PRESALE REPORT Citigroup Commercial Mortgage Trust 2019-C7

DECEMBER 2019 STRUCTURED FINANCE: CMBS Table of Contents

Capital Structure 3 Transaction Summary 4 Rating Considerations 5 DBRS Morningstar Credit Characteristics 7 Largest Loan Summary 8 DBRS Morningstar Sample 10 Transaction Concentrations 13 Loan Structural Features 14 490-504 Myrtle Avenue 18 650 Madison Avenue 23 805 3rd Avenue 27 East Village Multifamily Portfolio Pool 2 32 405 E 4th Avenue 36 Gartner Campus South 40 Harvey Building Products 44 Marriott Phoenix Airport 50 Austin Landing Mixed-Use 55 Giant Anchored Portfolio 60 East Village Multifamily Portfolio Pool 1 66 Park Central Tower 70 Shoppes at Parma 76 Transaction Structural Features 81 Methodologies 83 Surveillance 83 Glossary 84 Definitions 84

Walter Johnston Greg Haddad Vice President Senior Vice President +1 646 560-4589 +1 646 560-4590 [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 | CGCMT 2019-C7

Capital Structure

Description Rating Action Balance ($) Subordination (%) DBRS Morningstar Trend Rating

Class A-1 New Rating – Provisional 23,936,000 30.000 AAA (sf) Stable

Class A-2 New Rating – Provisional 43,000,000 30.000 AAA (sf) Stable

Class A-3 New Rating – Provisional 306,000,000 30.000 AAA (sf) Stable

Class A-4 New Rating – Provisional 348,619,000 30.000 AAA (sf) Stable

Class A-AB New Rating – Provisional 45,958,000 30.000 AAA (sf) Stable

Class A-S New Rating – Provisional 69,898,000 23.625 AAA (sf) Stable

Class X-A New Rating – Provisional 837,411,000 - AAA (sf) Stable

Class B New Rating – Provisional 50,711,000 19.000 AAA (sf) Stable

Class C New Rating – Provisional 53,452,000 14.125 A (high) (sf) Stable

Class X-B New Rating – Provisional 104,163,000 - AA (low) (sf) Stable

Class D New Rating – Provisional 34,264,000 11.000 BBB (high) (sf) Stable

Class E New Rating – Provisional 28,782,000 8.375 BBB (low) (sf) Stable

Class X-D New Rating – Provisional 63,046,000 BBB (sf) Stable

Class F New Rating – Provisional 15,076,000 7.000 BB (high) (sf) Stable

Class X-F New Rating – Provisional 15,076,000 - BBB (low) (sf) Stable

Class G New Rating – Provisional 13,705,000 5.750 BB (high) (sf) Stable

Class X-G New Rating – Provisional 13,705,000 - BBB (low) (sf) Stable

Class H New Rating – Provisional 12,335,000 4.625 B (high) (sf) Stable

Class X-H New Rating – Provisional 12,335,000 - BB (low) (sf) Stable

Class J-RR New Rating – Provisional 17,818,000 3.000 B (low) (sf) Stable

Class K-RR NR - - NR n/a

Class VRR NR - - NR n/a

Class S NR - - NR n/a

Class R NR - - NR n/a

Notes: 1. NR = Not Rated. 2. The Class X-B, X-D, D, E, F, G, H, J-RR, K-RR, VRR, S, and R Interest will be privately placed. 3. The exact initial certificate balances of the Class A-3 and A-4 certificates will be determined based on the final pricing of those classes of certificates. The aggregate initial certificate balance of the Class A-3 and A-4 certificates is expected to be approximately $654,619,000, subject to a variance of plus or minus 5%. 4. The notional amount of each class of the Class X Certificates will be equal to the certificate balance or the aggregate of the certificate balances, as applicable, from time to time of the class or classes of the Nonvertically Retained Principal Balance Certificates identified as such class of the Class X Certificates. The notional amount of the Class X-A certificates will be equal to the aggregate balance of the Class A-1, A-2, A-3, A-4, A-AB, and A-S certificates. The notional amount of the Class X-B certificates will be equal to the aggregate balance of the Class B and C certificates. The notional amount of the Class X-D certificates will be equal to the aggregate balance of the Class D and E certificates. 5. The Class X-A, X-B, X-D, X-F, X-G, and X-H balances are IO certificates that reference a single rated tranche or multiple rated tranches. The IO rating mirrors the lowest- rated reference tranche adjusted upward by one notch if senior in the waterfall. All Class X Certificates are paid at the top of the waterfall along with the Class A-1, A-2, A-3, A-4, and A-AB certificates.

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Transaction Summary

POOL CHARACTERISTICS

Trust Amount $1,139,147,570 Wtd. Avg. Interest Rate 3.925%

Number of Loans 55 Wtd. Avg. Remaining Term 117

Number of Properties 113 Wtd. Avg. Remaining Amortization 375

Average Loan Size $20,711,774 Total DBRS Morningstar Expected -6.6% Amortization1

DBRS Morningstar Issuance LTV 63.3% DBRS Morningstar Balloon LTV 58.9%

Appraised Issuance LTV 61.8% Average Appraised Balloon LTV 57.6%

Wtd. Avg. DBRS Morningstar DSCR 1.77 Wtd. Avg. Issuer Term DSCR 2.00x

Top Ten Loan Concentration 34.8% Avg. DBRS Morningstar NCF Variance -11.6%

1. For certain ARD loans, expected amortization may include amortization expected to occur after the ARD but prior to single/major tenant expiry.

PARTICIPANTS

Depositor Citigroup Commercial Mortgage Securities Inc.

Mortgage Loan Sellers Citi Real Estate Funding Inc. Ladder Capital Finance, LLC Starwood Mortgage Capital LLC Rialto Mortgage Finance, LLC

Master Servicer Wells Fargo Bank, National Association

Special Servicer LNR Partners, LLC

Certficate Administrator Citibank, N.A.

Trustee Wilmington Trust, National Association

Operating Advisor Pentalpha Surveillance, LLC

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Rating Considerations

The collateral consists of 55 fixed-rate loans secured by 113 commercial and multifamily properties. The transaction is a sequential-pay pass-through structure. DBRS Morningstar analyzed the conduit pool to determine the provisional ratings, reflecting the long-term probability of loan default within the term and its liquidity at maturity. Two loans represent- ing approximately a combined 8.8% of the pool have investment-grade shadow ratings from DBRS Morningstar. Based on the cutoff loan balances against the DBRS Morningstar Stabilized NCF and their respective actual constants, five loans, representing a combined 5.1% of the pool, had a DBRS Morningstar Term DSCR below 1.32x, a threshold indicative of a higher likelihood of midterm default. The pool additionally includes 16 loans (representing a combined 27.9% of the pool by allocated loan balance) with issuance LTVs exceeding 67.1%, a threshold historically indicative of above-average default frequency. The WA LTV of the pool at issuance is 61.8%, and the pool will amortize down to a WA LTV of 57.6% at maturity.

STRENGTHS –– The collateral features two loans, representing a combined 8.8% of the pool, that have investment-grade shadow ratings from DBRS Morningstar: 650 Madison and 805 3rd Avenue. The 650 Madison loan exhibits credit characteristics consistent with a BBB (low) shadow rating, and 805 3rd Avenue exhibits credit characteristics consistent with a BBB shadow rating. For more information on these two loans, please see pages 23 and 27, respectively. –– Of the loans sampled, 12, representing 55.2% of the sample, have either Average (+) or Above Average property quality. Additionally, only four loans, representing 13.5% of the sampled loans, have Average (-) or Below Average property quality. The properties securing the three largest loans in the pool, all with identical balances representing 4.4% of the pool balance each, are Average (+). –– Term default risk is relatively low, as evidenced by a relatively strong WA DBRS Morningstar Amortizing DSCR of 1.77x. Across the pool, the DBRS Morningstar DSCRs range from 1.15x to 2.53x, and only five loans, representing 5.1% of the pool by allocated loan balance, exhibit a DBRS Morningstar DSCR below 1.32x, a threshold generally associated with above- average default frequency. Additionally, 25 loans, representing 46.7% of the pool balance, have a DBRS Morningstar DSCR above 1.69x, a threshold generally associated with below-average default frequency. –– The pool is relatively granular and does not exhibit significant loan size concentration. No loan represents more than 4.4% of the pool cutoff balance, and the top 10 loans represent only 38.2% of the loan balance. The balances of the 55 loans are more evenly distributed than average, which is evidenced by the effective loan count of 36.0. Additionally, no property type comprises more than 30% of the pool by cutoff balance.

CHALLENGES AND CONSIDERATIONS –– The pool exhibits some leverage barbelling. While the pool has six loans, representing 13.1% of the pool balance, which have an issuance LTV below 59.3%, a threshold historically indicative of relatively low-leverage financing and generally associated with below-average default frequency, there are also 16 loans, representing 27.9% of the pool balance, which have an issuance LTV above 67.1%, a threshold historically indicative of relatively high-leverage financing and generally associated with above-average default frequency. –– Only two of the identified high-leverage loans exhibit a DBRS Morningstar DSCR of less than 1.32x, a threshold generally associated with above-average default frequency. These loans exhibited a WA expected loss of 6.8%, which is considerably higher than the WA expected loss of the overall pool. As a result, DBRS Morningstar reflects the risk of these loans in the credit enhancement levels of the pool. –– The pool features a relatively high concentration of loans secured by properties in less favorable suburban market areas. Thirty loans, representing 46.9% of the pooled cutoff balance, are secured by properties predominately in areas with a DBRS Morningstar Market Rank of either 3 or 4.

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–– The WA DBRS Morningstar DSCR of these loans is still relatively high at 1.87x. Additionally, most of these loans have at least some amortization during the term and exhibit a WA amortization of 11.9%, which is almost twice the pool WA amortization of 6.6%. –– The pool also has 13 loans, representing 31.2% of the cutoff pool balance, that are in urban areas with a DBRS Morningstar Market Rank of 7 or 8. –– Twenty-eight loans, representing a combined 55.5% of the cutoff pool balance, have full-term IO periods, and an additional 15 loans, representing 26.7% of the pooled cutoff balance, have partial IO terms ranging from 12 to 60 months. –– The loans with full-term IO periods are, for the most part, preamortized, as is evidenced by a DBRS Morningstar WA Issuance LTV of 59.6%. –– Nine loans have sponsors that are either Weak or Litigious. These loans make up 15.6% of the transaction by cutoff balance. –– The sample also contains three loans that have Strong sponsors, which make up to 10.4% of the transaction.

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DBRS Morningstar Credit Characteristics

DBRS MORNINGSTAR TERM DSCR DBRS MORNINGSTAR ISSUANCE LTV

% of the Pool % of the Pool DSCR (x) (Trust Balance1) ISSUANCE LTV (%) (Trust Balance1)

0.00-0.90 0.0 0.0-50.0 9.2

0.90-1.00 0.0 50.0-55.0 3.9

1.00-1.15 0.0 55.0-60.0 2.8

1.15-1.30 3.6 60.0-65.0 40.7

1.30-1.45 14.8 65.0-70.0 27.3

1.45-1.60 20.9 70.0-75.0 12.7

1.60-1.75 16.2 >75.0 3.5

>1.75 44.5 WA Issuance LTV (%) 63.3

WA DSCR (x) 1.77

DBRS MORNINGSTAR BALLOON LTV

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

0.0-50.0 15.9

50.0-55.0 16.2

55.0-60.0 10.8

60.0-65.0 31.7

65.0-70.0 21.7

70.0-75.0 3.7

>75.0 0.0

WA Baloon LTV (%) 58.7

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

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Largest Loan Summary

LOAN DETAIL

DBRS DBRS Issuance DBRS Morningstar Trust Balance Morningstar Appraised Morningstar NCF Debt Loan Name ($) % of Pool Shadow Rating LTV (%) NCF DSCR (x) Yield (%)

490-504 Myrtle Avenue 50,000,000 4.4 n/a 60.2 1.77 6.8

650 Madison Avenue 50,000,000 4.4 BBB (low) 48.5 2.45 6.4

805 3rd Avenue 50,000,000 4.4 BBB 32.6 2.39 5.3

East Village Multifamily Portfolio Pool 2 45,107,662 4.0 n/a 65.7 1.62 6.2

405 E 4th Ave 42,500,000 3.7 n/a 63.6 1.94 7.1

Gartner Campus South 40,290,000 3.5 n/a 60.0 2.24 8.2

Harvey Building Products 40,000,000 3.5 n/a 68.8 1.35 7.5

Marriott Phoenix Airport 40,000,000 3.5 n/a 52.6 1.68 10.4

Austin Landing Mixed-Use 38,750,000 3.4 n/a 61.9 2.13 7.6

Giant Anchored Portfolio 38,500,000 3.4 n/a 74.3 1.36 7.7

East Village Multifamily Portfolio Pool 1 36,483,246 3.2 n/a 65.1 1.64 6.3

Alrig Portfolio 35,000,000 3.1 n/a 67.7 1.51 8.7

Park Central Tower 35,000,000 3.1 n/a 57.9 1.35 7.7

Shoppes at Parma 35,000,000 3.1 n/a 65.4 1.57 9.2

Town Center at Sterling 33,600,000 2.9 n/a 74.7 1.60 9.0

PROPERTY DETAIL

Loan per DBRS Morningstar Year SF/ SF/Units Maturity Balance Loan Name Property Type City State Built Units ($) per SF/Units ($)

490-504 Myrtle Avenue Multifamily Brooklyn NY 2015 236 360,169 360,169

650 Madison Avenue Mixed Use New York NY 1957 600,415 1,332 1,332

805 3rd Avenue Office New York NY 1982 596,100 461 461

East Village Multifamily Portfolio Pool 2 Multifamily New York NY 1910 109 413,832 413,832

405 E 4th Ave Office San Mateo CA 2019 71,254 877 877

Gartner Campus South Office Fort Myers FL 2018 251,949 160 160

Harvey Building Products Industrial Various Various 1988 2,046,119 78 71

Marriott Phoenix Airport Full Service Hotel Phoenix AZ 1999 345 115,942 87,773

Austin Landing Mixed-Use Mixed Use Miamisburg OH 2010 834,510 138 129

Giant Anchored Portfolio Retail Various Various 2001 548,482 177 160

East Village Multifamily Portfolio Pool 1 Multifamily New York NY 1908 73 499,770 499,770

Alrig Portfolio Office Various MI 1993 584,741 85 73

Park Central Tower Office Dallas TX 1975 668,154 90 76

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

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PROPERTY DETAIL

Loan per DBRS Morningstar Year SF/ SF/Units Maturity Balance Loan Name Property Type City State Built Units ($) per SF/Units ($)

Shoppes at Parma Retail Parma OH 1955 726,275 79 63

Town Center at Sterling Retail Sterling VA 1973 183,570 183 158

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

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DBRS Morningstar Sample

DBRS MORNINGSTAR SAMPLE RESULTS

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

1 490-504 Myrtle Avenue 4.4 5,789,582 -7.5 Payroll, Vacancy, Other Average (+) Income

2 650 Madison Avenue 4.4 50,846,168 -10.4 TI/LC, Vacancy Average (+)

3 805 3rd Avenue 4.4 14,695,510 -13.2 TI/LC, GPR Average (+)

4 East Village Multifamily Portfolio Pool 2 4.0 2,798,656 -6.8 Vacancy, OpEx Average (-)

5 405 E 4th Avenue 3.7 4,452,730 -10.5 Vacancy, TI/LC Above Average

6 Gartner Campus South 3.5 3,294,922 -12.8 TI/LC, Vacancy Above Average

7 Harvey Building Products 3.5 12,077,127 -10.8 TI/LCs, Vacancy, Average Replacement Reserves

8 Marriott Phoenix Airport 3.5 4,140,298 -15.6 RevPAR, F&B Revenue Above Average

9 Austin Landing Mixed-Use 3.4 8,730,949 -18.4 Mark to Market, TI/LC, Average (+) Vacancy

10 Giant Anchored Portfolio 3.4 7,463,105 -10.2 Mark to Market Adjustment, Average TI/LC, Vacancy

11 East Village Multifamily Portfolio Pool 1 3.2 2,281,481 -3.7 Vacancy, Commercial Average (-) Vacancy, Commercial TI/LC

13 Park Central Tower 3.1 4,641,629 -12.7 TI, Management Fee Average (+)

14 Shoppes at Parma 3.1 5,248,620 -9.7 TI, Vacancy, Management Average Fee

15 Town Center at Sterling 2.9 3,027,307 -8.1 Vacancy, Management Fee, Average GPR

16 Brazilian Court 2.9 3,359,112 -15.3 Occupancy Cap, Insurance Above Average

17 Evergreen at Southwood 2.8 2,392,239 -14.6 Payroll, R&M, Utilities Average (+)

18 Memorial West/EAV Portfolio 2.7 2,388,897 -5.7 TI/LC, Management Fee Average

19 The Grand McCarren 2.5 1,876,680 -3.6 Vacancy Average (+)

21 Sharon Square 2.1 1,716,666 -21.8 Vacancy, Straight Line Rent, Average (+) TI/LC

22 Sawgrass Village 1.9 1,652,793 -11.8 Vacancy + Expense Average Slippage, TI/LC

24 Shops at Central Park 1.7 1,620,534 -6.4 Vacancy, TI/LC Average

28 408 West 130th Street 1.4 1,029,206 -14.3 Expense Plug, Vacancy Average (-)

29 Quail Meadows 1.4 1,174,271 -18.5 OpEx, Management Fee Below Average

30 Hawks Landing Apartments 1.3 1,046,294 -20.1 GPR, Expense Plug, Average Vacancy

31 Shadow Lake Apartments 1.2 1,040,159 -6.4 PCA, OpEx, Management Average Fee

39 TownePlace Suites Weston 0.9 1,105,833 -9.6 Occupancy Cap, FF&E Average

49 Vilcom Office 0.5 422,824 -15.7 Vacancy Average

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DBRS MORNINGSTAR SITE INSPECTIONS DBRS Morningstar Sampled Property Quality Of the 55 loans in the pool, the DBRS Morningstar sample # of % of included 27 loans, representing a combined 73.6% of the Loans Sample pool by allocated loan balance. Site inspections occurred on  Excellent 0 0.0 36 of the 113 properties, representing 69.8% of the pool by  Above Average 4 18.5 allocated loan balance. DBRS Morningstar interviewed an  Average (+) 8 36.7 on-site property manager, leasing agent, or representative  Average 11 31.3 of the borrowing entity for 27 properties, which collectively  Average (-) 3 11.7 represent 53.3% of the cutoff loan balance. The resulting  Below Average 1 1.9 DBRS Morningstar property quality scores are highlighted  Poor 0 0.0 in the exhibit to the right.

DBRS MORNINGSTAR CASH FLOW ANALYSIS DBRS Morningstar completed a cash flow review as well as a cash flow stability and structural review on 27 of the 55 loans, representing a combined 73.6% of the pool by allocated loan balance. DBRS Morningstar 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 Morningstar accepted contractual rent bumps if they were within market levels. Most expenses generally reflect the higher of historical figures and the borrower’s budgeted figures. DBRS Morningstar inflated the real estate taxes and insurance premiums if there was no current tax bill. The deducted capex reflects the greater of the engineer’s inflated estimate and the DBRS Morningstar standard, according to property type. Finally, DBRS Morningstar also deducted leasing costs to arrive at the DBRS Morningstar NCF. If there was a significant upfront leasing reserve at closing, DBRS Morningstar reduced its recognized costs. DBRS Morningstar gave credit to tenants not yet in occupancy if a lease had been signed and the loan was adequately structured with a reserve, LOC, or holdback earnout. The DBRS Morningstar sample had an average NCF variance of -11.6% and ranged from -3.6% (The Grand McCarren) to -21.8% (Sharon Square). For loans not subject to an NCF review, DBRS Morningstar applied the average NCF variance of its respective loan seller.

MODEL ADJUSTMENTS DBRS Morningstar applied POD and/or LGD adjustments to six loans: Harvey Building Products, 805 3rd Avenue, Park Central Tower, Memorial West/EAV Portfolio, Shadow Lake Apartments, and Sawgrass Village, accounting for a combined 16.7% of the pool by allocated loan balance. The model adjustments include the following: –– DBRS Morningstar adjusted the POD and LGD assumptions for Harvey Building Products to reflect an upward capitalization rate (cap rate) adjustment from the Issuer’s implied cap rate of 5.9% to the DBRS Morningstar adjusted cap rate of 7.0%. This change resulted in adjusted DBRS Morningstar Issuance and Maturity LTVs of 82.7% and 74.9%, respectively, which DBRS Morningstar then applied to its POD and LGD calculations. The DBRS Morningstar cap rate adjustment for Harvey Building Products accounts for the specialty use (manufacturing) nature of some of the collateral. –– DBRS Morningstar adjusted the POD and LGD assumptions for 805 3rd Avenue to reflect an upward cap rate adjustment from the Issuer’s implied cap rate of 3.68% to the DBRS Morningstar adjusted cap rate of 4.00%. This change resulted in an adjusted DBRS Morningstar Issuance and Maturity LTV of 35.4%, which DBRS Morningstar then applied to its POD and LGD calculations. The cap rate adjustment for 805 3rd Avenue brings the cap rate more in line with DBRS Morningstar’s view of the market. –– DBRS Morningstar adjusted the POD and LGD assumptions for Park Central Tower to reflect an upward cap rate adjustment from the Issuer’s implied cap rate of 5.13% to the DBRS Morningstar adjusted cap rate of 5.75%. This change resulted in adjusted DBRS Morningstar Issuance and Maturity LTVs of 64.9% and 54.7%, respectively, which DBRS Morningstar then applied to its POD and LGD calculations. The cap rate adjustment for Park Central Tower brings the cap rate more in line with DBRS Morningstar’s view of the market.

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–– DBRS Morningstar adjusted the POD and LGD assumptions for Memorial West/EAV Portfolio to reflect an upward cap rate adjustment from the Issuer’s implied cap rate of 4.87% to the DBRS Morningstar adjusted cap rate of 5.75%. This change resulted in an adjusted DBRS Morningstar Issuance and Maturity LTV of 69.5%, which DBRS Morningstar then applied to its POD and LGD calculations. The cap rate adjustment for Memorial West/EAV Portfolio brings the cap rate more in line with DBRS Morningstar’s view of the market. –– DBRS Morningstar adjusted the POD and LGD assumptions for Shadow Lake Apartments to reflect an upward cap rate adjustment from the Issuer’s implied cap rate of 4.55% to the DBRS Morningstar adjusted cap rate of 5.00%. This change resulted in an adjusted DBRS Morningstar Issuance and Maturity LTV of 60.3%, which DBRS Morningstar then applied to its POD and LGD calculations. The cap rate adjustment for Shadow Lake Apartments brings the cap rate more in line with DBRS Morningstar’s view of the market. –– DBRS Morningstar adjusted the POD and LGD assumptions for Sawgrass Village to reflect an upward cap rate adjustment from the Issuer’s implied cap rate of 5.73% to the DBRS Morningstar adjusted cap rate of 6.00%. This change resulted in an adjusted DBRS Morningstar Issuance and Maturity LTV of 68.0%, which DBRS Morningstar then applied to its POD and LGD calculations. The cap rate adjustment for Sawgrass Village brings the cap rate more in line with DBRS Morningstar’s view of the market. –– DBRS Morningstar adjusted the POD and LGD assumptions for Marriott Phoenix to reflect an upward cap rate adjustment from the Issuer’s implied cap rate of 6.45% to the DBRS Morningstar adjusted cap rate of 7.50%. This change resulted in adjusted DBRS Morningstar Issuance and Maturity LTVs of 61.10% and 46.29%, respectively, which DBRS Morningstar then applied to its POD and LGD calculations. The DBRS Morningstar cap rate adjustment for Marriott Phoenix accounts for the short-term value growth at the property.

DBRS Morningstar Sampled Property Type

30.0% 35.0%

25.0% 30.0% 25.0% 20.0% 20.0% 15.0%

15.0% % of Pool % of Sample 10.0% 10.0%

5.0% 5.0%

0.0% 0.0% Anchored Full Service Hotel – Industrial Limited MHC Mixed Use Multifamily Office Self Unanchored Retail Hotel Other Service Hotel Storage Retail Excellent Above Average Average + Average Average - Below Average Poor Pool

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Transaction Concentrations

DBRS Morningstar Property Type Geography

# of % of # of % of Property Type Loans Pool State Properties Pool  Anchored Retail 11 17.9  NY 17 26.6  Full-Service Hotel 2 6.4  FL 7 13.6  Hotel - Other 2 2.4  OH 9 8.1  Industrial 1 3.5  TX 5 6.9  Limited-Service Hotel 2 1.4  MI 14 6.0  MHC 2 2.1  NJ 5 5.6  Mixed Use 3 10.5  All Others 56 33.2  Multifamily 18 29.7  Office 10 23.8  Other 1 0.2  Self-Storage 1 0.2  Unanchored Retail 2 2.1

Loan Size DBRS Morningstar Market Types

# of % of # of % of Loan Size Loans Pool Market Type Properties Pool  Very Large 23 72.4  1 2 0.2 (>$20.0 million)  2 5 8.9  Large 17 20.6  3 19 23.9 ($10.0-$20.0 million)  4 9 16.5  Medium 9 5.8 ($5.0-$10.0 million)  5 3 6.8  Small 4 1.0  6 0 0.0 ($2.0-$5.0 million)  7 8 14.3  Very Small 2 0.2  8 5 16.9 (<$2.0 million)  Various 4 12.6 Largest Property Location

Property Name City State  490-504 Myrtle Avenue Brooklyn NY  650 Madison Avenue New York NY  805 3rd Avenue New York NY  East Village Multifamily Portfolio Pool 2 New York NY  405 E 4th Avenue San Mateo CA  Gartner Campus South Fort Myers FL  Harvey Building Products Various Various  Marriott Phoenix Airport Phoenix AZ  Austin Landing Mixed-Use Miamisburg OH  Giant Anchored Portfolio Various Various  East Village Multifamily Portfolio Pool 1 New York NY  Alrig Portfolio Various MI  Park Central Tower Dallas TX  Shoppes at Parma Parma OH  Town Center at Sterling Sterling VA

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Loan Structural Features

Pari Passu Notes: Eleven loans, representing a combined 37.4% of the pool by allocated loan balance, have pari passu debt and are identified in the exhibit below.

PARI PASSU NOTES

% of % of Total Pari Passu Property Name Balance ($) Pool Deal ID Loan Controlling Piece (Y/N) 490-504 Myrtle Avenue 50,000,000 4.4 CGCMT 2019-C7 58.8 Y

35,000,000 Future Secutizations 41.2 N

85,000,000 n/a n/a 100.0 n/a

805 3rd Avenue 50,000,000 4.4 CGCMT 2019-C7 33.3 Y

50,000,000 Future Secutizations 33.3 N

40,000,000 Future Secutizations 26.7 N

10,000,000 Future Secutizations 6.7 N

150,000,000 n/a n/a 100.0 n/a

650 Madison Avenue 50,000,000 4.4 CGCMT 2019-C7 8.5 Y

242,900,000 Future Secutizations 41.4 N

146,450,000 Future Secutizations 25.0 N

146,450,000 Future Secutizations 25.0 N

1,000,000 MAD 2019-650M 0.2 N

586,800,000 n/a n/a 100.0 n/a

405 E 4th Avenue 42,500,000 3.7 CGCMT 2019-C7 68.0 Y

20,000,000 Future Secutizations 32.0 N

62,500,000 n/a n/a 100.0 n/a

Harvey Building Products 40,000,000 3.5 CGCMT 2019-C7 25.0 N

20,000,000 Future Secutizations 12.5 N

50,000,000 BMARK 2019-B14 31.3 Y

50,000,000 BMARK 2019-B15 31.3 N

160,000,000 n/a n/a 100.0 n/a

Giant Anchored Portfolio 38,500,000 3.4 CGCMT 2019-C7 39.7 Y

10,000,000 Future Secutizations 10.3 N

30,000,000 BANK 2019-BNK24 30.9 N

18,500,000 Future Secutizations 19.1 N

97,000,000 n/a n/a 100.0 n/a

Austin Landing Mixed-Use 38,750,000 3.4 CGCMT 2019-C7 43.7 N

50,000,000 BMARK 2019-B15 56.3 Y

88,750,000 n/a n/a 100.0 n/a

Park Central Tower 35,000,000 3.1 CGCMT 2019-C7 58.3 Y

25,000,000 CF 2019-CF3 41.7 N

60,000,000 n/a n/a 100.0 n/a

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PARI PASSU NOTES

% of % of Total Pari Passu Property Name Balance ($) Pool Deal ID Loan Controlling Piece (Y/N)

Alrig Portfolio 35,000,000 3.1 CGCMT 2019-C7 70.7 Y

14,500,000 CF 2019-CF3 29.3 N

49,500,000 n/a n/a 100.0 n/a

Shoppes at Parma 35,000,000 3.1 CGCMT 2019-C7 61.3 Y

14,000,000 UBS 2019-C18 24.5 N

8,075,000 Future Secutizations 14.1 N

57,075,000 n/a n/a 100.0 n/a

Wells Fargo Place 10,000,000 0.9 CGCMT 2019-C7 12.5 N

40,000,000 MSC 2019-L3 50.0 Y

30,000,000 CF 2019-CF3 37.5 N

80,000,000 n/a n/a 100.0 n/a

December 2019 15 Presale Report | CGCMT 2019-C7

Additional Debt: Three loans, representing 8.4% of the pool, have existing mezzanine debt. Three additional loans, representing 12.2% of the pool by allocated loan balance, have additional debt in the form of subordinate companion loans. There are seven loans, representing 7.1% of the pool, which permit future mezzanine debt, subject to certain LTV, debt yield, and/or DSCR thresholds and lender-approved intercreditor agreement and rating agency confirmation.

Interest Only DBRS Morningstar Expected Amoritization

# of % of # of % of Loans Pool Loans Pool  Full IO 26 55.3  0.0% 28 55.5  Partial IO 15 26.7  0.0%-5.0% 1 0.2  Amortizing 12 17.8  5.0%-10.0% 5 13.0  Interest Only - ARD 2 0.2  10.0%-15.0% 7 11.3  15.0%-20.0% 11 12.8  20.0%-25.0% 3 7.2  >25.0% 0 0.0 Note: For certain ARD loans, expected amortization may include amortization expected to occur after the ARD but prior to single/major tenant expiry.

SUBORDINATE DEBT

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

490-504 Myrtle Avenue 50,000,000 35,000,000 0 20,000,000 N 105,000,000

650 Madison Avenue 50,000,000 536,800,000 213,200,000 0 N 800,000,000

805 3rd Avenue 50,000,000 100,000,000 125,000,000 0 N 275,000,000

Harvey Building Products 40,000,000 120,000,000 0 0 Y 160,000,000

Austin Landing Mixed Use 38,750,000 50,000,000 26,000,000 0 N 114,750,000

The Grand McCarren 28,000,000 0 0 4,500,000 N 32,500,000

Sherwood and Glen Ridge MHC 21,000,000 0 0 0 Y 21,000,000

Homewood Suites Eatentown 17,150,000 0 0 2,500,000 N 19,650,000

Wells Fargo Place 10,000,000 70,000,000 0 0 Y 80,000,000

Morton Place Apartments 5,925,000 0 0 0 Y 5,925,000

Birdneck Self Storage 2,180,000 0 0 0 Y 2,180,000

Dollar General Sullivan 1,169,000 0 0 0 Y 1,169,000

Dollar General Adrian 854,000 0 0 0 Y 854,000

Leasehold: Gartner Campus South, representing 3.5% of the pool by allocated loan balance, is fully secured by the borrower’s leasehold interest in the property. The ground lease has an initial expiration of May 31, 2037, and the tenant has six five-year extension options remaining. In this instance, the ground lease has an expiration day (including renewal options) far enough beyond loan amortization to be traditionally financeable.

December 2019 16 Presale Report | CGCMT 2019-C7

Sponsor Strength: DBRS Morningstar identified DBRS Morningstar Sponsor Strength nine loans sponsors, accounting for 15.6% of the pool by # of % of allocated loan balance, associated with a prior voluntary Loans Pool bankruptcy, inadequate CRE experience, and/or negative  Strong 3 10.4 credit events. DBRS Morningstar applied POD penalties  Average 48 78.7 to mitigate this risk. DBRS Morningstar additionally  Weak 2 4.6 identified three loans, representing a combined 10.4% of  Bad/Litigious 2 6.4 the pool by allocated loan balance, associated with Strong sponsorship because of the sponsor’s extensive experience in the CRE sector and significant wherewithal.

Property Release: Nine loans representing approximately 25% of the pool allow for the release or defeasance of one or more properties or a portion of the mortgaged property, subject to release prices in an amount generally at least equal to 110.0% of the allocated loan amounts of the respective properties and/or certain leverage tests prescribed in the individual loan agreements.

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

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

RESERVE REQUIREMENT BORROWER STRUCTURE

Type # of Loans % of Pool Type # of Loans % of Pool

Tax Ongoing 50 85.0 SPE with Independent Director and 23 71.5 Nonconsolidation Opinion

Insurance Ongoing 35 55.3 SPE with Independent Director Only 10 11.6

Capex Ongoing 47 84.9 SPE with Nonconsolidation 0 0.0 Opinion Only

Leasing Costs Ongoing1 17 68.4 SPE Only 22 16.9

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

December 2019 17 Presale Report | CGCMT 2019-C7

490-504 Myrtle Avenue Brooklyn, New York

Loan Snapshot Seller CREFI Ownership Interest Fee Simple Trust Balance ($ Millions) 50.0 Loan psf/Unit ($) 360,169 % of the Pool 4.4 Loan Maturity/ARD December 2029 Amortization COLLATERAL SUMMARY n/a DBRS Morningstar Property Type Multifamily Year Built/Renovated 2015/2017

DBRS Morningstar City, State Brooklyn, NY Physical Occupancy (%) 96.2 Issuance DSCR (x) 1.77 Units/SF 236 Physical Occupancy Date October 2019 DBRS Morningstar Issuance LTV (%) This loan is secured by the borrower’s fee interest in a portfolio of two newly developed, 60.2 Class A multifamily properties, totaling 236 units, in Brooklyn, New York. The sponsors DBRS Morningstar of the loan, Josh Zegen and Brian Shatz of Madison Realty Capital, developed and Balloon LTV (%) 60.2 finished the properties in 2015 and 2017. The two multifamily properties are called The DBRS Morningstar Refinery, with 93 units, and The Posthouse, with 143 units. As of October 25, 2019, the Property Type portfolio has an average occupancy of 96.2%, with The Refinery’s occupancy at 95.7% and Multifamily The Posthouse’s rate at 96.5%. The $85 million loan ($360,169.49 per unit) consists of a DBRS Morningstar senior mortgage divided 59% and 41% between Citibank and J.P. Morgan, respectively. Property Quality Additionally, there is a $20 million mezzanine loan ($444,915 per unit/$707 PSF on Above Average a last-dollar basis) with SL Green Realty Corp. The loan proceeds helped to pay off Debt Stack ($ Millions) approximately $102 million in debt, secure closing costs, and provide equity to the Trust Balance sponsors. The loan has a 10-year term with full-term interest-only payments. 50.0 Pari Passu The Refinery, on 490 Myrtle Avenue, is a seven-story apartment complex totaling 35.0 93 units. The property’s unit mix comprises 74 fair market units and 19 affordable units. B Note On average, fair market units are 693 sf for a monthly rent of $3,531. Affordable units 0.0 average 703 sf for $961 per month. Of the total 93 units, there are 24 studio apartments, Mezz 35 one-bedroom units, and 34 two-bedroom units. The Refinery began lease-up in 20.0 Total Debt Q3 2015 and achieved stabilization within 22 months. 105.0 The Posthouse, on 504 Myrtle Avenue, is a seven-story luxury apartment complex. Loan Purpose The property offers 114 fair market units and 29 affordable units. On average, fair Refinance market units are 599 sf and $3,249 per month, and affordable units are 533 sf and Equity Contribution/ (Distribution) ($ Millions) $788 per month. Of the total 143 units, there are 47 studio apartments, 62 one-bedroom (0.9) units, and 34 two-bedroom units. Initial lease-up for the property began in Q3 2017 and

December 2019 18 Presale Report | CGCMT 2019-C7

490-504 MYRTLE AVENUE – BROOKLYN, NEW YORK

it achieved stabilized occupancy within 10 months. Upon lease-up, the sponsors offered tenants one month of free rent for a 12-month lease and two months of free rent for a 24-month lease. Tenants who renewed their leases didn’t receive the free rent benefit.

PORTFOLIO SUMMARY

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

490 Myrtle Avenue $30,856,334.00 38.3% Brooklyn, New York Multifamily 93 39.4% 2015/n/a 95.7%

504 Myrtle Avenue $19,143,666.00 61.7% Brooklyn, New York Multifamily 143 60.6% 2017/n/a 96.5%

Total/Wtd. Avg. $50,000,000.00 100.0% Brooklyn, New York Multifamily 236 100.0% Various 96.2%

In sum, the portfolio comprises 188 fair market units and 48 affordable units. The portfolio’s fair market units average 636 sf and have monthly rents of $3,359 ($63 psf per year). The portfolio’s affordable units average 601 sf and have average monthly rents of $858 ($17 psf per year). For both properties, common unit features include stainless-steel appliances, Caesarstone quartz countertops, and in-unit washers/dryers. Communal amenities include a fitness center, common lounge, and roof deck.

SPONSORSHIP The sponsors of the transaction are Josh Zegen and Brian Shatz of Madison Realty Capital, a real estate private equity firm based in New York. They are both responsible for constructing and managing the two properties. The sponsors’ private equity firm, Madison Realty Capital, was founded in 2004 and focuses on real estate debt and equity strategies, emphasizing construction and acquisition lending, value-add investments, and ground-up developments. Madison Realty Capital has a portfolio valued over $10 billion and includes a wide variety of assets, such as multifamily, retail, office, industrial, and hotel properties.

DBRS MORNINGSTAR ANALYSIS SITE INSPECTION SUMMARY DBRS Morningstar toured the interior and exterior of the properties on November 7, 2019, at 10:00 a.m. Based on the site inspection, DBRS Morningstar found the property quality to be Average (+).

The mixed-use buildings are on Myrtle Avenue, between Hall Street to the west and Emerson Place to the east. The buildings are directly adjacent to each other on Myrtle Avenue. Accessibility to the properties is average for Brooklyn. The G train,

December 2019 19 Presale Report | CGCMT 2019-C7

490-504 MYRTLE AVENUE – BROOKLYN, NEW YORK

which is one of the less-traveled subway lines in New York, is a 10-minute walk away. The C train, the next closest subway stop, is a 25-minute walk, although a bus ride reduces this to a 15-minute journey.

The two buildings that compose 490-504 Myrtle Avenue are The Refinery and The Posthouse. The Refinery has 93 units, while The Posthouse has 143 units. Because the properties are condominium structures, the retail contained on the first floor is not part of the collateral. The retail below The Refinery is a grocery store. Of the four retail spaces below The Posthouse, one houses a doctor’s office, and the rest are vacant. When asked if there was interest in renting the retail spaces, the manager said there hasn’t been much interest. He attributed this to the fact that existing tenants in the immediate vicinity already serve the area’s retail needs and that the neighborhood is not highly trafficked. He also mentioned nearby malls, such as City Point BKLYN and Atlantic Terminal Mall, which hurt the prospects of a retail tenant taking occupancy in the vacant spaces.

The properties have a student concentration, primarily because of its location near the Pratt Institute campus. The properties showed signs of the large art student population, such as the striking lobby decor. Additionally, the rooftop hours at The Posthouse had a printed label over them, which changed the closing time to 10:00 p.m. from 12:00 a.m. This change is due to parties happening on the rooftop, according to management.

The manager noted that the multifamily rental market is tight. There was a new apartment building being constructed across the street from The Refinery and The Posthouse. Also across the street, a retail tenant was moving into and painting his new space. These activities suggest that the area is continuing to undergo growth and development. The manager does not expect the adjacent apartment building to have a large impact on rents or vacancy at the properties. This is due to the sheer number of Pratt students and the small size of the new construction. Other new apartment buildings in the area that have already leased-up, or are in the lease-up process, have not affected the properties’ vacancy or asking rent, because of significant demand for residency in the area.

The units DBRS Morningstar inspected had modern finishes in the kitchen, including stainless-steel appliances, Caesarstone quartz countertops, and recessed lighting. The bathrooms had similarly high-end finishes, such as Grohe fixtures. All units were of typical size for new Brooklyn apartments. One slight disappointment was the HVAC units in the apartments, which looked older than they should be in a brand-new building. Units had ample natural lighting, including many units with their own patio. Each building had its own fitness center, which were of normal size for Brooklyn, with visibly new equipment.

December 2019 20 Presale Report | CGCMT 2019-C7

490-504 MYRTLE AVENUE – BROOKLYN, NEW YORK

DBRS MORNINGSTAR NCF SUMMARY NCF ANALYSIS

DBRS Morningstar NCF T-12 September 2019 ($) Issuer NCF ($) ($) NCF Variance (%)

GPR 7,721,572 8,026,071 8,020,983 -0.1

Other Income 51,663 98,041 51,663 -47.3

Vacancy & Concessions -586,010 -287,292 -401,049 -39.6

EGI 7,187,225 7,836,820 7,671,597 -2.1

Expenses 1,760,424 1,516,729 1,823,015 20.2

NOI 5,426,801 6,320,091 5,848,582 -7.5

Capex 0 59,000 59,000 0.0

NCF 5,426,801 6,261,091 5,789,582 -7.5

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar NCF was $5,789,582, down 7.5% from the Issuer’s NCF figure of $6,261,091. The primary drivers of the variance are vacancy, payroll, and other income. DBRS Morningstar concluded the vacancy for the residential portion at 5%, which factors in the tight market the assets operate within. DBRS Morningstar estimated the management fee at 3% of the EGI, which considers the portfolio’s high rents. The taxes assumption equaled the average tax load over the loan term, which takes into account the properties’ 421a tax abatements. Except for utilities and payroll, which DBRS Morningstar estimated at the T-12 ended September 30, 2019, amount plus 3%, all other expenses reflect the borrower’s budget.

DBRS MORNINGSTAR VIEWPOINT DBRS Morningstar believes both properties within the 490-504 Myrtle Avenue portfolio will continue to perform given the locations, significant demand (particularly from students), and submarket fundamentals. The properties feature convenient access to retailers, community services, education centers, medical facilities, public transportation options, and major employment centers within the five boroughs of New York. The properties are also close to bus stations, although slightly farther from subway stations. While new supply poses a slight risk to the properties, DBRS Morningstar believes the assets’ location near Pratt will ensure a base level of demand that other new developments with inferior relative locations will have more difficulty replicating.

DOWNSIDE RISKS –– The loan is interest only for the entire term, which increases the risk of maturity loan default. –– New multifamily development has been highly prevalent in New York, particularly in Brooklyn.

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490-504 MYRTLE AVENUE – BROOKLYN, NEW YORK

STABILIZING FACTORS –– The properties are a few years old and both quickly achieved stabilization. The Posthouse, the larger of the two properties, had 55.27% occupancy in 2017, 90.77% in 2018, and 96.50% as of October 25, 2019. Although the borrower offered some concessions during initial lease-up, it no longer does. The borrower will have approximately $7 million in equity in the transaction after the refinancing is complete. In addition, the appraisal valued the portfolio at $141,300,000 ($598,728.81 per unit), representing an Issuer LTV of 60.2%. –– Strong demand and stable market conditions are the motivating factors behind new development. Net absorption in Brooklyn has kept pace with new supply. The appraiser predicts rents and occupancy to continue to rise as gentrification permeates across the Clinton Hill neighborhood. The submarket has experienced a positive net absorption of 975 units year to date. Since 2010, the submarket has had an average vacancy rate of 5.3%, with over 2% in annual rent growth, and positive net absorption of approximately 3,420 units.

December 2019 22 Presale Report | CGCMT 2019-C7

650 Madison Avenue New York, New York

Loan Snapshot Seller CREFI Ownership Interest Fee Simple Trust Balance ($ Millions) 50.0 Loan psf/Unit ($) 5,594,406 % of the Pool 4.4 Loan Maturity/ARD December 2029 Amortization COLLATERAL SUMMARY n/a DBRS Morningstar Property Type Mixed Use Year Built/Renovated 1957/2015 DBRS Morningstar Issuance DSCR (x) City, State New York, NY Physical Occupancy (%) 97.4 2.45 Units/SF 600,145 Physical Occupancy Date October 2019 DBRS Morningstar Issuance LTV (%) This loan is secured by the borrower’s fee-simple interest in a 27-story (604,096 sf ) 48.5 mixed-use office and retail property in New York City, on Madison Avenue between DBRS Morningstar Balloon LTV (%) 59th and 60th streets in the Plaza District. The loan will total $800 million and is 48.5 structured as a fixed-rate loan with a 10-year, interest-only term. Loan proceeds will DBRS Morningstar be used to refinance existing debt of $800 million and fund upfront reserves and cover Property Type closing costs. The JV Sponsor acquired the asset from The Carlyle Group in 2013 for Mixed Use approximately $1.3 billion. DBRS Morningstar Property Quality Average (+) The $586.8 million senior note ($50 million of which is being securitized in this transaction) sizes to BBB (low) based on DBRS Morningstar’s analysis of the loan on a Debt Stack ($ Millions) stand-alone basis. Trust Balance 50.0 Pari Passu PROPERTY OVERVIEW 536.8 The property was constructed in 1957 as an eight-story building, and a heavy expansion B Note in 1987 added 19 stories of office space. The property is 96.8% leased and located in the 213.2 largest office submarket in the country. The property features a wide range of diverse Mezz and highly rated tenants that comprise 63.6% of the NRA. The office space is the global 0.0 headquarters for Ralph Lauren, occupying 45.9% of the property’s NRA. The ground- Total Debt floor retail spaces are occupied by Celine, Moncler, and Tod’s. The property is easily 800.0 accessible by public transportation (MTA subway lines F, M, N, Q, R, W, 4, 5, 6, and Loan Purpose Metro North), near both major and local thoroughfares (FDR drive, Queensboro Bridge, Refinance and Park Ave) and close to some of the most popular areas in Midtown Manhattan Equity Contribution/ such as Central Park, Rockefeller Center, Museum of Modern Art, and the luxury retail (Distribution) ($ Millions) corridors on 5th Ave and Madison Ave. 9.5

December 2019 23 Presale Report | CGCMT 2019-C7

650 MADISON AVENUE – NEW YORK, NEW YORK

TENANT SUMMARY

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

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

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

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

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

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

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

Other Tenants 124,062 20.7% $254.41 41.8% Various Various

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

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

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

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

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

December 2019 24 Presale Report | CGCMT 2019-C7

650 MADISON AVENUE – NEW YORK, NEW YORK

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

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

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

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

DBRS MORNINGSTAR NCF SUMMARY NCF ANALYSIS

T-12 DBRS September Morningstar NCF Variance 2016 ($) 2017 ($) 2018 ($) 2019 Issuer NCF ($) NCF ($) (%)

Recoveries 7,020,651 7,750,395 8,784,226 9,361,042 10,762,016 10,762,016 0.0

Other Income 222,388 265,643 319,055 437,101 371,407 362,097 -2.5

Vacancy -86,339 -829,105 0 0 -3,327,410 -4,392,778 32.0

EGI 67,178,531 72,488,704 75,039,495 78,288,218 87,327,989 86,237,930 -1.2

Expenses 24,477,297 25,947,358 26,481,999 27,326,681 28,901,495 29,035,497 0.5

NOI 42,701,234 46,541,346 48,557,496 50,961,537 58,426,495 57,202,433 -2.1

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

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

NCF 42,701,234 46,541,346 48,557,496 50,961,537 56,776,391 50,846,168 -10.4

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

December 2019 25 Presale Report | CGCMT 2019-C7

650 MADISON AVENUE – NEW YORK, NEW YORK

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

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

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

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

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

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

December 2019 26 Presale Report | CGCMT 2019-C7

805 3rd Avenue New York, New York

Loan Snapshot Seller CREFI Ownership Interest Fee Simple Trust Balance ($ Millions) 50.0 Loan psf/Unit 2,956,989 % of the Pool 4.4 Loan Maturity/ARD December 2029 Amortization COLLATERAL SUMMARY n/a DBRS Morningstar Property Type Office Year Built/Renovated 1982 DBRS Morningstar Issuance DSCR (x) City, State New York, NY Physical Occupancy (%) 91.9 2.39 Units/SF 596,100 Physical Occupancy Date October 2019 DBRS Morningstar Issuance LTV (%) This loan is secured by the borrower’s fee-simple interest in 805 Third Avenue, a 35.4 596,100 sf, Class A office building located in the Midtown neighborhood of New York DBRS Morningstar Balloon LTV (%) City. The collateral consists of a 565,000 sf office tower and a 31,000 sf, three-story 35.4 retail pavilion. The loan has a 10-year term and is IO during the entire period. Loan DBRS Morningstar proceeds of $275 million will be used to refinance $162 million of existing debt, fund Property Type a 1% loan prepayment fee, repatriate $101 million in equity to the sponsor and cover Office $6.8 million in closing costs and fund $5.2 million in reserves. Ongoing reserves will DBRS Morningstar Property Quality be allocated to a real estate tax reserve, an insurance reserve, capex reserve and TI/LC Average (+) reserve. Debt Stack ($ Millions) The sponsor, Cohen Brothers Realty Corp., developed the building in 1982 and has Trust Balance 50.0 owned the property since then. The sponsor initially had a ground lease for the subject Pari Passu until June 1998, when the sponsor acquired fee-simple interest in the collateral. 100.0 B Note 125.0 Mezz 0.0 Total Debt 275.0 Loan Purpose Refinance Equity Contribution/ (Distribution) ($ Millions) (100.8)

December 2019 27 Presale Report | CGCMT 2019-C7

805 3RD AVENUE – NEW YORK, NY

TENANT SUMMARY

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

Meredith Corporation 212,594 35.7 41.05 29.7 12/2026 N

KBRA1 95,200.00 16.0 n/a n/a 8/2010

Gen II Fund1 70,094.00 11.8 n/a n/a 12/2026

NewMax1 23,800.00 4.0 n/a n/a 12/2026

Poten & Partners Inc. 29696.00 5.0 79.30 8.0 8/2010 Y

Toyota Tsusho America, Inc. 41,322 8.0 56.87 8.0 11/2022 Y

Extell 27,289 4.6 57.79 5.4 3/2028

YES Network, LLC 23,800.00 4.0 53.00 4.3 5/2022

Subtotal/WA 334,701 56.1 48.61 55.4 Various

Other Tenants 213,384 35.8 61.45 44.6 Various

Vacant Space 48,015 8.1 n/a n/a n/a

Total/WA 596,100 100.0 49.29 100.0 Various

1. Subtenants of Meredith Corporation. Upon termination of Meredith Corporation's lease, each subtenant is able, at the landlord's option, to directly lease from the landlord.

The 29-story property is currently 91.9% occupied by 62 tenants. The rent roll consists of 57 office tenants and five retail tenants. The largest tenant is Meredith Corporation, an Ohio-based media conglomerate that owns a series of television and radio stations in addition to a variety of publications. In 2018, Meredith Corporation merged with Time Inc. Following the merger, Meredith Corporation vacated their space while still maintaining its lease at the subject property. Since Meredith Corporation’s move, the media company has subleased 190,000 sf of its space to three subtenants: (1) Kroll Bond Rating Agency, Inc., a credit rating agency, (2) Gen II Fund Services, LLC, the largest U.S. independent private equity fund administrator, and (3) NewsMax, a political news outlet. Considering Meredith Corporation’s subtenants, the subject property has a diverse and granular rent roll from a wide array of industries. No tenant occupies more than 16% of the NRA. Furthermore, with the subtenants, there is no rollover greater than 24.4% of NRA within a given year. Effective January 2024, Meredith Corporation has a one-time termination option subject to a fee of $8 million within nine months of termination. Subtenants will then be able to negotiate directly with the sponsor for a direct lease.

SPONSORSHIP The transaction benefits from experienced and qualified sponsorship. The sponsor is Cohen Brothers Realty Corp., a New York City-based private real estate development firm that has over 50 years of experience in the industry. The firm’s portfolio consists of 12 million sf of commercial real estate located throughout the United States with a large presence in Manhattan. The firm has a focus in developing Class A, luxury high-rise office buildings. The loan’s Guarantor is Charles S. Cohen, the president and CEO of Cohen Brothers Realty Corp. As of October 2019, Cohen’s net worth was $3.5 billion.

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805 3RD AVENUE – NEW YORK, NY

SITE INSPECTION SUMMARY DBRS Morningstar toured the interior and exterior of the property on November 19, 2019, at 11 a.m. with a representative of the sponsor. Based on the site inspection, DBRS Morningstar found the property quality to be Above Average.

The 805 Third Avenue asset is a glass tower located on the southeast corner of 3rd Avenue and 49th Street in the heart of Midtown East. The property is two blocks from the 6 train that serves the east side of Manhattan and is one train stop from Grand Central station, which offers access to the 4, 5, 6, 7 trains, Metro North Railroad, and the 42nd Street shuttle to Times Square. The subject’s surrounding area comprises mostly mixed-use office and retail buildings, while residential properties are more typical on mid-block side streets. There is a heavy concentration of nearby restaurants, both high end and fast food, to serve the large corporate presence in the vicinity. Located in the Plaza District submarket, major financial companies such as The Blackstone Group and JPMorgan Chase are nearby as well as high-end street retail located on Madison Avenue and Fifth Avenue.

The property was built by the sponsor in 1982 and features efficient floorplates in excess of 20,000 sf that work well for both full-floor and multiple tenants. The first three floors feature an atrium layout with several food tenants and eating areas with tables that serve employees in the surrounding area. DBRS Morningstar viewed a vacant space on the 16th floor that is currently asking $66.00 psf. The sponsor anticipates striking a deal around $63.00 psf, which is approximately 17% higher than WA in-place office base rents of $52.33 psf. The upper floors have excellent views of the East River that further enhance the desirability of the building. Recent capital improvements include the elevator cabs which were fully re-done approximately three years ago, according to the sponsor.

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805 3RD AVENUE – NEW YORK, NY

DBRS MORNINGSTAR NCF SUMMARY NCF ANALYSIS

DBRS T-12 September Morningstar NCF Variance 2016 ($) 2017 ($) 2018 ($) 2019 ($) Issuer NCF ($) NCF ($) (%)

GPR 26,699,624 26,537,453 28,121,265 27,948,556 32,466,131 32,275,376 -0.6

Recoveries 2,739,547 2,224,059 2,540,371 2,662,936 2,568,104 2,568,104 0.0

Other Income 1,214,172 1,189,407 1,215,336 1,247,675 1,303,791 1,247,675 -4.3

Vacancy 0 0 0 0 -3,062,830 -3,497,232 14.2

EGI 30,653,344 29,950,919 31,876,971 31,859,168 33,275,196 32,593,924 -2.0

Expenses 14,898,290 15,081,158 15,290,213 15,087,482 15,020,787 15,033,074 0.1

NOI 15,755,054 14,869,761 16,586,758 16,771,686 18,254,409 17,560,850 -3.8

Capex 0 0 0 0 119,220 149,025 25.0

TI/LC 0 0 0 0 1,200,000 2,716,316 126.4

NCF 15,755,054 14,869,761 16,586,758 16,771,686 16,935,189 14,695,510 -13.2

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar NCF was $14,695,510, a -13.2% variance from the issuer’s NCF figure of $16,935,189. The primary drivers of the variance were vacancy and TI/LC. DBRS Morningstar assumed a 10% vacancy compared with the issuer’s 8.7%. DBRS Morningstar calculated TIs at $70 psf and $25 psf for new tenants and renewals, respectively, on spaces above 15,000 sf and $40 psf and $20 psf on new tenants and renewals, respectively, on spaces below 15,000 sf. Historically, smaller tenants in the building have received much smaller TI packages than larger tenants. Overall, TI/LC was assumed to $4.56 psf compared with the issuer’s underwriting of $2.01 psf.

DBRS MORNINGSTAR VIEWPOINT DBRS Morningstar expects the loan to perform over the term given the building’s quality, granular lease rollover, excellent location and high-quality sponsor. However, DBRS Morningstar is concerned with weak loan metrics of 5.4% debt yield and a going-in DBRS Morningstar DSCR of 1.3x (based on IO payments). This should be mitigated by the potential for upside by rolling tenants that are paying below-market rents. Specifically, larger office tenants over 15,000 sf are below market with an occupied base rent of $48.52 psf compared with recent lease executions in the low $60 psf range. DBRS Morningstar believes the sponsor will be able to successfully roll tenants to higher rents in line with the market. Another concern is that a major law firm will be vacating approximately 400,000 sf two blocks from the subject in 2020. The sponsor, however, is not concerned because the other building’s asking rent is approximately $20 psf higher than 805 Third Avenue.

DOWNSIDE RISKS –– Loan metrics are weak with a going-in DBRS Morningstar Debt Yield of 5.4% and a DBRS Morningstar DSCR of 1.3x interest only. –– The loan is full-term IO, providing no reduction to the loan basis over the loan term. –– A major law firm is vacating over 400,000 sf two blocks from the subject, which could compete with the property and give leverage to prospective, new and existing tenants.

STABILIZING FACTORS –– Meredith Corporation, the largest tenant at the property, has a lease in place that is considerably under market with an in place base rent of $41.05 compared to recent leases getting signed above $60 per square foot. Furthermore, the sponsor

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805 3RD AVENUE – NEW YORK, NY

and Meredith Corporation share in the sublease profits 50/50. Approximately $7 million is anticipated to be split between Meredith and the sponsor through the end of Meredith’s lease term. Rolling the subtenants at market should result in a net cash flow at loan maturity that is substantially higher than current cash flow. –– The property has a granular lease rollover in which no more than 31.3% of the gross rents expire annually during the loan term (in 2026). Further enhancing the lease roll exposure, Meredith Corporation subleased approximately 190,000 sf to three separate tenants. –– The subject’s office rents are at a lower price point than a nearby property with over 400,000 sf anticipated to vacate next year, thus is not expected to compete directly.

December 2019 31 Presale Report | CGCMT 2019-C7

East Village Multifamily Portfolio Pool 2 New York, New York

Loan Snapshot Seller CREFI Ownership Interest Fee Simple Trust Balance ($ Millions) 45.1 Loan psf/Unit ($) 75 % of the Pool 4.0 Loan Maturity/ARD December 2029 Amortization COLLATERAL SUMMARY n/a DBRS Morningstar Property Type Multifamily Year Built/Renovated 1900-20/1989-2012 DBRS Morningstar Issuance DSCR (x) City, State New York, NY Physical Occupancy (%) 97.2 1.62x Units/SF 109 Physical Occupancy Date September 2019 DBRS Morningstar Issuance LTV (%) The loan is secured by the borrower’s fee-simple interest in a portfolio of three 65.7 multifamily properties totaling 109 units in New York City’s East Village neighborhood. DBRS Morningstar Balloon LTV (%) From March 2013 to May 2013, the sponsor acquired the three properties for a combined 65.7 cost of $52.5 million. Loan proceeds of $45.1 million were used to cover $43.3 million DBRS Morningstar Property in existing debt from the 2013 acquisition, repatriate $525,665 in equity to the sponsor, Type cover $1.2 million in closing costs, and fund $66,690 in upfront reserves. Multifamily The loan structure cross-collateralizes the three properties and allows for properties DBRS Morningstar Property Quality to be released contingent on required release percentages and remaining collateral Average (-) credit metrics. Debt Stack ($ Millions) Trust Balance 45.1 Pari Passu 0.0 B Note 0.0 Mezz 0.0 Total Debt 45.1 Loan Purpose Refinance Equity Contribution/ (Distribution) ($ Millions) (0.5)

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EAST VILLAGE MULTIFAMILY PORTFOLIO POOL 2 – NEW YORK, NEW YORK

PORTFOLIO SUMMARY

Cutoff Date Loan % of Loan Property Amount ($) Amount Units Occupancy (%)

199-203 E 4th Street 20,719,477 45.9 28 96.4

118-120 E 4th Street 17,683,892 39.2 69 97.1

315 E 10th Street 6,704,292 14.9 12 100.0

Total/WA 45,107,661 100.0 109 97.2

The portfolio is composed of three midrise, walk-up buildings in the East Village submarket of Manhattan. There are 109 apartment units, 20 of which are rent stabilized, and one commercial unit (500 sf ). The only commercial tenant is a barbershop, a common tenant in a residential neighborhood. The East Village neighborhood has a thriving nightlife and is renowned for its music and art scene. Buildings within the East Village are primarily other walk-up apartments in addition to restaurants and retail. Tenants benefit from proximity to public transportation as the neighborhood provides access to many bus and subway lines. According to Reis, average asking rents are expected to increase by 1.4% in 2020 and average vacancy should drift upward by 0.1%, but end 2020 down at 3.2%.

SPONSORSHIP The loan benefits from experienced and high-quality sponsorship. The sponsor for the loan is Kushner Companies, an established and diversified New York City-based real estate development firm. The sponsor directly owns and manages the collateral. The sponsor’s portfolio is large and diverse, consisting of 21,000-plus multifamily apartments, 1,108 hotel rooms, 2.2 million sf of retail, and 5.4 million sf of office space located across the United States. The warm-body sponsor and carve- out guarantor is Seryl Kushner, who had a net worth of $252.0 million and liquidity of $19.6 million as of December 31, 2018.

Property management is provided by Kadima Management Associates, LLC, an affiliate of Kushner. The companies manage more than 2,100 apartments in popular urban residential areas of New York and Philadelphia.

DBRS MORNINGSTAR ANALYSIS SITE INSPECTION SUMMARY DBRS Morningstar toured several buildings on November 11, 2019, at 11:30 a.m. with representatives of the management company. Based on the site visit, DBRS Morningstar found the properties to be in Average to Average (-) conditions.

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EAST VILLAGE MULTIFAMILY PORTFOLIO POOL 2 – NEW YORK, NEW YORK

The buildings are in a desirable neighborhood in downtown Manhattan called the East Village and are within walking distance of transit, restaurants, shopping, and entertainment. The properties are also close to highways, bridges, and tunnels leading out of the city or to other boroughs. However, despite access to nearby highways, the collateral does not offer parking. Since 2007, the area has seen rapid upgrading and gentrification. The older residential buildings, with average rents on the lower end of market rent ranges in the city, provide good options for a younger demographic looking for their first apartment and others looking for a convenient and safe neighborhood with reasonable rent.

Neighborhood properties include a mix of residential uses, some with street-level retail, which are similar in age to the subject property. Subway lines are within a 10-minute walk of each property and multiple supermarkets are within walking distance of each building.

The curb appeal is typical of walk-up, prewar brick buildings in Manhattan with an average overall property condition and minor deferred maintenance visible. The buildings do not offer many common-area amenities except for secured- access exterior doors and a first-floor tenant mailbox; however, this is typical of prewar rental buildings in New York. Most market-rate units have in-unit washer and dryer pairs, some as a combination machine. No rent-controlled/stabilized units have in-unit washers and dryers; buildings with such units offer a laundry facility in the basement. The units’ kitchen appliances and cabinets dated from the most recent renovation and were in generally good condition. The bathrooms had been updated, and units were repainted as of the most recent tenant turnover. Most flooring had been updated to vinyl wood planking and carpet.

In total, the buildings have one ground-level, storefront commercial unit doing business as a barbershop with a total of 500 sf.

Low vehicle traffic was observed except on the north-south avenues and major streets, which have an abundance of stores and commercial activity. The neighborhood cross-streets are typically tree-lined with brick or concrete sidewalks.

DBRS MORNINGSTAR NCF SUMMARY NCF ANALYSIS

DBRS T-12 August 2019 Morningstar NCF Variance 2017 ($) 2018 ($) ($) Issuer NCF ($) NCF ($) (%)

GPR 4,341,236 4,367,037 4,381,630 4,449,959 4,449,959 0.0

Other Income 33,590 34,462 26,984 24,411 23,933 -2.0

Vacancy & -212,101 -236,890 -277,722 -126,306 -225,171 78.3 Concessions

EGI 4,162,725 4,164,609 4,130,892 4,348,064 4,248,720 -2.3

Expenses 1,225,281 1,216,757 1,228,476 1,318,020 1,413,600 7.3

NOI 2,937,444 2,947,852 2,902,416 3,030,044 2,835,120 -6.4

Capex 0 0 0 27,575 36,464 32.2

NCF 2,937,444 2,947,852 2,902,416 3,002,469 2,798,656 -6.8

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar Stabilized NCF was $2,798,656, a variance of -6.8% from the Issuer’s NCF. The main drivers of the variance are the residential vacancy and certain operating expenses.

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EAST VILLAGE MULTIFAMILY PORTFOLIO POOL 2 – NEW YORK, NEW YORK

The local residential rental market is very tight; however, DBRS Morningstar used a minimum 5% vacancy factor in contrast to the Issuer and appraisal underwriting of 2.8%. Recent history indicates a slightly higher vacancy. For the commercial space, DBRS Morningstar used a 10% vacancy factor on total commercial income. For utility expense and repairs and maintenance, DBRS Morningstar used the budgeted amounts, which are higher than historic totals. The overall DBRS Morningstar Expense Ratio was 33.4%.

DBRS MORNINGSTAR VIEWPOINT DBRS Morningstar believes that the subject will perform well given the properties’ desirable location in the East Village, their asset class, and the high demand for apartments in Manhattan. The area is densely populated and has numerous restaurants, retail, and shopping. Public transportation is easily accessible for residents with several subway stations and buses within walking distance. Occupancy has been consistently in the mid-90s or better since 2017.

Management reported that it does not offer concessions in the current strong market. The loan has a moderately low LTV at 65.7% and the sponsor has owned the portfolio since 2013.

Reis projects extremely low vacancies in these submarkets. Any new construction or large-scale renovation would command much higher rentals and not be directly competitive with the subject properties.

DOWNSIDE RISKS –– The buildings are mostly prewar, built between 1900 and 1920, which can increase deferred maintenance costs. –– The loan is full-term IO, which increases the risk of maturity loan default. –– Twenty residential units are subject to New York City rent-stabilization regulations. This may limit the owner’s ability to raise rents on these units, disincentivize the owner from capital investment, and prohibit deregulation to market rents through buyouts of rent-stabilized or rent-controlled tenants. –– Certain residential units are occupied in the absence of, or contrary to, the building certificate of occupancy.

STABILIZING FACTORS –– The properties were renovated as recently as 2012. DBRS Morningstar noted minimal deferred maintenance at the time of the site inspections. The lender’s required escrow of $332 per unit per year and $0.15 psf are equal to the engineer’s estimates for the combined properties. The three properties are cross-collateralized and cross-defaulted. DBRS Morningstar used capex at $322 per unit and $0.20 psf, respectively, for the apartment units and commercial space. –– The loan has a moderately low LTV of 65.7% based on the appraised value, and a springing cash flow sweep if the NCF debt yields falls below 6.0% or an event of default occurs. The submarket has low vacancy, with Reis reporting 3.7% in the West Village/Downtown submarket and 3.4% in the Stuyvesant submarket. –– The loan documents include structure for recourse to the warm-body sponsor for losses that may occur against the current or prior owners regarding rent stabilization regulations. –– The loan documents include structure for recourse to the warm-body sponsor for losses that may occur against the current or prior owners regarding certificate of occupancy and use issues on residential and commercial units.

December 2019 35 Presale Report | CGCMT 2019-C7

405 E 4th Avenue San Mateo, California

Loan Snapshot Seller CREFI Ownership Interest Fee Simple Trust Balance ($ Millions) 42.5 Loan psf/Unit ($) 105 % of the Pool 3.7 Loan Maturity/ARD November 2029 Amortization COLLATERAL SUMMARY n/a DBRS Morningstar Property Type Office Year Built/Renovated 2019 DBRS Morningstar Issuance DSCR (x) City, State San Mateo, CA Physical Occupancy (%) 100.0 1.94 Units/SF 71,254 Physical Occupancy Date December 2019 DBRS Morningstar Issuance LTV (%) This loan is secured by the borrower’s fee-simple interest in a four-story 71,191 sf 63.6 mixed-use office and multifamily property in San Mateo, California, approximately DBRS Morningstar Balloon LTV (%) 20 miles south of downtown San Francisco. Whole-loan proceeds of $62.5 million 63.6 refinanced $47.5 million of existing construction debt, returned $6.5 million in equity DBRS Morningstar to the sponsor, funded $5.6 million in reserves, and covered $2.7 million in closing costs Property Type associated with the transaction. The 10-year loan is full-term IO and represents an Office issuance LTV of 63.6% based on the as-is October 2019 appraised value of $98.3 million. DBRS Morningstar Property Quality Above Average The sponsor acquired the land for $6.6 million in 2015 and spent the next few years re-entitling the plot of land and constructing the asset, which was completed in 2019 Debt Stack ($ Millions) for a total cost basis of $68.8 million. The property is 100% leased, with the office space Trust Balance 42.5 wholly leased by Snowflake Computing, a San Mateo-based data-warehousing startup Pari Passu and subsequently subleased prior to building completion to Verkada Inc., another San 20.0 Mateo-based start-up offering security products. Per the appraiser, the San Mateo B Note submarket has more than 300,000 sf of office space being constructed or renovated, 0.0 and more than 85% of the space is already pre-leased. Thirteen of the subject’s 15 Mezz multifamily units are leased on 12-month leases to Verkada on a master lease, with the 0.0 remaining two units being affordable units that are up for auction. The two affordable Total Debt units will be leased before securitization and are to be listed at below-market rents. 62.5 Loan Purpose Refinance Equity Contribution/ (Distribution) ($ Millions) ($6.5)

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405 E 4TH AVENUE – SAN MATEO, CALIFORNIA

TENANT SUMMARY

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

Snowflake (subleased to Verkada) 62,338 100 80.53 100 7/2029 N

Subtotal/WA 62,338 100 80.53 100 7/2029 N

Snowflake’s lease is structured with a 12-month cash flow sweep prior to lease expiration, which will yield around $67 psf to release the subject. Snowflake originally leased the property’s office component in 2017 with a ten-year, $69.00 psf, NNN lease commencing June 2019. Snowflake outgrew the space prior to the completion of the building so it leased 200,000 sf of office space in another building and subleased the office space to Verkada in November 2019 for an increased rate of $87.00 psf. Per the sublease agreement, the landlord is entitled to 50% of the profit from the sublease. Verkada has also directly signed 12-month leases for 13 of the residential units in the building and can give back only two leased units at a time, with 60-days difference, effectively staggering the leases. The units will be occupied by employees.

SPONSORSHIP: The borrower for this transaction is Windy Hill PV Seven CM, LLC, an SPE controlled by Windy Hill Property Ventures (WHPV). WHPV is a real estate firm focused solely on the Silicon Valley and San Francisco market. WHPV has bought, repositioned and sold more than $400 million worth of assets since its inception in multifamily, commercial and mixed- use properties. It owns 15 properties worth more than $250 million. There are three carve-out guarantors, each of whom is a co-founder in WHPV. The sponsors and non-recourse carve-out guarantors for the loan are Jamie D’Alessandro, Tod Spieker and Michael Field.

Windy Hill Property Ventures also manages the subject for a contractual rate of 4.0% and 5.0% of the EGI for the office and multifamily space, respectively.

SITE INSPECTION SUMMARY DBRS Morningstar toured the property on Friday, November 8, 2019. Based on the site inspection, DBRS Morningstar found the property quality to be Above Average.

The collateral is composed of a 62,338 sf single-tenant Class A office building with 15 multifamily units in downtown San Mateo, which is approximately seven miles south of the San Francisco International Airport. The property is situated

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405 E 4TH AVENUE – SAN MATEO, CALIFORNIA

along East 4th Avenue and benefits from its proximity to Hwy. 101 and the San Mateo Caltrain station; both serve as primary arteries to the surrounding area and as primary means of commuting. The subject’s surrounding area comprises numerous restaurant offerings, older-vintage office buildings, multifamily developments and single-family homes. The subject also offers some parking; the nearby downtown San Mateo Caltrain station offers an 81-stall two-story subterranean parking garage.

Management identified several competitive office properties in the surrounding San Mateo submarket but described the collateral as unique because of its recent construction and its access to the Caltrain and covered parking. Management noted that the property was on final punch list items for the office space and received the final certificates of occupancy for the multifamily units two weeks prior. At the time of the tour, the office tenant was in the process of moving into the finished space but had set up its space only on the third floor. The unit mix of the subject is composed of six studios (528 sf/unit) and nine one-bedroom units (638 sf/unit). Each apartment had modern high-quality finishes, stainless appliances, quartz countertops, in-unit laundry and private balconies.

The collateral stands four stories tall and features a glass and brick facade accentuated by polished metal details at the street level and around the main entrance. The property’s main entrance is at the intersection of East 4th Avenue and South Claremont Street. Tenant amenities in the building include a large employee lounge with billiard games, snack pantries on each floor and a gym that is being built out. Verkada will be using all the space once it’s finished, but there were desks available for future expansion. All floors generally featured well-finished, industrial-looking décor, including open duct ceilings with hanging light fixtures and vinyl-plank floors. The space benefited from abundant natural lighting from the window-wrapped exterior. Overall, the property appeared well maintained and exhibited favorable interior and exterior appeal at the time of inspection.

DBRS MORNINGSTAR NCF SUMMARY NCF ANALYSIS

Issuer NCF ($) DBRS Morningstar NCF ($) NCF Variance (%)

GPR 5,019,923 5,019,923 0.0

Recoveries 1,721,814 1,721,814 0.0

Other Income 641,820 627,300 -2.3

Vacancy -337,087 -674,174 100.0

EGI 7,046,470 6,694,864 -5.0

Expenses 1,863,696 1,870,787 0.4

NOI 5,182,774 4,824,077 -6.9

Capex 15,468 19,335 25.0

TI/LC 193,312 352,011 82.1

NCF 4,973,995 4,452,730 -10.5

The DBRS Morningstar NCF is based on the DBRS Morningstar Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar NCF was $4,452,730, representing a -10.5% variance from the Issuer’s NCF of $4,973,995. The primary drivers of the variance include vacancy and TI/LCs. DBRS Morningstar assumed a vacancy rate of 10.0%, which is in excess of the Issuer’s 5.0% applied vacancy. DBRS Morningstar estimated TIs based on comparable recently securitized office properties found on DBRS Viewpoint, and LCs were based on the appraiser’s assumptions of 4.0% and 2.0% on new and renewal leases, respectively. Combined, DBRS Morningstar TI/LCs were $4.94 psf compared with the Issuer’s TI/LCs of $3.10 psf.

December 2019 38 Presale Report | CGCMT 2019-C7

405 E 4TH AVENUE – SAN MATEO, CALIFORNIA

DBRS MORNINGSTAR VIEWPOINT The collateral benefits from its transit-oriented in-fill location and mature neighborhood setting surrounded by inferior office-product competition and is heavily built out creating high barriers to new construction. Demand for Class A offices by technology companies is high in the San Mateo market, as evidenced by the subject’s ability to be leased at $69.00 psf and then subleased prior to completion for $87.00 psf, an $18 psf premium. Furthermore, the demand for the subject will be supported by the market’s difficult development restrictions, tight vacancy rates and dated market supply. Of concern, the subject is occupied by a non-investment-grade single tenant with a lease that expires in July 2029. The loan matures in November 2029, which means the single tenant rolls right before the loan matures, giving the loan an elevated level of refinance risk. The transaction has a moderate issuance LTV of 63.6%. Higher-leveraged loans historically exhibit higher default frequencies. Moreover, holding all other DBRS Morningstar NCF assumptions constant, occupancy at the property could fall to 60.0% and the DBRS Morningstar Issuance DSCR would remain slightly above 1.0x.

DOWNSIDE RISKS –– The subject exhibits single-tenant risk. Loans secured by single-tenant properties have had higher loss severities in the event of a default. –– The ten-year loan is full-term IO.

STABILIZING FACTORS –– The loan is structured with a cash flow sweep 12 months prior to loan maturity or if the tenant goes dark, among other events. The amount of cash flow swept will amount to around $67.00 psf for re-tenanting the office space, which is higher than the appraiser’s estimated new (non-shell) TIs of $40.00 psf. If the market’s trend of offering a relatively low level of TI allowances for second-generation space continues, the cash flow sweep should be adequate to lease up the property. In addition, Snowflake has posted a $4.1 million Letter of Credit (which will be assigned to the lender). This can burn down to $2.6 million if it goes public. Snowflake has an $8.1 million LOC from Verkada. –– As of the loan’s closing, the borrower maintained an implied $35.8 million of equity in the transaction. Additionally, the loan has moderately low leverage, as evidenced by a relatively low issuance LTV of 63.6% and loan-to-dark value of 67.6% based on the subject’s October 2019 appraised value of $98.3 million and dark value of $92.5 million.

December 2019 39 Presale Report | CGCMT 2019-C7

Gartner Campus South Fort Myers, Florida

Loan Snapshot Seller CREFI Ownership Interest Leasehold Trust Balance ($ Millions) 40.3 Loan psf/Unit ($) 369,633 % of the Pool 3.5 Loan Maturity/ARD December 2029 Amortization COLLATERAL SUMMARY n/a DBRS Morningstar Property Type Office Year Built/Renovated 2019 DBRS Morningstar Issuance DSCR (x) City, State Ft. Meyers, FL Physical Occupancy (%) 100.0 2.24 Units/SF 251,949 Physical Occupancy Date December 2019 DBRS Morningstar Issuance LTV (%) This loan is secured by the borrower’s leasehold interest in a 251,949 sf mixed-use 60.0 office and retail property, located in Fort Myers, Florida. The 10-year fixed rate loan DBRS Morningstar Balloon LTV (%) is IO for the full period. Loan proceeds of $40.29 million were used by the sponsor to 60.0 acquire the property and cover closing costs. The fee interest in the property is owned DBRS Morningstar by a government entity, Lee County Port Authority, under a ground lease with 48 years Property Type remaining (including extension options). Office DBRS Morningstar Property Quality The property is 100% occupied by Gartner, Inc. (Gartner) under a 20-year, NNN lease. Above Average The collateral comprises two office buildings (221,239 sf ) connected by a shared lobby and entranceway, built-to-suit for Gartner, and then one additional amenity building Debt Stack ($ Millions) (30,710 sf ) which has a fitness center and cafeteria. As a part of the lease agreement, Trust Balance 40.3 Gartner was provided a $30 psf TI allowance by the developer and was required to Pari Passu contribute $14.8 million ($59 psf ) toward the initial development cost. Construction 0.0 at the property was completed in two phases. Phase I, which was completed in 2018, B Note includes buildings A and B (122,208 sf ) and D (30,710 sf ). Phase II, which was completed 0.0 in 2019, includes building C (99,031 sf ). Gartner invested just over $25 million ($99 psf ) Mezz on interior finishes in addition to the $30 psf TI allowance. 0.0 Total Debt The office space is 100.0% leased by Gartner, a publicly traded research and advisory 40.3 company with a current equity market capitalization of nearly $15 billion. The Loan Purpose collateral was build-to-suit as an addition to their adjacent north campus which Acquisition houses 1,500 employees. The tenant plans to have approximately 2,300 employees at Equity Contribution/ the subject. (Distribution) ($ Millions) 27.5

December 2019 40 Presale Report | CGCMT 2019-C7

GARTNER CAMPUS SOUTH – FORT MYERS, FLORIDA

TENANT SUMMARY

DBRS Morningstar % of Total DBRS Tenant SF % of Total NRA Base Rent PSF ($) Base Rent Lease Expiry

Gartner 251,949 100 17.31 100 11/15/2038

Subtotal/WA 251,949 100 17.31 100

SPONSORSHIP The Sponsor and Guarantor is Kawa Capital Partners LLC, a Florida limited-liability company, which operates as Kawa Capital Management. It is an independent asset management firm with approximately $1 billion in assets under management and headquartered in Aventura, Florida. The Guarantor owns 100% of the manager (KCP GRTNR Office Manager, LLC) and owns 0.006% of the borrowing entity.

As of December 2018, the Guarantor reported a net worth and liquidity of $43.5 million and $19.9 million, respectively. The Guarantor is required to maintain a minimum net worth and liquidity of $20,145,000 and $4,029,000, respectively, through the loan term.

DBRS MORNINGSTAR ANALYSIS SITE INSPECTION SUMMARY Based on the site inspection and management tours conducted from November 19, 2019, DBRS Morningstar found the property quality to be Above Average.

The property is located in Fort Myers, approximately 14 miles southeast of the Fort Myers CBD and less than a mile from the Southwest Florida International Airport, though due to access roads is approximately a 12-minute drive from the airport. The property is situated along Paul J Doherty Parkway, approximately a quarter mile in from Daniels Parkway which provides direct access to I-75, two miles away from the property.

The property has two double-wide driveways to provide entry to the grounds. The three buildings are interconnected by covered walkways and surrounded by 1,033 surface parking spaces. The exterior building is attractive with a mix of dark, reflective glass windows and white stucco which has a modern look in line with its 2018/2019 build. The campus is 100.0% occupied by a single tenant, Gartner, as their South Campus. While this is not their headquarters, it houses the full staff of several groups and, per property management, serves as a sort of secondary headquarters.

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The three buildings are positioned with one centrally located which has the visitor entrance. This includes security-card- accessed turnstiles, a small seating area for visitors, a lobby check-in desk and plain white walls for a clean look as well as a wood-slat wall covering that showcases the company’s name. This area was very modern in design with a simplistic, basic color scheme and an emphasis on branding with the largest feature being the company’s logo affixed to the wall. Past the turnstiles, there was a coffee station to the right and a ping pong area just before the stairs leading to the first work area.

The second and third floors in each building have a communal area with booths, ping pong or general collaborative “fun” space just off the stair exits where employees can take a break. The work space was largely an open floor plan, with glass enclosed break-out rooms and conference areas lining the exterior walls. The build-out included gray and blue carpeting with blue wall coverings and partitions. The overall look was very modern and attractive, in line with its recent 2019 completion. Each building’s workspaces were built out similarly, and each first floor held common area amenities for the staff including coffee stations, vending machines and casual group meeting space. A smaller building located between the two larger office buildings includes the larger amenity spaces which included an expansive cafeteria, fitness center and general gathering space. Between the buildings was a covered walkway to provide direct access between spaces, as well as an open area courtyard with seating. Overall the interior was well built out and the property had superior curb appeal compared with its surroundings, reminiscent of its recent build.

DBRS MORNINGSTAR NCF SUMMARY NCF ANALYSIS

Issuer NCF ($) DBRS Morningstar NCF ($) NCF Variance (%)

GPR 4,361,604 4,361,604 0.0

Recoveries 2,410,572 2,417,380 0.3

Other Income 0 0 0.0

Vacancy -338,609 -508,424 50.2

EGI 6,433,567 6,270,560 -2.5

Expenses 2,410,572 2,417,380 0.3

NOI 4,022,995 3,853,180 -4.2

Capex 50,390 62,987 25.0

TI/LC 192,657 495,271 157.1

NCF 3,779,949 3,294,922 -12.8

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar NCF was $3,294,922, a -12.8% variance from the Issuer’s NCF of $3,779,949. The main drivers of the variance are TIs, LCs and vacancy. DBRS Morningstar applied TIs of $25.00 psf for new leases and $10.00 psf for renewals based upon the appraiser’s market assumptions. LCs were concluded to 6.0% and 3.0% for new and renewal leases, respectively, which was in line with the appraiser’s market assumptions. Vacancy was concluded to 7.5% to account for the generally weaker market, though the property is 100.0% occupied by a single tenant.

DBRS MORNINGSTAR VIEWPOINT This single-tenant office property was built-to-suit for Gartner and holds three of their groups: infrastructure, finance and accounting. The sponsor provided a TI package of $30.00 psf to build out the property while the tenant put in an additional $99.00 psf, demonstrating their commitment to this campus’ success and likelihood that they will remain in the space. The property was already highly used despite the fact that a full building had opened on the day of inspection. The tenant signed a 20-year lease, going through November 15, 2038, with no extension options. There is one option to terminate in 2034; however, Gartner’s largest presence is in the Fort Myers area and they have continued to expand within the North

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GARTNER CAMPUS SOUTH – FORT MYERS, FLORIDA

Campus and the South Campus, where the subject is located. Furthermore, the termination takes place in 2033, which is past the loan’s maturity date, and the option requires a 12-month notice providing a decent amount of time to market the space, as well as a fee of $4.68 million ($19.00 psf ) which would be used to re-tenant the space thus reducing refinance risk. The sponsor invested $27.4 million of cash equity into the deal representing 40.6% of the total capitalization, showing a significant commitment to the property. The building is managed by Jones Lang LaSalle, a top-tier management company, which should increase the likelihood that the building remains at its quality level.

DOWNSIDE RISKS –– The collateral is the leasehold interest. –– The loan is IO throughout the 10-year term.

STABILIZING FACTORS –– The average ground lease payments over the loan term represents only 3.7% of the contractual rental income and is fully reimbursable by the tenant as a part of their lease agreement. The current ground lease has an initial term of 20 years, through 2037, and six extension options of five years, each which creates a fully extended term of 2067. –– The loan exhibits favorable metrics with an LTV of 59.9%.

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Harvey Building Products Various

Loan Snapshot Seller CREFI Ownership Interest Fee Simple Trust Balance ($ Millions) 40.0 Loan psf/Unit ($) 5,714,286 % of the Pool 3.5 Loan Maturity/ARD November 2029 Amortization COLLATERAL SUMMARY 30 years DBRS Morningstar Industrial Year Built/Renovated Various DBRS Morningstar Property Type Issuance DSCR (x) City, State Various Physical Occupancy (%) 100.0 1.35 DBRS Morningstar Units/SF 2,046,119 Physical Occupancy Date December 2019 Issuance LTV (%) 82.7 This loan is secured by the borrower’s fee interest in a portfolio of 30 industrial DBRS Morningstar properties, including 27 warehouses, two manufacturing facilities and one headquarters Balloon LTV (%) 74.9 office property, totaling 2,046,119 sf located in seven states (See the exhibit below). DBRS Morningstar The properties were constructed between 1950 and 2009 with an average age of 30 Property Type years and range in size from 13,736 sf to 376,294 sf. Harvey Building Products (HBP) Industrial previously owned 100% of the subject properties and entered a 20-year absolute net DBRS Morningstar master lease across the full portfolio. The facilities represent 30 of the 44 current Property Quality HBP locations (the remaining 14 are leased to third-party owners) and include 100% Average of HBP’s manufacturing capabilities as well as its corporate headquarters. As of Debt Stack ($ Millions) September 30, 2019, the portfolio is 100% occupied. Loan proceeds of $160.0 million Trust Balance will be used to fund the acquisition of the 30 properties equating to an as-is LTV of 40.0 69.4%, a Go-Dark LTV 92.0% and a Portfolio LTV of 67.5% based on the appraised Pari Passu value. The ten-year loan will be IO only for first five-year term and amortizes on a 120.0 30-year schedule thereafter. B Note 0.0 Mezz Portfolio Geography 0.0 Total Debt State Count % 160.0  NH 5 16.7 Loan Purpose  MA 11 36.7 Acquisition  RI 2 6.7 Equity Contribution/  PA 3 10.0 (Distribution) ($ Millions)  CT 7 23.3 70.2  ME 1 3.3  VT 1 3.3

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The sponsor, AG Net Lease Realty Fund IV, LP (AGNL) acquired the portfolio for $230.75 million. The properties were appraised for an as-is value of $232.6 million ($114 psf ), a go-dark value of $174.0 million ($85 psf ) and a portfolio value of $237.0 million ($116 psf ). The facilities represent 30 of the 44 HBP locations, including 100% of HBP’s manufacturing capabilities, its office headquarters and 27 warehouse/showroom facilities. HBP is a producer of vinyl windows and doors and is fully vertically integrated as one of the nation’s largest distributors of building products with a leading market share (>30%) in the northeastern United States. Only two of the 30 properties account for more than 10% of the NRA; these two manufacturing facilities were originally built-to-suit for HBP and are located in Londonderry, New Hampshire, and Dartmouth, Massachusetts. The Londonderry facility is immediately adjacent to the Manchester-Boston Regional Airport, which is New England’s third-largest cargo airport with 24-ft. clear heights, 33 dock-height loading doors for efficient shipping and distribution and a two-story in-house testing lab to test product storm and water durability. The Dartmouth facility is located one mile north of I-95, providing direct access to Providence, Rhode Island, and the Boston MSA. This facility features 22-ft. clear heights and serves as the manufacturing building for windows and patio doors. The majority of the 27 warehouse/showroom facilities are located near major interstates spanning seven northeastern states with an average clear height of 20 ft. and loading docks accompanied by HBP salespeople to cater to customers (mainly contractors).

Please refer to the table below for a summary of the portfolio.

PORTFOLIO SUMMARY

Cutoff Date % of Cutoff Year Built/ Loan Amount Date Loan Occupancy Property City, State SF Renovated ($) Amount (%) Largest Tenant

Londonderry/Manu- Londonderry, NH 376,294 2007 9,656,250 19.3 100 Harvey Building facturing Products

Dartmouth/Manufac- North Dartmouth, MA 235,239 1999 5,625,000 11.3 100 Harvey Building turing Products

Waltham Corporate Waltham, MA 54,400 2000 4,898,438 9.8 100 Harvey Building Products

Woburn Woburn, MA 76,054 1989 2,796,875 5.6 100 Harvey Building Products

Nashua Nashua, NH 111,594 2006 2,062,500 4.1 100 Harvey Building Products

Woburn CPD Woburn, MA 59,800 1989 2,000,000 4.0 100 Harvey Building Products

(West) Bridgewater West Bridgewater, MA 81,776 2005 1,746,875 3.5 100 Harvey Building Products

Manchester, NH Manchester, NH 81,747 2003 1,625,000 3.3 100 Harvey Building Products

Norwalk 256 Norwalk, CT 40,232 1972 1,500,000 3.0 100 Harvey Building Products

New London Waterford, CT 70,642 2008 1,406,250 2.8 100 Harvey Building Products

East Haven East Haven, CT 70,089 2005 1,346,875 2.7 100 Harvey Building Products

Lincoln Lincoln, RI 80,240 2003 1,300,000 2.6 100 Harvey Building Products

Bethlehem Bethlehem, PA 71,091 1973/2005 1,218,750 2.4 100 Harvey Building Products

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PORTFOLIO SUMMARY

Cutoff Date % of Cutoff Year Built/ Loan Amount Date Loan Occupancy Property City, State SF Renovated ($) Amount (%) Largest Tenant

Salem Salem, NH 58,286 2001 1,218,750 2.4 100 Harvey Building Products

Norwalk 260 Norwalk, CT 30,000 1974 1,198,438 2.4 100 Harvey Building Products

Berlin Berlin, CT 43,796 1994 1,109,375 2.2 100 Harvey Building Products

Dartmouth Dartmouth, MA 63,117 1974/2004 1,096,875 2.2 100 Harvey Building Products

Manchester, CT Manchester, CT 49,175 1996 873,438 1.7 100 Harvey Building Products

Portland Portland, ME 48,145 1976/2003 843,750 1.7 100 Harvey Building Products

Braintree Braintree, MA 32,531 1986 828,125 1.7 100 Harvey Building Products

Warwick Warwick, RI 43,899 1997 771,875 1.5 100 Harvey Building Products

Fitchburg Fitchburg, MA 39,433 1983 656,250 1.3 100 Harvey Building Products

Auburn Auburn, MA 37,132 1983/2006 643,750 1.3 100 Harvey Building Products

Berlin CPD Berlin, CT 28,163 1977 640,625 1.3 100 Harvey Building Products

Portsmouth Portsmouth, NH 31,470 1985/1999 625,000 1.3 100 Harvey Building Products

Southampton Huntingdon Valley, PA 36,421 1971/2009 537,500 1.1 100 Harvey Building Products

Wilkes-Barre Forty Fort, PA 32,200 1950 500,000 1.0 100 Harvey Building Products

Hyannis Hyannis, MA 24,070 1986/2002 484,375 1.0 100 Harvey Building Products

Springfield Springfield, MA 25,347 1989 467,188 0.9 100 Harvey Building Products

White River Junction White River Junction, VT 13,736 1981/2001 321,875 0.6 100 Harvey Building Products

Total/WA Various 2,046,119 1988 50,000,000 100.0 100 Harvey Building Products

SPONSORSHIP The sponsor and guarantor for the transaction, AGNL, is a repeat Citibank sponsor that has been securitized approximately 50 times. As of September 30, 2019, the guarantor reports total investor commitments of $409.2 million with approximately $163.7 million of uncalled committed capital (40% of total). The guarantor also has access to a $196 million credit facility from Sumitomo Mitsui Banking Corporation, which is rated A1 by Moody’s, A by Fitch and A- by S&P.

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DBRS MORNINGSTAR ANALYSIS SITE INSPECTION SUMMARY

Based on the site inspection and management tours conducted from October 31, 2019, to November 1, 2019, DBRS Morningstar found the portfolio quality to be Average.

The properties inspected by DBRS Morningstar generally offered good curb appeal with superior quality to neighboring industrial properties. Building exteriors were mostly in good condition and each property appeared to be actively managed and well maintained. Building interiors were clean and well organized, busy with employees and customers at the time of each respective inspection.

LONDONDERRY AND NORTH DARTMOUTH MANUFACTURING FACILITIES The manufacturing portion of the collateral includes two facilities located in Londonderry and North Dartmouth, approximately 45 miles north of Boston and 59 miles south of Boston, respectively. Built between 1999 and 2007, these properties produce all windows and doors for HNP and house small office space that accommodates the company’s engineering and production teams. Both properties are near major highways within industrial areas of suburban towns and offer ample paved surfaces around the buildings’ perimeter for large trucks to access the 61 dock doors between the two properties. Building exteriors were in good condition and consist of light grey and white brick with red accents and a temporary metal wall at the rear of each property to allow for expansion if needed. The two buildings total 611,533 sf and feature 22- to 24-ft. clear heights with large specialized machinery used to produce HBP’s products. The Londonderry facility features a testing lab, which simulates stresses and moisture levels of category 3, 4, and 5 hurricanes. Londonderry and North Dartmouth have 387 and 231 surface parking spaces, respectively, which were in good condition with freshly painted traffic lines and minimal cracks and holes noted at the time of inspection. Both facilities were fully using their spaces, but neither property manager expressed an immediate need to expand their facilities.

WALTHAM CORPORATE This property, which serves as HBP’s corporate office space, consists of a three-story, 54,400-sf office building in the suburban town of Waltham, Massachusetts. The building’s exterior was visually appealing, consisting of red and light grey brick with white trim and accents that fit well with the property’s large trees and neatly cut hedges. The property was built to suit for HBP in 2000 and HBP has a master lease for the entire building but subleases the first floor and a portion of the second floor to two local consulting companies. There are two vacant spaces available for sublease on the first floor. Management noted that the vacant units were actively marketed and expected them to be subleased by the end of 2019. Overall, the office space was in good condition and consistent with average Class B office quality. HBP has occupied the

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property since it was built in 2000 and has plenty of space to expand if needed. The relatively central location of this office building among HBP’s manufacturing facilities and warehouses across New England make this an important asset to the company.

WAREHOUSE PROPERTIES DBRS Morningstar inspected six out of the portfolio’s 27 warehouse properties. Generally, these properties are located in small light-industrial pockets of residential towns near major highways. Typical building exteriors consist of light grey and white brick with red accents and prominent signage that give the buildings a bright, clean look. Building lobbies feature a small two-story, open-spaced showroom with various displays of HBP’s products and a long sales counter in front of open desks where employees sit. Warehouse space is typically broken two sections with windows and doors stored in a heated section and roofing and siding products stored in a non-heated section. Dock doors are situated in the front and rear of each building with incoming products from the factory received at the rear doors and outgoing products to customers delivered out of the front dock doors. Each property typically has one unmanned freight elevator to store products. Most properties inspected had a gated surface parking lot on the side of the building to store roofing products and delivery trucks. Overall, these warehouse properties were well located with practical layouts that could be used for various industrial uses.

DBRS MORNINGSTAR NCF SUMMARY NCF ANALYSIS

Issuer NCF ($) DBRS Morningstar NCF ($) NCF Variance (%)

GPR 15,567,566 15,567,566 0.0

Recoveries 4,362,956 4,360,011 -0.1

Other Income 0 0 0.0

Vacancy -996,526 -1,091,753 9.6

EGI 18,933,995 18,835,823 -0.5

Expenses 4,362,956 4,360,011 -0.1

NOI 14,571,039 14,475,813 -0.7

Capex 411,225 433,880 5.5

TI/LC 623,413 1,964,805 215.2

NCF 13,536,402 12,077,127 -10.8

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar NCF was $12,077,127, a variance of -10.8% from the Issuer’s NCF of $13,536,402. The main drivers of the variance are TIs/LCs, vacancy and replacement reserves. Because of the manufacturing facilities, DBRS Morningstar generally applied TIs of $5.00 psf for new leases and $2.50 psf for renewal leases on five-year terms, except the Waltham Corporate Office, which DBRS Morningstar concluded at $20.00 psf for new leases and $5.00 psf for renewal leases on a five-year term. DBRS Morningstar applied leasing costs of 6.0% and 3.0% for new and renewal leases, respectively. DBRS Morningstar applied economic vacancy of 5.5% while the Issuer concluded an economic vacancy of 5.0%. DBRS Morningstar used replacement reserves of $0.21 psf while the Issuer applied a $0.20 psf reserve.

DBRS MORNINGSTAR VIEWPOINT This single-tenant industrial portfolio largely consists of built-to-suit warehouse facilities, two manufacturing properties and a corporate office property. Generally, all properties are well located for their specific business functions and could be converted relatively easily to accommodate other industrial uses. This portfolio is part of a sale-leaseback transaction that represents 30 of the current 44 HBP locations, including all of HBP’s manufacturing capabilities and corporate office, which are excluded from release provisions and crucial to the company’s operations. HBP reported over a 30.0% market

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share in the northeast United States as of 2019 and offers a wide range of building products to contractors with no single customer accounting for more than 0.5% of total revenue. The sponsor invested $72,879,000 of cash equity into the deal, representing 31.0% of the total capitalization and showing significant commitment to the portfolio. HBP will continue to manage these properties, which it has maintained in good condition for over 12 years.

DOWNSIDE RISKS –– The subject exhibits single-tenant risk. Loans securitized by single-tenant properties have been found to have higher severities in the EOD. –– The portfolio has exposure to build-to-suit manufacturing facilities that could be difficult to backfill in the event that the properties become vacant.

STABILIZING FACTORS –– The loan amortizes over a 30-year schedule after the initial five-year IO period, resulting in a lower balloon LTV of 62.2% based on the maturity balance of $144,600,000. –– The risk of the manufacturing assets is mitigated by the fact that the portfolio includes 27 warehouses, for which there is stable demand.

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Marriott Phoenix Airport Phoenix, Arizona

Loan Snapshot Seller LCF Ownership Interest Fee Simple Trust Balance ($ Millions) 40.0 Loan psf/Unit ($) 579,710 % of the Pool 3.5 Loan Maturity/ARD December 2029 Amortization COLLATERAL SUMMARY 27 years DBRS Morningstar Property Type Full-Service Hotel Year Built/Renovated 1999/2019 DBRS Morningstar Issuance DSCR (x) City, State Phoenix, AZ T-12 RevPAR ($) 87.08 1.68 Keys 345 T-12 RevPAR Date September 2019 DBRS Morningstar Issuance LTV (%) The loan is secured by the borrower’s interest in Marriott Phoenix Airport Hotel, a 61.1 345 key, full-service hotel in Phoenix, Arizona. The property was built in 1999 and DBRS Morningstar Balloon LTV (%) renovated in 2019. The loan has a 10-year term and amortizes on a 27-year schedule. The 46.3 borrower will use loan proceeds of $40.0 million to refinance $27.0 million in existing DBRS Morningstar debt, return approximately $11.9 million in equity to the sponsor (Columbia Sussex Property Type Corporation), and cover $453,000 in closing costs and fund $929,000 in reserves. In Full-Service Hotel October 2019, the sponsor paid down the then-outstanding balance of $37.0 million by DBRS Morningstar Property Quality contributing $10.0 million in equity to secure an interest-rate reduction. Average (+) The sponsor constructed the property in 1999 for $31.19 million ($90,395/key). Debt Stack ($ Millions) The sponsor secured a $23.85 million construction loan, representing 70% of total Trust Balance 40.0 construction cost, to complete the building. The loan was refinanced in 2001 and 2006, Pari Passu and subsequently securitized in BACM 2006-3. The property’s performance began to 0.0 suffer in 2008, leading to maturity default in 2016. In 2008 when the property first B Note experienced cash flow shortfalls, the sponsor provided equity infusions through 2014 0.0 to support debt service; however, the loan was transferred to special servicing in 2015 Mezz and defaulted in 2016 because the sponsor could not refinance or sell the property at 0.0 loan maturity. In 2017, the sponsor repurchased the subject note for $44.50 million Total Debt ($128,986/key), which represented 62.7% of the 2006 securitized loan amount. Ladder 40.0 Capital funded the sponsor’s loan to repurchase and finance part of the property’s Loan Purpose recent $11.0 million PIP. In September 2019, the sponsor paid down the prior loan by Refinance $10.0 million to $27.0 million. This transaction will pay down the existing debt and Equity Contribution/ return that $10.0 million plus an additional $1.9 million of equity. (Distribution) ($ Millions) (11.9)

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MARRIOTT PHOENIX AIRPORT – PHOENIX, ARIZONA

COMPETITIVE SET

Property Keys Year Built Sales Price ($) $/Key

Scottsdale Marriot Suites Old Towm 243 1987 81,000,000.00 333,333

Scottsdale Marriot at McDowell Mountains 266 2000 80,000,000 300,752

The Clarendon Hotel 105 1972 19,500,000 185,714

Sonesta Suites Scottsdale Gainery Ranch 164 1999 36,000,000 219,512

Westin Phoenix Downtown 242 2008 58,000,000 239,669

Embassy Suites Hotel Phoenix-Scottsdale 270 1999 56,230,634 208,262

Aloft Phoenix Airport 143 2009 24,000,000 167,832

Total/WA Comp. Set 205 56,918,891 247,544

Hotel Name - Subject

Source: ASR.

The subject property is well located approximately 3.5 miles northeast of the Phoenix Sky Harbor International Airport, one of the busiest commercial airports in the U.S. Guest amenities include an outdoor pool, fitness center, business center, a 476-vehicle parking lot, 13,325 sf in meeting space, and two ballrooms. The hotel also features a restaurant, Red Rim Bistro, on the ground floor that serves American and Southwestern cuisine. Starting in May 2017, the sponsor allocated $11.9 million toward a brand-mandated PIP renovation on the property. The PIP renovations included upgrades to all guest rooms and bathrooms, all common spaces, the restaurant and bar, guest amenities, and the fire and life safety systems. The PIP was completed in October 2019 and, subsequently, the Marriot Franchise agreement was renewed for an additional 20 years and now expires on December 30, 2039.

SPONSORSHIP The loan sponsor is Columbia Sussex Corporation, a Kentucky-based hotel company founded in 1972. As of 2019, the sponsor’s portfolio value is over $3.1 billion and encompasses more than 49 hotels with more than 13,000 keys. The sponsor’s hotels operate primarily under franchise agreements with the Marriott, Hilton, and Hyatt hotel brands.

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DBRS MORNINGSTAR ANALYSIS SITE INSPECTION SUMMARY Based on the DBRS Morningstar site inspection and management meeting conducted on November 14, 2019, at 3:30 p.m., DBRS Morningstar determined the overall property quality to be Average (+).

The subject is 3.5 miles northeast of Phoenix Sky Harbor International Airport and approximately 6.0 miles east of downtown Phoenix on North 44th Street, which is a main artery lined with large offices and several hotels. The property manager noted that, although the majority of the Phoenix MSA is currently experiencing a development wave, the subject’s unique positioning as an upper midscale hotel near the airport and relatively close to downtown Phoenix set it apart from direct competition from nearby hotels.

Although the collateral was built in 1999, the modern finishes in the lobby, restaurant, bar, patio, library, fitness room, business center, banquet rooms, and guest rooms reflect the recently completed PIP renovations. The renovated lobby featured an airy rotunda that provided easy access to the adjacent common-area amenities. The pool, also renovated with the PIP, was relatively small. It had limited views and was less decorated than other common areas. Surface parking was readily available and surrounded the property. At the time of inspection, nearly all of the hotel’s ballroom space was occupied and its banquet food areas appeared to be well attended. DBRS Morningstar toured several meeting spaces, including the Maricopa Room, which was set up as conference space. The property’s exterior appeared clean and well maintained with landscaping lining the entrance driveways.

The property manager indicated that the subject’s performance has been improving, primarily because of improving local economic conditions and the subject’s recent guest-room and amenity renovations. The PIP final inspection was scheduled for the end of November 2019 and the remaining 5% of the planned upgrades primarily include art for the front desk and woodwork in the restaurant. The ballrooms were renovated between July and August 2019, which took all meeting space offline. The manager noted that, even though the hotel’s 13,324 sf of meeting space was offline and, thus, dragging down banquet revenue during this time, F&B revenue is still higher than November 2018. Management expects YE2020 F&B revenue to surpass YE2016 levels, which included the positive impact from the NCAA Final Four men’s basketball events. The subject’s top 10 corporate accounts, led by General Dynamics Corporation, Deloitte, Accenture plc, UnitedHealth Group Inc., and The Boeing Company, all had material increases in room nights compared with the previous year. The property manager noted that demand has strengthened because of regional infrastructure projects, including rail development by Bombardier Transportation. In addition, nearby Arizona State University, Air and Army National Guard stations, and Phoenix’s intermittent regional hosting of the NCAA men’s basketball tournament have driven the subject’s

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leisure demand. The property manager highlighted that, within its upper midscale positioning, the subject’s ADR has led the STR competitive set by about $40.00.

DBRS MORNINGSTAR NCF SUMMARY NCF ANALYSIS

DBRS NCF T-12 September Morningstar Variance 2017 ($) 2018 ($) 2019 ($) Issuer NCF ($) NCF ($) (%)

Occupancy (%) 51.7 50.6 51.7 51.7 50.5 -2.3

ADR 165.80 167.79 168.41 168.41 168.41 0.0

RevPAR 85.68 84.87 87.08 87.08 85.05 -2.3

Total Departmental Revenue 15,407,838 15,334,441 15,481,166 15,481,166 15,119,333 -2.3

Total Deparmental Expense 4,638,745 4,675,405 4,549,370 4,549,370 4,590,833 0.9

Total Departmental Profit 10,769,093 10,659,036 10,931,796 10,931,796 10,528,500 -3.7

Total Undistributed Expense 4,186,045 4,179,400 4,288,732 4,226,816 4,128,025 -2.3

Total Fixed Expense 1,085,420 1,085,420 1,108,584 1,024,400 1,171,586 14.4

NOI 5,497,629 5,394,217 5,534,480 5,680,580 5,228,890 -8.0

FF&E 0 0 0 774,058 1,088,592 40.6

NCF 5,497,629 5,394,217 5,534,480 4,906,521 4,140,298 -15.6

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar NCF was $4,140,298, a variance of -15.6% from the Issuer’s NCF. The main drivers of the variance are RevPAR, FF&E reserve, F&B revenue, and rooms expense. DBRS Morningstar capped the occupancy at 50.5%, reflecting a slight deduction to the T-12 period ending September 30, 2019, given the asset’s short performance history. DBRS Morningstar applied ADR of $168.41 at the T-12 period ending September 30, 2019, based on recent positive leasing momentum and historical ADR that is $40.00 above comparables. DBRS Morningstar based F&B revenue on the T-12 F&B revenue-to-total revenue ratio, and rooms expense on the T-12 rooms expense-to-rooms revenue ratio.

DBRS MORNINGSTAR VIEWPOINT The subject loan is secured by a well-located full-service hotel located less than 7.0 miles from downtown Phoenix. The sponsor purchased the loan out of special servicing in February 2017 and initiated a brand-mandated PIP immediately thereafter. The PIP, totaling $11.9 million ($244,348 per key), was completed in November 2019 and is central to the sponsor’s planned achievement of higher average occupancy and RevPAR. At the time of the DBRS Morningstar site inspection, the property manager noted that occupancy was 100.0% and that the hotel would continue to target an ADR that is approximately $40.00 higher than the hotel’s competitive set on a per-key basis, in line with the subject’s historical performance within the competitive set. The manager noted that the majority of the hotel’s demand segmentation is corporate while the remainder is divided between meeting and group and leisure. The 345-key subject has 13,324 sf of meeting space, making it an attractive option for both national and local corporate, meeting, and leisure uses. Since 2017, F&B revenue has accounted for a healthy 29% of total revenue, but DBRS Morningstar considers this to be relatively less volatile than typical full-service hospitality properties. The loan’s DBRS Morningstar Debt Yield of 11.5% is moderate based on the collateral’s urban location.

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MARRIOTT PHOENIX AIRPORT – PHOENIX, ARIZONA

DOWNSIDE RISKS –– The property has a troubled performance history. In 2009, cash flow decreased by 41% over 2008 and the loan’s DSCR fell below 1.00x. With the help of additional sponsor equity infusion, the loan performed while on the servicer’s watchlist until and through 2014, but ultimately transferred to special servicing in September 2015 and defaulted in 2016.

STABILIZING FACTORS –– The sponsor has invested $11.9 million ($244,348 per key) into its recently completed PIP. According to the property manager, occupancy at the subject has improved over the last year. DBRS Morningstar conservatively estimated NCF by assuming occupancy of 50.5%. Additionally, DBRS Morningstar increased the modeled POD for the loan, given the sponsor’s past issues.

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Austin Landing Mixed-Use Miamisburg, Ohio

Loan Snapshot Seller CREFI Ownership Interest Fee Simple Trust Balance ($ Millions) 38.8 Loan psf/Unit ($) 9,562,500 % of the Pool 3.4 Loan Maturity/ARD December 2029 Amortization COLLATERAL SUMMARY 50 years DBRS Morningstar Mixed Use Year Built/Renovated 2010 DBRS Morningstar Property Type Issuance DSCR (x) City, State Miamisburg, OH Physical Occupancy (%) 96.9 2.13 DBRS Morningstar Units/SF 834,510 Physical Occupancy Date November 2019 Issuance LTV (%) 61.9 This loan is secured by the borrower’s fee interest in Austin Landing, a 834,510-sf DBRS Morningstar mixed-use office and retail property in Miamisburg, Ohio. Built in 2010 and renovated Balloon LTV (%) 57.1 in 2018, the property sits at the newly built interchange of I-75 and Austin Boulevard in DBRS Morningstar the Austin Landing North planned community. A-note loan proceeds of $88.8 million Property Type and a $26.0 million B-note were used to acquire the property for a total purchase price Mixed Use of $134.5 million ($207.0 psf ), fund a $2.6 million in upfront reserves and cover closing DBRS Morningstar costs. A $50.0 million pari passu note is included in the trust and the remaining A-note Property Quality participations are anticipated to be securitized in future transactions. Additionally, Kawa Average (+) Capital Management, Inc. provided a B-note of $26.0 million to fund the acquisition. Debt Stack ($ Millions) While the ten-year loan is IO through the entire term, financing was structured with a Trust Balance 50-year pro-rata amortization between the A-note and the B-note. 38.8 Pari Passu The mixed-use property has been historically well occupied, averaging 95.6% over the 50.0 last two years. As of September 2019, the office buildings were 99.1% occupied by 33 B Note tenants and the retail component was 95.2% occupied by 35 tenants for a combined 26.0 occupancy of 96.9%. Based on the most recent rent roll, there are only eight vacant Mezz spaces: five in-line spaces totaling 8,040 sf, one anchor space totaling 13,200 sf and two 0.0 Total Debt office spaces totaling 3,450 sf. The property’s office component accounts for 44.6% of 114.8 the total NRA and 57.4% of DBRS Morningstar gross rent while the retail component accounts for 55.4% of the total NRA and 42.6% of DBRS Morningstar gross rent. The Loan Purpose property’s office component is spread across four mid-rise office buildings: Discovery Acquisition Place, Enterprise Place, Progress Park Tower and Endeavor Building. The three largest Equity Contribution/ (Distribution) ($ Millions) office tenants at the property are Thompson Hine LLP (6.6% of NRA), Kettering Health 22.3 Network (4.9% of NRA) and Merrill Lynch Wealth Management (4.0% of NRA). The office tenants are well diversified with no significant tenant concentrations. Retail at

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AUSTIN LANDING MIXED-USE – MIAMISBURG, OHIO

the property is spread across 15 buildings with Kohl’s and Kroger on their respective ground-lease boxes. Excluding Kohl’s and Kroger, the largest retail tenants are Cinépolis (8.1% of NRA), Field & Steam (7.8%) and T.J. Maxx/HomeGoods (6.9% of NRA). The remaining retail tenants are mostly national retailers, popular fitness chains and restaurants. All retail leases are NNN with a WA lease term of 16.0 years.

TENANT SUMMARY

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

Kroger 97,000 11.6 1.93 1.1 12/2032 Y

Kohl's 87,327 10.5 1.15 0.6 1/2032 Y

Cinepolis 52,750 6.3 21.92 6.7 12/2031 N

Field & Stream 50,470 6.0 14.76 4.3 1/2030 N

TJ Maxx/HomeGoods 45,000 5.4 16.46 4.3 10/2023 Y

Subtotal/WA 332,547 39.8 8.24 17.0 Various Various

Other Tenants 475,972 57.0 18.84 83.0 Various N

Vacant Space 25,991 3.1 n/a n/a n/a n/a

Total/WA 834,510 100.0 14.48 100.0 Various Various

Rollover risk for the office space at the property is spread throughout the loan term with 41.6% of NRA expiring by the end of 2021. In total, 99.1% of the total office NRA will expire by YE2029. The retail rollover risk is less pressing as less than 1.0% of the retail NRA expires by YE2021. Roughly 30.6% of the total retail NRA will roll over by YE2029. In total, 14 leases, representing 19.1% of DBRS Morningstar gross rent, expire by YE2021.

SPONSORSHIP The sponsors and carve-out guarantors for this transaction are Soly Halabi and Joseph Simhon, the managers of Austin Landing North, LLC. Mr. Halabi serves as the President of Institutional Assets at Venture Capital Properties, an investment sales and capital markets firm based in New York. Mr. Halabi also served as an executive at the Gindi Group, a private real estate investment and development firm. In 2011, Forbes named Mr. Halabi one of its 30 under 30 in real estate. Mr. Simhon owns and manages office, industrial and retail properties throughout Ohio. The sponsors reported a combined net worth and liquidity of $100.0 million and $8.0 million, respectively. The property will be managed by a borrower affiliate for a fee of 3.5%.

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AUSTIN LANDING MIXED-USE – MIAMISBURG, OHIO

DBRS MORNINGSTAR ANALYSIS SITE INSPECTION SUMMARY DBRS Morningstar toured the interior and exterior of the property on November 5, 2019, at 2:00 p.m. Based on the site inspection and management tour, DBRS Morningstar found the property quality to be Average (+).

The mixed-use office and retail property is located in the larger Austin Landing development, off the newly built interchange of I-75 in Miamisburg. Major cities near the property include Dayton, Ohio, which is less than 13.0 miles north, followed by Cincinnati, Ohio, which is approximately 42.0 miles south. The subject collateral comprises the majority of the real estate in the broader development, but excludes the 276-unit apartment complex Flats at Austin Landing, Hilton Garden Inn (125 keys), Staybridge Suites (108 keys) and separate 60,000-sf office tower. The property is highly visible from I-75 because of the prairie-like surroundings and flat topography. The westernmost buildings on the parcel, including Field & Stream, Cinépolis Theater, Discovery Place office and Enterprise Place office have the greatest visibility from I-75 while Chuy’s and BJ’s Restaurant & Brewhouse have high visibility from the property’s main entrance off Austin Boulevard.

Upon entering the development from Austin Boulevard, there is a large green space and park with walkways connected to the smaller retail buildings with in-line tenants. According to the property manager, the park is used for promotional events, including live music and food trucks, annual Christmas tree lighting, game nights and other seasonal events. The Christmas tree lighting is an especially popular event, which attracted over 5,000 people last year. The smaller retail buildings are primarily occupied by restaurant tenants that were busy at the time of DBRS Morningstar’s inspection. Between the in-line restaurant tenants were traditional national retailers, including AT&T, GNC and Great Clips. The larger retail anchors at the development form a ring around the smaller retail buildings and include Kroger, Kohl’s, HomeGoods, T.J. Maxx, Field & Stream and Old Navy. At the time of inspection, most of the larger retail tenants were busy, especially Kroger, while Field & Stream had the least activity. The majority of parking at the property is surface spaces, but there is a multi-level parking deck near the office buildings and movie theater. DBRS Morningstar toured the Cinépolis Theater, which has 12 movie screens, a traditional movie theater concession area and a small bar. At the time of inspection, the movie theater did not appear busy and the property representative mentioned that sales have been weaker than expected for the year. The property representative attributed weaker sales to Cinépolis’s brand, which is not well known or well advertised in the area. DBRS Morningstar inspected several vacant retail spaces, including one large, 13,200-sf space on the ground floor of the Endeavor office tower. According to the property manager, smaller tenants were interested in the space if it was demised, but the owner was intentionally waiting for a single, large user to occupy the space.

The collateral includes four office buildings: Discovery Place built in 2010, Enterprise Place built in 2012, Progress Park Tower built in 2015 and Endeavor built in 2018. Discovery Place and Enterprise Place are mirror images of each other

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with red brick exteriors and light-colored stone accents. The lobbies have tile floors, wood-panel walls, attractive light accents and a small seating area. DBRS Morningstar inspected several occupied spaces, which generally had traditional office build-outs with offices around the perimeter and work stations in the interior. The office interiors were functional, although some spaces were in original condition with signs of wear and dated finishes. By contrast, Progress Park Tower and Endeavor were more recently constructed and tenant finishes were much more modern. DBRS Morningstar inspected several occupied spaces, including the UBS Group AG (UBS) space on the fifth floor of the Progress Park Tower. The tenant’s build-out was modern, bright and functional. The entire floor had an abundance of natural light, in part because the exterior offices had glass walls and doors. The floor had several small team rooms and a single, large conference room. The tenant representative mentioned that multiple UBS spaces throughout the area had consolidated into this single office and the tenant was happy with the office space and location. DBRS Morningstar inspected some vacant suites, one of which had been improved by the landlord into turn-key condition. According to the property representative, the space was marketed for approximately $19.00 psf and the landlord shortened its marketing time for smaller spaces by prepping the space to turn-key condition. The property representative indicated that the two older buildings had noticeably lower in-place rents in the range of $14.00 to $15.00 psf; however, because office buildings across the development are nearly 100.0% occupied, this placed upward pressure on rental rates. The demand for office space was evident when the latest office building to come online, Endeavor, was 100.0% preleased before the start of construction.

The property’s curb appeal was above average throughout the development and it was obvious that management actively attends to maintenance. Management indicated that capital plans over the next year would be minimal with minor landscape enhancements, asphalt repairs as needed and restriping the parking lots. The property showed minimal signs of deferred maintenance and the overall condition was Average (+).

DBRS MORNINGSTAR NCF SUMMARY NCF ANALYSIS

DBRS T-12 September Morningstar NCF Variance 2016 ($) 2017 ($) 2018 ($) 2019 ($) Issuer NCF ($) NCF ($) (%)

GPR 7,472,437 9,180,711 10,086,359 10,693,971 12,461,838 11,474,180 -7.9

Recoveries 3,689,728 4,499,424 4,928,130 5,546,775 6,533,680 6,530,128 -0.1

Other Income 596,596 782,280 771,188 805,623 835,362 805,623 -3.6

Vacancy 0 0 0 0 -1,169,262 -1,582,357 35.3

EGI 11,758,761 14,462,415 15,785,677 17,046,369 18,661,617 17,227,575 -7.7

Expenses 5,491,883 6,619,999 6,060,837 6,432,129 7,134,201 7,217,882 1.2

NOI 6,266,878 7,842,417 9,724,841 10,614,240 11,527,416 10,009,693 -13.2

Capex 0 0 0 0 97,527 148,356 52.1

TI/LC 0 0 0 0 723,985 1,130,388 56.1

NCF 6,266,878 7,842,417 9,724,841 10,614,240 10,705,903 8,730,949 -18.4

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar NCF was $8,730,949, a -18.4% variance from the Issuer’s NCF figure. The primary drivers of the variance are leasing costs, mark to market and vacancy. DBRS Morningstar concluded to TI costs in line with the appraisal, except for in-line retail tenants and the cinema, for which DBRS Morningstar assumed a higher TI. A mark to market was performed on tenants and the largest offenders were Field & Stream and Cinépolis movie theater. DBRS Morningstar marked Field & Stream and the Cinépolis movie theater to a 10.0% and 30.0% occupancy cost, respectively. Lastly, DBRS Morningstar concluded to a blended vacancy rate of 8.8%, which assumes a 10.0% vacancy on office and

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AUSTIN LANDING MIXED-USE – MIAMISBURG, OHIO

in-line retail spaces and 5.0% vacancy on anchor, cinema and ground-lease tenants compared with the Issuer’s blended vacancy rate of 6.2%.

DBRS MORNINGSTAR VIEWPOINT The subject collateral is part of a prominent mixed-use development south of Dayton in Miamisburg. The larger Austin Landing development was constructed adjacent to I-75 beginning in 2009 and made possible when an interchange was added to I-75 that borders the southern end of the development. Proximity to the heavily traveled I-75 affords the development excellent visibility, especially the loan’s collateral situated on the western side of the property. The non-collateral apartment buildings and hotels in the broader development are complementary to the collateral and drive additional demand. Overall, the collateral has strong occupancy at 96.9% as of October 2019. The office component is especially well occupied by a large number of tenants at 99.1%. Demand for office space at the property has been especially robust as evidenced by the recently constructed office building, Endeavor, which was pre-leased before construction began. The retail component has a strong grocery anchor, Kroger, which had 2018 sales above $82.0 million or $854.00 psf. DBRS Morningstar marked down the rents for Field & Stream and Cinépolis because of high occupancy costs. The mixture of in-line retail tenants is skewed toward restaurants; this is generally preferred in today’s retail environment in which traditional brick-and-mortar retailers have struggled with the growth of online retailers. Property management has successfully driven activity to the property through regular promotional events, including a Christmas tree lighting ceremony that attracted over 5,000 people in 2018. Overall, the property condition was Average (+) and management appears to be proactive in addressing ongoing and deferred maintenance. The loan benefits from strong sponsorship that contributed $22.3 million of fresh equity into the transaction. While the whole-loan issuance appraised LTV is high at 80.0% for a mixed-use property, the issuance LTV of 61.9% for the A-note is low.

DOWNSIDE RISKS –– The collateral is located in a DBRS Morningstar Market Rank 3, which have historically experienced higher PODs.

STABILIZING FACTORS –– The sponsor injected $22.3 million of fresh equity into the transaction and the A-note issuance appraised LTV is low at 61.9%. –– The collateral’s overall occupancy of 96.9% validates the subject’s location and appeal to office and retail tenants. Furthermore, the strong grocery anchor sales above $854.00 psf would only be possible if the surrounding area had favorable consumer demographics.

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Giant Anchored Portfolio Various

Loan Snapshot Seller CREFI Ownership Interest Fee Simple Trust Balance ($ Millions) 38.5 Loan psf/Unit ($) 1,361 % of the Pool 3.4 Loan Maturity/ARD December 2029 Amortization COLLATERAL SUMMARY 30 years DBRS Morningstar Property Type Anchored Retail Year Built/Renovated Various DBRS Morningstar Issuance DSCR (x) City, State Various Physical Occupancy (%) 97.5 1.36 Units/SF 548,482 Physical Occupancy Date October 2019 DBRS Morningstar Issuance LTV (%) This loan is secured by the borrower’s fee interest in a portfolio of seven supermarket- 74.3 anchored shopping centers totaling 548,482 sf located in central and southeastern DBRS Morningstar Balloon LTV (%) Pennsylvania. As of October 2019, the portfolio was 97.5% occupied with individual 67.3 occupancies ranging from 94.5% to 100.0%. Prior to this acquisition, the sponsor had DBRS Morningstar an ownership interest in six of the seven properties included in the portfolio through Property Type a joint venture with PGIM, formerly known as Prudential Investment Management, Retail that had acquired the six properties in 2012 for $104.0 million. The acquisition was DBRS Morningstar Property Quality financed at the time with $72.0 million of CMBS debt which has since been paid off. As a Average result of Prudential paying off all of the debt, the sponsor’s interest in the six properties was diluted to approximately 2% from 5%. The ten-year $97 million loan, which has a Debt Stack ($ Millions) balance of $38.5 million in this trust, and a pari passu piece of $30.0 million in BANK Trust Balance 38.5 2019-BNK24, will be IO for the first five years and amortize on a 30-year schedule Pari Passu thereafter. Additional sponsor proceeds of $31.2 million will be used to finance the 58.5 purchase price of $127.0 million and cover closing costs of $1.2 million. B Note 0.0 PROPERTY OVERVIEW Mezz The properties were constructed between 1990 and 2005, have an average age of 0.0 18 years and range in size from 55,000 sf to 111,028 sf. Each of the properties features Total Debt a Giant grocery anchor with very strong sales. For 2018, sales in five of the properties 97.0 approached or exceeded $700 psf, a very strong figure considering most of the locations Loan Purpose are not in high cost-of-living areas, each representing the number one grocer in their Acquisition respective markets. Equity Contribution/ (Distribution) ($ Millions) The properties included in the portfolio have a combined 63 tenants occupying 31.2 roughly 97.5% of the NRA. The portfolio has had steady occupancy at or close to 98% in recent years, with Giant representing about 73% of total NRA and 79% of total rent,

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GIANT ANCHORED PORTFOLIO – VARIOUS

and in-line and pad occupancy remaining solid. Occupancy and tenant retention have remained solid at all properties, indicating the drawing power and successful sales performances of these Giant stores. Including fuel sales, five of the seven stores exceeded $700 psf in 2018 and were on pace to do the same in 2019 through September. Giant is an affiliate of investment grade-rated Ahold Delhaize, and is considered the dominant grocer in the Mid-Atlantic market according to Food World/Food Trade News. In most of these areas, income demographics are favorable, especially considering that most of the properties are in secondary and tertiary markets in Pennsylvania. Remaining lease terms are short in many cases; 82.2% of in-place rents come from leases with expirations from 2022 through 2025. However, a large portion of that comes from Giant leases, where renewal is highly likely because of strong sales and low occupancy costs. Six of the seven Giant properties have a minimum of five five-year renewal options, with the Stonehedge Square property in Carlisle having only two renewal options.

The seven properties in the portfolio are cross-collateralized and cross-defaulted and may be released subject to release prices equal to the greater of (1) 120% of the allocated loan amount of the individual property or (2) the net sales proceeds applicable to an individual property sale. After any release, the DSCR and debt yield must be equal to or greater than the same as of closing and immediately prior to the release.

Refer to the table below for a summary of the portfolio.

PORTFOLIO SUMMARY

Cutoff Date % of Loan Amount Loan Property % of Year Built/ Occupancy Largest Property ($) Amount City, State Type SF NRA Renovated (%) Tenant

Parkway Plaza 7,342,784 19.1 Mechanicsburg, Anchored 111,028 20.2 1998 98.9 Giant Food PA Retail Stores

Aston Center 6,350,515 16.5 Aston, PA Anchored 55,000 10.0 2005 100.0 Giant Food Retail Stores

Spring Meadow 6,310,825 16.4 Reading, PA Anchored 77,050 14.0 2004/2019 100.0 Giant Food Shopping Center Retail Stores

Scott Town Center 5,477,320 14.2 Bloomsburg, PA Anchored 67,923 12.4 2004 97.6 Giant Food Retail Stores

Creekside 5,358,247 13.9 Hellertown, PA Anchored 90,804 16.6 2001 94.6 Giant Food Marketplace Retail Stores

Stonehedge Square 4,445,361 11.5 Carlisle, PA Anchored 88,677 16.2 1990/2005 97.1 Giant Food Retail Stores

AYR Town Center 3,214,948 8.4 McConnellsburg, Anchored 58,000 10.6 2005 94.5 Giant Food PA Retail Stores

Total/WA 38,500,000 100.0 548,482 100.0 2001 97.5

SPONSORSHIP The sponsor is a partnership between Leo S. Ullman and Robert F. Whalen Jr. Ullman and his companies have acquired or built more than 50 Giant and Stop & Shop supermarkets. Ullman and Whelan are repeat borrowers, as Citi previously securitized Dillsburg Shopping Center ($18 million; CGCMT 2018-C6) and Two Guys Commons ($9.8 million; Benchmark 2019-B13). Both sponsors have a clean borrower history. Ullman has participated in the development, leasing, and management of more than 1 million sf of retail centers, office buildings, self-storage facilities, and multi-family developments. As of April 30, 2019, the duo reported a net worth of $17.6 million and liquidity of $8.9 million. Their net worth multiple of 0.18x is considered low relative to the loan amount of $97 million. DBRS Morningstar reports previously sampled loans from 2011 to 2016 data shows the median net worth multiple for Average-sponsor loans were 2.62x.

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GIANT ANCHORED PORTFOLIO – VARIOUS

DBRS MORNINGSTAR ANALYSIS SITE INSPECTION SUMMARY DBRS Morningstar inspected the first-, second- and fourth-largest of the seven properties in the portfolio, representing about 50% of the allocated loan amount. The tours included properties in Pennsylvania, near Harrisburg, Reading and Allentown-Bethlehem. Based on the inspections held on October 30, 2019, DBRS Morningstar found the portfolio’s property quality to be Average.

Six of the seven properties are well located along major thoroughfares and near important highway interchanges in tertiary and secondary suburban markets. The assets generally featured good visibility and benefited from strong exposure in their respective locations. The portfolio’s average year of construction is 2000 with only two properties built before 2000, one of which was redeveloped in 2005. All properties were found to be in average to slightly above-average condition with limited amounts of deferred maintenance at the time of DBRS Morningstar’s inspections. Below are descriptions of the three of the portfolio’s four largest properties that were toured by DBRS Morningstar in the portfolio by allocated loan amount.

PARKWAY PLAZA – MECHANICSBURG, PENNSYLVANIA – OCTOBER 30, 2019, AT 10:00 A.M. (19.1% OF ALLOCATED LOAN AMOUNT) The collateral is located in Mechanicsburg, Pennsylvania, about 10 miles west of Harrisburg. The subject is located on Cumberland Parkway, just a short distance from the Pennsylvania Turnpike’s interchange with State Route 15. The property is located within a suburban corridor with other primarily retail uses filling the immediate area. Income demographics are favorable here as the five-mile radius has an average household income of just less than $113,000.

The 111,028-sf anchored retail center was originally constructed in 1998. Aside from the 66,935-sf Giant supermarket and its branded gas station across the parking lot, the largest tenants are a Rite Aid pharmacy and a Kindercare Learning Center on outparcels. At the time of inspection, the subject was roughly 99% occupied, representing 1,200 sf of vacant space, a dry cleaner drop-off store that has a lease expiring at the end of 2019 but has already closed. The interior of the Giant store was very well stocked, clean and adequately lit. The property’s build is typical of the area with varying hues of red brick exteriors and pillars, and tan stucco facings creating a covered exterior walkway for esthetic appeal. Pad tenants Rite Aid and Wendy’s have their own signature appearances. The property appeared to be very well maintained, with a manicured appearance and minimal visible trash. The parking lots showed few signs of deferred maintenance, limited to a small number of surface cracks. Overall, the subject property was in line with or better than comparable properties in the area.

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GIANT ANCHORED PORTFOLIO – VARIOUS

SPRING MEADOW – WYOMISSING, PENNSYLVANIA – OCTOBER 30, 2019, AT 11:45 A.M. (16.4% OF ALLOCATED LOAN AMOUNT) The shopping center sits off Van Reed Road in Wyomissing, a western suburb of Reading, about 60 miles northwest of Philadelphia. The location is easily accessible from either State Route 222 less than two miles to the north or State Route 422 about one mile to the south. Income demographics are favorable here as the one-mile radius has an average household income of more than $117,000. Wyomissing is among the wealthiest towns in the Reading area.

Originally constructed in 2004, the property is a 77,050-sf retail center comprising three buildings occupied by four tenants. The property was 100% occupied. The main building houses only the 65,000-sf Giant supermarket, and the Giant gasoline station is across the main parking lot. Mavis Discount Tire is in a newly built 6,700-sf freestanding store on a lease that began in August 2019 and extends into 2034. Fulton Bank is in its own 2,950-sf branch building, and recently renewed its lease for five years. The only other tenant is a recycling station. The physical characteristics of the main building are very similar to those of Parkway Plaza as described above. The interior of the Giant store was very well stocked, clean and well lit. The parking lot and grounds appeared to be clean and well maintained. Foot traffic was moderate at the time of inspection given the time of day. Overall, the property’s interior and exterior were well maintained and presented well compared with other retail centers in the surrounding area.

CREEKSIDE MARKETPLACE – HELLERTOWN, PENNSYLVANIA – OCTOBER 30, 2019, AT 1:30 P.M. (13.9% OF ALLOCATED LOAN AMOUNT) The collateral is located in Hellertown, Pennsylvania, a suburban area five miles south of Bethlehem, about 55 miles north of Philadelphia. The 90,804-sf retail center on Leithsville Road is occupied by 13 tenants. Leithsville Road is part of Route 412, which extends north to Hellertown and also eastward. The property is roughly two miles south of I-78 and four miles from Route 309, which together connect the Lehigh Valley area to the rest of Pennsylvania and to New Jersey to the east. This area south of Hellertown and Bethlehem is among the Lehigh Valley’s most affluent areas; the one-mile radius average household income is nearly $162,000, and the three-mile radius average is more than $126,000.

The property was originally constructed in 2002. At the time of inspection, the subject was anchored by a 57,428-sf Giant supermarket. The next largest tenant is an 8,000-sf Dollar Tree store, followed by a state-operated 3,200-sf Fine Wine and Good Spirits store and a 3,162-sf Pet Valu store. The smaller tenants include national retailers AT&T and Subway, as well as local restaurants and service providers. There are two in-line units currently vacant, each with 2,400 sf, bringing vacancy to 5.4%. The physical characteristics of the main building are very similar to those of Parkway Plaza and Spring Meadow as described above. The interior of the Giant store was very well stocked, clean and well lit. The parking lot and grounds appeared to be clean and well maintained. Foot traffic was moderate at the time of inspection given the time of day. Overall, the property’s interior and exterior were well maintained and presented well compared with other retail centers in the surrounding area. Only a few signs of minor deferred maintenance were visible.

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GIANT ANCHORED PORTFOLIO – VARIOUS

DBRS MORNINGSTAR NCF SUMMARY NCF ANALYSIS

DBRS T-12 September Morningstar NCF Variance 2016 ($) 2017 ($) 2018 ($) 2019 ($) Issuer NCF ($) NCF ($) (%)

GPR 8,978,782 9,120,640 9,244,186 9,415,066 9,931,944 9,759,079 -1.7

Recoveries 1,806,544 2,205,412 2,176,159 2,173,819 2,320,672 2,320,672 0.0

Other Income 4,185 52,941 10,943 7,071 0 0 0.0

Vacancy 1,637 -20,000 -15,000 -24,456 -607,064 -869,087 43.2

EGI 10,791,148 11,358,993 11,416,288 11,571,500 11,645,551 11,210,664 -3.7

Expenses 2,519,155 2,380,082 2,381,601 2,476,558 2,827,787 3,025,060 7.0

NOI 8,271,993 8,978,911 9,034,687 9,094,942 8,817,765 8,185,604 -7.2

Capex 0 0 0 0 153,800 186,484 21.3

TI/LC 0 0 0 0 351,839 536,015 52.3

NCF 8,271,993 8,978,911 9,034,687 9,094,942 8,312,126 7,463,105 -10.2

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar NCF was $7,463,105, a variance of -10.2% from the Issuer’s NCF figure of $8,312,126. The primary drivers of the variance are TI/LCs, rent markdowns, vacancy, fewer rent steps taken and higher management fees. DBRS Morningstar assumed the appraiser’s estimates for TI/LCs for a majority of space types, particularly for the Giant stores. DBRS Morningstar’s market rent was based on the appraiser’s estimates and recently signed leases. Operating expenses were based on the borrower’s budget as it was more conservative than the T-12. Finally, replacement reserves were set to $0.34 psf, the WA of the property condition assessments’ inflated 12-year total reserve analysis.

DBRS MORNINGSTAR VIEWPOINT The cross-collateralized retail portfolio benefits from geographic and tenant diversity as well as its experienced sponsorship team. The portfolio is made up of six multi-tenant anchored retail properties and one single-tenant Giant store located in primarily small and medium-size markets in central and southeastern Pennsylvania. The larger properties are in the Harrisburg, Allentown-Bethlehem and Reading areas, with a few even farther west and north into Pennsylvania, and one property (Giant only) just outside Philadelphia. Giant itself represents roughly 73.0% of the total 548,482 sf, which has a Netherlands-based credit tenant parent. Giant also accounts for 79.5% of the DBRS Morningstar Base Rent. DBRS Morningstar does not consider Giant to qualify for LTCT status as all leases will expire well in advance of loan maturity in November 2029. Additionally, there is significant rollover risk with approximately 51% of gross rent from leases expiring by the end of 2023, and 99.0% of the current leases in place expiring prior to loan maturity. Also, 96.1% of the NRA contributing 99.0% of the rent are on leases with a term of less than 10 years. This presents an element of term default risk; however, the properties benefit from their location near local highways in well-trafficked areas, with affluent populations relative to the secondary and tertiary markets in which the properties are located, reflected in strong sales numbers for Giant, with annual sales in excess of $700 psf at five of the properties, and occupancy cost at 4.2% or less at six of the properties. Also, the portfolio has maintained strong occupancy, averaging nearly 98% over the past few years. Each property inspected appeared to be in good physical condition and had numerous customers despite the time of day.

DOWNSIDE RISKS –– The loan is IO for the first five years of the 10-year term, which delays amortization and presents an elevated refinance risk at loan maturity. In addition, the payment increase associated with the commencement of amortization coincides with a substantial amount of tenant rollover and potential for depressed cash flows.

December 2019 64 Presale Report | CGCMT 2019-C7

GIANT ANCHORED PORTFOLIO – VARIOUS

STABILIZING FACTORS –– Renewal probability for Giant is considered high as performance of the Giant stores has been strong with five of the seven stores having annual sales at or close to $700 psf. The local areas of most of the stores have favorable income demographics for secondary and tertiary markets in Pennsylvania. Furthermore, the sponsors, Ullman and Whalen, will contribute $35 million of equity toward the purchase and have significant experience in commercial development and leasing. Finally, five of the seven stores have explicit guarantees from investment grade-rated Netherlands-based parent company Ahold Delhaize.

December 2019 65 Presale Report | CGCMT 2019-C7

East Village Multifamily Portfolio Pool 1 New York, New York

Loan Snapshot Seller CREFI Ownership Interest Fee Simple Trust Balance ($ Millions) 36.5 Loan psf/Unit ($) 145 % of the Pool 3.2 Loan Maturity/ARD December 2029 Amortization COLLATERAL SUMMARY n/a DBRS Morningstar Multifamily Year Built/Renovated 1900-20/ DBRS Morningstar Property Type 1987-2023 Issuance DSCR (x) City, State New York, NY Physical Occupancy (%) 97.3 1.64 DBRS Morningstar Units/SF 73 Physical Occupancy Date September 2019 Issuance LTV (%) 65.1 The loan is secured by the borrower’s fee-simple interest in a portfolio of four DBRS Morningstar multifamily properties totaling 73 units in the East Village neighborhood of New Balloon LTV (%) 65.1 York City. From April to December 2013, the sponsor acquired the four properties for DBRS Morningstar a combined cost of $36.0 million. Loan proceeds of $36.5 million were used to cover Property Type $34.7 million in existing debt from the 2013 acquisition, cover $993,531 in closing costs, Multifamily repatriate $574,244 in equity to the sponsor, and fun $50,078 in upfront reserves. DBRS Morningstar Property Quality The loan structure cross-collateralizes the four properties and allows for properties Average (-) to be released contingent on attaining required release percentages and remaining Debt Stack ($ Millions) collateral credit metrics. Trust Balance 36.5 Pari Passu 0.0 B Note 0.0 Mezz 0.0 Total Debt 36.5 Loan Purpose Refinance Equity Contribution/ (Distribution) ($ Millions) (0.6)

December 2019 66 Presale Report | CGCMT 2019-C7

EAST VILLAGE MULTIFAMILY PORTFOLIO POOL 1 – NEW YORK, NEW YORK

PORTFOLIO SUMMARY

Property Cutoff Date Loan Amount ($) % of Loan Amount Occupancy (%)

170-174 E 2nd Street 20,450,308 56.1 95.3

325 E 10th Street 6,517,354 17.9 100.0

23 Avenue A 5,058,923 13.9 100.0

49.5 First Avenue 4,456,662 12.2 100.0

Total/WA 36,483,247 100.0 97.3

The portfolio is composed of four midrise, walk-up buildings in the East Village submarket of Manhattan. There are 73 residential units and six commercial units. The unit mix is composed of 64 fair market units, seven rent-stabilized units, and one rent-controlled unit. The commercial tenants are Starbucks, Latte Bistro Café, and three local tenants, all of which generate approximately 13.5% of the collateral’s total income. The East Village neighborhood has a thriving nightlife and is renowned for its music and art scene. Buildings within the East Village are primarily walk-up apartments in addition to restaurants and retail. Tenants benefit from proximity to public transportation, as the neighborhood provides access to many bus and subway lines. According to Reis, average asking rents are expected to increase by 1.4% in 2020 and average vacancy should drift upward by 0.1% but end 2020 down at 3.2%.

SPONSORSHIP The loan benefits from experienced and high-quality sponsorship. The sponsor for the loan is Kushner Companies, an established and diversified New York City-based real estate development firm. The sponsor directly owns and manages the collateral. The sponsor’s portfolio is large and diverse, consisting of 21,000-plus multifamily apartments, 1,108 hotel rooms, 2.2 million sf of retail, and 5.4 million sf of office space across the United States. The warm-body sponsor and carve-out guarantor is Seryl Kushner with a net worth of $252.0 million and liquidity of $19.6 million as of December 31, 2018.

Two related-party management companies, Westminster Management L.L.C. and Kadima Management Associates, LLC., provide property management. The companies manage more than 2,100 apartments in popular urban residential areas of New York and Philadelphia.

DBRS MORNINGSTAR ANALYSIS SITE INSPECTION SUMMARY DBRS Morningstar toured several buildings on November 11, 2019, with representatives of the management company. Based on the site visit, DBRS Morningstar found the properties to be in Average to Average (-) condition.

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EAST VILLAGE MULTIFAMILY PORTFOLIO POOL 1 – NEW YORK, NEW YORK

The buildings are in a desirable neighborhood in downtown Manhattan called the East Village and are within walking distance of transit, restaurants, shopping, and entertainment. The properties are also near highways, bridges, and tunnels leading out of the city or to other boroughs. However, despite access to nearby roadways, the collateral does not offer parking. Since 2007, the area has seen rapid upgrading and gentrification. The older residential buildings, with average rents on the lower range of market rents in the city, provide good options for a younger demographic looking for their first apartment and others looking for a convenient and safe neighborhood with a reasonable rent.

Neighborhood properties are a mix of residential uses, some with street-level retail, which are similar in age to the East Village Multifamily. Subway lines are within a 10-minute walk of each property, and multiple supermarkets are within walking distance of each building.

The curb appeal is typical of walk-up, prewar brick buildings in Manhattan, with an overall average property condition and minor deferred maintenance visible. The buildings do not offer many common-area amenities except for secured access exterior doors and a first-floor tenant mailbox; however, that is typical of prewar rental buildings in New York. Most of the market rate units have in-unit washer and dryer pairs, with some as a combo machine. The rent controlled/stabilized units do not have in-unit washer and dryer. Buildings with such units provide a laundry facility in the basement. The units’ kitchen appliances and cabinets dated from the most recent renovation and were in generally good condition. The bathrooms had been updated, and units were repainted as of the most recent tenant turnover. Most flooring had been updated to vinyl wood planking and carpet. In total, the buildings have six ground-level, story front commercial units with a total of 5,300 square feet; one is vacant. The commercial tenants include a Starbucks coffee shop, a barbershop, a hair salon, a café, and a small art gallery, offering a range of services for neighborhood residents.

Low vehicle traffic was observed except on the north-south avenues and major streets, which have an abundance of stores and commercial activity. The neighborhood cross-streets are typically tree-lined with brick or concrete sidewalks.

DBRS MORNINGSTAR NCF SUMMARY NCF ANALYSIS

DBRS T-12 August Morningstar NCF Variance 2017 ($) 2018 ($) 2018 ($) Issuer NCF ($) NCF ($) (%)

GPR 3,429,442 3,407,265 3,440,717 3,477,106 3,477,106 0.0

Other Income 69,651 49,596 42,104 55,168 41,297 -25.1

Vacancy & Concessions -195,517 -205,688 -181,109 -151,150 -193,506 28.0

EGI 3,303,576 3,251,173 3,301,712 3,381,123 3,324,897 -1.7

Expenses 906,275 922,211 934,506 990,378 1,003,982 1.4

NOI 2,397,300 2,328,962 2,367,205 2,390,745 2,320,915 -2.9

Capex 0 0 0 21,695 39,434 81.8

NCF 2,397,300 2,328,962 2,367,205 2,369,050 2,281,481 -3.7

The DBRS Morningstar NCF is based on the DBRS Morningstar Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar Stabilized NCF was $2,281,481, a variance of -3.7% from the Issuer’s NCF. The main drivers of the variance are the residential vacancy, commercial vacancy and expense recoveries, and commercial tenant leasing costs. The local residential rental market is very tight; however, DBRS Morningstar used a minimum 5.0% vacancy factor in contrast to the issuer vacancy of 4.0%. For the commercial space, DBRS Morningstar used a slightly lower estimate for other commercial income and a 10% vacancy factor on total commercial income. For commercial leasing costs, DBRS Morningstar

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EAST VILLAGE MULTIFAMILY PORTFOLIO POOL 1 – NEW YORK, NEW YORK

used assumptions for tenant improvements of $10.00 and $5.00 for new and renewal spaces, and leasing commissions of 5.0% and 2.5% for new and renewal spaces with a 65.0% probability of renewal.

DBRS MORNINGSTAR VIEWPOINT DBRS Morningstar believes the East Village Multifamily Portfolio I will perform well given the properties’ desirable location in the East Village, their asset class, and the high demand for apartments in Manhattan. The area is densely populated and has numerous restaurants, retail, and shopping. Public transportation is easily accessible for residents with several subway stations and buses within walking distance. Occupancy has been consistently in the mid-90% or better since 2017.

Management reported that it does not offer concessions in the current strong market. The loan has a moderately low LTV at 65.3%, and the sponsor has owned the portfolio since 2013.

Reis projects extremely low vacancies in these submarkets. Any new construction or large-scale renovation would command much higher rentals and not be directly competitive with the subject properties.

DOWNSIDE RISKS –– The buildings are mostly prewar, built between 1900 and 1930, which can increase deferred maintenance costs. –– The loan is full-term IO, which increases the risk of maturity loan default. –– Eight residential units are subject to New York City rent stabilization regulations (seven stabilized and one rent controlled). This may limit the owner’s ability to raise rents on these units and disincentivize the owner from capital investment and prohibit the deregulation of market rents through buyouts of rent-stabilized or rent-controlled tenants. –– Certain residential and commercial units are occupied in the absence of, or contrary to, the building certificate of occupancy.

STABILIZING FACTORS –– The properties were renovated as recently as 2013. DBRS Morningstar noted minimal deferred maintenance at the time of the site inspections. The lender’s required escrow of $239 per unit per year and $0.15 psf are equal to the engineer’s estimates for the combined properties. The four properties are cross-collateralized and cross-defaulted. –– The loan has a moderately low LTV of 65.3%, based on the appraised value, and a springing cash flow sweep if the NCF debt yields falls below 6.0% or an event of default occurs. The submarket has low vacancy, with Reis reporting 3.7% in the West Village/Downtown submarket and 3.4% in the Stuyvesant submarket. –– The loan documents include structure for recourse to the warm-body sponsor for losses that may occur against the current or prior owners regarding certificate of occupancy and use issues on residential and commercial units.

December 2019 69 Presale Report | CGCMT 2019-C7

Park Central Tower Dallas, Texas

Loan Snapshot Seller SMC Ownership Interest Fee Simple Trust Balance ($ Millions) 35.0 Loan psf/Unit ($) 159 % of the Pool 3.1 Loan Maturity/ARD December 2029 Amortization COLLATERAL SUMMARY 30 years DBRS Morningstar Property Type Office Year Built/Renovated 1975/2018 DBRS Morningstar Issuance DSCR (x) City, State Dallas, TX Physical Occupancy (%) 82.3 1.35 SF 668,154 Physical Occupancy Date October 2019 DBRS Morningstar Issuance LTV (%) This loan is secured by the borrower’s fee-simple interest in Park Central Tower, two 64.9 interconnected Class B+ office buildings on 12.5 acres at 12700 and 12712 Park Central DBRS Morningstar Balloon LTV (%) Drive in Dallas. Included in a larger mixed-use development known as Park Central, 54.7 the property is composed of two buildings, 3 Park Central, a 21-story office tower DBRS Morningstar with approximately 477,350 sf, and 4 Park Central, a three-story office building with Property Type approximately 184,863 sf. The property includes 2,359 parking spaces, 1,774 spaces Office inside a six-story attached parking garage, and a two-story adjacent parking garage that DBRS Morningstar Property Quality houses 585 spaces. Loan proceeds of $60.0 million were used by the sponsor, McKnight Average Realty Partners, to retire existing debt of $52.0 million, recapture $3.1 million in equity to the sponsor, fund $2.6 million in outstanding tenant improvements and free Debt Stack ($ Millions) rent commitments, and pay $2.2 million in closing costs. The 10-year, fixed-rate loan Trust Balance 35.0 is interest only for the first 24 months, then amortizes on a 30-year schedule, and Pari Passu represents a relatively modest 57.9% LTV based on the appraised value of $103.7 million. 25.0 Of the $60.0 million loan, $35.0 million will be in the trust for this transaction and the B Note remaining $25.0 million will be held outside the trust in another securitization. 0.0 Mezz The collateral is well located at the junction of I-635 (the Lyndon B. Johnson Freeway) 0.0 and US-75 (North Central Expressway) in the northern section of Dallas. The highways Total Debt provide direct access to the Dallas CBD, which is approximately 12 miles south and 60.0 10 minutes from the Dallas/Fort Worth International Airport. The recent expansion Loan Purpose of the LBJ Freeway has led to the growth and appeal of the surrounding residential Refinance and commercial areas. The appraiser indicated there has been slight submarket Equity Contribution/ rental growth and a decline in the area’s vacancy since the completion of the freeway. (Distribution) ($ Millions) According to the appraiser, the current high submarket vacancy was due to prospective (3.1) tenants avoiding the submarket because of traffic delays. The appraisal states that the overall vacancy rate in the Dallas East LBJ Freeway submarket at the end of Q2 2019

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PARK CENTRAL TOWER – DALLAS, TEXAS

was 22.32%. The vacancy rate was 22.75% at the end of Q1 2019, 23.08% at the end of 4Q 2018 and 22.03% at the end of 3Q 2018. Although not dramatic declines, they demonstrate that the completion of the freeway is having some positive impact on the vacancy rate. Additionally, the appraiser added the average rental rate in Dallas’ East LBJ Freeway office market was $24.79 psf at the end of Q2 2019. In Q1 2019, rates were $24.70 psf.

The sponsor acquired the property in 2005 and implemented a long-term hold strategy. At the time of the acquisition, the property was largely occupied by JCPenney and served as the company’s Dallas headquarters. In 2005, JCPenney gave notice it was going to vacate its 468,000 sf space at the property. Following JCPenney’s departure, the building’s occupancy dropped to nearly 30%. The sponsor then proactively invested $49.6 million in capital and tenant improvements into the property over several years of renovations and successfully raised the occupancy level to a stabilized 85% for the past five years, outperforming the submarket and during the reconstruction of the LBJ Freeway just north of the property.

TENANT SUMMARY

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

TBK Bank SSB 78,597 10.8 19.00 13.9 4/2026 N

Holmes & Murphy & Assoc. 72,477 11.8 17.00 13.4 4/2023 N

FPT Operating Co. 27,672 4.1 19.00 5.3 12/2029 N

Alon USA Energy 26,914 4.0 19.50 5.3 9/2023 N

J. Hilburn, Inc. 26,199 3.9 18.50 4.9 7/2021 N

Subtotal/WA 231,859 34.7 18.38 28.9 Various N

Other Tenants 318,185 47.6 17.64 71.1 Various Various

Vacant Space 118,110 17.7 n/a n/a n/a n/a

Total/WA 668,154 100.0

The rent roll at the property displays granular characteristics. As of the October 1, 2019, rent roll, the property was 83.2% occupied by 52 tenants. The two largest tenants are TBK Bank SSB, which accounts for 11.8% of the net rentable area and 11.1% of base rent and Holmes & Murphy, which accounts for 10.8% of the NRA and 11.2% of base rent. No other tenant occupies more than 4.1% of the NRA or represents more than 4.4% of the total base rent at the property.

According to the appraisal, rents at the property are below-market as a result of several older leases signed at lower rents. As of the October 1, 2019, rent roll, average in-place rent at the property was $17.86 per square foot. The appraiser determined market rents for office space at the property ranged from $18.50 psf to $21.50 psf, base plus electric. For example, TBK Bank SSB, the largest tenant at the property, pays a blended base rent of $17.00 psf ($15.75 on two floor and $19.50 on the top floor) and Holmes & Murphy & Associates, the second largest tenant, pays a base rent of $18.50 psf; both of those leases commenced in 2012. The $19.50 psf space occupied by TBK Bank is subleased from Alon USA Energy. The bank executed an agreement to take over that space at the expiration of Alon’s lease in 2023.

There is significant lease rollover during the loan term, with approximately 80% of the net rentable sf rolling during the loan term. The largest rollover occurs in year four (2023) of the loan term when 194,848 square feet, or 29.2% of NRA, expires. In year seven (2026) of the loan term, approximately 110,720 square feet, or 16.6% of NRA, expires. However, no more than 8.2% of the NRA expires in any other given year.

December 2019 71 Presale Report | CGCMT 2019-C7

PARK CENTRAL TOWER – DALLAS, TEXAS

SPONSORSHIP The sponsor of the loan, McKnight Realty Partners, is headquartered in Pittsburgh, and the nonrecourse carve-out guarantors are William Rudolph and Charles Perlow.

William Rudolph is the CEO of McKnight, which was founded in 1959 and owns nearly 5 million square feet of commercial real estate nationwide. Charles Perlow of the Perlow family is chairman of McKnight and president of Perlow Properties, Inc. also based in Pittsburgh. Perlow Properties Inc. was a founding partner of Interstate Hotels Corp. The family sold that company to Patriot American Hospitality in 1998 for $1.34 billion. As of December 2018, the guarantors reported a net worth of $122.2 million and liquidity of $28.1 million. The property is managed by an affiliate of the sponsor.

DBRS MORNINGSTAR ANALYSIS SITE INSPECTION SUMMARY DBRS Morningstar Inc. toured Park Central Tower with the on-site property manager on November 12, 2019, at 10:00am. Based on the site inspection management tour, DBRS Morningstar found the property quality to be Average (+).

DBRS Morningstar visited several floors in both buildings and focused on the largest tenants, new tenants, and renovated space. Overall, there was no presence of deferred maintenance at the property. The property was in good condition, and the lobby areas and hallways were clean and well lit. The first-floor lobby areas in the both buildings were distinct and impressive. In 3 Park Central, the building is well-served with 10 passenger elevators. The building exhibits a traditional office tower build-out with porcelain and marble flooring and a grand atrium space in the rear lobby with wired desks and lounge seating. The building’s primary entrance is improved with a 24/7 security desk, glass revolving doors with porcelain/marble floors, and high ceilings. The rear lobby of the building has an impressive atrium with views up to the fourth floor. The atrium is improved with an approximately 50-foot illuminated chandelier, with porcelain/marble floors and several leather lounge seats that create a relaxed secondary informal meeting area for tenants and visitors. On the periphery of the atrium are high-top tables with outlets to charge mobile devices.

In contrast, 4 Park Central’s lobby was small; most of the lobby space is dedicated as the entrance directly into the space of Holmes & Murphy & Associates, which occupies close to 50% of the NRA. The property is improved with a less traditional design with exposed ceilings and open floor plans, some with outdoor spaces giving the building a loft-style appeal with high ceilings on each floor and stained concrete flooring. The building is served by two passenger elevators and one freight elevator.

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PARK CENTRAL TOWER – DALLAS, TEXAS

DBRS Morningstar visited the floors occupied by TBK Bank on the upper portion of the building, floors 16-19. The bank’s space showed well with a mix of traditional office layouts and open workspace. The conference rooms were fitted out in first-class furniture and with audio/video systems with flat screen televisions or projectors. DBRS Morningstar visited several other tenants in the building and observed that the building’s large floorplates are efficient.

Generally, tenants at 3 Park Central were traditional finance, insurance, real estate, and law firm tenants. The tenants at 4 Park Central led by Holmes & Murphy & Associates, the largest tenant in the building and a major medical insurance broker, are engaged in health-related industries. The property manager indicated there was an increase in demand from healthcare and medical-related tenants coming to the building driven by the property’s proximity to the Medical City Dallas Hospital, which is only one mile south of the property. Medical City Dallas is a 12-story, 660-bed hospital with 1,150 physicians on staff and home to Medical City Children’s Hospital, Dallas Craniofacial Center, and one of the top transplant centers in the country.

In both buildings, most of the tenant’s interior spaces were fitted out in modern design and mirrored the open floorplans that many companies are incorporating in office spaces today, including spiral stairs and high-end conference spaces with audio/visual equipment. The typical tenant space had a mixture of flooring compositions including concrete, carpeting, or vinyl floor tile. The interior space is generally finished with painted drywall and suspended acoustic tile ceilings.

During the tour, DBRS Morningstar also visited vacant spaces. The property’s vacancies were scattered throughout the building according to the property manager. However, much of the vacancy was on the subfloor level of the property near the area that connects the two buildings and was composed largely of the vacant former cafeteria, which was directly across from the conference rooms.

DBRS Morningstar also visited the property’s amenities and conference rooms. The amenities were on the subfloor level and included the shared conference room and fitness center and a café in the lobby. The two conference rooms showed well. The conference space was designed with stadium seating and projectors and audio/video systems. The property manager indicated many tenants used the spaces for larger meetings and that management charged per day or week for the use of the conference space. The fitness center was large and in use during our tour. The fitness center included bathrooms and showers that enable tenants to use the center before, during, and after the workday.

DBRS Morningstar completed the tour by walking the exterior of the property, which highlighted the size difference between the two building as well as the ample parking at the property.

December 2019 73 Presale Report | CGCMT 2019-C7

PARK CENTRAL TOWER – DALLAS, TEXAS

DBRS MORNINGSTAR NCF SUMMARY NCF ANALYSIS

DBRS T-12 September Morningstar NCF NCF Variance 2017 ($) 2018 ($) 2019 ($) Issuer NCF ($) ($) (%)

GPR 8,854,976 9,247,895 9,407,191 12,316,062 12,178,912 -1.1

Recoveries 85,320 357,378 167,104 198,489 198,489 0.0

Other Income 652,339 641,041 646,069 646,069 646,069 0.0

Vacancy 0 0 0 -2,362,200 -2,243,380 -5.0

EGI 9,592,635 10,246,314 10,220,364 10,798,420 10,780,090 -0.2

Expenses 4,348,856 4,658,283 4,546,504 4,602,639 4,709,890 2.3

NOI 5,243,779 5,588,031 5,673,860 6,195,781 6,070,201 -2.0

Capex 0 0 0 160,357 165,553 3.2

TI/LC 0 0 0 720,342 1,263,018 75.3

NCF 5,243,779 5,588,031 5,673,860 5,315,082 4,641,629 -12.7

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar NCF was $4,641,629, a variance of 12.7% from the Issuer’s NCF of $5,315,082. The main drivers of the variance were tenant improvements and management fees.

DBRS Morningstar estimated the EGI based on leases in place as of September 31, 2019. DBRS Morningstar used an economic vacancy rate of 18.1%, management fee of 4% and tenant improvements at $35/SF for new leases and $7.50 for lease renewals. The resulting operating expense of $7.11 psf and expense ratio of 43.7% are broadly in line with other similar Class B office buildings analyzed by DBRS Morningstar.

DBRS MORNINGSTAR VIEWPOINT DBRS Morningstar has a favorable view of the Park Central Tower property, which secures the loan. The property is outperforming the submarket in relation to occupancy, is well located just south of the recently expanded LBJ Expressway and enjoys strong sponsorship with a proven commitment to the property.

Although the property had 82.3% occupancy rate per the October 1, 2019, rent roll, it is outperforming the submarket, which has a vacancy rate near 23%. Park Central Tower’s historical five-year average occupancy is approximately 85%. According to Reis reports, the submarket’s average occupancy over the past five years has been 73.6%. According to the property manager, the property is close to executing a new lease for approximately 25,000 square feet, which will bring the property’s occupancy back to historical levels.

Furthermore, the loan benefits from strong sponsorship. The seasoned company was successful in improving the property’s occupancy from a low of 30% to an average of 85% over the past five years following JCPenney vacating the property in 2005. The company also invested over $49 million in capital and tenant improvements since acquiring the property in 2004.

The property has strong metrics led by the actual LTV of 57.9% based on the appraisal value of $103.7 million, which represents a moderately low leveraged loan.

December 2019 74 Presale Report | CGCMT 2019-C7

PARK CENTRAL TOWER – DALLAS, TEXAS

In addition, DBRS Morningstar believes that the subject’s location, the expansion of the LBJ Expressway, and sponsorship’s proven willingness to invest in the property will provide stable levels of demand for the collateral throughout the loan term and thereafter. DOWNSIDE RISKS –– Tenant Rollover: DBRS Morningstar is concerned about the rollover of the tenancy. Approximately 80% of the leases expires during the loan term with large concentrations in years four and seven. –– Market Vacancy: According to the appraiser, vacancy rates in the submarket are at 22.32% with Class B vacancy near 24.43%, indicating a soft office market. There is a large supply of office space in the Dallas-Fort Worth market with multiple options for prospective tenants.

STABILIZING FACTORS –– Rents at the property are below-market and the sponsor has proved able to provide tenant improvements to maintain occupancy at the property; both factors will alleviate the rollover risks at the property. –– The recent expansion of the LBJ Expressway will bring more tenants to the area as the appraiser indicated rental growth and a slight decline in the vacancy rate in the East LBJ Freeway Office submarket. The appraiser added that the Park Center Tower should achieve occupancy levels superior to the submarket and surrounding areas thanks to its appeal and ongoing renovations. The appraiser also added that the submarket’s economics were negatively affected, most notably the fact that many tenants relocated to more recently constructed properties and neighborhoods north of the area along the Dallas North Tollway over concerns about the reconstruction of LBJ Freeway, which began in 2011. However, the appraiser projects the East LBJ Office submarket market vacancy will trend toward the overall Dallas office market, which has a 14% vacancy rate.

December 2019 75 Presale Report | CGCMT 2019-C7

Shoppes at Parma Parma, Ohio

Loan Snapshot Seller LCF Ownership Interest Fee Simple Trust Balance ($ Millions) 35.0 Loan psf/Unit ($) 243 % of the Pool 3.1 Loan Maturity/ARD December 2029 Amortization COLLATERAL SUMMARY 30 years DBRS Morningstar Property Type Retail Year Built/Renovated 1955/2016 DBRS Morningstar Issuance DSCR (x) City, State Pharma, OH Physical Occupancy (%) 93.2 1.57 Units/SF 726,275 Physical Occupancy Date October 2019 DBRS Morningstar Issuance LTV (%) The loan is secured by the borrower’s fee-simple interest in Shoppes at Parma, a 726,275 sf 65.4 anchored retail complex in Parma, Ohio, a suburb nine miles south of Cleveland. Loan DBRS Morningstar Balloon LTV (%) proceeds of $57.1 million, along with the borrower’s equity of $26.3 million, will be used 52.3 to acquire the property for $80.6 million, fund $2.1 million in reserves and cover closing DBRS Morningstar costs. The loan has an interest rate of 4.18% over a 10-year term and an amortization Property Type schedule of 30 years. Retail DBRS Morningstar Property Quality The collateral was originally designed as an indoor regional mall, known as Parmatown Average Mall and built in a series of phases in 1955, 1986, and 2003. In 2004, Parmatown Mall was securitized in the GMACC 2004-C2 transaction with a trust balance of Debt Stack ($ Millions) $69.0 million. That loan defaulted and ultimately resulted in a 75% loss to the trust. Trust Balance 35.0 In 2012, Prep Property Group, a real estate development firm, acquired the asset and Pari Passu converted it into an open-air town center. The estimated cost for the renovation was 22.1 approximately $90.0 million and was financed by a $59.0 million construction loan from B Note Bank of America, which was subsequently refinanced with another $59.0 million TPG 0.0 loan. The present financing has lower proceeds and leverage than the previous loans. Mezz Since redevelopment, the property has expanded its tenant base and NRA, acquiring 0.0 an additional 223,000 sf in new tenant space and 472,000 sf from the expansion of Total Debt existing tenant space. 57.1 Loan Purpose The property is 95.1% occupied on an economic basis by 58 tenants, many of which are Acquisition national anchors such as Walmart, Dick’s Sporting Goods, Marc’s Grocery, Burlington Equity Contribution/ Coat Factory, Old Navy, and Five Below. The property has a granular rent roll, as no (Distribution) ($ Millions) tenant represents more than 6.9% of the total base rent. The property’s largest tenant is 26.3 Walmart (24.8% of NRA), which has been in occupancy since 2003. Recently, Walmart repositioned its store as a “Supercenter,” by expanding its space to 179,982 sf from

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SHOPPES AT PARMA – PARMA, OHIO

140,533 sf. In addition, Walmart extended its lease for an additional 15 years until 2031 and has nine lease renewal options remaining. Although Walmart does not report sales for this location, the borrower estimated the store’s annual sales at $90 million-$100 million (approximately $527 psf ), based on conversations with store employees. The second-largest tenant is JCPenney (22.2% of NRA), which has occupied the property since 1980. In 2013, JCP modernized its space and concurrently exercised its 10-year renewal option through 2023.

The Shoppes at Parma loan comprises of three pari-passu notes. The A-1-A note, with a cutoff balance of $35.0 million, is being contributed to the current transaction and is the controlling note. An A-2-A note, with a cutoff balance of $14.0 million, has been contributed to the UBS 2019-C18 securitization, which has not yet closed. An A-3-A note, with a balance of $8.1 million, is expected to be contributed to a future securitization.

TENANT SUMMARY

% of Total DBRS DBRS DBRS Morningstar % of Total Morningstar Morningstar T-12 08/2019 Occupancy Tenant SF NRA Base Rent PSF Base Rent Lease Expiry Sales Sales PSF Cost

WalMart 179,982 24.8% $2.36 7.2% 2/28/2031 n/a n/a n/a

JCPenny 160,961 22.2% $1.48 4.0% 11/30/2023 $8,678,493 $53.92 2.7%

Dick's Sporting Goods, Inc. 50,000 6.9% $10.00 8.5% 1/31/2026 $6,387,866 $127.76 12.8%

Marc's 48,688 6.7% $9.90 8.2% 12/31/2027 $19,968,316 $409.54 4.5%

Burlington Coat Factory 45,079 6.2% $10.48 8.0% 2/28/2030 n/a n/a n/a

FitWorks 25,231 3.5% $7.09 3.0% 4/30/2026 $1,379,523 $54.68 25.4%

Chuck E. Cheese 13,500 1.9% $10.50 2.4% 5/31/2022 n/a n/a n/a

Old Navy 12,803 1.8% $15.00 3.2% 12/31/2028 $4,102,913 $320.46 6.6%

Shoe Dept 10,752 1.5% $16.45 3.0% 11/30/2026 $1,654,328 $153.86 16.2%

Ulta 10,002 1.4% $18.16 3.1% 11/2016 n/a n/a n/a

Subtotal/Wtd. Avg. 556,998 76.7% $5.37 50.6% Various n/a n/a 11.2%

Other Tenants 120,185 16.5% $24.32 49.4% Various n/a n/a 16.0%

Vacant Space 49,092 6.8% n/a n/a n/a Various n/a n/a

Total/Wtd. Avg. 726,275 100.0% $8.14 100.0% n/a n/a n/a

SPONSORSHIP The loan sponsor is Allied Development, a New York-based retail investment company founded in 2010. The firm’s strategy entails acquiring both stabilized and transitional retail properties in diverse markets. Allied Development’s portfolio includes six properties with a combined estimated value of $58.4 million. An affiliate of the sponsor will manage the property for a contractual management fee of 3.0%.

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SHOPPES AT PARMA – PARMA, OHIO

DBRS MORNINGSTAR ANALYSIS SITE INSPECTION SUMMARY DBRS Morningstar toured the property on November 12, 2019. Based on the site inspection and management tour, DBRS Morningstar found the property quality to be Average.

The property is at the corner of West Ridgewood Drive and Ridge Road (Ohio State Route 3) in Parma, Ohio. Route 3 is a major north-south thoroughfare that connects Parma to I-480, I-71, and downtown, and Ridgewood Drive is a local arterial road linking US-42 1.5 miles west of the property to Ridge Road and further to State Route-94, 1.5 miles to the east. There are four interstate highways within a six-mile radius of the property including I-71, I-77, I-80, and I-480, which provide additional access and connectivity. The immediate vicinity of the property has a mix of multifamily and retail developments along with a limited number of office uses. Demand drivers for the property include Cuyahoga County Community College, two miles from the property, and the Ukrainian Village and the Polish Village, local attractions about a mile and a half away.

The property has excellent visibility, given its frontage on Ridgewood Drive, and has average curb appeal. As a result of a snowstorm on the day of the site visit, the property did not have many visitors, except at the Walmart Supercenter, which was very active. In addition to the Walmart, DBRS Morningstar inspected the interior of JCP, Dick’s Sporting Goods, Old Navy, and two vacant units. All had layouts consistent with their brands and seemed well maintained with no apparent signs of deferred maintenance. Both vacant units visited were in shell condition, and management indicated that there had been only preliminary discussions with prospective tenants. Snow cleaning crews were clearing the parking lots and driving lanes within the property, and, according to management, the parking lots had been recently repaved.

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SHOPPES AT PARMA – PARMA, OHIO

DBRS MORNINGSTAR NCF SUMMARY NCF ANALYSIS

DBRS T-12 September Morningstar NCF Variance 2016 ($) 2017 ($) 2018 ($) 2019 ($) Issuer NCF ($) NCF ($) (%)

GPR 3,977,646 4,893,549 4,777,069 5,624,676 6,789,163 6,757,253 -0.5

Recoveries 1,099,497 1,301,123 1,902,918 2,199,953 2,942,051 2,984,271 1.4

Other Income 142,729 137,059 204,665 184,983 1,194,430 184,983 -84.5

Vacancy 0 0 0 0 -969,131 -1,160,605 19.8

EGI 5,219,872 6,331,731 6,884,652 8,009,611 9,956,513 8,765,901 -12.0

Expenses 3,547,820 2,666,119 3,169,192 3,153,863 3,633,806 2,941,205 -19.1

NOI 1,672,052 3,665,611 3,715,460 4,855,749 6,322,706 5,824,697 -7.9

Capex 0 0 0 0 145,255 145,255 0.0

TI/LC 0 0 0 0 363,138 430,822 18.6

NCF 1,672,052 3,665,611 3,715,460 4,855,749 5,814,314 5,248,620 -9.7

The DBRS Morningstar NCF is based on the DBRS Morningstar North American Commercial Real Estate Property Analysis Criteria. The resulting DBRS Morningstar NCF was $5,248,620, a -9.7% variance from the Issuer’s NCF of $6.1 million. The primary drivers of the variance are real estate tax expense, vacancy, mark-to-market adjustments, management fees and leasing costs. The property benefits from a Tax Increment Finance (TIF) agreement with the city of Parma, and the DBRS Morningstar real estate tax expense is based on the appraiser’s estimate for 2020 taxes net of the actual T-12 TIF income. DBRS Morningstar used the in-place economic vacancy for all the in-line tenants and a minimum vacancy of 5.0% for the anchor and outparcel space. The overall DBRS Morningstar vacancy is lower than the 16.3% average submarket vacancy, according to a Reis Q3 2019 report. DBRS Morningstar marked-to-market seven tenants with rents higher than 110.0% of the concluded gross market rent. Additionally, DBRS Morningstar used a minimum management fee of 4.0% of EGI. The TI costs were estimated based on the appraiser’s assumption for TIs on a psf per year basis applied to the WA in-place lease terms. LCs were based on the appraiser’s conclusion of market commissions.

DBRS MORNINGSTAR VIEWPOINT This acquisition loan has relatively moderate leverage at 65.4% LTV based on the appraised value of $87.3 million and the sponsor’s equity contribution of $26.3 million. The property benefits from a TIF agreement with the city of Parma, which issued $10.0 million of Development Revenue Bonds in 2014 to partially finance the redevelopment of the asset from the former Parmatown Mall. The TIF agreement, which expires in 2043, exempts the property with the exception of the Walmart site from real estate taxes during its term. The property must make PILOT payments but excess TIF benefits are given to the property owner as reimbursement for redevelopment. The property’s proximity to major highways and thoroughfares provides it with excellent accessibility, and Ridge Road reportedly has a daily traffic count of over 40,000 vehicles per day. The property has leased up 223,000 sf since it was redeveloped from the Parmatown Mall and has an in-place economic occupancy of 95.7% as of the October 3, 2019, rent roll. Additionally, the property has a stable and granular rent roll, with no tenant representing more than 7.5% of the base rent and limited rollover of less than 10% on a cumulative basis during the first five years of the loan term (excluding JCP, which expires in 2023).

The Shoppes at Parma loan comprises of three pari-passu notes. The A-1-A note, with a cutoff balance of $35.0 million, is being contributed to the current transaction and is the controlling note. An A-2-A note, with a cutoff balance of $14.0 million, has been contributed to the UBS 2019-C18 securitization, which has not yet closed. An A-3-A note, with a balance of $8.1 million, is expected to be contributed to a future securitization.

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SHOPPES AT PARMA – PARMA, OHIO

DOWNSIDE RISKS –– JCP’s lease expires in 2023 and if it vacates, it would trigger Ulta’s co-tenancy clause. If Ulta then vacates, it would subsequently trigger co-tenancy clauses for Burlington and Shoe Dept. –– According to the appraisal, the immediate area has experienced a decrease in population over the past 20 years, and DBRS Morningstar expects the trend to continue over the next five years. –– There are three other Walmart locations within a 10-mile radius, including one within a half mile of the property.

STABILIZING FACTORS –– Shoppes at Parma has had significant new and renewal leasing activity since it was redeveloped. Between 2014 and 2016, the seller leased up 146,792 sf to 26 new tenants representing 20.2% of the NRA. Further, between 2018 and 2019, the seller added eight new leases, including Burlington, totaling 77,276 sf or 10.7% of the NRA. JCP has been a tenant at the property since 1980 and most recently renewed its lease in 2013. The Ulta co-tenancy has a 16-month lag from JCP vacating providing the sponsor an opportunity to cure the co-tenancy by re-leasing the space. Further, Ulta has previously elected to remain at the location when its co-tenancy clause was triggered by another tenant bankruptcy at the property. The loan is structured with a cash sweep to be triggered, amongst other factors, by any tenant occupying more than 20.0% of the NRA going dark, filing for bankruptcy, vacating or terminating its lease, and 12 months prior to lease expiration. Tenants covered by this provision include JCP, Walmart, Burlington Coat Factory, Marc’s, and Ulta. –– Parma is Cleveland’s largest suburb, with a population of over 75,000, according to the appraisal. University Hospitals Parma Medical Center, one of the top hospitals in Ohio, is located across Ridge Road from the property. The Ukrainian Village and Polish Village, two local attractions within two miles of the property, and the Cuyahoga County Community College with over 10,000 students are also significant demand drivers. Additionally, per the appraisal, the population within a five-mile radius of the property was 243,000 in 2018 and is projected to decrease to 240,000 by 2023. The average household income in the same radius is more than $68,000. –– Walmart has been a tenant at the property since 2003 and recently expanded its store into a Supercenter, growing to 179,982 sf from 140,533 sf, and extended its lease for an additional 15 years, through 2031. Walmart also has nine additional five-year renewal options remaining under its lease. Although Walmart does not report sales, the Issuer estimates its annual sales to be greater than $90.0 million per year.

December 2019 80 Presale Report | CGCMT 2019-C7

Transaction Structural Features

Credit Risk Retention: This transaction is required to satisfy the risk-retention requirements of Section 15G of the Securities Exchange Act of 1934. This transaction features an L-shaped risk-retention structure. Starwood Mortgage Capital LLC is acting as the retaining sponsor (the risk-retention consultation party) under the credit risk-retention rules. On the closing date, the retaining sponsor will purchase an eligible vertical interest representing approximately 3.75% of the aggregate initial balance of all the certificates. The eligible horizontal residual interest (HRR Certificates) will comprise the Class J-RR and K-RR certificates, representing 1.25% of the aggregate fair value of all the certificates. Starwood will also be the purchaser of the HRR Certificates and, per credit risk-retention rules, is required to retain such classes for a minimum of five years after the closing date of the securitization, subject to certain permitted exceptions under such rules.

Operating Advisor: This transaction has an operating advisor, Pentalpha Surveillance, LLC, 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. 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 will be delivered to the rating agencies, the trustee, and the certificate administrator, who will be required to make the report available through their websites. After the occurrence and continuance of a consultation termination event, if the operating advisor determines the special servicer is not performing its duties as required under the PSA or is otherwise not acting in accordance with the servicing standard, the operating advisor may recommend replacing the special servicer. The operating advisor is entitled to a fee of 0.00105% per year. The operating advisor is also entitled to a $15,000 fee for each major decision on which it is required to consult, but it is only payable to the extent that it is paid by the related borrower. Other expenses incurred by the operating advisor will be payable from funds on deposit in the collection account out of amounts otherwise available to make distributions on the certificates.

Appraisal Reduction/Realized Loss: Any interest that is not advanced on as a 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 be permanent interest impairment if the net proceeds of the loan in question do not exceed the outstanding principal (plus fees) at the time of liquidation. The special servicer shall attempt to obtain the appraisal for appraisal-reduction purposes promptly upon the occurrence of an appraisal-reduction event. The time frame for an appraisal to be used for appraisal-reduction purposes is no less than nine months.

Pari Passu Loan Combinations: The 490-504 Myrtle Avenue, 805 3rd Avenue, 405 E 4th Avenue, Giant Anchored Portfolio, Alrig Portfolio, Park Central Tower, and The Shoppes at Parma loans will be serviced pursuant to the PSA for this transaction. The 650 Madison Avenue whole-loan combination will be serviced according to the PSA for the for the securitization transaction into which the related controlling pari passu companion loan is contributed. The Harvey Building Products whole-loan combination will be serviced according to the PSA for the Benchmark 2019-B14 multiborrower transaction. The Austin Landing Mixed-Use whole-loan combination will be serviced according to the PSA for the Benchmark 2019-B15 multiborrower transaction that DBRS Morningstar rated. The Wells Fargo Place whole-loan combination will be serviced according to the PSA for the MSC 201-L3 transaction.

Directing Certificateholder/Controlling Class Rights: The transaction’s most subordinate bonds are controlled by the most subordinate bondholders. The directing holder (except for the 805 3rd Avenue loan combination) will be the controlling class certificateholder selected by more than 50.0% of the voting rights for the controlling class. The controlling class is the most subordinate of the Class F, G, and J-RR certificates (the Control Eligible Certificates) outstanding with a principal amount (excluding appraisal-reduction amounts) that is at least 25.0% of the initial certificate amount of such class. So long as at least the Class F, G, and J-RR certificates have a principal amount (excluding appraised-reduction amounts) that is at least 25.0% of the initial certificate amount of the respective certificates, the directing holder may terminate the

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special servicer without cause (provided that so long as LNR Securities Holdings, LLC or an affiliate owns at least 25% of the controlling class certificates, their affiliated special servicer may not be removed without cause). A control termination event exists when no class of the Control Eligible Certificates has a principal amount (net of appraisal reduction amounts) that is at least 25.0% of the initial certificate amount. A consultation termination event will occur when no class of Control Eligible Certificates has an outstanding principal balance that is at least 25.0% of its initial principal balance (ignoring any appraisal-reduction amounts). Before a consultation termination event but after a control termination event, the special servicer cannot be replaced, except for cause, and is subject to a vote by all bondholders. So long as no control appraisal period is continuing for the 805 3rd Avenue loan combination, the controlling class representative for the 805 3rd Avenue loan combination will be the directing holder for this loan. During a control appraisal period for this loan, the directing holder will be the controlling class representative for the larger pooled transaction.

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

Special Servicing Fees: The liquidation or workout fee is 1.0%, subject to a cap of $1.0 million and further subject to a minimum of $25,000 in the aggregate, excluding any fees the special servicer collects in connection with a workout. The special servicer fee is 0.25% per year, subject to a minimum of $3,500 for the month. The special servicer for each nonserviced loan combination will accrue a comparable special servicing fee, for each nonserviced loan combination, pursuant to their respective PSAs.

Disclosable Special Servicing Fees: During each collection period, the special servicer, LNR Partners, LLC, is required to provide the certificate administrator with an itemized report of all disclosable special servicing fees. These fees include 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 event of default and foreclosure on the property).

Rating Agency Confirmations (RACs): This transaction contemplates waivers of RACs. DBRS Morningstar intends to waive loan-level RACs, yet it intends to receive notice upon their occurrence. DBRS Morningstar will review relevant loan-level changes as part of its surveillance. DBRS Morningstar will not waive RACs that affect any party involved in the operational risk of the transaction (i.e., replacement of the special servicer, master servicer, etc.).

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Methodologies

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

Operational Risk Reviews DBRS Morningstar reviews loan originators, servicers and operating advisors apart from transaction analytics and determines whether they are acceptable parties.

Surveillance

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

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

This report is based on information as of December 6, 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). Morningstar Credit Ratings, LLC is a separately registered NRSRO and NRSRO affiliate of DBRS, Inc.

For more information on regulatory registrations, recognitions and approvals of DBRS group of companies and Morningstar Credit Ratings, LLC, please see: http://www.dbrs.com/ research/highlights.pdf.

The DBRS group and Morningstar Credit Ratings, LLC are wholly-owned subsidiaries of Morningstar, Inc.

© 2019 Morningstar. 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. No DBRS entity is an investment advisor. DBRS does not provide investment, financial or other advice. 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, financial or other 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.

December 2019 83 Glossary

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

Definitions

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

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

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