| 1E - DSCR < 1.10; 4B - < 80% U/W EGI. The loan is secured by a 39,069 NRSF retail property in Cave Creek, AZ. The property was built in 2007. The property was last inspected on 10/14/08 with an Excellent rating. 1Q09 NCF DSCR is 0.85 with occupancy of 66.10%. The YE2008 NCF DSCR was 0.69 with occupancy of 59.30%. YE 2007 NCF DSCR was 0.53. The underwritten NCF DSCR was 0.91. Per the Primary servicer the borrower states that they go to all the trade shows. Per the Primary Servicer on 7/31/09, A dentist moved in 1,952 SF, the Cigar Shop 2,210 SF and Yoga Breeze moved in. Yoga Breeze\''''s rent begins 9/1/09. DSCR is low due to property being completed in March of 2007 and continues to be in lease up stage. The occupancy has lowered since YE 2007 because a restaurant (4,497sf) was expected to open and decided not to lease the space. However, the space was leased to a smaller tenant. Per the borrower''s marketing group, they have three spaces with prospective tenants. Bank of America will continue to monitor the loan.
|
