CASE STUDY: A/B Note - CMBS

32% Discount/Improving Market

Situation:

• Property Type: Retail

• Property Size: 156,219 sq. ft.

• Origination: Aug 2007

• Maturity: 9/1/17

• Current Loan Balance: $18,630,159

• Occupancy: 70.17%

• Debt Service Coverage Ratio: .85 as of 2012

• Location: Duluth, GA

Problem:

Highly depressed, unanchored retail center in Duluth, Georgia.

RESULTS

A/B note, A note at current market value, a 32% discount to the original note balance.Type: A/B

Servicer: CW Capital