| Id | Name/ | Type/ | Bal | GLA/Units | LTV | WAC |
| | Address | Subtype | % Pool | Occ. % | DSCR | Originator |
| 17 |
Lake Pleasant Pavilion |
RT |
$28,250,000 |
130,268 |
71.7 |
6.093000 % |
| Gasping for air | 24790 North Lake Pleasant Road, Peoria AZ 85383 | | 1.5% | 85% | 1.09x (6 mths) | Bank of America |
|  | | Tenant | % | Expires | | Marshalls of Ma Inc. store 1012 | 22 | 08/31/17 | | Bed Bath and Beyond Store 1141 | 21 | 01/31/18 | | BevMo! | 7 | 12/31/18 |
|
| 1E - DSCR < 1.10 and 4B - EGI < 80% U/W EGI. The property is secured by a 130,266 sf retail property in Peoria, AZ built in 2007. The property was inspected on 07/15/09; rated in Good condition. Q2-2009 NCF DSCR is 1.09 with an occupancy of 85%; YE 2008 NCF DSCR was 1.19 with an occ of 100%. The decline in NCF is a result of a 8% EGI decline. The EGI decline is due to increased vacancies and rent reductions for two tenants. Occupancy decline occurred when Shoe Pavilion, Inc., who occupied 20,000 sf or 14.82% NRA vacated in Oct 2008 due to their July 2008 bankruptcy filing. Rents were reduced for Beverages and More, who occupies 10,000 sf or 7.7% NRA with a lease expiring on 05/01/2017; and Hi-Health, who occupies 5300 sf or 4.1% NRA with a lease expiring on 08/15/2014. Beverages & More annual rent was reduced from $215,000 to $107,500.08 for the months of 12/08 to 05/2009. In exchange for the rent reduction, Beverages & More agreed to extend their lease for a period of 6 months; and their new lease expiration date is 06/30/2018. Hi-Health annual rent was reduced from $99,999.96 to $172,250 for the months of 11/08 to 07/09. The Borrower did seek Master Servicer consent for these rent reductions; and Master Servicer approved these rent reductions during Q4-2008. The March 2009 rent roll shows that there is 20,000 vacant sf at the property. The vacant space is marketed by Strategic Retail Group who will aggressively pursue marketing techniques to lease the space as per Bwr. Asking rates are $17 PSF/NNN. Bwr did indicate that if they will not be able to achieve $17 PSF/NNN, they will explore making a deal at the highest rate feasible in the market. Bwr has 2 prospects as of July 2009: there is a prospect interested in 10,000 sf at $8.85 PSF for a five year term and another prospect who is also interested in 10,000 sf. Bank of America will continue to monitor the loan.
|
| 54 |
Hancock Plaza |
RT |
$8,252,784 |
106,707 |
42.1 |
6.544000 % |
| | 4827 East Greenway Road, Scottsdale AZ 85254 | | 0.4% | 92% | 1.05x (6 mths) | Bank of America |
|  | | Tenant | % | Expires | | Safeway Store | 40 | 05/05/19 | | Walgreens Store | 12 | 12/31/15 | | Dollar tree | 12 | 01/31/14 |
|
| 1E - DSCR < 1.10.The loan is secured by a 106,710 sf retail property in Scottsdale, AZ, built in 1985. The property was inspected on 08/15/08; rated in Good condition. Q2-2009 NCF DSCR is 1.05 with an occ of 92%; YE 2008 NCF DSCR was .89 with an occ of 93%. The decline in NCF is a result of an EGI decline combined with increased OE. Although Ann. 2009 EGI shows a 12% improvement from YE 2008, ann. 2009 EGI is still not at levels anticipated at U/W & shows a 2% drop. The decline in EGI was caused by a base rent decline. Ann. 2009 reported base rents are $915,322; U/W base rents were $1,049,634. As of the 06/01/09 RR, there is 7,850 vacant sf. Zounds will take occ of 750 sf for a 2 yr term eff. 08/01/09 at $20.80 PSF, F&M Business Inv will take occ of 1400 sf for 3 year term eff. 08/01/09 at $19.71 PSF, and Savers will take occ of 1400 sf (per Bwr, lease terms not finalized; still in negotation stage). For the remaining, 4300 sf there are no firm prospects, but Bwr indicated that there has been significant interest in the spaces. Asking rates are $24-25 PSF; comparable to mkt. Bwr uses a broker to mkt the prop. Mkt includes cold calls & signage throughout the prop. Ann. 2009 opearting exp have increased 6% from YE 2008 due to higher than normal RM & PAY. Bank of America will continue to monitor the loan.
|
| 70 |
Olde Towne Marketplace |
RT |
$4,525,000 |
38,198 |
78.0 |
6.519000 % |
| | 1501-1503 London Boulevard, Portsmouth VA 23704 | | 0.2% | 100% | 1.08x (6 mths) | Bank of America |
|  | | Tenant | % | Expires | | Food Lion Inc | 86 | 04/20/19 | | Blockbuster Inc | 14 | 08/31/10 | |
|
| 1E - DSCR < 1.10. The loan is secured by a 38,200 sf retail property in Portsmouth, VA built in 1999 and renovated in 2007. The property was inspected on 11/02/08; rated in Good condition. The Q2-2009 NCF DSCR is 1.08 with an occupancy of 100%. The decline in NCF is a result of EGI decline. Annualized 2009 EGI has declined 18% from YE 2008 due to an expense reimbursement decline. At YTD June 2009, expense reimbursements were $34,862.59 (Annualized - $62,626.00). In 2008, expense reimbursements as of YTD June were $107,325.24 (annualized - $214,650.48). Per the 2009 budget, reported expense reimbursements are over 75% higher than budgeted. 2009 reported base rent is in line with the 2009 budget. Annualized 2009 operating expenses show a 18% decline from YE 2008. Bank of America has contacted the Borrower for further updates; waiting for a response.
|