| Id | Name/ | Type/ | Bal | GLA/Units | LTV | WAC |
| | Address | Subtype | % Pool | Occ. % | DSCR | Originator |
| 4 |
85 Tenth Avenue |
OF |
$76,000,000 |
169,325 |
60.7 |
5.615500 % |
| | 85 10th Avenue, New York NY 10011 | | 3.6% | 99% | 1.59x (6 mths) | GACC |
|  | | Tenant | % | Expires | | General Services Administration | 37.24 | 11/30/13 | | Level 3 | 18.62 | 12/31/17 | | State of New York | 9.62 | 03/31/14 |
|
| 9 |
2 Journal Square |
OF |
$39,072,410 |
276,169 |
48.9 |
6.040000 % |
| | 2 Journal Square, Jersey City NJ 07306 | | 1.9% | 94% | 1.98x (UW) | GACC |
|  | | Tenant | % | Expires | | Broadridge Financial Solutions Inc. | 91.38 | 01/31/13 | | JPMorgan Chase Bank | 1.68 | 10/31/12 | |
|
| 17 |
Town Center East Building 3 |
OF |
$28,494,729 |
147,556 |
75.2 |
6.360000 % |
| | 243 Israel Road SE, Tumwater WA 98501 | | 1.4% | 97% | 0.83x (UW) | Artesia |
|  | | Tenant | % | Expires | | Vine Street Investors (Master Lease) | 35.01 | 08/31/12 | | State of Washington (Department of Health) | 33.11 | 06/30/16 | | State of Washington (Labor & Industries) | 24.43 | 03/31/12 |
|
| 08/11/09: In July 2008, one of the State of Washington leases increased the base rent. That increase is driving the improvement in Q1 2009 DSCR of 0.96X vs YE 2009 DSCR of 0.83X.06/10/09: The Town Center loan is secured by a 147,559 sf office building in Turnwater, WA which was built in 2006. The subject is one of four buildings that comprise Town Center East, an office complex which includes two additional office buildings and a four-story covered parking garage. As Town Center East was not fully leased at loan closing, Vine Street Investors, LLC, a Borrower-related entity, had provided a 5 year master lease ensuring a minimum economic occupancy of 97.5%, originally supported by a $1,123,415 Letter of Credit. It should also be noted that the principal of the borrower is the largest single landlord for the State of Washington, with over 25 years of experience in developing, owning, and managing properties leased to the government (all tenants are State of WA departments).FYE 2008 NCF DSCR of 0.83x is driven largely by the property being 13% vacant until mid-2008 (during which time there was a Master Lease secured by a LOC of $1.1MM held by Lender). On 7/1/08, the borrower leased an additional 15,175 sf to an existing tenant, bringing occupancy to 97% (with earliest lease expiration in 2012) and increasing rents for two tenants such that the conditions for releasing the LOC were met, which was subsequently released.2009 proforma DSCR would be 1.01x based on borrowers 2009 budget and use of underwritten 2% management fee. The variance from UW of 1.16x is due to the fact that UW EGI was based on $21.56/sf average rents over the lease term for 33% of GLA (vs then current rent of $20.24/sf) as well as $21.50/sf for the Master Lease. Based on the 3/31/09 rent roll, average rent for occupied space is currently $20.61/sf. Further, given the tax issue explained below, taxes have been higher than underwritten as well. Once these items are accounted forr, actual performance is generally in line with UW.Projected income for 2009 based on in-place tenants is almost $3MM, which matches borrower budget. Also, the borrower noted they currently pay taxes on the proportionate share (40%) of a garage shared with 2 other buildings under a reciprocal easement.
|
| 55 |
University Parkway |
OF |
$8,609,060 |
64,934 |
75.5 |
6.350000 % |
| | 2500 Daniels Bridge Road, Athens GA 30606 | | 0.4% | 97% | 0.00x (UW) | Suntrust |
|  | | Tenant | % | Expires | | FORTSON BENTLEY & GRIFFIN | 34 | 01/01/17 | | PLUM CREEK TIMBER COMPANY | 25 | 07/19/16 | | NICHOLS LAND & INVESTMENT CO | 8 | 01/01/18 |
|
| 67 |
Fairmount Place Office |
OF |
$6,850,000 |
77,165 |
67.9 |
6.350000 % |
| | 4001 North 3rd Street, Phoenix AZ 85012 | | 0.3% | 90% | 1.23x (9 mths) | Artesia |
|  | | Tenant | % | Expires | | United States of America (GSA) | 37.54 | 03/31/11 | | University of Arizona | 9.56 | 08/31/09 | | Greenleaf Compaction | 8.49 | 01/20/11 |
|
| 72 |
Bent Tree Plaza I, II & III |
OF |
$6,341,404 |
80,607 |
76.9 |
6.660000 % |
| | 4950 Westgrove Drive, 16610 Dallas Parkway and 16660 Dallas Parkway, Dallas TX 75248 | | 0.3% | 92% | 1.49x (6 mths) | GACC |
|  | | Tenant | % | Expires | | Grand Bank | 11.41 | 02/28/10 | | Vidor Resources, Inc. | 11.08 | 07/31/11 | | Suddenlink | 10.65 | 09/30/08 |
|
| 80 |
Airport Atrium Center |
OF |
$5,400,000 |
59,794 |
64.3 |
5.690000 % |
| | 5007 South Howell Avenue, Milwaukee WI 53207 | | 0.3% | 94% | 1.32x (UW) | Citigroup Global Markets |
|  | | Tenant | % | Expires | | GSA | 20 | 03/31/11 | | CONCENTRA | 13 | 10/31/16 | | ME DEY COMPANY. INC | 8 | 10/31/10 |
|
| 129 |
Amcal Business Center |
OF |
$3,219,360 |
26,297 |
54.6 |
6.660500 % |
| | 30141 Agoura Road, Agoura Hills CA 91301 | | 0.2% | 94% | 1.27x (12 mths) | Citigroup Global Markets |
|  | | Tenant | % | Expires | | AMCAL GENERAL | 49 | 09/30/19 | | PACIFIC COAST CIVIL | 18 | 12/31/09 | | WESTLAKE PACKAGING | 8 | 09/30/11 |
|