| Id | Name/ | Type/ | Bal | GLA/Units | LTV | WAC |
| | Address | Subtype | % Pool | Occ. % | DSCR | Originator |
| 15 |
Thunder Hollow Apartments |
MF |
$33,500,000 |
301 |
77.9 |
5.430000 % |
| | 3228 Bristol Road, Bensalem PA 19020 | | 1.8% | 88% | 0.93x (UW) | Bank of America |
|  |
| 1E-DSCR < 1.10. The loan is secured by a 301 unit multifamily property in Bensalem, PA built in 1974 and renovated in 2004. The property was inspected on 08/24/2008; rated in Good condition. The Q1-2009 NCF DSCR is .96 with an occupancy of 89%; YE 2008 NCF DSCR was .93 with an occ of 88%. The decline in NCF is a result of an EGI decline combined with an increase in operating expenses. Annualized 2009 EGI shows a 6% increase from YE 2008 but a 14% decline from prior years due to a base rent and occupancy decline. Historically Occupancy at the property has been in ninety percentile until Q2-2008 where it dropped to its current occupancy level of high 80 percentile. Current asking rates range between $1,115.00 - $1,475.00. Rental concessions include 1 month free on 2 bd lofts $500 off all others. Property is advertised in local newspaper, apartment guides, Craiglists, and internet. Occupancy as of July 2009 is 93%. Annualized 2009 operating expenses have increased 11% from YE 2008 due to higher than normal repairs/maint, payroll, and utilities. Bank of America will continue to monitor the loan.
|
| 35 |
Chestnut Hill Tower |
MF |
$16,182,750 |
228 |
73.9 |
5.000000 % |
| | 7600 Stenton Avenue, Philadelphia PA 19118 | | 0.9% | 88% | 0.46x (UW) | Bank of America |
|  |
| 1E - DSCR < 1.10 and 1F - DSCR drop from U/W. The loan is secured by a 242 unit Multi-family complex in Philadelphia, PA. The property was last inspected on 11/10/2008; rated in Good condition. Q1-2009 NCF DSCR is .58 with an occ of 90%; YE 2008 NCF DSCR was .46x with an occupancy of 88%. The decline in NCF is a result of increased operating expense each year when compared to U/W and prior years. Ann 2009 operating exp show a 6% increase from YE 2008 & are 46% higher than anticipated than U/W. It is noted that Ann 2009 operating expenses are 2% lower from YE 2007 and YE 2006. The higher operating expenses are a result of increased real estate taxes, insurance, payroll, and utilities. Per the property manager, water rates for the city of Philadelphia have tripled in the last few years. Recommendations from an energy consultant are to reduce the water meter size, which will reduce the water tax, from 6\'' to 4'' and save the property $17K per year. An additional $45K can also be saved by installing sub-traction meters which will measure water returned to the sewer system already treated and therefore taxed at a lower rate. Payroll expenses have risen as a result of increased salaries for all hourly employees. Borrower anticipates that 2009 operating expenses will decrease from 2008 and prior years. Rental concessions are offered in the form of Discount of $100 or $50 off first month rent. The property is marketed via the internet. Bwr anticipates to increase rental rates in 2009 as follows: 5% for current renewal tenants below market rent, and market rents for incoming tenants will remain the same. Bank of America will continue to monitor the loan.
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