| 1E - DSCR < 1.20, 4B - EGI < 80% U/W EGI, and 1F - DSCR < 1.40 and <= 75% U/W DSCR. The loan is secured by a 91 room limited service hotel in Evanston, IL built in 1927 and renovated in 2005. The property was inspected on 04/22/08; rated in Good condition. The TTM 03/31/2009 NCF DSCR is .98 with an occ of 51.90%, ADR of $94.05 and RevPar of $48.81. The decline in NCF is a result of a revenue decline. Annualized 2009 revenues have declined 69% from YE 2008. Per Bwr, the decline in revenues can be attributed to the property\''s residential component was down 12%. Per Bwr, this was due to the general economic conditions in the US. Property''s residential component is made up of corporate relocation, corporate training, university visiting faculty, medical visits and catastrophe housing. Per Bwr, many of property regular customers have slowed the pace of their activity resulting in fewer extended stay needs. Bwr further noted that the Hotel compenent of the prop was down 22% due to gen economic climate. Per Bwr, property has a full-time sales & mkt employee whose job is to maintain the client base while seeking new business. Property''s biggest account is Northwestern University where property receives most of their business combined with local businesses. Per Bwr, they are constantly looking for new business and more business from property''s existing clients; but Bwr has also spent time over the past nine months trying to contain costs to make sure the property remains profitable. Property is mkt/adv via community guide, CVB destination guide, and local musical and theatrical performances. Per the CVB report provided by the Bwr, the property is above the competing property in occ and ADR. Property Q1-09 Occ and ADR were 49.3% and $95.23 respectively. Competing prop occupancy and ADR were 45.3% and $95.33 respectively. Bank of America will continue to monitor the loan.
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