| Id | Name/ | Type/ | Bal | GLA/Units | LTV | WAC |
| | Address | Subtype | % Pool | Occ. % | DSCR | Originator |
| 1 |
Pacific Arts Plaza |
OF |
$110,000,000 (whole: 270,000,000) |
336,134 |
79.6 |
5.152500 % |
| | 675 Anton Boulevard, Costa Mesa CA 92626 | | 7.2% | 76% | 1.19x (UW) | Bank of America |
|  | | Tenant | % | Expires | | RUTAN & TUCKER | 14 | 08/31/21 | | COMERICA BANK | 7 | 11/30/13 | | BDO SEIDMAN | 4 | 12/31/15 |
|
| 1E- DSCR < 1.10;1F DSCR <= 75% U/W DSCR.The loan is secured by a 785,231 sq ft MU prop. in Costa Mesa, CA.The debt consists of a $270MM whole loan split between a $160MM A-1 Note (BACM2005-3), & a $110MM A-2 Note (BACM2005-4) which are Pari Passu, & a $28MM B-Note. The property was inspected on 08/07/2008; rated in Good condition. Q1-2009 NCF DSCR using the \''A-1 & A-2'' notes is 1.07; ''All In'' YE 2008 NCF DSCR is .92 with an occ of 72%. The continued decline in NCF is due to an EGI decline because GPR & EX REIMB are not at the levels anticipated at U/W combined with increasing vacancies. Ann 2009 EGI shows a 1% increase from YE 2007 & a 15% decline from U/W. Ann 2009 EGI does show a trend that EGI is increasing to levels anticipated at U/W since prior years EGI ranged between 15% - 16% decline, & historical EGI has been increasing 2% - 3% annually. As of the 03/09 RR, there is 227,851 vacant sf. Proposals have been sent to three prospects (AIM, HKS Architects, Guldjian Law Group) for three units totaling 12,100 sf with lease terms ranging from 3 - 5 yrs at rates of $60-$65. Bwr has secured two tenants(Citent & McKasson Klein) to occupy two spaces totaling 7995 sf during Q1-2009 for 5 yrs at rates of $65-$70. Asking rates range from $19.20 - $21.60 NNN & $33.60 - $38.40/FSG. Competitive bldg rates range from $33.00 - $45.60/FSG. Spaces are adv/mkt via CoStar, company website, & direct broker contact. Additionally, GMAC occupies six suites at the subject property totaling 110,519 sf or 13.40% NRA. Bwr stated that the 5th, & 10th floor spaces formerly occ by GMAC are dark but current. Per Bwr, there is a sublease pending for the 5th floor(prospect name not provided) & GMAC may begin to re-occupy/stack the 10th fl as per Bwr. WAMU occupied 28,027 sf or 3.39% NRA but as of 01/09 have vacated, & Bwr is awaiting a rejection ltr from the FDIC. Bank of America will continue to monitor the loan.
|
| 30 |
Anaheim Hills Business Center |
OF |
$13,936,000 |
143,655 |
80.0 |
5.314000 % |
| | 5100-5150 E. La Palma Avenue, Anaheim Hills CA 92807 | | 0.9% | 78% | 1.32x (UW) | Bank of America |
|  | | Tenant | % | Expires | | David Johnson | 3 | 05/31/06 | | Green Solutions | 3 | 06/30/08 | | Shawn Crawford | 3 | 02/28/06 |
|
| 43 |
Pinebrook I & II |
OF |
$9,126,635 |
115,220 |
77.7 |
5.352000 % |
| | 2550 & 2650 Eisenhower Avenue, Norristown PA 19403 | | 0.6% | 71% | 1.44x (UW) | Bank of America |
|  | | Tenant | % | Expires | | Rock Well Automation | 14 | 04/30/10 | | Rhegion Incorporated | 12 | 02/28/14 | | SHARED TECHNOLOGY INC | 10 | 01/31/11 |
|
| 1E - DSCR < 1.10, 1F - DSCR < 1.40 and <= 75% U/W DSCR, 4A - Occ < 80% U/W Occ & 4B - EGI < 80% U/W EGI. The loan is secured by a 115,226 sf office property in Norristown, PA built in 1982. Q1-2009 NCF DSCR is .92 with an occupancy of 71%; YE 2008 NCF DSCR was 1.44 with an occupancy of 71%. The property was inspected on 12/11/08; rated in Good condition. The decline in NCF and occupancy is a result of STI Computer Science vacating when their lease expired on 06/30/2008. Per the March 2009 rent roll, there is 33,236 vacant sf at the property. Proposals are out to Heilind Electronics for 5100 sf, and VTG Security for 1050 sf for a 3-5 year lease. Asking rates are $13.50/NNN which is right at market rate as per Borrower. Beacon Commercial Real Estate handles the marketing and leasing for the space. Monthly emails are distributed to over 450 brokers in Philadelphia market. Bank of America will continue to monitor the loan.
|
| 39 |
Mission Lake Center |
OF |
$9,786,310 |
81,818 |
69.9 |
5.400000 % |
| | 3600 Lime Street, Riverside CA 92501 | | 0.6% | 73% | 1.39x (12 mths) | Bridger |
|  | | Tenant | % | Expires | | ATHENA RESEARCH GROUP INC | 5 | 06/30/13 | | SAN DIEGO STATE UNIVERSITY | 4 | 06/30/11 | | HELIX ENVIRONMENTAL PLANNING | 4 | 08/31/08 |
|
| 4A Occ < 80% U/W Occ. The loan is secured by a 81,818 sf office property in Riverside, CA built in 1979 and renovated in 2004. The property was inspected on 09/03/08; rated in Good condition,. The YE 2008 NCF DSCR is 1.39 with an occupancy of 73%. Historical occupancy at the property has been in the mid to high 80 percentile until Sept 2008 when it dropped to its current level. The June 2008 reported vacant sf 9400 sf and as of Dec 2008 vacant sf has increased to 22,374 primarily due to Riverside Brewing Co (occupied 7313 sf or 8.94% NRA) vacating prior to their 2014 lease expiration combined with various additional tenants who collectively occupied 5440 sf or 6.65% NRA vacating during 3rd quarter 2008. Primary servicer indicated in April 2009 that 7,313 sf of vacant space has been leased for 10 years at $21 PSF(tenant name not provided). for the remaining vacant spaces, there are no prospects. Current asking rates range from $1.90 - $2.25 PSF; market rates range from $1.75 - $2.25 as per Bwr. The property is marketed by CB Richard Ellis. Bank of America will continue to monitor the loan.
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