AREA: 388,987
ANTICIPATED REPAYMENT DATE: NAP
MATURITY DATE: 03/01/2015 THE COLLATERAL: A regional mall anchored by JC
Penney, Sears, Dillard's and
Mervyn's located in Alexandria,
Louisiana.
EXPECTED MATURITY BALANCE: $22,737,809
SPONSORS: Dan Friedman, Anne Nelson
Zahner and David Schonberger
OWNERSHIP INTEREST: Fee
INTEREST CALCULATION: Actual/360
CALL PROTECTION: 24-payment lockout from date of
securitization, with U.S.
Treasury defeasance for the
following 92 payments, and open
to prepayment without premium LEASE
thereafter through maturity. -----
MAJOR TENANTS % NRA RENT PSF EXPIRATION
------------- ----- -------- ----------
Stein Mart 9.8% $2.89 05/27/2006
Weiss & Goldring 7.7% $2.25 07/31/2008
Stage 7.5% $5.15 02/28/2006
CUT-OFF DATE BALANCE PER SF: $69.71
PROPERTY MANAGEMENT: General Growth Management, Inc.
UP-FRONT RESERVES: RE Taxes: $103,831
Insurance: $157,473
TI/LC: $1,000,000
Capital
Improvements:
(1) $5,000,000

ONGOING RESERVES: RE Taxes: $34,610 / U/W NET CASH FLOW: $2,816,180
month
Insurance: $23,767 / APPRAISED VALUE (AS OF): $42,750,000 (01/05/05)
month
Replacement: (2) Springing CUT-OFF DATE LTV RATIO: 63.4%
TI/LC: (3) Springing LTV RATIO AT MATURITY: 53.2%
LOCKBOX: Hard U/W DSCR: 1.53x
---------------------------------------------------------------- ---------------------------------------------------------------
</TABLE>

(1) Approximately $5,000,000 was escrowed at closing for capital improvements
that the borrower intends to perform over the next few years.

(2) An ongoing replacement reserve springs on March 1, 2008 in the amount of
$8,127/month.

(3) An ongoing tenant improvement/leasing commission reserve springs on March
1, 2008 in the amount of $24,382/month. The reserve is capped at
$1,462,916, excluding the up-front escrow.

THE ALEXANDRIA MALL LOAN.

THE LOAN. The eighth largest loan (the "Alexandria Mall Loan") is a
$27,200,000 first mortgage loan secured by the borrower's fee simple interest in
the Alexandria Mall located in Alexandria, Louisiana.

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

THE BORROWER. The borrowers, Alexandria Mall I LLC, Alexandria Mall II LLC,
Alexandria Mall III LLC and Alexandria Mall Radiant LLC, hold title as
tenants-in-common. All four borrowers are single purpose entities that own no
material assets other than the mortgaged property and related interests. The
managing member of the borrowers are structured with one independent director. A
non-consolidation opinion was delivered at closing. The sponsors of the loan are
Dan Friedman, Anne Nelson Zahner and David Schonberger. In March 2000, the
sponsors formed Radiant Partners, LLC to invest in real estate and real
estate-related assets at all stages of development and redevelopment. Radiant
Partners, LLC currently owns seven assets comprising approximately 3.7 million
square feet.

THE PROPERTY. Alexandria Mall is an 882,669 square foot regional mall
(collateral consists of 388,987 square feet), anchored by JC Penney, Sears,
Dillard's, and Mervyn's located in Alexandria, Louisiana. Sears, Dillard's and
Mervyn's are not part of the collateral for the loan and JC Penney may be
released as described under "Release of Parcels" below. The Sears, Dillard's,
Mervyn's and JC Penney at the property reported sales of approximately $202psf,
$245psf, $220psf and $87psf, respectively, as of the trailing 12 months ending
November 2004. JC Penney and Sears have reportedly been at the property since
the property was built in 1973. Dillard's and Mervyn's have been at the property
since 1985. There is no other regional shopping mall within 90 miles of the
property. As the only mall in the market, Alexandria Mall services all segments
of the trade area. The 2004 population was 132,275 within a 20-mile radius and
333,090 within a 50-mile radius.

SIGNIFICANT TENANTS: As of February 11, 2005, the collateral property was
approximately 83.3% leased by 65 tenants. Approximately 31 in-line tenants, or
115,519 square feet, have been at the property since at least 1995. These
tenants account for approximately 60% of the total occupied in-line square
footage and 54.0% of the total in-place in-line rent. Mall shop sales for the
trailing 12 months ending November 2004 were $260psf with an occupancy cost of
approximately 10.1%.

Stein Mart (NYSE: SMRT) leases 38,019 sq.ft. (9.8% of the NRA) for $2.89psf
expiring in May 2006 with three 5-year extension options. Stein Mart is a
discount retail apparel and accessories store. As of October 30, 2004, the
company operated a chain of 260 retail stores. The Stein Mart at the property
reported sales of $103psf with an occupancy cost of 4.8% as of the trailing 12
months ending November 2004.

Weiss & Goldring leases 30,040 sq.ft. (7.7% of the NRA) for $2.25psf
expiring in July 2008 with two 5-year extension options. Weiss & Goldring is an
apparel store owned by Harry Silver. Alexandria Mall is Weiss & Goldring's only
retail location. Weiss & Goldring has been a tenant at Alexandria Mall since
1973.

Stage (NYSE: STGS) leases 29,099 sq.ft. (7.5% of the NRA) for $5.15psf
expiring in February 2006. Stage sells brand name apparel, accessories,
cosmetics and footwear in over 529 stores in 29 states as of January 29, 2005.
The company operates under the Stage, Bealls and Palais Royal names throughout
the South Central United States, and under the Peebles name throughout the
Mid-Atlantic, Southeastern and Midwestern United States. Stage has been a tenant
at Alexandria Mall since 1973. The Stage at the property reported sales of
$72psf with an occupancy cost of 10.1% as of the trailing 12 months ending
November 2004.

<TABLE>

MTM 14 37,663 9.7% 37,663 9.7%
2005 9 28,141 7.2% 65,804 16.9%
2006 13 100,084 25.7% 165,888 42.6%
2007 12 47,486 12.2% 213,374 54.9%
2008 9 63,990 16.5% 277,364 71.3%
2009 2 3,388 0.9% 280,752 72.2%
2010 5 7,031 1.8% 287,783 74.0%
2011 3 12,959 3.3% 300,742 77.3%
2012 3 5,287 1.4% 306,029 78.7%
2013 1 3,703 1.0% 309,732 79.6%
2014 3 3,906 1.0% 313,638 80.6%
2015 2 10,252 2.6% 323,890 83.3%
VACANT NAP 65,097 16.7% 388,987 100.0%
---------------------- ---------------- ------------------ -------------- ---------------- ----------------
TOTAL 76 388,987 100.0%
-----------------------------------------------------------------------------------------------------------
</TABLE>

(1) The above table represents the rollover at the property through year-end
2015. Years in which there are no lease expirations have been excluded.

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

PROPERTY MANAGEMENT. The property is managed by General Growth Management,
Inc., an affiliate of General Growth Properties Inc. ("GGP"; NYSE:GGP; rated
BBB-/Ba2/BB by S&P/Moody's/Fitch). GGP and its predecessor companies have been
managing retail malls for approximately fifty years. GGP owns, develops,
operates, and/or manages shopping malls in 44 states. As of March 2004, GGP had
ownership interests in and/or management responsibility for more than 200
regional shopping malls totaling more than 200 million square feet of retail
space.

ADDITIONAL INDEBTEDNESS. Not Allowed.

GROUND LEASE. None.

RELEASE OF PARCELS. The borrower may obtain a release of the JC Penney
outparcel to a separate entity controlled by the sponsors, without any required
prepayment of the Alexandria Mall Loan, provided the borrower satisfies certain
legal conditions specified in the mortgage loan documents. The lender did not
underwrite any income from this parcel, and the appraisal did not assign it any
value.

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

[THIS PAGE INTENTIONALLY LEFT BLANK]

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

MORTGAGE LOAN NO. 9 -- MARRIOTT HOUSTON

--------------------------------------------------------------------------------

[PICTURE OMITTED]

--------------------------------------------------------------------------------

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

[MAP OMITTED]

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

<TABLE>

-----------------------------------------------------------------------------------------------------------------------------------
MORTGAGE LOAN NO. 9 -- MARRIOTT HOUSTON
-----------------------------------------------------------------------------------------------------------------------------------
LOAN INFORMATION PROPERTY INFORMATION
---------------------------------------------------------------- ---------------------------------------------------------------

MORTGAGE LOAN SELLER: BSCMI SHADOW RATING: NAP
LOAN PURPOSE: Refinance SINGLE ASSET/PORTFOLIO: Single Asset
ORIGINAL BALANCE: $25,280,000 PROPERTY TYPE: Hospitality
CUT-OFF DATE BALANCE: $25,280,000 PROPERTY SUB-TYPE: Full Service
FIRST PAYMENT DATE: 06/01/2005 LOCATION: Houston, TX
INTEREST RATE: 5.33850% YEAR BUILT/RENOVATED: 1981 / 2004
AMORTIZATION TERM: Months 1-24: Interest Only OCCUPANCY (AS OF): 79.2% (T-12 - 02/28/05)
Months 25-120: 300 months
ARD: No ROOMS: 390
ANTICIPATED REPAYMENT DATE: NAP
MATURITY DATE: 05/01/2015 THE COLLATERAL: A 12-story, 390-room, full-service
hotel located in Houston, Texas.
EXPECTED MATURITY BALANCE: $20,705,637
SPONSOR: Sunstone Hotel Investors, Inc.
INTEREST CALCULATION: Actual/360 OWNERSHIP INTEREST: Fee
CALL PROTECTION: 24-payment lockout from date
of securitization, with U.S.
Treasury defeasance for the
following 94 payments, and open
to prepayment without premium on
the maturity date.

PROPERTY MANAGEMENT: Sunstone Hotel Properties, Inc.

CUT-OFF DATE BALANCE PER ROOM: $64,821

UP-FRONT RESERVES: RE Taxes: $263,745
Deferred
Maintenance: $34,844
FF&E Reserve: $43,417
Other: (1) $700,000 U/W NET CASH FLOW: $3,232,702
ONGOING RESERVES: RE Taxes: $65,936 / APPRAISED VALUE (AS OF): $37,400,000 (03/21/05)
month
Insurance: (2) Springing CUT-OFF DATE LTV RATIO: 67.6%
FF&E Reserve: $43,417 / LTV RATIO AT MATURITY: 55.4%
month
LOCKBOX: Hard U/W DSCR: (3) 2.36x
---------------------------------------------------------------- ---------------------------------------------------------------
</TABLE>

(1) This $700,000 reserve was held back for future capital improvements.

(2) An ongoing insurance escrow springs should the borrower fail to provide
lender evidence of payment of the insurance premium.

(3) The DSCR is based on the interest only period. The DSCR would be 1.76x
based on the principal and interest payments commencing on June 1, 2007
(after the interest only period).

THE MARRIOTT HOUSTON LOAN.

THE LOAN. The ninth largest loan (the "Marriott Houston Loan") is a
$25,280,000 first mortgage loan secured by the borrower's fee simple interest in
the Marriott Houston located in Houston, Texas.

THE BORROWER. The borrower, Sunstone Cowboy, LP, is a single purpose entity
that owns no material assets other than the mortgaged property and related
interests. The general partner of the borrower is structured with one
independent director. A non-consolidation opinion was delivered at origination.
The sponsor, Sunstone Hotel Investors, Inc. ("Sunstone"; NYSE: SHO), is a
southern California-based real estate investment trust (REIT) that owns hotels
throughout the United States. As of December 31, 2004, Sunstone owned 54 hotels,
comprising 13,183 rooms, located in 17 states in the United States. Sunstone's
hotels are operated under brand names including Marriott, Hilton, Hyatt,
InterContinental and Wyndham.

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

THE PROPERTY. The property is a Marriott flagged, 12-story, 390-room full
service hotel located in Houston, Texas. The Marriott Houston was built in 1981
and features a health club, a swimming pool, a whirlpool and sauna. The hotel
also provides free transportation to the Intercontinental Airport. There is
approximately 13,000 square feet of meeting space contained within one grand
ballroom and 16 other meeting rooms. Over the past two years, approximately
$6.67 million, or $17,054 per key, has been invested in the property. The
property is located in Northwest Houston adjacent to the Greenspoint Mall on the
southern edge of the Greenspoint Office Park. The hotel is located close to the
area's major office complexes whose tenants include corporations such as Exxon
Mobil, Hewlett-Packard, Kerr McGee, Halliburton, Baker Hughes and Kellogg Brown
Root. A significant portion of the property's revenue is from its contracts with
such corporations.

<TABLE>

2002 100.8% 110.5% 111.5%
2003 106.5% 109.5% 116.8%
2004 102.4% 110.5% 113.1%
T-12 THROUGH 02/05 100.9% 112.6% 113.7%
--------------------------------------------------------------------------------------------
</TABLE>

(1) The above table is based on data provided by STAR Trend Reports.

PROPERTY MANAGEMENT. The property is managed by Sunstone Hotel Properties,
Inc.. Interstate Hotels & Resorts (NYSE: IHR), an independent hotel management
company, acquired Sunstone Hotel Properties, Inc., the manager of 54 hotels,
including 50 hotels owned by Sunstone Hotel Investors, Inc. (NYSE: SHO), on
October 27, 2004.

ADDITIONAL INDEBTEDNESS. Not Allowed.

GROUND LEASE. None.

RELEASE OF PARCELS. Not Allowed.

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

MORTGAGE LOAN NO. 10 -- SEATTLE DESIGN CENTER

--------------------------------------------------------------------------------

[PICTURE OMITTED]

--------------------------------------------------------------------------------

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

[MAP OMITTED]

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

<TABLE>

-----------------------------------------------------------------------------------------------------------------------------------
MORTGAGE LOAN NO. 10 -- SEATTLE DESIGN CENTER
-----------------------------------------------------------------------------------------------------------------------------------
LOAN INFORMATION PROPERTY INFORMATION
---------------------------------------------------------------- ---------------------------------------------------------------

MORTGAGE LOAN SELLER: BSCMI SHADOW RATING: NAP
LOAN PURPOSE: Refinance SINGLE ASSET/PORTFOLIO: Single Asset
ORIGINAL BALANCE: $25,000,000 PROPERTY TYPE: Retail
CUT-OFF DATE BALANCE: $24,889,495 PROPERTY SUB-TYPE: Anchored
FIRST PAYMENT DATE: 03/01/2005 LOCATION: Seattle, WA
INTEREST RATE: 5.49000% YEAR BUILT/RENOVATED: 1973 / 1975, 1983
AMORTIZATION TERM: 360 months PERCENT LEASED (AS OF): 91.3% (03/01/05)
ARD: No NET RENTABLE AREA: 340,290
ANTICIPATED REPAYMENT DATE: NAP
MATURITY DATE: 02/01/2015 THE COLLATERAL: Two multi-story buildings serving
as design center facilities with
over 65 showrooms located in Seattle,
Washington.
EXPECTED MATURITY BALANCE: $20,913,175
SPONSORS: Bill Poland and Timothy Treadway
INTEREST CALCULATION: Actual/360 OWNERSHIP INTEREST: Fee
CALL PROTECTION: 24-payment lockout from date of
securitization, with U.S.
Treasury defeasance for the
following 91 payments, and open
to prepayment without premium LEASE
thereafter through maturity. -----
MAJOR TENANTS % NRA RENT PSF EXPIRATION
------------- ----- -------- ----------
Sur La Table 7.2% $9.23 05/31/2014
Baker, Knapp & Tubbs 5.4% $10.88 07/31/2009
Michael Folks Showroom 4.9% $12.26 11/30/2006
CUT-OFF DATE BALANCE PER SF: $73.14
PROPERTY MANAGEMENT: Market Center Management, Inc.
UP-FRONT RESERVES: RE Taxes: $29,360
Insurance: $57,756
Replacement: $7,104
TI/LC: $20,833
Other: (1) $475,329
ONGOING RESERVES: RE Taxes: $7,340 / month U/W NET CASH FLOW: $2,637,502
Insurance: $11,551 / APPRAISED VALUE (AS OF): $38,200,000 (12/21/04)
month
Replacement: $7,104 / month CUT-OFF DATE LTV RATIO: 65.2%
$20,833 / LTV RATIO AT MATURITY: 54.7%
TI/LC: month
LOCKBOX: Hard U/W DSCR: 1.55x
---------------------------------------------------------------- ---------------------------------------------------------------
</TABLE>

(1) The other escrow is an amount equal to approximately one year of rent and
reimbursements for six tenants. Lender will release the applicable portion
of the escrow as each tenant takes occupancy and commences paying rent.

THE SEATTLE DESIGN CENTER LOAN.

THE LOAN. The tenth largest loan (the "Seattle Design Center Loan") is a
$25,000,000 first mortgage loan secured by the borrower's fee simple interest in
the Seattle Design Center located in Seattle, Washington.

THE BORROWER. The borrower, Bay West Design Center, LLC, is a single
purpose entity that owns no material assets other than the mortgaged property
and related interests. The managing member of the borrower is structured with
one independent director. A non-consolidation opinion was delivered at
origination. The sponsors, Bill Poland and Tim Treadway, have been involved in
leasing to wholesale furniture markets for over 25 years. Mr. Poland developed
the 350,000 square foot San Francisco Gift Center in 1979, which has been more
than 95% occupied since its inception. Mr. Poland and Mr. Treadway report a
combined net worth in excess of $85 million.

THE PROPERTY. Seattle Design Center is a 340,290 square foot, two-building
design center facility located in Seattle, Washington. The property has been
serving professional interior designers and their clients for over 30 years. It
has over 65

$1,643,882,000 (APPROXIMATE)
BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INC.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2005-PWR8

showrooms representing over 1,500 manufacturers of residential and commercial
furniture, fabrics, wall-coverings, floor-coverings, millwork, custom cabinetry,
home electronics and lighting. The Seattle Design Center is located
approximately three miles south of the Seattle central business district. The
property is located between Interstate 5 and Highway 99/509 off the Michigan
Street exit. This location is immediately north of the Boeing Field/King County
International Airport. Highways 99/509 and Interstate 5 provide north/south
access to the Seattle-Tacoma International Airport and downtown Seattle.

SIGNIFICANT TENANTS: As of March 1, 2005, the Seattle Design Center was
approximately 91.3% leased by over 75 tenants.

Sur La Table leases 24,551 sq.ft. (7.2% of the NRA) for $9.23psf expiring
in May 2014. Established in 1972 in Seattle, Sur La Table is a retailer of
cookware and kitchen tools. Sur La Table has a retail presence in Arizona,
California, Colorado, District of Columbia, Illinois, Massachusetts, Missouri,
Nevada, New Jersey, New York, North Carolina, Ohio, Oregon, Texas, Utah,
Virginia and Washington.

Baker, Knapp & Tubbs ("BK&T") leases 18,223 sq.ft. (5.4% of the NRA) for
$10.88psf expiring in July 2009. BK&T is a manufacturer of traditional and
contemporary furnishings for the home. BK&T showrooms display a variety of
furniture from Baker, McGuire and other select furnishings manufacturers. BK&T
showrooms only sell to design professionals, but the public is invited to
browse.

Michael Folks Showroom leases 16,810 sq.ft. (4.9% of the NRA) for
$12.26psf expiring in November 2006. Michael Folks Showroom is a home furnishing
manufacturer run by Michael Folks, who has 30 years experience as a designer.
Michael Folks Showroom is a regional supplier to Guy Chaddock Furnishings, Alder
& Co., Arthur Brett, Art Italia and 18 other furnishing lines. The company is
also the regional representative for Ralph Lauren Furnishing. The company has
been located at the Seattle Design Center for over 20 years.

<TABLE>

MTM 14 31,253 9.2% 31,253 9.2%
2005 16 31,356 9.2% 62,609 18.4%
2006 14 57,322 16.8% 119,931 35.2%
2007 7 36,136 10.6% 156,067 45.9%
2008 6 12,171 3.6% 168,238 49.4%
2009 6 45,918 13.5% 214,156 62.9%
2010 5 24,835 7.3% 238,991 70.2%
2011 3 15,732 4.6% 254,723 74.9%
2013 1 8,856 2.6% 263,579 77.5%
2014 5 47,253 13.9% 310,832 91.3%
VACANT NAP 29,458 8.7% 340,290 100.0%
---------------------- ---------------- ------------------ -------------- ---------------- ----------------
TOTAL 77 340,290 100.0%
-----------------------------------------------------------------------------------------------------------
</TABLE>

(1) The above table represents the rollover at the property through year-end
2014. Years in which there are no lease expirations have been excluded.

PROPERTY MANAGEMENT. The property is managed by Market Center Management,
Inc., an affiliate of the borrower.

ADDITIONAL INDEBTEDNESS. Additional mezzanine debt is permitted, subject to
certain conditions set forth in the mortgage loan documents, including, among
others, a maximum overall loan to value ratio of less than 80%.

GROUND LEASE. None.

RELEASE OF PARCELS. Not Allowed.

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

The information contained in the attached materials (the "Information") may
include various forms of performance analysis, security characteristics and
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which may differ substantially from those reflected in the Information.
Performance analysis is based on certain assumptions with respect to significant
factors that may prove not to be as assumed. You should understand the
assumptions and evaluate whether they are appropriate for your purposes.
Performance results are based on mathematical models that use inputs to
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expected lifetime prepayments or a vector of periodic prepayments), interest
rate assumptions (parallel and nonparallel changes for different maturity
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Contact your registered representative for detailed explanations of any modeling
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The Information addresses only certain aspects of the applicable security's
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Any investment decision should be based only on the data in the prospectus and
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