| 1E - DSCR < 1.10, 1F DSCR <1.40 & <= 75% U/W The loan is secured by a 105,445 sf retail strip center in Fort Worth, TX built in 1963 and last added to in 1995. The property was last inspected on 11/10/08 and received a rating of Good. Q1 09 NCF DSCR is 0.81x with occupany of 83%. YE 08 NCF DSCR is 0.38x with occupancy of 83%. 3Q 08 NCF DSCR was 0.48x with occupancy of 84% and 2Q 08 NCF DSCR was 0.39s with occupancy of 81%. 1Q 08 NCF DSCR was 0.06x with occupancy of 81%. YE 2007 NCF DSCR was 1.07x with occupancy of 81%. YOY base rent is down 14%, and EGI is down 17%. Significant increases in Operating Expenses include R&M, Professional Fees and G&A. Per the property manager Rainbow Apparel is negotiating for the 6,736 sf suite, Cool Smiles, a dental clinic is interested in 3,250 sf and suite 3204 (1,500 sf), is being considered by an insurance agent. Bank of America will contact the borrower regarding the YE 2008 performance and will continue to monitor the loan.
|
