| UPDD 7/9. 1E - DSCR < 1.10; 1F - DSCR < 1.40 & < or = 75% U/W. This Interest-Only Loan is secured by a 24-story 397,710 sf office property in Midtown Manhattan, New York, NY, built in 1927 and renovated in 2000. The 2/19/2009 inspection rated the Property in Good condition. YTD 3/31/2009 NCF DSCR (A Note) is 0.72x, All-in (A+B Notes) NCF DSCR is 0.59x and Occ is 77.5%; YE 12/31/2008 NCF DSCR was 0.78x (A Note), 0.64x (All-in), with 76.5% Occ; and U/W was 1.21x (A Note), 1.0x (All-in), with 86.3% Occ. Based on Annualized figures, 1Q09 NCF DSCR remains below threshold, and has experienced a decline from YE08, due to decreased Occ and rental income, increased Vac/Collection loss, combined with increased R&M and A&E Operating Exp. Increased R&M appears to be associated with unit turnover, while increased A&M is likely attributed to property mgmt\''s efforts to improve Occ. As of 3/31/2009, the Property has 12 vacant units totaling 82,602 sf. Per the 3/31/2009 rent roll, the existing tenant Admit One, LLC in Suite 1808 (3795 sf, 1% NRA; $40.54 psf), has an 4/30/2009 lease expiration. Admit One relocated into Suite 1600 (17,500 sf; 4.4% NRA), effective 5/1/2009 - 6/30/2018. According to Bwr''s 6/17/2009 leasing activity report, their broker has responded to or is currently in the process of responding to several RFP''s received from prospective tenants; onoing lease discussions with a few prospects are in progress; otherwise, broker continues to aggressively market vacant space. Bwr indicated on 6/22/2009 that a number of tenants have rent abatements in 2009; to date, monthly abated rents total approx $122,084.22, for eight tenants combined. Bank of America will continue to monitor the Loan.
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