| 1F DSCR <1.40 & <= 75% U/W. The loan is secured by a 32,659 mixed-use property in Sacramento, CA built in 1920 and renovated in 2007. The property was inspected 10/28/2008 and rated in good condition. 1Q 3/31/2009 NCF DSCR is 1.14 with occupancy of 85%. YE 2008 DSCR was 0.98 with occupancy of 85%. At loan origination the borrower was required to deposit $2,350,000 into a reserve account, as additional security for the loan. The funds were to be held for up to 18 months or such time that the property conforms to a 1.15 amortizing DSCR. As of 6/30/2008 the subject NCF DSCR was 1.22 and a release of $950,000 was approved by the Master and Special Servicer. The borrower made a request for $1.4MM of the holdback reserve funds prior to securitization, and was granted a release. The borrower reported that some significant operational changes occurred during 2008, which resulted in a decline in DSCR, however, based on 1Q 2009 the DSCR has improved to 1.14. Bank of America will continue to monitor the loan.
|
