Exhibit 99.1

 

 

 

Report of Independent Accountants on Applying

Agreed-Upon Procedures

 

Deutsche Bank Securities Inc.

1 Columbus Circle,

New York, New York 10019

 

We (“us” or “PwC”) have performed the procedures enumerated below, which were agreed to by Deutsche Bank Securities Inc. (the “Company,” as the engaging party), and Deutsche Bank AG, New York Branch, Deutsche Mortgage & Asset Receiving Corporation, Nomura Securities International, Inc., NWL Company, LLC, Societe Generale Financial Corporation, SG Americas Securities, LLC, BMO Capital Markets Corp., and Bank of Montreal who are collectively referred to as the “Specified Parties”, solely to assist you in performing certain procedures related to the accuracy of certain attributes and calculations within the Final Data File (defined below). The procedures were performed with respect to the BX Trust 2026-RISE, Commercial Mortgage Pass-Through Certificates, Series 2026-RISE securitization (the “Transaction”). The Company (the “Responsible Party”) is responsible for the accuracy of the information contained in the Final Data File.

 

In an agreed-upon procedures engagement, we perform specific procedures that the Specified Parties have agreed to and acknowledged to be appropriate for the intended purpose of the engagement and we report on findings based on the procedures performed. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The Specified Parties have agreed to and acknowledged that the procedures performed are appropriate for their purposes. This report may not be suitable for any other purpose.

 

Procedures and Findings

 

In connection with the Transaction, the Specified Parties have requested that the procedures be performed on 1 mortgage loan (the “Mortgage Loan Asset”) secured by 12 mortgaged properties (the “Mortgaged Properties”) which represents the entire population of the Mortgage Loan Asset and Mortgaged Properties (collectively the “Collateral”) within the Transaction.

 

This agreed-upon procedures engagement was not conducted for the purpose of satisfying any criteria for due diligence published by a nationally recognized statistical rating organization.

 

In addition, PwC should not be regarded as having in any way warranted or given any assurance as to the following items:

 

The completeness, accuracy, appropriateness, quality or integrity of any of the information provided by the Responsible Party, or any other party for the purpose of PwC performing the procedures agreed to by the Specified Parties. The procedures performed would not necessarily reveal any material misstatement of the amounts, balances, ratios, percentages or other relationships of the information included in the data provided to us;
The conformity of the origination of the assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements;
The existence of the assets or collateral securing such assets;
The rights of any party including, the Specified Parties, the Responsible Party, or the Transaction have to the assets or collateral securing such assets or any obligations on those assets or collateral securing such assets;
The value of the Mortgaged Properties securing the Mortgage Loan Asset; and
The compliance of the originator of the assets with federal, state, and local laws and

 

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regulations.

 

We have not performed any procedures with respect to the fair value of the securities being offered in the Transaction and PwC expresses no opinion on the fair value of these securities. PwC should not be regarded as having performed any procedures other than those detailed in this report.

 

With respect to any terms or requirements of the Transaction documents that do not appear in this report, we performed no procedures and, accordingly, the procedures we performed would not ensure that any requirements are satisfied. Further, we have performed only the following agreed-upon procedures and therefore make no representations regarding the adequacy of disclosures or whether any material facts have been omitted from the Transaction documents.

 

It should be understood that we make no representations as to:

 

The interpretation of Transaction documents included in connection with our procedures;
Your compliance with Rule 15Ga-2 of the Securities Exchange Act of 1934; and
The reasonableness of any of the assumptions provided by the Company or other Specified Parties.

 

These procedures should not be taken to supplant any additional inquiries or procedures that the Specified Parties would undertake in consideration of the Transaction.

 

For the purpose of this report:

 

The phrase “Cut-off Date” refers to the date of April 9, 2026.

 

The phrase “Final Data File” refers to the following Microsoft Excel (“Excel”) file provided by the Company, which includes certain attributes related to the Collateral. The Final Data File was provided on March 17, 2026 with certain Collateral attribute calculations adjusted for the Closing Date:

 

oBX 2026-RISE Accounting Tape v10.xlsx (provided on March 17, 2026).
The phrase “Specified Attributes” refers to the fields in the Final Data File.

 

The phrase “Source Document” refers to the documents (including any applicable amendments, assumptions or exhibits thereof) provided by the Company, related to the information contained in the Final Data File.

 

The phrase “Loan File” refers to any Source Document or collection of Source Documents provided by the Company, and used by us, in performing the procedures enumerated below.

 

The term “compared” refers to the comparison of one or more Specified Attributes to Source Documents, as indicated within Exhibit A.

 

The term “recalculated” refers to a re-computation of one or more Specified Attributes using the Company provided methodology, as indicated within Exhibit B.

 

The phrase “in agreement” refers to the comparison or recalculation of one or more Specified Attributes which resulted in a match, or a difference that was within the Company provided tolerance level (if any), as indicated within Exhibit A.

 

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Source Documents included in the Loan File:

 

The phrase “Appraisal Report” refers to a signed or draft appraisal document or exhibit.
The phrase “Engineering Report” refers to a draft or signed property condition assessment document, exhibit, or matrix.
The phrase “Environmental Report” refers to a draft or signed phase I and phase II (if applicable) environmental document or exhibit.
● The phrase “Fee Schedule” refers to the documentation for the administrative fee rate related to the Transaction.
The phrase “Guaranty Agreement” refers t0 a draft or signed guaranty agreement.
The phrase “Loan Agreement” refers to a draft loan agreement and any exhibits or schedules thereof.
The phrase “Management Agreement” refers to a signed or draft management agreement.
The phrase “Title Policy” refers to a draft or signed proforma title policy or commitment.
The phrase “Underwriting File” refers to the historical and pro-forma cash flow statements prepared by the Company’s underwriting team.

 

The procedures performed and results thereof are described below. In performing this engagement, we received one or more preliminary data file(s) and performed certain procedures as set forth in Exhibit A and Exhibit B. The procedures identified differences, which were communicated to the Responsible Party. The Responsible Party revised one or more of the preliminary data files based on such communicated differences, where they determined it to be appropriate. We then performed these procedures on the Final Data File, and the results of those procedures are described below.

 

From February 13, 2026 through March 17, 2026, the Company provided us with the Source Documents related to the Collateral for which we:

Compared certain Specified Attributes to the corresponding Source Documents as detailed in Exhibit A and found them to be in agreement (the “Compared Attributes”);
Recalculated certain Specified Attributes as detailed in Exhibit B and found them to be in agreement (the “Recalculated Attributes”); or
Assumed certain Specified Attributes were accurate as instructed by the Company,  and neither compared nor recalculated the Specified Attributes (the “Company Provided Attributes”).

 

The recalculation methodology associated with the Recalculated Attributes is listed in Exhibit B. For each procedure where a recalculation was performed, if necessary, we compared the underlying attributes to the corresponding Source Documents and found them to be in agreement. We did not perform any procedures with respect to the Specified Attributes listed in Exhibit C or denoted with a Source Document of “None - Company Provided”, in Exhibit A.

 

This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants. We were not engaged to, and did

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not conduct an audit or an examination engagement, the objective of which would be the expression of an opinion, or a review engagement, the objective of which would be the expression of a conclusion, on the Final Data File.  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.

 

In performing this engagement, we are required to be independent of the Responsible Party and to meet our ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

 

This report is intended solely for the information and use of the Specified Parties (including for the purpose of substantiating the Specified Parties' “due diligence defense” under the Securities Act of 1933), and is not intended to be and should not be used by anyone other than the Specified Parties.

 

If a party has obtained, or has access to, this report without having executed an agreement with PwC wherein such party accepts responsibility for the appropriateness of the procedures performed (such party is referred to as a “Non-Specified Party”), that Non-Specified Party cannot:

 

Rely upon this report, and any use of this report by that Non-Specified Party is its sole responsibility and at its sole and exclusive risk; and
Acquire any rights or claims against PwC, and PwC assumes no duties or obligations to such Non-Specified Party.

 

A Non-Specified Party may not disclose or distribute this report or any of the report’s contents to any

other party (including but not limited to electronic distribution and/or posting to a website pursuant to Rule 17g-5 of the Securities Exchange Act of 1934).

 

The procedures enumerated above were performed as of the date of this report, and we disclaim any consideration of any events and circumstances occurring after the date of this report. Further, we have no obligation to update this report because of events occurring, or data or information coming to our attention, subsequent to the date of this report.

 

 

/s/ PricewaterhouseCoopers LLP

 

New York, NY

March 17, 2026

 

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Exhibits

 

 

Exhibit A – Loan File Review Procedures

 

Exhibit B – Recalculation Methodology

 

Exhibit C – Additional Company Provided Attributes

 

 

 

 

 

 

 

 

 

 

 

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BX 2026-RISE EXHIBIT A
Loan File Review Procedures  

 

Exhibit A – Loan File Review Procedures

 

# Specified Attribute Source Document (by order of priority) Tolerance Levels
1 Control No. None - Company Provided None
2 Loan Flag None - Company Provided None
3 Prop Flag None - Company Provided None
4 Loan Name None - Company Provided None
5 Property Name None - Company Provided None
6 Originator Loan Agreement None
7 Loan Seller None - Company Provided None
8 Primary Type Appraisal Report None
9 Secondary Type Appraisal Report None
10 Properties per Loan Underwriting File None
11 Address Appraisal Report None
12 City Appraisal Report None
13 County Appraisal Report None
14 State Appraisal Report None
15 Zip Code Appraisal Report None
16 Collateral Units Underwriting File None
17 Primary Unit of Measure Underwriting File None
18 Year Built Underwriting File None
19 Latest Renovation Underwriting File None
20 As Is Portfolio Value Appraisal Report None
21 As Is Value Appraisal Report None
22 As Is Value Date Appraisal Report None
23 As Is Appraised Value / Unit Recalculation None
24 Appraisal Firm Appraisal Report None
25 FIRREA Appraisal Report None
26 Date of Engineering Report Engineering Report None
27 Engineering Firm Engineering Report None
28 Date of Phase I Report Environmental Report None
29 Environmental Firm Environmental Report None
30 Material Recognized Environmental Concern (Y/N) Environmental Report None
31 Phase II Recommended (Yes/No) Environmental Report None
32 Date of Phase II Report Environmental Report None
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BX 2026-RISE EXHIBIT A
Loan File Review Procedures  

 

 

# Specified Attribute Source Document (by order of priority) Tolerance Levels
33 Cut-off Date None - Company Provided None
34 1st Mortgage Original Balance Loan Agreement None
35 1st Mortgage Current Balance Recalculation None
36 1st Mortgage Balloon Balance Recalculation None
37 % of Pool Recalculation None
38 1st Mortgage Balance / Unit Recalculation None
39 1st Mortgage Current LTV Recalculation None
40 1st Mortgage Maturity LTV Recalculation None
41 SOFR Assumption None - Company Provided None
42 SOFR Setting Loan Agreement None
43 SOFR Reset Frequency Loan Agreement None
44 1st Mortgage SOFR Floor Loan Agreement None
45 Effective SOFR 1st Mortgage None - Company Provided None
46 1st Mortgage Margin None - Company Provided None
47 1st Mortgage Coupon Recalculation None
48 1st Mortgage Debt Service at SOFR Recalculation None
49 SOFR Cap None - Company Provided None
50 SOFR Cap Expiration None - Company Provided None
51 1st Mortgage Cap Coupon Recalculation None
52 1st Mortgage Debt Service at Cap Recalculation None
53 Note Date None - Company Provided None
54 Borr. Legal Name Loan Agreement None
55 Borrower Sponsor Loan Agreement None
56 Recourse Carve Out Guarantees (Yes/No) Guaranty Agreement None
57 Recourse Guarantee Warm Body (Yes/No) Guaranty Agreement None
58 Recourse Guarantor Name Guaranty Agreement None
59 Recourse Guarantor Ongoing Net Worth and Liquidity Covenants Guaranty Agreement None
60 Loan Purpose None - Company Provided None
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BX 2026-RISE EXHIBIT A
Loan File Review Procedures  

 

 

# Specified Attribute Source Document (by order of priority) Tolerance Levels
61 Payment Day Loan Agreement None
62 Interest Accrual Begin Loan Agreement None
63 Interest Accrual End Loan Agreement None
64 Rate Type Loan Agreement None
65 Loan Type Loan Agreement None
66 1st Amortization Date Loan Agreement None
67 IO Period Recalculation None
68 1st. IO Date Loan Agreement None
69 First Pmt Date Loan Agreement None
70 Maturity Date Loan Agreement None
71 Original Term Recalculation None
72 Seasoning Recalculation None
73 Remaining Term Recalculation None
74 Exit Fee Loan Agreement None
75 Extension Option Loan Agreement None
76 Extension Fee Loan Agreement None
77 Fully Extended Maturity Loan Agreement None
78 Aggregate Extension Options Recalculation None
79 Original Term Extended Recalculation None
80 Remaining Term Extended Recalculation None
81 Prepay Description Loan Agreement None
82 Partial Prepay Permitted (Provisions) Loan Agreement None
83 Lockout Period Loan Agreement None
84 Penalty Period Recalculation None
85 Open Period Recalculation None
86 Lockout Exp Date Loan Agreement None
87 Prepay Penalty Start Date Loan Agreement None
88 Prepay Penalty End Date Loan Agreement None
89 Grace Days Default Loan Agreement None
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BX 2026-RISE EXHIBIT A
Loan File Review Procedures  

 

 

# Specified Attribute Source Document (by order of priority) Tolerance Levels
90 Grace Days Late Fee Loan Agreement None
91 Default Rate Loan Agreement None
92 Late Fee Loan Agreement None
93 SPE Loan Agreement None
94 Non Consol Loan Agreement None
95 Ind. Director Loan Agreement None
96 Partial Release Permitted Loan Agreement None
97 Partial Release Description Loan Agreement None
98 Future Additional Debt Permitted (Yes/No) Loan Agreement None
99 Future Additional Debt Type Loan Agreement None
100 Future Additional Debt Description Loan Agreement None
101 Lien Position None - Company Provided None
102 Fee Simple / Leasehold Title Policy None
103 Ground Lease Title Policy None
104 Ground Lease Exp. Title Policy None
105 Annual Ground Lease Payment Title Policy None
106 LockBox Type Loan Agreement None
107 Cash Management Loan Agreement None
108 Excess Cash Trap Trigger Loan Agreement None
109 Initial Tax Reserve Loan Agreement None
110 Initial Insurance Reserve Loan Agreement None
111 Initial Replacement Reserve Loan Agreement None
112 Initial TI/LC Reserve Loan Agreement None
113 Initial Deferred Maintenance Reserve Loan Agreement None
114 Initial Environmental Reserve Loan Agreement None
115 Initial Debt Service Reserve Loan Agreement None
116 Initial Other Reserve Loan Agreement None
117 Initial Other Reserve Description Loan Agreement None
118 Ongoing Tax Escrow Loan Agreement None
119 Ongoing Insurance Escrow Loan Agreement None
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BX 2026-RISE EXHIBIT A
Loan File Review Procedures  

 

 

# Specified Attribute Source Document (by order of priority) Tolerance Levels
120 Ongoing Required Replacement/FFE Reserves Loan Agreement None
121 Ongoing Required TI/LC Loan Agreement None
122 Ongoing Other Reserve Loan Agreement None
123 Ongoing Other Reserve Description Loan Agreement None
124 Current Occupancy Underwriting File None
125 Current Occupancy Date Underwriting File None
126 Property Manager Management Agreement None
127 UW Occupancy Underwriting File None
128 UW EGI Underwriting File $1.00
129 UW Expenses Underwriting File $1.00
130 UW NOI Underwriting File $1.00
131 UW Replacement Reserves Underwriting File $1.00
132 UW NCF Underwriting File $1.00
133 1st Mortgage UW NCF DSCR at SOFR Recalculation None
134 1st Mortgage UW NOI DSCR at SOFR Recalculation None
135 1st Mortgage UW NCF DSCR at Cap Recalculation None
136 1st Mortgage UW NOI DSCR at Cap Recalculation None
137 1st Mortgage UW NOI Debt Yield Recalculation None
138 1st Mortgage UW NCF Debt Yield Recalculation None
139 2022 EGI Underwriting File $1.00
140 2022 Expenses Underwriting File $1.00
141 2022 NOI Underwriting File $1.00
142 2022 Replacement Reserves Underwriting File $1.00
143 2022 TI/LC Underwriting File $1.00
144 2022 NCF Underwriting File $1.00
145 2023 EGI Underwriting File $1.00
146 2023 Expenses Underwriting File $1.00
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BX 2026-RISE EXHIBIT A
Loan File Review Procedures  

 

 

# Specified Attribute Source Document (by order of priority) Tolerance Levels
147 2023 NOI Underwriting File $1.00
148 2023 Replacement Reserves Underwriting File $1.00
149 2023 TI/LC Underwriting File $1.00
150 2023 NCF Underwriting File $1.00
151 2024 EGI Underwriting File $1.00
152 2024 Expenses Underwriting File $1.00
153 2024 NOI Underwriting File $1.00
154 2024 Replacement Reserves Underwriting File $1.00
155 2024 TI/LC Underwriting File $1.00
156 2024 NCF Underwriting File $1.00
157 Most Recent EGI Underwriting File $1.00
158 Most Recent Expenses Underwriting File $1.00
159 Most Recent NOI Underwriting File $1.00
160 Most Recent Replacement Reserves Underwriting File $1.00
161 Most Recent TI/LC Underwriting File $1.00
162 Most Recent NCF Underwriting File $1.00
163 Most Recent Date Underwriting File None
164 Master & Primary Fee Rate Fee Schedule None
165 Cert Admin / Trustee Fee Rate Fee Schedule None
166 Operating Advisor Fee Fee Schedule None
167 EU RR Fee Rate None - Company Provided None
168 CREFC Fee None - Company Provided None
169 Admin Fee Rate None - Company Provided None
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BX 2026-RISE EXHIBIT A
Loan File Review Procedures  

 

 

# Specified Attribute Source Document (by order of priority) Tolerance Levels
170 Directs Investment (Borrower or Lender) Loan Agreement None
171 RE Tax Loan Agreement None
172 Insurance Loan Agreement None
173 Replacement Reserves Loan Agreement None
174 TI/LC Loan Agreement None
175 Immediate Repairs Loan Agreement None
176  Environmental Loan Agreement None
177 Initial Debt Service   Loan Agreement None
178 Other Escrows Loan Agreement None

 

 

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BX 2026-RISE EXHIBIT B
Recalculation Methodology  

 

Exhibit B – Recalculation Methodology

 

# Specified Attribute Recalculation Methodology
23 As Is Appraised Value / Unit Quotient of (i) As Is Value and (ii) Collateral Units.
35 1st Mortgage Current Balance Set equal to the 1st Mortgage Loan Original Balance.
36 1st Mortgage Balloon Balance Set equal to the 1st Mortgage Loan Original Balance.
37 % of Pool Quotient of (i) 1st Mortgage Loan Current Balance and (ii) the aggregate 1st Mortgage Loan Current Balance of the Collateral.
38 1st Mortgage Balance / Unit Quotient of (i) 1st Mortgage Loan Current Balance and (ii) Collateral Units.
39 1st Mortgage Current LTV Quotient of (i) 1st Mortgage Loan Current Balance and (ii) As Is Portfolio Value.
40 1st Mortgage Maturity LTV Quotient of (i) 1st Mortgage Loan Balloon Balance and (ii) As Is Portfolio Value.
47 1st Mortgage Coupon Sum of (i) Effective SOFR 1st Mortgage and (ii) 1st Mortgage Margin.
48 1st Mortgage Debt Service at SOFR Product of (i) Mortgage Loan Current Balance, (ii) 1st Mortgage Coupon, and (iii) the Rate Type (Actual/360).
51 1st Mortgage Cap Coupon Sum of (i) SOFR Cap and (ii) 1st Mortgage Margin.
52 1st Mortgage Debt Service at Cap Product of (i) 1st Mortgage Current Balance, (ii) 1st Mortgage Cap Coupon, and (iii) the quotient of (a) 365 and (b) 360.
67 IO Period Count of the number of monthly payment dates from, and inclusive of (i) First IO Date, to and inclusive of (ii) Maturity Date.
71 Original Term Count of the number of monthly payment dates from, and inclusive of (i) First Payment Date, to and inclusive of (ii) the Maturity Date.
72 Seasoning Count of the number of monthly payment dates from, and inclusive of (i) First Payment Date, to and inclusive of (ii) Cut-off Date.
73 Remaining Term Difference between (i) Original Term and (ii) Seasoning.
78 Aggregate Extension Options Count of the number of monthly payment dates from, and inclusive of (i) the Maturity Date through  (ii) the Fully Extended Maturity Date.
79 Original Term Extended Count of the number of monthly payment dates from, and inclusive of (i) First Payment Date through and including (ii) the Maturity Date.
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BX 2026-RISE EXHIBIT B
Recalculation Methodology  

 

 

# Specified Attribute Recalculation Methodology
80 Remaining Term Extended Difference between (i) Original Term Extended and (ii) Seasoning.
84 Penalty Period Count of the number of monthly payment dates from and inclusive of (i) Prepay Penalty Start Date, to (ii)Prepay Penalty End Date.
85 Open Period Count of the number of monthly payment dates from, and inclusive of (i) Prepay Penalty End Date, to and inclusive of (ii) the Maturity Date.
133 1st Mortgage UW NCF DSCR at SOFR Quotient of (i) UW NCF and (ii) 1st Mortgage Debt Service at SOFR.
134 1st Mortgage UW NOI DSCR at SOFR Quotient of (i) UW NOI and (ii) 1st Mortgage Debt Service at SOFR.
135 1st Mortgage UW NCF DSCR at Cap Quotient of (i) UW NCF and (ii) 1st Mortgage Debt Service at Cap.
136 1st Mortgage UW NOI DSCR at Cap Quotient of (i) UW NOI and (ii) 1st Mortgage Debt Service at Cap.
137 1st Mortgage UW NOI Debt Yield Quotient of (i) UW NOI and (ii) 1st Mortgage Current Balance.
138 1st Mortgage UW NCF Debt Yield Quotient of (i) UW NCF and (ii) 1st Mortgage Current Balance.

 

  

 

 

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BX 2026-RISE EXHIBIT C
Additional Company Provided Attributes  

 

Exhibit C – Additional Company Provided Attributes

 

Property Name Specified Attribute
Cortland University City Fee Simple / Leasehold
Cortland University City Ground Lease
Cortland University City Ground Lease Exp.
Cortland University City Annual Ground Lease Payment
Cortland Whitehall Fee Simple / Leasehold
Cortland Whitehall Ground Lease
Cortland Whitehall Ground Lease Exp.
Cortland Whitehall Annual Ground Lease Payment

 

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