| Id | Name/ | Type/ | Bal | GLA/Units | LTV | WAC |
| | Address | Subtype | % Pool | Occ. % | DSCR | Originator |
| 40 |
Houghton Place Apartments |
MF |
$16,054,953 |
65 |
67.7 |
5.090000 % |
| | 1008 Massachusetts Avenue, Cambridge MA 02138 | | 0.6% | 95% | 1.08x (9 mths) | Barclays |
|  |
| 1E - DSCR < 1.10. Loan is secured by a 65 unit multifamily property located in Cambridge, MA built in 1999. The property was inspected 10/2008 and rated in Good condition. YE 2008 NCF DSCR is 1.16x with 97% occupancy. 3Q 9/30/208 NCF DSCR is 1.08 with occupancy of 95%. YE 2007 NCF DSCR is 1.05 with occupancy of 92%. YE 2006 DSCR was 1.17 with occupancy of 97%. Per the borrower, this property is attractive to graduate students attending the various graduate programs at Harvard and Massachusetts Institute of Technology (MIT), but is subject to significant annual turnover predominately between May and August. The entire excess proceeds from the refinancing of the property have been dedicated to upgrades and improvements. In 2008, the borrower renovated approximately 50% of the apartment units with many new accessories. This year they hope to do about 25% of the remaining units and the balance the following year. The borrower has also been addressing some building envelope issues with the replacement of patio decking and effis leak repairs. This activity has generated significant expense. This has resulted in high operating expenses and vacancies. The loan is above the WL threshold and will be removed with Q1 09 reporting. Bank of America will continue to monitor the loan.
|
| 84 |
Regency Place Apartments |
MF |
$6,628,612 |
137 |
63.1 |
5.439000 % |
| FC | 2800-2840 South Decatur Boulevard, Las Vegas NV 89102 | | 0.2% | 85% | 1.08x (12 mths) | Bridger |
|  |
| The borrower filed Chapter 11 bankruptcy on the eve of the lender\'s show cause hearing seeking the appointment of a receiver. Bankruptcy counsel is reviewing the petition, and formulating strategy.
|