| Id | Name/ | Type/ | Bal | GLA/Units | LTV | WAC |
| | Address | Subtype | % Pool | Occ. % | DSCR | Originator |
| 17 |
The Club at Copperleaf |
MF |
$17,484,796 |
240 |
79.5 |
5.174000 % |
| | 14811 West Road, Houston TX 77095 | | 1.1% | 92% | 0.92x (6 mths) | Bank of America |
|  |
| 1E - DSCR < 1.10. The loan is secured by a 240 unit multifamily property in Houston, TX built in 2003. The property was inspected on 11/20/2008. Q2-2009 NCF DSCR is .92 with an occ of 92%; YE 2008 NCF DSCR was 1.04 with an occupancy of 92%. The loan was assummed in May 2008. Since loan inception, NCF has been below U/W levels. U/W NCF DSCR was 1.20. YE 2007 NCF DSCR showed an improvement of 48% from prior year, but the NCF DSCR dropped again in YE 2008. The decline in NCF appears to be a result of increased operating expenses. Operating expenses have risen each year by 20%-24%; however, Ann 2009 operating expenses show only a 4% increase from YE 2008. Each year RET, RM, PAY, ADV/MKT, GEN/ADMIN, and PROF fees have increased. PAY expenses have risen due to increased salaries, GEN/ADMIN expenses show an increase due to a reported commission fee, RM increase is due to more repairs and turnover costs, ADV/MKT shows an inrease due to increased efforts in mkt and resident retention, and PROF have risen due to higher legal fees associated with increased evictions. The YE 2009 budgeted expenses are 51% higher than YE 2008 expenses. EGI does show slight increases each year ranging from 1% - 5%. Current market rates for vacant units range from $848 - $1477 depending on unit size. Concessions include 1 month free. To mitigate the below performance, the assumptors were required to fund a $1,785,000 cash reserve (10% of the UPB & equal to 30% of equity the limited partners) until the Property achieves a 1.15 DSCR for 6 months. Once the DSCR test is met, $892,00 will be held in a reserve until the loan is paid in full or defeases and the remaining is returned to the assumptor. Bank of America will continue to monitor the loan.
|
| 87 |
Villa West Apartment |
MF |
$3,681,208 |
208 |
75.1 |
4.969000 % |
| | 3500 Finfeather, Bryan TX 77801 | | 0.2% | 80% | 0.98x (9 mths) | Bank of America |
|  |
| 104 |
Linden Court |
MF |
$2,686,731 |
80 |
70.7 |
5.298000 % |
| | 9181 Academy Road, Philadelphia PA 19114 | | 0.2% | 86% | 0.96x (UW) | Bear Stearns |
|  |
| 1E - DSCR < 1.10 and 1F - DSCR <= 75% U/W DSCR. The loan is secured by a 80 unit multifamily property in Philadelphia, PA built in 1962 and renovated in 2004. The property was inspected on 08/13/08; rated in Good condition. Q1-2009 NCF DSCR is .67 with an occupancy of 91%; YE 2008 NCF DSCR was .96 with an occupancy of 86%. The decline in NCF is a result of increased operating expenses combined with a slight decline in EGI.. Annualized 2009 operating expenses have increased 22% from YE 2008 and YE 2008 had increased 18% from YE 2007 due to higher than normal repairs/maintenance, payroll, and utility expenses. Per Bwr, Util have increased due to increase in gas rates. Bwr stated that they have replaced each unit with new thermostats and fixed all leaks in the bldg in order to cut some costs with the UTIL. Bwr also noted that due to location of the property, UTIL exp run higher during the winter (Q4 &Q1). RM exp rose due to roof repair expenses and rehabiliation of 7 apts done during Q4-08 & Q1-2009 as per Bwr. All repairs are normal and routine exp associated with running a property as per Bwr. Annualized 2009 EGI has declined 3% from YE 2008 due to a base rent decline. Dec 2008 occupancy showed a 10% from YE 2007 and 11% from June 2008; however, has risen to prior level of 90 percentile as of March 2009. Per Bwr, many of the tenants worked for Natl Guard, and during Q4-2008 they were sent to Iraq which caused occ drop. As of 05/09, occ has increased to 89%. Asking rates range from $650-$875 depending on unit. Per Bwr, asking rates are below mkt rates. Mkt/Adv includes apts.com, craiglist.com, community adv, and walk-ins. Concessions are offered in winter in form of 2 weeks free with 1 year lease, or 1 month free with 2 year lease. Bank of America will continue to monitor the loan.
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