| FREE WRITING PROSPECTUS FILED PURSUANT TO RULE 433 REGISTRATION FILE NO.: 333-257737-05 |
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| Table of Contents |
| Section 1: | Executive Summary |
| Section 2: | Property Overview |
| Section 3: | Market Overview |
| Section 4: | Property Historical and Underwritten Cash Flows |
| Section 5: | Sponsorship Overview |
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Section 1: Executive Summary
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| Executive Summary | PWV Trust Subordinate Companion Loan |
The loan that will back the loan-specific certificates to be issued by BBCMS Mortgage Trust 2022-C17 is a five-year interest-only fixed rate subordinate mortgage loan with an initial principal balance of $66,500,000 (the “PWV Trust Subordinate Companion Loan”). The PWV Trust Subordinate Companion Loan is part of a whole mortgage loan structure with an aggregate initial principal balance of $365,000,000 (the “PWV Whole Loan” or the “Whole Loan”) consisting of (i) the PWV Trust Subordinate Companion Loan, (ii) PWV Non-Trust Subordinate Companion Loan (as defined below) and (iii) one or more PWV Senior Loans (as defined below). The PWV Whole Loan will be primarily secured by, among other things, a first priority mortgage on the Borrowers’ fee simple interests in a single property comprised of three multifamily residential buildings containing an aggregate of 850 multifamily units and one commercial unit located in New York, New York, known as Park West Village (the “Property”).
| ● | The PWV Whole Loan was originated on August 3, 2022 (the “Origination Date”) as follows: (i) Bank of Montreal (“BMO”) originated the PWV Trust Subordinate Companion Loan evidenced by Note B-A (the “PWV Trust Subordinate Companion Note”), (ii) Park West Village Grand Avenue Partners, LLC (“PWV Grand Avenue”), an affiliate of Oaktree Capital Management, originated a subordinate mortgage loan with an initial principal balance of $111,000,000 (the “PWV Non-Trust Subordinate Companion Loan” and together with the PWV Trust Subordinate Companion Loan, the “PWV Subordinate Companion Loans”) evidenced by Note B-B (the “PWV Non-Trust Subordinate Companion Note”) and (iii) BMO, Starwood Mortgage Capital LLC (“SMC”) and Citi Real Estate Funding Inc. (“CREFI” and, together with BMO, SMC and PWV Grand Avenue, their respective successors and assigns, collectively, the “Mortgage Lender”) originated multiple senior loans in the aggregate principal amount of $187,500,000 (the “PWV Senior Loans”) evidenced by 12 separate promissory notes (the “PWV Senior Notes”), made by the Borrowers, who are indirectly controlled by Meyer Chetrit and Laurence Gluck (collectively, the “Sponsor” or the “Borrower Sponsor”). The borrowers, CF PWV LLC and SM PWV LLC (the “Borrowers”) are both special purpose entities that own the Property as tenants in common. |
| ● | The holders of the PWV Subordinate Companion Loans and the PWV Senior Loans entered into an agreement between noteholders (the “Co-Lender Agreement”), that governs the relative rights and obligations of the holders of, and the allocation of payments to, the PWV Senior Loans and the PWV Subordinate Companion Loans. The Co-Lender Agreement generally provides, among other things, that: (i) the entire PWV Whole Loan will be serviced and administered pursuant to the terms of the pooling and servicing agreement to be entered into in connection with this securitization, but subject to the terms of the Co-Lender Agreement; (ii) the PWV Trust Subordinate Companion Note and the PWV Non-Trust Subordinate Companion Note are generally subordinate in right of payment to the PWV Senior Notes and expenses and losses relating to the PWV Whole Loan and the Property will be allocated first to the PWV Non-Trust Subordinate Companion Note and then to the PWV Trust Subordinate Companion Note prior to being allocated to the PWV Senior Notes, and will be allocated among the PWV Senior Notes on a pro rata and pari passu basis; and (iii) the initial controlling noteholder will be the holder of the PWV Non-Trust Subordinate Companion Note. |
Experienced Sponsorship
| ● | Meyer Chetrit is one of the controllers of The Chetrit Group. The Chetrit Group is an experienced, privately held New York City real estate development firm controlled by two brothers: Joseph and Meyer Chetrit. The ownership interests in the Borrowers are indirectly 50% owned by Meyer Chetrit and 50% owned by Joseph Chetrit, who jointly control the Borrowers. The Chetrit Group, which is headquartered in Manhattan, has ownership interests in over 14 million square feet (“SF”) of commercial and residential real estate across the United States, including New York, Chicago, Miami, and Los Angeles, as well as internationally. |
| ● | Laurence Gluck is the founder of Stellar Management, a real estate development and management firm founded in 1985. Based in New York City, Stellar Management owns and manages a portfolio of over 13,000 apartments in 100 buildings located across New York City and over three million SF of office space. Prior to founding Stellar Management, Laurence Gluck served as a real estate attorney at Proskauer, Rose, Goetz & Mendelsohn LLP and later as a partner at Dreyer & Traub. Laurence Gluck also formerly served as a member of the Board of Governors of the Real Estate Board of New York. |
| ● | The Borrowers are indirectly controlled and managed by non-member managers, CFSM E 86 Manager LLC and CFSM E 88 Manager LLC, respectively, each of which is directly controlled and managed (acting unanimously as managers) by Jacob Chetrit and the Amended and Restated 2013 LG Revocable Trust, a trust established by Laurence Gluck. |
| ● | Meyer Chetrit and Amended and Restated 2013 LG Revocable Trust, a trust established by Laurence Gluck (collectively, the “Guarantors”) will provide a non-recourse carveout guaranty and a carry guaranty, subject to the terms and conditions set forth in the PWV Whole Loan documents. |
Sponsor’s Renovation Plan
| ● | The Sponsor is currently renovating the residential units at the Property. Renovations will consist of major renovation units and light renovation units. The Sponsor has executed the major renovation strategy on 12 units to date, which have been combined into a total of seven units. The Sponsor is projecting an average cost of $48,109 per unit for the remaining 55 major renovation units, which will be combined into 27 total units. Of the 55 units projected to receive major renovations, 28 are rent stabilized units, all of which are currently vacant. The remaining 27 units that are projected to receive major renovations are market rate units. The Sponsor has executed the light renovation strategy on 17 units to date. The Sponsor is projecting an average cost of $19,306 per unit for the remaining 270 light renovation units. All units that are projected to receive light renovations are market rate units. |
Loan Structure
| ● | The PWV Whole Loan is structured with upfront Unit Upgrade Reserves of approximately $7.9 million, which is equal to 100.0% of the Sponsor’s budget related to the renovation of the residential units at the Property. |
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| Executive Summary | PWV Trust Subordinate Companion Loan |
| ● | The PWV Whole Loan is structured with upfront Supplemental Income Reserves of approximately $4.92 million to enhance debt service coverage during the renovation of the Property. Unless and until the Property (excluding the amount on deposit in the Supplemental Income Reserve) achieves a 6.25% “transient” Whole Loan debt yield (calculated on the basis of annualized net cash flow for 12, 9, 6 or 3 months (such applicable 12-, 9-, 6- or 3-month period depending on the quarter with respect to which such determination by the lender is made), the lender may require the Borrowers to make additional Supplemental Income Reserve deposits if and to the extent the lender determines, in its reasonable discretion on a quarterly basis on and after July 6, 2023, that additional Supplemental Income reserve deposits are required in order to achieve (when the additional deposit and all other deposits in the Supplemental Income Reserve account are added to net cash flow for the Property) a 6.25% transient Whole Loan debt yield for the following 12, 9, 6 or 3 months (such applicable 12-, 9-, 6- or 3-month period depending on the quarter with respect to which such determination by the lender is made). The guarantors provided a related carry guaranty (the “Carry Guaranty”) of certain carry costs, including real estate taxes, insurance premiums, debt service and operating expenses, for the period until the Property achieves a 6.25% transient debt yield (excluding the amount on deposit in the Supplemental Income Reserve). The obligations of the guarantors under such carry guaranty are limited to the additional supplemental reserve deposit amount as and when due. So long as no event of default under the PWV Whole Loan is continuing, on each payment date, the lender is required to transfer the Monthly Supplemental Income Reserve Disbursement Amount (as defined in the Private Placement Memorandum) from the Supplemental Income Reserve to the cash management account under the lender’s control, to be applied in the order of priority and in the manner set forth in the Whole Loan documents. So long as no event of default under the Whole Loan is continuing, upon such time as the lender has reasonably determined that the Property (excluding the amount on deposit in the Supplemental Income Reserve) have achieved a 6.25% “transient” Whole Loan debt yield (calculated on the basis of annualized net cash flow for a three month period ending with the most recently completed month), then all of the funds in the Supplemental Income Reserve will be required to be disbursed to the Borrowers; provided, however, if a Cash Trap Period (as defined in Private Placement Memorandum) is then continuing, then such funds will not be disbursed to the Borrowers, and such funds will instead be deposited into the excess cash reserve account, to be applied in accordance with the terms of the Park West Village Whole Loan documents. Unless otherwise expressly noted herein, all of the information relating to underwritten net operating income or underwritten cash flow for the Property herein includes the amount of upfront Supplement Income Reserve ($4.92 million). |
Property Overview
| ● | The Property consists of three buildings comprised of 850 residential units and one commercial unit totalling 1,039 square feet. The commercial tenant at the Property has a remaining lease term of approximately 0.9 years. The Property is located in the Upper West Side neighborhood and approximately 0.5 miles from the 96th Street and 103rd Street subway stations with access to the A, B, and C subway lines. |
| ● | The Property was built in 1950, 1958, and 1963 and renovated in 2014, and features a range of studio, one bedroom, two bedroom, three bedroom, and four bedroom apartments. Of the 850 residential units, 418 of the units are rent stabilized. The Property units all feature hardwood flooring, nearly nine-foot ceiling heights, full kitchen appliances, and many units include a private balcony. Renovated units feature granite countertop kitchens, stainless steel appliances including a refrigerator, dishwasher, microwave, and gas-fired stove and oven, and washer and dryer. Community spaces include an outdoor children’s playground, dog run, valet services, and onsite surface parking. |
PWV Trust Subordinate Companion Loan Metrics
| ● | The PWV Trust Subordinate Companion Loan and the PWV Senior Loans have an aggregate original principal balance of $254,000,000 ($394 per SF) and exhibit the following credit metrics: |
| – | Based on the as-is appraised value of $575,000,000 (the “Property As-Is Appraised Value”), prepared by Cushman & Wakefield, Inc. (the “Appraiser”) as of January 20, 2022, the PWV Trust Subordinate Companion Loan and the PWV Senior Loans represent a 44.2% as-is LTV. Based on the as-stabilized appraised value as of February 1, 2025 of $640,000,000, which assumes that the $7.9 million renovation of the Property has been completed, the PWV Trust Subordinate Companion Loan and the PWV Senior Loans represent a 39.7% as-stabilized LTV. |
| – | Based on the as-is underwritten net operating income (“Property As-Is UW NOI”) of approximately $23.0 million (which includes the related upfront Supplement Income Reserve of approximately $4.9 million), the PWV Trust Subordinate Companion Loan and the PWV Senior Loans represent a 9.1% debt yield. The debt yield for the PWV Trust Subordinate Companion Loan and the PWV Senior Loans based on Property As-Is UW NOI excluding such approximately $4.9 million reserve is 7.1%. Based on the as-stabilized underwritten net operating income (“Property As-Stabilized UW NOI”) of approximately $23.0 million, the PWV Trust Subordinate Companion Loan and the PWV Senior Loans represent a 9.1% debt yield. |
| – | Based on the as-is underwritten net cash flow (“Property As-Is UW NCF”) of approximately $23.0 million (which includes the related upfront Supplement Income Reserve of approximately $4.9 million), the PWV Trust Subordinate Companion Loan and the PWV Senior Loans represent a 1.92x DSCR. The DSCR for the PWV Trust Subordinate Companion Loan and the PWV Senior Loans based on Property As-Is UW NCF excluding such approximately $4.9 million reserve is 1.51x. Based on the as-stabilized underwritten net cash flow (“Property As-Stabilized UW NCF”) of approximately $23.0 million, the PWV Trust Subordinate Companion Loan and the PWV Senior Loans represent a 1.92x DSCR. |
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| Executive Summary | PWV Trust Subordinate Companion Loan |
PWV Whole Loan Metrics
| ● | The PWV Whole Loan has an original principal balance of $365,000,000 ($566 per SF) and exhibits the following credit metrics: |
| – | Based on the Property As-Is Appraised Value, the PWV Whole Loan represents a 63.5% as-is LTV. Based on the Property As-Stabilized Appraised Value, the PWV Whole Loan represents a 57.0% as-stabilized LTV. |
| – | Based on the Property As-Is UW NOI, the PWV Whole Loan represents a 6.3% debt yield. The debt yield for the PWV Whole Loan based on Property As-Is UW NOI excluding such $4.9 million reserve is 5.0%. Based on the Property As-Stabilized UW NOI, the PWV Whole Loan represents a 6.3% debt yield. |
| – | Based on the Property As-Is UW NCF, the PWV Whole Loan represents a 1.34x DSCR. The DSCR for the PWV Whole Loan based on Property As-Is UW NCF excluding such $4.9 million reserve is 1.05x. Based on the Property As-Stabilized UW NCF, the PWV Whole Loan represents a 1.34x DSCR. |
Leasing Activity and COVID-19 Rent Collections
| ● | As of July 22, 2022, the residential portion of the Property was 94.7% occupied, and the commercial portion of the Property was 100.0% occupied. |
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| Sources and Uses | PWV Trust Subordinate Companion Loan |
| ● | Proceeds of the PWV Whole Loan were used to refinance existing debt on the Property, fund upfront reserves and pay closing costs. The estimated sources and uses for the PWV Whole Loan are detailed below. |
| PWV Whole Loan Sources and Uses | |||||||
| Sources | $ Amount | % of Sources | Uses | $ Amount | % of Uses | ||
| PWV Whole Loan Amount | $365,000,000 | 95.8 | % | Repayment of Existing Debt | $321,864,741 | 84.5% | |
| Borrowers’ Equity | $15,813,033 | 4.2 | % | Closing Costs | $44,400,316 | 11.7% | |
| Unit Upgrade Reserve | $7,858,500 | 2.1% | |||||
| Supplemental Income Reserve | $4,920,000 | 1.3% | |||||
| Upfront Real Estate Tax Reserve | $919,476 | 0.2% | |||||
| Upfront Replacement Reserve | $850,000 | 0.2% | |||||
| Total Sources | $380,813,033 | 100.0% | Total Uses | $380,813,033 | 100.0% | ||
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| Capital Structure | PWV Trust Subordinate Companion Loan |
| ● | Based on the PWV Whole Loan amount of $365.0 million, the LTV, UW NOI Debt Yield and UW NCF DSCR as of the Origination Date are set forth below. |
| As-Is | As-Stabilized | |||||||
| Tranche | %
of Whole Loan(1) |
Cumulative
Basis PSF(2) |
Cumulative
LTV based on the Appraised Value(3) |
Cumulative
UW NOI Debt Yield(4) |
Cumulative
UW NCF DSCR(5) |
Cumulative
LTV based on the Appraised Value(3) |
Cumulative Debt
|
Cumulative
UW NCF DSCR(6) |
PWV Senior Notes (PWV Senior Loans) $187,500,000 |
51.4% | $291 | 32.6% | 12.3% | 2.60x | 29.3% | 12.3% | 2.60x |
PWV Trust Subordinate Companion Note (PWV Trust Subordinate Companion Loan)(1) $66,500,000 |
18.2% | $394 | 44.2% | 9.1% | 1.92x | 39.7% | 9.1% | 1.92x |
| PWV
Non-Trust Subordinate Companion Note (PWV Non-Trust Subordinate Companion Loan)(1) $111,000,000 |
30.4% | $566 | 63.5% | 6.3% | 1.34x | 57.0% | 6.3% | 1.34x |
| $210,000,000 Implied Equity(3) |
NAP | NAP | NAP | NAP | NAP | NAP | NAP | NAP |
| Note: Information in the chart above is based on the indicated level of debt together with all debt pari passu with, or senior to, such level of debt. | |
| (1) | The PWV Whole Loan consists of the PWV Senior Loan, the PWV Trust Subordinate Companion Loan and the PWV Non-Trust Subordinate Companion Loan. The PWV Trust Subordinate Companion Note evidences the PWV Trust Subordinate Companion Loan and the PWV Non-Trust Subordinate Companion Note evidences the PWV Non-Trust Subordinate Companion Loan. The PWV Senior Notes evidence the PWV Senior Loans. The PWV Senior Notes are, collectively, senior in right of payment to the PWV Trust Subordinate Companion Note and the PWV Non-Trust Subordinate Companion Note, and the PWV Trust Subordinate Companion Note is senior in right of payment to the PWV Non-Trust Subordinate Companion Note (to the extent described in this Term Sheet and the Co-Lender Agreement). |
| (2) | Based on 644,747 SF of the residential and commercial space. |
| (3) | “As-Is” is based on the Property As-Is Appraised Value of $575,000,000. “As-Stabilized” is based on the Property As-Stabilized Appraised Value of $640,000,000. Implied Equity is calculated using the As-is Appraised value. |
| (4) | “As-Is” is based on the Property As-Is UW NOI of $23,000,278, which includes credit for the upfront Supplemental Income Reserve. “As-Stabilized” is based on the Property As-Stabilized UW NOI of $23,000,278. The PWV Whole Loan As-Is Cumulative UW NOI Debt Yield excluding credit for the upfront Supplemental Income Reserve is 5.00%. |
| (5) | “As-Is” based on the Property As-Is UW NCF of $23,000,278 which includes credit for the upfront Supplemental Income Reserve. |
| (6) | “As-Stabilized” based on the Property As-Stabilized UW NCF of $23,000,278. The PWV Whole Loan As-Is Cumulative UW NCF DSCR excluding credit for the upfront Supplemental Income Reserve is 1.05x. |
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Section 2: Property Overview
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| Property Overview | PWV Trust Subordinate Companion Loan |
The PWV Whole Loan is secured by the Borrowers’ fee simple interests in a single Property comprised of three multifamily residential buildings totaling 850 units and one commercial unit located in the Upper West Side of New York.
| ● | The Property consists of three buildings comprised of 850 residential units and one commercial unit totaling 1,039 square feet. The commercial tenant at the Property has a remaining lease term of 0.9 years. The Property is located in the Upper West Side neighborhood and approximately 0.5 miles from the 96th Street and 103rd Street subway stations with access to the A, B, and C subway lines. |
| ● | The Property was built in 1950, 1958, and 1963 and renovated in 2014, and features a range of studio, one bedroom, two bedroom, three bedroom, and four bedroom apartments. Of the 850 residential units, 418 of the units are rent stabilized. The Property units all feature hardwood flooring, nearly 9-foot ceiling heights, full kitchen appliances, and many units include a private balcony. Renovated units feature granite or marble countertop kitchens, stainless steel appliances including a refrigerator, dishwasher, microwave, and gas-fired stove and oven, and washer and dryer. Community spaces include an outdoor children’s playground, dog run, valet services, and onsite surface parking. |
| ● | The Property has experienced an average occupancy of 92.1% since 2018. The following table shows the historical occupancy of the Property: |
| 2018(1)(2) | 2019(1)(2) | 2020(1)(2)(3) | 2021(1)(2)(3) | |
| Park West Village | 95.1% | 94.2% | 91.2% | 87.9% |
| (1) | Source: Borrower Occupancy Report. Occupancy is as of July 31 of each respective year. |
| (2) | Based on residential units only. |
| (3) | The decrease in occupancy is due primarily to the increased renovation activity of the vacant units in 2020 and 2021. The residential portion of the Property is 94.7% occupied as of July 22, 2022. |
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| Property Overview | PWV Trust Subordinate Companion Loan |
| Park West Village Property(1) | |||
| Property Name | Park West Village | No. of Units | 850(2) |
| Address | 784, 788 and 792 Columbus Avenue | Unit of Measure | Units |
| City | New York | No. of Properties | 1 |
| State | NY | No. of Buildings | 3 |
| Zip | 10025 | No. of Stories | 16 |
| General Property Type | Multifamily | No. of Parking Spaces | NAP |
| Specific Property Type | High Rise | Year Built | 1950, 1958, and 1963 |
| Zoning Classification | R7-2 | Year Renovated | 2014 |
| Type of Ownership | Fee Simple | Occupancy | 94.7%(3) |
| Ground Lease Maturity | NAP | Occupancy Date | 7/22/2022(3) |
| (1) | Source: Appraisal unless otherwise noted. |
| (2) | The Property consists of three buildings, 850 residential units, and one commercial unit (totaling 1,039 square feet). |
| (3) | Source: Underwritten rent roll dated July 22, 2022. Based on the residential units only. |
The following table shows the residential unit mix for the Property:
| Unit Type | # of Units | Occupancy | Total SF | Average SF Per Unit |
Average UW Monthly Rent per Unit |
Average UW Monthly Rent per SF | ||||
| Studio | 281 | 94.7 | % | 130,980 | 466 | $2,226 | $4.79 | |||
| 1 Bedroom | 389 | 94.9 | % | 326,692 | 840 | $2,711 | $3.22 | |||
| 2 Bedroom | 166 | 94.6 | % | 167,887 | 1,011 | $3,663 | $3.63 | |||
| 3 Bedroom | 13 | 92.3 | % | 16,316 | 1,255 | $7,316 | $5.79 | |||
| 4 Bedroom | 1 | 100.0 | % | 1,832 | 1,832 | $7,500 | $4.09 | |||
| Total/Wtd. Average | 850 | 94.7 | % | 643,708 | 757 | $2,811 | $3.71 | |||
| Source: Underwritten rent roll dated as of July 22, 2022. |
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| Property Overview | PWV Trust Subordinate Companion Loan |
The following table shows the current residential unit mix breakdown of market rate units and rent stabilized units for the Property:
| Unit Type | # of Market Rate Units | Market Rate Units Occupancy | Total Market Rate Unit SF | Average Market Unit SF Per Unit | Average UW Monthly Rent per Market Rate Rent Unit | # of Rent Stabilized Units | Rent Stabilized Units Occupancy | Total Stabilized Unit SF | Average Stabilized Unit SF Per Unit | Average UW Monthly Rent per Stabilized Unit | ||||||||||
| Studio | 166 | 99.4 | % | 77,033 | 464 | $2,869 | 115 | 87.8 | % | 53,947 | 469 | $1,175 | ||||||||
| 1 Bedroom | 164 | 97.6 | % | 137,159 | 836 | $4,505 | 225 | 92.9 | % | 189,533 | 842 | $1,337 | ||||||||
| 2 Bedroom | 89 | 98.9 | % | 81,694 | 918 | $5,140 | 77 | 89.6 | % | 86,193 | 1,119 | $1,779 | ||||||||
| 3 Bedroom | 12 | 91.7 | % | 15,163 | 1,264 | $7,708 | 1 | 100.0 | % | 1,153 | 1,153 | $3,000 | ||||||||
| 4 Bedroom | 1 | 100.0 | % | 1,832 | 1,832 | $7,500 | 0 | 0.0 | % | 0 | 0 | $0 | ||||||||
| Total/Wtd. Average | 432 | 98.4 | % | 312,882 | 724 | $4,091 | 418 | 90.9 | % | 330,826 | 791 | $1,378 | ||||||||
Source: Underwritten rent roll dated as of July 22, 2022.
The following table shows the monthly and annual rent allocation for the residential units at the Property:
| # of Units | % of Total Units | UW Monthly Rent | UW Annual Rent | % of Total UW Annual Rent | ||||||
| Occupied Units | 805 | 94.7 | % | $2,262,679 | $27,152,147 | 96.3 | % | |||
| Vacant Units | 45 | 5.3 | % | $86,967 | $1,043,600 | 3.7 | % | |||
| Total | 850 | 100.0 | % | $2,349,646 | $28,195,747 | 100.0 | % | |||
| Source: Underwritten rent roll dated as of July 22, 2022. |
Sponsor’s Renovation Plan:
The information set forth below (including the information in the tables on the following page) reflects forward-looking statements and certain projections provided by the Sponsor, assuming, among other things, that the Borrowers will complete certain projected renovations by December 1, 2024 and that all of the newly renovated and currently unoccupied units will be leased at current market rate rent and all of the currently occupied units will continue to be leased at the current contractual rent. We cannot assure you that such assumptions and projections provided by the Sponsor will materialize in the future.
| ● | The Sponsor is currently renovating the residential units at the Property. Renovations will consist of major renovation units and light renovation units. Major renovations will feature either two to three combined units or a significant floor plan alteration. The major renovations will take approximately four to six months to complete. The Sponsor has executed the major renovation strategy on 12 units to date, which have been combined into a total of seven units. The Sponsor is projecting an average cost of $48,109 per unit for the remaining 55 major renovation units, which will be combined into 27 total units. Of the 55 units projected to receive major renovations, 28 are rent stabilized units, all of which are currently vacant. The remaining 27 units that are projected to receive major renovations are market rate units. |
| ● | Light renovations will feature aesthetic and systems upgrades such as new appliances, countertops,
removal of carpeting, and lighting upgrades, among others. The light renovations will take approximately two to four months to
complete. The Sponsor has executed the light renovation strategy on 17 units to date. The Sponsor is projecting an average cost
of $19,306 per unit for the remaining 270 light renovation units. All units that are projected to receive light renovations are
market rate units. |
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| Property Overview | PWV Trust Subordinate Companion Loan |
The following table shows the projected residential unit mix of the Property as of the projected renovation completion date of December 1, 2024 based on the assumptions set forth on the prior page:
| Unit Type | # of Units | Total SF | Average SF | Average Projected Monthly Rent per Unit | Average Projected Monthly Rent per SF | # of Market Rate Units | # of Rent Stabilized Units | ||||||
| Studio | 260 | 120,686 | 464 | $2,361 | $5.09 | 155 | 105 | ||||||
| 1 Bedroom | 365 | 307,584 | 843 | $3,137 | $3.72 | 153 | 212 | ||||||
| 2 Bedroom | 173 | 179,695 | 1,039 | $4,650 | $4.48 | 85 | 88 | ||||||
| 3 Bedroom | 21 | 29,570 | 1,408 | $9,328 | $6.62 | 11 | 10 | ||||||
| 4 Bedroom | 2 | 3,532 | 1,766 | $11,919 | $6.75 | 1 | 1 | ||||||
| 5 Bedroom | 1 | 2,642 | 2,642 | $17,831 | $6.75 | 0 | 1 | ||||||
| Total/Wtd. Average | 822 | 643,708 | 783 | $3,408 | $4.35 | 405 | 417 | ||||||
Source: Underwritten rent roll dated July 22, 2022.
The following table shows the projected monthly and annual rent allocation for the residential units at the Property as of December 1, 2024 based on the assumptions set forth on the prior page:
| # of Units | % of Total Units | Total Projected Monthly Rent | Total Projected Annual Rent | % of Total Projected Annual Rent | |
| Total | 822 | 100.0% | $2,801,001 | $33,612,011 | 100.0% |
| Source: Underwritten rent roll dated as of July 22, 2022. |
A-14
| Property Overview | PWV Trust Subordinate Companion Loan |
The following table shows the projected major renovation and light renovation plans for the Property prepared by the Borrowers:
Historical Renovation Information vs. Projected Renovation Budget
MAJOR RENOVATIONS / UNIT COMBINATIONS
| HISTORICAL | ||||||||||||
Property |
# of Units Pre-Reno |
# of Units In-Place |
Total Reno Cost |
Avg. Reno Cost/Unit |
Total Annual Rent Pre-Reno |
Total Annual Rent In-Place |
Pre-Rent Rent vs Post-Rent |
Annual Rent PSF Pre-Reno |
Annual Rent PSF In-Place |
Avg. Monthly Rent Pre-Reno |
Avg. Monthly Rent In-Place | |
| Park West Village | 12 | 7 | $950,065 | $79,172 | $251,248 | $622,455 | $371,207 | $29.39 | $72.82 | $1,745 | $7,410 | |
| PROJECTED | ||||||||||||
| Property | # of Units In-Place | # of Units Post-Reno | Total Lender Reserve | Avg. Reno Cost/Unit | Total Annual Rent As-Is UW | Total Annual Rent Post-Reno | As-Is UW Rent vs Post-Reno | Annual Rent PSF As-Is UW | Annual Rent PSF Post-Reno | Avg. Monthly Rent As-Is UW | Avg. Monthly Rent Post-Reno | |
| Park West Village | 55 | 27 | $2,646,000 | $48,109 | $1,850,739 | $3,246,286 | $1,395,547 | $46.18 | $81.00 | $2,804 | $10,019 | |
| LIGHT RENOVATIONS | ||||||||||||
| HISTORICAL | ||||||||||||
| Property | # of Units Pre-Reno | # of Units In-Place | Total Reno Cost | Avg. Reno Cost/Unit | Total Annual Rent Pre-Reno | Total Annual Rent In-Place | Pre-Rent Rent vs Post-Rent | Annual Rent PSF Pre-Reno | Annual Rent PSF In-Place | Avg. Monthly Rent Pre-Reno | Avg. Monthly Rent In-Place | |
| Park West Village | 17 | 17 | $312,500 | $18,382 | $313,686 | $710,400 | $396,714 | $38.24 | $86.59 | $1,538 | $3,482 | |
| PROJECTED | ||||||||||||
| Property | # of Units In-Place | # of Units Post-Reno | Total Lender Reserve | Avg. Reno Cost/Unit | Total Annual Rent As-Is UW | Total Annual Rent Post-Reno | As-Is UW Rent vs Post-Reno | Annual Rent PSF As-Is UW | Annual Rent PSF Post-Reno | Avg. Monthly Rent As-Is UW | Avg. Monthly Rent Post-Reno | |
| Park West Village | 270 | 270 | $5,212,500 | $19,306 | $13,980,429 | $17,339,152 | $3,358,723 | $65.31 | $81.00 | $4,315 | $5,352 | |
| TOTAL RENOVATION INFORMATION | ||||||||||||
| HISTORICAL | ||||||||||||
| Property | # of Units Pre-Reno | # of Units In-Place | Total Reno Cost | Avg. Reno Cost/Unit | Total Annual Rent Pre-Reno | Total Annual Rent In-Place | Pre-Rent Rent vs Post-Rent | Annual Rent PSF Pre-Reno | Annual Rent PSF In-Place | Avg. Monthly Rent Pre-Reno | Avg. Monthly Rent In-Place | |
| Park West Village | 29 | 24 | $1,262,565 | $43,537 | $564,934 | $1,332,855 | $767,921 | $33.72 | $79.56 | $1,623 | $4,628 | |
| PROJECTED | ||||||||||||
| Property | # of Units In-Place | # of Units Post-Reno | Total Lender Reserve | Avg. Reno Cost/Unit | Total Annual Rent As-Is UW | Total Annual Rent Post-Reno | As-Is UW Rent vs Post-Reno | Annual Rent PSF As-Is UW | Annual Rent PSF Post-Reno | Avg. Monthly Rent As-Is UW | Avg. Monthly Rent Post-Reno | |
| Park West Village | 325 | 297 | $7,858,500 | $24,180 | $15,831,168 | $20,585,439 | $4,754,270 | $62.29 | $81.00 | $4,059 | $5,278 | |
Source: Underwritten rent roll dated July 22, 2022.
A-15
| Property Overview | PWV Trust Subordinate Companion Loan |
Commercial Tenant Summary by Net Rentable Area
| Commercial Tenant Summary(1)(2)(3) | |||||||||
| Tenant Name | Property | Ratings (Moody’s/S&P/Fitch)(4) |
Commercial Net Rentable Area (SF) |
% of Commercial Net Rentable Area | UW Commercial Base Rent PSF | % of UW Commercial Base Rent | UW Commercial Gross Rent PSF | % of UW Commercial Gross Rent | Lease Expiration |
| Carol Maryan Architect, P.C. | Park West Village | NR/NR/NR | 1,039 | 100.0% | $74.62 | 100.0% | $76.85 | 100.0% | 7/31/2023 |
| Subtotal / Wtd. Avg. | 1,039 | 100.0% | $74.62 | 100.0% | $76.85 | 100.0% | |||
| Other Tenants | 0 | 0.0% | $0.00 | 0.0% | $0.00 | 0.0% | |||
| Total / Wtd. Avg. Occupied | 1,039 | 100.0% | $74.62 | 100.0% | $76.85 | 100.0% | |||
| Vacant | 0 | 0.0% | |||||||
| Total | 1,039 | 100.0% | |||||||
| (1) | Based on underwritten rent roll dated July 22, 2022. |
| (2) | Based on the commercial rentable area at the Property and the underwritten base rent and underwritten gross rent attributable to the commercial rentable area at the Property. |
| (3) | The commercial tenant lease represents approximately 0.2% of the total NRA, 0.3% of total underwritten base rent and 0.3% of underwritten gross rent. |
| (4) | Ratings of tenants used in this Term Sheet may reflect ratings of the parent company whether or not the parent guarantees the lease. |
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Section 3: Market Overview
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| Market Overview | PWV Trust Subordinate Companion Loan |
The Property is located in the Upper West Side neighborhood of New York, New York and is situated in the Upper West Side – Multifamily submarket.
| ■ | Location. The Property is located in the Upper West Side neighborhood of New York, New York. The Upper West Side is accessible via the A, B and C subway lines, which are located two-and-a-half blocks southeast of the Property at West 96th Street and Central Park West. In addition, access to the 1, 2, and 3 subway lines are located three-and-a-half blocks southwest of the Property at West 96th Street and Broadway. |
| ■ | Submarket: The Park West Village Property is situated in the Upper West Side – Multifamily submarket. As of the first quarter of 2022, the Upper West Side – Multifamily submarket had an overall vacancy rate of 2.2%, with net absorption totaling 11 units. Further, in the Upper West Side – Multifamily submarket, the vacancy rate decreased 1.7% over the past 12 months, rental rates increased in the first quarter of 2022 by 5.9% for the past 12 months and ended at $4,760 per unit per month, and a total of 336 units are still under construction at the end of the fourth quarter of 2021. |
The following table represents a summary of the Property’s market statistics:
| Market Overview | |||||
| Submarket(1) | Rent | ||||
Submarket |
Inventory (Units) |
Vacancy |
Market Rent (Unit) | Base Rent (Unit)(2) | |
| Upper West Side – Multifamily | 57,616 | 2.2% | $4,760 | $2,811 | |
| (1) | Source: CoStar unless otherwise noted. |
| (2) | Based on underwritten rent roll dated July 22, 2022. |
The following table represents historical submarket statistics:
| Upper West Side Multifamily Submarket(1) | |||||||||||||
| 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 Q1 | |
| Existing Inventory (Units) | 55,182 | 55,173 | 55,521 | 55,681 | 55,672 | 55,995 | 56,841 | 56,861 | 56,933 | 57,572 | 57,616 | 57,616 | 57,616 |
| Vacancy % | 4.1% | 3.9% | 3.7% | 3.7% | 3.3% | 4.3% | 4.0% | 3.0% | 2.7% | 3.2% | 4.1% | 2.2% | 2.2% |
| Net Absorption (Units) | 896 | 114 | 458 | 160 | 196 | (237) | 1,005 | 572 | 226 | 316 | (442) | 1,088 | 11 |
| Net Completions (Units) | 813 | (9) | 348 | 160 | (9) | 323 | 846 | 20 | 72 | 639 | 44 | 0 | 0 |
| Under Const. (Units) | 358 | 742 | 1,000 | 1,056 | 1,312 | 1,517 | 757 | 723 | 702 | 51 | 130 | 336 | 336 |
| Quoted Rates ($/Unit/Month) | $4,061 | $4,105 | $4,168 | $4,276 | $4,437 | $4,491 | $4,560 | $4,576 | $4,610 | $4,623 | $4,479 | $4,737 | $4,760 |
| (1) | Source: CoStar. |
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| Market Overview | PWV Trust Subordinate Companion Loan |
The following table represents the appraisal’s market rent conclusions as compared to the Property’s in-place rents:
| Market Rent | |||||||||
| Unit Type | # of Units(1) | SF(1) | Market Rent Conclusion(2) |
In-Place Minimum(1) |
In-Place Maximum(1) |
In-Place Average(1) | |||
| Studio | 281 | 130,980 | $3,243 | $605 | $4,324 | $2,226 | |||
| 1 Bedroom | 389 | 326,692 | $4,768 | $682 | $7,064 | $2,711 | |||
| 2 Bedroom | 166 | 167,887 | $5,355 | $972 | $9,500 | $3,663 | |||
| 3 Bedroom | 13 | 16,316 | $8,977 | $3,000 | $15,713 | $7,316 | |||
| 4 Bedroom | 1 | 1,832 | $7,500 | $7,500 | $7,500 | $7,500 | |||
| Total / Wtd. Avg. | 850 | 643,708 | $4,477 | $2,811 | |||||
| (1) | Based on the underwritten rent roll dated July 22, 2022. |
| (2) | Source: Appraisal. |
A-19
| Market Overview | PWV Trust Subordinate Companion Loan |
The following table reflects a competitive set for the residential units at the Property:
| Competitive Set(1) | ||||||||||
| In-Place Rent | ||||||||||
| Property | Distance to Subject | Property Subtype | Built | Number of Units | Occupancy | Studio | 1 Bedroom | 2 Bedroom | 3 Bedroom | 4 Bedroom |
Park West Village 784, 788 and 792 Columbus Avenue New York, NY 10025 |
-- | High Rise | 1950, 1958, 1963 | 850(2) | 94.7%(2) | $2,226(2) | $2,711(2) | $3,663(2) | $7,316(2) | $7,500(2) |
West 96th Apartments 750 Columbus Avenue New York, NY |
0.4 miles | High Rise | 1987 | 207 | 95.2% | NAP | $4,606 | $6,287 | $8,853 | NAP |
The Westmont Apartments 730 Columbus Avenue New York, NY |
0.4 miles | High Rise | 1986 | 163 | 100.0% | $3,509 | $4,479 | $6,360 | $7,951 | NAP |
Stonehenge Village 160 West 97th Street New York, NY |
0.1 miles | High Rise | 1930 | 414 | 94.5% | $3,050 | $4,400 | $5,667 | $6,500 | NAP |
The Greystone 212 West 91st Street New York, NY |
0.9 miles | High Rise | 1923 | 366 | 98.6% | $2,938 | $3,809 | $5,850 | NAP | NAP |
Columbus Square 808 Columbus Avenue New York, NY |
0.3 miles | High Rise | 2009 | 710 | 93.7% | $3,616 | $4,979 | $7,235 | $8,640 | NAP |
The Paris New York 752 West End Avenue New York, NY |
0.3 miles | High Rise | 1931 | 176 | 98.9% | $3,195 | $3,070 | $6,362 | $10,095 | NAP |
The Lyric 255 West 94th Street New York, NY |
0.3 miles | High Rise | 1996 | 285 | 98.6% | $3,618 | $4,701 | $7,320 | NAP | NAP |
| (1) | Source: Appraisal unless otherwise noted. |
| (2) | Based on the underwritten rent roll dated July 22, 2022. |
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Section 4: Property Historical and Underwritten Cash Flows
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| Property Historical and Underwritten Cash Flows | PWV Trust Subordinate Companion Loan | |||||||
| Park West Village | 2020 | 2021 | T-12 (May-2022) | |||||
| Cash Flow Analysis | Actual | $/sf | Actual | $/sf | Actual(2) | $/sf | ||
| GPR/Unit/Month | $2,235 | $2,170 | $2,406 | |||||
| Gross Potential Rent - Resi | $22,792,744 | $35.35 | $22,129,703 | $34.32 | $24,536,542 | $38.06 | ||
| Multifamily Vacancy | ($2,942) | 0.0% | $0 | 0.0% | $0 | 0.0% | ||
| Total Multifamily Vacancy | ($2,942) | 0.0% | $0 | 0.0% | $0 | 0.0% | ||
| Net Multifamily Income | $22,789,801 | $35.35 | $22,129,703 | $34.32 | $24,536,542 | $38.06 | ||
| Commercial Rent | $70,353 | $0.11 | $75,268 | $0.12 | $74,908 | $0.12 | ||
| Commercial Recoveries | $17,850 | $0.03 | $0 | $0.00 | $0 | $0.00 | ||
| Total Commercial Income | $88,203 | $0.14 | $75,268 | $0.12 | $74,908 | $0.12 | ||
| Commercial Vacancy | $0 | 0.0% | $0 | 0.0% | $0 | 0.0% | ||
| Total Commercial Vacancy | $0 | 0.0% | $0 | 0.0% | $0 | 0.0% | ||
| Net Commercial Income | $88,203 | $0.14 | $75,268 | $0.12 | $74,908 | $0.12 | ||
| Other Income(1) | $760,807 | $1.18 | $477,438 | $0.74 | $424,187 | $0.66 | ||
| Supplemental Income Reserve | $0 | $0.00 | $0 | $0.00 | $0 | $0.00 | ||
| Effective Gross Income | $23,638,812 | $36.66 | $22,682,409 | $35.18 | $25,035,638 | $38.83 | ||
| Real Estate Taxes | $4,995,674 | $7.75 | $5,220,649 | $8.10 | $5,324,859 | $8.26 | ||
| Insurance | $424,340 | $0.66 | $438,341 | $0.68 | $447,326 | $0.69 | ||
| Management Fee | $472,776 | 2.0% | $453,648 | 2.0% | $490,275 | 2.0% | ||
| Utilities | $1,111,827 | $1.72 | $1,366,346 | $2.12 | $1,378,673 | $2.14 | ||
| Repairs & Maintenance | $828,690 | $1.29 | $759,750 | $1.18 | $787,085 | $1.22 | ||
| General & Administrative | $56,931 | $0.09 | $24,012 | $0.04 | $30,029 | $0.05 | ||
| Payroll & Benefits | $1,156,543 | $1.79 | $1,062,655 | $1.65 | $1,085,974 | $1.68 | ||
| Total Expenses | $9,046,781 | $14.03 | $9,325,401 | $14.46 | $9,544,221 | $14.80 | ||
| Expense Ratio | ||||||||
| Net Operating Income | $14,592,031 | $22.63 | $13,357,008 | $20.72 | $15,491,417 | $24.03 | ||
| Commercial TILC Reserves | $0 | $0.00 | $0 | $0.00 | $0 | $0.00 | ||
| Commercial CapEx Reserves | $0 | $0.00 | $0 | $0.00 | $0 | $0.00 | ||
| MF Replacement Reserves | $0 | $0.00 | $0 | $0.00 | $0 | $0.00 | ||
| Total Reserves | $0 | $0.00 | $0 | $0.00 | $0 | $0.00 | ||
| Net Cash Flow | $14,592,031 | $22.63 | $13,357,008 | $20.72 | $15,491,417 | $24.03 | ||
| (1) | Other Income includes items such as miscellaneous operating income. |
| (2) | The As-Is UW w/ SIR Underwritten Net Operating Income and Underwritten Net Cash Flow includes disbursements from a Supplemental Income Reserve of $4,919,913. The As-Is UW w/ SIR Underwritten Net Operating Income is greater than T-12 (May-2022) Net Operating Income due in part to (i) Borrower Sponsors recently renovating 29 units, which has increased rents at the Park West Village Property and (ii) disbursements from the Supplemental Income Reserve. |
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| Property Historical and Underwritten Cash Flows | PWV Trust Subordinate Companion Loan | |||||||
| Park West Village | As Is | As Is | As Stabilized | |||||
| Cash Flow Analysis | UW w/ SIR(2) | $/sf | UW w/o SIR | $/sf | UW | $/sf | ||
| GPR/Unit/Month | $2,746 | $2,746 | $3,238 | |||||
| Gross Potential Rent - Resi | $28,419,283 | $44.08 | $28,419,283 | $44.08 | $33,612,011 | $52.13 | ||
| Multifamily Vacancy | (1,062,855) | -3.7% | (1,062,855) | -3.7% | (1,008,360) | -3.0% | ||
| Total Multifamily Vacancy | (1,062,855) | -3.7% | (1,062,855) | -3.7% | (1,008,360) | -3.0% | ||
| Net Multifamily Income | $27,356,428 | $42.43 | $27,356,428 | $42.43 | $32,603,650 | $50.57 | ||
| Commercial Rent | $79,852 | $0.12 | $79,852 | $0.12 | $83,120 | $0.13 | ||
| Commercial Recoveries | $11,355 | $0.02 | $11,355 | $0.02 | $2,090 | $0.00 | ||
| Total Commercial Income | $91,207 | $0.14 | $91,207 | $0.14 | $85,210 | $0.13 | ||
| Commercial Vacancy | (4,560) | -5.0% | (4,560) | -5.0% | (4,261) | -5.0% | ||
| Total Commercial Vacancy | (4,560) | -5.0% | (4,560) | -5.0% | (4,261) | -5.0% | ||
| Net Commercial Income | $86,647 | $0.13 | $86,647 | $0.13 | $80,950 | $0.13 | ||
| Other Income(1) | $424,187 | $0.66 | $424,187 | $0.66 | $497,228 | $0.77 | ||
| Supplemental Income Reserve | $4,919,913 | $7.63 | $0 | $0.00 | $0 | $0.00 | ||
| Effective Gross Income | $32,787,176 | $50.85 | $27,867,262 | $43.22 | $33,181,828 | $51.46 | ||
| Real Estate Taxes | $5,516,855 | $8.56 | $5,516,855 | $8.56 | $5,579,697 | $8.65 | ||
| Insurance | $430,937 | $0.67 | $430,937 | $0.67 | $505,118 | $0.78 | ||
| Management Fee | $557,345 | 1.7% | $557,345 | 2.0% | $663,637 | 2.0% | ||
| Utilities | $1,378,673 | $2.14 | $1,378,673 | $2.14 | $1,292,483 | $2.00 | ||
| Repairs & Maintenance | $787,085 | $1.22 | $787,085 | $1.22 | $889,987 | $1.38 | ||
| General & Administrative | $30,029 | $0.05 | $30,029 | $0.05 | $47,067 | $0.07 | ||
| Payroll & Benefits | $1,085,974 | $1.68 | $1,085,974 | $1.68 | $1,203,562 | $1.87 | ||
| Total Expenses | $9,786,898 | $15.18 | $9,786,898 | $15.18 | $10,181,550 | $15.79 | ||
| Expense Ratio | ||||||||
| Net Operating Income | $23,000,278 | $35.67 | $18,080,364 | $28.04 | $23,000,278 | $35.67 | ||
| Commercial TILC Reserves | $0 | $0.00 | $0 | $0.00 | $0 | $0.00 | ||
| Commercial CapEx Reserves | $0 | $0.00 | $0 | $0.00 | $0 | $0.00 | ||
| MF Replacement Reserves | $0 | $0.00 | $0 | $0.00 | $0 | $0.00 | ||
| Total Reserves | $0 | $0.00 | $0 | $0.00 | $0 | $0.00 | ||
| Net Cash Flow | $23,000,278 | $35.67 | $18,080,364 | $28.04 | $23,000,278 | $35.67 | ||
| (1) | Other Income includes items such as miscellaneous operating income. |
| (2) | The As-Is UW w/ SIR Underwritten Net Operating Income and Underwritten Net Cash Flow includes disbursements from a Supplemental Income Reserve of $4,919,913. The As-Is UW w/ SIR Underwritten Net Operating Income is greater than T-12 (May-2022) Net Operating Income due in part to (i) Borrower Sponsors recently renovating 29 units, which has increased rents at the Park West Village Property and (ii) disbursements from the Supplemental Income Reserve. |
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Section 5: Sponsorship Overview
A-24
| Sponsorship Overview | PWV Trust Subordinate Companion Loan |
Meyer Chetrit
| ● | One of the sponsors and non-recourse carve-out guarantors of the Whole Loan is Meyer Chetrit, a principal and the president of the Chetrit Group. |
| ● | The Chetrit Group is an experienced, privately held New York City real estate development firm controlled by two brothers: Joseph and Meyer Chetrit. The ownership interests in the Borrowers are indirectly 50% owned by Meyer Chetrit and 50% owned by Joseph Chetrit. |
| ● | The Chetrit Group, which is headquartered in Manhattan, operates a portfolio of over 14.0 million SF across the United States, including New York, Chicago, Miami, and Los Angeles, as well as internationally. |
| ● | The Chetrit Group began in the 1980s and 1990s with outer-borough residential purchases and continued into the mid-2000s with acquisitions that included the Standard Oil Building at 26 Broadway, the old Toy Center at 200 Fifth Avenue, and the office buildings 989 Sixth Avenue and 1107 Broadway. In 2004, the Chetrit Group was the lead investor in a group that purchased the 110-story Sears Tower in Chicago for $840 million with various partners, eventually changing the name to the Willis Tower in 2009. |
Laurence Gluck
| ● | Laurence Gluck is a grantor of the trusts that are also a non-recourse carve-out guarantor of the Whole Loan, as described below. Laurence Gluck is the founder of Stellar Management, a real estate development and management firm founded in 1985. Based in New York City, Stellar Management owns and manages a portfolio of over 13,000 apartments in 100 buildings located across New York City and over three million SF of office space. Prior to founding Stellar Management, Laurence Gluck served as a real estate attorney at Proskauer, Rose, Goetz & Mendelsohn LLP and later as a partner at Dreyer & Traub. Laurence Gluck also formerly served as a member of the Board of Governors of the Real Estate Board of New York. |
Control of Borrowers
| ● | The Borrowers are indirectly controlled and managed by non-member managers, CFSM E 86 Manager LLC and CFSM E 88 Manager LLC, respectively, each of which is directly controlled and managed (acting unanimously as managers) by Jacob Chetrit and the Amended and Restated 2013 LG Revocable Trust, a trust established by Laurence Gluck, of which Stephen Meister and Barbara Gluck act as independent trustees of, on behalf of Lawrence Gluck. |
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