| 97 |
Olympia West Center |
RT |
$14,000,000 |
69,210 |
77.8 |
5.445500 % |
| | 1530 Black Lake Blvd., SW, Olympia WA 98502 | | 0.3% | 73% | 1.24x (UW) | Merrill Lynch |
|  | | Tenant | % | Expires | | Barnes and Noble | 30.02 | 04/30/10 | | Petco Animal Supplies | 23.78 | 09/30/13 | | Boater's World Discount Marine | 11.09 | 06/30/07 |
|
| 191 |
Etowah Crossing Shopping Center |
RT |
$4,416,665 |
43,039 |
73.0 |
6.457000 % |
| | 954 Gilbert Ferry Road, Attalla AL 35954 | | 0.1% | 75% | 0.89x (6 mths) | Merrill Lynch |
|  | | Tenant | % | Expires | | Dollar Tree | 22.30 | 01/31/11 | | Hibbett's | 12.08 | 09/30/15 | | Rent-A-Center | 11.15 | 07/30/10 |
|
| 199 |
Chapel Ridge - Retail |
RT |
$4,132,944 |
46,610 |
55.8 |
6.373000 % |
| | 10280 Maysville Road, Fort Wayne IN 46835 | | 0.1% | 76% | 0.57x (UW) | Merrill Lynch |
|  | | Tenant | % | Expires | | Petland | 12.87 | 05/01/15 | | Dollar Haven | 12.87 | 08/01/15 | | Buffalo Wild Wings | 12.34 | 06/01/19 |
|
| Annualized 2Q 09 EGI dropped to 59% of UW due to decrease in occupancy to 68%. DSCR dropped to 0.42 or 29% of the UW level. Previous notes: Borrower stated that income is lower due to a decrease in occupancy in 2008. Borrower only has 4 vacant units remai
|
| 202 |
Westsound Plaza |
RT |
$3,965,529 |
28,254 |
67.2 |
6.010000 % |
| | 9960 Silverdale Way, Silverdale WA 98383 | | 0.1% | 73% | 1.21x (UW) | Countrywide Commercial |
|  | | Tenant | % | Expires | | Westsound Bank | 21.35 | 10/01/11 | | Kings Wok | 21.14 | 01/01/09 | | Heads Up Brewing | 10.62 | 07/31/08 |
|
| 205 |
Highland Village Plaza - Phase II |
RT |
$3,858,419 |
20,767 |
54.9 |
5.820000 % |
| | 7195-7199 Boulder Avenue, Highland CA 92346 | | 0.1% | 78% | 0.96x (UW) | Merrill Lynch |
|  | | Tenant | % | Expires | | Washington Mutual | 24.08 | 07/15/11 | | Among Friends | 10.36 | 03/31/08 | | SD Orthodontics | 8.67 | 03/31/15 |
|
| 2Q 2009DSCR 1.02x with occupancy at 77% occupancy. There are currently 4 vacant units and the borrower is hoping to leave them up in 2009.
|
| 266 |
Meridian Meadows Center |
RT |
$1,584,989 |
17,756 |
79.2 |
6.060000 % |
| Gasping for air | 3001-3030 Meridian Meadows Rd, Greenwood IN 46142 | | 0.0% | 72% | 0.82x (6 mths) | PNC |
|  | | Tenant | % | Expires | | Stage One Dance | 32.60 | 01/31/08 | | Red Oak Real Estate | 12.39 | 05/31/08 | | Driving Academy | 11.26 | 10/31/10 |
|
| Loan is being monitored for delinquency. The Borrower has failed to send in their July, 2009 payment. A Notice of Default with Right to Cure Letter has been sent to the borrower. Also, per the Borrower, American Home Mortgage (2,200 SF; 12.39% NRA) filed bankruptcy. They had a subtenant but the subtenant vacated at the end of January 2008, so the space is currently vacant. ANSR Inc. (1,399 SF; 7.44% NRA; $12.00/SF; exp. 9/30/09) has already vacated, but will continue to pay rent through lease expiration. Grooming N Style (960 SF; 5.10% NRA; $15.50/SF; exp. 12/31/09) has filed for bankruptcy and vacated the property. The vacant space, including the former American Home Mortgage unit, are all being avertised through conventional means. They have have had multiple showings of several of the vacancies. Borrower states they recently changed leasing agents, and cold calls are now being made on the property\''s behalf. Loan is being monitored for delinquency. The Borrower has failed to send in their July, 2009 payment. A Notice of Default with Right to Cure Letter has been sent to the borrower. Also, per the Borrower, American Home Mortgage (2,200 SF; 12.39% NRA) filed bankruptcy. They had a subtenant but the subtenant vacated at the end of January 2008, so the space is currently vacant. ANSR Inc. (1,399 SF; 7.44% NRA; $12.00/SF; exp. 9/30/09) has already vacated, but will continue to pay rent through lease expiration. Grooming N Style (960 SF; 5.10% NRA; $15.50/SF; exp. 12/31/09) has filed for bankruptcy and vacated the property. The vacant space, including the former American Home Mortgage unit, are all being avertised through conventional means. They have have had multiple showings of several of the vacancies. Borrower states they recently changed leasing agents, and cold calls are now being made on the property''s behalf.
|
| 272 |
Taylor Plaza-Montgomery |
RT |
$1,140,757 |
12,099 |
63.4 |
6.340000 % |
| | 7711 Averiett Drive, Montgomery AL 36116 | | 0.0% | 79% | 1.08x (UW) | Countrywide Commercial |
|  | | Tenant | % | Expires | | Blue Moon Cafe | 33.52 | 11/30/18 | | Campbell Services of Alabama | 20.72 | 09/30/08 | | World of Tobacco & Beverage | 13.97 | 07/19/08 |
|
| During 2Q 09 the occupancy remained at 78.6% which is in line with the UW level. Egi was 83% of UW but DSCR dropped to 0.93 or 73% of UW. Increase in the cost of utilities and reduction in rental income led to the lower DSCR. Previous comments: Borrower l
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