| Id | Name/ | Type/ | Bal | GLA/Units | LTV | WAC |
| | Address | Subtype | % Pool | Occ. % | DSCR | Originator |
| 33 |
Deerfield Apartments |
MF |
$15,248,755 |
223 |
78.2 |
5.965000 % |
| | 860 Deerfield Boulevard, Cincinnati OH 45245 | | 0.7% | 93% | 0.95x (6 mths) | Bank of America |
|  |
| 1E - DSCR < 1.10. The loan is secured by a 223 unit multifamily property in Cincinnati, OH built in 1989 and renovated in 2004. The property was inspected 9/03/2008 and rated in good condition. 2Q 6/30/2009 NCF DSCR is 0.95 with occupancy of 93%. YE 2008 DSCR was 0.98 with occupancy of 84%. The decline in DSCR is attributed to a slight decrease rental income combined with increased operating expenses. The decline in rental income compared to U/W is a result of a decline in occupancy throughout 2008 when new management was evicting delinquent tenants. As new units were leased they were unable to maintain the previous rental rates. Current asking rates range from $579- $729 depending on unit size, which is lower than the market rates at U/W of $629-$999/unit. Additionally, rental concessions are offered in the form of free rent. The property is advertised in local newspapers and apartmentguide.com. The increase in operating expenses is attributed to an increase in insurance, utility expenses and professional fees. Per Borrower, the higher professional fees are a result of the evictions of delinquent tenants. Bank of America will continue to monitor the loan.
|
| 109 |
Pine Manor Estates |
MF |
$3,968,036 |
44 |
77.8 |
5.818000 % |
| | 96 South Drive, Circle Pines MN 55014 | | 0.2% | 98% | 0.98x (6 mths) | Bank of America |
|  |
| 1E - DSCR < 1.10. The loan is secured by a 44 unit multifamily property in Circle Pines, MN built in 2004. The property was inspected 9/10/2008 and rated in good condition. 2Q 6/30/2009 NCF DSCR is 0.98 with occupancy of 98%. YE 2008 DSCR was 0.84 with occupancy of 98%. The decline in DSCR is a result of decreased EGI and increased operating expenses compared to U/W assumptions. At closing the borrower deposited $10,000 in a debt service reserve account to be held until the trailing three months operating results will support the loan with 1.15 DSCR. The $10,000 remains in escrow. Current asking rates range from $795.00 - $1,175.00. Bank of America will continue to monitor the loan.
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