| 1E-DSCR < 1.10. The loan is secured by a 301 unit multifamily property in Bensalem, PA built in 1974 and renovated in 2004. The property was inspected on 08/24/2008; rated in Good condition. The Q1-2009 NCF DSCR is .96 with an occupancy of 89%; YE 2008 NCF DSCR was .93 with an occ of 88%. The decline in NCF is a result of an EGI decline combined with an increase in operating expenses. Annualized 2009 EGI shows a 6% increase from YE 2008 but a 14% decline from prior years due to a base rent and occupancy decline. Historically Occupancy at the property has been in ninety percentile until Q2-2008 where it dropped to its current occupancy level of high 80 percentile. Current asking rates range between $1,115.00 - $1,475.00. Rental concessions include 1 month free on 2 bd lofts $500 off all others. Property is advertised in local newspaper, apartment guides, Craiglists, and internet. Occupancy as of July 2009 is 93%. Annualized 2009 operating expenses have increased 11% from YE 2008 due to higher than normal repairs/maint, payroll, and utilities. Bank of America will continue to monitor the loan.
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