BBCMS Mortgage Trust 2020-C6

PRESALE REPORT BBCMS Mortgage Trust 2020-C6

JANUARY 2020 STRUCTURED FINANCE: CMBS Table of Contents

Capital Structure 3 Transaction Summary 4 Rating Considerations 5 DBRS Morningstar Credit Characteristics 7 Largest Loan Summary 8 DBRS Morningstar Sample 9 Transaction Concentrations 12 Loan Structural Features 13 Parkmerced 16 650 Madison Avenue 20 Kings Plaza 24 545 Washington Boulevard 29 F5 Tower 34 Exchange on Erwin 39 Bellagio Hotel and Casino 45 ExchangeRight Net Leased Portfolio #31 51 CNP Headquarters 57 Brooklyn Flats & 482 Seneca Avenue Crossed Group 61 Millikan Business Center 66 Satellite Flex Office Portfolio 71 2000 Park Lane 75 Advance Auto Parts Portfolio 79 Trinity Multifamily Portfolio 84 Methodologies 89 Glossary 91 Definitions 91

Brandon Olson Scott Kruse Senior Vice President Vice President +1 312 332 0889 +1 312 332 9448 [email protected] [email protected]

Kevin Mammoser Erin Stafford Managing Director Managing Director +1 312 332 0136 +1 312 332 3291 [email protected] [email protected] Presale Report | BBCMS 2020-C6

Capital Structure

Description Rating Action Balance Subordination DBRS Rating Trend

Class A-1 New Rating – Provisional $14,352,000 30.000% AAA (sf) Stable

Class A-2 New Rating – Provisional $88,400,000 30.000% AAA (sf) Stable

Class A-SB New Rating – Provisional $26,810,000 30.000% AAA (sf) Stable

Class A-3 New Rating – Provisional -- 30.000% AAA (sf) Stable

Class A-4 New Rating – Provisional -- 30.000% AAA (sf) Stable

Class X-A New Rating – Provisional $615,862,000 -- AAA (sf) Stable

Class A-S New Rating – Provisional $105,576,000 18.000% AAA (sf) Stable

Class B New Rating – Provisional $37,392,000 13.750% AA (high) (sf) Stable

Class X-B New Rating – Provisional $177,060,000 -- A (high) (sf) Stable

Class C New Rating – Provisional $34,092,000 9.875% A (sf) Stable

Class D New Rating – Provisional $12,097,000 8.500% A (low) (sf) Stable

Class X-D New Rating – Provisional $29,693,000 -- BBB (high) (sf) Stable

Class E New Rating – Provisional $17,596,000 6.500% BBB (sf) Stable

Class F-RR New Rating – Provisional $8,798,000 5.500% BBB (low) (sf) Stable

Class G-RR New Rating – Provisional $13,198,000 4.000% BB (sf) Stable

Class H-RR New Rating – Provisional $8,798,000 3.000% B (high) (sf) Stable

Class J-RR New Rating – Provisional $9,897,000 1.875% B (low) (sf) Stable

Class NR-RR NR $16,497,147 0.000% NR n/a

Class VRR Interest NR $24,200,000 -- NR n/a

Class F5T-A* New Rating – Provisional $23,085,000 78.419% A (low) (sf) --

Class F5T-B* New Rating – Provisional $26,410,000 53.730% BBB (low) (sf) --

Class F5T-C* New Rating – Provisional $28,690,000 26.909% BB (low) (sf) --

Class F5T-D* New Rating – Provisional $28,785,000 0.000% B (low) (sf) --

Class F5T-VRR Interest NR $5,630,000 -- NR n/a

Notes: * DBRS Morningstar subsequently placed all of the Class F5T provisional ratings Under Review with Developing Implications because of the request for comments (RFC) on the North American Single-Asset/Single-Borrower Ratings Methodology on November 14, 2019. If the updated methodology is adopted following the RFC, there will likely be no ratings impact to the provisional ratings assigned to this transaction.: 1. NR = not rated. 2. The Class X-D, Class D, Class E, Class F-RR, Class G-RR, Class H-RR, Class J-RR and Class NR-RR will be privately placed. Class VRR Interest and Class F5T-VRR Interest will be non-offered certificates. 3. The exact initial certificate balances of the Class A-3 and Class A-4 certificates are unknown and will be determined based on the final pricing of those classes of certificates. However, the respective initial certificate balances, weighted average lives and expected principal windows of the Class A-3 and Class A-4 certificates are expected to be within the applicable ranges reflected in the following chart. The aggregate initial available certificate balance of the Class A-3 and Class A-4 certificates is expected to be approximately $486,300,000, subject to a variance of plus or minus 5%. 4. The Notional Amount of the Class X-A Certificates will be equal to the aggregate Certificate Balance of the Class A-1, Class A-2,Class A-3, Class A-4 and Class A-SB Certificates outstanding from time to time. 5. The Notional Amount of the Class X-B Certificates will be equal to the aggregate Certificate Balance of the Class A-S, Class B, and Class C Certificates outstanding from time to time. 6. The Notional Amount of the Class X-D Certificates will be equal to the aggregate Certificate Balance of the Class D, and Class E Certificates outstanding from time to time. 7. The Class X-A, Class X-B and Class X-D balances are IO certificates that reference multiple rated tranches. The IO rating mirrors the lowest-rated reference tranche adjusted upward by one notch if senior in the waterfall. 8. The Class F5T-A, Class F5T-B, Class F5T-C, and Class F5T-D are loan-specific certificates (rake bonds) collateralized by the subordinate companion note for the F5 Tower whole loan. The loan-specific certificates will only be entitled to receive distributions from, and will only incur losses with respect to, the trust subordinate companion loan. The trust subordinate companion loan is included as an asset of the issuing entity but is not part of the mortgage pool backing the pooled certificates. No class of pooled certificates will have any interest in the trust subordinate companion loan.

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Transaction Summary

POOL CHARACTERISTICS

Trust Amount ($) 904,003,147 Wtd. Avg. Interest Rate (%) 3.617

Number of Loans 45 Wtd. Avg. Remaining Term 113

Number of Properties 118 Wtd. Avg. Remaining Amortization 359

Average Loan Size ($) 20,088,959 Total DBRS Expected Amortization3 (%) -4.8

DBRS Morningstar Issuance LTV1 (%) 56.9/63.8 DBRS Morningstar Balloon LTV1 (%) 53.6/59.0

Appraised Issuance LTV1 (%) 56.6/63.4 Appraised Balloon LTV1 (%) 53.3/58.7

Wtd. Avg. DBRS Morningstar DSCR1 (x) 2.53/1.96 Wtd. Avg. Issuer Term DSCR1 (x) 2.75/2.14

Top Ten Loan Concentration (%) 53.4 Avg. DBRS Morningstar NCF Variance (%) -8.0

1. Excludes shadow-rated loans.

PARTICIPANTS

Issuer BBCMS Mortgage Trust 2020-C6

Depositor Barclays Commercial Mortgage Securities LLC

Mortgage Loan Sellers Barclays Capital Real Estate Inc (Barclays - 16 loans, 50.5%).

Societe Generale Financial Corporation (SGFC - 9 loans, 27.3%)

Starwood Mortgage Capital LLC (SMC - 20 loans, 22.2%)

Master Servicer Midland Loan Services, a Division of PNC Bank, National Association

Special Servicer Midland Loan Services, a Division of PNC Bank, National Association

Certficate Administrator Wells Fargo Bank, National Association

Trustee Wells Fargo Bank, National Association

Operating Advisor Pentalpha Surveillance LLC, a Delaware limited liability company

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Rating Considerations

The transaction consists of 45 fixed-rates loans secured by 118 commercial and multifamily properties. Two separate groups of loans are cross-collateralized and cross-defaulted into separate crossed groups, one of which has five loans and the second of which has two loans. The DBRS Morningstar analysis of this transaction incorporates these groups of loans as separate portfolios, resulting in a modified loan count of 40, and the loan number referenced within this report reflects this total. The transaction is of a sequential-pay pass-through structure. Five loans, representing 30.8% of the pool, are shadow-rated investment grade by DBRS Morningstar. The conduit pool was analyzed to determine the provisional ratings, reflecting the long-term probability of loan default within the term and its liquidity at maturity. When the cut-off loan balances were measured against the DBRS Morningstar Stabilized NCF and their respective actual constants, the initial DBRS Morningstar WA DSCR of the pool was 2.53x. None of the loans had a DBRS Morningstar DSCR below 1.32x, a threshold indicative of a higher likelihood of midterm default. The pool additionally includes 14 loans, comprising a combined 14.8% of the pool balance, with a DBRS Morningstar LTV ratio in excess of 67.1%, a threshold generally indicative of above- average default frequency. The WA DBRS Morningstar LTV of the pool at issuance was 56.9%, and the pool is scheduled to amortize down to a DBRS Morningstar WA LTV of 53.6% at maturity. These credit metrics are based on A-note balances.

STRENGTHS – Nine loans, representing 30.7% of the pool, are in areas identified as DBRS Morningstar Market Ranks 6, 7, and 8, which are generally characterized as highly dense urbanized areas that benefit from increased liquidity driven by consistently strong investor demand, even during times of economic stress. Markets ranked six through eight benefit from lower default frequencies than less dense suburban, tertiary, and rural markets. Urban markets represented in the deal include New York; Jersey City, New Jersey; Seattle; and Las Vegas. – Eleven loans, representing a combined 40.0% of the pool by allocated loan balance, exhibit issuance LTVs of less than 59.3%, a threshold historically indicative of relatively low-leverage financing and generally associated with below-average default frequency. – Term default risk is low, as indicated by a strong DBRS Morningstar DSCR of 2.53x. Only five loans, representing 6.9% of the allocated loan balance, have a DBRS Morningstar DSCR less than 1.50x. Even with the exclusion of the shadow-rated loans, representing 30.8% of the pool, the deal exhibits a very favorable DBRS Morningstar DSCR of 1.96x. – Five of the loans—Parkmerced, 650 Madison Avenue, Kings Plaza, F5 Tower, and Bellagio Hotel and Casino—exhibit credit characteristics consistent with investment-grade shadow ratings. Combined, these loans represent 30.8% of the pool. Bellagio Hotel and Casino has credit characteristics consistent with a AAA shadow rating, while Parkmerced has credit characteristics consistent with AA (high), F5 Tower has credit characteristics consistent with A (high), and 650 Madison Avenue and Kings Plaza have credit characteristics consistent with BBB (low). For additional information on Parkmerced, 650 Madison Avenue, Kings Plaza, F5 Tower, and Bellagio Hotel and Casino, please refer to pages 16, 20, 24, 34, and 45 of this report. – Five loans, all within the top 10 loans, representing 28.1% of the pool, have Strong Sponsorship. Furthermore, DBRS Morningstar identified only three loans, which, combined, represent just 9.1% of the pool, that have sponsorship and/or loan collateral associated with a voluntary bankruptcy filing, a prior DPO, a loan default, limited net worth and/or liquidity, a historical negative credit event, and/or inadequate commercial real estate experience.

CHALLENGES AND CONSIDERATIONS – The pool exhibits heavy leverage barbelling. While the pool has 11 loans, comprising 40.0% of the pool balance, with an issuance LTV lower than 59.3%, a threshold historically indicative of relatively low-leverage financing and generally associated with below-average default frequency, there are also 10 loans, comprising 13.1% of the pool balance, with an issuance LTV higher than 67.1%, a threshold historically indicative of relatively high-leverage financing and generally associated with above-average default frequency. The WA expected loss of the pool’s investment-grade component was

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approximately 0.5%, while the WA expected loss of the pool’s conduit component was substantially higher at over 2.4%, further illustrating the barbelled nature of the transaction. – The WA DBRS Morningstar DSCR exhibited by the loans that were identified as representing relatively high-leverage financing was 1.67x. Additionally, no loans exhibited a DBRS Morningstar Issuance DSCR of less than 1.32x, a threshold generally associated with above-average default frequency. – Twenty-one loans, representing a combined 69.8% of the pool by allocated loan balance, are structured with full-term IO periods. An additional nine loans, representing 21.4% of the pool, have partial IO periods ranging from 12 months to 60 months. Expected amortization for the pool is only 4.8%, which is less than recent conduit securitizations. – Of the 21 loans structured with full-term IO periods, nine loans, representing 30.7% of the pool by allocated loan balance, are located in areas with a DBRS Morningstar Market Rank of 6, 7, or 8. These markets benefit from increased liquidity even during times of economic stress. – Three of the 21 identified loans, representing 17.0% of the total pool balance, are shadow-rated investment grade by DBRS Morningstar: 650 Madison Avenue, F5 Tower, and Bellagio Hotel and Casino. – The pool features a relatively high concentration of loans secured by properties located in less favorable suburban market areas, as evidenced by 18 loans, representing 29.1% of the pool balance, being secured by properties located in areas with a DBRS Morningstar Market Rank of either 3 or 4. An additional eight loans, totaling 19.2% of the pool balance, are secured by properties located in areas with a DBRS Morningstar Market Rank of either 1 or 2, which are typically considered more rural or tertiary in nature. – Seventeen of the identified loans, representing 21.2% of the pool balance, that are secured by properties located in areas with a DBRS Morningstar Market Rank of 1, 2, 3, or 4 will amortize over the loan term, which can reduce risk over time. The average expected amortization of these loans is 21.2%, which is notably higher than the pool’s total WA expected amortization of 4.8%. – Nine loans, representing 30.7% of the total pool balance, are secured by properties located in areas with a DBRS Morningstar Market Rank of 6, 7, and 8, which are characterized as urbanized locations.

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DBRS Morningstar Credit Characteristics

DBRS MORNINGSTAR TERM DSCR DBRS MORNINGSTAR BALLOON LTV

% of the Pool DSCR % of the Pool (Trust Balance1) DBRS Morningstar Balloon LTV (Trust Balance1)

0.00x-0.90x 0.0 0.0%-50.0% 29.7

0.90x-1.00x 0.0 50.0%-55.0% 16.5

1.00x-1.15x 0.0 55.0%-60.0% 20.8

1.15x-1.30x 0.0 60.0%-65.0% 28.4

1.30x-1.45x 5.6 65.0%-70.0% 3.8

1.45x-1.60x 10.7 70.0%-75.0% 0.8

1.60x-1.75x 13.0 >75.0% 0.0

>1.75x 70.6 Wtd. Avg. 53.6

Wtd. Avg. 2.53

DBRS MORNINGSTAR ISSUANCE LTV

DBRS Morningstar % of the Pool Issuance LTV (Trust Balance1)

0.0%-50.0% 26.7

50.0%-55.0% 8.5

55.0%-60.0% 5.6

60.0%-65.0% 35.1

65.0%-70.0% 12.8

70.0%-75.0% 10.4

>75.0% 0.9

Wtd. Avg. 56.9

1. Includes pari passu debt, but excludes subordinate debt.

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Largest Loan Summary

LOAN DETAIL

DBRS Morningstar DBRS Morningstar DBRS Morningstar Issuance Loan Name Trust Balance ($) % of Pool Shadow Rating DSCR (x) Appraised LTV (%) Parkmerced 65,000,000 7.2 AA (high) 3.95 25.9 650 Madison Avenue 60,000,000 6.6 BBB (low) 2.45 48.5 Kings Plaza 60,000,000 6.6 BBB (low) 2.71 54.1 545 Washington Boulevard 50,321,250 5.6 n/a 2.11 61.4 F5 Tower 50,000,000 5.5 A (high) 2.90 39.4 Exchange on Erwin 50,000,000 5.5 n/a 1.97 64.5 Bellagio Hotel and Casino 43,750,000 4.8 AAA 7.92 39.3 ExchangeRight Net Leased 40,000,000 4.4 n/a 2.43 62.1 Portfolio #31 CNP Headquarters 33,800,000 3.7 n/a 1.59 64.6 Brooklyn Flats & 482 Seneca 29,900,000 3.3 n/a 1.66 63.7 Avenue Crossed Group Millikan Business Center 28,000,000 3.1 n/a 1.99 64.4 Satellite Flex Office Portfolio 27,300,000 3.0 n/a 1.42 73.4 2000 Park Lane 26,910,000 3.0 n/a 1.85 65.0 Advance Auto Parts Portfolio 26,500,000 2.9 n/a 2.23 65.0 Trinity Multifamily Portfolio 25,310,000 2.8 n/a 1.60 73.5

PROPERTY DETAIL

DBRS Morningstar SF/ Loan per Maturity Balance Loan Name Property Type City State Year Built Units SF/Units ($) per SF/Units ($) Parkmerced Multifamily San Francisco CA 1944, 1951 3,165 172,828 172,828 650 Madison Avenue Mixed Use New York NY 1957, 1987 600,415 977 977 Kings Plaza Retail Brooklyn NY 1969 811,797 600 600 545 Washington Boulevard Office Jersey City NJ 2001 866,706 290 290 F5 Tower Office Seattle WA 2019 515,518 359 359 Exchange on Erwin Mixed Use Durham NC 2007, 2017-2018 316,061 239 239 Bellagio Hotel and Casino Full Service Hotel Las Vegas NV 1997 3,933 426,189 426,189 ExchangeRight Net Leased Retail Various Various Various 547,761 135 135 Portfolio #31 CNP Headquarters Industrial Lathrop CA 1992-2000 358,107 94 85 Brooklyn Flats & 482 Sen- Multifamily Various NY Various 50 598,000 598,000 eca Avenue Crossed Group Millikan Business Center Mixed Use Beaverton OR 1970 293,763 95 81 Satellite Flex Office Portfolio Office Duluth GA 1998-1999 287,816 95 77 2000 Park Lane Office Pittsburgh PA 1993 234,859 115 103 Advance Auto Parts Portfolio Unanchored Retail Various Various Various 248,790 107 107 Trinity Multifamily Portfolio Multifamily Various Various Various 354 71,497 60,497

Note: Loan metrics are based on whole-loan balances.

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DBRS Morningstar Sample

DBRS MORNINGSTAR SAMPLE RESULTS

DBRS DBRS Morningstar DBRS Morningstar DBRS Prospectus % of Morningstar NCF Variance Major Variance Morningstar ID Loan Name Pool NCF ($) (%) Drivers Property Quality

1 Parkmerced 7.2 $58,796,395 -1.5 Vacancy, Management Fee Average

2 650 Madison Avenue 6.6 $50,846,168 -10.4 TI/LCs, Vacancy Above Average

3 Kings Plaza 6.6 $44,908,000 -11.8 Occupancy Cost, Other Average + Income, TI/LCs

4 545 Washington Boulevard 5.6 $18,327,193 -15.5 Vacancy, TI/LCs, Rent Average + Steps

5 F5 Tower 5.5 $20,086,306 -13.1 GPR, TI/LCs Excellent

6 Exchange on Erwin 5.5 $5,150,112 -12.1 Vacancy, Mgmt Fee Average +

7 Bellagio Hotel and Casino 4.8 $426,559,931 -6.0 RevPAR, FF&E Excellent

8 ExchangeRight Net Leased 4.4 $6,346,465 -5.4 TI/LCs Average Portfolio #31

9 CNP Headquarters 3.7 $3,003,057 -3.9 TI/LCs Average

10 Brooklyn Flats & 482 Seneca 3.3 $2,037,175 -4.1 Vacancy Average Avenue Crossed Group

11 Millikan Business Center 3.1 $2,955,202 -2.6 TI/LCs Average

12 Satellite Flex Office Portfolio 3.0 $2,194,794 -6.4 TI/LCs, Rent Steps, Average Management Fee

13 2000 Park Lane 3.0 $2,667,961 -9.5 Operating Expenses Average

14 Advance Auto Parts Portfolio 2.9 $2,130,868 -17.1 Vacancy, TI/LCs Average

15 Trinity Multifamily Portfolio 2.8 $2,363,224 -1.9 Vacancy Average

16 Gardena Valley Shopping 2.5 $2,873,544 -4.7 Vacancy, TI/LCs Average Center

17 BlueLinx Portfolio III 2.5 $2,064,466 0.9 Positive Variance Average

18 Springhill Suites - New Smyrna 2.2 $1,915,447 -22.1 RevPAR Average + Beach

20 Landing At The Quarter 1.7 $1,374,797 -9.4 GPR, Vacancy Average

25 The Alhambra Lofts 1.4 $819,976 -5.1 Operating Expenses Average

29 101 Stanton 1.2 $701,151 -3.8 Vacancy Average

30 Hampton Inn & Suites 0.9 $900,473 -13.9 RevPAR Average + Oklahoma City

34 La Jolla Seaview 0.8 $455,599 -10.0 Vacancy Average +

38 Sioux City MHC Portfolio 0.6 $478,550 -3.1 Vacancy Below Average

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DBRS MORNINGSTAR SITE INSPECTIONS DBRS Morningstar Sampled Property Quality The DBRS Morningstar sample included 24 of the 40 loans in the pool, representing a combined 82.2% of the pool by # of % of Loans Sample allocated loan balance. Site inspections were performed on  Excellent 2 12.6 40 of the 118 properties in the portfolio (71.9% of the pool by  Above Average 1 8.1 allocated loan balance). DBRS Morningstar conducted meet-  Average + 6 26.4 ings with the on-site property manager, a leasing agent or a  Average 14 52.2 representative of the borrowing entity for 60.1% of the pool.  Average - 0 0.0 The resulting DBRS Morningstar property quality scores are  Below Average 1 0.7 highlighted in the following chart:  Poor 0 0.0

25.0% 25.0

20.0% 20.0

15.0%

10.0% 10.0

5.0% 5.0

0.0% 0.0 Anchored Extended Stay Full Service Industrial Limited MHCMixed UseMultifamily Office Self StorageUnanchored Retail Hotel Hotel Service Hotel Retail

Excellent Above Average Average (+) Average Average (-) Below Average Poor % of Pool

DBRS MORNINGSTAR CASH FLOW ANALYSIS A cash flow review as well as a cash flow stability and structural review was completed on 24 of the 40 loans, representing 82.2% of the pool by loan balance. For loans not subject to an NCF review, DBRS Morningstar applied the average NCF variance of its respective loan seller.

DBRS Morningstar generally adjusted cash flow to current in-place rent and, in some instances, applied an additional vacancy or concession adjustment to account for deteriorating market conditions or tenants with above-market rent. In certain instances, DBRS Morningstar accepted contractual rent bumps if they were within market levels. Generally, most expenses were recognized based on the higher of historical figures or the borrower’s budgeted figures. Real estate taxes and insurance premiums were inflated if a current bill was not provided. Capex was deducted based on the greater of the engineer’s inflated estimates or the DBRS Morningstar standard, according to property type. Finally, leasing costs were deducted to arrive at the DBRS Morningstar NCF. If a significant upfront leasing reserve was established at closing, DBRS Morningstar reduced its recognized costs. DBRS Morningstar gave credit to tenants not yet in occupancy if a lease had been signed and the loan was adequately structured with a reserve, LOC, or holdback earn-out. The DBRS Morningstar sample had an average NCF variance of -8.0% and ranged between -22.1% (Springhill Suites – New Smyrna Beach) and +0.9% (BlueLinx Portfolio III).

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MODEL ADJUSTMENTS DBRS Morningstar applied a POD and/or LGD adjustment to three loans (CNP Headquarters, Fairfield Inn & Suites Lebanon, and La Jolla Seaview), accounting for a combined 5.5% of the pool by allocated loan balance. Identified model adjustments were as follows: – DBRS Morningstar adjusted the LGD for CNP Headquarters upward to account for the specialty-use (manufacturing) nature of some of the collateral. – DBRS Morningstar adjusted the POD and LGD assumptions for Fairfield Inn & Suites Lebanon to reflect an upward cap- rate adjustment from the issuer’s implied cap rate of 6.9% to the DBRS Morningstar adjusted cap rate of 8.3%. The DBRS Morningstar cap-rate adjustment resulted in adjusted DBRS Morningstar Issuance and Maturity LTVs of 76.6% and 61.4%, respectively, which were then applied to the DBRS Morningstar POD and LGD calculations. DBRS Morningstar made the cap-rate adjustment for this loan to bring the cap rate to a level that is consistent with similar limited-service hotels in tertiary markets. – DBRS Morningstar adjusted the POD and LGD assumptions for La Jolla Seaview to reflect an upward cap-rate adjustment from the issuer’s implied cap rate of 3.7% to the DBRS Morningstar adjusted cap rate of 5.0%. The DBRS Morningstar cap-rate adjustment resulted in adjusted DBRS Morningstar Issuance and Maturity LTVs of 72.1% and 72.1%, respectively, which were then applied to the DBRS Morningstar POD and LGD calculations. DBRS Morningstar made the cap-rate adjustment for this loan to bring the cap rate to a level that is consistent with similar mixed-use assets in California.

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Transaction Concentrations

DBRS Morningstar Property Type Geography

# of % of # of % of Property Type Loans Pool State Properties Pool  Retail 6 17.0  NY 11 21.4  Extended Stay Hotel 1 0.9  CA 4 14.3  Full Service Hotel 1 4.8  GA 19 6.1  Industrial 2 6.2  NJ 2 6.0  Limited Service Hotel 5 6.4  NC 2 5.8  MHC 1 0.6  WA 1 5.5  Mixed Use 4 16.1  All Others 79 40.9  Multifamily 7 18.3  Office 7 21.7  Self Storage 3 2.8  Unanchored Retail 3 5.2

Loan Size DBRS Morningstar Market Types

# of % of # of % of Loan Size Loans Pool Market Type Properties Pool  Very Large 7 41.9  1 1 0.33 (>$20.0 million)  2 7 18.91  Large 2 8.2  3 14 23.09 ($10.0-$20.0 million)  4 4 5.98  Medium 8 23.2 ($5.0-$10.0 million)  5 5 20.96  Small 12 18.7  6 2 6.21 ($2.0-$5.0 million)  7 3 14.40  Very Small 11 8.0  8 4 10.12 (<$2.0 million)

Largest Property Location Property Name City State  Parkmerced San Francisco CA  650 Madison Avenue New York NY  Kings Plaza Brooklyn NY  545 Washington Boulevard Jersey City NJ  F5 Tower Seattle WA  Exchange on Erwin Durham NC  Bellagio Hotel and Casino Las Vegas NV  ExchangeRight Net Leased Portfolio #31 Various Various  CNP Headquarters Lathrop CA  DBRS Brooklyn Rollup Various NY  Millikan Business Center Beaverton OR  Satellite Flex Office Portfolio Duluth GA  2000 Park Lane Pittsburgh PA  Advance Auto Parts Portfolio Various Various  Trinity Multifamily Portfolio Various Various

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Loan Structural Features

Pari Passu Notes: Eight loans, representing 46.4% of the pool, have pari passu debt and are identified in the table below.

PARI PASSU NOTES

% of Total Loan Balance % of Pool Deal ID Pari Passu Loan Controlling Piece (Y/N) Parkmerced 65,000,000 7.2 BBCMS 2020-C6 11.9 N 247,000,000 MRCD 2019-PARK 45.2 Y 37,500,000 GSMS 2020-GC45 6.9 N 197,500,000 Future Securitization(s) 36.1 N 547,000,000 n/a 100.0 N 650 Madison Avenue $60,000,000 6.6% BBCMS 2020-C6 10.2 N $1,000,000 MAD 2019-650M 0.2 Y $50,000,000 CGCMT 2019-C7 8.5 N $50,000,000 GSMS 2020-GC45 8.5 N $45,000,000 BMARK 2020-C16 7.7 N $380,800,000 Future Securitization(s) 64.9 N $586,800,000 n/a 100.0 N Kings Plaza $60,000,000 6.6% BBCMS 2020-C6 12.3 N $75,000,000 BANK 2020-BNK25 15.4 N $50,000,000 BMARK 2020-C16 10.3 $302,000,000 Future Securitization(s) 62.0 Y $487,000,000 n/a 100.0 N 545 Washington Boulevard 50,321,250 5.6 BBCMS 2020-C6 20.0 N 81,285,000 BANK 2020-BNK25 32.3 Y 120,000,000 Future Securitization(s) 47.7 N 251,606,250 n/a 100.0 N F5 Tower 50,000,000 5.5 BBCMS 2020-C6 27.0 Y 135,000,000 Future Securitization(s) 73.0 N 185,000,000 n/a 100.0 N Exchange on Erwin 50,000,000 5.5 BBCMS 2020-C6 66.3 Y 25,450,000 Future Securitization(s) 33.7 N 75,450,000 n/a 100.0 N Bellagio Hotel and Casino $43,750,000 4.8% BBCMS 2020-C6 2.6 N $716,000,000 BX 2019-OC11 42.7 Y $360,200,000 Third Party Purchaser 21.5 N $60,000,000 GSMS 2020-GC45 3.6 N $100,000,000 BANK 2020-BNK25 6.0 N $60,000,000 BMARK 2020-C16 3.6 $336,250,000 Future Securitization(s) 20.1 N $1,676,200,000 n/a 100.0 N ExchangeRight Net Leased 40,000,000 4.4 BBCMS 2020-C6 54.1 Y Portfolio #31 33,875,000 Future Securitization(s) 45.9 N 73,875,000 n/a 100.0 N

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Subordinate Debt: Four loans, representing 24.2% of the allocated loan balance, have additional subordinated debt. Additionally, three loans, representing 19.4% of the allocated loan balance, have existing mezzanine debt. There are four loans, representing 17.2% of the pool, permitted to incur mezzanine debt in the future provided that certain LTV, debt yield, and/or DSCR thresholds are met and a lender-approved intercreditor agreement and rating agency confirmation are obtained.

Interest Only DBRS Morningstar Expected Amoritization

# of % of # of % of Loans Pool Loans Pool  Full IO 21 69.8  0.0% 21 69.8  Partial IO 9 21.4  0.0%-5.0% 0 0.0  Amortizing 10 8.8  5.0%-10.0% 2 4.1  10.0%-15.0% 3 7.8  15.0%-20.0% 8 12.3  20.0%-25.0% 6 6.1  >25.0% 0 0.0 Note: For certain ARD loans, expected amortization may include amortization expected to occur after the ARD but prior to single/major tenant expiry.

SUBORDINATE DEBT

Mezz/ Future Mezz/ Pari Passu B-Note Unsecured Debt Unsecured Debt Total Debt Loan Name Trust Balance Balance Balance Balance (Y/N) Balance

Parkmerced $65,000,000 $482,000,000 $953,000,000 $275,000,000 N $1,775,000,000

650 Madison Avenue $60,000,000 $526,800,000 $213,200,000 $0 N $800,000,000

Kings Plaza $60,000,000 $427,000,000 $0 $53,000,000 N $540,000,000

545 Washington Boulevard $50,321,250 $201,285,000 $0 $0 Y $251,606,250

F5 Tower $50,000,000 $135,000,000 $112,600,000 $48,500,000 N $346,100,000

Exchange on Erwin $50,000,000 $25,450,000 $0 $0 N $75,450,000

Bellagio Hotel and Casino $43,750,000 $1,632,450,000 $1,333,800,000 $0 Y $3,010,000,000

ExchangeRight Net Leased $40,000,000 $33,875,000 $0 $0 N $73,875,000 Portfolio #31

CNP Headquarters $33,800,000 $0 $0 $0 Y $33,800,000

Millikan Business Center $28,000,000 $0 $0 $0 Y $28,000,000

Leasehold: Two loans, representing 11.5% of the pool balance, are secured by the borrower’s fee and leasehold interest. The leasehold interest in the Kings Plaza loan includes the parking garage ingress/egress, one of the buildings, and a portion of the ground under the parking garage. The leasehold in Bellagio Hotel and Casino is a 0.8-acre parcel located at the southeast corner of the property and includes the marquee sign as well as the entrance to a walkway leading from the sidewalk along the Strip to the main entrance of the hotel. In all cases, the mortgagee has notice and cure rights and the ground lease has an expiration (inclusive of renewal options) far enough beyond the loan’s amortization schedule to be considered refinanceable.

January 2020 14 Presale Report | BBCMS 2020-C6

Sponsor Strength: Sponsor Strength: DBRS Morningstar DBRS Morningstar Sponsor Strength considers the sponsorship of five loans, totaling 28.1% of the # of % of pool, to be Strong because of the sponsors’ extensive experi- Loans Pool ence in the commercial real estate sector as well as significant  Strong 5 28.1 financial wherewithal. DBRS Morningstar identified three  Average 32 62.8 loans, representing 9.1% of the pool, associated with sponsors  Weak 3 9.1 with a prior voluntary bankruptcy, inadequate commercial  Bad/Litigious 0 0.0 real estate experience, and/or other negative credit events. DBRS Morningstar applied POD penalties to mitigate this risk. Three of these loans are in the top 15 loans. For information on the history of the sponsorship, please see the individual loan summaries for Brooklyn Flats & 482 Seneca (page 61), 2000 Park Lane (page 75), and Trinity Multifamily Portfolio (page 84).

Property Release: Property Release: Eight loans, representing 36.0% of the pool, allow for the release of one or more properties or a portion of the mortgaged property, subject to release prices in an amount at least equal to the allocated loan amounts of the respective properties and/or certain leverage tests prescribed in the individual loan agreements.

Property Substitution: There are no loans in the pool that allow for the substitution of properties. .

Terrorism Insurance: Terrorism insurance is required and in place for all loans.

RESERVE REQUIREMENT BORROWER STRUCTURE

Type Loans % of Pool Type Loans % of Pool

Tax Ongoing 28 50.9 SPE with Independent Director and 15 67.8 Non-Consolidation Opinion

Insurance Ongoing 19 24.7 SPE with Independent Director Only 1 1.8

CapEx Ongoing 26 48.2 SPE with Non-Consolidation Opinion Only 0 0.0

Leasing Costs Ongoing1 12 38.9 SPE Only 24 30.4

1. Percent of office, retail, industrial and mixed use assets based on DBRS property types.

January 2020 15 Presale Report | BBCMS 2020-C6

Parkmerced San Francisco, CA

Loan Snapshot Seller Barclays Ownership Interest Fee Trust Balance ($ million) $65.0 Loan psf/Unit $172,828 Percentage of the Pool 7.2% Loan Maturity/ARD December 2024 Amortization COLLATERAL SUMMARY Interest-Only DBRS Morningstar 1944–51 Multifamily Year Built/Renovated DBRS Morningstar Property Type 2009 Issuance DSCR 3.95x City, State San Francisco, CA Physical Occupancy (%) 94.3 DBRS Morningstar 3,165 units (out of Units/SF Physical Occupancy Date September 2019 Issuance LTV 3,221 total) 25.9% DBRS Morningstar Balloon LTV The $1.5 billion loan is secured by the borrower’s fee interest in 3,165 units of a 25.9% 3,221-unit apartment complex constructed from 1944 to 1951. The borrower excluded DBRS Morningstar 56 units from the collateral for a future redevelopment of the entire property following Property Type the loan maturity. The development sits on 152 acres in the far southwest section of Average San Francisco near Lake Merced Park and the Pacific coast. It is one of the largest DBRS Moringstar Property Quality apartment complexes in California and the largest privately owned urban community Average in North America. The property’s unit mix consists of 1,538 townhomes and 1,683 tower units. There are 385 units that accept Section 8 housing assistance vouchers. The Debt Stack ($ million) Trust Balance $1.5 billion whole loan, $275.0 million in mezzanine financing, and sponsor equity of $65.0 $19.7 million were used to refinance $1.6 billion in outstanding debt, pay a $117.5 million Pari Passu rate buydown charge, repay preferred equity of $45.1 million, and fund closing costs $482.0 of $33.8 million. The funds will also be used to cover the replacement reserve and B-Note purchase interest rate protection. $953.0 Mezz The rental property benefits from the strong rental market in the San Francisco $275.0 community, with high occupancy and continued average rent increases. Bolstered by Total Debt its proximity to the San Francisco State University and rent control regulations, the $1,775.0 property enjoys high occupancy and steady income even while average rents are 25% Loan Purpose below market because of rent stabilization. The property has an “as of right” zoning Refinance allowance to expand to 7,217 units. The sponsor’s long-term redevelopment plan is Equity Contribution/ scheduled for after the loan term in which all 1,538 townhomes will be demolished (Distribution) ($ million) and replaced by 5,679 new units in apartment towers. The borrower also has plans to $19.7 renovate the 1,683 existing tower units as part of this redevelopment but not during the loan term.

January 2020 16 Presale Report | BBCMS 2020-C6

PARKMERCED – SAN FRANCISCO, CA

COMPETITIVE SET

Distance Avg. from Rental Subject Year Built/ Occupancy Rate Per Avg. Unit Property Location (miles) Units Renovated (%) Unit ($) Size (SF)

Westlake Village Apartments Daly City, CA 3 2,910 1968 100.0 2,331 622

Lakewood Apartments San Francisco 2 722 1973 97.0 2,536 820

Avalon Sunset Towers San Francisco 4 243 1961 97.0 3,802 847

The Fillmore Center San Francisco 7 1,114 1983 94.0 3,134 1,346

South City Station Apartments San Francisco 5 360 2007 95.0 3,375 1,111

Pacific Place Apartments Daly City, CA 4 71 2010 96.0 3,321 71

Avalon Ocean Avenue San Francisco 2 173 2012 97.0 4,055 173

Total/Wtd. Avg. Comp. Set Various, CA Various 5,593 Various 97.8 2,714 812

Parkmerced – Subject San Francisco n/a 3,165 1944//2009 94.3 2,267 955

Source: Newmark Knight Frank appraisal, except the subject figures are based on the rent roll dated September 10, 2019.

SPONSORSHIP The loan benefits from experienced and high-quality sponsor Maximus Real Estate Partners. The borrower is a joint venture between Maximus and David Werner. Rob Rosania, the founder of Maximus, has been part of the property ownership since 2005. Werner, a Brooklyn-based real estate investor, is very experienced on the national level but operates largely in the New York commercial and residential markets.

The property manager is an affiliate of Maximus.

DBRS MORNINGSTAR ANALYSIS SITE INSPECTION SUMMARY

DBRS Morningstar toured numerous townhouses and towers on the morning of Thursday, December 19, 2019, with representatives of the management company. Based on the site inspection and management tour, DBRS Morningstar found the property quality to be Average.

January 2020 17 Presale Report | BBCMS 2020-C6

PARKMERCED – SAN FRANCISCO, CA

The Parkmerced residential development is along the western edge of the Bay Area peninsula, about 20 minutes southwest of downtown San Francisco along I-280 and just north of Daly City. Originally built in phases starting in the 1940s, the property is a sprawling complex that consists of both townhomes and high-rises set against the backdrop of the San Francisco Golf Club, Lake Merced, and San Francisco State University.

Property amenities include ample outdoor space, a dog park, playgrounds, on-site covered and uncovered parking, on-site laundry facilities, and various fitness centers throughout the complex. The amenity package, while relatively standard, represents the property’s age and lacks the high-end trimmings that are common to newer residential developments.

The living arrangements at the property consist of both townhouses and high-rise apartments. The townhomes are generally well kept but do not have an updated appearance. Most of the townhome units are duplex units with a kitchen and living area on the first floor, complimented by bedrooms and bathrooms on the second level. The kitchens in the townhomes were generally clean but dated, with metal cabinetry and countertops. Certain units have received cabinet and countertop upgrades, and the sponsor is updating the appliances on an ongoing basis. Most units at the property have parquet wood floors that are in good condition, which give the apartments a modern feel. The bathrooms were also dated but well maintained, with pastel-style tile and porcelain sinks with older fixtures.

The high-rise units were more akin to traditional apartment style living. Certain towers have benefitted from a well- designed lobby renovation that made more efficient use of lobby space to create a modern sitting area. Most buildings have only two elevators that service the entire tower. Towers without the lobby renovation typically feature a fitness center in a room off the lobby, while the renovated towers have larger fitness centers in the basement. The model units were extremely well staged with modern furniture that, along with the parquet floors, made the apartments seem modern and functional. The units were quite spacious, and most feature views of Lake Merced and the surrounding grounds. The kitchen and bath finishes were consistent with those in the townhomes–dated but well maintained. Certain high-rise units are similarly scheduled to receive an upgraded countertops and cabinets.

Overall, the property, despite being built many decades ago, is well maintained thanks to the sponsor and offers residents with relatively convenient and comparatively affordable living arrangements adjacent to the San Francisco State University campus and within commuting distance of downtown San Francisco and the Silicon Valley area, the two areas management is targeting with the future redevelopment strategy.

DBRS MORNINGSTAR NCF SUMMARY NCF ANALYSIS

T-12 DBRS 2016 2017 2018 August 2019 Issuer NCF Morningstar NCF NCF Variance

GPR $92,621,472 $96,288,650 $99,364,660 $101,199,148 $104,205,538 $104,126,022 -0.1%

Other Income $6,244,183 $6,716,424 $7,000,388 $7,506,263 $7,260,065 $7,199,987 -0.8%

Vacancy & Concessions -$15,684,578 -$12,952,736 -$11,082,811 -$9,204,100 -$8,481,722 -$8,604,298 1.4%

EGI $83,181,077 $90,052,338 $95,282,237 $99,501,311 $102,983,881 $102,721,712 -0.3%

Expenses $38,976,882 $40,409,981 $41,596,712 $43,742,948 $42,514,116 $43,054,942 1.3%

NOI $44,204,195 $49,642,357 $53,685,525 $55,758,363 $60,469,764 $59,666,770 -1.3%

Capex $0 $0 $0 $0 $791,250 $870,375 10.0%

NCF $44,204,195 $49,642,357 $53,685,525 $55,758,363 $59,678,514 $58,796,395 -1.5%

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar Stabilized NCF was $58,796,395, down 1.5% from the Issuer’s NCF. The main drivers of the variance are the management fee, scheduled rent, non-revenue-generating units, and replacement reserve.

January 2020 18 Presale Report | BBCMS 2020-C6

PARKMERCED – SAN FRANCISCO, CA

The local residential rental market is very tight, with the average apartment vacancy in the West San Francisco submarket at 2.8% in Q2 2019, according to Reis; however, DBRS Morningstar used a 7.5% vacancy, which is similar to the Issuer, and is the midpoint of the average economic vacancy at the property in 2018 and the T-12 ended July 31, 2019. Recent history indicates a slow and steady improvement since 2016. The property’s average increase in EGI since 2015 has been $5.0 million per year, which supports DBRS Morningstar’s assumed increase in EGI of $3.2 million from the T-12 ended August 2019 using the current in-place rent roll. DBRS Morningstar assumed other income line items at the T-12 ended August 2019 levels with a slight reduction in parking revenue based on the first-year pro forma estimate.

The largest variance came from the management fee, which DBRS Morningstar estimated at 1.5%, down from the standard 4.0% because of the large size of the apartment complex. The Issuer capped management fees at $1.0 million.

The property, constructed from 1941 to 1951, has been well maintained, but the aged condition of building components and mechanical systems prompted DBRS Morningstar to increase the standard replacement reserve estimate to $275 per unit per year from $250 per unit per year. This estimate is in line with the property condition assessment, which estimated the inflated reserves per unit per year to be $278. Otherwise, DBRS Morningstar’s cash flow assumption is very close to that of the Issuer.

DBRS MORNINGSTAR VIEWPOINT DBRS Morningstar believes that the property will perform well given its desirable location in the San Francisco area, near San Francisco State University, with downtown San Francisco to the northeast and Silicon Valley to the south, both along I-280. The very tight apartment market in San Francisco supports the property’s stability, especially for those seeking more affordable rent. The property’s proximity to the university, large percentage of Section 8 residents, and strong rent control regulations provide a constant stream of willing tenants at existing rent levels.

Management has recognized the advantageous location of the property and has begun a strategic shift from a rental residence to a modern, higher-rent property that can tap into the affluent demographic of the city. During the loan term, DBRS Morningstar expects rents to be very steady to increasing. DBRS Morningstar concluded to the in-place revenue. There is some near-term upside potential from rolling units to market rent as the turn over, but DBRS Morningstar didn’t capture this upside in its estimates. The new rent governance law established by California, the Tenant Protection Act of 2019, should not have an impact on this property. It is already subject to the San Francisco rent regulation, which has lower allowable rent increases, and the new statewide law does not pre-empt stricter local ordinances, nor does it outlaw vacancy decontrol.

DOWNSIDE RISKS – The buildings are 69 years to 79 years old. The age could increase annual and deferred maintenance costs. – The loan is full-term IO, which increases the risk of maturity loan default. – The property is in a seismic zone 4, and there are 70 units in nonreinforced masonry buildings that, because of their age, may not meet current structural design requirements.

STABILIZING FACTORS – The property was renovated as recently as 2009. DBRS Morningstar noted minimal deferred maintenance at the time of the site inspections. The sponsor is planning renovations of the property. – The first mortgage has an appraised LTV of 25.9% including the development rights and 31.4% excluding the development rights. – The sponsor begun retrofitting nonreinforced masonry structures in 2006. Retrofit work occurs as units become vacant, and 42 units have been completed out of the 70 units that are affected. In addition, the borrower will maintain earthquake insurance on the property.

January 2020 19 Presale Report | BBCMS 2020-C6

650 Madison Avenue New York, NY

Loan Snapshot Seller Barclays Ownership Interest Fee Trust Balance ($ million) $60.0 Loan psf/Unit $977 Percentage of the Pool 6.6% Loan Maturity/ARD December 2029 Amortization COLLATERAL SUMMARY Interest-Only DBRS Morningstar Property Type Mixed Use Year Built/Renovated 1957/2015 DBRS Morningstar Issuance DSCR City, State New York, NY Physical Occupancy (%) 97.4 2.45x Units/SF 600,145 Physical Occupancy Date October 2019 DBRS Morningstar Issuance LTV This loan is secured by the borrower’s fee-simple interest in a 27-story (604,096 sf ) 48.5% mixed-use office and retail property in New York City, on Madison Avenue between DBRS Morningstar Balloon LTV 59th and 60th streets in the Plaza District. The loan will total $800 million and is 48.5% structured as a fixed-rate loan with a 10-year, interest-only term. Loan proceeds will DBRS Morningstar be used to refinance existing debt of $800 million and fund upfront reserves and cover Property Type closing costs. The JV Sponsor acquired the asset from The Carlyle Group in 2013 for Above Average approximately $1.3 billion. DBRS Moringstar Property Quality Average The $586.8 million senior note ($60.0 million of which is being securitized in this transaction) sizes to BBB (low) based on DBRS Morningstar’s analysis of the loan on a Debt Stack ($ million) stand-alone basis. Trust Balance $60.0 Pari Passu PROPERTY OVERVIEW $526.8 The property was constructed in 1957 as an eight-story building, and a heavy expansion B-Note in 1987 added 19 stories of office space. The property is 96.8% leased and located in the $213.2 largest office submarket in the country. The property features a wide range of diverse Mezz and highly rated tenants that comprise 63.6% of the NRA. The office space is the global $0.0 headquarters for Ralph Lauren, occupying 45.9% of the property’s NRA. The ground- Total Debt floor retail spaces are occupied by Celine, Moncler, and Tod’s. The property is easily $800.0 accessible by public transportation (MTA subway lines F, M, N, Q, R, W, 4, 5, 6, and Loan Purpose Metro North), near both major and local thoroughfares (FDR drive, Queensboro Bridge, Refinance and Park Ave) and close to some of the most popular areas in Midtown Manhattan Equity Contribution/ such as Central Park, Rockefeller Center, Museum of Modern Art, and the luxury retail (Distribution) ($ million) corridors on 5th Ave and Madison Ave. $9.5

January 2020 20 Presale Report | BBCMS 2020-C6

650 MADISON AVENUE – NEW YORK, NY

TENANT SUMMARY

% of Total DBRS Morningstar % of Total DBRS Lease Investment Tenant SF NRA Base Rent PSF ($) Morningstar Base Rent Expiry Grade? (Y/N)

Ralph Lauren Corp 277,016 46.1 89.40 32.8 12/31/2024 Y

Memorial Sloan Center 100,700 16.8 92.97 12.4 7/31/2023 Y

Willet Advisors LLC 25,732 4.3 155.00 5.3 12/31/2024 N

Sotheby's 37,772 6.3 91.60 4.6 11/30/2035 N

BC Partners Inc. 19,380 3.2 118.58 3.0 1/31/2027 N

Subtotal/Wtd. Avg. 460,600 76.7 95.25 58.2 n/a n/a

Other Tenants 124,062 20.7 254.41 41.8 Various Various

Vacant Space 15,753 2.6 n/a n/a n/a n/a

Total/Wtd. Avg. 600,415 100.0 125.64 100.0 n/a n/a

SPONSORSHIP The borrower for this transaction is Vornado and Oxford Properties, which owns and operates Class A office/retail assets. Vornado is one of the largest owners of commercial real estate in the United States, with a portfolio of $17.2 billion in assets under management. Oxford Properties is a global real estate investor with about $50 billion worth of assets under management. This joint venture will also include investors such as JP Morgan Asset Management, Crown Acquisitions, and Highgate Hotels.

DBRS MORNINGSTAR ANALYSIS SITE INSPECTION SUMMARY Based on the site inspection and management tour conducted on the morning of Thursday, November 21, 2019, DBRS Morningstar found the property quality to be Average (+).

The property is at the corner of Madison Avenue and 59th Street in midtown Manhattan, with significant high-street retail frontage along Madison Avenue. The property is about half a block from the southern end of Central Park, which provides the middle and upper floors of the building with relatively unobstructed views of the park. The area is dominated by high- end ground floor retailers including Stuart Weitzman, Canali, Eton, Tom Ford, and Lalique. Nearby subway service includes the N-R-W at 5th Avenue Station and 4-5-6 service about two blocks west at the 59th Street-Lexington Avenue station.

January 2020 21 Presale Report | BBCMS 2020-C6

650 MADISON AVENUE – NEW YORK, NY

The lobby is modern and typical of Class A Midtown office buildings but not particularly striking. The sponsors repositioned some of the mezzanine space formerly occupied by Crate & Barrel and leased the space to Sotheby’s. The Sotheby’s space was recently completed and was nicely built out, with marble and glass throughout. The floor also includes some outdoor space in the form of a wraparound balcony.

The Memorial Sloan Kettering (MSK) space was well-kept but understandably more typical of a medical office, with waiting, exam, and diagnostic rooms across various portions of the space. The building also serves as the headquarters for Ralph Lauren, whose space is laden with custom wood paneling and includes a large open wood staircase that spans multiple floors. The Ralph Lauren space was busy at the time of the tour but in need of light updating (carpet in certain areas, for example). DBRS Morningstar also toured various prebuild spaces throughout the building, some of which had sought-after views of Central Park. The prebuild space was modern and thoughtfully designed, with high-end kitchen spaces and glass offices along the exterior. The prebuild space could easily be taken as-is by a tenant.

The retail component at the property includes high-end retailers Celine, Moncler, and Tod’s. DBRS Morningstar toured both the Celine and the Moncler spaces on the ground floor. Both were typical of luxury fashion retailers, though Celine’s space clearly benefited from the approximately $15 million TI package. The Moncler store uses customer-recognition technology to help monitor foot traffic and sales conversion ratios.

Overall, the building was typical of Class A Manhattan office space, with the added benefit of ultraluxury retail anchors on the ground floor along Madison Avenue.

DBRS MORNINGSTAR NCF SUMMARY NCF ANALYSIS

T-12 DBRS 2016 2017 2018 September 2019 Issuer NCF Morningstar NCF NCF Variance

GPR $60,021,831 $65,301,770 $65,936,213 $68,490,073 $79,521,977 $79,506,595 0.0%

Recoveries $7,020,651 $7,750,394 $8,784,222 $9,361,042 $10,762,016 $10,762,016 0.0%

Other Income $222,388 $265,640 $319,053 $362,097 $371,407 $362,097 -2.5%

Vacancy -$86,339 -$829,105 $0 $75,003 -$3,327,410 -$4,392,778 32.0%

EGI $67,178,531 $72,488,699 $75,039,488 $78,288,215 $87,327,989 $86,237,930 -1.2%

Expenses $24,477,297 $25,947,321 $26,481,960 $27,326,641 $28,901,495 $29,035,497 0.5%

NOI $42,701,234 $46,541,378 $48,557,528 $50,961,574 $58,426,495 $57,202,433 -2.1%

Capex $0 $0 $0 $0 $150,104 $148,512 -1.1%

TI/LC $0 $0 $0 $0 $1,500,000 $6,207,753 313.9%

NCF $42,701,234 $46,541,378 $48,557,528 $50,961,574 $56,776,391 $50,846,168 -10.4%

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar NCF for the subject was $50,846,168, representing a -10.45% variance from the issuer’s underwritten figure of $56,776,391. The primary drivers of the variance were vacancy, management fee, and TI/LCs. DBRS Morningstar concluded a vacancy of 5.5%, a management fee of 4% of EGI capped at $1 million, and substantially higher TI/LC assumptions. DBRS Morningstar concluded a total TI/LC cost of over $6.2 million, or just under $11/PSF normalized, whereas the issuer underwrote $1.5 million.

January 2020 22 Presale Report | BBCMS 2020-C6

650 MADISON AVENUE – NEW YORK, NY

DBRS MORNINGSTAR VIEWPOINT The 650 Madison Avenue building offers high-quality Class A office space with views of Central Park and high-street ground floor retail in an excellent location. Ralph Lauren has been headquartered at the building since 1989 and has expanded several times, and MSK is a high-investment-grade tenant with a substantial presence at the property as well.

The sponsor has been successful in repositioning the retail component formerly occupied by Crate & Barrel, adding significant value in the process. The Crate & Barrel store consumed a large amount of space and did not mesh as well with the other high-end retail in the immediate area. The mezzanine space was successfully leased to Sotheby’s, and the sponsors were able to entice luxury fashion retailers Celine and Moncler to sign leases for the ground-floor space. The $15 million TI package for Celine was substantial and among the highest in the retail comps that DBRS Morningstar was provided, but we believe it was necessary in order to elevate the retail component from middle-market to ultraluxury.

The biggest risk at the property is likely the midloan term expiration of the Ralph Lauren lease, which, if allowed to expire, would leave approximately 250,000 sf of vacant space. While Ralph Lauren has been headquartered at the property for more than 20 years, it is one of the few fashion brands based in the Plaza District submarket.

Overall, DBRS Morningstar views the property favorably for its strong long-term occupancy history (averaging 94.5% since 1996) with the two investment-grade anchor office tenants and a successful repositioning of the Crate & Barrel space to ultraluxury retail with long-term tenants. Additionally, the Central Park views from above the 15th floor and outdoor space are highly sought-after amenities for any office tenant.

DOWNSIDE RISKS – The property’s two anchor tenants, representing over 60% of the NRA, have leases that expire during the loan term. Furthermore, approximately 95% of the property’s cumulative gross rent is scheduled to expire through the loan’s maturity. – The loan’s recourse carve-out guaranty is capped at 10% of the loan amount. – The Plaza District submarket continues to face stiff competition for tenants from newer buildings in the Hudson Yards and Downtown Manhattan submarkets.

STABILIZING FACTORS – Both anchor office tenants have a significant operational presence at the property, and both spaces benefit from somewhat specialized build-outs. For example, in the case of MSK, there is a substantial amount of medical imaging infrastructure in the space. – The loan is a cash-neutral refinancing, with proceeds being used only to repay existing debt and cover closing costs. – The sponsor has successfully repositioned the retail component, which is now responsible for approximately a fourth of the building’s gross rent.

January 2020 23 Presale Report | BBCMS 2020-C6

Kings Plaza Brooklyn, New York

Loan Snapshot Seller SGFC Ownership Interest Fee/Leasehold Trust Balance ($ million) $60.0 Loan psf/Unit $600 Percentage of the Pool 6.6% Loan Maturity/ARD January 2030 Amortization COLLATERAL SUMMARY Interest-Only DBRS Morningstar Property Type Regional Mall Year Built/Renovated 1969 / 2018 DBRS Morningstar Issuance DSCR City, State Brooklyn, NY Physical Occupancy (%) 96.6 2.71x Units/SF1 811,797 Physical Occupancy Date Jan. 2020 DBRS Morningstar Issuance LTV 1. Kings Plaza has a total GLA of 1,150,797 sf of which 811,797 sf is collateral for this loan. 54.1% DBRS Morningstar The loan is secured by the borrower’s fee-simple and leasehold interests in Kings Balloon LTV Plaza Shopping Centre (Kings Plaza), a 1.15 million-sf (811,797 sf collateral) regional 54.1% mall, 3,000-space parking garage, and a marina with 150 slips, located in Brooklyn, DBRS Morningstar Property Type New York. Originally built in 1969, the property was acquired by the sponsor in 2012 Average + and underwent an extensive renovation that was completed in 2018. Kings Plaza was DBRS Moringstar 96.6% occupied as of January 2020 and the property is anchored by Lowe’s Home Property Quality Improvement, Primark, JCPenney, Burlington Coat Factory, and Best Buy. Strong Debt Stack ($ million) Whole loan proceeds of $540.0 million are being used to refinance $428.6 million of Trust Balance existing debt, cover estimated closing costs of $6.1 million, and return $105.2 million $60.0 of equity to the sponsor. The whole loan is being bifurcated into a $487.0 million first Pari Passu mortgage and a $53.0 million mezzanine loan. The 10-year loan is structured as IO for $427.0 the entire term. A non-controlling $60.0 million A-2-1 note will be securitized as part B-Note $0.0 of the BBCMS 2020-C6 transaction. The remaining pari passu notes will be securitized Mezz in one or more future transactions. Based on an appraised value of $900.0 million, $53.0 the first mortgage loan has an LTV of 54.1%. Because of the loan’s low exposure of Total Debt $600 psf, moderate leverage, and the property’s high quality and excellent location, $540.0 DBRS Morningstar considers the credit quality associated with Kings Plaza loan to be Loan Purpose BBB (low). Refinance Equity Contribution/ Kings Plaza is located at the corner of Flatbush Avenue and Avenue U and is the only (Distribution) ($ million) enclosed super-regional mall in Brooklyn. In addition to the anchors, major tenants at ($105.2) the property include Zara, H&M, Old Navy, Victoria’s Secret, and Ulta Beauty. As of September 2019, the property had in-line sales of $753 psf. For more information on the rent roll and tenants at the property, please refer to the table below.

January 2020 24 Presale Report | BBCMS 2020-C6

KINGS PLAZA – BROOKLYN, NY

TENANT SUMMARY

% of Total T-12 DBRS Credit % of Total DBRS Base DBRS Lease Sept. 19 Occupancy Tenant Tenant SF NRA Rent PSF Base Rent Expiry Sales Sales PSF Cost (Y/N)

Lowe's Home Centers 114,000 14.0% $27.60 4.7% 5/31/2028 $44,601,794 $391.24 7.1% Y

Primark 102,805 12.7% $43.51 6.6% 7/31/2038 n/a n/a n/a N

JCPenney 94,895 11.7% $25.18 3.5% 7/31/2038 $14,361,075 $151.34 16.6% N

Burlington 55,078 6.8% $45.90 3.8% 7/31/2028 n/a n/a n/a N

Best Buy 53,371 6.6% $91.51 7.3% 1/31/2032 n/a n/a n/a Y

Zara 33,771 4.2% $59.67 3.0% 7/31/2028 $17,275,825 $511.56 8.2% N

H&M 25,151 3.1% $95.16 3.6% 1/31/2024 $11,101,789 $441.41 21.6% N

Old Navy 18,256 2.2% $74.51 2.0% 1/31/2025 $7,352,403 $402.74 22.4% Y

Victoria's Secret 12,034 1.5% $143.10 2.6% 1/31/2023 $8,479,695 $704.64 20.3% N

ULTA Beauty 10,924 1.3% $130.70 2.1% 10/31/2027 $6,960,000 $637.13 20.5% N

Subtotal/Wtd. Avg. 520,285 64.1% $51.94 41.1% $103,172,581 $198.30 23.8%

Other Tenants 264,831 32.6% $157.25 58.9% Various $253,789,610 $958.31 17.5%

Vacant Space 26,681 3.3% n/a n/a Various n/a n/a n/a n/a

Total/Wtd. Avg. 811,797 100.0% $82.92 100.0% $356,962,191 $447.87 19.3%

Since acquiring the asset in 2012, the sponsor has invested approximately $290.3 million in capital improvements including renovations of the mall and parking garage and the $144.7 million redevelopment of the 290,000-sf former Sears store. The four-level store was redesigned with a glass atrium, a new facade, exterior improvements, and a new entryway. This space is now leased to Primark, Zara, JCPenney, and Burlington Coat Factory, at a total gross rent 31.2% higher than that of Sears.

The appraiser identified a competitive set of five properties for Kings Plaza. Two of the competing properties, Queens Center and Green Acres Mall, are also owned by the sponsor.

COMPETITIVE SET

Distance from Year Built/ Property Location Subject SF Renovated Occupancy Majors/ Anchors

Gateway Center I & II Brooklyn, NY 6.5 miles 1,200,000 2001/2014 97.0% BJ's Wholesale Club; Burlington; Home Depot; Shoprite; Target; JC Penney

Queens Center Queens, NY 13.0 miles 1,172,180 1973/2004 99.0% JC Penney; Macy's

Green Acres Mall Valley Stream, NY 14.3 miles 2,075,000 1956/2016 96.0% JC Penney; Macy's; Sears; Kohl's (vacant)

Staten Island Mall Staten Island, NY 19.0 miles 1,700,000 1972/2018 92.0% JC Penney; Macy's; Primark; Sears (vacant)

Roosevelt Field Garden City, NY 29.0 miles 2,330,000 1956/2014 97.0% JC Penney; Macy's; Bloomingdale's; Dick's Sporting Goods; Neiman Marcus; Nordstrom

Kings Plaza - Subject1 Brooklyn, NY n/a 1,150,797 1969/2018 96.6% Lowe's Home Center; Primark; Best Buy; JC Penney; Zara; Old Navy; Burlington

Source: Appraisal. 1. GLA for Kings Plaza includes 334,238 sf non-collateral anchor space.

January 2020 25 Presale Report | BBCMS 2020-C6

KINGS PLAZA – BROOKLYN, NY

SPONSORSHIP The sponsor for this loan is The Macerich Company (Macerich; NYSE: MAC), one of the country’s leading owners, operators, and developers of major retail real estate and was founded in 1964. As of September 30, 2019, Macerich owned or had an ownership interest in 47 regional shopping centers and five community/power shopping centers aggregating approximately 51.0 million sf of GLA in 15 different states, mainly in California, Arizona, and New York. The property management, leasing, and redevelopment of Macerich’s portfolio is provided by seven management companies owned by the company. Macerich is a self-administered and self-managed real estate investment trust.

DBRS MORNINGSTAR ANALYSIS SITE INSPECTION SUMMARY DBRS Morningstar toured the interior and exterior of Kings Plaza on Monday, November 18, 2019, at 2:00 p.m. Based on the site inspection, DBRS Morningstar found the property quality to be Average +.

The property is located in the Mill Basin neighborhood of southeast Brooklyn on the intersection of Flatbush Avenue and Avenue U, which are both major thoroughfares with high traffic volumes. Belt Parkway is 2 miles to the south. Public transport is available through five MTA bus lines, which terminate at the mall, using a dedicated bus terminal on the Flatbush Avenue side of the property. Subway access is available at Kings Highway Station, about 2.5 miles away, and Flatbush Avenue Station, 3.5 miles away. Barclays Center is located 6 miles to the north. While Flatbush Avenue and Avenue U have heavy retail concentrations, the Mill Basin neighborhood is generally residential, consisting of townhomes and apartment buildings.

The property has excellent visibility given the size of the superstructure, the adjacent parking garage, and the fact that it is the terminus for several bus lines. Curb appeal on the Flatbush Avenue side is very good because of the recently completed renovations of the former Sears space. Prominent signage for Primark, JCPenney, and Burlington Coat Factory, as well as the four-story glass atrium/entryway enhance the curb appeal. In comparison, the frontage on Avenue U appeared relatively dated. The mall was very busy at the time of the site inspection, and management indicated that this was normal foot traffic. The mall appeared in very good condition and there were no apparent signs of deferred maintenance.

The property has a two-level Forever 21 store, which has been treated as vacant by DBRS Morningstar for this analysis. However, during the site visit, management indicated that the store was open for business and that they expected it to renew its lease through 2022 despite the retailer’s bankruptcy filing.

January 2020 26 Presale Report | BBCMS 2020-C6

KINGS PLAZA – BROOKLYN, NY

There was an apparent qualitative difference in the fit-out and appearance of the first and second floors of the property. Management indicated that there were near-term planned renovations of the flooring and lighting of the second floor, with approximately $2.5 million budgeted for building improvements through the end of 2020.

DBRS Morningstar visited the Best Buy space, which has an arguably prime location, in the northwest corner of the mall at the intersection of Flatbush Avenue and Avenue U. However, the Best Buy does not have any exterior entryway and must be accessed from within the mall. In addition, according to management, a zoning requirement for that portion of the mall restricts store sizes to 10,000 sf. As a result, the Best Buy space was divided into several stores-within-a-store, some of which were vacant, connected by corridors. Management indicated that it was a medium- to long-term goal for them to redevelop the Best Buy space into a multiple dining and entertainment options. However, this would require a buy-out of Best Buy’s lease which expires in 2032. This would complement the relatively small food court on the second floor which currently has limited options.

The mall has a stand-alone power plant located on the roof that provides all electricity for the mall and the surrounding neighborhood. The power plant is a revenue source for the property as tenants purchase their utilities directly from the plant at Consolidated Edison, Inc. (ConEd) rates. In 2019, the sponsor completed a two-year, $17.6 million project allowing the plant to interconnect with the local ConEd grid, which allows the property to export its surplus electric capacity during peak load demands. There is reportedly $4.4 million budgeted for power plant improvements through the end of 2020.

Part of the property is subject to a ground lease with the City of New York and includes the parking garage ingress/egress, the marina building, and a portion of the ground under the parking garage, for a total of 10,278 sf or 1.3% of the property’s NRA. The 150-slip marina is leased to All Seasons Marine Corp., which operates the marina and pays rent equal to the ground lease payment.

DBRS MORNINGSTAR NCF SUMMARY NCF ANALYSIS

T-12 DBRS NCF 2016 2017 2018 September 2019 Issuer NCF Morningstar NCF Variance

GPR $32,900,232 $29,192,406 $33,831,183 $38,167,259 $43,163,274 $39,989,519 -7.4%

Recoveries $29,793,723 $28,145,401 $28,424,111 $30,047,457 $30,961,099 $31,364,674 1.3%

Other Income $9,331,071 $8,182,781 $8,041,468 $8,439,674 $10,599,678 $9,637,713 -9.1%

Vacancy -$265,786 -$597,346 -$612,614 -$338,749 -$3,678,863 -$3,949,012 7.3%

EGI $71,759,240 $64,923,243 $69,684,148 $76,315,642 $81,045,187 $77,042,893 -4.9%

Expenses $29,160,529 $25,486,495 $27,595,961 $28,858,298 $29,004,262 $29,957,981 3.3%

NOI $42,598,711 $39,436,748 $42,088,187 $47,457,344 $52,040,925 $47,084,912 -9.5%

Capex $0 $0 $0 $0 $139,559 $162,350 16.3%

TI/LC $0 $0 $0 $0 $995,395 $2,014,563 102.4%

NCF $42,598,711 $39,436,748 $42,088,187 $47,457,344 $50,905,970 $44,908,000 -11.8%

January 2020 27 Presale Report | BBCMS 2020-C6

KINGS PLAZA – BROOKLYN, NY

cost adjustments. Eight tenants—Old Navy, The Children’s Place, New York & Company, Guess, Michael Kors, Fashion To Figure, Call It Spring, and GNC—accounted for nearly 91.0% of the total adjustment. DBRS Morningstar’s TI assumptions of $40.00 psf and $10.00 psf for new and renewing leases, respectively, generally fell between the appraiser’s assumption and actual TIs based on recent leasing. LCs were estimated at 4.0% and 2.0% for new and renewing leases, respectively. DBRS Morningstar’s vacancy assumption of 5.1% was based on the in-place economic vacancy at the property as of the September 2019 rent roll. DBRS Morningstar did not give any straight-line rent credit because none of the investment- grade rated tenants at the property had leases that extended three years or more beyond the loan term required to qualify for LTCT treatment. The other income was based on the September 2019 T-12.

DBRS MORNINGSTAR VIEWPOINT The property benefits from its excellent location along two major thoroughfares with an estimated daily traffic volume of nearly 70,000 vehicles. In addition, per management, the bus terminal in front of the mall reportedly has over 1,000 buses delivering up to 40,000 passengers daily to the property. With a population of over 560,000 within a 3-mile radius and over 1.6 million in a 5-mile radius, there are strong demographic demand drivers for the property. Additionally, proximity to Brooklyn College, which is 2 miles from the mall and enrolls 18,000 students, is also a demand driver. According to management, sales at the redeveloped Sears space increased by more than 300.0% since being leased to Primark, JCPenney, and Burlington Coat Factory. Management also indicated that occupancy has increased by 1.5% since 2018. The whole loan is moderately leveraged at 60.0% LTV based on the appraised value and the first mortgage leverage is 54.1%. Based on the leverage metrics and the loan exposure of $600 psf, DBRS Morningstar considers the credit quality associated with Kings Plaza loan to be BBB (low).

DOWNSIDE RISKS – Although overall sales at the property have increased, certain tenants at the property (including Old Navy, The Children’s Place, and New York & Company) have declining year-over-year sales. In addition, the performance of Forever 21 and the suboptimal use of the Best Buy space are concerns.

STABILIZING FACTORS – DBRS Morningstar made occupancy cost adjustments totaling $2.4 million including those tenants with declining sales. In addition, DBRS Morningstar is treating the Forever 21 space as vacant although the store is open for business. Furthermore, the mall benefits from institutional ownership and management from the sponsor. According to management, there is high demand from tenants to lease space at the property including, reportedly, from tenants such as Apple, Shake Shack, and The Cheesecake Factory. New leasing at the mall include Aéropostale, Abercrombie Kids, Parfois, Subway, Clique, and Gallery Jewelry, and leasing spreads for tenants renewing their lease in the last 24 months has an average of $10.63 psf.

January 2020 28 Presale Report | BBCMS 2020-C6

545 Washington Boulevard Jersey City, NJ

Loan Snapshot Seller Barclays Ownership Interest Fee/Leasehold Trust Balance ($ million) $50.3 Loan psf/Unit $290 Percentage of the Pool 5.6% Loan Maturity/ARD February 2030 Amortization COLLATERAL SUMMARY Interest-Only DBRS Property Type Office Year Built/Renovated 2001/ 2017-2018 DBRS Morningstar Issuance DSCR City, State Jersey City, NJ Physical Occupancy (%) 95.5 2.11x Units/SF 866,706 Physical Occupancy Date November 2019 DBRS Morningstar Issuance LTV 61.4% The collateral is secured by the borrower’s fee-simple and leasehold interest in DBRS Morningstar 545 Washington Boulevard, an 866,706-sf office building located in Jersey City, New Balloon LTV Jersey. Loan proceeds of $251.6 million and sponsor’s equity of $153.6 million are being 61.4% used to acquire the property for a purchase price of $372.8 million, fund $26.9 million DBRS Morningstar of upfront reserves and cover $5.5 million of closing costs. The fixed-rate loan has a Property Type 10-year term and is fully IO. A controlling $81.3 million note has been securitized in the Average + BANK 2020-BNK25 transaction, and a $50.3 million non-controlling pari passu note DBRS Moringstar Property Quality is included in the BBCMS 2020-C6 trust. The remaining funds are anticipated to be Strong securitized in future transactions. Debt Stack ($ million) Trust Balance The subject is a 22-story office tower comprising 855,421 sf of Class A office space and $50.3 11,285 sf of ground-floor retail located in the Newport master-planned development on Pari Passu the Jersey City waterfront. Built in 2001 and renovated in 2017 and 2018, the property $201.3 is 95.5% leased with the two largest tenants Insurance Services Office Inc. (ISO) and B-Note JPMorgan Chase Bank (JPM) accounting for 80.4% of the building NRA. HSBC (8.9% $0.0 of the NRA) and VF Sportswear (4.9% of the NRA) are the other large tenants, but Mezz the VF Sportswear space was dark as of December 2019. The subject has rights to 128 $0.0 parking spaces in the North Garage located at 561 Washington Boulevard via easements Total Debt as well as a partnership interest in the Newport North Garage LP. The property receives $251.6 revenue from the tenants via easements as well as revenue from the partnership. The Loan Purpose limited partnership interest will be included in the collateral. Acquisition Equity Contribution/ ISO is a wholly-owned subsidiary of Verisk Analytics (NASDAQ: VRSK), a data (Distribution) ($ million) analytics provider serving customers around the world in insurance, energy and $153.6 specialized markets, and financial services. Its business lines include underwriting and rating, claims, catastrophe and weather risk, natural resources, global risk analytics,

January 2020 29 Presale Report | BBCMS 2020-C6

545 WASHINGTON BOULEVARD – JERSEY CITY, NJ

environmental health and safety, and commercial banking and finance. Verisk is part of the S&P 500 Index and the Nasdaq- 100 index.

With total assets of $2.76 trillion as of Q3 2019, JPM (NYSE: JPM) is the largest bank in the United States and the sixth- largest bank in the world. JPM employs over 250,000 people worldwide in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. JPM is a component of the Dow Jones Industrial Average.

HSBC (NYSE: HSBC) is one of the world’s largest banking and financial services organizations. Founded in 1865 in Hong Kong, HSBC operates in 65 countries and has 238,000 employees worldwide. As of September 2019, it had total assets of $2.73 trillion. HSBC’s businesses include commercial banking, retail banking and wealth management, global private banking, and global banking and markets.

TENANT SUMMARY

Investment % of Total DBRS UW % of Total DBRS Lease Grade? Tenant SF NRA Base Rent PSF UW Base Rent Expiry (Y/N)

Verisk Analytics (Insurance Services Office, Inc.) 352,765 40.7% $33.54 42.1% 12/2033 Y

JPMorgan Chase Bank 343,805 39.7% $33.02 40.4% 10/2032 Y

HSBC Technology & Services (USA) 77,472 8.9% $40.09 11.0% 2/2021 Y

VF Sportswear 42,643 4.9% $29.95 4.5% 2/2025 Y

Newport Restaurant Group (Dorrian's) 4,760 0.5% $44.54 0.8% 4/2032 N

Subtotal/Wtd. Avg. 821,445 94.8% $33.82 98.8% Various Various

Other Tenants 6,525 0.8% $52.44 1.2% - -

Vacant Space 38,736 4.5% n/a n/a n/a n/a

Total/Wtd. Avg. 866,706 100.0% $32.45 100.0% Various N

The appraiser identified four office properties in the local submarket that are competitive properties with the subject and analyzed seven comparable leases in these properties. The comparable leases ranged in size from 12,960 sf to 132,000 sf, with base rents from $38.50 psf to $46.00 psf and lease terms from 120 months to 180 months. The appraiser also identified five comparable retail leases across five competitive properties, which ranged in size from 1,300 sf to 3,700 sf, with base rents ranging from $48.00 psf to $67.38 psf, and lease terms from 60 months to 240 months. Based on the lease comparables, the WA in-place gross office rents at the subject are slightly below market. The in-place rents for the retail space, except for the bank space, is generally in line with the comparables.

COMPETITIVE SET

Distance from Year Built/ Property Location Subject (miles) SF Renovated Avg. Rent PSF

70 Hudson St Jersey City, NJ 1.1 431,438 2001 $46.00

200 Hudson St Jersey City, NJ 0.7 900,000 1930 / 1990 $40.00

Newport Tower Jersey City, NJ 0.1 1,091,469 1990 $38.50

10 Exchange Place Jersey City, NJ 0.9 731,445 1988 $39.50

Total/ Wtd. Avg. Comp Set 3,154,352 $40.19

545 Washington Blvd. Jersey City, NJ 866,706 2001/ 2017-18 $32.45

January 2020 30 Presale Report | BBCMS 2020-C6

545 WASHINGTON BOULEVARD – JERSEY CITY, NJ

SPONSORSHIP The sponsor for this loan is Harbor Group International (HGI), a global real estate investment and management firm. HGI had a real estate investment portfolio with a gross asset value of more than $9.7 billion as of Q2 2019. HGI invests in and manages diversified property portfolios including office, retail, and multifamily properties. Currently, HGI owns and manages 202 assets worldwide including 34,000 multifamily units, and 3.7 million sf of commercial real estate. The property will be managed by Harbor Group Management Co., LLC (HGMC), an affiliate of the sponsor. HGMC currently manages approximately 30,000 apartment units in 11 states and more than 3.5 million sf of commercial properties in 12 states.

DBRS MORNINGSTAR ANALYSIS SITE INSPECTION SUMMARY DBRS Morningstar toured the interior and exterior of 545 Washington Boulevard on Thursday, December 19, 2019, at 2:00 p.m. Based on the site inspection, DBRS Morningstar found the property quality to be Average +.

The property is located in the Newport master-planned development along the Jersey City waterfront, which consists of 15 high-rise rental buildings and three condominium towers with more than 15,000 residents, eight office towers of over 6 million sf that hold more than 20,000 employees, public space, street retail, and restaurants. It has excellent access to several major highways including I-78, US-1, US-9, and NJ-139, which converge at the Holland Tunnel, one of the main Hudson River crossings to Manhattan and is located a few blocks from the subject. The property also benefits from proximity to an extensive public transport network including the PATH train and NY Waterway Ferry service to Manhattan, NJ Transit System bus service to Manhattan and other parts of New Jersey, and the North/South Light Rail Service for New Jersey — all within walking distance. The property is adjacent to the 1.2 million sf Newport Centre Mall, which provides several retail and food options in addition to the restaurant tenants at the property. The immediate neighborhood is characterized by high-rise apartments and residential condominiums, offices, hotels, and retail strip centers.

The property has good curb appeal but blends into its surroundings because of less-than-prominent signage and similar facades to adjacent buildings. A recently built skybridge connects the property to the neighboring building, 575 Washington Boulevard, which is 100.0% occupied by JPM. The bridge was reportedly constructed by JPM and, per management, is technically part of the 575 Washington building. A surface parking lot with 15 spaces is reserved for Verisk executive parking, and the property has a parking easement for 128 spaces at the parking garage directly behind it.

DBRS Morningstar visited office space occupied by Verisk, JPM, and HSBC; space leased to VF Sportswear, which was dark; and the vacant office space. All the currently occupied office space featured typical open-plan layouts with closed offices and conference rooms in the interior core. The Verisk space includes a cafeteria, a fitness/yoga room, and numerous

January 2020 31 Presale Report | BBCMS 2020-C6

545 WASHINGTON BOULEVARD – JERSEY CITY, NJ

break-out rooms used as collaborative work spaces. According to management Verisk has renovated all its space except on the 21st floor. This space, and the vacant space on the 11th floor previously leased to HSBC, featured older layouts with cubicles rather than open work stations. Management indicated that Verisk has a right of first offer on the 11th floor space, which they must exercise by April 2020, and ownership would begin marketing the space after the Verisk option period was over. The VF Sportswear space on the eighth floor was dark at the time of the site inspection. Per management, the space was occupied by Nautica and, upon its 2018 acquisition by Authentic Brands, the company relocated to New York. The lease is guaranteed by VF Corporation, which is an investment-grade rated company that manufactures and sells apparel, footwear, and accessories for men. It offers fashion sportswear, denim bottoms, sleepwear, and accessories. Other brands in the VF Corporation portfolio include The North Face, Vans, and Timberland. JPM occupies the lower third of the building including the annex space on floors two through five. Occupying the podium floors gives JPM the benefit of larger floor plates and the ability to connect to the neighboring 575 Washington Boulevard, which it fully occupies, via a private skybridge. The JPM space was a mix of open-plan office layout and a trading floor type layout. Management explained that JPM used a “hosteling” or “hot-desking” model at its space in the property.

DBRS MORNINGSTAR NCF SUMMARY NCF ANALYSIS

T-12 DBRS 2017 2018 November 2019 Issuer NCF Morningstar NCF NCF Variance

GPR $25,997,762 $25,521,204 $26,044,146 $28,227,253 $29,044,534 2.9%

Recoveries $3,207,532 $2,532,145 $2,502,662 $2,467,803 $2,502,662 1.4%

Other Income $5,818,330 $8,294,434 $5,571,786 $3,854,453 $3,854,453 0.0%

Vacancy $0 $0 $0 $0 -$2,015,049 100.0%

EGI $35,023,625 $36,347,783 $34,118,594 $34,549,509 $33,386,600 -3.4%

Expenses $15,195,753 $14,521,925 $13,706,753 $12,284,114 $12,545,146 2.1%

NOI $19,827,872 $21,825,858 $20,411,841 $22,265,395 $20,841,454 -6.4%

Capex $0 $0 $0 $173,341 $216,677 25.0%

TI/LC $0 $0 $0 $408,579 $2,297,585 462.3%

NCF $19,827,872 $21,825,858 $20,411,841 $21,683,475 $18,327,193 -15.5%

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar Stabilized NCF was $18,327,193, representing a variance of -15.5% from the Issuer’s NCF. The main drivers of the variance were vacancy, TI/LCs, straight-line rent credit, and R&M and real estate tax estimates. DBRS Morningstar gave LTCT credit to Verisk because its lease extends more than three years beyond the loan term, giving it rent step credit through the loan term, assuming a lower vacancy, and excluding it from TI/LC calculations. DBRS Morningstar estimated a total economic vacancy of 5.7% based on a 4.0% vacancy assumption for the Verisk space, 5.0% vacancy for the JPM space, and 10.0% for the remainder of the NRA. DBRS Morningstar’s TI/LC assumptions were generally in line with the appraiser’s TI estimates of $50.00 psf/$25.00 psf and $30.00 psf/$10.00 psf for new/renewing office and retail tenants, respectively, and LC estimates of 7.0%/3.5% and 5.0%/2.5% for new and renewing office and retail tenants, respectively. The issuer also excluded both JPM and Verisk from its TI/LC estimates. In addition, the issuer took straight-line rent credit for JPM, Verisk, Santander Bank, and VF Sportswear where DBRS Morningstar only gave LTCT rent credit to Verisk because the other tenants did not have lease terms longer than three years beyond the loan term. Finally, DBRS Morningstar estimated R&M and real estate tax expenses based on 2018 actual expenses where the issuer relied on the Year 1 pro forma.

January 2020 32 Presale Report | BBCMS 2020-C6

545 WASHINGTON BOULEVARD – JERSEY CITY, NJ

DBRS MORNINGSTAR VIEWPOINT 545 Washington benefits from its excellent location on the Jersey City waterfront with an extensive transport network connecting it to Manhattan and proximity to major highways. The property has high-quality tenancy with the entire office rent roll comprising investment-grade rated tenants. The property is the corporate headquarters of Verisk, which also has a right of first offer on the only actual vacant space in the building. Furthermore, in addition to its space at the property, JPM fully occupies the neighboring 807-sf building, which is connected to the subject via a skybridge. The property also benefits from a stable rent roll with only 14.6% cumulative roll during the loan term. Verisk and JPM, which represent 80.4% of the NRA, have lease expirations in 2033 and 2032, respectively. Finally, loan proceeds at $290 psf and leverage at 61.4% LTV based on the purchase price are relatively moderate.

DOWNSIDE RISKS – There is significant tenant concentration with two tenants, Verisk and JPM, occupying more than 80.0% of the NRA. – The VF Sportswear space (4.9% of the NRA) is dark.

STABILIZING FACTORS – All the office space tenants at the property, including VF Sportswear, are investment-grade rated. VF Sportswear continues to pay rent for its space and the cumulative rollover during the loan term is 14.6%. The two largest tenants, Verisk and JPM, not only have leases that extend beyond the loan term but also have below-market rents based on the appraiser’s market rent conclusion.

January 2020 33 Presale Report | BBCMS 2020-C6

F5 Tower Seattle, WA

Loan Snapshot Seller Barclays Ownership Interest Fee Trust Balance ($ million) $50.0 Loan psf/Unit $359 Percentage of the Pool 5.5% Loan Maturity/ARD January 2030 Amortization COLLATERAL SUMMARY Interest-Only DBRS Morningstar Property Type Office Year Built/Renovated 2019 DBRS Morningstar Issuance DSCR City, State Seattle, WA Physical Occupancy (%) 100.0 2.90x Units/SF 515,518 Physical Occupancy Date December 2019 DBRS Morningstar Issuance LTV 39.4% The loan is secured by the borrower’s fee interest in F5 Tower, a 515,518-sf office DBRS Morningstar property located in Seattle, Washington. The $297.6 million whole loan, combined with Balloon LTV a mezzanine loan of $48.5 million and $117.8 million of borrower equity, financed the 39.4% $458.0 million purchase price and covered $5.2 million in closing costs. The loan is DBRS Morningstar a 13-year fixed-rate IO loan with an anticipated repayment date (ARD) at the end of Property Type year ten. Excellent DBRS Moringstar Property Quality The $297.6 million whole loan consists of $185.0 million of senior notes and a Strong $112.6 million subordinate companion loan. The pooled trust for the BBCMS 2020-C6 Debt Stack ($ million) securitization includes a $50.0 million pari passu piece of the senior notes. The Trust Balance remaining senior notes are expected to be contributed to future securitizations, and the $50.0 loan will be serviced and administered pursuant to the PSA for this transaction until Pari Passu a control appraisal period is in effect. The entire subordinate companion loan backs $135.0 the loan-specific certificates issued as part of this transaction (Classes F5T-A, F5T-B, B-Note F5T-C, F5T-D, and F5T-VRR), and is not pooled with the remainder of the trust loans. $112.6 Mezz The collateral resides in a 48-story mixed-use high-rise building that was constructed $48.5 in 2019. The 43-story building contains a 259-space subterranean parking garage, a 189- Total Debt key luxury full-service hotel, and 515,518 sf of office space. The collateral for the loan $346.1 is the office portion of the mixed-use, high-rise building, which is 100.0% leased by F5 Loan Purpose Networks, Inc (F5 Networks). The subject serves as F5 Networks’ headquarters, and Acquisition the company occupies the top 28 floors of the building. The hotel component, located Equity Contribution/ below the collateral floors, will be owned and operated by Hotel Lotte, a luxury Korean (Distribution) ($ million) hotel chain, and is scheduled to open in June 2020. F5 Networks is required to rent 321 $117.8 parking passes for the garage from the borrower, or 259 parking passes if the borrower

January 2020 34 Presale Report | BBCMS 2020-C6

F5 TOWER – SEATTLE, WA

is no longer leasing 62 non-collateral parking spaces from The Rainier Club, a private club located adjacent to the collateral, and 39 additional non-borrower owned parking passes.

TENANT SUMMARY

DBRS Morningstar % of Total DBRS Lease Investment Tenant SF % of Total NRA Base Rent PSF ($) Morningstar Base Rent (%) Expiry1 Grade? (Y/N)

F5 Networks, Inc. 515,518 100.0 42.03 100.0 9/33 Y

Total/Wtd. Avg. 515,518 100.0 42.03 100.0 9/33 Y

1. The tenant has a termination option on September 30, 2025 for the two top floors of its leased space and a separate termination option for the entire leased space on October 30, 2030.

F5 Networks is a leading global technology company that focuses on delivery, security, performance, and availability of web applications. Founded in 1996, the company currently has over 4,500 employees with 69 offices in 39 countries. Shares of F5 Networks have fallen nearly 6.0% since December 2019, when the company announced that it was making a $1.0 billion acquisition of Shape Security, a provider of application security for anti-fraud and abuse protection. The stock was trading at $137.00 per share as of January 17, 2019, which is a discount of 31.4% from its all-time high of $199.71 reached in September 2018. While the acquisition is expected to accelerate F5 Networks’ transition to a software- and SaaS-driven business model and to increase the company’s software subscription mix, there are concerns the acquisition price valuation was too high and that expenses associated with the integration will dilute near-term earnings. DBRS Morningstar conducted an internal assessment of F5 Networks and concluded the tenant was investment grade.

F5 Networks’ lease commenced on April 1, 2019, with an initial lease term of 14.5 years with three 5-year extension options, one partial termination option, and one termination option. F5 Networks’ lease is structured with 2.5% annual rental rate increases, and the tenant was provided a $100 psf TI Allowance. This is a mission-critical space F5 Networks, as it is serves as the company’s headquarters, and the tenant is investing an additional $100 psf of its own capital into the build-out of its space. The tenant has a termination option for the leased space on the two highest floors, containing 33,548 sf, between September 30, 2025 and September 30, 2026, subject to a delivery of notice no later than 12 months prior to the contraction date and a termination fee. Additionally, the tenant has a termination option for the entire leased space on October 1, 2030, subject to delivery of a notice no later than March 1, 2029, and a termination fee.

SPONSORSHIP The sponsor for this transaction, FS KKR Capital Corp. and FS KKR Capital Corp. II (FS/KKR), is a joint venture between KKR Credit, a subsidiary of KKR & Co. Inc. (KKR), and FS Investments. KKR is a leading global investment firm that was founded in 1976. KKR manages multiple alternative asset classes including private equity, energy, and real estate. As of June 30, 2019, KKR’s real estate platform has $8.0 billion in assets under management. FS Investments is a leading asset manager dedicated to helping individuals, financial professionals, and institutions with their investment portfolios. FS/ KKR is the investment advisor to business development companies with approximately $17.0 billion in combined assets under management as of June 30, 2019.

The collateral is managed by Urban Renaissance Group, a borrower affiliate, for a contractual management fee of the greater of 2.0% of total gross revenue excluding any parking fees, receipts from the operation or rental of any parking facilities, and $25,000 per month.

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F5 TOWER – SEATTLE, WA

DBRS MORNINGSTAR ANALYSIS SITE INSPECTION SUMMARY Based on the DBRS Morningstar site inspection and management meeting conducted on January 4, 2020, DBRS Morningstar found the property quality to be Excellent.

The collateral is the office and parking component of a mixed- use office and hotel tower located at the southwest corner of 5th Avenue and Marion Street in an urban infill area of downtown Seattle. The property is well located for commuter access, as it a block southwest from I-5 and is positioned near the Pioneer Square mass transit station, along with several bus stops. The property’s accessibility to commuters and urban retail options were characteristics that contributed to F5 Networks’ decision to consolidate its headquarters from multiple buildings near the Lower Queen Anne neighborhood to a single location in the CBD. The immediate area around the property was built out with high-rise office towers containing ground floor retail, government-leased buildings, hotels, and mid-rise multifamily properties. The property’s exterior facade was more modern and attractive than the competitive high-rise office towers in the immediate area. The property is the fifth tallest office tower in Seattle and is a highly-visible fixture of the Seattle skyline due to its blue reflective glass and unique architecture. The property was designed by ZGF Architects LLP, and the zig-zag facade element was inspired by Audrey Hepburn in Breakfast at Tiffany’s.

The building’s ground floor lobby featured high ceilings, seating areas, a large wooden security desk, potted plants, and a large rectangular flat-screen above the security desk. The 48th floor contains the reception area for F5 Networks and benefits from a plethora of natural sunlight, views of Seattle and Mt. Olympus Water and Theme Park, modern furniture, and spacious conference rooms. The tenant’s space contained 19 working floors and nine social floors. The working floors typically had carpeted flooring, interior offices, and open-floor-plan work station layouts, while the social floors had wood- flooring, collaborative spaces, and kitchens. Both working and social floors benefit from the column-free floorplates, open ceilings, and tall exterior window heights. The property manager conveyed that F5 Networks currently has approximately 1,200 employees at the collateral, but the space can accommodate up to 1,800 employees if needed.

F5 Networks reportedly invested over $100 psf of its own capital into the build-out of its space, which includes the cost for conference room build-outs on the 21st floor. While DBRS Morningstar did not tour the 21st floor, the property manager reported that conference rooms were currently being built out on that floor, and that the build-out is expected to be completed by the end of Q1 2020. The lender contact also relayed that the F5 Network had intentions to sublease the 22nd and 23rd floor on short-term leases until the tenant is ready to expand into the space. There is a large, modern-looking interior staircase spanning from the 20th floor to the 48th floor, connecting all of F5 Networks’ space. F5 Networks views the various collaborative spaces on their social floors, as well as their dedicated interior staircase, as important features of its space. However, because of those unique attributes, if F5 Networks were to sublease or vacate its space, it would be expensive to reposition the space for a tenant that desired a more traditional Class A office build-out. DBRS Morningstar also toured the hotel component of the F5 Tower, which is not a part of the collateral. The hotel component featured

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F5 TOWER – SEATTLE, WA

spacious rooms with white-marble bathrooms and high-end soft and hard-goods. The upscale hotel will be complementary to the Class A office component once it is open.

DBRS MORNINGSTAR NCF SUMMARY NCF ANALYSIS

Issuer NCF DBRS Morningstar NCF NCF Variance

GPR $24,173,823 $21,664,644 -10.4%

Recoveries $8,552,513 $8,814,882 3.1%

Other Income $1,697,833 $1,695,833 -0.1%

Vacancy -$1,636,317 -$1,608,768 -1.7%

EGI $32,787,852 $30,566,591 -6.8%

Expenses $8,792,416 $9,053,657 3.0%

NOI $23,995,436 $21,512,934 -10.3%

Capex $103,104 $128,880 25.0%

TI/LC $773,277 $1,297,749 67.8%

NCF $23,119,056 $20,086,306 -13.1%

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar NCF was $20,086,306, a variance of -13.1% from the Issuer’s NCF of $ $23,119,056. The main drivers of the variance are rent steps and leasing costs.

While the Issuer accepted rent steps based on the WA rents through the lesser of the lease term, contraction option, and termination option, DBRS Morningstar only accepted the next rent step occurring in November 2020. For leasing costs, the Issuer assumed total TIs of $0.75 psf while DBRS Morningstar assumed total TIs of $4.19 psf. DBRS Morningstar estimated TIs based on $63.75 psf and $32.00 psf for new and renewal TIs, respectively, on a 10-year term and a 75.0% renewable probability. The DBRS Morningstar TI assumption took into consideration the appraiser’s TI and market rent assumptions, the recently executed in-place lease terms for F5 Networks, and the amount of capital investment by the tenant into its space at the property.

DBRS MORNINGSTAR VIEWPOINT The property is well located in downtown Seattle, a market that has greatly benefited from the expansion of major American technology companies like Amazon.com, F5 Networks, and Microsoft Corporation. F5 Networks consolidated its operations from three mid-rise buildings in Seattle’s Queen Anne neighborhood into the subject collateral in 2019, as the tenant wanted to be more centrally located proximate to public transportation and popular restaurants. The property serves as the global headquarters for F5 Networks. Although F5 Networks’ stock price of $137.00 per share, as of January 17, 2020, is down from its all-time high of $199.71 per share reached in September 2018, the technology company’s value is expected to increase in the long term as the result of its recent $1.0 billion acquisition of Shape Security. This acquisition is expected to accelerate F5 Networks’ transition to a software- and SaaS-driven business model and to increase the company’s software subscription mix. DBRS Morningstar conducted an internal assessment of the company and deemed F5 Networks as an investment-grade tenant.

F5 Networks has a unique office build-out at the property that promotes employee collaboration, with nine of the tenant’s 28 occupied floors specifically designated and built out as social floors. The social floors contain multiple collaborative spaces, conference rooms, and large kitchen and eating areas. However, an above market TI package would likely be needed to convert these floors into more traditional Class A space. Per the site inspection, F5 Networks was in the process of

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F5 TOWER – SEATTLE, WA

building out the 21st floor into conference rooms, and the lender contact relayed that the tenant may sublease its space on the 22nd and 23rd floor on short-term leases until the tenant is ready to expand into that space. The property manager relayed that there are approximately 1,200 people that work out of the collateral but added that the tenant has room for an additional 600 employees with the tenant’s current build-out. Based on the site inspection, DBRS Morningstar considers the property quality to be Excellent, as the exterior and interior finishes are very modern and attractive compared with most Class A office properties in the downtown Seattle submarket. To help finance the acquisition of the collateral, the sponsor is contributing $117.9 million of cash equity, which represents 25.4% of the total purchase price. The leverage for the whole note, inclusive of the B-note, appears high, with a DBRS Morningstar LTV of 73.6%. However, the leverage is still deemed reasonable given the Class A nature of the office property, strong sponsorship and the lease for 100% of the NRA to an investment grade tenant in an urban-coastal market. With a DBRS Morningstar Issuance and balloon LTV of 39.4%, respectively, for the A-note, as well as an investment-grade tenant roster and Excellent property quality, DBRS Morningstar considers the credit quality associated with the whole loan’s A-note exposure to be A (high).

DOWNSIDE RISKS – The sole tenant of the collateral, F5 Networks, has a termination option for its entire leased space on October 1, 2030, with 19 months’ notice. The termination option is three years prior to the loan’s final maturity date of September 6, 2033, and refinance risk is substantial if the tenant vacates its leased space at the collateral.

STABILIZING FACTORS – The tenant contribution of over $100 psf of capital into its space implies the tenant is financially committed to its space at the property. The collateral is a well-located, Class A trophy-asset in a coastal market, all of which are attractive attributes for both commercial real estate investors and potential replacement tenants in the unlikely event that F5 Networks executes its termination option in October 2030 and vacates the collateral. The appraised dark value psf of the property is $702, which indicates a Loan-to-Dark Value at closing of 83.2% for the mortgage loan, and 95.6% for the whole loan. – If the sponsor is unable to pay off the loan at the ARD, the interest rate will increase 250 basis points and any principal outstanding on that date will accrue interest at this revised rate. All excess cash flow available from the property after payment of the periodic payments, escrows, and property expenses required under the related mortgage loan documents will be used to accelerate amortization of principal.

January 2020 38 Presale Report | BBCMS 2020-C6

Exchange on Erwin Durham, NC

Loan Snapshot Seller Barclays Ownership Interest Fee Trust Balance ($ million) $50.0 Loan psf/Unit $239 Percentage of the Pool 5.5% Loan Maturity/ARD December 2029 Amortization COLLATERAL SUMMARY Interest-Only DBRS Morningstar Property Type Mixed Use Year Built 2007, 2017-18 DBRS Morningstar Issuance DSCR City, State Durham, NC Physical Occupancy (%) 97.0 1.97x Units/SF 265/316,061 Physical Occupancy Date Various DBRS Morningstar Issuance LTV 64.5% This loan is secured by the borrower’s fee interest in Exchange on Erwin, a 542,585-sf DBRS Morningstar mixed-use multifamily and commercial retail/office property located just blocks from Balloon LTV the Duke University campus in Durham, North Carolina. The collateral features 265 64.5% multifamily units totaling 219,112 sf, 96,949 sf of commercial retail/office space, and DBRS Morningstar a 691-space parking garage. The subject’s commercial retail/office space and parking Property Type garage were originally constructed in 2007 while the multifamily units were delivered Average + in 2018. As of November 2019, the subject’s multifamily and commercial spaces were DBRS Moringstar Property Quality 97.7% and 95.4% leased, respectively. Whole loan proceeds of $75.5 million in addition Strong of nearly $41.6 million of borrower-contributed equity financed Starwood Capital Debt Stack ($ million) Group’s (the Sponsor) $111.3 million acquisition of the subject property, covered almost Trust Balance $3.2 million in closing costs associated with the transaction, and funded a $2.5 million $50.0 upfront leasing cost reserve. The 10-year loan is full-term IO and represents a modest Pari Passu loan to purchase price ratio of 64.5%. The transaction permits the borrower to release $25.5 the office and/or retail parcels from the loan, subject to satisfaction of certain release B-Note price and minimum debt yield criteria set forth in the loan agreement. The loan is $0.0 divided among two pari passu notes, with the largest $50.0 million controlling note to Mezz be securitized as part of this transaction (BBCMS 2020-C6) and the remaining piece to $0.0 be contributed as part of future securitizations. Total Debt $75.5 The borrower’s ownership of the collateral is subject to a condominium interest and the Loan Purpose condo association is split into three levels: the Commercial Condo (Pavilion East Llc), Acquisition the Mixed-Use Condo (The Pavilion at Lakeview Park Land Condominium Owners Equity Contribution/ Association, Inc.), and Master Condo (Lakeview Park Owners Association, Inc.). The (Distribution) ($ million) borrower maintains 87.6% controlling interest, 93.6% controlling interest, and 88.5% $41.6 controlling interest in the Commercial Condo, Mixed-Use Condo, and Master Condo,

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EXCHANGE ON ERWIN – DURHAM, NC

respectively. The collateral is additionally subject to a brownfield tax credit program with four years of tax abatement remaining as of loan closing.

COMPETITIVE SET

Property Location Distance from Subject Units Year Built/Renovated Occupancy (%)

Trinity Commons Durham, NC 0.2 miles 342 2011 97.0

Station Nine Durham, NC 1.5 miles 323 2006 98.0

Berkshire Ninth Durham, NC 1.6 miles 303 2014 93.0

Berkshire Main Street Durham, NC 1.2 miles 208 2015 96.0

810 Ninth Durham, NC 1.8 miles 229 2017 98.0

Solis Brightleaf Durham, NC 2.3 miles 194 2019 97.0

The Exchange on Erwin Durham, NC n/a 265 2017 97.0

Source: Appraisal

The appraisal identified six competitive multifamily properties within a 2.5-mile radius of the collateral and all of which exhibited occupancy rates in excess of 90.0%. At the time of DBRS Morningstar inspection, management identified the subject’s primary competitors to be Trinity Commons and Lofts at Lakeview Apartments, which flank both sides of the collateral along Erwin Road. Per management, Trinity Commons primarily services undergraduate students from Duke University making Lofts at Lakeview Apartments the most comparable property due to its quality and proximity. While the subject also has a high (90% to 95%) student concentration, its tenancy primarily includes graduate students at Duke University with a reported average household income of $80,000. Tenants at Exchange on Erwin must be at least 21 years of age to rent an apartment. Duke University reported a total Fall 2019 enrollment of 17,340 students, representing a 0.8% increase from the reported Fall 2018 enrollment of 17,203 students. Approximately 57.3% of Duke University’s Fall 2019 enrollment was listed as pursuing graduate/professional-level degrees.

The collateral is located in the West Durham multifamily submarket of the greater Raleigh-Durham area. Reis reported an average vacancy rate of 5.8% for the West Durham submarket as of Q3 2019, with submarket vacancy averaging 4.9% annually over the five-year period ending December 2018 and forecast to average 6.9% annually over the five-year period ending December of 2023. The Reis-identified competitive set exhibited a stronger average vacancy rate of only 4.6%. Per Reis, Q3 2019 represented the seventh consecutive quarter of submarket asking rent increases, despite new supply growth averaging 4.5% annually over the five-year period ending December of 2018. As of Q3 2019, approximately 33.0% of submarket inventory was reportedly constructed post-2009, evidencing the substantial growth that has characterized the greater Raleigh-Durham area throughout the past decade. The issuer reports 1,625 multifamily units are currently under construction throughout the collateral’s submarket, though Reis does not forecast any new multifamily deliveries across the submarket through 2021.

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EXCHANGE ON ERWIN – DURHAM, NC

TENANT SUMMARY

% of Total DBRS % of Total DBRS Morningstar UW Morningstar UW Credit Tenant SF NRA (%) Gross Rent PSF ($) Gross Rent (%) Lease Expiry Tenant

Duke University 32,493 50.41 29.15 28.6 Various Y

Duke University Health Systems 29,047 45.06 38.82 34.0 May 2024 Y

Hook & Reel 7,254 11.25 39.25 8.6 December 2029 N

Smashburger 2,974 4.61 33.39 3.0 March 2024 N

The Noodle Shop 2,925 4.54 38.51 3.4 June 2023 N

Enzo's Pizzeria 2,835 4.40 42.15 3.6 December 2021 N

Mediterra Grill 2,600 4.03 42.15 3.3 February 2021 N

Dunkin Donuts 2,702 4.19 42.15 3.4 March 2023 N

Chipotle Mexican Grill 2,650 4.11 42.15 3.4 December 2022 N

Itaewon Grill 1,554 2.41 42.15 2.0 December 2020 N

Subtotal/Wtd. Avg. 54,541 84.62 39.32 64.7 Various Various

Other Tenants 5,485 8.51 40.36 6.7 Various N

Vacant Space 4,430 6.87 0.00 0.0 n/a n/a

Total/Wtd. Avg. 64,456 100.00 39.42 71.4 Various Various

At the time of DBRS Morningstar’s inspection in December of 2019, management indicated that the collateral’s office and retail subsections were 100.0% leased. The subject’s office component is 100.0% leased to Duke University and Duke University Health Systems, which use the space for a variety of research departments, labs, and clinics. Collectively, they account for 63.5% of total commercial NRA and 62.6% of total DBRS Morningstar commercial base rent. Leases for Duke University and Duke University Health are scheduled to expire in the Q2 2024 and Q3 2024, respectively, representing significant near-term concentrated rollover risk. To mitigate the risk of near-term lease rollover concentration, the loan is structured with an upfront $2.5 million leasing reserve, of which nearly $1.9 million will be dedicated to costs associated with the Duke University and Duke University Health Systems’ spaces. Both Duke University and Duke University Health Systems have been in occupancy at the property since delivery in 2008. The subject’s 35,409 sf of retail space was 87.5% leased per the November 2019 rent roll but reportedly 100.0% leased at the time of DBRS Morningstar’s inspection. The retail rent roll comprises 13 unique tenants with no single tenant accounting for more than 20.5% of total retail NRA. The subject’s retail rent roll is additionally prone to near-term lease rollover concentrations, with leases for nine tenants representing 58.5% of the total retail NRA currently scheduled to roll in the first five years of the loan term. In total, commercial office/retail lease rollover remains most heavily concentrated in 2024, when five leases representing 66.5% of total NRA and 65.6% of the total DBRS Morningstar gross rent are currently scheduled to expire. No more than 10.0% of total commercial office/retail NRA is currently scheduled to roll in any other given year.

SPONSORSHIP The sponsor for this loan is Starwood Capital Group, a private investment firm with a portfolio of more than $60.0 billion in assets under management reported as of loan closing. The collateral will be added to the Starwood Real Estate Investment Trust (SREIT), which comprises 27 properties totaling more than $1.1 billion in gross asset value. The targeted size of the SREIT fund is $5.0 billion, with $600.0 million of capital raised as of August 2019. Starwood REIT Operating Partnership, L.P., a Delaware limited partnership, will serve as the non-recourse guarantor for this transaction.

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EXCHANGE ON ERWIN – DURHAM, NC

DBRS MORNINGSTAR ANALYSIS SITE INSPECTION SUMMARY DBRS Morningstar toured the interior and exterior of the property on Thursday, December 19, 2019. Based on the site inspection, DBRS Morningstar found the property quality to be Average (+).

The collateral is situated along Erwin Road just a few blocks northwest of the Duke University campus and within favorable proximity of the Duke University Hospital and the Durham VA Medical Center. The subject’s proximity to Duke University and its extensive network of healthcare systems dominating the surrounding area is generally beneficial to the property. According to management, the subject’s multifamily subsection is predominantly leased by graduate-level Duke University students and the subject’s commercial office subsection was entirely occupied by Duke University affiliates at the time of DBRS Morningstar inspection. The subject’s retail subsection exhibited favorable visibility along the well-trafficked Erwin Road, appearing to benefit from the center’s prominence along the Erwin Road commercial corridor with a steady flow of parking lot traffic throughout the duration of the DBRS Morningstar site visit. DBRS Morningstar noted several alternative multifamily properties within the vicinity of the collateral at the time of inspection, including properties that management identified to be competitive with the collateral (Trinity Commons and Lofts at Lakeview Apartments) flanking the sides of the property. DBRS Morningstar additionally noted an adjacent lot being cleared for development at the time of inspection, which management identified to be new retail space. Overall, the subject exhibited favorable curb appeal and appeared generally well located at the time of inspection.

The collateral is generally divided among three sections: the commercial retail/office space at the front of the property with favorable visibility along Erwin Road; the parking garage located on the backside of the commercial retail/office space; and the multifamily section, which is spread across two buildings on the backside of the subject’s parking garage. The retail/ office section generally features a red-brick exterior facade accentuated by steel siding on the exterior of select retail suites. The retail tenants generally comprise the entirety of the front building’s first floor and a centrally located elevator bank, which is accessible from the building front. A rear-located parking garage provides access to the subject’s office space, which comprises a portion of the subject’s ground floor as well as the entirety of the second and third floors. The fourth and fifth floors of the commercial retail/office building are individually owned condominiums that do not serve as collateral for this transaction. The subject’s office space was generally built out with carpeted flooring and drop-tile acoustic ceilings throughout. The office space was laid out with offices along the exterior walls and limited open-office cubicle space with several tile-floor clinic patient rooms but with limited, if any, heavy medical equipment.

The subject’s multifamily units were generally spread across three mid-rise buildings at the rear of the property lot. The residential buildings generally featured conservatively colorful exterior facades accentuated by steel finishes and red-brick

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EXCHANGE ON ERWIN – DURHAM, NC

veneers. The primary building (attached to the rear of the parking garage structures) opens to an expansive lobby area with an on-site management/leasing office. The primary building houses most residential amenities, which included on-site conference/study rooms, a mail room, a well-finished tenant lounge with a partial kitchen and several television/seating arrangements, a modern fitness center, an outdoor pool area, and an outdoor hammock garden with firepits and picnic tables. Two additional multifamily buildings are accessible on the backside of the property via a wood bridge and gated driveway, both of which featured separate business centers with private/group study room areas. DBRS Morningstar toured two units at the time of inspection, both of which featured stainless-steel appliances, upgraded cabinetry and lighting fixtures, white granite countertops, vinyl wood-plank flooring, and in-unit washer/dryer units. Overall, the property showed well and appeared generally well maintained at the time of DBRS Morningstar’s inspection.

DBRS MORNINGSTAR NCF SUMMARY NCF ANALYSIS

Issuer NCF DBRS Morningstar NCF NCF Variance

GPR $8,068,050 $7,924,102 -1.8%

Recoveries $758,677 $759,373 0.1%

Other Income $649,351 $615,612 -5.2%

Vacancy -$541,055 -$930,007 71.9%

EGI $8,935,023 $8,369,079 -6.3%

Expenses $2,992,779 $3,122,538 4.3%

NOI $5,942,244 $5,246,541 -11.7%

Capex $83,869 $88,717 5.8%

TI/LC $0 $7,713 100.0%

NCF $5,858,374 $5,150,112 -12.1%

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS NCF was $5,150,112, representing a -12.1% variance from the Issuer’s NCF of $5,858,374. The primary drivers of the variance included commercial vacancy, concessions, residential vacancy, operating expenses, and management fees.

DBRS Morningstar estimated a blended commercial office/retail vacancy loss of 10.9% at the property compared to the Issuer’s estimated commercial vacancy loss of 6.3%. The DBRS Morningstar commercial vacancy loss was generally based on leases in place per the November 2019 rent roll for retail space and the Reis market/competitive set data for office space. DBRS Morningstar generally based concessions on the T-12 period ending September 2019, while the Issuer did not apply concession loss. At the time of DBRS Morningstar’s inspection, concessions were not being offered. DBRS Morningstar estimated a residential vacancy loss of 6.5%, which was generally in line with the average of the Reis reported submarket vacancy rate (5.8%) and the Reis forecast average vacancy rate over the five-year period ending December of 2023. By contrast, the Issuer estimated a 5.0% economic vacancy loss at the property. DBRS Morningstar generally based commercial operating expenses on the borrower’s budget but inflated residential operating expenses 6.0% over the borrower’s budget given the subject’s lack of stable historical data. By contrast, the Issuer generally based both commercial and residential operating expenses on the borrower’s budget. DBRS Morningstar lastly applied a 4.0% management fee compared to the Issuer’s 3.0% management fee estimate.

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EXCHANGE ON ERWIN – DURHAM, NC

DBRS MORNINGSTAR VIEWPOINT The collateral is particularly well located just a few blocks from the Duke University campus and within favorable proximity of the Duke University Hospital and the Durham VA Medical Center, which is highly conducive to the subject’s student/university-oriented business operations. While DBRS Morningstar noted an additional retail development under construction adjacent to the collateral at the time of inspection, management indicated that the collateral was one of the closest retail developments to Duke University with no remaining developable land parcels in closer proximity to the university campus or medical center concentration. The subject’s multifamily section showed especially well at the time of DBRS Morningstar’s inspection and, per management, benefits from being one of the newest properties among its identified competitive set. Reis does not forecast any new supply delivery across the submarket through 2021, though the issuer identified 1,625 multifamily units under construction in the submarket at the time of loan closing. Nonetheless, per Reis, the collateral’s submarket has exhibited seven consecutive quarters of multifamily rent growth despite a 4.5% average annual inventory growth rate over the five-year period ending December 2018, evidencing favorably strong multifamily demand across the collateral’s submarket. The transaction further benefits from experienced sponsorship in Starwood Capital Group, which contributed $41.6 million of fresh equity as part of the acquisition, and a diversified income stream, with the multifamily, office, retail, and parking garage subsections representing approximately 56.9%, 18.5%, 12.3%, and 12.4% of the DBRS Morningstar NCF, respectively.

DOWNSIDE RISKS – The loan is full-term IO – The collateral’s commercial office/retail subsections exhibit significant exposure to concentrated lease rollover with 13 leases representing 84.8% of total NRA and 65.6% of DBRS Morningstar gross rent scheduled to roll in the first five years of the loan term. Five leases representing 66.5% of total NRA and 65.6% of the total DBRS Morningstar gross rent are currently scheduled to expire in 2024 alone.

STABILIZING FACTORS – The loan represents acquisition financing with the sponsor contributing $41.5 million of cash equity and a modest loan- to-purchase price ratio of 64.5%, which is generally indicative of healthy leverage financing. – The DBRS Morningstar NCF represents a relatively high DBRS Morningstar Issuance DSCR of 1.97x, which is generally indicative of decreased default frequency. Additionally, the loan is structured with a $2.5 million upfront leasing reserve to cover any future leasing costs associated with the otherwise heavy concentration of near-term lease rollover.

January 2020 44 Presale Report | BBCMS 2020-C6

Bellagio Hotel and Casino Las Vegas, NV

Loan Snapshot Seller SGFC Ownership Interest Fee/Leasehold Trust Balance ($ million) $43.8 Loan psf/Unit $426,189 Percentage of the Pool 4.8% Loan Maturity/ARD December 2029 Amortization COLLATERAL SUMMARY Interest-Only DBRS Morningstar Property Type Full-Service Hotel Year Built/Renovated 1997/2019 DBRS Morningstar Issuance DSCR City, State Las Vegas, NV T-12 RevPar ($) 267.18 7.92x Units/SF 3,933 T-12 RevPar Date September 2019 DBRS Morningstar Issuance LTV 39.3% This loan is secured by the borrower’s fee simple and leasehold interest in The Bellagio DBRS Morningstar Las Vegas (The Bellagio), a 3,933-room luxury resort and casino located on the Las Balloon LTV Vegas Strip (the Strip). Whole-loan proceeds of $3.01 billion along with $1.25 billion 39.3% of sponsor equity are being used to acquire the previously unencumbered asset for DBRS Morningstar Property Type approximately $4.25 billion and pay $10.6 million of closing costs. The ten-year whole Excellent loan is full-term IO and represents a look-through issuance LTV of 46.3% (70% loan-to DBRS Moringstar cost) based on the as-is October 2019 appraised value of $6.5 billion of the combined Property Quality real estate and business operations. Strong

Debt Stack ($ million) The whole mortgage loan is represented by $1.7 billion of senior notes, $650.5 million Trust Balance junior A notes, and $683.3 million of junior B notes. The BX Trust 2019-OC11 $43.8 transaction included $716.0 million of senior notes, $510.7 million of junior A notes, and Pari Passu $683.3 million of junior B notes. The trust asset is a $43.75 million A-3-C3 and A-3-C4 $1,632.5 junior pari passu notes. There are $600 million of senior notes that are expected to be B-Note contributed to future CMBS transactions and $500 million ($360.2 million of senior $1,333.8 Mezz notes and $139.8 million of junior A notes) that are expected to be held by an insurance $0.0 company. The notes held by the insurance company do not have additional entitlements, Total Debt rights, or remedies not given to the holders of the securitized notes of the same priority. $3,010.0 The trust exposure is to the senior notes only. Loan Purpose Acquisition The sale-leaseback transaction is a joint venture between Blackstone Real Estate Equity Contribution/ Income Trust (Blackstone) (95%) and MGM Resorts International (MGM) (5%), (Distribution) ($ million) which is acquiring the property from MGM. Bellagio, LLC, a wholly owned subsidiary $1,250.6 of MGM, will lease the property from the joint venture and operate it pursuant to a net lease comprising a 30-year initial term with two 10-year extension options. The lease includes a pledge of all the fixtures and furniture at the Bellagio, including all

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BELLAGIO HOTEL & CASINO – LAS VEGAS, NV

gaming equipment and hotel furniture, fixtures, and equipment, as well as all property-level intellectual property. The borrower will own all fee and leasehold interests (a small portion of the property is ground leased) and all improvements on the site, including the Bellagio Fountains (the Fountains), primary main tower, suite tower, and spa tower. MGM Resorts International will guarantee all of the tenant’s obligations under the lease and any principal losses under the loan.

The Bellagio is subject to a ground lease with an unrelated third party that expires in April 2033 and has two 20-year renewal options. This 0.8-acre parcel is located at the southeast corner of the property and includes the marquee sign as well as the entrance to a walkway leading from the sidewalk along the Strip to the main entrance of the hotel. The current ground rent is $503,703.

In 2018, the Bellagio achieved occupancy, ADR, and RevPAR penetration rates of 102.5%, 99.7%, and 104.9%, respectively, versus its comp set, which includes the Aria Resort & Casino, Wynn/Encore Resort and Casino, Venetian/Palazzo Resort and Casino, Cosmopolitan Resort and Casino, and Caesar’s Palace. The property received significant capital improvements from its prior owner, MGM Resorts, which has invested approximately $372 million ($94,584/key) since 2010, including $165 million ($41,953/key) of room renovations. MGM’s lease includes a minimum annual capital investment requirement of $273 million during the first three years, which it plans to exceed with $359 million of improvements ($91,000/key), approximately $260 million ($66,107/key) of which is allocated to upgrading the 3,933 rooms. Based on the renderings provided by management, the room renovations will bring the hard product in line with newer, modern hotels on the Strip (such as the neighboring Cosmopolitan) and will allow the property to maintain its high-end luxury position.

There are only two hotel and casino projects slated for deliver through 2022, both of which occupy inferior locations and have experienced a long and troubled history. Resorts World Las Vegas is a 3,500 room, 59-story mega resort under construction on the former Stardust Resort and Casino site on the northern part of the Strip, scheduled for completion by December 2020. Genting Group originally announced the project would be completed in 2014, but several legal and funding issues added to what will be a six-year delay in delivery. There may be more delays as a finished design is still being planned. The Drew is a 3,680 room, 75% completed, resort casino to have been delivered to the Strip as the Fontainebleau. Construction began in 2006 but came to a stop in 2009 when the property fell into bankruptcy. On August 29, 2017, the property was purchased, and the new ownership retained experts in structural integrity who determined the subject to be structurally sound. The property is currently scheduled to finish construction in 2021.

COMPETITIVE SET

2018 Occupancy Property Keys Year Built (%) 2018 ADR ($) 2018 RevPAR ($)

Aria Resort and Casino 4,004 2009 90.9 261 237

Wynn Las Vegas/Encore 4,748 2006/2008 87.5 314 274

The Venetian/Palazzo 7,117 1999/2010 91.0 295 268

Cosmopolitan 2,995 2010 95.0 325 309

Caesars Palace Las Vegas 3,976 1966 90.0 220 198

Total/Wtd. Avg. Comp. Set 22,840 90.6 284 257

Bellagio 3,933 1998 94.8 278 264

Source: Appraisal

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BELLAGIO HOTEL & CASINO – LAS VEGAS, NV

SPONSORSHIP

The sponsorship for this transaction is a joint venture STR REPORT SUMMARY between Blackstone Real Estate Investment Trust and Occupancy (%) ADR ($) RevPAR ($) MGM Resorts International. Blackstone is a leading global alternative asset manager. Blackstone’s alternative asset Bellagio 94.9 278.28 264.19 management businesses include the management of private Competitive Set 90.6 283.87 257.11 equity funds, real estate funds, hedge fund solutions, Index (%) 104.7 98.0 102.8 credit-oriented funds, closed-ended mutual funds, and Note: For the period ending December 2018. other investment funds. The Blackstone Real Estate group was established in 1991 and is the largest private equity real estate investment manager in the world. MGM Resorts is a publicly traded global hospitality and casino company with a market cap of $14 billion. MGM owns or operates more than 49,000 rooms and 2.7 million sf of casinos in 30 properties in key markets, such as Macau, Las Vegas, and Atlantic City.

DBRS MORNINGSTAR ANALYSIS SITE INSPECTION SUMMARY DBRS Morningstar toured the Bellagio Las Vegas with members of its management team on October 25, 2019, from 1 p.m. to 5 p.m. and found the property quality to be Excellent.

During the tour, management discussed the history of the asset as well as recent and planned improvements to the hotel, casino, and amenities. All areas of the property were well utilized with numerous patrons in the casino, shops, and restaurants, as well as guests checking into and out of the hotel.

The Bellagio is well located on the west side of the Strip in Las Vegas on a 77-acre site that was originally the Dunes Casino. The property is directly accessible from Las Vegas Boulevard as well as from a secondary entrance on W Flamingo Road. In addition, multiple pedestrian bridges enable foot traffic to flow through the property to the east side of the Strip, the Cosmopolitan and CityCenter to the south and Caesar’s Palace to the north. The Bellagio is most recognizable by its eight- acre man-made lake, which hosts the Fountains, a world-famous water attraction of choreographed lights, water, and music.

The Bellagio consists of 3,933 rooms, suites, and villas located in two towers. The main tower holds 3,005 rooms, was constructed in 1998, and offers excellent views of both the Strip and also the Fountains. The remaining 928 rooms are located in the spa tower, located just south of the main tower, which was constructed in 2004. DBRS Morningstar toured guest rooms in both the main and spa towers, as well as a Presidential Suite, a Chairman’s Suite, and a Villa. The guest rooms, which range in size from 510 sf to 626 sf, were last renovated in 2014 and feature furniture and fixtures that are of

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BELLAGIO HOTEL & CASINO – LAS VEGAS, NV

very good quality for a luxury resort in this service scale, including a flat-panel television, dresser, bedside tables, a desk with a chair, wall sconces, floor lamps, and a lounge chair or loveseat. Bathrooms are finished with porcelain tile flooring and tub/shower surrounds, granite vanity countertops, and wall-mounted lighting fixtures. MGM is planning to invest approximately $260 million ($66,107/key) over the next four years to upgrade the hard and soft goods in all 3,933 rooms, including the suites and villas.

The Presidential and Chairman Suites at The Bellagio measure at just a little over 4,000 sf. Guests enter via a suspended walkway over a reflecting pool. Each suite has two master bedrooms, two-and-a-half bathrooms, a formal dining room with seating for ten, a separate lounge and dining area, floor-to-ceiling windows, and a private solarium with a garden and a fountain. The Presidential Suite has views facing west, with views of the mountains, while the Chairman Suite faces east, over the Strip and the fountains.

The nine estate-style, 6,500-sf, two-bedroom/five-bathroom villas feature an in-suite workout facility, a massage room, a dry sauna, a private hair salon, a private kitchen, a formal dining room, a full bar, a dual fireplace, and a private terrace and garden with a pool and whirlpool. Although the Villas at Bellagio are technically not for rent as they are held for high-roller casino clients, they can be booked on a very limited basis subject to availability. The villas are located in a separate wing of the hotel that requires a special key to enter, ensuring privacy for these guests.

The Bellagio also offers guests 29 distinct food and beverage options, all of which are operated under license agreements with MGM. DBRS Morningstar toured a large portion of these venues with the most notable being Picasso, Spago by Wolfgang Puck (Spago), and Le Cirque. The Michelin-rated Picasso has won the AAA Five Diamond Award every year from 2001 to 2019. Picasso has also won the Forbes Five-Star Award from 2014 to 2019. At Picasso, Executive Chef Julian Serrano serves dishes inspired by the regional cuisine of Spain and France to guests surrounded by approximately $200 million of Pablo Picasso paintings and ceramics. The restaurant also boasts a wine cellar stocked with more than 1,500 selections. The outdoor patio, which is open seasonally, can accommodate up to 56 guests and overlooks the Fountains of Bellagio.

Spago is situated in front in of the fountains and features California cuisine paired with modern technique. In the main dining room, floor-to-ceiling floating glass windows surround the space, offering unobstructed views of the lake. Le Cirque is a perennial Bellagio favorite and has won the AAA Five Diamond Award in every year from 2003 to 2019 and the Forbes Five-Star Award from 2017 to 2019. It offers 70 guests a unique dining experience in an opulent, upscale setting, and features fine French cuisine from chef Alan Mardonovic.

DBRS Morningstar was also able to tour the back of the house and operations for The Fountains, which are consistently ranked as TripAdvisor’s #1 Attraction in Las Vegas. The free fountain show is every 30 minutes from 3 p.m. to 8 p.m. Monday through Friday and every 15 minutes from 8 p.m. to midnight. On Sundays the show starts at 11 a.m. every 30 minutes until 7 p.m., when the show goes on every 15 minutes until midnight. The Fountains are also used for advertising and marketing tie-ins and during 2019 featured themed shows for HBO’s Game of Thrones and NBC’s Friends.

The Fountains are maintained by a 30-person team of engineers, mechanics, and pool specialists, and incorporate a network of pipes with more than 1,200 nozzles that make it possible to stage fountain displays coordinated with more than 4,500 lights. Four types of nozzles are used for the various effects: 208 Oarsmen are jets with a full range of spherical motion, 798 Shooters shoot water upwards, 192 Super Shooters send a water blast as high as 240 feet in the air, and 16 Extreme Shooters send a water blast as high as 460 feet. The Fountains are currently being upgraded with controllable LED lights, which will further enhance the viewing experience.

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BELLAGIO HOTEL & CASINO – LAS VEGAS, NV

DBRS MORNINGSTAR NCF SUMMARY NCF ANALYSIS

T-12 DBRS September Morningstar NCF 2016 2017 2018 2019 Issuer NCF NCF Variance

Occupancy 93.5% 92.9% 94.9% 94.8% 94.8% 92.3% -2.7%

ADR $270 $276 $278 $282 $282 $279 -1.0%

RevPAR $253 $257 $264 $267 $267 $257 -3.7%

Total Departmental Revenue $1,364,138,212 $1,365,570,769 $1,367,835,267 $1,349,062,464 $1,349,062,464 $1,299,065,585 -3.7%

Total Deparmental Expense $707,185,025 $688,759,286 $701,476,631 $697,751,759 $697,751,759 $671,892,756 -3.7%

Total Departmental Profit $656,953,187 $676,811,483 $666,358,636 $651,310,705 $651,310,705 $627,172,829 -3.7%

Total Undistributed Expense $155,769,741 $151,909,284 $154,500,208 $155,006,785 $155,006,785 $149,262,162 -3.7%

Total Fixed Expense $20,361,351 $19,165,965 $21,992,386 $22,238,605 $22,238,605 $22,238,605 0.0%

NOI $480,822,095 $505,736,234 $489,866,042 $474,065,315 $474,065,315 $455,672,062 -3.9%

FF&E $0 $0 $0 $0 $20,235,937 $29,112,131 43.9%

NCF $480,822,095 $505,736,234 $489,866,042 $474,065,315 $453,829,378 $426,559,931 -6.0%

The DBRS Morningstar NCF is based on the DBRS Morningstar Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar NCF was $426,559,931, representing a -6.0% variance from the Issuer’s NCF of $453,829,378. The primary drivers of the variance include Occupancy, ADR, and FF&E. DBRS Morningstar assumed an occupancy rate of 92.3%, which is the ten-year minimum for the property, and an ADR of $278.74, which is the previous three-year average. DBRS Morningstar estimated FF&E based on comparable recently securitized hotel-casino properties found on DBRS Viewpoint and gave credit for the significant required capital investment under MGM’s lease. DBRS Morningstar assumed FF&E of 2.2% of revenue compared with the Issuer’s assumption of 1.5%.

DBRS MORNINGSTAR VIEWPOINT DBRS Morningstar has a positive view of the Bellagio and believes its historically strong performance is sustainable in the long term based on the property’s quality, location, amenities, and significant capital improvements.

The Bellagio is a AAA Five Diamond luxury resort and casino that has consistently achieved penetration rates at the top of its comparable set. It was originally constructed in 1988 by Steve Wynn and Mirage Resorts and is regarded at one of the first of the “modern Vegas” hotels. Designed as an homage to the Italian village near Lake Como, the property is instantly recognizable by its world-renowned Fountains situated in front of the hotel. The property offers approximately 155,000 sf of casino space with over 1,800 slot and table gaming units such as blackjack, craps, roulette, baccarat, three card poker, and pai gow. The Bellagio also contains 200,000 sf of meeting and convention space. The property offers parking comprising a total of 6,702 spaces including 4,073 in the employee garage, 2,237 spaces in a guest garage, and 354 in a valet garage.

The Bellagio also benefits greatly from its wide array of food and beverage outlets, luxury retail, and entertainment options. The property features 29 food and beverage outlets, which cater to a wide variety of price points. Restaurants include the Michelin-rated Picasso, Spago, Le Cirque, and Prime Steakhouse, as well as more affordable and family-friendly options such as the Buffet at Bellagio, Noodles, and Sadelle’s Café. The approximately 85,000 sf of retail helps drive traffic to the property and includes 30 retail outlets and luxury brands such as Chanel, Louis Vuitton, Dior, Fendi, Gucci, Harry Winston, and Hermes. Entertainment venues at the Bellagio include the Fountains located in the eight-acre lake on the Las Vegas Strip. These iconic fountains put on a choreographed display of water, lights, and music every evening and are consistently rated as the #1 Landmark in Las Vegas by TripAdvisor. The property is also the permanent home to Cirque du Soleil’s “O”

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BELLAGIO HOTEL & CASINO – LAS VEGAS, NV

aquatic acrobatic theater production. The show has been in residence at since October 1998 and is an additional generator of demand for the casino. The show takes place in, around, and above a 1.5-million-gallon pool of water and features water acts such as synchronized swimming as well as aerial and ground acts. Hyde Bellagio, the 12,000-sf indoor and outdoor nightclub and lounge known for its views of the Bellagio fountains, was closed on July 6, 2019 and is being replaced with a new concept, The Mayfair, which is planned to be a dinner-and-a-show-type supper club with live performances and American cuisine. Approximately $16 million is being invested into the space, which was scheduled to open for New Year’s Eve 2019.

Given on the low DBRS Morningstar LTV of 39.3% based on the look-through valuation including business operations, excellent mid-Strip location, strong operator, and sponsorship and iconic status of the subject property itself, DBRS Morningstar considers the credit quality associated with the senior notes to be AAA.

DOWNSIDE RISKS – High Non-Rooms Revenue: Rooms revenue generated just 28.4% of revenue during the T-12 period ending September 2019. Remaining revenue drivers include gaming (29.6%) and F&B (24.7%). Both of these revenue streams are operationally intensive and require significant expertise in their respective markets. – Master Lease Structure: The property will be operated by MGM subject to a 30-year master lease with two ten-year extensions. – Recourse Cap: The guarantor’s liability under the full recourse carve-outs for bankruptcy events is capped at 10.0% of the then outstanding loan balance. Additionally, the Blackstone guarantor is not required to maintain a minimum net worth or liquid assets and full recourse is only triggered by bankruptcy events.

STABILIZING FACTORS – DBRS Morningstar accounted for the high non-room revenue risk by utilizing a capitalization rate of 11% on income attributable to casino operations. With respect to F&B, the associated revenue is well-diversified among approximately 29 different outlets across multiple price points. – The master lease includes a pledge of all the fixtures and furniture at the Bellagio, including all gaming equipment and hotel furniture, fixtures, and equipment, as well as all property-level intellectual property. Using the Year 1 lease rent payment of $245 million, the Bellagio’s EBITDAR covered the rent expense every year since 2008, including during the severe downturn of the Great Recession trough year of 2010. Using the ten-year average lease payment versus the DBRS Morningstar concluded NCF, the coverage ratio would be 1.60x. – While the cap is a material limitation of the powerful economic disincentives that would be contained in a CMBS standard bad boy guaranty structure that has no such cap, though 10% of the initial loan balance is still a very substantial $301 million. In addition, MGM Resorts International is also providing a payment guaranty.

January 2020 50 Presale Report | BBCMS 2020-C6

ExchangeRight Net Leased Portfolio #31 Chicago, IL

Loan Snapshot Seller Barclays Ownership Interest Fee Trust Balance ($ million) $40.0 Loan psf/Unit $135 Percentage of the Pool 4.4% Loan Maturity/ARD December 2029 Amortization COLLATERAL SUMMARY Interest-Only DBRS Morningstar Property Type Retail Year Built/Renovated 1999-2019 DBRS Morningstar Issuance DSCR City, State Various Physical Occupancy (%) 100.0 2.43x Units/SF 547,761 Physical Occupancy Date N/A DBRS Morningstar Issuance LTV 62.1% This loan is secured by the borrower’s fee interest in the ExchangeRight Net Leased DBRS Morningstar Portfolio #31, a 25-property portfolio totaling 547,761 sf of single-tenant retail space Balloon LTV located across the United States. The properties are located across 10 states with Ohio, 62.1% Illinois, Minnesota and Georgia making up the largest concentrations by NRI. Loan DBRS Morningstar proceeds of $73.9 million in addition to $46.6 million of borrower cash equity were used Property Type to acquire the properties for $117.4 million, cover closing costs of $864,882, and fund Average escrows totaling $2.2 million. The 10-year loan is full-term IO and represents an issu- DBRS Moringstar Property Quality ance LTV of 62.1% LTV based on the November 2019 appraised value of $119.0 million. Average Debt Stack ($ million) The buildings, which were built between 1999 and 2019, are 100% occupied. There are Trust Balance nine unique tenants across the properties of which five are investment grade (Dollar $40.0 General, CVS, Walgreens, BioLife Plasma Services, and Advanced Auto Parts). The Pari Passu investment-grade tenants comprise 31.3% of the NRA and 42.7% of the base rent. Rents $33.9 across the portfolio are all NNN and range from $5.00 psf to $33.35 psf. Twelve of the B-Note properties have had tenants occupying the space for at least 10 years. Furthermore, $0.0 rollover is minimal as only 6.2% of the NRA and 9.2% of the base rent has a lease expira- Mezz tion within the loan term. $0.0 Total Debt $73.9 Loan Purpose Acquisition Equity Contribution/ (Distribution) ($ million) $46.6

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EXCHANGERIGHT NET LEASED PORTFOLIO #31 – CHICAGO, IL

TENANT SUMMARY

Tenant # of Properties SF % of Total NRA DBRS Base Rent PSF Investment Grade? (Y/N)

Hobby Lobby 2 110,020 20.1% 5.00 N

Hy-Vee 1 101,278 18.5% 13.16 N

Tractor Supply 5 94,886 17.3% 13.44 N

Giant Eagle 1 71,050 13.0% 14.50 N

Dollar General 7 64,724 11.8% 11.73 Y

Walgreens 3 44,095 8.1% 23.72 Y

CVS 4 40,527 7.4% 24.83 Y

BioLife Plasma Services 1 14,181 2.6% 34.02 Y

Advance Auto Parts 1 7,000 1.3% 19.00 Y

Total/Wtd. Avg. 25 547,761 100.0% $13.90

SPONSORSHIP The sponsor for this transaction is ExchangeRight Real Estate (ExchangeRight), a privately held real estate company founded in 2009 that focuses on investment-grade Class B retail space with a portfolio of over 650 properties across 38 states totaling over 14 million sf. The carveout guarantors for the loan have reported a combined net worth and liquidity of $84.8 million and $10.7 million, respectively. The property manager for the portfolio is a borrower affiliate that oversees all ExchangeRight property operations.

DBRS MORNINGSTAR ANALYSIS SITE INSPECTION SUMMARY DBRS Morningstar toured the exterior of the property on December 16, 2019, at 12:45 p.m. Based on the site inspection, DBRS Morningstar found the property quality to be Average.

GIANT EAGLE—NEW ALBANY, OHIO The free-standing grocery store is located off New Albany Road and is adjacent to Ohio Route 61 in New Albany, Ohio, about 16 miles northeast of the Columbus, Ohio, CBD. The site is in a shopping center featuring several fast-food restaurants as well as boutique shops. New Albany Road is a primary thoroughfare that leads to the predominately residential area surrounding the subject. The next closest grocery store, a Kroger, is less than 1 mile away south of the property.

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EXCHANGERIGHT NET LEASED PORTFOLIO #31 – CHICAGO, IL

The subject has a two-toned brick exterior with large red signage prominently displayed at the entrance of the property which is extremely visible while approaching the property from New Albany Road. The store features a one-lane pharmacy drive-through and minimal landscaping throughout the property. The landscaping consists of small bushes and ornamental trees spread throughout the parking lot. The parking lot was in average condition with no significant cracking. There was a considerable amount of foot traffic coming from the property, and the property appeared to achieve considerable business through its day-to-day operations despite the nearby competitor.

WALGREENS—DES PLAINES, ILLINOIS DBRS Morningstar toured the exterior and interior of the property on December 12, 2019, at 12:15 p.m. Based on the site inspection, DBRS Morningstar found the property quality to be Average.

The free-standing retail building is located on the southwest corner of Mount Prospect Road and Golf Road in Des Plaines, Illinois, about 20 miles northwest of the Chicago CBD. The site is located at a lighted intersection catty-cornered from a Mariano’s grocery store. Both Mount Prospect and Golf Roads are primary thoroughfares, while the immediate area is predominately residential with a collection of parks, churches, schools, and single-family-home neighborhoods. A couple of neighborhood retail centers that also include a Walgreens retail store are mile west of the subject.

The subject has a two-toned brick exterior with an arched entrance, singled awnings with wood support accents, and prominent building signage. The store features a two-lane pharmacy drive-through and minimal landscaping. The landscaping consists of grass, small bushes, and ornamental trees along the roads, with several small trees in mulch beds within the parking lot. The parking lot was in below-average condition with significant cracking and areas in need of patching. The store interior has a typical layout with dated finishes including light gray vinyl tile floors and acoustic tile ceilings with fluorescent light fixtures.

WALGREENS—WHEELING, ILLINOIS DBRS Morningstar toured the interior and exterior of the property on December 12, 2019, at 10:45 a.m. Based on the site inspection, DBRS Morningstar found the property quality to be Average.

The free-standing retail building is located on the southeast corner of Dundee Road and Schoenbeck Road in Wheeling, Illinois, about 26 miles northwest of the Chicago CBD. The site is located at a lighted intersection east of a commercial development that includes a laundromat and a neighborhood restaurant. Dundee Road is a primary thoroughfare that has several retail centers within 1 mile to the east and west, including a CVS store 0.6 miles to the west. The immediate area is predominately residential with a collection of parks, churches, schools, and single-family-home neighborhoods.

The subject has a brick exterior with an arched entrance, singled awnings, and prominent building signage. The store features a two-lane pharmacy drive-through and ample landscaping. The landscaping consists of grass, small bushes, and ornamental trees along the frontage roads. The parking lot was in below-average condition with significant cracking and areas in need of patching. Also, areas along the base of the building showed signs of deterioration. The store interior has a typical layout with dated finishes including white vinyl tile floors and acoustic tile ceilings with fluorescent light fixtures.

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EXCHANGERIGHT NET LEASED PORTFOLIO #31 – CHICAGO, IL

WALGREENS—CHICAGO HEIGHTS, ILLINOIS DBRS Morningstar toured the exterior and interior of the property on January 3, 2020, at 12:30 p.m. Based on the site inspection, DBRS Morningstar found the property quality to be Average.

The Walgreens in Chicago Heights, Illinois, is located at the corner of Joe Orr Road and Dixie Highway, two major thoroughfares in the area. The subject is approximately 13 miles from Hammond, Indiana, and 30 miles from the Chicago CBD. The property is across the street from several popular retailers and fast-food chains. The immediate area is suburban and densely populated with middle-class, single-family houses. Marian Catholic High School and Prairie State College are both located less than a mile from the property. During the inspection, there was heavy traffic around the property. To the north and east, the property is surrounded by other retail locations, and to the south and west lie residential homes.

The property was in good condition with no visible deferred maintenance to the exterior. Signage on the property indicated that the Walgreens offered photo development as well as a pharmacy. The subject was easily visible from the street, as the three entry points connected directly with the main roads. The parking lot featured seven flood lights and numerous parking spaces for customers. The interior of the property was well maintained with visible deferred maintenance. The shelves were well stocked, and the layout was organized, with the pharmacy located in the southwest corner of the Walgreens. During the inspection, the Walgreens experienced an adequate amount of foot traffic in the store.

CVS—LAWRENCEVILLE, GEORGIA DBRS Morningstar toured the exterior and exterior of the property on December 20, 2019, at 12:45 p.m. Based on the site inspection, DBRS Morningstar found the property quality to be Average.

The free-standing retail building is located on the southwest corner of Cruse Road Northwest and Bethesda School Road in Lawrenceville, Georgia, about 26 miles northeast of the Atlanta CBD. The site is located at a lighted intersection south of a Kroger grocery store anchored retail center and catty-cornered from a gas station. Cruse Road is a primary thoroughfare with scattered retail and commercial developments, otherwise the immediate area is predominately residential in nature.

The subject has a brick exterior with a stucco canopy over the entrance that prominently displays the CVS signage. The store features a two-lane pharmacy drive-through and minimal landscaping. The landscaping consists of grass; however, large mature trees line Bethesda School Road, and the site south of the subject has dense mature trees. The parking lot was in below-average condition with significant spalling and areas in need of patching. The store’s interior has a typical layout with low-pile gray carpet squares, which appeared newer, and older acoustic tile ceilings with fluorescent light fixtures.

TRACTOR SUPPLY—DANVILLE, INDIANA DBRS Morningstar toured the interior and exterior of the property on January 3, 2020, at 12:30 p.m. Based on the site inspection, DBRS Morningstar found the property quality to be Average (+).

The single-tenant retail property is located on Ridge Avenue adjacent to a Walmart Supercenter. The exterior of the subject appeared well maintained, including a recently resurfaced parking lot, a clean facade and signage, no garbage or debris, and a fenced-off area featuring various products. The signage was visible from both Ridge Avenue and the Walmart parking lot. Additionally, there was a larger sign in the Walmart parking lot that featured a Tractor Supply logo that was visible from US-36, which is a major thoroughfare in the region. The property also featured a United States Postal Service across the street and a Circle K gasoline station adjacent to the Walmart. The property appeared to benefit from close proximity to the three facilities as cars were seen driving between the four properties.

Many cars were in the parking lot at the time of inspection, and the store was busy with customers. The surrounding area was rural, which benefits the property significantly given that Tractor Supply typically offers products targeted toward the needs of rural customers. The interior of the subject was well organized, well maintained, and exceptionally clean.

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EXCHANGERIGHT NET LEASED PORTFOLIO #31 – CHICAGO, IL

The shelves of the store were well stocked; however, there was one short aisle that exhibited empty shelves and contained no products. This downside is mitigated by the remainder of the store that was well stocked and appeared to be performing well.

TRACTOR SUPPLY—NEW LENOX, ILLINOIS DBRS Morningstar toured the exterior of the property on January 3, 2020, at 1:30 p.m. Based on the site inspection, DBRS Morningstar found the property quality to be Average.

The Tractor Supply is a retailer for rural and agricultural needs located off East Laraway Road in New Lenox, Illinois. Near the corner of East Laraway Road and Lincolnway Road, the property is surrounded by several retailers that populate the busy street corner. The subject is located between Hwy. 30 and Hwy. 45 to the north and east, respectively. The building is approximately 11 miles from Joliet, Illinois, the largest nearby city, and roughly 40 miles from the Chicago CBD. The surrounding area is predominantly undeveloped rural land with scattered single-family houses.

The property was well maintained with no visible deferred maintenance. The exterior construction, parking lot, and interior all seemed to be new or recently renovated. The large sign in the corner of the lot was not visible until turning off the main street, as the Tractor Supply is partially blocked by small retailers separating the subject from the street. There was little foot traffic within the store given the time of the inspection. The interior was well stocked and organized with supplies and equipment. On the eastern side of the building, an outdoor shopping area displayed the larger items sold by the retailer.

DBRS MORNINGSTAR NCF SUMMARY NCF ANALYSIS

Issuer NCF DBRS Morningstar NCF NCF Variance

GPR $7,402,250 $7,406,604 0.1%

Recoveries $475,275 $2,475,275 420.8%

Other Income $0 $0 0.0%

Vacancy -$288,986 -$357,915 23.9%

EGI $7,588,539 $9,523,964 25.5%

Expenses $627,046 $2,745,518 337.8%

NOI $6,961,493 $6,778,446 -2.6%

Capex $35,581 $122,106 243.2%

TI/LC $214,480 $309,875 44.5%

NCF $6,711,432 $6,346,465 -5.4%

The DBRS Morningstar NCF is based on the DBRS Morningstar Commercial Real Estate Property Analysis Criteria. The resulting NCF was $6,346,465, a variance of -5.4% from the Issuer’s NCF of $6,711,432. The primary drivers of the variance are the TI/LC, management fee, and vacancy assumptions. The DBRS Morningstar TI assumptions are based on $5.00 psf for new leases and $2.50 psf for renewal leases across the anchored, unanchored, and Biolife spaces which is consistent with previous ExchangeRight portfolios analyzed by DBRS Morningstar. Furthermore, LC assumptions are 5.0% for new leases and 2.5% for renewal leases across the anchored, unanchored, and Biolife spaces which is again consistent with previous ExchangeRight portfolios analyzed by DBRS Morningstar. DBRS Morningstar’s management fee assumption is based on a blend of 3.0% for non-LTCT tenants and 1.5% for LTCT tenants, resulting in an overall management fee of 2.84%. DBRS Morningstar’s vacancy assumption is a blend of 5.0% vacancy for anchored tenants and 10.0% for unanchored tenants, excluding LTCT tenants, resulting in a 4.54% vacancy assumption.

January 2020 55 Presale Report | BBCMS 2020-C6

EXCHANGERIGHT NET LEASED PORTFOLIO #31 – CHICAGO, IL

DBRS MORNINGSTAR VIEWPOINT The portfolio is made up of 25 single-tenant NNN leased retail buildings located primarily in suburban and tertiary markets, which are 100.0% occupied. Five of the portfolio’s nine tenants are considered investment grade, representing 36.0% of DBRS Morningstar base rent. Furthermore, six properties, representing 10.8% of portfolio NRA and 13.6% of DBRS Morningstar base rent are occupied by investment-grade tenants with lease terms that extend at least three years beyond the loan maturity. This portfolio benefits from experienced sponsorship and geographic diversity. Additionally, the portfolio benefits from limited near-term rollover with only 6.2% of NRA rolling over the loan term and a weighted-average remaining lease term of 13.8 years.

DOWNSIDE RISKS – The loan is full-term IO, representing elevated refinance risks upon loan maturity. – The sponsor’s borrowing entity will be a Delaware Statutory Trust, which could limit capital contributions at the properties if necessary.

STABILIZING FACTORS – The loan features a 62.1% issuance LTV and the borrower will contribute $46.6 million to the portfolio, representing commitment to the performance of the properties. – The loan is structured with a full cash flow sweep for the last 36 months of the loan term if there has not been a transfer to a qualified transferee with a minimum assets and net worth of $400 million and $200 million, respectively. Also, the loan has been structured so that capital contributions would be the responsibility of the loan guarantors.

January 2020 56 Presale Report | BBCMS 2020-C6

CNP Headquarters Lathrop, CA

Loan Snapshot Seller SGFC Ownership Interest Fee Trust Balance ($ million) $33.8 Loan psf/Unit $94 Percentage of the Pool 3.7% Loan Maturity/ARD February 2030 Amortization COLLATERAL SUMMARY 30 years DBRS Morningstar Property Type Industrial Year Built/Renovated 1992 / 2000 DBRS Morningstar Issuance DSCR City, State Lathrop, CA Physical Occupancy (%) 100.0 1.59x Units/SF 358,107 Physical Occupancy Date January 2020 DBRS Morningstar Issuance LTV 64.6% The collateral consists of a 358,107-sf single-tenant industrial property located in DBRS Morningstar Lathrop, California. Loan proceeds of $33.8 million along with equity contributions Balloon LTV of approximately $18.1 million will fund the $51.7 million purchase price and cover 58.4% $231,204 in closing costs. The 10-year loan has an initial five-year IO period and DBRS Morningstar amortizes over a 30-year schedule thereafter. Property Type Average Originally constructed by the tenant in 1992, the 358,107-sf property is 100.0% occupied DBRS Moringstar Property Quality by California Natural Products (CNP) and serves as the only production and distribution Average facility for the tenant. CNP’s production is specialized in aseptic products with its Debt Stack ($ million) production mix of approximately 75.0% contract manufacturing with the remaining Trust Balance 25.0% comprising rice syrup and other ingredients. The improvements consist of $33.8 a 241,032-sf production plant, a 117,075-sf distribution warehouse, and a 46.2-acre Pari Passu water discharge site across three individual properties. The tenant recently executed a $0.0 25-year NNN lease with an initial base rent of $9.23 psf and annual 3.0% escalations. B-Note $0.0 Mezz $0.0 Total Debt $33.8 Loan Purpose Acquisition Equity Contribution/ (Distribution) ($ million) $18.1

January 2020 57 Presale Report | BBCMS 2020-C6

CNP HEADQUARTERS – LATHROP, CA

TENANT SUMMARY

DBRS Morningstar Investment Grade? Tenant SF % of Total NRA Base Rent PSF Lease Expiry (Y/N)

California Natural Products 358,107 100.0% $9.51 11/2044 N

SPONSORSHIP The sponsor and guarantor for the transaction is AGNL, an entity focused on NNN lease transactions with borrowing experience in excess of $2.0 billion across and 80 loans with no credit issues. As of September 30, 2019, the guarantor reports total investor commitments of $409.2 million with approximately $163.7 million of uncalled committed capital (40% of total). The guarantor also has access to a $196 million credit facility from Sumitomo Mitsui Banking Corporation. AG Net Lease Realty Fund IV. Investments (H-1), L.P. also serves as a guarantor for the loan. As of September 30, 2019, the guarantors had a collective net worth and liquidity of approximately $70.9 million and $74.5 million, respectively.

DBRS MORNINGSTAR ANALYSIS SITE INSPECTION SUMMARY DBRS Morningstar toured the interior and exterior of the property on January 2, 2020, at approximately 2:30 p.m. Based on the site inspection, DBRS Morningstar found the property quality to be Average.

The collateral is located in Lathrop, California, a tertiary market approximately 74.0 miles east of San Francisco and 59.0 miles south of Sacramento. Specifically, the property is positioned in the Central Valley submarket just 10 miles south of Stockton, California, an inland port city that also has strong rail, river, and vehicle transportation infrastructure. As the property also serves as a distribution center for the tenant, the subject demonstrated strong distribution channels with I-5 providing north-south access just one mile west before intersecting east-west thoroughfare Highway 120 two miles to the south. The area’s attractiveness is exhibited by the presence of several large distributors including The Home Depot’s 1.4 million sf facility; Amazon.com with over 2.0 million sf of distribution facilities; and other national food companies, including General Mills.

Originally constructed by the tenant in 1992, the collateral consists of a production facility, distribution warehouse, and water discharge site spread across three properties. Equipped with considerable infrastructure and machinery for the tenant’s complex ingredient manufacturing and aseptic product packaging, the 241,032-sf production facility is improved with a rice plant building, a fruit building, a boiler building, a processing building, and a warehouse building. Serving the manufacturing of one of the tenant’s most important products, the rice plant building serves the purpose of breaking down rice before it is eventually converted into syrup via an evaporator located just outside of the building. Through manipulating

January 2020 58 Presale Report | BBCMS 2020-C6

CNP HEADQUARTERS – LATHROP, CA

the evaporator’s temperature, the tenant is able to produce various levels of sweetness for its syrup products. With extensive machinery throughout including approximately 20 silos, two boilers, four chillers, and five cooling towers, among other manufacturing infrastructure, the tenant also manufactures various other products, including natural beverages. The various other improvements and buildings on the property included a two-story office building at the entrance, a water waste area with two 500,000-gallon tanks, and a large building structure with three warehouses. The first warehouse building had four docking doors, which were the only doors at the production facility and serviced outbound shipping. The second warehouse building housed the facility’s ten unique packing lines each fit to fill specific aseptic packing sizes ranging from 250 ml to 1,000 ml. This space was improved with second-floor office space, a maintenance shop area, two sterilizers, and a new self-checkout micro-market that was under construction at the time of inspection.

The remaining area of the collateral, including the production facility’s last warehouse, serviced the tenant’s distribution operations. The third warehouse had a traditional storage configuration with shelving that included finished products in a 7 day to 10 day queue awaiting outbound shipment. The building also featured a conveyor belt overhanging structure that connected to a non-collateral warehouse building across the street. While the production facility has a storage warehouse section, the 117,075-sf warehouse building on the site immediately south of the production facility provides additional storage and distribution capacity. The building featured a small receiving office space; 15 docking doors; 53-foot- clear ceiling heights; and additional unimproved land, allowing for future expansion. The building is used to store raw ingredients awaiting production as well as a portion of finished products awaiting outbound shipment. As the building appeared to be nearing full capacity, management also explained that CNP rents additional storage space at third-party warehouse buildings along McKinley Avenue. While outbound shipments are handled at the distribution warehouse and nearby third-party warehouses, receiving at the property occurs at the smaller warehouse in the production facility before the products are moved to the distribution warehouse facility. The production facility and separate distribution warehouse reside on adjacent sites, but the water discharge site is located one block southeast on unimproved land. Management explained that the production process of aseptic products generates excess sanitized water. Thus, the tenant improved the collateral with underground piping infrastructure, allowing for excess water to be transported from the production facility to the discharge site. Overall, the collateral appeared to be adequately maintained throughout with the tenant’s extensive machinery and infrastructure in good condition.

DBRS MORNINGSTAR NCF SUMMARY NCF ANALYSIS

Issuer NCF DBRS Morningstar NCF NCF Variance

GPR $3,404,768 $3,404,768 0.0%

Recoveries $99,883 $448,827 349.4%

Other Income $0 $0 0.0%

Vacancy -$175,233 -$192,680 10.0%

EGI $3,329,418 $3,660,916 10.0%

Expenses $99,883 $448,827 349.4%

NOI $3,229,536 $3,212,088 -0.5%

Capex $35,811 $53,716 50.0%

TI/LC $69,805 $155,315 122.5%

NCF $3,123,920 $3,003,057 -3.9%

January 2020 59 Presale Report | BBCMS 2020-C6

CNP HEADQUARTERS – LATHROP, CA

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar NCF was $3,003,057, a variance of -3.9% from the Issuer’s NCF of $3,123,920. The main driver of the variance is leasing commissions. DBRS Morningstar based LC assumptions on the appraiser’s estimate of 6.0%/3.0% for new and renewal leases.

DBRS MORNINGSTAR VIEWPOINT The collateral consists of a 358,107-sf production and distribution facility that is 100.0% occupied by CNP. The improvements of the three-property campus were originally constructed by the tenant in 1992 and remain its lone facility as it is well- positioned in the desirable Central Valley with an average vacancy of approximately 4.9% for the San Joaquin County submarket as of Q3 2019, according to REIS. Having attracted large distribution facilities for companies such as Amazon. com; Tesla, Inc.; and The Home Depot, the inland port city of Stockton and the collateral’s surrounding area is an established industrial hub offering strong distribution networks through cargo, rail, and road infrastructure. In addition to the area’s strong north-south and east-west distribution channels, the tenant has improved the collateral with infrastructure to accommodate its complex aseptic product production capabilities. Thus, the tenant has a strong commitment to the property as exhibited by its recently executed 25-year lease to remain at the mission-critical location. The 10-year loan is structured with an initial five-year IO period and a moderate DBRS Morningstar Issuance LTV of approximately 64.6% before amortizing over a 30-year schedule to a more favorable DBRS Morningstar Balloon LTV of approximately 58.4%

DOWNSIDE RISKS – The tenant is 100.0% occupied by a single non-investment-grade tenant. – The building and facility contain an array of equipment and piping, which is not easily movable and specific to the tenant’s manufacturing process, making the collateral virtually unusable for any other purpose than its current use.

STABILIZING FACTORS – The tenant recently executed a 25-year lease renewal that extends well beyond loan maturity and results in an in-place DBRS Morningstar DSCR of approximately 1.59x. – To mitigate the risk created by the manufacturing use of the subject, DBRS Morningstar increased the LGD levels associated with this loan.

January 2020 60 Presale Report | BBCMS 2020-C6

Brooklyn Flats & 482 Seneca Avenue Crossed Group Brooklyn, NY Loan Snapshot Seller SMC Ownership Interest Fee Trust Balance ($ million) $29.9 Loan psf/Unit $598,000 Percentage of the Pool 3.3% Loan Maturity/ARD January 2030 Amortization Interest-Only COLLATERAL SUMMARY DBRS Morningstar DBRS Morningstar 1899-2019/ Multifamily Year Built/Renovated Issuance DSCR Property Type 2002-2018 1.66x City, State Brooklyn, NY Physical Occupancy (%) 100.0 DBRS Morningstar Issuance LTV Units/SF 50 Physical Occupancy Date December 2019 63.7% DBRS Morningstar This portfolio comprises five individual cross-collateralized mortgage loans secured Balloon LTV by the borrower’s fee-simple interest in the Brooklyn Flats Portfolio – 482 Seneca, a 63.7% 50-unit multifamily portfolio of five properties in Brooklyn and Queens, New York. DBRS Morningstar Property Type Originally built between 1899 and 2019, the five multifamily properties are 100.0% Average physically occupied as of December 2019. Loan proceeds of $29.9 million, along with DBRS Moringstar $521,626 of sponsor equity, went toward refinancing $29.6 million in existing debt Property Quality and covering closing costs of approximately $763,379. The 10-year loans are fully IO Weak through the loan term. Debt Stack ($ million) Trust Balance The five properties in the portfolio are 99 North 7th Street, 144 North 11th Street, $29.9 217 Court Street, 22 Melrose Street, and 482 Seneca Avenue. The sponsor bought Pari Passu 99 North 7th Street in 2016 for $3.7 million, 144 North 11th Street in 2018 for $4.7 million, $0.0 217 Court Street in 2016 for $6.0 million, and 22 Melrose Street in 2013 for $189,000 B-Note (after which the property was demolished and rebuilt). The sponsor built 482 Seneca $0.0 Avenue in early 2019. Please see the following table for more details on each of the Mezz properties in the portfolio: $0.0

Total Debt $29.9 Loan Purpose Refinance Equity Contribution/ (Distribution) ($ million) $0.5

January 2020 61 Presale Report | BBCMS 2020-C6

BROOKLYN FLATS & 482 SENECA AVENUE CROSSED GROUP – BROOKLYN, NY

PORTFOLIO SUMMARY

Cut-Off Date % of Loan Property % of Year Built/ Property Loan Amount Amount City, State Type Units NRA Renovated Occupancy

482 Seneca Avenue $8,600,000 28.8% Ridgewood, NY Multifamily 21 42.0% 2019 100.0%

217 Court Street $6,694,286 22.4% Brooklyn, NY Multifamily 6 12.0% 1900/2002 100.0%

144 North 11th Street $6,021,654 20.1% Brooklyn, NY Multifamily 8 16.0% 1899/2018 100.0%

99 North 7th Street $4,868,571 16.3% Brooklyn, NY Multifamily 7 14.0% 1900/2018 100.0%

22 Melrose Street $3,715,489 12.4% Brooklyn, NY Multifamily 8 16.0% 2017 100.0%

Total/Wtd. Avg. $29,900,000 100.0% Various Multifamily 50 100.0% Various 100.0%

The portfolio has a current occupancy rate of 100.0%. Units at the properties range from studios to five-bedroom units, with the majority falling in the two- to four-bedroom range. From 2013 to 2019, the borrower invested approximately $9.9 million on capex across the portfolio, mainly focused on interior unit renovations. The 217 Court Street property contains ground- level retail consisting of 3,850 sf of commercial space that houses an animal hospital and martial arts gym. Two properties in the portfolio, 22 Melrose Street and 482 Seneca Avenue, contain three and seven affordable units, respectively.

The appraiser identified several properties of comparable quality and size in the nearby area to each property. The appraiser analyzed comparable properties for each unit size for each of the five properties. The appraiser selected these comparable properties because, in addition to their similarities, they compete directly for prospective tenants in the market. Based on the appraiser’s research, the portfolio properties’ rental rates, including both contractual rates and quoted rates, are similar to those in the market. All competitive properties identified by the appraiser have strong occupancy figures that range from 95% to 100%. Given the strong historical vacancy in the submarket, proximity to Manhattan, and high demand for rental units in the area, the appraiser concluded to a long-term stabilized vacancy factor of 2.0%.

SPONSORSHIP The sponsors are developers Joel and Shaindy Schwartz. The company manages a portfolio worth more than $540 million across 65 multifamily properties. The sponsor specializes in multifamily properties in the Brooklyn market. Joel and Shaindy Schwartz are the loan guarantors for this transaction and have a reported combined net worth and liquidity of approximately $208.8 million and $5.0 million, respectively. Bedford Enterprises LLC, a sponsor affiliate, manages the portfolio.

In February 2009, Joel Schwartz filed for Chapter 11 bankruptcy protection for an entity in which he held ownership interests in a residential building. After a failed attempt to convert the property to a rental building, which was not permitted by the mezzanine lender, the sponsor opted to file Chapter 11 for the entity. Schwartz and the mezzanine lender settled, and the building was sold in 2010. All parties were paid in full, and the bankruptcy case was closed on April 2011. In 2008, Schwartz and a partner developed two residential developments. After being unable to convert the units to rentals, Schwartz and his partner defaulted on their respective loans, which led to the lenders starting foreclosure proceedings. The partners eventually reached settlements with the lenders, which were ultimately paid in full and the foreclosures were discontinued.

January 2020 62 Presale Report | BBCMS 2020-C6

BROOKLYN FLATS & 482 SENECA AVENUE CROSSED GROUP – BROOKLYN, NY

DBRS MORNINGSTAR ANALYSIS SITE INSPECTION SUMMARY

DBRS Morningstar toured the 99 North 7th Street, 144 North 11th Street, 217 Court Street, and 22 Melrose Street properties on January 6, 2020, beginning at approximately 9:00 a.m. Based on the site inspection, DBRS Morningstar found the property quality of the portfolio to be Average.

99 NORTH 7TH STREET The property is on the north side of North 7th Street, between Berry Street and Wythe Avenue in the Williamsburg neighborhood of Brooklyn. Williamsburg is a mostly residential area and has seen a large population growth over the past decade. Many former industrial/warehouse buildings have been rezoned to accommodate new residential and mixed-use developments. The property is within walking distance to East River State Park and is easily accessible from the Brooklyn Queens Expressway. Access to public transportation is good via the Bedford Avenue train station, serviced by the L subway line, and the Nassau Avenue train station, serviced by the G subway line.

The property was originally constructed in 1900, and sponsor recently gut-renovated it in 2018. It consists of a single four- story, walk-up building with a brick facade. The property, which is 5,201 sf in size, contains a total of seven rental units. It exhibits average curb appeal with minimal signage on the entry doorway along North 7th Street. DBRS Morningstar also found the property’s accessibility to be average. DBRS Morningstar did not tour any units at the property. Overall, the property was in average condition and displayed no signs of deferred maintenance.

144 NORTH 11TH STREET The property is on the south side of North 11th Street, between Bedford Avenue and Berry Street in the Williamsburg neighborhood of Brooklyn. Like 99 North 7th Street, the property is within walking distance to East River State Park and is easily accessible via the Brooklyn Queens Expressway. The Bedford Avenue and Nassau Avenue train stations are nearby, providing access to the L and G subway lines, respectively.

The property was originally constructed in 1899, and the sponsor recently gut-renovated it in 2018. The property consists of a single four-story, walk-up building with a brick facade, containing 7,147 sf across eight rental units. The property exhibits average curb appeal with minimal signage on the entry doorway along North 11th Street. DBRS Morningstar also found the property’s accessibility to be average. DBRS Morningstar did not tour any units at the property. Overall, the property was in average condition and displayed no signs of deferred maintenance.

January 2020 63 Presale Report | BBCMS 2020-C6

BROOKLYN FLATS & 482 SENECA AVENUE CROSSED GROUP – BROOKLYN, NY

217 COURT STREET The property is on the east side of Court Street, between Wyckoff Street and Warren Street in the Cobble Hill neighborhood of Brooklyn. Cobble Hill is a small historic district largely composed of low-rise townhomes and locally owned commercial outlets including local retailers, coffee shops, and boutiques. Access to public transportation is good via the Carroll Street and Bergen Street train stations, both serviced by the F and G subway lines.

The property was originally constructed in 1900, and the sponsor recently gut-renovated it in 2002. It consists of a single four- story, walk-up multifamily building with ground-level retail. The property contains 8,003 sf and is constructed with a brick facade. There is a total of six rental units. The retail portion of the property is 3,850 sf and is fully occupied by two tenants: Bond Vet and Zero G Brazilian Jiu Jitsu. The property exhibits average curb appeal with signage on the entry doorway along Court Street. DBRS Morningstar also found the property’s accessibility to be average. DBRS Morningstar did not tour any units at the property. Overall, the property was in average condition and displayed no signs of deferred maintenance.

22 MELROSE STREET The property is on the east side of Melrose Street, between Bushwick Avenue and Broadway in the Bushwick neighborhood of Brooklyn. Bushwick is popular among young professionals, artists, and families and has a strong presence in the arts, boutique retail, dining, and creative industries. The southern portion of the neighborhood is a residential and multifamily small historic district largely composed of low-rise townhomes and multifamily residences. Access to public transportation is good via the M, J, and Z subway lines.

The property was originally constructed in 2017. It consists of a single four-story, walk-up multifamily building with a total of eight units. The property contains 5,995 sf and is constructed with a brick facade. The property exhibits average curb appeal with signage on the entry doorway along Melrose Street. DBRS Morningstar also found the property’s accessibility to be average. DBRS Morningstar did not tour any units at the property. Overall, the property was in average condition and displayed no signs of deferred maintenance.

DBRS MORNINGSTAR NCF SUMMARY NCF ANALYSIS

T-12 September 20191 Issuer NCF DBRS Morningstar NCF NCF Variance

GPR $988,402 $2,534,820 $2,534,820 0.0%

Other Income $3,601 $24,720 $21,901 -11.4%

Vacancy & Concessions $0 -$87,601 -$139,581 59.3%

EGI $992,003 $2,471,939 $2,417,140 -2.2%

Expenses $199,255 $336,148 $356,547 6.1%

NOI $792,748 $2,135,792 $2,060,593 -3.5%

Capex $0 $12,500 $23,418 87.3%

NCF $792,748 $2,123,292 $2,037,175 -4.1%

1. The 99 7th Street Property and the 144 North 11th Street Property came online in 2019, and as a result a T3 and T4, respectively, are included in the T12 column above. Additionally, 482 Seneca came online in 2019, no cash flow from the property is included in the T12.

The DBRS NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar NCF was $2,037,175, down 4.1% from the Issuer’s NCF of $2,123,292. The primary driver of the variance is vacancy. DBRS Morningstar estimated a 5% minimum vacancy assumption on each property in the portfolio. The issuer used a 3% vacancy assumption. As of December 2019, the property is 100% occupied, and Reis submarket stats show a 4% vacancy rate in the portfolio’s Kings County submarket.

January 2020 64 Presale Report | BBCMS 2020-C6

BROOKLYN FLATS & 482 SENECA AVENUE CROSSED GROUP – BROOKLYN, NY

DBRS MORNINGSTAR VIEWPOINT The multifamily portfolio properties are well located in the greater Brooklyn metropolitan area. The portfolio is well situated among local attractions with a strong employment base, popular retail attractions, easy access to public transportation, proximity to Manhattan, and more importantly, high demand for rental units. As of December 2019, the portfolio is 100% occupied, which reflects the strong submarket fundamentals; according to Reis, the vacancy levels are 3.0% to 4.0%. The appraiser also noted comparable properties to each of the properties in the portfolio and found them all to be 95%–100% occupied. The properties have also all been recently built or renovated and were in average condition and displayed average curb appeal that is commensurate with other properties in the submarket. The sponsor for this loan are developers Joel and Shaindy Schwartz, who have extensive experience in the Brooklyn multifamily market, with a collective ownership in over 65 properties with a total market value of approximately $540.0 million. They have a combined net worth of approximately $208.8 million and have a cost basis in the portfolio of $33.8 million. However, the sponsor has prior credit history dating back to 2009 when Joel Schwartz filed for Chapter 11 bankruptcy protection for an entity in which he held ownership interests. Additionally, in 2008, Schwartz defaulted on his loans on two residential condominium developments. DBRS Morningstar mitigated his credit risk by applying a Weak sponsorship assessment in the analysis of this loan. Despite the sponsorship concern, the property’s strong market and average LTV of 63.7% display favorably when analyzing this loan as a whole.

DOWNSIDE RISK – Joel Schwartz, one of the developers at sponsor Noble Assets, has prior credit history related to a Chapter 11 bankruptcy filing in 2009 and a default on two loans in 2008.

STABILIZING FACTOR – Both Joel and Shaindy Schwartz have extensive experience in the Brooklyn multifamily market with a collective ownership in over 65 properties with a total market value of approximately $540.0 million. They also have a combined net worth and liquidity of approximately $209.0 million and $5.0 million, respectively. The Chapter 11 bankruptcy in 2009 resulted in a settlement and all parties were paid in full, and the bankruptcy case was closed in 2011. The foreclosure in 2008 resulted in a settlement with the lenders, who were paid in full and the foreclosures were discontinued. DBRS Morningstar mitigated the sponsorship risk by applying a Weak sponsorship assessment in the analysis of this loan.

January 2020 65 Presale Report | BBCMS 2020-C6

Millikan Business Center Beaverton, OR

Loan Snapshot Seller Barclays Ownership Interest Fee Trust Balance ($ million) $28.0 Loan psf/Unit $95 Percentage of the Pool 3.1% Loan Maturity/ARD November 2029 Amortization COLLATERAL SUMMARY 30 years DBRS Morningstar Property Type Mixed Use Year Built/Renovated 1970/2012 DBRS Morningstar Issuance DSCR City, State Beaverton, OR Physical Occupancy (%) 88.1 1.99x Units/SF 293,763 Physical Occupancy Date September 2019 DBRS Morningstar Issuance LTV 64.4% This loan is secured by the borrower’s fee-simple interest in Millikan Business Center, DBRS Morningstar a 293,763-sf mixed-use building in Beaverton, Oregon. Built in 1970 and renovated in Balloon LTV 2012, the two-story office building was 88.1% occupied as of the September 2019 rent 54.8% roll. Loan proceeds of $28.0 million ($95 psf ) were used to retire existing CMBS debt DBRS Morningstar and defeasance costs of $12.3 million; return $8.4 million of equity to the sponsor; fund Property Type a $5.7 million reserve to cover TI/LC costs; reserve free rent of $730,170 for a new MKS Average Instruments, Inc (MKS Instruments) lease; and cover closing costs of $873,656. The DBRS Moringstar Property Quality 10-year loan is IO for the first three years of the term before amortizing on a 30-year Average basis. Debt Stack ($ million) Trust Balance This property was previously securitized in the UBSBB 2012-C4 transaction with $28.0 an initial trust balance of $13.0 million ($44 psf ). The prior loan was added to the Pari Passu servicer’s watch list in January 2019 after Seterus (a division of IBM), a former tenant $0.0 that occupied 52.0% of the NRA, did not renew its lease and triggered a cash sweep. B-Note The sponsor did not default on the loan, and Nationstar Mortgage LLC—which is now $0.0 known as Mr. Cooper—took over 37.7% of NRA. The property was valued at $19.1 million Mezz at issuance for the 2012 securitization, and is now valued at $43.5 million, as of the most $0.0 recent appraisal conducted in October 2019. Total Debt $28.0 Loan Purpose Refinance Equity Contribution/ (Distribution) ($ million) ($8.4)

January 2020 66 Presale Report | BBCMS 2020-C6

MILLIKAN BUSINESS CENTER – BEAVERTON, OR

TENANT SUMMARY

DBRS % of Total Morningstar DBRS Investment % of Total Base Rent Morningstar Grade? Tenant SF NRA PSF ($) Base Rent Lease Expiry (Y/N)

MKS Instruments1 113,341 38.6 17.25 52.4% 11/2030 N

Nike Retail Services, Inc. 50,000 17.0 11.55 15.5% 11/2023 N

Nationstar Mortgage LLC (aka Mr. Cooper) 43,421 14.8 16.74 19.5% 2/2022 N

Lakeside Sports Facility of Oregon 27,000 9.2 11.55 8.4% 8/2025 N

Record Xpress of California, LLC 25,000 8.5 6.11 4.1% 1/2021 N

Level 3 Communications LLC 1 0.0 4,017 0.1% 2/2024 N

Subtotal/Wtd. Avg. 258,763 88.1 0.00 100.0% Various N

Vacant Space 35,000 11.9 n/a n/a n/a n/a

Total/Wtd. Avg. 293,763 100.0 0.00 100.0% Various N

1. MKS Instruments is not yet in occupancy as of January 2020, but the tenant had no outs remaining in its lease and the lease is scheduled to begin in July 2020.

The property contains flex, office, and retail spaces. The office space features 18-foot clear heights, the warehouse space features 50-foot clear heights with climate control, and the property offers 20 dock doors. As of September 2019, the property was 88.1% occupied by five tenants. The property has experienced recent leasing momentum as Nike (17.0% of NRA) recently executed a five-year renewal option at the property, and MKS Instruments signed a new 10.4-year lease to occupy approximately 113,341 sf (38.6% of NRA) across the first and second floors. MKS Instruments will be taking a portion of the office space occupied by Mr. Cooper on an as-is basis. On the first floor, MKS Instruments will build a lab where it plans to test its laser systems used in electronics devices. Seterus previously occupied a large portion of the property before vacating in February 2019. Prior to lease expiration, Mr. Cooper signed a lease to occupy the entire second floor where Seterus had been. MKS Instruments will now fill the vacant space left by Seterus on the first floor. Per the site inspection conducted in January 2020, the space for MKS Instruments will be delivered from Mr. Cooper to the tenant in February 2020. MKS Instruments had not yet notified the sponsor of its finalized build-out plan or expected physical move-in date, but there are no outs remaining in the tenant’s lease. The borrower is contributing TIs of $5.1 million ($45 psf ) and LCs of $536,255 ($5 psf ) for the new MKS Instruments lease, and the tenant will be spending approximately $7.0 million ($62 psf ) of additional capital to build out its space.

Rollover at the property is concentrated in 2022 and 2023, as 19.5% and 15.5% of the DBRS Morningstar Base Rent is scheduled to rollover in those years, respectively. The property has historically achieved a high occupancy rate and was 100% occupied from 2016 and 2018, but the property’s occupancy rate dropped to 77.8% in March 2019 following Seterus’ lease expiry.

SPONSORSHIP The sponsor for this transaction is Felton Properties Inc., a full-service real estate company focused on properties in Central and Western United States. William and Matthew Felton, father and son, founded the company together in 1972 in Portland, Oregon. Felton Properties currently manages 3.1 million sf of commercial real estate (22 assets) across five states. The Felton Properties portfolio consists largely of suburban office (75.0%). Since 2015, Felton Properties has been the sponsor for 12 loans included in CMBS securitization and has performed as agreed upon for all loans.

The current Chief Executive Officer of the company, Matthew Felton, oversees the operations. Felton currently has ownership interest in $29.5 million worth of commercial real estate across 21 properties. The market value of this real estate portfolio is approximately $429.9 million. The sponsor went into default on one $8.4 million CMBS loan, Creekside

January 2020 67 Presale Report | BBCMS 2020-C6

MILLIKAN BUSINESS CENTER – BEAVERTON, OR

Four Office Building, which was securitized in JPMCC 2007-CB19. The default was caused by a decline in occupancy and cash flow after the property’s largest tenant vacated. While the sponsor received an offer for the asset and proposed workout with the servicer, this would have required a waiver of defeasance. The three-week appraisal process and delay by the servicer caused the buyer to walk and the servicer ultimately foreclosed on the asset, and a receiver was appointed in January 2017.

The subject is managed by Felton Management Corporation, a borrower-affiliated management company, for a contractual rate of 4.0% of EGI.

DBRS MORNINGSTAR ANALYSIS SITE INSPECTION SUMMARY

Based on the DBRS Morningstar site inspection and management meeting conducted on January 4, 2020, at 9:30 a.m., DBRS Morningstar found the property quality to be Average.

The mixed-use property is located at the northeast corner of SW Murray Boulevard and SW Millikan way, two commercial thoroughfares in the suburban area of Beaverton. The property is situated 2.0 miles south of U.S. Route 26, a highway that connects Beaverton to downtown Portland to the west. The property manager reported that, while most employees that work at the property live in Beaverton, the subject is within a five-minute walk from a light-rail transit stop, which enhances accessibility to the property for commuters in the region. The immediate area surrounding the property contained a mixture of competitive office, flex, and retail properties. The property’s exterior consisted of silver-painted exterior paneling near the entryways and was comparable with a modern suburban flex complex.

Each tenant had its own direct entryway to their space from the exterior of the building. The space occupied by Mr. Cooper featured an open-office layout with traditional gray carpeting, low-rise cubicle walls, and high ceilings. The sponsor was planning to construct a wall between the space that will be delivered to MKS Instruments in February and space currently occupied by Mr. Cooper. The property manager conveyed that Mr. Cooper is downsizing its space at the property because the company wants its employees to work closer together, and that the tenant no longer needs warehouse space following its acquisition of Seterus. MKS Instruments is moving its operations from a nearby office building following Columbia Sportswear’s purchase of that building, which serves as their headquarters, in August 2019. MKS Instruments is planning to the convert existing warehouse space at the subject into lab space, but the property manager reported that neither the final build-out plan has been finalized nor was there a set time table for when the tenant was expected to take occupancy at the property. The space that will be leased by MKS Instruments still had cubicles and office furniture from Mr. Cooper at the time of the inspection.

January 2020 68 Presale Report | BBCMS 2020-C6

MILLIKAN BUSINESS CENTER – BEAVERTON, OR

The space leased to Nike primarily contained warehouse space lined with rows of merchandise, and the tenant appeared to fully be utilizing its space. The property manager noted that the nearby Nike Employee Store, the largest grossing store in the world for Nike, benefits from its proximity to the Nike warehouse space at the subject. The space leased by Lakeside Sports featured a typical suburban sports court facility and is often used for local volleyball tournaments and games. The space featured basketball courts, volleyball courts, a concession area, a small office space, and high ceilings, but the interior looked dated. Overall the property was well maintained, and the only deferred maintenance observed was asphalt cracking in a couple areas of the parking lot.

DBRS MORNINGSTAR NCF SUMMARY NCF ANALYSIS

T-12 DBRS 2016 2017 2018 September 2019 Issuer NCF Morningstar NCF NCF Variance

GPR $2,055,987 $2,117,695 $2,191,028 $2,221,591 $3,573,597 $3,731,097 4.4%

Recoveries $1,305,056 $1,315,418 $1,485,926 $1,276,813 $1,514,738 $1,514,738 0.0%

Other Income $54 $57 $343 $3,578 $0 $0 0.0%

Vacancy $0 $0 $0 $0 -$210,000 -$367,500 75.0%

EGI $3,361,097 $3,433,170 $3,677,297 $3,501,982 $4,878,335 $4,878,335 0.0%

Expenses $1,257,311 $1,258,368 $1,392,778 $1,376,852 $1,524,570 $1,537,377 0.8%

NOI $2,103,786 $2,174,802 $2,284,519 $2,125,130 $3,353,765 $3,340,958 -0.4%

Capex $0 $0 $0 $0 $58,753 $58,753 0.0%

TI/LC $0 $0 $0 $0 $261,373 $327,003 25.1%

NCF $2,103,786 $2,174,802 $2,284,519 $2,125,130 $3,033,639 $2,955,202 -2.6%

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar NCF was $2,955,202, representing a -2.6% variance from the Issuer’s NCF of $3,033,639. The primary driver for the variance was TIs. While the Issuer assumed $0.52 psf of total TIs, DBRS Morningstar assumed $0.73 psf of TIs. The DBRS Morningstar TI assumptions for individual space categories were generally based on the appraisal assumptions, which are supported by recent leasing at the property and the appraiser’s comparable leases in the market.

DBRS MORNINGSTAR VIEWPOINT The mixed-use property is well located in suburban Beaverton, near a major highway, U.S. Route 26, and a light-rail transit stop. The prior loan on the property, which was securitized in the UBSBB 2012-C4 transaction, went on the servicer’s watch list and a cash sweep was triggered due to the property’s former largest tenant, Seterus, not renewing its lease. The sponsor, which is the same sponsor for this loan, did not default on the loan and was able to partially backfill Seterus’ space with Mr. Cooper, which signed a new lease for 37.4% of NRA at the property. The subject has recently experienced leasing momentum, as evidenced by the recent renewal lease for Nike and a new lease to MKS Instruments. Nike renewed its lease for its 50,000-sf warehouse space for five years beginning in November 2018, and Nike’s current rent at $11.40 psf is well above its previous rental rate of $5.40 psf for the same space at the property. MKS instruments, representing 38.6% of NRA and 52.4% of DBRS Morningstar Base Rent, recently signed a lease that is scheduled to commence in July 2020. The rental rate for MKS instruments at $17.25 psf is well above the rental rate of $8.21 psf that Seterus was paying at issuance for the prior securitization. The rental rate increases at the subject and in the market, as well as cap rate compressions, have contributed to the increase of appraised value from $65 psf in 2012 to $148 psf for this securitization. Per the site inspection conducted in January 2020, MKS Instruments had not moved into its space or finalized its build-out specs. The landlord is expected to deliver the space to the tenant in February 2020, but the tenant has not conveyed its move-in date yet. The lease

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MILLIKAN BUSINESS CENTER – BEAVERTON, OR

for MKS Instruments has no contract outs remaining. There is pressure for MKS Instruments to move its current operation out of the building it’s currently leasing space because Columbia Sportwear purchased that building in August 2019, and Columbia Sportswear intends to expand its headquarters at that property. While there is rollover risk posed throughout the subject loan term because 19.5% and 15.5% of DBRS Morningstar Base Rent is expiring in 2022 and 2023, respectively, the sponsor has historically proven that the property can maintain a high occupancy and meet debt service obligations following tenant consolidations. The property’s issuance appraised LTV of 64.4% is considered moderate for a mixed-use property in a suburban location like Beaverton with a DBRS Morningstar Market Index of 5. However, the loan’s seven years of amortization over the final years of the term result in a low appraiser maturity LTV of 54.8%.

DOWNSIDE RISKS – The sponsor will cash out $8.4 million and have no cash equity remaining in the property as a result of this transaction.

STABILIZING FACTORS – The property’s appraised value has more than doubled to $43.5 million ($148 psf ) for this 2020 securitization from $19.1 million ($65 psf ) for the 2012 securitization. The sponsor has been able to help increase the value of the property through its leasing efforts and has successfully negated tenant space consolidation following tenant acquisitions. The sponsor for the loan has sponsored 12 CMBS loans that have been securitized since 2015, and all loans are performing as agreed upon.

January 2020 70 Presale Report | BBCMS 2020-C6

Satellite Flex Office Portfolio Duluth, GA

Loan Snapshot Seller Barclays Ownership Interest Fee Trust Balance ($ million) $27.3 Loan psf/Unit $95 Percentage of the Pool 3.0% Loan Maturity/ARD December 2029 Amortization COLLATERAL SUMMARY 30 years DBRS Morningstar Property Type Office Year Built/Renovated 1998-1999 DBRS Morningstar Issuance DSCR City, State Duluth, GA Physical Occupancy (%) 82.5 1.42x SF 287,816 Physical Occupancy Date Septemeber 2019 DBRS Morningstar Issuance LTV 73.4% This loan is secured by the borrower’s fee simple interest in the Satellite Flex Office DBRS Morningstar Portfolio, containing 287,816 sf of flex office space in Duluth, Georgia, approximately Balloon LTV 25 miles northeast of downtown Atlanta. Loan proceeds of $27.3 million, in addition to 59.9% $75,000 of borrower equity, will be used to retire the existing debt, preferred equity DBRS Morningstar and prepayment penalties of $25.0 million, cover $918,760 of closing costs, and fund Property Type $1.4 million of upfront reserves including $505,878 for outstanding tenant leasing Average obligations and $63,668 for free rent. The ten-year loan is IO for the first 12 months of DBRS Moringstar Property Quality the loan term, then amortizes over a 360-month term for the balance of the loan term. Average Debt Stack ($ million) The Subject is located at 2400, 2405, 2425, and 2450 Commerce Avenue. An existing Trust Balance TIC structure that owned the 2400 and 2405 buildings brought Virtua Partners in as $27.3 the sponsor in 2014 after some mismanagement issues were created by the previous Pari Passu sponsor (NNN Properties/Daymark). Virtua rolled the TIC structure into an LLC and $0.0 then acquired the other two buildings (2425 and 2450) in a market transaction in 2015. B-Note The four assets were built in 1998 to 1999 and the current borrowing group’s cost basis $0.0 is $35.2 million. The collateral is currently 96.6% occupied, but after a contraction by Mezz Assurant and an expansion by Moreland Altobelli Associates (Moreland) in Q1 2020, $0.0 the subject will be 82.5% occupied. The largest tenant, Assurant, currently occupies Total Debt 119,517 sf, but as of January 2020, the tenant reduced its space by 50,400 sf, though it $27.3 also extended its term by five years. The second-largest tenant, AGS, is an investment- Loan Purpose grade-rated entity with a lease term through June 2028. There is concentrated rollover Refinance in 2024, where 29.0% of the NRA and 42.4% of the rent is slated to expire. The remaining Equity Contribution/ occupied space all rolls during the loan term, primarily in 2026 through 2028. The loan (Distribution) ($ million) $0.1 is structured with $535,125 of upfront TI/LC reserved and full cash flow sweep 12 months prior to the lease expiration of Assurant’s lease in 2024.

January 2020 71 Presale Report | BBCMS 2020-C6

SATELLITE FLEX OFFICE PORTFOLIO – DULUTH, GA

TENANT SUMMARY

% of Total Investment % of Total DBRS Base DBRS Base Lease Grade? Tenant SF NRA Rent PSF Rent Expiry (Y/N)

American Security Insurance Company (Assurant) 69,117 24.0% $15.42 37.3% 12/2024 N

AGS 55,264 19.2% $9.98 19.3% 6/2028 Y

Moreland Altobelli Associates 41,822 14.5% $9.65 14.1% 5/2027 N

Agency Matrix 29,259 10.2% $13.89 14.2% 2/2026 N

Valmet 27,714 9.6% $10.30 10.0% 10/2021 N

Subtotal/Wtd. Avg. 223,176 77.5% $12.15 94.8% Various Various

Other Tenants 14,240 4.9% $10.38 5.2% Various N

Vacant Space 50,400 17.5% n/a n/a n/a n/a

Total/Wtd. Avg. 287,816 100.0% $9.94 100.0% Various Various

SPONSORSHIP The sponsor and carve-out guarantors for this transaction are Virtua Partners, which is comprised of Lloyd Kendall and Quynh Palomino. Virtua Partners is a private equity firm with approximately 16.0 million sf of commercial real estate under management or development. The firm focuses on investment-grade office, industrial, residential, and hospitality properties throughout the U.S. The combined net worth and liquidity of the sponsors is approximately $8.2 million and $1.3 million, respectively.

DBRS MORNINGSTAR ANALYSIS SITE INSPECTION SUMMARY DBRS Morningstar toured the interior and exterior of the property on December 20, 2019, at 11:00 a.m. Based on the site inspection and management meeting, DBRS Morningstar found the property quality to be Average.

The collateral consists of four single-story flex office buildings located in Duluth, Georgia, about 25 miles northeast of the Atlanta CBD. The buildings are situated on Commerce Avenue, a secondary street, and are part of a larger office park that contains a mixture of similar flex buildings and multistory suburban office buildings. The subject area is densely wooded, providing a scenic setting, and is approximately 0.7 miles from the Gwinnett Place Regional Mall, a largely vacant retail destination. The subject is also about two miles from the I-85 on-ramp, which connects with I-285 and the Atlanta CBD.

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SATELLITE FLEX OFFICE PORTFOLIO – DULUTH, GA

There is an apartment complex immediately to the east and other office and industrial buildings to the north and south, with numerous retail locations, restaurants, and car dealerships surrounding Gwinnett Place Mall.

The buildings are single-story structures with precast concrete exterior walls with reflective glass windows and multiple employee entrances that allow the buildings to be configured for multiple tenants. The asphalt parking lots were in Average (-) condition with some noticeable cracking. The landscaping was ample and well-maintained, consisting of grass, trees, bushes, and flower beds along the streets and adjacent the buildings. Clearly visible monument signs marked each building; however, tenant entrances were a bit more nondescript. DBRS Morningstar toured most of the tenant spaces, which generally had updated interiors with modern office furniture and workstations. Several tenants like AGS, a manufacturer of electronic casino games, utilized a portion of their space for light manufacturing and storage; however, most tenants used the space solely as office space with carpet floors, acoustical tile ceilings, and exterior private offices. The one vacant space was currently being demoed to allow for Moreland’s expansion. Furthermore, Assurant currently occupies all of building 2405, used primarily as a call center, but is contracting its space by 50,400 sf in January 2020. The space to be vacated is currently configured with mostly open cubicle spaces along the perimeter with meeting rooms and training rooms toward the center of the building. Overall, the buildings had Class B+ office finishes, with ample tenant parking in a suburban setting.

DBRS MORNINGSTAR NCF SUMMARY NCF ANALYSIS

T-12 DBRS 2016 2017 2018 September 2019 Issuer NCF Morningstar NCF NCF Variance

GPR $2,924,356 $2,816,491 $2,962,266 $3,217,866 $3,598,826 $3,565,936 -0.9%

Recoveries $583,917 $554,072 $649,121 $685,171 $612,231 $598,787 -2.2%

Other Income $1,749 $16,273 $108,415 $50,261 $16,477 $11,374 -31.0%

Vacancy $0 $0 $0 $0 -$705,600 -$705,600 0.0%

EGI $3,510,022 $3,386,836 $3,719,802 $3,953,298 $3,521,934 $3,470,497 -1.5%

Expenses $830,775 $927,858 $837,624 $853,361 $844,536 $873,359 3.4%

NOI $2,679,247 $2,458,978 $2,882,178 $3,099,937 $2,677,398 $2,597,138 -3.0%

Capex $0 $0 $0 $0 $57,563 $71,954 25.0%

TI/LC $0 $0 $0 $0 $274,998 $330,389 20.1%

NCF $2,679,247 $2,458,978 $2,882,178 $3,099,937 $2,344,836 $2,194,794 -6.4%

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar NCF was $2,194,794, a -6.4% variance from the Issuer’s NCF. The primary drivers of the variance were TI/LCs and rental income. TIs were established on amounts greater than the appraiser’s estimates for new leases, based on recent allowances provided to the Moreland expansion. LCs were set to the appraiser’s estimates for all space types, which was 5.0% for new leases and 2.5% for renewal leases. The Issuer gave straight-line rent credit to rent bumps of the lease term for AGS, as the tenant has an investment-grade credit rating. DBRS Morningstar did not provide rent credit to rent bumps beyond January 2021 for AGS, as the tenant’s lease term expires within the loan term.

DBRS MORNINGSTAR VIEWPOINT The collateral for the loan is the fee simple interest in a 287,816 sf of flex office space spread across four buildings. The buildings were generally well maintained and the interior office space had contemporary finishes and layouts that were indicative of Class B+ space. Current occupancy is 96.6% but after the Assurant and Moreland contraction and expansions in Q1 2020, respectively, the subject will be 82.5% occupied. Inclusive of the subject’s occupancy from 2016 to 2018, the

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SATELLITE FLEX OFFICE PORTFOLIO – DULUTH, GA

average occupancy has been 87.8%. Per the Reis Q3 2019 data, the submarket office vacancy is 23.8%, with an average of 22.2% over the last five years, indicating the subject has been performing better than the submarket, but illustrates a soft submarket. While the office park is in close proximity to I-85, which provides great regional access, the dying Gwinnett Place Regional Mall suggests a declining retail strength in the submarket, which may be a reflection of the submarket population demographics that could further erode the office leasing desirability.

The loan has a current LTV of 73.4%, based on an appraised value of $37.2 million, indicative of high leverage financing. The loan does amortize for nine years of the loan term, so the maturity LTV is a healthier 59.9%.

DOWNSIDE RISKS – All of the current leases in place expire prior to loan maturity and approximately 40% of the rent rolls in 2024.

STABILIZING FACTORS – The loan is structured with $535,125 of upfront TI/LC reserved and full cash flow sweep 12 months prior to the lease expiration of Assurant’s lease in 2024.

January 2020 74 Presale Report | BBCMS 2020-C6

2000 Park Lane Pittsburgh, PA

Loan Snapshot Seller SGFC Ownership Interest Fee Trust Balance ($ million) $26.9 Loan psf/Unit $115 Percentage of the Pool 3.0% Loan Maturity/ARD December 2029 Amortization COLLATERAL SUMMARY 30 years DBRS Property Type Office Year Built/Renovated 1993/2014 DBRS Morningstar Issuance DSCR City, State Pittsburgh, PA Physical Occupancy (%) 93.2 1.85x Units/SF 234,859 Physical Occupancy Date October 2019 DBRS Morningstar Issuance LTV 65.0% This loan is secured by the borrower’s fee simple interest in 2000 Park Lane, a DBRS Morningstar 234,859 sf multitenant Class A office building approximately 13 miles west of downtown Balloon LTV Pittsburgh. The property features surface parking totaling 1,060 spaces, which it shares 58.4% with 3000 Park Lane, a nearby sister property. Whole loan proceeds of $26.9 million DBRS Morningstar along with $15.0 million of borrower cash equity financed the $41.4 million acquisition Property Type of the property, covered closing costs of $230,946, and funded upfront reserves of Average approximately $235,180 at the property. The 10-year loan term is IO for five years before DBRS Moringstar Property Quality amortizing on a 30-year schedule and represents an issuance LTV of 65.0% based on Weak the October 2019 appraised value of $41.4 million. Debt Stack ($ million) Trust Balance The building, which was built in 1993 and recently renovated in 2014, was 93.2% occupied $26.9 as of the October2019 rent roll. The sponsor for this transaction is under contract to Pari Passu purchase the property for $41.4 million. The property is LEED certified because of $0.0 its utility-saving features. Common amenities at the property include a full-service B-Note cafeteria, an outdoor patio, a fitness center complete with yoga studio, and a two-story $0.0 atrium. Furthermore, the appraiser indicates that Connecticut General Life Insurance Mezz Company (Cigna) has contributed $5.0 million into the property for high-end electrical $0.0 systems throughout the building as well as interior finishes since taking occupancy. Total Debt $26.9 Loan Purpose Acquisition Equity Contribution/ (Distribution) ($ million) $15.0

January 2020 75 Presale Report | BBCMS 2020-C6

2000 PARK LANE – PITTSBURGH, PA

TENANT SUMMARY

Investment DBRS Base % of Total DBRS Grade? Tenant SF % of Total NRA Rent PSF Base Rent Lease Expiry (Y/N)

Cigna 156,589 66.7% $15.63 61.1% 24-Dec Y

Cabot Oil and Gas 56,447 24.0% $27.60 38.9% 25-Aug n/a

Subtotal/Wtd. Avg. 213,036 90.7% $18.80 100.0% Various

Other Tenants 5,749 2.4% n/a n/a n/a n/a

Vacant Space 16,074 6.8% n/a n/a n/a n/a

Total/Wtd. Avg. 234,859 100.0% $17.05 100.0% n/a

Per the October 2019 rent roll, two distinct tenants occupied 90.7% of the total NRA and 100.0% of the total DBRS Morningstar rent. The largest tenant, Cigna is a global health service company and has been at the property since 2011 and is part of Cigna’s corporate campus in the area. The adjacent building, 3000 Park Lane, is 100% occupied by Cigna and houses the company’s human resources, customer service, sales, and finance departments, totaling approximately 750 employees. Cigna employs more than 74,000 employees worldwide and has amassed a global network of over 1 million healthcare professionals. The second-largest tenant, Cabot Oil & Gas Corporation, is an independent oil and gas company with a significant focus on northeast Pennsylvania and more specifically the Marcellus Shale. The tenant has occupied the property since March 2015. Lease rollover is extremely volatile, with the leases for Cigna and Cabot Oil & Gas set to expire in December 2024 and August 2025, respectively.

SPONSORSHIP The sponsor for this transaction is Oryx Ltd., a family operated investment firm based out of Kuwait that acts on behalf of the Alhomaizi family, a prominent and well-known family in Kuwait. Oryx is especially active in the Kuwait real estate market and has diversified its portfolio globally in both the UK and the United States. The carveout guarantor, Hamad Alhomaizi, reports a net worth of $31.6 million, of which $14.9 million is liquid. DBRS Morningstar increased the POD penalty on this loan to mitigate the sponsor, which is a foreign company.

DBRS MORNINGSTAR ANALYSIS SITE INSPECTION SUMMARY DBRS Morningstar toured the interior of the property on Tuesday, January 7, 2020, at 1:00 p.m. Based on the site inspection, DBRS Morningstar found the property to be Average.

January 2020 76 Presale Report | BBCMS 2020-C6

2000 PARK LANE – PITTSBURGH, PA

The property consists of a 234,859 sf office property approximately 13.0 miles west of the Pittsburgh CBD and 6.4 miles southeast from the Pittsburgh International Airport. The collateral has good accessibility with primary access via Cliff Mine Road and sits less than 0.1 miles south of I-376, connecting the collateral to the surrounding Pittsburgh MSA and airport. Additionally, it benefits from nearby demand drivers including The Mall at Robinson and Robinson Towne Center both 2.6 miles east of the property. The Class A office building is within a suburban corridor featuring primarily office and retail developments. Two office buildings in the immediate area were under construction, and the property manager expects them to open within the next two years.

At the time of inspection, the surrounding office buildings showed signs of full occupancy, as all parking lots were adequately filled. The property manager indicated that the abundant parking in the area, more specifically the 1,060-space surface lot, is a large amenity for tenants. Additionally, there are also several free daily shuttles that transport employees to the nearby major public transportation hubs. The exterior facade was taupe and almond colored stone with abundant steel blue windows that allowed an exceptional amount of natural light into the property. Signage near the roof of the building prominently displayed Cigna’s name. Small shrubbery and well-kept landscaping lined the building’s exterior walkways. Access to the main lobby was provided by a short driveway off Cliff Mine Road before opening into a small roundabout and entrance to the employee parking lot. The main lobby featured a double atrium leading up to the second floor with beige marble flooring, a small security desk, and a seating area with light colored wood furniture. DBRS Morningstar toured floors one through three and floor six at the property. Floor one contains the lobby as well as approximately 18,000 sf of vacant space on the east side of the building. The property manager has indicated that the space is being actively leased and that several tours to prospective tenants would be occurring during the next several weeks. Floor two was the common amenity space of the building and featured a large full-service cafeteria and fitness center. Both amenities were well maintained, and the property manager indicated the cafeteria becomes increasingly popular during the winter months when walkability to nearby restaurants becomes difficult. The third floor houses Cabot Oil & Gas and opens to the reception area, featuring ochre colored furniture and light grey walls. The office space featured numerous individual offices in expansive corridors with the same muted blue-grey carpeting throughout. The walls were either an opaque white or blue on either side leading down the corridors. Floors four through six all had the same floorplan, and DBRS Morningstar toured the sixth floor, which Cigna occupied entirely. The floorplan was considerably more open than the third floor; however, it featured the same carpeting and wall colors. Each floor featured a small kitchenette with white cabinetry and basic kitchen appliances like a microwave and a fridge. Overall, the property was in good condition and of similar quality to comparable properties in the immediate area, given its vintage.

DBRS MORNINGSTAR NCF SUMMARY NCF ANALYSIS

2018 T-12 September 2019 Issuer NCF DBRS Morningstar NCF NCF Variance

GPR $4,111,020 $4,170,061 $4,454,854 $4,405,666 -1.1%

Recoveries $2,102,544 $2,105,616 $1,923,301 $1,973,963 2.6%

Other Income $488 $1,180 $1,180 $1,180 0.0%

Vacancy $0 $0 -$449,429 -$528,680 17.6%

EGI $6,214,052 $6,276,857 $5,929,906 $5,852,129 -1.3%

Expenses $2,557,871 $2,486,958 $2,652,384 $2,649,273 -0.1%

NOI $3,656,181 $3,789,899 $3,277,521 $3,202,856 -2.3%

Capex $0 $0 $35,229 $58,715 66.7%

TI/LC $0 $0 $293,574 $476,179 62.2%

NCF $3,656,181 $3,789,899 $2,948,719 $2,667,961 -9.5%

January 2020 77 Presale Report | BBCMS 2020-C6

2000 PARK LANE – PITTSBURGH, PA

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar NCF was $2,667,961, down 9.5% from the Issuer’s NCF. The primary drivers for the variance are the DBRS Morningstar TI/LC and vacancy assumptions. DBRS Morningstar based its TI assumptions on the appraiser’s estimate of $15.00 psf for new leases and $5.00 psf for renewals across five-year loan terms. DBRS Morningstar based its LC assumptions on the appraiser’s estimate of 6.0% for new leases and 3.0% for renewal leases. DBRS Morningstar assumed a vacancy of 12.0% based on the appraiser’s assumptions as opposed to the Issuer’s assumption of 7.0%. The DBRS Morningstar vacancy assumption is in line with the Issuer’s submarket vacancy of 10.4%.

DBRS MORNINGSTAR VIEWPOINT The collateral is well located within the Parkway West office submarket and benefits from several major arterial roadways, nearby restaurants, and its proximity to I-376, which provides direct access to both the Pittsburgh International Airport and Pittsburgh CBD. Per Reis, the Parkway West submarket exhibited a very high average submarket vacancy of 18.1% as of Q3 2019, compared with the appraisal’s estimated vacancy rate of 12.0% based on its market comparables. The property has been nearly 100% occupied since 2015; however, Cigna recently decided to give back 16,074 sf of its first-floor space, which is now vacant and actively being marketed. At the time of the site inspection, the property manager noted that several prospective tenants would be touring the space in the coming weeks. Both tenants at the property have demonstrated long-term commitments. Since taking occupancy in 2011 Cigna has injected approximately $5.0 million into the property to improve interior finishes as well as make several security improvements for its space. Additionally, Cigna fully occupies 3000 Park Lane, an office building of similar vintage located across the street. Cabot Oil & Gas operates primarily in the Marcellus Shale, which spans the entire western half of Pennsylvania. The property’s close distance to the shale allows Cabot Oil & Gas to run its operation efficiently and effectively since taking occupancy in 2015 and residing on the entire third floor. The transaction has a moderate issuance LTV of 65.0%. Higher leveraged loans tend to exhibit higher default frequencies historically.

DOWNSIDE RISKS – Both tenants are scheduled to roll by August 2025, representing 100.0% of the total NRA and five years away from the loan maturity date. The large concentration of lease rollover before maturity effectively escalates the transaction’s maturity default risk because it presents a challenge to prospective refinancing or alternative liquidation options at maturity.

STABILIZING FACTORS – The loan includes a $1.25 psf ongoing TI/LC reserve to assist with leasing the property. Furthermore, there is a cash flow sweep that is triggered when the DSCR falls below 1.20x or when a lease sweep event is triggered.

January 2020 78 Presale Report | BBCMS 2020-C6

Advance Auto Parts Portfolio Various

Loan Snapshot Seller SGFC Ownership Interest Fee Trust Balance ($ million) $26.5 Loan psf/Unit $107 Percentage of the Pool 2.9% Loan Maturity/ARD February 2030 Amortization COLLATERAL SUMMARY Interest-Only DBRS Morningstar Property Type Unanchored Retail Year Built/Renovated 1986-1999 DBRS Morningstar Issuance DSCR City, State Various Physical Occupancy (%) 94.6 2.23x Units/SF 248,790 Physical Occupancy Date January 2020 DBRS Morningstar Issuance LTV 65.0% The collateral consists of a 35-property unanchored retail portfolio totaling 248,790 sf DBRS Morningstar located across 11 states. The $26.5 million loan will refinance approximately $10.1 million Balloon LTV of existing debts, return of $14.6 million of borrower equity, cover $865,314 in closing 65.0% costs, pay $700,000 in defeasance costs, and escrow $300,000 for environmental DBRS Morningstar reserves. The 10-year loan is IO throughout its entire term with a DBRS Morningstar Property Type LTV of approximately 61.2%. Average DBRS Moringstar Property Quality Originally constructed between 1986–99, the portfolio’s 35 properties are all single Average tenant and 100.0% leased to Advance Auto Parts. However, the portfolio is approximately Debt Stack ($ million) 94.6% occupied, as the tenant is been dark at two properties in Louisiana totaling Trust Balance 13,454 sf (5.4% NRA). The portfolio has a large concentration in the Southeastern $26.5 United States as it contains the three largest states by allocated loan amount including Pari Passu 10 properties in Georgia (28.9% of allocated loan amount), six properties in Florida $0.0 (23.5% of allocated loan amount), and six properties in Mississippi (17.1% of allocated B-Note loan amount). Following the sale-leaseback acquisition of the properties in 2001, the $0.0 sponsor executed a 22-year lease at all properties with an expiration date slated for Mezz August 2023. The sponsor recently extended the lease through August 2031 for the 33 $0.0 occupied properties. The lease was not extended for the two dark properties although Total Debt the tenant is still paying rent for the lease, which is guaranteed by Advance Stores $26.5 Company Inc. Loan Purpose Refinance Equity Contribution/ (Distribution) ($ million) ($14.6)

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ADVANCE AUTO PARTS PORTFOLIO – VARIOUS

PORTFOLIO SUMMARY

% of Cut-Off Cut-Off Year Built/ Date Loan Date Loan Lease Property City, State SF Renovated Amount Amount Occupancy Expiry

Advance Auto Parts - Fort Lauderdale Fort Lauderdale, FL 6,697 1997 $2,013,727 7.6% 100.0% August 2031

Advance Auto Parts - Key Largo Key Largo, FL 6,622 1997 $1,104,302 4.2% 100.0% August 2031

Advance Auto Parts - Fayetteville Fayetteville, GA 6,432 1998 $1,006,864 3.8% 100.0% August 2031

Advance Auto Parts - Lee's Summit Lee's Summit, MO 10,686 1988 $909,425 3.4% 100.0% August 2031

Advance Auto Parts - Deltona Deltona, FL 6,690 1997 $883,442 3.3% 100.0% August 2031

Advance Auto Parts - Vicksburg Vicksburg, MS 6,686 1998 $876,946 3.3% 100.0% August 2031

Advance Auto Parts - Port Royal Port Royal, SC 6,712 1999 $876,946 3.3% 100.0% August 2031

Advance Auto Parts - York York, PA 7,768 1986 $844,466 3.2% 100.0% August 2031

Advance Auto Parts - Waycross Waycross, GA 11,975 1993 $844,466 3.2% 100.0% August 2031

Advance Auto Parts - Thomaston Thomaston, GA 6,673 1997 $844,466 3.2% 100.0% August 2031

Subtotal/Wtd. Avg. Various 76,941 Various $10,205,050 38.5% 100.0% August 2031

Other Properties Various 171,849 Various $16,294,950 61.5% 100.0% Various

Total/Wtd. Avg. Various 248,790 Various $26,500,000 100.0% 100.0% Various

SPONSORSHIP The loan’s sponsor is WRS Advisors IV LLC, with William Mack and Michael Ashner as the key principals. Acting as the majority stakeholder in the transaction, Mack is the former founder of AREA Property Partners and currently serves as the Chairman for Mack-Cali Realty Corporation. The portfolio’s daily management is handled by Ashner, the founder and Chief Executive Officer of Winthrop Capital Partners, with acquisition experience in excess $12.0 million throughout his career. The Mack family serves as the loan’s guarantor with a reported net worth liquidity of approximately $90.3 million and $60.2 million, respectively.

DBRS MORNINGSTAR ANALYSIS SITE INSPECTION SUMMARY

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ADVANCE AUTO PARTS PORTFOLIO – VARIOUS

FORT LAUDERDALE, FLORIDA DBRS Morningstar toured the exterior and interior of the property on January 10, 2020. Based on the site inspection, DBRS Morningstar found the property quality to be Average.

The free-standing retail store is located at the corner of SE 20th Street and South Federal Highway (U.S. Hwy. 1), one of the primary thoroughfares in the area, in Fort Lauderdale, Florida, approximately two miles south of the Fort Lauderdale CBD. The asset is situated in an established infill area predominately consisting of retail, offices, industrial, and residential uses with minimal plots of vacant land. U.S. Hwy. 1 is a heavily trafficked thoroughfare that provides excellent visibility for the subject.

The subject has a painted stucco exterior with bright-red signage on the upper third of the exterior making the property very noticeable compared with neighboring developments. In addition to mounted signage, the property had a sign located at the corner of SE 20th Street and U.S. Hwy. 1. The landscaping consists of small bushes and palms trees spread throughout the parking lot. The interior of the property was in good overall condition and typical of the brand. The exterior construction, parking lot, and interior all seemed to be well maintained and in good overall condition with no visible deferred maintenance.

NARANJA, FLORIDA DBRS Morningstar toured the exterior interior of the property on January 10, 2020. Based on the site inspection, DBRS Morningstar found the property quality to be Average.

The free-standing retail store is located on South Dixie Highway (U.S. Hwy. 1) in Naranja, Florida, approximately 34 miles southwest of downtown Miami. U.S. Hwy. 1 is one of the major thoroughfares connecting Naranja to Miami and other major thoroughfares for the southern Miami suburbs. Developments along U.S. Hwy. 1 primarily consist of single-tenant retail, smaller strip centers, gas stations, office buildings, and residential neighborhoods south of U.S. Hwy. 1. To the north and west of the subject are various plots of vacant land and land used for agricultural purposes.

The subject has a painted stucco exterior with bright-red signage on the upper third of the exterior on the corner of the building making the property very noticeable compared with neighboring developments. Furthermore, the asset has signage along U.S. Hwy. 1 to increase overall visibility. The landscaping consists of small bushes and ornamental trees spread throughout the parking lot. The interior of the property was in good overall condition and typical of the brand. The exterior construction, parking lot, and interior all seemed to be well maintained and in good overall condition with no visible deferred maintenance.

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ADVANCE AUTO PARTS PORTFOLIO – VARIOUS

DBRS MORNINGSTAR NCF SUMMARY NCF ANALYSIS

Issuer NCF DBRS Morningstar NCF NCF Variance

GPR $2,651,404 $2,684,582 1.3%

Recoveries $52,455 $1,271,776 2324.5%

Other Income $0 $0 0.0%

Vacancy -$81,116 -$395,636 387.7%

EGI $2,622,743 $3,560,722 35.8%

Expenses $52,455 $1,224,973 2235.3%

NOI $2,570,288 $2,335,749 -9.1%

Capex $0 $48,967 100.0%

TI/LC $0 $155,913 100.0%

NCF $2,570,288 $2,130,868 -17.1%

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar NCF was $2,130,868, a variance of -17.1% from the Issuer’s NCF of $2,570,288. The primary drivers of the variance are vacancy, TI/LCs, management fee, and capital reserves. While the Issuer assumed an economic vacancy of 3.0%, DBRS Morningstar assumed an economic vacancy of 10.0% as the tenant’s lease does not extend long enough to be treated as an LTCT. Issuer assumed no TI/LC costs, while DBRS Morningstar assumed TIs of $0.30 psf annually and LCs 5.0%/2.5% for new and renewal leases, respectively. DBRS Morningstar assumed a management fee of 3.0% of EGI, which is higher than the Issuer’s management fee of 2.0% of EGI. While the Issuer did not reserve for ongoing capex, DBRS Morningstar assumed ongoing capital reserves of $0.20 psf for the portfolio’s 33 occupied properties with no reserves for its two dark properties. The contractual rent was included for the two dark properties through the lease expiration in August 2023.

DBRS MORNINGSTAR VIEWPOINT The collateral consists of a 248,790-sf unanchored retail portfolio comprising 35 single-tenant properties that are 100.0% leased to Advance Auto Parts. The properties are generally located in suburban and tertiary markets across nine states with Advance Auto Parts in occupancy at the collateral since the original construction of the standalone retail buildings from 1986–99. Faced with the predicament of an approaching lease expiration at all 35 properties and two properties that have remained dark since 2015, the sponsor has extended the lease at the portfolio’s 33 occupied properties. These properties have demonstrated healthy sale figures with an average of approximately $197.00 psf in 2018, which is comfortably in excess of the tenant’s average base rent of $10.96 psf. Despite approximately 4.4% of base rent rolling in August 2023 at the portfolio’s two dark properties, the tenant will still pay rent at all 35 properties through year four of the loan term as the tenant has a master lease that is guaranteed by investment-grade rated Advance Stores Company Inc. (rated BBB- by S&P). Through the subject refinancing, the sponsor has addressed the predicament by securing approximately 95.6% of the investment-grade tenant’s base rent through the entirety of the loan term.

DOWNSIDE RISKS – The tenant is currently dark at two properties in Louisiana totaling 13,454 sf (5.4% NRA). – The loan is IO for the full term with the borrower cashing out approximately $14.6 million of equity in the transaction.

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ADVANCE AUTO PARTS PORTFOLIO – VARIOUS

STABILIZING FACTORS – As a partial mitigant, the loan is structured with a cash flow sweep commencing 24 months prior to loan maturity with triggers if the tenant’s credit rating falls below BB- or equivalent rating or the tenant goes dark on the equivalent to 33.0% of either NRA, base rent or total operating stores (all but the two Louisiana properties). Furthermore, DBRS Morningstar assumed no revenue from the two dark stores in its NCF analysis. – The loan exhibits strong debt service coverage with a DBRS Morningstar DSCR of approximately 2.23x based on the DBRS Morningstar NCF and is indicative of lower leverage financing represented by the 65.0% LTV, based on the appraiser’s $40.8 million valuation.

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Trinity Multifamily Portfolio Various

Loan Snapshot Seller Barclays Ownership Interest Fee Trust Balance ($ million) $25.3 Loan psf/Unit $71,497 Percentage of the Pool 2.8% Loan Maturity/ARD January 2030 Amortization COLLATERAL SUMMARY 30 years DBRS Morningstar Property Type Multifamily Year Built/Renovated Various DBRS Morningstar Issuance DSCR City, State Various Physical Occupancy (%) 95.2 1.60x December Units/SF 354 Physical Occupancy Date DBRS Morningstar 2019 Issuance LTV 73.5% This loan is secured by the borrower’s fee-simple interest in Trinity Multifamily DBRS Morningstar Balloon LTV Portfolio, a seven-property multifamily portfolio in Chicago, Illinois; Valdosta, 62.2% Georgia; and Sierra Vista, Arizona. The properties were constructed between 1926 DBRS Morningstar and 2013 and have an average vintage of 1968 and range in size from 18 to 130 units. Property Type As of December 12, 2019, the 354-unit portfolio was 95.2% occupied with individual Average occupancies ranging from 90.6% to 100.0%. Loan proceeds of approximately $25.3 DBRS Moringstar million, along with roughly $9.1 million of borrower equity, were used to acquire the Property Quality portfolio for $33.0 million. The remaining funds were used to cover all closing costs Weak and reserves. The 10-year loan term is IO for the first two years before amortizing on a ($ million) Debt Stack 30-year schedule. Trust Balance $25.3 Pari Passu $0.0 B-Note $0.0 Mezz $0.0 Total Debt $25.3 Loan Purpose Acquisition Equity Contribution/ (Distribution) ($ million) $9.1

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TRINITY MULTIFAMILY PORTFOLIO – VARIOUS

PORTFOLIO SUMMARY

Cut-Off Date % of Loan Property Year Built/ Property Loan Amount Amount City, State Type Units % of NRA Renovated Occupancy

7500 S South Shore $8,700,000 34.4% Chicago, IL Multifamily 130 36.7% 1950/2017 94.6%

Sierra Antigua Apartments $3,400,000 13.4% Sierra Vista, AZ Multifamily 60 16.9% 1973/2018 95.0%

South Clyde $3,330,000 13.2% Chicago, IL Multifamily 53 15.0% 1928/2017 90.6%

Heather Glenn $3,250,000 12.8% Valdosta, GA Multifamily 30 8.5% 2006 100.0%

The Woodlands $2,500,000 9.9% Valdosta, GA Multifamily 38 10.7% 1977/2017 100.0%

South Chappel $2,070,000 8.2% Chicago, IL Multifamily 25 7.1% 1926/2017 92.0%

The Timbers $2,060,000 8.1% Valdosta, GA Multifamily 18 5.1% 2013 100.0%

Total/Wtd. Avg. $25,310,000 100.0% Various Multifamily 354 100.0% Various 95.2%

The portfolio consists of seven multifamily properties across three states. 7500 South South Shore (130 units), South Clyde (53 units), and South Chappel (25 units) are all located in the same South Shore neighborhood on the south side of Chicago. The three properties comprise 55.9% of the total loan balance. The Woodlands (38 units), Heather Glenn (30 units), and The Timbers (18 units) reside in Valdosta, a tertiary submarket approximately 77 miles northeast of Tallahassee, Florida. Lastly, Sierra Antigua Apartments (60 units) is a multifamily property in Sierra Vista, a small town 76 miles southeast of Tucson. The seven properties vary in vintage, style, amenity packages offered, and the demographic they attract. The Chicago properties have 80.8% of tenants subsidized through Section 8 agreements, offer few common area amenities, and represent some of the older properties in the portfolio. The three Georgia properties were more recently constructed.

SPONSORSHIP The Sponsor for this transaction is Trinity Flood, a third-generation mobile home park owner and operator. Ms. Flood has been the President and CEO of Flood Homes Inc. for eight years, a business that owns and manages mobile home sites in Wisconsin. Since 2012, Ms. Flood has been involved in ownership and management of 10,000 mobile homes, 300 apartment and single-family home rental sites, and owned and operated over 500 self-storage units. Since the acquisition of the Trinity Multifamily Portfolio, Ms. Flood has transitioned roles in the organization to focus most of her time and energy on this portfolio. The Sponsor has a net worth and liquidity of $18.3 million and $8.0 million, respectively.

The Chicago properties are managed by WPD Management LLC, a third-party management company, for a contractual fee equal to 5.0% of EGI. WPD Management LLC manages over 3,500 units across 200 properties on the south side of Chicago. The Georgia properties are managed by Crown Group, a third-party management company, for a contractual fee equal to 6.5% of EGI. Crown Group has owned and managed the properties since 2011. The one Sierra Vista property is managed by Shelton Residential, a third-party management company, for a contractual fee equal to 4.0% of EGI. The company manages a portfolio of 18,000 residential units throughout the southwest region.

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TRINITY MULTIFAMILY PORTFOLIO – VARIOUS

DBRS MORNINGSTAR ANALYSIS SITE INSPECTION SUMMARY

DBRS Morningstar toured the exterior of three properties, representing 55.9% of the allocated loan balance, on January 3, 2020. Based on the site inspection, DBRS Morningstar found the portfolio’s property quality to Average.

The collateral consists of seven multifamily properties located in Chicago, Valdosta, and Sierra Vista. DBRS Morningstar inspected three properties located within a small radius in Chicago’s South Shore, an area south of Jackson Park that runs along the shoreline of Lake Michigan. The area is southeast of The University of Chicago, but no student housing is provided at the three multifamily properties. The immediate area is categorized by low-income housing, discount retailers, and many vacant city lots. The streets, sidewalks, and other publicly managed areas were in need of repair. The Chicago properties have 80.8% of tenants subsidized through Section 8 agreements, offer few common area amenities, and represent some of the older properties in the portfolio.

The properties are approximately 10 miles south of the Chicago CBD, which is accessible by South Shore Drive or the I-90 Expressway. The properties are only six miles northwest of the Indiana state border.

7500 SOUTH SOUTH SHORE DRIVE—CHICAGO, ILLINOIS—JANUARY 3, 2020, AT 10:00 A.M. (34.2% OF ALLOCATED LOAN AMOUNT) The 7500 South South Shore property was the largest of the seven properties in the portfolio. It sits at the corner of East 75th Street and South Shore Drive. There was heavy traffic passing through the area during the inspection. A bus stop located on the same corner as the property greatly increased the foot traffic around the building. New signage on the corner was large and well positioned facing South Shore Drive. The signage indicated recent improvements to the interior units and common area spaces, and it also provided contact information for the leasing center.

The building itself appeared to be in good condition with no visible deferred maintenance. The structure appeared to have a more modern look compared with the surrounding buildings. The shape of the property forms a large courtyard in the center that is closed off to the street by a large gate on the northeast side of the building. The courtyard featured well maintained landscaping and a concrete path leading to the main entrance of the property. The remaining sides of the building were gated by a fully connected chain-link fence.

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TRINITY MULTIFAMILY PORTFOLIO – VARIOUS

6916 SOUTH CLYDE AVENUE—CHICAGO, ILLINOIS—JANUARY 3, 2020, AT 9:00 A.M. (13.4% OF ALLOCATED LOAN AMOUNT) 6916 South Clyde is a multifamily property located on S Clyde Avenue between East 69th Street and East 70th Street. The property is directly across the street from the O’Keeffe Elementary School. During the inspection, the street access was limited due to the number of students, faculty, and busses.

It appeared that the property was in need of a new coat of paint and other cosmetic improvements. The property was gated similarly to 7500 South South Shore, with a central space and a concrete path leading to the main entrance. However, this property does not have a large courtyard in this central space. The landscaping of the property—consisting of planted trees, bushes, and a mulch perimeter—fit with the aesthetic of the area.

7038 SOUTH CHAPPEL AVENUE—CHICAGO, ILLINOIS—JANUARY 3, 2020, AT 9:30A.M. (8.3% OF ALLOCATED LOAN AMOUNT) The 7038 South Chappel property is located on South Chappel Avenue between East 70th Street and East 71st street, a major thoroughfare in the area. There was minimal traffic during the exterior inspection of the property. The four-story building is constructed in the same style and shape as the other two properties. There is a central courtyard enclosed by the building on three sides, with a gated entrance facing the street to the east. Two concrete paths extend from the gate to the main entrance at the center of the property. The exterior of the building showed signs of age, including peeling paint and faded or damaged windows.

DBRS MORNINGSTAR NCF SUMMARY NCF ANALYSIS

T-12 DBRS 2018 November 2019 Issuer NCF Morningstar NCF NCF Variance

GPR $3,103,818 $3,789,984 $4,245,288 $4,245,288 0.0%

Other Income $148,897 $166,237 $166,120 $166,237 0.1%

Vacancy & Concessions $0 $0 -$351,875 -$441,153 25.4%

EGI $3,252,716 $3,956,221 $4,059,533 $3,970,373 -2.2%

Expenses $1,342,996 $1,445,726 $1,562,918 $1,516,998 -2.9%

NOI $1,909,720 $2,510,496 $2,496,616 $2,453,374 -1.7%

Capex $9,960 $3,736 $88,500 $90,150 1.9%

NCF $1,899,760 $2,506,760 $2,408,116 $2,363,224 -1.9%

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS NCF was $2,363,224, a variance of -1.9% from the Issuer’s NCF. The minimal variance is driven almost entirely by DBRS Morningstar’s vacancy assumption, which was used as a plug to achieve an NRI equal to the T-12 NRI ending November 2019.

DBRS MORNINGSTAR VIEWPOINT The cross-collateralized multifamily portfolio consists of Class B and Class C properties spread across three states. The 10-year loan term is IO for the first two years before amortizing on a 30-year schedule. The Sponsor contributed $9.1 million of equity toward the acquisition, representing an LTV of 73.5%. Of the 354 units in the portfolio, 208 are located in Chicago (55.9% of total loan balance), 86 are in Valdosta (30.9% of total loan balance), and the remaining 60 units belong to one property in Sierra Vista (13.2% of total loan balance). As of December 12, 2019, occupancies across all properties in the portfolio range from 90.6% to 100.0%, with a WA occupancy of 95.2%. All properties are well positioned in active submarkets with historically low vacancy rates. Several of the properties were recently renovated, including the largest

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TRINITY MULTIFAMILY PORTFOLIO – VARIOUS

property in the portfolio: 7500 South South Shore Drive. The previous owner completed approximately $2.5 million of renovations prior to selling the property.

DOWNSIDE RISKS – The Sponsor has limited portfolio of multifamily properties and in the opinion of DBRS Morningstar has low net worth and liquidity to loan amount multiplies of 0.72x and 0.31x, respectively. Thirty-nine units in Valdosta are occupied by students. – The loan is indicative of high leverage financing, as reflected in the LTV of 73.5%, based on the appraiser’s value of $34.45 million.

STABILIZING FACTORS – The Sponsor provided $9.1 million to the acquisition of the portfolio. Additionally, the Sponsor has transitioned from her role as CEO of Flood Homes Inc. to focus on the success of this portfolio. – The portfolio is geographically well diversified, with seven properties located in three different states. – The WA vacancy across the portfolio is 95.2%, ranging from 90.6% to 100.0%. All properties have stabilized have shown strong historical occupancy. Furthermore, based on the maturity balance, the loan has a more moderate balloon LTV of 63.3%.

January 2020 88 Presale Report | BBCMS 2020-C6

Transaction Structural Features

Credit Risk Retention: This transaction is required to satisfy the risk retention of Section 15G of the Securities Exchange Act. This transaction features an L-shaped risk retention structure. Barclays Capital Real Estate Inc. is acting as the pooled risk retaining sponsor, known as the pooled risk retention consultation party, under the credit risk retention rules. The retaining sponsor of the Vertical Horizontal RR Interest will purchase 100.0% of the aggregate certificate balance of the Class VRR Interest with an expected initial certificate balance of $24,200,000, representing approximately 2.7% of the aggregate initial balance of all the certificates. The eligible residual horizontal interest will comprise the Class F-RR, G-RR, H-RR, J-RR, and NR-RR Certificates (collectively, the HRR Certificates), representing approximately 2.3% of the aggregate fair value of the certificates. KKR CMBS II Aggregator Type 1 L.P. or an affiliate is expected to purchase the majority of HRR certificates. Barclays Capital Real Estate Inc. through its majority owned affiliate, Barclays Bank PLC, and Deutsche Bank AG, New York Branch or its majority-owned affiliate will purchase 100.0% of the aggregate certificate balance of the Class F5T-VRR Interest with an expected initial certificate balance of $6,630,000, representing approximately 5.0% of the aggregate initial balance of all the certificates.

Operating Advisor: This transaction has an operating advisor that will have consultation rights with the Special Servicer on major decisions during the period when a control termination event has occurred and is continuing (see definitions below in the Directing Certificateholder/Controlling Class Rights section). In addition, the operating advisor will be required to review certain operational activities related to specially serviced loans in general and on a platform-level basis. Furthermore, during these periods, the operating advisor will be required to complete an annual report assessing the Special Servicer’s performance. The report is to be delivered to the 17-g5 information provider and certificate administrator, who will be required to make the report available through its website within 120 days of the prior calendar year. After the occurrence and continuance of a consultation termination event (see definitions below in the Directing Certificateholder/ Controlling Class Rights section), if the operating advisor determines that the Special Servicer is not performing its duties as required under the PSA or is otherwise not acting in accordance with the servicing standard, the operating advisor may recommend the replacement of the Special Servicer. The operating advisor is entitled to a fee of 0.00245% per annum with respect to each mortgage loan and any successor REO loan. The operating advisor is also entitled to a $10,000 fee with respect to each major decision on which it is required to consult, but it is only payable to the extent that it is paid by the related borrower. Other expenses incurred by the operating advisor will be payable from funds on deposit in the collection account out of amounts otherwise available to make distributions on the certificates.

Appraisal Reduction/Realized Loss: Any interest that is not advanced on as part of the appraisal-reduction mechanism will not be recovered as part of the loan waterfall upon realization of the collateral. Interest not advanced on because of an appraisal reduction will likely have permanent interest impairment if the net proceeds of the loan in question do not exceed the outstanding principal (plus fees) at the time of liquidation. The Special Servicer shall attempt to obtain the appraisal to be used for appraisal-reduction purposes between 60 days and 120 days of an appraisal-reduction event depending on the terms in the transaction documents. The time frame for an appraisal to be used for appraisal-reduction purposes is no fewer than 12 months.

Pari Passu Loan Combinations: The F5 Tower, Exchange on Erwin, and ExchangeRight Net Lease Portfolio #31 whole- loan combinations will be serviced pursuant to the PSA for this transaction. The Parkmerced whole-loan combination will be serviced pursuant to the PSA for MRCD 2019-PARK. The 650 Madison Avenue whole-loan combination will be serviced pursuant to the PSA for MAD 2019-650M. The 545 Washington Boulevard whole-loan combination will be serviced pursuant to the PSA for BANK 2020-BNK25. The Bellagio Hotel and Casino whole-loan combination will be serviced pursuant to the PSA for BX 2019-OC11. The Kings Plaza whole-loan combination will be serviced according to the PSA for the Benchmark 2020-B16 transaction until the securitization of the related control note, after which the whole loan will be serviced under the PSA for that respective transaction.

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Directing Certificateholder/Controlling Class Rights: The transaction’s most subordinate bonds are controlled by the most subordinate bondholders. The directing holder for serviced loans (except for the F5 Tower loan combination) will be the controlling class certificateholder (or its representative) selected by more than 50.0% (by certificate balance) of the controlling class certificateholders. The controlling class is the most subordinate of the Class F-RR, Class G-RR, Class H-RR, J-RR, and NR-RR certificates (the Control Eligible Certificates) then outstanding, which have a principal amount (net of the appraisal-reduction amounts) that is at least 25.0% of the initial certificate amount of such classes. For so long as at least one of the Control Eligible Certificates has a principal amount (net of the appraisal-reduction amounts) that is at least 25.0% of the initial certificate amount of the respective certificates, the directing holder may terminate the Special Servicer without cause. A control termination event exists when the Class F-RR certificates have an aggregate principal balance of less than 25.0% of the initial certificate balance (net of the appraisal-reduction amounts). A consultation termination event will occur when no class of Control Eligible Certificates has an outstanding principal balance that is at least 25.0% of its initial principal balance (ignoring any appraisal-reduction amounts). Prior to a consultation termination event but after a control termination event, the Special Servicer cannot be replaced, except for cause, and is subject to a vote by all bondholders. So long as no control appraisal period is continuing for the F5 Tower loan combination, the controlling-class representative for the F5 Tower loan combination will be the entity appointed by the controlling class of the loan specific certificates for this loan. During a control appraisal period for this loan, the directing holder will be the holder of the controlling notes of if such note has been securitized, such securitizing directing holder.

Excluded Loan: If the Special Servicer becomes a borrower party with respect to any mortgage loan, it will be required to resign. The directing certificateholder (prior to the occurrence and continuance of a control termination event) will be entitled to appoint a Special Servicer that is not a borrower party with respect to such loan; however, if the controlling class representative or any majority controlling class certificateholder is a borrower party of such loan, the largest controlling class certificateholder (by certificate balance) that is not a borrower party will be entitled to appoint the Special Servicer for such loan. This mechanism is in place to mitigate conflicts of interest that can arise between the Special Servicer and/or controlling class representative in their respective roles within the trust and their roles as borrower parties.

Special Servicing Fees: The liquidation fee is equal to 1.0% of the net liquidation proceeds subject to a cap of $1.0 million and to a minimum of $25,000 in the aggregate, less any fees collected by the Special Servicer in connection with a workout. The workout fee is 1.0% of all payments of P&I received on each corrected loan so long as it remains a corrected loan and is subject to a fee of $25,000. The Special Servicer fee is 0.25% per year, subject to a minimum of $3,500 for the month. The Special Servicer for each nonserviced loan combination will accrue a comparable special servicing fee with respect to each nonserviced loan combination, pursuant to their respective PSAs.

Disclosable Special Servicing Fees: For each collection period, the Special Servicer is required to provide the certificate administrator with an itemized report of all disclosable special servicing fees. These fees are defined as any compensation or remuneration (including, but not limited to, commissions, brokerage fees, rebates, and any fee-sharing arrangements) received or retained by the Special Servicer or any of its affiliates that is paid in connection with the disposition or workout of the trust mortgage loan (or REO property, in the EOD and foreclosure on the subject property).

Rating Agency Confirmations: This transaction contemplates waivers of rating agency confirmations (RACs). It is DBRS Morningstar’s intent to waive loan-level RACs yet to receive notice upon their occurrence. DBRS Morningstar will review relevant loan-level changes as part of its surveillance. DBRS Morningstar will not waive RACs that affect any party involved in the operational risk of the transaction (i.e., replacement of the Special Servicer, Master Servicer, etc.).

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Methodologies

The following are the methodologies DBRS Morningstar applied to assign ratings to this transaction. These methodologies can be found on www.dbrs.com under the heading Methodologies & Criteria. Alternatively, please contact [email protected] or contact the primary analysts whose information is listed in this report. • North American CMBS Multi-borrower Rating Methodology • DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria • Rating North American CMBS Interest-Only Certificates • North American CMBS Surveillance Methodology

Surveillance

DBRS will perform surveillance subject to North American CMBS Surveillance Methodology.

Notes: All figures are in U.S. dollars unless otherwise noted.

This report is based on information as of January 24, 2020. Subsequent information may result in material changes to the rating assigned herein and/or the contents of this report.

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January 2020 91 Glossary

ADR average daily rate IO interest only P&I principal and interest ARA appraisal-reduction amount LC leasing commission POD probability of default ASER appraisal subordinate entitlement reduction LGD loss severity given default PIP property improvement plan BOV broker’s opinion of value LOC letter of credit PILOT property in lieu of taxes CAM common area maintenance LOI letter of intent PSA pooling and servicing agreement capex capital expenditures LS Hotel limited-service hotel psf per square foot CBD central business district LTC loan-to-cost R&M repairs and maintenance CBRE CB Richard Ellis LTCT long-term credit tenant REIT real estate investment trust CMBS commercial mortgage-backed securities LTV loan-to-value REO real estate owned CoStar CoStar Group, Inc. MHC manufactured housing community RevPAR revenue per available room CREFC CRE Finance Council MTM month to month sf square foot/square feet DPO discounted payoff MSA metropolitan statistical area STR Smith Travel Research DSCR debt service coverage ratio n.a. not available SPE special-purpose entity EGI effective gross income n/a not applicable TI tenant improvement EOD event of default NCF net cash flow TIC tenants in common F&B food & beverage NNN triple net T-12 trailing 12 months FF&E furniture, fixtures and equipment NOI net operating income UW underwriting FS Hotel full-service hotel NRA net rentable area WA weighted average G&A general and administrative NRI net rental income WAC weighted-average coupon GLA gross leasable area NR – PIF not rated – paid in full x times GPR gross potential rent OSAR operating statement analysis report YE year end HVAC heating, ventilation and air conditioning PCR property condition report YTD year to date

Definitions

Capital Expenditure (Capex) NNN (Triple Net) Costs incurred in the improvement of a property that will have a life of more than A lease that requires the tenant to pay operating expenses such as property taxes, one year. insurance and maintenance, in addition to the rent.

DBRS Morningstar Refi DSCR Net Operating Income (NOI) A measure that divides the DBRS Morningstar stabilized NCF by the product of the The revenues earned by a property’s ongoing operations less the expenses loan’s maturity balance and a stressed refinance debt constant. associated with such operations but before mortgage payments, tenant improvements, replacement reserves and leasing commissions. DBRS Morningstar Term DSCR A measure that divides the DBRS Morningstar stabilized NCF by the actual debt Net Rentable Area (NRA) service payment The area (sf) for which rent can be charged. NRA includes the tenant’s premises plus an allocation of the common area directly benefiting the tenant, such as Debt Service Coverage Ratio (DSCR) common corridors and restrooms. A measure of a mortgaged property’s ability to cover monthly debt service payments, defined as the ratio of net operating income or net cash flow to the debt Revenue Per Available Room (RevPAR) service payments. A measure that divides revenue by the number of available rooms, not the number of occupied rooms. It is a measure of how well the hotel has been able to fill rooms Effective Gross Income (EGI) in the off-season, when demand is low even if rates are also low, and how well it fills Rental revenue minus vacancies plus miscellaneous income. the rooms and maximizes the rate in the high season, when there is high demand for hotel rooms. Issuer UW Issuer underwritten from Annex A or servicer reports. Tenant Improvements (TIs) The expense to physically improve the property or space, such as new Loan-to-Value (LTV) improvements or remodelling, paid by the borrower. The ratio between the principal amount of the mortgage balance, at origination or thereafter, and the most recent appraised value of the underlying real estate Weighted Average (WA) collateral, generally from origination. Calculation is weighted by the size of each mortgage in the pool.

Net Cash Flow (NCF) Weighted-Average Coupon (WAC) The revenues earned by a property’s ongoing operations less the expenses The average coupon or interest payment on a set of mortgages, weighted by the associated with such operations and the capital costs of tenant improvements, leasing size of each mortgage in the pool. commissions and capital expenditures (or reserves). Moreover, NCF is net operating income less tenant improvements, leasing commissions and capital expenditures.