| 4A - Occ < 80% U/W Occ. The loan is secured by a 457 unit self storage facility in Fort Mohave, AZ built in 1985 and renovated in 1998. The property was inspected on 03/19/08; rated in Good condition. The YE 2008 NCF DSCR is 1.28 with an occupancy of 71%. The loan was U/W at an occupancy of 93.30%, historical occupancy at the property has ranged from low to mid 80 percentile until June 2007 where it dropped to its current level. Per primary servicer, the average rental rate at the property is $108. Bwr stated to the primary servicer: the property continues to grow during these challenging economic times in which several competitors are at best stagnant or dropping in Occupancy. The Bwr will continue investing time and money in marketing efforts that show a return. Bwr has just completed a six-month project of signage upgrades, exterior painting, upgrading canopy RV spaces, addressing drainage issues including resurfacing blacktop areas and updating the swamp coolers. Additionally, Bwr stated that there is a need for very large RV parking spaces. Bwr is in process of adding 15-25 additional uncovered parking spaces with size range of 12x40 to 14x50, which will be allocated in an existing not used area within the compound. Mkt/adv efforts include tenant referral, cold calling, billboard adv, site events, & chamber networking events. Bank of America will contact the primary servicer for further leasing updates.
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