| 1E - DSCR < 1.10. Loan is secured by a 33,934 sf three-building retail center in Huntsville, AL, built in 2006. The 11/18/2008 inspection rated the Property in Good condition. YE 12/31/2008 NCF DSCR is 0.98x with 86% Occ. DSCR remains below U/W and threshold due to decreased EGI caused by decreased Exp Reimbursements. Occ has remained virtually unchanged since U/W. A discrepancy is noted from the 12/07 to 3/08 (and 6/08) rent rolls with tenant Terranova\''s Italian Restaurant, in Unit B1A. The 12/07 RR reports this unit at 6200 sf, while the 3/08 and 6/08 rent rolls indicate 5700 sf, which artificially raises Occ to 86.1%. The lease of the largest tenant, GigaParts, did not take effect until 5/1/07. Per U/W, the Property totals 35,364 sf, which is not consistent with 12/07 and subsequent rent rolls. Property was under development and construction at time of U/W; as of 3/31/2008, the same three units totaling 4800 sf are reported as vacant. Per Primary Svcr, the Bwr indicated in 5/2008 that the Property was in lease-up and had several prospects for vacant spaces. DSCR decline from U/W to YE-07 was attributed to not-yet-stabilized Rental Income; YE-07 Base Rents were 34% below U/W; EGI was 27% below U/W. Primary Svcr reported that, per the Borrower on 3/2/2009, there have been no new leases or tenants signed. Bank of America asked the Primary Servicer to request from the Borrower a leasing/marketing update, and explanation of square footage discrepancies on rent rolls. BofA is awaiting a current update and will continue to monitor the loan.
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