CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
CMBS NEW ISSUE
CSFB 2002-CKP1
COLLATERAL & STRUCTURAL TERM SHEET
$862,557,000
(APPROXIMATE)
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,
SERIES 2002-CKP1
[COLUMN FINANCIAL LOGO]
a CREDIT SUISSE FIRST BOSTON Company
[KEY BANK LOGO] [PNC LOGO]
CREDIT SUISSE FIRST BOSTON
MCDONALD INVESTMENTS
A KEYCORP COMPANY
PNC CAPITAL MARKETS
GOLDMAN, SACHS & CO.
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
1
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
I. Transaction Offering
INITIAL APPROXIMATE
PRINCIPAL % OF TOTAL INITIAL ASSUMED
BALANCE OR INITIAL APPROXIMATE PASS- WEIGHTED EXPECTED
EXPECTED NOTIONAL PRINCIPAL CREDIT THROUGH AVERAGE LIFE EXPECTED PRINCIPAL LEGAL
CLASS RATINGS(1) AMOUNT BALANCE SUPPORT RATE(2) (YEARS)(3) MATURITY(3) WINDOW(3) STATUS
----- ---------- -------- ------- ------- ------- ---------- ----------- --------- ------
Offered Certificates:
A-1 Aaa/AAA $54,740,000 5.51% 22.63% % 2.5 11/06 04/02-11/06 Public
A-2 Aaa/AAA $112,435,000 11.32% 22.63% % 7.5 08/11 11/06-08/11 Public
A-3 Aaa/AAA $601,059,000 60.54% 22.63% % 9.6 01/12 08/11-01/12 Public
B Aa2/AA $39,715,000 4.00% 18.63% % 9.8 02/12 01/12-02/12 Public
C Aa3/AA- $13,652,000 1.38% 17.25% % 9.9 02/12 02/12-02/12 Public
D A2/A $26,063,000 2.63% 14.63% % 9.9 02/12 02/12-02/12 Public
E A3/A- $14,893,000 1.50% 13.13% % 10.0 03/12 02/12-03/12 Public
Non-Offered Certificates:(5)
F Baa1/BBB+ $13,652,000 1.38% 11.75% % 10.0 03/12 03/12-03/12 Private-144A
G Baa2/BBB $14,893,000 1.50% 10.25% % 10.0 03/12 03/12-03/12 Private-144A
H Baa3/BBB- $14,893,000 1.50% 8.75% % 10.0 03/12 03/12-03/12 Private-144A
J Ba1/BB+ $19,857,000 2.00% 6.75% % 10.0 03/12 03/12-03/12 Private-144A
K Ba2/BB $16,134,000 1.62% 5.13% % 10.0 03/12 03/12-03/12 Private-144A
L Ba3/NR $8,688,000 0.88% 4.25% % 10.0 03/12 03/12-03/12 Private-144A
M B1/B+ $7,447,000 0.75% 3.50% % 10.1 10/12 03/12-10/12 Private-144A
N B2/B $8,687,000 0.87% 2.63% % 10.5 10/12 10/12-10/12 Private-144A
O B3/B- $4,965,000 0.50% 2.13% % 10.5 10/12 10/12-10/12 Private-144A
P Caa2/CCC $4,964,000 0.50% 1.63% % 10.5 10/12 10/12-10/12 Private-144A
Q NR/NR 16,134,599 1.63% 0.00% % 14.0 03/22 10/12-03/22 Private-144A
A-X Aaa/AAA $992,871,599 100.00% N/A % 9.1 03/22 N/A Private-144A
A-SP Aaa/AAA $606,168,000 61.05% N/A % 7.0 03/09 N/A Private-144A
ERISA(4)
--------
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
No
No
No
No
No
No
No
Yes
Yes
|
(1) These classes are expected to be rated by Moody's Investors Service, Inc.
and Standard & Poor's Rating Services.
(2) Classes _, _ and _ will be fixed rate. Classes_, _ and _ will be fixed
subject net WAC of the Pool. Classes _ and _ will be equal to the Net WAC
of the Pool.
(3) Assumes 0% CPR, no defaults, no extensions and ARD Loans (as described in
the prospectus supplement) pay in full on their respective anticipated
repayment dates. Otherwise based on "Modeling Assumptions" set forth in the
prospectus supplement. Assumed weighted average life expressed in years.
(4) Expected to be eligible for Credit Suisse First Boston Corporation's
individual prohibited transaction exemption under ERISA.
(5) Not offered by the prospectus supplement or this term sheet.
MORTGAGE LOAN SELLER PROFILE:
Column Financial, Inc., "Column", will be selling 90 mortgage loans,
representing 51. 3% of the initial net mortgage pool balance to the trust.
Column was established in August 1993 and is an indirect wholly owned subsidiary
of Credit Suisse Group. Column has originated more than 2,800 commercial
mortgage loans, totaling approximately $16. 0 billion, since its inception.
Column sources, underwrites and closes various mortgage loan products through 17
production offices located throughout the U. S. and Canada.
KeyBank National Association, "KeyBank", will be selling 32 mortgage loans,
representing 22. 8% of the initial net mortgage pool balance to the trust.
KeyBank, a wholly owned subsidiary of KeyCorp, is a national banking
association. KeyBank, headquartered in Cleveland, Ohio, provides financial
services, including commercial and multifamily real estate financing, throughout
the United States. As of December 31, 2001, KeyBank had total assets of
approximately $71. 5 billion, total liabilities including minority interests in
consolidated subsidiaries of approximately $66. 6 billion and approximately $4.
9 billion in stockholders' equity. As of December 31, 2001, Key Commercial Real
Estate, a division of KeyBank, had total assets of approximately $8. 5 billion,
comprised of construction and interim loans, CMBS investments, and conduit and
other fixed rate permanent loans. Key Commercial Mortgage, a division of Key
Commercial Real Estate, has originated over $1.8 billion in commercial mortgage
loans in 2001 and has a current servicing portfolio of $12.0 billion.
PNC Bank, National Association, "PNC Bank," will be selling 34 mortgage loans,
representing 25.9% of the initial net mortgage pool balance to the Trust. PNC
Bank is headquartered in Pittsburgh, Pennsylvania and is a wholly owned
subsidiary of The PNC Financial Services Group, Inc., which had approximately
$70 billion of assets as of December 31, 2001. PNC Bank has originated over
1,000 conduit loans totaling $3.6 billion since 1998. PNC Bank's conduit
operation, including origination, underwriting, and closing activities, is based
in Kansas City, Missouri.
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
2
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
II. Collateral Overview (1)
Mortgage Loan Pool
Initial Net Mortgage Pool Balance: $992,871,599
Average Cut-off Date Principal Balance: $6,364,562
Loans /Properties: 156/182
Largest Loan: 6.6%
Five Largest Loans /Group of Loans: 25.3%
Ten Largest Loans /Group of Loans: 38.9%
Property Type Concentrations
Multifamily: 29.6%
Retail: 28.0% (Anchored 26.1%; Unanchored 1.9%)
Office: 24.0%
Mixed Use: 8.3%
Self Storage: 6.1%
Industrial: 3.1%
Other (2): 0.9%
Geographic Distribution
Texas: 18.4%
California: 10.6% (Southern 9.5% /Northern 1.1%) (3)
Pennsylvania: 8.9%
Florida: 7.5%
Other: 30 other states and the District of Columbia, which
comprise less than 6.6% individually
Credit Statistics
Wtd. Avg. Underwritten DSCR: 1.37x
Wtd. Avg. Cut-off Date LTV Ratio: 74.3%
Wtd. Avg. Balloon/ARD LTV Ratio (4): 63.8%
|
(1) All information provided based on a March 2002 Cut-off Date unless
otherwise noted.
(2) "Other" includes manufactured housing properties.
(3) "Southern California" consists of mortgaged real properties in California
zip codes less than or equal to 93600. "Northern California" consists of
mortgaged real properties in zip codes greater than 93600.
(4) Excludes Fully Amortizing Loans.
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
3
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
II. Collateral Overview (continued)
Loans with Reserve Requirements
Tax escrows: 92.6%
Insurance escrows: 81.6%
Cap. Ex escrows (1): 82.9%
TI/LC escrows (1): 86.6%
Mortgage Loan Pool Characteristics
Gross WAC: 7.2853%
Wtd. Avg. Remaining Term (2): 118 Months
Wtd. Avg. Seasoning: 5 Months
Call Protection: All of the mortgage loans provide for either a prepayment lockout period
("Lockout"), a defeasance period ("Defeasance"), a yield maintenance premium
period ("YMP"), or a combination thereof.
Lockout/Defeasance: 96.5%
Fee or Leasehold: 99.7% (Fee); 0.3% (Leasehold)
Delinquency: None of the mortgage loans will be 30 days or more delinquent with respect to
any monthly debt service payment as of the April 2002 due date or at any time
during the 12-month period preceding that date.
|
(1) Includes loans with provisions for upfront and/or collected reserves. TI/LC
escrows are expressed as a percentage of only the mortgage loans secured by
office, retail, mixed use and industrial properties.
(2) In the case of ARD Loans, the anticipated repayment date is assumed to be
the maturity date.
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
4
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
III. Transaction Overview
Offered Certificates: Classes A-1, A-2, A-3, B, C, D and E
Pass-Through Structure: Senior/Subordinate, Sequential Pay Pass-Through Certificates
Mortgage Loan Sellers: Column Financial, Inc., KeyBank National Association, and PNC Bank, National
Association
Lead Manager &
Bookrunner: Credit Suisse First Boston Corporation
Co-Managers: McDonald Investments Inc., PNC Capital Markets, Inc., and Goldman, Sachs & Co.
Rating Agencies: Moody's Investors Service, Inc. and Standard & Poor's Rating Services
Master Servicer: Midland Loan Services, Inc.
Special Servicer: Lennar Partners, Inc.
Trustee: Wells Fargo Bank Minnesota, N. A.
Cut-Off Date: March 2002
Settlement Date: On or about March __, 2002
Distribution Date: The fourth business day following the Determination Date in that month, beginning
April 2002
Determination Date: The eleventh calendar day of the month, or, if the eleventh calendar day is not a
business day, the next succeeding business day, beginning April 2002
Minimum Denominations: $10,000 for all offered certificates and in additional multiples of $1
Settlement Terms: DTC, Euroclear and Clearstream, same day funds, with accrued interest
SMMEA: It is expected that the Class A-1, Class A-2, Class A-3, Class B, Class C, Class A-X,
and Class A-SP certificates will be SMMEA eligible.
ERISA: Classes A-1, A-2, A-3, B, C, D, E, F, G, H, A-X, and A-SP are expected to be
eligible for the Lead Manager's individual prohibited transaction exemption with
respect to ERISA, subject to certain conditions of eligibility.
Tax Treatment: REMIC
Analytics: Cashflows are expected to be available through Bloomberg, the Trepp Group, Intex
Solutions and Charter Research
|
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
5
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
IV. Structure Description
[GRAPHIC OMITTED]
ADMINISTRATIVE FEE
PRIVATE
A-SP
Aaa/AAA
Public Public Plublic Public Public Public Public Private Private Private
Class Class Class Class Class Class Class Class Class Class
A-1 A-2 A-3 B C D E F G H
Aaa/AAA Aaa/AAA Aaa/AAA Aa2/AA Aa3/AA- A2/A A3/A- Baa1/BBB+ Baa2/BBB Baa3/BBB-
|
(RESTUBBED TABLE CONTINUED FROM ABOVE)
Public Private Private Private Private Private Private Private Private
Class Class Class Class Class Class Class Class Class
A-1 J K L M N O P Q
Aaa/AAA Ba1/BB+ Ba2/BB Ba3/NR B1/B+ B2/B B3/B- Caa2/CCC NR/NR
|
The P& I certificates will be paid principal sequentially beginning with Class
A-1.
The Class A-X and Class A-SP Certificates will collectively accrue interest on
the total principal balance of the Class A-1, A-2, A-3, B, C, D, E, F, G, H, J,
K, L, M, N, O, P and Q Certificates. The Preliminary Prospectus Supplement
describes the notional amounts on which the Class A-X and Class A-SP
Certificates individually accrue interest.
The Class A-X and Class A-SP Certificates will collectively accrue interest at a
rate approximately equal to the excess, if any, of the weighted average net
coupon for the mortgage pool over the weighted average pass-through rate for
Classes A-1, A-2, A-3, B, C, D, E, F, G, H, J, K, L, M, N, O, P and Q. The
Preliminary Prospectus Supplement describes the pass-through rates at which the
Class A-X and Class A-SP Certificates individually accrue interest.
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
6
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
V. Yield Maintenance Prepayment Premium
Yield Maintenance Prepayment
Premiums: Yield Maintenance Prepayment Premiums will be distributed on each
Distribution Date as follows: A portion (based on the product of the Base
Interest Fraction and the Principal Entitlement Fraction as described below)
will be delivered to each of the following Classes: A-1, A-2, A-3, B, C, D, E,
F, G, and H (the "Yield Maintenance Classes"). The remainder will be
distributed to Class A-X.
With respect to each Yield Maintenance Class, the "Base Interest Fraction" is
a fraction, not greater than one or less than zero, having:
A numerator equal to the excess, if any, of the pass-through rate on
such class of certificates over the relevant discount rate and
A denominator equal to the excess, if any, of the mortgage interest
rate of the prepaid loan over the relevant discount rate.
With respect to each Yield Maintenance Class, the "Principal Entitlement
Fraction" is a fraction having:
A numerator equal to the total principal distributable on such class
of certificates on the subject Distribution Date, and
A denominator equal to the total principal, distributable on all the
certificates, public and private, on the subject Distribution Date.
Yield Maintenance Prepayment
Premium Example: The following is an example of the Yield Maintenance Prepayment Premium
allocation based on the following assumptions:
o Class receiving principal payment is A-1
o Mortgage rate: 8.00%
o The Discount Rate at time of prepayment: 5.75%
o The Class Pass-Through Rate is equal to 7.00%
Class A-1 Class A-X
Method Certificates Certificates
------------------------------------------------------------------------------------------------------------------------------------
(Class Pass Through Rate - Discount Rate) (7.00%-5.75%) (100.00%-Class A-1 Certificate Percentage)
(Mortgage Rate-Discount Rate) (8.00%-5.75%)
Yield Maintenance Prepayment Premium Allocation 55.56% 44.44%
|
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
7
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
VI. Additional Deal Features
Prepayment Interest Shortfalls: Any Prepayment Interest Shortfalls that are
not offset by the servicing fee and interest
accrued on such prepayments from the date of
prepayment will be allocated pro-rata to each
interest-bearing Class of Certificates in
proportion to the amount of interest accrued
on such Class for such distribution date.
Principal & Interest Advances: The master servicer will generally be required
to advance delinquent scheduled payments of
principal and interest on the mortgage loans
(excluding any balloon payments, default
interest or excess interest) and other
required amounts through liquidation, subject
to a recoverability standard. The master
servicer will be required to make advances for
those balloon loans that become defaulted
after their maturity dates, on the same
amortization schedule as if the maturity date
had not occurred. In the event that the master
servicer fails to make a required advance of
delinquent scheduled payments of principal and
interest, the Trustee will be obligated to
make the advance.
Optional Termination: On any Distribution Date on which the mortgage
pool balance, net of outstanding advances of
principal, is less than 1% of the Initial
Mortgage Pool Balance, the trust fund may be
terminated and the certificates retired at the
option, in turn, of: any single holder or
group of holders of a majority of the
Controlling Class; or, if it declines, the
master servicer; and lastly, the special
servicer.
|
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
8
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
MORTGAGED REAL PROPERTIES BY STATE
[MAP OF UNITED STATES]
Texas 18.4%
California 10.6%
Pennsylvania 8.9%
Florida 7.5%
Ohio 6.5%
Illinois 6.4%
District of Columbia 5.3%
Tennessee 5.0%
Maryland 4.9%
New York 3.2%
Virginia 2.6%
Alabama 2.2%
Indiana 1.7%
South Carolina 1.6%
Wisconsin 1.4%
Washington 1.4%
Kansas 1.4%
Massachusetts 1.2%
Georgia 1.1%
Missouri 1.1%
Michigan 1.1%
Alaska 0.9%
Nebraska 0.8%
Oklahoma 0.8%
Iowa 0.8%
Connecticut 0.7%
Louisiana 0.6%
New Mexico 0.5%
Minnesota 0.5%
Arizona 0.4%
Arkansas 0.2%
North Carolina 0.2%
Maine 0.2%
New Jersey 0.1%
Oregon 0.1%
|
WEIGHTED
NUMBER OF PERCENTAGE OF AVERAGE WEIGHTED
MORTGAGED CUT-OFF DATE INITIAL MORTGAGE WEIGHTED AVERAGE
REAL PRINCIPAL MORTGAGE POOL INTEREST AVERAGE CUT-OFF DATE
STATE (1) PROPERTIES BALANCE BALANCE RATE U/W DSCR LTV RATIO
------------------------------------------------------------------------------------------------------------------------------------
Texas 45 $182,566,117 18.4% 7.1573% 1.44x 75.0%
California 16 105,645,581 10.6% 7.3648% 1.33 73.1%
Southern 13 94,490,769 9.5% 7.3985% 1.32 73.9%
Northern 3 11,154,812 1.1% 7.0795% 1.41 66.7%
Pennsylvania 7 88,312,232 8.9% 7.2021% 1.39 74.8%
Florida 13 73,990,744 7.5% 7.0460% 1.38 77.4%
Ohio 10 64,732,258 6.5% 7.3048% 1.36 75.1%
Illinois 4 63,187,820 6.4% 7.1841% 1.34 76.6%
District of Columbia 1 52,801,908 5.3% 7.2500% 1.39 71.6%
Tennessee 12 49,497,752 5.0% 7.5963% 1.30 75.3%
Maryland 6 48,615,008 4.9% 7.3888% 1.41 66.9%
New York 4 31,376,859 3.2% 7.1055% 1.27 73.3%
Virginia 4 25,819,347 2.6% 7.3323% 1.34 73.2%
Alabama 2 21,919,497 2.2% 7.3477% 1.33 77.8%
Indiana 5 16,984,590 1.7% 7.1994% 1.32 74.6%
South Carolina 4 16,334,629 1.6% 7.1590% 1.40 75.4%
Wisconsin 2 14,177,932 1.4% 7.4258% 1.28 74.6%
Washington 3 13,876,179 1.4% 7.4567% 1.32 70.8%
Kansas 4 13,862,271 1.4% 7.1037% 1.22 83.3%
Massachusetts 5 12,123,196 1.2% 7.2881% 1.50 67.0%
Georgia 3 10,863,089 1.1% 7.2296% 1.51 74.4%
Missouri 4 10,495,948 1.1% 7.2045% 1.43 70.9%
Michigan 3 10,457,184 1.1% 7.1835% 1.34 77.6%
Alaska 2 8,611,518 0.9% 7.3009% 1.33 70.7%
Nebraska 1 8,185,735 0.8% 7.3400% 1.25 77.2%
Oklahoma 3 7,479,854 0.8% 7.2289% 1.28 74.0%
Iowa 4 7,478,500 0.8% 7.6213% 1.35 77.2%
Connecticut 6 6,514,172 0.7% 7.4113% 1.50 74.0%
Louisiana 3 5,492,255 0.6% 7.1931% 1.62 76.1%
New Mexico 2 5,134,823 0.5% 8.0831% 1.37 73.3%
Minnesota 1 4,991,939 0.5% 7.0800% 1.25 70.6%
Arizona 4 4,284,183 0.4% 7.4901% 1.70 54.7%
Arkansas 2 1,981,477 0.2% 7.1576% 1.38 82.3%
North Carolina 1 1,895,326 0.2% 7.0200% 1.56 75.8%
Maine 1 1,665,000 0.2% 7.1900% 1.60 65.8%
New Jersey 1 1,019,356 0.1% 7.8000% 1.49 79.6%
Oregon 1 497,319 0.1% 8.1100% 1.29 79.6%
-------------------------------------------------------------------------------------------------------------------------------
Total/Weighted Average: 189 $992,871,599 100.0% 7.2583% 1.37x 74.3%
-------------------------------------------------------------------------------------------------------------------------------
|
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
9
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
MORTGAGED REAL PROPERTIES BY PROPERTY TYPE
[PIE CHART]
Manufactured Housing 0.9%
Industrial 3.1%
Self Storage 6.1%
Mixed Use 8.3%
Office 24.0%
Retail 28.0%
Multifamily 29.6%
|
WEIGHTED
NUMBER OF PERCENTAGE OF AVERAGE WEIGHTED
MORTGAGED CUT-OFF DATE INITIAL MORTGAGE WEIGHTED AVERAGE
REAL PRINCIPAL MORTGAGE POOL INTEREST AVERAGE CUT-OFF DATE
PROPERTY TYPE PROPERTIES BALANCE BALANCE RATE U/W DSCR LTV RATIO
-------------------------------------------------------------------------------------------------------------------------------
Multifamily 72 $294,194,629 29.6% 7.0890% 1.42x 76.5%
Retail 38 277,998,102 28.0% 7.3147% 1.35 75.7%
Office 28 238,667,971 24.0% 7.3954% 1.30 73.8%
Mixed Use 8 82,098,568 8.3% 7.2643% 1.34 70.9%
Self Storage 31 60,092,289 6.1% 7.1988% 1.57 65.9%
Industrial 4 31,201,673 3.1% 7.4172% 1.45 70.7%
Manufactured Housing 8 8,618, 367 0.9% 7.1984% 1.59 66.5%
-------------------------------------------------------------------------------------------------------------------------------
Total/Weighted Average: 189 $992,871,599 100.0% 7.2583% 1.37x 74.3%
-------------------------------------------------------------------------------------------------------------------------------
|
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
10
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
MORTGAGED REAL PROPERTIES BY PROPERTY SUB-TYPE
WEIGHTED
NUMBER OF PERCENTAGE OF AVERAGE WEIGHTED
MORTGAGED CUT-OFF DATE INITIAL MORTGAGE WEIGHTED AVERAGE
REAL PRINCIPAL MORTGAGE POOL INTEREST AVERAGE CUT-OFF DATE
PROPERTY TYPE PROPERTY SUB-TYPE PROPERTIES BALANCE BALANCE RATE U/W DSCR LTV RATIO
-------------------------------------------------------------------------------------------------------------------------------
Retail
Anchored 29 $259,615,259 26.1% 7.2683% 1.34x 76.2%
Unanchored 9 18,382,843 1.9% 7.9698% 1.39 69.0%
-------------------------------------------------------------------------------------------------------------------------------
Total/Weighted Average: 38 $277,998,102 28.0% 7.3147% 1.35x 75.7%
-------------------------------------------------------------------------------------------------------------------------------
|
UNDERLYING MORTGAGE LOAN SELLER
WEIGHTED
NUMBER OF PERCENTAGE OF AVERAGE WEIGHTED
UNDERLYING CUT-OFF DATE INITIAL MORTGAGE WEIGHTED AVERAGE
MORTGAGE PRINCIPAL MORTGAGE POOL INTEREST AVERAGE CUT-OFF DATE
MORTGAGE LOAN SELLER LOANS BALANCE BALANCE RATE U/W DSCR LTV RATIO
--------------------------------------------------------------------------------------------------------------------------
Column 90 $509,665,416 51.3% 7.3153% 1.40x 74.3%
PNC 34 256,872,326 25.9% 7.1451% 1.38 74.0%
Key 32 226,333,857 22.8% 7.2583% 1.31 74.5%
--------------------------------------------------------------------------------------------------------------------------
Total/Weighted Average: 156 $992,871,599 100.0% 7.2583% 1.37x 74.3%
--------------------------------------------------------------------------------------------------------------------------
|
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
11
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
CUT-OFF DATE PRINCIPAL BALANCES
[GRAPHIC OMITTED]
PERCENTATE OF INITIAL MORTGAGE
POOL BALANCE
25.0% $497,319-$500.000 $7,500,001-$10,000,000
20.0% $500,000-$1,000,000 $10,000,001-$20,000,000
15.0% $1,000,001-$2,000,000 $20,000,001-$30,000,000
10.0% $2,000,001-$3,000,000 $30,000,001-$40,000,000
5.0% $3,000,001-$5,000,000 $40,000,001-$50,000,000
0.0% $5,000,001-$7,500,000 $50,000,001-$65,294,018
|
RANGE OF CUT-OFF DATE PRINCIPAL BALANCES
WEIGHTED
NUMBER OF PERCENTAGE OF AVERAGE WEIGHTED
UNDERLYING CUT-OFF DATE INITIAL MORTGAGE WEIGHTED AVERAGE
RANGE OF CUT-OFF DATE MORTGAGE PRINCIPAL MORTGAGE POOL INTEREST AVERAGE CUT-OFF DATE
PRINCIPAL BALANCES LOANS BALANCE BALANCE RATE U/W DSCR LTV RATIO
---------------------------------------------------------------------------------------------------------------------------
$497,319 - 500,000 2 $ 995,451 0.1% 7.6796% 1.34x 76.7%
500,001 - 1,000,000 23 18,004,672 1.8% 7.7590% 1.50 68.5%
1,000,001 - 2,000,000 32 46,501,600 4.7% 7.4448% 1.45 72.2%
2,000,001 - 3,000,000 23 58,063,872 5.8% 7.3219% 1.41 72.7%
3,000,001 - 5,000,000 29 114,491,710 11.5% 7.2672% 1.37 74.5%
5,000,001 - 7,500,000 12 76,474,473 7.7% 7.0520% 1.41 75.0%
7,500,001 - 10,000,000 10 82,538,357 8.3% 7.2674% 1.40 72.6%
10,000,001 - 20,000,000 14 203,232,299 20.5% 7.2069% 1.33 76.9%
20,000,001 - 30,000,000 6 143,577,104 14.5% 7.2990% 1.32 74.4%
30,000,001 - 40,000,000 1 32,896,136 3.3% 7.5000% 1.25 78.3%
40,000,001 - 50,000,000 2 98,000,000 9.9% 7.1543% 1.43 71.6%
50,000,001 - $65,294,018 2 118,095,925 11.9% 7.2500% 1.40 73.5%
-----------------------------------------------------------------------------------------------------
Total/Weighted Average: 156 $992,871,599 100.0% 7.2583% 1.37x 74.3%
=====================================================================================================
Maximum Cut-off Date Principal Balance: $ 65,294,018
Minimum Cut-off Date Principal Balance: $ 497,319
Avg. Cut-off Date Principal Balance: $ 6,364,562
|
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
12
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
UNDERWRITTEN DEBT SERVICE COVERAGE RATIOS
[GRAPHIC OMITTED]
PERCENTAGE OF INITIAL POOL
BALANCE
35.0% 1-15x-1.19x
30.0% 1.2x-1.29x
25.0% 1.3x-1.39x
20.0% 1.4x-1.49x
15.0% 1.5x-1.59x
10.0% 1.6x-1.69x
5.0% 1.7x-2.67x
|
0.0%
RANGE OF UNDERWRITTEN DEBT SERVICE COVERAGE RATIOS
WEIGHTED
NUMBER OF PERCENTAGE OF AVERAGE WEIGHTED
UNDERLYING CUT-OFF DATE INITIAL MORTGAGE WEIGHTED AVERAGE
RANGE OF MORTGAGE PRINCIPAL MORTGAGE POOL INTEREST AVERAGE CUT-OFF DATE
U/W DSCRS LOANS BALANCE BALANCE RATE U/W DSCR LTV RATIO
----------------------------------------------------------------------------------------------------------------------------
1.15x - 1.19 1 $ 5,093,836 0.5% 7.0000% 1.15x 84.9%
1.20 - 1.29 41 332,564,849 33.5% 7.2948% 1.26 76.7%
1.30 - 1.39 46 311,269,503 31.4% 7.2086% 1.35 75.3%
1.40 - 1.49 35 206,142,298 20.8% 7.3218% 1.43 72.2%
1.50 - 1.59 13 43,929,432 4.4% 7.1038% 1.56 70.7%
1.60 - 1.69 11 73,119,880 7.4% 7.2729% 1.62 68.2%
1.70 - 2.67x 9 20,751,801 2.1% 7.1248% 1.87 67.1%
----------------------------------------------------------------------------------------------------------------------------
Total/Weighted Average: 156 $992,871,599 100.0% 7.2583% 1.37x 74.3%
============================================================================================================================
Maximum U/W DSCR: 2.67x
Minimum U/W DSCR: 1.15x
Wtd. Avg. U/W DSCR: 1.37x
|
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
13
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
CUT-OFF DATE LOAN-TO-VALUE RATIOS
[GRAPHIC OMITTED]
PERCENTAGEOF MORTGAGE
POOL BALANCE
25.0% 35.8%-55.0% 75.1%-77.5%
20.0% 55.1%-65.0% 77.6%-78.5%
15.0% 65.1%-67.5% 78.6%-79.5%
10.0% 67.6%-70.0% 79.6%-80.0%
5.0% 70.1%-72.5% 80.1%-84.9%
0.0% 72.6%-75.0%
|
RANGE OF CUT-OFF DATE LOAN-TO-VALUE RATIOS
WEIGHTED
NUMBER OF PERCENTAGE OF AVERAGE WEIGHTED
UNDERLYING CUT-OFF DATE INITIAL MORTGAGE WEIGHTED AVERAGE
RANGE OF CUT-OFF DATE MORTGAGE PRINCIPAL MORTGAGE POOL INTEREST AVERAGE CUT-OFF DATE
LOAN-TO-VALUE RATIOS LOANS BALANCE BALANCE RATE U/W DSCR LTV RATIO
----------------------------------------------------------------------------------------------------------------------------
35.8% - 55.0% 5 $ 4,159,107 0.4% 7.8994% 1.79x 45.9%
55.1% - 65.0% 12 60,225,114 6.1% 7.3651% 1.54 62.3%
65.1% - 67.5% 7 64,385,467 6.5% 7.2035% 1.54 66.0%
67.6% - 70.0% 15 47,383,311 4.8% 7.2986% 1.40 69.0%
70.1% - 72.5% 23 135,996,485 13.7% 7.3382% 1.36 71.4%
72.6% - 75.0% 25 124,787,101 12.6% 7.2878% 1.36 74.1%
75.1% - 77.5% 19 226,412,787 22.8% 7.2922% 1.36 76.1%
77.6% - 78.5% 11 108,038,312 10.9% 7.2560% 1.31 78.0%
78.6% - 79.5% 17 99,338,052 10.0% 7.2309% 1.35 79.3%
79.6% - 80.0% 18 110,295,993 11.1% 7.0343% 1.34 79.7%
80.1% - 84.9% 4 11,849,870 1.2% 7.0839% 1.21 84.4%
---------------------------------------------------------------------------------------------------------
Total/Weighted Average: 156 $992,871,599 100.0% 7.2583% 1.37x 74.3%
=========================================================================================================
Maximum Cut-off Date LTV Ratio: 84.9%
Minimum Cut-off Date LTV Ratio: 35.8%
Wtd. Avg. Cut-off Date LTV Ratio: 74.3%
|
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
14
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
MORTGAGE INTEREST RATES
WEIGHTED
NUMBER OF PERCENTAGE OF AVERAGE WEIGHTED
UNDERLYING CUT-OFF DATE INITIAL MORTGAGE WEIGHTED AVERAGE
RANGE OF MORTGAGE PRINCIPAL MORTGAGE POOL INTEREST AVERAGE CUT-OFF DATE
MORTGAGE INTEREST RATES LOANS BALANCE BALANCE RATE U/W DSCR LTV RATIO
---------------------------------------------------------------------------------------------------------------------------------
6.7000% - 7.0000% 25 $157,180,911 15.8% 6.9357% .40x 77.1%
7.0010% - 7.2500% 56 473,949,648 47.7% 7.1750% 1.39 73.7%
7.2510% - 7.5000% 40 279,421,372 28.1% 7.4104% 1.34 74.0%
7.5010% - 7.7500% 16 33,315,752 3.4% 7.6155% 1.38 72.9%
7.7510% - 8.0000% 5 32,569,940 3.3% 7.8176% 1.29 77.0%
8.0010% - 8.2500% 7 9,515,519 1.0% 8.1711% 1.39 71.0%
8.2510% - 8.8200% 7 6,918,458 0.7% 8.5336% 1.49 61.1%
---------------------------------------------------------------------------------------------------------------------------------
Total/Weighted Average: 156 $992,871,599 100.0% 7.2583% 1.37x 74.3%
=================================================================================================================================
Maximum Mortgage Interest Rate: 8.8200%
Minimum Mortgage Interest Rate: 6.7000%
Wtd. Avg. Mortgage Interest Rate: 7.2583%
|
MORTGAGE LOAN AMORTIZATION TYPE
WEIGHTED
NUMBER OF PERCENTAGE OF AVERAGE WEIGHTED
UNDERLYING CUT-OFF DATE INITIAL MORTGAGE WEIGHTED AVERAGE
MORTGAGE PRINCIPAL MORTGAGE POOL INTEREST AVERAGE CUT-OFF DATE
LOAN TYPE LOANS BALANCE BALANCE RATE U/W DSCR LTV RATIO
------------------------------------------------------------------------------------------------------------------------------------
Balloon 139 $785,906,159 79.2% 7.2437% 1.37x 75.0%
ARD 15 203,885,032 20.5% 7.3092% 1.38 71.5%
Fully Amortizing 2 3,080,408 0.3% 7.5906% 1.35 64.5%
------------------------------------------------------------------------------------------------------------------------------------
Total/Weighted Average: 156 $992,871,599 100.0% 7.2583% 1.37x 74.3%
====================================================================================================================================
|
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
15
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
ORIGINAL TERM TO ORIGINAL MATURITY (1)
WEIGHTED
NUMBER OF PERCENTAGE OF AVERAGE WEIGHTED
RANGE OF UNDERLYING CUT-OFF DATE INITIAL MORTGAGE WEIGHTED AVERAGE
ORIGINAL TERMS MORTGAGE PRINCIPAL MORTGAGE POOL INTEREST AVERAGE CUT-OFF DATE
TO STATED MATURITY (MONTHS) LOANS BALANCE BALANCE RATE U/W DSCR LTV RATIO
-----------------------------------------------------------------------------------------------------------------------------------
60 - 84 1 $ 7,576,662 0.8% 7.3700% 1.65x 73.6%
85 - 120 147 936,536,523 94.3% 7.2400% 1.38 74.1%
121 - 240 8 48,758,414 4.9% 7.5908% 1.27 77.2%
-----------------------------------------------------------------------------------------------------------------------------------
Total/Weighted Average: 156 $992,871,599 100.0% 7.2583% 1.37x 74.3%
==================================================================================================================================
Maximum Original Term to Stated Maturity (Months): 240
Minimum Original Term to Stated Maturity (Months): 60
Wtd. Avg. Original Term to Stated Maturity (Months): 122
|
(1) In the case of ARD Loans, the Anticipated Repayment Date is assumed to be
the maturity date for the purposes of the foregoing table.
REMAINING TERM TO ORIGINAL MATURITY (1)
WEIGHTED
NUMBER OF PERCENTAGE OF AVERAGE WEIGHTED
RANGE OF UNDERLYING CUT-OFF DATE INITIAL MORTGAGE WEIGHTED AVERAGE
REMAINING TERMS MORTGAGE PRINCIPAL MORTGAGE POOL INTEREST AVERAGE CUT-OFF DATE
TO STATED MATURITY (MONTHS) LOANS BALANCE BALANCE RATES U/W DSCR LTV RATIO
------------------------------------------------------------------------------------------------------------------------------------
56 - 84 1 $ 7,576,662 0.8% 7.3700% 1.65x 73.6%
85 - 120 147 936,536,523 94.3% 7.2400% 1.38 74.1%
121 - 240 8 48,758,414 4.9% 7.5908% 1.27 77.2%
------------------------------------------------------------------------------------------------------------------------------------
Total/Weighted Average: 156 $992,871,599 100.0% 7.2583% 1.37x 74.3%
====================================================================================================================================
Maximum Remaining Term to Stated Maturity (Months): 240
Minimum Remaining Term to Stated Maturity (Months): 56
Wtd. Avg. Remaining Term to Stated Maturity (Months): 118
|
(1) In the case of ARD Loans, the Anticipated Repayment Date is assumed to be
the maturity date for the purposes of the foregoing table.
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
16
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
ORIGINAL AMORTIZATION TERM
WEIGHTED
NUMBER OF PERCENTAGE OF AVERAGE WEIGHTED
RANGE OF UNDERLYING CUT-OFF DATE INITIAL MORTGAGE WEIGHTED AVERAGE
ORIGINAL AMORTIZATION MORTGAGE PRINCIPAL MORTGAGE POOL INTEREST AVERAGE CUT-OFF DATE
TERMS (MONTHS) LOANS BALANCE BALANCE RATE U/W DSCR LTV RATIO
-------------------------------------------------------------------------------------------------------------------------------
180 - 240 11 $ 13,822,687 1.4% 7.4363% 1.39x 68.6%
241 - 300 37 183,819,044 18.5% 7.3551% 1.41 70.9%
301 - 360 108 795,229,869 80.1% 7.2328% 1.36 75.2%
-------------------------------------------------------------------------------------------------------------------------------
Total/Weighted Average: 156 $992,871,599 100.0% 7.2583% 1.37x 74.3%
===============================================================================================================================
Maximum Original Amortization Term (Months): 360
Minimum Original Amortization Term (Months): 180
Wtd. Avg. Original Amortization Term (Months): 346
|
REMAINING AMORTIZATION TERM
WEIGHTED
NUMBER OF PERCENTAGE OF AVERAGE WEIGHTED
RANGE OF UNDERLYING CUT-OFF DATE INITIAL MORTGAGE WEIGHTED AVERAGE
REMAINING AMORTIZATION MORTGAGE PRINCIPAL MORTGAGE POOL INTEREST AVERAGE CUT-OFF DATE
TERMS (MONTHS) LOANS BALANCE BALANCE RATES U/W DSCR LTV RATIO
------------------------------------------------------------------------------------------------------------------------
173 - 180 1 $ 980,408 0.1% 8.3200% 1.45x 53.9%
181 - 240 10 12,842,279 1.3% 7.3688% 1.38 69.7%
241 - 300 37 183,819,044 18.5% 7.3551% 1.41 70.9%
301 - 360 108 795,229,869 80.1% 7.2328% 1.36 75.2%
------------------------------------------------------------------------------------------------------------------------
Total/Weighted Average: 156 $992,871,599 100.0% 7.2583% 1.37x 74.3%
========================================================================================================================
Maximum Remaining Amortization Term (Months): 360
Minimum Remaining Amortization Term (Months): 173
Wtd. Avg. Remaining Amortization Term (Months): 341
|
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
17
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
YEAR BUILT/RENOVATED
WEIGHTED
NUMBER OF PERCENTAGE OF AVERAGE WEIGHTED
MORTGAGED CUT-OFF DATE INITIAL MORTGAGE WEIGHTED AVERAGE
RANGE OF YEAR REAL PRINCIPAL MORTGAGE POOL INTEREST AVERAGE CUT-OFF DATE
BUILT/RENOVATED PROPERTIES BALANCE BALANCE RATE U/W DSCR LTV RATIO
------------------------------------------------------------------------------------------------------------------------
1956 - 1970 10 $ 16,297,173 1.6% 7.2587% 1.46x 70.6%
1971 - 1980 23 62,043,472 6.2% 7.2269% 1.51 70.3%
1981 - 1990 45 149,894,425 15.1% 7.2931% 1.41 71.6%
1991 - 2002 111 764,636,530 77.0% 7.2540% 1.35 75.2%
------------------------------------------------------------------------------------------------------------------------
Total/Weighted Average: 189 $992,871,599 100.0% 7.2583% 1.37x 74.3%
========================================================================================================================
Most Recent Year Built/Year Renovated: 2002
Oldest Year Built/Year Renovated: 1956
Wtd. Avg. Year Built/Year Renovated: 1995
|
OCCUPANCY RATES AT UNDERWRITING
WEIGHTED
NUMBER OF PERCENTAGE OF AVERAGE WEIGHTED
MORTGAGED CUT-OFF DATE INITIAL MORTGAGE WEIGHTED AVERAGE
RANGE OF REAL PRINCIPAL MORTGAGE POOL INTEREST AVERAGE CUT-OFF DATE
OCCUPANCY RATES AT U/W PROPERTIES BALANCE BALANCE RATE U/W DSCR LTV RATIO
--------------------------------------------------------------------------------------------------------------------------------
44.0% - 84.9% 13 $ 32,733,002 3.3% 7.2526% 1.47x 70.9%
85.0% - 89.9% 16 40,165,001 4.0% 7.2840% 1.48 67.1%
90.0% - 94.9% 32 183,693,436 18.5% 7.2147% 1.36 75.2%
95.0% - 97.4% 48 314,438,937 31.7% 7.2085% 1.36 76.3%
97.5% - 100.0% 80 421,841,225 42.5% 7.3123% 1.37 73.3%
--------------------------------------------------------------------------------------------------------------------------------
Total/Weighted Average: 189 $992,871,599 100.0% 7.2583% 1.37x 74.3%
================================================================================================================================
Maximum Occupancy Rate at U/W: 100.0%
Minimum Occupancy Rate at U/W: 44.0%
Wtd. Avg. Occupancy Rate at U/W: 95.7%
|
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
18
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
PREPAYMENT PROVISION AS OF CUT-OFF DATE
WEIGHTED WEIGHTED
AVERAGE AVERAGE
PERCENTAGE OF REMAINING REMAINING WEIGHTED
RANGE OF NUMBER OF CUT-OFF DATE INITIAL LOCKOUT LOCKOUT AVERAGE
REMAINING TERMS TO MORTGAGE PRINCIPAL MORTGAGE POOL PERIOD PLUS YM PERIOD MATURITY
STATED MATURITY (YEARS) LOANS BALANCE BALANCE (YEARS) (YEARS) (YEARS) (1)
------------------------------------------------------------------------------------------------------------------------------------
2.00 - 8.99 2 $ 9,576,087 1.0% 5.0 5.0 5.3
9.00 - 9.49 21 37,950,321 3.8% 9.0 9.0 9.3
9.50 - 9.99 119 772,106,777 77.8% 9.1 9.4 9.7
10.00 - 10.99 7 153,908,137 15.5% 9.8 9.8 10.1
12.00 - 20.00 7 19,330,278 1.9% 14.4 14.4 14.7
------------------------------------------------------------------------------------------------------------------------------------
Total/Weighted Average: 156 $992,871,599 100.0% 9.2 9.5 9.8
====================================================================================================================================
|
(1) In the case of the hyper-amortization loans, the Anticipated Repayment Date
is assumed to be the maturity date for the purposes of the indicated
column.
PREPAYMENT OPTION
WEIGHTED WEIGHTED
AVERAGE AVERAGE
PERCENTAGE OF REMAINING REMAINING WEIGHTED
NUMBER OF CUT-OFF DATE INITIAL LOCKOUT LOCKOUT AVERAGE
MORTGAGE PRINCIPAL MORTGAGE POOL PERIOD PLUS YM PERIOD MATURITY
PREPAYMENT OPTION LOANS BALANCE BALANCE (YEARS) (YEARS) (YEARS) (1)
----------------------------------------------------------------------------------------------------------------------------
Lockout /Defeasance 150 $957,712,605 96.5% 9.5 9.5 9.8
Lockout /Yield Maintenance 5 32,219,545 3.2% 3.1 9.3 9.7
Yield Maintenance 1 2,939,449 0.3% 0.0 9.4 9.8
----------------------------------------------------------------------------------------------------------------------------
Total/Weighted Average: 156 $992,871,599 100.0% 9.2 9.5 9.8
============================================================================================================================
|
(1) In the case of the hyper-amortization loans, the Anticipated Repayment Date
is assumed to be the maturity date for the purposes of the indicated
column.
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
19
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
MORTGAGE POOL PREPAYMENT PROFILE (1)
NUMBER OF
MONTHS SINCE MORTGAGE OUTSTANDING % OF POOL YIELD % OF POOL
DATE CUT-OFF DATE LOANS BALANCE (MM) LOCKOUT MAINTENANCE OPEN TOTAL
-------------------------------------------------------------------------------------------------------------------
Mar-02 0 156 $ 992.9 99.7% 0.3% 0.0% 100.0%
Mar-03 12 156 $ 982.8 99.7% 0.3% 0.0% 100.0%
Mar-04 24 156 $ 972.0 99.7% 0.3% 0.0% 100.0%
Mar-05 36 156 $ 960.1 97.3% 2.7% 0.0% 100.0%
Mar-06 48 156 $ 947.3 97.3% 2.7% 0.0% 100.0%
Mar-07 60 155 $ 926.0 96.4% 3.6% 0.0% 100.0%
Mar-08 72 155 $ 911.3 96.4% 3.6% 0.0% 100.0%
Mar-09 84 155 $ 895.6 96.4% 3.6% 0.0% 100.0%
Mar-10 96 154 $ 877.0 96.4% 3.6% 0.0% 100.0%
Mar-11 108 154 $ 858.9 94.8% 3.6% 1.6% 100.0%
Mar-12 120 8 $ 37.4 100.0% 0.0% 0.0% 100.0%
Mar-13 132 7 $ 15.6 100.0% 0.0% 0.0% 100.0%
Mar-14 144 6 $ 11.4 100.0% 0.0% 0.0% 100.0%
Mar-15 156 6 $ 10.9 100.0% 0.0% 0.0% 100.0%
Mar-16 168 6 $ 10.4 99.3% 0.0% 0.7% 100.0%
Mar-17 180 1 $ 0.9 100.0% 0.0% 0.0% 100.0%
|
(1) Calculated assuming that no Mortgage Loan prepays, defaults or is
repurchased prior to stated maturity, except that the hyper-amortization
loans are assumed to pay in full on their respective Anticipated Repayment
Dates. Otherwise calculated based on Maturity Assumptions to be set forth
in the final prospectus supplement.
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
20
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
[PHOTO] [PHOTO]
300 M STREET OFFICE BUILDING OAK RIDGE OFFICE PORTFOLIO
WASHINGTON, DC OAK RIDGE, TN
|
[PHOTO] [PHOTO]
THE SUMMIT - PHASE II CLOPPER ROAD PORTFOLIO
BIRMINGHAM, AL GAITHERSBURG, MD
|
[PHOTO]
LOCKE SOVRAN PORTFOLIO-10114 OLD KATY ROAD
HOUSTON, TX
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
21
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
[PHOTO] [PHOTO]
THE SHOPS AT DEERFIELD SQUARE PARK CENTER OFFICE BUILDING
DEERFIELD, IL PLANO, TX
|
[PHOTO] [PHOTO]
TUTTLE CROSSING BRIDGEPARK SHOPPING CENTER
COLUMBUS, OH LADERA RANCH, CA
|
[PHOTO]
METROPLEX WEST
PLYMOUTH MEETING, PA
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
22
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
SIGNIFICANT MORTGAGE LOANS
PERCENTAGE
OF INITIAL NET CUT-OFF
CUT-OFF DATE MORTGAGE MORTGAGE DATE
PROPERTY PRINCIPAL POOL SQUARE LOAN INTEREST U/W LTV
# LOAN NAME TYPE BALANCE BALANCE FEET PER SF RATE DSCR RATIO
-----------------------------------------------------------------------------------------------------------------------------------
1 Metroplex West Retail $ 65,294,018 6.6% 477,461 $137 7.25% 1.41x 75.1%
------------------------------------------------------------------------------------------------------------------------------------
2 300 M Street Office Building Office $ 52,801,908 5.3% 279,381 $189 7.25% 1.39x 71.6%
------------------------------------------------------------------------------------------------------------------------------------
3 The Shops at Deerfield Square Mixed Use $ 50,000,000 5.0% 237,079 $211 7.12% 1.27x 77.1%
------------------------------------------------------------------------------------------------------------------------------------
4 Locke Sovran Portfolio Self Storage $ 48,000,000 4.8% 1,782,426 $ 27 7.19% 1.60x 65.8%
------------------------------------------------------------------------------------------------------------------------------------
5 SSC Portfolio Retail $ 34,804,899 3.5% 402,915 $ 86 7.36% 1.28x 79.5%
------------------------------------------------------------------------------------------------------------------------------------
6 Park Center Office Building Office $ 32,896,136 3.3% 234,951 $140 7.50% 1.25x 78.3%
------------------------------------------------------------------------------------------------------------------------------------
7 Oak Ridge Office Portfolio Office $ 29,428,137 3.0% 413,965 $ 71 7.81% 1.27x 77.0%
------------------------------------------------------------------------------------------------------------------------------------
8 Clopper Road Portfolio Mixed Use $ 28,201,325 2.8% 197,292 $143 7.40% 1.45x 61.8%
------------------------------------------------------------------------------------------------------------------------------------
9 Bridgepark Shopping Center Retail $ 23,424,249 2.4% 100,918 $232 7.13% 1.34x 79.1%
------------------------------------------------------------------------------------------------------------------------------------
10 The Summit - Phase II Retail $ 21,421,366 2.2% 103,924 $206 7.35% 1.33x 77.9%
------------------------------------------------------------------------------------------------------------------------------------
Total /Wtd. Avg. $386,272,037 38.9% 4,230,312 $ 91 7.31% 1.37x 74.0%
------------------------------------------------------------------------------------------------------------------------------------
|
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
23
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
METROPLEX WEST
Loan Information
Cut-off Date Principal Balance: $65,294,018
First Payment Date: December 11, 2001
Interest Rate: 7.25% per annum
Amortization: 360 Months
ARD Date: November 11, 2011
Maturity Date: November 11, 2031
Maturity Balance: $57,481,935
Sponsor(s): Goldenberg Group, Inc.
Interest Calculation: Actual/360
Call Protection: Lockout/defeasance: 116
Open: 4
Loan per SF: $137
Up-Front Reserves: Homelife Letter of Credit $850,000 (1)
Unpaid Intech Invoice
Reserve $355,648 (2)
Unfunded TI & LC Reserve $258,752 (3)
Free Rent Reserve $93,603 (4)
Engineering Reserve $9,375 (5)
Ongoing Reserves: Tax and Insurance Yes (6)
Replacement Reserve Yes (7)
TI/LC Reserve Yes (8)
Lockbox: Hard
|
Property Information
Single Asset/Portfolio: Single Asset
Property Type: Retail
Property Sub-Type: Anchored
Location: Plymouth Meeting, PA
Year Built/Renovated: 2001/N/A
Square Footage: 477,461
Occupancy: 100% (9)
Ownership Interest: Fee
% of Total
20 Tenants including: NRSF NRSF Lease Expiration
--------------------- ---- ---- ----------------
Giant Food Store 67,185 14% 2/28/2021
Seaman's Furniture 48,341 10% 10/31/2015
Company, Inc.
Best Buy 45,723 10% 9/30/2015
Property Management: Goldenberg Management, Inc.
U/W Net Cash Flow: $7,538,374
U/W DSCR: 1.41x
Appraised Value: $87,000,000
Cut-off Date LTV: 75.1%
Maturity LTV: 66.1%
|
(1) The borrower was required to establish a Letter of Credit in the amount of
$850,000.00 for the re-tenanting of the space of a bankrupt tenant.
Seaman's Furniture Company, has assumed the lease and the letter of credit
will be reduced (i) by $283,333.33 upon occupancy by Seaman's Furniture
Company, and (ii) provided certain conditions have been met, by an
additional $283,333.33 on the one (1) year anniversary and the three (3)
year anniversary of the first reduction.
(2) The borrower was additionally required to deposit upfront reserves
($355,648) to be disbursed upon completion of certain site work by
borrower's site contractor, Intech Construction.
(3) The borrower was additionally required to deposit upfront reserves
($258,752) for unpaid tenant allowances and CAM reconciliations.
(4) The borrower was additionally required to deposit upfront reserves
($93,603) for rent abatements for certain tenants whose abatemens were to
phase out within the first year of the loan.
(5) The Engineering Reserve was established to fund immediate repairs at the
subject property.
(6) The borrower is required to make monthly payments into a tax and insurance
escrow fund to accumulate funds necessary to pay (a) all taxes prior to
their respective due dates and (b) insurance premiums prior to the
expiration of the related policies.
(7) The borrower is required to deposit $5,968 per month ($0.15 per square foot
per year) into a Replacement Reserve.
(8) The borrower is required to deposit $10,833 per month ($0.27 per square
foot per year) into a TI/LC Reserve until the amount in the TI/LC Reserve
reaches $520,000 or, after that date, if vacancies exceed a certain
percent, $780,000.
(9) Occupancy is based on the November 30, 2001 rent roll.
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
24
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
METROPLEX WEST
Additional Information
o The subject property is a recently constructed, 778,190 SF regional power
center shadow anchored by tenant-owned Target and Lowe's stores. The loan
collateral consists of 477,461 SF of NRA that is 100% leased to 20 tenants.
o Over 54% of the space is leased to investment grade tenants. Major tenants
include: Giant Foods (Royal Ahold) ($18/sf; 14% NRA; lease exp. 2/28/21; S&
P: BBB+), Seaman's Furniture Company, Inc. (assumed Homelife Lease)
($14/sf; 10% NRA; lease exp. 10/31/15), Best Buy ($17/sf; 10% NRA; lease
exp. 9/30/15; S& P: BBB-), Dick's Sporting Goods ($18/sf; 9% NRA; lease
exp. 8/31/15) and Bed Bath & Beyond ($17/sf; 7% NRA; lease exp. 1/31/16; S&
P: BBB-).
o The property is located in Plymouth Meeting, Montgomery County,
Pennsylvania, approximately 18 miles northwest of Philadelphia. Metroplex
is located at the crossroads for the "Seven County" region with the major
access arteries of I-476 (the Blue Route, which ties to I-95), and
I-276/I-76 (the Pennsylvania Turnpike). The intersection of the Blue Route
and the Pennsylvania Turnpike is the second most traveled transportation
node in Pennsylvania with a traffic count of 185,000 cars per day.
o The subject's trade area is one of the most affluent in the Philadelphia
MSA with a 2001 average household income of $68,338 and a median property
valuation of $175,086. Due to the vast highway network surrounding the
property, the subject's trade area encompasses a 20-mile radius.
o The Philadelphia based Goldenberg Group, Inc. owns a 47.5% interest in the
borrowing entity. It is a full service real estate development and
management company. It has developed and manages over three million square
feet of space in Philadelphia and southern New Jersey.
o The Pennsylvania Real Estate Investment Trust (PREIT), based in
Philadelphia, owns a 50% interest in the borrowing entity. PREIT is a
publicly traded real estate investment trust (NYSE: PEI), which currently
owns and operates a diversified portfolio of interests in 45 properties
with 9.8 million square feet of retail space and 7,242 apartment units.
o Metroplex West is managed by Goldenberg Management, Inc., the management
affiliate of the Goldenberg Group, Inc.
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
25
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
METROPLEX WEST
------------------------------------------------------------------------------------------------------------------------------------
Lease Rollover Schedule Metroplex
AVERAGE
BASE RENT % OF TOTAL BASE
# OF LEASES PER SF % OF TOTAL SF CUMULATIVE % OF RENTAL REVENUES CUMULATIVE % OF TOTAL
YEAR ROLLING ROLLING ROLLING SF ROLLING ROLLING RENTAL REVENUES ROLLING
------------------------------------------------------------------------------------------------------------------------------------
2002 0 $0.00 0.0% 0.0% 0.0% 0.0%
------------------------------------------------------------------------------------------------------------------------------------
2003 0 $0.00 0.0% 0.0% 0.0% 0.0%
------------------------------------------------------------------------------------------------------------------------------------
2004 0 $0.00 0.0% 0.0% 0.0% 0.0%
------------------------------------------------------------------------------------------------------------------------------------
2005 0 $0.00 0.0% 0.0% 0.0% 0.0%
------------------------------------------------------------------------------------------------------------------------------------
2006 0 $0.00 0.0% 0.0% 0.0% 0.0%
------------------------------------------------------------------------------------------------------------------------------------
2007 0 $0.00 0.0% 0.0% 0.0% 0.0%
------------------------------------------------------------------------------------------------------------------------------------
2008 0 $0.00 0.0% 0.0% 0.0% 0.0%
------------------------------------------------------------------------------------------------------------------------------------
2009 0 $0.00 0.0% 0.0% 0.0% 0.0%
------------------------------------------------------------------------------------------------------------------------------------
2010 0 $0.00 0.0% 0.0% 0.0% 0.0%
------------------------------------------------------------------------------------------------------------------------------------
2011 9 $19.06 26.4% 26.4% 27.7% 27.7%
------------------------------------------------------------------------------------------------------------------------------------
2012 0 $0.00 0.0% 26.4% 0.0% 27.7%
------------------------------------------------------------------------------------------------------------------------------------
2012-2021 11 $17.82 73.6% 100.0% 72.3% 100.0%
------------------------------------------------------------------------------------------------------------------------------------
Vacant 0 $0.00 0.0% 0.0% 0.0% 0.0%
------------------------------------------------------------------------------------------------------------------------------------
|
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
26
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
300 M STREET OFFICE BUILDING
Loan Information
Cut-off Date Principal Balance: $52,801,908
First Payment Date: November 11, 2001
Interest Rate: 7.25% per annum
Amortization: 360 Months
ARD Date: October 11, 2011
Maturity Date: October 11, 2031
Maturity Balance: $46,519,378
Sponsor(s): Potomac Investment Properties, Inc.
Interest Calculation: Actual/360
Call Protection: Lockout/defeasance: 113
Open: 7
Loan per SF: $189
Up-Front Reserves: None
Ongoing Reserves: Tax and Insurance Yes (1)
Replacement Reserve Yes (2)
TI/LC Reserve Yes (3)
Lockbox: Hard
|
Property Information
Single Asset/Portfolio: Single Asset
Property Type: Office
Property Sub-Type: CBD
Location: Washington, D. C.
Year Built/Renovated: 2001/N/A
Square Footage: 279,381
Occupancy: 100% (4)
Ownership Interest: Fee
% of Total
Major Tenants NRSF NRSF Lease Expiration
------------- ---- ---- ----------------
PRC, Inc. 91,733 33% 4/30/2011
Lockheed Martin 73,808 26% 4/30/2011
ADI Technology, Inc. 36,905 13% 4/30/2011
Property Management: Cushman & Wakefield of Washington, DC, Inc.
U/W Net Cash Flow: $6,021,094
U/W DSCR: 1.39x
Appraised Value: $73,700,000
Cut-off Date LTV: 71.6%
Maturity LTV: 63.1%
|
(1) The borrower is required to make monthly payments into a tax and insurance
escrow fund to accumulate funds necessary to pay (a) all taxes prior to
their respective due dates and (b) insurance premiums prior to the
expiration of the related policies.
(2) The borrower is required to deposit $4,674 per month ($0.20 per square foot
per year) into a Replacement Reserve account until the amount in the
Replacement Reserve Account equals $112,810.
(3) The borrower is required to deposit $22,917 per month ($0.98 per square
foot per year), which amount is required to be increased annually until
October 11, 2011, into a TI/LC Reserve account.
(4) Occupancy is based on the November 30, 2001 rent roll.
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
27
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
300 M STREET OFFICE BUILDING
Additional Information
o The subject property, built in 2001, is a 279,381 square foot Class A
office building is located in the South Capitol/M Street corridor of the
Capitol Hill office market. The site is directly across the street from the
Washington Naval Yard which is the new headquarters for the Naval Sea
Systems Command (NAVSEA) and one mile from the U. S. Capitol. NAVSEA is the
Navy's central command for designing, building and procuring U. S. Naval
Ships and shipboard weapons systems.
o The NAVSEA Headquarters project is the largest single office project ever
awarded by the Navy. Its recent completion provides approximately one
million square feet of office space and 1,500 parking spaces. In connection
with the relocation of NAVSEA, close to 4,100 civilian, military and
government support personnel will move to the new headquarters at the
Washington Naval Yard.
o The Property is currently 100% leased to 8 tenants plus the garage. The
tenants at the subject property are generally Navy contractors who moved to
the property in connection with NAVSEA's relocation to the Washington Naval
Yard. The two largest tenants at the property are PRC, Inc. (Litton
Industries) and Lockheed Martin. Litton Industries is rated BBB+ by S& P
and leases 32.8% of the property. Lockheed Martin is rated BBB-with a
positive outlook by S& P and leases 26.4% of the property.
o The annual TI/LC reserve is $275,000, increasing by $25,000 or more per
year for each year of the loan. The reserve at loan maturity will be $3.9
million ($13.96 PSF). In addition, 12 months prior to the anticipated
repayment date, there is a 100% excess cash flow sweep if tenants
accounting for at least sixty-five percent (65%) of the rentable square
footage have not renewed their leases for at least a 5 year term.
o The Sponsor of the loan is a subsidiary of Potomac Investment Properties,
Inc. Under the direction of Bernard Gewirz, Potomac Investment Properties,
Inc. has developed 2.5 million square feet of office and residential space
in Washington, D. C. for the past 76 years.
o Cushman & Wakefield of Washington, DC, Inc. is the property manager.
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
28
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
300 M STREET OFFICE BUILDING
---------------------------------------------------------------------------------------------------------------
Lease Rollover Schedule 300 M Street Office Building
AVERAGE
BASE % OF TOTAL BASE
# OF RENT PER RENTAL
LEASES SF % OF TOTAL SF CUMULATIVE % REVENUES CUMULATIVE % OF TOTAL
YEAR ROLLING ROLLING ROLLING OF SF ROLLING ROLLING RENTAL REVENUES ROLLING
---------------------------------------------------------------------------------------------------------------
2002 0 $0.00 0.0% 0.0% 0.0% 0.0%
---------------------------------------------------------------------------------------------------------------
2003 0 $0.00 0.0% 0.0% 0.0% 0.0%
---------------------------------------------------------------------------------------------------------------
2004 0 $0.00 0.0% 0.0% 0.0% 0.0%
---------------------------------------------------------------------------------------------------------------
2005 0 $0.00 0.0% 0.0% 0.0% 0.0%
---------------------------------------------------------------------------------------------------------------
2006 0 $0.00 0.0% 0.0% 0.0% 0.0%
---------------------------------------------------------------------------------------------------------------
2007 0 $0.00 0.0% 0.0% 0.0% 0.0%
---------------------------------------------------------------------------------------------------------------
2008 0 $0.00 0.0% 0.0% 0.0% 0.0%
---------------------------------------------------------------------------------------------------------------
2009 0 $0.00 0.0% 0.0% 0.0% 0.0%
---------------------------------------------------------------------------------------------------------------
2010 0 $0.00 0.0% 0.0% 0.0% 0.0%
---------------------------------------------------------------------------------------------------------------
2011 8 $29.03 100.0% 100.0% 100.0% 100.0%
---------------------------------------------------------------------------------------------------------------
Vacant 0 $0.00 0.0% 0.0% 0.0% 0.0%
---------------------------------------------------------------------------------------------------------------
|
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
29
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
THE SHOPS AT DEERFIELD SQUARE
Loan Information
Cut-off Date Principal Balance: $50,000,000
First Payment Date: April 1, 2002
Interest Rate: 7.12% per annum
Amortization: 360 Months
Maturity Date: March 1, 2012
Maturity Balance: $43,760,424
Sponsor(s): Deerland Square, Ltd. and Kirby
Limited Partnership d/b/a Deerland Square
Limited Partnership
Interest Calculation: Actual/360
Call Protection: Lockout/defeasance: 117
Open: 3
Loan per SF: $211
Up-Front Reserves: Replacement Reserve Escrow
and Security Agreement $150,000 (1)
Ongoing Reserves: Tax and Insurance Yes (2)
TI/LC Reserve Yes (3)
Lockbox: None
|
Property Information
Single Asset/Portfolio: Single Asset
Property Type: Mixed Use
Property Sub-Type: Retail/Office
Location: Deerfield, IL
Year Built/Renovated: 2000/N/A
Square Footage: 237,079
Occupancy: 95% (4)
Ownership Interest: Fee
% of Total
Major Tenants NRSF NRSF Lease Expiration
------------- ---- ---- ----------------
Whole Foods 38,702 16% 9/30/2020
Barnes & Noble 27,692 12% 4/30/2016
Property Management: CRM Properties Group, Ltd.
U/W Net Cash Flow: $5,130,079
U/W DSCR: 1.27x
Appraised Value: $64,850,000
Cut-off Date LTV: 77.1%
Maturity LTV: 67.5%
|
(1) The borrower delivered a letter of credit in the amount of $150,000 ($0.63
per square foot per year). When drawn upon by lender, the proceeds of the
Letter of Credit will be deposited into a Replacement Reserve account. If
at any time the balance in the reserve account falls below $150,000, the
borrower must deposit $3,366 per month until a balance of $150,000 is again
achieved.
(2) The borrower is required to make monthly payments into a tax and insurance
escrow fund to accumulate funds necessary to pay all taxes prior to their
respective due dates.
(3) The borrower is required to deposit $5,356 per month ($0.27 per square foot
per year) into an interest bearing reserve for tenant improvements and
leasing commissions until the required escrow balance of $350,000 has been
achieved. If at any time thereafter the balance in the reserve account
falls below $350,000, the borrower must deposit $5,356 per month until the
required balance of $350,000 is again achieved.
(4) Occupancy is based on the January 11, 2002 rent roll.
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
30
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
THE SHOPS AT DEERFIELD SQUARE
Additional Information
o The subject property consists of 169,864 SF of retail space with 28 tenants
and 67,215 SF of office space with 10 tenants. The site is improved with 10
buildings, eight of which are primarily retail and two of which are
primarily office.
o The property was designed with multiple storefronts and facades to create
the feeling of a downtown mainstreet by accommodating pedestrian traffic
and a large town plaza in front of one of the buildings. The subject's
exterior's are brick, stone, and precast concrete, with real slate used on
all the pitched roofs.
o The site was formerly a smaller community center that was also anchored by
a Walgreens.
o The property is located on the southwest corner of Deerfield and Waukegun
roads, a major intersection in Deerfield. The property is located about 1
mile east of I-94 and enjoys strong demographics, with a median household
income within a 5 mile radius of the property of $127,538, and an average
household income of $203,446.
o The property is leased and managed by CRM Properties Group, Ltd., which is
an affiliate of the Borrower. The management company is located on-site.
The company manages all the properties owned by the principals of the
Borrower, including four office properties, four retail properties, three
mixed use office/retail properties and one self-storage facility.
o Construction of the improvements began in 1999 with completion in 2000, at
an estimated cost of $63,000,000.
----------------------------------------------------------------------------------------------------------------------------
Lease Rollover Schedule Shops at Deerfield Square
AVERAGE
BASE RENT % OF TOTAL BASE
# OF LEASES PER SF % OF TOTAL SF CUMULATIVE % OF RENTAL REVENUES CUMULATIVE % OF TOTAL
YEAR ROLLING ROLLING ROLLING SF ROLLING ROLLING RENTAL REVENUES ROLLING
----------------------------------------------------------------------------------------------------------------------------
2001 0 $0.00 0.0% 0.0% 0.0% 0.0%
----------------------------------------------------------------------------------------------------------------------------
2002 0 $0.00 0.0% 0.0% 0.0% 0.0%
----------------------------------------------------------------------------------------------------------------------------
2003 0 $0.00 0.0% 0.0% 0.0% 0.0%
----------------------------------------------------------------------------------------------------------------------------
2004 2 $19.37 2.8% 2.8% 2.7% 2.7%
----------------------------------------------------------------------------------------------------------------------------
2005 1 $19.06 2.0% 4.9% 1.9% 4.6%
----------------------------------------------------------------------------------------------------------------------------
2006 4 $28.12 6.2% 11.0% 8.5% 13.1%
----------------------------------------------------------------------------------------------------------------------------
2007 1 $19.00 0.7% 11.7% 0.6% 13.7%
----------------------------------------------------------------------------------------------------------------------------
2008 2 $22.76 4.7% 16.4% 5.3% 18.9%
----------------------------------------------------------------------------------------------------------------------------
2009 1 $26.92 0.9% 17.3% 1.2% 20.2%
----------------------------------------------------------------------------------------------------------------------------
2010 11 $25.85 16.5% 33.8% 20.9% 41.1%
----------------------------------------------------------------------------------------------------------------------------
2011 8 $28.29 14.8% 48.6% 20.5% 61.6%
----------------------------------------------------------------------------------------------------------------------------
2012 2 $0.00 4.8% 53.4% 7.0% 68.6%
----------------------------------------------------------------------------------------------------------------------------
After 2012 4 $15.81 40.5% 93.9% 31.4% 100.0%
----------------------------------------------------------------------------------------------------------------------------
|
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
31
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
LOCKE SOVRAN PORTFOLIO
Loan Information
Cut-off Date Principal Balance: $48,000,000
First Payment Date: April 1, 2002
Interest Rate: 7.19% per annum
Amortization: 300
Maturity Date: March 1, 2012
Maturity Balance: $38,639,192
Sponsor(s): REIT Sovran Self Storage, Inc.
Interest Calculation: Actual/360
Call Protection: Lockout/defeasance: 116
Open: 4
Loan per SF: $27
Up-Front Reserves: Engineering Reserve $1,800,000 (1)
Environmental Escrow
(O& M) $15,000 (2)
Environmental Escrow $100,000 (3)
Ongoing Reserves: Tax and Insurance Yes (4)
Replacement Reserve Yes (5)
Lockbox: Springing
|
Property Information
Single Asset/Portfolio: Portfolio
Property Type: Self-Storage
Property Sub-Type: N/A
Texas, Massachusetts, Georgia, Maine, Ohio,
Location: South Carolina, Pennsylvania, Louisiana, New York
Year Built/Renovated: 1968-1995/N/A
Square Footage: 1,782,426
Occupancy: 83% (6)
Ownership Interest: Fee
Property Management: Sovran Acquisition Limited Partnership (SALP)
U/W Net Cash Flow: $6,626,696
U/W DSCR: 1.60x
Appraised Value: $72,915,000
Cut-off Date LTV: 65.8%
Maturity LTV: 53.0%
|
(1) The Engineering Reserve was established to fund immediate repairs at each
property, together with additional repairs budgeted by borrower.
(2) The Environmental Escrow (O& M) in the amount of $15,000 was established to
fund O& M Plans and various required permits at the Roswell Road Property,
the Salem Church Road Property, the Neff Road Property, the Samuell
Boulevard Property, the Airline Highway Property, the Hempstead Road
Property, the Spencer Street Property, the Highway 249 Property, the
Kuykendahl Property and the Washington Circle Property.
(3) The second Environmental Escrow in the amount of $100,000 was established
to fund remediation at the Plantation Road Property and the Washington
Circle Property or to purchase environmental insurance if remediation is
not completed within stipulated time frame.
(4) The borrower is required to make monthly payments into a tax and insurance
escrow fund to accumulate funds necessary to pay (a) all taxes prior to
their respective due dates and (b) insurance premiums prior to expiration
of the related policies.
(5) The borrower is required to deposit $26,350 per month ($0.18 per square
foot per year) into a Replacement Reserve account.
(6) Occupancy is based on the rent rolls ranging from November 30, 2001 to
December 17, 2001.
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
32
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
LOCKE SOVRAN PORTFOLIO
-----------------------------------------------------------------------------------------------------------
ALLOCATED
PROPERTY LOCATION LOAN AMOUNT YEAR BUILT OCCUPANCY TOTAL SF
-----------------------------------------------------------------------------------------------------------
Uncle Bob's Self Storage Baton Rouge, LA $1,333,000 1971 75% 71,920
Uncle Bob's Self Storage Cleveland, OH $3,300,000 1979 90% 74,882
Security Self Storage Columbia, SC $1,975,000 1986 56% 72,976
Central Self Storage Dallas, TX $1,200,000 1985 90% 61,520
Uncle Bob's Self Storage Dallas, TX $2,130,000 1974 87% 79,046
Security Self Storage Dracut, MA $2,940,000 1986 84% 46,126
Uncle Bob's Self Storage Harrisburg, PA $1,835,000 1977 83% 59,450
Central Self Storage Houston, TX $1,325,000 1979 84% 77,454
Central Self Storage Houston, TX $918,000 1984 89% 57,279
Central Self Storage Houston, TX $1,667,000 1979 88% 108,318
Central Self Storage Houston, TX $2,010,000 1968 84% 108,839
Central Self Storage Houston, TX $985,000 1985 75% 61,275
Central Self Storage Houston, TX $832,000 1983 88% 51,200
Central Self Storage Houston, TX $2,775,000 1979 88% 124,674
Uncle Bob's Self Storage Houston, TX $2,030,000 1995 92% 52,860
Security Self Storage Kingsland, GA $1,170,000 1989 61% 66,837
Uncle Bob's Self Storage Marietta, GA $2,520,000 1995 85% 59,450
Central Self Storage Mesquite, TX $2,330,000 1984 91% 81,973
Central Self Storage Mesquite, TX $1,510,000 1985 92% 63,240
Security Self Storage Methuen, MA $2,860,000 1984 86% 41,040
Security Self Storage Myrtle Beach, SC $1,040,000 1981 45% 61,510
Saco Self Storage Saco, ME $1,665,000 1984 94% 53,750
Uncle Bob's Self Storage San Antonio, TX $1,260,000 1980 85% 48,782
Central Self Storage San Antonio, TX $1,200,000 1982 90% 64,475
Mini-Stor Self Storage Sandwich, MA $2,540,000 1986 94% 39,000
Dor-Co Storage Syracuse, NY $975,000 1987 85% 34,350
Uncle Bob's Self Storage Warren, OH $1,675,000 1986 85% 60,200
-----------------------------------------------------------------------------------------------------------
TOTAL/WTD AGV $48,000,000 83% 1,782,426
-----------------------------------------------------------------------------------------------------------
|
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
33
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
LOCKE SOVRAN PORTFOLIO
Additional Information
o The Locke Sovran loan represents a portfolio of 27 self-storage facilities
located in 16 cities within 9 states. The subject facilities have 15,323
self-storage units and report an overall occupancy of 83%.
o The occupancy has been stable for the last three years. Approximately 25%
of the space is leased to corporate users and the remaining to consumers.
o The loan-to-value is 65%, the loan-to-cost is 61% and the
loan-to-replacement cost is 52%.
o The Borrower is a partnership between Sovran Self Storage, Inc. (NYSE-SSS)
and The Locke Group. Sovran is a self-administered and self-managed real
estate investment trust (REIT) that acquires and manages self-storage
properties. REIT Sovran is the 4th largest self-storage operator in the
United States, owning and operating approximately 225 properties (13
million net rentable square feet) in 21 states. REIT Sovran's debt has a
Moody's rating of Baa3. The sponsors of the Locke Group have worked with
Sovran for over 10 years, and have combined experience of over 30 years in
real estate focusing on self-storage product structuring transactions and
handling acquisitions and dispositions.
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
34
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
SSC PORTFOLIO
Loan Information
Cut-off Date Principal $34,804,899
Balance:
First Payment Date: October 1, 2001
Interest Rate: 7.36% per annum
Amortization: 360 Months
Maturity Date: September 1, 2011
Expected Maturity
Balance: $30,768,127
Sponsor(s): Don M. Casto Organization
Interest Calculation: Actual/360
Call Protection: Lockout/defeasance: 117
Open: 3
Loan per SF: $86
Up-Front Reserves: Engineering Reserve $13,750 (1)
Ongoing Reserves: Tax and Insurance Reserve Yes (2)
Replacement Reserve Yes (3)
TI/LC Reserve Yes (4)
Lockbox: None
|
Property Information
Single Asset/Portfolio: Portfolio of three loans
Property Type: Retail
Property Sub-Type: Anchored
Location: Ohio
Year Built/Renovated: 1993-1998/N/A
Square Footage: 402,915 (total)
Occupancy: 90% (5)
Ownership Interest: Fee
% of Total
Major Tenants NRSF NRSF Lease Expiration
------------- ---- ---- ----------------
Best Buy 58,420 15% 1/31/2011
Hobby Lobby 52,500 13% 12/31/2014
Dicks Clothing & 50,000 12% 1/31/2014
Sporting Goods
Property Management: The Summit Realty Group, Ltd.
U/W Net Cash Flow: $3,715,127
U/W DSCR: 1.28x
Appraised Value: $43,800,000
Cut-off Date LTV: 79.5%
Maturity Date LTV: 70.2%
|
(1) The borrower for the property identified as Tuttle Crossing was required to
deposit $13,750.00 into a reserve account for certain asphalt repairs to
the property. The escrow agreement allowed the borrower 90 days to complete
the asphalt repairs.
(2) The borrowers are required to make monthly payments into a tax and
insurance escrow fund to accumulate funds necessary to pay all taxes that
the borrower is responsible for, prior to their respective due dates.
(3) The borrowers are required to deposit a total amount of $5,026 per month
into replacement reserve accounts (which requirement ceases when the total
amount of deposits equals at least $180,912.
(4) The borrowers are required to make monthly deposits of $8,334 into a TI/LC
reserve account until the amount in escrow equals or exceeds $400,000. At
any time, the borrowers may deliver to lender a letter of credit in the
amount of $480,000 in substitution for the deposits then remaining in the
TI/LC account.
Additionally, if the letter of credit has not been delivered, the borrowers
shall cause all net operating income of the properties to be deposited with
lender if any tenant, that leases more than 20,000 net rentable square feet
terminates its lease, fails to exercise its renewal option, or vacates
and/or ceases operations at any of the properties. The funds deposited with
lender pursuant to such cash flow sweep shall be applied by lender to pay
debt service and fund ongoing reserves, with the balance to be deposited to
the TI/LC reserve account. The cash flow sweep shall continue until the
minimum escrow balance of $400,000 has been achieved.
(5) Occupancy is based on the November 30, 2001 rent roll. With the Best Buy at
Western Hills Marketplace taking occupancy in March 2002, the weighted
average occupancy for all three properties is 98%.
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
35
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
SSC PORTFOLIO
-----------------------------------------------------------------------------------------------------
ALLOCATED
PROPERTY LOCATION LOAN AMOUNT YEAR BUILT OCCUPANCY TOTAL SF
-----------------------------------------------------------------------------------------------------
Tuttle Crossing Columbus, OH $18,240,000 1995 100% 185,718
Western Hills Marketplace Cincinnati, OH $12,400,000 1998 68% 127,541
Montgomery Crossing Cincinnati, OH $4,320,000 1993 100% 89,656
-----------------------------------------------------------------------------------------------------
TOTAL/WTD AVG $34,960,000 90%(1) 402,915
-----------------------------------------------------------------------------------------------------
|
(1) Occupancy is based on the November 30, 2001 rent roll. With the Best Buy at
Western Hills Marketplace taking occupancy in March 2002, the weighted
average occupancy for all three properties is 98%.
Additional Information
o SSC Portfolio is secured by 3 properties: Western Hills Marketplace, Tuttle
Crossing, and Montgomery Crossing. The three loans are cross-defaulted and
cross-collateralized and represent a diversified tenant base with
approximately 19 tenants.
o Western Hills Marketplace is a power shopping center with anchor tenants
including Best Buy, Cost Plus, and Dick's Sporting Goods. The Best Buy
space is part of a 40,000 SF expansion that was completed year-end 2001.
Best Buy has taken possession of the space and opened for business on March
1, 2002. Best Buy is rated BBB- by S& P. The anchor tenants occupy 73.5% of
the subject's total net rentable area. The Western Hills Center is located
in the City of Cincinnati, which has grown at approximately twice the rate
as other metropolitan areas in Ohio, and this trend is forecasted to
continue.
o Tuttle Crossing is a power shopping center anchored by Best Buy, Cost Plus,
Linens & Things and Office Max. The Tuttle Crossing Center is located in
the northwest sub-market of Columbus, Ohio with a population of 142,605
within a 5 mile radius of the property and an average household income of
$88,065. This exceeds the average household income in the MSA by
approximately 14%.
o Montgomery Crossing is a community shopping center anchored by Hobby Lobby,
Famous Footwear and Tuesday Morning. Brown Shoe Company, Inc. (dba Famous
Footwear) carries a current S& P rating of BB. Tuesday Morning carries a
current S& P Issuer Rating of BB-. The subject property is located in one
of the principal retail destination areas in the northeastern portion of
the Cincinnati MSA and has very good regional accessibility.
o The properties are managed by Summit Realty Group, Ltd, the leasing
subsidiary of the Don M. Casto organization. The management has
relationships with several national tenants, including Sears, JC Penney,
Staples, Kroger, The Limited Companies, Gap Stores, and McDonald's.
o The Don M. Casto organization currently owns and manages more than 12.0
million SF retail space in 63 centers throughout Ohio, Pennsylvania,
Florida and Illinois and is a full service real estate company which
provides development, management and leasing of shopping centers, office
buildings and multifamily properties.
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
36
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
SSC PORTFOLIO
LEASE ROLLOVER SCHEDULE FOR SSC PORTFOLIO
CUMULATIVE % OF
# OF LEASES YEARLY RENT PER % OF TOTAL SF CUMULATIVE % % OF TOTAL BASE RENTAL TOTAL RENTAL
YEAR ROLLING SQUARE FOOT ROLLING OF SF ROLLING REVENUES ROLLING REVENUES ROLLING
------------------------------------------------------------------------------------------------------------------------------------
2001 0 $0.00 0.0% 0.0% 0.0% 0.0%
------------------------------------------------------------------------------------------------------------------------------------
2002 0 $0.00 0.0% 0.0% 0.0% 0.0%
------------------------------------------------------------------------------------------------------------------------------------
2003 1 $15.55 1.2% 1.2% 1.8% 1.8%
------------------------------------------------------------------------------------------------------------------------------------
2004 2 $12.97 3.6% 4.8% 4.3% 6.1%
------------------------------------------------------------------------------------------------------------------------------------
2005 0 $0.00 0.0% 4.8% 0.0% 6.1%
------------------------------------------------------------------------------------------------------------------------------------
2006 2 $12.46 3.0% 7.8% 3.5% 9.7%
------------------------------------------------------------------------------------------------------------------------------------
2007 1 $10.00 5.1% 13.0% 4.8% 14.5%
------------------------------------------------------------------------------------------------------------------------------------
2008 0 $0.00 0.0% 13.0% 0.0% 14.5%
------------------------------------------------------------------------------------------------------------------------------------
2009 2 $12.50 8.0% 21.0% 9.4% 23.9%
------------------------------------------------------------------------------------------------------------------------------------
2010 1 $12.50 4.7% 25.7% 5.6% 29.4%
------------------------------------------------------------------------------------------------------------------------------------
2011 1 $0.00 14.7% 40.4% 13.1% 42.6%
------------------------------------------------------------------------------------------------------------------------------------
2012 1 $9.75 6.0% 46.4% 5.5% 48.0%
------------------------------------------------------------------------------------------------------------------------------------
After 2012 6 $10.45 53.0% 99.3% 52.0% 100.0%
------------------------------------------------------------------------------------------------------------------------------------
Vacant 0 $0.00 0.7% 0.7% 0.0% 0.0%
------------------------------------------------------------------------------------------------------------------------------------
|
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
37
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
PARK CENTER OFFICE BUILDING
Loan Information
Cut-off Date Principal $32,896,136
Balance:
First Payment Date: January 11, 2002
Interest Rate: 7.50% per annum
Amortization: 312 Months
Maturity Date: December 11, 2011
Expected Maturity
Balance: $27,365,056
Sponsor(s): North American Properties Company
Interest Calculation: Actual/360
Call Protection: Lockout/defeasance: 117
Open: 3
Loan per SF: $140
Up-Front Reserves: Special TILC Reserve
Ongoing Reserves: Tax and Insurance Reserve $1,041,284 (1)
TI/LC Reserve Yes (2)
Lockbox: Springing Yes (3)
|
Property Information
Single Asset/Portfolio: Single Asset
Property Type: Office
Property Sub-Type: Suburban
Location: Plano, TX
Year Built/Renovated: 2001/N/A
Square Footage: 234,951
Occupancy: 91% (4)
Ownership Interest: Fee
Property Management: Jones Lang LaSalle Americas, Inc.
% of Total Lease
Major Tenants NRSF NRSF Expiration
------------- ---- ---- ----------
Ciena Communications, Inc. 25,595 11% 3/31/2008
Broadwing Communication 25,595 11% 12/31/2007
Services, Inc.
U/W Net Cash Flow: $3,606,114
U/W DSCR: 1.25x
Appraised Value: $42,000,000
Cut-off Date LTV: 78.3%
Maturity Date LTV: 65.2%
|
(1) The borrower was additionally required to deposit upfront reserves
($1,041,284) into a Special TILC Reserve to be disbursed upon completion of
pending TILC work for specified tenants.
(2) The borrower is required to make monthly payments into a tax and insurance
escrow fund to accumulate funds necessary to pay all taxes prior to their
respective due dates.
(3) The borrower is required to make monthly payments into a TI/LC Reserve in
the amount of $10,000 ($0.51 per square foot per year).
(4) Occupancy is based on the November 27, 2001 rent roll.
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
38
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
PARK CENTER OFFICE BUILDING
Additional Information
o Park Center Office Building, which was completed in 2001, is a 234,951 SF
premier Class A suburban office building located in far North Dallas in the
western portion of Plano, TX. The subject property has excellent access and
visibility with frontage on the Dallas North Tollway just north of Park
Boulevard. The North Dallas sub-market's vacancy has outperformed the
greater Dallas/Ft. Worth office market.
o The Property is leased to a diverse mix of twenty-three regional and
national tenants with no tenant occupying more than 11% of the building.
The property is currently 91.4% leased.
o Major tenants include: Ciena Communication (Nasdaq-CIEN, 11% NRA),
Broadwing Communications (NYSE-BRW, 11% NRA), Rational Software Corp.
(Nasdaq-RATL, 6% NRA), Janssen Pharmaceuticals, Inc. (NYSE-JNJ, 6% NRA) and
Prudential Securities (NYSE-PRU, 5% NRA).
o The subject is immediately east of a newly constructed one-million square
foot regional mall anchored by Lord & Taylor, Neiman Marcus, Dillards and
Foley's.
o The North Dallas submarket is the home to Fortune 500 companies including
JC Penney, EDS, and Frito Lay.
o The borrower is a limited partnership controlled by principals of Dallas
based North American Properties Company (NAP). North American Properties
Company, founded in 1954 is a leading real estate development and
management company.
------------------------------------------------------------------------------------------------------------------------------------
Lease Rollover Schedule Park Center Office Building
AVERAGE
BASE RENT % OF TOTAL BASE
# OF LEASES PER SF % OF TOTAL SF CUMULATIVE % OF RENTAL REVENUES CUMULATIVE % OF TOTAL
YEAR ROLLING ROLLING ROLLING SF ROLLING ROLLING RENTAL REVENUES ROLLING
------------------------------------------------------------------------------------------------------------------------------------
2002 0 $0.00 0.0% 0.0% 0.0% 0.0%
------------------------------------------------------------------------------------------------------------------------------------
2003 0 $0.00 0.0% 0.0% 0.0% 0.0%
------------------------------------------------------------------------------------------------------------------------------------
2004 0 $0.00 0.0% 0.0% 0.0% 0.0%
------------------------------------------------------------------------------------------------------------------------------------
2005 2 $25.08 6.5% 6.5% 7.2% 7.2%
------------------------------------------------------------------------------------------------------------------------------------
2006 8 $24.54 28.7% 35.2% 31.2% 38.4%
------------------------------------------------------------------------------------------------------------------------------------
2007 1 $24.50 10.9% 46.1% 11.8% 50.2%
------------------------------------------------------------------------------------------------------------------------------------
2008 9 $24.82 37.8% 83.9% 41.5% 91.7%
------------------------------------------------------------------------------------------------------------------------------------
2009 0 $0.00 0.0% 83.9% 0.0% 91.7%
------------------------------------------------------------------------------------------------------------------------------------
2010 1 $23.50 5.4% 89.3% 5.6% 97.4%
------------------------------------------------------------------------------------------------------------------------------------
2011 2 $28.12 2.1% 91.4% 2.6% 100.0%
------------------------------------------------------------------------------------------------------------------------------------
Vacant 3 $0.00 8.6% 8.6% 0.0% 0.0%
------------------------------------------------------------------------------------------------------------------------------------
|
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
39
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
OAK RIDGE OFFICE PORTFOLIO
Loan Information
Cut-off Date Principal $29,428,137
Balance:
First Payment Date: November 1, 1997
Interest Rate: 7.81% per annum
Amortization: 300 Months
Maturity Date: October 1, 2012
Expected Maturity
Balance: $20,568,962
Sponsor(s): Cowperwood Company
Interest Calculation: Actual/360
Call Protection: Lockout/defeasance: 173
Open: 7
Loan per SF: $71
Up-Front Reserves: Initial TI/LC Reserve $700,000 (1)
Ongoing Reserves: Tax and Insurance Reserve Yes (2)
Replacement Reserve Yes (3)
TI/LC Reserve Yes (4)
Lockbox: Springing
|
Property Information
Single Asset/Portfolio: Multi-Property Portfolio
Property Type: Office
Property Sub-Type: Suburban
Location: Oak Ridge, TN
Year Built/Renovated: 1991/N/A
Square Footage: 413,965
Occupancy: 100% (5)
Ownership Interest: Fee
Property Management: The Cowperwood Company
% of Total
Major Tenants NRSF NRSF Lease Expiration
------------- ---- ---- ----------------
SAIC 113,662 27% 5/31/2009
BWXT Y-12, L. L. C. 70,331 17% 4/14/2002
UT-Battelle LLC 50,353 12% 5/12/2004
U/W Net Cash Flow: $3,637,237
U/W DSCR: 1.27X
Appraised Value: $38,200,000
Cut-off Date LTV: 77.0%
Maturity Date LTV: 53.8%
|
(1) The borrower was additionally required to deposit upfront reserves
($700,000) to be drawn on to pay expenses incurred in connection with
tenant improvements and leasing commissions of the properties.
(2) The borrower is required to make monthly payments into a tax and insurance
escrow fund to accumulate funds necessary to pay (a) all taxes prior to
their respective due dates and (b) insurance premiums prior to expiration
of the related policies.
(3) The borrower is required to deposit $5,086 per month ($0.15 per square foot
per year) into a Replacement Reserve fund.
(4) The borrower is required to deposit $15,586 per month ($0.45 per square
foot per year) into a TI/LC Reserve fund.
(5) Occupancy is based on the November 30, 2001 rent roll.
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
40
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
OAK RIDGE OFFICE PORTFOLIO
Additional Information
o The loan is secured by 6 Class A office buildings in Oak Ridge, TN. The
five Tech Center buildings are single-story, and the Commerce Park building
is 4-stories. The buildings are all located in close proximity to each
other and contain a total of 413,965 square feet.
o The subject properties are located immediately next to the Oak Ridge
Reservation (ORR) facility, an enormous laboratory and R & D campus that
plays an integral role in the federal government's science, energy and
national security arenas. The ORR facility includes the Oak Ridge National
Laboratory (ORNL), the K25 site, and the Y12 National Security Complex. The
Spallation Neutron Source is currently being constructed in the facility
and should be completed by 2006. The expected cost of this facility is
estimated to be $1. 4 billion and $278 million has been appropriated by
Congress thus far for the construction. The ORR is behind heavy, gated
security and is controlled exclusively by the Department of Energy (DOE).
o The properties were developed by the current owner, the Cowperwood Company,
in 1991 to provide Class A space in a market that lacked sufficient quality
space for government contractors connected to the work done at the Oak
Ridge Reservation facilities. The portfolio represents most of the
leaseable Class-A office space in the market.
o Tenants have typically leased space to end co-terminously with their DOE
contracts.
o The subject properties have had a historically low vacancy rate as
indicated by the combined average annual vacancy rate for the portfolio
since 1991 of 1.90%.
o The sponsor, the Cowperwood Company and founder/CEO John Harvey, focuses on
government related facilities. Established in 1977, the Company currently
owns and manages over one million square feet of office property in New
Mexico, South Carolina, Tennessee, Texas, and Washington State. The Company
has constructed over two million square feet of Class A office buildings.
Under development are the 150, 000 square foot Social Security Building in
Albuquerque, the 225,000 square foot FBI Building in Dallas and the 73,000
square foot FBI Building in McAllen, TX. Mr. Harvey has a net worth in
excess of $21 million dollars.
o The property is managed by The Cowperwood Company, a borrower-related
entity, portfolio includes approximately 15 office properties totaling over
one million square feet in New Mexico, South Carolina, Tennessee, Texas and
the state of Washington.
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
41
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
OAK RIDGE OFFICE PORTFOLIO
-------------------------------------------------------------------------------------------------------------------------------
Lease Rollover Schedule Oak Ridge Office Portfolio
AVERAGE
BASE RENT % OF TOTAL BASE
# OF LEASES PER SF % OF TOTAL SF CUMULATIVE % OF RENTAL REVENUES CUMULATIVE % OF TOTAL
YEAR ROLLING ROLLING ROLLING SF ROLLING ROLLING RENTAL REVENUES ROLLING
------------------------------------------------------------------------------------------------------------------------------
MTM 6 $10.62 6.2% 6.2% 5.6% 5.6%
------------------------------------------------------------------------------------------------------------------------------
2002 8 $12.92 37.8% 44.0% 41.3% 46.9%
------------------------------------------------------------------------------------------------------------------------------
2003 1 $10.25 1.8% 45.8% 1.5% 48.4%
------------------------------------------------------------------------------------------------------------------------------
2004 4 $13.06 24.1% 69.9% 26.6% 75.0%
------------------------------------------------------------------------------------------------------------------------------
2005 1 $7.47 2.8% 72.7% 1.8% 76.8%
------------------------------------------------------------------------------------------------------------------------------
2006 0 0.00 0.0% 72.7% 0.0% 76.8%
------------------------------------------------------------------------------------------------------------------------------
2007 0 0.00 0.0% 72.7% 0.0% 76.8%
------------------------------------------------------------------------------------------------------------------------------
2008 0 0.00 0.0% 72.7% 0.0% 76.8%
------------------------------------------------------------------------------------------------------------------------------
2009 3 $10.14 27.1% 99.8% 23.2% 100.0%
------------------------------------------------------------------------------------------------------------------------------
Vacant 1 $0.00 0.2% 0.2% 0.0% 0.0%
------------------------------------------------------------------------------------------------------------------------------
|
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
42
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
CLOPPER ROAD PORTFOLIO
Loan Information
Cut-off Date Principal $28,201,325
Balance:
First Payment Date: February 11, 2002
Interest Rate: 7.40% per annum
Amortization: 360 Months
ARD Date: January 11, 2012
Maturity Date: January 11, 2032
Expected Maturity
Balance: $24,886,016
Sponsor(s): Alexandria Real Estate Equities, Inc.
Interest Calculation: Actual/360
Call Protection: Lockout/defeasance: 116
Open: 4
Loan per SF: $143
Up-Front Reserves: Initial TI/LC Reserve $500,000
Ongoing Reserves: Tax and Insurance Reserve Yes (1)
Replacement Reserve Yes (2)
TI/LC Reserve Yes (3)
Lockbox: Springing
|
Property Information
Single Asset/Portfolio: Multi-Property Portfolio
Property Type: Mixed Use
Property Sub-Type: Office/Laboratory
Location: Gaithersburg, MD
Year Built/Renovated: 1989/2000
Square Footage: 197,292
Occupancy: 100% (4)
Ownership Interest: Fee
Property Management: Alexandria Management, Inc.
% of Total
Major Tenants NRSF NRSF Lease Expiration
------------- ---- ---- ----------------
Digene Corporation 92,990 47% 12/31/2009
Pro-Virus 59,838 30% 2/28/2009
U/W Net Cash Flow: $3,405,524
U/W DSCR: 1.45x
Appraised Value: $45,600,000
Cut-off Date LTV: 61.8%
Maturity Date LTV: 54.6%
|
(1) The borrower is required to make monthly payments into a tax and insurance
escrow fund to accumulate funds necessary to pay all taxes prior to their
respective due dates.
(2) The borrower is required to deposit $3,288 per month ($0.20 per square foot
per year) into a Replacement Reserve fund.
(3) The borrower is required to make monthly payments into a TI/LC Reserve in
the amount of $16,667 ($1.01 per square foot per year). An excess cash trap
amount which will commence if either Pro-Virus, Inc. or Digene Corporation
fails to notify the landlord that they are extending the term of their
respective lease or are otherwise terminating their lease.
(4) Occupancy is based on the December 1, 2001 rent roll.
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
43
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
CLOPPER ROAD PORTFOLIO
Additional Information
o Clopper Road Portfolio consists of three cross-collaterallized and
cross-defaulted office/bioscience buildings totaling approximately 197,000
square feet of space located in Gaithersburg, Montgomery County, MD (25
miles north of Washington, DC).
o The Clopper Road Portfolio's largest tenant is Digene Corporation (47% of
NRA, NYSE: DIGE). The company is one of the country's largest developers of
DNA and RNA tests that screen for diseases afflicting women. Digene is
headquartered at the 1201 Clopper Rd. building, and its space at the
property contains some of the highest quality biotech improvements in the
sub-market.
o In February 2002 Digene Corporation and Cytyc Corporation jointly announced
that Cytyc (NASD - CYTC) will acquire Digene in a stock and cash tender
offer transaction. Cytyc Corporation develops, manufactures, and markets
products for medical diagnostic applications primarily focused on women's
health and has a market cap of $2.9 billion.
o The Clopper Road Portfolio's 2nd largest tenant is Pro-Virus, a wholly
owned subsidiary of IGEN (NASD -IGEN). IGEN is a leader in the development
and marketing of technologies to detect and measure biological disorders.
The company is in a phase-one clinical trial of PV 701, a drug used to stop
the progression of tumors.
o Pro-Virus occupies the entire 930 Clopper Road building under sublease from
Genetic Therapy, who originally leased the space beginning in March 1994.
Genetic Therapy is its wholly-owned subsidiary of Novartis AG (NYSE: NVS,
rated AAA by S& P) and is guarantor on the lease until expiration 2/28/09.
Genetic Therapy invested over $1.0 million ($16.71 psf) in tenant
improvements to the subleased space.
o The Sponsor, Alexandria Real Estate Equities, Inc. (NYSE: ARE) has
guaranteed the payment of the Digene rent until 12/09 with a $4.0 million
cap.
o Reserves for TI/LC include a $500,000 upfront reserve and an annual
collection of $200, 000. In addition 100% of excess cash flow will be swept
if either Digene or Pro-Virus fails to give notice that it will extend its
lease 12 months prior to its scheduled expiration.
o The Sponsor (ARE) operates as a self-advised, self-managed equity REIT
focusing on the ownership and operation of modern laboratory and office
space. ARE owns a 5.3 million square foot portfolio of 82 laboratory/office
buildings and total assets of over $962 million as of 12/31/01.
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
44
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
CLOPPER ROAD PORTFOLIO
----------------------------------------------------------------------------------------------------------------------------------
Lease Rollover Schedule Clopper Road Portfolio
AVERAGE
BASE RENT % OF TOTAL BASE
# OF LEASES PER SF % OF TOTAL SF CUMULATIVE % OF RENTAL REVENUES CUMULATIVE % OF TOTAL
YEAR ROLLING ROLLING ROLLING SF ROLLING ROLLING RENTAL REVENUES ROLLING
----------------------------------------------------------------------------------------------------------------------------------
2002 2 $24.85 4.3% 4.3% 5.6% 5.6%
----------------------------------------------------------------------------------------------------------------------------------
2003 2 $11.27 7.1% 11.4% 4.3% 9.9%
----------------------------------------------------------------------------------------------------------------------------------
2004 1 $14.87 7.9% 19.2% 6.2% 16.1%
----------------------------------------------------------------------------------------------------------------------------------
2005 1 $15.24 3.3% 22.5% 2.7% 18.8%
----------------------------------------------------------------------------------------------------------------------------------
2006 0 $0.00 0.0% 22.5% 0.0% 18.8%
----------------------------------------------------------------------------------------------------------------------------------
2007 0 $0.00 0.0% 22.5% 0.0% 18.8%
----------------------------------------------------------------------------------------------------------------------------------
2008 0 $0.00 0.0% 22.5% 0.0% 18.8%
----------------------------------------------------------------------------------------------------------------------------------
2009 2 $19.73 77.5% 100.0% 81.2% 100.0%
----------------------------------------------------------------------------------------------------------------------------------
Vacant 0 $0.00 0.0% 0.0% 0.0% 0.0%
----------------------------------------------------------------------------------------------------------------------------------
|
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
45
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
BRIDGEPARK SHOPPING CENTER
Loan Information
Cut-off Date Principal $23,424,249
Balance:
First Payment Date: December 11, 2001
Interest Rate: 7.13% per annum
Amortization: 360 Months
Maturity Date: November 11, 2011
Expected Maturity
Balance: $20,556,580
Sponsor(s):
Interest Calculation: Actual/360
Call Protection: Lockout/defeasance: 114
Open: 6
Loan per SF: $232
Up-Front Reserves: None
Ongoing Reserves: Tax and Insurance Yes (1)
Lockbox: None
|
Property Information
Single Asset/Portfolio: Single Asset
Property Type: Retail
Property Sub-Type: Anchored
Location: Ladera Ranch, CA
Year Built/Renovated: 2001/N/A
Square Footage: 100,918
Occupancy: 100% (1)
Ownership Interest: Fee
Property Management: Westar Management, Inc.
% of Total
Major Tenants NRSF NRSF Lease Expiration
------------- ---- ---- ----------------
Albertson's 50,000 50% 4/2/2021
Sav-On 13,681 14% 4/4/2021
U/W Net Cash Flow: $2,544,688
U/W DSCR: 1.34x
Appraised Value: $29,600,000
Cut-off Date LTV: 79.1%
Maturity Date LTV: 69.4%
|
(1) Tax and Insurance Impound was funded upfront, in the event the borrower
becomes delinquent with respect to taxes and insurance, then an ongoing tax
and insurance reserve will spring into effect.
(2) Occupancy is based on the October 1, 2001 rent roll.
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
46
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
BRIDGEPARK SHOPPING CENTER
Additional Information
o Bridgepark Shopping Center was completed in April of 2001 and is 100%
occupied. The property is a 100, 918 square foot anchored retail center
located in Ladera Ranch, CA. Ladera Ranch is a new master-planned community
located in South Orange County.
o The subject property is the only grocery-drug store anchored retail center
in the master-plan for the community. The Ladera Ranch community will
include 8,100 units upon completion. Currently 2,100 units are on-line.
o The center has a strong tenant base with approximately 77% of the NRA
leased to credit tenants. The center is anchored by Albertson's (BBB+, S&
P) which occupies 50% of the NRA, and Sav-On Drugs, a wholly-owned
subsidiary of Albertson's, which occupies 14% of the NRA. Albertson's
currently reports sales at $520/PSF/year.
o South Orange County is one of the most affluent areas in Orange County. The
median household income in the subject's primary trade area is $100,000.
The 4th quarter vacancy rate for South Orange County retail properties was
approximately 4.8%.
o The property is managed by Westar Management, Inc., an experienced Costa
Mesa, CA based real estate development company. Westar Associates
specializes in retail properties, mainly in Southern California. The
Company currently owns and manages 18 properties totaling over 1.3 million
square feet. The estimated value of their portfolio is approximately $130
million.
o The Sponsors are the developers of the 4,000-acre Ladera Ranch.
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
47
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
BRIDGEPARK SHOPPING CENTER
-----------------------------------------------------------------------------------------------------------------------------------
Lease Rollover Schedule Bridgepark Shopping Center
AVERAGE
BASE RENT % OF TOTAL BASE
# OF LEASES PER SF % OF TOTAL SF CUMULATIVE % OF RENTAL REVENUES CUMULATIVE % OF TOTAL
YEAR ROLLING ROLLING ROLLING SF ROLLING ROLLING RENTAL REVENUES ROLLING
-----------------------------------------------------------------------------------------------------------------------------------
2002 0 $0.00 0.0% 0.0% 0.0% 0.0%
-----------------------------------------------------------------------------------------------------------------------------------
2003 0 $0.00 0.0% 0.0% 0.0% 0.0%
-----------------------------------------------------------------------------------------------------------------------------------
2004 1 $30.00 1.4% 1.4% 1.5% 1.5%
-----------------------------------------------------------------------------------------------------------------------------------
2005 0 $0.00 0.0% 1.4% 0.0% 1.5%
-----------------------------------------------------------------------------------------------------------------------------------
2006 3 $31.74 7.2% 8.6% 8.3% 9.8%
-----------------------------------------------------------------------------------------------------------------------------------
2007 0 $0.00 0.0% 8.6% 0.0% 9.8%
-----------------------------------------------------------------------------------------------------------------------------------
2008 0 $0.00 0.0% 8.6% 0.0% 9.8%
-----------------------------------------------------------------------------------------------------------------------------------
2009 0 $0.00 0.0% 8.6% 0.0% 9.8%
-----------------------------------------------------------------------------------------------------------------------------------
2010 0 $0.00 0.0% 8.6% 0.0% 9.8%
-----------------------------------------------------------------------------------------------------------------------------------
2011 12 $34.56 22.3% 30.9% 28.2% 38.1%
-----------------------------------------------------------------------------------------------------------------------------------
2012 0 $0.00 0.0% 30.9% 0.0% 38.1%
-----------------------------------------------------------------------------------------------------------------------------------
After 2012 4 $24.53 69.1% 100.0% 61.9% 100.0%
-----------------------------------------------------------------------------------------------------------------------------------
Vacant 0 $0.00 0.0% 0.0% 0.0% 0.0%
-----------------------------------------------------------------------------------------------------------------------------------
|
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
48
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
THE SUMMIT - PHASE II
Loan Information
Cut-off Date Principal $21,421,366
Balance:
First Payment Date: November 11, 2001
Interest Rate: 7.35% per annum
Amortization: 360 Months
Maturity Date: October 11, 2011
Expected Maturity
Balance: $18,919,542
Sponsor(s): Bayer Properties
Interest Calculation: Actual/360
Call Protection: Lockout/defeasance: 117
Open: 3
Loan per SF: $206
Up-Front Reserves: Initial TI/LC Reserve $1,043,311 (1)
Organized Living Letter of Credit $1,000,000 (2)
Pottery Barn Letter of Credit $500,000 (3)
Earnout Reserve $100,000 (4)
Ongoing Reserves: Tax and Insurance Reserve Yes (5)
Replacement Reserve Yes (6)
TI/LC Reserve Yes (7)
Lockbox: None
|
Property Information
Single Asset/Portfolio: Single Asset
Property Type: Retail
Property Sub-Type: Anchored
Location: Birmingham, AL
Year Built/Renovated: 2001
Square Footage: 103,924
Occupancy: 95% (8)
Ownership Interest: Fee
Property Management: Bayer Properties Incorporated
% of Total
Major Tenants NRSF NRSF Lease Expiration
------------- ---- ---- ----------------
Organized Living, Inc. 20,464 20% 7/31/2015
Pottery Barn & Pottery 18,213 18% 1/31/2013
Barn Kids
The Gap 17,399 17% 3/31/2009
U/W Net Cash Flow: $2,371,727
U/W DSCR: 1.33x
Appraised Value: $27,500,000
Cut-off Date LTV: 77.9%
Maturity Date LTV: 68.8%
|
(1) The borrower was required to deposit a TI/LC Reserve of $1,043,311 for
certain tenants not yet in occupancy.
(2) The borrower provided a $1,000,000 irrevocable, standby letter of credit
from SouthTrust Bank as additional security which must be maintained in
effect by the borrower until the tenant Organized Living either (a) has
four (4) years of continuous occupancy with no uncured defaults under the
loan or (b) has two (2) years of continuous occupancy with no uncured
defaults under the loan and achieves sales of not less than $275 per square
foot per annum for a 12-month period.
(3) The borrower also provided a $500,000 irrevocable, standby letter of credit
from SouthTrust Bank as additional security which must be maintained in
effect by the borrower until the tenants Pottery Barn and Pottery Barn Kids
either (a) has four (4) years of continuous occupancy with no uncured
defaults under the loan or (b) has two (2) years of continuous occupancy
with no uncured defaults under the loan, and (i) the Pottery Barn tenant
achieves sales of not less than $350 per square foot per annum for a
12-month period and (ii) the Pottery Barn Kids tenant achieves sales of not
less than $330 per square foot per annum for a 12-month period.
(4) An Earnout Reserve of $100,000 will be released upon the property achieving
a DSCR greater than or equal to 1.20x and Pasta Yama accepting occupancy
and commencing and continuing payment of full rent
(5) The borrower is required to make monthly payments into a tax and insurance
escrow fund to accumulate funds necessary to pay all taxes prior to their
respective due dates.
(6) The borrower is required to make monthly payments of $1,299 ($0.15 per
square foot per year) into a Replacement Reserve Account.
(7) The borrower is required to make monthly payments of $6,062 ($0.70 per
square foot per year) into a TI/LC Reserve Account.
(8) Occupancy is based on the September 13, 2001 rent roll.
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
49
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
THE SUMMIT - PHASE II
Additional Information
o The subject property, The Summit Phase II, was completed in 2001 and is a
103, 924 square foot Class A open-air, specialty retail center also known
as a "Lifestyle Center". The property is located on U. S. Highway 280,
approximately 3/8 mile north of its intersection with I-459. The Summit
project (Phase I, Phase II, and Phase III) will be a 165-acre mixed-use
development with retail, office and hotel properties upon completion. Phase
I (470,000 SF) was completed in 1997 and is 100% occupied. Phase III is
under construction and will contain 160,000 SF and be anchored by Sak's
Fifth Avenue.
o Phase II is 95% leased to 17 tenants including Pottery Barn, The Gap,
Illuminations, Bose, Organized Living and California Pizza Kitchen, as well
as other restaurants, clothing stores, and a day spa. Rents at the subject
property range from $19. 00/SF to $40.00/SF and average $29.01/SF and are
consistent with Phase I rents. Many of the tenants have a radius
restriction which prevents them from occupying either of the two primary
competitors.
o Phase I (470,000 square feet) was completed in 1997 and is 100% occupied by
tenants such as Parisian, Bruno's, Talbot's, Abercrombie & Fitch, Old Navy,
Bed Bath & Beyond, Eddie Bauer, Restoration Hardware, Williams Sonoma,
Barnes & Noble, Banana Republic, and Harold's. Average sales for Phase I in
2000 were $335/SF.
o The subject is located in one of the fastest growing and wealthiest
corridors in the state of Alabama. Population growth was 22.7% from 1990 to
2000 and the average household income within a three-mile radius in 2000
was $118,528. The subject's sub-market has an average vacancy of 3.22%.
o The sponsor, Bayer Properties, has been in business for over fifteen years,
and has been involved in the development and redevelopment of numerous
properties throughout the Southeast, with most projects focused in the
Alabama markets. Bayer Properties' leasing and management portfolio
contains 21 retail properties and office buildings with a total of 4
million square feet. The company's properties are mostly located in
Alabama's major metropolitan markets -Birmingham, Montgomery, Huntsville,
and Tuscaloosa.
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
50
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
THE SUMMIT - PHASE II
------------------------------------------------------------------------------------------------------------------------------------
Lease Rollover Schedule The Summit - Phase II
AVERAGE
BASE RENT % OF TOTAL BASE
# OF LEASES PER SF % OF TOTAL SF CUMULATIVE % OF RENTAL REVENUES CUMULATIVE % OF TOTAL
YEAR ROLLING ROLLING ROLLING SF ROLLING ROLLING RENTAL REVENUES ROLLING
---------------------------------------------------------------------------------------------------------------------------------
2002 0 $0.00 0.0% 0.0% 0.0% 0.0%
---------------------------------------------------------------------------------------------------------------------------------
2003 0 $0.00 0.0% 0.0% 0.0% 0.0%
---------------------------------------------------------------------------------------------------------------------------------
2004 0 $0.00 0.0% 0.0% 0.0% 0.0%
---------------------------------------------------------------------------------------------------------------------------------
2005 4 $28.69 11.9% 11.9% 13.4% 13.4%
---------------------------------------------------------------------------------------------------------------------------------
2006 1 $30.25 3.3% 15.2% 3.9% 17.3%
---------------------------------------------------------------------------------------------------------------------------------
2007 0 $0.00 0.0% 15.2% 0.0% 17.3%
---------------------------------------------------------------------------------------------------------------------------------
2008 0 $0.00 0.0% 15.2% 0.0% 17.3%
---------------------------------------------------------------------------------------------------------------------------------
2009 1 $30.00 16.7% 31.9% 19.7% 37.0%
---------------------------------------------------------------------------------------------------------------------------------
2010 4 $29.64 8.7% 40.7% 10.2% 47.1%
---------------------------------------------------------------------------------------------------------------------------------
2011 4 $31.96 16.7% 57.4% 21.0% 68.1%
---------------------------------------------------------------------------------------------------------------------------------
2012 0 $0.00 0.0% 57.4% 0.0% 68.1%
---------------------------------------------------------------------------------------------------------------------------------
After 2012 4 $21.85 37.2% 94.6% 31.9% 100.0%
---------------------------------------------------------------------------------------------------------------------------------
Vacant 2 $0.00 0.0% 5.4% 0.0% 0.0%
---------------------------------------------------------------------------------------------------------------------------------
|
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
51
--------------------------------------------------------------------------------
CSFB 2002-CKP1 COLLATERAL AND STRUCTURAL TERM SHEET MARCH 4, 2002
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
REAL ESTATE DEBT CAPITAL MARKETS
--------------------------------------------------------------------------------
CONTACT PHONE FAX E-MAIL
Ken Rivkin 212.325.3295 212.325.8104 ken.rivkin@csfb.com
Managing Director
Barry Polen 212.325.3295 212.325.8104 barry.polen@csfb.com
Director
Chris Anderson 212.538.3941 212.325.9807 chris.anderson@csfb.com
Director
Derek Barcelona 212.325.2648 212.325.8105 derek.barcelona@csfb.com
Vice President
Jason Fruchtman 212.325.3492 212.325.8105 jason.fruchtman@csfb.com
Analyst
Martin Gilligan 212.325.3295 212.743.4618 martin.gilligan@csfb.com
Analyst
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
STRUCTURED FINANCE
--------------------------------------------------------------------------------
CONTACT PHONE FAX E-MAIL
Anand Gajjar 212.538.6415 212.325.6815 anand.gajjar@csfb.com
Managing Director
Jeffrey Altabef 212.325.5584 212.743.5227 jeffrey.altabef@csfb.com
Director
Bob Wirth 212.325.9983 212.743.4609 bob.wirth@csfb.com
Vice President
Stephen Krooth 212.538.2507 212.743.4623 stephen.krooth@csfb.com
Associate
Andy Rudenstein 212.325.0557 212.743.4610 andy.rudenstein@csfb.com
Associate
Bonnie Ko 212.538.5980 212.743.5551 bonnie.ko@csfb.com
Analyst
Murtaza Akbar 212.538.2302 212.743.4612 murtaza.akbar@csfb.com
Analyst
--------------------------------------------------------------------------------
|
Under no circumstances shall the information presented herein constitute an
offer to sell or the solicitation of an offer to buy any security nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation,
Goldman, Sachs & Co., McDonald Investments Inc., PNC Capital Markets, Inc.
(collectively, the "Underwriters") provide to you information in connection with
your consideration of the purchase of certain securities described herein. The
attached information is being provided to you for informative purposes only in
response to your specific request. By accepting this material the recipient
agrees that it will not distribute or provide the material to any other person.
The information contained herein has been compiled by the Underwriters from
sources which the Underwriters believe to be reasonably reliable. However, the
Underwriters make no representation or warranty as to the accuracy or
completeness of such information and you must make your own determination as to
whether the information is appropriate and responsive to your request. Any
investment decision with respect to the securities described herein should be
based solely on the results of your own due diligence with respect to the
securities and the mortgage loans referred to herein and only upon your review
of the final prospectus and prospectus supplement for the securities. This
information may not be delivered by you to any other person without the
Underwriters' prior written consent. The Underwriters may from time to time
perform investment banking services for or solicit investment banking business
from any company named in the information herein. The Underwriters and/or their
employees may from time to time have a long or short position in any contract or
security discussed herein. Information contained in this material is current as
of the date appearing on this material only. INFORMATION IN THIS MATERIAL
REGARDING ANY ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN SUPERCEDES ALL
PRIOR INFORMATION REGARDING SUCH ASSETS. ALL INFORMATION IN THIS TERM SHEET
WHETHER REGARDING THE ASSETS BACKING ANY SECURITIES DISCUSSED HEREIN OR
OTHERWISE WILL BE SUPERCEDED BY THE INFORMATION CONTAINED IN ANY FINAL
PROSPECTUS AND PROSPECTUS SUPPLEMENT FOR ANY SECURITIES ACTUALLY SOLD TO YOU.
52
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