Académique Documents
Professionnel Documents
Culture Documents
Secur Bal $
39,500,000
RT
DQ Status
<1 Month
Rate Type
Fixed
Amort Type
IO then Balloon
Curr Bal $
37,428,728
City, State
Harper Woods, MI
Y, N
Current Rate
6.440
Seasoning
102
% of Deal
DSCR, LTV
0.81, 65.72
Curr PP Restriction
Lockout
Modified
Remaining Term
18
Defeased
Terms
Performance
Eastland Center
Trustee Loan ID
502857043
Prospectus Loan ID
33
Trepp Loan ID
168300080
Securitized Balance
39,500,000
Current Balance
37,428,728
Delinquency
L(29),D(87),O(4)
Prepayment Restriction
Remaining Periods until First Defeasible
Remaining Periods
0
Last 12 Months
<1 Month
Life of Loan
No
Payment Date
Delinq. Status
04/2015
<1 Month
Yes
03/2015
Current
Yield Maintenance
02/2015
Current
% of Non MF-Directed
0.81
PP Penalty
No
01/2015
Current
03/25/15
12/2014
Current
11/2014
Current
03/31/16
10/2014
Current
Other or TBD
09/2014
Current
242,334
08/2014
Current
07/2014
Current
Total Exposure
06/2014
Current
05/2014
Current
Net Rate
6.420
Original Term
120
Remaining Term
102
Amortization Term
408
48
Monthly
Cross Collateralization #
Amortization Type
Lockout
07/15/16
18
Seasoning
IO then Balloon
03/11/15
0.55
6.440
14
<1 Month
% of deal
Current Rate
Lockout
Delinquency History
Defeased Status
Current Balance
Cumulative ASER Amount
P&I Advances Outstanding*
37,428,728
242,334
Extension Type
Balloon
Act/360
Originator
Wachovia
Origination Date
09/20/06
Total Exposure
10/15/16
UW Maturity Date
10/11/16
36,600,906
Refinance
579,690
37,671,063
Wells Fargo
CWCapital Asset Management
Contact
General Contact
Phone
1-888-296-6206
1 of 10
Property Information
Address
City
Harper Woods
State
MI
Zip
48225
County
Wayne
MSA
Detroit-Warren-Dearborn, MI
RT
Retail
1957
Year Renovated
1993
Square Feet
632,536
59
Tenant Information
As Of
Tenant
Sq Footage
P1-T1 Current
Target
0.11
P1-T2 Current
Shopper's World
0.10
P1-T3 Current
0.06
P1-T4 Current
26,039
4.12 05/31/2016
0.02
P1-T5 Current
Family Dollar
9,814
1.55 06/30/2020
0.01
26,039
4.12 05/31/2016
36
2 of 10
Appraisal / LTV
Most Recent
Prior FY
As of Date
12/
2014
Revenues
- 9,702,982
-6.59%
Expenses
- 7,151,647
-0.80%
7,209,364
NOI
- 2,551,335 -19.73%
NCF
- ^2,408,244 -20.66%
DSCR (NOI)
DSCR (NCF)
6.82
6.43
Occupancy
77
12/2013
Securitization
Pro Forma As Is
-
10,387,887 13,684,591
Securitization
Most Recent
Pro Forma
As Is
Appraisal Date
09/01/2007 09/01/2007
09/01/2007
Appraisal Amount
60,100,000
60,100,000
55,633,803
- -
Appraisal / Sq Ft
95.01
95.01
87.95
9,270,953
LTV
65.72
65.72
71.00
3,178,523
4,413,639
3,035,432
4,270,547
0.86 -0.21
1.07
^0.81 -0.21
1.02
1.43
11.17
10.81
95
78
-18
If a loan has a Secur As Is value, then the value in the "Secur Pro Forma" column is the Pro Forma value as reported in the Annex A; otherwise the value in that column is
Securitized
3 of 10
Amt
nd
Prior FY)
Amt
(3
Amt /
% Rev
Sq Ft
rd
Prior FY)
Amt /
2014 / 2013 / 2012 /
% Rev
Sq Ft
2013 2012 2011
Amt
Revenues
Base Rent
5,140,751
8.13
53
5,326,290
8.42
51
5,430,703
8.59
49
-3
-2
-2
Expense Reimbursement
3,664,215
5.79
38
4,122,078
6.52
40
4,572,536
7.23
41
-11
-10
39,298
0.06
21,690
0.03
129,755
0.21
81
-83
858,718
1.36
917,829
1.45
968,297
1.53
-6
-5
-6
9,702,982
15.34
100
10,387,887
16.42
100 11,101,291
17.55
100
-7
-6
1,867,574
2.95
19
1,865,350
2.95
18
1,427,939
2.26
13
31
-35
155,000
0.25
152,481
0.24
154,490
0.24
-1
1,984,406
3.14
20
2,098,511
3.32
20
2,588,552
4.09
23
-5
-19
28
690,651
1.09
643,106
1.02
585,780
0.93
10
81
Janitorial
245,602
0.39
259,059
0.41
199,250
0.32
-5
30
Management Fees
212,495
0.34
227,495
0.36
243,119
0.38
-7
-6
803,901
1.27
778,067
1.23
44,161
0.07
36,146
0.06
70,202
0.11
22
-49
41
Professional Fees
99,961
0.16
57,647
0.09
33,779
0.05
73
71
-69
1.66
11
1,088,287
1.72
10
1,301,604
2.06
12
-4
-16
Other Expenses
3,215
0.01
213,321
0.34
-98
Percentage Rent
Other Income
Total Revenues
Operating Expenses
Real Estate Taxes
Property Insurance
Utilities
1
-
7,151,647
11.31
74
7,209,364
11.40
69
6,818,036
10.78
61
-1
-9
NOI
2,551,335
4.03
26
3,178,523
5.03
31
4,283,255
6.77
39
-20
-26
21
Leasing Commissions
16,584
0.03
16,584
0.03
16,584
0.03
Capital Expenditures
126,507
0.20
126,507
0.20
126,507
0.20
143,091
0.23
143,091
0.23
143,091
0.23
Capital Expenses
4 of 10
NCF
2,408,244
Amt /
% Rev
Sq Ft
3.81
25
nd
Prior FY)
Amt
3,035,432
(3
Amt /
% Rev
Sq Ft
4.80
29
rd
Prior FY)
Amt
4,140,164
Amt /
2014 / 2013 / 2012 /
% Rev
Sq Ft
2013 2012 2011
6.55
37
-21
-27
22
5 of 10
The loan is secured by a first lien on 632,536-SF 46%) of a 1,372,458-SF enclosed shopping mall located in Harper Woods, MI, built in 1957 and renovated in 1993. UW
DSCR was 1.43x with occupancy at 78.23%.
03/09/2015: YE 2014 NCF DSCR was 0.69x with 76.57% OCC, as compared to YE 2013 NCF DSCR of 0.88x with 94.91% OCC. Q3 2014 NCF DSCR was 0.66x with 77.25%
OCC, as compared to Q3 2013 NCF DSCR of 1.01x with 94.91% OCC.
The DSCR and EGI decrease are primarily attributed to a decrease in rental income due to a decrease in occupancy, as well as, and increase in the real estate taxes,
janitorial expenses, and professional fees. The occupancy decrease is primarily attributed to Sears (160,407 SF/25% GLA) vacating its space. One tax parcel
associated with this property is required to be paid by the tenant - McDonald's - with a due date of 02/14/2015; However, the bill has not yet been paid.
The property was last inspected on 07/31/2014 and received a rating of three (3) - Normal.
Master Servicer contacted the borrower again on 02/02/2015 regarding property performance and McDonald's payment of the real estate tax bill, and is awaiting a
response. Borrower is unresponsive to multiple attempts to obtain information.
WatchList Commentary As of: 02/2015
The loan is secured by a first lien on 632,536-SF 46%) of a 1,372,458-SF enclosed shopping mall located in Harper Woods, MI, built in 1957 and renovated in 1993. UW
DSCR was 1.43x with occupancy at 78.23%.
02/02/2015: Q2 2014 NCF DSCR was 0.61x with 77.25% OCC, as compared to Q2 2013 NCF DSCR of 1.06x with 88.88% OCC. YE 2013 NCF DSCR was 0.88x with 94.91%
OCC, as compared to YE 2012 NCF DSCR of 1.19x with 89.67% OCC.
The DSCR and EGI decrease are primarily attributed to a decrease in rental income due to a decrease in occupancy, as well as, and increase in the real estate taxes,
janitorial expenses, and professional fees. The occupancy decrease is primarily attributed to Sears (160,407 SF/25% GLA) vacating its space. One tax parcel
associated with this property is required to be paid by the tenant - McDonald's - with a due date of 09/14/2014; However, the bill has not yet been paid.
The property was last inspected on 07/31/2014 and received a rating of three (3) - Normal.
Master Servicer contacted the borrower again on 02/02/2015 regarding property performance and McDonald's payment of the real estate tax bill, and is awaiting a
response. Borrower is unresponsive to multiple attempts to obtain information.
WatchList Commentary As of: 01/2015
The loan is secured by a first lien on 632,536-SF 46%) of a 1,372,458-SF enclosed shopping mall located in Harper Woods, MI, built in 1957 and renovated in 1993. UW
DSCR was 1.43x with occupancy at 78.23%. 01/08/2015: Q2 2014 NCF DSCR was 0.61x with 77.25% OCC, as compared to Q2 2013 NCF DSCR of 1.06x with 88.88%
OCC. YE 2013 NCF DSCR was 0.88x with 94.91% OCC, as compared to YE 2012 NCF DSCR of 1.19x with 89.67% OCC. The DSCR and EGI decrease are primarily
attributed to a decrease in rental income due to a decrease in occupancy, as well as, and increase in the real estate taxes, janitorial expenses, and professional fees.
The occupancy decrease is primarily attributed to Sears (160,407 SF/25% GLA) vacating its space. One tax parcel associated with this property is required to be paid
by the tenant - McDonald's - with a due date of 09/14/2014; However, the bill has not yet been paid. The property was last inspected on 07/31/2014 and received a
rating of three (3) - Normal. Master Servicer contacted the borrower again on 10/31/2014 regarding property performance and McDonald's payment of the real
estate tax bill, and is awaiting a response.
WatchList Commentary As of: 12/2014
The loan is secured by a first lien on 632,536-SF 46%) of a 1,372,458-SF enclosed shopping mall located in Harper Woods, MI, built in 1957 and renovated in 1993. UW
DSCR was 1.43x with occupancy at 78.23%. 12/08/2014: Q2 2014 NCF DSCR was 0.61x with 77.25% OCC, as compared to Q2 2013 NCF DSCR of 1.06x with 88.88%
OCC. YE 2013 NCF DSCR was 0.88x with 94.91% OCC, as compared to YE 2012 NCF DSCR of 1.19x with 89.67% OCC. The DSCR and EGI decrease are primarily
attributed to a decrease in rental income due to a decrease in occupancy, as well as, and increase in the real estate taxes, janitorial expenses, and professional fees.
The occupancy decrease is primarily attributed to Sears (160,407 SF/25% GLA) vacating its space. The property was last inspected on 07/31/2014 and received a
rating of three (3) - Normal. Master Servicer contacted the borrower again on 10/31/2014 regarding property performance and is awaiting a response.
WatchList Commentary As of: 11/2014
The loan is secured by a first lien on 632,536-SF 46%) of a 1,372,458-SF enclosed shopping mall located in Harper Woods, MI, built in 1957 and renovated in 1993. UW
DSCR was 1.43x with occupancy at 78.23%. 11/06/2014: Q1 2014 NCF DSCR was 0.43x with 77.72% OCC, as compared to Q1 2013 NCF DSCR of 1.09x with 89.16%
OCC. YE 2013 NCF DSCR was 0.88x with 94.91% OCC, as compared to YE 2012 NCF DSCR of 1.19x with 89.67% OCC. The DSCR and EGI decrease are primarily
attributed to a decrease in rental income due to a decrease in occupancy, as well as, and increase in the real estate taxes, janitorial expenses, and professional fees.
The occupancy decrease is primarily attributed to Sears (160,407 SF/25% GLA) vacating its space. The property was last inspected on 07/31/2014 and received a
rating of three (3) - Normal. Master Servicer contacted the borrower again on 10/31/2014 regarding property performance and is awaiting a response.
6 of 10
The loan is secured by a first lien on 632,536-SF 46%) of a 1,372,458-SF enclosed shopping mall located in Harper Woods, MI, built in 1957 and renovated in 1993. UW
DSCR was 1.43x with occupancy at 78.23%. 10/06/2014: Q1 2014 NCF DSCR was 0.43x with 77.72% OCC, as compared to Q1 2013 NCF DSCR of 1.09x with 89.16%
OCC. YE 2013 NCF DSCR was 0.88x with 94.91% OCC, as compared to YE 2012 NCF DSCR of 1.19x with 89.67% OCC. The DSCR decrease is primarily attributed to a
decrease in rental income due to a decrease in occupancy, as well as, and increase in the real estate taxes, janitorial expenses, and professional fees. The occupancy
decrease is primarily attributed to Sears (160,407 SF/25% GLA) vacating its space. The property was last inspected on 07/31/2014 and received a rating of three (3) Normal. Master Servicer contacted the borrower again on 10/06/2014 regarding property performance and is awaiting a response.
WatchList Commentary As of: 09/2014
The loan is secured by a first lien on 632,536-SF 46%) of a 1,372,458-SF enclosed shopping mall located in Harper Woods, MI, built in 1957 and renovated in 1993. UW
DSCR was 1.43x with occupancy at 78.23%. 09/08/2014: Q1 2014 NCF DSCR was 0.43x with 77.72% OCC, as compared to Q1 2013 NCF DSCR of 1.09x with 89.16%
OCC. YE 2013 NCF DSCR was 0.88x with 94.91% OCC, as compared to YE 2012 NCF DSCR of 1.19x with 89.67% OCC. The DSCR decrease is primarily attributed to a
decrease in rental income due to a decrease in occupancy, as well as, and increase in the real estate taxes, janitorial expenses, and professional fees. The occupancy
decrease is primarily attributed to Sears (160,407 SF/25% GLA) vacating its space. The property was last inspected on 07/31/2014 and received a rating of three (3) Normal. Master Servicer contacted the borrower again on 09/08/2014 regarding property performance and is awaiting a response.
WatchList Commentary As of: 08/2014
The loan is secured by a first lien on 632,536-SF 46%) of a 1,372,458-SF enclosed shopping mall located in Harper Woods, MI, built in 1957 and renovated in 1993. UW
DSCR was 1.43x with occupancy at 78.23%. 08/06/2014: YE 2013 NCF DSCR was 0.88x with 94.91% OCC, as compared to YE 2012 NCF DSCR of 1.19x with 89.67% OCC.
The DSCR decrease is primarily attributed to a decrease in rental income, as well as, and increase in the real estate taxes, janitorial expenses, and professional fees.
The property was last inspected on 08/20/2013 and received a rating of three (3) - Normal. Master Servicer contacted the borrower on 08/06/2014 regarding
property performance and is awaiting a response.
WatchList Commentary As of: 07/2014
The loan is secured by a first lien on 632,536-SF 46%) of a 1,372,458-SF enclosed shopping mall located in Harper Woods, MI, built in 1957 and renovated in 1993. UW
DSCR was 1.43x with occupancy at 78.23%. 06/04/2014: YE 2013 NCF DSCR was 0.88x with 94.91% OCC, as compared to YE 2012 NCF DSCR of 1.19x with 89.67% OCC.
The DSCR decrease is primarily attributed to a decrease in rental income, as well as, and increase in the real estate taxes, janitorial expenses, and professional fees.
The property was last inspected on 08/20/2013 and received a rating of three (3) - Normal. Master Servicer contacted the borrower on 06/04/2014 regarding
property performance and is awaiting a response.
WatchList Commentary As of: 06/2014
The loan is secured by a first lien on 632,536-SF 46%) of a 1,372,458-SF enclosed shopping mall located in Harper Woods, MI, built in 1957 and renovated in 1993. UW
DSCR was 1.43x with occupancy at 78.23%. 06/04/2014: YE 2013 NCF DSCR was 0.88x with 94.91% OCC, as compared to YE 2012 NCF DSCR of 1.19x with 89.67% OCC.
The DSCR decrease is primarily attributed to a decrease in rental income, as well as, and increase in the real estate taxes, janitorial expenses, and professional fees.
The property was last inspected on 08/20/2013 and received a rating of three (3) - Normal. Master Servicer contacted the borrower on 06/04/2014 regarding
property performance and is awaiting a response.
WatchList Commentary As of: 03/2010
The loan is secured by a first lien on 632,536-SF of a 1,372,458-SF enclosed shopping mall located in Harper Woods, MI. Including shadow anchors and non-owned
stores, the total shopping mall aggregates approximately 1.3MM-SF with Lender's collateral comprising 632,536-SF (46.0%) of that total. 3/10/2010: YTD09 09 DSCR is
.93, down from YE 08 DSCR of 1.32. Occupancy has risen from 77% 02/28/2009, to 82.5% as of 1/1/2010. Per borrower, Macy's (485,151 SF, 35% GLA) recently
exercised their renewal option for another 5 years (expires 5/31/15). Servicer is pending updated operating statements and submarket conditions.
WatchList Commentary As of: 02/2010
The loan is secured by a first lien on 632,536-SF of a 1,372,458-SF enclosed shopping mall located in Harper Woods, MI. Including shadow anchors and non-owned
stores, the total shopping mall aggregates approximately 1.3MM-SF with Lender's collateral comprising 632,536-SF (46.0%) of that total. A $3MM Upfront TI/LC
Reserve was established at closing to address future leasing. 12/8/09: A current rent roll statement has been provided. Servicer's Financial Department is updating
the information based on the rent roll. Borrower states the Piercing Pagoda extension was recently received and will be reflected on the next rent roll. S&D's
construction is complete and the tenant should be opening soon. As of YTD09 2009, the DSCR(NCF) is 1.08x (A Note) & 0.93x (A&B Note). Borrower has not
responded to Servicers request for additional information regarding the propertys performance and cash flow. 11/2/09: Servicer has requested an updated rent roll
statement to reflect the lease information below. 9/2/09:Expirations in next 6 mos: Talk wireless - only renewed them for 1 yr eff 1/1/09 bc will renew again @ year
end @ higher rent as Burlington coat factory is opening their mall entrance in front of their kiosk Piercing pagoda - 2 yr renewal agreed upon, waiting on execution
Perfumania - 5 yr renewal done Premier nails - working on renewal, will renew for 5 yrs new deals: 719 - pizza plus - 9/1/09 722 - taco bell/a&w - 11/1/09 101 - lord's
supper restaurant - 9/1/09 104 - king's closet - deal done, tnt open 115 - s&d underground - deal done, tnt under constr soon 121 - jenna's dollar dogs - deal almost
done, finalizing 535 - perfect eyebrows - deal agreed upon, waiting on tnt execution 709 - fairy talz - deal done, tnt open 748/752 - custom styles & eyes - deal done,
tnt under constr 759 - fashion entourage - deal done, tnt open 808 - pure energy - deal agreed upon, ironing out lease language, tnt under constr soon 7/6/09:
According to thee borrower, Talk Wireless renewed for one year effective 1/1/09. The renewal was only for a year as the tenant will again renew at year end 2009 at
higher rents since Burlington Coat Factory is opening their mall entrance in front of their kiosk. Piercing Pagoda renewed for 2 yrs. Purfumania has renewed for 5 yrs
and borrower is currently working on a 5 yr. renewal with Premier Nails. Borrower states they have also executed several new leases that will take effect from August
- December 2009.
7 of 10
The loan is secured by a first lien on 632,536-SF of a 1,372,458-SF enclosed shopping mall located in Harper Woods, MI. Including shadow anchors and non-owned
stores, the total shopping mall aggregates approximately 1.3MM-SF with Lender's collateral comprising 632,536-SF (46.0%) of that total. A $3MM Upfront TI/LC
Reserve was established at closing to address future leasing. 12/8/09: A current rent roll statement has been provided. Servicer's Financial Department is updating
the information based on the rent roll. Borrower states the Piercing Pagoda extension was recently received and will be reflected on the next rent roll. S&D's
construction is complete and the tenant should be opening soon. As of YTD09 2009, the DSCR(NCF) is 1.08x (A Note) & 0.93x (A&B Note). Borrower has not
responded to Servicers request for additional information regarding the propertys performance and cash flow. 11/2/09: Servicer has requested an updated rent roll
statement to reflect the lease information below. 9/2/09:Expirations in next 6 mos: Talk wireless - only renewed them for 1 yr eff 1/1/09 bc will renew again @ year
end @ higher rent as Burlington coat factory is opening their mall entrance in front of their kiosk Piercing pagoda - 2 yr renewal agreed upon, waiting on execution
Perfumania - 5 yr renewal done Premier nails - working on renewal, will renew for 5 yrs new deals: 719 - pizza plus - 9/1/09 722 - taco bell/a&w - 11/1/09 101 - lord's
supper restaurant - 9/1/09 104 - king's closet - deal done, tnt open 115 - s&d underground - deal done, tnt under constr soon 121 - jenna's dollar dogs - deal almost
done, finalizing 535 - perfect eyebrows - deal agreed upon, waiting on tnt execution 709 - fairy talz - deal done, tnt open 748/752 - custom styles & eyes - deal done,
tnt under constr 759 - fashion entourage - deal done, tnt open 808 - pure energy - deal agreed upon, ironing out lease language, tnt under constr soon 7/6/09:
According to thee borrower, Talk Wireless renewed for one year effective 1/1/09. The renewal was only for a year as the tenant will again renew at year end 2009 at
higher rents since Burlington Coat Factory is opening their mall entrance in front of their kiosk. Piercing Pagoda renewed for 2 yrs. Purfumania has renewed for 5 yrs
and borrower is currently working on a 5 yr. renewal with Premier Nails. Borrower states they have also executed several new leases that will take effect from August
- December 2009.
WatchList Commentary As of: 12/2009
The loan is secured by a first lien on 632,536-SF of a 1,372,458-SF enclosed shopping mall located in Harper Woods, MI. Including shadow anchors and non-owned
stores, the total shopping mall aggregates approximately 1.3MM-SF with Lender's collateral comprising 632,536-SF (46.0%) of that total. A $3MM Upfront TI/LC
Reserve was established at closing to address future leasing. 12/8/09: A current rent roll statement has been provided. Servicer's Financial Department is updating
the information based on the rent roll. Borrower states the Piercing Pagoda extension was recently received and will be reflected on the next rent roll. S&D's
construction is complete and the tenant should be opening soon. As of YTD09 2009, the DSCR(NCF) is 1.08x (A Note) & 0.93x (A&B Note). Borrower has not
responded to Servicers request for additional information regarding the propertys performance and cash flow. 11/2/09: Servicer has requested an updated rent roll
statement to reflect the lease information below. 9/2/09:Expirations in next 6 mos: Talk wireless - only renewed them for 1 yr eff 1/1/09 bc will renew again @ year
end @ higher rent as Burlington coat factory is opening their mall entrance in front of their kiosk Piercing pagoda - 2 yr renewal agreed upon, waiting on execution
Perfumania - 5 yr renewal done Premier nails - working on renewal, will renew for 5 yrs new deals: 719 - pizza plus - 9/1/09 722 - taco bell/a&w - 11/1/09 101 - lord's
supper restaurant - 9/1/09 104 - king's closet - deal done, tnt open 115 - s&d underground - deal done, tnt under constr soon 121 - jenna's dollar dogs - deal almost
done, finalizing 535 - perfect eyebrows - deal agreed upon, waiting on tnt execution 709 - fairy talz - deal done, tnt open 748/752 - custom styles & eyes - deal done,
tnt under constr 759 - fashion entourage - deal done, tnt open 808 - pure energy - deal agreed upon, ironing out lease language, tnt under constr soon 7/6/09:
According to thee borrower, Talk Wireless renewed for one year effective 1/1/09. The renewal was only for a year as the tenant will again renew at year end 2009 at
higher rents since Burlington Coat Factory is opening their mall entrance in front of their kiosk. Piercing Pagoda renewed for 2 yrs. Purfumania has renewed for 5 yrs
and borrower is currently working on a 5 yr. renewal with Premier Nails. Borrower states they have also executed several new leases that will take effect from August
- December 2009.
WatchList Commentary As of: 11/2009
The loan is secured by a first lien on 632,536-SF of a 1,372,458-SF enclosed shopping mall located in Harper Woods, MI. Including shadow anchors and non-owned
stores, the total shopping mall aggregates approximately 1.3MM-SF with Lender's collateral comprising 632,536-SF (46.0%) of that total. A $3MM Upfront TI/LC
Reserve was established at closing to address future leasing. 11/2/09: Servicer has requested an updated rent roll statement to reflect the lease information below.
9/2/09:Expirations in next 6 mos: Talk wireless - only renewed them for 1 yr eff 1/1/09 bc will renew again @ year end @ higher rent as Burlington coat factory is
opening their mall entrance in front of their kiosk Piercing pagoda - 2 yr renewal agreed upon, waiting on execution Perfumania - 5 yr renewal done Premier nails working on renewal, will renew for 5 yrs new deals: 719 - pizza plus - 9/1/09 722 - taco bell/a&w - 11/1/09 101 - lord's supper restaurant - 9/1/09 104 - king's closet deal done, tnt open 115 - s&d underground - deal done, tnt under constr soon 121 - jenna's dollar dogs - deal almost done, finalizing 535 - perfect eyebrows - deal
agreed upon, waiting on tnt execution 709 - fairy talz - deal done, tnt open 748/752 - custom styles & eyes - deal done, tnt under constr 759 - fashion entourage - deal
done, tnt open 808 - pure energy - deal agreed upon, ironing out lease language, tnt under constr soon 7/6/09: According to the borrower, Talk Wireless renewed for
one year effective 1/1/09. The renewal was only for a year as the tenant will again renew at year end 2009 at higher rents since Burlington Coat Factory is opening
their mall entrance in front of their kiosk. Piercing Pagoda renewed for 2 yrs. Purfumania has renewed for 5 yrs and borrower is currently working on a 5 yr. renewal
with Premier Nails. Borrower states they have also executed several new leases that will take effect from August - December 2009.
WatchList Commentary As of: 10/2009
The loan is secured by a first lien on 632,536-SF of a 1,372,458-SF enclosed shopping mall located in Harper Woods, MI. Including shadow anchors and non-owned
stores, the total shopping mall aggregates approximately 1.3MM-SF with Lender's collateral comprising 632,536-SF (46.0%) of that total. A $3MM Upfront TI/LC
Reserve was established at closing to address future leasing. 9/2/09:Expirations in next 6 mos: Talk wireless - only renewed them for 1 yr eff 1/1/09 bc will renew
again @ year end @ higher rent as Burlington coat factory is opening their mall entrance in front of their kiosk Piercing pagoda - 2 yr renewal agreed upon, waiting
on execution Perfumania - 5 yr renewal done Premier nails - working on renewal, will renew for 5 yrs new deals: 719 - pizza plus - 9/1/09 722 - taco bell/a&w - 11/1/09
101 - lord's supper restaurant - 9/1/09 104 - king's closet - deal done, tnt open 115 - s&d underground - deal done, tnt under constr soon 121 - jenna's dollar dogs deal almost done, finalizing 535 - perfect eyebrows - deal agreed upon, waiting on tnt execution 709 - fairy talz - deal done, tnt open 748/752 - custom styles & eyes -
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The loan is secured by a first lien on 632,536-SF of a 1,372,458-SF enclosed shopping mall located in Harper Woods, MI. Including shadow anchors and non-owned
stores, the total shopping mall aggregates approximately 1.3MM-SF with Lender's collateral comprising 632,536-SF (46.0%) of that total. A $3MM Upfront TI/LC
Reserve was established at closing to address future leasing. 9/2/09:Expirations in next 6 mos: Talk wireless - only renewed them for 1 yr eff 1/1/09 bc will renew
again @ year end @ higher rent as Burlington coat factory is opening their mall entrance in front of their kiosk Piercing pagoda - 2 yr renewal agreed upon, waiting
on execution Perfumania - 5 yr renewal done Premier nails - working on renewal, will renew for 5 yrs new deals: 719 - pizza plus - 9/1/09 722 - taco bell/a&w - 11/1/09
101 - lord's supper restaurant - 9/1/09 104 - king's closet - deal done, tnt open 115 - s&d underground - deal done, tnt under constr soon 121 - jenna's dollar dogs deal almost done, finalizing 535 - perfect eyebrows - deal agreed upon, waiting on tnt execution 709 - fairy talz - deal done, tnt open 748/752 - custom styles & eyes deal done, tnt under constr 759 - fashion entourage - deal done, tnt open 808 - pure energy - deal agreed upon, ironing out lease language, tnt under constr soon 7/
6/09: According to the borrower, Talk Wireless renewed for one year effective 1/1/09. The renewal was only for a year as the tenant will again renew at year end 2009
at higher rents since Burlington Coat Factory is opening their mall entrance in front of their kiosk. Piercing Pagoda renewed for 2 yrs. Purfumania has renewed for 5
yrs and borrower is currently working on a 5 yr. renewal with Premier Nails. Borrower states they have also executed several new leases that will take effect from
August - December 2009.
WatchList Commentary As of: 08/2009
The loan is secured by a first lien on 632,536-SF of a 1,372,458-SF enclosed shopping mall located in Harper Woods, MI. Including shadow anchors and non-owned
stores, the total shopping mall aggregates approximately 1.3MM-SF with Lender's collateral comprising 632,536-SF (46.0%) of that total. A $3MM Upfront TI/LC
Reserve was established at closing to address future leasing. 7/6/09: According to the borrower, Talk Wireless renewed for one year effective 1/1/09. The renewal
was only for a year as the tenant will again renew at year end 2009 at higher rents since Burlington Coat Factory is openong their mall entrance in front of their kiosk.
Piercing Pagoda renewed for 2 yrs. Purfumania has renewed for 5 yrs and borrower is currently working on a 5 yr. renewal with Premier Nails. Borrower states they
have also executed several new leases that will take effect from August - December 2009. 6/1/09: Borrower has been contacted for a leasing update on tenants with
leases expiring within the next 6 months.
WatchList Commentary As of: 07/2009
The loan is secured by a first lien on 632,536-SF of a 1,372,458-SF enclosed shopping mall located in Harper Woods, MI. Including shadow anchors and non-owned
stores, the total shopping mall aggregates approximately 1.3MM-SF with Lender's collateral comprising 632,536-SF (46.0%) of that total. A $3MM Upfront TI/LC
Reserve was established at closing to address future leasing. 7/6/09: According to the borrower, Talk Wireless renewed for one year effective 1/1/09. The renewal
was only for a year as the tenant will again renew at year end 2009 at higher rents since Burlington Coat Factory is openong their mall entrance in front of their kiosk.
Piercing Pagoda renewed for 2 yrs. Purfumania has renewed for 5 yrs and borrower is currently working on a 5 yr. renewal with Premier Nails. Borrower states they
have also executed several new leases that will take effect from August - December 2009. 6/1/09: Borrower has been contacted for a leasing update on tenants with
leases expiring within the next 6 months.
WatchList Commentary As of: 06/2009
The loan is secured by a first lien on 632,536-SF of a 1,372,458-SF enclosed shopping mall located in Harper Woods, MI. Including shadow anchors and non-owned
stores, the total shopping mall aggregates approximately 1.3MM-SF with Lender's collateral comprising 632,536-SF (46.0%) of that total. A $3MM Upfront TI/LC
Reserve was established at closing to address future leasing. 6/1/09: Borrower has been contacted for a leasing update on tenants with leases expiring within the
next 6 months.
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Source
Title
Risk
Monitor
Revenue
Volatility
Rating
2-Decline
0.9
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