Deutsche Mortgage and Donald Trump

 

FWP 1 n504_x3.htm FREE WRITING PROSPECTUS

 

    FREE WRITING PROSPECTUS
    FILED PURSUANT TO RULE 433
    REGISTRATION FILE NO.: 333-193376-21
     

 

 

 

July 20, 2015

 

FREE WRITING PROSPECTUS

STRUCTURAL AND COLLATERAL TERM SHEET 

$1,388,155,304

(Approximate Total Mortgage Pool Balance)

 

$1,285,778,000

(Approximate Offered Certificates)

 

COMM 2015-CCRE24

 

 

Deutsche Mortgage & Asset Receiving Corporation

Depositor

 

  

German American Capital Corporation 

Cantor Commercial Real Estate Lending, L.P. 

Ladder Capital Finance LLC 

Pillar Funding LLC 

Sponsors and Mortgage Loan Sellers

 

 

 

 

  Deutsche Bank Securities   Cantor Fitzgerald & Co.  
Joint Bookrunning Managers and Co-Lead Managers
 
 CastleOak Securities, L.P.   Citigroup 
Co-Managers

 

The depositor has filed a registration statement (including the prospectus) with the Securities and Exchange Commission (File No. 333-193376) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the Securities and Exchange Commission for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or Deutsche Bank Securities Inc., any other underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free 1-800-503-4611 or by email to the following address: prospectus.cpdg@db.com. The offered certificates referred to in these materials, and the asset pool backing them, are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis. You understand that, when you are considering the purchase of these certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have verified the allocation of certificates to be made to you; any “indications of interest” expressed by you, and any “soft circles” generated by us, will not create binding contractual obligations for you or us.

 


 
 

  

COMM 2015-CCRE24 Mortgage Trust  

 

Capitalized terms used but not defined herein have the meanings assigned to them in the other Free Writing Prospectus expected to be dated July 20, 2015, relating to the offered certificates (hereinafter referred to as the “Free Writing Prospectus”).

 

KEY FEATURES OF SECURITIZATION

 

Offering Terms:    
Joint Bookrunners & Co-Lead Managers:

Deutsche Bank Securities Inc. 

Cantor Commercial Real Estate Lending, L.P. 

Co-Managers: CastleOak Securities, L.P. and Citigroup Global Markets Inc.
Mortgage Loan Sellers:

German American Capital Corporation* (“GACC”) (37.2%), Cantor Commercial Real Estate Lending, L.P. (“CCRE”) (30.0%), Ladder Capital Finance LLC (“LCF”) (25.9%) and Pillar Funding LLC (“Pillar”) (6.8%). 

*An indirect wholly owned subsidiary of Deutsche Bank AG. 

Master Servicer: Wells Fargo Bank, National Association
Operating Advisor: Park Bridge Lender Services LLC
Special Servicer: LNR Partners, LLC
Trustee: Wilmington Trust, National Association
Certificate Administrator: Wells Fargo Bank, National Association
Rating Agencies: Moody’s Investors Service, Inc., Fitch Ratings, Inc. and Morningstar Credit Ratings, LLC
Determination Date: 6th day of each month, or if such 6th day is not a business day, the following business day, commencing in September 2015.
Distribution Date: 4th business day following the Determination Date in each month, commencing in September 2015.
Cut-off Date: Payment Date in August 2015 (or related origination date, if later). Unless otherwise noted, all Mortgage Loan statistics are based on balances as of the Cut-off Date.
Settlement Date: On or about August 6, 2015
Settlement Terms: DTC, Euroclear and Clearstream, same day funds, with accrued interest.
ERISA Eligible: All of the Offered Certificates are expected to be ERISA eligible.
SMMEA Eligible: None of the Offered Certificates will be SMMEA eligible.
Day Count: 30/360
Tax Treatment: REMIC
Rated Final Distribution Date: August 2055
Minimum Denominations: $10,000 (or $100,000 with respect to Class X-A) and in each case in multiples of $1 thereafter.
Clean-up Call: 1%

 

Distribution of Collateral by Property Type

 

(PIE CHART)

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

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COMM 2015-CCRE24 Mortgage Trust  

 

TRANSACTION HIGHLIGHTS
 

 

Mortgage Loan Sellers

Number of 

Mortgage 

Loans 

Number of 

Mortgaged 

Properties 

Aggregate 

Cut-off Date 

Balance 

% of Outstanding

 Pool Balance

 

German American Capital Corporation 21 42 $516,680,921 37.2%
Cantor Commercial Real Estate Lending, L.P. 22 27 $416,758,270 30.0%
Ladder Capital Finance LLC 25 38 $360,032,375 25.9%
Pillar Funding LLC 13 21   $94,683,738 6.8%
Total: 81 128 $1,388,155,304     100.0%

 

 

Pooled Collateral Facts:  
Initial Outstanding Pool Balance: $1,388,155,304
Number of Mortgage Loans: 81
Number of Mortgaged Properties: 128
Average Mortgage Loan Cut-off Date Balance: $17,137,720
Average Mortgaged Property Cut-off Date Balance: $10,844,963
Weighted Average Mortgage Rate: 4.3874%
Weighted Average Mortgage Loan Original Term to Maturity Date or ARD (months): 120
Weighted Average Mortgage Loan Remaining Term to Maturity Date or ARD (months): 119
Weighted Average Mortgage Loan Seasoning (months): 1
% of Mortgaged Properties Leased to a Single Tenant: 17.5%

 

Credit Statistics(1): 

 
Weighted Average Mortgage Loan U/W NCF DSCR: 1.74x
Weighted Average Mortgage Loan Cut-off Date LTV(2)(3)(4): 61.5%
Weighted Average Mortgage Loan Maturity Date or ARD LTV(2)(3): 53.3%
Weighted Average U/W NOI Debt Yield(4): 10.8%

 

 Amortization Overview: 

 
% Mortgage Loans with Amortization through Maturity Date or ARD: 38.2%
% Mortgage Loans which pay Interest Only through Maturity Date or ARD: 21.3%
% Mortgage Loans which pay Interest Only followed by Amortization through Maturity Date or ARD: 40.5%
Weighted Average Remaining Amortization Term (months)(5): 341

 

 

Loan Structural Features: 

 
% Mortgage Loans with Upfront or Ongoing Tax Reserves: 82.1%
% Mortgage Loans with Upfront or Ongoing Replacement Reserves(6): 79.3%
% Mortgage Loans with Upfront or Ongoing Insurance Reserves: 49.7%
% Mortgage Loans with Upfront or Ongoing TI/LC Reserves(7): 64.5%
% Mortgage Loans with Upfront Engineering Reserves: 31.3%
% Mortgage Loans with Upfront or Ongoing Other Reserves: 40.4%
% Mortgage Loans with In Place Hard Lockboxes: 63.1%
% Mortgage Loans with Cash Traps Triggered at DSCR Levels ≥ 1.05x: 90.1%
% Mortgage Loans with Defeasance Only After a Lockout Period and Prior to an Open Period: 66.6%
% Mortgage Loans with Prepayment with a Yield Maintenance Charge or Defeasance Only After a Lockout Period and Prior to an Open Period: 18.2%
% Mortgage Loans with Prepayment Only After a Lockout Period and Prior to an Open Period with a Yield Maintenance Charge: 13.5%
% Mortgage Loans with Prepayment with a Yield Maintenance Charge Prior to an Open Period and also Allow Defeasance after a Period of 2 Years Following the Closing Date: 1.7%
(1) With respect to the Lakewood Center Loan, Eden Roc Loan, Heartland Industrial Portfolio Loan, 40 Wall Street Loan and La Gran Plaza Loan the LTV, DSCR and debt yield calculations include the related pari passu companion loan(s).
   
(2) With respect to two properties in a portfolio, representing 2.3% of the initial outstanding principal balance, the Cut-off Date LTV and Maturity Date or ARD LTV have in certain cases been calculated based on the “as complete” value. For additional information, see the Footnotes to Annex A-1 in the Free Writing Prospectus.
   
(3) With respect to the Heartland Industrial Portfolio Loan, representing 6.8% of the initial outstanding pool balance, the Cut-off Date LTV and Maturity Date or ARD LTV have been calculated based on the portfolio appraised value, which attributes a premium to the aggregate value of the Heartland Industrial Portfolio as a whole. For additional information, see the Footnotes to Annex A-1 in the Free Writing Prospectus.  
   
(4) With respect to one mortgage loan, representing approximately 0.8% of the initial outstanding pool balance as of the cut-off date, the loan-to-value ratio and the debt yield for such mortgage loan has been calculated based on the mortgage loan balance net of a holdback reserve or an earnout reserve. For additional information, see the definitions of “Cut-off Date Loan-to-Value Ratio” and “Cut-off Date U/W NOI Debt Yield” in “Description of the Mortgage Pool—Additional Mortgage Loan Information” in the Free Writing Prospectus.
   
(5) Excludes loans which are interest only for the full loan term or through a related anticipated repayment date.
   
(6) Includes FF&E Reserves.
   
(7) Represents the percent of the allocated initial outstanding principal balance of retail, office, industrial and mixed use properties only.

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

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COMM 2015-CCRE24 Mortgage Trust  

 

SUMMARY OF THE CERTIFICATES
 

OFFERED CERTIFICATES 

 

Class(1) Ratings
(Moody’s/Fitch/Morningstar)
Initial Certificate 
Balance or
Notional
Amount(2)

Initial 

Subordination
Levels 

Weighted 

 Average Life
(years)(3) 

Principal
Window
(months)(3)
Certificate
Principal to
Value Ratio(4)

Underwritten  

NOI Debt Yield(5) 

Class A-1 Aaa(sf)/AAAsf/AAA $70,050,000 30.000%(6) 2.71 1 - 58 43.0% 15.4%
Class A-2 Aaa(sf)/AAAsf/AAA $14,840,000 30.000%(6) 4.87 58 - 59 43.0% 15.4%
Class A-SB Aaa(sf)/AAAsf/AAA $107,950,000 30.000%(6) 7.23 59 - 112 43.0% 15.4%
Class A-3 Aaa(sf)/AAAsf/AAA $8,360,000 30.000%(6) 6.93 83 - 83 43.0% 15.4%
Class A-4 Aaa(sf)/AAAsf/AAA $250,000,000 30.000%(6) 9.79 112 - 119 43.0% 15.4%
Class A-5 Aaa(sf)/AAAsf/AAA $520,508,000 30.000%(6) 9.93 119 - 119 43.0% 15.4%
Class X-A(7) Aa1(sf)/AAAsf/AAA $1,056,733,000(8) N/A N/A N/A N/A N/A
Class A-M Aa1(sf)/AAAsf/AAA $85,025,000 23.875% 9.93 119 - 119 46.8% 14.2%
Class B NR/AA-sf/AA- $95,435,000 17.000% 9.93 119 - 119 51.0% 13.0%
Class C NR/A-sf/A- $62,467,000 12.500% 10.00 119 - 120 53.8% 12.3%
Class D NR/BBB-sf/BBB- $71,143,000 7.375% 10.01 120 - 120 57.0% 11.7%

 

NON-OFFERED CERTIFICATES

 

Class(1) Ratings
(Moody’s/Fitch/Morningstar)
Initial Certificate 
Balance or
Notional
Amount(2)

Initial 

Subordination
Levels 

Weighted  

Average Life
(years)(3) 

Principal
Window
(months)(3)
Certificate
Principal to
Value Ratio(4)

Underwritten  

NOI Debt Yield(5) 

Class X-B(7) NR/A-sf/AAA $157,902,000 (8) N/A N/A N/A N/A N/A
Class X-C(7) NR/BBB-sf/AAA $71,143,000 (8) N/A N/A N/A N/A N/A
Class X-D(7) NR/NR/AAA $31,234,000 (8) N/A N/A N/A N/A N/A
Class X-E(7) NR/NR/AAA $29,498,000 (8) N/A N/A N/A N/A N/A
Class X-F(7) NR/NR/AAA $41,645,303 (8) N/A N/A N/A N/A N/A
Class E NR/BB-sf/BB $31,234,000 5.125% 10.03 120 - 126 58.3% 11.4%
Class F NR/B-sf/B+ $13,881,000 4.125% 10.82 126 - 130 59.0% 11.3%
Class G NR/NR/B- $15,617,000 3.000% 10.84 130 - 130 59.7% 11.1%
Class H NR/NR/NR $41,645,303 0.000% 10.84 130 - 130 61.5% 10.8%
   
(1) The pass-through rates applicable to the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates will equal one of: (i) a fixed per annum rate, (ii) the weighted average of the net mortgage rates on the mortgage loans (in each case, adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months) as of their respective due dates in the month preceding the month in which such distribution date occurs, (iii) a rate equal to the lesser of a specified pass-through rate and the weighted average of the net mortgage rates on the mortgage loans (in each case, adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months) as of their respective due dates in the month preceding the month in which such distribution date occurs, or (iv) the weighted average of the net mortgage rates on the mortgage loans) (in each case, adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months) as of their respective due dates in the month preceding the month in which such distribution date occurs, less a specified rate.
(2) Approximate; subject to a permitted variance of plus or minus 5%. In addition, the notional amounts of the Class X-A, Class X-B, Class X-C, Class X-D, Class X-E and Class X-F Certificates may vary depending upon the final pricing of the classes of certificates and whose Certificate Balances comprise such notional amounts and, if as a result of such pricing the pass-through rate of the Class X-A, Class X-B, Class X-C, Class X-D, Class X-E or Class X-F Certificates, as applicable, would be equal to zero, such class of certificates will not be issued on the settlement date of this securitization.
(3) The weighted average life and principal window during which distributions of principal would be received as set forth in the table with respect to each class of certificates with a Certificate Balance is based on (i) modeling assumptions described in the Free Writing Prospectus, (ii) assumptions that there are no prepayments, delinquencies or losses on the mortgage loans and (iii) assumptions that there are no extensions of maturity dates and mortgage loans with anticipated repayment dates are repaid on the respective anticipated repayment dates.
(4) “Certificate Principal to Value Ratio” for any class with a Certificate Balance is calculated as the product of (a) the weighted average Mortgage Loan Cut-off Date LTV of the mortgage pool, multiplied by (b) a fraction, the numerator of which is the total initial Certificate Balance of the related class of Certificates and all other classes, if any, that are senior to such class, and the denominator of which is the total initial Certificate Balance of all Certificates. The Certificate Principal to Value Ratios of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4 and Class A-5 Certificates are calculated in the aggregate for those classes as if they were a single class.
(5) “Underwritten NOI Debt Yield” for any class with a Certificate Balance is calculated as the product of (a) the weighted average U/W NOI Debt Yield for the mortgage pool, multiplied by (b) a fraction, the numerator of which is the total initial Certificate Balance of all Certificates and the denominator of which is the total initial Certificate Balance of the related class of Certificates and all other classes, if any, that are senior to such class. The Underwritten NOI Debt Yields of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4 and Class A-5 Certificates are calculated in the aggregate for those classes as if they were a single class.
(6) The initial subordination levels for the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4 and Class A-5 Certificates are represented in the aggregate.
(7) As further described in the Free Writing Prospectus, the pass-through rate applicable to the Class X-A, Class X-B, Class X-C, Class X-D, Class X-E and Class X-F Certificates for each Distribution Date will generally be equal to the excess of (i) the weighted average of the net mortgage rates on the mortgage loans  (in each case, adjusted, if necessary to accrue on the basis of a 360 day year consisting of twelve 30-day months), over (ii)(A) with respect to the Class X-A Certificates, the weighted average of the pass-through rates of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-5 and Class A-M Certificates (based on their Certificate Balances), (B) with respect to the Class X-B Certificates, the weighted average of the pass-through rates of the Class B and Class C Certificates (based on their Certificate Balances), (C) with respect to the Class X-C Certificates, the pass-through rate of the Class D Certificates, (D) with respect to the Class X-D Certificates, the pass-through rate of the Class E Certificates, (E) with respect to the Class X-E Certificates, the weighted average of the pass-through rates of the Class F and Class G Certificates (based on their Certificate Balances) and (F) with respect to the Class X-F Certificates, the pass-through rate of the Class H Certificates.
(8) The Class X-A, Class X-B, Class X-C, Class X-D, Class X-E and Class X-F Certificates (the “Class X Certificates”) will not have Certificate Balances.  None of the Class X Certificates will be entitled to distributions of principal.  The interest accrual amounts on the Class X-A Certificates will be calculated by reference to a notional amount equal to the sum of the total Certificate Balance of each of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-5 and Class A-M Certificates. The interest accrual amounts on the Class X-B Certificates will be calculated by reference to a notional amount equal to the sum of the total Certificate Balance of each of the Class B and Class C Certificates. The interest accrual amounts on the Class X-C Certificates will be calculated by reference to a notional amount equal to the Certificate Balance of the Class D Certificates. The interest accrual amounts on the Class X-D Certificates will be calculated by reference to a notional amount equal to the Certificate Balance of the Class E Certificates. The interest accrual amounts on the Class X-E Certificates will be calculated by reference to a notional amount equal to the sum of the total Certificate Balance of each of the Class F and Class G Certificates. The interest accrual amounts on the Class X-F Certificates will be calculated by reference to a notional amount equal to the Certificate Balance of the Class H Certificates.

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

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COMM 2015-CCRE24 Mortgage Trust  

 

SUMMARY OF THE CERTIFICATES
 
Class A-2 Principal Paydown(1)

 

 

Class

Mortgage
Loan Seller 

  Mortgage Loan Property Type Cut-off Date
Balance
Remaining
Term to
Maturity (Mos.)
Cut-off Date LTV Ratio

U/W 

NCF DSCR 

U/W NOI 

Debt Yield 

A-2 GACC Hilton Garden Inn Blacksburg Hospitality $10,500,000 58 63.3% 3.14x 15.5%
A-2 CCRE Tarponaire Mobile Resort Manufactured Housing Community $4,620,000 59 72.2% 1.23x 8.1%
  (1) This table reflects the mortgage loans whose balloon payments will be applied to pay down the Class A-2 Certificates, assuming (i) that none of the mortgage loans experience prepayments, defaults or losses, (ii) there are no extensions of maturity dates and (iii) each mortgage loan is paid in full on its stated maturity date, or in the case of any mortgage loan with an anticipated repayment date, on such repayment date. See “Yield and Maturity Considerations—Yield Considerations” in the Free Writing Prospectus.

 

Class A-3 Principal Paydown(1)

 

Class

Mortgage 

Loan Seller 

  Mortgage Loan Property Type Cut-off Date
Balance
Remaining
Term to
Maturity (Mos.)
Cut-off Date LTV Ratio

U/W 

NCF DSCR 

U/W NOI 

Debt Yield 

A-3 CCRE Cypress Point Shopping Center Retail $9,100,000 83 73.1% 1.33x 9.5%
  (1) This table reflects the mortgage loans whose balloon payments will be applied to pay down the Class A-3 Certificates, assuming (i) that none of the mortgage loans experience prepayments, defaults or losses, (ii) there are no extensions of maturity dates and (iii) each mortgage loan is paid in full on its stated maturity date, or in the case of any mortgage loan with an anticipated repayment date, on such repayment date. See “Yield and Maturity Considerations—Yield Considerations” in the Free Writing Prospectus.

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

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COMM 2015-CCRE24 Mortgage Trust  

 

STRUCTURE OVERVIEW
     
Principal Payments:   Payments in respect of principal of the Certificates will be distributed, first, to the Class A-SB Certificates, until the Certificate Balance of such Class is reduced to the planned principal balance for the related Distribution Date set forth on Annex A-3 to the Free Writing Prospectus, then, to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-SB, Class A-M, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates, in that order, until the Certificate Balance of each such Class is reduced to zero.  Notwithstanding the foregoing, if the total principal balance of the Class A-M, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates have been reduced to zero as a result of loss allocation, payments in respect of principal of the Certificates will be distributed, first, to the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4 and Class A-5 Certificates, on a pro rata basis, based on the Certificate Balance of each such Class, then, to the extent of any recoveries on realized losses,  to the Class A-M, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates, in that order, in each case until the Certificate Balance of each such Class is reduced to zero (or previously allocated realized losses have been fully reimbursed).
      
    Each Class of Class X Certificates will not be entitled to receive distributions of principal; however, (i) the notional amount of the Class X-A Certificates will be reduced by the aggregate amount of principal distributions and realized losses allocated to the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-5 and Class A-M Certificates; (ii) the notional amount of the Class X-B Certificates will be reduced by the aggregate amount of principal distributions and realized losses allocated to the Class B and Class C Certificates; (iii) the notional amount of the Class X-C Certificates will be reduced by the principal distributions and realized losses allocated to the Class D Certificates; (iv) the notional amount of the Class X-D Certificates will be reduced by the principal distributions and realized losses allocated to the Class E Certificates; (v) the notional amount of the Class X-E Certificates will be reduced by the aggregate amount of principal distributions and realized losses allocated to the Class F  and Class G Certificates; and (vi) the notional amount of the Class X-F Certificates will be reduced by the principal distributions and realized losses allocated to the and Class H Certificates.
     
Interest Payments:   On each Distribution Date, interest accrued for each Class of the Certificates at the applicable pass-through rate will be distributed in the following order of priority, to the extent of available funds: first, to the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-5, Class X-A, Class X-B, Class X-C, Class X-D, Class X-E and Class X-F Certificates, on a pro rata basis, based on the accrued and unpaid interest on each such Class and then, to the Class A-M, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates, in that order, in each case until the interest payable to each such Class is paid in full.
     
    The pass-through rates applicable to the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E, Class F, Class G and Class H Certificates for each Distribution Date will equal one of: (i) a fixed per annum rate, (ii) the weighted average of the net mortgage rates on the mortgage loans (in each case, adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months) as of their respective due dates in the month preceding the month in which such distribution date occurs, (iii) a rate equal to the lesser of a specified pass-through rate and the weighted average of the net mortgage rates on the mortgage loans (in each case, adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months) as of their respective due dates in the month preceding the month in which such distribution date occurs, or (iv) the weighted average of the net mortgage rates on the mortgage loans (in each case, adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months) as of their respective due dates in the month preceding the month in which such distribution date occurs, less a specified rate.
     
    As further described in the Free Writing Prospectus, the pass-through rate applicable to the Class X-A, Class X-B, Class X-C, Class X-D, Class X-E and Class X-F Certificates for each Distribution Date will generally be equal to the excess of (i) the weighted average of the net mortgage rates on the mortgage loans  (in each case, adjusted, if necessary, to accrue on the basis of a 360-day year consisting of twelve 30-day months), over (ii) (A) with respect to the Class X-A Certificates, the weighted average of the pass-through rates of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4 Class A-5 and Class A-M Certificates (based on their Certificate Balances), (B) with respect to the Class X-B Certificates, the weighted average of the pass-through rates of the Class B and Class C Certificates (based on their Certificate

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

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COMM 2015-CCRE24 Mortgage Trust  

 

STRUCTURE OVERVIEW
         
   

Balances), (C) with respect to the Class X-C Certificates, the pass-through rate of the Class D Certificates, (D) with respect to the Class X-D Certificates, the pass-through rate of the Class E Certificates, (E) with respect to the Class X-E Certificates, the weighted average of the pass-through rates of the Class F and Class G Certificates (based on their Certificate Balances) and (F) with respect to the Class X-F Certificates, the pass-through rate of the Class H Certificates.

 

Prepayment Interest Shortfalls:   Prepayment interest shortfalls will be allocated pro rata based on interest entitlements, in reduction of the interest otherwise payable with respect to each of the interest-bearing certificate classes.
         
Loss Allocation:  

Losses will be allocated to each Class of Certificates entitled to principal in reverse alphabetical order starting with Class H through and including Class A-M and then to Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4 and Class A-5 Certificates on a pro rata basis based on the Certificate Balance of each such class. The notional amount of any Class of Class X Certificates will be reduced by the aggregate amount of realized losses allocated to Certificates that are components of the notional amount of such Class of Class X Certificates.

 

Prepayment Premiums:  

A percentage of all prepayment premiums (either fixed prepayment premiums or yield maintenance amounts) collected on the Mortgage Loans will be allocated to each of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates (the “YM P&I Certificates”) then entitled to principal distributions, which percentage will be equal to the product of (a) a fraction, not greater than one, the numerator of which is the amount of principal distributed to such Class on such Distribution Date and the denominator of which is the total amount of principal distributed to the holders of the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates on such Distribution Date, and (b) a fraction (expressed as a percentage which can be no greater than 100% nor less than 0%), the numerator of which is the excess of the pass-through rate of each such Class of Certificates currently receiving principal over the relevant Discount Rate, and the denominator of which is the excess of the Mortgage Rate of the related Mortgage Loan over the relevant Discount Rate.

 

Prepayment Premium Allocation Percentage for all YM P&I Certificates =

 

    (Pass-Through Rate - Discount Rate)   The percentage of the principal distribution amount
    (Mortgage Rate - Discount Rate)  X to such Class as described in (a) above
     
   

The remaining percentage of the prepayment premiums will be allocated to the Class X-A, Class X-B, Class X-C, Class X-D, Class X-E and Class X-F Certificates in the manner described in the Free Writing Prospectus. In general, this formula provides for an increase in the percentage of prepayment premiums allocated to the YM P&I Certificates then entitled to principal distributions relative to the Class X-A, Class X-B, Class X-C, Class X-D, Class X-E and Class X-F Certificates as Discount Rates decrease and a decrease in the percentage allocated to such Classes as Discount Rates rise.

 

Loan Combinations:   The Mortgaged Property identified on Annex A–1 to the Free Writing Prospectus as Lakewood Center secures (i) a senior promissory note designated as Note A-1 with an outstanding principal balance as of the Cut-off Date of $119,365,623 (the “Lakewood Center Mortgage Loan”), representing approximately 8.6% of the Initial Outstanding Pool Balance, (ii) a senior promissory note designated as Note A-2, with an outstanding principal balance as of the Cut-off Date of $119,365,623 (the “Lakewood Center Pari Passu Companion Loan”), which is generally pari passu in right of payment with the Lakewood Center Mortgage Loan and was included in the DBWF 2015-LCM Mortgage Trust and (iii) two junior promissory notes, designated as Note B-1 and Note B-2, respectively, with an aggregate outstanding principal balance as of the Cut-off Date of $170,000,000 (collectively, the “Lakewood Center Subordinate Companion Loans” and, together with the “Lakewood Center Pari Passu Companion Loan”, the Lakewood Center Companion Loans”), which were included in the DBWF 2015-LCM Mortgage Trust. The Lakewood Center Mortgage Loan and the Lakewood Center Pari Passu Companion Loan are pari passu in right of payment, and the Lakewood Center Subordinate Companion Loans are pari passu in right of payment with each other but are subordinate to the Lakewood Center Mortgage Loan and the Lakewood Center Pari Passu Companion Loan. The Lakewood Center Mortgage Loan and the Lakewood Center Companion Loans are collectively referred to herein as the “Lakewood Center Loan Combination”.

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

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COMM 2015-CCRE24 Mortgage Trust  

 

STRUCTURE OVERVIEW
     
    The Lakewood Center Loan Combination is being serviced pursuant to the DBWF 2015-LCM pooling and servicing agreement and the related intercreditor agreement. For additional information regarding the Lakewood Center Loan Combination, see “Description of the Mortgage Pool—Loan Combinations—Lakewood Center Loan Combination” in the Free Writing Prospectus.
     
    The Mortgaged Property identified on Annex A–1 to the Free Writing Prospectus as Eden Roc secures (i) two promissory notes designated as Note A-1 and Note A-2, with an aggregate outstanding principal balance as of the Cut–off Date of $95,000,000 (the “Eden Roc Mortgage Loan”), representing approximately 6.8% of the Initial Outstanding Pool Balance and (ii) two promissory notes designated as Note A-3 and Note A-4 with an aggregate outstanding principal balance as of the Cut-off Date of $95,000,000 (the “Eden Roc Companion Loans”), which Eden Roc Companion Loans are currently being held by Citigroup Global Markets Realty Corp. and are expected to be contributed to one more future securitizations. The Eden Roc Mortgage Loan and the Eden Roc Companion Loans are pari passu in right of payment and are collectively referred to herein as the “Eden Roc Loan Combination”.
     
    The Eden Roc Loan Combination will be serviced pursuant to the COMM 2015-CCRE24 pooling and servicing agreement and the related intercreditor agreement. For additional information regarding the Eden Roc Loan Combination, see “Description of the Mortgage Pool—Loan Combinations—The Eden Roc Loan Combination” in the Free Writing Prospectus.
     
    The portfolio of Mortgaged Properties identified on Annex A–1 to the Free Writing Prospectus as Heartland Industrial Portfolio secures (i) a promissory note designated as Note A-2, with an outstanding principal balance as of the Cut–off Date of $95,000,000 (the “Heartland Industrial Portfolio Mortgage Loan”), representing approximately 6.8% of the Initial Outstanding Pool Balance, and (ii) a promissory note designated as Note A-1 (the “Heartland Industrial Portfolio Note A-1 Companion Loan”) and a promissory note designated as Note A-3 (together with the Heartland Industrial Portfolio Note A-1 Companion Loan, the “Heartland Industrial Portfolio Companion Loans”), with an aggregate outstanding principal balance as of the Cut-off Date of $155,000,000,  which are currently being held by GACC and are expected to be included to one or more future securitizations. The Heartland Industrial Portfolio Mortgage Loan and the Heartland Industrial Portfolio Companion Loans are pari passu in right of payment and are collectively referred to herein as the “The Heartland Industrial Portfolio Loan Combination”.
     
    The Heartland Industrial Portfolio Loan Combination will initially be serviced pursuant to the COMM 2015-CCRE24 pooling and servicing agreement (the “Pooling and Servicing Agreement”) and the related intercreditor agreement. Upon securitization of the Heartland Industrial Portfolio Note A-1 Companion Loan (the “Heartland Industrial Portfolio Note A-1 Securitization Date”), the servicing of the Heartland Industrial Portfolio Loan Combination will transfer to the pooling and servicing agreement for that securitization (the “Heartland Industrial Portfolio Note A-1 Pooling and Servicing Agreement”); however, Wells Fargo Bank, National Association is expected to continue to act as the primary servicer and LNR Partners, LLC is expected to continue to act as the special servicer for the Heartland Industrial Portfolio Loan Combination pursuant to the Heartland Industrial Portfolio Note A-1 Pooling and Servicing Agreement and the related intercreditor agreement. For additional information regarding The Heartland Industrial Portfolio Loan Combination, see “Description of the Mortgage Pool—Loan Combinations—The Heartland Industrial Portfolio Loan Combination” in the Free Writing Prospectus.
     
    The Mortgaged Property identified on Annex A–1 to the Free Writing Prospectus as 40 Wall Street secures (i) a promissory note designated as Note A-3 (the “40 Wall Street Mortgage Loan”), with an outstanding principal balance as of the Cut–off Date of $59,883,649 (the “40 Wall Street Mortgage Loan”), representing approximately 4.3% of the Initial Outstanding Pool Balance and (ii) two promissory notes designated as Note A-1 (the “40 Wall Street Note A-1 Companion Loan”) and Note A-2 (together with the 40 Wall Street Note A-1 Companion Loan, the “40 Wall Street Companion Loans”), with an aggregate outstanding principal balance as of the Cut-off Date of $99,806,081, which are currently being held by LCF or an affiliate and are expected to be contributed to one or more future securitizations. The 40 Wall Street Mortgage Loan and the 40 Wall Street Companion Loans are pari passu in right of payment and are collectively referred to herein as the “40 Wall Street Loan Combination.”

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

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COMM 2015-CCRE24 Mortgage Trust  

 

STRUCTURE OVERVIEW
     
    The 40 Wall Street Loan Combination will initially be serviced pursuant to the COMM 2015-CCRE24 Pooling and Servicing Agreement and the related intercreditor agreement. Upon securitization of the 40 Wall Street Note A-1 Companion Loan (the “40 Wall Street Note A-1 Securitization Date”), the servicing of the 40 Wall Street Loan Combination will transfer to the pooling and servicing agreement for that securitization. For additional information regarding the 40 Wall Street Loan Combination, see “Description of the Mortgage Pool—Loan Combinations—The 40 Wall Street Loan Combination” in the Free Writing Prospectus.
     
    The Mortgaged Property identified on Annex A–1 to the Free Writing Prospectus as La Gran Plaza secures (i) a promissory note designated as Note A-1, with an outstanding principal balance as of the Cut–off Date of $25,898,101 (the “La Gran Plaza Mortgage Loan”), representing approximately 1.9% of the Initial Outstanding Pool Balance, and (ii) two promissory notes designated as Note A-2 (the “La Gran Plaza Note A-2 Companion Loan”) and Note A-3 (the “La Gran Plaza Note A-3 Companion Loan” and, together with the La Gran Plaza Note A-2 Companion Loan, the “Lan Gran Plaza Companion Loans”), with an aggregate outstanding principal balance as of the Cut-off Date of $49,804,040. The La Gran Plaza Note A-2 Companion Loan and the La Gran Plaza Note A-3 Companion Loan are currently held by the COMM 2015-LC21 Mortgage Trust and the COMM 2014-CCRE23 Mortgage Trust, respectively. The La Gran Plaza Mortgaged Loan and the La Gran Plaza Companion Loan are pari passu in right of payment and are collectively referred to herein as the “La Gran Plaza Loan Combination”.
     
    The La Gran Plaza Loan Combination will be serviced pursuant to the Pooling and Servicing Agreement and the related intercreditor agreement. For additional information regarding The La Gran Plaza Loan Combination, see “Description of the Mortgage Pool—Loan Combinations—The La Gran Plaza Loan Combination” in the Free Writing Prospectus.
     
    The Lakewood Center Mortgage Loan is a “Non-Serviced Mortgage Loan” and the Lakewood Center Loan Combination is a “Non-Serviced Loan Combination”.
     
    Each of the Eden Roc Mortgage Loan and the La Gran Plaza Mortgage Loan is a “Serviced Mortgage Loan” and each of the Eden Roc Loan Combination and the La Gran Plaza Loan Combination is a “Serviced Loan Combination”.
     
    Each of the Heartland Industrial Portfolio Mortgage Loan and the 40 Wall Street Mortgage Loan is a “Servicing Shift Mortgage Loan” and each of the Heartland Industrial Portfolio Loan Combination and the 40 Wall Street Loan Combination is a “Servicing Shift Loan Combination”.
     
Control Rights and Directing Holder:  

 

Controlling Class Certificateholders will have certain control rights over servicing matters with respect to each Mortgage Loan (other than Non-Serviced Mortgage Loans and Servicing Shift Mortgage Loans) and Serviced Loan Combinations (other than Servicing Shift Loan Combinations). The majority owner or appointed representative of the Class of Control Eligible Certificates that is the Controlling Class (such owner or representative, the “Directing Holder”), will be entitled to direct the Special Servicer to take, or refrain from taking certain actions with respect to a Mortgage Loan (other than Non-Serviced Mortgage Loans and Servicing Shift Mortgage Loans) and Serviced Loan Combinations (other than Servicing Shift Loan Combinations). Furthermore, the Directing Holder will also have the right to receive notice and consent to certain material actions that the Master Servicer and the Special Servicer proposes to take with respect to such Mortgage Loan (other than Non-Serviced Mortgage Loans and Servicing Shift Mortgage Loans) and Serviced Loan Combinations (other than Servicing Shift Loan Combinations).

 

It is expected that LNR Securities Holdings, LLC or its affiliate will be the initial Directing Holder with respect to each Mortgage Loan (other than Non-Serviced Mortgage Loans and Servicing Shift Mortgage Loans) and Serviced Loan Combination (other than Servicing Shift Loan Combinations).

 

For a description of the directing holder for each Non-Serviced Loan Combination and Servicing Shift Loan Combination, see “Description of the Mortgage Pool—Loan Combinations” and “Description of the Pooling and Servicing Agreement—The Directing Holder” in the Free Writing Prospectus.

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

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COMM 2015-CCRE24 Mortgage Trust  

 

STRUCTURE OVERVIEW
     
Control Eligible Certificates:   Class E, Class F, Class G and Class H Certificates.
     
Controlling Class:   The Controlling Class will be the most subordinate Class of Control Eligible Certificates then outstanding that has an aggregate Certificate Balance, as notionally reduced by any Appraisal Reduction Amounts allocable to such Class, equal to no less than 25% of the initial Certificate Balance of such Class.
     
    The Controlling Class as of the Settlement Date will be the Class H Certificates.
     
Appraised-Out Class:   Any Class of Control Eligible Certificates that has been determined, as a result of Appraisal Reductions Amounts allocable to such Class, to no longer be the Controlling Class.
     
Remedies Available to Holders    
  of an Appraised-Out Class:   Holders of the majority of any Class of Control Eligible Certificates that is determined at any time of determination to no longer be the Controlling Class as a result of an allocation of an Appraisal Reduction Amounts in respect of such Class will have the right, at their sole expense, to require the Special Servicer to order a second appraisal for any Mortgage Loan (other than Non-Serviced Mortgage Loans and Service Shifting Mortgage Loans) for which an Appraisal Reduction Event has occurred. Upon receipt of the second appraisal, the Special Servicer will be required to determine, in accordance with the Servicing Standard, whether, based on its assessment of the second appraisal, a recalculation of the Appraisal Reduction Amount is warranted. If warranted, the Special Servicer will direct the Master Servicer to recalculate the Appraisal Reduction Amount based on the second appraisal, and if required by such recalculation, the Special Servicer will reinstate the Appraised-Out Class as the Controlling Class. The Holders of an Appraised-Out Class requesting a second appraisal will not be entitled to exercise any rights of the Controlling Class until such time, if any, as the Class is reinstated as the Controlling Class.
     
Control Termination Event:   Will occur with respect to any Mortgage Loan (other than the Non-Serviced Mortgage Loans and Servicing Shift Mortgage Loans) or Serviced Loan Combination (other than Servicing Shifting Loan Combinations) when no Class of Control Eligible Certificates has an aggregate Certificate Balance (as notionally or actually reduced by any Appraisal Reduction Amounts and Realized Losses) equal to or greater than 25% of the initial Certificate Balance of such Class.
     
    Upon the occurrence and the continuance of a Control Termination Event, the Directing Holder will no longer have any Control Rights. The Directing Holder will no longer have the right to direct certain actions of the Special Servicer and will no longer have consent rights with respect to certain material actions that the Master Servicer or Special Servicer proposes to take with respect to a Mortgage Loan (other than the Non-Serviced Mortgage Loans and Service Shift Mortgage Loans).
     
    Upon the occurrence and continuation of a Control Termination Event, the Directing Holder will retain non-binding consultation rights with respect to certain material actions that the Special Servicer proposes to take with respect to a Mortgage Loan (other than Non-Serviced Mortgage Loans and Servicing Shift Mortgage Loans) and Serviced Loan Combinations (other than Servicing Shift Loan Combinations). Such consultation rights will continue until the occurrence of a Consultation Termination Event.
     
Consultation Termination Event:   Will occur with respect to any Mortgage Loan (other than Non-Serviced Mortgage Loans and Servicing Shift Mortgage Loans) and Serviced Loan Combinations (other than Servicing Shift Loan Combinations) when, without giving regard to the application of any Appraisal Reduction Amounts (i.e., giving effect to principal reduction through Realized Losses only), there is no Class of Control Eligible Certificates that has an aggregate Certificate Balance equal to 25% or more of the initial Certificate Balance of such Class.
     
    Upon the occurrence and continuance of a Consultation Termination Event the Directing Holder will have no rights under the Pooling and Servicing Agreement other than those rights that all Certificateholders have.
     
Appointment and Replacement    
  of Special Servicer:   The Directing Holder will appoint the initial Special Servicer as of the Settlement Date. Prior to the occurrence and continuance of a Control Termination Event, the Special Servicer (other than with respect to the Non-Serviced Loan Combinations and Servicing Shift Loan

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

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COMM 2015-CCRE24 Mortgage Trust  

 

STRUCTURE OVERVIEW
     
    Combinations) may generally be replaced at any time by the Directing Holder.
     
    Upon the occurrence and during the continuance of a Control Termination Event, the Directing Holder will no longer have the right to replace the Special Servicer and such replacement (other than with respect to the Non-Serviced Loan Combinations and Servicing Shift Loan Combinations) will occur based on a vote of holders of all voting eligible Classes of Certificates as described below. See “Description of the Mortgage Pool—Loan Combinations” and “Description of the Pooling and Servicing Agreement” in the Free Writing Prospectus for a description of the special servicer appointment and replacement rights with respect to Non-Serviced Loan Combinations and Servicing Shift Loan Combinations.
     
Replacement of Special Servicer    
  by Vote of Certificateholders:   Other than with respect to Non-Serviced Loan Combinations and Servicing Shift Loan Combinations, if a Control Termination Event has occurred and is continuing, upon (i) the written direction of holders of Certificates evidencing not less than 25% of the voting rights of all Classes of Certificates entitled to principal (taking into account the application of Appraisal Reduction Amounts to notionally reduce the Certificate Balances of Classes to which such Appraisal Reduction Amounts are allocable) requesting a vote to replace the Special Servicer with a replacement Special Servicer, (ii) payment by such requesting holders to the Certificate Administrator of all reasonable fees and expenses to be incurred by the Certificate Administrator in connection with administering such vote and (iii) delivery by such holders to the Certificate Administrator of written confirmations from each Rating Agency that the appointment of the replacement Special Servicer will not result in a downgrade of the Certificates, the Certificate Administrator will be required to promptly provide written notice to all certificateholders of such request and conduct the solicitation of votes of all Certificates in such regard. Upon the written direction (within 180 days) of (i) Holders of at least 75% of a Certificateholder Quorum or (ii) the Holders of more than 50% of the voting rights of each Class of Non-Reduced Certificates, the Trustee will immediately replace the Special Servicer with the replacement Special Servicer (other than with respect to Non-Serviced Loan Combinations and Servicing Shift Loan Combinations).
     
    Certificateholder Quorum” means, in connection with any solicitation of votes in connection with the replacement of the Special Servicer as described above, the holders of Certificates evidencing at least 75% of the aggregate voting rights (taking into account Realized Losses and the application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balance of the Certificates) of all classes of Certificates entitled to principal, on an aggregate basis.
     
    In addition, after the occurrence of a Consultation Termination Event, if the Operating Advisor determines that the Special Servicer is not performing its duties in accordance with the Servicing Standard, the Operating Advisor will have the right to recommend the replacement of the Special Servicer (other than with respect to Non-Serviced Loan Combinations and Servicing Shift Loan Combinations). The Operating Advisor’s recommendation to replace the Special Servicer (other than with respect Non-Serviced Loan Combinations and Servicing Shift Loan Combinations) must be confirmed by a majority of the voting rights of all Classes of Certificates entitled to principal (taking into account the application of Appraisal Reduction Amounts to notionally reduce the Certificate Balances of Classes to which such Appraisal Reduction Amounts are allocable) within 180 days from the time such recommendation is posted to the Certificate Administrator website and is subject to the receipt of written confirmations from each Rating Agency that the appointment of the replacement Special Servicer will not result in a downgrade of the Certificates.
     
    See “Description of the Mortgage Pool—Loan Combinations” and “Description of the Pooling and Servicing Agreement” in the Free Writing Prospectus for a description of the special servicer appointment and replacement rights with respect to Non-Serviced Loan Combinations and Servicing Shift Loan Combinations.
     
Cap on Workout and Liquidation    
  Fees:   The workout fees and liquidation fees payable to a Special Servicer under the Pooling and Servicing Agreement will be an amount equal to the lesser of: (1) 1.0% of each collection of interest and principal following a workout or liquidation and (2) $1,000,000 per workout or liquidation. All Modification Fees actually paid to the Special Servicer in connection with a workout or liquidation or in connection with any prior workout or partial liquidation that occurred within the prior 18 months will be deducted from the total workout and/or liquidation

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

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COMM 2015-CCRE24 Mortgage Trust  

 

STRUCTURE OVERVIEW
     
    fees payable (other than Modification Fees earned while the Mortgage Loan was not in special servicing). In addition, the total amount of workout and liquidation fees actually payable by the Trust under the Pooling and Servicing Agreement will be capped in the aggregate at $1,000,000 for each related Mortgage Loan. If a new special servicer begins servicing the related Mortgage Loan, all amounts paid to the prior special servicer will be disregarded for purposes of calculating the cap.
     
Special Servicer Compensation:   The special servicing fee will equal the greater of (i) 0.25% per annum and (ii) the rate that would result in a special servicing fee of $1,000 for the related month of the stated principal balance of the related specially serviced loan or REO property, as applicable. The Special Servicer and its affiliates will be prohibited from receiving or retaining any compensation or any other remuneration under the Pooling and Servicing Agreement (including in the form of commissions, brokerage fees, rebates, or as a result of any other fee-sharing arrangement) from any person (including the issuing entity, any borrower, any manager, any guarantor or indemnitor in respect of a Mortgage Loan or Serviced Loan Combination, if any, and any purchaser of any Mortgage Loan, Serviced Companion Loan or REO Property) in connection with the disposition, workout or foreclosure of any Mortgage Loan or Serviced Loan Combination, the management or disposition of any REO Property, or the performance of any other special servicing duties under the Pooling and Servicing Agreement, other than as expressly permitted in the Pooling and Servicing Agreement and other than commercially reasonable treasury management fees, banking fees and insurance commissions or fees received or retained by the Special Servicer or any of its Affiliates in connection with any services performed by such party with respect to any mortgage loan. Subject to certain limited exceptions, the Special Servicer will also be required to report any compensation or other remuneration the Special Servicer or its affiliates have received from any person and such information will be disclosed in the Certificateholders’ monthly distribution date statement.
     
Operating Advisor:   With respect to the Mortgage Loans (other than with respect to Non-Serviced Loan Combinations and Servicing Shift Loan Combinations) and prior to the occurrence of a Control Termination Event, the Operating Advisor will have access to any final asset status report and all information available with respect to the transaction on the Certificate Administrator’s website but will not have any approval or consultation rights.  After the occurrence and during the continuance of a Control Termination Event, the Operating Advisor will have consultation rights with respect to certain major decisions and will have additional monitoring responsibilities on behalf of the entire trust.
     
    The Operating Advisor will be subject to termination if holders of at least 15% of the aggregate voting rights of the Certificates (in connection with termination and replacement relating to the Mortgage Loans) vote to terminate and replace the Operating Advisor and such vote is approved by holders of more than 50% of the applicable voting rights that exercise their right to vote, provided that holders of at least 50% of the applicable voting rights have exercised their right to vote. The holders initiating such vote will be responsible for the fees and expenses in connection with the vote and replacement.
     
    The Operating Advisor will not have consultation rights in respect of Non-Serviced Loan Combinations and Servicing Shift Loan Combinations.
     
Liquidated Loan Waterfall:   On liquidation of any Mortgage Loan, all net liquidation proceeds will be applied so that amounts allocated as a recovery of accrued and unpaid interest will not, in the first instance, include any amount by which the interest portion of P&I Advances previously made was reduced as a result of Appraisal Reduction Amounts. After the adjusted interest amount is so allocated, any remaining net liquidation proceeds will be allocated to pay principal on the Mortgage Loan until the unpaid principal amount of the Mortgage Loan has been reduced to zero. Any remaining liquidation proceeds would then be allocated as a recovery of accrued and unpaid interest corresponding to the amount by which the interest portion of P&I Advances previously made was reduced as a result of Appraisal Reduction Amounts.

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

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COMM 2015-CCRE24 Mortgage Trust  

 

OVERVIEW OF MORTGAGE POOL CHARACTERISTICS

 

Distribution of Cut-off Date Balances(1)
                                       
                        Weighted Averages
Range of Cut-off Date Balances   Number of
Mortgage Loans
  Aggregate
Cut-off Date Balance
 

% of Initial
Outstanding

Pool
Balance

    Mortgage Rate   Stated
Remaining Term
(Mos.)(2)
  U/W
NCF
DSCR
  Cut-off Date
LTV Ratio(3)(4)
Maturity
Date or
ARD LTV(3)
$708,500 - $7,499,999   42   $157,091,552       11.3%     4.6793%   117   1.57x   65.5% 55.5%
$7,500,000 - $14,999,999   11   $106,343,735         7.7%     4.5171%   109   1.81x   66.8% 59.7%
$15,000,000 - $24,999,999   11   $218,950,904       15.8%     4.5453%   118   1.79x   67.7% 58.6%
$25,000,000 - $49,999,999   9   $275,798,101       19.9%     4.4099%   119   1.65x   63.3% 55.8%
$50,000,000 - $74,999,999   5   $320,605,388       23.1%     4.4681%   119   1.63x   62.0% 54.1%
$75,000,000 - $119,365,623   3   $309,365,623       22.3%     3.9792%   123   1.96x   51.0% 43.3%
Total/Weighted Average   81   $1,388,155,304     100.0%     4.3874%   119   1.74x   61.5% 53.3%

 

Distribution of Mortgage Rates(1)

 

                                           
                          Weighted Averages
Range of Mortgage Rates   Number of
Mortgage Loans
  Aggregate
Cut-off Date Balance
  % of Initial
Outstanding
Pool
Balance
  Mortgage Rate   Stated
Remaining Term
(Mos.)(2)
  U/W NCF
DSCR
  Cut-off Date
LTV Ratio(3)(4)
  Maturity
Date or
ARD LTV(3)
3.4320% - 4.4999%   28     $727,509,261     52.4%     4.0885%   120   1.93x   55.6%   47.5%
4.5000% - 4.7499%   26     $375,766,534     27.1%     4.5885%   119   1.59x   67.0%   60.2%
4.7500% - 5.4730%   27     $284,879,509     20.5%     4.8856%   117   1.46x   69.1%   59.3%
Total/Weighted Average   81     $1,388,155,304     100.0%     4.3874%   119   1.74x   61.5%   53.3%

 

Property Type Distribution(1)(5)
                                                       
                          Weighted Averages
Property Type   Number of
Mortgaged
Properties
  Aggregate
Cut-off
Date Balance
  % of Initial
Outstanding
Pool
Balance
  Number
of
Units/Rooms/Pads/
NRA
  Cut-off Date
Balance per Unit/Room/Pad/
NRA
  Mortgage
Rate
  Stated
Remaining
Term
(Mos.)(2)
  Occupancy U/W NCF
DSCR
  Cut-off
Date LTV
Ratio(3)(4)
Maturity Date or ARD LTV(3)  
Retail(6)   24   $339,305,822     24.4%     3,417,051     $288     4.1585%   122   96.1%   1.77x   56.7%   46.8%  
Anchored(6)   18   $313,938,452     22.6%     3,248,450     $297     4.1285%   122   96.1%   1.78x   56.5%   46.6%  
Unanchored   6   $25,367,370     1.8%     168,601     $184     4.5295%   118   95.7%   1.66x   59.4%   49.2%  
Hospitality   11   $273,810,031     19.7%     1,844     $231,966     4.5116%   117   76.6%   2.14x   57.7%   51.7%  
Full Service   4   $202,032,493     14.6%     1,281     $251,472     4.4898%   119   77.5%   2.05x   55.7%   49.2%  
Limited Service   4   $48,988,433     3.5%     252     $224,848     4.6220%   118   73.9%   2.37x   62.3%   59.8%  
Extended Stay   2   $12,289,106     0.9%     174     $72,378     4.6027%   117   76.9%   1.87x   67.9%   51.1%  
Select Service   1   $10,500,000     0.8%     137     $76,642     4.3100%   58   71.7%   3.14x   63.3%   63.3%  
Office   33   $266,210,575     19.2%     3,030,210     $155     4.4672%   119   95.6%   1.70x   58.1%   50.3%  
Suburban   27   $157,243,086     11.3%     1,358,641     $163     4.8245%   119   96.4%   1.39x   68.7%   61.0%  
CBD   5   $101,967,489     7.3%     1,624,138     $143     3.9192%   119   94.8%   2.18x   41.4%   33.5%  
Medical   1   $7,000,000     0.5%     47,431     $148     4.4220%   119   89.1%   1.65x   61.9%   52.8%  
Industrial   26   $154,879,828     11.2%     7,586,147     $52     4.4373%   119   94.5%   1.39x   73.0%   66.5%  
Mixed Use   5   $134,829,841     9.7%     1,630,768     $24,217     4.1913%   119   75.9%   1.98x   63.4%   53.8%  
Office Parking   1   $62,321,740     4.5%     290,501     $215     4.2700%   119   60.3%   1.53x   74.9%   60.2%  
Office/Retail   2   $55,898,101     4.0%     1,209,771     $124     4.0565%   118   88.9%   2.62x   51.5%   45.7%  
Office/Retail/Warehouse   1   $9,700,000     0.7%     29     $334,483     4.5200%   119   96.7%   1.24x   68.3%   62.5%  
Multifamily/Retail   1   $6,910,000     0.5%     130,467     $53     4.1100%   117   82.6%   1.92x   49.7%   49.7%  
Multifamily   18   $131,499,376     9.5%     2,334     $64,230     4.6323%   119   94.6%   1.34x   66.8%   57.4%  
Manufactured Housing Community   7   $77,403,763     5.6%     1,209     $85,079     4.4577%   115   95.4%   1.33x   71.9%   64.5%  
Self Storage   4   $10,216,067     0.7%     209,817     $56     4.7325%   119   87.0%   1.43x   62.1%   52.0%  
Total/Weighted Average   128   $1,388,155,304     100.0%                 4.3874%   119   89.8%   1.74x   61.5%   53.3%  

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

14
 

 

COMM 2015-CCRE24 Mortgage Trust  

 

OVERVIEW OF MORTGAGE POOL CHARACTERISTICS

 

Geographic Distribution(1)(5)
                                       
                      Weighted Averages
State/Location   Number of
Mortgaged
Properties
  Aggregate Cut-off
Date Balance
  % of Initial
Outstanding
Pool
Balance
  Mortgage Rate   Stated
Remaining 
Term (Mos.)(2)
  U/W NCF
DSCR
  Cut-off Date
LTV Ratio(3)(4)
  Maturity Date
or ARD LTV(3)
California   13     $360,591,610     26.0%     4.0881%   123   2.01x   51.6%   44.7%
Southern(7)   9     $282,300,623     20.3%     4.0095%   124   2.18x   50.4%   43.5%
Northern(7)   4     $78,290,987     5.6%     4.3714%   119   1.43x   55.9%   48.8%
Florida   14     $158,618,780     11.4%     4.4632%   116   2.00x   53.4%   49.7%
New York   5     $131,033,347     9.4%     4.0711%   119   1.65x   52.2%   44.8%
New York City   2     $69,583,649     5.0%     3.7842%   119   1.98x   35.0%   26.9%
Remaining New York State   3     $61,449,698     4.4%     4.3960%   119   1.28x   71.6%   65.0%
Colorado   6     $121,617,667     8.8%     4.7943%   119   1.48x   64.4%   57.0%
Texas   12     $110,017,937     7.9%     4.5590%   118   1.45x   68.8%   56.9%
Other   78     $506,275,962     36.5%     4.5238%   117   1.61x   71.1%   61.2%
Total/Weighted Average   128     $1,388,155,304     100.0%     4.3874%   119   1.74x   61.5%   53.3%

 

Distribution of Cut-off Date LTV Ratios(1)(3)(4)
                                           
                          Weighted Averages
Range of Cut-off Date LTV Ratios   Number of  
Mortgage Loans
  Aggregate Cut-off
Date Balance
  % of Initial
Outstanding
Pool Balance
  Mortgage Rate   Stated
Remaining 
Term

(Mos.)(2)
  U/W NCF
DSCR
 
  Cut-off Date
LTV Ratio
  Maturity Date or
ARD LTV
29.6% - 54.9%   12     $410,054,340     29.5%     3.9557%   122   2.18x   42.1%   34.9%
55.0% - 59.9%     4     $38,258,832     2.8%     4.1978%   118   2.03x   56.2%   45.2%
60.0% - 64.9%   17     $241,111,805     17.4%     4.6326%   116   1.76x   63.8%   56.6%
65.0% - 69.9%   14     $128,067,485     9.2%     4.6693%   118   1.59x   68.6%   64.6%
70.0% - 74.9%   32     $531,437,841     38.3%     4.5351%   118   1.43x   73.0%   63.0%
75.0% - 75.0%   2     $39,225,000     2.8%     4.6579%   119   1.43x   75.0%   66.2%
Total/Weighted Average   81     $1,388,155,304     100.0%     4.3874%   119   1.74x   61.5%   53.3%

 

Distribution of Maturity Date or ARD LTV Ratios(1)(3)
                                           
                          Weighted Averages

Range of LTV Ratios

at Maturity or ARD

  Number of
Mortgage Loans
  Aggregate Cut-off
Date Balance
  % of Initial
Outstanding
Pool Balance
  Mortgage Rate    Stated
Remaining Term
(Mos.)(2)
  U/W NCF
DSCR
  Cut-off Date
LTV Ratio(4)
  Maturity Date or
ARD LTV
21.1% - 49.9%   16     $432,817,935     31.2%     3.9909%   122   2.10x   43.3%   34.6%
50.0% - 54.9%      8     $72,720,315     5.2%     4.3569%   118   2.02x   61.0%   52.5%
55.0% - 59.9%   19     $295,051,483     21.3%     4.6710%   119   1.57x   67.4%   57.8%
60.0% - 64.9%   22     $295,022,170     21.3%     4.5664%   117   1.63x   71.5%   62.1%
65.0% - 69.3%   16     $292,543,400     21.1%     4.5152%   117   1.41x   72.5%   67.9%
Total/Weighted Average   81     $1,388,155,304     100.0%     4.3874%   119   1.74x   61.5%   53.3%

 

Distribution of Underwritten NCF Debt Service Coverage Ratios(1)
                                       
                      Weighted Averages
Range of Underwritten NCF
Debt Service Coverage Ratios
  Number of
Mortgage Loans
  Aggregate Cut-off
Date Balance
  % of Initial
Outstanding
Pool Balance
  Mortgage Rate   Stated
Remaining Term
(Mos.)(2)
  U/W NCF
DSCR
  Cut-off Date
LTV Ratio(3)(4)
  Maturity Date or
ARD LTV(3)
1.23x - 1.39x   23     $421,879,417     30.4%   4.5621%   118   1.31x   69.6%   62.5%
1.40x - 1.44x     6     $64,767,744       4.7%   4.6985%   119   1.42x   73.5%   62.5%
1.45x - 1.54x   15     $167,323,068     12.1%   4.6253%   119   1.50x   71.7%   58.3%
1.55x - 1.99x   24     $322,121,930     23.2%   4.5202%   119   1.68x   65.5%   57.9%
2.00x - 2.49x     8     $323,201,145     23.3%   3.8830%   123   2.20x   41.6%   32.6%
2.50x - 2.99x     3     $48,362,000       3.5%   4.4316%   118   2.76x   58.0%   58.0%
3.00x - 3.39x     2     $40,500,000       2.9%   4.0048%   103   3.33x   46.0%   46.0%
Total/Weighted Average   81     1,388,155,304   100.0%   4.3874%   119   1.74x   61.5%   53.3%

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

15
 

 

COMM 2015-CCRE24 Mortgage Trust  

 

OVERVIEW OF MORTGAGE POOL CHARACTERISTICS

 

Original Terms to Maturity or ARD(1)(2)
                                     
                    Weighted Averages
Original Terms to Maturity or ARD   Number of
Mortgage Loans
  Aggregate Cut-off
Date Balance
  % of Initial
Outstanding
Pool Balance
  Mortgage Rate   Stated
Remaining Term
(Mos.)
  U/W NCF
DSCR
  Cut-off Date
LTV Ratio(3)(4)
  Maturity Date or
ARD LTV(3)
60   2   $15,120,000     1.1%     4.5216%     58   2.56x   66.0%   64.7%
84   1   $9,100,000     0.7%     4.7795%     83   1.33x   73.1%   67.2%
120   77   $1,244,569,681     89.7%     4.4746%   119   1.69x   63.6%   56.1%
132   1   $119,365,623     8.6%     3.4320%   130   2.14x   37.9%   22.0%
Total/Weighted Average   81   $1,388,155,304     100.0%     4.3874%   119   1.74x   61.5%   53.3%

 

Distribution of Remaining Terms to Maturity or ARD(1)(2)
                                           
                          Weighted Averages
Range of Remaining Terms to Maturity or ARD   Number of
Mortgage Loans
  Aggregate Cut-off
Date Balance
  % of Initial
Outstanding
Pool Balance
  Mortgage Rate   Stated
Remaining Term
(Mos.)
  U/W NCF
DSCR
 
  Cut-off Date
LTV Ratio(3)(4)
  Maturity Date or
ARD LTV(3)
58 - 60     2     $15,120,000     1.1%     4.5216%     58   2.56x   66.0%   64.7%
83 - 84     1     $9,100,000     0.7%     4.7795%     83   1.33x   73.1%   67.2%
112 - 120   77     $1,244,569,681     89.7%     4.4746%   119   1.69x   63.6%   56.1%
130 - 130     1     $119,365,623     8.6%     3.4320%   130   2.14x   37.9%   22.0%
Total/Weighted Average   81     $1,388,155,304     100.0%     4.3874%   119   1.74x   61.5%   53.3%

 

Distribution of Underwritten NOI Debt Yields(1)(4)
                                           
                          Weighted Averages
Range of Underwritten NOI Debt Yields   Number of  
Mortgage Loans
  Aggregate Cut-off
Date Balance
  % of Initial
Outstanding
Pool Balance
  Mortgage Rate   Stated
Remaining Term
(Mos.)(2)
  U/W NCF
DSCR
  Cut-off Date
LTV Ratio(3)
  Maturity Date or
ARD LTV(3)
7.5% - 7.9%   5     $172,910,000     12.5%     4.5216%   120   1.38x   66.9%   62.7%
8.0% - 8.9%   14     $286,664,909     20.7%     4.5909%   118   1.32x   70.8%   63.9%
9.0% - 9.9%   20     $180,798,733     13.0%     4.4727%   117   1.53x   68.6%   58.6%
10.0% - 12.4%   27     $424,529,263     30.6%     4.5521%   119   1.80x   63.2%   54.9%
12.5% - 14.9%   11     $288,144,869     20.8%     3.8259%   123   2.32x   42.5%   32.3%
15.0% - 16.8%   4     $35,107,530     2.5%     4.2441%   100   2.48x   57.5%   46.8%
Total/Weighted Average   81     $1,388,155,304     100.0%     4.3874%   119   1.74x   61.5%   53.3%

 

Amortization Types(1)
                                       
                      Weighted Averages
Amortization Type   Number of
Mortgage Loans
  Aggregate Cut-off
Date Balance
  % of Initial
Outstanding
Pool Balance
  Mortgage Rate   Stated
Remaining Term
(Mos.)(2)
  U/W NCF
DSCR
  Cut-off Date
LTV Ratio(3)(4)
  Maturity Date or
ARD LTV(3)
Interest Only, then Amortizing   28     $549,618,000     39.6%     4.5355%   118   1.40x   68.5%   61.4%
Amortizing Balloon   34     $530,801,904     38.2%     4.2039%   121   1.77x   57.7%   43.9%
Interest Only   10     $284,297,000     20.5%     4.3812%   117   2.35x   54.3%   54.3%
Interest Only, then Amortizing ARD   2     $11,975,000     0.9%     4.9959%   119   1.47x   74.4%   66.6%
Interest Only, ARD   7     $11,463,400     0.8%     5.3059%   119   1.66x   65.0%   65.0%
Total/Weighted Average   81     $1,388,155,304     100.0%     4.3874%   119   1.74x   61.5%   53.3%

 

Footnotes:

  (1) With respect to the LTV, DSCR, debt yield, and cut-off date balance per Unit/Room/Pad/NRA calculations include the related pari passu companion loan(s).
  (2) In the case of the nine mortgage loans with an anticipated repayment date, Original Terms to Maturity or ARD and Remaining Terms to Maturity or ARD are through the related anticipated repayment date.
  (3) With respect to two properties in a portfolio, representing 2.3% of the initial outstanding principal balance, the Cut-off Date LTV Ratio and Maturity Date or ARD LTV have in certain cases been calculated based on the “as complete” value. For additional information, see the Footnotes to Annex A-1 in the Free Writing Prospectus.
  (4) With respect to one mortgage loans, representing approximately 0.8% of the initial outstanding pool balance as of the cut-off date, the loan-to-value ratio and the debt yield for such mortgage loan has been calculated based on the mortgage loan balance net of a holdback reserve or an earnout reserve. For additional information, see the definitions of “Cut-off Date Loan-to-Value Ratio” and “Cut-off Date U/W NOI Debt Yield” in “Description of the Mortgage PoolAdditional Mortgage Loan Information” in this Free Writing Prospectus.
  (5) Reflects allocated loan amount for properties securing multi-property mortgage loans.
  (6) Anchored retail includes anchored, single tenant, shadow anchored and outlet center properties.
  (7) Northern California properties have a zip code greater than 93600. Southern California properties have a zip code less than or equal to 93600.

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

16
 

 

COMM 2015-CCRE24 Mortgage Trust  

 

OVERVIEW OF MORTGAGE POOL CHARACTERISTICS

 

Ten Largest Mortgage Loans

 

 

 

 

Mortgage Loan

  Mortgage
Loan
Seller
  City, State   Property Type   Cut-off Date
Balance
  % of Initial
Outstanding
Pool Balance
  Cut-off Date
Balance per Units/Rooms/Pads/
NRA(1)
Cut-off
Date

LTV
Ratio(1)(2)
  U/W
NCF
DSCR(1)
  U/W NOI
Debt
Yield(1)
Lakewood Center   GACC   Lakewood, CA   Retail   $119,365,623     8.6%   $115   37.9%   2.14x    14.8%
Eden Roc   CCRE   Miami Beach, FL   Hospitality   $95,000,000     6.8%   $301,109   44.2%   2.34x    12.0%
Heartland Industrial Portfolio   GACC   Various, Various   Industrial   $95,000,000     6.8%   $37   74.4%   1.36x      8.6%
Palazzo Verdi   LCF   Greenwood Village, CO   Office   $73,500,000     5.3%   $243   64.7%   1.31x      8.7%
Equinox West LA   CCRE   Los Angeles, CA   Retail   $66,400,000     4.8%   $612   69.2%   1.60x      7.6%
Two Chatham Center & Garage   GACC   Pittsburgh, PA   Mixed Use   $62,321,740     4.5%   $215   74.9%   1.53x      9.5%
40 Wall Street   LCF   New York, NY   Office   $59,883,649     4.3%   $137   29.6%   2.10x     14.0%
Westin Portland   GACC   Portland, OR   Hospitality   $58,500,000     4.2%   $285,366   70.0%   1.69x     11.8%
Carefree Natomas Apartments   CCRE   Sacramento, CA   Multifamily   $37,800,000     2.7%   $75,600   53.5%   1.24x       7.9%
Bunker Hill Village and Valley Forge Village MHC   LCF   Bohemia, NY   Manufactured Housing Community   $37,650,000     2.7%   $96,787   71.4%   1.25x       7.5%
Total/Weighted Average               $705,421,011     50.8%       57.3%   1.73x      10.7%
  (1) With respect to the Lakewood Center Loan, Eden Roc Loan, Heartland Industrial Portfolio Loan and 40 Wall Street Loan, the Cut-off Date LTV, DSCR, Debt Yield and Cut-off Date balance per Units/Room/Pads/NRA calculations include the related pari passu companion loan(s).
  (2) With respect to the Heartland Industrial Portfolio Loan, the Cut-off Date LTV ratio has been calculated based on the portfolio appraised value, which attributes a premium to the aggregate value of the Heartland Industrial Portfolio as a whole. For additional information, see the Footnotes to Annex A-1 in the Free Writing Prospectus.

 

Pari Passu Companion Loan Summary

 

Mortgage Loan  

Mortgage Loan

Cut-off Date
Balance

  Companion
Loans
Cut-off Date
Balance
 

Loan Combination

Cut-off Date
Balance

  Pooling & Servicing
Agreement
  Master Servicer   Special Servicer   Voting Rights
Lakewood Center   $119,365,623     $289,365,623(1)     $408,731,246(1)     DBWF 2015-LCM   Wells Fargo   Midland Loan Services   DBWF 2015-LCM
Eden Roc   $95,000,000     $95,000,000     $190,000,000     COMM 2015-CCRE24   Wells Fargo   LNR   COMM 2015-CCRE24
Heartland Industrial Portfolio   $95,000,000     $155,000,000     $250,000,000     See (2) below   See (2) below   See (2) below   See (2) below
40 Wall Street   $59,883,649     $99,806,081     $159,689,730     See (3) below   See (3) below   See (3) below   See (3) below
La Gran Plaza   $25,898,101     $49,804,040     $75,702,141     COMM 2015-CCRE24   Wells Fargo   LNR   COMM 2015-CCRE24
  (1) The Loan Combination Cut-off Date balance is comprised of the pari passu companion loan and two subordinate companion loans in the aggregate original amount of $290.0 million.
  (2) Prior to the Heartland Industrial Portfolio Note A-1 Securitization Date, the Heartland Industrial Portfolio Loan Combination will be serviced under the Pooling and Servicing Agreement and the related intercreditor agreement, and the directing holder will be the holder of the Heartland Industrial Portfolio Note A-1 Companion Loan, which initially is expected to be held by GACC or an affiliate thereof. After the Heartland Industrial Portfolio Note A-1 Securitization Date, it is expected that the Heartland Industrial Portfolio Loan Combination will be serviced under the Heartland Industrial Portfolio Note A-1 Pooling and Servicing Agreement and the related intercreditor agreement, and it is expected that the directing holder of the Heartland Industrial Portfolio Loan Combination will be the directing holder or its equivalent under the Heartland Industrial Portfolio Note A-1 Pooling and Servicing Agreement. See “Description of the Mortgage Pool—Loan Combinations—Heartland Industrial Portfolio Loan Combination” in the Free Writing Prospectus.
  (3) Prior to the 40 Wall Street Note A-1 Securitization Date, the 40 Wall Street Loan Combination will be serviced under the Pooling and Servicing Agreement and the related intercreditor agreement, and the directing holder will be the holder of the 40 Wall Street Note A-1 Companion Loan, which initially is expected to be held by LCF or an affiliate thereof. After the 40 Wall Street Note A-1 Securitization Date, it is expected that the 40 Wall Street Loan Combination will be serviced under the 40 Wall Street Note A-1 Pooling and Servicing Agreement and the related intercreditor agreement, and it is expected that the directing holder of the 40 Wall Street Loan Combination will be the directing holder or its equivalent under the 40 Wall Street Note A-1 Pooling and Servicing Agreement. See “Description of the Mortgage Pool—Loan Combinations—40 Wall Street Loan Combination” in the Free Writing Prospectus.

 

Existing Mezzanine Debt Summary

 

Mortgage Loan   Mortgage Loan
Cut-off Date
Balance
  Mezzanine Debt
Cut-off Date
Balance
  Trust
U/W NCF
DSCR
  Total Debt
U/W NCF
DSCR
  Trust
Cut-off Date
LTV Ratio
  Total Debt
Cut-off Date
LTV Ratio
  Trust
U/W NOI
Debt Yield
  Total Debt
U/W NOI
Debt Yield
McMullen Portfolio   $32,100,000       $4,280,000      1.42x   1.12x   75.0%   85.0%   10.2%   9.0%  

 

Subordinate Debt Summary

 

Mortgage Loan   Mortgage Loan
Cut-off Date
Balance
  Subordinate Debt
Cut-off Date
Balance
  Trust
U/W NCF
DSCR
  Total Debt
U/W NCF
DSCR
  Trust
Cut-off Date
LTV Ratio
  Total Debt
Cut-off Date
LTV Ratio
  Trust
U/W NOI
Debt Yield
  Total Debt
U/W NOI
Debt Yield
Lakewood Center   $119,365,623       $170,000,000      2.14x   1.56x   37.9%   64.9%   14.8%   8.7%  

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

17
 

 

500 Lakewood Center 

Lakewood, CA 90712

Collateral Asset Summary – Loan No. 1 

Lakewood Center 

Cut-off Date Balance: 

Cut-off Date LTV: 

U/W NCF DSCR: 

U/W NOI Debt Yield: 

$119,365,623

37.9% 

2.14x 

14.8% 

 

(GRAPHIC) 

 

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

18
 

 

 

500 Lakewood Center 

Lakewood, CA 90712

Collateral Asset Summary – Loan No. 1 

Lakewood Center 

Cut-off Date Balance: 

Cut-off Date LTV: 

U/W NCF DSCR: 

U/W NOI Debt Yield: 

$119,365,623

37.9% 

2.14x 

14.8% 

 

   
Mortgage Loan Information
Loan Seller: GACC
Loan Purpose: Refinance

Credit Assessment

(Moody’s/Fitch/ Morningstar):

A3/A/AAA
Sponsor: The Macerich Partnership, L.P.
Borrower: Macerich Lakewood LP; New Lake LLC
Original Balance(1): $120,000,000
Cut-off Date Balance: $119,365,623
% by Initial UPB: 8.6%
Interest Rate: 3.4320%
Payment Date: 1st of each month
First Payment Date: July 1, 2015
Maturity Date: June 1, 2026
Amortization(2): 256 months
Additional Debt(1): $120,000,000 Pari Passu Debt; $170,000,000 Subordinate Secured Debt
Call Protection: L(26), DorYM1(101), O(5)
Lockbox / Cash Management: Hard / Springing

 

     
Reserves(3)
  Initial Monthly
Taxes: $0 Springing
Insurance: $0 Springing
Replacement: $0 Springing
TI/LC: $0 Springing

 

Financial Information(4)
  Senior Notes Total Debt
Cut-off Date Balance / Sq. Ft.: $115 $197
Balloon Balance / Sq. Ft.: $87 $148
Cut-off Date LTV: 37.9% 64.9%
Balloon LTV: 22.0% 48.9%
Underwritten NOI DSCR(5): 2.22x 1.62x
Underwritten NCF DSCR(5): 2.14x 1.56x
Underwritten NOI Debt Yield: 14.8% 8.7%
Underwritten NCF Debt Yield: 14.3% 8.3%
Underwritten NOI Debt Yield at Balloon: 25.5% 11.5%
Underwritten NCF Debt Yield at Balloon: 24.6% 11.1%
   
Property Information
Single Asset / Portfolio: Single Asset
Property Type: Super Regional Mall
Collateral: Fee Simple
Location: Lakewood, CA
Year Built / Renovated: 1951 / 1978, 1996, 2012
Total Sq. Ft.: 2,074,270
Property Management: Macerich Property Management Company, LLC
Underwritten NOI: $35,403,071
Underwritten NCF: $34,111,105
Appraised Value: $630,000,000
Appraisal Date: May 1, 2015
 
Historical NOI
Most Recent NOI: $33,982,874 (T-12 March 31, 2015)
2014 NOI: $32,823,457 (December 31, 2014)
2013 NOI: $31,107,880 (December 31, 2013)
2012 NOI: $29,308,397 (December 31, 2012)
 
Historical Occupancy
Most Recent Occupancy: 97.8% (May 8, 2015)
2014 Occupancy: 98.7% (December 31, 2014)
2013 Occupancy: 98.8% (December 31, 2013)
2012 Occupancy: 96.9% (December 31, 2012)
  (1) The Original Balance of $120.0 million represents the senior non-controlling Note A-1 which, together with a senior pari passu Note A-2 with an original principal balance of $120.0 million and two subordinate notes, evidenced by Note B-1 and Note B-2, with an aggregate original principal balance of $170.0 million, comprises the Lakewood Center Loan Combination with an aggregate original principal balance of $410.0 million. For additional information regarding the pari passu companion loan and subordinate companion loans, see “The Loan” and “Current Mezzanine or Subordinate Indebtedness” herein.

 

  (2) The Lakewood Center Loan Combination amortizes on a 360-month amortization schedule. However, payments of principal are directed first to the Note A-1 and Note A-2, on a pro rata basis, until the outstanding principal balance on Note A-1 and Note A-2 are reduced to zero, yielding an effective 256-month amortization schedule for Note A-1 and Note A-2. For a schedule of principal and interest payments see Annex H to this Free Writing Prospectus.

 

  (3) See “Initial Reserves” and “Ongoing Reserves” herein.

 

  (4) DSCR, LTV, Debt Yield and Balance / Sq. Ft. calculations are based on the aggregate original principal balance of $240.0 million of the Lakewood Center Loan and the Lakewood Center Pari Passu Companion Loan.

 

  (5) Calculated using the annual debt service payment which is equal to the first 12 amortizing payments. For a schedule of principal and interest payments see Annex H to this Free Writing Prospectus.

 

 

 

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

19
 

 

 

500 Lakewood Center 

Lakewood, CA 90712

Collateral Asset Summary – Loan No. 1 

Lakewood Center 

Cut-off Date Balance: 

Cut-off Date LTV: 

U/W NCF DSCR: 

U/W NOI Debt Yield: 

$119,365,623

37.9% 

2.14x 

14.8% 

 

                 
Tenant Summary
Tenant Mix

Ratings
(Fitch/Moody’s/S&P)(1)

Total
Sq. Ft. (2)

% of Total
Collateral

Sq. Ft.

Lease
Expiration

Annual UW
Base Rent
PSF(2)
Total Sales
(000s)(3)(4)
Sales
PSF(3)(4)

Occupancy
Cost
(% of Sales)(3)(4)(5)

                 
Anchors                
Macy’s BBB+/Baa2/BBB+ 362,852 17.5% 6/30/2020 $0.21 $42,678 $118 1.0%
Costco(6) A+/A1/A+ 166,718 8.0% 2/25/2029 $5.55 $125,000 $750 1.1%
JCPenney CCC/Caa1/CCC+ 162,690 7.8% 1/31/2017 $0.37 $23,299 $143 1.2%
Target A-/A2/A 160,058 7.7% 1/31/2025 $1.66 $49,084 $307 1.1%
The Home Depot A/A2/A 133,029 6.4% 1/31/2021 $7.00 $48,347 $363 2.4%
Forever 21 NR/NR/NR 80,688 3.9% 1/31/2022 $14.90 $9,417 $117 14.9%
Total Anchor Tenants   1,066,035 51.4%   $3.25 $297,824 $279 1.8%
                 
Major Tenants (>25,000 sq. ft.)                
Pacific Theatres(7) NR/NR/NR 90,944 4.4% 2/28/2023 $6.64 $7,699 $481,189 14.1%
Albertsons NR/NR/B 50,000 2.4% 4/30/2026 $10.20 $19,730 $395 3.5%
24 Hour Fitness NR/NR/B 45,000 2.2% 12/31/2027 $23.50 NAP NAP NAP
Best Buy(6) BB/Baa2/BB 45,000 2.2% 1/31/2019 $21.30 $56,000 $1,244 1.9%
Round 1 Bowling & Amusement NR/NR/NR 42,802 2.1% 7/31/2023 $12.45 $4,676 $109 17.2%
Sports Authority NR/NR/NR 42,481 2.0% 1/31/2022 $12.60 NAP NAP NAP
Nordstrom Rack BBB+/Baa1/A- 33,244 1.6% 10/31/2020 $28.00 NAP NAP NAP
Bed Bath & Beyond NR/Baa1/A- 26,046 1.3% 1/31/2018 $13.00 $7,085 $272 7.9%
Total Major Tenants(8)   375,517 18.1%   $14.56 $95,190 $534 3.6%
                 
In-line Tenants(9)   275,923 13.3%   $36.73 $97,590 $468 13.6%
Food Court / Restaurant   29,807 1.4%   $45.97 $13,115 $550 12.3%
Out Parcel   239,385 11.5%   $31.05 $66,327 $424 8.9%
Kiosk(4)   3,078 0.1%   $390.23 NAP NAP NAP
Specialty Leasing(4)(10)   39,813 1.9%   NAP NAP NAP NAP
Total Occupied   2,029,558 97.8%          
                 
Vacant   44,712 2.2%          
Total Sq. Ft.   2,074,270 100.0%          
                 
  (1) Certain ratings are those of the parent company whether or not the parent company guarantees the lease.

 

  (2) Total sq. ft. and Base Rent PSF are based on the May 8, 2015 rent roll.

 

  (3) All sales information presented herein with respect to the Lakewood Center Property is based upon information provided by the borrower; in certain instances, sales figures represent estimates because the tenants are not required to report, or otherwise may not have timely reported sales. Further, because tenant sales information is self-reported, such information was not independently verified by the borrower.

 

  (4) TTM March 2015 Sales, TTM March 2015 Sales PSF and TTM March 2015 Occupancy Cost ratios represent tenants that have reported a full 12 months of sales and are in occupancy per the May 8, 2015 rent roll. For the purpose of this chart, sales figures for Specialty Leasing and Kiosk tenants have been excluded.

 

  (5) TTM March 2015 Occupancy Cost is based on the gross rent of each tenant including U/W Base Rent and expense reimbursements.

 

  (6) Sales figures for Costco and Best Buy are estimated based upon information provided to the borrower by the tenant.

 

  (7) TTM March 2015 Sales PSF for Pacific Theatres represents sales per screen based on 16 screens. Pacific Theatres has TTM March 2015 Sales PSF of $85.

 

  (8) TTM March 2015 Sales PSF and TTM March 2015 Occupancy Cost for Total Major Tenants excludes Pacific Theatres.

 

  (9) In-line Tenants include tenants that are less than 10,000 sq. ft. (excluding Food Court / Restaurant tenants, Out Parcel, Kiosk and Specialty Leasing tenants), as well as Victoria’s Secret (11,830 sq. ft.).

 

  (10) Specialty Leasing represents tenants with short-term lease or license agreements with a duration that is typically 12 months or less.

 

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

20
 

 

 

500 Lakewood Center 

Lakewood, CA 90712

Collateral Asset Summary – Loan No. 1 

Lakewood Center 

Cut-off Date Balance: 

Cut-off Date LTV: 

U/W NCF DSCR: 

U/W NOI Debt Yield: 

$119,365,623

37.9% 

2.14x 

14.8% 

 

                       
Lease Rollover Schedule(1)
Year

# of Leases
Expiring

Total Expiring
Sq. Ft.

% of Total Sq.
Ft. Expiring

Cumulative
Sq. Ft.
Expiring

Cumulative
% of Sq. Ft.
Expiring

Annual U/W
Base Rent
Per Sq. Ft.

% U/W
Base Rent
Rolling

Cumulative %
of U/W
Base Rent

Other(2) 34   0   0.0%   0 0.0% $0.00 0.0% 0.0%
Specialty(3) 21   39,813   1.9%   39,813 1.9% $0.00 0.0% 0.0%
2015 12   39,968   1.9%   79,781 3.8% $32.93 4.5% 4.5%
2016 24   60,764   2.9%   140,545 6.8% $36.79 7.7% 12.2%
2017 27   259,908   12.5%   400,453 19.3% $14.28 12.8% 25.0%
2018 18   91,510   4.4%   491,963 23.7% $29.03 9.1% 34.1%
2019 10   58,015   2.8%   549,978 26.5% $29.09 5.8% 39.9%
2020 11   419,588   20.2%   969,566 46.7% $5.01 7.2% 47.2%
2021 11   172,333   8.3%   1,141,899 55.1% $13.74 8.1% 55.3%
2022 11   147,726   7.1%   1,289,625 62.2% $19.13 9.7% 65.0%
2023 18   201,975   9.7%   1,491,600 71.9% $17.27 12.0% 77.0%
2024 13   56,827   2.7%   1,548,427 74.6% $39.48 7.7% 84.7%
2025 9   182,282   8.8%   1,730,709 83.4% $5.05 3.2% 87.9%
Thereafter 10   298,849   14.4%   2,029,558 97.8% $11.76 12.1% 100.0%
Vacant NAP   44,712   2.2%   2,074,270 100.0% NAP NAP  
Total / Wtd. Avg. 229   2,074,270   100.0%       $14.32 100.0%  
  (1) Certain tenants have lease termination options that may become exercisable prior to the originally stated expiration date of the tenant lease and that are not considered in the lease rollover schedule or the site plan.

 

  (2) Other tenants include temporary tenants, ATM, mall media and any other tenants that were not included in the underwritten square footage.

 

  (3) Specialty tenants represent kiosks and other tenants with short-term leases or license agreements with a duration that is typically 12 months or less. Rent for the specialty tenants was not included in underwritten base rent but has been underwritten with other income.

 

The Loan. The Lakewood Center loan (the “Lakewood Center Loan”) is a fixed rate loan secured by the borrower’s fee simple interest in a 2,074,270 sq. ft super regional mall located at 500 Lakewood Center in Lakewood, California (the “Lakewood Center Property”) The Lakewood Center Loan is evidenced by the senior non-controlling Note A-1 with an original principle balance of $120.0 million and, together with a senior pari passu Note A-2 with an original principal balance of $120.0 million (the “Lakewood Center Pari Passu Companion Loan”) and two subordinate notes, evidenced by Note B-1 and Note B-2, with an aggregate original principal balance of $170.0 million (the “Lakewood Center Subordinate Companion Loans and, together with the Lakewood Center Pari Passu Companion Loan, the “Lakewood Center Companion Loans”), comprises the “Lakewood Center Loan Combination”. Only the Lakewood Center Loan will be included in the COMM 2015-CCRE24 mortgage trust. The Lakewood Center Companion Loans were included in the DBWF 2015-LCM transaction.

 

The relationship between the holders of the Lakewood Center Loan and the Lakewood Center Companion Loans is governed by a co-lender agreement as described under “Description of the Mortgage Pool—Loan Combinations—Lakewood Center” in the Free Writing Prospectus.

  

Loan Combination Summary
  Original Balance Cut-off Date Balance Note Holder Controlling Piece
Note A-1 $120,000,000 $119,365,623 COMM 2015-CCRE24 No
Note A-2 $120,000,000 $119,365,623 DBWF 2015-LCM No
B Notes $170,000,000 $170,000,000 DBWF 2015-LCM Yes
Total Debt $410,000,000 $408,731,246    

 

The Lakewood Center Loan Combination has an eleven-year term and amortizes on a 30-year schedule. The Lakewood Center Loan accrues interest at a fixed rate equal to 3.4320% per annum and has a cut-off date balance of approximately $119.4 million. The Lakewood Center Loan Combination proceeds were used to refinance existing debt of approximately $250.0 million, pay closing costs of approximately $2.2 million and return equity to the sponsor of approximately $157.8 million. Based on the appraised value of $630.0 million as of May 1, 2015, the cut-off date LTV is 37.9%. Previous financing on the property consisted of a $250.0 million first mortgage that was bifurcated into a $218.0 million senior note which was included in the COMM 2005-C6 transaction and a $32.0 million junior note which was sold separately.

 

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

 

21
 

 

 

500 Lakewood Center 

Lakewood, CA 90712

Collateral Asset Summary – Loan No. 1 

Lakewood Center 

Cut-off Date Balance: 

Cut-off Date LTV: 

U/W NCF DSCR: 

U/W NOI Debt Yield: 

$119,365,623

37.9% 

2.14x 

14.8% 

 

 

Sources and Uses
Sources Proceeds % of Total   Uses Proceeds % of Total
Loan Combination $410,000,000 100.0%   Previous Debt $250,000,000 70.0%
        Closing Costs $2,202,295 0.5%
        Return on Equity $157,797,705 38.5%
Total Sources $410,000,000 100.0%   Total Uses $410,000,000 100.0%

 

 

The Borrower / Sponsor. The borrowers are Macerich Lakewood LP, a Delaware limited partnership, and New Lake LLC, a Delaware limited liability company, each structured to be bankruptcy-remote with two independent directors in its organizational structure. The sponsor of the borrowers and the recourse carve-out guarantor is The Macerich Partnership, L.P. (“Macerich”).

 

Macerich (NYSE: MAC) is a self-administered and self-managed real estate investment trust focused on acquiring, owning, developing, redeveloping, managing, and leasing regional malls and community shopping centers throughout the United States. Macerich owns or has ownership interest in 51 regional shopping centers and eight community/power shopping centers aggregating to approximately 55 million sq. ft. of gross leasable area. As of March 31, 2015, the company’s regional shopping centers had average inline sales PSF of $607 and inline sales PSF across the portfolio have increased year over year.

 

The Property. The Lakewood Center Property is located approximately 20 miles southeast of downtown Los Angeles and consists of an approximately 2.1 million total sq. ft., super-regional mall that features over 200 tenants across approximately 146 acres in Lakewood, California. The Lakewood Center Property is anchored by Macy’s, Costco, JCPenney, Target, The Home Depot and Forever 21. The Lakewood Center Property also features a 16-screen stadium-seating Pacific Theatres movie theater and other major tenants include 24 Hour Fitness, Albertsons, Bed Bath & Beyond, Best Buy and Sports Authority.

 

The Lakewood Center Property was built in 1951 as an open-air center with 18 stores and by the mid 1950s expanded to 74 stores encompassing approximately 750,000 sq. ft. By the mid-1960s, the development of the out parcel stores began, adding another approximately 500,000 sq. ft. The property was subsequently expanded and enclosed in 1977, renovated in 1996 and expanded multiple times through 2012. Macerich acquired its initial interest in the Lakewood Center Property in 1975 as its first regional mall investment. In November 2014, Macerich acquired the remaining 49% ownership interest in the property as part of the purchase of two separate joint ventures which together owned five centers, for total consideration of approximately $1.8 billion.

 

 

As of May 8, 2015, the Lakewood Center Property was 97.8% leased by approximately 221 tenants (95.6% excluding anchor tenants). Year-end 2014 sales for the property totaled approximately $600 million, up from approximately $576 million in 2013 and approximately $555 million in 2012. Based on tenants that have been open for 12 months or more, and excluding arcades, non-retail stores and tenants greater than 10,000 square feet, sales have risen steadily year over year, with 2010 to 2014 year-end sales per square foot of $377, $398, $412, $430 and $431, respectively. The subsequent chart represents historical sales PSF at the Lakewood Center Property.

 

                                 
Historical Sales PSF(1)
                  T-12 March 2015 2014 National Average(2)
  2011 PSF 2012 PSF 2013 PSF 2014 PSF Sales PSF


Total Sales
(000’s)

Sales PSF

Sales Per Store
(000’s)

Macy’s $114   $115   $117   $117   $118   $42,678   $169   $30,259  
Costco(3) $750   $750   $750   $750   $750   $125,000   $1,118   $160,168  
JCPenney $179   $139   $132   $132   $143   $23,299   $97