| 1E - DSCR < 1.10, 1F - DSCR < 1.40 and <= 75% U/W DSCR, 4B - EGI < 80% U/W EGI. The loan is secured by a 40,600 sf retail property in Avon, OH built in 2005. The property was inspected on 02/04/09; rated in Good condition. The YE 2008 NCF DSCR is .44 with an occupancy of 69%. The decline in NCF is a result of Simply Uniform (7,000 sf or 17.24% NRA) and Chef & Cook (1700 sf or 4.19% NRA) filing Chapter 7 bankruptcy and vacating prior to their lease expirations combined with an increase in operating expenses. 2008 EGI has declined 29% from YE 2007. As of the Dec 2008 rent roll, there is 12,620 vacant sf at the property with no prospects as of early June 09. Bwr stated to the primary servicer that the property is marketed to local real estate brokers,but due to current economic conditions, there is not much leasing activity. Current asking rates range from $15 - $20 PSF. Spaces are advertised via signage on the property, company website, and brokers. 2008 operating expenses have increased 26% from YE 2007 due to higher than normal Real estate taxes, repairs/maintenance and professional fees. Real Estate Taxes rose due to an additional tax assessment. Repairs/maintenance increase is due tenant build costs. Bank of America will continue to monitor the loan.
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