Exhibit 1

 

 

Ernst & Young LLP

One Manhattan West

New York, NY 10001

  

Tel: +1 212 773 3000

ey.com

 

 

Report of Independent Accountants on Applying Agreed-Upon Procedures

 

J.P. Morgan Chase Commercial Mortgage Securities Corp. (the “Depositor”)

JPMorgan Chase Bank, National Association

J.P. Morgan Securities LLC

Citi Real Estate Funding Inc.

Citigroup Global Markets Inc.

German American Capital Corporation

Deutsche Bank Securities Inc.

Wells Fargo Bank, National Association

Wells Fargo Securities, LLC

SMBC Nikko Securities America, Inc.

(collectively, the “Specified Parties”)

 

Re:BX Trust 2025-GW (the “Issuing Entity”)

Commercial Mortgage Pass-Through Certificates, Series 2025-GW (the “Certificates”)

 

We have performed the procedures enumerated in Attachment A, which were agreed to and acknowledged as appropriate by the Specified Parties, for the intended purpose of assisting the Specified Parties in evaluating the accuracy of certain information with respect to the Mortgage Loan (as defined herein) contained on the Data Files (as defined herein) (the “Subject Matter”) relating to the Issuing Entity’s securitization transaction as of 10 June 2025. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The appropriateness of these procedures is solely the responsibility of the Specified Parties identified in this report. No other party acknowledged the appropriateness of the procedures. Consequently, we make no representation regarding the appropriateness of the procedures described in Attachment A, either for the purpose for which this report has been requested or for any other purpose.

 

The procedures performed and our associated findings are included in Attachment A.

 

For the purpose of the procedures described in this report, the Depositor provided us with:

a.Certain electronic data files (the “Data Files”) that are described in Attachment A,
b.Copies of various source documents (the “Source Documents”), which are listed on Exhibit 1 to Attachment A,
c.A list of characteristics on the Data Files (the “Compared Characteristics”), which are listed on Exhibit 2 to Attachment A, that the Depositor instructed us to compare to information contained in the Source Documents,
d.A list of characteristics on the Data Files (the “Recalculated Characteristics”), which are described in Attachment A, that the Depositor instructed us to recalculate using information on the Data Files,
e.A list of characteristics on the Data Files (the “Provided Characteristics”), which are listed on Exhibit 3 to Attachment A, on which the Depositor instructed us to perform no procedures,
f.A draft of the preliminary confidential offering circular for the Issuing Entity’s securitization transaction (the “Draft Preliminary Offering Circular”) and
g.Instructions, assumptions and methodologies, which are described in Attachment A.

 

 

 

Page 2 of 3

 

 

The procedures included in Attachment A were limited to comparing or recalculating certain information that is further described in Attachment A. The Depositor is responsible for the Subject Matter, Data Files, Source Documents, Compared Characteristics, Recalculated Characteristics, Provided Characteristics, Draft Preliminary Offering Circular and the determination of the instructions, assumptions and methodologies that are described herein. We were not requested to perform, and we have not performed, any procedures other than those listed in Attachment A with respect to the Data Files. We have not verified, and we make no representation as to, the appropriateness, accuracy, completeness or reasonableness of the Source Documents, Provided Characteristics, Draft Preliminary Offering Circular or any other information provided to us by the Depositor upon which we relied in forming our findings. Accordingly, we make no representation and express no opinion or conclusion as to: (a) the existence of the Mortgage Loan, (b) questions of legal or tax interpretation or (c) the appropriateness, accuracy, completeness or reasonableness of any instructions, assumptions and methodologies provided to us by the Depositor that are described in this report. We undertake no responsibility to update this report for events and circumstances occurring after the date hereof.

 

This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants (the “AICPA”). An agreed-upon procedures engagement involves the practitioner performing specific procedures that the Specified Parties have agreed to and acknowledged to be appropriate for the purpose of the engagement and reporting on findings based on the procedures performed. We were not engaged to, and did not, conduct an examination to express an opinion or a review to express a conclusion in accordance with attestation standards established by the AICPA on any of the items referred to herein. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

 

The agreed-upon procedures described in this report were not performed for the purpose of:

a.Satisfying any criteria for due diligence published by a nationally recognized statistical rating organization (a “rating agency”) or
b.Making any findings with respect to:
i.Whether the origination of the Mortgage Loan conformed to, or deviated from, stated underwriting or credit extension guidelines, standards, criteria, or other requirements,
ii.The value of the collateral securing the Mortgage Loan,
iii.Whether the originator(s) of the Mortgage Loan complied with federal, state or local laws or regulations or
iv.Any other factor or characteristic of the Mortgage Loan that would be material to the likelihood that the issuer of the Certificates will pay interest and principal in accordance with applicable terms and conditions.

 

 

Page 3 of 3

 

 

We are required to be independent of the Depositor and to meet our other ethical responsibilities, as applicable for agreed-upon procedures engagements set forth in the Preface: Applicable to All Members and Part 1 – Members in Public Practice of the Code of Professional Conduct established by the AICPA. Independence requirements for agreed-upon procedures engagements are less restrictive than independence requirements for audit and other attestation services.

 

This report is intended solely for the information and use of the Specified Parties and is not intended to be, and should not be, used by anyone other than the Specified Parties. It is not intended to be, and should not be, used by any other person or entity, including investors and rating agencies, who are not identified in the report as Specified Parties, but who may have access to this report as required by law or regulation.

 

 

/s/ Ernst & Young LLP

 

 

10 June 2025

 

 

Attachment A

Page 1 of 5

 

Background

 

For the purpose of the procedures described in this report, the Depositor indicated that:

a.The assets of the Issuing Entity will consist primarily of a floating rate commercial mortgage loan (the “Mortgage Loan”) and
b.The Mortgage Loan will be secured primarily by a commercial property (the “Property”).

 

Procedures performed and our associated findings

 

1.The Depositor provided us with:
a.An electronic data file (the “Preliminary Data File”) that the Depositor indicated contains information relating to the Mortgage Loan and Property that is expected to be as of 9 July 2025 (the “Reference Date”) and
b.Record layout and decode information relating to the information on the Preliminary Data File.

 

Using the information in the Source Documents, we compared the Compared Characteristics listed on Exhibit 2 to Attachment A, as shown on the Preliminary Data File, to the corresponding information in the Source Documents indicated on Exhibit 2 to Attachment A, subject to the instructions, assumptions and methodologies stated in the notes on Exhibit 2 to Attachment A. If more than one Source Document is listed for a Compared Characteristic, the Depositor instructed us to note agreement if the value on the Preliminary Data File for the Compared Characteristic agreed with the corresponding information in at least one of the Source Documents listed for such Compared Characteristic on Exhibit 2 to Attachment A (except as described in the notes on Exhibit 2 to Attachment A). We performed no procedures to reconcile any differences that may exist between various Source Documents for any of the Compared Characteristics listed on Exhibit 2 to Attachment A.

 

We performed certain procedures on earlier versions of the Data Files and communicated differences prior to being provided the Data Files which were subjected to the procedures as described herein.

 

2.As instructed by the Depositor, we adjusted the information on the Preliminary Data File to correct all the differences we noted in performing the procedures described in the Item above and provided a list of such differences to the Depositor. The Preliminary Data File, as so adjusted, is hereinafter referred to as the “Updated Data File.”

 

 

Attachment A

Page 2 of 5

 

 

3.Subsequent to the performance of the procedures described in the Items above, we received from the Depositor:
a.An electronic data file (the “Final Data File,” which together with the Preliminary Data File comprise the Data Files) that the Depositor indicated contains information relating to the Mortgage Loan and Property as of the Reference Date and
b.Record layout and decode information relating to the information on the Final Data File.

 

Using information on the:

a.Final Data File and
b.Updated Data File,

we compared each Compared Characteristic listed on Exhibit 2 to Attachment A, as shown on the Final Data File, to the corresponding information on the Updated Data File and found such information to be in agreement.

 

4.Using the “First Payment Date,” as shown on the Final Data File, we recalculated the “Seasoning” of the Mortgage Loan as of the Reference Date. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

 

5.Using the:
a.First Payment Date,
b.Maturity Date and
c.Extended Maturity Date,

as shown on the Final Data File, we recalculated the:

i.Original Term (Excluding Extensions) and
ii.Original Term (Including Extensions)

of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

 

6.Using the:
a.Seasoning,
b.Original Term (Excluding Extensions) and
c.Original Term (Including Extensions),

as shown on the Final Data File, we recalculated the:

i.Remaining Term to Maturity Date and
ii.Remaining Term to Extended Maturity Date

of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

 

 

Attachment A

Page 3 of 5

 


7.The applicable Source Document(s) indicate that the Mortgage Loan is interest-only for its entire term, including during any extension period option(s). Based on this information, the Depositor instructed us to:
a.Use “0” for the:
i.Original Amortization Term and
ii.Remaining Amortization Term

of the Mortgage Loan,

b.Use the “Original Term (Excluding Extensions),” as shown on the Final Data File, for the “IO Period” of the Mortgage Loan,
c.Use the “Original Term (Including Extensions),” as shown on the Final Data File, for the “Fully Extended IO Period” of the Mortgage Loan and
d.Use the “Original Mortgage Loan Balance,” as shown on the Final Data File, for the:
i.Principal balance of the Mortgage Loan as of the Reference Date (the “Cut-Off Date Mortgage Loan Balance”) and
ii.Principal balance of the Mortgage Loan as of the “Maturity Date” of the Mortgage Loan (the “Maturity Date Mortgage Loan Balance”).

 

We compared this information to the corresponding information on the Final Data File and found such information to be in agreement.

 

8.Using the:
a.Mortgage Loan Margin,
b.SOFR Floor,
c.SOFR Rounding Methodology and
d.SOFR Cap,

as shown on the Final Data File, and a SOFR assumption of 4.32000% provided by the Depositor, we recalculated the:

i.Mortgage Loan Interest Rate (At Assumed SOFR) and
ii.Mortgage Loan Interest Rate (At SOFR CAP)

of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

 

9.Using the:
a.Original Mortgage Loan Balance,
b.Mortgage Loan Interest Rate (At Assumed SOFR),
c.Mortgage Loan Interest Rate (At SOFR CAP) and
d.Accrual Basis,

as shown on the Final Data File, and the calculation methodologies provided by the Depositor described in the succeeding paragraph(s) of this Item, we recalculated the:

i.Mortgage Loan Monthly Debt Service,
ii.Mortgage Loan Annual Debt Service and
iii.Mortgage Loan Annual Debt Service @ Cap

of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

 

 

Attachment A

Page 4 of 5

 

 

 9.(continued)

 

For the purpose of this procedure, the Depositor instructed us to recalculate the “Mortgage Loan Monthly Debt Service” of the Mortgage Loan as 1/12th of the product, rounded to two decimal places, of:

a.The “Original Mortgage Loan Balance,” as shown on the Final Data File,
b.The “Mortgage Loan Interest Rate (At Assumed SOFR),” as shown on the Final Data File, and
c.365/360.

 

For the purpose of this procedure, the Depositor instructed us to recalculate the “Mortgage Loan Annual Debt Service” of the Mortgage Loan as twelve (12) times the “Mortgage Loan Monthly Debt Service.”

 

For the purpose of this procedure, the Depositor instructed us to recalculate the “Mortgage Loan Annual Debt Service @ Cap” of the Mortgage Loan as the product, rounded to two decimal places, of:

a.The “Original Mortgage Loan Balance,” as shown on the Final Data File,
b.The “Mortgage Loan Interest Rate (At SOFR CAP),” as shown on the Final Data File, and
c.365/360.

 

10.Using the:
a.Lender UW NOI,
b.Lender UW NCF,
c.Mortgage Loan Annual Debt Service,
d.Mortgage Loan Annual Debt Service @ Cap,
e.Cut-Off Date Mortgage Loan Balance,
f.Maturity Date Mortgage Loan Balance,
g.Appraised Value and
h.Total Rooms,

as shown on the Final Data File, and the applicable calculation methodologies and assumptions described in the Draft Preliminary Offering Circular, we recalculated the:

i.Mortgage Loan Underwritten NOI DSCR,
ii.Mortgage Loan Underwritten NCF DSCR,
iii.Mortgage Loan Underwritten NOI DSCR @ Cap,
iv.Mortgage Loan Underwritten NCF DSCR @ Cap,
v.Cut-Off Date Mortgage Loan Balance Per Key,
vi.Maturity Date Mortgage Loan Balance Per Key,
vii.Cut-Off Date Mortgage Loan LTV,
viii.Maturity Date Mortgage Loan LTV,
ix.Mortgage Loan Underwritten NOI DY and
x.Mortgage Loan Underwritten NCF DY

of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

 

 

Attachment A

Page 5 of 5

 

 

 10.(continued)

 

For the purpose of this procedure, the Depositor instructed us to:

a.Round the characteristics listed in i. through iv. above to two decimal places and
b.Round the characteristics listed in vii. through x. above to the nearest 1/10th of one percent.

 

11.Using the:
a.Master Servicing Fee Rate and
b.Primary Servicing Fee Rate,

as shown on the Final Data File, we recalculated the “Servicing Fee” of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

 

12.Using the:
a.Servicing Fee,
b.Trustee & Paying Agent Fee,
c.Operating Advisor and
d.CREFC Fee,

as shown on the Final Data File, we recalculated the “Total Admin. Fee” of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

 

13.Using the:
a.Total Admin. Fee and
b.Mortgage Loan Interest Rate (At Assumed SOFR),

as shown on the Final Data File, we recalculated the “Net Mortgage Interest Rate” of the Mortgage Loan. We compared this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.

 

 

 

Exhibit 1 to Attachment A

Page 1 of 2

 

 

Source Documents

 

Mortgage Loan Source Documents

 

Source Document Title   Source Document Date
     
Mortgage Loan Agreement (see Note 1)   2 June 2025
     
Cash Management Agreement (see Note 1)   2 June 2025
     
Deposit Account Control Agreement (see Note 1)   6 June 2025
     
Guaranty Agreement (see Note 1)   2 June 2025
     
Environmental Indemnity Agreement (see Note 1)   2 June 2025

 

Property Source Documents

 

Source Document Title   Source Document Date
     
Appraisal Report   2 June 2025
     
Pro Forma Title Policy (see Note 1)   9 June 2025
     
Engineering Report   3 June 2025
     
Seismic Report   11 November 2024
     
Environmental Phase I Report   3 June 2025
     
Underwriter’s Summary Report   Not Dated
     
Third Amended and Restated Management Agreement   6 June 2018
     
Assignment and Assumption of Management Agreement   6 March 2020
     
Management Agreement Extension Letter   29 May 2024

 

 

Exhibit 1 to Attachment A

Page 2 of 2

 

 

Property Source Documents (continued)

 

Source Document Title   Source Document Date
     
Manager SNDA (see Note 1)   2 June 2025
     
PACE Reports   Various
     
STR Reports   Various
     
Historical Capex Summary Report   3 June 2025
     
Market Visitor Reports   Various
     
Market Scheduled Air Seats and Flights Reports   Various
     
Segmentation Reports   Not Dated

 

Note:

 

1.The indicated provided Source Document(s) are draft document(s) with the Source Document Date reflecting the latest date of receipt. For the purpose of the procedures described in this report, the Depositor instructed us to treat the indicated Source Document(s) as fully executed.

 

 

Exhibit 2 to Attachment A

Page 1 of 7

 

Compared Characteristics and Source Documents

 

Property Information:

 

Characteristic   Source Document(s)
     
Street Address   Appraisal Report
City   Appraisal Report
State   Appraisal Report
Zip Code   Appraisal Report
Property Type   Appraisal Report
Property Sub-Type   Appraisal Report
Year Opened   Appraisal Report
Year Renovated   Appraisal Report
Total Rooms   Underwriter’s Summary Report
Total Hotel Rooms   Underwriter’s Summary Report
Total Condo Rooms   Underwriter’s Summary Report
Ownership Interest   Pro Forma Title Policy

 

Third Party Information:

 

Characteristic   Source Document(s)
     
Appraised Value   Appraisal Report
Date of Appraisal (Valuation Date)   Appraisal Report
Stabilized Appraised Value   Appraisal Report
Appraisal Firm   Appraisal Report
Phase I Date   Environmental Phase I Report
Engineering Report Date   Engineering Report
Seismic Report Date   Seismic Report
Seismic PML%   Seismic Report

 

Underwriting Information:

 

Characteristic   Source Document(s)
     
2018 Available Room Nights   Underwriter’s Summary Report
2019 Available Room Nights   Underwriter’s Summary Report
2020 Available Room Nights   Underwriter’s Summary Report
2021 Available Room Nights   Underwriter’s Summary Report
2022 Available Room Nights   Underwriter’s Summary Report
2023 Available Room Nights   Underwriter’s Summary Report
2024 Available Room Nights   Underwriter’s Summary Report
TTM March 2025 Available Room Nights   Underwriter’s Summary Report
March 2025 Reforecast (3+9) Available Room Nights   Underwriter’s Summary Report
2026 Budget Available Room Nights   Underwriter’s Summary Report
Lender UW Available Room Nights   Underwriter’s Summary Report

 

 

Exhibit 2 to Attachment A

Page 2 of 7

 

 

Underwriting Information: (continued)

 

Characteristic   Source Document(s)
     
Lender Stabilized UW Available Room Nights   Underwriter’s Summary Report
2018 Occupied Room Nights   Underwriter’s Summary Report
2019 Occupied Room Nights   Underwriter’s Summary Report
2020 Occupied Room Nights   Underwriter’s Summary Report
2021 Occupied Room Nights   Underwriter’s Summary Report
2022 Occupied Room Nights   Underwriter’s Summary Report
2023 Occupied Room Nights   Underwriter’s Summary Report
2024 Occupied Room Nights   Underwriter’s Summary Report
TTM March 2025 Occupied Room Nights   Underwriter’s Summary Report
March 2025 Reforecast (3+9) Occupied Room Nights   Underwriter’s Summary Report
2026 Budget Occupied Room Nights   Underwriter’s Summary Report
Lender UW Occupied Room Nights   Underwriter’s Summary Report
Lender Stabilized UW Occupied Room Nights   Underwriter’s Summary Report
2018 Occupancy   Underwriter’s Summary Report
2019 Occupancy   Underwriter’s Summary Report
2020 Occupancy   Underwriter’s Summary Report
2021 Occupancy   Underwriter’s Summary Report
2022 Occupancy   Underwriter’s Summary Report
2023 Occupancy   Underwriter’s Summary Report
2024 Occupancy   Underwriter’s Summary Report
TTM March 2025 Occupancy   Underwriter’s Summary Report
March 2025 Reforecast (3+9) Occupancy   Underwriter’s Summary Report
2026 Budget Occupancy   Underwriter’s Summary Report
Lender UW Occupancy   Underwriter’s Summary Report
Lender Stabilized UW Occupancy   Underwriter’s Summary Report
2018 ADR   Underwriter’s Summary Report
2019 ADR   Underwriter’s Summary Report
2020 ADR   Underwriter’s Summary Report
2021 ADR   Underwriter’s Summary Report
2022 ADR   Underwriter’s Summary Report
2023 ADR   Underwriter’s Summary Report
2024 ADR   Underwriter’s Summary Report
TTM March 2025 ADR   Underwriter’s Summary Report
March 2025 Reforecast (3+9) ADR   Underwriter’s Summary Report
2026 Budget ADR   Underwriter’s Summary Report
Lender UW ADR   Underwriter’s Summary Report
Lender Stabilized UW ADR   Underwriter’s Summary Report

 

 

 

Exhibit 2 to Attachment A

Page 3 of 7

 

 

Underwriting Information: (continued)

 

Characteristic   Source Document(s)
     
2018 RevPAR   Underwriter’s Summary Report
2019 RevPAR   Underwriter’s Summary Report
2020 RevPAR   Underwriter’s Summary Report
2021 RevPAR   Underwriter’s Summary Report
2022 RevPAR   Underwriter’s Summary Report
2023 RevPAR   Underwriter’s Summary Report
2024 RevPAR   Underwriter’s Summary Report
TTM March 2025 RevPAR   Underwriter’s Summary Report
March 2025 Reforecast (3+9) RevPAR   Underwriter’s Summary Report
2026 Budget RevPAR   Underwriter’s Summary Report
Lender UW RevPAR   Underwriter’s Summary Report
Lender Stabilized UW RevPAR   Underwriter’s Summary Report
2018 Hotel Room Revenue   Underwriter’s Summary Report
2019 Hotel Room Revenue   Underwriter’s Summary Report
2020 Hotel Room Revenue   Underwriter’s Summary Report
2021 Hotel Room Revenue   Underwriter’s Summary Report
2022 Hotel Room Revenue   Underwriter’s Summary Report
2023 Hotel Room Revenue   Underwriter’s Summary Report
2024 Hotel Room Revenue   Underwriter’s Summary Report
TTM March 2025 Hotel Room Revenue   Underwriter’s Summary Report
March 2025 Reforecast (3+9) Hotel Room Revenue   Underwriter’s Summary Report
2026 Budget Hotel Room Revenue   Underwriter’s Summary Report
Lender UW Hotel Room Revenue   Underwriter’s Summary Report
Lender Stabilized UW Hotel Room Revenue   Underwriter’s Summary Report
2018 Total Revenue   Underwriter’s Summary Report
2019 Total Revenue   Underwriter’s Summary Report
2020 Total Revenue   Underwriter’s Summary Report
2021 Total Revenue   Underwriter’s Summary Report
2022 Total Revenue   Underwriter’s Summary Report
2023 Total Revenue   Underwriter’s Summary Report
2024 Total Revenue   Underwriter’s Summary Report
TTM March 2025 Total Revenue   Underwriter’s Summary Report
March 2025 Reforecast (3+9) Total Revenue   Underwriter’s Summary Report
2026 Budget Total Revenue   Underwriter’s Summary Report
Lender UW Total Revenue   Underwriter’s Summary Report
Lender Stabilized UW Total Revenue   Underwriter’s Summary Report

 

 

Exhibit 2 to Attachment A

Page 4 of 7

 

 

Underwriting Information: (continued)

 

Characteristic   Source Document(s)
     
2018 Total Expenses   Underwriter’s Summary Report
2019 Total Expenses   Underwriter’s Summary Report
2020 Total Expenses   Underwriter’s Summary Report
2021 Total Expenses   Underwriter’s Summary Report
2022 Total Expenses   Underwriter’s Summary Report
2023 Total Expenses   Underwriter’s Summary Report
2024 Total Expenses   Underwriter’s Summary Report
TTM March 2025 Total Expenses   Underwriter’s Summary Report
March 2025 Reforecast (3+9) Total Expenses   Underwriter’s Summary Report
2026 Budget Total Expenses   Underwriter’s Summary Report
Lender UW Total Expenses   Underwriter’s Summary Report
Lender Stabilized UW Total Expenses   Underwriter’s Summary Report
2018 NOI   Underwriter’s Summary Report
2019 NOI   Underwriter’s Summary Report
2020 NOI   Underwriter’s Summary Report
2021 NOI   Underwriter’s Summary Report
2022 NOI   Underwriter’s Summary Report
2023 NOI   Underwriter’s Summary Report
2024 NOI   Underwriter’s Summary Report
TTM March 2025 NOI   Underwriter’s Summary Report
March 2025 Reforecast (3+9) NOI   Underwriter’s Summary Report
2026 Budget NOI   Underwriter’s Summary Report
Lender UW NOI   Underwriter’s Summary Report
Lender Stabilized UW NOI   Underwriter’s Summary Report
2018 CapEx   Underwriter’s Summary Report
2019 CapEx   Underwriter’s Summary Report
2020 CapEx   Underwriter’s Summary Report
2021 CapEx   Underwriter’s Summary Report
2022 CapEx   Underwriter’s Summary Report
2023 CapEx   Underwriter’s Summary Report
2024 CapEx   Underwriter’s Summary Report
TTM March 2025 CapEx   Underwriter’s Summary Report
March 2025 Reforecast (3+9) CapEx   Underwriter’s Summary Report
2026 Budget CapEx   Underwriter’s Summary Report
Lender UW CapEx   Underwriter’s Summary Report
Lender Stabilized UW CapEx   Underwriter’s Summary Report

 

 

Exhibit 2 to Attachment A

Page 5 of 7

 

 

Underwriting Information: (continued)

 

Characteristic   Source Document(s)
     
2018 NCF   Underwriter’s Summary Report
2019 NCF   Underwriter’s Summary Report
2020 NCF   Underwriter’s Summary Report
2021 NCF   Underwriter’s Summary Report
2022 NCF   Underwriter’s Summary Report
2023 NCF   Underwriter’s Summary Report
2024 NCF   Underwriter’s Summary Report
TTM March 2025 NCF   Underwriter’s Summary Report
March 2025 Reforecast (3+9) NCF   Underwriter’s Summary Report
2026 Budget NCF   Underwriter’s Summary Report
Lender UW NCF   Underwriter’s Summary Report
Lender Stabilized UW NCF   Underwriter’s Summary Report

 

Reserve and Escrow Information:

 

Characteristic   Source Document(s)
     
Initial Tax Escrow   Mortgage Loan Agreement
Monthly Tax Escrow   Mortgage Loan Agreement
Terms/Description of Springing Tax Escrow (If applicable)   Mortgage Loan Agreement
Initial Insurance Escrow   Mortgage Loan Agreement
Monthly Insurance Escrow   Mortgage Loan Agreement
Terms/Description of Springing Insurance Escrow (If applicable)   Mortgage Loan Agreement
Replacement Reserves Initial Deposit Amount   Mortgage Loan Agreement
Replacement Reserves Monthly Deposit Amount   Mortgage Loan Agreement
Terms/Description of Springing Replacement Reserves   Mortgage Loan Agreement
Upfront Deferred Maintenance Escrow   Mortgage Loan Agreement
Monthly Deferred Maintenance Escrow   Mortgage Loan Agreement
Terms/Description of Springing Deferred Maintenance Reserves   Mortgage Loan Agreement
Upfront FF&E Escrow   Mortgage Loan Agreement
Monthly FF&E Escrow   Mortgage Loan Agreement
Terms/Description of Springing FF&E Reserves   Mortgage Loan Agreement
Upfront Other Escrow   Mortgage Loan Agreement
Monthly Other Escrow   Mortgage Loan Agreement
Description of Other Reserves   Mortgage Loan Agreement

 

 

 

Exhibit 2 to Attachment A

Page 6 of 7

 

 

Mortgage Loan Information:

 

Characteristic   Source Document(s)
     
Borrower Entity   Mortgage Loan Agreement
Payment Day of Month (and Business Day Convention)   Mortgage Loan Agreement
Maturity Date   Mortgage Loan Agreement
Extended Maturity Date   Mortgage Loan Agreement
Extension Options   Mortgage Loan Agreement
Extension Description   Mortgage Loan Agreement
Extension Spread Increase (Yes/No)   Mortgage Loan Agreement
Extension Spread Increase Description   Mortgage Loan Agreement
Interest Accrual Period Start   Mortgage Loan Agreement
Interest Accrual Period End   Mortgage Loan Agreement
Interest Rate Adjustment Frequency   Mortgage Loan Agreement
SOFR Rounding Methodology   Mortgage Loan Agreement
SOFR Lookback Days   Mortgage Loan Agreement
SOFR Cap   Mortgage Loan Agreement
SOFR Floor   Mortgage Loan Agreement
SOFR Cap after Extension   Mortgage Loan Agreement
Payment Grace Period Event of Default   Mortgage Loan Agreement
Payment Grace Period Event of Late Fee   Mortgage Loan Agreement
Balloon Grace Period Event of Default   Mortgage Loan Agreement
Balloon Grace Period Event of Late Fee   Mortgage Loan Agreement
Rate Type   Mortgage Loan Agreement
Amortization Type   Mortgage Loan Agreement
Accrual Basis   Mortgage Loan Agreement
Guarantor   Guaranty Agreement
Partial Prepayments Allowed   Mortgage Loan Agreement
Partial Collateral Release (Y/N)   Mortgage Loan Agreement
Partial Collateral Release Description   Mortgage Loan Agreement
Substitution Allowed (Y/N)   Mortgage Loan Agreement
Substitution Provision Description   Mortgage Loan Agreement
Assumption Fee   Mortgage Loan Agreement
LockBox (Y/N)   Mortgage Loan Agreement
LockBox In-Place (Y/N)   Mortgage Loan Agreement
Lockbox Type   Mortgage Loan Agreement

Cash Management		   Mortgage Loan Agreement
Terms/Description of Springing Lockbox (If applicable)   Mortgage Loan Agreement
Terms/Description of Cash Sweep (If applicable)   Mortgage Loan Agreement
Additional Debt Permitted   Mortgage Loan Agreement

 

 

Exhibit 2 to Attachment A

Page 7 of 7

 

 

Notes:

 

1.For the purpose of comparing the:
a.Street Address,
b.City and
c.State

characteristics, the Depositor instructed us to ignore differences that are due to standard postal abbreviations.

 

2.For the purpose of comparing the “Underwriting Information” characteristics that are expressed as dollar values, the Depositor instructed us to ignore differences of +/– $1 or less.

 

3.For the purpose of comparing the “Balloon Grace Period Event of Late Fee” characteristic, the Depositor instructed us to use the “Payment Grace Period Event of Late Fee,” as shown in the applicable Source Document(s), as the applicable Source Document(s) did not specify a grace period for the payment due on the “Maturity Date” or another maturity date during any extension period.

 

4.For the purpose of comparing the “Lockbox Type” characteristic, the Depositor instructed us to use “Soft” if the applicable Source Document(s) require the manager(s) to deposit all income and proceeds to which the borrower(s) are entitled to a lockbox account controlled by the lender(s).

 

5.For the purpose of comparing the “Cash Management” characteristic, the Depositor instructed us to use “Springing” if:
a.Prior to the occurrence of an event of default or one or more specific trigger events described in the applicable Source Document(s), revenue in the lockbox account is transferred to an account controlled by the borrower(s), and
b.Upon the occurrence of an event of default or one or more specific trigger events described in the applicable Source Document(s), revenue in the lockbox account is transferred to a cash management account controlled by the lender(s), and the funds are disbursed according to the applicable Source Document(s).

 

We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the instructions, assumptions and methodologies provided by the Depositor that are described in the notes above.

 

 

Exhibit 3 to Attachment A

 

Provided Characteristics

 

Characteristic
 
Property Name
Phase II Date
Sponsor
Loan Purpose
Note Date
Appraised Value Type
Stabilized Appraised Value Type
Mortgage Loan Margin
Original Mortgage Loan Balance
First Payment Date
Prepayment String
SOFR Cap Expiration Date
SOFR Cap Provider
SOFR Cap Provider Rating (M/S&P/F)
Ground Lease? (Y/N)
Ground Lease Expiration Date
Ground Lease Extension Terms
Annual Ground Lease Payment
Ground Lease Escalation Terms
Master Servicing Fee Rate
Primary Servicing Fee Rate
Trustee & Paying Agent Fee
Operating Advisor
CREFC Fee
Master Lessee
Master Lease Rent

 

Note:We performed no procedures to determine the appropriateness, accuracy, completeness or reasonableness of the Provided Characteristics.