AUGUST 2019

STRUCTURED FINANCE: CMBS PRESALE REPORT CD 2019-CD8 Mortgage Trust Table of Contents

Capital Structure 3 Rating Considerations 5 DBRS Credit Characteristics 7 Largest Loan Summary 8 DBRS Sample 9 Transaction Concentrations 11 Loan Structural Features 12 888 Figueroa 16 Woodlands Mall 21 Hilton Penn’s Landing 26 Uline Arena 31 171 N Aberdeen 36 Lakewood Square 41 505 Fulton Street 46 Pharr Town Center 51 Wind Creek Casino & Resort Bethlehem 56 Moffett Towers II Buildings 3 & 4 63 The Citizen Hotel Sacramento 69 Victory Plaza 74 Liberty MA Portfolio 79 Transaction Structural Features 84 Methodologies 86 Surveillance 86 Glossary 88

Sam Brancucci Brandon Olson Senior Financial Analyst Senior Vice President +1 312 845 2268 +1 312 332 0889 [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 — CD 2019-CD8 AUGUST 2019

Capital Structure

Description Rating Action Balance Subordination DBRS Rating Trend

Class A-1 New Rating – Provisional $10,401,000 30.000% AAA (sf) Stable

Class A-2 New Rating – Provisional $7,644,000 30.000% AAA (sf) Stable

Class A-SB New Rating – Provisional $16,457,000 30.000% AAA (sf) Stable

Class A-3 New Rating – Provisional TBD4 30.000% AAA (sf) Stable

Class A-4 New Rating – Provisional TBD4 30.000% AAA (sf) Stable

Class A-M New Rating – Provisional $49,070,000 23.750% AAA (sf) Stable

Class B New Rating – Provisional $40,237,000 18.625% AAA (sf) Stable

Class X-A New Rating – Provisional $598,653,000 – AAA (sf) Stable

Class X-B New Rating – Provisional $78,512,000 – AA (sf) Stable

Class C New Rating – Provisional $38,275,000 13.750% AA (low) (sf) Stable

Class D New Rating – Provisional $24,535,000 10.625% A (low) (sf) Stable

Class X-D New Rating – Provisional $44,163,000 – A (low) (sf) Stable

Class E New Rating – Provisional $19,628,000 8.125% BBB (high) (sf) Stable

Class X-F New Rating – Provisional $21,591,000 – BBB (low) (sf) Stable

Class F New Rating – Provisional $21,591,000 5.375% BB (high) (sf) Stable

Class G-RR New Rating – Provisional $8,832,000 4.250% BB (sf) Stable

Class H-RR New Rating – Provisional $16,684,000 2.125% B (low) (sf) Stable

Class J-RR NR $16,684,305 – NR Stable

Class VRR NR $26,000,000 – NR Stable

1. NR = Not Rated. 2. 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 SB, Class A 3, Class A 4 and Class A M certificates. The notional amount of the Class X B certificates will be equal to the aggregate certificate balance of the [Class B and Class C] certificates. 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. 3. The Class X-A, Class X B, Class X-D and Class X-F certificates (referred to as the “Class X certificates”) will not be entitled to distributions of principal. The notional amount of each class of the Class X certificates is subject to change depending upon the final pricing of the principal balance certificates. 4. 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 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 Certificate Balance of the Class A-3 and Class A-4 certificates is expected to be approximately $515,081,000, subject to a variance of plus or minus 5.0%. 5. Class X-B, Class X-D, Class X-F, Class D, Class E, Class F, Class G-RR, Class H-RR, CLass J-RR, and Class VRR are non-offered certificates.

Structured Finance: CMBS 3 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

Transaction Summary

POOL CHARACTERISTICS

Trust Amount $811,119,305 Wtd. Avg. Interest Rate 4.266%

Number of Loans 33 Wtd. Avg. Remaining Term 118

Number of Properties 58 Wtd. Avg. Remaining Amortization 366

Average Loan Size $24,579,373 Total DBRS Expected Amortization1 3.5%

Wtd. Avg. Issuer Term DSCR 2.34x Wtd. Avg. DBRS Term DSCR 2.07x

Top Ten Loan Concentration 60.8% Avg. DBRS NCF Variance -11.2%

1. Based on the Trust Balance.

PARTICIPANTS

Depositor Deutsche Mortgage & Asset Receiving Corporation

Mortgage Loan Sellers German American Capital Corporation (GACC - 7 loans, 34.4% of pool)

MUFG Principal Commercial Capital (MPCC - 11 loans, 30.9% of pool)

Cantor Commercial Real Estate Lending, L.P. (CCRE - 7 loans, 15.7% of pool)

Citi Real Estate Funding Inc. (CREFI - 7 loans, 14.0% of pool)

German American Capital Corporation/Cantor Commercial Real Estate Lending, L.P.(GACC/CCRE - 1 loan, 4.9% of pool)

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

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

Primary Servicer Principal Real Estate Investors, LLC

Certificate Administrator Wells Fargo Bank, National Association

Trustee Wells Fargo Bank, National Association

Operating Advisor Park Bridge Lender Services LLC

Structured Finance: CMBS 4 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

Rating Considerations

The collateral consists of 33 fixed-rate loans secured by 58 commercial and multifamily properties. The transaction is a sequential-pay pass-through structure. The conduit pool was analyzed to determine provisional ratings, reflecting the long-term probability of loan default within the term and its liquidity at maturity. Three loans, representing a combined 16.3% of the pool, are shadow rated investment grade by DBRS. When the cut-off loan balances were measured against the DBRS Stabilized NCF and their respective actual constants, no loans had a DBRS Term DSCR below 1.15x, a threshold indicative of a higher likelihood of mid-term default. The pool additionally includes five loans, representing a combined 14.3% of the pool by allocated loan balance, with DBRS Issuance LTVs above 67.1%, a threshold historically indicative of above-average default frequency. The WA DBRS LTV of the pool at issuance was 56.5% and the pool is scheduled to amortize down to a WA DBRS LTV of 54.1% at maturity.

STRENGTHS • The deal exhibits ample property type diversification with no single property type accounting for more than 29.9% of the pool by allocated loan balance. The largest concentrations include retail, office, hospitality and mixed use, which account for 29.9%, 19.3%, 18.1%, and 15.7%, respectively. • There are three shadow-rated loans – Woodlands Mall (rated AA (sf ) by DBRS), Moffett Towers II – Buildings 3 & 4 (rated AA (sf ) by DBRS) and Crescent Club (rated AA (high) (sf ) by DBRS) – that represent 16.3% of the pool. • Ten loans, representing 41.2% of the pool, are secured by properties located in markets ranked six, seven or eight. Markets ranked six through eight are generally more densely urban in nature and benefit from greater liquidity, even during times of economic stress. Overall, the pool has a WA market rank of 5.2. • The deal has favorable credit metrics as evidenced by a WA DBRS Issuance LTV and WA DBRS Balloon LTV of 56.5% and 54.1%, respectively. In addition, only one loan, representing 4.9% of the trust balance, has a DBRS Issuance LTV of 75.0% or higher. Historical data generally demonstrates that loans with lower LTVs at issuance have a lower POD.

CHALLENGES AND CONSIDERATIONS • Twenty-two loans, representing 76.4% of the pool and including 12 of the top 15 loans in the pool, are structured with full-term IO payments. An additional seven loans, comprising 13.0% of the pool, have remaining partial IO periods ranging from 24 months to 36 months. –– The POD is calculated using a DSCR that includes amortizing debt service. The DBRS Balloon LTV is also incorporated into the POD. Furthermore, partial IO loans are penalized in the model. • The pool has a relatively high concentration of loans secured by non-traditional property types, such as self-storage and hospitality which, on a combined basis, represent 20.1% of the pool by allocated loan balance across eight loans. There are five loans, representing 18.1% of the pool by allocated loan balance, secured by hotels and thee loans, representing 2.0% of the pool by allocated loan balance, secured by self-storage properties. Each of these asset types is vulnerable to high NCF volatility because of the relatively short-term nature of their respective leases compared with other commercial properties, which can cause NCF to quickly deteriorate in a declining market. –– While not historically considered a core property type, CMBS loans secured by self-storage properties have performed better than other property types over the past two decades and have displayed very strong cash flow growth over time. –– With respect to the loans in the pool secured by hotel properties, the DBRS WA expected loss is approximately 50% greater than that of the overall pool. • The pool is relatively concentrated based on loan size as there are only 33 loans and the pool has a concentration profile similar to a that of 20 equally sized loans. The ten-largest loans represent 60.8% of the pool by allocated loan balance and the largest three loans represent 26.5% of the pool by allocated loan balance.

Structured Finance: CMBS 5 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

–– While the concentration profile is like a pool of 20 equally sized loans – which is typically worse than most fixed-rate conduit transactions – the transaction benefits from favorable property-type diversification. –– The DBRS CMBS Insight Model accounts for loan size concentration within its pooling analysis simulation. As a result, the AAA credit enhancement represents a very high multiple of the pool’s base expected loss.

Structured Finance: CMBS 6 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

DBRS Credit Characteristics

DBRS TERM DSCR DBRS ISSUANCE LTV DBRS BALLOON LTV

% of the Pool % of the Pool % of the Pool DSCR (Trust Balance1) Issuance LTV (Trust Balance1) Balloon LTV (Trust Balance1)

0.00x-0.90x 0.0% 0.0%-50.0% 25.6% 0.0%-50.0% 32.3%

0.90x-1.00x 0.0% 50.0%-55.0% 11.3% 50.0%-55.0% 9.2%

1.00x-1.15x 0.0% 55.0%-60.0% 13.1% 55.0%-60.0% 12.9%

1.15x-1.30x 14.3% 60.0%-65.0% 27.5% 60.0%-65.0% 35.7%

1.30x-1.45x 1.4% 65.0%-70.0% 9.3% 65.0%-70.0% 4.9%

1.45x-1.60x 12.7% 70.0%-75.0% 8.2% 70.0%-75.0% 4.9%

1.60x-1.75x 8.8% >75.0% 4.9% >75.0% 0.0%

>1.75x 62.9% Wtd. Avg. 56.5% Wtd. Avg. 54.1%

Wtd. Avg. 2.07x

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

Structured Finance: CMBS 7 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

Largest Loan Summary

LOAN DETAIL

DBRS Shadow DBRS DBRS Loan Name Trust Balance % of Pool Rating A-note LTV DSCR (x)

888 Figueroa $75,000,000 9.2% 54.8% 2.27

Woodlands Mall $70,000,000 8.6% AA 26.0% 3.27

Hilton Penn's Landing $70,000,000 8.6% 61.4% 1.88

Uline Arena $42,000,000 5.2% 61.9% 1.47

171 N Aberdeen $41,000,000 5.1% 56.1% 1.64

Lakewood Square $41,000,000 5.1% 64.6% 1.91

505 Fulton $40,000,000 4.9% 48.6% 2.51

Pharr Town Center $40,000,000 4.9% 70.0% 1.17

Wind Creek Leased Fee $40,000,000 4.9% 85.0% 1.26

Moffett Towers II - Buildings 3 & 4 $34,450,000 4.2% AA 44.3% 3.23

The Citizen Hotel Sacramento $34,000,000 4.2% 55.4% 2.55

Crescent Club $27,500,000 3.4% AA (high) 30.0% 4.08

Victory Plaza $27,000,000 3.3% 49.2% 1.94

Boca Raton Design Center $24,000,000 3.0% 62.8% 1.80

Liberty MA Portfolio $20,000,000 2.5% 66.2% 1.58

PROPERTY DETAIL

A-Note A-Note Balance per Maturity Balance Loan Name DBRS Property Type City State Year Built SF/Units SF/Units per SF/Units

888 Figueroa Office Los Angeles CA 1985 404,136 $285 $285

Woodlands Mall Retail The Woodlands TX Various 758,231 $327 $327

Hilton Penn's Landing Full Service Hotel Philadelphia PA 2000 350 $200,000 $200,000

Uline Arena Office Washington DC 1945 248,381 $483 $483

171 N Aberdeen Mixed-Use Chicago IL 2018 120,020 $342 $342

Lakewood Square Retail Lakewood CA 1983 187,542 $219 $219

505 Fulton Retail Brooklyn NY 1890 114,209 $744 $744

Pharr Town Center Retail Pharr TX 2013-2019 437,815 $160 $140

Wind Creek Leased Fee Other Bethlehem PA n/a 2,608,541 $56 $48

Moffett Towers II - Buildings 3 & 4 Office Sunnyvale CA 2019 701,266 $499 $499

The Citizen Hotel Sacramento Limited Service Hotel Sacramento CA 2008 196 $173,469 $173,469

Crescent Club Multifamily Long Island City NY 2012 130 $211,538 $211,538

Victory Plaza Retail North Hollywood CA 1949, 1977 136,580 $198 $198

Boca Raton Design Center Industrial Boca Raton FL 1998 201,455 $119 $119

Liberty MA Portfolio Mixed-Use Worcester MA Various 360,469 $98 $72

Structured Finance: CMBS 8 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

DBRS Sample

DBRS SAMPLE RESULTS

Prospectus DBRS NCF DBRS Major Variance DBRS Property ID Loan Name % of Pool DBRS NCF Variance Drivers Quality

1 888 Figueroa 9.2% $9,842,531 -10.4% TI/LCs, Management Fee Average

2 Woodlands Mall 8.6% $34,897,745 -17.3% Occupancy Cost, TI/LCs Average +

3 Hilton Penn's Landing 8.6% $6,523,191 -11.1% Occupancy, F&B Revenue Average +

4 Uline Arena 5.2% $7,212,615 -16.3% TI/LCs, Rent Steps, Vacancy Average +

5 171 N Aberdeen 5.1% $3,178,452 -11.9% Vacancy, TI/LCs Above Average

6 Lakewood Square 5.1% $3,144,861 -9.1% Markdowns, Vacancy, RE Taxes Average

7 505 Fulton 4.9% $7,628,602 -6.2% TI/LCs, RE Taxes Average +

8 Pharr Town Center 4.9% $4,966,417 -12.6% TI/LCs, Vacancy Average

9 Wind Creek Leased Fee 4.9% $10,298,213 -1.0% Minimal Variance Average +

10 Moffett Towers II - Buildings 3 & 4 4.2% $43,189,930 -6.6% Rent Steps Excellent

11 The Citizen Hotel Sacramento 4.2% $3,334,972 -20.2% Occupancy Average

12 Crescent Club 3.4% $3,562,740 -10.9% Vacancy, Management Fee Above Average

13 Victory Plaza 3.3% $4,373,156 -20.5% Vacancy Average

14 Boca Raton Design Center 3.0% $2,220,184 -2.5% Minimal Variance Average

15 Liberty MA Portfolio 2.5% $2,913,214 -17.6% Vacancy, TI/LCs Average

18 Visions Hotel Portfolio II 2.1% $6,697,215 -15.2% Occupancy, CapEx Average

Management Fee, 22 Heritage & Villa Apartments 1.5% $952,724 -6.1% Average - Operating Expenses

TI/LCs, Vacancy, 23 Cypress Corporate Plaza 1.1% $625,995 -42.9% Average Management Fee

Management Fee, 29 Compass Self Storage Largo 0.8% $545,715 -5.0% Average Operating Expenses

31 Giardino aPodments 0.8% $467,612 -2.7% Management Fee Average

RE Taxes, Vacancy, 33 183 Eldert 0.3% $180,820 -5.2% Average Operating Expenses

DBRS SITE INSPECTIONS The DBRS sample included 21 of the 33 loans in the pool. DBRS Sampled Property Quality Site inspections were performed on 18 of the 58 proper- # of % of ties in the portfolio, representing 75.4% of the pool by Loans Sample allocated loan balance. DBRS conducted meetings with the  Excellent 1 5.1% on-site property manager, leasing agent or representative  Above Average 2 10.1% of the borrowing entity for 77.2% of the pool. The result-  Average + 5 38.5% ing DBRS property quality scores are highlighted in the  Average 12 44.5% following charts:  Average - 1 1.8%  Below Average 0 0.0%  Poor 0 0.0%

Structured Finance: CMBS 9 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

DBRS CASH FLOW ANALYSIS A cash flow analysis review and a cash flow stability and structural review were completed on 21 of the 33 loans, representing 83.8% of the pool by loan balance. DBRS generally adjusted cash flows 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 rents. In certain instances, DBRS accepted contractual rent bumps if they were within market levels. Most expenses were generally 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 estimate and the DBRS standard, according to property type. Finally, leasing costs were deducted to arrive at the DBRS NCF. If a significant upfront leasing reserve was established at closing, DBRS reduced its recognized costs. DBRS 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 sample has an average NCF variance of -11.2% and ranged from -1.0% (Wind Creek Casino and Resort Bethlehem) to -42.9% (Cypress Corporate Plaza). For loans not subject to an NCF review, DBRS applied the average NCF variance of its respective loan seller, excluding certain outliers.

DBRS Sampled Property Type

35.0% 35.0%

30.0% 30.0%

25.0% 25.0%

20.0% 20.0%

15.0% 15.0%

10.0% 10.0%

5.0% 5.0%

0.0% 0.0% Full Service Industrial Limited Mixed-Use Multifamily Office Other Student Self Storage Retail Hotel Service Hotel Housing

Excellent Above Average Average + Average Average - Below Average Poor Pool

Structured Finance: CMBS 10 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

Transaction Concentrations

DBRS Property Type Geography

# of % of # of % of Property Type Loans Pool State Properties Pool  Full Service Hotel 2 12.8%  CA 8 29.9%  Industrial 2 3.7%  TX 3 15.6%  Limited Service Hotel 3 5.2%  PA 3 13.7%  Mixed-Use 4 11.6%  NY 13 12.9%  Multifamily 3 5.2%  IL 2 7.4%  Office 6 24.0%  DC 1 5.2%  Other 1 4.9%  All Others 28 15.3%  Student Housing 1 0.8%  Self Storage 3 2.0%  Retail 6 27.8%  Unanchored Retail 2 1.9%

Loan Size DBRS Market Types

# of % of # of % of Loan Size Loans Pool Market Type Properties Pool  Very Large 12 68.4%  1 1 0.3% (>$25.0 million)  2 4 9.6%  Large 7 17.5%  3 6 10.7% ($15.0-$25.0 million)  4 2 12.9%  Medium 3 5.1% ($10.0-$15.0 million)  5 9 25.3%  Small 9 8.3%  6 6 16.1% ($5.0-$10.0 million)  7 1 8.6%  Very Small 2 0.7%  8 3 16.5% (<$5.0 million)

Largest Property Location

Property Name City State  888 Figueroa Los Angeles CA  Woodlands Mall The Woodlands TX  Hilton Penn's Landing Philadelphia PA  Uline Arena Washington DC  171 N Aberdeen Chicago IL  Lakewood Square Lakewood CA  505 Fulton Brooklyn NY  Pharr Town Center Pharr TX  Wind Creek Leased Fee Bethlehem PA  Moffett Towers II - Buildings 3 & 4 Sunnyvale CA  The Citizen Hotel Sacramento Sacramento CA  Crescent Club Long Island City NY  Victory Plaza North Hollywood CA  Boca Raton Design Center Boca Raton FL

Structured Finance: CMBS 11 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

Loan Structural Features

Pari Passu Notes: Nine loans in the trust have pari passu debt.

PARI PASSU NOTES

% of % of Total Loan Balance Pool Deal ID Pari Passu Loan Controlling Piece (Y/N) 888 Figueroa $75,000,000 9.2% CD 2019-CD8 65.2% Y

$40,000,000 MPCC 34.8% N

$115,000,000 n/a 100.0% n/a

Woodlands Mall $70,000,000 8.6% CD 2019-CD8 16.5% N

$76,200,000 Benchmark 2019-B12 17.9% N

$101,400,000 DBRI 23.9% N

$177,400,000 Benchmark 2019-B12 41.7% Y

$425,000,000 n/a n/a 100.0% n/a

Uline Arena $42,000,000 5.2% CD 2019-CD8 35.0% Y

$42,000,000 CCRE 35.0% N

$36,000,000 Natixis 30.0% N

$120,000,000 n/a 100.0% n/a

505 Fulton $40,000,000 4.9% CD 2019-CD8 47.1% N

$45,000,000 CGCMT 2019-GC41 52.9% Y

$85,000,000 n/a 100.0% n/a

Pharr Town Center $40,000,000 4.9% CD 2019-CD8 57.1% Y

$30,000,000 DBRI 42.9% N

$70,000,000 100.0% n/a

Wind Creek Leased Fee $40,000,000 4.9% CD 2019-CD8 27.3% N

$61,600,000 DBRI 42.0% Y

$45,000,000 CGCMT 2019-GC41 30.7% N

$146,600,000 n/a 100.0% n/a

Moffett Towers II - Buildings $34,450,000 4.2% CD 2019-CD8 6.8% N 3 & 4

$5,000,000 MFTII 2019-B3B4 1.0% N

$55,250,000 CGCMT 2019-GC41 10.9% N

$50,000,000 BANK 2019-BNK19 9.9% N

$139,750,000 Barclays 27.7% N

$65,550,000 GS Bank 13.0% N

$155,000,000 MFTII 2019-B3B4 30.7% Y

$505,000,000 n/a 100.0% n/a

Structured Finance: CMBS 12 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

PARI PASSU NOTES

% of % of Total Loan Balance Pool Deal ID Pari Passu Loan Controlling Piece (Y/N) The Citizen Hotel Sacramento $34,000,000 4.2% CD 2019-CD8 85.0% N

$6,000,000 KCM Sacramento, LLC 15.0% Y

$40,000,000 n/a 100.0% n/a

Liberty MA Portfolio $20,000,000 2.5% CD 2019-CD8 56.3% Y

$15,500,000 CCRE 43.7% N

$35,500,000 n/a n/a 100.0% n/a

Visions Hotel Portfolio II $16,979,965 CD 2019-CD8 27.3% N

$28,466,411 MSC 2019-H7 45.8% Y

$16,680,318 SMC 26.8% N

$62,126,694 n/a 100.0% n/a

Structured Finance: CMBS 13 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

Additional Debt: There are four loans in the pool with additional subordinate debt in place or that permit additional subordinate debt in the future.

Interest Only DBRS Expected Amoritization

# of % of # of % of Loans Pool Loans Pool  Full IO 22 76.4%  0.0% 22 76.4%  Partial IO 7 13.0%  0.0%-5.0% 0 0.0%  Amortizing 4 10.6%  5.0%-10.0% 1 1.1%  10.0%-15.0% 6 15.4%  15.0%-20.0% 3 4.7%  20.0%-25.0% 0 0.0%  >25.0% 1 2.5% 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/ Unsecured Future Mezz/ Pari Passu B-Note Debt Unsecured Debt Total Debt Loan Name Trust Balance Balance Balance Balance (Y/N) Balance

Woodlands Mall $70,000,000 $177,600,000 $177,400,000 $40,000,000 N $465,000,000

Moffett Towers II - Buildings 3 & 4 $34,450,000 $315,550,000 $155,000,000 $85,000,000 N $590,000,000

The Citizen Hotel Sacramento $34,000,000 $0 $6,000,000 $5,950,000 N $45,950,000

Crescent Club $27,500,000 $0 $0 $34,000,000 N $61,500,000

Leasehold: Two loans, representing a combined 10.7% of the pool by allocated loan balance, are either fully or partially secured by the borrower’s leasehold interest. These loans include Hilton Penn’s Landing and Visions Hotel Portfolio II (of which, the Holiday Inn & Suites Rochester Marketplace, Home2 Suites Rochester Henrietta and Candlewood Suites Sayre are secured by the borrower’s leasehold interest). In each instance, the ground lease either has an expiration date (including renewal options) far enough beyond loan amortization to be considered traditionally financeable or the land owner has pledged its property interest as security for the loan.

RESERVE REQUIREMENT BORROWER STRUCTURE

Type Loans % of Pool Type Loans % of Pool

Tax Ongoing 28 80.6% SPE with Independent Director and Non- 14 73.0% Consolidation Opinion

Insurance Ongoing 19 50.9% SPE with Independent Director Only 0 0.0%

CapEx Ongoing 22 81.1% SPE with Non-Consolidation Opinion Only 0 0.0%

Leasing Costs Ongoing1 12 80.4% SPE Only 19 27.0%

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

Structured Finance: CMBS 14 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

DBRS considers the sponsorship for Sponsor Strength: DBRS Sponsor Strength two loans, totaling 12.0% of the pool, to be strong because of extensive experience in the commercial real estate # of % of Loans Pool sector and significant financial wherewithal.  Strong 2 12.0%  Average 31 88.0% Property Release: : Four loans, representing 15.0% of  Weak 0 0.0% the pool, allows for the release of one or more properties  Bad/Litigious 0 0.0% 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 lever- age 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.

Structured Finance: CMBS 15 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

888 Figueroa Los Angeles, CA

Loan Snapshot Seller MPCC Ownership Interest Fee Simple Trust Balance ($ million) $75.0 Loan psf/Unit $285 Percentage of the Pool 9.2% Loan Maturity/ARD July 2029 COLLATERAL SUMMARY Amortization n/a DBRS Property Type Office Year Built/Renovated 1985 DBRS Issuance DSCR City, State Los Angeles, CA Physical Occupancy 84.8% 2.27x SF 404,136 Physical Occupancy Date July 2019 DBRS Issuance LTV 54.8% DBRS Balloon LTV The loan is secured by the borrower’s fee-simple interest in 888 Figueroa Street, a 54.8% 404,136-sf Class A office building located in Los Angeles, California. Whole-loan DBRS Property Type proceeds of $115.0 million refinanced $82.3 million of existing debt on the property, Office returned $23.5 million of cash equity to the borrower, funded $8.9 million in escrows and DBRS Property Quality $311,753 in closing costs. The ten-year loan is IO for the entire period. A $75.0 million Average pari passu note will be securitized as part of the CD 2019-CD8 trust. Debt Stack ($ million) Trust The $8.9 million in escrows comprised a $6.6 million escrow for a potential earn-out $75.0 and the remaining $2.3 million for outstanding TI/LCs, free rent and tax escrow. The Pari Passu $6.0 million holdback related to Suite 900 will be earned out/released or applied $40.0 against the loan amount if a lease is not signed within two years of loan closing. An B-Note additional $600,000 was held back for any potential prepayment premium in the event $0.0 that escrow proceeds are applied against the loan amount. Since loan closing, the lease Mezz for Suite 900 was fully executed on July 19, 2019, and the earn-out will be reduced $0.0 to approximately $650,000, an amount equal to the estimated outstanding TI/LCs. Total Debt $115.0 The collateral was originally constructed in 1985 and was acquired by the borrower Loan Purpose Refinance in 2004 for a purchase price of $50.5 million. The subject was approximately 68.0% Equity Contribution/ occupied at the time of the current sponsor’s acquisition. The below-stabilized (Distribution) ($ million) occupancy was reportedly the result of a non-local/non-responsive owner and poorly ($23.5) maintained property. Since acquiring the property, the borrower has invested $22.9 million ($56.68 psf ) in capital improvements, including lobby renovations, exterior facade repairs, elevator upgrades, new common-area carpeting/paint and TI/LC costs.

Structured Finance: CMBS 16 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

888 FIGUEROA – LOS ANGELES, CA

TENANT SUMMARY

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

NBC Operating (TJX Companies) 98,467 24.4% $36.55 26.0% Dec-31 Y

State of CA 49,180 12.2% $50.73 18.0% Various Y

GSA 42,610 10.5% $36.33 11.2% Various Y

Englekirk Structural Engineers 19,516 4.8% $37.83 5.3% Mar-29 N

First Republic Bank 15,093 3.7% $53.80 5.9% Sep-27 Y

Subtotal/Wtd. Avg. 224,715 55.6% $43.05 66.4% Various Various

Other Tenants 117,652 29.1% $39.45 33.6% Various n/a

Vacant Space 61,618 15.3% n/a n/a n/a n/a

Total/Wtd. Avg. 403,985 100.0% $41.25 100.0% Various Various

As of June 2019, the property was approximately 84.8% physically occupied. Though the property’s three-largest tenants account for a combined 47.1% of total NRA and 55.2% of total DBRS Base Rent, no additional tenant accounts for more than 4.8% of total NRA or 5.3% of total DBRS Base Rent. The subject’s tenant roster largely houses investment-grade companies. Over 50% of the NRA is leased to institutional-quality and/or credit tenants. The property’s largest tenant is NBC Operating (TJX Companies, Inc. (TJX)), a leading off-price apparel and home fashion retailer in the United States and worldwide. The tenant has been with the property for over 32 years, since 1987, expanding continuously to its current 98,467 sf from 2,860 sf. The lease expires at the end of 2031 and has one option to extend for five years at 95% of the fair market rental by providing at least 12 months’ notice, but not more than 18 months’ notice. TJX has a termination option effective January 1, 2029, with 12 months’ notice if the landlord is unable to accommodate tenants’ desired expansion and TJX has leased alternative space. The State of California leases (collectively, 12.2% of NRA) and the General Services Administration (GSA) leases (collectively, 10.5% of NRA) contain early termination options. The State of California’s lease termination option begins four years prior to expiration and GSA’s lease termination option begins five years prior to expiration with notice provisions from 30 to 60 days.

SPONSORSHIP The subject’s sponsor and borrower is David Taban, founder of JADE Enterprises, who has owned the property since 2004 and has over 35 years of real estate experience. Property management is provided by Beverly Management Group Inc., a private commercial real estate property management company that is based in Los Angeles. The management company manages over four million sf of office, retail and industrial space in southern California and Nevada. The contractual management fee of 2.0% of EGI is subordinate to the mortgage.

Structured Finance: CMBS 17 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

888 FIGUEROA – LOS ANGELES, CA

DBRS ANALYSIS SITE INSPECTION SUMMARY

Based on the DBRS site inspection and management meeting conducted on July 11, 2019, at approximately 11:30 a.m., DBRS found the property quality to be Average.

The collateral is located at the intersection of South Figueroa Street and West 9th Street, approximately two blocks northwest of the STAPLES Center and the Los Angeles Convention Center. Figueroa Street is a main thoroughfare on the west side of downtown Los Angeles and is home to L.A. Live, a four million sf retail/entertainment/dining/theater/hotel/ residential complex. The combination of L.A. Live, the convention center and the STAPLES Center draw a steady stream of pedestrian traffic and investment capital to the area. In addition to the subject’s proximity to major event centers, there has been significant multifamily development just a few blocks south. The new multifamily developments include 888 At Grand Hope Park (525 units), Circa LA Apartments (648 units) and the AVEN Apartments (536 units). The surrounding properties consist of office buildings, entertainment theaters, retail establishments and multifamily complexes. Enhancing the subject’s accessibility, the Metro is only two blocks away.

The office building has a red concrete exterior with dark-tinted windows. The facade is reminiscent of the subject’s pre- glass vintage. The subject benefits from a prominent layout with uniquely long frontage along South Figueroa Street and a large modern art piece in front at the intersection of South Figueroa Street and West 9th Street. Affixed to the top of the building is “First Republic” and First Republic Bank has a large banking hall on the ground floor at the south end of the building. The 20-story building has a seven-story attached parking structure, which has a Fatburger, Denny’s, Avis and Mrs. Winston’s as ground-floor retail along South Figueroa Street. At the time of the inspection, both the parking structure and retail were active and receiving continual traffic.

Per management, the property was approximately 83% physically occupied at the time of DBRS’s inspection and the leases for Suites 360, 700, 800 and 900, all leased to government agencies, were on track to be executed within the month. Since the tour, DBRS received confirmation that the executed leases have been received. DBRS toured the suites of First Republic Bank, TJX and the currently vacant spaces that are to be occupied by various departments of the State of California. TJX’s space was very modern with an open concept and its space on floors 15 and 16 were connected by an open internal staircase. While TIs at the subject are based on the lease negotiations, management stated that the typical range is between $50 and $70 on a ten-year NNN lease.

Structured Finance: CMBS 18 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

888 FIGUEROA – LOS ANGELES, CA

While not a requirement of the loan, the borrower is projecting to spend approximately $13.1 million in property upgrades over the next several years, which will mainly consist of light retrofit, HVAC mechanical and controls, window tinting, building corridors/restrooms and lobby renovations. At the time of the tour, management was in the process of receiving final bids and approvals to begin the renovations. Overall, DBRS felt that the property exhibited favorable curb appeal at the time of inspection and will benefit from the subject’s proximity to L.A. Live and multifamily hubs.

DBRS NCF SUMMARY

NCF ANALYSIS

T-12 2016 2017 2018 March 2019 Issuer NCF DBRS NCF NCF Variance

GPR $11,123,942 $10,873,345 $10,941,104 $10,839,066 $15,116,664 $15,014,861 -0.7%

Recoveries $1,061,969 $612,074 $993,301 $1,020,482 $1,244,733 $1,246,647 0.2%

Other Income $3,021,835 $3,034,139 $2,973,766 $3,077,092 $3,573,264 $3,573,264 0.0%

Vacancy $0 $0 $0 $0 -$2,524,564 -$2,237,822 -11.4%

EGI $15,207,746 $14,519,558 $14,908,171 $14,936,640 $17,410,098 $17,596,949 1.1%

Expenses $4,748,923 $4,343,871 $5,100,819 $5,254,851 $5,742,216 $6,178,979 7.6%

NOI $10,458,823 $10,175,687 $9,807,352 $9,681,789 $11,667,882 $11,417,971 -2.1%

Capex $0 $0 $0 $0 $80,827 $80,797 0.0%

TI/LC $0 $0 $0 $0 $606,204 $1,494,643 146.6%

NCF $10,458,823 $10,175,687 $9,807,352 $9,681,789 $10,980,851 $9,842,531 -10.4%

The DBRS Stabilized NCF is based on the DBRS North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Stabilized NCF was $9,842,531, a variance of -10.4% from the Issuer’s NCF. The main drivers of the variance were leasing costs and the management fee.

The variance is primarily driven by leasing costs, which DBRS estimated to be $3.70 psf compared with the Issuer’s estimated $1.50 psf. TI assumptions for new leases were estimated at $45.00 psf for new office tenants larger than 10,000 sf, $30.00 psf for new office tenants smaller than 10,000 sf and $50.00 psf for new retail tenants based on recent leasing at the property and the appraiser’s assumptions. LCs for office space larger than 10,000 sf were based on the appraisal at 4.5% for new and 2.25% for renewal leases, respectively. LCs for office space smaller than 10,000 sf were also based on the appraisal at 6.0% for new and 3.0% for renewal leases, respectively. DBRS assumed a management fee of 4.0%, which is higher than the Issuer’s and the appraiser’s assumption of 2.0%.

DBRS VIEWPOINT The collateral is well located in a prime location in downtown Los Angeles with convenient access to all modes of transportation, including the I-10 and U.S. 101 freeways, Metro Rail, Metro Bus and Dash Bus. Furthermore, the property has excellent access and visibility from multiple vantage points downtown with proximity to L.A. Live, the STAPLES Center and the Los Angeles Convention Center. The property is in a position to benefit from continued downtown multifamily development, the subject’s proximity to large retail developments (e.g., THE BLOC and FIGat7th) and continued sponsor investment. In downtown Los Angeles, 12,000 apartment units have been delivered over the past five years with CBRE projecting another 2,239 units in 2019 and an additional 3,400 units planned in the next four years.

While the collateral suffered from historically low occupancy under prior ownership, the current borrower has improved occupancy and is expected to stabilize around 90%, according to the appraiser’s estimate. This is slightly above the Reis

Structured Finance: CMBS 19 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

888 FIGUEROA – LOS ANGELES, CA market data, showing a vacancy rate of 14.3% for downtown Los Angeles, but seven of the eight appraiser’s comparable properties have occupancies above 90%.

DOWNSIDE RISKS –– The loan is full-term IO and returns approximately $23.5 million of cash equity to the borrower. –– The State of California (collectively, 12.1% of NRA) and the GSA leases (collectively, 10.5% of NRA) contain early termination options.

STABILIZING FACTORS –– The sponsor has invested $22.9 million since acquisition with another approximately $13.1 million planned. The subject has an appraised value of $210.0 million (an implied cap rate of 5.5%) compared with the whole-loan amount of $115.0 million. The subject has a low DBRS LTV of 54.8%. –– Both the State of California and the GSA recently signed new or renewal leases at the subject in 2019. Per the leasing broker, including the subject property, there are only six buildings in Downtown Los Angeles that are approved for use by the State of California.

Structured Finance: CMBS 20 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

Woodlands Mall Woodlands, TX

Loan Snapshot Seller GACC Ownership Interest Fee Simple Trust Balance ($ million) $70.0 Loan psf/Unit $327 Percentage of the Pool 8.6% Loan Maturity/ARD August 2029 COLLATERAL SUMMARY Amortization n/a DBRS Property Type Retail Year Built/Renovated 1994, 2003, 2016/NAP DBRS Issuance DSCR City, State Woodlands, TX Physical Occupancy 95.8% 3.27x Units/SF 758,231 Physical Occupancy Date May 2019 DBRS Issuance LTV 26.0% DBRS Balloon LTV The loan is secured by the borrower’s fee-simple interest on a portion of The 26.0% Woodlands Mall, a super-regional mall located in Woodlands, Texas. The property DBRS Property Type was acquired by GGP Inc. (GGP) in 1995, shortly after its construction by Homart Retail Development Company. The sponsor, Brookfield Property REIT Inc. (Brookfield), DBRS Property Quality completed its acquisition of GGP in August 2018. The ten-year loan is IO for the entire Average + term. A-note proceeds of $247.6 million, along with $177.4 million of B-note debt and Debt Stack ($ million) $40.0 million of mezzanine debt, refinanced approximately $322.9 million of existing Trust Balance debt, returned $136.1 million of cash equity to the borrower, covered $3.9 million of $70.0 closing costs and funded $2.2 million of upfront reserves. Based on an appraised value Pari Passu of $953.4 million, the sponsor will maintain implied equity of $488.4 million behind $177.6 the combined debt and $705.8 million behind the A-note. The $247.6 million mortgage B-Note debt will be split into multiple pari-passu notes. The $70.0 million trust asset included $177.4 in this transaction represents non-controlling pieces of the larger A-note. Multiple Mezz pari-passu notes comprising a $76.2 million non-controlling piece of the A-note was $40.0 securitized as part of the BMARK 2019-B12 transaction. The remaining pari-passu debt Total Debt $465.0 will be securitized as part of future transactions. As a result of the property’s quality, location, sponsor strength and the senior position of the A-notes, DBRS considers the Loan Purpose Refinance credit quality associated with the senior mortgage loan to be AA (sf ). Equity Contribution/ (Distribution) ($ million) The Woodlands Mall is located in the Woodlands area, a submarket within the Houston ($136.1) MSA known for its high quality of life and affluent population. The subject is a two- story enclosed super-regional shopping mall with a variety of national and regional tenants. As of March 2019, the property was 95.8% occupied by a mix of national and regional tenants. The four anchor tenants own their space and are thus not part of the collateral. These non-collateral anchors include Dillard’s, Macy’s, JCPenney and Nordstrom, which occupy 713,438 sf of the total 1.47 million sf contained in the

Structured Finance: CMBS 21 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

WOODLANDS MALL – WOODLANDS, TX

Woodlands Mall. All other tenants occupy space that is part of the collateral, including the junior anchors consisting of Dick’s Sporting Goods (Dick’s) and Forever 21.

TENANT SUMMARY

% of DBRS UW % of Total DBRS Lease T-12 May 2019 DBRS Tenant SF Total NRA Base Rent PSF UW Base Rent Expiry Sales PSF Occupancy Cost

FOREVER 21 85,150 11.2% $7.52 1.9% Jun 2025 $90 22.9%

DICK'S SPORTING GOODS 83,075 11.0% $16.79 4.2% Jan 2027 $153 16.1%

BARNES & NOBLE BOOKSELLER 30,471 4.0% $22.97 2.1% Jan 2020 $268 8.6%

MACY'S CHILDREN'S 17,161 2.3% $22.14 1.2% Jan 2022 $0 0.0%

TYLER'S 17,116 2.3% $34.88 1.8% Oct 2023 $302 14.6%

Subtotal/Wtd. Avg. 232,973 30.7% $15.94 11.3% Various $145 16.7%

Other Tenants 493,075 65.0% $24.26 88.7% Various $548 14.7%

Vacant Space 32,183 4.2% n/a n/a Various n/a n/a

Total/Wtd. Avg. 758,231 100.0% $22.42 100.0% Various $401 14.9%

Since 2010, collateral and the total mall occupancy has been relatively stable. Collateral occupancy has ranged from 81.3% to 95.8% with an average of 93.5% and mall occupancy has ranged from 83.8% to 97.8% with an average of 94.7%. The lower occupancy in 2014 was primarily driven by the 83,075-sf vacant Dick’s box that was being built out at the time. The sponsor invested approximately $30 million into the property in 2016 as part of the introduction of Dick’s. The subject reported strong DBRS-calculated comparable in-line (< 10,000 sf ) sales, excluding Apple, Inc. (Apple) of $574 psf as of T-12 ending May 31, 2019 (T-12). Although strong, DBRS-calculated comparable in-line sales have been dropping since YE2017, averaging $622 psf and $608 psf in YE2017 and YE2018, respectively. The drop in sales can be primarily attributed to the retail sector losing traffic and demand to online shopping. DBRS-calculated occupancy costs for the junior-anchor tenants, Forever 21 and Dick’s, were high at 22.9% and 16.1%, respectively, given their large store sizes. DBRS applied occupancy cost-markdown adjustments to both tenants, resulting in more reasonable DBRS occupancy cost levels. Lease rollover at the subject is concentrated in 2025 and 2027 when approximately 19.2% and 16.4% of the NRA will expire, respectively. Notable tenants that will expire 2025 include Forever 21 (11.2% of NRA) and Arhaus (0.2% of NRA) while tenants that will expire in 2027 include Dick’s (11.0% of NRA).

The property is considered to be the top-tier mall in the Woodlands Area submarket because of its strong mix of popular national and regional tenants. While there are several regional malls that compare in size with the subject, there are none in the Woodlands submarket.

SPONSORSHIP The loan’s sponsorship is held by Brookfield. The subject was previously held by GGP until Brookfield Property Partners L.P. acquired GGP and the merged entity, Brookfield, was created. The sponsor holds a portfolio of mall properties, consisting of more than 160 properties with over 146 million sf of retail space spanning more than 40 states. In addition to retail space, Brookfield holds approximately 300 million sf of commercial space through office, multifamily and hospitality properties. The sponsor’s total assets under management amounts to approximately $191 billion.

Structured Finance: CMBS 22 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

WOODLANDS MALL – WOODLANDS, TX

DBRS ANALYSIS SITE INSPECTION SUMMARY

Based on the DBRS site inspection and management meeting conducted on July 15, 2019, at approximately 2:45 p.m., DBRS found the property quality to be Average (+).

The collateral consists of 758,231 sf of a larger 1.47 million sf regional mall in Woodlands, approximately 30 miles north of the Houston CBD. The mall is well located along Lake Woodlands Drive off the I-45 exit with good visibility from the freeway. There is appropriate signage present at various points of ingress and egress, guiding shoppers in the right direction. The immediate area is suburban in nature and infill with a limited amount of land for development. The area is characterized by a mixture of commercial, office, mid-rise residential, lodging and retail uses. The closest competing shopping center is the Market Street at Woodlands (securitized in COMM 2007-C9), a lifestyle center located across the street from the subject to the west. Market Street is anchored by H-E-B grocery store and Cinemark and features tenants, such as Allen Edmunds, Tiffany’s, Tommy Bahama and Bath & Body Works. The next-closest competing malls are Willowbrook Mall and Deerbrook Mall (securitized in MSC 2011-C2), located approximately 15 miles south and 15 miles southeast, respectively. Both competing malls are sponsor owned and feature a similar tenant base as the subject. According to management, Market Street predominantly features a higher-end tenant roster, is much smaller than the subject and is complementary in nature. Management also believes that Willowbrook Mall and Deerbrook Mall are situated far enough from the subject property to establish a reasonably exclusive trade area for each. Area demand drivers include various energy, finance and health-care firms, including Anadarko Petroleum Corporation, Exxon Mobil Corporation, Wells Fargo Bank, the Bank of America Corporation and Children’s Memorial Hermann Hospital.

At the time of the site inspection, the parking lot was moderately filled with parked vehicles generally clustered in certain areas of the property, particularly around the northern main entrance and near the subject’s anchor and junior-anchor tenants. Although the stores were not overly busy, DBRS observed a few shoppers checking out the merchandise at several retailers. The collateral includes a mix of national and local tenants, including mid-tier, aspirational luxury, luxury in-line and junior-anchor stores as-well as numerous restaurants. Non-collateral stores include Dillard’s, Macy’s, JCPenney and Nordstrom. Although the subject was originally built in 1994, its exteriors appeared to be in good condition with no significant deferred maintenance noted. The property has undergone several expansions, including the addition of the 150,000-sf lifestyle component on the south side of the mall in 2004 and the addition of Dick’s in 2016. The Dick’s store was in good condition and showed well, given its newer build. Common areas generally featured tile flooring with vaulted ceilings and numerous skylights, allowing for natural light to flow through. Overall, the interior was well maintained, brightly lit and inviting. Store interiors were clean and well stocked with merchandise. While kiosk tenants are abundant,

Structured Finance: CMBS 23 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

WOODLANDS MALL – WOODLANDS, TX there is ample seating throughout the mall and a number of pieces of artwork or murals that add to the overall shopping experience. The store build-outs vary by retailer and include tile, wood or carpet flooring with painted, exposed or acoustical tile ceilings. At the time of DBRS’s inspection, Apple was in the process of building out its new center-court space, which appeared to be a much better location than its previous one, with more foot traffic.

DBRS toured the property with the property manager, who had been at the subject for about 2.5 years. The property manager appeared to be knowledgeable about the property and the market. At the time of the site inspection, management reported occupancy to be approximately 96%. The retail segment where the property manager believes it needs a bigger presence is apparel and men’s shoes, including tenants such as H&M and Johnston & Murphy. Management was content with how the property was maintained by Brookfield and indicated that there is an annual allotment that can be used at the property manager’s discretion toward upkeep and capital improvement projects. Capital improvement projects on the management’s wishlist include parking lot repairs, roofs and HVAC upgrades as well as installing new tile and digital directions. Planned capital improvement projects include implementing a $5 million exterior courtyard project that will include the addition of walkways, green space and a 12-foot video screen as well as an indoor/outdoor Shake Shack that is planned to open during summer 2020. Additionally, management noted that Macy’s is planning to renovate its space, including new paint, carpeting and fixtures as well as parking lot updates.

DBRS NCF SUMMARY

NCF ANALYSIS

T-12 2016 2017 2018 May 2019 Issuer NCF DBRS NCF NCF Variance

GPR $28,621,746 $31,111,560 $32,538,184 $33,313,292 $36,198,240 $31,461,412 -13.1%

Recoveries $11,821,126 $12,508,578 $11,984,194 $12,383,926 $13,320,934 $13,217,462 -0.8%

Other Income $6,723,425 $8,189,537 $8,267,824 $8,220,484 $7,378,029 $6,746,270 -8.6%

Vacancy -$122,935 -$278,970 -$172,149 -$109,714 -$2,965,936 -$2,124,078 -28.4%

EGI $47,043,362 $51,530,705 $52,962,351 $53,807,988 $53,931,267 $49,301,067 -8.6%

Expenses $9,088,306 $10,009,375 $9,785,492 $10,101,329 $10,814,593 $10,865,142 0.5%

NOI $37,955,056 $41,521,330 $43,176,859 $43,706,659 $43,116,674 $38,435,925 -10.9%

Capex $0 $0 $0 $0 $151,646 $150,386 -0.8%

TI/LC $0 $0 $0 $0 $758,231 $3,387,794 346.8%

NCF $37,955,056 $41,521,330 $43,176,859 $43,706,659 $42,206,797 $34,897,745 -17.3%

The DBRS NCF is based on the DBRS North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS NCF was $34,897,745, a -17.3% variance from the Issuer’s NCF. The main drivers of the variance are occupancy cost markdowns, TI/LCs, other income and rent steps. DBRS will mark rents lower when a tenant’s occupancy cost ratio exceeds certain thresholds according to a sliding scale based on size. DBRS took the largest markdowns on Forever 21, Gap/Baby Gap/Gap Kids, Talbots and Coach, all of which had occupancy cost ratios above 20%. The Issuer concluded leasing TI/LCs of $1.00 psf. DBRS TIs were generally based on actual TI allowances provided to recently signed leases over the past two years, when available, or the appraiser’s assumptions, resulting in TI/LCs of $4.51 psf. DBRS generally based other income line items based on budget levels while the Issuer’s assumptions were generally based on the T-12 period estimates. For rent steps, the Issuer included rent steps through June 2020 in addition to applying straight-line rent credit to investment grade-rated tenants. DBRS typically includes income from contractual rent steps that occur six months from cutoff or February 2020. DBRS did not give straight-line credit to investment grade-rated tenants as no leases extend three years beyond loan maturity.

Structured Finance: CMBS 24 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

WOODLANDS MALL – WOODLANDS, TX

DBRS VIEWPOINT The collateral for the loan benefits from many positive attributes, including the subject’s location in an affluent area, improving operating performance, strong sponsorship and continued capital commitment from the sponsor; however, it does have high rollover concentration during the loan term. The subject has a great location near a major thoroughfare, I-45, and is located in an affluent area where the average household income level is $131,439 within a five-mile radius, which compares favorably with the Houston MSA level of $95,174. The subject property has been performing well with a T-12 NOI that has grown by 18.3% over its YE2015 NOI and 79.0% over its YE2009 NOI. The DBRS NOI is conservative at 7.4% and 12.7% less than the YE2017 and T-12 levels, respectively. The mall has maintained high occupancy for several years with the collateral occupancy averaging 93.5% from YE2010 through the T-12 period. DBRS-calculated comparable in-line sales (<10,000 sf ), excluding Apple, have been dropping annually since 2017, primarily because of losing traffic and demand to online shopping. Sales productivity is still strong with DBRS-calculated comparable in-line sales (< 10,000 sf ) productivity of $573 psf as of the T-12 period, excluding Apple. The sponsor is a long-term owner and has continued to invest in the property with multiple expansions and renovations, including the most recent introduction of the $30.0 million Dick’s space and the planned $5 million exterior courtyard project that is projected to be completed mid-year 2020. As a result of the property’s quality, location within an area with affluent demographics and the sponsor’s experience and strength, DBRS considers the credit quality associated with the $247.6 million of mortgage debt to be AA (sf ). Based on the DBRS NCF of $34.9 million and a 7.5% cap rate, which is 275 basis points higher than the appraiser’s 4.75% cap rate, the DBRS value is approximately $465.3 million, which represents a 48.8% cut to the appraised value of $953.4 million. The loan’s A-note credit metrics are considered excellent with an appraised LTV of 26.0% and DBRS DSCR of 3.27x.

DOWNSIDE RISKS –– The mall will have lease rollover of about 19.2% and 16.4% of the NRA in 2025 and 2027, respectively.

STABILIZING FACTORS –– The risk of significant vacancy during 2025 and 2027 is low as the rollover is scattered among 23 tenants, which reduces the risk from any single tenant. In addition, the sales productivity at the mall should encourage renewals as tenants may see higher sales than their respective national averages. If vacancy materializes over this period, the property has a history of backfilling spaces with new tenants as Brookfield represents one of the strongest mall operators in the nation with the ability to re-tenant spaces, given its national footprint and retailer relationships.

Structured Finance: CMBS 25 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

Hilton Penn’s Landing Philadelphia, PA

Loan Snapshot Seller MPCC Ownership Interest Leasehold Trust Balance ($ million) $70.0 Loan psf/Unit $200,000 Percentage of the Pool 8.6% Loan Maturity/ARD July 2029 COLLATERAL SUMMARY Amortization n/a DBRS Property Type Full Service Hotel Year Built/Renovated 2000/2017-2018 DBRS Issuance DSCR City, State Philadelphia, PA T-12 RevPAR $167.46 1.88x Keys 350 T-12 RevPAR Date May 2019 DBRS Issuance LTV 64.1% DBRS Balloon LTV The loan is secured by the borrower’s leasehold interest in the Hilton Philadelphia 64.1% at Penn’s Landing, a 350-key, full-service hotel situated on a 1.70-acre site along the DBRS Property Type Delaware River waterfront in the historic city of Philadelphia, Pennsylvania. The Full Service Hotel ten-year $70.0 million ($200,000 per key) first mortgage loan is IO for the full term DBRS Property Quality and has a maturity date set for August 6, 2029. Loan proceeds, along with $5.7 million Average (+) of borrower equity, were used to refinance a $52.8 million ($150,729 per key) senior Debt Stack ($ million) mortgage loan, pay off $21.5 million ($61,300 per key) of mezzanine debt, fund $624,998 Trust in upfront reserves and cover $898,010 in closing costs. The sponsor is required to $70.0 make monthly deposits into a seasonality reserve equivalent to one-third of the annual Pari Passu cash flow shortfalls, grossed up to 115.0%. Initially, the total reserve amount is sized $0.0 up to $1.45 million with monthly deposits of $483,000 beginning in September, three B-Note months prior to the subject’s low season in December, January and February. The $0.0 property was previously securitized in GSMS 2007-GG10 where it performed as agreed Mezz and paid in full at maturity. $0.0 Total Debt $70.0 The subject property was constructed in 2000 and originally opened as a Hyatt, but was later reflagged as a Hilton in February 2015 and, subsequently, had its operator Loan Purpose Refinance replaced. The collateral’s 350 keys are configured as 209 standard king rooms Equity Contribution/ (350 sf ), 133 double-queen rooms (375 sf ) and eight king suites (500 sf ). Property- (Distribution) ($ million) wide amenities include a restaurant and bar, parking garage, banquet and meeting $5.7 spaces, indoor swimming pool, fitness center and sauna. As part of the property’s conversion to the Hilton brand, the hotel underwent a two-phase $13.9 million ($39,750 per key) renovation, which concluded in June 2018. Nearly every aspect of the property was updated, including guest rooms, meeting space, common areas, F&B outlets, technology and the building’s exterior. Phase 1 included renovations to the ground floor and second- and third-floor meeting space for a total cost of $7.1 million (20,385

Structured Finance: CMBS 26 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

HILTON PENN’S LANDING – PHILADELPHIA, PA per key) while Phase 2 included updates to all guest rooms for a total cost of $6.8 million ($19,366 per key). The property features two ballrooms, substantial amounts of pre-function space and five breakout rooms, totaling 29,460 sf. As such, the subject is quite popular with groups and weddings.

The borrower’s leasehold interest in the subject is held under a sublease with the Delaware River Waterfront Corporation (DRWC), a non-profit landowner that oversees much of the waterfront development along the Delaware River. In effect, the DRWC has a ground lease in place with the Redevelopment Authority of Philadelphia, the Commonwealth of Pennsylvania and the City of Philadelphia, which together have a 100.0% fee interest in the site. In the event that any of these prime leases expires or is terminated, the sublease held by the borrower will continue in full force and effect through the duration of the lease term without causing a default under the loan agreement. The borrower’s ground lease with the DRWC runs through October 2029, but has two extension options remaining. The first extension option is for a term of 24 years while the second extension option is for 21 years and seven months, providing more than 55 years of fully extended term remaining. Annual ground rent through the remainder of the current term is fixed at $205,000; however, ground rent will increase during the first and second extensions to $292,000 and $503,000, respectively. The hotel is operated under a franchise agreement with Hilton that will expire in February 2036. The contractual fees are structured as a monthly royalty fee of 5.0% of gross rooms revenue, a monthly fee of 3.0% of gross F&B revenue and a monthly program fee of 4.0% of gross rooms revenue.

The appraisal identified five hotel properties in the local market that directly compete with the subject. Two of these competing hotels, Sheraton Philadelphia Society Hill Hotel and Sofitel Philadelphia at Rittenhouse Square, are undergoing or recently underwent renovations. The Sheraton Philadelphia Society Hill Hotel is being converted to a full-service Marriott, which is scheduled to be completed by May 1, 2020. The renovation commenced in January 2019 with 180 rooms offline from February to April. The Sofitel Philadelphia at Rittenhouse Square recently completed a $10.0 million PIP that lasted from January 2019 to April 2019. Additionally, two new competitive hotels are scheduled to be delivered within the next year, including a dual-branded W Hotel (295 keys) and Element by Westin (460 keys) and a Hyatt Centric (203 keys). For more information on the subject’s competitive set, please refer to the table below.

COMPETITIVE SET

Distance Meeting Year from Space 2018 2018 Property Keys Built Subject (sf) Occupancy 2018 ADR RevPAR

DoubleTree Philadelphia Center City 481 1980 1.3 miles 27,000 80%-85% $180-$185 $145-$150

Renaissance Philadelphia Downtown Hotel 152 1990 0.5 miles 4,354 85%-90% $215-$220 $185-$190

Sheraton Hotel Philadelphia Society Hill 364 1986 0.1 miles 17,000 75%-80% $180-$185 $135-$140

Loews Philadelphia 581 2000 1.3 miles 47,000 80%-85% $185-$190 $150-$155

Sofitel Philadelphia 306 2000 1.6 miles 16,000 80%-85% $190-$195 $160-$165

Total/Wtd. Avg. Comp Set 1,884 Various Various 111,354 81.7% $188.31 $153.80

Hilton Philadelphia at Penn's Landing (Subject) 350 2000 n/a 24,138 84.5% $190.74 $161.22

Source: Appraisal.

Per the STR report as of May 31, 2019, the collateral posted T-12 ADR and occupancy figures of $192.92 and 86.8%, respectively, producing a RevPAR of $167.46 and outperforming the competitive set’s $144.14 RevPAR over the same period. As evidenced in the competitive set figures above, the subject property has outperformed these competing hotels in all three metrics. The collateral’s above-average performance could be attributed to the recent property-wide renovations that involved upgrades to the lobby, common areas, restaurant and event space, guest rooms and technology. The positive impact of the sponsor’s capex on the hotel’s performance has been quite apparent, particularly within the

Structured Finance: CMBS 27 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

HILTON PENN’S LANDING – PHILADELPHIA, PA

last 12 months as the subject’s occupancy recently rose to 86.8% STR REPORT SUMMARY while ADR experienced similar increases above 2018 figures to $192.92. Furthermore, the subject property’s unique waterfront Occupancy ADR RevPar location, ample meeting space and close proximity to nationally Subject 86.8% $192.92 $167.46 historic sites, such as Independence Hall, set it apart from its Competitive Set 75.2% $191.80 $144.14 competitive set and drive its superior performance relative to Index 115.5% 100.6% 116.2% its comparables. Note: As of the T-12 ending May 31, 2019.

SPONSORSHIP The sponsor and non-recourse carveout guarantor for this loan is Dan Keating, principal and founder at KMS Development Partners, a Philadelphia-based firm that originally developed the subject in 2000. Throughout his career, Mr. Keating has been particularly active in the Pennsylvania/New Jersey/Delaware region and involved in some high-profile redevelopment projects, including the Pennsylvania Convention Center, Lincoln Financial Field and the Hyatt Regency Hotel at Penn’s Landing. Mr. Keating’s real estate portfolio includes approximately 84,000 sf of office space and over 80 multifamily units as well as additional developable land. Excluding the subject property, the sponsor reported a net worth of $97.8 million and liquidity of $92.2 million. The property is managed by Pyramid Hotel Group LLC, a third-party management company, for a contractual fee of 1.5%.

DBRS ANALYSIS SITE INSPECTION SUMMARY

DBRS toured the interior and exterior of the property on July 11, 2019, at 5:30 p.m. Based on the site inspection and management meeting, DBRS found the property quality to be Average (+).

The collateral is a 23-story, 350-key, full-service hotel located on the Delaware River in the Penn’s Landing submarket of downtown Philadelphia. The immediate area is urban in nature. Directly east is the Delaware River with downtown Camden, New Jersey, on the opposing side of the river. South of the hotel is Harbor Park, an urban beach park that serves as a small concert venue and connects with the riverfront walkway, which runs north of the hotel along the river. North of the subject is the Independence Seaport Museum and the Great Plaza at Penn’s Landing, which serves as a large concert venue. West of the hotel is I-95 and the Society Hill neighborhood with a mixture of residential and commercial-use properties, including a Sheraton Hotel. Access to I-95 is several blocks north or south of the subject and the Center City submarket of Philadelphia is approximately 1.5 miles to the west.

Structured Finance: CMBS 28 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

HILTON PENN’S LANDING – PHILADELPHIA, PA

The building has a concrete facade and is the tallest structure for several blocks, affording it excellent views in all directions. The collateral has prominent signage at the top of the building and several monument signs along Columbus Boulevard directing traffic to the hotel’s entrance. The entrance has a large circular concrete driveway with lush landscaping and a polished metal canopy. The lobby is a moderate-sized space with a soft seating area in the middle, flanked by a guest reception desk and the lobby bar on either side. The bar area leads into the hotel’s restaurant and provides access to a small patio that overlooks the river. The lobby is decorated with traditional decor, a marble tile floor and a painted sheetrock ceiling with predominately recessed lighting. The bar and restaurant have a more rustic theme, featuring faux distressed- wood tile flooring, barn doors and nautical accents. The restaurant also has a private dining room and all of these spaces have large windows that overlook the Delaware River.

The two ballrooms are located on the second floor while the third floor houses a number of meeting and board rooms. The event spaces all reflect the recent renovations and have traditional, yet contemporary decor including grey-patterned carpeting, grey-painted and vinyl-covered walls as well as white and grey painted ceilings. The meeting rooms had several technology features, including wireless phone chargers, 80-inch TV screens, digital whiteboards and a robot for virtual meetings. The fitness center and indoor pool are located on the fifth floor. The exercise room has about 12 pieces of fitness equipment with rubberized floors and large exterior windows. The pool area has a slate tile deck with floor-to-ceiling windows on three sides and access to a small outdoor terrace.

The guest rooms are located on floors six through 23 with the top two floors housing suite and larger guest rooms that can be combined with up to three different configurations. DBRS inspected several of the suites and standard rooms. The suites were large spaces with marble and carpet flooring, kitchenettes with granite countertops and dark wood cabinets as well as transitional-style furnishings with grey and taupe color schemes. The bathrooms were fully renovated with marble tile floors and showers. The typical guest rooms had grey-patterned carpeting, grey window drapes and dark wood case goods. The bathrooms, which were not renovated as part of the 2018 guest-room refresh, had older-style white and cream tile floors, brown-speckled granite counters and white tile tub surrounds, all of which were dated and did not reflect the updated appearance of the rest of the hotel’s finishes.

DBRS NCF SUMMARY

NCF ANALYSIS

T-12 NCF 2016 2017 2018 May 2019 Issuer NCF DBRS NCF Variance

Occupancy 80.1% 80.5% 84.5% 86.8% 86.8% 80.5% -7.3%

ADR $179.56 $182.74 $190.74 $192.92 $192.92 $192.92 0.0%

RevPAR $143.80 $147.13 $161.22 $167.46 $167.46 $155.30 -7.3%

Total Departmental Revenue $30,377,469 $30,581,117 $33,883,722 $34,817,309 $34,817,309 $32,289,664 -7.3%

Total Deparmental Expense $13,222,278 $12,947,424 $13,845,921 $13,864,749 $13,864,749 $12,858,205 -7.3%

Total Departmental Profit $17,155,191 $17,633,693 $20,037,801 $20,952,560 $20,952,560 $19,431,459 -7.3%

Total Undistributed Expense $9,244,409 $9,639,869 $10,410,543 $10,438,744 $10,640,527 $10,019,246 -5.8%

Total Fixed Expense $1,160,791 $1,149,894 $1,639,347 $1,592,151 $1,584,795 $1,597,435 0.8%

NOI $6,749,991 $6,843,930 $7,987,911 $8,921,665 $8,727,238 $7,814,778 -10.5%

FF&E $1,215,099 $1,223,245 $1,355,349 $1,392,692 $1,392,692 $1,291,587 -7.3%

NCF $5,534,892 $5,620,685 $6,632,562 $7,528,973 $7,334,546 $6,523,191 -11.1%

Structured Finance: CMBS 29 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

HILTON PENN’S LANDING – PHILADELPHIA, PA

The DBRS NCF is based on the DBRS North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS NCF was $6,523,191, a -11.1% variance from the Issuer’s NCF. The main driver of the variance was occupancy. DBRS capped the property’s occupancy at 80.5% to achieve a RevPAR figure between YE2017 and YE2018 to account for all the new supply coming online as well as the ongoing conversion of the Sheraton Philadelphia Society Hill Hotel across the street to a Marriott by May 2020. The resulting DBRS-concluded RevPAR of $155.30 is lower than the Issuer’s concluded RevPAR of $167.46, but in line with the historical average RevPAR of $154.18 reported at the subject in 2017 and 2018.

DBRS VIEWPOINT The loan collateral consists of the borrower’s leasehold interest in a full-service, nationally flagged hotel property in Philadelphia with immediate access to prominent demand drivers, including the Center City submarket. The borrower’s ground lease is scheduled to expire in October 2029 with two extension options remaining. The first extension option is for 24 years and the second extension option is for 21 years and seven months, resulting in a fully extended ground lease expiry of October 2074. Annual ground rent through the remainder of the current term is fixed at $205,000; however, ground rent will increase during the first and second extensions to $292,000 and $503,000, respectively. The hotel is located along the Delaware River waterfront, making it a popular destination for weddings, Fourth of July and New Year’s Eve celebrations. Its location on the riverfront is a unique competitive advantage, which no other hotel can offer. Additionally, the property attracts a large number of office users from Camden, which is located directly across from the Delaware River. At 23 stories, the hotel is the tallest structure for several blocks, offering guest excellent views in all directions. The hotel was originally developed by the sponsor in 2000 and operated as a Hyatt, but was reflagged as a Hilton in February 2015. As part of the conversion to the Hilton brand, the hotel underwent a $13.6 million ($38,802 per key) PIP that was completed in June 2018. Since the renovation and rebranding, the property has outperformed its competitive set in terms of ADR and occupancy with a resulting RevPAR penetration of 116.2% as of the T-12 period ending May 31, 2019. All things considered, DBRS cites the unique location, recently renovated improvements and experienced sponsorship as support for the ongoing performance of the subject loan.

DOWNSIDE RISKS –– The loan is IO for the full term. –– The appraisal identified two new hotels that are scheduled to be delivered within the next year, including a dual-branded W Hotel and Element by Westin as well as a Hyatt Centric. These hotels will add a combined 958 rooms to the local market.

STABILIZING FACTORS –– At loan closing, the sponsor, who is also the property’s original developer, contributed approximately $5.8 million of cash equity to refinance the existing debt. Based on the appraised value of $114.0 million for the leasehold interest, the loan’s DBRS Issuance LTV of 61.4% is quite favorable and provides significant equity cushion ahead of the lender’s basis. Furthermore, the property was previously securitized in GSMS 2007-GG10 where it performed as agreed and paid in full at maturity. –– The hotel recently underwent a comprehensive $13.9 million ($39,750 per key) renovation that included updates to all guest rooms, meeting space, common areas, F&B outlets, technology and the exterior. As such, DBRS found the improvements to be in very good condition at the time of inspection. Since the completion of the PIP, the property’s occupancy and ADR have improved considerably, achieving RevPAR of $167.46 as of the T-12 period ending May 31, 2019, which is greater than the YE2017 and YE2018 RevPAR of $147.13 and $161.22, respectively. Lastly, the 460-room Element by Westin is not expected to be directly competitive because of its extended-stay accommodations and offerings.

Structured Finance: CMBS 30 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

Uline Arena Washington D.C.

Loan Snapshot Seller CCRE Ownership Interest Fee Simple Trust Balance ($ million) $42.0 Loan psf/Unit $483 Percentage of the Pool 5.2% Loan Maturity/ARD August 2029 COLLATERAL SUMMARY Amortization n/a DBRS Property Type Office Year Built/Renovated 1945/2016 DBRS Issuance DSCR City, State Washington D.C. Physical Occupancy 92.1% 1.75x Units/SF 248,381 Physical Occupancy Date July 2019 DBRS Issuance LTV 61.9% DBRS Balloon LTV The loan is secured by the borrower’s fee-simple interest in Uline Arena, a 604,309-sf 61.9% Class A office and retail property in Washington, D.C. Loan proceeds of $72.0 million DBRS Property Type for CCRE’s A-1 and A-2 Note and $48.0 million for Natixis’ A-3 Note, along with Office $656,156 of sponsor equity, will be used to refinance $77.0 million of existing debt, DBRS Property Quality pay off $18.4 million of preferred equity, fund an approximate $8.3 million TI/LC Average + reserve, and cover a $7.5 million free-rent escrow as well as pay for various reserves, Debt Stack ($ million) prepayment penalties and closing costs. In this transaction, only $42.0 million of the Trust Balance CCRE note is included in the pool. The ten-year loan is full-term IO and has a maturity $42.0 date of August 6, 2029. Pari Passu $78.0 The collateral is composed of two office and retail buildings as well as a four-story B-Note parking garage. One building is the three-story Ice House, a former ice hockey arena $0.0 that also previously functioned as a decrepit parking facility. The Ice House was Mezz formerly home to professional hockey, basketball, boxing and wrestling matches. The $0.0 second building is the four-story Arena, which hosted The Beatles’ first U.S. concert Total Debt $120.0 and President Eisenhower’s first inaugural ball. The sponsor purchased the collateral in 2003 and subsequently added the site to the National Register of Historic Places Loan Purpose Refinance because of the buildings’ illustrious histories. The sponsor began to redevelop the Equity Contribution/ collateral in May 2015 into two creative office buildings with ground-floor retail suites. (Distribution) ($ million) Approximately $102.6 million was spent gut-renovating the property and adding $0.7 modern office functionality to the space. Tenants began to take occupancy in late 2016 and a majority of the construction work was completed by March 2017.

Structured Finance: CMBS 31 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

ULINE ARENA – WASHINGTON D.C.

TENANT SUMMARY

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

Recreational Equipment, Inc. 51,159 20.6% $45.82 18.2% 2/2032 N

RGN National Business Center 43,680 17.6% $65.63 22.2% 10/2033 N

Pact Inc. Floor Space 39,137 15.8% $60.00 17.3% 4/2035 N

Davis Memorial Goodwill 23,968 9.6% $52.17 9.7% 7/2035 N

Antunovich Associates 10,353 4.2% $55.35 4.4% 9/2029 N

Subtotal/Wtd. Avg. 166,304 67.0% $55.70 71.8% Various N

Other Tenants 60,482 25.1% $58.35 28.2% Various N

Vacant Space 19,602 7.9% n/a n/a n/a n/a

Total/Wtd. Avg. 248,381 100.0% $51.97 100.0% Various N

The collateral is currently 92.1% occupied by a mix of retail and office tenants. The subject’s NRA is composed of approximately 73.1% office space and 26.9% retail space. The majority of the property’s retail NRA is occupied by Recreational Equipment, Inc. (REI), the largest overall tenant. REI operates its largest flagship U.S. store at the subject and, thus, this REI store is one of the company’s highest-grossing stores across the country. The tenant opened its doors in October 2016 to massive crowds of customers and has maintained that success. RGN-National Business Centers, LLC, the subject’s second-largest tenant, is a coworking tenant that is also branded as Regus Spaces. The tenant is a competitor of WeWork and has experienced rapid growth as coworking offices continues to trend upward and find more suitors. Pact, Inc. (Pact) is a nonprofit organization dedicated to eradicating poverty around the globe; the company will become the property’s third-largest tenant upon moving into its fourth-floor space in the Arena building. Goodwill Industries International, Inc. (Goodwill), the nonprofit organization that provides job training, placement services and other community-based programs, is currently building out its 23,968-sf suite. The company is planning to move its headquarters into its office suite. Antunovich Associates, the architectural firm hired to design the collateral, has a 10,353- sf suite on the first floor of the Ice House building. The firm operates out of the Washington, D.C. and Chicago and has worked on some of the more notable redevelopment projects in these markets, such as the Apartments at Lincoln Common in Chicago and the RiverPoint development in Washington, D.C. There are presently ten other office and two retail tenants in occupancy as of the June 2019 rent roll. Because of the property’s recent redevelopment, there is minimal tenant rollover over the loan term with leases comprising only 28.5% of the NRA expiring prior to the loan’s maturity. Tenant rollover is concentrated in 2032 and 2033, several years beyond the maturity date, when 38.2% of the tenant mix rolls over.

SPONSORSHIP The subject’s sponsor and carveout guarantor for this transaction is Norman Jemal. Mr. Jemal has had notable past success in preserving historic architecture and working on transformation projects similar in scope to the subject collateral. Mr. Jemal serves as the principal of Douglas Development Corporation, which has had 24 loans securitized since 2010 with a total transaction volume of approximately $638.3 million. Founded in 1985, Douglas Development Corporation has a portfolio of nearly 250 properties in the Washington, D.C. area totaling over 12.6 million sf. The property is independently managed by LPC Commercial Services, Inc. for a contractual management fee of 3.0% of the EGI.

Structured Finance: CMBS 32 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

ULINE ARENA – WASHINGTON D.C.

DBRS ANALYSIS SITE INSPECTION SUMMARY

DBRS toured the interior and exterior of the property on Monday, July 15, 2019, at 10:30 a.m. Based on the site inspection, DBRS found the property quality to be Average (+).

The subject is a 248,381-sf Class A office and retail property in Washington, D.C., approximately 1.5 miles east of downtown. The collateral consists of two office and retail buildings, the Arena and the Ice House, along with a parking garage. The property is located at the meeting point of three distinct neighborhoods – NoMa, Union Market and Atlas District/H Street. The surrounding area is densely infilled by commercial and multifamily properties. The property has easily accessible public transportation options with the NoMa–Gallaudet U Metro Station, which operates as a Red Line stop, directly west of the site. The subject is also just half a mile north of Union Station, which connects suburban commuters with downtown Washington, D.C. Immediately west past the Red Line is largely composed of government buildings and office properties. Residential developments primarily infill the area east and south of the collateral.

The exterior facade of the Arena building is composed of red brick with large glass windows and white trim accents. The building has a rounded roof that was more suited toward its original usage as a concert venue. The ground floor of the Arena is occupied by REI and CycleBar. REI has 51,159 sf of space, making it the largest retail tenant at the subject. REI has an open and modern store layout for all of its outdoor apparel and equipment on display. The tenant’s space also contains a bike repair workshop and a La Colombe coffee shop. REI has strong frontage along M Street and easily visible signage to passing cars. There is a loading dock on the southwest corner of the site adjacent to the Arena building, which allows for REI to efficiently stock its store with incoming apparel and equipment shipments. CycleBar occupies a small suite along Delaware Avenue on the southwest corner of the lot. The tenant’s space has poor visibility, but the company likely benefits from the proximity to REI. The office floorplates of the Arena building are efficiently laid out because of the building’s inherent design; there are few interior columns allowing for prospective tenants to have greater flexibility building out their spaces. The second floor is entirely occupied by Regus Spaces, a coworking office company with flexible meeting rooms and virtual offices. Regus Spaces appeared to be busy at the time of inspection with various unique tenants working and collaborating alongside one another. The tenant’s space is modern and bright with unique breakout and meeting rooms and stylish private office suites. The third floor of the Arena building is shared by the offices of Goodwill; Brilliant Collaborations, LLC (Brilliant); Proof Strategies; ANDE Corporation (ANDE); EXP Global Inc.; and WestEd. Goodwill, which will move its headquarters to the subject, and ANDE were still building out their spaces at the time of inspection; consequently, DBRS was not able to tour either tenant’s space. Brilliant has a modern office build-out with exterior-facing cubicles and a sleek employee kitchen. The fourth floor of the Arena building is currently vacant and in

Structured Finance: CMBS 33 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

ULINE ARENA – WASHINGTON D.C. raw condition. Pact is slated to move into 37,144 sf of space on this floor in May 2020 and WhyHotel, Inc. will occupy the remaining 6,805 sf of fourth-floor space.

Similar to the Arena, the Ice House building is composed of red brick with large glass windows and white trim accents. This building has a flat roof, which is attributable to its former usage as a hockey arena. Red Bear Brewing Company occupies the northwest corner of the first floor and has its entrance directly adjacent to REI, drawing in potential customers because of its neighboring tenant’s popularity. The architectural firm, Antunovich Associates, has a vibrant office on the first floor with large glass windows along 3rd Street that allow for plenty of natural light to permeate the office’s interior. The Ice House building has two vacant first-floor retail suites with frontage on 3rd Street; both spaces have had showings, according to management, but no signed leases. The second floor is shared by Expression Networks LLC, Full Measure Education Inc. and College Summit; all of these tenants have typical creative office build-outs with interior meeting rooms and exterior-facing desks. The third floor is presently vacant and used as spec space to tour around prospective office tenants.

The property has a small outdoor courtyard space positioned between the Arena and Ice House buildings, which contains seating areas and a ping pong table for all tenants to share and use. There is also a rooftop deck on the Ice House building with a kitchen and patio furniture, which will serve as a unique event hosting space with scenic views of the surrounding area. The collateral has a newly built four-story parking garage on the southeast corner of the lot with 167 spaces. The garage’s entrance along Congress Street is difficult to spot, but the garage itself was in great condition with minimal signs of cracking and spalling evident. There are large posters on the garage’s facade along 3rd Street, highlighting the rich history of the property. There are also a number of street parking spots within walking distance of the collateral. Overall, the collateral showed well with a successful redevelopment of the subject buildings into attractive creative office and retail spaces.

DBRS NCF SUMMARY

NCF ANALYSIS

2017 2018 T-12 March 2019 Issuer NCF DBRS NCF NCF Variance

GPR $3,651,472 $5,442,906 $6,624,243 $13,090,985 $12,914,221 -1.4%

Recoveries $508,032 $776,843 $709,762 $1,085,354 $1,140,341 5.1%

Other Income $113,060 $293,447 $304,921 $294,113 $304,921 3.7%

Vacancy $0 $0 $0 (1,147,870) (1,562,562) 36.1%

EGI $4,272,563 $6,513,196 $7,638,927 $13,322,582 $12,796,921 -3.9%

Expenses $2,337,320 $3,653,287 $4,040,587 $4,431,507 $4,383,694 -1.1%

NOI $1,935,243 $2,859,908 $3,598,340 $8,891,075 $8,413,227 -5.4%

Capex $0 $0 $0 $24,838 $49,903 100.9%

TI/LC $0 $0 $0 $248,381 $1,150,710 363.3%

NCF $1,935,243 $2,859,908 $3,598,340 $8,617,856 $7,212,615 -16.3%

The DBRS NCF is based on the DBRS North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS NCF was $7,212,615, representing a -16.3% variance from the Issuer’s NCF. The primary drivers of the variance are the TIs, vacancy, LCs and GPR. DBRS concluded to the appraiser’s estimates for TIs and LCs across all space types. DBRS achieved a net vacancy loss of 11.1% by taking the actual economic vacancy for restaurant space of 37.2% and applying 10.0% and 5.0% vacancies for the office and anchored retail spaces, respectively. Lastly, DBRS is only accepting rent steps through March 2020, creating an approximate $177,000 variance from the Issuer’s GPR figure.

Structured Finance: CMBS 34 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

ULINE ARENA – WASHINGTON D.C.

DBRS VIEWPOINT The collateral is uniquely positioned at the intersection of three burgeoning neighborhoods that have experienced rapid growth and development in recent years. Furthermore, close proximity to the NoMa–Gallaudet U Metro Station and Union Station allows office employees and retail shoppers to easily access the property. The creative office space is in great condition and should attract strong interest from the robust and diverse Washington, D.C. economic base. Office vacancies in the Capital Hill submarket are relatively strong at 14.4%, showing a healthy demand for the city’s core urban office space. The sponsor has demonstrated the strength of the submarket by successfully leasing up the property thus far with the collateral currently boasting a leased rate of 92.1%. Consequently, the GPR and NCF figures have grown by approximately 81.4% and 85.9%, respectively, from YE2017 to the T-12 ending July 2019 figures. The average lease length of office tenants is around ten years with few leases expiring prior to the loan’s maturity date. In addition, REI signed a 15-year lease that expires nearly three years beyond loan maturity, so rollover risk is minimal for the collateral.

DOWNSIDE RISKS –– The loan is full-term IO and has a high LTC of nearly 90.9%.

STABILIZING FACTORS –– The loan represents a relatively low DBRS LTV of 61.9% based on the $194.0 million appraised value.

Structured Finance: CMBS 35 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

171 N Aberdeen Chicago, IL

Loan Snapshot Seller MPCC Ownership Interest Fee Simple Trust Balance ($ million) $41.0 Loan psf/Unit $342 Percentage of the Pool 5.1% Loan Maturity/ARD January 2029 COLLATERAL SUMMARY Amortization n/a DBRS Property Type Mixed Use Year Built/Renovated 2018 DBRS Issuance DSCR City, State Chicago, IL Physical Occupancy 100.0% 1.64x Units/SF 120,020 Physical Occupancy Date June 2019 DBRS Issuance LTV 56.1% DBRS Balloon LTV The loan is secured by the borrower’s fee-simple interest in 171 N Aberdeen, a 56.1% 120,020-sf mixed-use property located in Chicago, Illinois. First-mortgage proceeds DBRS Property Type of $41.0 million, along with $184,329 of borrower equity, will be used to refinance Mixed Use approximately $36.0 million in existing debt, fund approximately $4.7 million in DBRS Property Quality reserves as well as cover $513,707 in fees and closing costs. The developer initially Above Average developed the property for $61.1 million and held $20.1 million in equity at closing. Debt Stack ($ million) The ten-year loan is IO for the entire period. Trust Balance $41.0 The 11-story mixed-use property contains an office segment, multifamily units and Pari Passu retail space on the ground floor. The subject was recently constructed in 2018 with a $0.0 brick facade for floors one through five and a modern glass and steel veneer on floors B-Note six through 11. The ground floor of the property holds retail tenants, 140 parking spaces $0.0 are positioned on floors two and three, co-working office tenants are located on the Mezz fourth and fifth floor and the remaining floors include co-living residential space (six $0.0 through ten) and an open-air rooftop amenity deck on the 11th floor. Total Debt $41.0 Loan Purpose Refinance Equity Contribution/ (Distribution) ($ million) $0.2

Structured Finance: CMBS 36 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

171 N ABERDEEN – CHICAGO, IL

TENANT SUMMARY

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

Medici 63,815 53.2% $39.35 51.7% 9/2028 N

Industrious 41,612 34.7% $35.63 30.5% 12/2027 N

Northwestern Memorial Hospital 5,995 5.0% $65.98 8.1% 6/2029 N

Dream Town Shoes 3,546 3.0% $49.74 3.6% 7/2024 N

Capriotti's Sandwich Shop 2,115 1.8% $53.90 2.3% 8/2027 N

Subtotal/Wtd. Avg. 117,083 97.6% $39.97 96.4% Various N

Other Tenants 2,937 2.4% $59.16 3.6% Various N

Vacant Space 0 0.0% n/a n/a n/a n/a

Total/Wtd. Avg. 120,020 100.0% $40.44 100.0% Various N

The tenancy at the property is largely made up of co-working and co-living tenants. The largest tenant at the property is Medici Living Group (Medici), a co-living service company that began in Berlin, Germany, in 2012. The company’s mission is to provide flexible accommodations for younger professionals and entrepreneurs. The residential component was initially designed and built with 75 apartments containing 90 bedrooms. Medici master leased the entire residential space and erected interior walls that eliminated living room spaces. This transformed the apartment units to hold 175 bedrooms. The other major tenant at the subject is Industrious, a provider of co-working office space that was founded in 2013. These tenants have recently taken up occupancy at the subject after it was built. As of the June 2019 rent roll, the collateral was 100.0% occupied. Rollover throughout the loan term is heavily concentrated in 2027 and 2028 when the top two tenants are scheduled to expire.

SPONSORSHIP The sponsors for the loan are Michael Golden and Thaddeus Wong, both of whom hold 49.5% ownership interest and 23 years of experience in investing. The sponsors are the co-founders of @properties, a brokerage firm specializing in residential real estate in Illinois that is one of the top 11 firms in the United States in terms of sales volume. The company has developed over 100 projects and holds 5,800 units with a total value of $3.0 billion.

The property is managed by Luxury Property Management (Luxury), a borrower-affiliated management company. Michael Rourke, Luxury’s Vice President, holds over 25 years of commercial real estate management experience and currently oversees 250,000 sf of commercial assets in the Chicago area. Luxury operates at the subject for a contractual management fee of 2.5% EGI.

Structured Finance: CMBS 37 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

171 N ABERDEEN – CHICAGO, IL

DBRS ANALYSIS SITE INSPECTION SUMMARY

DBRS toured the interior and exterior of the property on July 15, 2019, at 11:00 a.m. Based on the site inspection and management meeting, DBRS found the property quality to be Above Average.

The subject is a mixed-used building located in the Fulton submarket in Chicago. The building was originally built in 2018 and contains approximately 120,000 sf. The area is primarily characterized as a transitioning submarket. Originally, this neighborhood was developed as part of Chicago’s meatpacking district, but over the last ten years, it has attracted a number of trendy restaurants and shops, luxury residential buildings and creative office users. Immediately surrounding the subject are several low-rise residential buildings, a meatpacking company, an MB Financial Inc. bank branch and directly south is the new 500,000-sf McDonald’s Corporation (McDonald’s) headquarters and training facility. The property is less than one mile west of I-90/I-94, stands a block south of the Morgan stop on Chicago’s Green Line and approximately less than one mile west of the Ogilvie Transportation Center, one of Chicago’s suburban commuter train stations. Overall, the property has great accessibility and walkability.

The 11-story structure is rectangular in shape with several setbacks throughout that are used for outdoor terrace space. The bottom half of the building has a brick facade that houses the ground-floor retail space, a parking garage on floors two and three as well as office space on floors four and five. Floors six through 11 have a modern metal and glass facade and are dedicated to the residential units and an amenity floor on floor 11.

The retail space consists of five suites leased by a Northwestern Memorial Hospital walk-in clinic, small exercise studio, home decor store, local clothing store and chain sandwich shop, Capriotti’s. Access to the parking garage is located at the south end of the building while the residential and office spaces have separate lobbies located toward the middle of the building.

The office lobby is a minimalistic space with a faux-wood tile floor, tile walls and a modern security desk. The office space is designed as a co-working space. The fourth floor has the main reception, kitchen area, several outdoor spaces and a large lobby/lounge area with several couches, soft seating and communal tables for individual workers. The balance of the space is configured with small to medium-sized private offices with full glass walls and several conference rooms. The space is finished with polished concrete floors, exposed white-painted ceilings and contemporary office furniture. The residential lobby is a small space without a security desk, but has an exterior digital security screen that allows guest and tenants to access the building. The apartment corridors were dimly lit and very basic with carpet flooring and painted

Structured Finance: CMBS 38 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

171 N ABERDEEN – CHICAGO, IL walls. The apartment units were initially constructed as traditional apartments, not co-living spaces, and were completed with higher-end finishes. As part of the transformation into co-living spaces, walls were erected and the living rooms were eliminated. Washer and dryers were also removed and a laundry room on the first floor was installed. The residential units come fully furnished with beds, desks and chairs in the individual locked bedrooms and small collapsible tables in the kitchens with plates, glasses, etc. The converted living room space has no closet, so an armoire was added. The kitchens have quartz counters and either white or dark brown lacquered cabinets. Kitchen appliances include smaller, stainless- steel Bosch refrigerators, stoves, dishwashers and microwaves. The floors consisted of faux wood tiles throughout; tall, partially exposed concrete ceilings; and large bathrooms with white subway tiles surrounding bath tub/shower units. Overall, the units have ample closet space and high-end finishes, but feel cramped because of the nature of the product.

The residential amenities include a laundry room, bike room and basic exercise room on the first floor that can be used by all building tenants. The 11th floor has a large outdoor terrace and indoor lounge area. The outdoor area has several seating arrangements, a grilling station and a dog run with tremendous views of the Chicago skyline. The indoor area has several seating areas with a TV and a large kitchenette area that offers tenants an area to socialize since the units do not have living space. The amenity area is finished with modern, industrial materials, which are reflective of the neighborhood. NCF Summary

NCF ANALYSIS

Issuer NCF DBRS NCF NCF Variance

GPR $3,995,565 $3,995,565 0.0%

Recoveries $844,984 $857,750 1.5%

Other Income $333,785 $375,000 12.3%

Vacancy (266,230) (485,331) 82.3%

EGI $4,908,103 $4,742,983 -3.4%

Expenses $1,215,032 $1,257,508 3.5%

NOI $3,693,071 $3,485,475 -5.6%

Capex $26,404 $37,491 42.0%

TI/LC $60,010 $269,531 349.1%

NCF $3,606,657 $3,178,452 -11.9%

The DBRS NCF is based on the DBRS North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS NCF was $3,178,452, a -11.9% variance from the Issuer’s NCF. The main drivers of the variance were vacancy loss and leasing costs. DBRS assumed a 10.0% vacancy loss versus the Issuer’s 5.5% loss figure. DBRS applied TI and LC assumptions based on the appraiser’s estimates. Office TIs of $60 psf and $30 psf for new and renewal leases, respectively, were applied and retail TIs of $40.00 psf and $10.00 psf for new and renewal leases, respectively, were used. LCs of 6.0% and 3.0% new and renewal leases, respectively, were used across all space types. The combined DBRS leasing costs were $2.25 psf while the Issuer assumed $0.50 psf.

DBRS VIEWPOINT The building benefits from its location in a popular and economically growing submarket with access to public transportation, bars, restaurants and the Chicago CBD. There are a number of new residential properties in the neighborhood and office users, such as the new McDonald’s Headquarters and Google office space, which accentuate the demand for this location. The co-living concept is relatively new for the Chicago market; however, the property manager reported that the residential space was approximately 94% occupied. The rents for these furnished units is reportedly above $3.00 psf

Structured Finance: CMBS 39 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

171 N ABERDEEN – CHICAGO, IL per month, which is high for this market. If the co-living space becomes unattractive in this market, the units could be converted to traditional apartment spaces with minimal retrofit. The office space, while currently used as co-working space, could easily be converted to a single- or multi-tenant space. The finish qualities are in high demand. The market rent and TI assumptions in the DBRS NCF analysis are well within Class A office space range and would appeal to a wide range of users. Overall, the property and its use fits the demographic of this submarket. The DBRS Debt Yield of 7.8% and the appraiser’s implied cap rate of 4.9% is low. The submarket continues to gentrify and is expected to have appreciating values.

DOWNSIDE RISKS –– The loan is IO for the full term. –– The property is primarily occupied by a co-working tenant and co-living tenant, two tenant groups with an unproven demand history that both roll during the loan term.

STABILIZING FACTORS –– Based on the appraised value of $73.1 million for the leasehold interest, the loan’s DBRS Issuance LTV of 56.1% is moderate. –– DBRS increased the POD for this loan to mitigate the tenancy risk.

Structured Finance: CMBS 40 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

Lakewood Square Lakewood, CA

Loan Snapshot Seller GACC Ownership Interest Fee Simple Trust Balance ($ million) $41.0 Loan psf/Unit $219 Percentage of the Pool 5.1% Loan Maturity/ARD July 2029 COLLATERAL SUMMARY Amortization n/a DBRS Property Type Anchored Retail Year Built/Renovated 1983/2002 DBRS Issuance DSCR City, State Lakewood, CA Physical Occupancy 100.0% 1.91x SF 187,542 Physical Occupancy Date March 2019 DBRS Issuance LTV 64.6% DBRS Balloon LTV This loan is secured by the borrower’s fee interest in Lakewood Square Shopping 64.6% Center, a 187,542-sf anchored retail center located approximately 20.0 miles south DBRS Property Type of downtown Los Angeles in Lakewood County, California. The property was built Retail in 1983, renovated in 2002 and was 100.0% occupied by 33 tenants per the rent roll DBRS Property Quality dated March 31, 2019. The property is anchored by Hobby Lobby Stores, Inc. (Hobby Average Lobby); The Michaels Companies, Inc. (Michaels); CVS Pharmacy (CVS); and a Cost Debt Stack ($ million) Plus World Market (Cost Plus). Whole-loan proceeds of $41.0 million refinanced Trust Balance $37.4 million of existing debt, returned $2.7 million of equity to the borrower, covered $41.0 $624,621 in closing costs and funded $202,467 in upfront reserves. The ten-year loan Pari Passu is full-term IO and represents a 64.6% DBRS LTV at issuance based on the as-is May $0.0 2019 appraised value of $63.5 million ($339 psf ). B-Note $215.0 Existing roads provide easy access to nearby freeways including I-605, a north/south Mezz thoroughfare connecting to east Los Angeles, and I-405 with access to west Los $0.0 Angeles and Santa Monica through Orange County neighbors and farther down to Total Debt $256.0 San Diego. The property benefits from strong demographics with a population of over 720,000 within a five-mile radius. The average household income within a one-mile Loan Purpose Refinance radius is over $110,000. Lakewood Boulevard and Del Amo Boulevard are main retail Equity Contribution/ corridors with a high traffic count of over 32,000 vehicles per day. (Distribution) ($ million) ($2.7)

Structured Finance: CMBS 41 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

LAKEWOOD SQUARE – LAKEWOOD, CA

TENANT SUMMARY

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

Hobby Lobby 48,857 26.1% $14.05 13.8% Jul-22 N

Michaels Stores, Inc. 20,800 11.1% $25.26 10.2% Jul-22 N

Cost Plus 20,032 10.7% $21.40 8.9% Jan-23 N

CVS Pharmacy, Inc. 14,000 7.5% $28.86 8.1% Jul-21 Y

CEC Entertainment, Inc. 12,185 6.5% $27.83 6.8% Feb-24 N

Subtotal/Wtd. Avg. 115,874 61.8% $23.48 47.8% Various Various

Other Tenants 71,668 38.2% $36.30 52.2% Various n/a

Vacant Space - 0.0% n/a n/a n/a n/a

Total/Wtd. Avg. 187,542 100.0% $29.89 100.0% Various Various

Per the rent roll dated March 31, 2019, the property was 100% physically occupied by 33 tenants. The largest tenant is Hobby Lobby with sub-anchors, including Michaels, Cost Plus, CEC Entertainment, Inc. (Chuck E. Cheese) and CVS. Hobby Lobby is privately owned and operates 800 stores in 47 states. Founded in 1972, Hobby Lobby is one of the largest privately held arts-and-crafts retailers in the world. Hobby Lobby assumed Vons grocery store’s lease when it went dark in May 2015, which includes a holdover termination right from the original lease. The termination option allows Hobby Lobby to terminate within six months’ notice if it determines that it is uneconomical for continued use. If Cost Plus has gross sales from February 1 through the following January 31 of less than $3.75 million, it can terminate its lease by written notice no later than March 31, in which case its lease would terminate on January 31 the following year.

SPONSORSHIP The sponsors and non-recourse carveout guarantors for this transaction are John Miller, Lindsay Parton and Eric Sahn, the principals of DJM Capital Partners, Inc. (DJM). DJM is a developer, investor, owner and operator of retail properties in Southern California. DJM currently has eight properties with a total value exceeding $1.0 billion and a total of more than 2.0 million sf of retail space.

Property management services are provided by DJM Capital Partners, Inc., a borrower-affiliated management company, for the contractual rate of 4% of EGI.

Structured Finance: CMBS 42 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

LAKEWOOD SQUARE – LAKEWOOD, CA

DBRS ANALYSIS SITE INSPECTION SUMMARY

DBRS toured the interior and exterior of the property on July 11, 2019, at approximately 1:00 p.m. Based on the site inspection, DBRS found the property quality to be Average.

The property is favorably situated at the intersection of Lakewood Boulevard (Hwy. 19) and Del Amo Boulevard. The relatively well-trafficked Lakewood Boulevard serves as a primary commercial corridor to the predominantly residential surrounding community and offers direct access and prominent visibility to the collateral. Access to the subject is also available along Del Amo Boulevard, which is a less-heavily trafficked residential corridor flanking the subject’s southern boundary and Hardwick Street from the north end of the property. At the time of DBRS’s inspection, the collateral’s location appeared to be generally conducive to ongoing business operations, evidenced by a relatively full parking lot and steady flow of traffic throughout the center. Furthermore, the subject benefits from its location across the street from Lakewood Center, which is a 2.1 million-sf regional mall with an occupancy rate of 97% and sales of $491 psf, according to Green Street Advisors. The mall is anchored by Costco, Target, Macy’s, JCPenney and Home Depot. Additional major tenants including Robinsons-May, Mervyns, Albertsons and two theaters.

The collateral comprises a three big-box retail spaces with attached in-line space, one in-line strip and two outparcels that were ground leased to CVS and Phenix Salon at the time of DBRS’s inspection. The property features two additional retail outparcels that do not serve as collateral for the transaction, which were leased to Farmers and Merchants Bank and Chase Bank. All buildings at the property featured a consistent exterior design scheme, consisting of a two-tone beige- stucco exterior facade. At the time of DBRS’s inspection, the subject’s big-box anchor space was occupied by Hobby Lobby. In-line tenant suites are stretched throughout detached strips on either side of the Hobby Lobby and generally featured covered walkways and floor-to-ceiling glass-window frontage. The suite interiors ranged in finish quality based on the tenant, but generally featured drop-tile acoustic ceilings and either vinyl wood, tile or carpet flooring. Overall, DBRS found the property to be well located and generally well maintained at the time of inspection.

Structured Finance: CMBS 43 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

LAKEWOOD SQUARE – LAKEWOOD, CA

DBRS NCF SUMMARY

NCF ANALYSIS

2017 2018 T-12 March 2018 Issuer NCF DBRS NCF NCF Variance

GPR $3,673,373 $3,821,541 $3,850,649 $4,081,550 $3,923,372 -3.9%

Recoveries $964,905 $1,004,926 $990,714 $1,029,975 $1,147,997 11.5%

Other Income -$14,275 $26,802 $23,384 $23,384 $23,384 0.0%

Vacancy $0 $0 $0 (255,576) (372,577) 45.8%

EGI $4,624,003 $4,853,269 $4,864,747 $4,879,333 $4,722,176 -3.2%

Expenses $1,127,792 $1,155,774 $1,187,049 $1,191,551 $1,296,986 8.8%

NOI $3,496,211 $3,697,495 $3,677,698 $3,687,782 $3,425,190 -7.1%

Capex $0 $0 $0 $41,259 $45,010 9.1%

TI/LC $0 $0 $0 $187,542 $235,319 25.5%

NCF $3,496,211 $3,697,495 $3,677,698 $3,458,981 $3,144,861 -9.1%

The DBRS NCF is based on the DBRS North American Commercial Real Property Analysis Criteria. The resulting DBRS NCF was $3,144,861, representing a -9.1% variance from the Issuer’s NCF of $3,458,981.

The primary drivers of the variance included GPR, vacancy and leasing costs. DBRS based GPR on leases in place per the rent roll dated March 31, 2019, with rent steps accepted through February 2020. DBRS estimated an economic vacancy loss of 7.5% at the property compared with the Issuer’s estimated economic vacancy loss of 5.0%. The DBRS-estimated economic vacancy loss was based on a blend of 5.0% and 10% for major and in-line tenants, respectively. Per Reis, the collateral’s submarket exhibited an average vacancy rate of 5.0% over the five-year period ending December 2019, although the subject averaged 96.6% physical occupancy over the past six years. DBRS additionally estimated aggregate leasing costs of $1.25 psf compared with the Issuer’s concluded leasing costs of $1.00 psf. DBRS estimated new/renewal TIs of $1.0/$0.5 psf per annum, respectively, based on the appraisal’s market estimates. The appraiser also estimated LCs were a WA of 5.0% and 2.5% for new and renewal leases, respectively.

DBRS VIEWPOINT The collateral benefits from prominent visibility along the busy thoroughfare of Lakewood Boulevard and its proximity to Lakewood Center. Additionally, the subject is at the heart of the regional retail corridor, surrounded by dense residential developments on all sides. Per the rent roll dated March 31, 2019, the collateral was 100.0% physically occupied by a relatively diverse roster of 33 local and national retail tenants. No single in-line or outparcel tenant accounts for more than 3.9% of total NRA or 5.5% of total DBRS base rent. The anchor tenant (Hobby Lobby) accounts for 26.1% of total NRA and 13.8% of total DBRS base rent. Hobby Lobby is currently occupying a traditional grocery space and currently has a termination option, making the property vulnerable to event risk related to the anchor tenant. Hobby Lobby’s performance at the property is strong with T-12 sales of $7.44 million ($152 psf ) between August 2017 and July 2018, which is slightly better than its national average sales of about $6.27 million on 55,000 sf ($144 psf ). Hobby Lobby’s assumed lease expires in July 2022. Currently, the tenant has annual base rent of $586,300 ($12.00 psf ) with no increases for the remainder of the term. The property also has 100% of the NRA lease rollover throughout the loan term with 41.0% of total NRA and 27.4% of total DBRS base rent scheduled to roll in 2022 per the rent roll dated March 31, 2019.

DOWNSIDE RISKS –– The loan is full-term IO and has 100.0% lease roll over during the term; therefore, it is prone to elevated default risk at maturity.

Structured Finance: CMBS 44 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

LAKEWOOD SQUARE – LAKEWOOD, CA

STABILIZING FACTORS –– The loan is modestly leveraged with an DBRS Issuance LTV of 64.6%. The desirability of the subject’s location is evidenced by its strong historical performance, which averaged 96.6% annually over the six-year period and never dipped below 93.0% over the same period. In 2017, Cost Plus also renewed its lease and the sponsor negotiated five new and seven renewal leases, accounting for 6.1% and 18.6% of the NRA, respectively.

Structured Finance: CMBS 45 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

505 Fulton Street Brooklyn, NY

Loan Snapshot Seller CREFI Ownership Interest Fee Simple Trust Balance ($ million) $40.0 Loan psf/Unit $744 Percentage of the Pool 4.9% Loan Maturity/ARD July 2029 COLLATERAL SUMMARY Amortization n/a DBRS Property Type Retail Year Built/Renovated 1890/2013 DBRS Issuance DSCR City, State Brooklyn, NY Physical Occupancy 100.0% 2.51x SF 114,209 Physical Occupancy Date July 2019 DBRS Issuance LTV 48.6% DBRS Balloon LTV The loan is secured by the borrower’s fee interest in 505 Fulton, a 114,209-sf Class A 48.6% retail property located in downtown Brooklyn. Originally constructed in 1890 and last DBRS Property Type renovated in 2013, the collateral consists of a three-story retail condominium that was Retail 100.0% occupied by four tenants per the July 2019 rent roll. As of loan closing, the DBRS Property Quality property did not feature a singular unique anchor tenant, but instead comprised several Average (+) large national retailers, including Nordstrom Rack, H&M, Old Navy and TJ Maxx. Loan Debt Stack ($ million) proceeds of $85.0 million refinanced approximately $64.9 million of existing debt and Trust Balance returned roughly $18.1 million in cash equity to the borrower. The ten-year, fixed-rate $40.0 loan is full-term IO and represents a DBRS issuance LTV of 48.6% based on the June Pari Passu 2019 appraised value of $175.0 million. $45.0 B-Note The property was originally constructed in 1893 and has been landmarked since $0.0 2005. The borrower acquired the property in two phases between 1984 and 2006 for Mezz a combined purchase price of $80.5 million. Prior to 2011, the property’s bottom floors $0.0 were designated for retail while upper floors were primarily occupied by office tenants. Total Debt $85.0 In 2011, the borrower invested $42.7 million ($372.87 psf ) to renovate the commercial portion of the building and reposition it as mixed use with retail occupying the lower, Loan Purpose Refinance mezzanine and ground floors and luxury loft apartments occupying the top five floors. Equity Contribution/ Retail and multifamily renovations were completed in 2013 and 2017, respectively. The (Distribution) ($ million) most recent renovations allowed the property to qualify for a 25-year Industrial & ($18.1) Commercial Incentive Program, a tax abatement program from which the property will benefit through loan maturity. The multifamily portion of the building is not included in the loan collateral, but is owned by the borrower. The retail collateral portion has an ownership interest in approximately 46.0% of the common areas. Additionally, the collateral has been 100% occupied since 2015, but will experience significant rollover

Structured Finance: CMBS 46 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

505 FULTON STREET – BROOKLYN, NY throughout the loan term as all leases expire before loan maturity; however, three tenants have renewal options that extend beyond maturity.

TENANT SUMMARY

% of DBRS UW Base % of Total DBRS UW Lease Tenant SF Total NRA Rent PSF Base Rent Expiry

H&M 29,600 25.9% $107.58 32.7% 01/2029

Old Navy 22,477 19.7% $140.71 32.5% 06/2025

Nordstrom Rack 40,523 35.5% $59.49 24.7% 04/2024

TJ Maxx 21,609 18.9% $44.88 10.1% 04/2024

Total/Wtd. Avg. 114,209 100.0% $85.07 100.0% Various

The collateral’s largest tenant as a proportion of total NRA is Nordstrom Rack, a discount store of parent company, Nordstrom Inc. Nordstrom Rack occupies 35.4% of the property’s total NRA and accounts for 24.7% of the total DBRS base rent. Nordstrom Inc. operates 363 stores across the United States and Canada, 235 of which are discount Nordstrom Rack stores. The collateral’s largest tenant as a proportion of total DBRS base rent is H&M, which accounts for approximately 32.7% of the collateral’s total DBRS base rent. H&M is a leading fast-fashion retailer with more than 5,000 stores globally. Old Navy has been at the property since 2015 and accounts for about 32.5% of the collateral’s total NRA. Old Navy’s parent company, Gap Inc., owns approximately 3,200 retail stores globally under leading brand names, such as Banana Republic, Gap, Athleta and Old Navy. The final tenant is TJ Maxx, an off-price retailer under parent company, the TJX Companies, Inc. (TJX), which accounts for 10.1% of gross rent. TJX operates more than 4,300 stores globally. TJ Maxx is one of a select number of large retailers that has continued to open stores in the wake of e-commerce’s shock to traditional brick-and- mortar retailers with 11 new stores opened in Q1 2019 alone. TJ Maxx and Nordstrom Rack share a common lobby space while H&M and Old Navy have separate entrances. The collateral exhibits concentrated lease rollover risk in 2024 and 2025 when three leases, representing 74.2% of total NRA and 67.3% of the total DBRS gross rent, are currently scheduled to roll; however, the property’s location within the Fulton Mall outdoor shopping complex on Fulton Street in downtown Brooklyn is conducive to ongoing retail business operations with excellent exposure to local foot traffic. Fulton Mall is anchored by Macy’s and features more than 150 retailers in total.

SPONSORSHIP The sponsors and carveout guarantors for this transaction are Albert, Jason and Jody Laboz of United American Land, LLC (UAL). Based in New York City, UAL is a family-owned company focused on real estate investment, development and management throughout the greater New York City area. The company owns and operates properties in Brooklyn, Manhattan and Queens. UAL’s high-profile projects in the area include Union Square’s Decker Building, the Arnold Constable Building and the Soho Mews residential condominium development. The sponsors reported a combined net worth and liquidity of $366.5 million and $25.5 million, respectively, as of June 2018. No adverse credit issues were reported by the sponsors. The property is self-managed by the borrower for an unknown rate.

Structured Finance: CMBS 47 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

505 FULTON STREET – BROOKLYN, NY

DBRS ANALYSIS SITE INSPECTION SUMMARY DBRS toured the interior and exterior of the property on Tuesday, July 16, 2019, at approximately 1:00 p.m. Based on the site inspection, DBRS found the property quality to be Average +.

The collateral is situated in a dense urban area in Brooklyn and comprises the retail condominium of a larger mixed-use building that also includes residential space. The property is located on the corner of Fulton Street and Bridge Street with excellent access to mass transit options, including bus lines and numerous subway lines: the 2 and 3 trains at Hoyt Street station across the street; the A, C, F and R trains at the Jay Street-Metrotech station; the B and Q trains at Dekalb Avenue; and the 4 and 5 trains at Nevins Street.

The collateral is a part of the broader Fulton Mall area, which offers a number of national and regional retailers, such as Macy’s, Modell’s Sporting Goods, Express, Swarovski, Steve Madden, Century 21 and Rainbow Shops. The property borders a community outdoor seating area established in 1976 by the Fulton Mall Improvement Association. The surrounding area includes a large education presence comprising several high school and college campuses. A strong residential development pipeline of glass-facade high rises is visible in all directions surrounding the property.

The entrance to the property is highly visible from the street with separate entryways for each of the four tenants and signage facing Fulton Street. Nordstrom Rack and TJ Maxx share a lobby with two sets of escalators and a set of elevators providing access to the basement and second floors. The second-floor space and ground-floor entryways have floor-to- ceiling windows, which give the shared lobby and tenant spaces in these areas a bright and airy feeling.

H&M occupies the collateral’s ground-floor retail space at the corner of Bridge Street and Fulton Street and also has basement space. The other three retail tenants lease mid-block space on Fulton Street. Old Navy has both a ground-floor presence as well as mezzanine space. DBRS visited the four tenant spaces during peak retail hours and noted strong foot traffic. According to the H&M staff, the heaviest foot traffic generally occurs on weekday afternoons and on Saturdays while Sundays and rainy days tend to be slower. The staff also noted that local residents tend to drive sales and the store experiences additional foot traffic seasonally from students attending nearby schools. Moreover, shoppers tend to visit the overall Fulton Mall and migrate into H&M from competitors, such as the adjacent TJ Maxx within the collateral and nearby Target. DBRS observed several closed-off sections on the northern wall of Nordstrom Rack in the back of the tenant’s space. A store employee indicated that the area was under construction for roof repairs. The Nordstrom Rack space appeared to be well taken care of overall with ample merchandise arranged in attractive displays. Overall, the property benefits from an excellent location in downtown Brooklyn and appears to be well maintained.

Structured Finance: CMBS 48 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

505 FULTON STREET – BROOKLYN, NY

DBRS NCF SUMMARY

NCF ANALYSIS

2016 2017 2018 T-12 May 2019 Issuer NCF DBRS NCF NCF Variance

GPR $8,250,000 $8,345,245 $8,185,283 $7,475,799 $9,190,528 $8,912,750 -3.0%

Recoveries $701,691 $713,737 $807,699 $806,637 $836,982 $828,641 -1.0%

Other Income $629,147 $629,147 $576,718 $0 $0 $0 0.0%

Vacancy $0 $0 $0 $0 -$421,320 -$487,070 15.6%

EGI $9,580,838 $9,688,129 $9,569,700 $8,282,436 $9,606,189 $9,254,321 -3.7%

Expenses $743,840 $883,675 $832,107 $825,128 $1,161,763 $1,197,171 3.0%

NOI $8,836,998 $8,804,454 $8,737,593 $7,457,308 $8,444,426 $8,057,151 -4.6%

Capex $0 $0 $0 $0 $17,131 $22,903 33.7%

TI/LC $0 $0 $0 $0 $293,224 $405,645 38.3%

NCF $8,836,998 $8,804,454 $8,737,593 $7,457,308 $8,134,071 $7,628,602 -6.2%

The DBRS NCF is based on the DBRS North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS NCF was $7,628,602, representing a variance of -6.2% from the Issuer’s NCF of $8,134,071. The primary drivers of the variance included rent steps and leasing cost assumptions. DBRS accepted rent steps through February 2020, resulting in total rent steps of $242,250 compared with the Issuer’s estimated rent-step income of $523,028. DBRS estimated leasing cost assumptions based on a mix of actual allowances provided at the property and appraiser’s estimates, equating to a blended leasing cost expense of $3.54 psf. Comparatively, the Issuer estimated total leasing costs of $2.57 psf.

DBRS VIEWPOINT The property has elevated rollover risk as leases representing 100.0% of the total NRA are scheduled to expire within the loan term. The collateral’s lease rollover risk is most heavily concentrated between 2024 and 2025 when three leases, representing 74.2% of total NRA and 67.3% of the total DBRS gross rent, are currently scheduled to roll. In aggregate, sales at the property have declined by 19.6% since 2015, primarily driven by a 27.2% decrease in H&M’s sales over the same time period. From 2017 to 2018, all tenants excluding H&M experienced modest sales growth, which generally ranged from 2.4% to 3.9%, while H&M’s sales have continued to decrease. Currently, 74.0% of the collateral’s total NRA is leased to investment-grade tenants with renewal options that would allow them to extend their lease terms beyond loan maturity. The appraiser estimated a 65.0% probability for each investment-grade rated tenant. While aggregate sales have been declining, the property benefits from a strong location in downtown Brooklyn’s Fulton Mall, which is occupied by over 150 retailers and is proximate to a heavy residential presence as well as a variety of public transportation options. The sponsor is also currently chairman of the Fulton Mall Improvement Association and has a strong presence in the market with ownership and/or management interests in over 70 properties throughout Manhattan, Brooklyn and Queens. Per Costar, the downtown Brooklyn retail submarket has a vacancy rate of 4.0% and 2.4 million sf of retail space is expected to be delivered in Brooklyn over the short term; however, the property’s premier location should provide moderate insulation to the collateral from the forecasted influx of new supply expected throughout the downtown Brooklyn retail submarket. The loan is structured with a cash-flow sweep that will be triggered 12 months before H&M, Old Navy and Nordstrom Rack’s respective lease expiration dates.

DOWNSIDE RISKS –– The loan is full-term IO and returns approximately $18.1 million of cash to the borrower.

STABILIZING FACTORS –– Based on the June 2019 appraised value of $175.0 million, the loan represents moderately low leverage with a DBRS Issuance

Structured Finance: CMBS 49 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

505 FULTON STREET – BROOKLYN, NY

LTV of 48.6%. –– Sponsorship has owned portions of the property since 1984 and invested approximately $42.7 million ($372.87 psf ) in the commercial component of the property in 2013, further demonstrating its ongoing commitment to the property.

Structured Finance: CMBS 50 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

Pharr Town Center Pharr, TX

Loan Snapshot Seller GACC Ownership Interest Fee Simple Trust Balance ($ million) $40.0 Loan psf/Unit $160 Percentage of the Pool 4.9% Loan Maturity/ARD August 2029 COLLATERAL SUMMARY Amortization 30 years DBRS Property Type Retail Year Built/Renovated 2013-2019 DBRS Issuance DSCR City, State Pharr, TX Physical Occupancy 97.3% 1.17x SF 437,815 Physical Occupancy Date June 2019 DBRS Issuance LTV 70.0% DBRS Balloon LTV This loan is secured by the borrower’s fee-simple interest in Pharr Town Center, 61.2% a 437,815-sf anchored retail shopping center located in Pharr, Texas. Originally DBRS Property Type constructed in 2013 and recently renovated in 2019, the subject collateral spans five Retail single-story buildings situated on a 48.6-acre site. The ten-year loan is IO for the initial DBRS Property Quality 36 months and then amortizes over a 30-year period. Loan proceeds of $70.0 million, Average along with $9.2 million of sponsor equity, refinanced $77.5 million of existing debt and Debt Stack ($ million) funded $1.5 million in closing costs. Trust Balance $40.0 The subject property is leased to numerous prominent retailers, including large fashion Pari Passu outlets, restaurants, home goods stores and a major cinema, among others. As of June $30.0 2019, the subject property was 97.3% occupied by a roster of 30 tenants with just two B-Note vacant units. The average tenancy at the subject is 11.8 years. Rollover within the $0.0 loan term is most concentrated in 2028 when 36.4% of the total NRA is set to expire. Mezz Additionally, approximately 66.3% of the total NRA is scheduled to expire within $0.0 the loan term, including the property’s second-largest tenant, Cinemark USA, Inc. Total Debt $70.0 (Cinemark), which has been at the subject since it was developed in 2013. Cinemark Loan Purpose reported sales at the subject property of $16.0 million ($252 psf; $1.0 million per Refinance screen) in 2018, which is more than double its national average of $6.4 million. The Equity Contribution/ theater has premium features, including leather reclining seats, event space and a bar. (Distribution) ($ million) The tenant originally signed a 15-year lease that is set to expire in December 2028. The $9.2 property’s largest tenant, Academy Sports + Outdoors (Academy Sports), has been in occupancy at the subject since 2016 and has a lease expiration in March 2031. Main Event Entertainment, LP (Main Event) is a large entertainment facility that offers various activities, including bowling, arcade games, laser tag, billiards and miniature golf. The tenant, which is the third largest at the subject, has event and meeting spaces

Structured Finance: CMBS 51 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

PHARR TOWN CENTER – PHARR, TX along with F&B offerings. Other notable tenants at the property include Ross Dress for Less, T.J. Maxx, Buy Buy Baby, Jo-Ann Fabrics and Crafts (Jo-Ann), Sears and Chipotle.

The property expanded in phases after construction and the overall property was completed by 2017. As a result of the sponsor’s capital improvement efforts, the subject property benefits from annual Chapter 380/381 additional income worth $500,900. The state’s local Chapter 380 authorizes the governing body of a municipality to make loans and grants of public money to promote state or local economic development and to stimulate business. This agreement with the municipality commenced in 2015 and extends through December 31, 2029.

TENANT SUMMARY

DBRS Base % of Total DBRS Tenant SF % of Total NRA Rent PSF Base Rent Lease Expiry Total Sales Sales PSF

Academy 71,821 16.4% $17.28 15.0% 3/31/2031 $19,966,238.00 $278.00

Cinemark 63,504 14.5% $15.50 11.9% 12/31/2028 $16,000,000.00 $251.95

Main Event 58,000 13.2% $18.99 13.3% 8/31/2029 $8,990,000.00 $155.00

Ross Dress for Less 28,000 6.4% $17.99 6.1% 1/31/2028 $12,992,000.00 $464.00

Buy Buy Baby 25,056 5.7% $13.99 4.2% 1/31/2028 $5,011,200.00 $200.00

Subtotal/Wtd. Avg. 246,381 56.3% $16.97 50.5% n/a $62,959,438.00 $143.80

Other Tenants 191,434 43.7% 49.5% various

Vacant Space 11,832 2.7% n/a n/a various n/a n/a

Total/ Wtd. Avg. 437,815 100.0% $18.97 100.0% various

Several tenants have go-dark, co-tenancy and/or termination clauses built into their leases. The property’s go-dark clauses allow the tenants to go dark for a period ranging from 60 days to 180 days prior to the landlord recapturing the space. The tenants with go-dark clauses are Academy Sports, Cost Plus World Market (Cost Plus), Buy Buy Baby, Jo-Ann, Sears, Five Below, Main Event, Ross Dress for Less, Bealls, T.J. Maxx, Chipotle and T-Mobile. In the event that less than four anchor tenants are open for business at the subject for a period of 90 days, Five Below’s minimum rent will decrease to 50.0% of the current minimum rent level. If this period lasts for 18 months, Five Below has the right to terminate its lease. Additionally, T.J. Maxx will be entitled to an alternate minimum rent of 2.0% of gross sales and/or the option to terminate its lease if the property’s occupancy level drops below 50.0% or if less than two of the following tenants are not in place: Academy Sports, Buy Buy Baby, Cost Plus, Ross Dress for Less, Crunch Fitness and/or Bealls.

The subject property is located within the Pharr retail submarket or the McAllen-Edinburg-Mission MSA, which had an overall vacancy rate of 5.0% in Q1 2019, per the appraisal. The appraisal identified six competitive retail properties, only four of which are located within an approximate ten-mile radius of the collateral. For information on how the subject compares with its competitive set, please refer to the table below.

SPONSORSHIP The sponsor and non-recourse carveout guarantor for this transaction is Herbert Lawrence Levine, president of Levcor Inc., a real estate investment firm which specializes in retail assets, including repositioning distressed malls and neighborhood shopping centers. The sponsor has over 30 years of experience as an active market participant involved in the leasing, management and development of over 25 million sf of both office and retail properties. No history of delinquency or any other credit issues were reported by the sponsor.

Structured Finance: CMBS 52 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

PHARR TOWN CENTER – PHARR, TX

DBRS ANALYSIS SITE INSPECTION SUMMARY

Based on the DBRS site inspection and management meeting conducted on July 16, 2019, DBRS found the property quality to be Average.

The subject is well located off U.S. Hwy. 83 along the northeast corner of Center Avenue and Jackson Road. U.S. Hwy. 83 (I-2) is a major east-west thoroughfare that runs east into Harlingen, Texas, and west to McAllen, Texas. Located directly east of the subject is Route 281, a major roadway that leads south into Mexico via the Pharr–Reynosa International Bridge crossing. The U.S. Customs and Border Protection facility sits just north of the border with the border located approximately 10.0 miles south of the subject property. The property’s surrounding area consists of mainly retail developments with a few office and industrial properties. The local retail market is healthy as evidenced by a large number of shopping centers, restaurants, independent shops and national retailers within a 2.0-mile radius of the subject. Las Tiendas is a 143,758-sf shopping center located 1.5 miles southwest of the subject property. The shopping center is anchored by Academy Sports, Ross Dress for Less and Marshalls with key tenants, such as Office Depot and Party City. Other notable retailers in the area include Walmart, Costco, Target, Best Buy, Sam’s Club and Burlington Coat Factory and many fast-food and casual dining restaurants.

The subject is a 437,815-sf power center occupied by a total roster of 30 tenants. The property has two vacant spaces, the largest of which is 8,505 sf while total vacant square footage totals 11,832 sf. The property spans five single-story buildings that were originally built between 2013 and 2017. The exterior of the buildings is composed of tilt walls over concrete frames. The property exhibits above-average curb appeal for its space type as a result of its recent build. The property has three outparcels that includes Chipotle, T-Mobile and Gloria Jean’s Coffees. Parking is provided by a large surface parking lot located in front of tenant spaces. At the time of DBRS’s inspection, the lot was half full, which was typical given the early time of day. The property’s largest tenant and anchor, Academy Sports, is a sports retailer that has over 200 stores across the United States. DBRS toured the interior of Academy Sports and found the space to be well kept with properly stocked shelves. Other anchor tenants include Cinemark, Ross Dress for Less and T.J. Maxx, which are among the five-largest tenants at the property. Cinemark, which has been at the property since it was constructed in 2013, is one of the top-performing stores of its brand and was rather busy at the time of DBRS’s inspection. Other notable tenants at the property include Main Event, Buy Buy Baby, Jo-Ann, Sears and Chipotle, among others. Landscaping was in fair condition with potted plants and mature trees in the parking lot as well as between buildings. Overall, the property was in good condition with no deferred maintenance visible.

Structured Finance: CMBS 53 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

PHARR TOWN CENTER – PHARR, TX

DBRS NCF SUMMARY

NCF ANALYSIS

2018 T-12 March 2019 Issuer NCF DBRS NCF NCF Variance

GPR $5,440,486 $5,510,883 $6,192,455 $6,033,452 -2.6%

Recoveries $2,283,014 $2,349,633 $2,559,037 $2,557,195 -0.1%

Other Income $559,154 $715,744 $638,921 $625,900 -2.0%

Vacancy $0 $0 (437,575) (685,690) 56.7%

EGI $8,282,654 $8,576,261 $8,952,839 $8,530,857 -4.7%

Expenses $2,827,010 $2,873,627 $2,942,618 $2,980,402 1.3%

NOI $5,455,644 $5,702,634 $6,010,221 $5,550,455 -7.6%

Capex $0 $0 $52,538 $87,563 66.7%

TI/LC $0 $0 $218,908 $496,475 126.8%

NCF $5,455,644 $5,702,634 $5,738,775 $4,966,417 -13.5%

The DBRS NCF was based on the DBRS North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS NCF was $4,966,417, which represents a -13.5% variance from the Issuer’s NCF. The main drivers of the variance are TI/LCs and vacancy. DBRS concluded TI/LCs based on guidance from the appraiser’s market leasing assumptions, which amounted to $1.13 psf compared with the Issuer’s concluded assumption of $0.50 psf. The Issuer concluded a 5.0% vacancy rate, which is based on its assumption of submarket levels, whereas DBRS used a 8.0% blended vacancy based on 5.0% for the anchor spaces and 10.0% for the in-line and pad-lease spaces.

DBRS VIEWPOINT The collateral benefits from a favorable location off a major interstate within a small, established neighborhood in Pharr. Pharr is considered a good growth area with a vibrant retail sector that is driven by the large influx of shoppers from Mexico who cross the nearby border. The subject has convenient access to major local arteries and demand drivers in the area. The subject’s retail submarket has very strong fundamentals with an average overall vacancy rate of 5.0%, according to the appraisal. As of the June 25, 2019 rent roll, the collateral was 97.3% occupied by 30 national and local tenants, including Academy Sports, Cinemark, Ross Dress for Less and T.J. Maxx. Approximately 66.3% of the total NRA is scheduled to expire within the loan term with rollover most concentrated in 2028 when 36.4% of the total NRA is set to expire. Many of the tenants produce good sales, including Academy Sports, which is the highest-producing store in Texas; Cinemark, which posts sales of approximately $1.0 million a screen; and Ross Dress for Less and T.J. Maxx, which both produce sales of over $400 psf. Additionally, the loan’s 70.0% appraiser LTV is not entirely favorable; however, given that the asset was recently constructed and that it has strong tenancy, it is attractive and fits in well with the surroundings.

DOWNSIDE RISKS –– Several tenants have go-dark and co-tenancy clauses. Tenants with clauses comprise 69.0% of the property’s total NRA and 59.5% of the DBRS Base Rent. Additionally, Sprint has a termination clause in its lease that permits the tenant to terminate in May 2025. –– In the near term, 11% of the property’s NRA will roll by YE2025. Furthermore, while only 20.0% of NRA will roll by 2026, the subject will experience rollover equal to 36.4% of NRA soon after in 2028. Cinemark, the property’s second-largest tenant, is rolling in 2028.

Structured Finance: CMBS 54 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

PHARR TOWN CENTER – PHARR, TX

STABILIZING FACTORS –– The property is very well occupied with an occupancy level of 97.3% as of the June 25, 2019 rent roll. The appraisal has also concluded to a submarket occupancy level of 95.0%, which is reflective of a strong retail market. Although Sprint has a termination option, the tenant is required to provide written notice at least 180 days prior to its intended date of termination. Sprint recently signed a lease at the subject property in May 2018 and has a current lease expiration in 2028. –– The structure of the loan includes a 12-month NCF sweep tied to Cinemark’s lease and an ongoing TI/LC reserve of $0.50 psf with a maximum cap of $1.15 million. When combining the cash flow sweep and the TI/LC reserve, there are no leasing reserve shortfalls during the loan term.

Structured Finance: CMBS 55 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

Wind Creek Casino & Resort Bethlehem Bethlehem, Pennsylvania Loan Snapshot Seller GACC Ownership Interest Leased Fee Trust Balance ($ million) $40.0 Loan psf/Unit $56 Percentage of the Pool 4.9% Loan Maturity/ARD August 2029 Amortization 35 years DBRS Issuance DSCR COLLATERAL SUMMARY 1.26x DBRS Property Type Leased Fee Year Built/Renovated n/a1

DBRS Issuance LTV City, State Bethlehem, PA Physical Occupancy n/a1 85.0% Units/SF n/a1 Physical Occupancy Date n/a1 DBRS Balloon LTV 72.8% 1. Collateral for the loan consists of the land under the improvements. DBRS Property Type Other This loan is secured by the borrower’s leased fee interest in the 56.2-acre parcel of DBRS Property Quality land underlying the Wind Creek Casino and Resort Bethlehem, a gaming hotel, retail Average + and dining destination in Bethlehem, Pennsylvania. The resort consists of 146,000 sf of Debt Stack ($ million) gaming space that features 190 table games and 3,260 slot machines, a hotel tower with Trust Balance 282 rooms, a 150,000-sf retail facility, an arts and cultural center and a 14,000-sf multi- $40.0 purpose event center. The resort comprises two condominium units, the hotel unit Pari Passu and the retail unit. Loan proceeds of $146.6 million were used to return $142.7 million $106.6 of cash efquity to the sponsor, cover closing costs totaling $2.5 million and fund an B-Note upfront debt service reserve of $1.4 million. At closing, the Issuer collected two months $0.0 of debt service payments to be released for the first debt service payments of the loan. Mezz The fixed-rate loan has a ten-year term and amortizes on a 35-year schedule. The $0.0 $146.6 million whole mortgage loan consists of 3 separate notes. The controlling note, Total Debt $146.6 totaling $45.0 million, was be contributed to the CGCMT 2019-GC41 transaction. A $40.0 million pari passu note will be contributed to this transaction and the remaining Loan Purpose Recapitalization notes are anticipated to be contributed to one or more future securitizations. Equity Contribution/ (Distribution) ($ million) Originally developed by Las Vegas Sands Corporation (Las Vegas Sands), the resort ($142.7) is currently branded as The Sands Casino and Resort Bethlehem. On May 31, 2019, the leasehold interest in the development was sold by Las Vegas Sands to PCI Gaming Authority, Inc., an unincorporated, chartered instrumentality of Wind Creek Hospitality, for a total enterprise value of $1.3 billion. Over the next 90 days, the improvements will undergo a rebranding to the Wind Creek Casino and Resort

Structured Finance: CMBS 56 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

WIND CREEK CASINO & RESORT BETHLEHEM – BETHLEHEM, PA

Bethlehem. The sponsors retained the fee ownership of the subject property through a 40-year ground-lease agreement, including eight 25-year extension options with Wind Creek Hospitality. Wind Creek Hospitality, the principal gaming and hospitality entity for the Poarch Band of Creek Indians, has a portfolio of nine properties throughout the United States and the Caribbean.

The lender structured the loan waiving upfront reserves such as for TIs, LCs, deferred maintenance and capex, real property taxes and insurance as the ground lease is structured with a sweep lease with triggers for tenant early termination, cessation of operation, default or bankruptcy as well as a minimum DSCR of 1.05x. Under the new ground lease, Wind Creek Hospitality is responsible for all expenses, including taxes and insurance. The fully extended maturity date of the ground lease is 2259, which includes a 40-year initial term and eight 25-year extension options. The ground rent is $9.5 million annually with contractual CPI increases of up to 2.0% annually. The ground lease is subject to a one-time cap in base rent, either to 3.0% of prior-year tenant gaming proceeds, if not precipitated by tenant capital improvement, or at 90.0% of base rent if tenant gaming proceeds fall below $475.4 million for a trailing four-quarter period, if not precipitated by tenant capital improvement, and additional gaming facilities are introduced to the region. In any one of these events, the ground rent cannot be less than $8.5 million. Additionally, in the event of a casualty where the cost of restoration exceeds $15.0 million, the tenant has the right to terminate the ground lease instead of proceeding with the restoration. In such event, all casualty proceeds received would be applied first to the landlord until the landlord receives $80.0 million, then to the tenant until the tenant receives $920.0 million, and thereafter would be divided 8.0% to the landlord and 92.0% to the tenant.

The improvements are located off Daly Avenue along the Lehigh River on a former brownfield site which Las Vegas Sands remediated with the site-specific environmental standard. The previous operator purchased the historic Bethlehem Steel Works in 2007 and began casino operations in 2009. After legalization of table gaming, which occurred in 2010, the casino expanded its offerings. The gaming space was completed in 2009 and the hotel and retail outlets center were completed in 2011. The hotel component has achieved stable, near-full hotel occupancy over the past few years and reported occupancy of 93.8% as of the T-12 ending March 31, 2019; however, the property generates the majority of its total revenue from gaming, followed by F&B. Hotel and retail revenues are relatively minor components of revenue, representing 3.0% and 0.7% of total revenue, respectively, as of the T-12 ending March 31, 2019, period according to the appraisal. Wind Creek Hospitality plans to increase the resort’s lodging accommodations by adding another 300-key hotel and potentially building an indoor waterpark at the site, targeting an investment of approximately $190.0 million.

Structured Finance: CMBS 57 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

WIND CREEK CASINO & RESORT BETHLEHEM – BETHLEHEM, PA

WIND CREEK CASINO AND RESORT BETHLEHEM HISTORICAL OPERATING PERFORMANCE

March % % % % ($000) 2019 TTM Revenue 2018 Revenue 2017 Revenue 2016 Revenue

Number of Rooms 282 282 282 282

Occupied Rooms 96,560 95,519 95,972 97,269

Days Open 365 365 365 365

Occupancy 93.8% 92.8% 93.2% 94.5%

Average Rate $165.70 $163.00 $161.00 $160.00

RevPAR $155.45 $151.26 $150.12 $151.20

Revenue Gaming (Net of Rebates) 470,000 87.2% 468,000 87.3% 493,000 87.4% 484,000 87.2%

Rooms 16,000 3.0% 16,000 3.0% 16,000 2.8% 15,000 2.7%

Food & Beverage 49,000 9.1% 48,000 9.0% 51,000 9.0% 52,000 9.4%

Retail 4,000 0.7% 4,000 0.7% 4,000 0.7% 4,000 0.7%

Total Revenue 539,000 100.0% 536,000 100.0% 564,000 100.0% 555,000 100.0%

Expenses 419,000 77.7% 420,000 78.4% 417,000 73.9% 412,000 74.2%

EBITDA 120,000 22.3% 116,000 21.6% 147,000 26.1% 143,000 25.8%

Source: Appraisal.

The property derives gaming demand largely from local patrons within a 25-mile radius or 60-minute drive, according to the appraisal. Additionally, Wind Creek Casino benefits from the Allentown-Bethlehem-Easton, PA-NJ MSA’s thriving tourism industry. Pennsylvania is the second-largest commercial casino industry in the United States after Nevada. The appraiser indicates that gaming revenue is seasonal and reflects supply and demand of gaming units, measured on a per-unit basis, or “win per unit per day” (WPUPD). According to the Pennsylvania Gaming Control Board, Wind Creek Casino had $226.0 million in table-game revenue in 2018–2019, ranking fifth in its competitive set. For combined slots and table games, Wind Creek Casino ranked third among its competitive set in WPUPD as of March 2019. While Wind Creek Casino’s total WPUPD dipped by 6.1% in 2018 from 2017, its ranking has been fairly stable historically, ranking second within the competitive set from 2015 through 2017 along with positive WPUPD growth. The competitive set WPUPD average growth rate from 2015 and 2018 is 1.4%. Competitor, Parx Casino, has risen in the WPUPD ranking over the past few years, growing by 9.5% WPUPD in 2018 from 2017 while WPUPD for Hollywood Casino at Penn National Race Course grew by 8.3% over the same period. As of March 2019, Wind Creek Casino maintained 25.0% of the competitive set’s tables – the largest portion in the set – followed by Parx Casino at 20%. Parx Casino slightly exceeds Wind Creek Casino in slots.

Structured Finance: CMBS 58 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

WIND CREEK CASINO & RESORT BETHLEHEM – BETHLEHEM, PA

COMPETITIVE SET March 2019 March 2019 March 2018 March 2018 2018 2018 Slots + % of Comp Set Slots + % of Comp Set Slots + % of Comp Set Property Table in # of: Table in # of: Table in # of: Games Games Games WPUPD ($) Slots Tables WPUPD ($) Slots Tables WPUPD ($) Slots Tables Parx Casino 504 18.6 19.8 470 18.6 19.8 472 18.8 19.3 SugarHouse Casino 469 10.1 14.5 446 10.1 14.5 427 10.2 14.3 Valley Forge Casino Resort 438 4.9 4.5 554 4.9 4.5 529 3.5 5.0 Hollywood Casino at Penn National 328 11.5 7.5 285 11.5 7.5 300 12.2 7.5 Race Course Harrah's Philadelphia 309 13.1 11.8 294 13.1 11.8 279 14.0 11.8 Mohegan Sun at Pocono Downs 260 13.4 8.7 280 13.4 8.7 265 13.3 8.9 Mount Airy Resort & Casino 247 10.8 8.1 243 10.8 8.1 264 10.7 8.1 Total/Wtd. Avg. Comp. Set 382 100.0 100.0 371 100.0 100.0 367 100.0 100.0 Wind Creek Casino - Subject 449 17.6 25.2 451 16.8 25.0 434 17.3 25.1

2017 2017 2016 2016 2015 2015 Slots + % of Comp Set Slots + % of Comp Set Slots + % of Comp Set Property Table in # of: Table in # of: Table in # of: Games Games Games WPUPD ($) Slots Tables WPUPD ($) Slots Tables WPUPD ($) Slots Tables Parx Casino 431 19.2 18.5 416 18.9 18.8 418 18.3 18.8 SugarHouse Casino 416 10.2 14.3 404 10.3 13.9 436 9.0 9.8 Valley Forge Casino Resort 495 3.4 5.1 484 3.3 5.4 476 3.4 5.8 Hollywood Casino at Penn National 277 13.1 7.7 272 13.1 7.6 277 13.4 8 Race Course Harrah's Philadelphia 281 13.7 12.0 262 15.0 11.6 269 15.6 13.5 Mohegan Sun at Pocono Downs 279 13.1 9.4 297 12.7 9.8 300 13.0 10.6 Mount Airy Resort & Casino 279 10.5 8.3 259 10.2 8.8 262 10.4 9.3 Total/Wtd. Avg. Comp. Set 361 100.0 100.0 351 100.0 100.0 352 100.0 100.0 Wind Creek Casino - Subject 462 16.8 24.7 453 16.5 24 437 16.8 24.1 Source: Appraisal.

New regional supply, Resorts World Catskills and the reopening of two casino-hotels in Atlantic City have also put pressure on Wind Creek Casino’s revenue. The Live! Hotel and Casino in Philadelphia and satellite casinos throughout Pennsylvania will further add pressure, according to the appraisal. New York gaming legislation is also likely to be a factor, particularly if plans to open a casino in New York City materialize.

SPONSORSHIP The sponsors and non-recourse, carveout guarantors of the loan consist of five individuals spanning a breadth and depth of experience and reputation in commercial real estate and litigation. Three of the five – Jeffrey Gural, James Kuhn and Barry Gosin – currently hold leadership roles at Newmark Knight Frank, a leading commercial real estate advisory firm. Michael Perrucci owns real estate development company, Peron Construction Inc., while Richard Fischbein is a Partner at Olshan Frome Wolosky and is experienced in complex commercial disputes. The sponsors have a combined net worth of $1.3 billion and total liquidity of $44.2 million. Furthermore, the sponsorship group has experience owning and operating their own gaming and hospitality properties as Mr. Gural’s portfolio also includes Tioga Downs Casino Resort in Nichols, New York, and Meadowlands Racing and Entertainment in East Rutherford, New Jersey. The borrower, Ground Landlord LLC, has a non-consolidation opinion in place.

Structured Finance: CMBS 59 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

WIND CREEK CASINO & RESORT BETHLEHEM – BETHLEHEM, PA

DBRS ANALYSIS SITE INSPECTION SUMMARY DBRS toured the interior and exterior of the property on July 16, 2019, at approximately 12:30 p.m. Based on the site inspection and management meeting, DBRS found the property quality to be Average (+).

The subject property is located in south Bethlehem, one of the largest cities in the Lehigh Valley region of Pennsylvania. Specifically, the collateral sits along Sands Boulevard, a small arterial that serves as the main entrance to the casino and resort, directly south of the Lehigh River and about two miles north of I-78. Primary regional access through the Lehigh Valley MSA is provided by I-78, which also connects the local area to New York City to the east. The neighborhood surrounding the property displayed a mix of residential, office, retail and industrial properties as well as other entertainment venues, such as the SteelStacks Arts and Cultural Campus. Lehigh University is another major development in the vicinity, occupying a sizable parcel of land approximately one mile southwest of the subject. The improvements (non-collateral), particularly the 15-story hotel tower, have excellent visibility with signage displayed on the buildings and throughout the premises, directing guests to the various facilities on site. Given that the buildings were completed in 2009 and 2011, DBRS observed the exteriors to be in very good condition and featured attractive stucco and concrete brick masonry with dark-grey aluminum siding and exposed metal support beams, which gave the improvements a modern industrial feel.

Upon arriving at the site, the sheer size of the development becomes quite apparent and can be somewhat confusing at first since there are various main entrances. Fortunately, signage is prevalent throughout and makes it relatively easy to navigate. Although the buildings are interconnected, they are “split” in half by the Minsi Trail Bridge, which runs right above the outlets and casino buildings. The hotel, retail outlets and event center are located on the western side of the development while the casino, several F&B facilities and parking garage are on the eastern side. This was likely done by design for guests to have several access points into the casino floor, which sits in the middle of the entire development and was by far the busiest section at the time of DBRS’s inspection. According to the resort’s marketing manager, the casino registers nine million guest entries per year, on average, which includes repeat clients. The large, column-less casino floor was nicely laid out with attractive finishes, including ornate lighting, well-maintained furniture and modern fixtures. Slots and stadium gaming are located in the middle of the casino while table gaming and several full-service restaurants are found along the perimeter, offering convenient access to guests. According to the marketing manager, the casino has commenced its Wind Creek rebranding, but does not expect any major disruptions to gaming operations as most of the rebranding will be cosmetic in nature. Approximately 200 to 300 slot machines (depending on demand) are taken down per week so that management can install new Wind Creek operating systems. Reportedly, the casino will not be operational for about 16 hours near the end of the rebranding to destroy the existing Las Vegas Sands chips and replace them with new Wind Creek chips in accordance with the Pennsylvania Gaming Control Board regulations.

Structured Finance: CMBS 60 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

WIND CREEK CASINO & RESORT BETHLEHEM – BETHLEHEM, PA

Once inside the casino, guests can access the hotel, outlet stores and event center without stepping outside, which is particularly useful during the winter months. DBRS had the opportunity to inspect both the outlet center and the hotel, but did not tour the event center as it had be used the night before. The Outlets at Wind Creek resembled a traditional outlet mall, although smaller, and featured two floors of mostly national retailers, including Guess Factory, Famous Footwear and Michael Kors, among others. The retail center was not particularly busy at the time of inspection on a weekday afternoon; however, the marketing manager explained that stores are usually busy on weekends. DBRS inspected several areas of the hotel, including two guest rooms, the lobby, the fitness center and the swimming pool, and found the improvements to be in very good condition with no deferred maintenance noted. Most guest rooms are complimentary and it is not uncommon for the hotel to sell out completely during peak gaming days and for large events and concerts. The hotel is also undergoing its Wind Creek rebranding and the lobby was receiving some renovations. Guest rooms will be receiving cosmetic updates as well as replacement of soft goods. According to the hotel manager, an entire guest-room floor is taken offline at a time for about one week to complete this rebranding by late August or early September.

DBRS NCF SUMMARY

NCF ANALYSIS

Budget Issuer NCF DBRS NCF NCF Variance

GPR $9,500,000 $10,402,235 $10,402,235 0.0%

EGI $9,500,000 $10,402,235 $10,402,235 0.0%

NOI $9,500,000 $10,402,235 $10,298,213 -1.0%

NCF $9,500,000 $10,402,235 $10,298,213 -1.0%

The DBRS NCF is based on the DBRS North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS NCF was $10,298,213, a -1.0% variance from the Issuer’s NCF. The main driver of the variance is an expense assumption. DBRS assumed a 1.0% management fee while the Issuer did not assume any expenses. Similar to the Issuer’s approach, DBRS’s base-rent figure was derived by straight lining the ground rent over the loan term, assuming annual contractual rent steps of 2.0%.

DBRS VIEWPOINT The loan benefits from a very stable cash-flow stream from the ground-rent payments that will be serviced by cash flow from a mixed-use development that includes a casino, a hotel, an outlet retail center and a multi-purpose event facility with fixed 2.0% annual increases through loan maturity. Located in the Lehigh Valley region of Pennsylvania, approximately 60 miles northwest of Philadelphia, construction of the improvements began in 2007 with completion of the casino in 2009, followed by the hotel and outlets in 2011. The casino and resort were developed and operated by Las Vegas Sands, one of the largest casino companies in the world. On May 31, 2019, Las Vegas Sands sold the leasehold interest to Wind Creek Hospitality for a total enterprise value of $1.3 billion. The sponsors retained the fee ownership of the subject property through a 40-year ground lease agreement, including eight 25-year extension options with Wind Creek Hospitality. The DBRS Stabilized NCF on the leasehold improvements is approximately 13.0x the year-ten ground-rent payment. Such cash-flow coverage makes default on the ground-rent payment extremely unlikely. While the debt yield on the whole loan based on the current ground-rent payment is low at 6.5%, the interest rate on the mortgage is also low at 4.4%, allowing for significant excess cash flow. Although a ground-lease default could result in a special servicing transfer and losses could be incurred from special servicing fees, DBRS considers this to be a very remote event as there are currently millions of dollars in leasehold equity. The whole-loan balance of $146.6 million represents an 87.1% discount to the appraiser’s as-is market value of $1.14 billion for the fee-simple interest in the property, providing significant leasehold value cushion.

Structured Finance: CMBS 61 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

WIND CREEK CASINO & RESORT BETHLEHEM – BETHLEHEM, PA

DOWNSIDE RISKS –– The loan represents high-leverage financing with a DBRS Issuance LTV of 85.0%. –– The sponsorship group will receive a cash equity distribution of $142.7 million at loan closing. –– There is potential for rent step-downs under two scenarios, including (1) whenever base rent exceeds 3.0% of tenant gaming proceeds for the prior year or (2) whenever a competitive gaming period exists, which is defined as a period where tenant gaming proceeds decrease below $475.4 million for a trailing four-quarter period as a result of new competing gaming facilities introduced to the region.

STABILIZING FACTORS ––Based on the extremely stable ground-rent payment, the DBRS DSCR is high at 1.26x. The loan amortizes on a 35-year schedule with no IO period, resulting in a lower DBRS Balloon LTV of 72.8%. Furthermore, using the appraiser’s concluded $1.14 billion value for the fee-simple interest, the look-through LTV is 12.9%. ––The borrower is owned and controlled by five experienced real estate professionals, three of which hold leadership roles at Newmark Knight Frank. The sponsorship group has substantial financial wherewithal with a combined net worth of $1.3 billion and liquidity of $44.2 million. One of the sponsors has experience owning and operating gaming and hospitality properties, including Tioga Downs Casino Resort in Nichols and Meadowlands Racing and Entertainment in East Rutherford. –– In any event that a rent step-down is triggered, a ground-rent floor is set at $8.5 million to achieve a DSCR of 1.04x. More importantly, the current $9.5 million ground rent represents only 1.8% of the $523.7 million in tenant gaming proceeds as of the T-12 period ending May 31, 2019. Ground rent would increase to $10.4 million by loan maturity, assuming annual contractual rent escalations of 2.0%, which represents 2.0% of T-12 tenant gaming proceeds.

Structured Finance: CMBS 62 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

Moffett Towers II Buildings 3 & 4 Sunnyvale, California

Loan Snapshot Seller GACC Ownership Interest Fee Simple Trust Balance ($ million) $34.5 Loan psf/Unit $499 Percentage of the Pool 4.2% Loan Maturity/ARD June 2034 COLLATERAL SUMMARY Amortization n/a DBRS Property Type Office Year Built/Renovated 2019 DBRS Issuance DSCR City, State Sunnyvale, CA Physical Occupancy 100.0% 3.23x SF 701,266 Physical Occupancy Date August 2019 DBRS Issuance LTV 44.3% DBRS Balloon LTV The loan is secured by the Borrower’s fee simple interest in Moffett Towers II – 44.3% Building 3 and Building 4, two Class A office buildings totaling 701,266 sf. While DBRS Property Type not part of the collateral, the Tenant has access to and pays rent on 23,860 sf of Office allocated amenity space. Building 3 is located at 1190 Discovery Way (350,633 sf ) and DBRS Property Quality Building 4 is located at 900 5th Avenue (350,633 sf ) in Sunnyvale, California. Loan Excellent proceeds of $590.0 million refinanced $408.9 million of existing construction debt, Debt Stack ($ million) returned approximately $114.3 million of sponsor cash equity, funded $39.8 million of Trust Balance upfront TI/LCs and free rent reserves and covered closing costs of $27.0 million. The $34.5 $590.0 million debt package is composed of a $350.0 million A-note, a $155.0 million Pari Passu B-note and $85.0 million of mezzanine debt. This transaction contains approximately $315.6 $55.3 million of A-note proceeds in the trust. The fixed-rate financing has a ten-year B-Note term, is fully IO and represents a relatively high DBRS LTV of 74.7%, based on the $155.0 appraised value of $790.0 million. The loan has been structured with an anticipated Mezz repayment date (ARD) after ten years and a final maturity date approximately five $85.0 years beyond the ARD. This five-year tail allows for substantial principal repayment Total Debt $590.1 estimated by DBRS at $158.9 million prior to when the Facebook, Inc. (Facebook) leases expire in 2034. Loan Purpose Refinance Equity Contribution/ Situated on 13.4 acres of land, the collateral consists of two nearly identical office (Distribution) ($ million) buildings that each contain 350,633 sf. The two subject office towers were the most ($114.3) recently constructed projects within the Moffett Towers II office park. The Moffett Towers II campus consists of five office buildings totaling 1.8 million sf of office and research and development (R&D) space as well as a 59,200-sf amenity building. Buildings 1 to 4 and the proposed site for Building 6 are situated on the same parcel of land bordered by Moffett Park Drive to the south, Bordeaux Drive to the west, Borregas Avenue to the east and commercial development to the north. Building 5 is situated

Structured Finance: CMBS 63 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

MOFFETT TOWERS II BUILDINGS 3 & 4 – SUNNYVALE, CA on its own land parcel adjacent to the other properties and directly west of Bordeaux Drive. Building 6 is a proposed addition to the Moffett Towers II campus that has yet to begin construction, though plans for the addition are currently being explored and will be finalized within the next 24 months. Building 6 would be located on the northeast corner of the lot near the intersection of 5th Avenue and Discovery Way. Buildings 1 to 4 are arranged around a central courtyard, which includes the amenity building, a three-story parking structure and outdoor common-area space. Building 1 and Building 2 are leased to Amazon.com, Inc. (Amazon), and Building 3, Building 4 and Building 5 are leased to Facebook.

TENANT SUMMARY

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

Facebook 350,633 48.4% $52.20 48.4% 05/2034 Y

Facebook 11,930 1.6% $52.20 1.6% 05/2034 Y

Facebook 350,633 48.4% $52.20 48.4% 05/2034 Y

Facebook 11,930 1.6% $52.20 1.6% 05/2034 Y

Total/Wtd. Avg. 725,126 100.0% $52.20 100.0% 5/2034 Y

Both buildings are 100.0% pre-leased to Facebook, for which DBRS has performed an internal assessment with a high investment-grade conclusion. Facebook is a leading technology firm that specializes in social media and networking. As of the fiscal year ending December 31, 2018, the company reported total revenues of $58.8 billion and a net income of $22.1 billion. As of June 2019, the company had an equity market capitalization in excess of $500 billion and carries very little debt. Both buildings were turned over to the tenant this past month upon completion of the exterior shells. The interior office and amenity build out process is estimated to take approximately seven months for each building. The firm signed two separate leases for Building 3 and Building 4 that commenced on June 1, 2019, and May 1, 2019, respectively. As the tenant was given seven months of free rent to account for the interior build out process, rent payments began for Building 3 on January 1, 2020, and for Building 4 on December 1, 2019. The tenant will be responsible for all operating expenses associated with its leased units. Both leases are set to expire on May 31, 2034, five years beyond the loan maturity and are structured with two 84-month extension options each at 95% of the fair-market rent with no termination options. The base rent is $52.20 per sf with 3.00% annual increases. It is expected that the landlord will provide TIs of $60.00 psf, which have been reserved for upfront. The sponsor reported that Facebook will spend $200 psf in addition to what the landlord is providing, amounting to a $260 psf build-out cost.

SPONSORSHIP The loan is sponsored by Jay Paul Company, a California-based real estate development and investment management firm. Jay Paul Company has acquired or development more than 13.0 million sf of office space since its founding in 1975 and currently has a portfolio of over 20 properties in the Silicon Valley area. The sponsor is developing the entirety of the Moffett Towers II office park and has thus far been successful in leasing out all buildings to major technology firms. The company specializes in developing superior office product for technology-focused tenants in California markets and previously developed 181 Fremont in the San Francisco CBD for Facebook. Jay Paul Company has previously leased projects to a host of leading technology giants, including Amazon, Apple, Microsoft Corporation, Google and many others. The firm has closed over $13.0 billion in debt and equity financings over the course of its history. The non-recourse carveout guarantor for this transaction is Paul Guarantor LLC, with a current net worth of $980.0 million.

Structured Finance: CMBS 64 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

MOFFETT TOWERS II BUILDINGS 3 & 4 – SUNNYVALE, CA

DBRS ANALYSIS SITE INSPECTION SUMMARY Based on the DBRS site inspection and management meeting on June 10, 2019, DBRS found the property quality to be Excellent.

The subject is located in the fast-growing Sunnyvale submarket, within the larger San Jose-Sunnyvale-Santa Clara MSA. The subject buildings are accessible via three ingress and egress points, two along Discovery Way and one along 5th Avenue. The Moffett office park is located approximately one mile from the intersection of California State Route 237 and U.S. Route 101, which runs north to south along the western shore of the San Francisco Bay. This highway connects San Jose with San Francisco, allowing Moffett Park to be easily accessed by residents across the Bay Area. There is also a light rail stop serving the entirety of Moffett Park that is situated along the campus’s main entrance on West Moffett Park Drive. The collateral is centrally located approximately 9.5 miles northwest of the San Jose CBD and 33.0 miles southeast of the San Francisco CBD. The Sunnyvale submarket is rapidly developing with substantial new office space supply partially because of the strong growth of Silicon Valley and saturation of the downtown San Francisco office market. Google, headquartered in adjacent Mountain View, California, has made substantial investments into the Sunnyvale market in particular. The company’s new campus was visible from the eighth floor of Building 4 and appeared to be in the early stages of construction at the time of inspection. Another locational advantage for the subject is the fact that Stanford University (Stanford) is located 7.5 miles northwest of the Moffett office park in Palo Alto, California. This allows for technology firms in Sunnyvale to easily recruit from the talented Stanford student body.

All office towers within the campus stand nine stories tall and are virtually identical. The subject buildings contain amenity and meeting space on the ground floors, office space on Floors 2 through 8 and mechanical equipment on the ninth floors. The towers’ exterior facades are composed of steel; concrete; and double-paned, thermal glass windows with aluminum frames, similar to the facades of the other buildings in the complex, which were all very attractive with strong curb appeal. The reflective blue-tinted glass windows are particularly eye catching.

The Club at Moffett Towers II (the Club) is the two-story amenity building that serves Buildings 1 through 5 of the Moffett Towers II office park. The Club is ideally located in the middle of the Moffett Towers II campus, allowing for Facebook and Amazon employees at all five properties to easily access the various amenity offerings. The Club features spectacular amenities, including a fitness center, indoor and outdoor basketball courts, an outdoor pool, a tennis court, a cycling room and a yoga studio, among other things. The fitness center is spacious and airy with plenty of cardio and weight-lifting equipment available. Of note, personal trainers, yoga sessions, spin classes and other fitness add-ons are available for purchase by Facebook and Amazon employees. The Club contains a large ground-floor meeting/event space that can be

Structured Finance: CMBS 65 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

MOFFETT TOWERS II BUILDINGS 3 & 4 – SUNNYVALE, CA rented out by either Facebook or Amazon. This meeting room appeared larger than any of the interior breakout rooms featured in Building 3, Building 4 or Building 5.

The Moffett Towers II campus also features 19 acres of outdoor green space and three parking garages. There are minimal local dining options within walking distance of the subject and most retail establishments are concentrated on the south side of U.S. Route 101. Consequently, the Moffett Towers II office buildings are being built to include on-site cafeterias and dining selections. In addition to the ground floor cafeterias in Building 3 and Building 4, the club amenity building will contain a Specialty’s Café & Bakery, providing convenient breakfasts, lunches and baked goods for tenants.

Facebook reportedly plans to move approximately 5,000 to 6,000 employees to Building 3, Building 4, and Building 5 but has yet to share its plans on the office space build-out specifications for Building 3 and Building 4. The tenant has also not shared which units and operations of the company will be moved into the subject buildings. According to the sponsor, employees working in Facebook’s web services division are being moved into Building 5 according to the sponsor. DBRS toured the ground floors and several office floors of Building 3 and Building 4 and toured the interior of Building 5, which was several months into the build out process, in order to get a sense of what the potential office space would look like. Building 5 was delivered to Facebook in February 2019 and the construction process is expected to be completed this August. Building 3 and Building 4 were delivered to the tenant within the last month and are projected to have similar seven-month construction timelines. The ground floors of Building 3 and Building 4 will feature front and rear building security desks and large cafeterias. There will also be ground floor meeting and event space. Office space will be built out on Floors 2 through 8 of the collateral. Floor 3 and Floor 8 contain large outdoor patio spaces that will likely be utilized as event spaces; the patio of the eighth floor in particular offers scenic views of the surrounding area. The office spaces were in raw condition at the time of inspection with exposed concrete floors, unpainted walls and no interior floorplan work yet to be completed. The office space in Building 5 contained exterior facing sit-stand desks that were generally clustered in groups of four; the interior areas of the floor plates contained a mix of breakout rooms and meeting spaces. This build out is typical for a tech tenant as it allows for efficient collaboration between coworkers and allows for many employees to receive natural light at their desks.

The collateral features three on-site parking garages that are shared by the Moffett office park. The parking garage associated with Phase Three of Moffett Towers II, which pertains solely to Building 3 and Building 4, is situated along 5th Avenue and is allocated for use by the Facebook employees in Building 3 and Building 4. There are also several surface parking lots scattered around the property with a large number of outdoor spaces located on the northeast corner of the lot near the intersection of 5th Avenue and Discovery Way. In total, there are 1,157 parking spaces allocated for Building 3 and 1,157 parking spaces allocated for Building 4. Overall, the collateral is best-in-class office space with outstanding amenity offerings and a superior location.

Structured Finance: CMBS 66 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

MOFFETT TOWERS II BUILDINGS 3 & 4 – SUNNYVALE, CA

DBRS NCF SUMMARY

NCF ANALYSIS

Issuer NCF DBRS NCF NCF Variance

GPR $47,847,323 $43,827,513 -8.4%

Recoveries $11,259,997 $11,404,174 1.3%

Other Income $0 $0 0.0%

Vacancy -$1,477,683 -$492,558 -66.7%

EGI $57,629,637 $54,739,129 -5.0%

Expenses $11,259,997 $11,404,174 1.3%

NOI $46,369,641 $43,334,955 -6.5%

Capex $145,025 $145,025 0.0%

TI/LC $0 $0 0.0%

NCF $46,224,616 $43,189,930 -6.6%

The DBRS NCF is based on the DBRS North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS NCF was $43,189,930, representing a -6.6% variance from the Issuer’s NCF of $46,224,616. The primary drivers of the variance are GPR and real estate taxes. DBRS estimated GPR based on the contractual leases in place per the rent roll dated May 1, 2019. Facebook is being given LTCT status due to the tenant’s high-investment-grade internal assessment and lease terms that extend more than three years beyond the loan maturity. As a result, DBRS is straight-lining Facebook’s rent over the ten-year loan term. By comparison, the Issuer is giving straight-line rent credit through the lease term, picking up an additional five years of rent credit, establishing a variance of approximately $4.0 million on the GPR figure alone. The DBRS real estate tax figure was calculated by applying the local tax assessment rate of 1.15% to the whole loan amount, resulting in a much higher figure than in place taxes which will remain low because of California’s Proposition 13 statute. There are no TI/LC expenses because of the LTCT nature of the tenant.

DBRS VIEWPOINT The collateral is well positioned within the Bay Area because of its central location in Silicon Valley. Situated strategically between the San Jose and San Francisco MSAs, the subject properties can effectively attract the most talented employees in the Bay Area’s tech workforce. The properties are also closely situated to Stanford University (which is located 7.5 miles west in Palo Alto) and the University of California- Berkeley. Given the stellar quality of the Class A office product, superior amenity offerings and location amidst the talented Silicon Valley workforce, DBRS believes that there would be high levels of demand for this asset through different real estate cycles, which will suppress future downside volatility. In addition, Facebook is expected to spend $200 psf on interior buildout on top of the $60 psf landlord-funded TI allowance, resulting in a world-class property inside and out. The DBRS LTV on the $505.0 million mortgage loan is high at 90.6%, although the high level of curb appeal and strong location bring stability to the value over time.

DBRS considers Facebook to be an LTCT and will occupy 100.0% of the total NRA. The tenant’s two leases extend approximately five years beyond the loan maturity. DBRS performed an internal assessment on Facebook and considers the company to have characteristics consistent with a high investment-grade credit rating. Both Building 3 and Building 4 have been 100.0% leased to Facebook since construction began. Further, Facebook is the third-largest technology tenant in San Francisco with over 6.0 million sf of leased office space across the Bay Area, indicating a strong commitment to Sunnyvale and the greater Bay Area market. Given that all of the collateral’s income is generated by a tenant that DBRS considers investment-grade quality with a long-term lease, cash flow stability is expected to remain high over the foreseeable future.

Structured Finance: CMBS 67 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

MOFFETT TOWERS II BUILDINGS 3 & 4 – SUNNYVALE, CA

DOWNSIDE RISKS –– The loan is full-term IO, providing no reduction to the loan basis over the initial loan term. –– The DBRS NCF analysis is highly dependent upon the investment-grade treatment of Facebook. Any future internal assessment at a non-investment grade level may impact DBRS’s analysis and ratings on this transaction –– Although the subject is located in the booming Sunnyvale submarket, it is located in a competitive office market with high vacancy and availability rates. –– The loan has a high initial loan psf of $696 psf, especially given that the lowest rating on the certificates is high at “A.”

STABILIZING FACTORS –– Facebook’s two leases extend almost five years beyond the initial loan maturity date, providing stable cash flow beyond the loan maturity from an investment-grade-credit tenant. Further, the loan is structured with a five-year ARD period following the initial ten-year loan term. Therefore, if not paid off, the loan is estimated by DBRS to amortize down 31.5% to a maturity balance of $346.1 million, establishing a low DBRS LTV at lease expiry of only 62.1%. –– The appraiser estimates replacement cost of the assets, including land value, at $520 million, which is slightly above the rated debt proceeds of $505 million. The recent construction vintage, high property quality and strong location of the assets would make them highly re-leasable. –– The subject is located in a highly desirable area that is booming with development as many of Silicon Valley’s largest tech firms have moved into the submarket. The collateral offers best-in-class amenities and spectacular Class A office space that should position the properties at the forefront of Sunnyvale office product in the coming years. Although availability rates in the submarket are high, this is primarily a function of an abundance of new supply coming on-line recently; however, the majority of new Class A office buildings in Sunnyvale are build-to-suit developments that are pre-leased to other leading tech firms. –– This initial loan balance of $696 psf is relatively low considering office sales within a ten-mile radius of the subject averaged $1,049 psf across five transactions over the past two years, according to the appraisal. In addition, the subject is of excellent quality and the investment-grade tenant income alone provides for substantial amortization down to a fraction of the replacement cost at $474 psf. Further, considering that the lease doesn’t expire until 2034, the inflation-adjusted maturity exposure psf is more likely to be closer to $350 in today’s dollar terms.

Structured Finance: CMBS 68 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

The Citizen Hotel Sacramento Sacramento, CA

Loan Snapshot Seller CREFI Ownership Interest Fee Simple Trust Balance ($ million) $34.0 Loan psf/Unit $173,469 Percentage of the Pool 4.2% Loan Maturity/ARD August 2029 COLLATERAL SUMMARY Amortization n/a DBRS Property Type Full Service Hotel Year Built/Renovated 2008/NAP DBRS Issuance DSCR City, State Sacramento, CA T-12 RevPAR $182.12 2.55x Keys 196 T-12RevPAR Date May 2019 DBRS Issuance LTV 55.4% DBRS Balloon LTV The loan is secured by the borrower’s fee-simple interest in The Citizen Hotel, a 96-key 55.4% Marriott Autograph Collection full-service hotel in downtown Sacramento, California. DBRS Property Type The property is situated in the CBD at the intersection of J Street and 10th Street, less Full Service Hotel than a half mile from the California State Capitol building (Capitol). The $34.0 million DBRS Property Quality A-note combined with a $6.0 million B-note, sponsor cash equity of $21.2 million, and Average $2.3 million of other contributions was used to purchase the property for $56.0 million, Debt Stack ($ million) fund $6.4 million for a future PIP that will begin in July 2020, and cover closing costs. Trust Balance The ten-year loan is IO for 120 months. $34.0 Pari Passu The 14-story property was originally designed as an office building until 2008, when it $0.0 underwent a $45 million renovation to be converted into a hotel. In 2015, the property B-Note joined Marriot’s Autograph Collection, consisting of upscale boutique hotels across the $6.0 world. The $6.1 million PIP is 125.0% of the required PIP and will renew the franchise Mezz agreement for a 21-year period at the deal’s closing. The PIP will include upgrading $6.0 the soft goods of hotel rooms, updating common areas and updating some exterior Total Debt $46.0 elements. The hotel’s 196 guest rooms are located on floors 2 through 14. There are 101 king suite, two penthouse suites and one Governor’s suite. Each room includes a Loan Purpose Acquisition flat-screen TV, furniture, wireless high-speed Internet and artwork. Outside the guest Equity Contribution/ rooms, hotel amenities include a fitness center, a high-end restaurant and an outdoor (Distribution) ($ million) terrace on the 7th floor. The hotel benefits from its location in downtown Sacramento, $21.2 the state’s capital and sixth-largest city. On TripAdvisor.com, the hotel is rated 4.0/5.0 based on 990 reviews and it ranks as the 13th-best hotel in Sacramento out of 185 hotels. The property has received positive reviews from guests.

According to the July 2019 STR Report, the subject’s running 12-month occupancy rate of 85.0% is above the competitive set’s occupancy rate of 82.1% and the subject’s ADR

Structured Finance: CMBS 69 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

THE CITIZEN HOTEL SACRAMENTO – SACRAMENTO, CA of $215.62 is above the competitive set’s ADR of $171.69. This results in the property’s RevPAR of $183.36, which equates to RevPAR penetration of 130.1% compared with the competitive set, which demonstrates its strength in the local market. There are five competitor hotels identified in the appraisal, all of which were constructed earlier and possess more rooms than the subject property. For further information on the competitive set, please refer to the table below.

COMPETITIVE SET

Number Year Built/ 2018 Property of Rooms Renovated 2018 Occupancy 2018 ADR RevPAR

Embassy Suites by Hilton Sacramento Riverfront Promenade 242 2002/2018 80.0% - 85.0% $200-$210 $170-$180

Kimpton The Sawyer Hotel 250 2017 70.0% - 75.0% $220-$230 $160 - $170

Sheraton Grand Sacramento Hotel 503 2001/2009 75.0% - 80.0% $160 - $170 $125 - $130

Hyatt Regency Sacramento 505 1988/2011-2013 80.0% - 85.0% $180 - $190 $150 - $160

Holiday Inn Sacramento Downtown - Arena 359 1979/2005-2006 80.0% - 85.0% $130 - $140 $105 - $110

Total/Wtd. Avg. Comp. Set 1,859 Various 70.0%-85.0% $130-$230 $105-$180

The Citizen Hotel Sacramento - Subject 196 1925/2008 84.4% $210.31 $177.60

Source: Appraisal

STR REPORT SUMMARY SPONSORSHIP The loan is sponsored by Pedro Miranda and Joao Occupancy ADR RevPAR Woiler, co-founders of Cambridge Landmark, a private 85.0% $215.62 $183.36 Subject investment firm focused on convention-oriented hotels Competitive Set 82.1% $171.69 $140.92 and urban resorts. Both Mr. Miranda and Mr. Woiler have Index 103.6% 125.6% 130.1% extensive experience working in the financial and real

Note: As of July 2019. estate industries. Cambridge Landmark currently controls four large-scale hospitality assets: Sheraton Orlando North Hotel, Grand Orlando Resort at Celebration, Hyatt Regency Milwaukee and Philadelphia 201 Hotel. The subject property is a member of the Marriott franchise with an agreement through 2040.

Structured Finance: CMBS 70 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

THE CITIZEN HOTEL SACRAMENTO – SACRAMENTO, CA

DBRS ANALYSIS SITE INSPECTION SUMMARY DBRS toured the interior and exterior of the property on July 26, 2019, at 10:30 a.m. Based on the site inspection and management meeting, DBRS found the property quality to be Average.

The collateral is a 23-story, 196-key, full-service hotel located in the Sacramento CBD, less than a half mile from the Capitol building, a major demand driver for the area. The immediate area is densely built with a mix of office, retail and hotel. The property is also less than a mile east from the Sacramento River and I-5, which provides access to many surrounding areas. Approximately one mile south of the property is Hwy. 80 and the Elvas Freeway, providing even more accessibility.

The front double doors open to a small area with three elevator cabs and an oversized fully open archway that leads to the formal reception area. The entryway included many design features reminiscent of its 1925 build, including white marble flooring, wrought iron railings and gilt elevator cab doors. The reception area featured red and gold carpeting, dark chocolate-colored wood-paneled walls with rows of shelves filled with yellow bound books and dim lighting. The reception area was fairly dark in contrast with the entryway, but the dark carpeting, touch of gold in the bound books and dim lighting gave an exclusive speakeasy feel.

Amenities at the property include a fitness center, a full restaurant which was recently awarded a Michelin plate, a variety of meeting spaces totaling 10,000 sf and an enclosed rooftop terrace. While the restaurant has not been updated in design since its opening alongside the hotel in 2008, the feel was modern and attractive. According to property management, the restaurant draws from the local community as well as hotel guests. Management credited this popularity to its decorated chef and the fact that all ingredients are locally sourced, creating community buy-in.

DBRS inspected the Governor’s suite, a king suite and standard rooms. The Governor’s suite is one of three suites with large, semi-private terraces overlooking downtown Sacramento. These suits also feature a powder room, wet bar, living space, dining area as well as master bedroom and oversized bath. The king bedroom suites have a small living area with a couch and flat-screen TV, a bedroom and a large bathroom with doors to both the living area and the bedroom. The property’s standard rooms are generally small compared with more recently constructed hotel rooms, but are spacious enough to comfortably fit a king or queen bed, dresser, desk and side table. Standard rooms have decent-sized bathrooms featuring a shower/tub combination, yellow and green vertical-striped wallpaper and white marble countertops. All room types included the same color schemes and furnishings, which have not been upgraded since the hotel first opened in 2008. Rooms feature yellow and brown vertical-striped wallpaper, yellow and green-checkered tufted headboards, dark brown wood furniture and gray carpeting. Suites had additional furnishings including red couches and dark wood coffee tables. While rooms and furnishings do not look worn, their darker color scheme appears dated. As a member of the Marriott brand’s Autograph Collection, the hotel’s brand is politically themed because of its proximity to the Capitol with an emphasis on “sarcastic wit.” This is projected by decorating all rooms and common areas with sketches of political

Structured Finance: CMBS 71 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

THE CITIZEN HOTEL SACRAMENTO – SACRAMENTO, CA cartoons. Overall, while the rooms were aged, the hotel was attractive. Common areas and amenities were superior to local competition and more modern in appearance than the rooms themselves.

DBRS NCF SUMMARY

NCF ANALYSIS

T-12 Issuer NCF 2015 2016 2017 2018 May 2019 NCF DBRS NCF Variance

Occupancy 78.2% 83.7% 89.2% 84.4% 84.7% 84.7% 78.0% -7.9%

ADR $165.97 $171.46 $186.67 $210.31 $215.05 $215.05 $215.05 0.0%

RevPAR $129.71 $143.49 $166.57 $177.60 $182.12 $182.12 $167.74 -7.9%

Total Departmental Revenue $17,813,681 $18,728,417 $20,601,861 $21,710,880 $22,354,546 $22,354,546 $20,934,654 -6.4%

Total Deparmental Expense $9,947,822 $10,049,674 $10,154,992 $10,408,249 $10,562,738 $10,562,738 $10,008,444 -5.2%

Total Departmental Profit $7,865,859 $8,678,743 $10,446,869 $11,302,631 $11,791,808 $11,791,808 $10,926,210 -7.3%

Total Undistributed Expense $3,746,628 $4,603,382 $5,127,368 $5,290,549 $5,478,614 $5,946,818 $5,814,888 -2.2%

Total Fixed Expense $1,401,231 $801,567 $557,798 $579,249 $460,184 $769,887 $882,169 14.6%

NOI $2,718,000 $3,273,794 $4,761,703 $5,432,833 $5,853,010 $5,075,103 $4,229,153 -16.7%

FF&E $712,444 $749,137 $824,074 $868,435 $894,182 $894,182 $894,182 0.0%

NCF $2,005,556 $2,524,657 $3,937,629 $4,564,398 $4,958,828 $4,180,922 $3,334,972 -20.2%

The DBRS NCF is based on the DBRS North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS NCF was $3,334,972, a -20.2% variance from the Issuer’s NCF. The main driver of the variance was rooms revenue. DBRS capped the property’s occupancy at 78.0% to achieve a RevPAR figure that would be in line with YE2017 to account for the current stage of the real estate cycle. The resulting DBRS-concluded RevPAR of $167.74 is lower than the Issuer’s concluded RevPAR of $182.12, but slightly above the YE2017 figure of $166.57.

DBRS VIEWPOINT The property is subject to a number of agreements with the Redevelopment Agency Successor Agency (RASA) in conjunction with its 2008 redevelopment. First, the property receives a subsidy in the form of a tax abatement, which goes through 2023. Second, the property was given a zero-interest loan during its 2008 renovation, which totals $5.1 million and does not require repayment until either the hotel’s gross revenues exceed $17.0 million or net operating income exceeds 26% of gross revenues. Once the first payment is made, the loan has a 50-year maturity date with payments of 0.5% of gross revenues. Per the DBRS NCF analysis, this income level is not achieved. Third, RASA provided a second loan totaling $850,000 with a maturity date of 2023 with payments totaling 55% of the rent generated from the 5,649-sf restaurant space, which is currently operated by Grange Restaurant & Bar. All RASA loans are structured to be subordinate to the transactions loan within this deal. The collateral benefits from its excellent location just steps from the Capitol building and surrounding office buildings. This proximity is a major demand driver for the hotel and room nights are regularly sold out, particularly when congress is in session. The property does have several contracts for rates across several companies, including Deloitte, but none include any specific number of room nights to allow for booking flexibility. The hotel’s grand ballroom and tent-enclosed rooftop terrace are both wildly popular for events and meetings with a particular emphasis on the rooftop terrace, which has large, expansive views of the Capitol building and downtown Sacramento. During the property tour, DBRS noted that the rooms were dated and have not been upgraded since 2008; however, the loan includes $5.4 million for a refresh at the property, including $2.5 million ($13,000 per key) in room upgrades, which should help the property remain competitive and improve the overall aesthetic. Furthermore, while the rooms at the property are dated, it has still led its competitive set in RevPAR penetration since 2015. Overall, DBRS considers its abundance of meeting

Structured Finance: CMBS 72 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

THE CITIZEN HOTEL SACRAMENTO – SACRAMENTO, CA space offerings and excellent location to be key factors in the property’s ability to remain a market leader. The loan itself displays favorable metrics with a low LTV of 55.1%.

DOWNSIDE RISKS –– The loan is IO for the full term. –– The appraisal identified two new hotels, including a proposed Hyatt Centric and Curio Collection by Hilton Hotels, which would add 261 rooms to the supply in the market.

STABILIZING FACTORS –– The sponsor’s equity contribution made up 35.0% of the collateral’s purchase price. Furthermore, the purchase includes a significant allocation of funds for property improvement, which allows for a franchise extension through 2040 with Marriott. Based on the appraised value of $61.7 million, the loan’s Issuance LTV of 55.1% is favorable and provides significant equity cushion ahead of the lender’s basis. –– The hotel has reported annual RevPAR growth of 9.0% since 2015 and, as of the March 2019 STR report, had a RevPAR penetration for 127% within its competitive set. In addition, beginning in July 2020, the property will undergo renovations including $13,000 per key in upgrades, which will keep the hotel competitive.

Structured Finance: CMBS 73 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

Victory Plaza North Hollywood, CA

Loan Snapshot Seller MPCC Ownership Interest Fee Simple Trust Balance ($ million) $27.0 Loan psf/Unit $198 Percentage of the Pool 3.3% Loan Maturity/ARD January 2029 COLLATERAL SUMMARY Amortization 1949,1977/1978, n/a DBRS Property Type Anchored Retail Year Built/Renovated 2016/2017 DBRS Issuance DSCR 1.94x City, State North Hollywood, CA Physical Occupancy 100.0%

DBRS Issuance LTV Units/SF 136,580 Physical Occupancy Date July 2019 49.2% DBRS Balloon LTV The loan is secured by the borrower’s fee-simple interest in Victory Plaza, a 136,580- 49.2% sf anchored retail center located in North Hollywood, California. Loan proceeds of DBRS Property Type $27.0 million will fund the refinancing of $24.7 million in debt as well as reserves of Retail $1.2 million, including a $1.0 million TI allowance for the property’s grocery anchor DBRS Property Quality Average and outstanding TIs of $165,000 for an in-line tenant. The loan will also fund closing costs of 2.1% and return of equity of 1.8% of the loan for an equity cash-out by the Debt Stack ($ million) borrower. The loan will be structured as a ten-year IO term. Trust Balance $27.0 Pari Passu The collateral consists of two multi-tenant retail buildings, one single-tenant bank $0.0 branch building and a two-tenant pad building and is fully leased by 23 tenants. Parking B-Note for 730 vehicles is available on the 12.2-acre site. The sponsor, Kennedy-Wilson, Inc. $0.0 (Kennedy-Wilson), acquired the property in December 2013 via a note sale. Kennedy- Mezz Wilson foreclosed in January 2014 and took ownership of the property in partnership $0.0 with CCA Acquisition Company, LLC (CCA) through joint venture (JV), KW Victory Total Debt Plaza Loan, LLC (the borrower). KW Victory Plaza Loan, LLC spent about $10.3 $27.0 million in renovations and repositioning, largely in 2016/2017, including construction Loan Purpose and gut rehabilitation for one junior-anchored building and in-line tenant space, facade Refinance renovation and TIs. At acquisition, Victory Plaza was 82.0% occupied. Equity Contribution/ (Distribution) ($ million) ($0.5) Victory Plaza is grocery anchored by Vallarta Supermarket Inc. (Vallarta), a niche chain of 50 stores throughout California offering Latin foods and products as well as traditional grocery items. Vallarta is owned by two related families who plan to expand at a rate of three stores per year, targeting 100 Hispanic communities by 2030. In late 2018, Vallarta executed an early extension on its lease through 2033 and plans to spend between $1.0 million and 2.0 million on a store remodel in addition to its

Structured Finance: CMBS 74 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

VICTORY PLAZA – NORTH HOLLYWOOD, CA

$1.0 million TI allowance. Vallarta has the option to terminate its lease effective November 30, 2022, if it is unable to obtain permits for tenant work by December 31, 2019. In the event of such termination, the TI allowance and work will be withheld and the rent will remain at $4.24 psf through November 2022. If no written notice is provided by December 2019, the termination option will expire. Victory Plaza is fitness anchored by LA Fitness International LLC (LA Fitness), which has been leasing at the property for six years. Victory Plaza is junior anchored by Petco, CVS Pharmacy (CVS) and U.S. Renal Care, which signed a ten-year lease in July 2019. Citibank, N.A. (Citibank; rated AA (low) with a Stable trend by DBRS) occupies the free-standing building while Chipotle Mexican Grill, Inc. (Chipotle) and Blaze Pizza LLC (Blaze Pizza) occupy the two-tenant restaurant pad with leases expiring in 2027.

TENANT SUMMARY

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

Vallarta Supermarket 31,117 22.8% $13.32 10.8% Nov-33 N

LA Fitness 28,830 21.1% $29.01 21.8% Dec-25 N

Petco 15,000 11.0% $30.69 12.0% Jan-28 N

CVS Pharmacy 13,478 9.9% $8.12 2.8% Oct-22 Y

US Renal Care 12,199 8.9% $35.19 11.2% Jun-29 N

Subtotal/Wtd. Avg. 100,624 73.8% $23.27 58.5% Various Various

Other Tenants 34,981 25.6% $45.57 41.5% Various n/a

Vacant Space 798 0.6% n/a n/a Various n/a

Total/Wtd. Avg. 136,403 100.0% $34.42 100.0% Various Various

Vallarta, LA Fitness and Petco have dark-store clauses. The landlord may terminate the LA Fitness and Petco leases if these tenants cease operations for over 180 days and 30 days continuously, respectively. Junior-anchor Petco has a co-tenancy clause with Vallarta and CVS, entitling Petco to pay 25.0% of base rent if either anchor is not open and operating for over 90 days until the co-tenancy violation has been cured. Petco may terminate its lease if the violation persists for over 12 months. In-line tenant, Chipotle (representing 1.5% of NRA), also has a co-tenancy clause. Victory Plaza has fairly granular rollover in the first six years of the term with about 46.0% of the NRA and 36.0% of base rent expiring in 2027 or later and about a quarter of overall DBRS base rent expiring in 2028. U.S. Renal Care and two tenants, representing 3.1% of NRA, also have early termination options.

SPONSORSHIP The borrower is a JV between CCA, a multi-tenant retail and value-add focused investor with over 73 properties in the western United States, and Kennedy-Wilson, a global real estate investment firm with $16 billion in assets under management and 30 years of experience. CCA is 50/50 owned by Steven Usdan and Helena Usdan who, along with CCA, have a 21.1% stake in the borrower and will be the carveout guarantors for the loan. As of December 2018, Mr. Usdan’s and Mrs. Usdan’s net worth and liquidity are $69 million and $1.9 million, respectively. Kennedy-Wilson has net worth of $1.3 billion and liquid assets of $445 million.

The property is managed by Arcadia Management Group LLC (Arcadia) at the contractual fee of the greater of 3.75% or $2,000 per month. Arcadia manages a portfolio over 29 million sf.

Structured Finance: CMBS 75 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

VICTORY PLAZA – NORTH HOLLYWOOD, CA

DBRS ANALYSIS SITE INSPECTION SUMMARY

DBRS toured the interior and exterior of the property on July 11, 2019, at approximately 9:30 a.m. Based on the site inspection, DBRS found the property quality to be Average.

The property is favorably situated along Victory Boulevard, due east of the intersection with Coldwater Canyon Avenue. The relatively well-trafficked Victory Boulevard serves as a primary commercial corridor for the predominantly residential surrounding community and offers the only direct access and visibility to the collateral. At the time of DBRS’s inspection, the collateral’s location appeared to be generally conducive to ongoing business operations, evidenced by a relatively full parking lot and steady flow of traffic throughout the center. Furthermore, the subject benefits from the concentration of dining options in the immediate area.

The collateral comprises three big-box retail spaces with attached in-line space and two outparcel buildings that were leased to Citibank, Chipotle and Blaze Pizza at the time of DBRS’s inspection. All buildings at the property featured a consistent exterior design scheme, consisting of a two-tone beige-stucco and stone exterior facade. The subject’s big-box anchor space was occupied by Vallarta. In-line tenant suites are stretched in an L shape on either side of Vallarta and generally featured covered walkways and floor-to-ceiling glass-window frontage. The suite interiors ranged in finish quality based on the tenant, but generally featured drop-tile acoustic ceilings and either vinyl wood, tile or carpet flooring. Overall, DBRS found the property to be well located and generally well maintained at the time of inspection.

Structured Finance: CMBS 76 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

VICTORY PLAZA – NORTH HOLLYWOOD, CA

NCF SUMMARY

NCF ANALYSIS

T-12 2016 2017 2018 March 2019 Issuer NCF DBRS NCF NCF Variance

GPR $1,582,024 $1,936,372 $2,521,840 $2,534,214 $3,027,090 $3,052,635 0.8%

Recoveries $334,367 $395,004 $639,491 $777,885 $827,545 $827,616 0.0%

Other Income $5,000 $302 $7,842 $10,598 $26,225 $26,225 0.0%

Vacancy $0 $0 $0 $0 (192,731) (314,392) 63.1%

EGI $1,921,391 $2,331,678 $3,169,173 $3,322,697 $3,688,129 $3,592,084 -2.6%

Expenses $475,046 $665,594 $715,508 $758,367 $912,743 $925,207 1.4%

NOI $1,446,345 $1,666,084 $2,453,665 $2,564,330 $2,775,386 $2,666,877 -3.9%

Capex $0 $0 $0 $0 $23,219 $27,281 17.5%

TI/LC $0 $0 $0 $0 $68,276 $63,137 -7.5%

NCF $1,446,345 $1,666,084 $2,453,665 $2,564,330 $2,683,891 $2,576,460 -4.0%

The DBRS NCF is based on the DBRS North American Commercial Real Property Analysis Criteria. The resulting DBRS NCF was $2,576,460, representing a -4.0% variance from the Issuer’s NCF.

The primary driver of the variance was vacancy. DBRS based GPR on leases in place per the rent roll dated July 2019 with rent steps accepted through February 2020. DBRS estimated an economic vacancy loss of 8.1% at the property compared with the Issuer’s estimated economic vacancy loss of 5.0%. The DBRS-estimated economic vacancy loss was based on a blend of 5.0% and 10% for major and in-line tenants, respectively. Per Reis, the collateral’s submarket exhibited an average vacancy rate of 10.9% over the five-year period ending December 2019, although the vintage has a vacancy rate of 5.7% and the subject is currently 100.0% occupied.

DBRS VIEWPOINT The collateral is slightly recessed, reducing visibility along the busy thoroughfare of Victory Boulevard. To its benefit, the subject is at the heart of the regional retail corridor, surrounded by dense residential developments on all sides. Excluding commercial concentrations along Van Nuys Boulevard, the surrounding community is predominantly residential in nature, further amplifying the business appeal of the subject’s location for local and national retailers. Per the rent roll dated June 2019, the collateral was 100.0% physically occupied by a relatively diverse roster of 23 local and national retail tenants. No single in-line or outparcel tenant accounts for more than 2.9% of total NRA or 5.0% of total DBRS base rent. The anchor tenant, Vallarta, accounts for 22.8% of total NRA and 10.8% of total DBRS base rent and has a termination option effective November 30, 2022, making the property vulnerable to event risk related to the anchor tenant. Vallarta has occupied its space at Victory Plaza for 12 years with generally steady average annual sales of a healthy $585 psf since 2014. Average sales for the grocery chain as of 2017 is $500 psf, per MAXIM.

Structured Finance: CMBS 77 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

VICTORY PLAZA – NORTH HOLLYWOOD, CA

DOWNSIDE RISKS –– The loan is full-term IO and therefore prone to elevated default risk at maturity.

STABILIZING FACTORS –– The loan is modestly to lower leveraged with a DBRS Issuance LTV of 49.2%. The desirability of the subject’s location is evidenced by Vallarta executing an early lease extension in 2018 (now expiring in November 2033) and planning to invest $1.0 to $2.0 million dollars of its own money into its space in addition to the $1.0 million the sponsor is providing in conjunction with the extension. Additionally, the sponsor recent executed a new ten-year lease with U.S. Renal Care in July 2019 for 12,022 sf (8.8% of the NRA) at a rent of $28.50 psf NNN.

Structured Finance: CMBS 78 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

Liberty MA Portfolio Worcester, MA

Loan Snapshot Seller CCRE Ownership Interest Fee Simple Trust Balance ($ million) $20.0 Loan psf/Unit $98 Percentage of the Pool 2.5% Loan Maturity/ARD August 2029 COLLATERAL SUMMARY Amortization 25 years DBRS Property Type Mixed-Use Year Built/Renovated Various DBRS Issuance DSCR City, State Worcester, MA Physical Occupancy 86.1% 1.58x Units/SF 360,469 Physical Occupancy Date June 2019 DBRS Issuance LTV 66.2% DBRS Balloon LTV This loan is secured by the borrower’s fee-simple interest in the Liberty Portfolio, 48.2% a mixed-use portfolio consisting of three properties totaling 360,469 sf located in DBRS Property Type Worcester, Massachusetts. Loan proceeds of $35.5 million will be used to refinance Mixed Use existing debt of approximately $22.1 million, finance a planned $7.7 million partner DBRS Property Quality buyout, return $4.4 million in equity to the borrower, cover $630,000 of closing costs Average and fund $714,975 in upfront reserves. The ten-year loan amortizes over a 25-year Debt Stack ($ million) schedule. Trust Balance $20.0 PORTFOLIO SUMMARY Pari Passu $15.5 % of B-Note Cut-Off Cut-Off $0.0 Year Built/ Date Loan Date Loan Property City, State SF Renovated Amount Amount Occupancy Largest Tenant Mezz $0.0 151 West Worcester, 50,370 1920/2014 $5,600,000 18.8% 100.00% Commonwealth Boylston MA of Mass Total Debt Street (DCF East) $35.5 Loan Purpose 8 New Worcester, 32,524 1890/2015 $3,200,000 8.9% 100.00% Commonwealth Refinance Bond MA of MA (DEP) Street Equity Contribution/ (Distribution) ($ million) 10-14 Worcester, 277,575 1901/2008 $26,700,000 72.3% 81.90% Central MA ($4.4) New Bond MA Spec. ED Street

Total/ Worcester, 360,469 Various $35,500,000 100.0% 86.1% Various Wtd. Avg. MA

151 West Boylston Street is a 50,370-sf one-story mixed-use building that is 100.0% occupied by three government agencies: Massachusetts Department of Children and

Structured Finance: CMBS 79 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

LIBERTY MA PORTFOLIO – WORCESTER, MA

Families (DCF; rated Aa1 by Moody’s and AA+ by Fitch), Massachusetts State Lottery (Lottery; rated Aa1 by Moody’s and AA+ by Fitch) and the United States Department of Agriculture (USDA; rated Aa1 by Moody’s and AA+ by Fitch). The property was constructed in 1920 and underwent a $1.8 million renovation in 2014 to the DCF space. Capital improvements to the other tenant spaces included a $806,654 build-out for the Lottery space in 2006 and a $1.2 million build-out for the USDA space in 2009. The three tenants have also collectively invested $550,000 of their own capital into the spaces.

The portfolio’s largest property is 10-14 New Bond Street, a flex (46.2% of NRA) and industrial (53.8% of NRA) facility totaling 277,575 sf. The property was constructed in 1901 and underwent its most recent renovation in 2008. The building is 81.9% occupied by four tenants: Central Massachusetts Special Education Collaborative (CMSEC; rated Aa1 by Moody’s and AA+ by Fitch), A. Schulman, Inc. (A. Schulman), Reed Machinery, Inc. (Reed Machinery) and United Rentals, Inc. (United Rentals; rated Ba3 by Moody’s). CMSEC received a $13.4 million ($112.99 psf ) fit-out package in 2017 while A. Schulman received a $2.2 million build-out in 2015. The tenants invested approximately $1.0 million and $400,000 of their own capital into the projects and their spaces, respectively.

The portfolio’s smallest property is 8 New Bond Street, a 32,524-sf office building. Originally built in 1890, the property underwent its most recent renovation in 2015. The building has been exclusively occupied by the Massachusetts Department of Environmental Protection (MassDEP; rated Aa1 by Moody’s and AA+ by Fitch) since 2014. The building has a five-story component that was formerly used as office space; however, the space in this component is mostly unusable because of a one-story contiguous section of the building that was added to accommodate MassDEP’s needs. The 2014 build-out package was approximately $3.4 million and the tenant personally invested $300,000 into the project.

TENANT SUMMARY

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

Central MA Spec. Ed 118,068 32.8% $17.67 43.8% 8/2027 Y

Commonwealth of MA (DEP) 32,524 9.0% $22.71 15.5% 11/2024 Y

10. Commonwealth of Mass (DCF East) 24,268 6.7% $25.87 13.2% 8/2024 Y

A. Schulman, Inc. 73,859 20.5% $5.63 8.7% 9/2020 N

8. Commonwealth of Mass (Lottery) 17,400 4.8% $20.35 7.4% 1/2021 Y

Subtotal/Wtd. Avg. 266,119 73.8% $15.87 88.6% Various Various

Other Tenants 44,094 12.2% $12.30 11.4% Various Various

Vacant Space 50,256 13.9% n/a n/a n/a n/a

Total/Wtd. Avg. 360,469 100.0% $13.22 100.0% Various Various

SPONSORSHIP The loan’s sponsor is Liberty Companies, a firm located in Newton, Massachusetts, that acquires, redevelops and markets underperforming properties. Since its establishment in 1980, the sponsor has developed and marketed upward of 30.0 million sf totaling more than $1.0 billion in value. Liberty Companies is experienced in the market as it currently manages more than 5.0 million sf of industrial and office properties in New England.

Structured Finance: CMBS 80 PRESALE REPORT — CD 2019-CD8 AUGUST 2019

LIBERTY MA PORTFOLIO – WORCESTER, MA

DBRS ANALYSIS SITE INSPECTION SUMMARY

DBRS toured the interior and exterior of the properties on July 15, 2019, at approximately 10:30 a.m. Based on the site inspection and management tour, DBRS found the property quality to be Average.

The collateral consists of three mixed-use properties located in Worcester. Positioned just north of the I-190 and I-290 intersection, the properties benefit from strong accessibility to the entire state. As a result, the portfolio has attracted a mix of government and industrial tenants that value this central location.

151 WEST BOYLSTON DRIVE The 50,370-sf mixed-use building is occupied by three tenants with front entrances to the suites on the eastern and southern sides of the building along West Boylston Drive. The exterior of the building was composed of red brick with tall windows aligning the fronts of the suites. The one-story building is structured with a strip of 25-foot clear ceilings running through the middle of the building and 15-foot clear ceilings along the sides of the building. While employees and visitors for the Lottery and DCF are able to use the two parking lots along West Boylston Drive, there is a third gated parking lot designated for USDA federal cars off a low-traffic road on the western portion of the site.

The 17,400-sf Lottery space runs through the entire western side of the building and was configured with a lottery ticket teller upon entering with office space behind and warehouse space in the back. The office space primarily consisted of cubicles with a handful of side offices and boardroom-style conference rooms along the perimeter. The warehouse space is located in the portion of the building with 25-foot clear ceilings and has three loading doors on the northern side of the building. The USDA occupies 8,702 sf of office space with 15-foot clear heights along the eastern side of the building. Aside from some cubicles and side offices, the space primarily consisted of an open floorplan with large cafeteria-style tables allowing for an open, collaborative environment. The windows along the building’s exterior allowed for adequate lighting throughout the space. DCF occupied the remaining 32,524 sf office space. A lobby area and front desk were positioned at the entrance and the office space was primarily structured with side offices and rooms along various hallways.

10-14 NEW BOND STREET The property consists of a 267,425-sf multi-tenant mixed-use building and a 10,150-sf single-tenant industrial building. United Rentals occupied the 10,150-sf stand-alone industrial building. Fencing and a large parking lot around the building allow for United Rentals to store machinery and equipment outside while the building’s 25-foot clear heights allow for machinery to be moved inside for maintenance. The remaining four tenant spaces are located in the 267,425-sf flex

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LIBERTY MA PORTFOLIO – WORCESTER, MA building. Reed Machinery and one vacant tenant space are located at the front of the building. Although DBRS was not able to tour the space because of the tenant’s proprietary manufacturing processes, the space was structured with 25-foot clear heights and one loading door at the rear of the building. The entrance to the 50,256-sf vacant space was situated next to Reed Machinery’s space. The space was obsolete with a complex ceiling configuration that management noted would require a complete retrofit for a new tenant. The remaining two spaces occupied by A. Schulman and the Commonwealth of Massachusetts (DEP) had entrances on the backside of the building. As A. Schulman has a production facility approximately one mile away, the tenant’s 73,859-sf space at the collateral was configured for standard warehouse use. One half of the space had 25-foot clear heights with three receiving doors while the other half had 30-foot clear heights with six shipping doors. A small amount of office space was located at the front of the space and the warehouse space was lined with storage shelving. CMSEC occupied the remaining 118,068-sf space along the eastern side of the building. The space is used as a special education school and recently underwent a $13.5 million fit-out in 2017. Structured with two long parallel hallways lined with classrooms, the space has a large capacity with upward of 70 classrooms. The space also includes various creative indoor play spaces, a gymnasium, full cafeteria and a fenced-in outdoor courtyard equipped with basketball courts and a playground.

8 NEW BOND STREET The 32,524-sf building is solely occupied by MassDEP. The building is configured with a five-story section at the frontage of the property and one-story continuous space extending toward the back of the site. The one-story contiguous portion of the building has 15-foot clear heights along each side of the building with a 25-foot clear height ceiling through the middle of the space. As this extended into the five-story portion, management had to raise the building’s first-floor ceiling to 15-foot clear heights. This structural change resulted in approximately 21,600 sf of space on the upper floors of the building becoming unusable. Approximately 25,000 sf of the tenant’s space was used as office space with the remaining space primarily used as lab space. The exterior of both components of the building were composed of red brick and there was a noticeable difference between the vintage of bricks on the exterior of each section. Two rows of window cells lined the exterior of the contiguous section with the higher row covered by black shutters.

DBRS NCF SUMMARY

NCF ANALYSIS

2016 2017 2018 T-12 April 2019 Issuer NCF DBRS NCF NCF Variance

GPR $3,295,203 $4,127,691 $4,575,309 $4,672,388 $5,149,131 $4,943,515 -4.0%

Recoveries $520,941 $558,801 $923,645 $1,043,482 $1,020,467 $1,003,733 -1.6%

Other Income $0 $0 $0 $0 $0 $0 0.0%

Vacancy $0 $0 $0 $0 (456,077) (506,845) 11.1%

EGI $3,816,143 $4,686,493 $5,498,954 $5,715,870 $5,713,521 $5,440,403 -4.8%

Expenses $1,466,207 $1,458,815 $1,740,559 $1,740,559 $1,854,129 $1,891,481 2.0%

NOI $2,349,936 $3,227,678 $3,758,395 $3,975,311 $3,859,392 $3,548,922 -8.0%

Capex $0 $0 $0 $0 $54,070 $63,248 17.0%

TI/LC $0 $0 $0 $0 $270,352 $572,460 111.7%

NCF $2,349,936 $3,227,678 $3,758,395 $3,975,311 $3,534,970 $2,913,214 -17.6%

The DBRS NCF is based on the DBRS North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS NCF was $2,913,214, representing in a -17.6% variance from the Issuer’s NCF. The primary drivers of the variance are TI/ LCs and vacancy. TI/LC assumptions were based on the appraiser’s market assumptions, resulting in $1.08 psf for TIs and $0.51 psf for LCs compared with the Issuer’s figure of $0.38 psf for both TIs and LCs. DBRS applied an actual economic vacancy of 36.0% to industrial space and a vacancy of 5.0% to all other space.

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LIBERTY MA PORTFOLIO – WORCESTER, MA

DBRS VIEWPOINT The collateral is a portfolio of three mixed-use properties built between 1890 and 1924. The portfolio has nine tenant spaces and is 86.1% occupied with only 10-14 New Bond not 100.0% occupied. As much of the space has become obsolete or outdated over the years, the sponsor and tenants have invested approximately $23.3 million into the properties over the past ten years to increase the functionality of spaces. The portfolio has a high concentration of government entities with five tenants occupying 200,962 sf (55.8% of NRA). While this concentration could present a risk of funding loss, the risk is mitigated by each tenant functioning under a different government department. The majority of the industrial space is occupied by non-government tenants, two of which have been in occupancy at the collateral for over 15 years, which demonstrates long-term commitment to the property. The remaining tenant, A. Schulman, has only occupied the property since 2015 and has a lease expiring in 2020. While this presents rollover risk, it is reasonable to expect that A. Schulman will renew its lease as it invested $400,000 into its $2.2 million build-out package and has a production facility located within one mile of the subject. The 50,256-sf vacant industrial space needs a complete renovation for a new tenant, which could be a considerable cost burden for the sponsor in the near future as the loan is not structured with an upfront TI/LC reserve.

DOWNSIDE RISKS –– The loan exhibits refinance risk with a relatively high DBRS Issuance LTV of 66.2%. –– The loan facilitated a $3.5 million return of equity to the sponsor. –– The portfolio has a high concentration of government tenants occupying approximately 200,962 sf (55.8% of NRA), which presents the risk of funding loss.

STABILIZING FACTORS –– The loan amortizes on 25-year schedule, resulting in a DBRS Balloon LTV of approximately 56.9%. –– The sponsor has owned 151 West Boylston Drive and 8 New Bond Street since 2005 and 10-14 New Bond Street since 1997. Furthermore, the sponsor has invested approximately $23.3 million in capex at the property over the past ten years. Additionally, six of the eight tenants have invested a total of approximately $2.2 million into the portfolio’s spaces. –– All government tenants operate under different government departments, which creates a degree of diversity within this heavily concentrated tenant category.

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Transaction Structural Features

CREDIT RISK RETENTION The risk retention interest (VRR Interest) represents the eligible vertical interest to meet the risk retention requirements of Section 15G of The Securities Exchange Act of 1934. Deutsche Bank AG, New York Branch and a party selected by MUFG Principal Commercial Capital is acting as the retaining sponsor under the credit risk retention rules.

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 Direct- ing Certificateholder 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 rating agencies, the trustee and the certificate administrator, who will be required to make the report available through its website. After the occurrence and continuance of a consultation termination event (see definitions below in the Directing Certificateholder Rights section), if the operating advisor determines that the special servicer is not performing its duties as required under the Pooling and Servicing Agreement (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 (1) 0.00213% with respect to each such mortgage loan (except 888 Figueroa, Uline Arena, Pharr Town Center and Liberty MA Portfolio), (2) 0.00346% with respect to the 888 Figueroa mortgage loan, (3) 0.00451% with respect to the Uline Arena mortgage loan, (4) 0.00463% with respect to the Pharr Town Center mortgage loan and (5) 0.00713% with respect to the Liberty MA Portfolio mortgage loan per annum (p.a.) with respect to all loans in the pool. 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 the fee 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 princi- pal (plus fees) at the time of liquidation. The special servicer shall attempt to obtain an MAI appraisal to be used for appraisal-reduction purposes within 60 days of an appraisal-reduction event. The time frame for an appraisal to be used for appraisal-reduction purposes is no less than 12 months.

PARI PASSU LOAN COMBINATIONS Woodlands Mall whole loan will be serviced under the PSA for the BMARK 2019-B12 transaction. 505 Fulton Street will be serviced under the PSA for the CGCMT 2019-GC41 transaction. The Wind Creek Leased Fee whole loan will be temporarily serviced under the PSA for the CGCMT 2019-GC41 transaction, until such time as the related controlling pari-passu companion loan is securitized in a separate securitization. At that time, the servicing and administration of such whole loan will shift to the related master servicer and related special servicer under the related PSA and will be governed exclusively by the PSA entered into in connection with that securitization and the related intercreditor agree- ment. Moffett Towers II – Buildings 3 & 4 will be serviced under the PSA for the MFTII 2019-B3B4 transaction. Visions Hotel Portfolio II will be serviced pursuant to the PSA for the MSC 2019-H7 transaction. The Citizen Hotel Sacramento Mortgage Loan is evidenced by a single promissory note, Note A, with a Cut-off Date Balance of $34,000,000. The Citizen Hotel Sacramento Whole Loan consists of the Citizen Hotel Sacramento Mortgage Loan and one subordinate pari-passu companion note (the Citizen Hotel Sacramento B Note) with an outstanding principal balance of $6,000,000. The Citizen

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Hotel Sacramento Whole Loan will be serviced pursuant to the PSA in accordance with the terms of the PSA and the related Intercreditor Agreement (the Citizen Hotel Sacramento Co-Lender Agreement).

DIRECTING CERTIFICATEHOLDER RIGHTS The transaction’s most subordinate bonds are controlled by the most subordinate bondholders. The directing certificate- holder will generally be the controlling class certificateholder (or its representative) selected by more than a specified percentage of the controlling class certificateholders by certificate balance, as certified by the certificate registrar from time to time as provided for in the PSA. However, in certain circumstances, there may be no directing certificateholder even if there is a controlling class and, in other circumstances, there will be no controlling class. The controlling class is the most subordinate of the Class F, Class G-RR, Class H-RR and Class J-RR certificates (the control-eligible certificates) then outstanding that has a principal amount (net of appraisal-reduction amounts) that is at least 25.0% of the initial certificate amount of such class. For so long as at least one of the Class F, Class G-RR, Class H-RR and Class J-RR certifi- cates has a principal amount (net of 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 Class F certificates have an aggregate principal balance that is less than 25.0% of the initial certificate balance (net of appraisal-reduction amounts). A consultation termination event will occur when either 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.

EXCLUDED LOAN If the special servicer becomes a borrower party with respect to any mortgage loan, it will be required to resign. The directing holder (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 certificate- holder (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. The workout fee is equal to 1.0% of all payments of P&I received on each corrected loan so long as it remains a corrected loan. Both fees are subject to a minimum fee of $25,000 and a maximum fee of $1.0 million. The special servicing fee is equal to the greater of 0.25% per year or the annual rate that would result in a fee of $3,500 for the related month on mortgage loan (other than any non-serviced loan) to which a special servicing transfer has occurred, but which has not become a corrected loan, as well as on any related serviced companion and REO loan(s). The special servicer for each non-serviced loan combination will accrue an equivalent spe- cial servicing fee, 0.250% p.a., with respect to each non-serviced loan combination, pursuant to their respective PSAs.

DISCLOSABLE SPECIAL SERVICING FEES 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 arrangement) 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 (RACS) This transaction contemplates waivers of RACs. It is the intent of DBRS to waive loan-level RACs, yet to receive notice upon their occurrence. DBRS will review all loan-level changes as part of its monthly surveillance. DBRS will not waive

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RACs that affect any party involved in the operational risk of the transaction (i.e., replacement of special servicer, master servicer, etc.).

Methodologies

The following are the methodologies DBRS 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 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.

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

This report is based on information as of August 5, 2019. Subsequent information may result in material changes to the rating assigned herein and/or the contents of this report.

The DBRS group of companies consists of DBRS, Inc. (Delaware, U.S.)(NRSRO, DRO affiliate); DBRS Limited (Ontario, Canada)(DRO, NRSRO affiliate); DBRS Ratings GmbH (Frankfurt, Germany)(CRA, NRSRO affiliate, DRO affiliate); and DBRS Ratings Limited (England and Wales)(CRA, NRSRO affiliate, DRO affiliate). For more information on regulatory registrations, recognitions and approvals, please see: http://www.dbrs.com/research/highlights.pdf.

© 2019, DBRS. All rights reserved. The information upon which DBRS ratings and other types of credit opinions and reports are based is obtained by DBRS from sources DBRS believes to be reliable. DBRS does not audit the information it receives in connection with the analytical process, and it does not and cannot independently verify that information in every instance. The extent of any factual investigation or independent verification depends on facts and circumstances. DBRS ratings, other types of credit opinions, reports and any other information provided by DBRS are provided “as is” and without representation or warranty of any kind. DBRS hereby disclaims any representation or warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability, fitness for any particular purpose or non-infringement of any of such information. In no event shall DBRS or its directors, officers, employees, independent contractors, agents and representatives (collectively, DBRS Representatives) be liable (1) for any inaccuracy, delay, loss of data, interruption in service, error or omission or for any damages resulting therefrom, or (2) for any direct, indirect, incidental, special, compensatory or consequential damages arising from any use of ratings and rating reports or arising from any error (negligent or otherwise) or other circumstance or contingency within or outside the control of DBRS or any DBRS Representative, in connection with or related to obtaining, collecting, compiling, analyzing, interpreting, communicating, publishing or delivering any such information. Ratings, other types of credit opinions, other analysis and research issued or published by DBRS are, and must be construed solely as, statements of opinion and not statements of fact as to credit worthiness, investment advice or recommendations to purchase, sell or hold any securities. A report with respect to a DBRS rating or other credit opinion is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. DBRS may receive compensation for its ratings and other credit opinions from, among others, issuers, insurers, guarantors and/or underwriters of debt securities. DBRS is not responsible for the content or operation of third party websites accessed through hypertext or other computer links and DBRS shall have no liability to any person or entity for the use of such third party websites. This publication may not be reproduced, retransmitted or distributed in any form without the prior written consent of DBRS. ALL DBRS RATINGS AND OTHER TYPES OF CREDIT OPINIONS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AT http://www.dbrs.com/about/disclaimer. ADDITIONAL INFORMATION REGARDING DBRS RATINGS AND OTHER TYPES OF CREDIT OPINIONS, INCLUDING DEFINITIONS, POLICIES AND METHODOLOGIES, ARE AVAILABLE ON http://www.dbrs.com.

Structured Finance: CMBS 87 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 Refi DSCR Net Operating Income (NOI) A measure that divides DBRS stabilized NCF by the product of the loan’s maturity The revenues earned by a property’s ongoing operations less the expenses balance and a stressed refinance debt constant. associated with such operations but before mortgage payments, tenant improvements, replacement reserves and leasing commissions. DBRS Term DSCR A measure that divides DBRS stabilized NCF by the actual debt service payment Net Rentable Area (NRA) The area (sf) for which rent can be charged. NRA includes the tenant’s premises Debt Service Coverage Ratio (DSCR) plus an allocation of the common area directly benefiting the tenant, such as A measure of a mortgaged property’s ability to cover monthly debt service common corridors and restrooms. payments, defined as the ratio of net operating income (NOI) or net cash flow (NCF) to the debt service payments. Revenue Per Available Room (RevPAR) A measure that divides revenue by the number of available rooms, not the number Effective Gross income (EGI) of occupied rooms. It is a measure of how well the hotel has been able to fill rooms Rental revenue minus vacancies plus miscellaneous income. in the off-season, when demand is low even if rates are also low, and how well it fills the rooms and maximizes the rate in the high season, when there is high Issuer UW demand for hotel rooms. Issuer underwritten from Annex A or servicer reports. Tenant Improvements (TIs) Loan-to-Value (LTV) The expense to physically improve the property or space, such as new The ratio between the principal amount of the mortgage balance, at origination improvements or remodelling, paid by the borrower. or thereafter, and the most recent appraised value of the underlying real estate collateral, generally from origination. Weighted Average (WA) Calculation is weighted by the size of each mortgage in the pool. Net Cash Flow (NCF) The revenues earned by a property’s ongoing operations less the expenses associated Weighted-Average Coupon (WAC) with such operations and the capital costs of tenant improvements, leasing commissions The average coupon or interest payment on a set of mortgages, weighted by the and capital expenditures (or reserves). Moreover, NCF is net operating income (NOI) size of each mortgage in the pool. less tenant improvements, leasing commissions and capital expenditures.