| Id | Name/ | Type/ | Bal | GLA/Units | LTV | WAC |
| | Address | Subtype | % Pool | Occ. % | DSCR | Originator |
| 17 |
The Club at Copperleaf |
MF |
$17,484,796 |
240 |
79.5 |
5.174000 % |
| | 14811 West Road, Houston TX 77095 | | 1.1% | 92% | 0.92x (6 mths) | Bank of America |
|  |
| 1E - DSCR < 1.10. The loan is secured by a 240 unit multifamily property in Houston, TX built in 2003. The property was inspected on 11/20/2008. Q2-2009 NCF DSCR is .92 with an occ of 92%; YE 2008 NCF DSCR was 1.04 with an occupancy of 92%. The loan was assummed in May 2008. Since loan inception, NCF has been below U/W levels. U/W NCF DSCR was 1.20. YE 2007 NCF DSCR showed an improvement of 48% from prior year, but the NCF DSCR dropped again in YE 2008. The decline in NCF appears to be a result of increased operating expenses. Operating expenses have risen each year by 20%-24%; however, Ann 2009 operating expenses show only a 4% increase from YE 2008. Each year RET, RM, PAY, ADV/MKT, GEN/ADMIN, and PROF fees have increased. PAY expenses have risen due to increased salaries, GEN/ADMIN expenses show an increase due to a reported commission fee, RM increase is due to more repairs and turnover costs, ADV/MKT shows an inrease due to increased efforts in mkt and resident retention, and PROF have risen due to higher legal fees associated with increased evictions. The YE 2009 budgeted expenses are 51% higher than YE 2008 expenses. EGI does show slight increases each year ranging from 1% - 5%. Current market rates for vacant units range from $848 - $1477 depending on unit size. Concessions include 1 month free. To mitigate the below performance, the assumptors were required to fund a $1,785,000 cash reserve (10% of the UPB & equal to 30% of equity the limited partners) until the Property achieves a 1.15 DSCR for 6 months. Once the DSCR test is met, $892,00 will be held in a reserve until the loan is paid in full or defeases and the remaining is returned to the assumptor. Bank of America will continue to monitor the loan.
|
| 18 |
Skyline Terrace Apartments |
MF |
$17,400,000 |
198 |
48.3 |
4.857000 % |
| | 930 Figueroa Terrace, Los Angeles CA 90012 | | 1.1% | 91% | 2.78x (UW) | Bank of America |
|  |
| 20 |
Steeplechase Apartments |
MF |
$15,964,303 |
358 |
74.6 |
5.083000 % |
| | 6790 River Downs Drive, Centerville OH 45459 | | 1.0% | 90% | 1.18x (9 mths) | Bank of America |
|  |
| 42 |
Woodmeade South Apartments |
MF |
$9,440,000 |
242 |
80.0 |
5.507000 % |
| | 200 Lowwood Drive, Knoxville TN 37920 | | 0.6% | 98% | 1.72x (UW) | Bank of America |
|  |
| 64 |
Fleur De Lis Apartments |
MF |
$5,938,205 |
59 |
79.2 |
5.212000 % |
| | 1825 N. Whitley Avenue, Hollywood CA 90028 | | 0.4% | 95% | 1.54x (UW) | Bank of America |
|  |
| 69 |
Piccadilly Apartments |
MF |
$5,325,199 |
75 |
63.7 |
5.355000 % |
| | 682 Irolo Street, Los Angeles CA 90005 | | 0.3% | 96% | 1.57x (UW) | Bank of America |
|  |
| 8 |
The Crossings |
MF |
$44,800,000 |
624 |
79.3 |
5.176000 % |
| | 7831 Northwest Roanridge Road, Kansas City MO 64151 | | 2.9% | 91% | 1.29x (UW) | Bear Stearns |
|  |
| 19 |
Newport Cove Apartments |
MF |
$16,471,518 |
240 |
76.7 |
5.533000 % |
| Past Due | 5272 Tamarus Street, Las Vegas NV 89119 | | 1.1% | 93% | 1.56x (12 mths) | Bridger |
|  |
| The Subject Loan was transferred to SS due to Borrower obtaining an unauthorized subordinate loan. The preferred equity holder, LEM, replaced the managing member of the Borrower and the management company and they continue to make the loan payments. LEM has requested payment relief and OCM said no. Insurance proceeds of $400,000 are missing and 4 units have not been repaired. LEM on 4/7/09 foreclosed out the junior liens. LEM on 6/4/09 submitted an assumption application package which will be reviewed and processed. Negotiating the terms of an additional indemnitor as LEM wants to provide the fund that invested in this asset.
|
| 67 |
Condor Garden Apartments |
MF |
$5,658,306 |
180 |
77.5 |
5.150000 % |
| | 1930-1960 Fowl Road, Elyria OH 44035 | | 0.4% | 92% | 1.68x (12 mths) | Bridger |
|  |
| 81 |
Evergreen Village Apartments |
MF |
$4,231,429 |
132 |
74.2 |
5.150000 % |
| | 1100 Oakwood Drive, Elyria OH 44035 | | 0.3% | 95% | 2.07x (9 mths) | Bridger |
|  |
| 93 |
Premier Club Apts |
MF |
$3,242,571 |
88 |
74.5 |
5.350000 % |
| | 5100 Highpoint Road, Union City GA 30291 | | 0.2% | 99% | 0.84x (12 mths) | Bridger |
|  |
| 1E - DSCR < 1.10. The loan is secured by a 88-unit multifamily in Union City, GA. The property was inspected on 08/28/08; rated in Good condition. YE 2008 NCF DSCR is .84 with an occupancy of 99%; YE 2007 NCF DSCR was .95 with occupancy at 99% . The decline in NCF is a result of increased operating expenses combined with a slight decline in EGI caused by property below market rents. 2008 EGI shows a 3% decline from YE 2007. Per primary servicer, the Reis 4Q 2008 report indicates the subject\''s submarket has a vacancy rate of 14.2%, and an effective rent of $656/unit. Rental concessions for 2009 are offered in the form of $99 security deposit. Rental rates are comparable to competitors in the area, and therefore, Borrower will not be raising rates due to the competition. Competitor''s rates range from $600-680 depending on unit size. Operating expenses began to rise at YE 2005 due to higher insurance, real estate taxes, utilties, and professional fees. The increase in operating expenses from U/W has continued through 2008. 2008 operating expenses show a 4% increase from YE 2007, and a 34% increase from U/W due to higher insurance, real estate taxes, and professional fees. Bwr did not indicate to primary servicer the reason for the higher expenses. Bank of America will continue to monitor the loan.
|
| 97 |
Woodcrest Apartments in Burien |
MF |
$3,235,595 |
75 |
75.2 |
5.736000 % |
| | 15800 4th Avenue South, Burien WA 98148 | | 0.2% | 96% | 1.55x (6 mths) | Bridger |
|  |
| 1E - DSCR < 1.10 . The loan is secured by a 75 unit multifamily property in Burien, WA built in 1978 and renovated in 2004. The property was inspected on 08/20/08; rated in Good condition. The YE 2008 NCF DSCR is 1.01 with an occupancy of 95%. The decline in NCF is a result of increased operating expenses. 2008 operating expenses have increased 16% from YE 2007 due to higher than normal repairs/maint, Gen/admin, and Payroll expenses. It is also noted that EGI has slightly declined 1% from YE 2007 due to a decline in laundry income and base rent. Bank of America will contact the primary servicer for further updates.
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