| Id | Name/ | Type/ | Bal | GLA/Units | LTV | WAC |
| | Address | Subtype | % Pool | Occ. % | DSCR | Originator |
| 10 |
Sussex Commons I & II |
MF |
$102,583,000 |
556 |
66.6 |
5.498000 % |
| | 6050 Edgeware Lane, Alexandria VA 22315 | | 3.3% | 91% | 1.05x (UW) | Eurohypo AG |
|  |
| 1E - DSCR < 1.10. Loan is secured by a 556-unit multifamily apartment complex built in two phases in 1991 in Alexandria, VA. The 11/3/2008 inspection rated the Property in Good condition. YE 12/31/2008 NCF DSCR is 1.05x with 91% Occupancy; U/W was 1.20x with 92.6% Occ. Servicers of the Loan consented to a change in property management in July 2008. According to the Primary Servicer, the Property is located in close proximty to Washington, DC and faces competition from newer multifamily properties in the market; there is also competition from townhome communities within a mile from the subject. The same reason was provided a year ago for DSCR decline. Bank of America has requested further clarification from the Primary Servicer to include Borrower\''s current efforts to improve performance; awaiting a response.
|
| 59 |
Gregory Cove Apartments |
MF |
$11,000,000 |
288 |
73.3 |
5.790000 % |
| | 5601 Edenfield Road, Jacksonville FL 32277 | | 0.4% | 80% | 1.04x (UW) | Bridger |
|  |
| 1E - DSCR < 1.10. Loan is secured by a 14-building, 288-unit multifamily property in Jacksonville, FL, built in 2003. The 10/15/2008 inspection rated the Property in Good condition. YTD 3/31/2009 NCF DSCR is 0.88x with 83.7% Occ; YE 12/31/2008 NCF DSCR was 1.04x with 80% Occ. According to the Primary Servicer, the YE08 DSCR decline is attributed primarily to increased vacancy, concessions, leases below market rent, and vacant unit UTL expenses when compared to PYE. YE08 A&M expenses such as road banners and newspaper ads increased with Borrower\''s efforts to improve occupancy. YE08 UTL expenses increased due to increased electric and water expenses for vacant units. Bank of America has requested Primary Svcr''s update re: further DSCR decline at 1Q09, and to obtain a leasing/marketing update from the Bwr; awaiting a response.
|
| 94 |
Wellington Place |
MF |
$5,345,707 |
146 |
52.4 |
5.600000 % |
| | 2801 Wellington Circle, Rogers AR 72758 | | 0.2% | 95% | 1.04x (UW) | Bridger |
|  |
| 1E - DSCR < 1.10. Loan is secured by a 146-unit multifamily apartment complex in Rogers, AR, built in phases in 1996/2001. The 8/11/2008 inspection rated the Property in Good condition. YE 12/31/2008 NCF DSCR is 1.04x with 94.5% Occupancy, based on 8 vacant units as of 12/31/2008. Loan was U/W at 1.21x with 99.3% Occ. YE 2008 Base Rents are a 9.5% decline from U/W, and 13% below YE 2007. While Other Income jumped 327.3% since PYE, an increase of approx $10K, EGI still declined 12% in the last year, and 8.3% from U/W. Total Operating Expenses are 1.7% below U/W and 2.5% less than YE07. However, the resulting NCF is still a 13.6% decline from U/W, and 19.4% drop from YE07. According to the Primary Servicer, the average monthly rental rate at YE08 was $592 per unit, and Base Rent has decreased due to lower occupancy in the first half of 2008, when it ranged from 80-86%. Occ was 80.1% at YE07. Wal-Mart corporate leases a certain number of units, and occasionally pre-pays rent as much as three months in advance; this practice has become less of an issue since loan U/W, however, it may still be a factor to some extent in the DSCR decline. Bank of America has requested that the Primary Servicer obtain Borrower\''s clarification regarding decreased Rental Income while Occ has increased 15.2% in the last year; awaiting a response.
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