| Id | Name/ | Type/ | Bal | GLA/Units | LTV | WAC |
| | Address | Subtype | % Pool | Occ. % | DSCR | Originator |
| 40 |
Mervyn's - Laguna Niguel |
RT |
$14,327,637 |
77,715 |
56.1 |
4.933000 % |
| 30 | 27200 Alicia Parkway, Laguna Niguel CA 92677 | | 0.8% | 100% | 1.47x (6 mths) | Bank of America |
|  | | Tenant | % | Expires | | Mervyn's LLC | 100 | 07/31/25 | | |
|
| 8/3/2009 - Note is due for the 7/1/2009 payment. Collateral is a 77,717 SF retail store located in Laguna Niguel, California. Demand letter was sent to Borrower on 7/16/2009. Collateral was previously 100% leased by Mervyn\'s under a 20-year lease however the tenant subsequently filed Chapter 11 bankruptcy and is liquidating its assets. The tenant closed the store and rejected the lease on 11/30/2008. Additional loan collateral included a $1.0 MM Mervyn's Reserve, $400,000 of which could and has been utilized for debt service. Borrower purportedly has listed the property for lease and sale. An appraisal has been received. BOV has been requested.
|
| 49 |
Mervyn's - Pinole |
RT |
$11,092,352 |
80,008 |
56.0 |
4.933000 % |
| 30 | 1350 Fitzgerald Drive, Pinole CA 94564 | | 0.6% | 100% | 1.42x (6 mths) | Bank of America |
|  | | Tenant | % | Expires | | MERVYN'S LLC | 100 | 07/31/25 | | |
|
| 8/3/09: Note is due for the 7/1/09 payment. Demand letter sent 7/16/2009. Collateral for the note is an 80,008 SF retail store located on a 5.84-acre site in Pinole, CA (North San Francisco Bay). The collateral was previously 100% leased by Mervyn\'s under a 20-year lease however the tenant filed a Chapter 11 bankruptcy, closed the store and rejected the lease on 12/31/08. Additional loan collateral included a $770k Mervyn's Reserve account of which $308,000 can and has be utilized for debt service. Appraisal has been received. BOV has been requested.
|
| 52 |
Mervyn's - Palm Desert |
RT |
$10,497,786 |
78,912 |
56.1 |
4.933000 % |
| 30 | 72280 Highway 111, Palm Desert CA 92260 | | 0.6% | 100% | 1.43x (6 mths) | Bank of America |
|  | | Tenant | % | Expires | | MERVYN'S LLC | 100 | 09/30/25 | | |
|
| 8/3/2009 – Scheduled payment is next due for 7/1/2009; however, debt has been accelerated. Collateral is a 78,910 SF retail store located in Palm Desert, California, previously 100% leased by Mervyn\'s under a 20-year lease. Tenant filed Chapter 11 bankruptcy, closed the store and rejected the lease on 11/30/2008. Additional loan collateral includes (i) a $1,713,951 sale rebate account that was payable to the Borrower in the event of a tenant default, which the Borrower received and refused to turn over to the Lender per the loan documents, and (ii) a $730k Mervyn's Reserve, of which up to $292k could be used for debt service provided no default. Borrower recently provided accounting regarding the reserve funds and showed the $1.7MM is nearly depleted. Legal counsel was retained, the Borrower was defaulted, a NOD was recorded, a foreclosure complaint was filed, and a motion for receivership was filed and subsequently denied. A cross complaint was filed by Borrower and was demurred; however, Borrower was provided an opportunity to and did file an amended cross complaint. Another demurrer was filed and is set for hearing on 9/22/2009. The appraisal has been received. BOV has been requested. Borrower is reportedly marketing property for sale and lease through CBRE.
|
| 93 |
Walgreens - Tallahassee |
RT |
$3,942,139 |
13,650 |
76.6 |
5.354000 % |
| | 3820 North Monroe Street, Tallahassee FL 32303 | | 0.2% | 100% | 1.49x (6 mths) | Bank of America |
|  | | Tenant | % | Expires | | Walgreen Corp - 7583 | 100 | 07/30/59 | | |
|
| 19 |
Columbia Mall |
RT |
$28,698,195 |
302,245 |
67.8 |
5.530000 % |
| | 2800 Columbia Road, Grand Forks ND 58201 | | 1.5% | 88% | 1.42x (6 mths) | Barclays |
|  | | Tenant | % | Expires | | ROYAL FORK BUFFET | 4 | 01/31/09 | | GAP | 3 | 07/31/11 | | DEB SHOP | 2 | 01/31/10 |
|
| 23 |
Livingston Shopping Center |
RT |
$28,125,000 |
121,879 |
78.1 |
5.105000 % |
| 90+ | 530 West Mount Pleasant Avenue, Livingston NJ 07039 | | 1.5% | 100% | 1.47x (6 mths) | Barclays |
|  | | Tenant | % | Expires | | Borders inc | 23 | 02/28/13 | | THE GAP INC | 16 | 04/30/13 | | Borders Inc | 23.00 | 02/28/13 |
|
| 07.30.09 Loan is paid to 4/01/09. Collateral is a 122,000sf, 4-tenant big-box retail center located in Livingston, NJ. Property is currently 46% occupied due to closing of Linens\'n'Things and Circuit City. Remaining tenants, Old Navy and Borders, have reduced rent pursuant to co-tenancy clauses. CVS Caremark is currently paying Linens'N'Things rent pursuant to lease guaranty. Current rents are above market and may require adjustment. PreNegotiation Letter has been executed and Default Notice to be sent. Midland is in possession of BOV and Appraisal. Lockbox is active. Borrower has requested loan modification or possible purchase of note at discount.
|
| 89 |
CVS - Waldorf, MD |
RT |
$3,874,093 |
11,970 |
63.5 |
5.390000 % |
| | 3855 Leonardtown Road, Waldorf MD 20601 | | 0.2% | 100% | 1.46x (9 mths) | Barclays |
|  | | Tenant | % | Expires | | MARYLAND DRUGS LLC | 100 | 01/31/10 | | |
|
| 1C - forced place insurance. The loan is secured by a 11,970 sf retail property in Waldorf, MD built in 2005. The property was inspected on 08/12/08; rated in Good condition. The YE 2008 NCF DSCR is 1.46 with an occupancy of 100%. The loan is 100% occupied by CVS with a lease that expires on 01/31/2010. Loan has been placed on the watchlist due to the primary servicer force placing insurance of $4,100,000 Loss of Rents at a monthly premium of $328.51. The force placed insurance will be kept in place to guarantee lender has adequate coverage. Per primary servicer and Borrower, CVS lease expires on 01/31/2031 and remains a tenant at the property. Bank of America will continue to monitor the loan.
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