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THE RIGHT RELATIONSHIP IS EVERYTHING.(Registered)
New Issue Term Sheet
-------------------------
$704,388,241
(Approximate)
Chase Commercial Mortgage Securities Corp.
Commercial Mortgage Pass-Through Certificates
Series 1999-2
-------------------------
Chase Commercial Mortgage Securities Corp.--Depositor
General Electric Capital Loan Services, Inc.--Master Servicer
General Electric Capital Corporation--Mortgage Loan Seller
The Chase Manhattan Bank--Mortgage Loan Seller
-------------------------
For Further Information Contact:
Xxxxx Xxxxxxxx
Managing Director
Chase Securities Inc.
000-000-0000
CHASE SECURITIES INC. XXXXXXX XXXXX XXXXXX
Book Running Manager
The analyses in this report are based upon information provided by The Chase
Manhattan Bank and General Electric Capital Corporation (the "Sellers"). Chase
Securities Inc. and Xxxxxxx Xxxxx Xxxxxx, Inc. (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to you by the Underwriters and will be superseded by the applicable final
Prospectus and Prospectus Supplement and any other information subsequently
filed with the Securities and Exchange Commission. 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
final Prospectus Supplement and Prospectus 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 (other than Chase Securities Inc).
THE UNDERWRITERS ARE NOT ACTING AS AGENTS FOR THE ISSUER OR ITS AFFILIATES IN
CONNECTION WITH THE PROPOSED TRANSACTION.
November 5, 1999
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THE RIGHT RELATIONSHIP IS EVERYTHING.(Registered)
Contents
Topic Page
----- ----
Summary of Certificates 3
Summary of Issue 4
Structural Characteristics 5
Collateral Characteristics 8
Summary Statistics 9
Ten Largest Loans 12
CHASE SECURITIES INC. XXXXXXX XXXXX XXXXXX
Book Running Manager
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT AND PROSPECTUS. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
Page 2 of 13
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THE RIGHT RELATIONSHIP IS EVERYTHING.(Registered)
Summary of Certificates
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Initial Class Initial
Certificate Pass- Assumed Pass- Weighted Principal or
Balance or Approximate Through Final Through Average Expected Notional
Notional Credit Rate Distribution Rate Life CUSIP Ratings Principal
Class Amount (1) Support Description Date (4) (App.) (App.) (5) No. (S&P/DCR) Window (5)
-----------------------------------------------------------------------------------------------------------------------------------
A-1 $105,920,000 26.50% Fixed 10/15/08 % 5.50 yrs. AAA/AAA 12/99-10/08
A-2 $469,330,397 26.50% Fixed 11/15/08 % 9.83 yrs. AAA/AAA 10/08-11/09
X $782,653,601 N/A WAC 8/15/23 % 9.46 yrs. AAAr/AAA 12/99-8/23
(Interest
Only) (2)
B $41,089,314 21.25% Fixed (3) 11/15/09 % 9.98 yrs. AA/AA 11/09-11/09
C $37,176,046 16.50% Fixed (3) 11/15/09 % 9.98 yrs. A/A 11/09-11/09
D $11,739,804 15.00% Fixed (3) 11/15/09 % 9.98 yrs. A-/A- 11/09-11/09
E $27,392,876 11.50% Fixed (3) 11/15/09 % 9.98 yrs. BBB/BBB 11/09-11/09
F $11,739,804 10.00% Fixed (3) 11/15/09 % 9.98 yrs. BBB-/BBB- 11/09-11/09
G $27,392,876 N/A Fixed N/A % N/A N/A N/A N/A
H $7,826,536 N/A Fixed N/A % N/A N/A N/A N/A
I $6,848,219 N/A Fixed N/A % N/A N/A N/A N/A
J $8,804,853 N/A Fixed N/A % N/A N/A N/A N/A
K $6,848,219 N/A Fixed N/A % N/A N/A N/A N/A
L $5,869,902 N/A Fixed N/A % N/A N/A N/A N/A
M $14,674,755 N/A Fixed N/A % N/A N/A N/A N/A
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(1) Approximate, subject to a permitted variance of plus or minus 10%.
(2) The pass-through rate on the Class X certificates will be equal to the
excess, if any, of (1) the weighted average of the net interest rates on
the mortgage loans (in each case adjusted if necessary to accrue on the
basis of a 360-day year consisting of twelve 30-day months), over (2) the
weighted average of the pass-through rates of the other certificates
(other than the residual certificates and the Chase Certificate) as
described in the prospectus supplement.
(3) For any distribution date, if the weighted average of the net interest
rates on the mortgage loans (in each case adjusted if necessary to accrue
on the basis of a 360-day year consisting of twelve 30-day months) as of
the first day of the related due period is less than the rate specified
for the Class A-2, Class B, Class C, Class D, Class E, and Class F
certificates with respect to the distribution date, then the pass-through
rate for that class of certificates on that distribution date will equal
the weighted average net mortgage rate.
(4) The assumed final distribution dates set forth in the prospectus
supplement have been determined on the basis of the assumptions described
in "Description of the Certificates--Assumed Final Distribution Date;
Rated Final Distribution Date" in the prospectus supplement. The rated
final distribution date for each class of certificates is December 15,
2031. See "Description of the Certificates--Assumed Final Distribution
Date; Rated Final Distribution Date" in the prospectus supplement.
(5) The weighted average life and period during which distributions of
principal would be received set forth in the foregoing table with respect
to each class of certificates is based on the assumptions set forth under
"Yield and Maturity Considerations--Weighted Average Life" in the
prospectus supplement and on the assumptions that there are no
prepayments (other than on each anticipated prepayment date, if any), or
losses on the mortgage loans and no extensions of maturity dates of
mortgage loans.
The Class S, R and LR certificates are not represented in this table.
CHASE SECURITIES INC. XXXXXXX XXXXX XXXXXX
Book Running Manager
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT AND PROSPECTUS. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
Page 3 of 13
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THE RIGHT RELATIONSHIP IS EVERYTHING.(Registered)
Summary of Issue
Issue Type: Sequential pay multi-class commercial mortgage REMIC
Offered Securities: Classes A-1, A-2, X, B, C, D, E and F
Collateral: $783MM pool of 92 fixed-rate commercial and multifamily mortgage loans
Loan Sellers: General Electric Capital Corporation and The Chase Manhattan Bank
Depositor: Chase Commercial Mortgage Securities Corp.
Underwriters: Chase Securities Inc.--Book Running Lead Manager
Xxxxxxx Xxxxx Xxxxxx--Co-Manager
Master Servicer: GE Capital Loan Services, Inc.
Primary Servicers: The Chase Manhattan Bank and GE Capital Loan Services, Inc.
Special Servicer: ORIX Real Estate Capital Markets, LLC
Trustee: Norwest Bank Minnesota, NA
Rating Agencies: Standard & Poor's and Duff & Xxxxxx
Cut-Off Date: November 10, 1999
Closing Date: On or about November 23, 1999
Distribution Date: The 15th day of the month or the next business day, beginning December 1999
Determination Date: The 11th day of the month or the next business day
Denominations: The Offered Certificates will be maintained and transferred in book-entry form and issued in
denominations of $10,000 initial certificate balance, or in the case of the Class X
Certificates, $1,000,000 initial notional amount and integral multiples of $1,000 in excess of
that amount.
ERISA Considerations: Class A-1, Class A-2 and Class X certificates are expected to be ERISA eligible, subject to
certain conditions
SMMEA Eligibility: No certificates are eligible
Certificate Registration: Certificate owners may hold their Certificates through DTC (in the United States) or Cedelbank
or Euroclear (in Europe) if they are Participants of that system, or indirectly through
organizations that are Participants in those systems.
CHASE SECURITIES INC. XXXXXXX XXXXX XXXXXX
Book Running Manager
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT AND PROSPECTUS. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
Page 4 of 13
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THE RIGHT RELATIONSHIP IS EVERYTHING.(Registered)
Structural Characteristics
Interest Accrual Period: Interest will accrue on the offered certificates during the calendar month prior to the
related distribution date and will be calculated assuming that each month has 30 days and
each year has 360 days.
Pass-Through Rates: Certificates will accrue interest at an annual rate called a pass-through rate which is set
forth below for each class of the offered certificates.
Class A-1 [__]%
Class A-2 [__]%
Class X [__]% (1)
Class B [__]% (1)
Class C [__]% (1)
Class D [__]% (1)
Class E [__]% (1)
Class F [__]% (1)
(1) For any distribution date, if the weighted average of the net interest
rates on the mortgage loans (in each case adjusted if necessary to accrue
on the basis of a 360-day year consisting of twelve 30-day months) as of
the first day of the related due period is less than the rate specified for
the Class A-2, Class B, Class C, Class D, Class E or Class F certificates
with respect to the distribution date, then the pass-through rate for that
class of certificates on that distribution date will equal the weighted
average net mortgage rate.
Principal Distributions: On each distribution date, funds available for distribution from the mortgage loans, net of
specified trust expenses, will be distributed to the class of certificates outstanding, with
the earliest alphabetical/numerical Class designation, until its Certificate Balance is
reduced to zero. If each class of certificates other than Class A has been reduced to zero,
funds available for principal will be distributed to Class A-1 and Class A-2, pro rata,
rather than sequentially.
Interest Distributions: Each Class of certificates (other than the Class X certificates) will be entitled on each
distribution date to interest accrued at its pass-through rate on the outstanding certificate
balance of such Class during the prior calendar month. The Class X certificates will be entitled
on each distribution date to the aggregate interest accrued on its notional amount during the
prior calendar month.
CHASE SECURITIES INC. XXXXXXX XXXXX XXXXXX
Book Running Manager
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT AND PROSPECTUS. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
Page 5 of 13
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THE RIGHT RELATIONSHIP IS EVERYTHING.(Registered)
Structural Characteristics (continued)
Prepayment Provisions: Each mortgage loan prohibits prepayments (including defeasance) for a specified
period of time after its date of origination (a "Lockout Period"). In addition, each
mortgage loan restricts voluntary prepayments in one of the following ways:
(1) 91 of the mortgage loans, representing approximately 99.73% of the Initial
Pool Balance, permit only defeasance after the expiration of the Lockout
Period; and
(2) 1 of the mortgage loans, representing approximately 0.27% of the Initial
Pool Balance, requires that principal prepayment made during a specified
period of time after the Lockout Period (a "Yield Maintenance Period"), be
accompanied by a Yield Maintenance Charge.
Yield Maintenance Charges: On any distribution date, yield maintenance charges collected during the related due
period will be required to be distributed by the paying agent to the holders of the
Class X certificates. No yield maintenance charges will be distributed to holders of
any other class of certificate.
Representations In each Purchase Agreement, the applicable Mortgage Loan Seller makes certain
and Warranties: representations and warranties with respect to each mortgage loan sold by the
Mortgage Loan Seller.
CHASE SECURITIES INC. XXXXXXX XXXXX XXXXXX
Book Running Manager
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT AND PROSPECTUS. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
Page 6 of 13
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THE RIGHT RELATIONSHIP IS EVERYTHING.(Registered)
Collateral Characteristics
Aggregate principal balance(1) $782,653,601
Number of mortgage loans 92
Number of mortgaged properties 118
Number of "balloon" mortgage loans(2) 87
Range of mortgage loan principal balances $1,198,753 to $47,945,886
Average mortgage loan principal balance.. $8,507,104
Range of mortgage rates 6.49% to 8.83%
Weighted average mortgage rate 8.13%
Weighted average original term to maturity date(3) 123 months
Range of remaining terms to maturity date(3) 58 months to 285 months
Weighted average remaining term to maturity date(3) 121 months
Weighted average original amortization term 349 months
Weighted average remaining amortization term 348 months
Weighted average loan to value ratio 71.98%
Weighted average loan to value ratio as of the maturity date(3) 62.58%
Weighted average occupancy rate(4) 94.17%
Weighted average debt service coverage ratio(2) 1.29x
(1) Subject to a permitted variance of plus or minus 10%.
(2) The balloon mortgage loan information shown above excludes mortgage
loans with an anticipated prepayment date.
(3) In the case of 3 mortgage loans, the anticipated prepayment date.
(4) The weighted average occupancy rate information shown above includes 7
hotel properties, representing approximately 7.49% of the aggregate
principal balance, which have occupancy rates that generally range from
59% to 89%; if the mortgage loans secured by hotel properties are
excluded, the weighted average occupancy rate of all other mortgage
loans is 95.12%.
CHASE SECURITIES INC. XXXXXXX XXXXX XXXXXX
Book Running Manager
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT AND PROSPECTUS. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
Page 7 of 13
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THE RIGHT RELATIONSHIP IS EVERYTHING.(Registered)
Summary Statistics
Current Use of Mortgaged Properties
Number of Aggregate % of
Mortgaged Principal Balance of the Initial
Current Use Properties Mortgage Loans Pool Balance
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Multifamily 26 $218,775,349 27.95%
Anchored Retail 17 191,198,804 24.43
Office 25 157,011,367 20.06
Industrial 28 94,816,810 12.11
Hotel 7 58,650,842 7.49
Manufactured Housing 6 34,620,346 4.42
Unanchored Retail 5 14,453,910 1.85
Self-Storage 4 13,126,173 1.68
Total 118 $782,653,601 100.00%
Geographic Distribution*
Number of Aggregate % of
Mortgaged Principal Balance of the Initial Pool
State Properties Mortgage Loans Balance
--------------------------------------------------------------------------------
California 36 $259,130,854 33.11%
Texas 18 89,268,882 11.41
Florida 9 76,178,234 9.73
Massachusetts 1 47,945,886 6.13
Virginia 1 40,953,778 5.23
Other 53 269,175,967 34.39
Total 118 $782,653,601 100.00%
*The mortgaged properties are located in 25 states. The table above
lists the states which have concentrations of mortgaged properties above 5%.
Range of Mortgage Rates
Number of Aggregate % of
Mortgage Principal Balance of Initial Pool
Range of Rates Loans the Mortgage Loans Balance
--------------------------------------------------------------------------------
6.490% to 7.499% 4 $17,205,663 2.20%
7.500% to 7.849% 11 99,324,948 12.69
7.850% to 7.999% 13 190,120,988 24.29
8.000% to 8.199% 20 144,931,213 18.52
8.200% to 8.399% 25 156,713,501 20.02
8.400% to 8.599% 14 102,434,287 13.09
8.600% to 8.830% 5 71,923,000 9.19
Total 92 $782,653,601 100.00%
CHASE SECURITIES INC. XXXXXXX XXXXX XXXXXX
Book Running Manager
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT AND PROSPECTUS. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
Page 8 of 13
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THE RIGHT RELATIONSHIP IS EVERYTHING.(Registered)
Summary Statistics (continued)
Range of Principal Balances
% of
Number of Aggregate Initial
Range of Mortgage Principal Balance of Pool
Cut-Off Date Balances Loans the Mortgage Loans Balance
-------------------------------------------------------------------------------
$1,198,753 to $2,500,000 14 $24,894,048 3.18%
$2,500,001 to $5,000,000 29 106,528,286 13.61
$5,000,001 to $10,000,000 25 171,349,300 21.89
$10,000,001 to $15,000,000 10 117,610,987 15.03
$15,000,001 to $25,000,000 8 155,059,588 19.81
$25,000,001 to $40,000,000 4 118,311,728 15.12
$40,000,001 to $47,945,886 2 88,899,665 11.36
Total 92 $782,653,601 100.00%
Basis for Accrual of Interest
% of
Number of Aggregate Initial
Mortgage Principal Balance of Pool
Accrual Basis Loans the Mortgage Loans Balance
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Actual/360 91 $763,708,601 97.58%
30/360 1 18,945,000 2.42
Total 92 $782,653,601 100.00%
Range of DSCRs
% of
Number of Aggregate Initial
Mortgage Principal Balance of Pool
Range of DSCRs Loans the Mortgage Loans Balance
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1.1430 to 1.1999 2 $20,625,000 2.64%
1.2000 to 1.2249 15 175,180,661 22.38
1.2250 to 1.2499 12 99,720,056 12.74
1.2500 to 1.2999 28 292,554,112 37.38
1.3000 to 1.4999 26 158,009,144 20.19
1.5000 to 1.9999 7 26,720,003 3.41
2.0000 to 2.0800 2 9,844,624 1.26
Total 92 $782,653,601 100.00%
CHASE SECURITIES INC. XXXXXXX XXXXX XXXXXX
Book Running Manager
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT AND PROSPECTUS. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
Page 9 of 13
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THE RIGHT RELATIONSHIP IS EVERYTHING.(Registered)
Summary Statistics (continued)
Range of LTVs
% of
Number of Aggregate Initial
Mortgage Principal Balance of Pool
Range of LTVs Loans the Mortgage Loans Balance
-------------------------------------------------------------------------------
46.90% to 59.99% 2 $9,844,624 1.26%
60.00% to 64.99% 5 23,596,539 3.01
65.00% to 68.99% 17 208,379,473 26.62
69.00% to 72.99% 20 216,411,152 27.65
73.00% to 76.99% 26 204,867,211 26.18
77.00% to 79.99% 18 92,422,725 11.81
80.00% to 81.49% 4 27,131,876 3.47
Total 92 $782,653,601 100.00%
Range of Remaining Term to Maturity Date
% of
Range of Remaining Number of Aggregate Initial
Terms (months) Mortgage Principal Balance of Pool
Loans the Mortgage Loans Balance
-------------------------------------------------------------------------------
58 to 84 2 $17,339,425 2.22%
85 to 108 1 13,293,723 1.70
109 to 115 3 12,263,624 1.57
116 to 119 42 381,974,666 48.81
120 to 120 39 327,176,500 41.80
121 to 240 4 28,476,864 3.64
241 to 285 1 2,128,799 .27
Total 92 $782,653,601 100.00%
Amortization Types
% of
Number of Aggregate Initial
Mortgage Principal Balance of Pool
Type of Amortization Loans the Mortgage Loans Balance
--------------------------------------------------------------------------------
Balloon Loans 87 $752,047,938 96.09%
Fully Amortizing Loans 2 15,528,799 1.98
Loans with an
Anticipated
Prepayment Date 3 15,076,864 1.93
Total 92 $782,653,601 100.00%
CHASE SECURITIES INC. XXXXXXX XXXXX XXXXXX
Book Running Manager
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT AND PROSPECTUS. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
Page 10 of 13
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THE RIGHT RELATIONSHIP IS EVERYTHING.(Registered)
Ten Largest Loans
% of Stated
Number of Cut-Off Date Initial Remaining
Mortgaged Balance Pool Property Mortgage Term
Property Name Properties Balance Type Rate (months)
-----------------------------------------------------------------------------------------------------------------
Auburn Mall 1 $47,945,886 6.13% Retail 7.99% 118
Apple Blossom Mall 1 40,953,778 5.23 Retail 7.99% 118
Tuscan Inn at Fisherman's Wharf 1 34,000,000 4.34 Hotel 8.83% 120
Torrance Promenade 1 30,000,000 3.83 Retail 8.30% 120
Windsor Apartments 1 27,487,296 3.51 Multifamily 7.92% 119
Orange County Portfolio I 9 26,824,431 3.43 Industrial/ 8.18% 117
Office
Seven Penn Center 1 24,000,000 3.07 Office 8.43% 120
Orange County Portfolio II 8 22,229,344 2.84 Industrial/ 8.43% 117
Office
Winstanley Portfolio 9 21,479,500 2.74 Industrial/ 8.44% 120
Office
City National Bank 1 19,000,000 2.43 Office 8.70% 120
Total 33 $293,920,236 37.55% 8.26% 119
Cut-Off LTV
Date Ratio
Underwritten LTV at
Property Name DSCR Ratio Maturity
-----------------------------------------------------------------------
Auburn Mall 1.26 68.01% 60.69
Apple Blossom Mall 1.25 71.85% 64.41
Tuscan Inn at Fisherman's Wharf 1.46 66.80% 56.47
Torrance Promenade 1.23 71.43% 64.42
Windsor Apartments 1.21 76.35% 68.31
Orange County Portfolio I 1.30 71.06% 64.02
Seven Penn Center 1.21 66.67% 60.30
Orange County Portfolio II 1.30 69.58% 62.67
Winstanley Portfolio 1.20 74.04% 61.94
City National Bank 1.29 67.86% 61.74
Total 1.27 70.25% 62.44
Auburn Mall. The Auburn Mall loan is secured by a first lien deed of trust on a
one and two-story enclosed regional mall located in Auburn, Massachusetts. The
mall contains a total of approximately 595,273 square feet of net leasable area
and is anchored by Sears and Filene's. The mortgaged contains a total of
approximately 430,273 square feet of net leasable area. Approximately 165,000
square feet is occupied by 1 anchor tenant, Filene's, and is not collateral for
the mortgage loan. The mortgaged property contains 87,500 square feet of net
leasable area which was previously occupied by a Caldor. The space is currently
vacant and the related lease was assumed by a third party upon Xxxxxx's
bankruptcy that continues to pay rent, but does not occupy space. The
underwriting for the mortgage loan assumed no revenue from such unoccupied
space. The mall was constructed in 1971 and renovated in 1997. As of November
1999, the mall was approximately 82.4%% occupied. The sponsor of the borrower is
Simon Property Group, Inc. As of August 1999, Simon Property Group, Inc. owned
or had an interest in 252 properties in 36 states.
Apple Blossom Mall. The Apple Blossom Mall loan is secured by a first lien
mortgage on a one-story, enclosed regional mall located in Winchester, Virginia.
The mall contains a total of approximately 439,353 square feet of net leasable
area and is anchored by X.X. Xxxxxx, Sears and Belk. The mortgaged property
contains a total of approximately 365,085 square feet of net leasable area.
Approximately 74,268 square feet is owned and occupied by 1 anchor tenant, Belk,
which is not collateral for the mortgage loan. The mall was constructed in 1982
and renovated in 1996. As of November 1999, the property was approximately 92.3%
occupied. The sponsor of the borrower is Simon Property Group, Inc. As of August
1999, Simon Property Group, Inc. owned or had an interest in 252 properties in
36 states.
CHASE SECURITIES INC. XXXXXXX XXXXX XXXXXX
Book Running Manager
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT AND PROSPECTUS. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
Page 11 of 13
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THE RIGHT RELATIONSHIP IS EVERYTHING.(Registered)
Ten Largest Loans (continued)
Tuscan Inn at Fisherman's Wharf. The Tuscan Inn at Fisherman's Wharf loan is
secured by a first lien mortgage on a four-story full-service hotel located in
San Francisco, California. The mortgaged property contains 221 rooms, meeting
space and a restaurant. Although not subject to a franchise agreement, the
Tuscan Inn has been a member of the Best Western reservation system since 1994.
The property was built in 1990 and renovated in 1997. As of August 1999, the
prior 12-months occupancy rate of the mortgaged property was approximately
89.1%. As of October 1999, the sponsor of the borrower is The Kimpton Hotel &
Restaurant Management Co., which manages 26 hotel properties.
Torrance Promenade. The Torrance Promenade loan is secured by a first lien
mortgage on a retail shopping center located in Torrance, California. The
mortgaged property contains a total of approximately 266,907 square feet of net
leasable area and is anchored by Sears Homelife, Linens-N-Things, Marshalls,
Xxxx Dress for Less, Xxxxxxxx'x, Office Depot, Kids-R-Us, Petco and Jennifer
Convertibles. One of the tenants, Xxxxxxxx'x has declared Chapter 11 bankruptcy,
but remains open. The shopping center was constructed in 1973 and renovated in
1989. As of September 1999, the property was approximately 99.7% occupied. The
sponsor of the borrower is Center Trust, Inc. As of September 1999, Center
Trust, Inc. owned or controlled a portfolio of 47 community shopping centers, 2
regional malls and 10 single tenant facilities in the Western United States.
Windsor Apartments. The Windsor Apartments loan is secured by a first lien
mortgage on a 388-unit, apartment complex consisting of 12 3-story buildings
located in Hollywood, Florida. The property contains a total of 102 1-bedroom
units, 216 2-bedroom units, and 70 3-bedroom units. Amenities available to
residents include three swimming pools, a theatre, business center, billiards
room, two-lane bowling alley, one racquetball court, fitness complex, a tennis
court and a volleyball court. The complex was constructed in 1997. As of
September 1999, the property was approximately 96.0% occupied. The sponsor of
the borrower is Wiener Family Partnership. As of November 1999, the sponsor and
its affiliates own and operate over 10,000 multifamily units throughout the
country.
Orange County Industrial/Office Portfolio I. The Orange County Industrial/Office
Portfolio I loan is secured by first lien mortgages on 6 industrial properties
and 3 office properties located throughout Orange County, California. The
portfolio contains a total of 457,671 square feet of net leasable area and as of
September 1999 (or in 1 case, October 1999), have a weighted average occupancy
rate of approximately 97.8%. The industrial properties are located in Costa
Mesa, CA, Tustin, CA and Irvine, CA. The 3 office properties comprise a total of
approximately 54,477 square feet, and as of September 1999 were 100% occupied.
The office properties are located in Irvine, CA. The Orange County
Industrial/Office Portfolio I loan is cross-collateralized and cross-defaulted
with the Orange County Industrial/Office Portfolio II loan. The sponsor is Xxxx
Properties Corp. As of November 1999, the company's portfolio includes over 3.5
million square feet of commercial space and 6,400 multifamily units located
throughout Southern California, Nevada and Florida.
CHASE SECURITIES INC. XXXXXXX XXXXX XXXXXX
Book Running Manager
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT AND PROSPECTUS. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
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THE RIGHT RELATIONSHIP IS EVERYTHING.(Registered)
Ten Largest Loans (continued)
Seven Penn Center. The Seven Penn Center loan is secured by a first lien
mortgage on a 19-story class "A" office building located in Philadelphia,
Pennsylvania. The property contains a total of approximately 252,398 square feet
of net leasable office space and 32,842 square feet of net leasable retail
space. The property was constructed in 1966 and renovated between 1987 and 1989.
As of October 1999, the property was approximately 91.0% occupied. The sponsors
of the borrower are Xxxxx X. Xxxxxxx and the Arden Group.
Orange County Industrial/Office Portfolio II. The Orange County
Industrial/Office Portfolio II loan is secured by first lien mortgages on 5
industrial properties and 3 office properties located throughout Orange County,
California. The portfolio contains a total of 355,208 square feet of net
leasable area, and as of September 1999 the properties had a weighted average
occupancy rate of 99.4%. The industrial properties are located in Irvine, CA,
Orange, CA and Yorba Linda, CA. The industrial properties contain a total of
281,311 square feet of net leasable area and as of September 1999 had a weighted
average occupancy of 98.0%. The 3 office properties are located in Newport
Beach, CA, Santa Ana, CA and Irvine, CA and comprise a total of 73,897 square
feet of net leasable area. As of September 1999, the properties had a weighted
average occupancy rate of 98.0%. The Orange County Industrial/Office Portfolio
II loan is cross-collateralized and cross-defaulted with Orange County
Industrial/Office Portfolio I. The sponsor is Xxxx Properties Corp. As of
November 1999, the company's portfolio includes over 3.5 million square feet of
commercial space and 6,400 multifamily units located throughout Southern
California, Nevada and Florida.
Winstanley Portfolio. The Winstanley Portfolio loan is secured by first lien
mortgages on 8 single-story industrial and office properties located in
Wallingford, Connecticut and one industrial property located in Berlin,
Connecticut. The properties consist of 3 industrial, 3 office/industrial and 3
office properties containing a total of approximately 378,120 net leasable
square feet. As of August 1999, the properties had a weighted average occupancy
of approximately 98.3% occupied. The sponsor of the borrower is Winstanley
Enterprises, LLC.
City National Bank. The City National Bank loan is secured by a first lien
mortgage on a 24-story class "A" office building located in Los Angeles,
California. The property contains a total of approximately 284,103 square feet
of net leasable office space. The property was constructed in 1972 and renovated
in 1997. As of September 1999, the property was approximately 98.3% occupied.
The sponsor of the borrower is Xxxx Xxxxxxxxx.
XXXXX SECURITIES INC. XXXXXXX XXXXX XXXXXX
Book Running Manager
THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS SUPPLEMENT AND PROSPECTUS. THIS PAGE MUST BE
ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE
CONTACT YOUR SALES REPRESENTATIVE.
Page 13 of 13
