| Id | Name/ | Type/ | Bal | GLA/Units | LTV | WAC |
| | Address | Subtype | % Pool | Occ. % | DSCR | Originator |
| 2 |
One Park Avenue |
OF |
$187,500,000 |
462,255 |
65.9 |
6.280500 % |
| | One Park Avenue, New York NY 10016 | | 5.9% | 98% | 0.98x (6 mths) | Bank of America |
|  | | Tenant | % | Expires | | NYU Hospitals Center | 17.71 | 09/30/13 | | Segal | 17.08 | 12/31/09 | | Coty | 10.88 | 06/30/15 |
|
| 08/31/09 One Park is 924k SF office building in Murray Hill. While the occupancy is 97%, the DSCR has been very skinny. Lender engaged Dechert and will commence discussions with the borrower.
|
| 8 |
200 West 57th Street |
OF |
$91,000,000 |
158,605 |
67.2 |
5.657956 % |
| | 200 West 57th Street, New York NY 10019 | | 2.9% | 88% | 0.99x (UW) | Bank of America |
|  | | Tenant | % | Expires | | ABRAHAM FAMILY PARTNERSHIP | 3 | 07/31/08 | | JBR OFFICES INC | 3 | 06/30/14 | | AMERICAN TAX INSTITUTE INC | 3 | 02/28/13 |
|
| 1E - DSCR < 1.10. The loan is secured by a 158,607 sf office property in NY, NY built in 1917; renov in 2007. The property was inspected on 02/10/09; rated in Fair condition. Q1-2009 NCF DSCR is .95 with an occ of 84%. The decline in NCF is due to the property has not reached stabilization as of Q1-09. Ann 2009 EGI shows a 3% decline from YE 08 & 13% below projected U/W EGI. At U/W, it was noted that the majority of tenants are paying below mkt rents - current avg office rents are reported close to $70 PSF. Per Bwr current leasing report, avg asking rate in the Columbus Circle sub-mkt area is $52 per rsf with a range from a low of $32 - a high of $75 PSF. Per Bwr, In 2009, there are 12 leases up for renewal consisting of 23,353 rsf (9,363 sf not renewing) paying an escalated rent inclusive of electric of $51.07 per rsf. The 2009 benchmark for the base rent & electric for this renewal period is $50.50 per rsf. Due to the recession, the short term leasing strategy is to remeasure all renewal &vacant offices to a full floor loss factor of 29% factor & negotiate ST leases. The long term leasing strategy is to expire leases co-termionusly allowing the option of leasing full floors or to mkt office space to larger tenants. Per Bwr, the leasing benchmarks for 2009 range from a low of $40.00 PSF to a high of $55.00 PSF & bldg standard elec rate is $3.25 per rsf. Mkt includes lease signage, display ad, RE Estate weekly, NY Post, Crain\''s, & CoStar.Bwr has also hosted small brokerage events for the Penthouse. As of 06/09, 8 leases were signed totaling 8919 sf with rents ranging from $40 - $65 PSF. As of the 03/09 rent roll, there is 19,428 vacant sf. 3 vacant spaces totaling 5107 sf are in negotation at rates ranging from $40-$50 PSF for terms of 2yr, 3yrs & 10 yrs. 4476 sf (3 tenants) of lease renewals are in negotation at rates ranging from $45 - $56.30 RSF for terms of 5 years for 2 tenants & 6 mos for another tenant Bank of America will continue to monitor the loan.
|
| 64 |
Premier Development Portfolio (Rollup) |
OF |
$9,038,916 |
61,560 |
82.2 |
5.646000 % |
| 90+ | 111 Plain Street, Providence RI 02903 |
| 90+ | 146 Westminster Street, Providence RI 02903 |
| 90+ | 32 Custom House Street, Providence RI 02903 |
| 90+ | 1 Custom House Street, Providence RI 02903 | | 0.3% | 94% | 0.92x (6 mths) | Bank of America |
|  | | Tenant | % | Expires | | One Custom House Restaurant | 25 | 05/31/12 | | Japanese Accupressure Therapy Centre | 21 | 01/31/10 | | Japanese Accupressure Therapy Center | 21 | 01/31/11 |
|
| 08/31/09 The subject collateral consists of four historical office buildings in Providence, RI totaling 61,500 sf. Properties are 62.7% occupied but tenants totaling 19% of the space have announced that they will vacate by year-end. Significant deferred maintenance in three of the buildings. One building has a serious foundation problem. The Foreclosure Auction for all four properties occured on August 14th and resulted in bids totaling $5,551,000, which is 26.3% higher than the initial bids we received at the end of June totaling $4,394,000. Each of the winning bidders put down 10% cash and have to close within 21 days (111 Plain has 35 days).
|
| 169 |
Staples Office Building |
OF |
$1,992,762 |
44,942 |
79.7 |
5.872000 % |
| | 5262 South Staples Street, Corpus Christi TX 78411 | | 0.1% | 100% | 0.92x (9 mths) | Bridger |
|  | | Tenant | % | Expires | | PREMIER EXECUTIVE BUSINESS CENTER | 31 | 02/28/10 | | TAPATIO INC. | 11 | 04/30/11 | | STAR CREDIT UNION | 11 | 01/31/11 |
|
| 1A - Delinquent payments, 1E- DSCR < 1.10, 1F - U/W DSCR drop & 4C - Single tenant with lease > 30% NRA expiring in next 6 months . The loan is secured by a 44,942 sf office property in Corpus Christi, TX built in 1981; renovated in 1999. The YE 2008 NCF DSCR is .68 with an occ of 100%. The decline in NCF is a result of increased OPER EXP. 2008 OPER EXP have increased 13% from YE 2007 & 57% from U/W as a result of higher than normal PAY & UTIL exp. Bwr reported to primary servicer that UTIL are higher due to a discontinued contract with the former utility provider. Per Bwr, the previous contract with former provider at $0.06175 per kwh expired in 08/06. 08/06 was the last month with this provider & the costs ran $12k for that month, which is normally the highest of the year. For 09/06 - 11/06, rates were \''floated'' on the market & Bwr was able to receive a very good rate. The months of 12/06 - 04/07 represent the period in which Bwr was forced to revert to CP&L as a provider at a rate of approximately $0.18 per kwh. Bwr signed with a new provider (Reliant Energy) effective 08/07 - 04/10 at a rate of $0.08935 per kwh, which caused an immediate and dramatic drop in the monthly billing. For the first ten months of 2008 the property averaged about $98,000 kwh per month at an average cost of $12,075 (water & electric). Per Bwr, this is about midway between the expense the property averaged in 2006 (low) and 2007 (high). Additionally, the tenant rollover applies to Premier Exec Business Ctr who occupies 13,816 sf or 30.74% NRA with a lease that expires on 02/28/2010. The loan is also due for the 08/01 & 09/01 pymts. Bwr indicated to primary servicer that 08/01 pymt would be recd by 08/21/09; to date primary servicer has not recd the pymt. Bwr stated pymts are late due to receipt of rent pymt for a major tenant. Primary servicer will continue their efforts to collect the delinquent pymts. Bank of America will continue to monitor the loan.1A - Delinquent payments, 1E- DSCR < 1.10, 1F - U/W DSCR drop & 4C - Single tenant with lease > 30% NRA expiring in next 6 months . The loan is secured by a 44,942 sf office property in Corpus Christi, TX built in 1981; renovated in 1999. The YE 2008 NCF DSCR is .68 with an occ of 100%. The decline in NCF is a result of increased OPER EXP. 2008 OPER EXP have increased 13% from YE 2007 & 57% from U/W as a result of higher than normal PAY & UTIL exp. Bwr reported to primary servicer that UTIL are higher due to a discontinued contract with the former utility provider. Per Bwr, the previous contract with former provider at $0.06175 per kwh expired in 08/06. 08/06 was the last month with this provider & the costs ran $12k for that month, which is normally the highest of the year. For 09/06 - 11/06, rates were ''floated'' on the market & Bwr was able to receive a very good rate. The months of 12/06 - 04/07 represent the period in which Bwr was forced to revert to CP&L as a provider at a rate of approximately $0.18 per kwh. Bwr signed with a new provider (Reliant Energy) effective 08/07 - 04/10 at a rate of $0.08935 per kwh, which caused an immediate and dramatic drop in the monthly billing. For the first ten months of 2008 the property averaged about $98,000 kwh per month at an average cost of $12,075 (water & electric). Per Bwr, this is about midway between the expense the property averaged in 2006 (low) and 2007 (high). Additionally, the tenant rollover applies to Premier Exec Business Ctr who occupies 13,816 sf or 30.74% NRA with a lease that expires on 02/28/2010. The loan is also due for the 08/01 & 09/01 pymts. Bwr indicated to primary servicer that 08/01 pymt would be recd by 08/21/09; to date primary servicer has not recd the pymt. Bwr stated pymts are late due to receipt of rent pymt for a major tenant. Primary servicer will continue their efforts to collect the delinquent pymts. Bank of America will continue to monitor the loan.
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