| 9/1/09 - Note is due for the 1/1/09 payment. Debt is Note A subject to a $9MM Note B (held by Hypo and special serviced by MLS). However, there has been a Control Appraisal Event and Debt is no longer subject to Hypo control. Collateral is a 507,050 SF Phase I of a retail power center located in Plainfield, IN (southwest suburb of Indianapolis). CBRE was appointed receiver on an emergency basis by the court on 12/31/08 due to non-payment of operating shortfalls by the equity investor (Dominion). CBRE was also engaged as the receiver for Phase II held by Hypo. A full foreclosure complaint was filed and the receivership order was recently amended (Aug. 2009) to include the authority to market, lease and sell the collateral. Current appraisal was received and property was inspected. Counsel will also pursue foreclosure sale as contingent exit strategy. Based on an appraisal dated February 2, 2009 As-Is Value $72,200,000, Hypo is appraised out and the LTV on the A Note is 119%. Special Servicer estimate based on appraisal and broker opinions arrived at $55,000,000 value for LTV of 156% on A Note. CB Richard Ellis has been engaged to market both Phase I and II of the property to sell out of receivership and offer assumable debt. Current occupancy is 88% and DSCR on NOI is 0.93x as of March 2009; DSCR on NOI is 0.51x as of June 30, 2009 with occupancy at 88% (Phase I).
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