J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 2003-ML1
JPMorgan Chase Bank
Merrill Lynch Mortgage Lending, Inc.
Mortgage Loan Sellers
JPMorgan Merrill Lynch & Co.
Morgan Stanley
The analyses in this report are based upon information provided by JPMorgan
Chase Bank and Merrill Lynch Mortgage Lending, Inc. (the "Sellers"). J.P. Morgan
Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan
Stanley & Co. Incorporated (the "Underwriters") make no representations as to
the accuracy or completeness of the information contained herein. The
information contained herein is qualified in its entirety by the information in
the Prospectus and Prospectus Supplement for the securities referred to herein
(the "Securities"). The information contained herein is preliminary as of the
date hereof, supersedes any previous information delivered to you by the
Underwriters and will be superseded in its entirety by the applicable Prospectus
and Prospectus Supplement. These materials are subject to change, completion, or
amendment from time to time without notice, and the Underwriters are under no
obligation to keep you advised of such changes. These materials are not intended
as an offer or solicitation with respect to the purchase or sale of any
Security. Any investment decision with respect to the Securities should be made
by you based upon the information contained in the Prospectus and Prospectus
Supplement relating to the Securities. You should consult your own counsel,
accountant, and other advisors as to the legal, tax, business, financial and
related aspects of a purchase of the Securities.
The attached information contains certain tables and other statistical analyses
(the "Computational Materials") which have been prepared in reliance upon
information furnished by the Sellers. They may not be provided to any third
party other than the addressee's legal, tax, financial and/or accounting
advisors for the purposes of evaluating said material. Numerous assumptions were
used in preparing the Computational Materials which may or may not be reflected
therein. As such, no assurance can be given as to the Computational Materials'
accuracy, appropriateness or completeness in any particular context; nor as to
whether the Computational Materials and/or the assumptions upon which they are
based reflect present market conditions or future market performance. These
Computational Materials should not be construed as either projections or
predictions or as legal, tax, financial or accounting advice. Any weighted
average lives, yields and principal payment periods shown in the Computational
Materials are based on prepayment assumptions, and changes in such prepayment
assumptions may dramatically affect such weighted average lives, yields and
principal payment periods. In addition, it is possible that prepayments on the
underlying assets will occur at rates slower or faster than the rates shown in
the attached Computational Materials. Furthermore, unless otherwise provided,
the Computational Materials assume no losses on the underlying assets and no
interest shortfalls. The specific characteristics of the Securities may differ
from those shown in the Computational Materials due to differences between the
actual underlying assets and the hypothetical underlying assets used in
preparing the Computational Materials. The principal amount and designation of
any Security described in the Computational Materials are subject to change
prior to issuance. Neither the Underwriters nor any of their affiliates make any
representation or warranty as to the actual rate or timing of payments on any of
the underlying assets or the payments or yield on the Securities. THIS
INFORMATION IS FURNISHED TO YOU SOLELY BY THE UNDERWRITERS AND NOT BY THE ISSUER
OF THE SECURITIES OR ANY OF ITS AFFILIATES. THE ISSUER OF THE SECURITIES HAS NOT
PREPARED, REVIEWED OR PARTICIPATED IN THE PREPARATION OF THIS INFORMATION AND IS
NOT RESPONSIBLE FOR THE ACCURACY OF THIS INFORMATION. THE UNDERWRITERS ARE NOT
ACTING AS AGENTS FOR THE ISSUER OR ITS AFFILIATES IN CONNECTION WITH THE
PROPOSED TRANSACTION.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-ML1
KEY FEATURES
CO-LEAD MANAGERS: J.P. Morgan Securities Inc. (Joint Bookrunner)
Merrill Lynch, Pierce, Fenner & Smith Incorporated
(Joint Bookrunner)
CO-MANAGER: Morgan Stanley & Co. Incorporated
MORTGAGE LOAN SELLERS: JPMorgan Chase Bank (63.6%) ("JPMCB")
Merrill Lynch Mortgage Lending, Inc. (36.4%)
("MLML")
MASTER SERVICER: Wachovia Bank, National Association
SPECIAL SERVICER: Lennar Partners, Inc.
TRUSTEE: LaSalle Bank National Association
FISCAL AGENT: ABN AMRO Bank N.V.
RATING AGENCIES: Moody's Investors Service, Inc.
Fitch, Inc.
PRICING DATE: On or about March 31, 2003
CLOSING DATE: On or about April 11, 2003
CUT-OFF DATE: With respect to each mortgage loan, the related due
date of such mortgage loan in April 2003
DISTRIBUTION DATE: 12th of each month, or if the 12th day is not a
business day, on the next succeeding business day,
beginning in May 2003
PAYMENT DELAY: 11 days
TAX STATUS: REMIC
RATED FINAL DISTRIBUTION
DATE: May 12, 2035
ERISA ELIGIBLE: The Class A-1, A-2, B, C, D & E certificates
OPTIONAL TERMINATION: 1.0% (Clean-up Call)
MINIMUM DENOMINATIONS: $10,000 (among the publicly offered classes)
SETTLEMENT TERMS: DTC, Euroclear and Clearstream
--------------------------------------------------------------------------------
COLLATERAL CHARACTERISTICS
--------------------------------------------------------------------------------
INITIAL POOL BALANCE (IPB): $929,821,844
NUMBER OF MORTGAGE LOANS: 122
NUMBER OF MORTGAGED PROPERTIES: 126
AVERAGE CUT-OFF BALANCE PER LOAN: $7,621,491
AVERAGE CUT-OFF BALANCE PER MORTGAGED PROPERTY: $7,379,538
WEIGHTED AVERAGE (WA) CURRENT MORTGAGE RATE: 5.9446%
WEIGHTED AVERAGE UNDERWRITTEN (UW) DSCR: 1.72x
WEIGHTED AVERAGE CUT-OFF DATE LOAN-TO-VALUE
(LTV): 70.4%
WEIGHTED AVERAGE MATURITY OR ARD DATE LTV: 57.7%
WEIGHTED AVERAGE REMAINING TERM TO MATURITY OR
ARD (MONTHS): 111
WEIGHTED AVERAGE ORIGINAL AMORTIZATION TERM
(MONTHS): 336
WEIGHTED AVERAGE SEASONING (MONTHS): 3
10 LARGEST MORTGAGE LOANS AS % OF IPB: 30.2%
% OF MORTGAGE LOANS WITH ADDITIONAL DEBT: 7.2%
% OF MORTGAGE LOANS WITH SINGLE TENANTS: 5.2%
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THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-ML1
APPROXIMATE SECURITIES STRUCTURE
PUBLICLY OFFERED CLASSES
----------------------------------------------------------------------------------------------
EXPECTED CREDIT EXPECTED
RATINGS APPROXIMATE SUPPORT (% WEIGHTED AVG. EXPECTED PAYMENT
CLASS (MOODY'S/FITCH) FACE AMOUNT (1) OF BALANCE)(2) LIFE (YEARS)(3) WINDOW (YEARS)(3)
----------------------------------------------------------------------------------------------
A-1 Aaa/AAA $373,000,000 18.250% 5.70 5/03-7/12
A-2 Aaa/AAA $387,129,000 18.250% 9.72 7/12-3/13
B Aa2/AA $26,733,000 15.375% 9.92 3/13-3/13
C Aa3/AA- $10,460,000 14.250% 9.92 3/13-3/13
D A2/A $22,084,000 11.875% 9.92 3/13-3/13
E A3/A- $12,785,000 10.500% 9.92 3/13-3/13
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PRIVATELY OFFERED CLASSES
----------------------------------------------------------------------------------------------
EXPECTED CREDIT SUPPORT EXPECTED
RATINGS APPROXIMATE FACE (% OF BALANCE) WEIGHTED AVG. EXPECTED PAYMENT
CLASS (MOODY'S/FITCH) AMOUNT(1) (2) LIFE (YEARS)(3) WINDOW (YEARS)(3)
----------------------------------------------------------------------------------------------
X-1 Aaa/AAA $929,821,8444 N/A N/A N/A
X-2 Aaa/AAA $876,638,0004 N/A N/A N/A
F Baa2/BBB $23,245,000 8.000% N/A N/A
G Baa3/BBB- $9,298,000 7.000% N/A N/A
H Ba1/BB+ $16,272,000 5.250% N/A N/A
J Ba2/BB $10,461,000 4.125% N/A N/A
K Ba3/BB- $5,811,000 3.500% N/A N/A
L B1/B+ $5,811,000 2.875% N/A N/A
M B2/B $6,974,000 2.125% N/A N/A
N B3/B- $4,649,000 1.625% N/A N/A
NR NR $15,109,844 N/A N/A N/A
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1 Initial Certificate Balance or Notional Amount.
2 The credit support percentages set forth for the Class A-1 and Class A-2
certificates are represented in the aggregate.
3 The weighted average life and period during which distributions of principal
would be received with respect to each class of certificates is based on the
assumptions set forth under "Yield and Maturity Considerations--Weighted
Average Life" in the preliminary prospectus supplement, and on the
assumptions that (a) there are no prepayments or losses on the mortgage
loans, (b) each mortgage loan pays off on its scheduled maturity date or
anticipated repayment date and (c) no excess interest is generated on the
mortgage loans.
4 Notional Amount.
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CONTACT YOUR SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-ML1
STRUCTURAL OVERVIEW
o Interest payments will be pro-rata to the Class A-1, A-2, X-1 and X-2
certificates and then, after payment of the principal distribution amount to
such Classes (other than the Class X-1 and Class X-2 Certificates), interest
will be paid sequentially to the Class B, C, D and E certificates and then to
the non-offered certificates.
o The pass-through rate for the Class A-1, A-2, B, C, D, and E certificates and
the non-offered certificates will be either a fixed rate or a rate based on
the weighted average of the remittance rates on the mortgage loans. In the
aggregate, the Class X-1 and X-2 certificates will receive the net interest
on the mortgage loans less the interest paid on the other certificates.
o All Classes offered will accrue interest on a 30/360 basis.
o Principal payments will be paid sequentially to the Class A-1, A-2, B, C, D
and E certificates and then to the non-offered certificates until each Class
is retired. The Class X-1 and X-2 certificates do not have a class principal
balance and are therefore not entitled to any principal distributions.
o Losses will be born by the Classes (other than the Classes X-1 and X-2
certificates) in reverse sequential order, from the non-offered certificates
up to the Class B certificates and then pro-rata to the Class A-1 and A-2
certificates.
o If the principal balance of the mortgage pool is less than or equal to the
aggregate class principal balance of the Class A-1 and Class A-2
certificates, principal distributions will be allocated pro-rata to the Class
A-1 and A-2 certificates.
o Yield maintenance charges calculated by reference to a U.S. Treasury rate to
the extent received will be allocated first to the offered certificates and
the Class F and G certificates, according to a specified formula, with any
remaining amount payable to the Class X-1 certificates. For the amount
payable to any of the foregoing classes, the formula is as follows:
Principal Paid to Class (Pass - Through Rate on Class - Discount Rate)
YM Charge x ------------------------- x ----------------------------------------------
Total Principal Paid (Mortgage Rate on Loan - Discount Rate
o Prepayment premiums received will be payable to the Class X-1 certificates.
o The transaction will provide for a collateral value adjustment feature (an
appraisal reduction amount calculation) for distressed or delinquent loans.
Under certain circumstances, the special servicer will be required to obtain
a new appraisal and to the extent any such adjustment is determined, the
interest portion of any P&I advance will be reduced in proportion to such
adjustment.
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CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-ML1
TOP 5 STATES (1), (2)
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NUMBER OF CUT-OFF DATE
STATE PROPERTIES BALANCE % OF IPB WA LTV WA UW DSCR
----------------------------------------------------------------------------------------------
CALIFORNIA 24 $223,979,109 24.1% 72.2% 1.54x
Northern California3 3 24,641,333 2.7 71.7% 1.52x
Southern California3 21 199,337,776 21.4 72.2% 1.55x
FLORIDA 17 105,943,346 11.4 73.6% 1.47x
VIRGINIA 5 104,223,125 11.2 61.2% 2.11x
WISCONSIN 8 47,098,931 5.1 72.4% 1.42x
NEW JERSEY 5 38,872,482 4.2 63.1% 1.67x
OTHER STATES 67 409,704,851 44.1 71.5% 1.82x
----------------------------------------------------------------------------------------------
TOTAL/WEIGHTED 126 $929,821,844 100.0% 70.4% 1.72X
AVERAGE
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PROPERTY TYPE DISTRIBUTION (1), (2)
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----------------------------------------------------------------------------------------------
PROPERTY NUMBER OF CUT-OFF % OF
PROPERTY TYPE SUBTYPE PROPERTIES DATE BALANCE IPB WA LTV WA UW DSCR
----------------------------------------------------------------------------------------------
RETAIL Anchored 32 $302,008,270 32.5% 74.0% 1.47x
Unanchored 11 37,616,421 4.0 70.1% 1.44x
Shadow Anchored 1 6,494,613 0.7 63.1% 1.73x
Subtotal 44 $346,119,303 37.2% 73.3% 1.47x
----------------------------------------------------------------------------------------------
MULTIFAMILY Conventional 48 $279,417,635 30.1% 72.9% 1.51x
Co-op 2 9,689,737 1.0 12.7% 16.78x
Subtotal 50 $289,107,372 31.1% 70.9% 2.02x
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OFFICE Suburban 11 $105,186,582 11.3% 74.2% 1.44x
CBD 5 65,096,714 7.0 67.2% 1.44x
Subtotal 16 $170,283,296 18.3% 71.5% 1.44x
----------------------------------------------------------------------------------------------
HOTEL Full Service 1 $ 50,843,060 5.5% 48.4% 2.92x
----------------------------------------------------------------------------------------------
MANUFACTURED HOUSING Manufactured 6 $ 34,670,799 3.7% 66.6% 1.55x
Housing
----------------------------------------------------------------------------------------------
INDUSTRIAL Flex 5 $ 27,855,932 3.0% 70.6% 1.43x
Warehouse/Distribution 1 3,289,809 0.4 71.5% 1.44x
Subtotal 6 $ 31,145,741 3.3% 70.7% 1.43x
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SELF STORAGE 3 $ 7,652,273 0.8 58.3% 1.59x
----------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE 126 $929,821,844 100.0% 70.4% 1.72X
----------------------------------------------------------------------------------------------
1 All information presented (including loan-to-value ratios and debt service
coverage ratios) with respect to mortgage loans with companion loans is
calculated without regard to the related companion loan.
2 The loan-to-value ratios and debt service coverage ratios for the mortgage
loans secured by residential cooperatives are based on projected net
operating income at the mortgaged property assuming that the mortgaged
property was operated as a rental property with rents set at prevailing
market rates, taking into account the presence of existing rent-controlled
or rent-stabilized occupants, reduced by underwritten capital expenditures,
property operating expenses, a market-rate vacancy assumption and projected
reserves. With respect to 1 of these mortgage loans, representing
approximately 0.34% of the aggregate principal balance of the pool of
mortgage loans as of the cut-off date, it was assumed that 60% of the
cooperative property would be available for lease and with respect to 1 of
these mortgage loans, representing approximately 0.66% of the aggregate
principal balance of the pool of mortgage loans as of the cut-off date, it
was assumed that 100% of the cooperative property would be available for
lease.
3 For purposes of determining whether a mortgaged property is in northern
California or southern California, mortgaged properties located north of
San Luis Obispo County, Kern County and San Bernardino County are included
in northern California and mortgaged properties located in or south of such
counties are included in southern California.
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CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-ML1
COLLATERAL STATISTICS (1), (2)
CUT-OFF DATE PRINCIPAL BALANCE
NUMBER OF PRINCIPAL % OF WA WA UW
PRINCIPAL BALANCE LOANS BALANCE IPB LTV DSCR
-----------------------------------------------------------------------------------------
$1,117,163 - $2,999,999 33 $ 71,600,147 7.7% 64.6% 1.54x
$3,000,000 - $4,999,999 26 102,859,027 11.1 70.3% 1.51x
$5,000,000 - $9,999,999 32 215,898,103 23.2 70.5% 2.13x
$10,000,000 - $14,999,999 20 243,284,436 26.2 74.2% 1.47x
$15,000,000 - $24,999,999 7 126,773,394 13.6 69.6% 1.48x
$25,000,000 - $54,944,934 4 169,406,738 18.2 68.1% 1.93x
-----------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 122 $929,821,844 100% 70.4% 1.72X
-----------------------------------------------------------------------------------------
AVERAGE PER LOAN: $ 7,621,491
AVERAGE PER PROPERTY: $ 7,379,538
-----------------------------------------------------------------------------------------
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MORTGAGE RATES
------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL % OF WA WA UW
MORTGAGE RATES LOANS BALANCE IPB LTV DSCR
-----------------------------------------------------------------------------------------
5.0000% - 5.4999% 14 $175,794,553 18.9% 77.5% 1.57x
5.5000% - 5.9999% 51 380,100,476 40.9 65.7% 2.09x
6.0000% - 6.4999% 44 269,022,924 28.9 71.2% 1.45x
6.5000% - 6.9999% 8 51,082,823 5.5 74.9% 1.36x
7.0000% - 7.4999% 4 18,180,736 2.0 72.6% 1.26x
7.5000% - 7.7400% 1 35,640,332 3.8 72.7% 1.30x
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TOTAL/WEIGHTED AVERAGE: 122 $929,821,844 100.0% 70.4% 1.72X
-----------------------------------------------------------------------------------------
WEIGHTED AVERAGE MORTGAGE RATE: 5.9446%
-----------------------------------------------------------------------------------------
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ORIGINAL TERM TO MATURITY IN MONTHS
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
ORIGINAL TERM TO NUMBER OF PRINCIPAL % OF WA WA UW
MATURITY (MOS) LOANS BALANCE IPB LTV DSCR
-----------------------------------------------------------------------------------------
60 - 110 14 $178,987,927 19.2% 77.0% 1.55x
111 - 120 93 663,977,942 71.4 68.5% 1.82x
121 - 180 10 64,392,566 6.9 71.3% 1.34x
181 - 240 5 22,463,410 2.4 72.1% 1.22x
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TOTAL/WEIGHTED AVERAGE: 122 $929,821,844 100.0% 70.4% 1.72X
-----------------------------------------------------------------------------------------
WEIGHTED AVERAGE ORIGINAL TERM
TO MATURITY 114
-----------------------------------------------------------------------------------------
1 All information presented (including loan-to-value ratios and debt service
coverage ratios) with respect to mortgage loans with companion loans is
calculated without regard to the related companion loan.
2 The loan-to-value ratios and debt service coverage ratios for the mortgage
loans secured by residential cooperatives are based on projected net
operating income at the mortgaged property assuming that the mortgaged
property was operated as a rental property with rents set at prevailing
market rates, taking into account the presence of existing rent-controlled or
rent-stabilized occupants, reduced by underwritten capital expenditures,
property operating expenses, a market-rate vacancy assumption and projected
reserves. With respect to 1 of these mortgage loans, representing
approximately 0.34% of the aggregate principal balance of the pool of
mortgage loans as of the cut-off date, it was assumed that 60% of the
cooperative property would be available for lease and with respect to 1 of
these mortgage loans, representing approximately 0.66% of the aggregate
principal balance of the pool of mortgage loans as of the cut-off date, it
was assumed that 100% of the cooperative property would be available for
lease.
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CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-ML1
------------------------------------------------------------------------------------------
COLLATERAL STATISTICS (1), (2)
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------------------------------------------------------------------------------------------
REMAINING TERMS TO MATURITY/ARD DATE IN MONTHS
------------------------------------------------------------------------------------------
REMAINING TERMS TO NUMBER OF PRINCIPAL % OF WA WA UW
MATURITY LOANS BALANCE IPB LTV DSCR
-----------------------------------------------------------------------------------------
55 - 109 18 $240,852,715 25.9% 76.3% 1.48x
100 - 119 83 567,788,249 61.1 67.5% 1.88x
120 - 240 21 121,180,881 13.0 72.6% 1.41x
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TOTAL/WEIGHTED AVERAGE: 122 $929,821,844 100.0% 70.4% 1.72X
------------------------------------------------------------------------------------------
WEIGHTED AVERAGE REMAINING
TERM TO MATURITY/ARD: 111
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ORIGINAL AMORTIZATION TERM IN MONTHS (3)
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
ORIGINAL NUMBER OF PRINCIPAL % OF WA WA UW
AMORTIZATION TERM LOANS BALANCE IPB LTV DSCR
------------------------------------------------------------------------------------------
118 - 240 20 $ 81,233,505 8.8% 61.7% 1.41x
241 - 300 21 132,718,657 14.4 71.0% 1.37x
300 - 330 6 58,223,741 6.3 78.2% 1.47x
331 - 360 74 651,145,941 70.5 71.3% 1.63x
------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 121 $923,321,844 100.0% 70.9% 1.56X
------------------------------------------------------------------------------------------
WEIGHTED AVERAGE ORIGINAL
AMORTIZATION TERM: 336
------------------------------------------------------------------------------------------
REMAINING AMORTIZATION TERM IN MONTHS (3)
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL % OF WA WA UW
REMAINING AMORTIZATION LOANS BALANCE IPB LTV DSCR
------------------------------------------------------------------------------------------
118 - 240 20 $ 81,233,505 8.8% 61.7% 1.41x
241 - 300 21 132,718,657 14.4 71.0% 1.37x
300 - 330 6 58,2223,741 6.3 78.2% 1.47x
331 - 360 74 651,145,941 70.5 71.3% 1.63x
------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 121 $929,821,844 100.0% 70.9% 1.72X
------------------------------------------------------------------------------------------
WEIGHTED AVERAGE ORIGINAL
AMORTIZATION TERM: 333
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AMORTIZATION TYPES
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL % OF WA WA UW
AMORITZATION TYPES LOANS BALANCE IPB LTV DSCR
------------------------------------------------------------------------------------------
BALLOON LOANS 94 $752,221,514 80.9% 70.9% 1.59x
PARTIAL INTEREST-ONLY 7 81,500,000 8.8 73.0% 1.56x
ARD LOANS 10 52,137,204 5.6 73.9% 1.43x
FULLY AMORTIZING 10 37,463,126 4.0 60.7% 1.31x
INTEREST ONLY 1 6,500,000 0.7 6.0% 23.58x
------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 122 $929,821,844 100.0% 70.4% 1.72X
------------------------------------------------------------------------------------------
1 All information presented (including loan-to-value ratios and debt service
coverage ratios) with respect to mortgage loans with companion loans is
calculated without regard to the related companion loan.
2 The loan-to-value ratios and debt service coverage ratios for the mortgage
loans secured by residential cooperatives are based on projected net
operating income at the mortgaged property assuming that the mortgaged
property was operated as a rental property with rents set at prevailing
market rates, taking into account the presence of existing rent-controlled or
rent-stabilized occupants, reduced by underwritten capital expenditures,
property operating expenses, a market-rate vacancy assumption and projected
reserves. With respect to 1 of these mortgage loans, representing
approximately 0.34% of the aggregate principal balance of the pool of
mortgage loans as of the cut-off date, it was assumed that 60% of the
cooperative property would be available for lease and with respect to 1 of
these mortgage loans, representing approximately 0.66% of the aggregate
principal balance of the pool of mortgage loans as of the cut-off date, it
was assumed that 100% of the cooperative property would be available for
lease.
3 Excludes the full interest only loan, representing 0.7% of the Initial Pool
Balance.
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CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE
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CONTACT YOUR SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-ML1
1 All information presented (including loan-to-value ratios and debt service
coverage ratios) with respect to mortgage loans with companion loans is
calculated without regard to the related companion loan.
2 The loan-to-value ratios and debt service coverage ratios for the mortgage
loans secured by residential cooperatives are based on projected net
operating income at the mortgaged property assuming that the mortgaged
property was operated as a rental property with rents set at prevailing
market rates, taking into account the presence of existing rent-controlled or
rent-stabilized occupants, reduced by underwritten capital expenditures,
property operating expenses, a market-rate vacancy assumption and projected
reserves. With respect to 1 of these mortgage loans, representing
approximately 0.34% of the aggregate principal balance of the pool of
mortgage loans as of the cut-off date, it was assumed that 60% of the
cooperative property would be available for lease and with respect to 1 of
these mortgage loans, representing approximately 0.66% of the aggregate
principal balance of the pool of mortgage loans as of the cut-off date, it
was assumed that 100% of the cooperative property would be available for
lease.
8 of 53
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CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE
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CONTACT YOUR SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-ML1
COLLATERAL STATISTICS (1),(2)
------------------------------------------------------------------------------------------
CURRENT OCCUPANCY RATES (3)
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
CURRENT NUMBER OF PRINCIPAL % OF WA WA UW
OCCUPANCY RATES PROPERTIES BALANCE IPB LTV DSCR
------------------------------------------------------------------------------------------
77.8 - 84.9 8 $ 54,322,984 6.2% 66.2% 1.39x
85.0 - 89.9 13 86,459,258 9.8 72.9% 1.51x
90.0 - 94.9 28 245,975,251 28.0 73.6% 1.44x
95.0 - 100.0 76 492,221,291 56.0 71.2% 1.81x
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TOTAL/WEIGHTED AVERAGE: 125 $878,978,784 100.0% 71.7% 1.65X
------------------------------------------------------------------------------------------
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YEAR BUILT/RENOVATED
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL % OF WA WA UW
YEAR BUILT/RENOVATED PROPERTIES BALANCE IPB LTV DSCR
------------------------------------------------------------------------------------------
<= 1960 1 $ 2,492,285 0.3% 53.0% 1.60x
1961 - 1970 7 34,694,610 3.7 62.7% 5.66x
1971 - 1980 14 92,625,059 10.0 69.3% 1.54x
1981 - 1990 26 236,681,725 25.5 72.0% 1.48x
1991 - 2000 40 293,930,517 31.6 69.0% 1.70x
2001 - 2003 38 269,397,648 29.0 72.2% 1.49x
------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 126 $929,821,844 100.0% 70.4% 1.72X
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
PREPAYMENT PROTECTION
------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------
NUMBER OF PRINCIPAL % OF WA WA UW
PREPAYMENT PROTECTION PROPERTIES BALANCE IPB LTV DSCR
------------------------------------------------------------------------------------------
DEFEASANCE 115 $877,179,798 94.3% 70.5% 1.74x
YIELD MAINTENANCE 6 41,656,225 4.5 68.3% 1.43x
DECLINING PERCENTAGE 1 10,985,822 1.2 70.9% 1.48x
------------------------------------------------------------------------------------------
TOTAL/WEIGHTED AVERAGE: 122 $929,821,844 100.0% 70.4% 1.72X
------------------------------------------------------------------------------------------
1 All information presented (including loan-to-value ratios and debt service
coverage ratios) with respect to mortgage loans with companion loans is
calculated without regard to the related companion loan.
2 The loan-to-value ratios and debt service coverage ratios for the mortgage
loans secured by residential cooperatives are based on projected net
operating income at the mortgaged property assuming that the mortgaged
property was operated as a rental property with rents set at prevailing
market rates, taking into account the presence of existing rent-controlled
or rent-stabilized occupants, reduced by underwritten capital expenditures,
property operating expenses, a market-rate vacancy assumption and projected
reserves. With respect to 1 of these mortgage loans, representing
approximately 0.34% of the aggregate principal balance of the pool of
mortgage loans as of the cut-off date, it was assumed that 60% of the
cooperative property would be available for lease and with respect to 1 of
these mortgage loans, representing approximately 0.66% of the aggregate
principal balance of the pool of mortgage loans as of the cut-off date, it
was assumed that 100% of the cooperative property would be available for
lease.
3 Occupancy rates for each property are as-of the date specified in "Annex A
- Certain Characteristics of the Mortgage Loans and Mortgaged Properties"
in the Prospectus Supplement and excludes the hotel loan representing 5.5%
of the Initial Pool Balance.
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CONTACT YOUR SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERM SHEET JPMCC 2003-ML1
------------------------------------------------------------------------------------------------------------------------------------
Top 10 Mortgage Loans
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
LOAN LOAN NAME CUT-OFF DATE % OF SQUARE FEET/ LOAN PER UW CUTOFF LTV PROPERTY
SELLER 1 (LOCATION) BALANCE IPB UNIT SF/UNIT DSCR RATIO TYPE
------------------------------------------------------------------------------------------------------------------------------------
MLML The Mall of Victor Valley $ 54,944,934 5.9% 431,738 SF $ 127 1.69x 78.5% Retail
(Victorville, California)
JPMCB Hyatt Regency Hotel 50,843,060 5.5 685 Suites $ 74,223 2.92x(2) 48.4%(2) Hotel
(Arlington, Virginia)
JPMCB Janaf Shopping Center 35,640,332 3.8 582,722 SF $ 61 1.30x 72.7% Retail
(Norfolk, Virginia)
JPMCB US Bank Center Building 27,978,411 3.0 357,042 SF $ 78 1.40x 77.7% Office
(St. Paul, Minnesota)
JPMCB Cerritos Corporate Tower 22,698,708 2.4 187,105 SF $ 121 1.41x 74.9% Office
(Cerritos, California)
JPMCB Overland Storage Campus 19,906,314 2.1 158,585 SF $ 126 1.42x 66.1% Office
(Kearney, California)
JPMCB North Nashville Industrial Portfolio 19,144,318 2.1 957,691 SF $ 20 1.44x 71.4% Industrial
(Goodlettsville, Tennessee)
JPMCB Jefferson at Birchwood Apartments 17,750,000 1.9 296 Units $ 59,966 1.40x 80.0% Multifamily
(Hyattsville, Maryland)
JPMCB 5 Marine View Plaza 16,535,344 1.8 126,666 SF $ 131 1.52x 60.1% Office
(Springfield, Virginia)
JPMCB Whitnall Pointe Apartments 15,738,709 1.7 480 Units $ 32,789 1.23x 76.4% Multifamily
(Franklin, Wisconsin)
------------------------------------------------------------------------------------------------------------------------------------
Total/Weighted Average: $281,180,132 30.2% 1.72x 69.5%
------------------------------------------------------------------------------------------------------------------------------------
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
THE MALL OF VICTOR VALLEY
[GRAPHIC OMITTED]
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STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
--------------------------------------------------------------------------------
THE MALL OF VICTOR VALLEY
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
LOAN INFORMATION
--------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $55,000,000
CUT-OFF PRINCIPAL BALANCE: $54,944,934
% OF POOL BY IPB: 5.9%
LOAN SELLER: Merrill Lynch Mortgage Lending
BORROWER: SIP Victor Valley, LLC, Spear
Investors II, LLC & TPII Victor
Valley, LLC
SPONSOR: Somera Investment Partners
ORIGINATION DATE: February 19, 2003
INTEREST RATE: 5.2500%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: March 1, 2008
AMORTIZATION (ORIG/REM): 360 / 359
CALL PROTECTION: LO(24),Def(32),O(3)
CROSS-COLLATERALIZATION: NAP
LOCK BOX: Hard
ADDITIONAL DEBT (TYPE): NAP
LOAN PURPOSE: Acquisition
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RESERVES
--------------------------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
Taxes: $62,090 $62,090
Insurance: $25,500 $12,750
TI/LC: $1,500,000(1) $9,000(2)
CapEx: $156,344 $7,946
--------------------------------------------------------------------------------
PROPERTY INFORMATION
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Fee
PROPERTY TYPE: Regional Mall
TOTAL SQUARE FEET: 431,738
LOCATION: Victorville, California
YEAR BUILT/RENOVATED: 1986 / NAP
TOTAL OCCUPANCY: 98.7% as of 11/25/2002
HISTORICAL NOI:
2000: $6,066,271
2001: $6,127,294
Annualized 2002: $6,647,136 as of 10/30/2002
UW NOI: $6,625,157
UW NET CASH FLOW: $6,155,326
APPRAISED VALUE: $70,000,000 as of 12/28/2002
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
FINANCIAL INFORMATION
--------------------------------------------------------------------------------
CUT-OFF DATE LOAN PSF: $127
CUT OFF DATE LTV: 78.5%
MATURITY LTV: 72.7%
UW DSCR: 1.69X
--------------------------------------------------------------------------------
(1) Upon the satisfaction of certain conditions in the mortgage loan documents,
including the receipt of tenant estoppels from the tenants relating to certain
designated leases in respect of which such reserve was established, the funds in
the reserve in respect of each such tenant (which, in the aggregate, may be all
the funds in such reserve) will be released to the borrower.
(2) Such amount only reflects the TI/LC reserve for in-line tenants. An
additional reserve (not funded at origination) in respect of anchor tenants was
established that requires deposits of $5 PSF for each anchor tenant upon the
occurrence of certain events, to be funded from the cash-flow relating to the
mortgaged property pursuant to the mortgage loan documents.
----------------------------------------------------------------------------------------------------------------------------------
ANCHOR TENANTS / SIGNIFICANT NATIONAL IN-LINE TENANTS
----------------------------------------------------------------------------------------------------------------------------------
MOODY'S/ SQUARE % OF SALES BASE RENT LEASE
TENANT NAME PARENT COMPANY S&P(3) FEET GLA PSF PSF EXPIRATION
----------------------------------------------------------------------------------------------------------------------------------
SEARS Sears, Roebuck & Company (NYSE: S) Baa1/BBB 78,212 18.1% N/A $5.50 2009
MERVYN'S(4) Target Corporation (NYSE: TGT) A2/A+ 74,850 NAP NAP NAP 2020
HARRIS-GOTTSCHALKS Gottschalks Inc. (NYSE: GOT) NR 70,822 16.4% N/A $8.16 2006
JC PENNEY JC Penney Company (NYSE: JCP) Ba3/BBB- 49,965 11.6% N/A $4.95 2006
BARNES & NOBLE Barnes & Noble Inc. (NYSE: BKS) Ba3/BB 24,221 5.6% N/A $12.40 2012
VICTORIA'S SECRET Limited Brands (NYSE: LTD) Baa1/BBB+ 4,227 1.0% N/A $13.11 2011
PACIFIC SUNWEAR Pacific Sunwear of California Inc. (NASD: NR 3,808 0.9% N/A $19.00 2010
PSUN)
FOOT LOCKER Foot Locker Inc. (NYSE: Z) Ba3/BB+ 3,687 0.9% N/A $22.00 2008
----------------------------------------------------------------------------------------------------------------------------------
(3) Ratings provided are for the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
(4) Mervyn's owns the land parcel and the improvements thereon, which are not
part of the collateral.
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CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE
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CONTACT YOUR SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
THE MALL OF VICTOR VALLEY
SPONSOR
Somera Investment Partners, LLC, a newly formed subsidiary of Somera Capital
Management, LLC is the sponsor of the loan. Somera Investment Partners, LLC is
the sole member of SIP Victorville Manager, LLC, the managing member of SIP
Victor Valley, LLC, one of the three tenant-in-common borrowers of the Mall of
Victor Valley Loan. Somera Investment Partners, LLC also executed a non-recourse
carveout guaranty with respect to the Mall of Victor Valley Loan. The remaining
two tenant-in-common borrowers, TPII Victor Valley, LLC and Spear Investors II,
LLC each own a minority ownership interest in the property securing the Mall of
Victor Valley Loan and retain no management responsibilities with respect to
such property. Currently, Rockwood Capital Real Estate Fund IV L.P., an
affiliate of Rockwood Capital, is in the process of acquiring a majority
ownership interest in SIP Victor Valley, LLC.
Somera Capital Management, LLC is a private equity real estate company based in
Santa Barbara, CA. It utilizes capital obtained from its owners, affiliates and
investment partners and currently owns interests in multiple properties. Somera
Investment Partners, LLC is a newly formed subsidiary investing primarily in
retail assets.
Rockwood Capital is a privately held real estate investment company with offices
in San Francisco, CA and Greenwich, CT. The company manages funds for high net
worth individuals and institutions, including public and private pension funds.
Since 1995, Rockwood Capital has established and managed four separate real
estate funds totaling over $1.1 billion in investments.
COLLATERAL(1)
The Mall of Victor Valley property has approximately 506,588 SF of retail space,
of which 431,738 SF is collateral for the loan. As of November 25, 2002, total
occupancy was 98.7%. The Mall of Victor Valley is an enclosed single-level
regional mall with three leased anchors (Sears, JC Penney and
Harris-Gottschalks) and one anchor-owned department store (Mervyn's). The
property is located at the intersection of Interstate 15 and Bear Valley Road in
Victorville, CA, and is the only traditional mall between San Bernardino and Las
Vegas. Recent tenant additions to the mall include Barnes & Noble (12/01),
Victoria's Secret (11/01), American Eagle (9/02) and V Generation (10/02). Other
tenants include Anchor Blue, Footlocker, Bath & Body Works and Lenscrafters.
Cinemark, which operates a six-screen theater at the mall, has announced plans
to construct a new 18-screen cinema with stadium seating nearby. To date, they
have not been able to acquire or lease a satisfactory site. The property is
managed by Jones Lang LaSalle Americas, Inc.
MARKET(1)
The Mall of Victor Valley property is located in an area known as the High
Desert, which includes the communities of Victorville, Hesperia and Adelanto.
Within a 10-mile radius of the mall, population is estimated to be 220,139, with
71,131 households and a median household income in 2002 of $42,161. The area has
experienced significant population growth, with a 30.0% increase between the
1990 and 2000 census. Fueling this growth is the area's emergence as a
manufacturing and distribution hub. The former George Air Force Base is
currently being redeveloped as The Southern California Logistics Airport.
Reportedly the trade area spans a 20-mile radius. The nearest mall competition
is located approximately 30 miles south and includes Ontario Mills, Montclair
Plaza and Inland Center. The subject property is the only traditional mall
between San Bernardino and Las Vegas and it's trade area is under-stored
relative to other trade areas on a mall square-foot per household basis, at
approximately 60.0% of the ratio in a typical metropolitan statistical area
(MSA).
(1) Certain information from the appraisal dated November 5, 2002.
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
THE MALL OF VICTOR VALLEY
[GRAPHIC OMITTED]
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STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
THE MALL OF VICTOR VALLEY
[GRAPHIC OMITTED]
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[THIS PAGE INTENTIONALLY LEFT BLANK]
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STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
HYATT REGENCY HOTEL
[GRAPHIC OMITTED]
18 of 53
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STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
--------------------------------------------------------------------------------
HYATT REGENCY HOTEL(1)(2)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
LOAN INFORMATION
--------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $51,000,000
CUT-OFF PRINCIPAL BALANCE: $50,843,060
% OF POOL BY IPB: 5.5%
LOAN SELLER: JPMorgan Chase Bank
BORROWER: Airport Plaza Hotel, LLC
SPONSOR: Kingdon Gould III
ORIGINATION DATE: December 2, 2002
INTEREST RATE: 5.8690%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: January 1, 2013
AMORTIZATION (ORIG/REM): 360 / 357
CALL PROTECTION: LO(23),Def(91),O(2)
CROSS-COLLATERALIZATION: NAP
LOCK BOX: Hard
ADDITIONAL DEBT (TYPE): $15,000,000 (B-Note)
LOAN PURPOSE: Refinance
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RESERVES
--------------------------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
Taxes: $167,730 $73,566
Insurance: $119,570 $9,964
TI/LC: $0 $0
CapEx: $151,625 $138,750
--------------------------------------------------------------------------------
PROPERTY INFORMATION
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Fee
PROPERTY TYPE: Full Service Hotel
SUITES: 685
LOCATION: Arlington, Virginia
YEAR BUILT/RENOVATED: 1982 / 1996
OCCUPANCY: 68.1% as of 10/31/2002 (TTM)
HISTORICAL NOI:
2000: $13,197,436
2001: $11,725,811
2002: $12,574,847
UW NOI: $12,231,254
UW NET CASH FLOW: $10,550,139
APPRAISED VALUE: $105,000,000 as of 11/5/2002
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
FINANCIAL INFORMATION
--------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SUITES: $74,223
CUT OFF DATE LTV(3): 48.4%
MATURITY LTV(3): 41.0%
UW DSCR(3): 2.92X
--------------------------------------------------------------------------------
(1) Moody's and Fitch have indicated that the credit characteristics of the
Hyatt Regency Hotel loan are consistent with the characteristics of an
investment grade obligation.
(2) All information presented (including loan-to-value ratios and debt service
coverage ratios) is calculated without regard to the related companion loan.
(3) Does not include the related companion loan.
19 of 53
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STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
HYATT REGENCY HOTEL
SPONSOR
Hyatt Hotels Corporation ("Hyatt Corp.") and the Gould Family serve as sponsors
of the loan. Hyatt Corp. owns its interest in the Hyatt Regency Hotel Property
("Hyatt Regency Hotel") through Hyatt Equities LLC. Hyatt Corp. is a private
company owned by the Pritzker family based in Chicago, Illinois. The Pritzker
family also owns Hyatt International Corporation. Collectively, both Hyatt
companies operate more than 200 hotels and resorts with more than 75,000
guestrooms in 39 countries.
The Gould family, based in metropolitan Washington, DC, has broad interest in
real estate investment and development. The Gould family has an extensive
portfolio that includes approximately 2,000,000 square feet in office space,
approximately 1,000 apartment units, as well as their interest in the Hyatt
Regency Hotel.
COLLATERAL(1)
The Hyatt Regency Hotel was developed and built in 1982 by Airport Plaza
Associates, LP, a 50/50 joint venture between the Gould family and Hyatt Corp.
The Hyatt Regency Hotel is located in the Crystal City submarket of Arlington,
VA, at the intersection of Crystal Drive and 27th Street, with visibility from
Jefferson Davis Highway. Access to the site is available via South Clark Street
and 27th Street and there is an entrance to the underground parking garage
serving the hotel from south Clark Street.
The Hyatt Regency Hotel has 685 guestrooms, which are located from floors 4
through 18 in the guestroom tower. The Hyatt Regency Hotel has a mix of Business
Class, Executive and Regency rooms. These rooms feature additional amenities
such as two-line phones, printers, fax machines, living rooms, conference table,
and kitchens. The Hyatt Regency Hotel is reported to have one of the 10 largest
amounts of meeting space in the metropolitan Washington, DC area, with
approximately 57,000 square feet of meeting, banquet and exhibit space. The
facilities are split among four floors in the hotel and include a 13,000 square
foot ballroom, 23,000 square foot exhibition hall, 80-seat conference theater
and 25 meeting rooms. The Hyatt Regency Hotel features a total of four food and
beverage facilities: Cinnabar, Chesapeake Grill, Lobbibar and Perks. They also
offer both on-site and off-site recreational facilities. On-site facilities
include a health club, outdoor pool, whirlpool, and sundeck. Off-site
recreational facilities include nearby jogging and bicycle trails, spa services
at nearby health clubs and golf privileges at the Greendale Golf Course in
Arlington, VA.
The Hyatt Regency Hotel was completely renovated in 1996 at a cost of
approximately $8.5 million. In 2003, HRCC has a $9.1 million budget for capital
improvements. These improvements include conference rooms renovations,
regulatory compliance renovations, upgrade of building systems, miscellaneous
repairs, and an upgrade of technology systems. The renovation programs are
expected to be completed by February 2004. The Hyatt Regency Hotel is currently
managed by Hyatt Corp. under a 30-year management agreement that expires in
2012.
MARKET(1)
The Hyatt Regency Hotel is located in Arlington County, VA in the neighborhood
known as Crystal City, just across the Potomac River from Washington, DC.
Crystal City is a planned mixed-use commercial and residential area begun in the
1970s as a joint venture between the Charles E. Smith Company, a real estate
developer and the RF&P Railroad, which owned the land, which was later, sold to
its current owner, the Vornado REIT.
Hotel development in the local area is generally located within major office
concentrations and destinations such as airports and consists of predominantly
full service facilities although the current trend is for more all-suite hotels
catering to the extended stay resident. Primary development in the local area
consists of commercial office, hotel, restaurant and retail uses.
The Hyatt Regency Hotel is located within the Washington, DC MSA, which contains
approximately 78,389 hotel and motel rooms. The overall market has experienced
an occupancy rate of 66.3% and an ADR of $117 in 2001. The overall growth trend
over the past three years had been increasing with market demand rising until
September 2001, which triggered a reduction in demand from which the market has
not yet fully recovered. The Hyatt Regency Hotel's convention and meetings
business has helped mitigate the effects of the downturn. The appraisal
concludes the local hotel market to be currently in balance between supply and
demand, with demand growth projected to be moderate.
(1) Certain information from the appraisal dated November 5, 2002. The appraisal
relies upon many assumptions, and no representation is made as to the accuracy
of the assumptions underlying the appraisal.
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STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
HYATT REGENCY HOTEL
[GRAPHIC OMITTED]
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STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
JANAF SHOPPING CENTER
[GRAPHIC OMITTED]
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STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
--------------------------------------------------------------------------------
JANAF SHOPPING CENTER
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
LOAN INFORMATION
--------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $36,050,000
CUT-OFF PRINCIPAL BALANCE: $35,640,332
% OF POOL BY IPB: 3.8%
LOAN SELLER: JPMorgan Chase Bank
BORROWER: JANAF Associates, LLC
SPONSOR: McKinley Associates, Inc.
ORIGINATION DATE: April 2, 2002
INTEREST RATE: 7.7300%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: May 1, 2012
AMORTIZATION (ORIG/REM): 300 / 289
CALL PROTECTION: LO(24),Def(81),O(4)
CROSS-COLLATERALIZATION: NAP
LOCK BOX: Hard
ADDITIONAL DEBT (TYPE): NAP
LOAN PURPOSE: Refinance
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RESERVES
--------------------------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
Taxes: $170,000 $53,914
Insurance: $19,000 $9,500
TI/LC: $0 $18,000
CapEx: $0 $5,333
--------------------------------------------------------------------------------
PROPERTY INFORMATION
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Leasehold & Fee
PROPERTY TYPE: Anchored Retail
TOTAL SQUARE FEET: 582,722
LOCATION: Norfolk, Virginia
YEAR BUILT/RENOVATED: 1959 / 1990
TOTAL OCCUPANCY: 94.6% as of 3/13/2003
NUMBER OF TENANTS: 59
HISTORICAL NOI:
2000: $6,393,744
2001: $5,110,708
TTM 2002: $5,148,632 as of 11/30/2002
UW NOI: $4,534,314
UW NET CASH FLOW: $4,230,952
APPRAISED VALUE: $49,000,000 as of 1/29/2002
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
FINANCIAL INFORMATION
--------------------------------------------------------------------------------
CUT-OFF DATE LOAN PSF: $61
CUT OFF DATE LTV: 72.7%
MATURITY LTV: 60.2%
UW DSCR: 1.30X
--------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
ANCHOR TENANTS / SIGNIFICANT NATIONAL IN-LINE TENANTS
----------------------------------------------------------------------------------------------------------------------------------
MOODY'S/ SQUARE % OF SALES BASE RENT LEASE
TENANT NAME PARENT COMPANY S&P(1) FEET GLA PSF PSF EXPIRATION
----------------------------------------------------------------------------------------------------------------------------------
SPORTS AUTHORITY The Sports Authority, Inc. (NYSE: TSA) B2 / B 42,500 7.3% $159 $8.00 2016
TJ MAXX TJX Companies Inc. A3 / A 37,383 6.4% $161 $6.00 2004
JANAF OFFICE(2) JANAF OFFICE BUILDING LP NR / NR 37,329 6.4% NAP NAP 2019
MARSHALL'S TJX Companies Inc. A3 / A 35,086 6.0% $142 $7.75 2009
OFFICEMAX OfficeMax, Inc. (NYSE: OMX) NAP / NAP 23,150 4.0% $262 $10.25 2007
U.S. POSTAL SERVICE United States Federal Government Aaa / AAA 21,213 3.6% NAP $11.81 2004
CIRCUIT CITY Circuit City Stores, Inc.(NYSE: CC) NAP / NAP 21,075 3.6% NAP $9.95 2010
OLD NAVY The Gap, Inc. (NYSE: GPS) Ba2 / BB+ 15,000 2.6% $378 $9.75 2005
----------------------------------------------------------------------------------------------------------------------------------
(1) Ratings provided are for the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
(2) This tenant represents a 37,329 square foot office building ground leased to
a private entity.
23 of 53
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STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
JANAF SHOPPING CENTER
SPONSOR
The sponsor of the Janaf Shopping Center Loan is McKinley Associates. McKinley
Associates is a privately held company that has been in business since 1968.
Ronald N. Weiser is its founder and principal investor. McKinley Associates
currently owns and operates approximately 15,000 apartment units and
approximately 4,000,000 square feet of shopping center space in 11 states
nationwide.
COLLATERAL(1)
The Janaf Shopping Center Property ("Janaf Center") lies in the northeast
quadrant of Military Highway and Virginia Beach Boulevard in the city of
Norfolk, VA. Janaf Center is comprised of the anchored retail center, two office
buildings (both on ground leases), an out parcel retail strip building and 17
pad sites. There are 2 freestanding department/warehouse stores (formerly
Montgomery Wards and Home Quarters and both now vacant) also located at the site
that are not part of the collateral for the Janaf Shopping Center Loan. Janaf
Center is currently anchored by Sports Authority, T J Maxx, Marshall's, Office
Max and Circuit City. Other national tenants located at the center include Old
Navy, Payless Shoesource, Pier One, Olive Garden, Applebee's and First Union
National Bank. The third largest tenant represents a 37,329 square foot office
building groundleased to a private entity. The center is currently undergoing a
redevelopment in which 7.87 acres have been subdivided and sold to the adjacent
property owner (Wal Mart). The discount retailer expects to demolish 46,441
square feet of the existing center and expand the current store into a Super Wal
Mart with 213,000 square feet. Access to the main sections of Janaf Center as
well as the outparcels is available via numerous curb cuts along Military
Highway and Virginia Beach Boulevard. However, there are 5 primary entranceways
to Janaf Center with the proposed shared entranceway to the Super Wal Mart and
the subject at the northern portion of Janaf Center viewed as the main entrance.
McKinley Commercial Inc., an Accredited Management Organization by the Institute
of Real Estate Management, has managed the Janaf Center property since 1992.
MARKET(1)
Janaf Center is in the city of Norfolk, VA. Norfolk is one of the 15
municipalities which make up the Norfolk-Virginia Beach-Newport News MSA which
is the 27th largest MSA in the country. This southeast Virginia region is
locally known as Hampton Roads, home to the world's largest naval base and the
country's largest concentration of shipyards. The total number of households in
the MSA has increased approximately 11.7% from 1990 through 2001. Median income
per household in the MSA was estimated at $41,915 which represents a per annum
growth rate of 2.85% since 1990. Traditionally, the region's dominant industries
have been shipbuilding/repair, the military, port activities and tourism.
However, in the past decade, the region has grown into a focal point on the East
Coast for financial firms, distribution companies, telemarketing and customer
service operations drawn to the area due to reasonable wage rates, a large labor
pool and inexpensive land. Janaf Center is located in the Southside retail
market, the dominant retail market in the Hampton Roads region with 29.7 million
square feet or 65% of the inventory. Overall vacancy in the Southside retail
market was estimated to be 11.9% at year-end 2001. The Southside segment is
further divided into 24 retail areas and Janaf Center is located in the second
largest retail node, known as the Military Highway/Virginia Beach Boulevard
submarket with year-end 2001 inventory of 3,371,825 square feet or 11.3% of the
Southside market. The Military Highway submarket is an established shopping
district in the city of Norfolk and is a regional mall node anchored by Military
Circle Mall, which along with Janaf Center represent the 2 largest shopping
centers within the submarket. Both centers are located at the intersection of
Military Highway and Virginia Beach Boulevard and represent a combined 1,738,912
square feet or 51.6% of the submarket.
(1) Certain information from the appraisal dated January 29, 2002. The appraisal
relies upon many assumptions, and no representation is made as to the accuracy
of the assumptions underlying the appraisal.
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
JANAF SHOPPING CENTER
[GRAPHIC OMITTED]
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CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE
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CONTACT YOUR SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
US BANK CENTER BUILDING
[GRAPHIC OMITTED]
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CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
--------------------------------------------------------------------------------
US BANK CENTER BUILDING
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
LOAN INFORMATION
--------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $28,000,000
CUT-OFF PRINCIPAL BALANCE: $27,978,411
% OF POOL BY IPB: 3.0%
LOAN SELLER: JPMorgan Chase Bank
BORROWER: St. Paul Office Center, LLC
SPONSOR: Stephen Hearn
ORIGINATION DATE: February 10, 2003
INTEREST RATE: 6.2700%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: March 1, 2013
AMORTIZATION (ORIG/REM): 360 / 359
CALL PROTECTION: LO(24),Def(91),O(4)
CROSS-COLLATERALIZATION: NAP
LOCK BOX: NAP
ADDITIONAL DEBT (TYPE): NAP
LOAN PURPOSE: Refinance
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RESERVES
--------------------------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
Taxes: $396,642 $79,328
Insurance: $41,397 $5,914
TI/LC: $0 $0
CapEx: $250,000 $4,688
Other: $1,500,000(1) $0
------------------------------------------------------------------
PROPERTY INFORMATION
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Fee
PROPERTY TYPE: CBD Office
TOTAL SQUARE FEET: 357,042
LOCATION: St. Paul, Minnesota
YEAR BUILT/RENOVATED: 1973 / 1995
TOTAL OCCUPANCY: 98.0% as of 12/31/2002
NUMBER OF TENANTS: 82
HISTORICAL NOI:
2000: $3,503,768
2001: $3,407,022
2002: $3,764,534
UW NOI: $3,274,379
UW NET CASH FLOW: $2,893,343
APPRAISED VALUE $36,000,000 as of 12/27/2002
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
FINANCIAL INFORMATION
--------------------------------------------------------------------------------
CUT-OFF DATE LOAN PSF: $78
CUT OFF DATE LTV: 77.7%
MATURITY LTV: 66.5%
UW DSCR: 1.40x
--------------------------------------------------------------------------------
(1) A $1,500,000 LOC was taken at the closing of the loan in lieu of a cash
deposit for the ECMC/US Bank Escrow. This reserve can be increased to $2,500,000
or reduced to $500,000 during the loan term. Changes are conditioned on ECMC and
US Bank renewing their leases at least 2 years beyond the loan term, building
occupancy of at least 85% and NOI of at least $3,200,000. The reserves will be
increased to $2,500,000 if the US Bank lease or ECMC leases are not extended to
2 years beyond the loan term by October 2007 (one year prior to the US Bank
lease expiration). The additional $1,000,000 will be funded at $100,000/month
from the property cash flow.
------------------------------------------------------------------------------------------------------------------------------------
SIGNIFICANT TENANTS
MOODY'S/ SQUARE % OF BASE RENT LEASE
TENANT NAME PARENT COMPANY S&P(2) FEET GLA PSF EXPIRATION
------------------------------------------------------------------------------------------------------------------------------------
FIRSTAR BANK US Bancorp (NYSE: USB) Aa3 / A 139,450 39.1% $8.70 2008
ECMC Educational Credit Management Corporation NR / NR 85,610 26.5% $20.00 2009
TCF NATIONAL BANK OF MN TCF National Bank A2 / BBB+ 18,051 5.1% $15.43 2005
------------------------------------------------------------------------------------------------------------------------------------
(2) Ratings provided are for the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
27 of 53
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
US BANK CENTER BUILDING
SPONSOR
St. Paul Real Estate, LLC is the sponsor of the loan and the US Bank Center
Building Loan borrower is wholly owned by St. Paul Real Estate, LLC. Stephen G.
Hearn owns 85% of St. Paul Real Estate, LLC and 90% of the management company.
The Hearn companies were founded in 1974 and currently operate 5 Class A/B
office buildings located in Chicago and Evanston, IL, Tempe, AZ and Denver, CO.
Mr. Heard has been in commercial real estate for over 30 years and his company
has owned/or managed 15 office buildings totaling over 2.5 million square feet.
COLLATERAL(1)
The US Bank Building property ("US Bank Building") is a prominent landmark in
downtown St. Paul. Located in the central business district on Fifth and
Minnesota, the 26-story, 357,042 square foot property is connected to the St.
Paul "Skyway" system. The property was built in 1973 and went through a $10
million renovation program in 1995, which included updated finishes and new or
updated mechanical, electrical, HVAC, elevator and security systems. The
property is the only high rise office building in St. Paul with it's own
attached garage. The garage is a 5-story structure, has 348 spaces, provides
valet services, and is directly accessible to the offices. The property was
98.0% occupied as of 12/31/02 and has maintained an average occupancy of 94.6%
for the past five years. The US Bank Building is named after its major tenant US
Bancorp which occupies 39% of the net rentable area. US Bancorp is a national
financial services holding company headquartered in Minneapolis, MN, and was
created by the acquisition by Firstar Corporation of the former US Bancorp of
Minneapolis in 2001. Educational Credit Management Corporation ("ECMC") is the
second largest tenant occupying 26.0% of the net rentable area. ECMC is a
non-profit organization that administers government guaranteed student loan
programs and services defaulted student loans.
MARKET(1)
The US Bank Building is located in Ramsey County, within the greater St. Paul
area, part of the Minneapolis/St. Paul MSA (the "MSA"). The US Bank Building is
located in the central business district of St. Paul, which is located along the
north side of the Mississippi River and approximately 10 miles east of
Minneapolis. On a regional basis, access to the area is provided via several
interstate and state highways including Interstates 94, 35E and 494 and State
Highways 52, 10 and 12. The Minneapolis/St. Paul International Airport is
located approximately five miles from the US Bank Building. The MSA encompasses
a seven county region that totals approximately 3,001,579 people, representing
an 18.2% overall increase since 1990. The MSA is the largest MSA in the state
and one of the largest in the Midwest. Average household income in the
Minneapolis/St. Paul MSA was approximately $77,215 in 2001, as compared to an
average of $65,916 for the state as a whole. Services and wholesale trade have
been the mainstay of the local economy and have continually grown at a faster
rate since 1980 than any other sector. The MSA's population employed in the
services sector employs more than 1,000,000 of the MSA's workers.
The St. Paul office market contains approximately 9.5 million square feet of
multi-tenant office, of which Class A represents 2.49 million square feet, Class
B represents 5.67 million square feet and Class C represents 1.58 million square
feet. Market vacancy has been estimated at 15.6% for Class A space, 16.4% for
Class B space and 29.9% for Class C space. Based on a survey conducted by
Cushman & Wakefield on 11 Class A and B projects in the immediate area, net
lease rates for office space in St. Paul ranges from a low of $9.00 per square
foot to a high of $18.00 per square foot (asking). Based on appraiser
confirmation of recent leases signed, actual ranges are reflected in a low of
$7.50 per square foot to a high of $17.70 per square foot, net.
(1) Certain information from the appraisal dated December 27, 2002. The
appraisal relies upon many assumptions, and no representation is made as to the
accuracy of the assumptions underlying the appraisal.
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
US BANK CENTER BUILDING
[GRAPHIC OMITTED]
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CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE
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CONTACT YOUR SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
CERRITOS CORPORATE TOWER
[GRAPHIC OMITTED]
30 of 53
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CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
CERRITOS CORPORATE TOWER
--------------------------------------------------------------------------------
LOAN INFORMATION
--------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $22,750,000
CUT-OFF PRINCIPAL BALANCE: $22,698,708
% OF POOL BY IPB: 2.4%
LOAN SELLER: JP Morgan Chase Bank
BORROWER: Cerritos Investors, L.P. & MTS
Cerritos, LLC
SPONSOR: Stephen M. Zotovich, Michael
E. Meyer, Bruce B. Ibettson
ORIGINATION DATE: January 30, 2003
INTEREST RATE: 5.7500%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: February 1, 2013
AMORTIZATION (ORIG/REM): 360 / 358
CALL PROTECTION: LO(24),Def(90),O(4)
CROSS-COLLATERALIZATION: NAP
LOCK BOX: NAP
ADDITIONAL DEBT (TYPE): NAP
LOAN PURPOSE: Acquisition
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RESERVES
--------------------------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
Taxes: $0 $22,899
Insurance: $16,406 $2,734
TI/LC: $0 $22,650
CapEx: $225,000 $2,339
--------------------------------------------------------------------------------
PROPERTY INFORMATION
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Fee
PROPERTY TYPE: Office
TOTAL SQUARE FEET: 187,105
LOCATION: Cerritos, California
YEAR BUILT/RENOVATED: 1986 / NAP
TOTAL OCCUPANCY: 98.6% as of 1/6/2003
NUMBER OF TENANTS: 45
HISTORICAL NOI:
2000: NAP
2001: $1,712,918
Annualized 2002: $2,982,605 as of 10/31/2002
UW NOI: $2,551,486
UW NET CASH FLOW: $2,252,120
APPRAISED VALUE: $30,300,000 as of 11/20/2002
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
FINANCIAL INFORMATION
--------------------------------------------------------------------------------
CUT-OFF DATE LOAN PSF: $121
CUT OFF DATE LTV: 74.9%
MATURITY LTV: 63.2%
UW DSCR: 1.41x
--------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
SIGNIFICANT TENANTS
MOODY'S/ SQUARE % OF BASE RENT LEASE
TENANT NAME PARENT COMPANY S&P(1) FEET GLA PSF EXPIRATION
------------------------------------------------------------------------------------------------------------------------------------
MARINA MEDICAL NAP NR / NR 44,070 23.6% $24.48 2009
WESTERN UNION First Data Corp. (NYSE: FDC) NR /A+ 39,153 20.9% $21.60 2009
THE BASCOM GROUP NAP NR / NR 17,870 9.6% $19.80 2007
------------------------------------------------------------------------------------------------------------------------------------
(1)Ratings provided are for the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
31 of 53
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CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
CERRITOS CORPORATE TOWER
SPONSOR
The sponsors of the Cerritos Corporate Tower Loan, who are also managing members
of the borrower, are Stephen Zotovich (33.3%), Bruce Ibbetson (33.3%) and
Michael Meyers (33.3%). All three individuals handle the day-to-day management
and leasing of the property. The sponsors have a combined 25+ years of real
estate experience. Stephen Zotovich is the President and founder of SZA Real
Estate, Inc. ("SZA") which is also the manager of the Cerritos Corporate Tower
Property. SZA currently owns and manages 12 properties with approximately 1.2
million square feet of multi-tenant industrial and multi-tenant office space.
SZA also fee manages six business park associations with approximately 900,000
square feet of industrial space.
COLLATERAL(1)
The Cerritos Corporate Tower Property ("Cerritos Tower") is a 9 story, 187,105
square foot, Class A multi-tenant office building built in 1986. Located in the
Cerritos suburb between Los Angeles and Orange County central business
districts, the Cerritos Tower was 98.6% occupied as of 1/6/03 and is located at
a location with access to the 91 and 605 Freeways. A surface level parking lot
surrounds a parking structure, for a total of 762 parking spaces.
Forty-four tenants currently occupy Cerritos Tower with 54.0% of the net
rentable area concentrated with the 3 largest tenants. Marina Medical occupies 2
suites totaling 44,070 square feet or 23.6% of the overall space. Marina Medical
was founded in 1981 and is a client oriented company organized specifically to
serve mid-size and larger medical groups with billings and hospital contracts.
Marina Medical processes over a million claims each year and advises clients on
reimbursement aspects of managed care contracts. Western Union Financial
Services, Inc. ("Western Union") occupies 2 suites totaling 39,153 square feet
or 20.9% of the overall space. A subsidiary of First Data Corp., Western Union
generates approximately $2 billion in annual revenue through their money
transfer and message services across the world. Bascom Group occupies one suite
totaling 17,870 square feet or 9.6% of the overall space. Bascom was founded in
1996 and is a privately held venture management firm that specializes in
multifamily investments. Bascom's aggregate apartment portfolio contains
approximately 6,500 apartment units with total assets of approximately $515
million.
MARKET(1)
Cerritos Tower is located in the city of Cerritos in Los Angeles County, CA. Los
Angeles County has historically had a diversified economic base and accounts for
approximately 27.2% of the state's total employment. Between 1992 and 2001
employment by industry trends indicated declines in the mining, manufacturing
and wholesale trade sectors with increases noted in the transportation, retail,
government and services sectors, including business services and motion
pictures. The city of Cerritos is located at the south end of Los Angeles County
and borders Orange County's northern border. The city is served by the Golden
State Freeway (Interstate 5), which borders the northern portion of the city in
a northwest/southeast direction and the Artesia Freeway (State Route 91), which
roughly bisects the northern part of the city in a northwest/southeast
direction. Cerritos is located 30 miles southeast of Los Angeles International
Airport and 30 miles north of John Wayne International Airport in Orange County.
The city of Cerritos has 14 office buildings totaling 1,418,739 square feet.
Vacancy is estimated at 17.8%. However, the appraisal notes that 165,000 square
feet became available in July 2002 with the completion of the Cerritos Towne
Center Building 6. Disregarding the addition of the new space, vacancy was
reflected at 6.9% for the city of Cerritos. Occupancy rates at competitive
properties was noted to range between 90.0% and 100.0% with a weighted average
occupancy (including the subject property) of 96.0%. Three of the competitive
properties indicate occupancy rates in excess of 97.0%.
(1) Certain information from the appraisal dated November 20,2002. The appraisal
relies upon many assumptions, and no representation is made as to the accuracy
of the assumptions underlying the appraisal.
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
CERRITOS CORPORATE TOWER
[GRAPHIC OMITTED]
33 of 53
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STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
OVERLAND STORAGE CAMPUS
[GRAPHIC OMITTED]
34 of 53
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CONTACT YOUR SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
--------------------------------------------------------------------------------
OVERLAND STORAGE CAMPUS
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
LOAN INFORMATION
--------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $20,000,000
CUT-OFF PRINCIPAL BALANCE: $19,906,314
% OF POOL BY IPB: 2.1%
LOAN SELLER: JPMorgan Chase Bank
BORROWER: Overtape (CA) QRS 15-14, Inc.
SPONSOR: Gino Sabatini
ORIGINATION DATE: October 15, 2002
INTEREST RATE: 6.1800%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: August 1, 2014
AMORTIZATION (ORIG/REM): 360 / 355
CALL PROTECTION: LO(24),Def(105),O(7)
CROSS-COLLATERALIZATION: NAP
LOCK BOX: Hard
ADDITIONAL DEBT (TYPE): NAP
LOAN PURPOSE: Acquisition
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RESERVES
--------------------------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
Taxes: $34,515 $0
Insurance: $10,000 $0
CapEx: $0 $750
--------------------------------------------------------------------------------
PROPERTY INFORMATION
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Fee
PROPERTY TYPE: Suburban Office
TOTAL SQUARE FEET: 158,585
LOCATION: Kearny Mesa, California
YEAR BUILT/RENOVATED: 2002
TOTAL OCCUPANCY: 100.0 % as of 8/1/2002
NUMBER OF TENANTS: 1
HISTORICAL NOI: NAP
UW NOI: $2,297,715
UW NET CASH FLOW: $2,087,665
APPRAISED VALUE: $30,100,000 at 9/10/2002
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
FINANCIAL INFORMATION
--------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF: $126
CUT OFF DATE LTV: 66.1%
MATURITY LTV: 54.2%
UW DSCR: 1.42x
--------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
TENANT INFORMATION
MOODY'S/ SQUARE BASE RENT LEASE
TENANT NAME PARENT COMPANY S&P(1) FEET % OF GLA PSF EXPIRATION
OVERLAND DATA SYSTEMS Overland Storage, Inc. (NASD: OVRL) NR / NR 158,585 100.0% $16.56 2014
------------------------------------------------------------------------------------------------------------------------------------
(1) Ratings provided are for the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
35 of 53
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CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE
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CONTACT YOUR SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
OVERLAND STORAGE CAMPUS
SPONSOR
The sponsor of the Overland Storage Campus Loan is Corporate Property Associates
15 Incorporated ("CPA 15"). CPA15 was formed in February 2001. CPA15's
investments are similar to the Overland Storage Campus Property whereby a
property is purchased with a long-term triple-net lease arrangement. W.P. Carey
& Co. is the manager of CPA15 and individually owns over 186 properties totaling
20.4 million square feet. W.P. Carey is the manager of other CPA funds and has
over 50 million square feet of net leased commercial real estate under ownership
and management.
COLLATERAL(1)
The Overland Storage Campus Property is comprised of two newly constructed
buildings on 8.8 acres and located in the Spectrum Business Park within San
Diego's most central submarket, Kearny Mesa. The 4820 Overland Ave building is a
60,335 square feet two-story office building and 9112 Spectrum Center Court is a
98,250 square feet single-story R & D Bldg. The entire 158,585 square feet is
leased to Overland Data, Inc. The interiors consist of tenant improvements, and
the floor plates are suitable for either single-tenant or dual tenant occupancy.
The lease is triple-net and commenced in March 2002 with an initial term of 12
years and one 5-year renewal option. Base rent is $16.56 per square foot and
increases 5.0% every two years.
Overland Data was founded in 1980, and is a supplier of low- to midrange tape
automation libraries (26-240 cartridges) for data
storage applications including backup and archiving. The company focuses on the
Windows NT/2000 market with Compaq/HP serving as its largest customer. Overland
competes primarily with other tape automation vendors, including Advanced
Digital Information, Quantum, StorageTek and Benchmark Systems. For 2001,
Overland had 23.0% unit share (IDC) of the midrange tape automation market.
MARKET(1)
The San Diego office market contains eight distinct sectors, each comprised of a
series of submarkets. Each of the office markets are developed along the path of
the county's freeway system. The Overland Storage Campus Property is located
within the Kearny Mesa sector, which is 5-10 miles northwest of Downtown San
Diego. The site has access to most of San Diego's major freeways including
Highways 163 and 52 and Interstates 15 and 805 with close proximity to
Interstates 5 and 8. Per CB Richard Ellis, this sector had an office supply of
4.4 million square feet and a 9.8% vacancy rate as of third quarter 2002. For
industrial properties, CBRE shows total supply of 17.9 million sf and 5.7%
overall vacancy rate. Roughly 50.0% of the space in Kearny Mesa is considered
"top quality" space for this market, while the remainder consists of B and C
quality office developments. The appraiser surveyed the property for comparable
office developments in the submarket and identified 14 Class A and Class B
properties that were considered competitive to the subject. Total inventory
within these projects (including the subject) totals 2,002,400 square feet with
a vacancy of 6.6% on a direct basis. Asking per-square-foot rental rates within
these projects range from $17.40 to $22.80 on a triple net-lease basis.
(1) Certain information from the appraisal dated September 10, 2002. The
appraisal relies upon many assumptions, and no representation is made as to the
accuracy of the assumptions underlying the appraisal.
36 of 53
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CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE
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CONTACT YOUR SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
OVERLAND STORAGE CAMPUS
[GRAPHIC OMITTED]
37 of 53
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STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
NORTH NASHVILLE INDUSTRIAL PORTFOLIO
[GRAPHIC OMITTED]
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ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
NORTH NASHVILLE INDUSTRIAL PORTFOLIO
--------------------------------------------------------------------------------
LOAN INFORMATION
--------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $19,200,000
CUT-OFF PRINCIPAL BALANCE: $19,144,318
% OF POOL BY IPB: 2.1%
LOAN SELLER: JPMorgan Chase Bank
BORROWER: Space Park, LLC
SPONSOR: Steve Byers
ORIGINATION DATE: December 9, 2002
INTEREST RATE: 6.1800%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: 1/1/2013
AMORTIZATION (ORIG/REM): 360 / 357
CALL PROTECTION: LO(24),Def(89),O(4)
CROSS-COLLATERALIZATION: NAP
LOCK BOX: NAP
ADDITIONAL DEBT (TYPE): NAP
LOAN PURPOSE: Acquisition
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RESERVES
--------------------------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
Taxes: $0 $33,534
Insurance: $12,983 $6,491
TI/LC: $0 $0
CapEx: $102,750 $0
Other: $0 $50,000(1)
--------------------------------------------------------------------------------
PROPERTY INFORMATION
SINGLE ASSET/PORTFOLIO: Portfolio
TITLE: Fee
PROPERTY TYPE: Industrial
TOTAL SQUARE FEET: 957,691
LOCATION: Goodlettsville, Tennessee
YEAR BUILT/RENOVATED: See "Portfolio Properties" chart below
TOTAL OCCUPANCY: 99.5% as of 11/30/2002
HISTORICAL NOI:
2000: $2,673,034
2001: $2,494,968
TTM 2002: $2,557,917 as of 6/30/2002
UW NOI: $2,366,249
UW NET CASH FLOW: $2,031,057
APPRAISED VALUE: $26,800,000 as of 8/13/2002
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
FINANCIAL INFORMATION
--------------------------------------------------------------------------------
CUT-OFF DATE LOAN/SF: $20
CUT OFF DATE LTV: 71.4%
MATURITY LTV: 61.1%
UW DSCR: 1.44x
------------------------------------------------------------------------------------------------------------------------------------
PORTFOLIO PROPERTIES
PROPERTY NAME LOCATION YEAR BUILT/ SQUARE FEET OCCUPANCY NUMBER OF LARGEST TENANT APPRAISED
RENOVATED TENANTS VALUE
------------------------------------------------------------------------------------------------------------------------------------
SPACE PARK NORTH Goodlettsville, TN 1979/NAP 707,321 99.3% 49 Oneida $20,000,000
OLD STONE BRIDGE Goodlettsville, TN 1986/NAP 250,370 100.0% 20 Garrard Enterprises $6,800,000
------------------------------------------------------------------------------------------------------------------------------------
(1) The 50,000 Other Monthly Reserve represents a combined TI/LC and Capex
reserve.
------------------------------------------------------------------------------------------------------------------------------------
SIGNIFICANT TENANTS
MOODY'S/ SQUARE BASE RENT LEASE
TENANT NAME PARENT COMPANY S&P(2) FEET % OF GLA PSF EXPIRATION
------------------------------------------------------------------------------------------------------------------------------------
ONEIDA Oneida Ltd. (NYSE: OCQ) NR / NR 292,930 30.6% $3.06 2004
GARRARD ENTERPRISES Garrard Enterprises NR / NR 151,870 15.9% $3.08 2006
ANCHOR INDUSTRIES, INC. Anchor Industries, Inc. NR / NR 117,141 12.2% $2.85 2004
------------------------------------------------------------------------------------------------------------------------------------
(2) Ratings provided are for the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
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THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
NORTH NASHVILLE INDUSTRIAL PORTFOLIO
SPONSOR
The sponsors of the North Nashville Portfolio Loan are Wexford Entities, LLC and
AIM Space Park, LLC. Wexford Entities, LLC is 75% owned by Steve Byers, the CEO
of Wexford Capital Partners. Wexford Capital Partners currently manages
investments in over 6,000 apartment units and over 10,000,000 square feet of
commercial assets. Wexford Capital Partners has offices in seven different
states and investment properties located throughout the Midwest, South,
Southeast and East Coast. Wexford Capital Partners is affiliated with Wexford
Bancgroup, Wexford Asset Management, Wexford Trust and First Trust Securities.
COLLATERAL(1)
The North Nashville Industrial Portfolio Loan is secured by 2 properties located
in Goodlettsville, TN, approximately 10 miles north of the Nashville CBD. Both
properties, Space Park North and Old Stone Bridge, represent the only 2 private
sector industrial parks in Middle, Tennessee approved as Foreign Trade Zones by
the U.S. Department of Commerce.
Space Park North was built between 1979 and 1986 and includes approximately 38.9
acres with 9 single-story industrial buildings totaling approximately 707,321
square feet. Space Park North was 99.3% occupied as of 11/30/02. Space Park
North has 205 truck loading doors located along the front and rear of the
buildings, as well as 10 dock-high rail service doors. In addition, rail access
is available via a rail spur to Building 5 and the clear height throughout the
buildings is 22 to 26 ft. The largest tenant at Space Park North and the
portfolio is Oneida, Ltd., one of the world's largest manufacturer of stainless
steel and silverplated flatware for both the consumer and foodservice
industries. Old Stone Bridge was built in 1986 and includes approximately 18.2
acres with 4 single-story industrial buildings totaling approximately 250,370
square feet. Old Stone Bridge was 100.0% occupied as of 11/30/02. The nine
buildings at Old Stone Bridge have an average of 7.2% office space. Old Stone
Bridge has 116 truck loading doors located along the front and rear of the
buildings and the clear height throughout the buildings are 22 to 26 feet.
Both properties securing the North Nashville Industrial Portfolio Loan are
managed by Wex Trust Management, LLC, an affiliate of the borrowing entity.
MARKET(1)
The Space Park North and Old Stone Bridge properties are located in the
eight-county Nashville MSA in central Tennessee. The Nashville industrial market
is composed of approximately 143.8 million square feet of existing space. The
overall market has been expanding for the past six years. The current overall
vacancy rate in the Nashville market is 11.52%. The Northeast interstate-65
North submarket contains approximately 23.3% of the metro-wide industrial space.
As of second quarter of 2002, industrial space within this submarket totaled
33,536,231 square feet, with 165,192 square feet under construction. The vacancy
rate for this submarket was 10.16%. Currently the overall Nashville Industrial
Market asking lease rate is $3.81 per square foot, on a gross basis. The
submarket has an average lease rate of $3.20 per square foot.
(1) Certain information from appraisals dated August 13, 2002. The appraisal
relies upon many assumptions, and no representation is made as to the accuracy
of the assumptions underlying the appraisal.
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
NORTH NASHVILLE INDUSTRIAL PORTFOLIO
[GRAPHIC OMITTED]
41 of 53
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STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
JEFFERSON AT BIRCHWOOD APARTMENTS
[GRAPHIC OMITTED]
42 of 53
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STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
JEFFERSON AT BIRCHWOOD APARTMENTS
--------------------------------------------------------------------------------
LOAN INFORMATION
--------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $17,750,000
CUT-OFF PRINCIPAL BALANCE: $17,750,000
% OF POOL BY IPB: 1.9%
LOAN SELLER: JPMorgan Chase Bank
BORROWER: Aslan Birchwood, LLC
SPONSOR: Tom Rakow
ORIGINATION DATE: 3/20/2003
INTEREST RATE: 5.0400%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: April 1, 2008
AMORTIZATION (ORIG/REM): Actual / 360
CALL PROTECTION: LO(24),Def(33),O(3)
CROSS-COLLATERALIZATION: NAP
LOCK BOX: NAP
ADDITIONAL DEBT (TYPE): NAP
LOAN PURPOSE: Acquisition
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RESERVES
--------------------------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
CapEx: $57,706 $7,153
Other: $0 $0(1)
--------------------------------------------------------------------------------
PROPERTY INFORMATION
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Fee
PROPERTY TYPE: Multifamily
TOTAL UNITS: 296
LOCATION: Riverside, California
YEAR BUILT/RENOVATED: 1986 / 2001
TOTAL OCCUPANCY: 92.2% as of 2/20/2002
HISTORICAL NOI:
2001: $1,288,693
2002: $1,517,130 as of 2/28/2003
UW NOI: $1,690,225
UW NET CASH FLOW: $1,604,385
APPRAISED VALUE: $22,200,000 as of 2/24/2003
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
FINANCIAL INFORMATION
--------------------------------------------------------------------------------
CUT-OFF DATE LOAN/UNIT: $59,966
CUT OFF DATE LTV: 80.0%
MATURITY LTV: 73.8%
UW DSCR: 1.40x
--------------------------------------------------------------------------------
(1) In month 37 of the loan term, should the property have a trailing-6 month
EGI of < $2,553,000 or a trailing-12 month NOI of < $1,690,000 then the borrower
will have the option of one of the following: a) post a LOC for $500,000, b)
post a $500,000 escrow or c) beginning with the payment due on the first of the
38th month, pay an ongoing escrow of $20,833.33 per month. The escrow or LOC
will serve as additional collateral on the loan.
------------------------------------------------------------------------------------------------------------------------------------
MULTIFAMILY INFORMATION(2)
APPROXIMATE
AVERAGE UNIT NET RENTABLE % OF TOTAL AVERAGE MARKET
UNIT MIX NO. OF UNITS SQUARE FEET SF UNITS AVERAGE ASKING RENT RENT(1)
------------------------------------------------------------------------------------------------------------------------------------
STUDIO 80 400 32,000 27.0% $691 $690
ONE BEDROOM 96 529 50,784 32.4% $774 $750
TWO BEDROOM 118 729 86,022 39.9% $1,005 $975
THREE BEDROOM 2 1,229 2,458 0.7% $1,380 $1,380
------------------------------------------------------------------------------------------------------------------------------------
(2) Certain information from the CB Richard Ellis appraisal dated February 24,
2003. The appraisal relies upon many assumptions, and no representation is made
as to the accuracy of the assumptions underlying the appraisal.
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CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE
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CONTACT YOUR SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
JEFFERSON AT BIRCHWOOD APARTMENTS
SPONSOR
The sponsors of the Jefferson at Birchwood Apartments Loan are Aslan Fund II,
LLC, Buchanan Fund III, LLC and Buchanan Street Advisors LP. Aslan Fund II, LLC
will serve as the managing member of the borrowing entity. Aslan Fund II, LLC is
owned 100% by Aslan Partners V, LLC ("APV"). The members of APV include John
Schafer, Joseph Cahill and Tom Rakow who are also the principals of Aslan Realty
Corp. ("ARC"). ARC focuses on the acquisition of properties in the 100-300 unit
range for renovation/repositioning and subsequent sale after a typical 5 year
holding period to maximize capital and investment returns. Buchanan Street
Partners formed The Buchanan Fund III LLC in early 2002 to make mezzanine debt
and equity investments in commercial and multifamily properties located
throughout the western United States, and selected net-leased properties
nationwide.
COLLATERAL(1)
The Jefferson at Birchwood Apartments Property ("Jefferson at Birchwood") is a
296-unit apartment community predominantly leased by students attending the
University of California at Riverside ("UC-Riverside"). Constructed in 1986, the
subject is improved with 26 buildings consisting of 80 studios, 96 1BD/1BA, 118
2BD/1BA and 2 3BD/2BA units ranging in size from 400 square feet to 1,229 square
feet. The property comprises 171,264 square feet and was 92.2% occupied as of
2/20/02, with 23 vacant units, sitting on approximately 11.8 acres. The property
has mature landscaping and recently underwent an extensive renovation including
a new clubhouse with a leasing center, fitness area and theater room. Other
property amenities include a swimming pool, spa, sand volleyball court, barbecue
area and 4 laundry rooms.
The SARES-REGIS Group, a regional real estate firm manages Jefferson at
Birchwood. The privately held company manages approximately $2.1 billion in
assets on behalf of its institutional partners and clients. These assets include
15 million square feet of commercial property, 10,400 apartment units and 1,000
acres of land.
MARKET(1)
Jefferson at Birchwood is located in the University Community Plan study area
(see further description below), within the City of Riverside ("Riverside") in
the western portion of Riverside County, CA. Riverside is the largest city
between Los Angeles, CA and Phoenix, AZ, situated 55 miles east of Los Angeles
and 13 miles south of the City of San Bernardino. Through the 1990s, population
growth averaged 1.3% per year, which reflects a slower regional growth rate in
the Southern California region relative to prior years. Riverdale's current
population is estimated at 255,000 residents. Residential development represents
approximately 61.0% of the total land area with developments ranging from
single-family homes to medium density apartment complexes.
Jefferson at Birchwood is located approximately 1/4 mile east of the 60/215
Freeway, and 1.5 miles northeast of downtown Riverside. Jefferson at Birchwood
is located 1/4 mile west of the northern perimeter of the campus of the
University of California at Riverside ("UC-Riverside"), which has a current
full-time student enrollment of approximately 15,000 students and a total campus
population of nearly 20,300 persons. In 1986, the general area surrounding the
campus was designated as the University Community Plan study area by the City of
Riverside Planning Department to address the needs of students and faculty as
the University continues to grow. UC-Riverside is designated as a "growth"
campus within the UC system, which means that over the next 10 to 20 years the
UC-Riverside Campus is expected to be one of the most rapidly expanding schools
in the UC system. The school has embarked on a decade of 6.0% annual growth as
measured in student enrollment, and is one of the fastest growing schools in the
University of California system. Jefferson at Birchwood has access to the campus
by way of Iowa Avenue, Canyon Crest Drive or Watkins Drive.
Five competitive properties were identified in the immediate area with
occupancies ranging from 93.0% to 100.0% with average quoted rents ranging from
$906 to $2,579 per month, and with an overall average quoted rent of $1,815.
Rental ranges factor in number of bedrooms offered per unit and number of
students permitted in each respective unit.
(1) Certain information from the appraisal dated February 24, 2003. The
appraisal relies upon many assumptions, and no representation is made as to the
accuracy of the assumptions underlying the appraisal.
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STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
JEFFERSON AT BIRCHWOOD APARTMENTS
[GRAPHIC OMITTED]
45 of 53
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STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
5 MARINE VIEW PLAZA
[GRAPHIC OMITTED]
46 of 53
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STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
--------------------------------------------------------------------------------
5 MARINE VIEW PLAZA
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
LOAN INFORMATION
--------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $16,650,000
CUT-OFF PRINCIPAL BALANCE: $16,535,344
% OF POOL BY IPB: 1.8%
LOAN SELLER: JPMorgan Chase Bank
BORROWER: Hoboken Associates, L.P.
SPONSOR: Russell Warren, Jr.
ORIGINATION DATE: December 12, 2002
INTEREST RATE: 5.5400%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: January 1, 2013
AMORTIZATION (ORIG/REM): 240 / 237
CALL PROTECTION: LO(44),Grtr1%orYM(69),O(4)
CROSS-COLLATERALIZATION: NAP
LOCK BOX: NAP
ADDITIONAL DEBT (TYPE): NAP
LOAN PURPOSE: Refinance
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RESERVES
--------------------------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
Taxes: $93,265 $31,088
Insurance: $43,188 $3,599
CapEx: $0 $1,655
--------------------------------------------------------------------------------
PROPERTY INFORMATION
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Fee
PROPERTY TYPE: Office
TOTAL SQUARE FEET: 126,666
LOCATION: Hoboken, New Jersey
YEAR BUILT/RENOVATED: 1979 / 20002
TOTAL OCCUPANCY: 93.0% as of 11/1/2002
NUMBER OF TENANTS: 29
HISTORICAL NOI:
2000: $1,599,165
2001: $1,875,295
TTM 2002: $2,505,167 as of 9/30/2002
UW NOI: $2,324,836
UW NET CASH FLOW: $2,095,976
APPRAISED VALUE: $27,500,000 as of 11/7/2002
--------------------------------------------------------------------------------
FINANCIAL INFORMATION
CUT-OFF DATE LOAN/SF: $131
CUT OFF DATE LTV: 60.1%
MATURITY LTV: 39.0%
UW DSCR: 1.52x
--------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
SIGNIFICANT TENANTS
MOODY'S/ SQUARE BASE RENT LEASE
TENANT NAME PARENT COMPANY S&P(1) FEET % OF GLA PSF EXPIRATION
------------------------------------------------------------------------------------------------------------------------------------
APPLIED HOUSING MANAGEMENT Applied Development Company NR / NR 18,917 14.9% $24.12 2006
ANDOVER BROKERAGE Andover Capital Partners LLC NR / NR 13,602 10.7% $36.00 2011
TMP WORLDWIDE TMP Worldwide, Inc. (NASD: TMPW) NR / NR 11,497 9.1% $33.00 2006
------------------------------------------------------------------------------------------------------------------------------------
(1) Ratings provided are for the entity listed in the "Parent Company" field
whether or not the parent company guarantees the lease.
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CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE
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STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
5 MARINE VIEW PLAZA
SPONSOR
Ivy Equities is the sponsor of the 5 Marine View Plaza Loan and was formed in
1997 for the purpose of investing in, purchasing, selling and managing real
estate. Ivy currently owns and manages nearly 2.1 million square feet (26
properties) of office and retail space in New York, New Jersey and Connecticut.
The principals are Russell Warren Jr., Anthony DiTommaso, and John Saraceno. Mr.
Warren is a co-founder and managing member of Ivy Equities and has over ten
years of real estate experience. Anthony DiTommaso is a co-founder and managing
member of Ivy Equities and has over 15 years of real estate experience. John
Saraceno is Chief Investment Officer of Ivy Equities and is responsible for
acquisitions and financing. He has over 10 years of real estate experience.
COLLATERAL(1)
The 5 Marine View Plaza Property is a five-story Class A office building that
contains approximately 126,666 square feet of net rentable area on a 0.8 -acre
site. The property is located in the Waterfront district in the southeast
section of the City of Hoboken, Hudson County, NJ. The immediate neighborhood is
within the commercial area of Hoboken, and benefits from its immediate proximity
to the Hoboken Terminal that provides transportation to New York City and
northern New Jersey. The building was 93.0% occupied by 29 tenants as of 11/1/02
and has maintained occupancy levels above 90.0% since the borrower acquired in
1998. The property is managed by Ivy Equities Management Inc. an affiliate of
the borrowing entity.
The largest 2 tenants, Applied Housing Management ("Applied") and Andover
Brokerage ("Andover"), make up 25.6% of the net rentable area. Applied and its
affiliates have a 30-year history of focusing on the redevelopment and
revitalization of New Jersey's urban centers. Applied and its affiliates are
currently engaged in the development of over $1 billion of residential and
commercial real estate. Andover, a member of NASD/SIPC, is a national equities
trading firm founded in 1993 with over 30 branch offices across the country.
MARKET(1)
The 5 Marine View Plaza Property is located in the northern portion of New
Jersey in Hudson County. The county is essentially comprised of two major
submarkets: the Waterfront Region and the Meadowlands Region. The property is
situated in the Waterfront Region consisting of three communities: Hoboken,
Weehawken and Jersey City. This submarket has approximately 17,085,100 square
feet of total existing space with an overall vacancy rate of 11.1% as of
November 2002. The Class A office buildings comprising the Waterfront sub-market
totals approximately 14,001,187 square feet in 27 buildings. There is
approximately 1,620,422 square feet of available space indicating an overall
vacancy rate of 11.6% for the Class A, Waterfront office properties.
Hudson County is considered a viable office market within northern New Jersey
that has benefited from its direct proximity across from New York City. In
addition, the property is well positioned in Hoboken's Waterfront District, and
is expected to compete with the other office properties in this sub-market over
the long term.
(1) Certain information from the appraisal dated November 7, 2002. The appraisal
relies upon many assumptions, and no representation is made as to the accuracy
of the assumptions underlying the appraisal.
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
5 MARINE VIEW PLAZA
[GRAPHIC OMITTED]
49 of 53
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STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
WHITNALL POINTE APARTMENTS
[GRAPHIC OMITTED]
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STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
--------------------------------------------------------------------------------
WHITNALL POINTE APARTMENTS
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
LOAN INFORMATION
--------------------------------------------------------------------------------
ORIGINAL PRINCIPAL BALANCE: $15,850,000
CUT-OFF PRINCIPAL BALANCE: $15,738,709
% OF POOL BY IPB: 1.7%
LOAN SELLER: JPMorgan Chase Bank
BORROWER: Whitnall Pointe Delaware
Business Trust
SPONSOR: Bruce Wechsler
ORIGINATION DATE: June 3, 2002
INTEREST RATE: 6.8300%
INTEREST ONLY PERIOD: NAP
MATURITY DATE: July 1, 2012
AMORTIZATION (ORIG/REM): 360 / 351
CALL PROTECTION: LO(24),Def(83),O(4)
CROSS-COLLATERALIZATION: NAP
LOCK BOX: NAP
ADDITIONAL DEBT (TYPE): NAP
LOAN PURPOSE: Refinance
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
RESERVES
--------------------------------------------------------------------------------
ESCROWS/RESERVES: INITIAL MONTHLY
Taxes: $51,758 $103,517
Insurance: $13,065 $143,713
TI/LC: $0 $0
CapEx: $10,000 $120,000
--------------------------------------------------------------------------------
PROPERTY INFORMATION
SINGLE ASSET/PORTFOLIO: Single Asset
TITLE: Fee
PROPERTY TYPE: Multifamily
TOTAL UNITS: 480
LOCATION: Franklin, Wisconsin
YEAR BUILT/RENOVATED: 1975 / NAP
TOTAL OCCUPANCY: 84.0% as of 1/31/2003
HISTORICAL NOI:
2000: $1,882,714
2001: $1,835,261
2002: $1,669,052
UW NOI: $1,653,510
UW NET CASH FLOW: $1,533,510
APPRAISED VALUE: $20,600,000 as of 5/22/2002
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
FINANCIAL INFORMATION
--------------------------------------------------------------------------------
CUT-OFF DATE LOAN/UNIT: $32,789
CUT OFF DATE LTV: 76.4%
MATURITY LTV: 66.8%
UW DSCR: 1.23x
--------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
MULTIFAMILY INFORMATION
APPROXIMATE
AVERAGE UNIT NET RENTABLE % OF TOTAL AVERAGE ASKING AVERAGE MARKET
UNIT MIX NO. OF UNITS SQUARE FEET SF UNITS RENT RENT(1)
------------------------------------------------------------------------------------------------------------------------------------
ONE BEDROOM 180 756 136,080 36.9% $614 $670
TWO BEDROOM 299 1,022 305,578 62.9% $723 $785
THREE BEDROOM 1 1,040 1,040 2.1% $870 NAP
------------------------------------------------------------------------------------------------------------------------------------
(1)Per appraisal and adjusted to account for rent concessions
51 of 53
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CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
WHITNALL POINTE APARTMENTS
SPONSOR
The sponsor of Whitnall Pointe Apartments is Bruce Wechsler. Majority ownership
in the borrowing entity, Whitnall Pointe Delaware Business Trust, is controlled
by Eugene Heytow (36.59%), MBD Development (20.59% and owned by Jerry Gerson),
and Bruce Wechsler via a revocable trust (3.35% and managing position). Bruce
Wechsler has been president of Wexenthaller Realty Management for over 20 years.
Wexenthaller Realty Management currently manages the Whitnall Pointe Apartments
property and currently manages a portfolio of 9 apartment buildings totaling
1,500 units located primarily in northeastern Illinois and southeastern
Wisconsin.
COLLATERAL(1)
The Whitnall Pointe Apartments Property ("Whitnall Pointe") is a 480-unit
multifamily development located in the southwest suburban Milwaukee community of
Franklin, WI. Whitnall Pointe is situated on an approximately 24-acre parcel of
land and consists of sixteen 2-story residential buildings containing a total of
180 one-bedroom units (756 average square feet), 299 two-bedroom (1,022 average
square feet) units and one three-bedroom unit (1,040 square feet). Additional
site improvements include two outdoor swimming pools and tennis courts, as well
as direct access to Whitnall Pointe Park hiking trails.
MARKET(1)
Whitnall Pointe is located in Franklin, WI, which is within the Milwaukee MSA.
Access to the property is available through 2 curb cuts along US 45, a major
north/south artery which intersects to the north with Interstate 43. Interstate
43 provides access to the Wisconsin highway system. The primary land use of the
neighborhood is single and multifamily residential developments. To the east of
the property is Whitnall Park and Whitnall Park Golf Course. Government, public
education and healthcare are the largest employers in the area, with the largest
private sector employers represented by NW Mutual Life, Firstar Bank Milwaukee
NA, Briggs & Stratton Corp., Marshall & Tisley Corp, Tower Automotive and J.C.
Penney.
REIS has been reporting vacancy rates from 3.0% to 5.0% for the past 20 years
within the Milwaukee MSA. From year-end 1999 to first quarter 2002 vacancy has
decreased from 4.3% to 3.7%. Within Whitnall Pointe's submarket
(Greenfield/Greendale/Franklin), REIS reports third quarter 2002 vacancy at
4.5%. The appraiser's competitive set reported vacancies that range from 0.0% to
14.0%.
(1) Certain information from the appraisal dated May 22, 2002. The appraisal
relies upon many assumptions, and no representation is made as to the accuracy
of the assumptions underlying the appraisal.
52 of 53
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
STRUCTURAL AND COLLATERAL TERMSHEET JPMCC 2003-ML1
WHITNALL POINTE APARTMENTS
[GRAPHIC OMITTED]
53 of 53
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
EXHIBIT 99.2
Information herein has been obtained from sources believed to be reliable but
none of the Depositor or any of J.P. Morgan Securities Inc., Merrill Lynch,
Pierce, Fenner & Smith Incorporated, or Morgan Stanley & Co. Incorporated
(collectively, the "Underwriters") warrant to its completeness or accuracy.
These materials are subject to change from time to time without notice. Past
performance is not indicative of future results. All information contained
herein, whether regarding the mortgage loans or otherwise, supersedes any
previous such information delivered to you and will be superseded by any such
information subsequently delivered and ultimately by the final prospectus
supplement and final prospectus relating to the Certificates. These materials
are not intended as an offer or solicitation with respect to the purchase or
sale of any security, and have been provided to you for information purposes
only and may not be relied upon by you in evaluating the merits of investing in
the Certificates. Any investment decision with respect to the Certificates
should be made by you based solely upon the information contained in the final
prospectus supplement and final prospectus relating to the Certificates. This
information was prepared in reliance on information regarding the mortgage loans
furnished by the mortgage loan sellers. The Underwriters and/or their respective
affiliates and employees may hold a position or act as market makers in the
financial instruments of any issuer discussed herein or act as underwriter,
placement agent, advisor or lender to such issuer. J.P. Morgan Securities Inc.
is a member of SIPC. Clients should contact analysts at, and execute
transactions through, a J.P. Morgan Securities Inc. entity in their home
jurisdiction unless governing law permits otherwise. Copyright 2003 J.P. Morgan
Chase & Co. Incorporated.
By accepting and using this information, you hereby agree to the following terms
and conditions. These materials are provided for information purposes only and
any use for other purposes is disclaimed. The information contained herein is
provided by the Depositor and the Underwriters "as is" and all express or
implied warranties and representations of any kind with regard to the
information are hereby disclaimed, including, but not limited to, warranties of
merchantability or fitness for a particular purpose or warranties as to any
results to be obtained from any use of the information or any information
derived from the information. The information is intended solely for your
internal use and may not be distributed in any form to any third party. Neither
the Depositor nor the Underwriters guarantee the timeliness, accuracy or
completeness of the information. No assurances can be given as to the accuracy,
appropriateness or completeness of this information. In no event shall the
Depositor or the Underwriters be liable for any use by any party of, any
decision made or action taken by any party in reliance upon, or for any
inaccuracies, errors in, or omissions of, the information. Neither the Depositor
nor the Underwriters shall be liable (in contract, tort or otherwise) for any
ordinary, direct, indirect, consequential, incidental, special, punitive or
exemplary damages in connection with your damages occurring. Copyright 2003 J.P.
Morgan Chase & Co. Incorporated.
ANNEX A
CERTAIN CHARACTERISTICS OF THE MORTGAGE LOANS
LOAN # ORIGINATOR PROPERTY NAME STREET ADDRESS
------ ---------- ------------- --------------
1 MLML The Mall of Victor Valley 14400 Bear Valley Raod
2 JPMCB Hyatt Regency Hotel 2799 Jefferson Davis Highway
3 JPMCB Janaf Shopping Center 5750 East Virginia Beach Boulevard
4 JPMCB US Bank Center Building 101 East 5th Street
5 JPMCB Cerritos Corporate Tower 18000 Studebaker Road
6 JPMCB Overland Storage Campus 4820 Overland Avenue
7 JPMCB North Nashville Industrial Portfolio Various
7.1 JPMCB North Nashville Industrial- Space Park 114 Cartwright Street
7.2 JPMCB North Nashville Industrial- Old Stone Old Stone Bridge Road
8 JPMCB Jefferson at Birchwood Apartments 1234 West Blaine Street
9 JPMCB 5 Marine View Plaza 5 Marine View Plaza
10 JPMCB Whitnall Pointe Apartments 10591 West Cortez Circle
11 JPMCB Hershey Heritage Village 1330 Wabank Road
12 JPMCB Emerald Place Apartments 40300 Washington Street
13 MLML Fairfield Center 1499 Boston Post Road
14 MLML El Mercado Shopping Center 1601-1801 DeCoto Road and 34300-34396 Alvarado Niles Road
15 JPMCB Hessel on the Park 1601-1862 Valley Road
16 MLML High Ridge Center 2211 - 2429 South Green Bay Road
17 MLML Oxon Hill Plaza 5551-6195 Livingston Road
18 JPMCB The Plaza at Wells Lake 335 Crossings Boulevard
19 MLML Lakewood Pavillion 5700 100th Street
20 MLML Emerald Pointe Apartments 111 73rd Avenue North
21 JPMCB Mount Airy Shopping Center 400 East Ridgeville Boulevard
22 JPMCB Lakes of Melbourne 4000 Hollywood Boulevard
23 MLML Sweetwater Cove Apartments 5450 Memorial Highway
24 JPMCB Dearborn Shopping Center 4910 Schaefer Road
25 MLML Grand Central Plaza 3590-3630 Central Avenue
26 MLML Sunrise Ridge Apartments 4901 East Sunrise Drive
27 JPMCB Crossings at Mid-Rivers 121-331 Costco Way
28 MLML Brigantine Town Center 4200 Harbor Beach Boulevard
29 JPMCB Ramblers Rest 1300 North River Road
30 MLML Avondale Station Apartments 703 Twin Oaks Drive
31 JPMCB Colonial Promenade 1425 Tuskawilla Road
32 MLML Biltmore Club Apartments 4640 North 24th Street
33 JPMCB Greenpark II Office 7505 Main Street
34 JPMCB McLearen Shopping Center 3043-3065 Centerville Road
35 JPMCB Briarcliff Villas Apts 2505 Briarcliff Circle
36 MLML Retreat on Roswell Apartments 5540 Roswell Road
37 JPMCB Oak Park Mall Route 48 and Lincoln Way
38 JPMCB Hillsboro Promenade 7410-7558 Southwest Baseline Road
39 MLML Sailwind Apartments 350 24th Street Northwest
40 MLML Crosspointe Plaza 96 Cross Street
41 JPMCB 631 Wilshire Boulevard 631 Wilshire Boulevard
42 JPMCB Retreat Village Shopping Center Demere Road and Frederica Road
43 JPMCB 149 Fifth Avenue 149 Fifth Avenue
44 MLML Valley View Office Park 12062 Valley View Street
45 JPMCB 201 East 66th Street 201 East 66th Street
46 MLML North Reading Plaza 5370 Allentown Pike
47 JPMCB Driftwood Village 2234-2254 Euclid Avenue
48 JPMCB La Ville & Johnson Apartments Various
48.1 JPMCB La Ville Apartments 431 West Gorham
48.2 JPMCB Johnson House 430 West Johnson
49 JPMCB Commerce Park South 1767 - 1791 Tribute Road
50 MLML Mill Run Office Center 1275 Glenlivet Drive
51 MLML Cloverdale Apartments 886 Harlow Road
52 JPMCB Foxcroft Apartments 8700 North Port Washington
53 JPMCB Gardenview Estates 3114 Northeast 57th Avenue
54 JPMCB Oak Creek Apartments 11412 Northeast 49th Street
55 MLML Storeyville Manufactured Housing Community 3755 North Nellis Road
56 JPMCB The Greenhouse Apartments 3543 Tates Creek Road
57 JPMCB Eastgate Village Apartments 3190 Mosley Drive
58 MLML Parkwood Apartments 1935-1945 East Garvey Avenue North
59 JPMCB Whitehall Crossing 284 North Jacob Drive
60 JPMCB Pelican Bay Apartments 2150 42nd Street
61 MLML One Carriage House Square 164-170 West Shirley Avenue
62 JPMCB Hailey Walk Apartments 501 Southwest 75th Street
63 JPMCB Imperial Beach Promenade 800-894 Palm Avenue
64 MLML Alpine Village Apartments 4 Center Street
65 JPMCB Shoppes @ Rivergate 2130 North Gallatin Pike
66 JPMCB Tarrant Parkway 8850 North Tarrant Parkway
67 MLML Haight Clayton Building 1601-21 Haight Street & 601-9 Clayton Street
68 JPMCB 3150 North Elm Street 3150 North Elm Street
69 JPMCB Union County Business Center 12777-12815 Independence Boulevard
70 JPMCB Walgreens - Hikes Point 4019 and 4025 Taylorsville Road
71 MLML Wellington Estates 6623 Callaghan Road
72 MLML Solon Club Apartments 26463 Solon Road
73 JPMCB 331 North El Camino Real 331 North El Camino Real
74 JPMCB Rite Aid - Ohio Portfolio Various
74.1 JPMCB Rite Aid #2340 Douglas 5002 Douglas Road
74.2 JPMCB Rite Aid #2321 Glendale 2430 Glendale Avenue
74.3 JPMCB Rite Aid #2354 McCord 4018 North McCord Road
75 JPMCB Whispering Pines of Holland 13706 Westwood Lane
76 JPMCB 6405 7th Avenue 6405 64th Street
77 JPMCB Springs Corner Shopping Center 2515 12th Avenue Northeast
78 MLML Sav-On Drug Store 44th Street & El Cajon Boulevard
79 MLML Edison 1 North 15 1055 Route 1 South
80 JPMCB Windgate Apts 4041 East Olive Road
81 JPMCB Westgate Plaza 5173 West Washington Street
82 MLML Presidential Self Storage 5579 Wellington Road
83 JPMCB Hamilton Crossing 2200 Hamilton Place Boulevard, Site 3
84 MLML Northshore Woods Apartments 1446 Northshore Woods Drive
85 JPMCB Champaign House 1507-1517 Kirby,1506-12 & 1521-29 Lincolnshire
86 JPMCB Packaging Corp of America Warehouse 9575 Commission Drive
87 JPMCB Feather Sound Square 2325 Ulmerton Road
88 MLML 101 Prospect Avenue 101 Prospect Avenue
89 MLML 22601 Pacific Coast Highway 22601 Pacific Coast Highway
90 MLML Cedar Regency Apartments 300 North Cedar Street
91 JPMCB Live Oaks 102-420 Live Oaks Boulevard
92 JPMCB Kings Arms Apartments 1317 Mahlmann Street
93 MLML Walgreens Drug Store - Cooper City 11105 Stirling Road
94 JPMCB Best Buy 6 Mall Road
95 MLML Eckerd Drug Store - Deltona 1250 Providence Boulevard
96 JPMCB The Meadows MHC 14100 Del Papa
97 MLML Islander Resort Apartments 21205 Roscoe Boulevard
98 MLML Sante Fe Apartments 2401 South Sante Fe Avenue
99 JPMCB South Pine Island 100 South Pine Island Road
100 JPMCB Palm Desert Estates 43-101 Portola Avenue
101 MLML Serrano Avenue Apartments 714 South Serrano Avenue
102 JPMCB Lyndon Crossings Apartments 1201 Lyndon Crossings Way
103 MLML Eckerd Drug Store - Myrtle Beach 5001 Socastee Boulevard
104 JPMCB Rivershire Apts Addition 11215 West Morgan Avenue
105 JPMCB Fairview Bluff Apartments 8800-8400 Colony Club Drive
106 MLML Northview Heights Apartments 2324 East 43rd Street
107 MLML Stop & Stor Self Storage 780 Gulf Avenue
108 JPMCB Riverwood Apartments 6431 Bridge Road
109 MLML Van Buren Apartments 625 North Van Buren Avenue
110 MLML County Green Apartments 2050,2070 & 2100 County Street
111 MLML Silverleaf West Apartments 2749 West Tharpe Street
112 MLML 55 North Mar Vista Apartments 55 North Mar Vista Avenue
113 JPMCB Triple Z Self Storage 4317 South 300 West
114 MLML Whispering Palms Apartments 16743 San Bernardino Road
115 JPMCB Eckerds Lawndale 806 South 75th
116 MLML Riverfront Village Manufactured Housing Community 2833 Junction Highway
117 JPMCB Brendan Court 3941 Brendan Lane
118 JPMCB University Plaza Shopping Center 1313 North Road Street
119 JPMCB ITS/Caleb Brett 149 Pintail Street
120 JPMCB Desoto Square Shopping Center 3300 US 27 South
121 JPMCB Avon Park Shopping Center 906 US 27 South
122 JPMCB Blueberry Hill Apartments 7201 Watts Road
(TABLE CONTINUED)
NUMBER OF
LOAN # CITY STATE ZIP CODE COUNTY PROPERTIES PROPERTY TYPE
------ ---- ----- -------- ------ ---------- -------------
1 Victorville CA 92392 San Bernardino 1 Retail
2 Arlington VA 22202 Arlington 1 Hotel
3 Norfolk VA 23502 Norfolk 1 Retail
4 St. Paul MN 55101 Ramsey 1 Office
5 Cerritos CA 90703 Los Angeles 1 Office
6 Kearny Mesa CA 92123 San Diego 1 Office
7 Goodlettsville TN 37072 Davidson 2 Industrial
7.1 Goodlettsville TN 37072 Davidson 1 Industrial
7.2 Goodlettsville TN 37072 Davidson 1 Industrial
8 Riverside CA 92507 Riverside 1 Multifamily
9 Hoboken NJ 7030 Hudson 1 Office
10 Franklin WI 53132 Milwaukee 1 Multifamily
11 Lancaster PA 17603 Lancaster 1 Multifamily
12 Bermuda Dunes CA 92201 Riverside 1 Multifamily
13 Fairfield CT 6430 Fairfield 1 Retail
14 Union City CA 94587 Alameda 1 Retail
15 Champaign IL 61820 Champaign 1 Multifamily
16 Racine WI 53406 Racine 1 Retail
17 Oxon Hill MD 20745 Prince George's 1 Retail
18 Orange Park FL 32073 Clay 1 Office
19 Lakewood WA 98499 Pierce 1 Retail
20 St. Petersburg FL 33702 Pinellas 1 Multifamily
21 Mount Airy MD 21771 Carroll 1 Retail
22 Melbourne FL 32904 Brevard 1 Manufactured Housing Community
23 Tampa FL 33634 Hillsborough 1 Multifamily
24 Dearborn MI 48126 Wayne 1 Retail
25 Riverside CA 92506 Riverside 1 Office
26 Tucson AZ 85718 Pima 1 Multifamily
27 St. Peters MO 63376 Saint Charles 1 Retail
28 Brigantine NJ 8203 Atlantic 1 Retail
29 Venice FL 34293 Sarasota 1 Manufactured Housing Community
30 Decatur GA 30030 DeKalb 1 Multifamily
31 Winter Springs FL 32708 Seminole 1 Retail
32 Phoenix AZ 85016 Maricopa 1 Multifamily
33 Houston TX 77030 Harris 1 Office
34 Herndon VA 20171 Fairfax 1 Retail
35 Wilmington NC 28411 New Hanover 1 Multifamily
36 Atlanta GA 30328 Fulton 1 Multifamily
37 White Oak PA 15131 Allegheny 1 Retail
38 Hillsboro OR 97123 Washington 1 Retail
39 Winter Haven FL 33880 Polk 1 Multifamily
40 Naugatuck CT 6770 New Haven 1 Retail
41 Santa Monica CA 90401 Los Angeles 1 Office
42 St. Simons Island GA 31522 Glynn 1 Retail
43 New York NY 10010 New York 1 Office
44 Garden Grove CA 92845 Orange 1 Office
45 New York NY 10021 New York 1 Multifamily
46 Temple PA 19560 Berks 1 Retail
47 Ontario CA 91762 San Bernadino 1 Retail
48 Madison WI 53703 Dane 2 Multifamily
48.1 Madison WI 53703 Dane 1 Multifamily
48.2 Madison WI 53703 Dane 1 Multifamily
49 Sacramento CA 95815 Sacramento 1 Office
50 Allentown PA 18106 Lehigh 1 Office
51 Springfield OR 97477 Lane 1 Multifamily
52 Fox Point WI 53217 Milwaukee 1 Multifamily
53 Vancouver WA 98661 Clark 1 Multifamily
54 Vancouver WA 98682 Clark 1 Multifamily
55 Las Vegas NV 89115 Clark 1 Manufactured Housing Community
56 Lexington KY 40517 Fayette 1 Multifamily
57 Greenville NC 27858 Pitt 1 Multifamily
58 West Covina CA 91791 Los Angeles 1 Multifamily
59 Bloomington IN 47404 Monroe 1 Retail
60 Kenner LA 70065 Jefferson 1 Multifamily
61 Warrenton VA 20186 Fauqier 1 Office
62 Gainesville FL 32607 Alachua 1 Multifamily
63 Imperial Beach CA 91932 San Diego 1 Retail
64 Sussex NJ 7461 Sussex 1 Multifamily
65 Madison TN 37115 Davidson 1 Retail
66 North Richland Hills TX 76180 Tarrant 1 Retail
67 San Francisco CA 94117 San Francisco 1 Retail
68 Greensboro NC 27408 Guilford 1 Office
69 Stallings NC 28105 Union 1 Industrial
70 Louisville KY 40220 Jefferson 1 Retail
71 San Antonio TX 78229 Bexair 1 Multifamily
72 Oakwood Village OH 44146 Cuyahoga 1 Multifamily
73 Encinitas CA 92024 San Diego 1 Retail
74 Various OH Various Lucas 3 Retail
74.1 Toledo OH 43613 Lucas 1 Retail
74.2 Toledo OH 43614 Lucas 1 Retail
74.3 Sylvania OH 43560 Lucas 1 Retail
75 Holland MI 49424 Ottawa 1 Multifamily
76 Brooklyn NY 11220 Kings 1 Office
77 Hickory NC 28601 Catawba 1 Retail
78 San Diego CA 92115 San Diego 1 Retail
79 Edison NJ 8837 Middlesex 1 Retail
80 Pensacola FL 32514 Escambia 1 Multifamily
81 Indianapolis IN 46241 Marion 1 Retail
82 Gainesville VA 20155 Prince William 1 Self Storage
83 Chattanooga TN 37421 Hamilton 1 Retail
84 Knoxville TN 37919 Knox 1 Multifamily
85 Champaign IL 61821 Champaign 1 Multifamily
86 Mascot TN 37806 Knox 1 Industrial
87 Clearwater FL 34622 Pinellas 1 Retail
88 Hackensack NJ 7601 Bergen 1 Multifamily
89 Malibu CA 90265 Los Angeles 1 Retail
90 Glendale CA 91206 Los Angeles 1 Multifamily
91 Casselberry FL 32707 Seminole 1 Industrial
92 Rosenberg TX 77471 Fort Bend 1 Multifamily
93 Cooper City FL 33328 Broward 1 Retail
94 Barboursville WV 25504 Cabell 1 Retail
95 Deltona FL 32725 Volusia 1 Retail
96 Houston TX 77047 Harris 1 Manufactured Housing Community
97 Canoga Park CA 91304 Los Angeles 1 Multifamily
98 Los Angeles CA 90058 Orange 1 Multifamily
99 Plantation FL 33324 Broward 1 Office
100 Palm Desert CA 92260 Riverside 1 Manufactured Housing Community
101 Los Angeles CA 90005 Los Angeles 1 Multifamily
102 Louisville KY 40242 Jefferson 1 Multifamily
103 Myrtle Beach SC 29577 Horry 1 Retail
104 Greenfield WI 53228 Milwaukee 1 Multifamily
105 Alpharetta GA 30022 Fulton 1 Multifamily
106 Erie PA 16510 Erie 1 Multifamily
107 Staten Island NY 10314 Richmond 1 Self Storage
108 Madison WI 53713 Dane 1 Multifamily
109 Tucson AZ 85711 Pima 1 Multifamily
110 Attleboro MA 2703 Bristol 1 Multifamily
111 Tallahassee FL 32304 Leon 1 Multifamily
112 Pasadena CA 91106 Los Angeles 1 Multifamily
113 Murray UT 84107 Salt Lake 1 Self Storage
114 Fontana CA 92335 San Bernardino 1 Multifamily
115 Houston TX 77023 Harris 1 Retail
116 Kerrville TX 78028 Kerr 1 Manufactured Housing Community
117 North Olmsted OH 44070 Cuyahoga 1 Multifamily
118 Elizabeth City NC 27909 Pasquotank 1 Retail
119 St. Rose LA 70087 Saint Charles 1 Industrial
120 Sebring FL 33870 Highlands 1 Retail
121 Avon Park FL 33825 Highlands 1 Retail
122 Madison WI 53719 Dane 1 Multifamily
(TABLE CONTINUED)
MONTHLY ESCROW
--------------------------------------------------------------------------------------------------------
MONTHLY CAPEX MONTHLY ENVIR. MONTHLY TI/LC MONTHLY RE TAX MONTHLY INS. MONTHLY OTHER
LOAN # RESERVE ($) RESERVE ($) RESERVE ($) 14 RESERVE ($) RESERVE ($) RESERVE ($)
------ ----------- ----------- -------------- ----------- ----------- -----------
1 7,946 9,000 62,090 12,750
2 138,750 73,566 9,964
3 5,333 18,000 53,914 9,500
4 4,688 79,328 5,914
5 2,339 22,650 22,899 2,734
6 750
7 33,534 6,491 50,000
7.1
7.2
8 7,153
9 1,655 31,088 3,599
10 10,000 51,758 13,065
11 32,162
12 23,264 4,216
13 1,740 10,000 15,016 1,882 16,500
14 1,216 1,667 7,439 15,714 2,827
15 5,833 19,894 6,853
16 3,307 37,315 907
17 1,894 5,000 12,500 1,333
18 1,625 5,417 821 1,697
19 1,138 5,195 11,917 2,917
20 23,632 10,804
21 12,824 1,075
22 19,036
23 18,745 9,325
24 2,267 8,334 10,165 902
25 2,153 11,250 7,604 1,771
26 9,435 9,608 4,740
27 1,175 5,000
28 1,651 6,667 19,561 3,063
29 2,620 8,845 10,771 58,507
30 13,160 4,854
31 5,275 5,788 14,005 3,690
32 7,875 10,104 4,770
33 8,382 10,048 3,225
34 1,375 2,500 10,279 1,824
35 3,333 4,591 7,756
36 8,462 4,086
37 798 24,277
38 3,383 1,739
39 15,331 7,770
40 1,771 5,208 6,830 2,481
41 425 1,834 827
42 1,350 1,667 5,270 3,629
43 57,087 6,219
44 1,410 6,250 4,441 1,852
45
46 2,283 7,150 20,240 4,168
47 1,094 3,000 5,737 1,110
48 3,009
48.1
48.2
49 2,038 6,114 7,537 2,362
50 1,045 7,700 6,869 494
51 4,039 7,924 2,833
52 3,351 16,742 3,188
53 3,648 7,867 2,308
54 4,500 8,201 2,216
55 879 2,932 1,013
56 5,123 3,390
57 3,728 5,969 2,691
58 3,438 8,050 3,028
59 429 2,962 5,265 2,849
60 1,200 3,316
61 641 2,292 3,188 833
62 3,150 7,767
63 4,038 763
64 2,750 11,816 4,200
65 813 5,163
66 271 3,880 9,933 937
67 330 1,410 5,826 1,516
68 357 6,837 4,187 201
69 1,009 2,928 2,533 738
70
71 6,289 10,115 7,905
72 4,095 7,083 2,083
73 504 3,000 4,034 1,074
74 419 833
74.1
74.2
74.3
75 3,166 9,766 4,350
76 480 2,988 1,439 693
77 725 1,500 3,014
78 199
79
80 21 4,886 3,729
81 831 1,385 6,932 850
82 891 3,745 465
83 492 4,980
84 6,043 8,634 4,107
85 1,932 5,303 2,825
86
87 729 3,633 7,708 1,467
88 2,395 19,567 2,136
89 3,297
90 3,746 1,667
91 2,917 6,749 2,233
92 3,000 5,857 3,883
93 189 6,717 1,771
94 210 6,625
95
96 220 773 600
97 2,098 3,039 1,390
98 1,667 2,199 1,610
99 503 2,583 4,875 905
100 336 2,006 518
101 640 2,093 759
102 2,132
103 212 961 2,887
104 667 6,167 267
105 643 2,262 824
106 2,854 7,083 2,083
107 532 2,386 1,059
108
109 2,088 3,294 2,260
110 750 1,669 1,060
111 3,221 4,155 1,202
112 1,037 4,165 836
113 426 1,909 371
114 1,414 2,810 1,293
115 165 2,386
116 455 619 500
117 1,702 4,047 1,612
118 613 2,289 460
119
120
121 594 1,979 1,979 496
122
(TABLE CONTINUED)
LARGEST TENANT
--------------------------------------------------------------------------------------------
SINGLE LEASE
LOAN # TENANT LARGEST TENANT UNIT SIZE EXPIRATION
------ ------ -------------- --------- ----------
1 No Sears 78,212 10/24/09
2 No
3 No Sports Authority 42,500 08/31/16
4 No Firstar Bank 139,450 10/31/08
5 No Marina Medical 44,070 02/28/09
6 Yes Overland Data Systems (R&D) 98,250 02/28/14
7 No
7.1 No Oneida 292,930 11/30/04
7.2 No Garrard Enterprises 151,870 04/30/06
8 No
9 No Applied Housing Management 18,917 04/30/06
10 No
11 No
12 No
13 No Borders Books, Inc 27,713 06/30/16
14 No Marina Foods 29,929 11/15/25
15 No
16 No Home Depot 107,597 04/30/18
17 No Shoppers Food Warehouse 57,109 01/31/21
18 No HCA 80,000 03/31/11
19 No Rite Aid 17,253 01/31/18
20 No
21 No Safeway 56,156 01/31/22
22 No
23 No
24 No Midwest Health 63,600 12/31/06
25 No County of Riverside - Department of Public Services 23,643 02/28/05
26 No
27 No Ultimate Electronics 33,305 02/28/18
28 No Fleming Companies 30,724 07/31/10
29 No
30 No
31 No K Mart 86,479 07/31/15
32 No
33 No MD Anderson 24,064 02/28/06
34 No Food Lion 36,890 09/04/17
35 No
36 No
37 No Shop-N-Save 55,000 05/29/14
38 No Albertsons 55,068 05/05/23
39 No
40 No Waldbaum, Inc. 52,582 02/28/10
41 No Asylum Visual Effects 12,307 06/30/04
42 No Winn Dixie 46,381 06/17/12
43 No Sound Lounge LLC 15,243 12/31/08
44 No Shakey's 6,146 08/31/03
45 No
46 No Ollie's 60,000 06/21/07
47 No Food 4 Less of California, Inc. 46,890 03/12/87
48 No
48.1 No
48.2 No
49 No Mackay & Somps Civil Engineering 11,125 03/31/06
50 No Selective Insurance 18,440 10/30/09
51 No
52 No
53 No
54 No
55 No
56 No
57 No
58 No
59 No MC Sporting Goods 31,465 01/31/10
60 No
61 No State of Virginia, Department of Social Services 12,826 06/30/11
62 No
63 No Wally's IGA Grocery 16,800 03/31/09
64 No
65 No American Signature Furniture 50,000 01/31/18
66 No Hallmark 5,933 02/28/06
67 No Happy Trails 3,100 03/01/04
68 No Silverstream 9,932 12/31/05
69 No Snug Seat 36,700 06/30/07
70 No Walgreens 15,120 01/31/60
71 No
72 No
73 No Michaels 21,964 08/31/10
74 Yes
74.1 Yes Rite Aid of Ohio 11,180 09/30/19
74.2 Yes Rite Aid of Ohio 11,180 01/31/20
74.3 Yes Rite Aid of Ohio 11,180 08/31/19
75 No
76 No Metropolitan Jewish Geriatric 20,800 04/30/15
77 No Winn Dixie 44,000 11/15/15
78 Yes Sav-On Drug Store 15,943 02/06/23
79 Yes Worldwide Crossroads 41,500 08/01/49
80 No
81 No Kroger 49,213 08/31/12
82 No
83 No Home Goods (TJX Company) 26,355 07/31/10
84 No
85 No
86 Yes Packaging Corp of America 130,560 08/31/11
87 No Grill at Feather Sound 6,525 02/28/06
88 No
89 No Malibu Greens 8,587 07/31/05
90 No
91 No Fern Park, Inc. 10,498 10/31/07
92 No
93 Yes Walgreens Drug Store 15,120 12/31/60
94 Yes Best Buy 30,000 01/31/13
95 Yes Eckerd Drug Store 12,739 09/30/19
96 No
97 No
98 No
99 No Coldwell Banker Residential R/E 8,800 12/31/04
100 No
101 No
102 No
103 Yes Eckerd Drug Store 12,728 07/29/20
104 No
105 No
106 No
107 No
108 No
109 No
110 No
111 No
112 No
113 No
114 No
115 Yes Eckerd Drug Store 10,908 09/16/19
116 No
117 No
118 No Food Lion 33,800 05/14/16
119 Yes Caleb Brett USA, Inc. 19,844 02/28/17
120 No Cross Country 37,187 05/31/06
121 No Tractor Supply 24,352 04/30/10
122 No
(TABLE CONTINUED)
2ND LARGEST TENANT
-----------------------------------------------------------------------------------------------
Lease
LOAN # 2ND LARGEST TENANT UNIT SIZE EXPIRATION 15
------ ------------------ --------- -------------
1 Harris-Gottschalks 70,822 10/31/06
2
3 TJ Maxx 37,383 01/31/04
4 ECMC 85,610 01/15/09
5 Western Union 39,153 10/31/09
6 Overland Data Systems (Office) 60,335 02/28/14
7
7.1 Anchor Industries Inc. 117,141 10/31/04
7.2 Remedpar 53,500 12/31/07
8
9 Andover Brokerage 13,602 01/31/11
10
11
12
13 IMS Health Incorporated 15,137 07/31/09
14 Lucky Palace 7,353 12/31/12
15
16 Big Kmart 90,855 01/31/18
17 AJ Wright 23,057 09/30/11
18 The University of Phoenix/Apollo Group, Inc. 19,525 09/30/09
19 Petco 15,000 01/31/08
20
21 Rite Aid 9,073 04/30/05
22
23
24 Gold's Gym 34,000 12/31/11
25 Coco's Restaurants, Inc. 19,600 12/31/04
26
27 Marshall's 30,201 01/31/13
28 Flagship Resort 15,900 09/30/03
29
30
31 Albertson's 62,942 01/21/18
32
33 Texas Orthopedic 15,280 12/31/07
34 CVS - Pad 10,125 01/31/13
35
36
37 Busy Beaver 31,000 04/30/15
38 Blockbuster Video 6,000 06/03/08
39
40 Family Dollar Stores 6,483 12/31/06
41 Teknion, Inc. 4,000 08/31/04
42 Crafts & Stuff 10,180 05/31/08
43 JStore 11,075 01/21/13
44 On the Go Transportation 3,804 03/31/03
45
46 ShurFine (AWI) 37,500 04/15/06
47 Sav-On 8,067 11/06/03
48
48.1
48.2
49 Crossroads Diversified 9,000 02/28/05
50 Layton D. Dobson Inc. 9,519 04/30/11
51
52
53
54
55
56
57
58
59 Comfort Solutions 13,500 08/11/07
60
61 Bio-Medical Applications 9,921 11/30/11
62
63 Sav-On Drugs (Albertsons) 14,884 03/12/27
64
65 DSW Shoe Warehouse 31,624 11/30/17
66 Blockbuster Video 3,978 07/31/05
67 Haight Natural Foods 2,500 06/30/08
68 Morgan Stanley Dean Witter 8,700 03/15/05
69 Parnell-Martin Companies 10,000 12/31/04
70 Bank One 288 09/30/04
71
72
73 Hollywood Video 7,500 01/31/06
74
74.1
74.2
74.3
75
76 MMC Doctors Offices 4,750 09/30/17
77 CVS (sub of Dollar General) 8,450 10/31/05
78
79
80
81 Dollar Tree 6,000 01/31/07
82
83 Michaels 23,645 05/30/17
84
85
86
87 Automated Petroleum 5,925 03/31/07
88
89 Donna Jackson 2,164 07/25/04
90
91 PC Lan Vad of Orlando, Inc. 4,960 11/30/04
92
93
94
95
96
97
98
99 Jewish Family Services 8,000 09/30/07
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118 Dollar General 7,500 11/30/04
119
120 Tractor Supply 20,000 04/30/10
121 Bealls Outlet 13,140 04/30/06
122
(TABLE CONTINUED)
3RD LARGEST TENANT
-----------------------------------------------------------------------------------------------
LEASE
LOAN # 3RD LARGEST TENANT UNIT SIZE EXPIRATION
------ ------------------ --------- ----------
1 JC Penny 49,965 11/30/06
2
3 Janaf Office (groundlease) 37,329 12/31/19
4 TCF National Bank of MN 18,051 01/31/05
5 The Bascom Group 17,870 05/31/07
6
7
7.1 J & M Trading 30,000 01/31/07
7.2 JCS International 7,200 06/30/06
8
9 TMP Worldwide 11,497 10/31/06
10
11
12
13 Merrill Lynch, Pierce, Fenner & Smith 15,106 06/30/21
14 Kragen 6,748 04/30/06
15
16 Office Max 25,000 12/31/07
17 Family Dollar 10,639 12/31/07
18 Townes Telecommunications 8,780 01/30/08
19 WA State Liqour 4,913 12/31/07
20
21 Fashion Bug 8,357 08/31/11
22
23
24 Medwestern Dental Center 30,000 12/31/05
25 Keenan & Associates 12,350 12/31/03
26
27 Home Goods (TJX) 24,939 01/31/13
28 Reynolds Brothers, Inc. 10,150 02/28/07
29
30
31 Outback 6,100 02/28/03
32
33 Neurology Center 6,289 12/31/05
34 United Flooring 4,817 09/09/06
35
36
37 Eckerd Drug Store 10,209 05/31/09
38 Hallmark Cards 3,750 02/28/03
39
40 St. Mary's Hospital 4,760 03/31/04
41 Cox PCS (Sprint) 2,625 12/31/03
42 Brownlees Furniture 8,450 05/31/05
43 Residence Management Services, Inc. 10,000 08/31/08
44 California Wellness Center 3,681 05/31/08
45
46 Big Lot (Sears) 26,100 04/30/03
47 D'Todo 7,000 10/31/06
48
48.1
48.2
49 American Medical Response 8,480 11/30/07
50 PMA 6,031 07/31/07
51
52
53
54
55
56
57
58
59 The Oak Gallery 4,560 07/12/06
60
61 Children of America 8,500 08/30/22
62
63 Factory 2 U Stores, Inc. 12,500 01/31/04
64
65
66 Dr. Rodney Munsell, DVM 2,467 03/21/06
67 Hobson's Choice 2,286 06/30/08
68 Re/Max Realty 8,504 03/02/05
69 Atlanta Rubber & Hydraulics 9,870 02/08/04
70
71
72
73 Pro Golf Discount 5,000 12/31/06
74
74.1
74.2
74.3
75
76 GSA for USDA 3,000 08/31/10
77 Prime Time Video 3,600 12/01/06
78
79
80
81 Rent A Center 3,500 10/31/06
82
83
84
85
86
87 Clinique of Plastic Surgery 5,793 04/30/06
88
89 Spina's Moving & Storage 1,936 08/09/06
90
91 Easy Trim Technologies, Inc. 4,345 11/30/04
92
93
94
95
96
97
98
99 BNC Mortgage 3,718 11/30/04
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118 Shun Xing Chinese Restaurant 3,000 09/30/05
119
120
121 Dollar General 10,000 07/31/06
122
FOOTNOTES TO ANNEX A
(1) For mortgage loans secured by multiple Mortgaged Properties, the mortgage
loan's Occupancy Rate is the weighted average Occupancy Rate for each
Mortgaged Property based on square footage or number of units.
(2) For Loan Number 17, the third largest tenant, Family Dollar is expected to
open for business on March 20, 2003. For purposes of calculating the
occupancy percentage, Family Dollar is included as being in occupancy.
(3) For mortgage loans secured by multiple Mortgaged Properties, the mortgage
loan's Original Balance and Current Balance is allocated to the respective
Mortgage Properties based on the mortgage loan documentation or the
Mortgage Loan Seller's determination of the appropriate allocation.
(4) Each number identifies a group of related borrowers.
(5) For each Mortgage Loan, the excess of the related Mortgage Rate over the
related Servicing Fee Rate and the Trustee Fee Rate (together, the "Admin
Fee Rate").
(6) Loan Number 45 is interest-only for the full term with no amortization.
Annual Debt Service is calculated as the product of (I) the Current
Balance, (ii) the Interest Rate %, and (iii) 365/360.
(7) Loan Numbers 63, 11, 12, 30, 23, 20, 36, and 39 are interest-only for the
first 1, 59, 36, 24, 24, 24,24, and 24 periods, respectively. As of the
Cut-Off Date, Loan Numbers 63, 11, 12, 30, 23, 20, 36, and 39 have 0, 56,
34, 22, 22, 22, 22, and 22 periods remaining in the interest-only period,
respectively; Annual Debt Service and UW DSCR was calculated based upon the
monthly payments after the expiration of the interest-only period.
(8) The Monthly Debt Service for Loan Number 45 represents the May 1, 2003
interest payment.
(9) For ARD Loans, calculated as of the related Anticipated Repayment Date.
(10) For ARD Loans, the related Anticipated Repayment Date.
(11) The "LO" component of the prepayment provision represents remaining lockout
payments.
(12) Underwritten Net Cash Flow for Loan Numbers 45 and 88 represent projected
cash flow at the related mortgaged real property, as determined by the
appraisal obtained in connection with the origination of the loan, assuming
such property was operated as a rental property with rents set at
prevailing market rates, taking into account the presence of exisiting
rent-controlled or rent-stabilized occupants, reduced by underwritten
capital expenditures, property operating expenses, a market-rate vacancy
assumption and projected reserves. With respect to Loan Number 45, it was
assumed that 100% of the cooperative property would be available for lease
and with respect to Loan Number 88, it was assumed that 60% of the
cooperative property would be available for lease.
(13) Calculated as the ratio of UW NCF to the Annual Debt Service.
(14) The ongoing TI/LC reserve for Loan Number 1 in the amount of $9,000 only
reflects the TI/LC reserve for in-line tenants. An additional reserve (not
funded at origination) in respect of anchor tenants was established that
requires deposits of $5 PSF for each anchor tenant upon the occurrence of
certain events, to be funded from the cash-flow relating to the mortgaged
property pursuant to the mortgage loan documents. The upfront TI/LC reserve
for the Mall of Victor Valley mortgage loan in the amount of $1,500,000,
may be released to the borrower upon the satisfaction of certain conditions
in the mortgage loan documents, including the receipt of certain tenant
estoppels from the tenants relating to certain designated leases in respect
of which such reserve was established, the funds in the reserve in respect
of each such tenant (which, in the aggregate, may be all the funds in such
reserve.)
(15) For Loan Number 44, On the Go Transportation is a month-to-month tenant.
(16) The mortgaged property securing Loan Number 79 does not include the
improvements thereon and consists of the fee simple interest in the related
land parcel. Certain of the characteristics set forth in this Annex and the
Prospectus Supplement, inlclude the improvements on the mortgaged property,
which are not inlcuded in the collateral which secures Loan Number 79.
ANNEX B
CERTAIN CHARACTERISTICS OF MULTIFAMILY & MANUFACTURED HOUSING LOANS
% OF INITIAL
LOAN # POOL BALANCE ORIGINATOR PROPERTY NAME
------ ------------ ---------- -------------
8 1.9% JPMCB Jefferson at Birchwood Apartments
10 1.7% JPMCB Whitnall Pointe Apartments
11 1.6% JPMCB Hershey Heritage Village
12 1.6% JPMCB Emerald Place Apartments
15 1.5% JPMCB Hessel on the Park
20 1.4% Merrill Emerald Pointe Apartments
22 1.3% JPMCB Lakes of Melbourne
23 1.2% Merrill Sweetwater Cove Apartments
26 1.1% Merrill Sunrise Ridge Apartments
29 1.1% JPMCB Ramblers Rest
30 1.1% Merrill Avondale Station Apartments
32 1.0% Merrill Biltmore Club Apartments
35 1.0% JPMCB Briarcliff Villas Apts
36 1.0% Merrill Retreat on Roswell Apartments
39 0.9% Merrill Sailwind Apartments
45 0.7% JPMCB 201 East 66th Street
48 0.7% JPMCB La Ville & Johnson Apartments
48.1 0.5% JPMCB La Ville Apartments
48.2 0.2% JPMCB Johnson House
51 0.7% Merrill Cloverdale Apartments
52 0.6% JPMCB Foxcroft Apartments
53 0.6% JPMCB Gardenview Estates
54 0.6% JPMCB Oak Creek Apartments
55 0.6% Merrill Storeyville Manufactured Housing Community
56 0.6% JPMCB The Greenhouse Apartments
57 0.6% JPMCB Eastgate Village Apartments
58 0.6% Merrill Parkwood Apartments
60 0.6% JPMCB Pelican Bay Apartments
62 0.5% JPMCB Hailey Walk Apartments
64 0.5% Merrill Alpine Village Apartments
71 0.5% Merrill Wellington Estates
72 0.5% Merrill Solon Club Apartments
75 0.4% JPMCB Whispering Pines of Holland
80 0.4% JPMCB Windgate Apts
84 0.4% Merrill Northshore Woods Apartments
85 0.4% JPMCB Champaign House
88 0.3% Merrill 101 Prospect Avenue
90 0.3% Merrill Cedar Regency Apartments
92 0.3% JPMCB Kings Arms Apartments
96 0.3% JPMCB The Meadows MHC
97 0.3% Merrill Islander Resort Apartments
98 0.3% Merrill Sante Fe Apartments
100 0.3% JPMCB Palm Desert Estates
101 0.3% Merrill Serrano Avenue Apartments
102 0.3% JPMCB Lyndon Crossings Apartments
104 0.3% JPMCB Rivershire Apts Addition
105 0.2% JPMCB Fairview Bluff Apartments
106 0.2% Merrill Northview Heights Apartments
108 0.2% JPMCB Riverwood Apartments
109 0.2% Merrill Van Buren Apartments
110 0.2% Merrill County Green Apartments
111 0.2% Merrill Silverleaf West Apartments
112 0.2% Merrill 55 North Mar Vista Apartments
114 0.2% Merrill Whispering Palms Apartments
116 0.2% Merrill Riverfront Village Manufactured Housing Community
117 0.2% JPMCB Brendan Court
122 0.1% JPMCB Blueberry Hill Apartments
(TABLE CONTINUED)
LOAN # STREET ADDRESS CITY STATE ZIP CODE COUNTY PROPERTY TYPE
------ -------------- ---- ----- -------- ------ -------------
8 1234 West Blaine Street Riverside CA 92507 Riverside Multifamily
10 10591 West Cortez Circle Franklin WI 53132 Milwaukee Multifamily
11 1330 Wabank Road Lancaster PA 17603 Lancaster Multifamily
12 40300 Washington Street Bermuda Dunes CA 92201 Riverside Multifamily
15 1601-1862 Valley Road Champaign IL 61820 Champaign Multifamily
20 111 73rd Avenue North St. Petersburg FL 33702 Pinellas Multifamily
22 4000 Hollywood Boulevard Melbourne FL 32904 Brevard Manufactured
Housing Community
23 5450 Memorial Highway Tampa FL 33634 Hillsborough Multifamily
26 4901 East Sunrise Drive Tucson AZ 85718 Pima Multifamily
29 1300 North River Road Venice FL 34293 Sarasota Manufactured
Housing Community
30 703 Twin Oaks Drive Decatur GA 30030 DeKalb Multifamily
32 4640 North 24th Street Phoenix AZ 85016 Maricopa Multifamily
35 2505 Briarcliff Circle Wilmington NC 28411 New Hanover Multifamily
36 5540 Roswell Road Atlanta GA 30328 Fulton Multifamily
39 350 24th Street Northwest Winter Haven FL 33880 Polk Multifamily
45 201 East 66th Street New York NY 10021 New York Multifamily
48 Various Madison WI 53703 Dane Multifamily
48.1 431 West Gorham Madison WI 53703 Dane Multifamily
48.2 430 West Johnson Madison WI 53703 Dane Multifamily
51 886 Harlow Road Springfield OR 97477 Lane Multifamily
52 8700 North Port Washington Fox Point WI 53217 Milwaukee Multifamily
53 3114 Northeast 57th Avenue Vancouver WA 98661 Clark Multifamily
54 11412 Northeast 49th Street Vancouver WA 98682 Clark Multifamily
55 3755 North Nellis Road Las Vegas NV 89115 Clark Manufactured
Housing Community
56 3543 Tates Creek Road Lexington KY 40517 Fayette Multifamily
57 3190 Mosley Drive Greenville NC 27858 Pitt Multifamily
58 1935-1945 East Garvey Avenue North West Covina CA 91791 Los Angeles Multifamily
60 2150 42nd Street Kenner LA 70065 Jefferson Multifamily
62 501 Southwest 75th Street Gainesville FL 32607 Alachua Multifamily
64 4 Center Street Sussex NJ 7461 Sussex Multifamily
71 6623 Callaghan Road San Antonio TX 78229 Bexair Multifamily
72 26463 Solon Road Oakwood Village OH 44146 Cuyahoga Multifamily
75 13706 Westwood Lane Holland MI 49424 Ottawa Multifamily
80 4041 East Olive Road Pensacola FL 32514 Escambia Multifamily
84 1446 Northshore Woods Drive Knoxville TN 37919 Knox Multifamily
85 1507-1517 Kirby,1506-12 &
1521-29 Lincolnshire Champaign IL 61821 Champaign Multifamily
88 101 Prospect Avenue Hackensack NJ 7601 Bergen Multifamily
90 300 North Cedar Street Glendale CA 91206 Los Angeles Multifamily
92 1317 Mahlmann Street Rosenberg TX 77471 Fort Bend Multifamily
96 14100 Del Papa Houston TX 77047 Harris Manufactured
Housing Community
97 21205 Roscoe Boulevard Canoga Park CA 91304 Los Angeles Multifamily
98 2401 South Sante Fe Avenue Los Angeles CA 90058 Orange Multifamily
100 43-101 Portola Avenue Palm Desert CA 92260 Riverside Manufactured
Housing Community
101 714 South Serrano Avenue Los Angeles CA 90005 Los Angeles Multifamily
102 1201 Lyndon Crossings Way Louisville KY 40242 Jefferson Multifamily
104 11215 West Morgan Avenue Greenfield WI 53228 Milwaukee Multifamily
105 8800-8400 Colony Club Drive Alpharetta GA 30022 Fulton Multifamily
106 2324 East 43rd Street Erie PA 16510 Erie Multifamily
108 6431 Bridge Road Madison WI 53713 Dane Multifamily
109 625 North Van Buren Avenue Tucson AZ 85711 Pima Multifamily
110 2050,2070 & 2100 County Street Attleboro MA 2703 Bristol Multifamily
111 2749 West Tharpe Street Tallahassee FL 32304 Leon Multifamily
112 55 North Mar Vista Avenue Pasadena CA 91106 Los Angeles Multifamily
114 16743 San Bernardino Road Fontana CA 92335 San Bernardino Multifamily
116 2833 Junction Highway Kerrville TX 78028 Kerr Manufactured
Housing Community
117 3941 Brendan Lane North Olmsted OH 44070 Cuyahoga Multifamily
122 7201 Watts Road Madison WI 53719 Dane Multifamily
(TABLE CONTINUED)
STUDIO/PAD
----------------------------------
CURRENT NO. OF AVERAGE
LOAN # PROPERTY SUBTYPE BALANCE ($) TOTAL UNITS STUDIO/PAD STUDIO/PAD RENT
------ ---------------- ----------- ----------- ---------- ---------------
8 Conventional 17,750,000.00 296 80 691
10 Conventional 15,738,709.41 480 0 0
11 Conventional 15,000,000.00 517 0 0
12 Conventional 14,500,000.00 240 0 0
15 Conventional 13,594,496.27 285 0 0
20 Conventional 12,800,000.00 441 54 464
22 Manufactured
Housing Community 12,088,660.95 524 524 445
23 Conventional 11,600,000.00 288 0 0
26 Conventional 10,690,537.56 340 0 0
29 Manufactured
Housing Community 10,325,533.46 629 629 345
30 Conventional 10,280,000.00 212 0 0
32 Conventional 9,291,775.64 378 192 511
35 Conventional 8,961,177.86 200 0 0
36 Conventional 8,960,000.00 240 0 0
39 Conventional 8,360,000.00 368 68 304
45 Cooperative 6,500,000.00 255 0 0
48 Conventional 6,223,741.33 98 0 0
48.1 Conventional 4,242,102.09 56 0 0
48.2 Conventional 1,981,639.24 42 0 0
51 Conventional 6,144,716.36 151 0 0
52 Conventional 5,980,756.81 135 0 0
53 Conventional 5,681,718.98 184 0 0
54 Conventional 5,587,374.26 180 0 0
55 Manufactured
Housing Community 5,483,333.67 211 211 358
56 Conventional 5,475,216.24 180 12 877
57 Conventional 5,451,790.35 182 0 0
58 Conventional 5,288,527.92 165 14 574
60 Conventional 5,182,292.89 72 0 0
62 Conventional 5,083,796.66 126 0 0
64 Conventional 4,995,578.30 132 0 0
71 Conventional 4,396,108.90 228 24 399
72 Conventional 4,350,000.00 195 1 490
75 Conventional 3,987,410.85 144 0 0
80 Conventional 3,688,244.62 112 0 0
84 Conventional 3,392,723.98 140 0 0
85 Conventional 3,348,790.86 84 0 0
88 Cooperative 3,189,736.96 115 1 900
90 Conventional 2,982,363.38 80 0 0
92 Conventional 2,796,355.89 120 0 0
96 Manufactured
Housing Community 2,536,633.41 178 178 269
97 Conventional 2,492,553.09 80 1 455
98 Conventional 2,492,285.24 58 58 796
100 Manufactured
Housing Community 2,441,917.92 144 144 311
101 Conventional 2,432,848.82 30 0 0
102 Conventional 2,426,195.33 60 0 0
104 Conventional 2,338,489.67 40 0 0
105 Conventional 2,275,952.98 34 0 0
106 Conventional 2,200,000.00 137 0 0
108 Conventional 2,175,035.97 166 0 0
109 Conventional 2,098,142.89 70 0 0
110 Conventional 2,095,546.03 36 0 0
111 Conventional 2,000,000.00 114 0 0
112 Conventional 1,986,149.22 40 0 0
114 Conventional 1,941,515.93 60 16 495
116 Manufactured
Housing Community 1,794,719.50 88 88 267
117 Conventional 1,781,552.35 83 0 0
122 Conventional 1,117,162.53 34 4 551
FOUR BEDROOM
----------------------------
NO. OF AVERAGE UTILITIES ELEVATOR
LOAN # 4-BR UNITS 4-BR RENT TENANT PAYS PRESENT
------ ---------- --------- ----------- -------
8 0 0 0 No
10 0 0 0 No
11 0 0 0 No
12 0 0 0 No
15 0 0 0 No
20 0 0 E,W,S Yes
22 0 0 0 0
23 0 0 E,G,W,S No
26 0 0 0 No
29 0 0 0 0
30 0 0 E No
32 0 0 E,G,H,HW,W,S No
35 0 0 E No
36 0 0 E,W,S No
39 0 0 E,G,W,S No
45 0 0 0 Yes
48 0 0 0 Yes
48.1 0 0 0 Yes
48.2 0 0 0 Yes
51 0 0 E No
52 0 0 E Yes
53 0 0 E No
54 0 0 E,W,S No
55 0 0 E,G,W,S No
56 10 824 0 No
57 0 0 E,W,S No
58 0 0 E No
60 0 0 E,W,S,G No
62 53 865 E No
64 0 0 E,H,W No
71 0 0 E,G No
72 0 0 E Yes
75 0 0 0 No
80 0 0 E No
84 0 0 E No
85 0 0 E No
88 0 0 E Yes
90 0 0 E Yes
92 0 0 E No
96 0 0 0 0
97 0 0 E No
98 0 0 E,G Yes
100 0 0 E 0
101 0 0 E,G Yes
102 0 0 E No
104 0 0 E No
105 3 1,308 E No
106 0 0 E,W,S No
108 0 0 E No
109 0 0 E Yes
110 0 0 E No
111 0 0 E No
112 0 0 E,G No
114 0 0 E,G No
116 0 0 G No
117 0 0 E No
122 0 0 E No
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