| Id | Name/ | Type/ | Bal | GLA/Units | LTV | WAC |
| | Address | Subtype | % Pool | Occ. % | DSCR | Originator |
| 23 |
Valley Freeway Center |
IN |
$22,000,000 |
228,121 |
63.5 |
6.660000 % |
| | 7565, 7585, 7665 and 7685 South Commercial Way, Henderson NV 89011 | | 1.1% | 80% | 0.96x (UW) | GACC |
|  | | Tenant | % | Expires | | Environ | 7.32 | 12/31/07 | | Thomasville Furniture | 7.27 | 12/31/09 | | Praxair | 5.28 | 02/28/10 |
|
| 07/14/09: The Valley Freeway Center loan is secured by four single-story Class A industrial/warehouse buildings totaling 229,038 sf and located in Henderson, NV 8 miles southeast of downtown Las Vegas. The borrower acquired the properties in 2000 and 2002 and developed the existing improvements at a cost of $15.2MM. The loan is structured with a $2MM Holdback reserve, which may be released in minimum amounts of $300,000 provided that amortizing DSCR is 1.20x on the loan amount inclusive of amounts to be released. None of the proceeds have been released to date. 1Q09 NCF DSCR was 0.92x vs 0.96x at FYE 2008, down from comparable as is UW of 1.09x (i.e., on the full loan amount without netting out the holdback from debt service). This is largely due to a decline in occupancy offset by lower expenses (annualized R&M expenses are much lower than in 2008 and will likely increase as the year goes on). Occupancy has historically been 95-98%, but at FYE 2008 was 81%, and had been down in the low 70s per the borrower. The rent roll provided on 7/14/09 reflects occupancy of 78% as the borrower has recently signed some short term leases. He also stated that NNN psf rents were previously in the mid/high $0.70s/month and are now around $0.49/month, reflective of the very difficult market conditions in the Las Vegas area.The loan was underwritten at 95% occupancy, the occupancy at the time of UW and a NCF DSCR of 1.20x based on netting out the holdback reserve amount (as is DSCR was 1.09x). FYE 2008 NCF DSCR was 0.96x down from comparable as is UW of 1.09x, largely as a result of declining occupancy as well as higher expenses, namely R&M and G&A.
|
| 42 |
Foothills Commerce Center Buildings C, D & E |
IN |
$10,980,673 |
108,730 |
68.3 |
6.400000 % |
| | 1020, 1030 and 1040 Winding Creek Road, Roseville CA 95678 | | 0.5% | 81% | 1.01x (9 mths) | Artesia |
|  | | Tenant | % | Expires | | Johnson Controls, Inc. | 25.32 | 12/07/16 | | Patterson Dental Supply, Inc. | 15.77 | 06/30/14 | | Mark IV Capital, Inc. (Master Lease) | 13.97 | 09/11/10 |
|