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
Nomura Commercial Asset Depositor Company LLC (the “Depositor”)
NWL Company, LLC
Nomura Securities International, Inc.
(collectively, the “Specified Parties”)
| Re: | RISE Trust 2026-MF (the “Issuing Entity”) |
| | Commercial Mortgage Pass-Through Certificates, Series 2026-MF
(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 8 October 2026.
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 or review, the objective of which would be the expression of an opinion or conclusion, respectively,
on the Subject Matter or 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
8 October 2026
| | Attachment A
Page 1 of 9 |
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”), |
| b. | The Mortgage Loan will be secured primarily by a portfolio of commercial properties (each, a “Property” and
collectively, the “Properties”) and |
| c. | The Mortgage Loan has a related fixed rate mezzanine loan (the “Mezzanine Loan”), which will not be an asset of the Issuing
Entity. |
For the purpose of the procedures described in
this report, the Mortgage Loan, together with the Mezzanine Loan, is hereinafter referred to as the “Total Debt associated with
the Mortgage Loan” (or with respect to each Property, is hereinafter referred to as the “Total Debt associated with each 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 Properties that is expected to be as of 16 October 2026 (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 9 |
| 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 Properties 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:
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 and Mezzanine 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. |
| b. | Initial Maturity Date and |
| c. | Fully Extended Maturity Date, |
as shown on the Final Data File, we recalculated the:
| i. | Original Mortgage Loan Term and |
| ii. | Fully Extended Mortgage Loan Term |
of the Mortgage Loan and Mezzanine Loan. We compared this recalculated
information to the corresponding information on the Final Data File and found such information to be in agreement.
| b. | Original Mortgage Loan Term, |
as shown on the Final Data File, we recalculated the “Remaining
Mortgage Loan Term to Maturity” of the Mortgage Loan and Mezzanine 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 9 |
| 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), and the Depositor instructed us to assume that Mezzanine Loan is also interest-only for its entire term, including during
any extension periods. Based on this information, the Depositor instructed us to: |
| i. | Original Mortgage Loan Amortization Term and |
| ii. | Remaining Mortgage Loan Amortization Term |
of the Mortgage Loan and Mezzanine Loan,
| b. | Use the “Original Mortgage Loan Term,” as shown on the Final Data File, for the “Mortgage Loan IO Period”
of the Mortgage Loan and Mezzanine Loan, |
| c. | Use the “Original Mortgage Loan Balance,” as shown on the Final Data File, for the: |
| i. | Principal balance of the Mortgage Loan and each Property as of the Reference Date (the “Cut-off Date Mortgage
Loan Balance”) and |
| ii. | Principal balance of the Mortgage Loan and each Property as of the “Initial Maturity Date” of the Mortgage Loan (the “Mortgage
Loan Balance at Maturity”) and |
| d. | Use the “Mezzanine Loan Initial Funded Balance,” as shown on the Final Data File, for the principal balance of the Mezzanine
Loan and each Property as of the Reference Date (the “Mezzanine Loan Cut-off Date Balance”). |
We compared this information to the corresponding information
on the Final Data File and found such information to be in agreement.
| a. | Mezzanine Loan Initial Funded Balance and |
| b. | Future Funding Available (Mezz Only), |
as shown on the Final Data File, we recalculated the “Fully
Funded Mezzanine”
of the Mezzanine Loan and each Property. We compared this recalculated
information to the corresponding information on the Final Data File and found such information to be in agreement.
| 9. | The Depositor instructed us to assume that the Mezzanine Loan is interest-only for its entire term, including during any extension
period option(s). Based on this information, the Depositor instructed us to use the “Fully Funded Mezzanine,” as shown on
the Final Data File, for the principal balance of the Mezzanine Loan and each Property as of the “Initial Maturity Date”
of the Mezzanine Loan (the “Mezzanine Loan Maturity Balance”). |
| | Attachment A
Page 4 of 9 |
| a. | Original Mortgage Loan Balance, |
| b. | Mezzanine Loan Initial Funded Balance, |
| c. | Cut-off Date Mortgage Loan Balance, |
| d. | Mezzanine Loan Cut-off Date Balance, |
| e. | Mortgage Loan Spread and |
as shown on the Final Data File, we recalculated the:
| i. | Total Debt Initial Funded Balance, |
| ii. | Total Debt Cut-off Date Balance and |
of the Total Debt associated with the Mortgage Loan and with respect
to i. and ii. above, the Total Debt associated with each Property. We compared this recalculated information to the corresponding information
on the Final Data File and found such information to be in agreement.
| a. | Mortgage Loan Balance at Maturity, |
| b. | Mezzanine Loan Maturity Balance and |
| c. | Future Funding Available (Mezz Only), |
as shown on the Final Data File, we recalculated the “Total
Debt Maturity Balance” of the Total Debt associated with the Mortgage Loan and Total Debt associated with each Property. We compared
this recalculated information to the corresponding information on the Final Data File and found such information to be in agreement.
| b. | Mortgage Loan SOFR Floor, |
| c. | Mortgage Loan SOFR Rounding Methodology, |
| d. | Mortgage Loan SOFR Cap Strike Rate, |
| e. | Mezzanine Loan Spread and |
| f. | Mezzanine Loan Index Rate, |
as shown on the Final Data File, and a SOFR assumption of 3.90000%
provided by the Depositor, we recalculated the:
| i. | Mortgage Loan Interest Rate, |
| ii. | Mortgage Loan Interest Rate At Cap and |
| iii. | Mezzanine Loan Interest Rate |
of the Mortgage Loan and Mezzanine Loan, as applicable. 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 9 |
| a. | Original Mortgage Loan Balance, |
| b. | Mezzanine Loan Initial Funded Balance, |
| c. | Mortgage Loan Interest Rate, |
| d. | Mortgage Loan Interest Rate At Cap and |
| e. | Mezzanine Loan Interest Rate, |
as shown on the Final Data File, we recalculated the:
| i. | Total Debt Interest Rate and |
| ii. | Total Debt Interest Rate at Cap |
of the Total Debt associated with 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.
| a. | Original Mortgage Loan Balance, |
| b. | Mortgage Loan Interest Rate, |
| c. | Mortgage Loan Interest Rate At Cap and |
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 Annual Debt Service, |
| ii. | Mortgage Loan Monthly Debt Service, |
| iii. | Mortgage Loan Annual Debt Service At SOFR Cap and |
| iv. | Mortgage Loan Monthly Debt Service At SOFR Cap |
of the Mortgage Loan. We compared the recalculated information
to the corresponding information on the Final Data File and found such information to be in agreement.
For the purpose of this procedure, the Depositor instructed us
to recalculate the “Mortgage Loan Annual Debt Service” 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,” as shown on the Final Data File, and |
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 “Mortgage
Loan Annual Debt Service,” as shown on the Final Data File.
For the purpose of this procedure, the Depositor instructed us
to recalculate the “Mortgage Loan Annual Debt Service At SOFR 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 Cap,” as shown on the Final Data File, and |
For the purpose of this procedure, the Depositor instructed us
to recalculate the “Mortgage Loan Monthly Debt Service At SOFR Cap” of the Mortgage Loan as 1/12th of
the “Mortgage Loan Annual Debt Service At SOFR Cap,” as shown on the Final Data File.
| | Attachment A
Page 6 of 9 |
| a. | Mezzanine Loan Initial Funded Balance, |
| b. | Mezzanine Loan Interest Rate and |
| c. | Mezzanine Loan Interest Accrual Method, |
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. | Mezzanine Loan Annual IO Debt Service and |
| ii. | Mezzanine Loan Monthly IO Payment |
of the Mezzanine Loan. We compared this recalculated information
to the corresponding information on the Final Data File and found such information to be in agreement.
For the purpose of this procedure, the Depositor instructed us
to recalculate the “Mezzanine Loan Annual IO Debt Service” of the Mezzanine Loan as the product, rounded to two decimal
places, of:
| a. | The “Mezzanine Loan Initial Funded Balance,” as shown on the Final Data File, |
| b. | The “Mezzanine Loan Interest Rate,” as shown on the Final Data File, and |
For the purpose of this procedure, the Depositor instructed us
to recalculate the “Mezzanine Loan Monthly IO Payment” of the Mezzanine Loan as 1/12th of the “Mezzanine
Loan Annual IO Debt Service,” as shown on the Final Data File.
| a. | Mortgage Loan Monthly Debt Service, |
| b. | Mezzanine Loan Monthly IO Payment, |
| c. | Mortgage Loan Annual Debt Service, |
| d. | Mezzanine Loan Annual IO Debt Service and |
| e. | Mortgage Loan Annual Debt Service At SOFR Cap, |
as shown on the Final Data File, we recalculated
the:
| i. | Total Debt Monthly IO Payment, |
| ii. | Total Debt Annual IO Debt Service and |
| iii. | Total Debt Annual IO Debt Service at Cap |
of the Total Debt associated with 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 7 of 9 |
| a. | Cut-off Date Mortgage Loan Balance, |
| b. | Mortgage Loan Balance at Maturity, |
| f. | Mortgage Loan Annual Debt Service, |
| g. | Mortgage Loan Annual Debt Service At SOFR Cap, |
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 Cut-off Date As-Is LTV, |
| ii. | Mortgage Loan Maturity Date As-Is LTV, |
| iii. | Mortgage Loan TTM NOI Debt Yield, |
| iv. | Mortgage Loan Underwritten NOI Debt Yield, |
| v. | Mortgage Loan Underwritten NCF Debt Yield, |
| vi. | Mortgage Loan TTM NOI DSCR, |
| vii. | Mortgage Loan Underwritten NOI DSCR, |
| viii. | Mortgage Loan Underwritten NCF DSCR, |
| ix. | Mortgage Loan Underwritten NOI DSCR At SOFR Cap, |
| x. | Mortgage Loan Underwritten NCF DSCR At SOFR Cap, |
| xi. | Appraised Value per Unit, |
| xii. | Cut-off Date Mortgage Loan Balance Per Unit and |
| xiii. | % of Cut-off Date Mortgage Loan Balance |
of the Mortgage Loan and, with respect to xi. through xiii. above,
of each Property. We compared this recalculated information to the corresponding information on the Final Data File and found such information
to be in agreement.
For the purpose of this procedure, the Depositor instructed us
to:
| a. | Round the characteristics listed in i. through v. and characteristic xiii. above to the nearest 1/10th of one percent
and |
| b. | Round the characteristics listed in vi. through xii. above to two decimal places. |
| | Attachment A
Page 8 of 9 |
| a. | Total Debt Annual IO Debt Service, |
| b. | Total Debt Annual IO Debt Service at Cap, |
| c. | Total Debt Cut-off Date Balance, |
| d. | Total Debt Maturity Balance, |
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. | Underwritten Total Debt IO NOI DSCR, |
| ii. | Underwritten Total Debt IO NCF DSCR, |
| iii. | Underwritten Total Debt IO NOI DSCR At Cap, |
| iv. | Underwritten Total Debt IO NCF DSCR At Cap, |
| v. | Cut-off Date Total Debt LTV, |
| vi. | Maturity Date Total Debt LTV, |
| vii. | Underwritten Total Debt NOI Debt Yield, |
| viii. | Underwritten Total Debt NCF Debt Yield and |
| ix. | Total Debt Loan Per Unit |
of the Total Debt associated with 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.
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 v. through viii. above to the nearest 1/10th of one percent. |
| a. | Total Number of Units and |
| b. | Government Assisted Units, |
as shown on the Final Data File, we recalculated the “Government
Assisted % of Total Units” of the Mortgage Loan and each Property. We compared this recalculated information to the corresponding
information on the Final Data File and found such information to be in agreement.
| a. | Master + Primary Servicer Fee Rate, |
| b. | Trustee/Cert Admin Fee Rate, |
| c. | Operating Advisor Fee and |
as shown on the Final Data File, we recalculated the “Total
Admin Fee 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.
| | Attachment A
Page 9 of 9 |
| a. | Total Admin Fee Rate and |
| b. | Mortgage Loan Interest Rate, |
as shown on the Final Data File, we recalculated the “Net
Mortgage 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 |
Source Documents
Mortgage Loan and Mezzanine Loan Source Documents
| Source Document Title |
Source Document Date |
| |
|
| Mortgage Loan Agreement (see Note 1) |
6 October 2026 |
| |
|
| Allocated Loan Amount Schedule |
Not Dated |
| |
|
| Guaranty Agreement (see Note 1) |
25 September 2026 |
| |
|
| Environmental Indemnity Agreement (see Note 1) |
25 September 2026 |
| |
|
| Non-Consolidation Opinion (see Note 1) |
5 October 2026 |
Property Source Documents
| Source Document Title |
Source Document Date |
| |
|
| Portfolio Appraisal Report |
2 October 2026 |
| |
|
| Appraisal Reports |
Various |
| |
|
| Engineering Reports |
Various |
| |
|
| Phase I Environmental Reports |
Various |
| |
|
| Capital Expenditure Report |
Not Dated |
| |
|
| Underwriter’s Summary Report |
Not Dated |
| |
|
| Underwritten Rent Roll |
1 September 2026 |
| |
|
| Management Agreement Documents |
Various |
| |
|
| Third Party Market Reports |
Various |
| |
|
| Subsidized Housing Summary |
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 5 |
Compared Characteristics
and Source Documents
Property Information:
| Characteristic |
Source Document(s) |
| |
|
| Property Address |
Appraisal Report |
| Property City |
Appraisal Report |
| County |
Appraisal Report |
| State |
Appraisal Report |
| Zip Code |
Appraisal Report |
| Property Type |
Appraisal Report |
| Property Subtype |
Appraisal Report |
| Year Built |
Appraisal Report |
| Year Renovated |
Capital Expenditure Report |
| Property Manager |
Mortgage Loan Agreement |
| Total Number of Units |
Underwritten Rent Roll |
| Occupancy As of Date |
Underwritten Rent Roll |
| Most Recent Occupancy % |
Underwritten Rent Roll |
| Government Assisted Units |
Subsidized Housing Summary |
Third Party Information:
| Characteristic |
Source Document(s) |
| |
|
| Appraised Value |
Appraisal Report or Portfolio Appraisal Report |
| Date of Appraisal (Valuation Date) |
Appraisal Report or Portfolio Appraisal Report |
| Appraisal Cap Rate |
Appraisal Report or Portfolio Appraisal Report |
| Appraisal Firm |
Appraisal Report or Portfolio Appraisal Report |
| Environmental Firm |
Phase I Environmental Report |
| Phase I Date |
Phase I Environmental Report |
| Material Recognized Environmental Concern |
Phase I Environmental Report |
| Phase II Recommended |
Phase I Environmental Report |
| Engineering Firm |
Engineering Report |
| Engineering Report Date |
Engineering Report |
| Seismic Zone |
Engineering Report |
| | Exhibit 2 to Attachment A
Page 2 of 5 |
Underwriting Information:
| Characteristic |
Source Document(s) |
| |
|
| 2024 Effective Gross Income |
Underwriter’s Summary Report |
| 2024 Expenses |
Underwriter’s Summary Report |
| 2024 NOI |
Underwriter’s Summary Report |
| 2025 Effective Gross Income |
Underwriter’s Summary Report |
| 2025 Expenses |
Underwriter’s Summary Report |
| 2025 NOI |
Underwriter’s Summary Report |
| TTM As of Date |
Underwriter’s Summary Report |
| TTM Effective Gross Income |
Underwriter’s Summary Report |
| TTM Expenses |
Underwriter’s Summary Report |
| TTM NOI |
Underwriter’s Summary Report |
| Underwritten Base Rent |
Underwriter’s Summary Report |
| Underwritten Effective Gross Income |
Underwriter’s Summary Report |
| Underwritten Total Expenses |
Underwriter’s Summary Report |
| Underwritten NOI |
Underwriter’s Summary Report |
| Underwritten Replacement Reserves |
Underwriter’s Summary Report |
| Underwritten TI/LC |
Underwriter’s Summary Report |
| Underwritten NCF |
Underwriter’s Summary Report |
Reserve and Escrow Information:
| Characteristic |
Source Document(s) |
| |
|
| Initial Tax Reserve |
Mortgage Loan Agreement |
| Monthly Tax Reserve |
Mortgage Loan Agreement |
| Tax Reserve Cap |
Mortgage Loan Agreement |
| Initial Insurance Reserve |
Mortgage Loan Agreement |
| Monthly Insurance Reserve |
Mortgage Loan Agreement |
| Insurance Reserve Cap |
Mortgage Loan Agreement |
| Initial Replacement Reserves |
Mortgage Loan Agreement |
| Monthly Replacement Reserves |
Mortgage Loan Agreement |
| Replacement Reserves Cap |
Mortgage Loan Agreement |
| Initial Rollover Reserve |
Mortgage Loan Agreement |
| Monthly Rollover Reserve |
Mortgage Loan Agreement |
| Rollover Reserve Cap |
Mortgage Loan Agreement |
| Other Reserve Type |
Mortgage Loan Agreement |
| Other Reserve Initial Deposit |
Mortgage Loan Agreement |
| Other Reserve Monthly Deposit |
Mortgage Loan Agreement |
| Other Reserve Cap |
Mortgage Loan Agreement |
| | Exhibit 2 to Attachment A
Page 3 of 5 |
Mortgage Loan and Mezzanine Loan Information:
| Characteristic |
Source Document(s) |
| |
|
| Original Mortgage Loan Balance |
Allocated Loan Amount Schedule |
| Mortgage Loan Originator |
Mortgage Loan Agreement |
| Borrower Entities |
Mortgage Loan Agreement |
| Guarantor |
Guaranty Agreement |
| Payment Date |
Mortgage Loan Agreement |
| Extension Options (Y/N) |
Mortgage Loan Agreement |
| Extension Option Description |
Mortgage Loan Agreement |
| Mortgage Loan SOFR Rounding Methodology |
Mortgage Loan Agreement |
| Mortgage Loan SOFR Floor |
Mortgage Loan Agreement |
| Payment Grace Period Event of Default |
Mortgage Loan Agreement |
| Payment Grace Period Late Fee |
Mortgage Loan Agreement |
| Balloon Grace Period Event of Default |
Mortgage Loan Agreement |
| Balloon Grace Period Late Fee |
Mortgage Loan Agreement |
| Rate Type |
Mortgage Loan Agreement |
| Amortization Type |
Mortgage Loan Agreement |
| Accrual Basis |
Mortgage Loan Agreement |
| Interest Accrual Period Start |
Mortgage Loan Agreement |
| Interest Accrual Period End |
Mortgage Loan Agreement |
| Mortgage Loan Interest Rate Adjustment Frequency |
Mortgage Loan Agreement |
| Partial Prepayments Allowed |
Mortgage Loan Agreement |
| Partial Release Permitted |
Mortgage Loan Agreement |
| Partial Release Description |
Mortgage Loan Agreement |
| Future Funding Provisions |
Mortgage Loan Agreement |
| LockBox (Y/N) |
Mortgage Loan Agreement |
| LockBox Type |
Mortgage Loan Agreement |
| Cash Management |
Mortgage Loan Agreement |
| Cash Management Springing Conditions |
Mortgage Loan Agreement |
| Single Purpose Entity |
Mortgage Loan Agreement |
| Non-Consolidation Letter |
Non-Consolidation Opinion |
| Letter of Credit |
Mortgage Loan Agreement |
| Description of LOC |
Mortgage Loan Agreement |
| Assumption Fee |
Mortgage Loan Agreement |
| Mezzanine Loan Initial Funded Balance |
Allocated Loan Amount Schedule |
| Future Funding Available (Mezz Only) |
Allocated Loan Amount Schedule |
| | Exhibit 2 to Attachment A
Page 4 of 5 |
Notes:
| 1. | For the purpose of comparing the: |
characteristics, the Depositor instructed us to ignore differences
that are due to standard postal abbreviations.
| 2. | For the purpose of comparing the: |
| b. | Date of Appraisal (Valuation Date) and |
characteristics, the Depositor instructed us to use the appraised
value, date and cap rate, respectively, as shown in the applicable Source Document(s), associated with the related “Appraisal
Value Type,” as shown on the Preliminary Data File.
| 3. | 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. |
| 4. | For the purpose of comparing the “Balloon Grace Period Late Fee” characteristic, the Depositor instructed us to use the “Payment
Grace Period 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 “Initial Maturity Date” or another maturity date during any extension period. |
| 5. | For the purpose of comparing the: |
| b. | Extension Options (Y/N), |
| c. | Extension Option Description, |
| d. | Payment Grace Period Event of Default, |
| e. | Payment Grace Period Late Fee, |
| f. | Balloon Grace Period Event of Default, |
| g. | Balloon Grace Period Late Fee, |
| h. | Interest Accrual Period Start and |
| i. | Interest Accrual Period End |
characteristics, the Depositor instructed us to assume that the
information on the Preliminary Data File is the same for both the Mortgage Loan and Mezzanine Loan.
| | Exhibit 2 to Attachment A
Page 5 of 5 |
| 6. | For the purpose of comparing the “LockBox Type” characteristic, the Depositor instructed us to use “Soft”
if the applicable Source Document(s) require the borrower(s) or manager(s) to deposit all rents collected into a lockbox account controlled
by the lender(s). |
| 7. | 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). |
| 8. | For the purpose of comparing the “Most Recent Occupancy %” characteristic, the Depositor instructed us to include “Non-Revenue
Units” as vacant, as shown in 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
Page 1 of 2 |
Provided Characteristics
| Characteristic |
| |
| ID |
| Loan/Property |
| Property Name |
| Loan Purpose |
| Sponsor |
| Appraisal Value Type |
| Phase II Date |
| Origination Date |
| Seismic Firm |
| Seismic Report Date |
| Seismic PML% |
| Deferred Maintenance Reserve Deposit Amount |
| Title Type |
| Ground Lease? (Y/N) |
| Ground Lease Expiration Date |
| Ground Lease Extension Terms |
| Annual Ground Lease Payment |
| Ground Lease Escalation Terms |
| First Payment Date |
| Initial Maturity Date |
| Fully Extended Maturity Date |
| Prepayment String |
| Mezzanine Loan Interest Accrual Method |
| Mezzanine Loan Amortization Type |
| Mezzanine Loan Type |
| Mortgage Loan SOFR Cap Strike Rate |
| Mortgage Loan Spread |
| Mortgage Loan SOFR Cap Provider |
| Mortgage Loan SOFR Cap Provider Rating (F/M/S) |
| Mortgage Loan SOFR Cap Expiration Date |
| Mezzanine Loan Origination Date |
| Mezzanine Loan Index |
| Mezzanine Loan Index Rate |
| Mezzanine Loan Spread |
| Master + Primary Servicer Fee Rate |
| Trustee/Cert Admin Fee Rate |
| Operating Advisor Fee |
| CREFC Fee Rate |
| | Exhibit 3 to Attachment A
Page 2 of 2 |
| b. | Initial Maturity Date and |
| c. | Fully Extended Maturity Date |
characteristics, the Depositor instructed us to assume that the
information on the Final Data File is the same for both the Mortgage Loan and Mezzanine Loan.
We performed no procedures to determine the appropriateness, accuracy, completeness
or reasonableness of the Provided Characteristics.