| Id | Name/ | Type/ | Bal | GLA/Units | LTV | WAC |
| | Address | Subtype | % Pool | Occ. % | DSCR | Originator |
| 4 |
Howard Crossing |
MF |
$153,000,000 |
1,350 |
78.3 |
5.699000 % |
| | 8732 Town & Country Boulevard, Ellicott City MD 21043 | | 4.9% | 88% | 1.09x (UW) | Bank of America |
|  |
| 34 |
Grande View Apartments |
MF |
$18,640,000 |
240 |
80.0 |
5.648000 % |
| 30 | 151 Grande View Drive, Biloxi MS 39531 | | 0.6% | 86% | 1.07x (6 mths) | Bank of America |
|  |
| 08/31/09 The loan is secured by a 240-unit apartment complex in Biloxi, MS.
|
| 70 |
Hill Court Apartments |
MF |
$8,169,297 |
185 |
79.7 |
5.728000 % |
| 90+ | 580 East Ridge Road, Rochester NY 14621 | | 0.3% | 93% | 1.04x (UW) | Bank of America |
|  |
| 08/31/09 Hill Court Apartments is a 185 unit apartment building built in 1964 in Rochester, NY. Loan was transferred 7/2/09 due to monetary default. Subject was purchased at the same time as an adjacent property which is said to be performing well. Counsel has been retained and a Receiver has been appointed.
|
| 98 |
DTI-Brazos Apartments |
MF |
$5,379,265 |
159 |
74.2 |
5.634000 % |
| | 1800 Lake Brazos Drive, Waco TX 76704 | | 0.2% | 87% | 1.05x (6 mths) | Bank of America |
|  |
| 1E - DSCR < 1.10. The loan is secured by a 159 unit multifamily property in Waco, TX built in 1985. The property is primarily student housing for Baylor University. The property was inspected on 03/24/08; rated in Good condition. Q2-2009 NCF DSCR is 1.05 with an occupancy of 86.16%. The decline in NCF is a result of increased operating expenses. Annualized 2009 operating expenses have increased 1% from YE 2008 and 6-11% from prior years and U/W due to higher than normal PAYand ADV/MKT type expenses. PAY expenses have risen due to higher maint and grounds salary costs. ADV/MKT expenses have increased to what appears to be Bwr efforts to increase occ at the property. Borrower noted that repairs/maint will increase yearly with the exception of the summer due to the significant turnover during the school year. It is noted that occ during the 2nd half of 2009 and 1st qtr 2009 has remained in the low to mid 80 percentile, an 7% drop from 2007 and U/W. Bwr stated that the decline in occupancy is a result of increased competition in the market area. Per Bwr, current asking rates are at market rates. Rental concessions, if offered, normally are $50-$100 off first months rent. The property is advertised with newspapers and university publications. Bank of America will continue to monitor the loan.
|
| 110 |
English Village Apartments |
MF |
$4,652,000 |
111 |
78.2 |
5.566000 % |
| | 64 Fawn Road, Gansevoort NY 12831 | | 0.1% | 97% | 1.03x (UW) | Bridger |
|  |
| 1E - DSCR < 1.10. The loan is secured by a 111 unit multifamily property in Ganesevoort, NY built in 1974 and renovated in 2006.The property was inspected on 10/12/08; rated in Good condition. The loan was placed on the watchlist due to a YE 2008 NCF DSCR of 1.03 with an occupancy of 97%. The decline in NCF was a result of increased operating expenses. Annualized 2008 operating expenses had increased 3% from YE 2007 and 33% from U/W due to higher than normal repairs/maintenance and general/admin expenses. The Q2-2009 financials have been analyzed. Q2-2009 NCF DSCR is 1.42 with an occ of 96%. Loan will be removed from the watchlist with October 2009 reporting.
|
| 132 |
Dean Estates |
MF |
$3,560,000 |
48 |
79.1 |
5.820000 % |
| | 383 Oaklawn Avenue, Cranston RI 02920 | | 0.1% | 90% | 1.02x (UW) | Bank of America |
|  |
| 1E- DSCR < 1.10 and 1F - DSCR < 1.40 and <= 75% U/W DSCR. The loan is secured by a 48 unit multifamily property in Cranston, RI built in 1972. The property was inspected on 04/22/09; rated in Good condition. Q1-2009 NCF DSCR is .56 with an occupancy of 86%; YE 2008 NCF DSCR was 1.02 with an occupancy of 90%. The decline in NCF is due to an EGI decline combined with increased operating expenses. Annualized 2009 EGI has declined 2% from YE 2007, and 5% from U/W due to an occupancy and base rent decline. It is noted that 2007 EGI had also declined 6% from U/W. Per Bwr, the decline in EGI and occ is a result of the economic downturn. Current asking rates for vacant units are $950 for 1 bdrm & $1225 for 2 bdrm; per Bwr, these rates area mkt rates. Current concessions include $300 referral bonus & one month free rent. Per Bwr, property is very competitive in terms of rental rates, incentive programs such as referrals, and property is experiencing better occ rates than the competition. Per Bwr, they are very aggressive in their marketing and have competitive rental rates. Property is adv & mkt with a large on-site banner, three internet sites & they offer cash referrals to tenants who refer tenants. Occ as of Aug 09 is 90%. Annualized 2009 operating expenses show a 25% increase from YE 2007 due to higher than normal utilities, adv/mkt, and repairs/maint expenses. Per Bwr, UTIL show an increase due to increased W&S and Gas exp. In 2007, the W&S did not reflect a full year thus for future YE and qtrs W&S shows an increase. Gas expenses have risen due to increased fuel prices as per Bwr. RM has increased due to increased turnover and make ready expenses. Bank of America will continue to monitor the loan.
|
| 138 |
Sunset Gardens |
MF |
$3,315,475 |
68 |
66.3 |
5.659000 % |
| | 2111-2219 North Winery Avenue, Fresno CA 93703 | | 0.1% | 94% | 1.01x (6 mths) | Bank of America |
|  |
| 1E - DSCR < 1.10. The loan is secured by a 68 unit multifamily property in Fresno, CA built in 2002. The property was inspected on 02/20/08; rated in Good condition. The Q2-2009 NCF DSCR is 1.01 with an occupancy of 94.12%. As a note, property management companies changed during Q2-2008 and YE 2008 financials were not received. Borrower changed property management companies due to the prior mgt company was not able to decrease vacancies and delinquencies. Per Bwr, the new property mgt co has been able to decrease vacancies from 15 vacant units to 5 vacant units in the few short months that they took over mgt during Q3-2008. Per Bwr, the delinquency policy is :if resident is more than one month behind on rent they must sign a Payment Plan Agreement, which gives them no more than 3 months to pay off past due balance. If tenant is unable to keep their agreement, Bwr will begin the evictions process.The decline in NCF is a result of increased operating expenses. Annualized 2009 operating expenses have increased 14% from YE 2007 and 15% from U/W due to higher than normal Gen/Admin, and RET. Gen/Admin expenses have increased due to higher outside services fees. RET have increased due to increased valuation for 2008 taxes. It is also noted that EGI has slightly declined 2% from U/W. Occupancy at the property has remained in the mid to high 90 percentile range. Current asking rates are $750; comparable to market as per Bwr. Property is advertised in Rental Guide Magazine, on Housing Authorities web site, resident referrals, and signage on the property. Rental concessions are not offered. Per Bwr, rental rates for the property are very competitive with competing apt complexes in the mkt area. Per Bwr, average occ for apt complexes (competing and property) range from 90% - 94%. Bank of America will continue to monitor the loan.
|
| 175 |
Park Terrace Apartments |
MF |
$1,430,432 |
58 |
65.0 |
6.274000 % |
| | 1036 Valencia Drive Southeast, Albuquerque NM 87108 | | 0.0% | 97% | 1.04x (UW) | Bridger |
|  |
| 1E - DSCR < 1.10. The loan is secured by a 58 unit multifamily property in Albuquerque, NM built in 1955 and renovated in 2006. The property was inspected on 11/28/2007; rated in Good condition. The YE 2008 NCF DSCR is 1.04 with an occupancy of 97%. The decline in NCF is a result of an EGI decline. YE 2008 EGI has declined 8% from U/W due to what appears to be a base rent decline. Occupancy as of YE 2008 is stable from U/W. Per primary servicer, 1Q 2009 Reis, in the Southeast submarket, vacancy is 7.2% and average asking and effective rents are reported to be $625/unit and $581/unit respectively. Bank of America will contact the primary servicer for further property performance updates.
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