| Id | Name/ | Type/ | Bal | GLA/Units | LTV | WAC |
| | Address | Subtype | % Pool | Occ. % | DSCR | Originator |
| 116 |
Budget Self Storage - Highpoint Road |
SS |
$3,800,000 |
899 |
74.5 |
5.710000 % |
| | 4514 High Point Road, Greensboro NC 27407 | | 0.1% | 58% | 0.85x (6 mths) | Bank of America |
|  |
| 1E - DSCR < 1.10; 1F - DSCR < 1.40 & < or = 75% U/W; 4B - EGI < 80% U/W & < 1.10 DSCR; and previously 4A - Occ < 80% U/W. Loan is secured by an 899-unit self storage facility in Greensboro, NC, built in 2001. The 5/5/2008 inspection rated the Property in Good condition. YTD 6/30/2009 NCF DSCR is 0.85x with 57.5% Occ; YE 12/31/2008 NCF DSCR was 1.07x with 47.9% Occ based on 431 occupied units. YE08 Occ had declined 21.6% from U/W Occ of 61.1%; Occ improvement at 1Q09 qualifies the loan for relief of CMSA code 4A. DSCR decline is attributed to continued lower than normal Rental Income. In an effort to improve occupancy, property management converted smaller units into larger ones as needed to meet demand. Concessions offered during 2008 included a \''$23 move-in special, no exceptions.'' Bank of America has requested a leasing and marketing update; awaiting Borrower''s response.
|
| 120 |
Budget Self Storage - Peters Creek |
SS |
$3,550,000 |
718 |
73.2 |
5.710000 % |
| | 550 Peters Creek Parkway, Winston-Salem NC 27101 | | 0.1% | 60% | 0.86x (6 mths) | Bank of America |
|  |
| 1E - DSCR < 1.10; 1F - DSCR < 1.40 & < or = 75% U/W; 4B - EGI < U/W EGI & < 1.10 DSCR. Loan is secured by a 718-unit self-storage facility in Winston-Salem, NC, built in 2000. The 6/16/2009 inspection rated the Property in Fair condition. YTD 6/30/2009 NCF DSCR is 0.86x with 59.8% Occ; YE 12/31/2008 NCF DSCR was 0.99x with 57.2% Occ. Loan was U/W at 1.23x with 62.8% Occ. DSCR and EGI declines remain attributed to decreased Base Rents resulting from Occ decline when compared to U/W and PYE. Bank of America has requested Borrower\''s marketing strategy and efforts to improve performance; awaiting a response.
|
| 150 |
Middleboro Self Storage |
SS |
$1,996,919 |
445 |
67.2 |
6.283000 % |
| | 104 West Grove Street, Middleboro MA 02346 | | 0.1% | 67% | 0.84x (UW) | Bridger |
|  |
| 1E - DSCR < 1.10. Loan is secured by a 445-unit self-storage facility in Middleboro, MA, built in 2001. The 9/11/2008 inspection rated the Property in Good condition. YE 12/31/2008 NCF DSCR is 0.84x with 67.2% Occupancy. Loan U/W was at a 1.26x with 66.5% Occ. According to the Primary Servicer, the DSCR decline at YE08 is attributed to increased Operating Expenses, specifically: RET, which increased by $16K; R&M, which increased because of higher Outside Services expenses, elevator repairs, and gen\''l repairs expense; and increased A&M, due in part to increases directory advertising costs. Bank of America has requested that the Primary Servicer obtain Borrower''s feedback regarding these increased expenses and current market data; awaiting a response.
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