March 25, 1998
The Persons Named
on Schedule 1 Hereto
Re: NationsLink Funding Corporation,
Commercial Mortgage Pass-Through Certificates, Series 1998-1
Ladies and Gentlemen:
We are rendering this opinion letter pursuant to Section 6(b) of that
certain Underwriting Agreement, dated March 9, 1998 (the "Underwriting
Agreement"), by and between NationsLink Funding Corporation, a Delaware
corporation ("NationsLink"), and NationsBanc Xxxxxxxxxx Securities LLC, a North
Carolina corporation ("NationsBanc Xxxxxxxxxx"), as underwriter (in such
capacity, the "Underwriter"), and Section 3(e) of that certain Private Placement
Agency Agreement, dated March 9, 1998 (the "Placement Agreement"), by and
between NationsLink and NationsBanc Xxxxxxxxxx, as placement agent (in such
capacity, the "Placement Agent"). We have acted as special counsel to
NationsBank, N.A. ("NationsBank") and NationsLink in connection with (i) the
purchase by NationsLink from NationsBank of all of its right, title and interest
in and to the Mortgage Loans (as defined below) pursuant to that certain
Mortgage Loan Purchase and Sale Agreement dated as of March 25, 1998 (the
"Mortgage Loan Purchase and Sale Agreement"), by and between NationsLink and
NationsBank, and (ii) the execution of the Pooling and Servicing Agreement (as
defined below) by NationsLink and NationsBank. We have also acted as counsel to
NationsBanc Xxxxxxxxxx in its capacity as Underwriter and Placement Agent in
connection with (i) the issuance of NationsLink's Commercial Mortgage
Pass-Through Certificates, Series 1998-1 (the "Certificates"), consisting of
sixteen classes: the Class A-1 Certificates, the Class A-2 Certificates, the
Class A-3 Certificates, the Class X-1 Certificates, the Class X-2 Certificates,
the Class B Certificates, the Class C Certificates, the Class D Certificates,
the Class E Certificates, the Class F Certificates, the Class G Certificates,
the Class H Certificates, the Class J Certificates, the Class K Certificates,
the Class R-I Certificates and the Class R-II Certificates; (ii) the sale by
NationsLink and the purchase by the Underwriter pursuant to the Underwriting
Agreement of the Class A-1, the Class A-2, the Class A-3, the Class X-1, the
Class X-2, the Class B, the Class C, the Class D and the Class E Certificates
(collectively, the "Publicly Offered Certificates"); and (iii) the sale by
NationsLink through the Placement Agent pursuant to the Placement Agreement of
the Class F, the Class G, the Class H, Class J and the Class K Certificates
(collectively, the "Privately Placed Certificates"). The Certificates are being
issued pursuant to that certain Amended and Restated Pooling and Servicing
Agreement, dated as of March 1, 1998 (the "Pooling and Servicing Agreement"), by
and among NationsLink, as depositor, NationsBank, as mortgage loan seller,
Midland Loan Services, L.P., as master servicer (the "Master Servicer"), Lennar
Partners, Inc., as special servicer (the "Special Servicer"), and Norwest Bank
Minnesota, National Association, as trustee (in such capacity, the "Trustee")
and as REMIC administrator (in such capacity, the "REMIC Administrator").
Capitalized terms used and not otherwise defined herein have the meanings given
to them in the Pooling and Servicing Agreement. The Certificates will evidence
beneficial ownership interests in a trust fund (the "Trust Fund") the assets of
which will consist primarily of the mortgage loans (the "Mortgage Loans")
identified on Schedule I to the Pooling and Servicing Agreement, together with
certain related assets.
In rendering the opinions set forth below, we have examined and relied upon
originals, copies or specimens, certified or otherwise identified to our
satisfaction, of the Underwriting Agreement, the Placement Agreement, the
Pooling and Servicing Agreement and the Mortgage Loan Purchase and Sale
Agreement and all exhibits thereto (collectively, the "Agreements"), the
Registration Statement on Form S-3 (No. 333-43609) which was filed with the
Securities and Exchange Commission (the "Commission") on December 31, 1997 and
which became effective on February 4, 1998 (as amended through the date hereof,
the "Registration Statement"), the Prospectus and Prospectus Supplement relating
to the Offered Certificates, each dated March 9, 1998 (collectively, the
"Prospectus") as filed with the Commission pursuant to Rule 424(b)(5) under the
Securities Act of 1933, as amended (the "Act"), on March 11, 1998, and the
Private Placement Memorandum dated March 24, 1998 (the "Private Placement
Memorandum") relating to the Privately Placed Certificates, specimen forms of
the Certificates, and such certificates, corporate records and other documents,
agreements, instruments and opinions, including, among other things, those
delivered at the closing of the purchase and sale of the Certificates (the
"Closing"), as we have deemed necessary as a basis for such opinions hereinafter
expressed. In connection with such examination, we have assumed the genuineness
of all signatures, the authenticity of all documents, agreements and instruments
submitted to us as originals, the conformity to original documents, agreements
and instruments of all documents, agreements and instruments submitted to us as
copies or specimens, the conformity of the text of each document filed with the
Commission through the Commission's Electronic Data Gathering, Analysis and
Retrieval system to the printed document reviewed by us, the authenticity of the
originals of such documents, agreements and instruments submitted to us as
copies or specimens, and the accuracy of the matters set forth in the documents,
agreements and instruments we reviewed. As to any facts material to such
opinions that were not known to us, we have relied upon statements, certificates
and representations of officers and other representatives of NationsLink,
NationsBank, the Master Servicer, the Special Servicer, the Trustee, the REMIC
Administrator and NationsBanc Xxxxxxxxxx and of public officials.
We have assumed that each party to the Agreements had the power and
authority to enter into and perform the obligations undertaken by it under the
Agreements to which it is a party, that the Agreements were duly authorized,
executed and delivered by such party, and that, with respect to each such party
(other than NationsLink and NationsBank), each such Agreement constitutes the
legal, valid, and binding agreement of such party. As used herein, "to our
knowledge" means the conscious awareness, without independent investigation, of
facts or other information by any lawyer in our firm actively involved in the
transactions contemplated by the Agreement.
In rendering the opinions below, we do not express any opinion concerning
the laws of any jurisdiction other than the substantive laws of the State of New
York and, where expressly referred to below, the substantive federal laws of the
United States of America (in each case without regard to conflicts of laws
principles), and we express no opinion as to whether a court outside the State
of New York would honor the choice of New York law in any agreement or
instrument referred to herein.
For purposes hereof, the terms "Registration Statement" and "Prospectus" do
not include the Forms 8-K, or the exhibits thereto, filed with the Securities
and Exchange Commission on February 27, 1998 and March 11, 1998, and we express
no view with respect thereto.
Based upon and subject to the foregoing, we are of the opinion that:
1. The Registration Statement (which for purposes of this opinion shall not
be deemed to include any exhibits filed therewith or any documents incorporated
therein by reference) is effective under the Act and, to our knowledge, no stop
order with respect thereto has been issued by the Commission.
2. The Registration Statement, as of its effective date, and the
Prospectus, as of its date (in each case, with the exception of any information
incorporated by reference therein and any financial, numerical, statistical or
quantitative information included therein, as to which we express no view),
appear on their face to be appropriately responsive in all material respects to
the requirements of the Act and the rules and regulations thereunder applicable
to such documents as of the relevant date.
3. The statements in the Prospectus and the Private Placement Memorandum
under the headings "Certain Federal Income Tax Consequences" and "Certain ERISA
Considerations", insofar as such statements purport to summarize matters of
federal law or legal conclusions with respect thereto, have been reviewed by us
and are correct in all material respects.
4. The Pooling and Servicing Agreement is not required to be qualified
under the Trust Indenture Act of 1939, as amended, and the Trust Fund created by
the Pooling and Servicing Agreement is not required to be registered under the
Investment Company Act of 1940, as amended.
5. Each of the Mortgage Loan Purchase and Sale Agreement and the Pooling
and Servicing Agreement constitutes the legal, valid and binding agreement of
NationsLink and NationsBank, enforceable against each of them in accordance with
its terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency, fraudulent conveyance, liquidation, receivership,
moratorium, reorganization and similar laws affecting creditors' rights
generally, and general principles of equity (regardless of whether enforcement
is sought in a proceeding in equity or at law), and except that the enforcement
of rights with respect to indemnification and contribution obligations may be
limited by applicable law.
6. The Certificates, when duly and validly executed, authenticated and
delivered in accordance with the Pooling and Servicing Agreement and paid for in
accordance with the Underwriting Agreement or the Placement Agreement, as
applicable, will be validly issued and outstanding and entitled to the benefits
provided by the Pooling and Servicing Agreement.
7. Assuming the accuracy of the representations and warranties in the
Placement Agreement and compliance with the terms and provisions of the Pooling
and Servicing Agreement and the Placement Agreement, it is not necessary in
connection with the offer and sale of the Privately Placed Certificates by
NationsLink to the initial purchasers thereof, under the circumstances
contemplated by the Placement Agreement and the Pooling and Servicing Agreement,
to register the Privately Placed Certificates under the Act.
We are furnishing this letter to you solely for your benefit in connection
with the transactions referred to herein. This opinion is not to be relied upon,
used, circulated, quoted or otherwise referred to by any other person or for any
other purpose without our prior written consent.
Very truly yours,
SCHEDULE 1
NationsBanc Xxxxxxxxxx Securities LLC
000 Xxxxx Xxxxx Xxxxxx
Xxxxxxxxx, Xxxxx Xxxxxxxx 00000
Xxxxx'x Investor Service, Inc.
00 Xxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Fitch IBCA, Inc.
One State Street Plaza
New York, New York 1007
Duff & Xxxxxx Credit Rating Co.
00 Xxxx Xxxxxx Xxxxxx
Xxxxxxx, Xxxxxxxx 00000
Midland Loan Services, L.P.
in its capacity as Master Servicer
000 Xxxx 00xx Xxxxxx, 0xx Xxxxx
Xxxxxx Xxxx, Xxxxxxxx 00000
Lennar Partners, Inc.
in its capacity as Special Servicer
000 XX 000xx Xxxxxx, Xxxxx 000
Xxxxx, Xxxxxxx 00000
Norwest Bank Minnesota, National Association
in its capacity as Trustee and REMIC Administrator
0 Xxx Xxxx Xxxxx, 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
March 25, 1998
To the Persons Named on
Schedule 1 Hereto:
Re: NationsLink Funding Corporation,
Commercial Mortgage Pass-Through Certificates, Series 1998-1
Ladies and Gentlemen:
We are rendering this opinion letter pursuant to Section 6(b) of that
certain Underwriting Agreement, dated March 9, 1998 (the "Underwriting
Agreement"), by and between NationsLink Funding Corporation, a Delaware
corporation ("NationsLink"), and NationsBanc Xxxxxxxxxx Securities LLC, a North
Carolina corporation ("NationsBanc Xxxxxxxxxx"), as underwriter (in such
capacity, the "Underwriter"), and Section 3(e) of that certain Private Placement
Agency Agreement, dated as of March 9, 1998 (the "Placement Agreement"), by and
between NationsLink and NationsBanc Xxxxxxxxxx, as placement agent (in such
capacity, the "Placement Agent"). We have acted as special counsel to
NationsLink and the Underwriter and Placement Agent in connection with (i) the
issuance of NationsLink's Commercial Mortgage Pass-Through Certificates, Series
1998-1 (the "Certificates"), consisting of sixteen classes: the Class A-1
Certificates, the Class A-2 Certificates, the Class A-3 Certificates, the Class
X-1 Certificates, the Class X-2 Certificates, the Class B Certificates, the
Class C Certificates, the Class D Certificates, the Class E Certificates, the
Class F Certificates, the Class G Certificates, the Class H Certificates, the
Class J Certificates, the Class K Certificates, the Class R-I Certificates and
the Class R-II Certificates; (ii) the sale by NationsLink and the purchase by
the Underwriter pursuant to the Underwriting Agreement of the Class A-1, the
Class A-2, the Class A-3, the Class X-1, the Class X-2, the Class B, the Class
C, the Class D and the Class E Certificates (collectively, the "Publicly Offered
Certificates"); and (iii) the sale by NationsLink through the Placement Agent
pursuant to the Placement Agreement of the Class F, the Class G, the Class H,
the Class J and the Class K Certificates (collectively, the "Privately Placed
Certificates").
The Certificates are being issued pursuant to that certain Amended and
Restated Pooling and Servicing Agreement, dated as of March 1, 1998 (the
"Pooling and Servicing Agreement"), by and among NationsLink, as depositor,
NationsBank, N.A., as mortgage loan seller, Midland Loan Services, L.P., as
master servicer, Lennar Partners, Inc., as special servicer, and Norwest Bank
Minnesota, National Association, as trustee (in such capacity, the "Trustee")
and as REMIC Administrator (in such capacity, the "REMIC Administrator").
Capitalized terms used and not otherwise defined herein have the meanings given
to them in the Pooling and Servicing Agreement. The Certificates will evidence
beneficial ownership interests in a trust fund (the "Trust Fund") the assets of
which will consist of a pool of mortgage loans identified on Schedule I to the
Pooling and Servicing Agreement, together with certain related assets.
In rendering the opinion set forth below, we have examined and relied upon
originals, copies or specimens, certified or otherwise identified to our
satisfaction, of the Pooling and Servicing Agreement, the Prospectus Supplement
and Prospectus, each dated March 9, 1998 and relating to the Publicly Offered
Certificates, the Private Placement Memorandum dated March 24, 1998 relating to
the Privately Placed Certificates, specimen forms of the Certificates, and such
certificates, corporate records and other documents, agreements, opinions and
instruments, including, among other things, those delivered at the closing of
the purchase and sale of the Certificates, as we have deemed necessary as a
basis for such opinion hereinafter expressed. In connection with such
examination, we have assumed the genuineness of all signatures, the authenticity
of all documents, agreements and instruments submitted to us as originals, the
conformity to original documents, agreements and instruments of all documents,
agreements and instruments submitted to us as copies or specimens, the
conformity of the text of each document filed with the Securities the Securities
and Exchange Commission through the XXXXX system to the printed document
reviewed by us, the authenticity of the originals of such documents, agreements
and instruments submitted to us as copies or specimens, and the accuracy of the
matters set forth in the documents, agreements and instruments we reviewed. As
to any facts material to such opinion that were not known to us, we have relied
upon statements, certificates and representations of officers and other
representatives of NationsLink, the Trustee, the REMIC Administrator and
NationsBanc Xxxxxxxxxx and of public officials.
In rendering the opinion below, we do not express any opinion concerning
the laws of any jurisdiction other than the substantive federal laws of the
United States of America.
Based upon and subject to the foregoing, we are of the opinion that,
assuming compliance with all provisions of the Pooling and Servicing Agreement
as in effect on the Closing Date, (a) REMIC I and REMIC II will each qualify for
treatment for federal income tax purposes as a "real estate mortgage investment
conduit", as defined in Section 860D of the Code; (b) the Class A-1, Class A-2,
Class A-3, Class X-1, Class X-2, Class B, Class C, Class D, Class E, Class F,
Class G, Class H, Class J and Class K Certificates will constitute "regular
interests" in REMIC II and the Class R-II Certificates will constitute the sole
class of "residual interest" in REMIC II within the meaning of the Code; and (c)
the Class LA-1 Uncertificated Interest, Class LA-2 Uncertificated Interest,
Class LA-3 Uncertificated Interest, Class LWAC-1 Uncertificated Interest, Class
LWAC-2 Uncertificated Interest, Class LB Uncertificated Interest, Class LC
Uncertificated Interest, Class LD Uncertificated Interest, Class LE
Uncertificated Interest, Class LF Uncertificated Interest, Class LG
Uncertificated Interest, Class LH Uncertificated Interest and Class LK
Uncertificated Interest will constitute "regular interests" in REMIC I and the
Class R-I Certificates will constitute the sole class of "residual interest" in
REMIC I within the meaning of the Code.
We are furnishing this letter to you solely for your benefit in connection
with the transactions referred to herein. This letter is not to be relied upon,
used, circulated, quoted or otherwise referred to by any other person or for any
other purpose without our prior written consent.
Very truly yours,
SCHEDULE 1
NationsBanc Xxxxxxxxxx Securities LLC
000 Xxxxx Xxxxx Xxxxxx
Xxxxxxxxx, Xxxxx Xxxxxxxx 00000
NationsLink Funding Corporation
000 Xxxxx Xxxxx Xxxxxx
Xxxxxxxxx, Xxxxx Xxxxxxxx 00000
Xxxxx'x Investor Service, Inc.
00 Xxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Fitch IBCA, Inc.
One State Street Plaza
New York, New York 1007
Duff & Xxxxxx Credit Rating Co.
00 Xxxx Xxxxxx Xxxxxx
Xxxxxxx, Xxxxxxxx 00000
Midland Loan Services, L.P.
in its capacity as Master Servicer
000 Xxxx 00xx Xxxxxx, 0xx Xxxxx
Xxxxxx Xxxx, Xxxxxxxx 00000
Lennar Partners, Inc.
in its capacity as Special Servicer
000 XX 000xx Xxxxxx, Xxxxx 000
Xxxxx, Xxxxxxx 00000
Norwest Bank Minnesota, National Association
in its capacity as Trustee and REMIC Administrator
0 Xxx Xxxx Xxxxx, 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
March 25, 1998
NationsBanc Xxxxxxxxxx Securities LLC
000 Xxxxx Xxxxx Xxxxxx
Xxxxxxxxx, Xxxxx Xxxxxxxx 00000
Ladies and Gentlemen:
This letter is with reference to the NationsLink Funding Corporation
Commercial Mortgage Pass-Through Certificates, Series 1998-1, which consist of
sixteen classes: the Class A-1 Certificates, the Class A-2 Certificates, the
Class A-3 Certificates, the Class X-1 Certificates, the Class X-2 Certificates,
the Class B Certificates, the Class C Certificates, the Class D Certificates,
the Class E Certificates, the Class F Certificates, the Class G Certificates,
the Class H Certificates, the Class J Certificates, the Class K Certificates,
the Class R-I Certificates and the Class R-II Certificates. The Class A-1, Class
A-2, Class A-3, Class X-1, Class X-2, Class B, Class C, Class D, and Class E
Certificates are collectively referred to herein as the "Publicly Offered
Certificates"; and the Class F, Class G, Class H, Class J and Class K
Certificates are collectively referred to herein as the "Privately Placed
Certificates."
A Registration Statement on Form S-3 (No. 333-43609) was filed with the
Securities and Exchange Commission (the "Commission") on December 31, 1997 and
became effective on February 4, 1998 (as amended through the date hereof, the
"Registration Statement"). The Publicly Offered Certificates have been offered
by the Prospectus dated March 9, 1998 (the "Basic Prospectus"), as supplemented
by the Prospectus Supplement dated March 9, 1998 (the "Prospectus Supplement"),
which updates or supplements certain information contained in the Basic
Prospectus (the Basic Prospectus and the Prospectus Supplement, together, the
("Prospectus")). The Privately Placed Certificates have been offered by the
Private Placement Memorandum dated March 24, 1998 (the "Private Placement
Memorandum"). Capitalized terms used and not otherwise defined herein have the
meanings given to them in the Amended and Restated Pooling and Servicing
Agreement, dated as of March 1, 1998, among NationsLink Funding Corporation
("NationsLink"), as depositor, NationsBank, N.A., as mortgage loan seller,
Midland Loan Services, L.P., as master servicer, Lennar Partners, Inc., as
special servicer, and Norwest Bank Minnesota, National Association, as trustee
and as REMIC Administrator.
For purposes hereof, the terms "Registration Statement," "Basic
Prospectus," "Prospectus Supplement" and "Prospectus" do not include the Forms
8-K, or the exhibits thereto, filed with the Securities and Exchange Commission
on February 27, 1998 and March 11, 1998, and we express no view with respect
thereto. We assume, for purposes hereof, the conformity of the text of each
document filed with the Commission through the Commission's Electronic Data
Gathering, Analysis and Retrieval System to the printed document reviewed by us.
We have not ourselves checked the accuracy, completeness or fairness of, or
otherwise verified, the information contained in the Registration Statement, the
Prospectus or the Private Placement Memorandum, and we do not pass upon or
assume any responsibility therefor (other than as set forth in paragraph 3 of
our opinion to you of even date herewith (the "Opinion")). We note in
particular, without limiting the generality of the foregoing, that except for
our limited review of the Mortgage Files relating to the Mortgage Loans
identified on Exhibit A hereto (as discussed below), and with your consent, we
have not reviewed the Mortgage Files or other documents prepared or delivered in
connection with the origination or modification of the Mortgage Loans. However,
in the course of our review of the Registration Statement, Prospectus and
Private Placement Memorandum, we have attended certain conferences and
participated in conversations with representatives of NationsLink and
NationsBank, your representatives and NationsLink's independent public
accountants. On the basis of the information which we gained in the course of
the representation referred to above and our examination of the documents
referred to in the Opinion, considered in light of our understanding of
applicable law and the experience we have gained through our practice, nothing
has come to our attention in the course of our review of the Registration
Statement, the Prospectus and the Private Placement Memorandum which causes us
to believe that, as of the effective date of the Registration Statement, the
Registration Statement contained an untrue statement of a material fact or
omitted to state a material fact required to be stated therein or necessary to
make the statements therein not misleading, or that as of its date or, as of the
date hereof, the Prospectus or the Private Placement Memorandum, as the case may
be, contained or contains any untrue statement of a material fact or omitted or
omits to state any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not
misleading; it being understood that we express no view as to any information
incorporated by reference in the Registration Statement, the Prospectus or the
Private Placement Memorandum or as to the adequacy or accuracy of (i) the
financial, numerical, statistical or quantitative information included in the
Registration Statement, the Prospectus or the Private Placement Memorandum or
(ii) any information contained in any computer disk, CD-ROM or other electronic
media accompanying the Prospectus Supplement.
With respect to the Mortgage Loans listed on Exhibit A hereto, we note that
we reviewed only the files relating to such Mortgage Loans and that each such
review was limited in scope as indicated on Exhibit A. By "Full Review" we mean
review of (i) the note, (ii) the mortgage (or deed of trust), (iii) any
assignment of leases and rents, (iv) the title policy or commitment (including
any exception that may materially affect the property), (v) the survey and (vi)
opinions rendered by xxxxxxxx's counsel in connection with the origination of
such Mortgage Loan. By "Ground Lease", we mean review of only the related ground
lease (including any amendments thereto). By "Crossed Debt", we mean review only
of the provisions of the related note and mortgage (or deed of trust) that
purport to effect the cross-collateralization or cross-default of such Mortgage
Loan with another mortgage loan or group of mortgage loans. By "Additional
Debt", we mean review only of the provisions of the related note, mortgage (or
deed or trust) and loan agreement that purport to permit the related borrower to
incur indebtedness in addition to that represented by the Mortgage Loan. We did
not review the environmental survey or the engineer's report with respect to any
Mortgage Loan, nor did we perform any credit review or otherwise attempt to
obtain any information concerning the credit or reputation of the borrower or
its principals.
We are furnishing this letter to you solely for your benefit in connection
with the transactions referred to herein. This letter is not to be relied upon,
used, circulated, quoted or otherwise referred to by any other person or for any
other purpose without our prior written consent.
Very truly yours,
NATIONSLINK 98-1
MORTGAGE LOAN FILE REVIEW - SUMMARY
CONTROL/ PROPERTY NAME PROPERTY LOCATION ORIGINAL BALANCE SCOPE
LOAN (CITY/STATE) A: FULL REVIEW
NUMBER B: GROUND LEASE
C: CROSSED DEBT
D: ADDITIONAL DEBT
50005 Somerset Pointe Apartments Las Vegas, NV 17,167,000 A
00000 Xxxxxxxxxxxxx Xxxxx Xxxxx Xxxxxx Xxxxxxx, XX 15,750,000 A and D
50027 Holiday Inn Sunspree Resort Hollywood Beach, FL 7,435,665 A
50038 Days Inn - Sellersburg Sellersburg, IN 2,500,000 D
50056 Crystal Lake Apartments Miami, FL 6,750,000 D
50067 Tramway Village Apartments Alberquerque, NM 4,400,000 A and D
00000 Xxxx Xxxxx Xxxxxxxx Xxxxx Xxxx Xxxxx, XX 1,057,778 A
50081 Vero Beach Landings North Vero Beach, FL 846,222 C
50092 St. Xxxxxxx Care Centers Portland, OR 3,500,000 C and D
00000 000 Xxxx Xxxxxx Xxxxxxxxxx Xxxxxxxx, XX 4,200,000 A and B
50131 Copperwood Shopping Center Houston, TX 15,250,000 A
50140 Xxxxx Gardens Apartments Xxxx Park, NY 2,110,000 D
50146 Quality Inn Shenandoah New Market, VA 2,500,000 D
00000 Xx Xxxxxxx Apartments San Diego, CA 28,000,000 A
50191 Days Suites Kissimmee Lodge Kissimmee, FL 29,350,000 A and D
50204 La Palma Apartments Phoenix, AZ 17,880,000 A and D
50230 Playa Pacifica Apartments Hermosa Beach, CA 18,800,000 A and D
00000 Xxxx Xxxxxxx Xxxxxxx Xxxx Xxxxxxxx, XX 10,500,000 A
50243 Towers Shopping Xxxxxx Xxxxxxx, XX 11,000,000 A
00000 Xxxxxxx Xxxxxx Xxxxxxx, XX 000,000 C
00000 Xx. Joseph's Holiday Inn & Conference St. Xxxxxx, MO 5,000,000 D
00000 Xxxxx Xxxx Xxxxxxxx Xxxxxx Xxxxxxx, XX 1,846,000 A and C
50284 River Oaks Medical Office Flowood, MS 10,200,000 A and B and C
50299 Brandywood Park Apartments Albuquerque, NM 3,880,000 C
50305 Briarwood Park Apartments Albuquerque, NM 1,675,000 C
50335 The Terraces at Metarie Metarie, LA 3,920,000 D
00000 Xxxxxxxx Xxxxx Xxxxxxx, XX 5,240,000 D
00000 Xxxxxxxxxx Xxxxx Xxxxx Xxxxx, XX 5,920,000 D
50339 Xxxxxxxx Manner Townhomes Berkeley, MD 1,560,000 D
50340 The Xxxxxx of Xxxxxxxx Apartments Baton Rouge, LA 3,040,000 A and B
50344 Applebee's Store #1100 (Columbus) Columbus, IN 3,091,000 C and D
50345 Applebee's Store #1000 (Westfield) Carmel, IN 3,210,000 A and C
50346 Applebee's Store #1600 (Muncie) Muncie, IN 3,015,000 A and B and C
50347 Applebee's Store # 900 (Kokomo) Kokomo, IN 3,195,000 C
50350 Applebee's Store # 100 (East Washington) Indianapolis, IN 2,834,507 A and C
50351 Applebee's Store # 800 (Franklin) Franklin, IN 2,528,000 C
50352 Applebee's Store # 400 (Crawfordsville) Crawfordsville, IN 2,326,000 C
50353 Applebee's Store # 700 (Xxxxxx'x) Xxxxxx, IN 2,536,000 C
50355 Applebee's Store # 500 (Plainfield) Plainfiled, IN 2,639,000 C
50356 Applebee's Store # 200 (Speedway) Speedway, IN 2,775,000 A and B and C
50357 Applebee's Store #1900 (Anderson) Anderson, IN 2,759,000 C
50359 Applebee's Store # 600 (New Castle) New Castle, IN 2,504,000 C
50362 Trinity Towers San Francicso, CA 18,750,000 A
50363 Xxxxxxxxxx Park Apartments Albuquerque, NM 7,700,000 A and C
50368 LeClub Apartments Miami Lakes, FL 18,200,000 A
50370 All Saints Health Care North Hollywood, CA 11,000,000 A
00000 Xxx Xxxxxx Xxx Xxx Xxxxx, XX 2,050,000 D
50407 The Gauntlet @ Xxxxxx Xxxx Hartwood, VA 3,280,000 A and B
50412 Landings & Marina Pensacola, FL 1,225,000 A
50431 Xxxxxx Xxxxxxx Apartments Cincinnati, OH 3,400,000 B and D
50446 TownPark Crossing Apartments Kennesaw, GA 13,700,000 A
50453 Buckingham Station Apartments Denver, CO 17,000,000 A
50481 Silver Sands Factory Store Sandestin, FL 36,600,000 A
00000 Xxxx Xx. Xxxxxxx Xxxxxxxxxx, XX 19,325,000 A and B
50530 University Towers Raleigh, NC 26,500,000 A
50555 Loch Raven Apartments Baltimore, MD 8,225,000 D
00000 Xxxxxxx Xxxx Xxxxx X/X Xxxxx, XX 30,000,000 A
50704 Research Tri-Center South A Durham, NC 23,320,000 A and D
50727 Research Tri-Center North B Durham, NC 20,000,000 A and D
