| 8.3.09 Note is paid to 8.1.09. Collateral for the $175MM note is a first priority lien against a Class A office building and partially-attached Class B office building located in Seattle, WA. Note was transferred due to imminent default due to the recent loss of a 16% tenant (WAMU). Special servicer\'s inspection revealed Class A office building to be in excellent condition, Class B office building in fair condition. Borrower's modification request under review. Appraisal and BOVs ordered. 9/03/09 - Loan is paid to 10/1/09. Collateral is first mortgage lien on 7 Class B/C multifamily properties containing 2,509 units located in MD and VA. Portfolio occupancy at 4/17/09 was 90%. Properties are in midst of a 5-year renovation program. Loan transferred to special servicer due to $750K mechanics lien and unpaid payables ($3.7M as of 5/22/09), and risk of imminent default. A $450K mechanics lien is in process of being satisfied. Per the 12/31/08 OSAR, DSCR-NCF is .91x. There are two mezzanine loans -- $46M ($16.2M funded) Sr. Mezz and $25M Jr Mezz. Combined DSCR-NCF is .80x. CF waterfall shortfalls since May 2009 were funded by Borrower. Borrower requested loan modification from A-2 Note Holder in February 2009. Loan modification negotiations among Borrower and A Note, Sr. Mezz, and Jr. Mezz Lenders were completed in June; loan modification is expected to close by 9/30/09. Jr Mezz lender granted payment forbearance from 5/1/09-9/20/09. Cash is controlled via lock box/CMA and funds are disbursed per waterfall. The loan is current.
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