154 Muskegon Retail RT $1,618,598 12,000 60.0 6.530000 % 1720 East Sternberg Road, Fruitport Township MI 49444 0.1% 48% 1.19x (9 mths) CW Capital

	Tenant	%	Expires
	ALLCARE DENTAL	25	09/30/17
	RX OPTICAL	23	08/31/17
	RX Optical	23.33	08/31/17

1E - DSCR Below Threshold | 4A - Occupancy Decrease. This loan is secured by a 12,000 sf retail center built in 2006/2007. The DSCR and occupancy for the year ended 12/31/08 were 0.96x and 48%, respectively. On 06/16/09 the borrower stated that occupancy is 65%. The borrower stated the the decrease in DSCR is due to lower occupancy. The 2,000 sf space was leased for 5 years beginning 03/24/09. The new tenant is Metro PCS. The annual rent is $20K increasing each year by $1,000 and in year 5 they pay 17% of the CAM expenses. There is one 5 year option to be negotiated at the time the tenant gives notice to renew 180 days prior to lease expiration. There is one space vacant of 4,200 sf The property is marketed with a broker. The property was last inspected on 09/30/08 and received a rating of good. Capmark will continue to monitor the loan.