BANK 2019-BNK22 Form FWP Filed 2019-10-22

SECURITIES AND EXCHANGE COMMISSION

FORM FWP Filing under Securities Act Rules 163/433 of free writing prospectuses

Filing Date: 2019-10-22 SEC Accession No. 0001539497-19-001748

(HTML Version on secdatabase.com)

SUBJECT COMPANY BANK 2019-BNK22 Mailing Address Business Address 301 SOUTH COLLEGE 301 SOUTH COLLEGE CIK:1789307| State of Incorp.:NC | Fiscal Year End: 1231 STREET STREET Type: FWP | Act: 34 | File No.: 333-226486-10 | Film No.: 191161440 CHARLOTTE NC 28228-0166 CHARLOTTE NC 28228-0166 SIC: 6189 Asset-backed securities 7043832556 FILED BY WELLS FARGO COMMERCIAL MORTGAGE SECURITIES Mailing Address Business Address 301 SOUTH COLLEGE 301 SOUTH COLLEGE INC STREET STREET CHARLOTTE NC 28228-0166 CHARLOTTE NC 28228-0166 CIK:850779| IRS No.: 561643598 | State of Incorp.:NC | Fiscal Year End: 1231 7043832556 Type: FWP SIC: 6189 Asset-backed securities

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document FREE WRITING PROSPECTUS FILED PURSUANT TO RULE 433 REGISTRATION FILE NO.: 333-226486-10

Free Writing Prospectus Structural and Collateral Term Sheet $1,202,148,724 (Approximate Initial Pool Balance) $1,014,989,000 (Approximate Aggregate Certificate Balance of Offered Certificates) BANK 2019-BNK22 as Issuing Entity Wells Fargo Commercial Mortgage Securities, Inc. as Depositor

Bank of America, National Association Wells Fargo Bank, National Association Morgan Stanley Mortgage Capital Holdings LLC National Cooperative Bank, N.A.

as Sponsors and Mortgage Loan Sellers

Commercial Mortgage Pass-Through Certificates Series 2019-BNK22

October 22, 2019

WELLS FARGO MORGAN BofA SECURITIES SECURITIES STANLEY

Co-Lead Manager and Co-Lead Manager and Co-Lead Manager and Joint Bookrunner Joint Bookrunner Joint Bookrunner

Academy Securities, Inc. Drexel Hamilton Co-Manager Co-Manager

The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) (SEC File No. 333-226486) for the offering to which this communication relates. Before you invest, you should read the prospectus in the registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the depositor, any underwriter, or any dealer participating in the offering will arrange to send you the prospectus after filing if you request it by calling toll free 1-800-745-2063 (8 a.m. – 5 p.m. EST) or by emailing [email protected].

Nothing in this document constitutes an offer of securities for sale in any jurisdiction where the offer or sale is not permitted. The information contained herein is preliminary as of the date hereof, supersedes any such information previously delivered to you and will be superseded by any such information subsequently delivered and ultimately by the final prospectus relating to the securities. These materials are subject to change, completion, supplement or amendment from time to time.

This free writing prospectus has been prepared by the underwriters for information purposes only and does not constitute, in whole or in part, a prospectus for the purposes of Regulation (EU) 2017/1129 (as amended) and/or Part VI of the Financial Services and Markets Act 2000, as amended, or other offering document.

STATEMENT REGARDING ASSUMPTIONS AS TO SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION

The attached information contains certain tables and other statistical analyses (the “Computational Materials”) which have been prepared in reliance upon information furnished by the Mortgage Loan Sellers. Numerous assumptions were used in preparing the Computational Materials, which may or may not be reflected herein. As such, no assurance can be given as to the Computational Materials’ accuracy, appropriateness or completeness in any particular context; or as to whether the Computational Materials and/or the assumptions upon which they are based reflect present market conditions or future market performance. The Computational Materials should not be construed as either projections or predictions or as legal, tax, financial or accounting advice. You should consult your own counsel, accountant and other advisors as to the legal, tax, business, financial and related aspects of a purchase of these securities. Any weighted average lives, yields and principal payment periods shown in the Computational Materials are based on prepayment and/ or loss assumptions, and changes in such prepayment and/or loss assumptions may dramatically affect such weighted average lives, yields and principal payment periods. In addition, it is possible that prepayments or losses on the underlying assets will occur at rates higher or lower than the rates shown in the attached Computational Materials. The specific characteristics of the securities may differ from those shown in the Computational Materials due to differences between the final underlying assets and the preliminary underlying assets used in preparing the Computational Materials. The principal amount and designation of any security described in the Computational Materials are subject to change prior to issuance. None of Wells Fargo Securities, LLC, BofA Securities, Inc., Morgan Stanley & Co. LLC, Academy Securities, Inc., Drexel Hamilton, LLC or any of their respective affiliates, make any representation or warranty as to the actual rate or timing of payments or losses on any of the underlying assets or the payments or yield on the securities. The information in this presentation is based upon management forecasts and reflects prevailing conditions and management’s views as of this date, all of which are subject to change. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources or which was provided to us by or on behalf of the Mortgage Loan Sellers or which was otherwise reviewed by us.

This free writing prospectus contains certain forward-looking statements. If and when included in this free writing prospectus, the words “expects”, “intends”, “anticipates”, “estimates” and analogous expressions and all statements that are not historical facts, including statements about our beliefs or expectations, are intended to identify forward-looking statements. Any forward-looking statements are made subject to risks and uncertainties which could cause actual results to differ materially from those stated. Those risks and uncertainties include, among other things, declines in general economic and business conditions, increased competition, changes in demographics, changes in political and social conditions, regulatory initiatives and changes in customer preferences, many of which are beyond our control and the control of any other person or entity related to this offering. The forward-looking statements made in this free writing prospectus are made as of the date stated on the cover. We have no obligation to update or revise any forward-looking statement.

Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, and Wells Fargo Bank, N.A. Wells Fargo Securities, LLC and Wells Fargo Prime Services, LLC are distinct entities from affiliated banks and thrifts.

IMPORTANT NOTICE REGARDING THE OFFERED CERTIFICATES

The information herein is preliminary and may be supplemented or amended prior to the time of sale. In addition, the Offered Certificates referred to in these materials and the asset pool backing them are subject to modification or revision (including the possibility that one or more classes of certificates may be split, combined or eliminated at any time prior to issuance or availability of a final prospectus) and are offered on a “when, as and if issued” basis.

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document The underwriters described in these materials may from time to time perform investment banking services for, or solicit investment banking business from, any company named in these materials. The underwriters and/or their affiliates or respective employees may from time to time have a long or short position in any security or contract discussed in these materials.

The information contained herein supersedes any previous such information delivered to any prospective investor and will be superseded by information delivered to such prospective investor prior to the time of sale.

IMPORTANT NOTICE RELATING TO AUTOMATICALLY-GENERATED EMAIL DISCLAIMERS

Any legends, disclaimers or other notices that may appear at the bottom of any email communication to which this free writing prospectus is attached relating to (1) these materials not constituting an offer (or a solicitation of an offer), (2) any representation that these materials are accurate or complete and may not be updated or (3) these materials possibly being confidential, are not applicable to these materials and should be disregarded. Such legends, disclaimers or other notices have been automatically generated as a result of these materials having been sent via Bloomberg or another system.

THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

I. Certificate Structure

Approximate Initial Approx. Weighted Certificate Certificate Certificate Balance Initial Average Expected Principal to Principal Expected Ratings or Credit Pass-Through Life Principal Value U/W NOI Class (DBRS/Fitch/S&P)(1) Notional Amount(2) Support(3) Rate Description (Years)(4) Window(4) Ratio(5) Debt Yield(6)

Offered Certificates

A-1 AAA(sf)/AAAsf/AAA(sf) $16,733,000 30.000% (7) 2.56 12/19 - 10/24 37.0% 16.5%

A-2 AAA(sf)/AAAsf/AAA(sf) $6,119,000 30.000% (7) 4.92 10/24 - 10/24 37.0% 16.5%

A-SB AAA(sf)/AAAsf/AAA(sf) $19,728,000 30.000% (7) 7.40 10/24 - 08/29 37.0% 16.5%

A-3 AAA(sf)/AAAsf/AAA(sf) (8) 30.000% (7) (8) (8) 37.0% 16.5%

A-4 AAA(sf)/AAAsf/AAA(sf) (8) 30.000% (7) (8) (8) 37.0% 16.5%

X-A AAA(sf)/AAAsf/AAA(sf) $799,428,000(9) N/A Variable(10) N/A N/A N/A N/A

X-B AA(high)(sf)/A-sf/NR $215,561,000(11) N/A Variable(12) N/A N/A N/A N/A

A-S AAA(sf)/AAAsf/AA+(sf) $117,060,000 19.750% (7) 9.92 10/29 - 10/29 42.4% 14.4%

B AAA(sf)/AA-sf/NR $48,536,000 15.500% (7) 9.92 10/29 - 10/29 44.7% 13.6%

C AA(sf)/A-sf/NR $49,965,000 11.125% (7) 9.92 10/29 - 10/29 47.0% 13.0%

Non-Offered Certificates

X-D A(high)(sf)/BBB-sf/NR $54,247,000(13) N/A Variable(14) N/A N/A N/A N/A

X-F BBB(sf)/BB-sf/NR $22,840,000(15) N/A Variable(16) N/A N/A N/A N/A

X-G BB(high)(sf)/B-sf/NR $11,421,000(15) N/A Variable(16) N/A N/A N/A N/A

X-H BB(low)(sf)/NR/NR $12,848,000(15) N/A Variable(16) N/A N/A N/A N/A

X-J NR/NR/NR $25,696,287(15) N/A Variable(16) N/A N/A N/A N/A

D A(sf)/BBBsf/NR $31,406,000 8.375% (7) 10.00 10/29 - 11/29 48.4% 12.6%

E BBB(high)(sf)/BBB-sf/NR $22,841,000 6.375% (7) 10.00 11/29 - 11/29 49.5% 12.3%

F BBB(low)(sf)/BB-sf/NR $22,840,000 4.375% (7) 10.00 11/29 - 11/29 50.6% 12.0%

G BB(sf)/B-sf/NR $11,421,000 3.375% (7) 10.00 11/29 - 11/29 51.1% 11.9%

H B(high)(sf)/NR/NR $12,848,000 2.250% (7) 10.00 11/29 - 11/29 51.7% 11.8%

J NR/NR/NR $25,696,287 0.000% (7) 10.00 11/29 - 11/29 52.9% 11.5%

Non-Offered Eligible Vertical Interest

RR Interest NR/NR/NR $60,107,436.19 N/A WAC(17) 9.72 12/19 - 11/29 N/A N/A

Notes: (1) The expected ratings presented are those of DBRS, Inc. (“DBRS”), Fitch Ratings, Inc. (“Fitch”) and S&P Global Ratings (“S&P”), which the depositor hired to rate the Offered Certificates. One or more other nationally recognized statistical rating organizations that were not hired by the depositor may use information they receive pursuant to Rule 17g-5 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise, to rate or provide market reports and/or published commentary related to the Offered Certificates. We cannot assure you as to what ratings a non-hired nationally recognized statistical rating organization would assign or that its reports will not express differing, possibly negative, views of the mortgage loans and/or the Offered Certificates. The ratings of each Class of Offered Certificates address the likelihood of the timely distribution of interest and, except in the case of the Class X-A and X-B Certificates, the ultimate distribution of principal due on those Classes on or before the Rated Final Distribution Date. See “Risk Factors—Other Risks Relating to the Certificates—Nationally Recognized Statistical Rating Organizations May Assign Different Ratings to the Certificates; Ratings of the Certificates Reflect Only the Views of the Applicable Rating Agencies as of the Dates Such Ratings Were Issued; Ratings May Affect ERISA Eligibility; Ratings May Be Downgraded” and “Ratings” in the Preliminary Prospectus, expected to be dated October 22, 2019 (the “Preliminary Prospectus”). DBRS, Fitch and S&P have informed us that the “sf” designation in their ratings represents an identifier for structured finance product ratings.

(2) The Certificate Balances and Notional Amounts set forth in the table are approximate. The actual initial Certificate Balances and Notional Amounts may be larger or smaller depending on the initial pool balance of the mortgage loans definitively included in the pool of mortgage loans, which aggregate cut-off date balance may be as much as 5% larger or smaller than the amount presented in the Preliminary Prospectus. In addition, the Notional Amounts of the Class X-A, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H and Class X-J Certificates (collectively referred to herein as “Class X Certificates”) may vary depending upon the final pricing of the Classes of Principal Balance Certificates (as defined

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document in the Preliminary Prospectus) whose Certificate Balances comprise such Notional Amounts and, if as a result of such pricing the pass-through rate of any Class of the Class X Certificates would be equal to zero at all times, such Class of Certificates will not be issued on the closing date of this securitization.

(3) The approximate initial credit support with respect to the Class A-1, A-2, A-SB, A-3 and A-4 Certificates represents the approximate credit enhancement for the Class A-1, A-2, A-SB, A-3 and A-4 Certificates in the aggregate. The RR Interest only provides credit support to the limited extent that losses incurred on the underlying mortgage loans are allocated to it, on the one hand, and to the Offered Certificates and the Non- Offered Certificates, on the other hand, pro rata, in accordance with their respective Percentage Allocation Entitlements.

(4) Weighted Average Lives and Expected Principal Windows are calculated based on an assumed prepayment rate of 0% CPR and the “Structuring Assumptions” described under “Yield and Maturity Considerations—Weighted Average Life” in the Preliminary Prospectus.

(5) The Certificate Principal to Value Ratio for each Class of Certificates (other than the Class A-1, A-2, A-SB, A-3 and A-4 Certificates) is calculated as the product of (a) the weighted average Cut-off Date LTV Ratio for the mortgage loans and (b) a fraction, the numerator of which is the total initial Certificate Balance of such Class of Certificates and all Classes of Principal Balance Certificates senior to such Class of Certificates and the denominator of which is the total initial Certificate Balance of all of the Principal Balance Certificates (other than the RR Interest). The Certificate Principal to Value Ratio for each of the Class A-1, A-2, A-SB, A-3 and A-4 Certificates is calculated in the aggregate for those Classes as if they were a single Class and is calculated as the product of (a) the weighted average Cut-off Date LTV Ratio for the mortgage loans and (b) a fraction, the numerator of which is the total initial aggregate Certificate Balances of such Classes of Certificates and the denominator of which is the total initial Certificate Balance of all of the Principal Balance Certificates (other than the RR Interest). In any event, however, excess mortgaged property value associated with a mortgage loan will not be available to offset losses on any other mortgage loan.

(6) The Certificate Principal U/W NOI Debt Yield for each Class of Certificates (other than the Class A-1, A-2, A-SB, A-3 and A-4 Certificates) is calculated as the product of (a) the weighted average U/W NOI Debt Yield for the mortgage loans and (b) a fraction, the numerator of which is the total initial Certificate Balance of all of the Classes of Principal Balance Certificates (other than the RR Interest) and the denominator of which is the total initial Certificate Balance for such Class of Certificates and all Classes of Principal Balance Certificates senior to such Class of Certificates. The Certificate Principal U/W NOI Debt Yield for each of the Class A-1, A-2, A-SB, A-3 and A-4 Certificates is calculated in the aggregate for those Classes as if they were a single Class and is calculated as the product of (a) the weighted average U/W NOI Debt Yield for the mortgage loans and (b) a fraction, the numerator of which is the total initial Certificate Balance of all of the Classes of Principal Balance Certificates (other than the RR Interest) and the denominator of which is the total aggregate initial Certificate Balances for the Class A-1, A-2, A-SB, A-3 and A-4 Certificates. In any event, however, cash flow from each mortgaged property supports only the related mortgage loan and will not be available to support any other mortgage loan. (7) The pass-through rates for the Class A-1, A-2, A-SB, A-3, A-4, A-S, B, C, D, E, F, G, H and J Certificates will, in each case, be one of the following: (i) a fixed rate per annum, (ii) a variable rate per annum equal to the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date, (iii) a variable rate per annum equal to the lesser of (a) a fixed rate and (b) the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date or (iv) a variable rate per annum equal to the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date minus a specified percentage. For purposes of the calculation of the weighted average of the net mortgage interest rates on the mortgage loans for each distribution date, the mortgage interest rates will be adjusted as necessary to a 30/360 basis. (8) The exact initial Certificate Balances of the Class A-3 and A-4 Certificates are unknown and will be determined based on the final pricing of those Classes of Certificates. However, the respective approximate initial Certificate Balances, weighted average lives and principal windows of the Class A-3 and A-4 Certificates are expected to be within the applicable ranges reflected in the following chart. The aggregate initial Certificate Balance of the Class A-3 and A-4 Certificates is expected to be approximately $756,848,000, subject to a variance of plus or minus 5%.

Expected Range of Expected Range of Expected Range of Class of Certificates Approximate Initial Weighted Average Principal Window Certificate Balance Life (Years) Class A-3 $75,000,000 - $375,000,000 9.75 – 9.82 08/29 – 08/29 / 08/29 – 10/29 Class A-4 $381,848,000 - $681,848,000 9.88 – 9.92 08/29 – 10/29 / 10/29 – 10/29

(9) The Class X-A Certificates are notional amount certificates. The Notional Amount of the Class X-A Certificates will be equal to the aggregate Certificate Balance of the Class A-1, A-2, A-SB, A-3 and A-4 Certificates outstanding from time to time. The Class X-A Certificates will not be entitled to distributions of principal. (10) The pass-through rate for the Class X-A Certificates for any distribution date will be a per annum rate equal to the excess, if any, of (a) the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date, over (b) the weighted average of the pass-through rates on the Class A-1, A-2, A-SB, A-3 and A-4 Certificates for the related distribution date, weighted on the basis of their respective Certificate Balances outstanding immediately prior to that distribution date. For purposes of the calculation of the weighted average of the net mortgage interest rates on the mortgage loans for each distribution date, the mortgage interest rates will be adjusted as necessary to a 30/360 basis. (11) The Class X-B Certificates are notional amount certificates. The Notional Amount of the Class X-B Certificates will be equal to the aggregate Certificate Balance of the Class A-S, B and C Certificates outstanding from time to time. The Class X-B Certificates will not be entitled to distributions of principal. (12) The pass-through rate for the Class X-B Certificates for any distribution date will be a per annum rate equal to the excess, if any, of (a) the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date, over (b) the weighted average of the pass-through rates on the Class A-S, B and C Certificates for the related distribution date, weighted on the basis of their respective Certificate Balances outstanding immediately prior to that distribution date. For purposes of the calculation of the weighted average of the net mortgage interest rates on the mortgage loans for each distribution date, the mortgage interest rates will be adjusted as necessary to a 30/360 basis. (13) The Class X-D Certificates are notional amount certificates. The Notional Amount of the Class X-D Certificates will be equal to the aggregate Certificate Balance of the Class D and E Certificates outstanding from time to time. The Class X-D Certificates will not be entitled to distributions of principal. (14) The pass-through rate for the Class X-D Certificates for any distribution date will be a per annum rate equal to the excess, if any, of (a) the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date, over (b) the weighted average of the pass-through rates on the Class D and E Certificates for the related distribution date, weighted on the basis of their respective Certificate Balances outstanding immediately prior to that distribution date. For purposes of the calculation of the weighted average of the net mortgage interest rates on the mortgage loans for each distribution date, the mortgage interest rates will be adjusted as necessary to a 30/360 basis. (15) The Class X-F, Class X-G, Class X-H and Class X-J Certificates are notional amount certificates. The Notional Amounts of the Class X-F, Class X-G, Class X-H and Class X-J Certificates will be equal to the Certificate Balance of the Class F, Class G, Class H and Class J Certificates,

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document respectively, outstanding from time to time. None of the Class X-F, Class X-G, Class X-H and Class X-J Certificates will be entitled to distributions of principal. (16) The pass-through rates for the Class X-F, Class X-G, Class X-H and Class X-J Certificates for any distribution date will, in each case, be a per annum rate equal to the excess, if any, of (a) the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date, over (b) the pass-through rate on the Class F, Class G, Class H and Class J Certificates, respectively, for the related distribution date. For purposes of the calculation of the weighted average of the net mortgage interest rates on the mortgage loans for each distribution date, the mortgage interest rates will be adjusted as necessary to a 30/360 basis. (17) The effective interest rate for the RR Interest will be a variable rate per annum (described in the table as “WAC”) equal to the weighted average of the net mortgage interest rates on the mortgage loans for the related distribution date. For purposes of calculation of the weighted average of the net mortgage interest rates on the mortgage loans for each distribution date, the mortgage interest rates will be adjusted as necessary to a 30/360 basis.

II. Transaction Highlights

Mortgage Loan Sellers:

Number Number of Approx. % of of Aggregate Cut-off Mortgage Loan Seller Mortgaged Initial Pool Mortgage Date Balance Properties Balance Loans Morgan Stanley Mortgage Capital Holdings LLC 17 68 $342,885,459 28.5% Bank of America, National Association 10 19 309,643,921 25.8 Wells Fargo Bank, National Association 11 24 262,610,467 21.8 Wells Fargo Bank, National Association / Bank of 2 2 198,475,000 16.5 America, National Association National Cooperative Bank, N.A. 18 18 88,533,878 7.4 Total 58 131 $1,202,148,724 100.0%

Loan Pool:

Initial Pool Balance: $1,202,148,724 Number of Mortgage Loans: 58 Average Cut-off Date Balance per Mortgage Loan: $20,726,702 Number of Mortgaged Properties: 131 Average Cut-off Date Balance per Mortgaged Property(1): $9,176,708 Weighted Average Mortgage Interest Rate: 3.483% Ten Largest Mortgage Loans as % of Initial Pool Balance: 60.7% Weighted Average Original Term to Maturity or ARD (months): 120 Weighted Average Remaining Term to Maturity or ARD (months): 118 Weighted Average Original Amortization Term (months)(2): 361 Weighted Average Remaining Amortization Term (months)(2): 359 Weighted Average Seasoning (months): 1 (1) Information regarding mortgage loans secured by multiple properties is based on an allocation according to relative appraised values or the allocated loan amounts or property-specific release prices set forth in the related loan documents or such other allocation as the related mortgage loan seller deemed appropriate. (2) Excludes any mortgage loan that does not amortize.

Credit Statistics:

Weighted Average U/W Net Cash Flow DSCR(1): 2.90x Weighted Average U/W Net Operating Income Debt Yield(1): 11.5% Weighted Average Cut-off Date Loan-to-Value Ratio(1): 52.9% Weighted Average Balloon or ARD Loan-to-Value Ratio(1): 51.5% % of Mortgage Loans with Additional Subordinate Debt(2): 12.9% % of Mortgage Loans with Single Tenants(3): 23.0% (1) With respect to any mortgage loan that is part of a whole loan, loan-to-value ratio, debt service coverage ratio and debt yield calculations include the related pari passu companion loan(s) but exclude any related subordinate companion loan(s) (unless otherwise stated). For mortgaged properties securing residential cooperative mortgage loans, the debt service coverage ratio and debt yield for each such mortgaged property are calculated using U/W Net Operating Income or U/W Net Cash Flow, as applicable, for the related residential cooperative property which is the projected net operating income or net cash flow, as applicable, reflected in the most recent appraisal obtained by or otherwise in the possession of the related mortgage loan seller as of the cut-off date, and the loan-to-value ratio is calculated based upon the appraised value of the residential cooperative property determined as if such residential cooperative property is operated as a residential cooperative, inclusive of the amount of the underlying debt encumbering such residential cooperative property with the exception of the Pine Tree Townhouses Cooperative, Inc. mortgage loan (the “Pine Tree Townhouses Cooperative, Inc. Loan”). In the case of the Pine Tree Townhouses Cooperative, Inc. Loan the loan-to-value calculations for such mortgage loan are determined as if such residential cooperative property is operated as a market rate multifamily rental property. The debt service coverage ratio, debt yield and loan-to-value ratio information do not take into account any subordinate debt (whether or not secured by the related

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document mortgaged property), that currently exists or is allowed under the terms of any mortgage loan. See “Description of the Mortgage Pool—Mortgage Pool Characteristics” in the Preliminary Prospectus and Annex A-1 to the Preliminary Prospectus. (2) Fifteen (15) of the mortgage loans, each of which is secured by a residential cooperative property sold to the depositor by National Cooperative Bank, N.A., currently have in place subordinate secured lines of credit to the related mortgage borrowers that permit future advances (such loans, collectively, the “Subordinate Coop LOCs”). The percentage figure expressed as “% of Mortgage Loans with Additional Subordinate Debt” is determined as a percentage of the initial pool balance and does not take into account any future subordinate debt (whether or not secured by the mortgaged property), if any, that may be permitted under the terms of any mortgage loan or the pooling and servicing agreement. See “Description of the Mortgage Pool—Additional Indebtedness—Other Unsecured Indebtedness” and “Description of the Mortgage Pool—Additional Indebtedness—Other Secured Indebtedness—Additional Debt Financing for Mortgage Loans Secured by Residential Cooperatives Sold to the Depositor by National Cooperative Bank, N.A.” in the Preliminary Prospectus. (3) Excludes mortgage loans that are secured by multiple single tenant properties.

Loan Structural Features:

Amortization: Based on the Initial Pool Balance, 15.7% of the mortgage pool (29 mortgage loans) has scheduled amortization, as follows:

14.4% (26 mortgage loans) requires amortization during the entire loan term; and

1.2% (3 mortgage loans) provides for an interest-only period followed by an amortization period.

Interest-Only: Based on the Initial Pool Balance, 84.3% of the mortgage pool (29 mortgage loans) provides for interest- only payments during the entire loan term through maturity or ARD. The weighted average Cut-off Date Loan-to-Value Ratio and weighted average U/W Net Cash Flow DSCR for those mortgage loans are 54.5% and 2.72x, respectively.

Hard Lockboxes: Based on the Initial Pool Balance, 51.8% of the mortgage pool (11 mortgage loans) has hard lockboxes in place.

Reserves: The mortgage loans require amounts to be escrowed monthly as follows (excluding any mortgage loans with springing provisions):

Real Estate Taxes: 42.9% of the pool Insurance: 10.9% of the pool Capital Replacements: 45.8% of the pool TI/LC: 18.2% of the pool(1)

(1) The percentage of Initial Pool Balance for mortgage loans with TI/LC reserves is based on the aggregate principal balance allocable to loans that include office, mixed use, retail and industrial properties.

Call Protection/Defeasance: Based on the Initial Pool Balance, the mortgage pool has the following call protection and defeasance features:

65.2% of the mortgage pool (35 mortgage loans) features a lockout period, then defeasance only until an open period;

9.6% of the mortgage pool (1 mortgage loan) features a lockout period, then yield maintenance until an open period;

9.2% of the mortgage pool (1 mortgage loan) features a lockout period, then the greater of a prepayment premium or yield maintenance or defeasance until an open period;

7.2% of the mortgage pool (17 mortgage loans) features no lockout period, but requires the greater of a prepayment premium or yield maintenance, then a prepayment premium until an open period;

4.6% of the mortgage pool (1 mortgage loan) features a lockout period, then the greater of a prepayment premium or yield maintenance, then the greater of a prepayment premium or yield maintenance or defeasance until an open period;

4.1% of the mortgage pool (2 mortgage loans) features a lockout period, then the greater of a prepayment premium or yield maintenance until an open period; and

0.2% of the mortgage pool (1 mortgage loan) features no lockout period, but requires the greater of a prepayment premium or yield maintenance until an open period.

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Prepayment restrictions for each mortgage loan reflect the entire life of the mortgage loan. Please refer to Annex A-1 to the Preliminary Prospectus and the footnotes related thereto for further information regarding individual loan call protection.

III. Issue Characteristics

$1,014,989,000 approximate monthly pay, multi-class, commercial mortgage REMIC pass-through certificates consisting of ten classes (Classes A-1, A-2, A-SB, A-3, A-4, A-S, B, C, X-A and X-B), which Securities Offered: are offered pursuant to a registration statement filed with the SEC (such classes of certificates, the “Offered Certificates”).

Bank of America, National Association (“BANA”), Wells Fargo Bank, National Association (“WFB”), Morgan Mortgage Loan Sellers: Stanley Mortgage Capital Holdings LLC (“MSMCH”) and National Cooperative Bank, N.A. (“NCB”).

Joint Bookrunners and Co-Lead Wells Fargo Securities, LLC, BofA Securities, Inc. and Morgan Stanley & Co. LLC Managers:

Co-Manager: Academy Securities, Inc. and Drexel Hamilton, LLC

Rating Agencies: DBRS, Inc., Fitch Ratings, Inc. and S&P Global Ratings

Master Servicers: Wells Fargo Bank, National Association and National Cooperative Bank, N.A.

Special Servicers: KeyBank National Association and National Cooperative Bank, N.A.

Certificate Administrator: Wells Fargo Bank, National Association

Trustee: Wilmington Trust, National Association

Operating Advisor: Pentalpha Surveillance LLC

Asset Representations Reviewer: Pentalpha Surveillance LLC

For a discussion of the manner in which the U.S. credit risk retention requirements are being addressed by U.S. Credit Risk Retention: Wells Fargo Bank, National Association, as the retaining sponsor, see “Credit Risk Retention” in the Preliminary Prospectus.

None of the sponsors, the depositor, the underwriters or their respective affiliates, or any other person is required or intends to retain a material net economic interest in the securitization constituted by the issue of the Certificates, or to take any other action in respect of such securitization, in a manner prescribed or contemplated by the European Union’s Securitization Regulation (Regulation (EU) 2017/2402). In particular, EU Risk Retention: no such person undertakes to take any action which may be required by any investor for the purposes of its compliance with such regulations or any similar requirements. Furthermore, the arrangements described under “Credit Risk Retention” in the Preliminary Prospectus have not been structured with the objective of ensuring compliance by any investor with such Regulation.

Initial Risk Retention Consultation Wells Fargo Bank, National Association Party:

Initial Majority Controlling Class Ellington Management Group, LLC or its affiliate Certificateholder:

The Cut-off Date with respect to each mortgage loan is the due date for the monthly debt service payment that is due in November 2019 (or, in the case of any mortgage loan that has its first due date in December Cut-off Date: 2019, the date that would have been its due date in November 2019 under the terms of that mortgage loan if a monthly debt service payment were scheduled to be due in that month).

Expected Closing Date: On or about November 15, 2019.

The 11th day of each month (or if that day is not a business day, the next succeeding business day), Determination Dates: commencing in December 2019.

Distribution Dates: The fourth business day following the Determination Date in each month, commencing in December 2019.

Rated Final Distribution Date: The Distribution Date in November 2062.

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document With respect to any Distribution Date, the calendar month immediately preceding the month in which such Interest Accrual Period: Distribution Date occurs.

Day Count: The Offered Certificates will accrue interest on a 30/360 basis.

$10,000 for each Class of Offered Certificates (other than the Class X-A and X-B Certificates) and $1,000,000 Minimum Denominations: for the Class X-A and X-B Certificates. Investments may also be made in any whole dollar denomination in excess of the applicable minimum denomination.

Clean-up Call: 1.0%

Delivery: DTC, Euroclear and Clearstream Banking

Each Class of Offered Certificates is expected to be eligible for exemptive relief under ERISA. No Class of ERISA/SMMEA Status: Offered Certificates will be SMMEA eligible.

THE CERTIFICATES INVOLVE CERTAIN RISKS AND MAY NOT BE SUITABLE FOR ALL Risk Factors: INVESTORS. SEE THE “RISK FACTORS” SECTION OF THE PRELIMINARY PROSPECTUS.

The Certificate Administrator will be authorized to make distribution date statements, CREFC® reports and certain supplemental reports (other than confidential information) available to certain financial modeling and Bond Analytics Information: data provision services, including Bloomberg, L.P., Trepp, LLC, Intex Solutions, Inc., Markit Group Limited, Interactive Data Corp., BlackRock Financial Management, Inc., CMBS.com, Inc., Moody’s Analytics and Thomson Reuters Corporation.

For U.S. federal income tax purposes, the issuing entity will consist of one or more REMICs and the Offered Tax Treatment Certificates will represent REMIC regular interests.

IV. Characteristics of the Mortgage Pool(1)

A. Ten Largest Mortgage Loans

Cut-off % of Number of Date Mortgage Mortgage Loan Initial Number of Cut-off U/W Mortgage Property Balance Balloon U/W NOI City State Loans / Cut-off Date Pool SF/ Date LTV NCF Loan Mortgage Loan Name Type Per LTV Debt Balance Rooms DSCR Seller Mortgaged Balance ($) SF/ Ratio (%) Ratio (%) Yield (%) (%) (x) Properties Room

San BANA Park Tower at Transbay CA 1 / 1 $115,000,000 9.6% Office 764,659 $719 49.1% 49.1% 2.93x 10.2% Francisco WFB/ 230 Park Avenue South New York NY 1 / 1 110,000,000 9.2 Office 373,693 669 51.0 51.0 2.64 8.9 BANA WFB/ Midtown Center Washington DC 1 / 1 88,475,000 7.4 Office 867,654 440 39.8 39.8 3.97 12.6 BANA Self WFB Metro 14 Self Storage Portfolio Various Various 1 / 14 83,600,000 7.0 939,242 89 55.4 55.4 3.10 10.2 Storage Self MSMCH Storage Post Portfolio Various Various 1 / 11 65,000,000 5.4 1,173,842 128 65.2 65.2 1.97 7.9 Storage ExchangeRight Net Leased Portfolio MSMCH Various Various 1 / 24 62,527,000 5.2 Various 350,043 179 61.8 61.8 2.36 9.5 #29 BANA 127 West 25th Street New York NY 1 / 1 61,000,000 5.1 Other 104,000 587 64.9 64.9 1.71 6.7 Beverly WFB 360 North Crescent Drive CA 1 / 1 55,000,000 4.6 Office 123,848 1,038 52.2 52.2 2.31 8.3 Hills WFB Tysons Tower McLean VA 1 / 1 45,000,000 3.7 Office 528,730 359 52.1 52.1 3.06 11.0 East Side Manhattan Multifamily MSMCH New York NY 1 / 4 44,000,000 3.7 Various 125 352,000 48.4 48.4 2.40 8.1 Portfolio

Top Three Total/Weighted Average 3 / 3 $313,475,000 26.1% 47.1% 47.1% 3.12x 10.4% Top Five Total/Weighted Average 5 / 28 $462,075,000 38.4% 51.2% 51.2% 2.96x 10.0% Top Ten Total/Weighted Average 10 / 59 $729,602,000 60.7% 53.2% 53.2% 2.72x 9.5% Non-Top Ten Total/Weighted Average 48 / 72 $472,546,724 39.3% 52.4% 48.8% 3.18x 14.6% With respect to any mortgage loan that is part of a whole loan, Cut-off Date Balance Per SF/Room loan-to-value ratio, debt service coverage ratio and debt yield calculations include the related pari passu companion loan(s) but exclude any related subordinate companion loan(s) (unless otherwise (1) stated). With respect to each mortgage loan, debt service coverage ratio, debt yield and loan-to-value ratio information do not take into account subordinate debt (whether or not secured by the related mortgaged property), if any, that currently exists or is allowed under the terms of such mortgage loan.

B. Summary of the Whole Loans Mortgage Lead Master Servicer Special Servicer Loan Seller in Original Servicer Under Under Property Name Note(s)(1) Holder of Note BANK Balance for Whole Lead Securitization Lead Securitization 2019-BNK22 Loan Servicing Agreement Servicing Agreement A-1 $100,000,000 BANK 2019-BNK20 No $100,000,000 Bank of America, National A-2 No Association A-3 $100,000,000 BANK 2019-BNK21(2) Yes A-4 $80,000,000 BANK 2019-BNK22 No $50,000,000 Bank of America, National No Park Tower at A-5 Wells Fargo Bank, Rialto Capital BANA Association Transbay National Association Advisors, LLC $50,000,000 Bank of America, National No A-6 Association A-7 $25,000,000 BANK 2019-BNK22 No A-8 $20,000,000 BANK 2019-BNK20 No A-9 $15,000,000 BANK 2019-BNK21(2) No A-10 $10,000,000 BANK 2019-BNK22 No A-1 $55,000,000 BANK 2019-BNK21(2) Yes A-2 $30,000,000 BANK 2019-BNK22 No A-3 $25,000,000 BANK 2019-BNK22 No 230 Park Avenue A-4 $55,000,000 BANK 2019-BNK21(2) No Wells Fargo Bank, Rialto Capital WFB/BANA South A-5 $30,000,000 BANK 2019-BNK22 No National Association Advisors, LLC A-6 $25,000,000 BANK 2019-BNK22 No JPMorgan Chase Bank, A-7 $30,000,000 No N.A. A-1-1 $135,950,000 DCOT 2019-MTC(3) Yes A-1-2 $52,525,000 DCOT 2019-MTC(3) No A-1-3 $72,525,000 DCOT 2019-MTC(3) No A-2-1 $12,068,966 BANK 2019-BNK22 No A-2-2 $13,881,034 BANK 2019-BNK22 No A-2-3 $10,000,000 BANK 2019-BNK22 No Wells Fargo Bank, CWCapital Asset Midtown Center WFB/BANA A-2-4 $37,931,034 BANK 2019-BNK22 No National Association Management LLC A-2-5 $14,593,966 BANK 2019-BNK22 No A-2-6 $6,262,500 Goldman Sachs Bank USA No A-2-7 $26,262,500 Goldman Sachs Bank USA No B-1-1 $64,350,000 DCOT 2019-MTC(3) No B-1-2 $39,325,000 DCOT 2019-MTC(3) No B-1-3 $39,325,000 DCOT 2019-MTC(3) No A-1 $85,000,000 BANK 2019-BNK21(2) Yes Storage Post Wells Fargo Bank, Rialto Capital MSMCH A-2 $45,000,000 BANK 2019-BNK22 No Portfolio National Association Advisors, LLC A-3 $20,000,000 BANK 2019-BNK22 No

Wells Fargo Bank, National 360 North A-1 $73,600,000 Yes Wells Fargo Bank, KeyBank National WFB Association Crescent Drive National Association(4) Association(4) A-2 $55,000,000 BANK 2019-BNK22 No A-1 $50,000,000 BANK 2019-BNK21(2) Yes A-2 $25,000,000 BANK 2019-BNK22 No A-3 $20,000,000 BANK 2019-BNK22 No JPMorgan Chase Bank, A-4 $40,000,000 No N.A. Wells Fargo Bank, Rialto Capital Tysons Tower WFB JPMorgan Chase Bank, A-5 $10,000,000 No National Association Advisors, LLC N.A. JPMorgan Chase Bank, A-6 $15,000,000 No N.A. JPMorgan Chase Bank, A-7 $30,000,000 No N.A. (2) National A-1 $50,000,000 BANK 2019-BNK21 Yes Wells Fargo Bank, Rialto Capital Anchored Retail MSMCH A-2 $37,000,000 Morgan Stanley Bank, N.A. No National Association Advisors, LLC Portfolio A-3 $30,000,000 BANK 2019-BNK22 No

(1) No assurance can be provided that any unsecuritized note will not be split further. (2) The BANK 2019-BNK21 securitization is expected to close on or about October 23, 2019. (3) The DCOT 2019-MTC securitization is expected to close on or about October 30, 2019. The related whole loan is expected to initially be serviced under the BANK 2019-BNK22 pooling and servicing agreement until the securitization of the related “lead” pari passu note (namely, the related pari passu note marked “Yes” in the column entitled “Lead Servicer for Whole Loan”), after (4) which the related whole loan will be serviced under the pooling and servicing agreement governing such securitization of the related “lead” pari passu note. The master servicer and special servicer for such securitization will be identified in a notice, report or statement to holders of the BANK 2019-BNK22 certificates after the closing of such securitization.

C. Mortgage Loans with Additional Secured and Mezzanine Financing(1)

Mortgage Mortgage % of Total Debt Mortgage Total Mortgage Subordinate Mezzanine Loan Total Debt Loan Cut- Initial Total Debt Cut-off Loan Cut- Debt Cut- Loan Mortgage Loan Debt Debt Cut-off U/W U/W off Date Mortgage Loan Name Pool Interest Date U/W off Date off Date No. Loan Seller Cut-off Date Cut-off Date Date NCF NCF DSCR U/W NOI Balance Rate (%)(2) NOI Debt LTV Ratio LTV Balance ($) Balance ($) Balance ($) DSCR (x) Debt Yield (%) Yield (%) (%)(3) Ratio (%) (x)(3) (%)(3)

3 WFB/BANA Midtown Center $88,475,000 7.4% $143,000,000 $0 3.0850% 3.97x 2.89x 12.6% 9.1% 39.8% 54.7%

Total/Weighted Average $88,475,000 7.4% $143,000,000 $0 3.0850% 3.97x 2.89x 12.6% 9.1% 39.8% 54.7%

In addition, fifteen (15) of the mortgage loans, each of which is secured by a residential cooperative property sold to the depositor by National Cooperative Bank, N.A, currently have in place Subordinate Coop LOCs. See “Description of the Mortgage Pool—Additional Indebtedness—Other (1) Unsecured Indebtedness” and “Description of the Mortgage Pool—Additional Indebtedness—Other Secured Indebtedness—Additional Debt Financing for Mortgage Loans Secured by Residential Cooperatives Sold to the Depositor by National Cooperative Bank, N.A.” in the Preliminary Prospectus. Total Debt Interest Rate for any specified mortgage loan reflects the weighted average of the interest rates on the respective components of the total (2) debt. With respect to any mortgage loan that is part of a whole loan, the loan-to-value ratio, debt service coverage ratio and debt yield calculations include (3) the related pari passu companion loan(s).

D. Previous Securitization History(1)

Mortgage Loan Mortgage % of Loan Mortgage Property or Mortgaged Previous Loan or Mortgaged City State Initial Pool No. Loan Seller Type Property Cut-off Securitization Property Name Balance (%) Date Balance ($)

4 WFB Metro 14 Self Storage Portfolio Various Various Self Storage $83,600,000 7.0% COMM 2013-CR11

7 BANA 127 West 25th Street New York NY Other 61,000,000 5.1 CGCMT 2013-GC11

8 WFB 360 North Crescent Drive Beverly Hills CA Office 55,000,000 4.6 JPMCC 2012-LC9

32 BANA Lockaway Storage Shaenfield San Antonio TX Self Storage 8,788,047 0.7 LNSTAR 2017-5

33 BANA Westmoore Apartments Fort Gratiot MI Multifamily 8,027,614 0.7 FNA 2012-M2

40 NCB 632 Palmer Road Owners, Inc. Yonkers NY Multifamily 4,995,647 0.4 WFRBS 2013-C13

41 NCB Bethpage Apartment Corp. Bethpage NY Multifamily 4,992,123 0.4 WFRBS 2013-C6

Vernon Manor Co-operative Apartments, Section II, 46 NCB Mt. Vernon NY Multifamily 3,803,984 0.3 CSFB 2004-C4 Incorporated

50 NCB 60 Cooper Street Corporation New York NY Multifamily 2,895,404 0.2 MSC 2006-IQ11

Total $233,102,819 19.4% The table above represents the most recent securitization with respect to the mortgaged property securing the related mortgage loan, based on information provided by the related borrower or obtained through searches of a third-party database. While loans secured by the above mortgaged (1) properties may have been securitized multiple times in prior transactions, mortgage loans in this securitization are only listed in the above chart if the mortgage loan paid off a loan in another securitization. The information has not otherwise been confirmed by the mortgage loan sellers.

E. Mortgage Loans with Scheduled Balloon Payments and Related Classes

Class A-2(1)

% of % of U/W Cut-off Class A-2 U/W Balloon Rem. Mortgage Mortgage Loan Initial Mortgage Loan Loan NOI Date Rem. IO Loan Property Certificate NCF LTV Term to Loan Mortgage Loan Name State Cut-off Date Pool Balance at SF Per SF Debt LTV Period No. Type Principal DSCR Ratio Maturity Seller Balance ($) Balance Maturity ($) ($) Yield Ratio (mos.) Balance (x) (%) (mos.) (%) (%) (%) (%)(2)

37 WFB Starling Office CA Office $6,400,000 0.5% $6,092,098 99.6% 36,033 $178 1.37x 8.9% 68.8% 65.5% 23 59

Total/Weighted Average $6,400,000 0.5% $6,092,098 99.6% 1.37x 8.9% 68.8% 65.5% 23 59 (1) The table above presents the mortgage loan whose balloon payment would be applied to pay down the principal balance of the Class A-2 Certificates, assuming a 0% CPR and applying the “Structuring Assumptions” described in the Preliminary Prospectus, including the assumptions that (i) none of the mortgage loans in the pool experience prepayments prior to maturity, defaults or losses; (ii) there are no extensions of maturity dates of any mortgage loans in the pool; and (iii) each mortgage loan in the pool is paid in full on its stated maturity date. Each Class of Certificates evidences undivided ownership interests in the entire pool of mortgage loans. Debt service coverage ratio, debt yield and loan-to-value ratio information do not take into account subordinate debt (whether or not secured by the related mortgaged property), if any, that currently exists or is allowed under the terms of any mortgage loan. See Annex A-1 to the Preliminary Prospectus. (2) Reflects the percentage equal to the Balloon Balance divided by the initial Class A-2 Certificate Balance.

F. Property Type Distribution(1)

Weighted Weighted Weighted Weighted Number of Approx. % Weighted Weighted Aggregate Average Average Average Average of Initial Average Average Property Type Cut-off Date Cut-off Balloon U/W NOI U/W NCF Mortgaged Pool U/W NCF Mortgage Balance ($) Date LTV LTV Debt Debt Properties Balance (%) DSCR (x) Rate (%) Ratio (%) Ratio (%) Yield (%) Yield (%) Office 12 $459,625,183 38.2% 49.0% 48.8% 2.95x 10.2% 10.0% 3.358% CBD 3 313,475,000 26.1 47.1 47.1 3.12 10.4 10.3 3.284 Suburban 5 127,951,183 10.6 51.9 51.2 2.62 9.8 9.4 3.474 Medical 4 18,199,000 1.5 61.3 61.3 2.39 9.5 9.2 3.807 Multifamily 32 231,686,766 19.3 42.2 40.6 3.95 18.0 17.6 3.388 Cooperative 18 88,533,878 7.4 12.8 10.3 6.82 33.9 33.2 3.197 Garden 6 88,127,614 7.3 60.6 58.9 2.22 8.6 8.4 3.529 Mid Rise 8 55,025,275 4.6 59.9 59.9 2.09 7.5 7.3 3.468 Retail 45 171,705,107 14.3 62.0 60.9 2.49 9.8 9.5 3.673 Single Tenant 36 107,762,337 9.0 61.2 61.2 2.50 9.3 9.0 3.578 Anchored 6 41,467,770 3.4 63.7 59.9 2.64 11.4 10.8 3.747 Unanchored 2 17,975,000 1.5 63.3 61.3 1.94 9.1 8.6 4.104 Shadow 1 4,500,000 0.4 60.0 60.0 3.04 11.7 11.0 3.565 Anchored Self Storage 30 166,688,047 13.9 59.8 59.0 2.54 9.2 9.1 3.536 Self Storage 30 166,688,047 13.9 59.8 59.0 2.54 9.2 9.1 3.536 Other 1 61,000,000 5.1 64.9 64.9 1.71 6.7 6.7 3.840 Leased Fee 1 61,000,000 5.1 64.9 64.9 1.71 6.7 6.7 3.840 Hospitality 5 48,526,207 4.0 65.1 51.4 2.38 14.8 13.2 3.750 Limited 4 35,565,549 3.0 65.8 52.0 2.21 14.0 12.4 3.824 Service Select Service 1 12,960,658 1.1 63.3 49.6 2.84 17.0 15.4 3.550 Mixed Use 3 42,012,225 3.5 54.0 54.0 2.32 8.6 8.1 3.468 Multifamily/ 1 21,274,725 1.8 48.4 48.4 2.40 8.1 7.8 3.210 Retail Office/Retail 1 17,000,000 1.4 58.6 58.6 2.14 8.7 8.1 3.740 Industrial/ 1 3,737,500 0.3 64.4 64.4 2.68 11.2 10.0 3.700 Retail

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Industrial 3 20,905,189 1.7 60.2 49.8 2.42 12.9 12.2 3.652 Flex 2 11,618,641 1.0 57.4 49.7 2.38 12.0 11.2 3.694 Warehouse 1 9,286,548 0.8 63.6 49.9 2.46 14.0 13.4 3.600 Total/Weighted 131 $1,202,148,724 100.0% 52.9% 51.5% 2.90x 11.5% 11.2% 3.483% Average:

Because this table presents information relating to the mortgaged properties and not the mortgage loans, the information for mortgage loans secured by more than one mortgaged property is based on allocated loan amounts (allocating the principal balance of the mortgage loan to each of those properties according to the relative appraised values of the mortgaged properties or the allocated loan amounts or property-specific release prices set forth in the related mortgage loan documents or such other allocation as the related mortgage loan seller deemed appropriate). For mortgaged properties securing residential cooperative mortgage loans, the debt service coverage ratio and debt yield for each such mortgaged property is calculated using U/W Net Operating Income or U/W Net Cash Flow, as applicable, for the related residential cooperative property which is the projected net operating income or net cash flow, as applicable, reflected in the most recent appraisal obtained by or otherwise in the possession of the related mortgage loan seller as of the cut-off date and the loan-to-value ratio, is calculated based upon the appraised value of the residential cooperative (1) property determined as if such residential cooperative property is operated as a residential cooperative, inclusive of the amount of the underlying debt encumbering such residential cooperative property with the exception of the Pine Tree Townhouses Cooperative, Inc. Loan. In the case of the Pine Tree Townhouses Cooperative, Inc. Loan the loan-to-value calculations for such mortgage loan are determined as if such residential cooperative property is operated as a market rate multifamily rental property. With respect to any mortgage loan that is part of a whole loan, the loan-to-value ratio, debt service coverage ratio and debt yield calculations include the related pari passu companion loan(s) but exclude any related subordinate companion loan(s) (unless otherwise stated). With respect to each mortgage loan, debt service coverage ratio, debt yield and loan-to-value ratio information do not take into account any subordinate debt (whether or not secured by the related mortgaged property) that currently exists or is allowed under the terms of such mortgage loan. See Annex A-1 to the Preliminary Prospectus.

G. Geographic Distribution(1)(2)

Weighted Weighted Weighted Weighted Weighted Weighted Number of Aggregate % of Initial Average Average Average U/W Average U/W Average U/W Average Location Mortgaged Cut-off Date Pool Cut-off Date Balloon LTV NCF DSCR NOI Debt NCF Debt Mortgage Properties Balance (%) LTV Ratio Balance ($) Ratio (%) (x) Yield (%) Yield (%) Rate (%) (%) New York 32 $376,888,883 31.4% 46.3% 45.7% 3.35x 14.1% 13.8% 3.415% California 9 269,451,183 22.4 54.5 54.2 2.47 9.0 8.9 3.552 Northern 4 159,051,183 13.2 52.3 51.9 2.67 9.6 9.5 3.509 California Southern 5 110,400,000 9.2 57.7 57.5 2.18 8.3 8.1 3.614 California Florida 20 99,123,000 8.2 59.0 59.0 2.68 9.3 9.2 3.449 District of 1 88,475,000 7.4 39.8 39.8 3.97 12.6 12.4 3.085 Columbia Other(3) 69 368,210,657 30.6 59.9 56.2 2.58 11.0 10.4 3.606 Total/Weighted 131 $1,202,148,724 100.0% 52.9% 51.5% 2.90x 11.5% 11.2% 3.483% Average

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document (1) The mortgaged properties are located in 29 states and Washington DC. Because this table presents information relating to the mortgaged properties and not the mortgage loans, the information for mortgage loans secured by more than one mortgaged property is based on allocated amounts (allocating the principal balance of the mortgage loan to each of those properties according to the relative appraised values of the mortgaged properties or the allocated loan amounts or property-specific release prices set forth in the related mortgage loan documents or such other allocation as the related mortgage loan seller deemed appropriate). For mortgaged properties securing residential cooperative mortgage loans, the debt service coverage ratio and debt yield for each such mortgaged property is calculated using U/W Net Operating Income or U/W Net Cash Flow, as applicable, for the related residential cooperative property, which is the projected net operating income or net cash flow, as applicable, reflected in the most recent appraisal obtained by or otherwise in the possession of the related mortgage loan seller as of the cut-off date, and the loan-to-value ratio, is calculated based upon the appraised value of the residential cooperative property determined as if such (2) residential cooperative property is operated as a residential cooperative, inclusive of the amount of the underlying debt encumbering such residential cooperative property with the exception of the Pine Tree Townhouses Cooperative, Inc. Loan. In the case of the Pine Tree Townhouses Cooperative Loan, Inc. the loan-to-value calculations for such mortgage loan are determined as if such residential cooperative property is operated as a market rate multifamily rental property. With respect to any mortgage loan that is part of a whole loan, the loan-to-value ratio, debt service coverage ratio and debt yield calculations include the related pari passu companion loan(s) but exclude any related subordinate companion loan(s) (unless otherwise stated). With respect to each mortgage loan, debt service coverage ratio, debt yield and loan-to-value ratio information do not take into account any subordinate debt (whether or not secured by the related mortgaged property) that currently exists or is allowed under the terms of such mortgage loan. See Annex A-1 to the Preliminary Prospectus. (3) Includes 26 other states.

H. Characteristics of the Mortgage Pool(1)

CUT-OFF DATE BALANCE

Number of % of Initial Range of Cut-off Date Aggregate Cut- Mortgage Pool Balances ($) off Date Balance Loans Balance

998,440 - 1,000,000 1 $998,440 0.1% 1,000,001 - 2,000,000 4 6,490,430 0.5 2,000,001 - 3,000,000 4 9,913,515 0.8 3,000,001 - 4,000,000 5 18,645,892 1.6 4,000,001 - 5,000,000 5 23,333,451 1.9 5,000,001 - 6,000,000 2 11,618,641 1.0 6,000,001 - 7,000,000 3 19,951,183 1.7 7,000,001 - 8,000,000 1 7,987,092 0.7 8,000,001 - 9,000,000 2 16,815,660 1.4 9,000,001 - 10,000,000 2 19,286,548 1.6

10,000,001 - 15,000,000 10 132,545,904 11.0 15,000,001 - 20,000,000 5 81,928,630 6.8 20,000,001 - 30,000,000 1 30,000,000 2.5 30,000,001 - 50,000,000 5 182,031,337 15.1 50,000,001 - 80,000,000 4 243,527,000 20.3 80,000,001 - 100,000,000 2 172,075,000 14.3 100,000,001 - 115,000,000 2 225,000,000 18.7

Total: 58 $1,202,148,724 100.0%

Average $20,726,702

UNDERWRITTEN NOI DEBT SERVICE COVERAGE RATIO

Number of % of Initial Range of U/W NOI Aggregate Cut- Mortgage Pool DSCRs (x) off Date Balance Loans Balance

1.45 - 1.50 1 $6,400,000 0.5% 1.51 - 1.60 1 8,788,047 0.7 1.61 - 1.70 2 8,250,000 0.7 1.71 - 1.90 2 67,551,183 5.6 1.91 - 2.00 2 43,767,770 3.6 2.01 - 2.50 14 367,501,731 30.6 2.51 - 3.00 9 299,289,120 24.9 3.01 - 3.50 7 208,591,995 17.4 3.51 - 4.00 3 22,438,240 1.9 4.01 - 30.40 17 169,570,638 14.1

Total: 58 $1,202,148,724 100.0%

Weighted Average: 2.98x

UNDERWRITTEN NCF DEBT SERVICE COVERAGE RATIO

Number of % of Initial Range of U/W NCF Aggregate Cut- Mortgage Pool DSCRs (x) off Date Balance Loans Balance

1.37 - 1.40 1 $6,400,000 0.5% 1.41 - 1.60 2 12,688,047 1.1 1.61 - 1.70 2 10,901,183 0.9 1.71 - 1.80 1 61,000,000 5.1 1.81 - 1.90 3 49,756,411 4.1 1.91 - 2.00 2 77,383,476 6.4 2.01 - 2.50 14 316,598,234 26.3

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 2.51 - 3.00 9 340,012,495 28.3 3.01 - 3.50 6 155,392,123 12.9 3.51 - 4.00 2 90,921,117 7.6 4.01 - 29.85 16 81,095,638 6.7

Total: 58 $1,202,148,724 100.0%

Weighted Average: 2.90x

LOAN PURPOSE

Number of % of Initial Aggregate Cut- Loan Purpose Mortgage Pool off Date Balance Loans Balance

Refinance 45 $903,737,293 75.2% Acquisition 10 232,422,790 19.3 Recapitalization 3 65,988,641 5.5

Total: 58 $1,202,148,724 100.0%

MORTGAGE RATE

Number of % of Initial Range of Mortgage Aggregate Cut- Mortgage Pool Rates (%) off Date Balance Loans Balance

3.060 - 3.500 28 $701,568,220 58.4% 3.501 - 3.750 14 218,549,779 18.2 3.751 - 4.000 13 259,283,731 21.6 4.001 - 4.500 2 16,346,994 1.4 4.501 - 4.552 1 6,400,000 0.5

Total: 58 $1,202,148,724 100.0%

Weighted Average: 3.483%

UNDERWRITTEN NOI DEBT YIELD

Number of % of Initial Range of U/W NOI Aggregate Cut- Mortgage Pool Debt Yields (%) off Date Balance Loans Balance

6.7 - 8.0 6 $211,550,000 17.6% 8.1 - 9.0 9 285,513,047 23.8 9.1 - 10.0 7 140,012,520 11.6 10.1 - 11.0 5 260,697,770 21.7 11.1 - 12.0 3 38,237,500 3.2 12.1 - 13.0 4 123,886,090 10.3 13.1 - 14.0 3 17,575,189 1.5 14.1 - 15.0 1 12,463,447 1.0 15.1 - 16.0 1 10,718,625 0.9 16.1 - 18.0 1 12,960,658 1.1 18.1 - 19.0 1 4,992,123 0.4 19.1 - 20.0 1 2,446,117 0.2 20.1 - 157.8 16 81,095,638 6.7

Total: 58 $1,202,148,724 100.0%

Weighted Average: 11.5%

UNDERWRITTEN NCF DEBT YIELD

Number of % of Initial Range of U/W NCF Aggregate Cut- Mortgage Pool Debt Yields (%) off Date Balance Loans Balance

6.7 - 8.0 7 $255,550,000 21.3% 8.1 - 9.0 10 260,413,047 21.7 9.1 - 10.0 6 124,850,020 10.4 10.1 - 11.0 7 295,197,770 24.6

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 11.1 - 12.0 4 41,399,731 3.4 12.1 - 13.0 2 100,938,447 8.4 13.1 - 15.0 3 22,305,173 1.9 15.1 - 18.0 1 12,960,658 1.1 18.1 - 19.0 1 4,992,123 0.4 19.1 - 20.0 1 2,446,117 0.2 20.1 - 154.9 16 81,095,638 6.7

Total: 58 $1,202,148,724 100.0%

Weighted Average: 11.2%

For mortgaged properties securing residential cooperative mortgage loans, the debt service coverage ratio and debt yield for each such mortgaged property is calculated using U/W Net Operating Income or U/W Net Cash Flow, as applicable, for the related residential cooperative property, which is the projected net operating income or net cash flow, as applicable, reflected in the most recent appraisal obtained by or otherwise in the possession of the related mortgage loan seller as of the cut-off date, and the loan-to-value ratio is calculated based upon the appraised value of the residential cooperative property determined as if such residential cooperative property is operated as a residential cooperative, inclusive of the amount of the underlying debt encumbering such residential cooperative property with the exception of the Pine Tree Townhouses Cooperative, Inc. Loan. In the (1) case of the Pine Tree Townhouses Cooperative, Inc. Loan the loan-to-value calculations for such mortgage loan are determined as if such residential cooperative property is operated as a market rate multifamily rental property. With respect to any mortgage loan that is part of a whole loan, the loan-to-value ratio, debt service coverage ratio and debt yield calculations include the related pari passu companion loan(s) but exclude any related subordinate companion loan(s) (unless otherwise stated). With respect to each mortgage loan, debt service coverage ratio, debt yield and loan-to- value ratio information do not take into account any subordinate debt (whether or not secured by the related mortgaged property), that currently exists or is allowed under the terms of such mortgage loan. See Annex A-1 to the Preliminary Prospectus. Prepayment provisions for each mortgage loan reflects the entire life of the loan (from origination to maturity).

ORIGINAL TERM TO MATURITY OR ARD

Number of % of Initial Range of Original Terms to Aggregate Cut- Mortgage Pool Maturity or ARD (months) off Date Balance Loans Balance

60 1 $6,400,000 0.5%

114 - 120 57 1,195,748,724 99.5

Total: 58 $1,202,148,724 100.0%

Weighted Average: 120 months

REMAINING TERM TO MATURITY OR ARD

Number of % of Initial Range of Remaining Terms Aggregate Cut- Mortgage Pool to Maturity or ARD (months) off Date Balance Loans Balance

59 1 $6,400,000 0.5%

112 - 120 57 1,195,748,724 99.5

Total: 58 $1,202,148,724 100.0%

Weighted Average: 118 months

ORIGINAL AMORTIZATION TERM(2)

Original Number of % of Initial Aggregate Cut- Amortization Terms Mortgage Pool off Date Balance (months) Loans Balance

Non-Amortizing 29 $1,013,938,837 84.3% 240 2 5,648,655 0.5 300 1 5,988,641 0.5 360 24 167,081,263 13.9

480 2 9,491,328 0.8

Total: 58 $1,202,148,724 100.0%

Weighted Average: 361 months

REMAINING AMORTIZATION TERM(3)

Range of Remaining Amortization Number of % of Initial Aggregate Cut- Terms Mortgage Pool off Date Balance (months) Loans Balance

Non-Amortizing 29 $1,013,938,837 84.3% 239 2 5,648,655 0.5 240 - 300 1 5,988,641 0.5 301 - 420 24 167,081,263 13.9 421 - 479 2 9,491,328 0.8

Total: 58 $1,202,148,724 100.0%

(4) Weighted Average : 359 months

LOCKBOXES

Number of % of Initial Aggregate Cut- Type of Lockbox Mortgage Pool off Date Balance Loans Balance

Hard/Springing Cash Management 9 $506,269,885 42.1% Springing 27 460,094,961 38.3 Hard/Upfront Cash Management 2 116,000,000 9.6 None 18 88,533,878 7.4

Total: 58 $1,202,148,724 100.0%

PREPAYMENT PROVISION SUMMARY

Number of % of Initial Aggregate Cut- Prepayment Provision Mortgage Pool off Date Balance Loans Balance

Lockout / Defeasance / Open 35 $784,264,846 65.2% Lockout / YM / Open 1 115,000,000 9.6 Lockout / GRTR 1% or YM or 1 110,000,000 9.2 Defeasance / Open GRTR 1% or YM / 1% / Open 17 86,583,948 7.2 Lockout / GRTR 1% or YM / GRTR 1% 1 55,000,000 4.6 or YM or Defeasance / Open Lockout / GRTR 1% or YM / Open 2 49,350,000 4.1

GRTR 1% or YM / Open 1 1,949,929 0.2

Total: 58 $1,202,148,724 100.0%

CUT-OFF DATE LOAN-TO-VALUE RATIO

Number of % of Initial Range of Cut-off Date LTV Aggregate Cut- Mortgage Pool Ratios (%) off Date Balance Loans Balance

1.3 - 20.0 13 $72,829,556 6.1% 20.1 - 25.0 3 8,266,082 0.7 25.1 - 35.0 2 7,438,240 0.6 35.1 - 40.0 1 88,475,000 7.4 40.1 - 45.0 2 17,300,000 1.4 45.1 - 50.0 2 159,000,000 13.2 50.1 - 55.0 8 258,539,824 21.5 55.1 - 60.0 4 122,553,000 10.2 60.1 - 65.0 15 310,916,668 25.9 65.1 - 70.0 7 148,042,307 12.3 70.1 - 72.6 1 8,788,047 0.7

Total: 58 $1,202,148,724 100.0%

Weighted Average: 52.9%

BALLOON OR ARD LOAN-TO-VALUE RATIO

Number of % of Initial Aggregate Cut- Range of Balloon LTV Ratios (%) Mortgage Pool off Date Balance Loans Balance

1.0 - 20.0 17 $86,087,761 7.2% 20.1 - 25.0 1 2,446,117 0.2 25.1 - 40.0 2 94,463,641 7.9 40.1 - 45.0 3 23,851,183 2.0 45.1 - 50.0 4 181,247,206 15.1 50.1 - 55.0 11 301,060,932 25.0 55.1 - 60.0 7 139,591,047 11.6 60.1 - 65.0 10 269,700,837 22.4 65.1 - 68.0 3 103,700,000 8.6

Total: 58 $1,202,148,724 100.0%

Weighted Average: 51.5%

AMORTIZATION TYPE

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Number of % of Initial Aggregate Cut- Type of Amortization Mortgage Pool off Date Balance Loans Balance

Interest-only, Balloon 25 $743,833,837 61.9% Interest-only, ARD 4 270,105,000 22.5 Amortizing Balloon 26 173,559,887 14.4 Interest-only, Amortizing Balloon 3 14,650,000 1.2

Total: 58 $1,202,148,724 100.0%

ORIGINAL TERM OF INTEREST-ONLY PERIOD FOR PARTIAL IO LOANS

Number of Aggregate Cut- % of Initial IO Terms (months) Mortgage off Date Balance Pool Balance Loans

24 1 6,400,000 0.5%

36 2 8,250,000 0.7

Total: 3 $14,650,000 1.2%

Weighted Average: 31 months

SEASONING

Number of % of Initial Aggregate Cut- Seasoning (months) Mortgage Pool off Date Balance Loans Balance

0 7 $133,850,000 11.1% 1 42 698,430,610 58.1 2 8 254,868,114 21.2 3 1 115,000,000 9.6

Total: 58 $1,202,148,724 100.0%

Weighted Average: 1 month The original amortization term shown for any mortgage loan that is interest-only for part of its term does not include the number of (2) months in its interest-only period and reflects only the number of months as of the commencement of amortization remaining from the end of such interest-only period. The remaining amortization term shown for any mortgage loan that is interest-only for part of its term does not include the number of (3) months in its interest-only period and reflects only the number of months as of the commencement of amortization remaining from the end of such interest-only period. (4) Excludes the non-amortizing mortgage loans.

V. Certain Terms and Conditions

Amounts available for distributions to the holders of the Certificates (including the RR Interest) will be allocated between amounts available for distribution to the holders of the Allocation Between the RR Interest, on the one hand, and to all other Certificates, referred to herein as the “Non- RR Interest and the Non- Retained Certificates”, on the other hand. The portion of such amount allocable to (a) the Retained Certificates: RR Interest will at all times be the product of such amount multiplied by 5% and (b) the Non- Retained Certificates will at all times be the product of such amount multiplied by 95% (each, the respective “Percentage Allocation Entitlement”).

The interest entitlement of each Class of Non-Retained Certificates on each Distribution Date generally will be the interest accrued during the related Interest Accrual Period on the related Certificate Balance or Notional Amount at the related pass-through rate, net of any prepayment interest shortfalls allocated to that Class for such Distribution Date as described below. If prepayment interest shortfalls arise from voluntary prepayments (without the applicable Master Servicer consent) on particular non-specially serviced loans during any collection period, the applicable Master Servicer is required to make a compensating interest payment to offset those shortfalls, generally up to an amount equal to the portion of its master servicing fees that accrue at 0.25 basis points per annum. The remaining Interest Entitlements: amount of prepayment interest shortfalls will be allocated between the RR Interest, on one hand, and the Non-Retained Certificates, on the other hand, in accordance with their respective Percentage Allocation Entitlements. The prepayment interest shortfalls allocated to the Non-Retained Certificates (other than the Class V and Class R Certificates) will be allocated among such Classes of Certificates entitled to interest, on a pro rata basis, based on their respective amounts of accrued interest for the related Distribution Date, to reduce the interest entitlement on each such Class of Certificates. If a Class receives less than the entirety of its interest entitlement on any Distribution Date, then the shortfall (excluding any shortfall due to prepayment interest shortfalls), together with interest thereon, will be added to its interest entitlement for the next succeeding Distribution Date.

The Aggregate Principal Distribution Amount for each Distribution Date generally will be the aggregate amount of principal received or advanced in respect of the mortgage loans, net of any non-recoverable advances and interest thereon and workout-delayed reimbursement amounts that are reimbursed to the applicable Master Servicer, the Special Servicer or Aggregate Principal the Trustee during the related collection period. Non-recoverable advances and interest Distribution Amount: thereon are reimbursable from principal collections and advances before reimbursement from other amounts. Workout-delayed reimbursement amounts are reimbursable from principal collections. The Non-Retained Certificates will be entitled to the portion of the Aggregate Principal Distribution Amount equal to their Percentage Allocation Entitlement, which is referred to herein as the “Principal Distribution Amount”.

The chart below describes the manner in which the payment rights of certain Classes of Non-Retained Certificates will be senior or subordinate, as the case may be, to the payment rights of other Classes of Non-Retained Certificates. The chart also shows the allocation between the RR Interest and the Non-Retained Certificates and the corresponding entitlement to receive principal and/or interest of certain Classes of Non-Retained Certificates (other than excess interest that accrues on each mortgage loan that has an Subordination, Allocation anticipated repayment date) on any distribution date in descending order. It also shows of Losses and Certain the manner in which losses are allocated between the RR Interest and the Non-Retained Expenses Certificates and the manner in which the Non-Retained Certificate allocations are further allocated to certain Classes of those Certificates in ascending order (beginning with the Non- Offered Certificates, other than the Class V and Class R Certificates and the RR Interest) to reduce the balance of each such Class to zero; provided that no principal payments or mortgage loan losses will be allocated to the Class X-A, Class X-B, Class X-D, Class X-F, Class X-G Class X-H, Class X-J, Class V or Class R Certificates, although principal payments and losses may reduce the Notional Amounts of the Class X-A, Class X-B, Class

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document X-D, Class X-F, Class X-G, Class X-H and Class X-J Certificates and, therefore, the amount of interest they accrue.

(1) The Class X-A, Class X-B, Class X-D, Class X-F, Class X-G, Class X-H and Class X-J Certificates are interest-only certificates.

(2) The Class X-D, Class X-F, Class X-G, Class X-H and Class X-J Certificates and the RR Interest are Non- Offered Certificates.

(3) Other than the Class X-D, Class X-F, Class X-G, Class X-H, Class X-J, Class V and Class R Certificates and the RR Interest.

On each Distribution Date, funds available for distribution from the mortgage loans, net of specified trust fees, expenses and reimbursements that are allocable to the Non-Retained Distributions: Certificates will generally be distributed in the following amounts and order of priority (in each case to the extent of remaining available funds):

Class A-1, A-2, A-SB, A-3, A-4, X-A, X-B, X-D, X-F, X-G, X-H and X-J Certificates: To 1. interest on the Class A-1, A-2, A-SB, A-3, A-4, X-A, X-B, X-D, X-F, X-G, X-H and X-J Certificates, pro rata, according to their respective interest entitlements.

Class A-1, A-2, A-SB, A-3 and A-4 Certificates: To principal on the Class A-1, A-2, A- SB, A-3 and A-4 Certificates in the following amounts and order of priority: (i) first, to principal on the Class A-SB Certificates, in an amount up to the Principal Distribution Amount for such Distribution Date until their Certificate Balance is reduced to the Class A-SB Planned Principal Balance for such Distribution Date; (ii) second, to 2. principal on the Class A-1 Certificates until their Certificate Balance is reduced to zero, up to the remainder of the Principal Distribution Amount for such Distribution Date; (iii) third, to principal on the Class A-2 Certificates until their Certificate Balance is reduced to zero, up to the remainder of the Principal Distribution Amount for such Distribution Date; (iv) fourth, to principal on the Class A-3 Certificates, until their

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Certificate Balance is reduced to zero, up to the remainder of the Principal Distribution Amount for such Distribution Date; (v) fifth, to principal on the Class A-4 Certificates, until their Certificate Balance is reduced to zero, up to the remainder of the Principal Distribution Amount for such Distribution Date; and (vi) sixth, to principal on the Class A-SB Certificates until their Certificate Balance is reduced to zero, up to the remainder of the Principal Distribution Amount for such Distribution Date. However, if the Certificate Balance of each and every Class of Principal Balance Certificates, other than the Class A-1, A-2, A-SB, A-3 and A-4 Certificates and the RR Interest, has been reduced to zero as a result of the allocation of Mortgage Loan losses and expenses and any of the Class A-1, A-2, A-SB, A-3 and A-4 Certificates remains outstanding, then the Principal Distribution Amount will be distributed to the Class A-1, A-2, A-SB, A-3 and A-4

Certificates, pro rata, based on their respective outstanding Certificate Balances, until their Certificate Balances have been reduced to zero.

Class A-1, A-2, A-SB, A-3 and A-4 Certificates: To reimburse the holders of the Class A-1, A-2, A-SB, A-3 and A-4 Certificates, pro rata, on the basis of previously allocated 3. unreimbursed losses, for any previously unreimbursed losses (plus interest thereon) on the mortgage loans that were previously allocated in reduction of the Certificate Balances of such Classes.

Class A-S Certificates: To make distributions on the Class A-S Certificates as follows: (a) first, to interest on the Class A-S Certificates in the amount of the interest entitlement for that Class; (b) next, to the extent of the portion of the Principal Distribution Amount remaining after distributions in respect of principal to each Class 4. with a higher distribution priority (in this case, the Class A-1, A-2, A-SB, A-3 and A-4 Certificates), to principal on the Class A-S Certificates until their Certificate Balance is reduced to zero; and (c) next, to reimburse the holders of the Class A-S Certificates for any previously unreimbursed losses (plus interest thereon) on the mortgage loans that were previously allocated to that Class in reduction of their Certificate Balance.

Class B Certificates: To make distributions on the Class B Certificates as follows: (a) first, to interest on the Class B Certificates in the amount of the interest entitlement for that Class; (b) next, to the extent of the portion of the Principal Distribution Amount remaining after distributions in respect of principal to each Class with a 5. higher distribution priority (in this case, the Class A-1, A-2, A-SB, A-3, A-4 and A-S Certificates), to principal on the Class B Certificates until their Certificate Balance is reduced to zero; and (c) next, to reimburse the holders of the Class B Certificates for any previously unreimbursed losses (plus interest thereon) on the mortgage loans that were previously allocated to that Class in reduction of their Certificate Balance.

Class C Certificates: To make distributions on the Class C Certificates as follows: (a) first, to interest on the Class C Certificates in the amount of the interest entitlement for that Class; (b) next, to the extent of the portion of the Principal Distribution Amount remaining after distributions in respect of principal to each Class with a higher 6. distribution priority (in this case, the Class A-1, A-2, A-SB, A-3, A-4, A-S and B Certificates), to principal on the Class C Certificates until their Certificate Balance is reduced to zero; and (c) next, to reimburse the holders of the Class C Certificates for any previously unreimbursed losses (plus interest thereon) on the mortgage loans that were previously allocated to that Class in reduction of their Certificate Balance.

After the Class A-1, A-2, A-SB, A-3, A-4, A-S, B and C Certificates are paid all amounts to which they are entitled, the remaining funds available for distribution will be used 7. to pay interest, principal and loss reimbursement amounts on the Class D, E, F, G, H and J Certificates sequentially in that order in a manner analogous to the Class C Certificates.

If any yield maintenance charge or prepayment premium is collected during any particular collection period with respect to any mortgage loan, then on the Distribution Date corresponding to that collection period, the certificate administrator will pay that yield maintenance charge or prepayment premium (net of liquidation fees payable therefrom) Allocation of Yield in the following manner: (x)(1) to each of the Class A-1, A-2, A-SB, A-3, A-4, A-S, B, Maintenance and C, D and E Certificates, the product of (a) the Non-Retained Certificates’ Percentage Prepayment Premiums: Allocation Entitlement of the yield maintenance charge or prepayment premium, (b) the related Base Interest Fraction (as defined in the Preliminary Prospectus) for such Class, and (c) a fraction, the numerator of which is equal to the amount of principal distributed to such Class for that Distribution Date, and the denominator of which is the total amount of principal distributed to all Principal Balance Certificates (other than the RR Interest) for that

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Distribution Date, (2) to the Class X-A Certificates, the excess, if any, of (a) the product of (i) the Non-Retained Certificates’ Percentage Allocation Entitlement of such yield maintenance charge or prepayment premium and (ii) a fraction, the numerator of which is equal to the amount of principal distributed to the Class A-1, A-2, A-SB, A-3 and A-4 Certificates for that Distribution Date, and the denominator of which is the total amount of principal distributed to all Principal Balance Certificates (other than the RR Interest) for that Distribution Date, over (b) the amount of such yield maintenance charge or prepayment premium distributed to the Class A-1, A-2, A-SB, A-3 and A-4 Certificates as described above, and (3) to the Class X-B Certificates, any remaining portion of the Non-Retained Percentage of such yield maintenance charge or prepayment premium not distributed as described above, and (y) to the RR Interest, its Percentage Allocation Entitlement of the yield maintenance charge or prepayment premium.

No prepayment premiums or yield maintenance charges will be distributed to the holders of the Class X-D, X-F, X-G, X-H, X-J, F, G, H, J, V or R Certificates. For a description of when prepayment premiums and yield maintenance charges are generally required on the mortgage loans, see

Annex A-1 to the Preliminary Prospectus. See also “Risk Factors—Risks Relating to the Mortgage Loans—Risks Relating to Enforceability of Yield Maintenance Charges, Prepayment Premiums or Defeasance Provisions” and “Risk Factors—Other Risks Relating to the Certificates—Your Yield May Be Affected by Defaults, Prepayments and Other Factors” in the Preliminary Prospectus. Prepayment premiums and yield maintenance charges will be distributed on each Distribution Date only to the extent they are actually received on the mortgage loans as of the related Determination Date.

The Certificate Balances of the Class A-1, A-2, A-SB, A-3, A-4, A-S, B, C, D, E, F, G, H and J Certificates, will be reduced without distribution on any Distribution Date as a write-off to the extent of the Non-Retained Certificates’ Percentage Allocation Entitlement of any losses realized on the mortgage loans allocated to such Class on such Distribution Date. Such losses will be applied in the following order, in each case until the related Certificate Balance is reduced to zero: first, to the Class J Certificates; second, to the Class H Certificates; third, to the Class G Certificates; fourth, to the Class F Certificates; fifth, to the Class E Certificates; sixth, to the Class D Certificates; seventh, to the Class C Certificates; eighth, to the Class B Certificates; ninth, to the Class A-S Certificates; and, finally, pro rata, to the Class A-1, A-2, A-SB, A-3 and A-4 Certificates based on their outstanding Certificate Balances.

The Notional Amount of the Class X-A Certificates will be reduced by the amount of all losses that are allocated to the Class A-1, A-2, A-SB, A-3 or A-4 Certificates as write-offs Realized Losses: in reduction of their Certificate Balances. The Notional Amount of the Class X-B Certificates will be reduced by the amount of all losses that are allocated to the Class A-S, B or C Certificates as write-offs in reduction of their Certificate Balances. The Notional Amount of the Class X-D Certificates will be reduced by the amount of all losses that are allocated to the Class D or E Certificates as write-offs in reduction of their Certificate Balance. The Notional Amount of the Class X-F Certificates will be reduced by the amount of all losses that are allocated to the Class F Certificates as write-offs in reduction of their Certificate Balance. The Notional Amount of the Class X-G Certificates will be reduced by the amount of all losses that are allocated to the Class G Certificates as write-offs in reduction of their Certificate Balance. The Notional Amount of the Class X-H Certificates will be reduced by the amount of all losses that are allocated to the Class H Certificates as write-offs in reduction of their Certificate Balance. The Notional Amount of the Class X-J Certificates will be reduced by the amount of all losses that are allocated to the Class J Certificates as write- offs in reduction of their Certificate Balance.

Each Master Servicer or, if such Master Servicer fails to do so, the Trustee, will be obligated to advance delinquent debt service payments with respect to the mortgage loans it services (other than balloon payments, excess interest and default interest) and assumed debt service payments on mortgage loans with delinquent balloon payments (excluding any related companion loan), except to the extent any such advance is deemed non-recoverable from collections on the related mortgage loan. In addition, if an Appraisal Reduction Amount P&I Advances: exists for a given mortgage loan, the interest portion of any P&I advance for such mortgage loan will be reduced, which will have the effect of reducing the amount of interest available for distribution to the Certificates, which with respect to the Non-Retained Certificates will be applied in reverse alphabetical order of their Class designations (except that interest payments on the Class A-1, A-2, A-SB, A-3, A-4, X-A, X-B, X-D, X-F, X-G, X-H and X-J Certificates would be affected on a pari passu basis).

Each Master Servicer or, if such Master Servicer fails to do so, the Trustee, will be obligated to make servicing advances, including the payment of delinquent property taxes, insurance premiums and ground rent, except to the extent that those advances are deemed non- Servicing Advances: recoverable from collections on the related mortgage loan. The related Master Servicer or the Trustee, as applicable, will have the primary obligation to make any required servicing advances with respect to any serviced whole loan. With respect to any non-serviced whole

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document loan, the master servicer or trustee, as applicable, under the related lead securitization servicing agreement will have the primary obligation to make any required servicing advances with respect to such non-serviced whole loan.

An “Appraisal Reduction Amount” generally will be created in the amount, if any, by which the principal balance of a required appraisal loan (which is a mortgage loan (other than a non-serviced mortgage loan) with respect to which certain defaults, modifications or insolvency events have occurred as further described in the Preliminary Prospectus) plus Appraisal Reduction other amounts overdue or advanced in connection with such mortgage loan exceeds 90% Amounts and Collateral of the appraised value of the related mortgaged property plus certain escrows and reserves Deficiency Amounts: (including letters of credit) held with respect to the mortgage loan. With respect to any serviced whole loan, any Appraisal Reduction Amount will be allocated first to the related subordinate companion loan, if any, and then to the related mortgage loan and the related pari passu companion loan(s). With respect to any non-serviced mortgage loan, appraisal reduction amounts are expected to be calculated in a similar manner under the related non- serviced pooling and servicing agreement.

A mortgage loan will cease to be a required appraisal loan when the same has ceased to be a specially serviced loan (if applicable), has been brought current for at least three consecutive months and no other circumstances exist that would cause such mortgage loan to be a required appraisal loan.

A “Collateral Deficiency Amount” will exist with respect to any mortgage loan that is modified into an AB loan structure and remains a corrected mortgage loan and will generally equal the excess of (i) the stated principal balance of such AB modified loan (taking into account the related junior note(s) and any pari passu notes included therein), over (ii) the sum of (in the case of a whole loan, solely to the extent allocable to the subject mortgage loan) (x) the most recent appraised value of the related mortgaged property plus (y) solely to the extent not reflected or taken into account in such appraised value (or in the calculation of any related Appraisal Reduction Amount) and to the extent on deposit with, or otherwise under the control of, the lender as of the date of such determination, any capital or additional collateral contributed by the related borrower at the time the mortgage loan (and as part of the modification thereto) became an AB modified loan plus (z) any other escrows or reserves (in addition to any amounts set forth in the immediately preceding clause (y) and solely to the extent not reflected or taken into account in the calculation of any related Appraisal Reduction Amount) held by the lender with respect to the mortgage loan as of the date of such determination.

A “Cumulative Appraisal Reduction Amount” with respect to any mortgage loan will be the sum of any Appraisal Reduction Amount and any Collateral Deficiency Amount.

Appraisal Reduction Amounts will affect the amount of debt service advances in respect of the related mortgage loan. Additionally, Cumulative Appraisal Reduction Amounts will be taken into account in the determination of the identity of the Class whose majority constitutes the “majority controlling class certificateholder” and is entitled to appoint the directing certificateholder.

On each Distribution Date occurring after the aggregate unpaid principal balance of the pool of mortgage loans is less than 1.0% of the principal balance of the mortgage loans as of the cut-off date (solely for the purposes of this calculation, if such right is being exercised after the distribution date in November 2029 and any of the Park Tower at Transbay mortgage loan, the Midtown Center mortgage loan, the 127 West 25th Street mortgage loan or the Southwest Gas mortgage loan is still an asset of the issuing entity, then such mortgage loan will be excluded from the then-aggregate principal balance of the pool of mortgage loans and from the initial pool balance), certain specified persons will have the option to purchase all of the remaining mortgage loans (and the trust’s interest in all property acquired through exercise of remedies in respect of any mortgage loan) at the price specified in the Clean-Up Call and Preliminary Prospectus. Exercise of the option will terminate the trust and retire the then- Exchange Termination: outstanding Certificates.

If the aggregate Certificate Balances of each of the Class A-1, A-2, A-SB, A-3, A-4, A-S, B, C, D and E Certificates have been reduced to zero, the trust may also be terminated in connection with an exchange of all the then-outstanding Certificates (other than the Class V and Class R Certificates and the RR Interest) for the mortgage loans and REO properties then remaining in the issuing entity, subject to payment of a price specified in the Preliminary Prospectus, but all of the holders of those outstanding Classes (other than the Class V and Class R Certificates and the RR Interest) of Certificates would have to voluntarily participate in the exchange.

Following the liquidation of any mortgage loan or mortgaged property, the net liquidation Liquidation Loan proceeds generally will be applied (after reimbursement of advances and certain trust fund Waterfall: expenses), first, as a recovery of accrued interest, other than delinquent interest that was not advanced as a result of Appraisal Reduction Amounts, second, as a recovery of principal

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document until all principal has been recovered, and then as a recovery of delinquent interest that was not advanced as a result of Appraisal Reduction Amounts. Please see “Description of the Certificates—Distributions—Application Priority of Mortgage Loan Collections or Whole Loan Collections” in the Preliminary Prospectus.

Control Eligible The Class F, G, H and J Certificates. Certificates:

A directing certificateholder may be appointed by the “majority controlling class certificateholder”, which will be the holder(s) of a majority of the Controlling Class.

The “Controlling Class” will be, as of any time of determination, the most subordinate Class of Control Eligible Certificates then-outstanding that has an aggregate Certificate Balance (as notionally reduced by any Cumulative Appraisal Reduction Amounts allocable Directing to such Class) at least equal to 25% of the initial Certificate Balance of that Class; provided, Certificateholder/ however, that if at any time the Certificate Balances of the Certificates other than the Control Controlling Class: Eligible Certificates and the RR Interest have been reduced to zero as a result of principal payments on the Mortgage Loans, then the Controlling Class will be the most subordinate Class of Control Eligible Certificates that has a Certificate Balance greater than zero without regard to any Cumulative Appraisal Reduction Amounts. The Controlling Class as of the Closing Date will be the Class J Certificates.

The rights of various parties to replace the Special Servicer and approve or consult with respect to major actions of the Special Servicer will vary according to defined periods.

A “Control Termination Event” will occur when the Class F Certificates have a Certificate Balance (taking into account the application of any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Class) of less than 25% of the initial Certificate Balance of that Class; provided, that a Control Termination Event will not be deemed continuing in the event that the Certificate Balances of the Certificates other than the Control Eligible Certificates and the RR Interest have been reduced to zero as a result of principal payments on the Mortgage Loans.

A “Consultation Termination Event” will occur when there is no Class of Control Eligible Certificates that has a then-outstanding Certificate Balance at least equal to 25% of the initial Certificate Balance of that Class, in each case, without regard to the application of any Cumulative Appraisal Reduction Amounts; provided, however, that a Consultation Termination Event will not be deemed continuing in the event that the Certificate Balances of the Certificates other than the Control Eligible Certificates and the RR Interest have been reduced to zero as a result of principal payments on the Mortgage Loans.

If no Control Termination Event has occurred and is continuing, except with respect to the Excluded Loans (as defined below) with respect to the directing certificateholder and the Servicing Shift Whole Loan (as defined below) (i) the directing certificateholder will be entitled to grant or withhold approval of asset status reports prepared, and material servicing actions proposed, by the Special Servicer, and (ii) the directing certificateholder will be entitled to terminate and replace the Special Servicer with or without cause, and appoint itself or another person as the successor special servicer. It will be a condition to Control and Consultation/ such appointment that DBRS, Fitch and S&P (and any rating agency rating any securities Replacement of Special backed by any pari passu companion loan(s) serviced under this transaction) confirm that Servicer by Directing the appointment would not result in a qualification, downgrade or withdrawal of any of Certificateholder: their then-current ratings of Certificates (and any certificates backed by any pari passu companion loan(s) serviced under this transaction).

If a Control Termination Event has occurred and is continuing but no Consultation Termination Event has occurred and is continuing, the Special Servicer will be required to consult with the directing certificateholder (other than with respect to Excluded Loans as to such party) and the Operating Advisor in connection with asset status reports and material special servicing actions.

If a Consultation Termination Event has occurred and is continuing, the Special Servicer must seek to consult with the Operating Advisor in connection with asset status reports and material special servicing actions, and, in general, no directing certificateholder will be recognized or have any right to terminate the Special Servicer or approve, direct or consult with respect to servicing matters.

With respect to each serviced whole loan that is not a Servicing Shift Whole Loan, the rights of the directing certificateholder described above will be subject to the consultation rights of the holders of the related pari passu companion loans. Those consultation rights will generally extend to asset status reports and material special servicing actions involving the related whole loan, will be as set forth in the related intercreditor agreement, and will be in addition to the rights of the directing certificateholder in this transaction described above.

With respect to each whole loan marked with footnote (3) under “IV. Characteristics of the Mortgage Pool—B. Summary of the Whole Loans” (each, a “Servicing Shift Whole Loan”), prior to the date of securitization of the related controlling pari passu companion loan (such date, a “Servicing Shift Securitization Date”), the holder of the related controlling pari passu companion loan will have certain control rights regarding the servicing of the related whole

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document loan under the BANK 2019-BNK22 pooling and servicing agreement, including the right to approve or disapprove various material servicing actions involving the related whole loan. For purposes of the servicing of any such whole loan contemplated by this paragraph, the occurrence and continuance of a Control Termination Event or Consultation Termination Event under this securitization will not limit the control or other rights of the holder of the related controlling pari passu companion loan(s).

With respect to (x) each non-serviced whole loan (other than the Midtown Center whole loan for which there is no such controlling noteholder or directing certificateholder) and (y) each Servicing Shift Whole Loan after its Servicing Shift Securitization Date, the applicable servicing agreement for the related controlling pari passu companion loan(s) generally grants (or will grant) the directing certificateholder under the related securitization control rights that may include the right to approve or disapprove various material servicing actions involving the related whole loan. The directing certificateholder for this securitization (so long as no Consultation Termination Event has occurred and is occurring) generally will nonetheless have the right to be consulted on a non-binding basis with respect to such actions. For purposes of the servicing of any such whole loan contemplated by this paragraph, the occurrence and continuance of a Control Termination

Event or Consultation Termination Event under this securitization will not limit the control or other rights of the directing certificateholder (or equivalent) under the securitization of the related controlling pari passu companion loan(s). The control rights and consent and consultation rights described in the preceding paragraphs are subject to various limitations, conditions and exceptions as described in the Preliminary Prospectus.

Notwithstanding any contrary description set forth above, in the event that, with respect to any mortgage loan, the majority controlling class certificateholder or the directing certificateholder is a Borrower Party, the majority controlling class certificateholder and the directing certificateholder will have no right to receive asset status reports or such other information as may be specified in the BANK 2019-BNK22 pooling and servicing agreement, to grant or withhold approval of, or consult with respect to, asset status reports prepared, and material servicing actions proposed, by the Special Servicer, with respect to such mortgage loan, and such mortgage loan will be referred to as an “Excluded Loan” as to such party.

In addition, notwithstanding any contrary description set forth above, in the event that, with respect to any mortgage loan, a controlling class certificateholder is a Borrower Party, such controlling class certificateholder will have no right to receive asset status reports or such other information as may be specified in the BANK 2019-BNK22 pooling and servicing agreement with respect to such mortgage loan.

“Borrower Party” means a borrower, a mortgagor or a manager of a mortgaged property, an Accelerated Mezzanine Loan Lender, or any Borrower Party Affiliate. “Accelerated Mezzanine Loan Lender” means a mezzanine lender under a mezzanine loan that has been accelerated or as to which foreclosure or enforcement proceedings have been commenced against the equity collateral pledged to secure such mezzanine loan. “Borrower Party Affiliate” means, with respect to a borrower, a mortgagor, a manager of a Mortgaged Property or an Accelerated Mezzanine Loan Lender, (x) any other person controlling or controlled by or under common control with such borrower, mortgagor, manager or Accelerated Mezzanine Loan Lender, as applicable, or (y) any other person owning, directly or indirectly, 25% or more of the beneficial interests in such borrower, mortgagor, manager or Accelerated Mezzanine Loan Lender. With respect to a mortgage loan secured by a residential cooperative property, a person will not be considered a “Borrower Party” solely by reason of such person holding one or more cooperative unit loans that are secured by direct equity interests in the related borrower or owning one or more residential cooperative units comprising the related mortgaged property as a result of any foreclosure, transfer in lieu of foreclosure or other exercise of remedies with respect to any such unit loan(s).

A risk retention consultation party may be appointed by the holder or holders of more than 50% of the RR Interest, by Certificate Balance. The majority RR Interest holder will have a continuing right to appoint, remove or replace the risk retention consultation party in its sole discretion. This right may be exercised at any time and from time to time. Risk Retention Consultation Party: Except with respect to an Excluded Loan as to such party, the risk retention consultation party will be entitled to consult with each Special Servicer, upon request of the risk retention consultation party, with respect to certain material servicing actions proposed by such Special Servicer.

If a Control Termination Event has occurred and is continuing, either Special Servicer (other than with respect to a Servicing Shift Whole Loan) may be removed and replaced without Replacement of Special cause upon the affirmative direction of certificate owners holding not less than 66-2/3% of a Servicer by General Vote certificateholder quorum, following a proposal from certificate owners holding not less than of Certificateholders: 25% of the appraisal-reduced voting rights of all Principal Balance Certificates other than the RR Interest. The certificateholders who initiate a vote on a termination and replacement of a Special Servicer without cause must cause DBRS, Fitch and S&P to confirm the then-current

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ratings of the Certificates (or decline to review the matter) and cause the payment of the fees and expenses incurred in the replacement. If no Control Termination Event has occurred and is continuing, either Special Servicer (other than with respect to a Servicing Shift Whole Loan) may be replaced by the directing certificateholder, subject to DBRS, Fitch and S&P (and any rating agency rating any securities backed by any pari passu companion loan(s) serviced under this transaction) confirming the then-current ratings of the Certificates (and any certificates backed by any pari passu companion loans serviced under this transaction) or declining to review the matter.

In the event that, with respect to any mortgage loan, a Special Servicer is a Borrower Party, such Special Servicer will be required to resign as special servicer of such mortgage loan (referred to as an “excluded special servicer loan”). If no Control Termination Event has Excluded Special occurred and is continuing, the directing certificateholder will be entitled to appoint (and Servicer: may replace with or without cause) a separate special servicer that is not a Borrower Party (referred to as an “excluded special servicer”) with respect to such excluded special servicer loan unless such

excluded special servicer loan is also an excluded loan. Otherwise, upon resignation of the applicable Special Servicer with respect to an excluded special servicer loan, such resigning Special Servicer will be required to use reasonable efforts to appoint the excluded special servicer.

If the Class of Certificates comprising the Controlling Class loses its status as Controlling Class because of the application of an Appraisal Reduction Amount or Collateral Deficiency Amount, the holders of a majority of the voting rights of such Class may require the applicable Special Servicer to order a second appraisal for any mortgage loan in respect of which an Appraisal Reduction Amount or Collateral Deficiency Amount has been applied. Such Special Servicer must thereafter determine whether, based on its assessment of such second appraisal, any recalculation of the Appraisal Reduction Amount or Collateral Appraisal Remedy: Deficiency Amount is warranted, and if so warranted, the Special Servicer will recalculate such Appraisal Reduction Amount or Collateral Deficiency Amount. Such Class will not be able to exercise any direction, control, consent and/or similar rights of the Controlling Class unless and until reinstated as the Controlling Class through such determination; and pending such determination, the rights of the Controlling Class will be exercised by the Control Eligible Certificates, if any, that would be the Controlling Class taking into account the subject appraisal reduction amount.

There will be no “fair value” purchase option. Instead, the BANK 2019-BNK22 pooling and servicing agreement will authorize the Special Servicer to sell defaulted mortgage loans serviced by such Special Servicer to the highest bidder in a manner generally similar to sales of REO properties.

The sale of a defaulted loan (other than a non-serviced whole loan) for less than par plus accrued interest and certain other fees and expenses owed on the loan will be subject to consent or consultation rights of the directing certificateholder and/or Operating Advisor, as described in the Preliminary Prospectus. Generally speaking, the holder of a pari passu companion loan will have consent and/or consultation rights, as described in the Preliminary Prospectus. If the subject whole loan includes one or more subordinate companion loans, those subordinate companion loans may be included in such sale as well.

With respect to (x) any serviced whole loan and (y) each Servicing Shift Whole Loan prior to its Servicing Shift Securitization Date, if such whole loan becomes a defaulted loan under the BANK 2019-BNK22 pooling and servicing agreement, the Special Servicer will generally be required to sell both the mortgage loan and the related pari passu companion loan(s) as Sale of Defaulted Assets: a single whole loan. If the subject whole loan includes one or more subordinate companion loans, those subordinate companion loans may be included in such sale as well.

With respect to (x) each non-serviced whole loan and (y) each Servicing Shift Whole Loan after its related Servicing Shift Securitization Date, the applicable servicing agreement governing the servicing of such whole loan generally will provide that, if the related pari passu companion loan(s) serviced under such agreement become a defaulted loan under such servicing agreement, then the related special servicer may offer to sell to any person (or may offer to purchase) for cash such whole loan during such time as such applicable pari passu companion loan(s) constitutes a defaulted loan under such servicing agreement. Generally speaking, in connection with any such sale, the related special servicer is required to sell both the mortgage loan and the related pari passu companion loan(s) as a whole loan. The directing certificateholder for this securitization generally will have consent and/or consultation rights as the holder of an interest in the related mortgage loan, as described in the Preliminary Prospectus. If the subject whole loan includes one or more subordinate companion loans, those subordinate companion loans may be included in such sale as well.

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document The procedures for the sale of any whole loan that becomes a defaulted whole loan, and any associated consultation rights, are subject to various limitations, conditions and exceptions as described in the Preliminary Prospectus.

Appraisals must be conducted on an “as-is” basis, and must be no more than 12 months old, for purposes of determining Appraisal Reduction Amounts and market value in connection “As-Is” Appraisals: with REO sales. Required appraisals may consist of updates of prior appraisals. Internal valuations by the applicable Special Servicer are permitted if the principal balance of a mortgage loan is less than $2,000,000. The Operating Advisor will perform certain review duties if a Control Termination Event has occurred and is continuing, which will generally include a limited annual review of, and the delivery of a report regarding, certain actions of each Special Servicer with respect to the resolution and/or liquidation of specially serviced loans to the Certificate Administrator. The review and report generally will be based on any asset status reports and additional Operating Advisor: information delivered to the Operating Advisor by each Special Servicer. In addition, if a Control Termination Event has occurred and is continuing, each Special Servicer must seek to consult with the Operating Advisor (in addition to the directing certificateholder if no Consultation Termination

Event has occurred and is continuing) in connection with material special servicing actions with respect to specially serviced loans serviced by such Special Servicer. Furthermore, under certain circumstances, but only if a Consultation Termination Event has occurred and is continuing, the Operating Advisor may recommend the replacement of a Special Servicer, in which case the Certificate Administrator will deliver notice of such recommendation to the certificateholders, and certificateholders with specified percentages of the voting rights may direct the replacement of such Special Servicer at their expense.

If a Consultation Termination Event has occurred and is continuing, the Operating Advisor may be removed and replaced without cause upon the affirmative direction of certificate owners holding at least 75% of the appraisal-reduced voting rights of all Certificates (other than the RR Interest), following a proposal from certificate owners holding not less than 25% of the appraisal-reduced voting rights of all Certificates (other than the RR Interest). The certificateholders who initiate a vote on a termination and replacement of the Operating Advisor without cause must cause DBRS, Fitch and S&P to confirm the then-current ratings of the Certificates (or decline to review the matter) and cause the payment of the fees and expenses incurred in the replacement. The Operating Advisor generally may be discharged from its duties if and when the Class A-1, A-2, A-SB, A-3, A-4, A-S, B, C, D and E Certificates are retired.

The Asset Representations Reviewer will be required to review certain delinquent mortgage loans after a specified delinquency threshold has been exceeded (an “Asset Review Trigger”) and the required percentage of certificateholders vote to direct a review of such delinquent loans. An Asset Review Trigger will occur when either (1) mortgage loans with an aggregate outstanding principal balance of 25.0% or more of the aggregate outstanding principal balance of all of the mortgage loans (including any REO loans (or a portion of any REO loan in the case of a whole loan)) held by the issuing entity as of the end of the applicable collection period are delinquent loans or (2)(A) prior to and including the second anniversary of the Closing Date, at least 10 mortgage loans are delinquent loans as of the end of the applicable collection period and the outstanding principal balance of such delinquent loans in the aggregate constitutes at least 15.0% of the aggregate outstanding principal balance of all of the mortgage loans (including any REO loans (or a portion of any REO loan in the case of a whole loan)) held by the issuing entity as of the end of the applicable collection period, or (B) after the second anniversary of the Closing Date, at least 15 mortgage loans are delinquent loans as of the end of the applicable collection period and the outstanding principal balance of such delinquent loans in the aggregate constitutes at least 20.0% of the aggregate outstanding principal balance of all of the mortgage loans Asset Representations (including any REO loans (or a portion of any REO loan in the case of a whole loan)) Reviewer: held by the issuing entity as of the end of the applicable collection period. See “Pooling and Servicing Agreement—The Asset Representations Reviewer—Asset Review” in the Preliminary Prospectus.

The Asset Representations Reviewer may be terminated and replaced without cause. Upon (i) the written direction of certificateholders evidencing not less than 25% of the voting rights (without regard to the application of any Cumulative Appraisal Reduction Amounts) requesting a vote to terminate and replace the Asset Representations Reviewer with a proposed successor Asset Representations Reviewer that is an eligible asset representations reviewer, and (ii) payment by such holders to the certificate administrator of the reasonable fees and expenses to be incurred by the certificate administrator in connection with administering such vote, the certificate administrator will promptly provide notice to all certificateholders and the Asset Representations Reviewer of such request by posting such notice on its internet website, and by mailing such notice to all certificateholders and the Asset Representations Reviewer. Upon the written direction of certificateholders evidencing at least 75% of a certificateholder quorum (without regard to the application of any Cumulative Appraisal Reduction Amounts), the Trustee will terminate all of the rights and obligations of the Asset Representations Reviewer under the BANK 2019-BNK22

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document pooling and servicing agreement by written notice to the Asset Representations Reviewer, and the proposed successor Asset Representations Reviewer will be appointed. See “Pooling and Servicing Agreement—The Asset Representations Reviewer” in the Preliminary Prospectus.

The mortgage loan sellers will be subject to the dispute resolution provisions set forth in the BANK 2019-BNK22 pooling and servicing agreement to the extent those provisions are triggered with respect to any mortgage loan sold to the depositor by a mortgage loan seller and such mortgage loan seller will be obligated under the related mortgage loan purchase agreement to comply with all applicable provisions and to take part in any mediation or arbitration proceedings that may result. Dispute Resolution Generally, in the event that a Repurchase Request (as defined in the Preliminary Provisions: Prospectus) is not “Resolved” (as defined below) within 180 days after the related mortgage loan seller receives such Repurchase Request, then the enforcing servicer will be required to send a notice to the “Initial Requesting Certificateholder” (if any) and the Certificate Administrator indicating the enforcing servicer’s intended course of action with respect to the Repurchase Request. If (a) the enforcing servicer’s intended course of action with respect to the Repurchase Request does not

involve pursuing further action to exercise rights against the related mortgage loan seller with respect to the Repurchase Request and the Initial Requesting Certificateholder, if any, or any other certificateholder or certificate owner wishes to exercise its right to refer the matter to mediation (including non-binding arbitration) or arbitration, or (b) the enforcing servicer’s intended course of action is to pursue further action to exercise rights against the related mortgage loan seller with respect to the Repurchase Request but the Initial Requesting Certificateholder, if any, or any other certificateholder or certificate owner does not agree with the dispute resolution method selected by the enforcing servicer, then the Initial Requesting Certificateholder, if any, or such other certificateholder or certificate owner may deliver a written notice to the applicable Special Servicer indicating its intent to exercise its right to refer the matter to either mediation or arbitration.

“Resolved” means, with respect to a Repurchase Request, (i) that the related Material Defect has been cured, (ii) the related mortgage loan has been repurchased in accordance with the related mortgage loan purchase agreement, (iii) a mortgage loan has been substituted for the related mortgage loan in accordance with the related mortgage loan purchase agreement, (iv) the applicable mortgage loan seller has made a Loss of Value Payment (as defined in the Preliminary Prospectus), (v) a contractually binding agreement is entered into between the enforcing servicer, on behalf of the issuing entity, and the related mortgage loan seller that settles the related mortgage loan seller’s obligations under the related mortgage loan purchase agreement, or (vi) the related mortgage loan is no longer property of the issuing entity as a result of a sale or other disposition in accordance with the BANK 2019-BNK22 pooling and servicing agreement. See “Pooling and Servicing Agreement—Dispute Resolution Provisions” in the Preliminary Prospectus.

The certificate administrator is required to include on any Form 10–D any request received from a certificateholder to communicate with other certificateholders related to certificateholders exercising their rights under the terms of the BANK 2019-BNK22 pooling Investor and servicing agreement. Any certificateholder wishing to communicate with other Communications: certificateholders regarding the exercise of its rights under the terms of the BANK 2019-BNK22 pooling and servicing agreement will be able to deliver a written request signed by an authorized representative of the requesting investor to the certificate administrator.

If a workout fee is earned by a Special Servicer following a loan default with respect to any mortgage loan that it services, then certain limitations will apply based on modification fees paid by the borrower. The modification fee generally must not exceed 1% of the principal balance of the loan as modified in any 12-month period. In addition, if the loan re-defaults, Certain Fee Offsets: any subsequent workout fee on that loan must be reduced by a portion of the modification fees paid by the borrower in the previous 12 months. Likewise, liquidation fees collected in connection with a liquidation or partial liquidation of a mortgage loan must be reduced by a portion of the modification fees paid by the borrower in the previous 12 months.

The Certificate Administrator will be required to maintain a deal website, which will include, among other items: (a) summaries of asset status reports prepared by each Special Servicer, (b) inspection reports, (c) appraisals, (d) various “special notices” described in the Deal Website: Preliminary Prospectus, (e) the “Investor Q&A Forum”, (f) a voluntary “Investor Registry” and (g) the “Risk Retention Special Notices” tab. Investors may access the deal website following execution of a certification and confidentiality agreement.

Initial Majority Controlling It is expected that Ellington Management Group, LLC or its affiliate will be the initial majority Class Certificateholder: controlling class certificateholder.

Each of the mortgaged properties identified above under “IV. Characteristics of the Mortgage Pool—B. Summary of the Whole Loans” secures both a mortgage loan to be included in the Whole Loans: trust fund and one or more other mortgage loans that will not be included in the trust fund, each of which will be pari passu or subordinate in right of payment with the mortgage loan

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document included in the trust fund. We refer to each such group of mortgage loans as a “whole loan”. Such “—Summary of the Whole Loans” section includes further information regarding the various notes in each whole loan, the holders of such notes, the lead servicing agreement for each such whole loan, and the applicable master servicer and applicable special servicer under such lead servicing agreement.

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

Mortgage Loan Information Mortgaged Property Information

Bank of America, National Single Asset/Portfolio: Single Asset Mortgage Loan Seller: Association Credit Assessment (DBRS/Fitch/ AAA/BBB-(sf)/BBB-(sf) Property Type – Subtype: Office – CBD S&P): Original Principal Balance(1): $115,000,000 Location: San Francisco, CA Cut-off Date Balance(1): $115,000,000 Size: 764,659 SF % of Initial Pool Balance: 9.6% Cut-off Date Balance Per SF(1): $719.27 Loan Purpose: Refinance Maturity Date/ARD Balance Per SF(1)(2): $719.27 Borrower Sponsor: MetLife, Inc. Year Built/Renovated: 2018/NA Guarantor: Park Tower Owner LLC Title Vesting: Fee MA West Management LLC Mortgage Rate: 3.4500% Property Manager: (borrower-related) Note Date: July 23, 2019 Current Occupancy (As of)(4): 98.9% (10/1/2019) Seasoning: 3 months YE 2018 Occupancy(5): NAP Anticipated Repayment Date(2): August 1, 2029 YE 2017 Occupancy(5): NAP Maturity Date(2): August 1, 2034 YE 2016 Occupancy(5): NAP IO Period: 120 months YE 2015 Occupancy(5): NAP Loan Term (ARD)(2): 120 months Appraised Value(6): $1,120,000,000 Amortization Term: NAP Appraised Value Per SF(6): $1,464.71 Loan Amortization Type: Interest-only, ARD Appraisal Valuation Date(6): October 1, 2019 Call Protection: L(23),YM(90),O(7) Underwriting and Financial Information Hard/Springing Cash Lockbox Type: TTM NOI(5): NAP Management Additional Debt(1): Yes YE 2018 NOI(5): NAP Additional Debt Type (Balance)(1): Pari Passu ($435,000,000) YE 2017 NOI(5): NAP YE 2016 NOI(5): NAP U/W Revenues: $85,332,264 U/W Expenses: $28,981,596 (3) Escrows and Reserves U/W NOI: $56,350,668 Initial Monthly Cap U/W NCF: $56,277,673 Taxes $0 Springing NAP U/W DSCR based on NOI/NCF(1): 2.93x / 2.93x Insurance $0 Springing NAP U/W Debt Yield based on NOI/NCF(1): 10.2% / 10.2% U/W Debt Yield at Maturity/ARD based on $4,412,926 $0 NAP 10.2% / 10.2% Deferred Maintenance NOI/NCF(1)(2): TI/LC $80,198,366 $0 NAP Cut-off Date LTV Ratio(1)(6): 49.1% Regulatory Fees $5,528,653 $0 NAP LTV Ratio at Maturity/ARD(1)(2)(6): 49.1% Reserve

Sources and Uses Sources Uses Whole Loan Amount(1) $550,000,000 100.0% Loan payoff $294,460,472 53.5% Upfront reserves(7) 145,173,206 26.4 Return of equity 108,543,869 19.7 Closing costs 1,822,453 0.3

The Park Tower at Transbay Mortgage Loan (as defined below) is a part of the Park Tower at Transbay Whole Loan (as defined below) with an original aggregate principal balance of $550,000,000. The Cut-off Date Balance Per SF, Maturity Date/ARD Balance Per SF, U/W DSCR based on NOI/NCF, (1) U/W Debt Yield based on NOI/NCF, U/W Debt Yield at Maturity/ARD based on NOI/NCF, Cut-off Date LTV Ratio and LTV Ratio at Maturity/ARD numbers presented above are based on the Park Tower at Transbay Whole Loan. The Park Tower at Transbay Whole Loan is structured with a 120-month loan term until the Anticipated Repayment Date (“ARD”) of August 1, 2029 and will be interest-only prior to the ARD. From and after the ARD, the Park Tower at Transbay Whole Loan will accrue additional interest at a fixed (2) rate of 2.5000% which will be deferred and due and payable on the Maturity Date of August 1, 2034 (or earlier repayment in full of the Park Tower at Transbay Whole Loan.) The ARD automatically triggers a Cash Sweep Period (see “Lockbox and Cash Management”) whereby all excess cash flow is required to be used to pay down the principal balance of the Park Tower at Transbay Whole Loan and repay the additional accrued interest. (3) See “Escrows” below for further discussion of reserve requirements. The sole office tenant, Facebook, Inc. (98.9% of NRA), is currently in the process of building out its space and, according to the borrower sponsor, is (4) in occupancy of floors 2-12 (Phase I) and is expected to move into its remaining space by September 2020. Prior historical operating statements and occupancy are not applicable, as the Park Tower at Transbay Property (as defined below) was constructed in (5) 2018-2019. The Appraised Value shown reflects a “Prospective Market Value At Stabilization” value as of October 1, 2019, which assumes that Facebook, Inc. has commenced rent payments (which began in August 2019) and that all remaining construction project costs due by September 30, 2019 have been incurred (110% of the cost of which has been reserved by the lender). The “as-is” value as of May 30, 2019 of $959,000,000 results in both a Cut-off (6) Date LTV Ratio and LTV Ratio at Maturity/ARD of 57.4% for the Park Tower at Transbay Whole Loan. The appraiser also provided an “as dark” value as of May 30, 2019 of $1,004,000,000, which results in both a Cut-off Date LTV Ratio and LTV Ratio at Maturity/ARD of 54.8% for the Park Tower at Transbay Whole Loan. The “as dark” value is greater than the “as-is” value due to the market rent being higher than the current contract rent at the Park Tower at Transbay Property. Reserves include $55,033,261 paid by the Park Tower at Transbay Borrower (as defined below) at loan origination, which amount was subsequently (7) disbursed to Facebook, Inc. by the escrow agent to buy out Facebook Inc.’s rent abatement period.

The Mortgage Loan. The mortgage loan (the “Park Tower at Transbay Mortgage Loan”) is a part of a whole loan (the “Park Tower at Transbay Whole Loan”) evidenced by ten pari passu promissory notes in the aggregate original principal amount of $550,000,000. The Park Tower at Transbay Whole Loan is secured by a first priority fee mortgage on a 764,659 SF newly constructed, Class A office tower located in San Francisco, California (the “Park Tower at Transbay Property”).

The Park Tower at Transbay Mortgage Loan is evidenced by the non-controlling promissory Notes A-4, A-7 and A-10 in the original aggregate principal amount of $115,000,000. The controlling promissory Note A-3 and the non-controlling promissory Notes A-1, A-2, A-5, A-6, A-8 and A-9 are in the aggregate original principal amount of $435,000,000. Notes A-1 and A-8 have been contributed to the BANK 2019-BNK20 securitization trust. Notes A-3 and A-9 are expected to be contributed to the BANK 2019-BNK21 securitization trust. Notes A-2, A-5 and A-6 are currently held by Bank of America, N.A. and are expected to be contributed to future securitization trusts or may be otherwise transferred at any time. The Park Tower at Transbay Whole Loan will be serviced pursuant to the pooling and servicing agreement for the BANK 2019-BNK21 securitization trust. See “Description of the Mortgage Pool—The Whole Loans—The Non-Serviced Pari Passu Whole Loans” and “Pooling and Servicing Agreement” in the Preliminary Prospectus.

Note Summary

Controlling Cut-off Date Balance Notes Original Principal Balance Note Holder Interest A-1 $100,000,000 $100,000,000 BANK 2019-BNK20 No A-2 $100,000,000 $100,000,000 Bank of America, N.A. No A-3 $100,000,000 $100,000,000 BANK 2019-BNK21 Yes A-4 $80,000,000 $80,000,000 BANK 2019-BNK22 No A-5 $50,000,000 $50,000,000 Bank of America, N.A. No A-6 $50,000,000 $50,000,000 Bank of America, N.A. No A-7 $25,000,000 $25,000,000 BANK 2019-BNK22 No A-8 $20,000,000 $20,000,000 BANK 2019-BNK20 No A-9 $15,000,000 $15,000,000 BANK 2019-BNK21 No A-10 $10,000,000 $10,000,000 BANK 2019-BNK22 No Total $550,000,000 $550,000,000

The Borrower and the Borrower Sponsor. The borrower is Park Tower Owner LLC, a Delaware limited liability company, structured to be bankruptcy-remote with at least two independent directors (the “Park Tower at Transbay Borrower”).

The borrower sponsor is MetLife, Inc. (NYSE: MET), a Fortune 500 financial services company, providing insurance, annuities, employee benefits and asset management. The borrower sponsor was the original developer of the Park Tower at Transbay Property. There is no non-recourse carveout guarantor and no separate environmental indemnitor for the Park Tower at Transbay Whole Loan.

The Property. The Park Tower at Transbay Property is comprised of a newly constructed, Class A, pre-certified LEED Gold, 43-story high-rise office building located on the northeast corner of Beale Street and Howard Street in the Transbay Transit District in the South Financial District of downtown San Francisco, California. The Park Tower at Transbay Property contains a total of 764,659 SF. All of the office space (755,914 SF) and the two-level subterranean parking are leased to Facebook, Inc. (“Facebook”). Facebook’s space includes a mix of open and private offices, various common areas, a cafeteria, fitness/ wellness center and a child care center. There is 50,000 SF of outdoor space including fourteen sky decks: large rooftop terraces on floors 12 and 28, and outside terraces on every third floor starting on floor 13 and ending on the top floor, 43. 70% of the floors have San Francisco Bay views.

The remaining rentable area is comprised of three retail spaces (8,745 SF) on the ground floor. One of the retail spaces was leased to Blue Bottle after loan origination and the other spaces are presently in lease negotiations with prospective tenants, according to the borrower sponsor. Building amenities include bike parking, an open plaza on the ground level, and two non- collateral adjacent public park spaces which are required to be maintained by the Park Tower at Transbay borrower sponsor.

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document The Park Tower at Transbay Property is located adjacent to the recently completed multi-billion-dollar Salesforce (f/k/a Transbay) Transit Center and City Park, providing immediate proximity to all forms of public transportation. The Park Tower at Transbay Property is within walking distance to the Ferry Building, waterfront AT&T Park, Moscone Center, Westfield Shopping Centre, SF MoMA, Union Square and South Park.

Major Tenant. Facebook leases all of the office space (755,914 SF) on a long term, triple-net lease which commenced on March 1, 2019. Facebook’s lease is divided into three phases: Phase I includes floors 2-12, Phase II includes floors 13-25 and Phase III includes floors 26-43. The initial rent for Phase I, Phase II and Phase III is $60.00 PSF, $66.00 PSF and $72.00 PSF, respectively, resulting in a current weighted average rent of $65.82 PSF. The Facebook office lease requires annual rental increases of 3.0%. Facebook also leases the subterranean parking (110 spaces with capacity for 140 spaces with valet operations) based on an annual rent of $594,000 ($450/space per month), with increases to market rent every five years.

Facebook is currently in the process of building out its space and, according to the borrower sponsor, is in occupancy of Phase I and is expected to move into its remaining space by September 2020. The Park Tower at Transbay Borrower provided Facebook with a tenant improvement allowance of $110 PSF (of which $80,198,366 ($106 PSF) was outstanding as of the loan origination date and has been fully reserved by the lender) and estimates that Facebook will be spending an additional $300-$350 PSF on its build-out. Pursuant to

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Office – CBD Loan #1 Cut-off Date Balance: $115,000,000 250 Howard Street Park Tower at Transbay Cut-off Date LTV: 49.1% San Francisco, CA 94105 UW NCF DSCR: 2.93x UW NOI Debt Yield: 10.2% its lease, Facebook was entitled to rent abatements, which have been bought out by the Park Tower at Transbay Borrower as of July 25, 2019. Facebook is now paying full unabated rent.

Facebook’s lease expiration for Phase I is February 28, 2033 and for Phases II and III are February 28, 2034. Each phase has two eight-year renewal options at fair market rent. In order to exercise the renewal option for Phase II, Facebook must exercise its option for Phase I. In order to exercise the renewal option for Phase III, Facebook must exercise both options for Phase I and II.

Facebook has a right of first offer to purchase the Park Tower at Transbay Property, as discussed in “Right of First Offer” below.

Facebook (NYSE: FB) provides various products to connect and share “online”. The company’s products include Facebook, which enables people to connect, share and discover through mobile devices and personal computers; Instagram, a community for sharing photos, videos, and messages; and Messenger and WhatsApp, both messaging applications. Facebook also provides Oculus, a hardware, software and developer platform, which allows people to connect through its virtual reality products. As of December 31, 2018, Facebook had approximately 1.52 billion daily active users. The company was founded in 2004 and is headquartered in Menlo Park, California. Facebook also has large block leases at 181 Fremont and 215 Fremont, in downtown San Francisco, both within one block of the Park Tower at Transbay Property. For the fiscal year ending December 31, 2018, Facebook reported total revenue of $55.8 billion, up from $40.7 billion in the prior year and $27.6 billion in 2016. Facebook has a current market capitalization of $478 billion.

The following table presents certain information relating to the tenant at the Park Tower at Transbay Property:

Major Tenant

% of Annual Total Credit Rating U/W Annual Lease Termination Tenant % of Annual Extension Tenant Name (Fitch/Moody’s/ Base U/W Base Expiration Option (Y/ NRSF NRSF U/W Options S&P)(1) Rent Rent Date N) Base PSF Rent

Major Tenant Facebook, Inc. – Phase I NR/NR/NR 269,814 35.3% $60.00 $16,188,822 32.5% 2/28/2033 2, 8-year N Facebook, Inc. – Phase II(1) NR/NR/NR 238,962 31.3% $66.00 $15,771,464 31.7% 2/28/2034 2, 8-year N Facebook, Inc. – Phase III(1) NR/NR/NR 247,138 32.3% $72.00 $17,793,967 35.8% 2/28/2034 2, 8-year N Office Total/Wtd. Avg. 755,914 98.9% $65.82 $49,754,253 100.0%

Vacant Space (Retail) 8,745 1.1%

Collateral Total 764,659 100.0%

(1) Facebook is currently in the process of building out its space and expected to move into Phase II and Phase III by September 2020.

The following table presents certain information relating to the lease rollover schedule at the Park Tower at Transbay Property:

Lease Expiration Schedule

% of Total Annual No. of % of Cumulative Cumulative Annual Year Ending Expiring Annual U/W Leases Total Expiring % of Total U/W December 31, NRSF U/W Base Base Rent Expiring NRSF NRSF NRSF Base Rent Rent PSF 2019 0 0 0.0% 0 0.0% $0 0.0% $0.00 2020 0 0 0.0% 0 0.0% $0 0.0% $0.00 2021 0 0 0.0% 0 0.0% $0 0.0% $0.00 2022 0 0 0.0% 0 0.0% $0 0.0% $0.00 2023 0 0 0.0% 0 0.0% $0 0.0% $0.00 2024 0 0 0.0% 0 0.0% $0 0.0% $0.00 2025 0 0 0.0% 0 0.0% $0 0.0% $0.00 2026 0 0 0.0% 0 0.0% $0 0.0% $0.00 2027 0 0 0.0% 0 0.0% $0 0.0% $0.00 2028 0 0 0.0% 0 0.0% $0 0.0% $0.00 2029 0 0 0.0% 0 0.0% $0 0.0% $0.00 Thereafter 1 755,914 98.9% 755,914 98.9% $49,754,253 100.0% $65.82 Vacant 0 8,745 1.1% 764,659 100.0% $0 0.0% $0.00 Total/Weighted 1 764,659 100.0% $49,754,253 100.0% $65.82(1) Average

(1) Wtd. Avg. UW Rent PSF Rolling excludes vacant space.

The following table presents historical occupancy percentages at the Park Tower at Transbay Property:

Historical Occupancy(1)

2015 2016 2017 2018 10/1/2019 NAV NAV NAV NAV 98.9%

(1) Prior occupancy is not applicable, as the Park Tower at Transbay Property was constructed in 2018-2019.

Underwritten Net Cash Flow. The following table presents certain information relating to the underwritten net cash flow at the Park Tower at Transbay Property:

Cash Flow Analysis(1)

U/W %(2) U/W $ per SF Base Rent(3) $50,322,681 57.0% $65.81 Straight Line Rent $7,996,394 9.1% $10.46 Gross Potential Rent $58,319,075 66.1% $76.27 Reimbursements $29,328,101 33.2% $38.35 Parking Income $594,000 0.7% $0.78 Net Rental Income $88,241,176 100.0% $115.40 Vacancy(4) ($2,908,912) (5.0%) ($3.80) Effective Gross Income $85,332,264 96.7% $111.60

Real Estate Taxes $16,161,609 18.9% $21.14 Insurance $1,561,863 1.8% $2.04 Other Operating Expenses $11,258,124 13.2% $14.72 Total Operating Expenses $28,981,596 34.0% $37.90

Net Operating Income $56,350,668 66.0% $73.69 TI/LC $0 0.0% $0.00 Capital Expenditures $72,995 0.1% $0.10 Net Cash Flow $56,277,673 66.0% $73.60

NOI DSCR(5) 2.93x NCF DSCR(5) 2.93x NOI Debt Yield(5) 10.2% NCF Debt Yield(5) 10.2%

Prior historical operating statements are not applicable, as the Park Tower at Transbay Property was (1) constructed in 2018-2019. Represents (i) percent of Net Rental Income for all revenue fields, (ii) percent of Gross Potential Rent for (2) Vacancy, and (iii) percent of Effective Gross Income for all other fields. UW Base Rent includes the ground floor retail space (8,745 SF) grossed up to an estimated NNN rent of (3) $65.00 PSF. The Park Tower at Transbay Property is 98.9% leased to Facebook. UW Vacancy is 2.5% for the office (4) floors and 100.0% for the retail space. The debt service coverage ratios and debt yields shown are based on the Park Tower at Transbay Whole (5) Loan.

Appraisal. The appraiser concluded to a “Prospective Market Value At Stabilization” value as of October 1, 2019, which assumes that Facebook, Inc. has commenced rent payments (which began in August 2019) and that all remaining construction project costs due by September 30, 2019 have been incurred (110% of the cost of which has been reserved by the lender). The appraiser concluded to an “as-is” value as of May 30, 2019 of $959,000,000 and also provided an “as dark” value as of May 30, 2019 of $1,004,000,000. The “as dark” value is greater than the “as-is” value due to the market rent being higher than the current contract rent at the Park Tower at Transbay Property.

Environmental Matters. According to the Phase I environmental site assessment dated June 10, 2019, no action was recommended other than to obtain documentation summarizing the implementation of the site management plan and to work toward regulatory closure due to identified contaminated soil from former industrial and gas station activities. The Phase

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document I assessment expects that as a part of the construction of the Park Tower at Transbay Property, a large majority of any contaminated soil was removed to accommodate for the two-level basement and that the building site being covered with hard surfaces provides an engineering barrier.

Market Overview. The Park Tower at Transbay Property is located in the South Financial District of San Francisco, California, just north of the Rincon Hill/South Beach/SOMA District, which has seen a resurgence in leasing activity particularly with respect to the technology sector, and east of the Yerba Buena District, home to several major redevelopment projects including the Yerba Buena complex, Moscone convention center and Westfield Shopping Center.

A significant development in the San Francisco central business district is the redevelopment of the approximately 40-acre area surrounding the Transbay Terminal, the primary transit hub in the downtown area. Redevelopment plans include replacing the outdated Transbay Terminal (which was completed in August 2018), extending Caltrain 1.3 miles (which construction began in 2012) and developing the surrounding neighborhood by widening Folsom Street and promoting sidewalk cafes and markets, and developing approximately 2,600 new homes, 3 million SF of office and commercial space, and 100,000 SF of retail space. Recent developments of the office space include the 61-story Salesforce Tower.

Salesforce has also leased approximately 325,000 SF at Transbay Parcel F (550 Howard) and approximately 335,000 SF at 350 Mission. Other technology firms leasing large blocks of space in the area include Facebook at 181 Fremont (432,000 SF) and at 215 Fremont (300,000 SF), Adobe at 100 Hooper (280,000 SF), Stripe at 510 Townsend (269,063 SF), Blend Labs at 500 Pine Street (72,000 SF), Twitch at 350 Bush Street (185,000 SF), LinkedIn at 222 Second Street (430,650 SF) and Pinterest at 88 Bluxome Street (490,000 SF). As of the first quarter of 2019, large block demand greater than 50,000 SF has climbed 41% year over year, outpacing supply. According to the appraisal, there are currently 20 tenant requirements of 100,000 SF or more but only five contiguous space options that can offer occupancy through 2023.

According to a third party market report, the Park Tower at Transbay Property is located in the South Financial District office submarket of the San Francisco office market. For the first quarter of 2019, the submarket had total inventory of approximately 28.2 million SF with a vacancy rate of 6.7% and average asking rents of $83.02 PSF.

According to the appraisal, the estimated 2019 population within a one-half-, one- and three-mile radius of the Park Tower at Transbay Property was 16,122, 59,433 and 378,299, respectively. The 2019 median household income within the same radii was $204,917, $105,624 and $113,407, respectively.

The following table presents certain information relating to the appraiser’s market rent conclusion for the Park Tower at Transbay Property:

Market Rent Summary

Office – Low Office – Mid Office – High Retail Market Rent (PSF) $75.00 $80.00 $85.00 $65.00 Lease Term (Years) 12 12 12 10 Rent Increase Projection 3.0% per annum 3.0% per annum 3.0% per annum 3.0% per annum

The following table presents certain information from the appraisal relating to comparable properties to the Park Tower at Transbay Property:

Comparable Properties

Distance Initial Year Lease Lease from Property Lease Rent Property Name Built/ Tenant Area Term TI PSF Subject Size (SF) Date PSF Renovated (SF) (Yrs.) (miles) NNN Park Tower at Transbay(1) 2018 N/A 764,659 Facebook 755,914 Mar-19 $65.82 15 $110 2023 Parcel F 546-550 Howard Street 0.2 1,100,000 Salesforce 325,000 4Q18 $80.00 15 $100 (projected) 88 Bluxome Street TBD 1.4 1,000,000 Pinterest 490,000 1Q19 $78.00 10-15 N/A 181 Fremont Street 2018 0.1 432,000 Facebook 432,000 Sep-17 $65.00 10 $100 Slack 45 Fremont 1978 0.3 602,780 208,459 Aug-19 $69.00 11.3 $100-$130 Technologies Social One Tehama 1929 0.2 98,566 98,566 Sep-18 $70.00 11 $105 Finance

(1) Information obtained from the underwritten rent roll and Facebook lease.

Escrows.

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Taxes and Insurance Reserves - So long as (x) no Cash Sweep Period (as defined below) exists and (y) the Park Tower at Transbay Borrower provides evidence to the lender that all property taxes and insurance premiums have been paid in full, monthly escrows for taxes and insurance will be waived.

Deferred Maintenance - The Park Tower at Transbay Borrower deposited at loan origination $4,412,926, which is equal to 110% of the estimated cost for the completion of the outstanding project costs for the construction of the Park Tower at Transbay Property.

TI/LC Reserve - The Park Tower at Transbay Borrower deposited at loan origination $80,198,366 for outstanding tenant improvement allowances owed to Facebook.

Regulatory Fees Reserve - The Park Tower at Transbay Borrower deposited at loan origination $5,528,653 which is equal to 100% of the estimated cost for the regulatory fees in connection with the development of the Park Tower at Transbay Property as required pursuant to an owner participation/disposition and development agreement between the Successor Agency to the Redevelopment Agency of the City of San Francisco and the Park Tower at Transbay Borrower and as required for Municipal Transportation Agency additional street use fees.

Lockbox and Cash Management. The Park Tower at Transbay Whole Loan documents require a hard lockbox with springing cash management upon the occurrence of a Cash Sweep Period. During the continuance of a Cash Sweep Period, all funds in the lockbox account are required to be swept each business day to a lender-controlled cash management account and disbursed in accordance with the Park Tower at Transbay Whole Loan documents. Additionally, during a Cash Sweep Period, all excess cash flow is required to be held as additional security for the Park Tower at Transbay Whole Loan until the discontinuance of the Cash Sweep Period.

A “Cash Sweep Period” will commence upon:

an event of default under the Park Tower at Transbay Whole Loan documents beyond notice and cure periods (i) (a “Default Trigger”), (ii) the Park Tower at Transbay Borrower seeking bankruptcy protection (a “Borrower Bankruptcy Trigger”), (iii) Facebook seeking bankruptcy protection (a “Facebook Bankruptcy Trigger”), Facebook (A) being in monetary or material non-monetary default beyond notice and cure periods or (B) (iv) terminating or giving notice to terminate its lease (each, a “Tenant Trigger”), the Park Tower at Transbay Borrower failing to repay the Park Tower at Transbay Whole Loan in full on or before (v) the ARD (an “ARD Trigger”), if a Facebook Bankruptcy Trigger or a Tenant Trigger previously occurred and was cured pursuant to clause (vi) (c) below and thereafter, the debt yield being less than 7.000% (not including any straight line rent) for two consecutive calendar quarters (a “Debt Yield Trigger”), or any replacement tenant (should the Facebook lease be terminated) subsequently going dark in more than 50% (vii) the office SF at the Park Tower at Transbay Property (a “Replacement Tenant Trigger”), unless the replacement tenant has a credit rating of at least “BBB-” by S&P or Fitch or “Baa3” by Moody’s.

A Cash Sweep Period will end upon (provided no other Cash Sweep Period is continuing):

if triggered by a Default Trigger, the cure of the event of default under the Park Tower at Transbay Whole Loan (a) documents, if triggered by a Facebook Bankruptcy Trigger, the replacement or assumption of the Facebook lease by the (b) bankruptcy court and the dismissal of such bankruptcy proceedings, if triggered by a Tenant Trigger or a Debt Yield Trigger, the debt yield being equal to or greater than 7.000% (c) (not including any straight line rent) for the trailing two calendar quarters, and if triggered by a Replacement Tenant Trigger (x) delivery of a replacement lease(s) for at least 50% of the office (d) SF at the Park Tower at Transbay Property, or (y) the dark replacement tenant conducting business in at least 50% of the office SF at the Park Tower at Transbay Property.

A Cash Sweep Period triggered by a Borrower Bankruptcy Trigger or an ARD Trigger may not be cured and will continue until the full repayment of the Park Tower at Transbay Whole Loan. All excess cash collected after an ARD Trigger will be applied to the reduction of principal, then to pay off additional accrued interest.

Release of Property. Not permitted.

Right of First Offer. Facebook has a right of first offer to purchase the Park Tower at Transbay Property at the same terms as any purchase offer received by the Park Tower at Transbay Borrower. If Facebook fails to exercise its right of first offer, the Park Tower at Transbay Borrower will be free to sell the Park Tower at Transbay Property to another party other than a Facebook competitor, namely Alphabet Inc., Amazon.com, Inc., Apple Inc., Microsoft Corporation, salesforce.com, inc., Snap Inc. and Samsung Electronics, which list of competitors is subject to change by Facebook in accordance with its lease.

Letter of Credit. None.

Terrorism Insurance. The Park Tower at Transbay Borrower is required to obtain and maintain property insurance that covers perils of terrorism and acts of terrorism in an amount equal to the full replacement cost of the Park Tower at Transbay

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Property and business interruption insurance for 36 months with a twelve month extended period of indemnity, provided, if the Terrorism Risk Insurance Act of 2002, as extended and modified by the Terrorism Risk Insurance Program Reauthorization Act of 2015 (as the same may be further modified, amended, or extended) is not in effect, the Park Tower at Transbay Borrower will not be required to pay annual premiums in excess of two times the premium then payable for the property and business interruption/loss of rents insurance in order to obtain the terrorism coverage. See “Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties” in the Preliminary Prospectus.

Earthquake Insurance. The Park Tower at Transbay Whole Loan documents do not require earthquake insurance; the seismic report indicated a probable maximum loss of 12.0% for the Park Tower at Transbay Property.

Mortgage Loan Information Mortgaged Property Information

Wells Fargo Bank, National Association; Single Asset/Portfolio: Single Asset Mortgage Loan Sellers: Bank of America, National Association Credit Assessment (DBRS/Fitch/ BBB(low)/NR/NR Property Type – Subtype: Office – CBD S&P): Original Principal Balance(1): $110,000,000 Location: New York, NY Cut-off Date Balance(1): $110,000,000 Size: 373,693 SF % of Initial Pool Balance: 9.2% Cut-off Date Balance Per SF(1): $669.00 Loan Purpose: Refinance Maturity Date Balance Per SF(1): $669.00 Borrower Sponsor: TF Cornerstone Properties, LLC Year Built/Renovated: 1895/2019 Guarantor: TF Cornerstone Properties, LLC Title Vesting: Fee TF Cornerstone, Mortgage Rate: 3.2700% Property Manager: Inc. (borrower- related) 100.0% (9/1/ Note Date: September 11, 2019 Current Occupancy (As of): 2019) Seasoning: 2 months YE 2018 Occupancy: 100.0% Maturity Date: September 11, 2029 YE 2017 Occupancy: 100.0% IO Period: 120 months YE 2016 Occupancy: 100.0% Loan Term (Original): 120 months YE 2015 Occupancy: 100.0% Amortization Term (Original): NAP Appraised Value(4): $490,000,000 Loan Amortization Type: Interest-only, Balloon Appraised Value Per SF(4): $1,311.24 Call Protection(2): L(26),GRTR 1% or YM or D(87),O(7) Appraisal Valuation Date(4): July 24, 2019

Lockbox Type: Hard/Springing Cash Management Underwriting and Financial Information

Additional Debt(1): Yes TTM NOI(5): NAV Additional Debt Type (Balance)(1): Pari Passu ($140,000,000) YE 2018 NOI(5): NAV YE 2017 NOI(5): NAV YE 2016 NOI(5): NAV U/W Revenues: $33,596,638 U/W Expenses: $11,449,082 (3) Escrows and Reserves U/W NOI: $22,147,556 Initial Monthly Cap U/W NCF: $21,961,566 Taxes $0 Springing NAP U/W DSCR based on NOI/NCF(1): 2.66x / 2.64x Insurance $0 Springing NAP U/W Debt Yield based on NOI/NCF(1): 8.9% / 8.8% Rent Concession U/W Debt Yield at Maturity based on NOI/NCF(1): 8.9% / 8.8% Reserve $24,763,070 $0 NAP Existing Landlord Cut-off Date LTV Ratio(1)(4): 51.0% Obligations Reserve (3) $0 NAP LTV Ratio at Maturity(1)(4): 51.0%

Sources and Uses Sources Uses

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Original whole loan $250,000,000 100.0% 58.5% amount(1) Loan payoff $146,203,186 Upfront reserves 59,026,648 23.6 Closing costs 14,429,847 5.8 Return of equity 30,340,319 12.1 Total Sources $250,000,000 100.0% Total Uses $250,000,000 100.0%

The Cut-off Date Balance Per SF, Maturity Date Balance Per SF, U/W DSCR based on NOI/NCF, U/W Debt Yield based on NOI/NCF, U/W Debt Yield (1) at Maturity based on NOI/NCF, Cut-off Date LTV Ratio and LTV Ratio at Maturity numbers presented above are based on the 230 Park Avenue South Whole Loan (as defined below). Defeasance or prepayment of the 230 Park Avenue South Whole Loan is permitted at any time after the earlier to occur of (a) the end of the two-year period commencing on the closing date of the securitization of the last promissory note representing a portion of the 230 Park Avenue South Whole Loan to be securitized and (b) September 11, 2022 (“Defeasance Lockout Date”). No prepayment premium will apply on or after March 11, 2029. The (2) assumed defeasance lockout period of 26 payments is based on the closing date of this transaction in November 2019. Partial defeasance or partial prepayment (with the applicable yield maintenance premium) of the 230 Park Avenue Whole Loan is permitted, after the Defeasance Lockout Date, solely to satisfy the debt yield threshold to prevent a Cash Trap Event Period (see the “Lockbox and Cash Management” below for further discussion). (3) See “Escrows and Reserves” below for further discussion of reserve requirements. The Appraised Value shown reflects a “Hypothetical Market Value as Stabilized Today” which assumes that all free rent has burned off and all of the tenant improvements and landlord work have been completed. At loan closing, the 230 Park Avenue South Borrower escrowed $24,763,070 for all free rent and gap rent pertaining to the Discovery space and $34,263,578 representing 75% of the tenant allowances, tenant improvements and capital improvements pertaining to the Discovery lease and space (the remaining 25% was guaranteed by the Guarantor) (see “Escrows and Reserves” below for further information). The appraiser also concluded to an “As-Is” appraised value of $415,000,000 as of July 24, 2019, which results in a Cut-off (4) Date LTV Ratio of 60.2% and LTV Ratio at Maturity of 60.2% for the 230 Park Avenue South Whole Loan. Additionally, the appraiser concluded to a hypothetical “Go Dark” value of $350,000,000 as of July 24, 2019. Further, the appraisal notes that, since the 230 Park Avenue South Property is the subject of and expected to be eligible for New York City’s Industrial and Commercial Abatement Program (ICAP), the 10-year benefit has been assumed in its analysis of both the “As-Is” appraised value and the “Hypothetical Market Value as Stabilized Today” (see “The Property” section below for further information about the ICAP). The 230 Park Avenue South Property (as defined below) has been approximately 100.0% leased since 2008, however, it is currently undergoing an (5) extensive repositioning program to serve as Discovery, Inc.’s global corporate headquarters. Accordingly, operating history was not considered relevant to underwriting.

The Mortgage Loan. The mortgage loan (the “230 Park Avenue South Mortgage Loan”) is part of a whole loan (the “230 Park Avenue South Whole Loan”) that is evidenced by seven pari passu promissory notes in the aggregate original principal amount of $250,000,000. The 230 Park Avenue South Whole Loan is secured by a first priority fee mortgage encumbering an office building located in New York, New York (the “230 Park Avenue South Property”). The 230 Park Avenue South Whole Loan was co-originated on September 11, 2019 by Wells Fargo Bank, National Association (“Wells Fargo”), Bank of America, N.A. (“Bank of America”) and JPMorgan Chase Bank, National Association (“JPMorgan”). The 230 Park Avenue South Mortgage Loan is evidenced by the non-controlling promissory notes A-2, A-3, A-5 and A-6 in the aggregate original principal amount of $110,000,000. The controlling promissory note A-1 in the original principal amount of $55,000,000 and the non- controlling promissory note A-4 in the original principal amount of $55,000,000 were contributed to the BANK 2019-BNK21 securitization trust and the non-controlling promissory note A-7 in the original principal amount of $30,000,000 is currently held by JPMorgan and is expected to be contributed to future securitization trusts or may be otherwise transferred at any time. The 230 Park Avenue South Whole Loan will be serviced pursuant to the pooling and servicing agreement for the BANK 2019-BNK21 securitization trust. See “Description of the Mortgage Pool—The Whole Loans—The Non-Serviced Pari Passu Whole Loans” and “Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans” in the Preliminary Prospectus.

Note Summary

Notes Original Balance Cut-off Date Balance Note Holder Controlling Piece A-1 $55,000,000 $55,000,000 BANK 2019-BNK21 Yes A-2 $30,000,000 $30,000,000 BANK 2019-BNK22 No A-3 $25,000,000 $25,000,000 BANK 2019-BNK22 No A-4 $55,000,000 $55,000,000 BANK 2019-BNK21 No A-5 $30,000,000 $30,000,000 BANK 2019-BNK22 No A-6 $25,000,000 $25,000,000 BANK 2019-BNK22 No A-7 $30,000,000 $30,000,000 JPMorgan No Total $250,000,000 $250,000,000

The Borrower and Borrower Sponsors. The borrower is 230 PAS SPE LLC (the “230 Park Avenue South Borrower”), a Delaware limited liability company and single purpose entity with two independent directors. Legal counsel to the 230 Park Avenue South Borrower delivered a non-consolidation opinion in connection with the origination of the 230 Park Avenue South Whole Loan.

The borrower sponsor and non-recourse carveout guarantor is TF Cornerstone Properties, LLC (the “Guarantor”), an affiliate of TF Cornerstone Inc., which, together with Guarantor and other affiliates (collectively, “TF Cornerstone”), comprise a family-owned real estate enterprise focused on acquisition, development, construction and management of residential and commercial properties. Founded in the 1970s and led by K. Thomas and Frederick Elghanayan, TF Cornerstone’s current portfolio includes approximately 12,625 apartment units in New York City and over 2.5 million square feet of commercial space in New York and Washington, D.C. (including 12 office properties). TF Cornerstone’s portfolio includes 387 Park Avenue South and Carnegie Hall Tower, approximately 0.4 and 2.1 miles northeast of the 230 Park Avenue South Property, respectively.

The Property. The 230 Park Avenue South Property is a 373,693 square foot, 14-story office building located within the Midtown South area of Manhattan in New York, New York. The 230 Park Avenue South Property was constructed in 1895 and is currently undergoing an extensive repositioning program that, per the appraisal, is expected to position the 230 Park Avenue South Property as a Class A building following completion. As part of a lease recently executed with Discovery for 96.7% of the NRA, the building is currently undergoing a $14.6 million modernization that includes the expansion and renovation of the entry and lobby areas (approximately $6.6 million), updated destination dispatch elevators and a newly- built service elevator that will operate on the cellar, ground and second floors (approximately $3.2 million). The 230 Park Avenue South Property will also undergo upgrades to the HVAC systems and cooling tower (approximately $2.0 million), improvements to the electrical service that will increase capacity to 8,000 Amps (approximately $2.0 million) and other miscellaneous renovations (approximately $0.8 million). Additionally, an indoor/outdoor studio is expected to be created in

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document the newly-designed courtyard area; and the existing office spaces are expected to be renovated to consist of open, loft-style space with exposed ceilings.

According to the appraisal, as part of the proposed redevelopment, the 230 Park Avenue South Borrower is anticipated to benefit from a 10-year Industrial Commercial Abatement Program (“ICAP”) Tax Abatement. The ICAP provides abatements for property taxes for industrial or commercial properties that have been built, modernized, expanded or physically improved throughout Manhattan and the outer boroughs of New York. To qualify for the ICAP abatement, (a) properties must spend 30% of the taxable assessed value in capital expenses in four years from the date the building permit was issued, and (b) construction must be completed within five years of the issuance of a building permit, among other conditions. The borrower sponsor has filed for an ICAP tax abatement on the 230 Park Avenue South Property and is expected to be a candidate for approval of the ICAP tax abatement based on the repositioning of the existing improvements. As of the date of origination of the 230 Park Avenue South Whole Loan, the 230 Park Avenue South Property had not received the abatement; however, an ICAP application was filed in May 2018. The ICAP was not given credit in the lender’s underwriting; however, the ICAP was assumed in the appraiser’s analysis. The appraisal notes that the 230 Park Avenue South Property is expected to be eligible for the ICAP.

The 230 Park Avenue South Property was 100.0% leased to three tenants as of September 1, 2019; however, Discovery is not yet in occupancy or paying rent. Approximately 3.3% of the net rentable area and 5.9% of the underwritten base rent at the 230 Park Avenue South Property is attributed to two ground floor retail tenants (JPMorgan Chase and Earth Mail) with frontage along Park Avenue South and East 19th Street.

Major Tenant.

Discovery (361,214 square feet, 96.7% of NRA; 94.1% of underwritten base rent, January 31, 2037 expiration). Discovery Communications, LLC, a wholly owned subsidiary of Discovery, Inc. (“Discovery”; S&P: BBB-; NASDAQ: DISCA), is an American mass media company with numerous television networks including the Discovery Channel, Animal Planet, TLC, HGTV, Travel Channel, and the Food Network. As of September 6, 2019, Discovery had a market capitalization of approximately $15.9 billion. In March 2018, Discovery purchased Scripps Networks Interactive for approximately $14.6 billion, which was the owner of HGTV, Food Network, and the Travel Channel. Discovery is planning to move Scripps’ headquarters into the 230 Park Avenue South Property along with the rest of Discovery.

Discovery is expected to utilize its space at the 230 Park Avenue South Property as its corporate headquarters. Discovery is expected to occupy a portion of the ground floor, floors 2-13, the courtyard and the penthouse (floor 14), as well as eastern & western cellars. The company is expected to utilize all space from the fourth floor through the penthouse as space for general and executive offices, as well as certain ancillary purposes. The ground, second, and third floor are expected to be used by one of the channels in Discovery’s portfolio, the Food Network, as production kitchens and studio space.

Discovery has a signed lease but is not yet in occupancy or paying rent. Discovery has taken possession of the eastern & western cellars, its ground floor space and floors 2-11; floors 12-14 were recently delivered on September 1, 2019; and the courtyard space is expected to be delivered in February 2021. Discovery is expected to commence occupying the premises in January 2020 with a full occupancy date expected by December 2020. Discovery’s lease is guaranteed by Discovery, Inc., the rated parent company, and has either one, 10-year or two, five-year renewal options at the fair market rental rate following its lease expiration in January 2037.

Discovery’s rent commencement is expected in June 2020 for floors 2-3 and 7-10 (46.6% of Discovery’s space; 46.2% of Discovery’s underwritten base rent); in July 2020 for the ground floor and eastern cellar space (3.6% of Discovery’s space; 3.0% of Discovery’s underwritten base rent); in September 2020 for floors 4-6 and 11 (31.0% of Discovery’s space; 29.8% of Discovery’s underwritten base rent); in October 2020 for the western cellar space (1.7% of Discovery’s space; 1.0% of Discovery’s underwritten base rent); in November 2020 for floors 12-14 (16.6% of Discovery’s space; 19.4% of Discovery’s underwritten base rent); and in April 2022 for the courtyard premises (0.5% of Discovery’s space; 0.6% of Discovery’s underwritten base rent). All outstanding free rent and gap rent were reserved for at the time of origination of the 230 Park Avenue Whole Loan, along with 75% of the landlord lease obligations for Discovery (with the additional 25% guaranteed by the Guarantor; see the “Escrows and Reserves” section below). There is no assurance that Discovery will take occupancy or begin paying rent by the estimated dates noted herein.

The following table presents certain information relating to the tenancy at the 230 Park Avenue South Property:

Major Tenants

% of Credit Rating Total Annual Lease Termination (Fitch/ Tenant % of Annual Annual Extension Tenant Name U/W Base Expiration Option (Y/ Moody’s/ NRSF NRSF U/W Base Rent U/W Options Rent PSF Date N) S&P)(1) Base Rent

Major Tenant 361,214 96.7% $84.06(3) $30,363,766(3) 94.1% 1/31/2037 1, 10-year NR/NR/BBB- or 2, N Discovery Communications, LLC(2) 5-year(4) Total Major Tenant 361,214 96.7% $84.06 $30,363,766 94.1%

Non-Major Tenants(5) 12,479 3.3% $153.15 $1,911,210 5.9%

Occupied Collateral Total 373,693 100.0% $86.37 $32,274,976 100.0%

Vacant Space 0 0.0%

Collateral Total 373,693 100.0%

(1) The Discovery lease is guaranteed by Discovery, Inc., the rated entity. Discovery has an executed lease but has not yet taken occupancy or commenced paying rent (see tenant description in “Major Tenants” above for (2) further information). The Annual UW Base Rent and Annual UW Base Rent PSF shown above include straight-line rent averaging over the remaining loan term for (3) Discovery totaling $1,218,633. Discovery’s current rental rate is $80.69 PSF. (4) Discovery has either one, 10-year option or two, 5-year options to renew, each with 24 months’ notice at the fair market rental rate. (5) Non-Major Tenants comprise two ground level retail tenants.

The following table presents certain information relating to the lease rollover schedule at the 230 Park Avenue South Property:

Lease Expiration Schedule(1)(2)

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 2026 0 0 0.0% 12,479 3.3% $0 0.0% $0.00 2027 0 0 0.0% 12,479 3.3% $0 0.0% $0.00 2028 0 0 0.0% 12,479 3.3% $0 0.0% $0.00 2029 0 0 0.0% 12,479 3.3% $0 0.0% $0.00 Thereafter 1 361,214 96.7% 373,693 100.0% $30,363,766 94.1% $84.06 Vacant 0 0 0.0% 373,693 100.0% $0 0.0% $0.00 Total/Weighted 3 373,693 100.0% $32,274,976 100.0% $86.37 Average

(1) Information obtained from the underwritten rent roll. Certain tenants may have lease termination options that are exercisable prior to the originally stated expiration date of the subject lease and that are (2) not considered in the Lease Expiration Schedule.

The following table presents historical occupancy percentages at the 230 Park Avenue South Property:

Historical Occupancy

12/31/2015(1) 12/31/2016(1) 12/31/2017(1) 12/31/2018(1) 9/1/2019(2) 100.0% 100.0% 100.0% 100.0% 100.0%

(1) Information obtained from the borrower. (2) Information obtained from the underwritten rent roll.

Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the historical operating performance and underwritten net cash flow at the 230 Park Avenue South Property:

Cash Flow Analysis(1)

U/W %(2) U/W $ per SF Base Rent $31,056,343 90.0% $83.11 Rent Average Benefit 1,218,633(3) 3.5 3.26 Contractual Rent Steps 0 0.0 0.00 Grossed Up Vacant Space 0 0.0 0.00 Gross Potential Rent $32,274,976 93.5% $86.37 Other Income 0 0.0 0.00 Total Recoveries 2,251,148 6.5 6.02 Net Rental Income $34,526,124 100.0% $92.39 (Vacancy & Credit Loss) (929,486)(4) (2.9) (2.49) Effective Gross Income $33,596,638 97.3% $89.90

Real Estate Taxes 6,627,000 19.7 17.73 Insurance 226,312 0.7 0.61 Management Fee 1,000,000 3.0 2.68 Other Operating Expenses 3,595,770 10.7 9.62 Total Operating Expenses $11,449,082 34.1% $30.64

Net Operating Income $22,147,556 65.9% $59.27 Replacement Reserves 119,582 0.4 0.32 TI/LC 66,408 0.2 0.18 Net Cash Flow $21,961,566 65.4% $58.77

NOI DSCR(5) 2.66x NCF DSCR(5) 2.64x NOI Debt Yield(5) 8.9% NCF Debt Yield(5) 8.8%

The 230 Park Avenue South Property has been approximately 100.0% leased since 2008, however, (1) it is currently undergoing an extensive repositioning program to serve as Discovery’s global corporate headquarters. Accordingly, operating history was not considered relevant to underwriting. Represents (i) percent of Net Rental Income for all revenue fields, (ii) percent of Gross Potential Rent (2) for Vacancy & Credit Loss and (iii) percent of Effective Gross Income for all other fields (3) Represents straight-line rent averaging over the remaining loan term for Discovery Communications. The underwritten economic vacancy is 2.9%. The 230 Park Avenue South Property was 100.0% leased (4) as of September 1, 2019.

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document (5) The debt service coverage ratios and debt yields are based on the 230 Park Avenue South Whole Loan.

Appraisal. The Appraised Value shown reflects a “Hypothetical Market Value as Stabilized Today” which assumes that all free rent has burned off and all of the tenant improvements and landlord work have been completed. At loan closing, the 230 Park Avenue South Borrower escrowed $24,763,070 for all free rent and gap rent pertaining to the Discovery space and $34,263,578 representing 75% of the tenant allowances, tenant improvements and capital improvements pertaining to the Discovery lease and space (the remaining 25% was guaranteed by the Guarantor) (see the “Escrows” section below for further information). The appraiser also concluded to an “As-Is” appraised value of $415,000,000 as of July 24, 2019, which results in a Cut-off Date LTV Ratio of 60.2% and LTV Ratio at Maturity of 60.2% for the 230 Park Avenue South Whole Loan. Additionally, the appraiser concluded to a hypothetical “Go Dark” value of $350,000,000 as of July 24, 2019. Further, the appraisal notes that, since the 230 Park Avenue South Property is the

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Office – CBD Loan #2 Cut-off Date Balance: $110,000,000 230 Park Avenue South 230 Park Avenue South Cut-off Date LTV: 51.0% New York, NY 10003 U/W NCF DSCR: 2.64x U/W NOI Debt Yield: 8.9% subject of and expected to be eligible for New York City’s Industrial and Commercial Abatement Program (ICAP), the 10-year benefit has been assumed in its analysis of both the “As-Is” appraised value and the “Hypothetical Market Value as Stabilized Today” (see “The Property” section below for further information about the ICAP).

Environmental Matters. According to the Phase I environmental site assessment dated August 7, 2019, there was no evidence of any recognized environmental conditions at any of the 230 Park Avenue South Property.

Market Overview and Competition. The 230 Park Avenue South Property is situated on the southwest corner of the intersection of Park Avenue South and East 19th Street within the Midtown South area of Manhattan, New York, New York. The 230 Park Avenue South Property is situated approximately four blocks southeast of the 23rd Street Subway station (which services the 4 and 6 lines) and four blocks northeast of the 14th Street/Union Square subway station (which services the L, N, Q, R, W, 4, 5 and 6 lines and is the fourth busiest Subway station according to the most recently published data by the Metropolitan Transportation Authority (MTA) in 2016). Madison Square Park, a 6.2-acre public park that opened in 1847, is located approximately four blocks northwest of the 230 Park Avenue South Property. Notable landmarks and historical buildings that surround Madison Square Park include the Flatiron Building, the Toy Center, the New York Life Building, 11 Madison Avenue, the Met Life Tower, and One Madison Park. According to a third party market research provider, the estimated 2019 population within a three- and five-mile radius of the 230 Park Avenue South Property was approximately 1,275,932 and 2,911,772, respectively; and the estimated 2019 average household income within the same radii was approximately $136,389 and $116,789, respectively.

According to a third-party market research report, the 230 Park Avenue South Property is situated within the Gramercy Park Office submarket of the New York Office Market. As of September 4, 2019, the Gramercy Park Office submarket reported a total inventory of approximately 28.2 million square feet with a 6.6% vacancy rate and average asking rent of $72.13 per square foot, triple net.

The appraiser identified a competitive set of 26 office properties totaling approximately 8.7 million square feet, with an average occupancy rate of 95.6%. In addition, the appraiser identified nine comparable leases ranging from $82.00 per square foot to $130.00 per square foot, modified gross (with a weighted average of $91.75 per square foot; see table below).

The following table presents certain information relating to the appraisal’s market rent conclusion for the 230 Park Avenue South Property:

Market Rent Summary

Office – Floor 2-6 Office Floor 7-11 Office Floor 12-14 Market Rent (PSF) $85.00 $90.00 $100.00 Lease Term (Years) 15 15 15 Concessions 12 months 12 months 12 months Lease Type (Reimbursements) MG MG MG

The following table presents information relating to comparable office property sales for the 230 Park Avenue South Property:

Comparable Property Sale Summary

Year Built/ Total Sale Price Property Name/Location Sale Date Occupancy Sale Price Renovated NRA (SF) PSF 230 Park Avenue South Property (Subject) New York, NY NAP 1895/2019 373,693 100.0% 450 West 15th Street May 2019 1928/2012 320,789 94% $600,000,000 $1,870 New York, NY 875 Washington Street 1900/ Apr. 2019 70,263 100% $133,000,000 $1,893 New York, NY NAP(1) 670 Broadway Feb. 2019 1900/2016 71,929 98% $130,500,000 $1,814 New York, NY 400 Madison Avenue 1929/ Oct. 2018 180,181 80% $194,500,000 $1,079 New York, NY 2013-2015 160 Fifth Avenue Dec. 2018 1892/2009 122,328 100% $180,750,000 $1,478 New York, NY 540 West 26th Street Aug. 2018 2018/NAV 166,966 95% $257,000,000 $1,539 New York, NY 330 Hudson Street Feb. 2018 1910/2013 466,738 76% $385,000,000 $825 New York, NY 245-249 West 17th Street Oct. 2017 1909/NAV 281,294 100% $324,020,945 $1,152 New York, NY

(1) Renovations at 875 Washington Street are ongoing and expected to be completed in 2020.

The following table presents certain information relating to comparable office leases for the 230 Park Avenue South Property:

Comparable Leases Summary

Distance Lease Annual Year Built/ Total Occupancy Lease Date/ Lease Property Name/Location from Tenant Name Area Base Renovated GLA (SF) (1) Term Type Subject (SF) Rent PSF 230 Park Avenue South Discovery Apr. 2019 / Property(2) (Subject) 1895/2019 373,693 100.0% - 361,214 $80.69(2) MG Communications 17.8 Yrs New York, NY 114 Fifth Avenue Jun. 2019 / 1972/1995 2,522,000 100.0% 0.3 Miles Unqork 38,652 $88.00 MG New York, NY 10.0 Yrs 100-104 Fifth Avenue Feb. 2019 / 1905/NAP 305,000 100.0% 0.3 Miles Bankrate 22,800 $99.00 MG New York, NY 10.7 Yrs 315 Park Avenue South PitchBook Data, Jan. 2019 / 1910/2007 356,330 90.1% 0.3 Miles 17,050 $95.00 MG New York, NY Inc. 11.4 Yrs 155 Avenue of the Americas Downtown Music Jan. 2019 / 1928/NAP 226,376 100.0% 1.4 Miles 26,399 $88.00 MG New York, NY Publishing 11.0 Yrs 110 Fifth Avenue Nov. 2018 / 1890/2002 174,900 100.0% 0.3 Miles Compass 80,000 $88.00 MG New York, NY 10.9 Yrs

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 57-59 East 11th Street Nov. 2018 / 1903/NAP 68,133 100.0% 0.5 Miles WeWork 57,022 $90.00 MG New York, NY 16.0 Yrs 888 Broadway Oct. 2018 / 1900/NAP 175,000 100.0% 0.1 Miles Netflix 37,378 $130.00 MG New York, NY 13.1 Yrs 315 Park Avenue South Jul. 2018 / 1910/2007 356,330 90.1% 0.3 Miles Fullscreen Media 34,000 $82.00 MG New York, NY 3.0-10.8 Yrs 287 Park Avenue South Jun. 2018 / 1893/NAP 117,852 94.4% 0.2 Miles Spaces by Regus 103,321 $85.21 MG New York, NY 15.0 Yrs

(1) Information obtained from a third party market research provider. Information obtained from the borrower sponsor. The rent shown for Discovery represents the tenant’s current contractual rental rate, while the tenant (2) was underwritten to the straight-line average over the remaining loan term of $84.06 PSF due to its investment grade nature.

Escrows.

Real Estate Taxes – Upon the occurrence and continuance of a Cash Trap Event Period (see “Lockbox and Cash Management” section), the 230 Park Avenue South Whole Loan documents require ongoing monthly real estate tax reserves in an amount equal to 1/12 of the real estate taxes that the lender estimates will be payable during the next 12 months.

Insurance – Upon the occurrence and continuance of a Cash Trap Event Period, the 230 Park Avenue South Whole Loan documents require ongoing monthly insurance reserves in an amount equal to 1/12 of the insurance premiums that the lender estimates will be payable for the renewal of the coverage during the next 12 months, provided, that so long as no event of default is continuing, to the extent insurance is maintained by the 230 Park Avenue South Borrower under a blanket policy reasonably acceptable to the lender (along with evidence of renewal not less than five business days prior to expiration), the 230 Park Avenue South Borrower is not required to make ongoing monthly insurance reserve deposits applicable to such blanket policy.

Rent Concession Reserve – The 230 Park Avenue South Borrower was required to deposit an upfront reserve of $24,763,070 for future rent credits or abatements under the Discovery lease.

Existing Landlord Obligations Reserve – The 230 Park Avenue South Borrower is required to deposit an upfront reserve of $34,263,578 representing 75% of the landlord lease obligations for Discovery ($8,924,975 landlord work and $36,759,796 tenant allowances, collectively the “Landlord Lease Obligations”) which are payable by the 230 Park Avenue South Borrower but not yet due. The remaining 25% of the Landlord Lease Obligations is required to be paid for by the 230 Park Avenue South Borrower or from capital contributions from the constituent owners of the 230 Park Avenue South Borrower and is fully guaranteed by the Guarantor (along with any potential future cost increases) (the “Guaranteed Portion”). Pursuant to the 230 Park Avenue South Whole Loan documents, (1) the cost of the final 25% of the Landlord Lease Obligations (the “Final Portion”) must be funded from and paid for from the Existing Landlord Obligations Reserve and (2) the 230 Park Avenue South Borrower or its constituent owners are required to have fully funded and paid for the Guaranteed Portion on or before the date when 75% of the Landlord Lease Obligations have been paid for and satisfied. The 230 Park Avenue South Borrower is required to deliver evidence reasonably satisfactory to the lender that the 230 Park Avenue South Borrower has paid for the Guaranteed Portion before the 230 Park Avenue South Borrower may make a request for and receive the Final Portion.

Lockbox and Cash Management. The 230 Park Avenue South Whole Loan documents require that the 230 Park Avenue South Borrower establish and maintain a lender-controlled lockbox account, which is already in place, and that the 230 Park Avenue South Borrower direct all tenants to pay rent directly into such lockbox account. The loan documents also require that all rents received by the 230 Park Avenue South Borrower or the property manager be deposited into the lockbox account within two business days of receipt. Upon the occurrence of a Cash Trap Event Period (as defined below), all funds in the lockbox account are required to be swept each business day into the cash management account controlled by the lender and, on each payment date, all funds in the cash management account are required to be applied in accordance with the 230 Park Avenue South Whole Loan documents. Prior to the occurrence of a Cash Trap Event Period, all funds in the lockbox account will be disbursed to the 230 Park Avenue South Borrower. During a Cash Trap Event Period, any excess cash flow remaining after satisfaction of the waterfall items (subject to the Applicable Sweep Cap described below) are required to be swept into an excess cash flow subaccount to be held by the lender as additional security for the 230 Park Avenue South Whole Loan.

A “Cash Trap Event Period” will commence upon the earlier of the following:

(i) the occurrence of an event of default under the 230 Park Avenue South Whole Loan documents; or (ii) the occurrence of a Material Tenant Sweep Period (as defined below).

A Cash Trap Event Period will end upon the occurrence of the following:

● with regard to clause (i), the cure of such event of default; or

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document ● with regard to clause (ii), a Material Tenant Sweep Period Cure (as defined below).

A “Material Tenant Sweep Period” will commence upon the earlier of the following:

(i) the date that the Significant Portion Condition (as defined below) is met; the date that the Material Portion Condition (as defined below) is met and the Material Tenant (as defined below) (ii) does not have a long-term unsecured debt rating of at least ‘BBB-’ from S&P or an equivalent rating from each of the other rating agencies which rate such entity (“Investment Grade Condition”); (iii) the Material Tenant giving notice of termination of its lease; any termination or cancellation of the Material Tenant lease (including, without limitation, rejection in any bankruptcy (iv) or similar insolvency proceeding) and/or the Material Tenant lease failing to otherwise be in full force and effect; (v) the Material Tenant being subject to a bankruptcy or similar insolvency proceeding; the Material Tenant being in (x) monetary default for more than 30 days of (1) its base rent obligations or (2) additional rent obligations, where such unpaid additional rent exceeds $1,000,000, which will be increased by CPI on each anniversary of the loan origination date (except to the extent such nonpayment of additional rent is the result (vi) of a good faith dispute on the part of the Material Tenant subject to conditions in the 230 Park Avenue Whole Loan documents) or (y) material non-monetary default beyond all applicable notice and grace periods under such lease; or the Material Tenant meeting the Minimum Required Tenant Rating (as defined below) (but not exceeding such rating) (vii) or failing to meet the Minimum Required Tenant Rating.

A “Material Tenant Sweep Period Cure” will occur upon the following:

● with regard to clause (i), (ii), (v), (vi) and (vii) of the definition of Material Tenant Sweep Period: ○ the Applicable Sweep Cap being achieved. ● with regard to clause (iii) of the definition of Material Tenant Sweep Period: ○ the Material Tenant having rescinded such notice of termination; or ○ a Material Tenant Re-Tenanting Event (as defined below). ● with regard to clause (vi) of the definition of Material Tenant Sweep Period: ○ the Material Tenant no longer being in the respective monetary or material non-monetary default. ● with regard to clause (i) through (vii) of the definition of Material Tenant Sweep Period: the premises demised under the Material Tenant lease (or such portion thereof) being re-leased to a replacement tenant or tenants pursuant to a lease approved or deemed approved by the lender, such that ○ the 230 Park Avenue South Property will achieve an adjusted net cash flow debt yield (“NCF DY”) of at least 7.75% for two consecutive quarters (the “Minimum DY Threshold”) (a “Material Tenant Re-Tenanting Event”); in the case where the Material Tenant is subject to a proceeding under creditor’s rights laws, the applicable Material Tenant’s lease having been affirmed, assigned and assumed in a manner reasonably satisfactory to the lender (other than in the case of an assignment of the Material Tenant lease in accordance with its terms) (“Tenant Bankruptcy Cures”); provided, however, notwithstanding the occurrence of any Tenant Bankruptcy ○ Cure, if a Material Tenant Sweep Period exists as a result of the existence of an event described in clauses (i) through (iv) or (vi) through (vii) of the definition of Material Tenant Sweep Period, then the Material Tenant Sweep Period will not cease but the Applicable Sweep Cap will be recalculated, as appropriate, to reflect the cause of the Material Tenant Sweep Period.

Additionally, the 230 Park Avenue South Borrower will have the right to partially defease or partially prepay (with the applicable yield maintenance premium) the 230 Park Avenue Whole Loan, provided in each case, such partial defeasance or partial prepayment, as applicable, will not be permitted prior to the defeasance lockout date, so as to satisfy such Minimum DY Threshold (as defined above) or, at its option, by otherwise delivering to the lender cash collateral or a letter of credit in an amount that would, if applied to the repayment of the 230 Park Avenue Whole Loan, satisfy such Minimum DY Threshold. Such cash collateral or letter of credit will be held by the lender as additional collateral for the 230 Park Avenue South Whole Loan.

For purposes of determining a Material Tenant Sweep Period Cure, (1) the entirety of the premises demised under the Material Tenant lease need not be re-leased so long as the 230 Park Avenue South Property satisfies the Minimum DY Threshold, (2) if such Material Tenant is the subject of a proceeding under creditor’s rights laws and assigns such Material Lease to an assignee tenant in accordance with the terms of the Material Lease and such assignee tenant does not satisfy the Base Rating Condition (as defined below) then a Material Tenant Sweep Period will remain in effect, and/or (3) if the 230 Park Avenue South Borrower cures a Material Tenant Sweep Period by entering into two replacement Material Tenant leases approved by the lender and the 230 Park Avenue South Property achieves the Minimum DY Threshold for two consecutive quarters, then there will no longer be a Material Tenant Sweep Period in place, but because 100% of the demised premises is not leased to one successor tenant, the definition of “Cash Trap Event Period” will be revised on and after such cure to remove a Material Tenant Sweep Period as a trigger in clause (ii) of such definitions and replace such clause (ii) of such definition with the DY Trigger (as defined below) (i.e. 6.50%) as more particularly set forth in the definition of “Material Tenant”.

“Material Tenant” means Discovery (together with any lease guarantor, and any successor guarantor, that guarantees the obligations of the Material Tenant under the applicable Material Tenant lease, any successor tenant (each, a “Successor Tenant”)). If there is a Successor Tenant or Successor Tenants under a lease(s) in accordance with the 230 Park Avenue South Whole Loan documents, the “Material Tenant Sweep Periods,” the cures of such “Material Tenant Sweep Periods”, and the “Applicable Sweep Cap” relating to such applicable Successor Tenant and/or Successor Tenants will be restructured and/or modified as follows: If the Material Tenant vacates and the Discovery lease is terminated and the premises demised thereunder are released to a replacement Successor Tenant or Successor Tenants in accordance with the 230 Park Avenue Whole Loan documents and (1)(A) such replacement Successor Tenant leases and occupies 100% of the demised premises

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document which are leased to Discovery under its lease (i.e., 14 floors in the improvements or 361,214 square feet in the aggregate), (B) such replacement Material Tenant lease is on the same or better economic terms as the Discovery lease as determined by the lender, and (C) such replacement Successor Tenant meets the Investment Grade Condition, then the “Material Tenant Sweep Periods,” the cures of such “Material Tenant Sweep Periods” and the “Applicable Sweep Cap” will be the same as are in place currently with the Discovery tenant as the initial Material Tenant hereunder or (2) in the event that any one or more of the clauses above are not met, then there will not be a Material Tenant Sweep Period in the definition of “Cash Trap Event Period” hereunder but such respective clauses of the definition will be replaced with the following trigger event and cure: the date upon which the NCF DY for the 230 Park Avenue South Property fails to be at least 6.50% (the “DY Trigger”) and such DY Trigger will be cured if the NCF DY equals or exceeds 6.50% for two consecutive calendar quarters.

“Significant Portion Condition” means, with respect to any premises demised under a Material Tenant lease, that the applicable Material Tenant ceases operating its business (“goes dark”), or otherwise fails to be in actual, physical occupancy of, in a Significant Portion (as defined below) of the applicable Material Tenant premises; provided that, for purposes of this definition and the definitions of Material Portion Condition and Substantial Occupancy Condition, (i) after the Material Tenant has taken initial occupancy of the demised premises and commenced the operation of its business in the demised premises, the Material Tenant will be deemed to be in actual physical occupancy of space that is the subject of alterations or repairs by the Material Tenant or the 230 Park Avenue South Borrower, including as a result of casualty, (ii) with respect to the Discovery lease only, occupancy by the Material Tenant’s affiliates, related parties and permitted users, each as permitted under the Discovery lease, will be deemed operation of Discovery Tenant’s business and actual physical occupancy by Discovery Tenant in the Material Tenant premises demised under the Discovery lease and (iii) with respect to the Discovery lease only, there will be an initial period following loan origination, subject to force majeure, to allow the

Material Tenant the opportunity to take initial occupancy of the Material Tenant premises and the Material Tenant will be deemed to be in operation of the premises, subject to conditions outlined in the 230 Park Avenue South Whole Loan documents, including (1) the Material Tenant lease being in full force and effect, (2) the 230 Park Avenue South Borrower is required to commence certain landlord fit-out or base building work as described in the Discovery lease and complete such landlord work on or before the applicable milestone date set forth in the Discovery lease, but no later than May 1, 2020 with respect to the last component of landlord work (such date is subject to extension as set forth in the 230 Park Avenue South Whole Loan documents), (3) the Material Tenant is required to perform tenant’s initial alterations and certain HVAC work on the 14th floor of the 230 Park Avenue South Property as described in the Discovery lease and complete such work on or before June 30, 2021, subject to extension as set forth in the 230 Park Avenue South Whole Loan documents, (4) no contingency termination rights being set forth in the Material Tenant lease except for customary termination rights for landlord’s failure to perform the work prior to tenant taking occupancy provided (A) at the time of determination, no event of default exists under the 230 Park Avenue South Whole Loan documents and (B) the lender has reserved for the cost of such work and (5) Material Tenant is paying full unabated rent (or such abated rent has been fully reserved for by the lender).

“Substantial Occupancy Condition” means that the applicable Material Tenant is in actual, physical occupancy and operating its business (“not dark”) in 75% of its rentable square footage; “Material Portion Condition” means that the applicable Material Tenant ceases to operate its business (“goes dark”) or otherwise fails to be in actual physical occupancy of a Material Portion of the demised premises; “Material Portion” means 25% or more of rentable square footage of a particular space, but less than 50% of the rentable square footage such space; “Significant Portion” means 50% or more of the rentable square footage of the tenant’s premises (provided that the courtyard premises will only be included when the premises is delivered to the tenant (expected to be February 2021)).

“Applicable Sweep Cap” means:

with respect to any Material Tenant Sweep Period that is the result of the applicable Material Tenant failing to ● maintain a long-term unsecured debt rating of at least ‘BB’ from S&P or an equivalent rating from each of the other rating agency which rate such entity (“Minimum Required Tenant Rating”): provided the Substantial Occupancy Condition is met, $25 per square foot of the applicable Material Tenant ○ premises; or provided the Substantial Occupancy Condition is not met (i.e., either the Significant Portion Condition or the ○ Material Portion Condition are met), $75 per square foot of the applicable Material Tenant Premises. ● if the Minimum Required Rating is met (but is not exceeded): provided the Substantial Occupancy Condition is met, $15 per square foot of the applicable Material Tenant ○ premises; provided the Material Portion Condition is met, $50 per square foot of the applicable Material Tenant ○ premises; or provided the Significant Portion Condition is met, $75 per square foot of the applicable Material Tenant ○ Premises. with respect to any Material Tenant Sweep Period occurring at such time as the long term unsecured debt rating of ● at least ‘BB+’ (but less than ‘BBB-’) from S&P or an equivalent rating from each of the other rating agencies which rate such entity (“Base Rating Condition”) and: provided the Material Portion Condition is met, $25 per square foot of the applicable Material Tenant ○ Premises; or provided the Significant Portion Condition is met, $75 per square foot of the applicable Material Tenant ○ Premises with respect to any Material Tenant Sweep Period occurring at such time as the Investment Grade Condition and the ● Significant Portion Condition are met, $25 per square foot of the applicable Material Tenant Premises. with respect to any Material Tenant Sweep Period occurring as the result of clauses (v) and/or (vi) of the definition ● thereof, $75 per square foot of the applicable Material Tenant Premises.

Property Management. The 230 Park Avenue South Property is managed by an affiliate of the 230 Park Avenue South Borrower.

Real Estate Substitution. Not permitted.

Subordinate and Mezzanine Indebtedness. Not permitted.

Ground Lease. None.

Letter of Credit. None.

Right of First Offer. Discovery has a right of first offer to purchase (i) the 230 Park Avenue South Property or (ii) all of the direct equity interests in the 230 Park Avenue South Borrower, if the 230 Park Avenue South Borrower markets the 230 Park Avenue South Property or such equity interests, as applicable, for sale up to and including April 1, 2023 (the “ROFO”) provided that, among other things, no event of default has occurred or is continuing under the Discovery lease. The ROFO is not extinguished by foreclosure, provided the conditions relating to non-disturbance are satisfied as set forth in the subordination, non-disturbance and attornment agreement obtained by Discover at closing, however, the ROFO does not apply to foreclosure or deed-in-lieu thereof or the first subsequent transfer following either one of the foregoing occurrences.

Terrorism Insurance. The 230 Park Avenue South Whole Loan documents require that the “all risk” insurance policy required to be maintained by the 230 Park Avenue South Borrower provide coverage for terrorism in an amount equal to the full replacement cost of the 230 Park Avenue South Property, as well as business interruption insurance covering no less than the 24-month period following the occurrence of a casualty event, together with a 6-month extended period of indemnity (provided that if TRIPRA or a similar statute is not in effect, the 230 Park Avenue South Borrower will not be obligated to pay terrorism insurance premiums in excess of two times the premium for the casualty and business interruption coverage on a stand-alone basis at the time any terrorism coverage was excluded from the applicable policy).

Mortgage Loan Information Mortgaged Property Information

Wells Fargo Bank, National Single Asset/Portfolio: Single Asset Mortgage Loan Seller: Association Bank of America, National Association Credit Assessment AA/BBB(sf)/BBB-(sf) Property Type – Subtype: Office – CBD (DBRS/Fitch/S&P): Original Principal Balance(1): $88,475,000 Location: Washington, D.C. Cut-off Date Balance(1): $88,475,000 Size: 867,654 SF % of Initial Pool Balance: 7.4% Cut-off Date Balance Per SF(1): $440.27 Loan Purpose: Refinance Maturity Date or ARD Balance Per SF(1): $440.27 Borrower Sponsor: Carr Properties OC LLC Year Built/Renovated: 2017/NAP Guarantor: Carr Properties OC LLC Title Vesting: Fee Mortgage Rate(2): 3.0850% Property Manager: Self-managed Note Date: September 30, 2019 Current Occupancy (As of): 99.7% (8/31/2019) Anticipated Repayment Date(3): October 11, 2029 YE 2018 Occupancy: 89.8% Seasoning: 1 month YE 2017 Occupancy(6): NAV Final Maturity Date: September 30, 2033 YE 2016 Occupancy(6): NAP IO Period: 120 months YE 2015 Occupancy(6): NAP Loan Term (Original): 120 months As-Is Appraised Value: $960,000,000 Amortization Term (Original): NAP As-Is Appraised Value Per SF: $1,106.43 Loan Amortization Type(3): Interest-only, ARD As-Is Appraisal Valuation Date: August 23, 2019 Call Protection(4): L(25),D(88),O(7)

Lockbox Type: Hard/Springing Cash Management Underwriting and Financial Information

Additional Debt: Yes TTM NOI(7): NAV Pari Passu ($293,525,000) / Additional Debt Type (Balance): Subordinate ($143,000,000) YE 2018 NOI(7): NAV

YE 2017 NOI(7): NAV YE 2016 NOI(7): NAP U/W Revenues: $68,757,739 U/W Expenses: $20,725,125 (5) Escrows and Reserves U/W NOI: $48,032,614 Initial Monthly Cap U/W NCF: $47,551,162 Taxes $0 Springing NAP U/W DSCR based on NOI/NCF(1): 4.01x / 3.97x Insurance $0 Springing NAP U/W Debt Yield based on NOI/NCF(1): 12.6% / 12.4% Replacement Reserve $0 Springing $433,827 U/W Debt Yield at Maturity based on NOI/NCF(1): 12.6% / 12.4% TI/LC Reserve $0 Springing $1,735,308 Cut-off Date LTV Ratio(1): 39.8% Rent Concession LTV Ratio at Maturity or ARD(1): 39.8% Reserve $1,166,184 $0 NAP Existing TI/LC Obligations Reserve $31,164,159 $0 NAP

Sources and Uses Sources Uses

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Original senior loan amount $382,000,000 72.8% Loan payoff $472,344,264 90.0% Subordinate companion loan 143,000,000 27.2 Upfront reserves 32,330,343 6.2 Closing costs 3,221,662 0.6 Return of equity 17,103,731 3.3 Total Sources $525,000,000 100.0% Total Uses $525,000,000 100.0%

The Cut-off Date Balance Per SF, Maturity Date or ARD Balance Per SF, U/W DSCR based on NOI/NCF, U/W Debt Yield based on NOI/NCF, U/W Debt Yield at Maturity or ARD based on NOI/NCF, Cut-off Date LTV Ratio and LTV Ratio at Maturity or ARD numbers presented above are based (1) on the Midtown Center Senior Loan (as defined below). The U/W DSCR based on NOI/NCF, U/W Debt Yield based on NOI/NCF, U/W Debt Yield at Maturity or ARD based on NOI/NCF, Cut-off Date LTV Ratio and LTV Ratio at Maturity or ARD based upon the Midtown Center Whole Loan (as defined below) are 2.92x/2.89x, 9.1%/9.1%, 9.1%/9.1%, 54.7% and 54.7%, respectively. (2) Both the Midtown Center Senior Loan and the Midtown Center Subordinate Companion Loan (as defined below) have an interest rate of 3.0850%. The Midtown Center Whole Loan has an anticipated repayment date of October 11, 2029 (the “Anticipated Repayment Date” or “ARD”) and a final maturity date of September 30, 2033. See “The Mortgage Loan” below for further discussion of the mortgage rate after the ARD. In the event (3) of a Fannie Mae Termination Event (see the “Lockbox and Cash Management” section below) prior to or contemporaneously with the Anticipated Repayment Date, the final maturity date will be accelerated to the Anticipated Repayment Date. Defeasance of the Midtown Center Whole Loan is permitted at any time after the earlier to occur of (a) the end of the two-year period commencing (4) on the closing date of the securitization of the last promissory note representing a portion of the Midtown Center Whole Loan to be securitized and (b) November 11, 2022. The assumed defeasance lockout period of 25 payments is based on the closing date of this transaction in November 2019. (5) See “Escrows” section. (6) The Midtown Center Property was built in 2017, and the majority of leases did not commence until May 2018 or thereafter. Historical operating statements were not obtained and were not considered relevant to the lender’s underwriting, as the majority of leases did not (7) commence until May 2018 or thereafter.

The Mortgage Loan. The mortgage loan (the “Midtown Center Mortgage Loan”) is part of a whole loan (the “Midtown Center Whole Loan”) that is evidenced by 10 pari passu senior promissory notes in the aggregate original principal amount of $382,000,000 (the “Midtown Center Senior Loan”) and three pari passu subordinate promissory notes in the aggregate original principal amount of $143,000,000 (the “Midtown Center Subordinate Companion Loan”). The Midtown Center Whole Loan is secured by a first priority fee mortgage encumbering a 14-story, trophy class office building located in Washington, D.C. (the “Midtown Center Property”). The Midtown Center Whole Loan was co-originated on September 30, 2019 by Wells Fargo Bank, National Association, Bank of America, N.A. and Goldman Sachs Bank USA.

The Midtown Center Mortgage Loan is evidenced by the non-controlling promissory Notes A-2-1, A-2-2, A-2-3, A-2-4 and A-2-5 in the aggregate original principal amount of $88,475,000. As shown in the “Note Summary” table below, six promissory notes, including the controlling promissory note, in the original aggregate principal amount of $404,000,000 were contributed to the DCOT 2019-MTC securitization trust. The Midtown Center Whole Loan will be serviced pursuant to the trust and servicing agreement for the DCOT 2019-MTC securitization trust. The remaining Midtown Center Senior Loan pari passu notes are referred to herein as the “Midtown Center Pari Passu Companion Loans”. See “Description of the Mortgage Pool—The Whole Loans—The Non-Serviced AB Whole Loans” and “Pooling and Servicing Agreement-Servicing of the Non- Serviced Mortgage Loans” in the Preliminary Prospectus.

Note Summary

Notes Original Balance Cut-off Date Balance Note Holder Controlling Piece Midtown Center Senior Loan A-1-1 $135,950,000 $135,950,000 DCOT 2019-MTC Yes A-1-2 $52,525,000 $52,525,000 DCOT 2019-MTC No A-1-3 $72,525,000 $72,525,000 DCOT 2019-MTC No A-2-1 $12,068,966 $12,068,966 BANK 2019-BNK22 No A-2-2 $13,881,034 $13,881,034 BANK 2019-BNK22 No A-2-3 $10,000,000 $10,000,000 BANK 2019-BNK22 No A-2-4 $37,931,034 $37,931,034 BANK 2019-BNK22 No A-2-5 $14,593,966 $14,593,966 BANK 2019-BNK22 No A-2-6 $6,262,500 $6,262,500 Goldman Sachs Bank USA No A-2-7 $26,262,500 $26,262,500 Goldman Sachs Bank USA No Total (Senior Loan) $382,000,000 $382,000,000

Midtown Center Subordinate Companion Loan B-1-1 $64,350,000 $64,350,000 DCOT 2019-MTC No B-1-2 $39,325,000 $39,325,000 DCOT 2019-MTC No B-1-3 $39,325,000 $39,325,000 DCOT 2019-MTC No Total (Subordinate Companion Loan) $143,000,000 $143,000,000 Total (Whole Loan) $525,000,000 $525,000,000

The Midtown Center Whole Loan is structured with an Anticipated Repayment Date of October 11, 2029 and a final maturity date of September 30, 2033. From and after the Anticipated Repayment Date, the Midtown Center Whole Loan accrues interest at a fixed rate that is equal to the greater of (a) 3.085% plus 2.50%; and (b) the mid-market swap rate with a maturity date with the closest approximation of September 30, 2033 plus 4.00% (the “Revised Interest Rate”). The Anticipated Repayment Date automatically triggers a Cash Trap Event Period (see “Lockbox and Cash Management” section) whereby all excess cash flow, after payments of debt service on the Midtown Center Whole Loan, required deposits to escrows and reserves and budgeted operating expenses, is required to be used to pay down the principal balance of the Midtown Center Whole Loan (with paydown priority given to the Midtown Center Senior Loan). Any interest due with respect to the Revised Interest Rate in excess of the Mortgage Rate will be deferred and is required to be paid on the final maturity date, after payment in full of the principal balance of the Midtown Center Whole Loan (to the extent not paid sooner by the Midtown Center Borrower). In the event of a Fannie Mae Termination Event (see the “Lockbox and Cash Management” section below) prior to or contemporaneously with the Anticipated Repayment Date, the final maturity date will be accelerated to the Anticipated Repayment Date.

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document The Borrower and Borrower Sponsor. The borrower is 1100 15th Street LLC, a Delaware limited liability company and single purpose entity with one independent director (the “Midtown Center Borrower”). Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Midtown Center Mortgage Loan.

The borrower sponsor and nonrecourse carveout guarantor for the Midtown Center Whole Loan is Carr Properties OC LLC (“Carr Properties”). Carr Properties is a privately held real estate investment trust that owns, manages, acquires, and develops properties in Washington, D.C. and Boston, Massachusetts. The company currently owns a portfolio of 14 commercial office properties totaling approximately 3.8 million square feet and maintains a pipeline of five development projects that is expected to add a further 2.4 million square feet to its portfolio of properties.

The Property. The Midtown Center Property comprises a 14-story, trophy class office building totaling 867,654 square feet and a three-level underground parking garage located at the northwest intersection of 15th Street Northwest and L Street Northwest within

Designed by New York–based SHoP Architects, the improvements of the Midtown Center Property replaced the former headquarters building of The Washington Post, which the borrower sponsor demolished in 2016 after acquiring the site in 2014. The Midtown Center Property comprises two towers (the “East Tower” and the “West Tower”) that are connected by a series of three bridges. Amenities at the Midtown Center Property include a fitness center, a 5,000 square foot rooftop terrace and a 1,000 square foot rooftop conference room, a bike room with bike repair station and electric car charging stations within the parking garage. The Midtown Center Property features a private alley, located between the retail plaza and the neighboring property, with over 10,000 square feet of outdoor space available for outdoor seating and programming. Per the zoning report, parking is not required at the Midtown Center Property, however, the Midtown Center Property contains an underground parking garage with 546 parking spaces, resulting in a parking ratio of approximately 0.6 spaces per 1,000 square feet of net rentable area.

As of August 31, 2019, the Midtown Center Property was 99.7% leased to nine tenants. Approximately 4.8% of the net rentable area and 3.8% of the underwritten base rent at the Midtown Center Property is attributed to seven ground floor and lower level retail tenants with frontage along 15th Street, including restaurants and a coffee shop.

Major Tenants.

Fannie Mae (713,500 square feet; 82.2% of net rentable area; 82.9% of underwritten base rent; 9/30/2033 lease expiration) – Fannie Mae (AAA/Aaa/AA+ by Fitch/Moody’s/S&P) signed a lease in 2015 to move their global headquarters to the Midtown Center Property. Fannie Mae, a government sponsored enterprise, provides housing finance for homebuyers, rentals and multifamily rental properties in the United States. Fannie Mae provides liquidity to the single-family market by purchasing and guaranteeing mortgage loans that are made by its lender customers and issuing debt securities that attract global investors to finance U.S. housing. Fannie Mae operates regional offices in Virginia, Texas, Georgia, Illinois, California, Pennsylvania, Maryland, Massachusetts and New York.

Fannie Mae occupies the West Tower and a portion of the East Tower (floors 6-14, a portion of floor 5, bridges and below grade space). Fannie Mae’s lease commenced in phases in November 2017 (“Phase One”; 43.7% of total Fannie Mae NRA) and May 2018 (“Phase Two”; 56.3% of total Fannie Mae NRA).

Contraction Option: Fannie Mae has the right to contract its leased premises by one full floor each lease year (subject to the conditions below) on the 6th, 7th, 8th, and 9th anniversaries of the rent commencement date for the Phase Two premises (May 31, 2019), each with 18 months’ prior notice. First contraction right to be exercised: Fannie Mae has the option to contract all of the space leased on the then ● lowest floor of East Tower. Second contraction right to be exercised: Fannie Mae has the option to contract all of the space leased on the then ● lowest floor of West Tower excluding the 3rd and 4th floors. Third contraction right to be exercised: Fannie Mae has the option to contract all of the space leased on the then ● lowest floor of (i) if Fannie Mae has expanded its premises, the East Tower or (ii) if the premises have not been expanded, the West Tower (excluding the 3rd and 4th Floors). Fourth contraction right to be exercised: Fannie Mae has the option to contract all of the space leased on the then ● lowest floor of (i) if the third contraction space was located in the East Tower, the West Tower (excluding the 3rd and 4th floors) or (ii) if the third contraction space was located in the West Tower, the East Tower.

Fannie Mae is required to pay a contraction fee equal to the prorated portion (based on the proportion of the entire Fannie Mae demised premises) of (A) the tenant allowance actually expended, applied, or credited by the Midtown Center Borrower, (B) the brokerage commissions paid by the Midtown Center Borrower, (C) $2,800,000 for the Midtown Center Borrower’s base building obligations and tenant improvement items, (D) $8,000,000 for the Midtown Center Borrower’s base building work acceleration costs, and (E) $15,000,000 for the Midtown Center Borrower’s early termination of lease of the preexisting tenant (collectively, the “Required Fees”). The contraction fee is required to be amortized monthly, with six percent annual

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document interest thereon, on a straight-line basis during the initial term of the Midtown Center Whole Loan (i.e., through the Anticipated Repayment Date).

Termination Option: Fannie Mae has the right to terminate its lease effective as of May 31, 2029, with 32 months’ prior notice. Fannie Mae is required to pay a termination fee of the unamortized portion of landlord’s lease costs as of the termination date (which such amount is $66,191,869 if Fannie Mae’s premises is neither expanded nor contracted as of the termination date). In addition, Fannie Mae exercising its termination option triggers a Cash Trap Event Period (see “Lockbox and Cash Management” section below).

Fannie Mae has the right to extend its lease for two periods of: (i) with respect to the first renewal, either (A) five years or (B) 10 years, and (ii) with respect to the second renewal, either (A) if the first renewal is five years, either (x) five years or (y) nine years and seven months or (B) if the first renewal is 10 years, four years and seven months, in any event, each with 30 months’ notice, at the fair market rental rate.

WeWork (109,943 square feet, 12.7% of net rentable area; 13.4% of underwritten base rent; November 30, 2036 lease expiration). WeWork Companies Inc. (rated CCC+/B- by Fitch/S&P) provides furnished and fully-serviced shared workspaces, primarily to small and midmarket enterprises. According to a third party report, WeWork currently leases approximately 10 million square feet of space across 280 locations in 86 cities, including cities in the United States, Israel, Mexico, China, France, South Korea, Australia, the United Kingdom, Hong Kong, Germany, and the Netherlands. The entity on the WeWork lease is 1100 15th Street NW Tenant LLC, and the

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Office – CBD Loan #3 Cut-off Date Balance: $88,475,000 1100 15th Street, Northwest Midtown Center Cut-off Date LTV: 39.8% Washington, D.C. 20005 U/W NCF DSCR: 3.97x U/W NOI Debt Yield: 12.6% lease is guaranteed by WeWork Companies Inc. The initial maximum aggregate liability of the lease guarantor is limited to 12 months of (i) monthly base rent, (ii) imputed gross up for tenant’s proportional share of operating expenses and real estate taxes equal to $25.00 per rentable square foot, and (iii) guaranty enforcement costs (collectively, the “Guaranteed Obligations”). As long as the tenant is not then in default under its lease beyond any applicable notice and cure periods, the lease guarantor’s cap on liability will be reduced to 10 months of the Guaranteed Obligations beginning in September 2024, eight months of the Guaranteed Obligations beginning September 2025, four months of the Guaranteed Obligations beginning in September 2026, three months of the Guaranteed Obligations beginning in September 2029, two months of the Guaranteed Obligations beginning in September 2031 and the lease guarantors liability will be reduced to $0 from September 2033 through the remainder of the lease term. WeWork’s lease at the Midtown Center Property commenced in August 2019 and has one, 5-year renewal option remaining, with 18 months’ notice, at the fair market rental rate following its November 2036 lease expiration. The borrower deposited into the Rent Concession Reserve $1,166,184 representing future rent credits and abatements (from October to December 2019) under the WeWork lease at the time of origination of the Midtown Center Whole Loan (see the “Escrows” section below for further information).

Other than Fannie Mae and WeWork, no tenant makes up more than 1.4% of net rentable area or 1.2% of underwritten base rent at the Midtown Center Property.

The following table presents certain information relating to the tenancy at the Midtown Center Property:

Major Tenant

% of Total Credit Rating (Fitch/ Annual U/W Annual Lease Tenant % of Annual Extension Termination Tenant Name Moody’s/ Base Rent U/W Base Expiration NRSF NRSF U/W Base Options Option (Y/N) S&P)(1) PSF Rent Date Rent

Major Tenant Fannie Mae AAA/Aaa/AA+ 713,500 82.2% $49.83(2) $35,552,358(2) 82.9% 9/30/2033 Y(3) Y(4) WeWork CCC+/NR/B-(5) 109,943 12.7% $52.19(6) $5,737,623(6) 13.4% 11/30/2036 1, 5-year N Total Major Tenants 823,443 94.9% $50.14 $41,289,981 96.2%

Non-Major Tenants(7) 41,728 4.8% $38.65 $1,612,993 3.8%

Occupied Collateral Total 865,171 99.7% $49.59 $42,902,974 100.0%

Vacant Space 2,483 0.3%

Collateral Total 867,654 100.0%

(1) Certain ratings are those of the parent entity whether or not the parent entity guarantees the lease. The Annual U/W Base Rent and Annual U/W Base Rent PSF shown above represent Fannie Mae’s rental rate including its contractual rent step in December 2019. The lender’s underwriting gives separate credit for straight-line rent averaging through the remaining loan term to the Anticipated (2) Repayment Date. The total implied underwritten rental rate for Fannie Mae, inclusive of the rent step and straight line credit, is approximately $55.21 per square foot. See “Underwritten Net Cash Flow” below. (3) See “The Property” section above for information pertaining to Fannie Mae’s extension options. (4) Fannie Mae has a contraction options and a termination option that are further detailed in “The Property” section above. The entity on the WeWork lease is 1100 15th Street NW Tenant LLC, and the lease is guaranteed by WeWork Companies Inc. (which is the rated (5) entity). The maximum aggregate liability of the lease guarantor is detailed in “The Property” section above. The Annual U/W Base Rent and Annual U/W Base Rent PSF shown above represent WeWork’s rental rate including its contractual rent step in (6) September 2020. With respect to 39,785 square feet on the 4th floor of the West Tower (“4W Space”; 36.2% of the total WeWork NRA), the lender has given additional underwriting credit by straight-line rent averaging through the remaining loan term to the Anticipated Repayment Date, because

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Fannie Mae is (i) obligated to begin paying rent attributable to the 4W Space in the event the WeWork lease is terminated due to a lease default or bankruptcy; and (ii) required to pay the Midtown Center Borrower the related share of any losses it incurs with respect to the 4W Space (as a proportion of WeWork’s total NRA) that are attributable to WeWork’s non-performance of its lease obligations. The total implied underwritten rental rate for WeWork, inclusive of the rent step and straight line credit for the 4W Space, is approximately $53.92 per square foot. See “Underwritten Net Cash Flow” below. $1,166,184 representing future rent credits and abatements under the WeWork lease were reserved for at the time of origination of the Midtown Center Whole Loan. (7) Non-Major Tenants include seven ground floor and lower level retail tenants.

The following table presents certain information relating to the lease rollover schedule at the Midtown Center Property:

Lease Expiration Schedule(1)(2)

Annual Annual No. of % of Cumulative Cumulative % of Total Year Ending U/W U/W Leases Expiring Total Expiring % of Annual U/W December 31, Base Base Rent Expiring NRSF NRSF NRSF Total NRSF Base Rent Rent(3) PSF(3) MTM 0 0 0.0% 0 0.0% $0 0.0% $0.00 2019 0 0 0.0% 0 0.0% $0 0.0% $0.00 2020 0 0 0.0% 0 0.0% $0 0.0% $0.00 2021 0 0 0.0% 0 0.0% $0 0.0% $0.00 2022 0 0 0.0% 0 0.0% $0 0.0% $0.00 2023 0 0 0.0% 0 0.0% $0 0.0% $0.00 2024 0 0 0.0% 0 0.0% $0 0.0% $0.00 2025 0 0 0.0% 0 0.0% $0 0.0% $0.00 2026 0 0 0.0% 0 0.0% $0 0.0% $0.00 2027 0 0 0.0% 0 0.0% $0 0.0% $0.00 2028 1 2,055 0.2% 2,055 0.2% $95,249 0.2% $46.35 2029 6 21,432 2.5% 23,487 2.7% $762,963 1.8% $35.60 Thereafter 14 841,684 97.0% 865,171 99.7% $42,044,762 98.0% $49.95 Vacant 0 2,483 0.3% 867,654 100.0% $0 0.0% $0.00 Total/Weighted 21 867,654 100.0% $42,902,974 100.0% $49.59 Average

The following table presents historical occupancy percentages at the Midtown Center Property:

Historical Occupancy

12/31/2015(1) 12/31/2016(1) 12/31/2017(1) 12/31/2018(2) 8/31/2019(3) NAP NAP NAV 89.8% 99.7%

The Midtown Center Property was completed in 2017, and the majority of leases did not commence until May 2018 (1) or thereafter. (2) Information obtained from a third party market research provider. (3) Information obtained from the underwritten rent roll.

Underwritten Net Cash Flow. The following table presents certain information relating to the underwritten net cash flow at the Midtown Center Property:

Cash Flow Analysis(1)

U/W %(2) U/W $ per SF Base Rent $41,996,504 60.5% $48.40 Rent Average Benefit(3) 4,031,666 5.8 4.65 Contractual Rent Step(4) 906,470 1.3 1.04 Grossed Up Vacant Space 124,150 0.2 0.14 Gross Potential Rent $47,058,790 67.8% $54.24 Other Income 1,980,000 2.9 2.28 Total Recoveries 20,408,599 29.4 23.52 Net Rental Income $69,447,389 100.0% $80.04 (Vacancy & Credit Loss) (689,650) (1.5)(5) (0.79) Effective Gross Income $68,757,739 99.0% $79.25

Real Estate Taxes 11,734,113 17.1 13.52 Insurance 189,402 0.3 0.22 Management Fee 1,000,000 1.5 1.15 Other Operating Expenses 7,801,610 11.3 8.99 Total Operating Expenses $20,725,125 30.1% $23.89

Net Operating Income $48,032,614 69.9% $55.36 Replacement Reserves 173,531 0.3 0.20 TI/LC 307,921 0.4 0.35 Net Cash Flow $47,551,162 69.2% $54.80

NOI DSCR(6) 4.01x NCF DSCR(6) 3.97x NOI Debt Yield(6) 12.6% NCF Debt Yield(6) 12.4%

Historical operating statements were not obtained and were not considered relevant to (1) the lender’s underwriting, as the majority of leases at the Midtown Center Property did not commence until May 2018 or thereafter. Represents (i) percent of Net Rental Income for all revenue fields, (ii) percent of Gross (2) Potential Rent for Vacancy & Credit Loss and (iii) percent of Effective Gross Income for all other fields. Represents straight-line rent averaging for Fannie Mae and WeWork’s 4W Space (3) through the loan term to the Anticipated Repayment Date (see “The Property” section above). (4) Represents contractual rent steps through September 2020. The underwritten economic vacancy is 1.5%. The Midtown Center Property was 99.7% (5) occupied as of August 31, 2019. The debt service coverage ratios and debt yields are based on the Midtown Center (6) Senior Loan.

Appraisal. The appraiser concluded to an “as-is” Appraised Value for the Midtown Center Property of $960,000,000 as of August 23, 2019. The appraiser also concluded to a hypothetical market value “as dark” of $510,000,000 as of August 23, 2019.

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Environmental Matters. According to the Phase I environmental site assessment dated September 9, 2019, there was no evidence of any recognized environmental conditions at the Midtown Center Property.

Market Overview and Competition. The Midtown Center Property is located at the intersection of 15th Street Northwest and L Street Northwest, within the downtown area of the Washington, D.C. CBD. The Midtown Center Property is situated approximately 2 blocks north of the McPherson Square Metro station (services the Orange (which provides access westbound to Arlington, VA and Fairlee, VA and eastbound to Landover, MD), Silver (which provides access northwest to Reston, VA) and Blue lines (which provides access southbound to Alexandria, VA and the Ronald Reagan Washington National Airport)), 3 blocks east of the Farragut North Metro station (services the Red line, providing access northwest to Bethesda, MA and northeast to Silver Spring, MD), 4 blocks northeast of Lafayette Square and the White House and 6 blocks north of the National Mall. Ronald Reagan Washington National Airport is situated approximately 3.8 miles southwest of the Midtown Center Property.

According to the appraisal, The World Bank is headquartered at 1818 H Street (approximately seven blocks southwest of the Midtown Center Property) and occupies space in several additional buildings nearby. The Department of Justice is headquartered at 950 Pennsylvania Avenue (approximately 1.1 miles southeast of the Midtown Center Property), and other government organizations include the Department of the Interior, which is headquartered at the corner of 18th and C Street and the International Monetary Fund, which

According to a third party market research provider, the estimated 2019 population within a three- and five-mile radius of the Midtown Center Property was approximately 413,747 and 819,282, respectively; and the estimated 2019 average household income within the same radii was approximately $125,586 and $119,630, respectively.

Submarket Information – According to the appraisal, the Midtown Center Property is situated within the East End submarket of the Washington Office Market. As of October 3, 2019, the East End submarket reported a total inventory of approximately 53.1 million square feet with a 14.4% vacancy rate and average asking rents of $57.34, gross. Within a three-mile radius of the Midtown Center Property, as of October 3, 2019, there were 2,256 office properties totaling approximately 165.0 million square feet with a 12.0% vacancy rate, per a third-party market research provider.

The following table presents certain information relating to the appraiser’s market rent conclusions for the Midtown Center Property:

Market Rent Summary(1)

Office Office LL Retail LL/STO/MZ Ret Market Rent (PSF) $52.00-$60.00 $37.50 $50.00 $20.00 Lease Term (Years) 15 10 10 10 Lease Type (Reimbursements) Net Net Net Net Rent Increase Projection 2.5% per annum 2.5% per annum 3.0% per annum 3.0% per annum

(1) Information obtained from the appraisal.

The following table presents certain information relating to comparable office leases for the Midtown Center Property:

Comparable Leases(1)

Annual Total Distance Tenant Lease Property Year Built/ Lease Base Lease GLA from Occupancy Tenant Size Start Name/Location Renovated Term Rent Type (SF) Subject (SF) Date PSF WeWork 1701 Rhode Island WeWork (Flrs. 16.4 2019/NAV 101,848 0.4 miles 100% 101,848 May-19 $54.75 NNN Avenue, NW 1-8) Yrs Washington, D.C. 655 New York Avenue, The Advisory 16.0 NW 2018/NAV 752,987 0.8 miles 84% Board 532,754 Dec-15 $46.50 NNN Yrs Washington, D.C. Company 10.5 Stradley Ronon Yrs 20,283 May-21 $48.00 NNN Ankura 13.0 Consulting 40,506 Sep-19 Yrs $58.00 NNN 2000 K Street NW 2017/NAV 238,616 0.7 miles 89% Washington, D.C. Robbins 20,283 Apr-19 11.0 $48.00 NNN Russell Yrs 12,469 Apr-19 $51.00 NNN AECOM 13.7 Yrs 10.0 Cornerstone Yrs 40,000 Jan-18 $48.50 NNN Research Alexander Court North 12.0 2000 L Street, NW 1968/2018 388,672 1.3 miles 89% 62,296 Jan-18 $50.00 NNN Bates & White Yrs Washington, D.C. 182,994 Jan-18 $56.50 NNN Akin Gump 15.0 Yrs 17.3 Venable Lower Yrs Level 16,661 Apr-17 $25.00 NNN 17.3 600 Venable LLP 231,641 Apr-17 Yrs $52.50 NNN Massachusetts 2016/NAV 402,556 0.8 miles 93% Avenue, NW Genentech 12,602 Jan-17 10.9 $56.00 NNN Washington, D.C. Yrs Venable 20,232 Dec-16 $52.00 NNN Expansion 15.0 Yrs 2112 Pennsylvania 16.0 Avenue NW 2018/NAV 240,000 0.8 miles 58% Cleary Gottlieb 119,000 Jan-18 $57.00 NNN Yrs Washington, D.C. Capitol Crossing American 12.1 200 Massachusetts 2018/NAV 425,420 1.2 miles 61% Petroleum 74,182 Oct-17 $46.00 NNN Yrs Avenue, NW Institute

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Washington, D.C. 17.0 Baker Botts 103,000 Jan-19 Yrs $52.00 NNN Anthem Row 2019/NAV 338,320 0.8 miles 88% 700 K Street NW Apple 29,004 May-18 11.0 $50.00 NNN Washington, D.C. Yrs (1) Information obtained from the appraisal.

The table below presents certain information relating to comparable sales pertaining to the Midtown Center Property identified by the appraiser:

Comparable Sales(1)

Rentable Property Name Location Sale Date Sale Price Sale Price (PSF) Area (SF) WeWork @ YMCA Washington, D.C. 101,848 Jul-19 $105,652,551 $1,037.36 The Presidential Building Washington, D.C. 335,329 Nov-18 $338,000,000 $1,007.97 900 G Street, NW Washington, D.C. 112,635 Jan-18 $144,000,000 $1,278.47 1440 New York Avenue Washington, D.C. 214,093 Jan-18 $254,500,000 $1,188.74 900 16th Street, NW Washington, D.C. 122,362 Jun-17 $151,000,000 $1,234.04

(1) Information obtained from the appraisal.

Escrows.

Real Estate Taxes – Upon the occurrence and continuance of a Cash Trap Event Period (see “Lockbox and Cash Management” section), the Midtown Center Whole Loan documents require ongoing monthly real estate tax reserves in an amount equal to one-twelfth of the real estate taxes that the lender estimates will be payable during the next 12 months.

Insurance – Upon the occurrence and continuance of a Cash Trap Event Period, the Midtown Center Whole Loan documents require ongoing monthly insurance reserves in an amount equal to one-twelfth of the insurance premiums that the lender estimates will be payable for the renewal of the coverage during the next 12 months; provided, however, the Midtown Center Whole Loan documents do not require ongoing monthly escrows for insurance premiums as long as (i) no event of default has occurred and is continuing, (ii) the Midtown Center Borrower (or borrower affiliate) provides the lender with evidence that the Midtown Center Property’s insurance coverage is included in a blanket policy and such policy is approved by the lender and is in full force and effect and (iii) the Midtown Center Borrower pays all applicable insurance premiums and provides the lender with evidence of timely payment of insurance premiums/renewals at least 10 days prior to the policy expiration date.

Replacement Reserve – Upon the occurrence and continuance of a Cash Trap Event Period, the Midtown Center Whole Loan documents require ongoing monthly replacement reserves of $18,076, subject to a cap of $433,827.

Leasing Reserve – Upon the occurrence and continuance of a Cash Trap Event Period, the Midtown Center Whole Loan documents require ongoing monthly leasing reserves of $72,305, subject to a cap of $1,735,308.

Rent Concession Reserve – The Midtown Center Whole Loan documents require an upfront reserve of $1,166,184 for future rent credits and abatements under the WeWork lease.

Existing TI/LC Obligations Reserve – The Midtown Center Whole Loan documents require an upfront reserve of $31,164,159 for outstanding TI/LCs related to eight tenants at the Midtown Center Property, including $20,279,846 related to WeWork tenant improvements.

Lockbox and Cash Management. The Midtown Center Whole Loan documents require that the Midtown Center Borrower establish and maintain a lender-controlled lockbox account, which is already in-place, and that the Midtown Center Borrower direct all tenants to pay rent directly into such lockbox account. The Midtown Center Whole Loan documents also require that all rents received by the Midtown Center Borrower be deposited into the lockbox account within three business days of receipt. Prior to the occurrence of a Cash Trap Event Period (as defined below), all funds on deposit in the lockbox account will be disbursed to the Midtown Center Borrower. During a Cash Trap Event Period, all funds in the lockbox account are required to be swept each business day into the cash management account controlled by the lender and, on each payment date, all funds in the cash management account are required to be applied in accordance with the Midtown Center Whole

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Loan documents. During a Cash Trap Event Period which occurs prior to the Anticipated Repayment Date, any excess cash flow remaining after satisfaction of the waterfall items is required to be swept to an excess cash flow subaccount to be held by the lender as additional security for the Midtown Center Whole Loan. After the Anticipated Repayment Date, any remaining cash flow is applied first to the payment of the outstanding principal balance and then to payment of accrued interest (see “The Mortgage Loan” section above).

A “Cash Trap Event Period” will commence upon the earlier of the following:

(i) the occurrence and continuance of an event of default under the Midtown Center Whole Loan documents; the net operating income debt yield (“NOI DY”) for the Midtown Center Whole Loan (including the Midtown Center (ii) Subordinate Companion Loan) falling below 6.0% at the end of any calendar quarter; (iii) the occurrence of a Fannie Mae Termination Event (as defined below); or (iv) the Anticipated Repayment Date (see “The Mortgage Loan” section above for additional information).

A Cash Trap Event Period will end upon the occurrence of the following:

● with regard to clause (i) above, the cure of such event of default; with regard to clause (ii) above, the NOI DY for the Midtown Center Whole Loan being at least 6.0% for one quarter; ● or ● with regard to clause (iii), a Fannie Mae Sweep Cure (as defined below).

A Cash Trap Event Period which is caused by (or continues to exist because of) the occurrence of the Anticipated Repayment Date (clause iv above) is not capable of being cured.

A “Fannie Mae Termination Event” will commence upon the earliest to occur of the following:

Fannie Mae exercising its right to fully terminate its lease pursuant to its termination option (as discussed in “The (i) Property” section above); Fannie Mae ceasing operations in at least 50% of the rentable area of its space (with any approved sublease being (ii) calculated as occupied); Fannie Mae otherwise terminating its lease (including, without limitation, rejection in any bankruptcy or similar (iii) insolvency proceeding); (iv) any bankruptcy or similar insolvency of Fannie Mae; or (v) Fannie Mae being in monetary default under its lease beyond applicable notice and cure periods.

A “Fannie Mae Sweep Cure” will occur upon:

with regard to clause (i) through (v), the total amount of funds deposited into the excess cash flow subaccount being ● at least $49,945,000; solely with regard to clause (ii), an amount equal to the product of (A) $70 and (B) the square footage of the Fannie ● Mae space in which Fannie Mae ceased operations having been deposited into the excess cash flow subaccount; or ● solely with regard to clause (v), Fannie Mae having cured the applicable monetary default;

Property Management. The Midtown Center Property is managed by an affiliate of the Midtown Center Borrower.

Partial Release. Not permitted.

Real Estate Substitution. Not permitted.

Subordinate and Mezzanine Indebtedness. The Midtown Center Property also secures the Midtown Center Pari Passu Companion Loans, which have an aggregate Cut-off Date principal balance of $293,525,000 and the Midtown Center Subordinate Companion Loans, which have an aggregate Cut-off Date principal balance of $143,000,000. The Midtown Center Pari Passu Companion Loans and the Midtown Center Subordinate Companion Loan are coterminous with the Midtown Center Mortgage Loan. The Midtown Center Pari Passu Companion Loans and the Midtown Center Subordinate Companion Loan accrue interest at the same rate as the Midtown Center Mortgage Loan. The Midtown Center Mortgage Loan and the Midtown Center Pari Passu Companion Loans are each pari passu in right of payment and together are senior in right of payment to the Midtown Center Subordinate Companion Loan. The holders of the Midtown Center Mortgage Loan, the Midtown Center Pari Passu Companion Loans and the Midtown Center Subordinate Companion Loan have entered into a co-lender agreement which sets forth the allocation of collections on the Midtown Center Whole Loan. See “Description of the Mortgage Pool—The Whole Loans—The Non-Serviced AB Whole Loan—The Midtown Center Whole Loan” in the Preliminary Prospectus.

The following table presents certain information relating to the Midtown Center Subordinate Companion Loan:

B-Note Total Debt Original Original Original IO Total Debt Total Debt Original B-Note UW Term Amort. Term UW Cutoff Principal Interest Rate NOI Debt (mos.) Term (mos.) (mos.) NCF DSCR Date LTV Balance Yield Midtown Center Subordinate $143,000,000 3.0850% 120 0 120 2.89x 9.1% 54.7% Companion Loan

Ground Lease. None.

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Terrorism Insurance. The Midtown Center Whole Loan documents require that the “all risk” insurance policy required to be maintained by the Midtown Center Borrower provides coverage for terrorism in an amount equal to the full replacement cost of the Midtown Center Property, as well as business interruption insurance covering no less than the 18-month period following the occurrence of a casualty event, together with a 6-month extended period of indemnity (provided that if TRIPRA or a similar statute is not in effect, the Midtown Center Borrower will not be obligated to pay terrorism insurance premiums in excess of two times the premium for the casualty and business interruption coverage on a stand-alone basis).

Mortgage Loan Information Mortgaged Property Information Wells Fargo Bank, National Single Asset/Portfolio: Portfolio Mortgage Loan Seller: Association Credit Assessment Self Storage – Self NR/NR/NR Property Type – Subtype: (DBRS/Fitch/S&P): Storage Original Principal Balance: $83,600,000 Location: Various Cut-off Date Balance: $83,600,000 Size: 939,242 SF % of Initial Pool Balance: 7.0% Cut-off Date Balance Per SF: $89.01 Loan Purpose: Refinance Maturity Date Balance Per SF: $89.01 Borrower Sponsors: Matthew M. Nagel; K. Blair Nagel Year Built/Renovated: Various Guarantors: Matthew M. Nagel; K. Blair Nagel Title Vesting: Fee Mortgage Rate: 3.1900% Property Manager: Self-managed Note Date: September 4, 2019 Current Occupancy (As of): 91.0% (7/31/2019) Seasoning: 2 months 2018 Occupancy(2): 90.3% Maturity Date: September 11, 2029 2017 Occupancy(2): 92.6% IO Period: 120 months 2016 Occupancy(2): 92.8% Loan Term (Original): 120 months 2015 Occupancy(2): 90.0% Amortization Term (Original): NAP As-Is Appraised Value(3): $151,000,000 Loan Amortization Type: Interest-only, Balloon As-Is Appraised Value Per SF(3): $160.77 Call Protection: L(26),D(89),O(5) As-Is Appraisal Valuation Date: August 1, 2019

Lockbox Type: Springing Underwriting and Financial Information Additional Debt: None TTM NOI (8/31/2019): $8,138,876 Additional Debt Type (Balance): NAP YE 2018 NOI: $8,438,616 YE 2017 NOI: $8,710,982 YE 2016 NOI: $8,357,129 U/W Revenues: $13,730,052 U/W Expenses: $5,180,700 Escrows and Reserves(1) U/W NOI: $8,549,353 Initial Monthly Cap U/W NCF: $8,408,466 U/W DSCR based on NOI/NCF: 3.15x / 3.10x Taxes $684,910 $143,113 NAP U/W Debt Yield based on NOI/NCF: 10.2% / 10.1% U/W Debt Yield at Maturity based on 10.2% / 10.1% Insurance $0 Springing NAP NOI/NCF: Cut-off Date LTV Ratio(3): 55.4% Replacement Reserves $0 $7,826 $187,834 LTV Ratio at Maturity(3): 55.4%

Sources and Uses Sources Uses Original loan amount $83,600,000 100.0% Loan payoff(4) $73,482,942 87.9% Upfront reserves 684,910 0.8 Closing costs 1,029,250 1.2 Return of equity 8,402,897 10.1 Total Sources $83,600,000 100.0% Total Uses $83,600,000 100.0%

(1) See “Escrows” section below. (2) Represents the average occupancy rate over the course of each year. The individual property level appraised values total $136,600,000, which would equate to a Cut-off Date LTV Ratio and LTV Ratio at Maturity of 61.2% (3) and 61.2%, respectively; however, the appraiser concluded to a portfolio value of $151,000,000 based on the assumption that the individual properties would be sold as part of a multi-property portfolio. The Metro 14 Self Storage Portfolio Properties were previously securitized in the COMM 2013-CR11 securitization trust. The loan payoff amount shown (4) includes approximately $8.4 million of defeasance fees related to the prior CMBS loan.

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document The Mortgage Loan. The mortgage loan (the “Metro 14 Self Storage Portfolio Mortgage Loan”) is evidenced by a single promissory note secured by a first mortgage encumbering the fee interest in 14 self storage properties in Florida and Illinois (the “Metro 14 Self Storage Portfolio Properties”). The Borrowers and Borrower Sponsors. The borrower comprises eight entities, each a Delaware limited liability company and single purpose entity with one independent director (collectively, the “Metro 14 Self Storage Portfolio Borrower”). Legal counsel to the Metro 14 Self Storage Portfolio Borrower delivered a non-consolidation opinion in connection with the origination of the Metro 14 Self Storage Portfolio Mortgage Loan. The non-recourse carve-out guarantors and borrower sponsors of the Metro 14 Self Storage Portfolio Mortgage Loan are Matthew M. Nagel and K. Blair Nagel.

Matthew M. Nagel and K. Blair Nagel serve as the Chairman and Chief Executive Officer, respectively, of Metro Storage LLC (“Metro Storage”), which they also co-own. Established in 1973 and based in the Chicago area, Metro Storage is the 5th largest privately-held self storage company in the United States, currently owning or operating over 125 properties across 14 states totaling approximately 6.5 million square feet. Since joining the company in 1985, Matthew M. Nagel has also served as Director of Acquisitions, Chief Financial Officer, President and Chief Executive Officer, and has been involved in hundreds of self storage properties representing over a billion dollars’ worth of financings, developments, acquisitions, dispositions and management transactions. K. Blair Nagel has served on various industry boards, including the Board of Governors of the Self Storage Association Foundation, National Board Member of the Self Storage Association (“SSA”) and President and former Secretary of the SSA’s Central Region. The Properties. The Metro 14 Self Storage Portfolio Properties comprise 14 self storage properties located in Florida (12 properties) and Illinois (2 properties) totaling 939,242 square feet of rentable area, including 8,721 traditional self storage units and 305 RV storage spaces. All of the Metro 14 Self Storage Portfolio Properties are operated under the Metro Self Storage brand. Approximately 62.2% of the traditional self storage units at the Metro 14 Self Storage Portfolio Properties are climate controlled with individual properties ranging from 24.9% to 99.4%. Built between 1979 and 2011, each of the Metro 14 Self Storage Portfolio Properties is situated on a site ranging in size from 0.8 acres to 7.6 acres. As of July 31, 2019 the Metro 14 Self Storage Portfolio Properties were 91.0% occupied with individual property occupancy rates ranging from 84.8% to 94.9%. Since 2014, the Metro 14 Self Storage Portfolio Properties have averaged 90.5% occupancy, never dropping below 83.5% in the aggregate. The following table presents certain information relating to the Metro 14 Self Storage Portfolio Properties:

Allocated Cut-off % of Appraised Allocated % UW Property Name – Location UW NCF Date ALA Value(1) LTV NCF Balance N Desplaines – Chicago, IL $14,550,000 17.4% $22,750,000 64.0% $1,165,546 13.9% N Kirk Road – Batavia, IL $6,600,000 7.9% $10,550,000 62.6% $652,725 7.8% St. Road 54 (WC) – Wesley Chapel, FL $6,450,000 7.7% $12,000,000 53.8% $733,871 8.7% Starkey Road – Largo, FL $6,200,000 7.4% $9,900,000 62.6% $667,910 7.9% S Belcher Road – Seminole, FL $5,900,000 7.1% $9,000,000 65.6% $637,611 7.6% W Fletcher Avenue – Tampa, FL $5,825,000 7.0% $9,300,000 62.6% $563,898 6.7% Gunn Highway – Tampa, FL $5,800,000 6.9% $8,900,000 65.2% $584,556 7.0% W MLK – Tampa, FL $5,700,000 6.8% $9,200,000 62.0% $589,416 7.0% E Fletcher Ave – Tampa, FL $5,500,000 6.6% $8,300,000 66.3% $490,078 5.8% Bruce B. Downs – Tampa, FL $4,900,000 5.9% $8,700,000 56.3% $485,078 5.8% St. Road 54 (Lutz) – Lutz, FL $4,900,000 5.9% $9,000,000 54.4% $558,461 6.6% Barclay Road – Spring Hill, FL $4,575,000 5.5% $7,000,000 65.4% $505,031 6.0% Boyette Road – Riverview, FL $3,700,000 4.4% $6,500,000 56.9% $392,162 4.7% Robin Road – Lakeland, FL $3,000,000 3.6% $5,500,000 54.5% $382,122 4.5% Total/Weighted Average $83,600,000 100.0% $151,000,000(1) 55.4%(1) $8,408,466 100.0%

The individual property level appraised values total $136,600,000, which would equate to a Cut-off Date LTV Ratio and LTV Ratio at Maturity of 61.2% and 61.2%, respectively; however, the appraiser (1) concluded to a portfolio value of $151,000,000 based on the assumption that the individual properties would be sold as part of a multi-property portfolio.

The following table presents information with respect to the unit mix of the Metro 14 Self Storage Portfolio Properties:

Net Self RV Current Year Built/ % Climate Property Name – Location Rentable % GLA Storage Parking Occupancy Renovated Controlled Area (SF)(1) Units Units (7/31/2019) N Desplaines – Chicago, IL 2004/NAP 99,250 10.6% 1,115 99.4% 7 94.1% N Kirk Road – Batavia, IL 1988/2001 87,050 9.3% 743 63.8% 0 92.2% St. Road 54 (WC) – Wesley Chapel, FL 2000/NAP 76,095 8.1% 659 67.8% 0 89.0% Starkey Road – Largo, FL 1979/NAP 75,672 8.1% 785 40.5% 45 84.8% S Belcher Road – Seminole, FL 2001/NAP 70,730 7.5% 659 82.5% 0 90.9% W Fletcher Avenue – Tampa, FL 2003/NAP 63,348 6.7% 586 39.9% 16 94.0% Gunn Highway – Tampa, FL 2001/NAP 71,800 7.6% 696 58.0% 0 90.1% W MLK – Tampa, FL 2000/NAP 59,235 6.3% 509 58.6% 22 91.4% E Fletcher Ave – Tampa, FL 2011/NAP 72,362 7.7% 669 61.2% 44 91.5% Bruce B. Downs – Tampa, FL 2006/NAP 56,295 6.0% 423 91.0% 20 91.2% St. Road 54 (Lutz) – Lutz, FL 2001/NAP 59,350 6.3% 602 44.1% 8 87.4% Barclay Road – Spring Hill, FL 2004/NAP 54,400 5.8% 390 26.7% 64 93.8% Boyette Road – Riverview, FL 2002/NAP 46,275 4.9% 435 24.9% 58 89.7% Robin Road – Lakeland, FL 2005/NAP 47,380 5.0% 450 84.7% 21 94.9% Total/Weighted Average 939,242 100.0% 8,721 62.2% 305 91.0%

The following table presents historical occupancy percentages at the Metro 14 Self Storage Portfolio Properties: Historical Occupancy

2015(1)(2) 2016(1)(2) 2017(1)(2) 2018(1)(2) 7/31/2019(3)

90.0% 92.8% 92.6% 90.3% 91.0% (1) Information obtained from the borrower. (2) Represents the average occupancy rate over the course of each year. (3) Information obtained from the underwritten rent roll.

TTM U/W $ 2016 2017 2018 U/W (1) 8/31/2019 % per SF Base Rent $12,277,982 $12,955,295 $13,104,535 $12,911,113 $13,747,608 85.8% $14.64 Grossed Up Vacant Space 0 0 0 0 1,459,020 9.1 1.55 Gross Potential Rent $12,277,982 $12,955,295 $13,104,535 $12,911,113 $15,206,628 94.9% $16.19 Other Income 939,606 910,277 838,845 820,423 820,423 5.1 0.87 Net Rental Income $13,217,588 $13,865,571 $13,943,380 $13,731,536 $16,027,051 100.0% $17.06 (Vacancy) 0 0 0 0 (1,516,395) (10.0) (1.61) (Concessions & Credit Loss) 0 0 0 0 (780,603) (5.1) (0.83) Effective Gross Income $13,217,588 $13,865,571 $13,943,380 $13,731,536 $13,730,052 85.7% $14.62

Real Estate Taxes 1,360,792 1,492,313 1,712,027 1,796,242 1,796,242 13.1 1.91 Insurance 193,061 256,998 282,525 297,925 297,925 2.2 0.32 Management Fee 797,596 834,216 836,634 823,862 411,902 3.0 0.44 Other Operating Expenses 2,509,009 2,571,063 2,673,578 2,674,631 2,674,631 19.5 2.85 Total Operating Expenses $4,860,458 $5,154,590 $5,504,764 $5,592,660 $5,180,700 37.7% $5.52

Net Operating Income $8,357,129 $8,710,982 $8,438,616 $8,138,876 $8,549,353 62.3% $9.10 Replacement Reserves 0 0 0 0 140,886 1.0 0.15 Net Cash Flow $8,357,129 $8,710,982 $8,438,616 $8,138,876 $8,408,466 61.2% $8.95

NOI DSCR 3.08x 3.21x 3.11x 3.00x 3.15x NCF DSCR 3.08x 3.21x 3.11x 3.00x 3.10x NOI Debt Yield 10.0% 10.4% 10.1% 9.7% 10.2% NCF Debt Yield 10.0% 10.4% 10.1% 9.7% 10.1%

Represents (i) percent of Net Rental Income for all revenue fields, (ii) percent of Gross Potential Rent for Vacancy and Concessions & Credit Loss and (1) (iii) percent of Effective Gross Income for all other fields. (2) The underwritten economic vacancy is 10.0%. The Metro 14 Self Storage Portfolio Properties were 91.0% physically occupied as of July 31, 2019. Appraisals. The appraiser concluded to an “as-is” appraised value for the Metro 14 Self Storage Portfolio Properties of $151,000,000 as of August 1, 2019, based on the assumption that the individual properties would be sold as a multi-property portfolio. The sum of the individual “as-is” appraised values for each of the Metro 14 Self Storage Portfolio Properties equates to $136,600,000, as of July 23, 2019 to July 26, 2019. Environmental Matters. Based on Phase I environmental site assessments dated from August 6, 2019 to August 13, 2019, there is no evidence of any recognized environmental conditions at 13 of the Metro 14 Self Storage Portfolio Properties. With respect to the Starkey Road (Largo, Florida), W Fletcher Avenue (Tampa, Florida) and Bruce B. Downs (Tampa, Florida) properties, the lender obtained an environmental insurance policy with a $3,000,000 limit and 13-year term. With respect to certain environmental conditions at these three properties, the lender obtained opinion of probable cost letters for a reasonable worst-case scenario with an aggregate cost estimate of $436,000, with a noted 90% confidence level in the cost estimate. Based on a Phase I environmental site assessment performed for the Starkey Road (Largo, Florida) property, dated August 12, 2019, two adjoining underground storage tanks (“USTs”) were identified as a recognized environmental condition due to an ongoing release from the tanks. The releases are currently awaiting funding for cleanup, and the consultant recommended a file review be completed to determine the risks to the subject site. Based on a Phase I environmental site assessment performed for the W Fletcher Avenue (Tampa, Florida) property, dated August 13, 2019, there is no evidence of any recognized environmental conditions; however, the site was previously improved with several small commercial structures including automotive repair and body work facilities from the late 1960s to the 1990s. A Phase II environmental site assessment was recommended; however, the aforementioned environmental insurance policy was obtained in lieu of performing such additional testing. While the site has been redeveloped, there does not appear to have been any investigation into whether these historical operations have impacted the property.

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Based on a Phase I environmental site assessment performed for the Bruce B. Downs (Tampa, Florida) property, dated August 13, 2019, there is no evidence of any recognized environmental conditions; however, a 2013 Phase I assessment for the property identified lead in drinking water from the manager’s residence. Based on the known elevated levels found in 2013, further testing of the drinking water in the manager’s residence was recommended.

Market Overview and Competition. The Metro 14 Self Storage Portfolio Properties are located within the metropolitan statistical areas of Tampa, Florida (12 properties, 74.7% of ALA) and Chicago, Illinois (2 properties, 25.3% of ALA). The following table presents certain local demographic data related to the Metro 14 Self Storage Portfolio Properties:

2018 Average Household 2018 Population Income Property Name – Location (within 1-mi. / 3-mi. / 5-mi. (within 1-mi. / 3-mi. / 5-mi. Radius) Radius) N Desplaines – Chicago, IL(1) 15,478 / 58,850 / 223,186 $166,744 / $143,002 / $143,672 N Kirk Road – Batavia, IL NAV / 38,962 / 134,923 NAV / $121,947 / $116,150 St. Road 54 (WC) – Wesley Chapel, FL 2,783 / 29,743 / 72,998 $93,403 / $88,319 / $89,983 Starkey Road – Largo, FL 10,933 / 110,591 / NAV $55,137 / $59,493 / NAV S Belcher Road – Seminole, FL 6,345 / 97,437 / NAV $87,528 / $63,787 / NAV W Fletcher Avenue – Tampa, FL 10,935 / 105,929 / 284,732 $73,405 / $67,129 / $65,971 Gunn Highway – Tampa, FL 13,734 / 109,750 / 306,468 $76,995 / $72,660 / $66,681 W MLK – Tampa, FL 9,358 / 62,985 / NAV $67,698 / $72,892 / NAV E Fletcher Ave – Tampa, FL 26,426 / 117,840 / 268,111 $32,401 / $52,806 / $65,759 Bruce B. Downs – Tampa, FL 8,477 / 54,763 / 101,921 $104,051 / $111,281 / $109,278 St. Road 54 (Lutz) – Lutz, FL NAV / 39,953 / 86,999 NAV / $99,115 / $102,146 Barclay Road – Spring Hill, FL 5,870 / 39,424 / NAV $69,729 / $64,157 / NAV Boyette Road – Riverview, FL 6,931 / 60,626 / 179,445 $73,568 / $76,303 / $79,058 Robin Road – Lakeland, FL 8,837 / 69,014 / 144,275 $73,398 / $70,955 / $68,922

The population and average household income statistics shown for the N Desplaines property represent (1) the 0.5 mile / 1-mile / 2-mile radii. The following table presents certain information relating to certain self storage lease comparables provided in the appraisals for the Metro 14 Self Storage Portfolio Properties:

Competitive Appraiser’s Current Set Monthly Monthly Property Name – Location Occupancy Average Underwritten Market (7/31/2019) Occupancy Rent/Unit Rent/Unit Rate N Desplaines – Chicago, IL 94.1% 91.0% $183 $187 N Kirk Road – Batavia, IL 92.2% 91.0% $131 $139 St. Road 54 (WC) – Wesley Chapel, FL 89.0% 75.0% $159 $166 Starkey Road – Largo, FL 84.8% 89.1% $120 $133 S Belcher Road – Seminole, FL 90.9% 90.8% $136 $140 W Fletcher Avenue – Tampa, FL 94.0% 89.1% $134 $130 Gunn Highway – Tampa, FL 90.1% 92.0% $120 $127 W MLK – Tampa, FL 91.4% 91.6% $162 $164 E Fletcher Ave – Tampa, FL 91.5% 88.9% $117 $127 Bruce B. Downs – Tampa, FL 91.2% 90.6% $173 $179 St. Road 54 (Lutz) – Lutz, FL 87.4% 87.4% $125 $131 Barclay Road – Spring Hill, FL 93.8% 89.0% $145 $165 Boyette Road – Riverview, FL 89.7% 75.4% $127 $134 Robin Road – Lakeland, FL 94.9% 87.8% $120 $136

Escrows. Real Estate Taxes – The Metro 14 Self Storage Portfolio Mortgage Loan documents require an upfront real estate tax reserve of $684,910 and ongoing monthly real estate tax reserves in an amount equal to one-twelfth of the real estate taxes that the lender estimates will be payable during the next twelve months (initially $143,113). Insurance – The Metro 14 Self Storage Portfolio Mortgage Loan documents do not require ongoing monthly escrows for insurance premiums so long as (i) no event of default has occurred and is continuing, (ii) the Metro 14 Self Storage Portfolio Borrower provides the lender with evidence that the Metro 14 Self Storage Portfolio Properties are insured pursuant to a blanket policy and such policy is in full force and effect, and (iii) the Metro 14 Self Storage Portfolio Borrower provides the lender with evidence of timely payment of the insurance premiums and renewals.

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Replacement Reserve – The Metro 14 Self Storage Portfolio Mortgage Loan documents require ongoing monthly replacement reserves of $7,826 (subject to a cap of $187,834), which the lender may require the Metro 14 Self Storage Portfolio Borrower to increase (not

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Self Storage – Self Storage Loan #4 Cut-off Date Balance: $83,600,000 Various Locations (IL, FL) Metro 14 Self Storage Portfolio Cut-off Date LTV: 55.4% U/W NCF DSCR: 3.10x U/W NOI Debt Yield: 10.2% more than once per year) if the lender reasonably determines such increase is necessary to maintain the proper operation of the Metro 14 Self Storage Portfolio Properties. Lockbox and Cash Management. Upon the occurrence and continuance of a Cash Trap Event Period (as defined below), the Metro 14 Self Storage Portfolio Borrower is required to establish a lender-controlled lockbox account and the Metro 14 Self Storage Portfolio Borrower and property manager are required to (i) cause all credit card receipts to be deposited directly into the lockbox account and (ii) deposit all additional rents (other than credit card receipts) into the lockbox account on a weekly basis. During a Cash Trap Event Period, funds in the lockbox account are required to be swept to a lender-controlled cash management account, and all excess funds are required to be swept to an excess cash flow subaccount controlled by the lender. A “Cash Trap Event Period” will commence upon the earlier of the following: (i) the occurrence and continuance of an event of default; and the net cash flow debt service coverage ratio (based on a hypothetical 30-year amortization term; “NCF DSCR”) (ii) being less than 1.10x (tested quarterly) for two consecutive calendar quarters. A Cash Trap Event Period will end upon the occurrence of the following:

● with regard to clause (i), the cure of such event of default; and ● with regard to clause (ii), the NCF DSCR being greater than or equal to 1.15x for two consecutive calendar quarters. Property Management. The Metro 14 Self Storage Portfolio Properties are managed by an affiliate of the Metro 14 Self Storage Portfolio Borrower. Partial Release. Provided no event of default is ongoing, the Metro 14 Self Storage Portfolio Borrower has the right, at any time after the lockout period and prior to the open period start date, to obtain the release of any of the Metro 14 Self Storage Portfolio Properties from the lien of the Metro 14 Self Storage Portfolio Mortgage Loan, provided that certain conditions are satisfied, including, but not limited to, the following: (i) partial defeasance in an amount equal to at least 125% of the allocated loan amount for the property being released; the net cash flow debt service coverage ratio immediately following the release being equal to or greater than the (ii) greater of (a) 1.94x (based on a hypothetical 30-year amortization period) and (b) the net cash flow debt service coverage ratio immediate prior to the release; the net cash flow debt yield immediately following the release being equal to or greater than the greater of (1) 9.6% (iii) and (2) the net cash flow debt yield immediately prior to the release;

the loan-to-value ratio immediately following the release being less than or equal to the lesser of (x) 55.4% and (y) (iv) the loan-to-value ratio immediately prior to the release; (v) compliance with all applicable REMIC requirements; and rating agency confirmation that such release will not result in a downgrade, withdrawal or qualification of the (vi) respective ratings assigned to the BANK 2019-BNK22 certificates. Real Estate Substitution. Not permitted. Subordinate and Mezzanine Indebtedness. Not permitted. Ground Lease. None. Terrorism Insurance. The Metro 14 Self Storage Portfolio Mortgage Loan documents require that the “all risk” insurance policy required to be maintained by the Metro 14 Self Storage Portfolio Borrower provides coverage for terrorism in an amount equal to the full replacement cost of the Metro 14 Self Storage Portfolio Properties, as well as business interruption insurance covering no less than the 18-month period following the occurrence of a casualty event, together with a 6-month extended period of indemnity.

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Self Storage Loan #5 Cut-off Date Balance: $65,000,000 Property Addresses - Various Storage Post Portfolio Cut-off Date LTV: 65.2% U/W NCF DSCR: 1.97x U/W NOI Debt Yield: 7.9%

Mortgage Loan Information Mortgaged Property Information Morgan Stanley Mortgage Capital Single Asset/Portfolio: Portfolio Mortgage Loan Seller: Holdings LLC Credit Assessment NR/NR/NR Property Type – Subtype: Self Storage – Self Storage (DBRS/Fitch/S&P): Original Principal Balance(1): $65,000,000 Location: Various Cut-off Date Balance(1): $65,000,000 Size: 1,173,842 SF % of Initial Pool Balance: 5.4% Cut-off Date Balance Per SF(1): $127.79 Loan Purpose: Acquisition Maturity Date Balance Per SF(1): $127.79 Borrower Sponsor: Extra Space Storage Inc. Year Built/Renovated: Various/Various Guarantor: Extra Space Storage Inc. Title Vesting: Fee Mortgage Rate: 3.8900% Property Manager: Self-managed Note Date: September 13, 2019 Current Occupancy (As of): 92.4% (5/31/2019) Seasoning: 1 month YE 2018 Occupancy: 93.7% Maturity Date: October 1, 2029 YE 2017 Occupancy: 93.8% IO Period: 120 months YE 2016 Occupancy: 93.0% Loan Term (Original): 120 months YE 2015 Occupancy: 91.7% Amortization Term (Original): NAP As-Is Appraised Value(3): $230,000,000 Loan Amortization Type: Interest-only, Balloon As-Is Appraised Value Per SF(3): $195.94 Call Protection: L(25),D(88),O(7) As-Is Appraisal Valuation Date(3): August 1, 2019 Lockbox Type: Springing Underwriting and Financial Information Additional Debt(1): Yes TTM NOI (7/31/2019)(2): $11,554,063 Additional Debt Type (Balance) Pari Passu ($85,000,000); Future YE 2018 NOI: (1): Mezzanine $11,665,446 YE 2017 NOI: $11,908,645 YE 2016 NOI: $11,459,179 U/W Revenues: $19,869,791 U/W Expenses: $7,978,149 (2) Escrows and Reserves U/W NOI(2): $11,891,642 Initial Monthly Cap U/W NCF: $11,656,874 Taxes $0 Springing NAP U/W DSCR based on NOI/NCF(1): 2.01x / 1.97x Insurance $0 Springing NAP U/W Debt Yield based on NOI/NCF(1): 7.9% / 7.8% U/W Debt Yield at Maturity based on NOI/ 7.9% / 7.8% NCF(1) Cut-off Date LTV Ratio(1)(3): 65.2% LTV Ratio at Maturity(1)(3): 65.2%

Sources and Uses Sources Uses Original whole loan amount(1) $150,000,000 65.1% Purchase Price(4) $228,500,000 99.2% Borrower Equity 80,339,324 34.9 Closing Costs 1,839,324 0.8 Total Sources $230,339,324 100.0% Total Uses: $230,339,324 100.0%

The Storage Post Portfolio Mortgage Loan (as defined below) is a part of the Storage Post Portfolio Whole Loan (as defined below) with an original aggregate principal balance of $150,000,000. The Cut-off Date Balance per SF, Maturity Date Balance per SF, U/W DSCR based on NOI/NCF, U/W (1) Debt Yield based on NOI/NCF, U/W Debt Yield at Maturity based on NOI/NCF, Cut-off Date LTV Ratio and LTV Ratio at Maturity numbers presented above are based on the Storage Post Portfolio Whole Loan. (2) See “Escrows” section for a full description of Escrows and Reserves. The Appraised Value is the “as is portfolio” appraised value of the Storage Post Portfolio Properties (as defined below) as a whole, which reflects an (3) 8.7% premium to the aggregate appraised value of the individual properties. The aggregate appraised value for the individual properties as of July 18, 2019 or July 19, 2019, as applicable, is $211,600,000, which results in a Cut-off Date LTV Ratio and an LTV Ratio at Maturity of 70.9%. The Storage Post Properties were acquired in May 2019 and at loan closing a bridge loan of $150,204,500 and a bridge loan fee of $1,050,000 were (4) paid off.

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document The Mortgage Loan. The mortgage loan (the “Storage Post Portfolio Mortgage Loan”) is a part of a whole loan (the “Storage Post Portfolio Whole Loan”) that is evidenced by three pari passu promissory notes in the original aggregate principal amount of $150,000,000. The Storage Post Portfolio Whole Loan is secured by a first priority fee mortgage encumbering 11 self storage properties located throughout New York and Florida (the “Storage Post Portfolio Properties”). The Storage Post Portfolio Mortgage Loan is evidenced by the non-controlling promissory Notes A-2 and A-3 in the original aggregate principal amount of $65,000,000. The controlling promissory Note A-1 (the “Storage Post Portfolio Non-Serviced Pari Passu Companion Loan”), in the original principal amount of $85,000,000, is expected to be contributed to the BANK 2019-BNK21 securitization trust. The Storage Post Portfolio Whole Loan will be serviced pursuant to the pooling and servicing agreement for the BANK 2019-BNK21 securitization trust. See “Description of the Mortgage Pool—The Whole Loans—The Non- Serviced Pari Passu Whole Loans” and “Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans ” in the Preliminary Prospectus.

Note Summary

Original Principal Cut-off Date Notes Anticipated Note Holder Controlling Piece Balance Balance A-1 $85,000,000 $85,000,000 BANK 2019-BNK21(1) Yes A-2 $45,000,000 $45,000,000 BANK 2019-BNK22 No A-3 $20,000,000 $20,000,000 BANK 2019-BNK22 No Total $150,000,000 $150,000,000

(1) Anticipated to be transferred to the BANK 2019-BNK21 securitization transaction upon the closing date of such securitization. The Borrowers and the Borrower Sponsor. The borrowers are ESS-NYFL JV Florida Sub II LLC and ESS-NYFL JV New York Sub LLC (collectively, the “Storage Post Portfolio Borrowers”), each a Delaware limited liability company structured to be bankruptcy-remote with two independent directors. Extra Space Storage Inc. (“Extra Space Storage”) is the borrower sponsor and non-recourse carveout guarantor with respect to the Storage Post Portfolio Whole Loan. Extra Space Storage is headquartered in Salt Lake City, Utah and owned or operated over 1,700 self-storage locations across 40 states, Washington, D.C. and Puerto Rico as of June 30, 2019. The Storage Post Portfolio Borrowers are owned by a limited partnership of which the general partner is an affiliate of Extra Space Storage and the limited partners consist of an affiliate of Extra Space Storage (16%) and two unaffiliated entities owned or managed by GIC Real Estate, Inc. (45%) or an overseas investment entity owned by an entity of the People’s Republic of China (39%). GIC Real Estate, Inc. is an affiliate of an investment firm established in 1981 to manage Singapore’s foreign reserves. In some circumstances, the unaffiliated limited partners are entitled to purchase the entirety of the general and limited partnership interests of such affiliates of Extra Space Storage, provided that the unaffiliated limited partners provide a replacement non-recourse carveout guarantor that meets certain net worth and liquidity requirements and is reasonably approved by the lender.

The Properties. The Storage Post Portfolio Properties are comprised of 11 self storage properties containing a total of 10,680 units, comprised of approximately 36.7% non-climate controlled units, approximately 57.5% climate controlled units and approximately 5.9% recreational vehicle (“RV”) storage units. The Storage Post Portfolio Properties range in size from approximately 44,000 square feet to 194,000 square feet, and average unit size is 95 SF. The Storage Post Portfolio Properties are located in Florida (8 properties representing 75.6% of total square feet and 60.6% of TTM NOI) and New York (3 properties representing 24.4% of total square feet and 39.4% of TTM NOI). Excluding New Hyde Park and Station Square, no single property accounts for more than 9.1% of TTM NOI or 12.0% of total square feet. The Storage Post Portfolio Properties have exhibited stable occupancy, having averaged 93.3% occupancy since 2016, with no property dropping below 90% occupancy during that time. As of May 31, 2019, the Storage Post Portfolio Properties were 92.4% occupied. The Storage Post Portfolio Properties were built between 1946 and 2003 and one property was renovated in 1999. According to the Storage Post Portfolio Borrowers, approximately $1.5 million has been spent in capital expenditures across the portfolio since 2017 and the borrower sponsor currently plans to spend approximately $5.9 million in capital improvements predominantly on asphalt and roofing renovations. However, such capital improvements are not required or reserved for under the Storage Post Portfolio Whole Loan documents. The following table presents certain information relating to the Storage Post Portfolio Properties: Storage Post Portfolio Summary

Cut-off Date % of Total GLA (1) Allocated % of Appraised Property Name City State Year Built (SF) Units (2) Appraised Loan ALA Value (2) Amount Value New Hyde Park New Hyde Park NY 2003 151,284 1,948 $41,363,000 27.6% $65,000,000 30.7% Pompano Station Square FL 1967-1986 193,735 1,198 $22,403,000 14.9% $30,100,000 14.2% Beach Mills Pond Park Fort Lauderdale FL 1989-1994 117,230 1,093 $12,988,000 8.7% $17,400,000 8.2% Huntington Huntington NY 1946 44,059 603 $12,004,000 8.0% $18,000,000 8.5% Station Islandia Islandia NY 1985 90,753 874 $12,003,000 8.0% $18,000,000 8.5% Lauderdale Manors Fort Lauderdale FL 1973 124,501 1,082 $11,248,000 7.5% $14,000,000 6.6% Wilton Manors Fort Lauderdale FL 1968 56,842 759 $9,870,000 6.6% $12,500,000 5.9% Franklin Park Fort Lauderdale FL 1972-1987 140,735 1,192 $9,441,000 6.3% $12,700,000 6.0% Oakland Park Oakland Park FL 1959-1970 90,540 518 $7,820,000 5.2% $9,900,000 4.7% Lauderhill Lauderhill FL 1984 91,372 1,039 $6,310,000 4.2% $8,500,000 4.0%

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Pompano Dixie Highway FL 1966-1970 72,792 374 $4,550,000 3.0% $5,500,000 2.6% Beach Total: 1,173,842 10,680 $150,000,000 100.0% $230,000,000 100.0%

(1) Based on the underwritten rent roll. The Total Appraised Value is the “as is portfolio” appraised value of the Storage Post Portfolio Properties as a whole, which reflects an 8.7% premium to the aggregate appraised value of the individual properties. The aggregate appraised value for the individual properties as of July 18, 2019 or July (2) 19, 2019, as applicable, is $211,600,000, which results in a Cut-off Date LTV Ratio and an LTV Ratio at Maturity of 70.9%. The % of Appraised Value is based on the aggregate appraised value for the individual properties.

The following table presents certain information relating to the unit mix and net operating income of the Storage Post Portfolio Properties:

Storage Post Portfolio Summary(1)

% of Non- Non- Climate Total Climate Property Climate Climate Controlled 7/31/2019 7/31/ City / State RV Controlled RV SF Name Controlled Controlled Square TTM NOI 2019 Units Square Units Units Feet TTM Feet NOI New Hyde Park New Hyde Park, NY 11 1,876 61 1,162 137,922 12,200 $2,822,926 24.4% Station Square Pompano Beach, FL 87 953 158 13,870 78,831 101,034 $1,807,703 15.6% Mills Pond Park Fort Lauderdale, FL 290 794 9 43,291 61,534 12,405 $1,050,689 9.1% Huntington Huntington Station, NY 314 276 13 24,931 17,895 1,233 $866,420 7.5% Islandia Islandia, NY 846 0 28 86,401 0 4,352 $866,214 7.5% Lauderdale Fort Lauderdale, FL 417 632 33 66,266 49,035 9,200 $968,297 8.4% Manors Wilton Manors Fort Lauderdale, FL 0 755 4 0 56,202 640 $837,917 7.3% Franklin Park Fort Lauderdale, FL 539 445 208 78,900 20,571 41,264 $761,212 6.6% Oakland Park Oakland Park, FL 472 31 15 74,284 1,846 14,410 $664,196 5.7% Lauderhill Lauderhill, FL 714 298 27 72,007 15,045 4,320 $507,898 4.4% Dixie Highway Pompano Beach, FL 225 79 70 48,602 3,660 20,530 $400,592 3.5% Total: 3,915 6,139 626 509,713 442,541 221,588 $11,554,063 100.0%

(1) Based on the underwritten rent roll. The following table presents historical occupancy percentages at the Storage Post Portfolio:

Historical Occupancy

12/31/2015(1) 12/31/2016(1) 12/31/2017(1) 12/31/2018(1) 5/31/2019(1) 91.7% 93.0% 93.8% 93.7% 92.4% (1) Information obtained from the underwritten rent roll.

Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the operating history and underwritten net cash flow at the Storage Post Portfolio:

Cash Flow Analysis

TTM U/W $ per 2016 2017 2018 U/W (1) 7/31/2019 % SF Rents in Place $19,746,811 $20,403,182 $20,571,192 $20,292,015 $20,292,015 96.8% $17.29 Contractual Rent Steps 0 0 0 0 0 0.0 0.00 Gross Potential Rent $19,746,811 $20,403,182 $20,571,192 $20,292,015 $20,292,015 96.8% $17.29 Other Income 1,113,534 1,102,803 1,089,766 1,220,708 1,220,708 5.8 1.04 Bad Debt (691,882) (729,089) (671,444) (554,451) (554,451) (2.6) (0.47) Net Rental Income $20,168,463 $20,776,896 $20,989,515 $20,958,272 $20,958,272 100.0% $17.85 Concessions (948,118) (1,004,688) (1,090,117) (1,088,481) (1,088,481) (5.2) (0.93) (2) (Vacancy & Credit Loss) 0 0 0 0 0 0.0 0.00 Effective Gross Income $19,220,345 $19,772,208 $19,899,398 $19,869,791 $19,869,791 94.8% $16.93

Real Estate Taxes 2,192,374 2,378,144 2,568,249 2,687,202 2,687,202 13.5 2.29 Insurance 338,048 336,791 348,950 373,959 373,959 1.9 0.32 Management Fee 1,203,403 1,243,268 1,398,312 1,331,068 993,490 5.0 0.85 Other Operating Expenses 4,027,340 3,905,360 3,918,442 3,923,499 3,923,499 19.7 3.34 Total Operating Expenses $7,761,165 $7,863,563 $8,233,952 $8,315,728 $7,978,149 40.2% $6.80

Net Operating Income(1) $11,459,179 $11,908,645 $11,665,446 $11,554,063 $11,891,642 59.8% $10.13 Replacement Reserves 0 0 0 0 234,768 1.2 0.20 Net Cash Flow $11,459,179 $11,908,645 $11,665,446 $11,554,063 $11,656,874 58.7% $9.93

NOI DSCR(3) 1.94x 2.01x 1.97x 1.95x 2.01x NCF DSCR(3) 1.94x 2.01x 1.97x 1.95x 1.97x NOI Debt Yield(3) 7.6% 7.9% 7.8% 7.7% 7.9% NCF Debt Yield(3) 7.6% 7.9% 7.8% 7.7% 7.8%

Represents (i) percent of Net Rental Income for all revenue fields, (ii) percent of Gross Potential Rent for Vacancy & Credit Loss and (iii) percent of (1) Effective Gross Income for all other fields. (2) The Storage Post Portfolio is 92.4% leased as of May 31, 2019. (3) Debt service coverage ratios and debt yields are based on the Storage Post Portfolio Whole Loan.

Appraisal. The appraised value is $230,000,000 and represents the “as is portfolio” appraised value of the Storage Post Portfolio Properties as a whole, which reflects an 8.7% premium to the aggregate appraised value of the individual properties. The aggregate appraised value for the individual properties as of July 18, 2019 or July 19, 2019, as applicable, is $211,600,000, which results in a Cut-off Date LTV Ratio and an LTV Ratio at Maturity of 70.9%. Environmental Matters. According to Phase I environmental site assessments dated between August 1, 2019 and August 5, 2019, there was no evidence of any recognized environmental conditions at the Storage Post Portfolio. Market Overview and Competition. The Storage Post Portfolio Properties are located across New York and Florida. Eight properties are located in Florida (75.6% of total SF and 60.6% of TTM NOI) and three properties are located in New York (24.4% of total SF and 39.4% of TTM NOI). The following table presents the geographical distribution of the Storage Post Portfolio Properties:

Storage Post Portfolio Summary

Non- Cut-off Date Climate Total GLA 5/31/2019 Climate RV 7/31/2019 State Units(1) Allocated % of ALA Controlled (SF)(1) Occ.(1) Controlled Units(1) TTM NOI Loan Amount Units(1) Units(1) Florida 887,745 7,255 $84,630,000 56.4% 92.7% 2,744 3,987 524 $6,998,503 New York 286,096 3,425 $65,370,000 43.6% 91.6% 1,171 2,152 102 $4,555,560 Total/Wtd. Avg.: 1,173,842 10,680 $150,000,000 100.0% 92.4% 3,915 6,139 626 $11,554,063

(1) Based on the underwritten rent roll. The following table presents the local demographics data at the Storage Post Portfolio Properties:

Local Demographics Summary

2018 Population (within 1-mi. / 3-mi. / 5-mi. 2018 Average Household Income Property Name City State Radius) (within 1-mi. / 3-mi. / 5-mi. Radius) New Hyde Park New Hyde Park NY 26,252 / 234,615 / 662,557 NAV / $139,757 / NAV Station Square Pompano Beach FL 21,465 / 117,140 / 273,488 $53,558 / $69,931 / $76,808 Mills Pond Park Fort Lauderdale FL 17,330 / 186,745 / 418,337 $49,630 / $61,815 / $71,432 Huntington Huntington Station NY 13,201 / 77,193 / 167,554 $116,382 / $148,257 / $172,807 Islandia Islandia NY 8,299 / 90,070 / 254,301 NAV / $116,413 / NAV Lauderdale Manors Fort Lauderdale FL 17,049 / 190,826 / 435,608 $46,590 / $56,621 / $70,549 Wilton Manors Fort Lauderdale FL 24,075 / 143,718 / 301,366 $76,314 / $84,602 / $78,142 Franklin Park Fort Lauderdale FL 18,386 / 181,533 / 386,514 $43,549 / $62,827 / $70,938 Oakland Park Oakland Park FL 20,708 / 145,430 / 362,521 $61,073 / $79,732 / $73,825 Lauderhill Lauderhill FL 17,947 / 194,008 / 434,170 $51,339 / $54,786 / $65,140 Dixie Highway Pompano Beach FL 16,874 / 118,465 / 272,879 $59,993 / $73,906 / $74,475 Source: Appraisals THE INFORMATION IN THIS STRUCTURAL AND COLLATERAL TERM SHEET IS NOT COMPLETE AND MAY BE AMENDED PRIOR TO THE TIME OF SALE. THIS TERM SHEET IS NOT AN OFFER TO SELL THESE SECURITIES AND IT IS NOT A SOLICITATION OF AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR SALE IS NOT PERMITTED.

The following table presents certain information relating to certain self-storage lease comparables provided in the appraisals for the Storage Post Portfolio Properties:

Competitive Set Summary

Competitive Occupancy Set Average Property Name City State Rates As of Asking Rent Market Rent Occupancy 5/31/2019 Rates New Hyde Park New Hyde Park NY 90.1% 88.5% $220 $203 Station Square Pompano Beach FL 93.3% 82.4% $124 $136 Mills Pond Park Fort Lauderdale FL 91.2% 89.8% $129 $135 Huntington Huntington Station NY 92.2% 89.0% $249 $221 Islandia Islandia NY 93.6% 91.0% $169 $164 Lauderdale Manors Fort Lauderdale FL 91.7% 90.2% $131 $134 Wilton Manors Fort Lauderdale FL 94.3% 91.2% $157 $155 Franklin Park Fort Lauderdale FL 92.4% 91.2% $102 $113 Oakland Park Oakland Park FL 92.8% 90.0% $183 $183 Lauderhill Lauderhill FL 90.8% 91.2% $109 $109 Dixie Highway Pompano Beach FL 96.6% 83.0% $224 $214 Source: Appraisals and underwritten rent roll.

Escrows. Taxes – Monthly reserves for real estate taxes are not required so long as (i) Extra Space Storage Inc. is the non-recourse carveout guarantor of the Storage Post Portfolio Whole Loan, (ii) no Cash Sweep Event Period (as defined below) has occurred and is continuing, and (iii) the Storage Post Portfolio Borrowers provide the lender with paid receipts for real estate taxes upon lender’s written request and by no later than three business days prior to the date on which such real estate taxes would be delinquent. If such conditions are not satisfied, the Storage Post Portfolio Borrowers will be required to deposit monthly reserves for real estate taxes in an amount equal to 1/12 of the real estate taxes that the lender estimates will be payable during the next twelve months. Insurance – Monthly reserves for insurance premiums are not required so long as (i) Extra Space Storage Inc. is the non- recourse carveout guarantor of the Storage Post Portfolio Whole Loan, (ii) no event of default is continuing, (iii) the insurance coverage for each Storage Post Portfolio Property is included in a blanket or umbrella policy approved by the lender in its reasonable discretion, and (iv) the Storage Post Portfolio Borrowers provide the lender with evidence of payment of the insurance premiums and renewals of the insurance policies, no later than ten days prior to the expiration of the current policy. If such conditions are not satisfied, the Storage Post Portfolio Borrowers will be required to deposit monthly reserves for insurance premiums in an amount equal to 1/12 of the insurance premiums that the lender estimates will be payable for the renewal of coverage upon the expiration of the insurance policies. Lockbox and Cash Management. The Storage Post Portfolio Whole Loan is structured with a springing soft lockbox and springing cash management. Upon the first occurrence of a Cash Sweep Event Period, the Storage Post Portfolio Borrowers are required to establish (i) a lockbox account into which, during a Cash Sweep Event Period, the Storage Post Portfolio Borrowers are required to directly deposit, or cause to be deposited, all rents, and all De Minimis Revenue (as defined below) (less anticipated costs for debits for credit and chargebacks, fees and refunded items) from the Storage Post Portfolio Properties, and (ii) a lender-controlled cash management account, into which the Storage Post Portfolio Borrowers are required to cause all sums in the lockbox account to be transferred on each business day during a Cash Sweep Event Period. During the continuance of a Cash Sweep Event Period, provided no event of default is continuing, all funds in the cash management account are required to be applied on each monthly payment date: (i) to make deposits into an account for payment of tenant insurance premiums, sales tax, and packing supply cash receipts (“De Minimis Revenue”), which are to be disbursed to the Storage Post Portfolio Borrowers within five business days of delivery to the lender of a budget for such expenses, (ii) to make the monthly deposits into the real estate tax and insurance reserves, if any, as described above under “Escrows and Reserves,” (iii) to pay debt service on the Storage Post Portfolio Whole Loan, (iv) to pay operating expenses set forth in the annual budget (which is required to be approved by the lender during a Cash Sweep Event Period) and lender-approved extraordinary expenses, and (v) to deposit any remainder into an excess cash flow subaccount to be held as additional security for the Storage Post Portfolio Whole Loan during such Cash Sweep Event Period. If no Cash Sweep Event Period exists, funds in the lockbox account are required to be disbursed to the Storage Post Portfolio Borrowers.

commencing upon the occurrence of an event of default under the Storage Post Portfolio Whole Loan documents (i) and ending upon the cure of such event of default; or commencing upon the debt service coverage ratio on the Storage Post Portfolio Whole Loan falling below 1.10x based upon the trailing-twelve months (calculated at the end of each calendar quarter assuming a 30 year (ii) amortization schedule), and ending on the date the debt service coverage ratio equals or exceeds 1.25x for two consecutive calendar quarters (calculated assuming a 30 year amortization schedule).

Property Management. The Storage Post Portfolio is managed by Extra Space Management, Inc., an affiliate of the Storage Post Portfolio Borrowers. Partial Release. After the expiration of the defeasance lockout period for the Storage Post Portfolio Whole Loan, the Storage Post Portfolio Borrowers have the right to obtain a release of any of the individual Storage Post Portfolio Properties, provided certain conditions are satisfied, including: (i) no event of default is continuing, (ii) the Storage Post Portfolio Borrowers partially defease the Storage Post Portfolio Whole Loan in a principal amount equal to 125% of the allocated loan amount of the related individual property, (iii) the debt yield for all remaining Storage Post Portfolio Properties is not less than the debt yield immediately preceding the release, and (iv) customary REMIC requirements are satisfied. In addition, the Storage Post Portfolio Borrowers are permitted to obtain the release of an approximately 0.45 acre release parcel included in the Station Square property (the “Release Parcel”), in connection with an arm’s length third party sale of the Release Parcel, provided that certain conditions are satisfied, including, (i) if applicable, the Release Parcel Release Price (as defined below) is defeased, (ii) customary REMIC requirements are satisfied and (iii) following the release, the remaining portion of the Station Square property (the “Remaining Station Square Property”) complies with legal requirements, including zoning and parking requirements, and constitutes a separate tax lot. “Release Parcel Release Price” means 125% of the amount required such that the Release Parcel Loan-To-Value-Ratio does not exceed 73.9%. “Release Parcel Loan-To-Value Ratio” means a percentage calculated by multiplying (i) a fraction, the (x) numerator of which is the outstanding principal balance of the allocated loan amount for the Station Square property, and (y) denominator of which is the value of the Remaining Station Square Property based on a current appraisal thereof, in the case of each of (x) and (y), as determined immediately prior to the release of the Release Parcel, by (ii) 100%. Real Estate Substitution. Not permitted. Subordinate and Mezzanine Indebtedness. A constituent party or parties (direct or indirect) of the Storage Post Portfolio Borrowers (the “Mezzanine Borrower”) has a one-time right to obtain a mezzanine loan (the “Mezzanine Debt”) from a third- party lender secured by a pledge of up to 49% of such Mezzanine Borrower’s direct or indirect equity interests in the Storage Post Portfolio Borrowers, provided certain conditions are satisfied, including (a) no event of default is continuing, (b) the aggregate loan-to-value ratio of the Storage Post Portfolio Whole Loan and the Mezzanine Debt is equal to or less than 65% (based on an updated appraisal acceptable to the lender), (c) the aggregate debt yield of the Storage Post Portfolio Whole Loan and the Mezzanine Debt is not less than 8.0%, (d) the maturity date of the Mezzanine Debt is coterminous with or longer than the maturity date of the Storage Post Portfolio Whole Loan, (e) the lender and the mezzanine lender enter into an intercreditor agreement in form and substance reasonably acceptable to the lender, and (f) the lender has received a rating agency confirmation as to the implementation of the Mezzanine Debt. Ground Lease. None.

Right of First Offer/Right of First Refusal. None. Letter of Credit. None. Terrorism Insurance. The Storage Post Portfolio Borrowers are required to obtain and maintain an “all risk” property insurance policy that covers perils of terrorism and acts of terrorism in an amount equal to the “full replacement cost” of the Storage Post Portfolio Properties, together with business income insurance covering not less than the 18-month period commencing at the time of loss, together with an extended period of indemnity endorsement of not less than 12 months. Notwithstanding the foregoing, for so long as the Terrorism Risk Insurance Act of 2002, as extended and modified by the Terrorism Risk Insurance Program Reauthorization Act of 2015 (“TRIPRA”) is in effect (including any extensions thereof or if another federal governmental program is in effect relating to “acts of terrorism” which provides substantially similar protections as TRIPRA), and covers both domestic and foreign acts of terrorism, the lender is required to accept terrorism insurance which insures against “covered acts” as defined by TRIPRA (or such other program). See “Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties” in the Preliminary Prospectus.

Mortgage Loan Information Mortgaged Property Information

Mortgage Loan Seller: Morgan Stanley Mortgage Capital Single Asset/Portfolio: Portfolio Holdings LLC Credit Assessment NR/NR/NR Property Type – Subtype(1): Various/Various (DBRS/Fitch/S&P): Original Principal Balance: $62,527,000 Location(1): Various Cut-off Date Balance: $62,527,000 Size: 350,043 SF % of Initial Pool Balance: 5.2% Cut-off Date Balance Per SF: $178.63 Loan Purpose: Acquisition Maturity Date Balance Per SF: $178.63 Borrower Sponsor: ExchangeRight Real Estate, LLC Year Built/Renovated(1): Various/Various Guarantors: Warren Thomas; David Fisher; Title Vesting: Fee Joshua Ungerecht NLP Management, Mortgage Rate: 3.8380% Property Manager: LLC Note Date: September 4, 2019 Current Occupancy (As of): 100.0% (11/1/2019) Seasoning: 1 month YE 2018 Occupancy(2): NAV Maturity Date: October 1, 2029 YE 2017 Occupancy(2): NAV IO Period: 120 months YE 2016 Occupancy(2): NAV Loan Term (Original): 120 months YE 2015 Occupancy(2): NAV Amortization Term (Original): NAP As-Is Appraised Value: $101,200,000 Loan Amortization Type: Interest-only, Balloon As-Is Appraisal Value Per SF: $289.11 Call Protection: L(25),D(91),O(4) As-Is Appraisal Valuation Date: Various Lockbox Type: Hard/Springing Cash Management Additional Debt: None Underwriting and Financial Information

Additional Debt Type (Balance): NAP YE 2018 NOI(2): NAV YE 2017 NOI(2): NAV YE 2016 NOI(2): NAV YE 2015 NOI(2): NAV U/W Revenues: $6,801,070 U/W Expenses: $870,660 (3) Escrows and Reserves U/W NOI: $5,930,410 Initial Monthly Cap U/W NCF: $5,737,697 Taxes $526,625 Springing NAP U/W DSCR based on NOI/NCF: 2.44x / 2.36x Insurance $0 Springing NAP U/W Debt Yield based on NOI/NCF: 9.5% / 9.2% Replacement $102,000 $2,338 NAP Reserve $500,000 Springing NAP U/W Debt Yield at Maturity based on NOI/NCF 9.5% / 9.2% TI/LC Reserve Required Repair Cut-off Date LTV Ratio: 61.8% Reserve $406,929 $0 NAP BioLife Rollover LTV Ratio at Maturity: 61.8% Reserve $0 Springing NAP

Sources and Uses Sources Uses Original loan amount $62,527,000 60.2% Purchase price(4) $100,583,336 96.8% Cash equity contribution 41,386,226 39.8 Closing costs 1,794,336 1.7

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Reserves 1,535,554 1.5 Total Sources $103,913,226 100.0% Total Uses $103,913,226 100.0%

(1) See “The Properties” section. Historical occupancy and NOI are unavailable as the ExchangeRight Properties (as defined below) were acquired by the borrower sponsor between (2) February 21, 2019 and August 5, 2019. (3) See “Escrows” section. The ExchangeRight Properties were acquired between February 21, 2019 and August 5, 2019 and at loan closing several short term loans, with an (4) aggregate payoff amount of $29,345,778, were paid off.

The Mortgage Loan. The mortgage loan (the “ExchangeRight Net Leased Portfolio #29 Mortgage Loan”) is evidenced by a single promissory note secured by the fee interests in twenty four cross-collateralized, net leased, single-tenant retail and medical office properties located across ten states (the “ExchangeRight Properties”). The proceeds of the ExchangeRight Net Leased Portfolio #29 Mortgage Loan were used to acquire the ExchangeRight Properties, to payoff a number of short term loans, to fund reserve escrows and to pay closing costs.

The Borrower and Borrower Sponsor. The borrower is ExchangeRight Net Leased Portfolio 29 DST, a Delaware statutory trust (the “ExchangeRight Net Leased Portfolio #29 Borrower”) structured to be bankruptcy-remote with an independent trustee. See “Description of the Mortgage Pool—Mortgage Pool Characteristics—Delaware Statutory Trusts” in the Preliminary Prospectus. Legal counsel to the ExchangeRight Net Leased Portfolio #29 Borrower delivered a non- consolidation opinion in connection with the origination of the ExchangeRight Net Leased Portfolio #29 Mortgage Loan. The borrower sponsor is ExchangeRight Real Estate, LLC.

ExchangeRight Real Estate, LLC has more than 14 million square feet under management. ExchangeRight Real Estate, LLC has more than 600 investment-grade retail and Class B/B+ multifamily properties located across 38 states. David Fisher, Joshua Ungerecht and Warren Thomas, the owners of ExchangeRight Real Estate, LLC, are the guarantors of certain non- recourse carveout liabilities under the ExchangeRight Net Leased Portfolio #29 Mortgage Loan. Warren Thomas was subject to a foreclosure sale in November, 2009. See “Description of the Mortgage Pool – Loan Purpose; Default History, Bankruptcy Issues and Other Proceedings” in the Preliminary Prospectus.

The ExchangeRight Net Leased Portfolio #29 Borrower has master leased the ExchangeRight Properties to a master tenant (the “ExchangeRight Net Leased Portfolio #29 Master Tenant”) owned by ExchangeRight Real Estate, LLC, which is in turn owned by the ExchangeRight Net Leased Portfolio #29 Mortgage Loan non-recourse carveout guarantors. The ExchangeRight Net Leased Portfolio #29 Master Tenant is a Delaware limited liability company structured to be bankruptcy- remote and has one independent director. The master lease generally imposes responsibility on the ExchangeRight Net Leased Portfolio #29 Master Tenant for the operation, maintenance and management of the ExchangeRight Properties and pay all expenses incurred in the maintenance and repair of the Exchange Right Properties other than capital expenses (but replacement reserves under the ExchangeRight Net Leased Portfolio #29 Mortgage Loan may be made available to the ExchangeRight Net Leased Portfolio #29 Master Tenant for the payment of capital expenses). The ExchangeRight Net Leased Portfolio #29 Master Tenant’s interest in all tenant rents was assigned to the ExchangeRight Net Leased Portfolio #29 Borrower, which in turn collaterally assigned its interest to the lender. The master lease is subordinate to the ExchangeRight Net Leased Portfolio #29 Mortgage Loan and, upon an event of default under the ExchangeRight Net Leased Portfolio #29 Mortgage Loan, the lender has the right to cause the ExchangeRight Net Leased Portfolio #29 Borrower to terminate the master lease. A default under the master lease is an event of default under the ExchangeRight Net Leased Portfolio #29 Mortgage Loan and gives rise to recourse liability to the non-recourse carveout guarantors for losses unless such default arises solely in connection with the failure of the ExchangeRight Net Leased Portfolio #29 Master Tenant to pay rent as a result of the ExchangeRight Properties not generating sufficient cash flow for the payment of such rent.

The lender has the right to require the ExchangeRight Net Leased Portfolio #29 Borrower to convert from a Delaware statutory trust to a limited liability company upon (i) an event of default or the lender’s determination of imminent default, (ii) the lender’s determination that the ExchangeRight Net Leased Portfolio #29 Borrower will be unable to make a material decision or take a material action required in connection with the operation and maintenance of any ExchangeRight Property, and (iii) 90 days prior to the stated maturity date of the ExchangeRight Net Leased Portfolio #29 Mortgage Loan if an executed commitment from an institutional lender to refinance the ExchangeRight Net Leased Portfolio #29 Mortgage Loan is not delivered to the lender.

Any time after September 4, 2020, the borrower sponsor has the right to effect a one-time transfer of all (but not less than all) of the outstanding ownership interests in the ExchangeRight Net Leased Portfolio #29 Borrower to an Approved Transferee (as defined below) and to replace the non-recourse carveout guarantors as the person who controls the ExchangeRight Net Leased Portfolio #29 Borrower with such Approved Transferee, provided that certain conditions are satisfied, including among others: (i) no event of default has occurred and is continuing, (ii) the Approved Transferee owns at least 100% of the beneficial ownership interests in the ExchangeRight Net Leased Portfolio #29 Borrower and ExchangeRight Net Leased Portfolio #29 Master Tenant, (iii) the Approved Transferee executes a full payment guarantee and indemnity pursuant to which it agrees to be liable (from and after the transfer) for all indemnity obligations (including environmental liabilities and obligations) for which the existing non-recourse carveout guarantors are liable under the non-recourse carveout guaranty (iv) the delivery of a REMIC opinion, an insolvency opinion and other opinions required by the lender and (v) the receipt of rating agency confirmation that such transfer and guarantor replacement will not result in a downgrade of the respective ratings assigned to the BANK 2019-BNK22 Certificates (such a transfer and replacement, a “Qualified Transfer”). A Cash Management Period (as defined below) will be triggered if a Qualified Transfer does not occur by October 1, 2026 (36 months prior to the stated maturity date of the ExchangeRight Net Leased Portfolio #29 Mortgage Loan). See “Lockbox and Cash Management”.

“Approved Transferee” means (A) a depository institution that satisfies certain ratings criteria and is wholly-owned and controlled by a bank, savings and loan association, investment bank, insurance company, trust company, real estate investment trust, commercial credit corporation, pension plan, pension fund or pension advisory firm, mutual fund, government entity or plan or institution similar to any of the foregoing or (B) any person that (1)(i) has never been indicted or

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document convicted of, or pled guilty or no contest to a felony, (ii) has never been indicted or convicted of, or pled guilty or no contest to a Patriot Act offense and is not on any government watch list, (iii) has never been the subject of a voluntary or involuntary (to the extent the same has not been discharged) bankruptcy proceeding, (iv) has no material outstanding judgments against it or its interests and (v) is not crowdfunded, (2) is regularly engaged in the business of owning or operating commercial properties, or interests therein, which are similar to the ExchangeRight Properties, (3) owns interests in, or operates, at least five retail properties with a minimum of 750,000 square feet in the aggregate, (4) satisfies certain net worth or ratings criteria and (5) causes a conversion of the ExchangeRight Net Leased Portfolio #29 Borrower into a Delaware limited liability company.

The Properties. The ExchangeRight Properties are comprised of 21 single-tenant retail and three single-tenant medical office properties totaling 350,043 square feet and located across ten states. The ExchangeRight Properties are located in Louisiana (five properties, 17.8% of NRA), Ohio (six properties, 16.4% of NRA), Tennessee (one property, 15.9% of NRA), Texas (two properties, 11.7% of NRA) and Missouri (three properties, 8.7% of NRA), with the seven remaining ExchangeRight Properties located in Minnesota, North Carolina, Indiana, Arizona and Pennsylvania. Built between 1984 and 2019, with 13 of the 24 properties built between 2014 and 2019 (inclusive), the ExchangeRight Properties range in size from 7,489 square feet to 55,668 square feet.

The ExchangeRight Properties are leased to seven nationally recognized tenants in diverse retail segments, which tenants consist of Walgreens, Dollar General, BioLife Plasma Services L.P., Fresenius Medical Care, Tractor Supply, Hobby Lobby and CVS Pharmacy. Four of the seven tenants are subsidiaries of investment grade-rated entities (20 properties, 67.7% of NRA and 74.1% of underwritten base rent). The ExchangeRight Properties have a weighted average remaining lease term of approximately 12.1 years. Leases representing 79.2% of NRA and 76.0% of the underwritten base rent expire after the stated maturity date of the ExchangeRight Net

Leased Portfolio #29 Mortgage Loan. For the purposes of the preceding two sentences, the Walgreens leases, which grant early termination rights to Walgreens, were assumed to expire on the date when the earliest termination right under the lease, if exercised, would be effective.

The following table presents certain information relating to the ExchangeRight Properties, which are presented in descending order of their Appraised Values.

ExchangeRight Properties Summary

% of % of % of Lease Annual Annual Annual Tenant Name Year Built/ Tenant Appraised Portfolio Portfolio Expiration UW Base UW Base UW City, State Renovated NRSF Value Appraised NRSF Date Rent Rent PSF Base Value Rent Fresenius Medical Care(1) Fayetteville, NC 2017/NAP 23,529 6.7% 1/31/2031 $11,700,000 11.6% $792,833 $33.70 12.2% BioLife Plasma Services L.P.(2) 2019/NAP 16,694 4.8% 5/31/2034 $9,750,000 9.6% $574,731 $34.43 8.9% Mesa, AZ Hobby Lobby(3) 1994/2019 55,668 15.9% 1/31/2034 $8,475,000 8.4% $517,712 $9.30 8.0% Johnson City, TN Walgreens(4) 2005/NAP 14,820 4.2% 3/31/2029 $6,200,000 6.1% $387,000 $26.11 6.0% Levittown, PA Walgreens(5) 2009/NAP 14,820 4.2% 6/30/2034 $5,920,000 5.8% $370,000 $24.97 5.7% Lafayette, LA Walgreens(6) 2008/NAP 14,490 4.1% 6/30/2033 $5,810,000 5.7% $363,000 $25.05 5.6% Abita Springs, LA Walgreens(7) 2000/NAP 14,490 4.1% 6/30/2029 $5,700,000 5.6% $358,000 $24.71 5.5% Coon Rapids, MN Walgreens(8) 2008/NAP 14,820 4.2% 10/31/2032 $5,560,000 5.5% $347,370 $23.44 5.4% Gonzales, LA CVS Pharmacy(9) 2004/NAP 13,013 3.7% 1/31/2031 $5,200,000 5.1% $323,113 $24.83 5.0% Mounds View, MN Fresenius Medical Care(10) 1984/NAP 12,111 3.5% 1/31/2029 $5,000,000 4.9% $401,271 $33.13 6.2% Muncie, IN Tractor Supply(11) 2016/NAP 21,702 6.2% 12/31/2030 $4,900,000 4.8% $298,191 $13.74 4.6% Angleton, TX Tractor Supply(11) 2019/NAP 19,097 5.5% 12/31/2033 $4,800,000 4.7% $294,999 $15.45 4.5% Bartonville, TX Walgreens(12) 1997/NAP 13,905 4.0% 1/31/2031 $3,500,000 3.5% $236,000 $16.97 3.6% St. Louis, MO Walgreens(13) 1994/NAP 13,500 3.9% 7/31/2024 $3,000,000 3.0% $204,487 $15.15 3.1% Canton, OH Dollar General(14) 2014/NAP 9,100 2.6% 11/30/2029 $2,200,000 2.2% $142,721 $15.68 2.2% Harvey, LA Dollar General(15) 2013/NAP 9,026 2.6% 1/31/2029 $1,675,000 1.7% $115,730 $12.82 1.8% Springfield, OH Dollar General(16) 2018/NAP 9,100 2.6% 6/30/2033 $1,590,000 1.6% $104,968 $11.53 1.6% Middletown, OH Dollar General(15) 2019/NAP 9,026 2.6% 11/30/2034 $1,550,000 1.5% $99,728 $11.05 1.5% Griffith, IN Dollar General(15) 2019/NAP 9,100 2.6% 8/31/2034 $1,490,000 1.5% $96,839 $10.64 1.5% Painesville, OH Dollar General(15) 2019/NAP 7,489 2.1% 8/31/2034 $1,465,000 1.4% $93,618 $12.50 1.4%

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Cleveland, OH Dollar General(14) 2019/NAP 9,026 2.6% 6/30/2034 $1,450,000 1.4% $93,350 $10.34 1.4% Lafayette, LA Dollar General(14) 2014/NAP 9,026 2.6% 11/30/2029 $1,440,000 1.4% $95,040 $10.53 1.5% Uniontown, OH Dollar General(14) 2019/NAP 9,002 2.6% 8/31/2024 $1,425,000 1.4% $91,641 $10.18 1.4% St. Joseph, MO (50th Street) Dollar General(14) 2019/NAP 7,489 2.1% 7/31/2034 $1,400,000 1.4% $90,051 $12.02 1.4% St. Joseph, MO (Frederick Avenue) Total/Weighted Average 350,043 100.0% $101,200,000 100.0% $6,492,393 $18.55 100.0%

(1) Fresenius Medical Care has three five-year renewal options upon 180 days’ notice at fixed rents. BioLife Plasma Services L.P. has the right to terminate its lease upon providing 30 days written notice and payment of a lease termination payment equal to the net present value of the total obligation for base rent and additional rent for the remainder of the current term, using an annual discount (2) rate equal to the prime rate as reported in The Wall Street Journal on the date of the termination, provided that such rate does not exceed 8.25%. The components of additional rent for the remainder of the term must be calculated using the actual amount of each such component for the most recently completed lease year, increased by 2.50% annually for each remaining lease year of the term. See “Escrows—BioLife Rollover Reserve”. (3) Hobby Lobby has three five-year renewal options upon six months’ notice at fixed rents. Walgreens has a stated lease expiration date of March 31, 2079 and the right to terminate the lease effective as of March 31, 2029, or the end of any (4) five-year period thereafter, upon twelve months’ prior notice. The lease expiration date presented in the table is the date when the earliest termination right, if exercised, would be effective. Walgreens has a stated lease expiration date of June 30, 2084 and the right to terminate the lease effective as of June 30, 2034, or as of the last day (5) of any month thereafter, upon 12 months’ prior notice. The lease expiration date presented in the table is the date when the earliest termination right, if exercised, would be effective. Walgreens has a stated lease expiration date of June 30, 2083 and the right to terminate the lease effective as of June 30, 2033, or as of the last day (6) of any month thereafter, upon 12 months’ prior notice. The lease expiration date presented in the table is the date when the earliest termination right, if exercised, would be effective.

Walgreens has a stated lease expiration date of June 30, 2061 and the right to terminate the lease effective as of June 30, 2029, or the end of any (7) five-year period thereafter, upon six months’ prior notice. The lease expiration date presented in the table is the date when the earliest termination right, if exercised, would be effective. Walgreens has a stated lease expiration date of September 30, 2082 and the right to terminate the lease effective as of October 31, 2032, or as of the (8) last day of any month thereafter, upon 12 months’ prior notice. The lease expiration date presented in the table is the date when the earliest termination right, if exercised, would be effective. (9) CVS Pharmacy has four five-year renewal options upon 180 days’ notice at fixed rents. (10) Fresenius Medical Care has two five-year renewal options upon 180 days’ notice at fixed rents. (11) Tractor Supply has four five-year renewal options upon 180 days’ notice at fixed rents. Walgreens has a stated lease expiration date of January 31, 2058 and the right to terminate the lease effective as of January 31, 2031, or the end of (12) any five-year period thereafter, upon 12 months’ prior notice. The lease expiration date presented in the table is the date when the earliest termination right, if exercised, would be effective. Walgreens has a stated lease expiration date of July 31, 2044 and the right to terminate the lease effective as of July 31, 2024, or the end of any (13) five-year period thereafter, upon 12 months’ prior notice. The lease expiration date presented in the table is the date when the earliest termination right, if exercised, would be effective. (14) Dollar General has four five-year renewal options upon 180 days’ notice at fixed rents. (15) Dollar General has five five-year renewal options upon 180 days’ notice at fixed rents. (16) Dollar General has three five-year renewal options upon 180 days’ notice at fixed rents.

Major Tenants. The following table presents certain information relating to the major tenants at the ExchangeRight Properties:

Major Tenants

Annual Annual U/W % of Total Credit Rating (S&P/ No of Tenant % of Tenant Name U/W Base Base Rent Annual U/W Moody’s/Fitch)(1) Prop. NRSF NRSF Rent PSF Base Rent Major Tenants Walgreens BBB / Baa2 / BBB 7 100,845 28.8% $2,265,857 $22.47 34.9% Dollar General BBB / Baa2 / NR 10 87,384 25.0% $1,023,686 $11.71 15.8% BioLife Plasma Services L.P. NR / NR / NR 1 16,694 4.8% $574,731 $34.43 8.9% Fresenius Medical Care BBB / Baa3 / BBB- 2 35,640 10.2% $1,194,104 $33.50 18.4% Tractor Supply NR / NR / NR 2 40,799 11.7% $593,190 $14.54 9.1% Hobby Lobby NR / NR / NR 1 55,668 15.9% $517,712 $9.30 8.0% CVS Pharmacy BBB / Baa2 / NR 1 13,013 3.7% $323,113 $24.83 5.0% Total Major Tenants 24 350,043 100.0% $6,492,393 $18.55 100.0%

Vacant Space 0 0.0%

Collateral Total 350,043 100.0%

(1) Certain ratings are those of the parent company whether or not the parent company guarantees the lease.

The following table presents certain information relating to the lease expiration schedule at the ExchangeRight Properties:

Lease Expiration Schedule(1)(2)

No. of % of Cumulative Cumulative Annual % of Total Year Ending Expiring Annual Leases Total Expiring % of Total U/W Annual U/W December 31, NRSF U/W Expiring NRSF NRSF NRSF Base Rent Base Rent

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Base Rent PSF 2019 0 0 0.0% 0 0.0% $0 0.0% $0.00 2020 0 0 0.0% 0 0.0% $0 0.0% $0.00 2021 0 0 0.0% 0 0.0% $0 0.0% $0.00 2022 0 0 0.0% 0 0.0% $0 0.0% $0.00 2023 0 0 0.0% 0 0.0% $0 0.0% $0.00 2024 2 22,502 6.4% 22,502 6.4% $296,128 4.6% $13.16 2025 0 0 0.0% 22,502 6.4% $0 0.0% $0.00 2026 0 0 0.0% 22,502 6.4% $0 0.0% $0.00 2027 0 0 0.0% 22,502 6.4% $0 0.0% $0.00 2028 0 0 0.0% 22,502 6.4% $0 0.0% $0.00 2029 6 68,573 19.6% 91,075 26.0% $1,499,762 23.1% $21.87 Thereafter 16 258,968 74.0% 350,043 100.0% $4,696,504 72.3% $18.14 Vacant 0 0 0.0% 350,043 100.0% $0 0.0% $0.00 Total/Weighted Average 24 350,043 100.0% $6,492,393 100.0% $18.55

(1) Information obtained from the underwritten rent roll. For the purposes of the table and loan underwriting, the Walgreens leases, which grant early termination rights to Walgreens, were assumed to expire (2) on the date as of when the earliest termination right under the lease, if exercised, would be effective.

The following table presents historical occupancy percentages at the ExchangeRight Properties:

Historical Occupancy

12/31/2015(1) 12/31/2016(1) 12/31/2017(1) 12/31/2018(1) 11/1/2019 NAV NAV NAV NAV 100.0%

The ExchangeRight Properties were acquired by the borrower sponsor between February 21, 2019 and August (1) 5, 2019. Historical occupancy for the portfolio of ExchangeRight Properties is not available.

Underwritten Net Cash Flow. The following table presents certain information relating to the underwritten net cash flow at the ExchangeRight Properties:

Cash Flow Analysis(1)

% of Effective U/W $ U/W Gross per SF Income Base Rent(2) $6,492,393 95.5% $18.55 Reimbursements $666,628 9.8 1.90 (Vacancy & Credit Loss)(3) (357,951) (5.3) (1.02) Effective Gross Income $6,801,070 100.0% $19.43

Total Expenses(4) $870,660 12.8% $2.49

Net Operating Income $5,930,410 87.2% $16.94 TI/LC 157,708 2.3 0.45 Replacement Reserves 35,004 0.5 0.10 Net Cash Flow $5,737,697 84.4% $16.39

NOI DSCR 2.44x NCF DSCR 2.36x NOI Debt Yield 9.5% NCF Debt Yield 9.2%

The ExchangeRight Properties were acquired by the borrower sponsor between February 21, 2019 and (1) August 5, 2019. Accordingly, historical operating statements are not available. Base Rent is inclusive of straight-line rent credit averaged over the shorter of the lease term or loan term (2) for BioLife Plasma Services L.P. - Mesa, AZ, Dollar General - Springfield, OH, Fresenius Medical Care - Fayetteville, NC and Fresenius Medical Care - Muncie, IN totaling $161,263. (3) The ExchangeRight Properties were 100.0% occupied as of November 1,2019 (4) Total Operating Expenses consist of a 3.0% property management fee, real estate taxes and insurance.

Appraisal. The ExchangeRight Properties were valued individually, with the individual values reflecting a cumulative “as-is” appraised value of $101,200,000. The appraisals are dated from March 29, 2019 to August 8, 2019.

Environmental Matters. The Phase I environmental site assessments for the ExchangeRight Properties are dated from March 14, 2019 to August 16, 2019. The Phase I environmental site assessment for the Walgreens – Canton, OH Property identified a recognized environmental condition related to the historic use of the site as a service station and auto service facility, which identification was based in part on the exclusion of groundwater sampling from earlier subsurface investigations and the absence of soil confirmation sampling after earlier environmental remediation. The Phase I environmental site

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document assessment for the Walgreens – St. Louis, MO Property identified a recognized environmental condition related to the former operation of a dry cleaner (from at least 1958 to 1993) at the site, which identification was based in part on the limited information available regarding the dry cleaner’s operations and the possible use of chlorinated solvents in the dry cleaning process. On or about the origination date, the borrowers obtained a premises environmental liability insurance policy issued by Great American E & S Insurance Company with respect to the Walgreens – Canton, OH Property and the Walgreens – St. Louis, MO Property. The policy expires on September 4, 2032 (approximately 2 years and 11 months following the scheduled maturity date), with no extended reporting period. Coverage under the policy is generally subject to a limit equal to $2,000,000 for each pollution condition, a policy aggregate limit of liability equal to $2,000,000 and a self-insured retention equal to $50,000 (or, with respect to certain coverages, $25,000) for each coverage category. In addition, the Phase I environmental site assessment for the Walgreens – Levittown, PA Property identified a controlled recognized environmental condition related to the historic occupancy of a gasoline service station and automobile repair shop at the site from the 1960s until 2003, which identification was based in part on the existence of regulatory database listings of the site in connection with earlier removals of underground storage tanks and hydraulic lifts and earlier soil and groundwater remediation. Finally, the Phase I environmental site assessment for the Dollar General – Cleveland, OH Property identified a controlled recognized environmental condition related to the

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Property Types – Various Loan #6 Cut-off Date Balance: $62,527,000 Property Addresses – Various ExchangeRight Net Leased Portfolio #29 Cut-off Date LTV: 61.8% U/W NCF DSCR: 2.36x U/W NOI Debt Yield: 9.5% former use of the site as a gas station from at least 1956 to approximately 2002, which identification was based in part on the issuance of an earlier no further action letter with a property restriction to the effect that a ground water ingestion pathway should be eliminated. See “Description of the Mortgage Pool—Environmental Considerations” in the Preliminary Prospectus.

Escrows.

Real Estate Taxes –The ExchangeRight Net Leased Portfolio #29 Mortgage Loan documents require upfront escrows in the amount of $526,625 for real estate taxes. Commencing in November 2020, the ExchangeRight Net Leased Portfolio #29 Borrower will be required to make monthly deposits in an amount equal to 1/12th of the real estate taxes that the lender estimates will be payable during the next 12 months, initially $43,885, except that no deposits will be required on account of taxes with respect to the Direct Pay Tenants (as defined below for this purpose) for so long as (i) no event of default under the ExchangeRight Net Leased Portfolio #29 Mortgage Loan has occurred and is continuing, (ii) the ExchangeRight Net Leased Portfolio #29 Borrower provides proof of payment by the tenant (or the ExchangeRight Net Leased Portfolio #29 Borrower) directly to the taxing authority on or before 15 days prior to the last date on which the taxes can be paid without the accrual of interest or penalties, (iii) the tenant’s lease is not subject to any default beyond any applicable grace or notice and cure period by either the ExchangeRight Net Leased Portfolio #29 Borrower or the tenant, and (iv) no material adverse change has (in the lender’s reasonable determination) occurred with respect to the applicable tenant such that its ability to timely pay the taxes has been materially jeopardized. For the purpose of real estate taxes, “Direct Pay Tenant” means any tenant which has the right or the obligation pursuant to its lease to pay taxes for the applicable ExchangeRight Property directly to the applicable taxing authority and is actually exercising such right or complying with such obligation, as applicable. The ExchangeRight Net Leased Portfolio #29 Mortgage Loan documents provide that the initial such Direct Pay Tenants are the tenants at the BioLife Plasma Services L.P., Walgreens – Levittown, PA, Walgreens – Coon Rapids, MN, Walgreens – St. Louis, MO, Walgreens – Canton, OH, Walgreens – Abita Springs, LA, Walgreens – Lafayette, LA, Walgreens – Gonzales, LA, Tractor Supply – Bartonville, TX and Tractor Supply – Angleton, TX Properties.

Insurance – If the casualty and liability insurance with respect to the ExchangeRight Net Leased Portfolio #29 are not maintained under a lender-approved blanket policy, the ExchangeRight Net Leased Portfolio #29 Borrower will be required to make monthly deposits into an insurance reserve in an amount equal to 1/12th of the insurance premiums that the lender estimates will be payable for the renewal of the coverage afforded by the insurance policies upon the expiration thereof, except that no deposits will be required on account of insurance premiums with respect to the Direct Pay Tenants (as defined below for this purpose) for so long as (i) no event of default under the ExchangeRight Net Leased Portfolio #29 Mortgage Loan has occurred and is continuing, (ii) the ExchangeRight Net Leased Portfolio #29 Borrower provides proof of payment by the tenant (or the ExchangeRight Net Leased Portfolio #29 Borrower) directly to the insurance company on or before 15 days prior to the due date for insurance premiums, (iii) the tenant’s lease is not subject to any default beyond any applicable grace or notice and cure period by either the ExchangeRight Net Leased Portfolio #29 Borrower or the tenant, and (iv) no material adverse change has (in the lender’s reasonable determination) occurred with respect to the applicable tenant such that its ability to timely pay the insurance premiums has been materially jeopardized. For the purpose of insurance premiums, “Direct Pay Tenant” means any tenant which has the right or the obligation pursuant to its lease to maintain all or a portion of the insurance for the applicable ExchangeRight Property and to pay insurance premiums directly to the applicable insurance company and is actually exercising such right or complying with such obligation, as applicable. The ExchangeRight Net Leased Portfolio #29 Mortgage Loan documents provide that the initial such Direct Pay Tenants are the tenants at the Dollar General – Cleveland, OH, Dollar General – Griffith, IN, Dollar General – Lafayette, LA, Dollar General – Middletown, OH, Dollar General – Painesville, OH, Dollar General – St. Joseph, MO (50th Street) and Dollar General – St. Joseph, MO (Frederick Avenue) Properties.

Replacement Reserve – The ExchangeRight Net Leased Portfolio #29 Mortgage Loan documents require an upfront replacement reserve in the amount of $102,000, which may be used only in connection with replacing the roof at the Walgreens – Coon Rapids, MN Property. The ExchangeRight Net Leased Portfolio #29 Mortgage Loan documents also require monthly deposits into a replacement reserve. The required amount of the monthly deposit into the replacement reserve is equal to 1/12th of the product obtained by multiplying $0.15 by the aggregate number of rentable square feet of space at the ExchangeRight Properties, except that no such deposit need be made in respect of the aggregate number of rentable square feet at the BioLife Plasma Services, L.P. – Mesa, AZ, Dollar General – Springfield, OH, Dollar General – Painesville, OH, Dollar General – Harvey, LA, Dollar General – Uniontown, OH, Dollar General – Cleveland, OH, Dollar

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document General – Middletown, OH, Dollar General – Griffith, IN, Dollar General – St. Joseph (Frederick Ave.), MO, Dollar General – St. Joseph (50th Street), MO, Dollar General – Lafayette, LA, Walgreens – Levittown, PA, Walgreens – Abita Springs, LA, Walgreens – Lafayette, LA and Walgreens – Gonzales, LA Properties (with respect to which the ExchangeRight Net Leased Portfolio Mortgage Loan documents include an acknowledgement that the tenants are required to pay capital expenses under their leases) for so long as (i) no event of default has occurred and continuing, (ii) the borrowers provide proof of payment by all such tenants of the payment of all such capital expenses promptly following request by the lender, (iii) the leases with the applicable tenants continue in full force and effect and are not subject to any default beyond any applicable grace or notice and cure period by either the borrower or the tenant, and (iv) no material adverse change has occurred with respect to the applicable tenant such that the ability to timely pay the capital expenses for its respective premises pursuant to its lease has, in the lender’s reasonable determination, been materially jeopardized. The initial amount of the required monthly deposits into the replacement reserve is equal to $2,338.

Tenant Improvements and Leasing Commissions Reserve - The ExchangeRight Net Leased Portfolio #29 Mortgage Loan documents require upfront escrows in the amount of $500,000 for tenant improvements and leasing commissions. Upon an event of default, the ExchangeRight Net Leased Portfolio #29 Borrower will be required to make monthly deposits in the amount of $20,419 for tenant improvements and leasing commissions.

Required Repair Reserve – The ExchangeRight Net Leased Portfolio #29 Mortgage Loan documents require an upfront reserve in the amount of $406,929 for specified repairs, including the replacement of the roof system at each of the Walgreens – Canton, OH Property (at an estimated cost of $110,462) and the Walgreens – St. Louis, MO ExchangeRight Property (at an estimated cost of $77,115) and

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Property Types – Various Loan #6 Cut-off Date Balance: $62,527,000 Property Addresses – Various ExchangeRight Net Leased Portfolio #29 Cut-off Date LTV: 61.8% U/W NCF DSCR: 2.36x U/W NOI Debt Yield: 9.5% the replacement of the roof membrane at Fresenius Medical Care – Muncie, IN Property (at an estimated cost of $72,666). All of the specified repairs are required to be completed within 180 days following the origination date.

BioLife Rollover Reserve – If BioLife Plasma Services L.P. exercises its option to terminate its lease at the BioLife Plasma Services L.P. upon 30 days’ notice (see footnote (2) to the table titled “ExchangeRight Properties Summary”), the ExchangeRight Net Leased Portfolio #29 Borrower is required to (or to cause the ExchangeRight Net Leased Portfolio #29 Master Tenant or the property manager to) deposit the lease termination payment into a tenant-specific rollover reserve. Amounts in the tenant-specific rollover reserve are thereafter required to be applied to make monthly disbursements to the ExchangeRight Net Leased Portfolio #29 Borrower (or, during a Cash Management Period (as defined below), to the cash management account) equal to one-month’s rent that would then have been due under the lease had it remained in effect; to pay lender-approved tenant improvements and leasing commissions with respect to the BioLife Plasma Services L.P. Property; and to release the remaining amount to the ExchangeRight Net Leased Portfolio #29 Borrower if and when the BioLife Plasma Services L.P. Property is fully re-leased pursuant to one or more lender-approved replacement leases and each replacement tenant has taken occupancy and opened for business.

Lockbox and Cash Management. The ExchangeRight Net Leased Portfolio #29 Mortgage Loan is structured with a hard lockbox and springing cash management. The ExchangeRight Net Leased Portfolio #29 Borrower is required to (or to cause the ExchangeRight Net Leased Portfolio #29 Master Tenant or property manager to) cause all rents relating to the ExchangeRight Properties to be transmitted directly by the tenants of each property into the lockbox account and, to the extent that such rents are received by the ExchangeRight Net Leased Portfolio #29 Borrower (or ExchangeRight Net Leased Portfolio #29 Master Tenant or property manager), cause such amounts to be deposited into the clearing account within two business days following receipt. The clearing account bank is required to sweep such funds into the ExchangeRight Net Leased Portfolio #29 Master Tenant’s operating account on each business day other than during a Cash Management Period. Upon the delivery of notice by the lender of the commencement of the initial Cash Management Period, if any, the ExchangeRight Net Leased Portfolio #29 Borrower is required to establish a lender-controlled cash management account, into which account all funds in the lockbox account will be required to be deposited periodically so long as a Cash Management Period is continuing. So long as a Cash Management Period is continuing, funds in the cash management account are required to be applied (i) to make the next monthly deposits (to the extent required) into the real estate taxes and insurance reserves as described above under “—Escrows”, (ii) to reserve the next monthly debt service payment due on the ExchangeRight Net Leased Portfolio #29 Mortgage Loan, (iii) to make the next monthly deposits into the replacement reserve and the tenant improvements and leasing commissions reserve as described above under “—Escrows”, (iv) to pay operating expenses set forth in the annual budget (which is required to be approved by the lender) and additional operating expenses reasonably approved by the lender and (v) to deposit any remainder into a cash collateral subaccount to be held as additional security for the ExchangeRight Net Leased Portfolio #29 Mortgage Loan during such Cash Management Period. Upon cessation of a Cash Management Period, all available amounts on deposit in the cash management account must be deposited in the ExchangeRight Net Leased Portfolio #29 Borrower’s operating account.

A “Cash Management Period” means a period:

(i) commencing upon the stated maturity date of the ExchangeRight Net Leased Portfolio #29 Mortgage Loan, or

commencing upon a default or an event of default under the ExchangeRight Net Leased Portfolio #29 Mortgage (ii) Loan and ending if and when such event of default has been cured (and no other event of default has occurred), or

commencing if and when the interest-only debt service coverage ratio (based on net operating income for the trailing 12 months) as of the end of any calendar quarter is less than 1.50x and ending if and when the interest- (iii) only debt service coverage ratio (based on net operating income for the trailing 12 months) is at least 1.55x as of the ends of each of two consecutive calendar quarters, or

commencing on October 1, 2026 (36 months before the stated maturity date of the ExchangeRight Net Leased (iv) Portfolio #29 Mortgage Loan), unless a Qualified Transfer has occurred as of such date (see “The Borrower and the Borrower Sponsor” above), and ending if and when a Qualified Transfer occurs.

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Property Management. The ExchangeRight Properties are managed by NLP Management, LLC, an affiliate of the ExchangeRight Net Leased Portfolio #29 Borrower.

Partial Release. Not permitted.

Real Estate Substitution. Not permitted.

Subordinate and Mezzanine Indebtedness. Not permitted

Ground Lease. None.

Rights of First Refusal. The related single tenant at each of eight ExchangeRight Properties -- the Walgreens – Levittown, PA, Walgreens – Coon Rapids, MN, Walgreens – St. Louis, MO, Walgreens – Abita Springs, LA, Walgreens – Lafayette, LA, Walgreens – Gonzales, LA, Tractor Supply – Bartonville, TX, and Tractor Supply – Angleton, TX Properties – has a right of first refusal (“ROFR”) to purchase the related ExchangeRight Property. The subordination, non-disturbance and attornment agreement for each such ExchangeRight Property where Walgreens is the tenant provides that the ROFR shall not apply to the mortgagee or any other party that acquires title or right of possession of the leased premises through a foreclosure, deed- in-lieu of foreclosure or any other enforcement action under the mortgage; provided, however, that such ROFR will apply to subsequent purchasers of the leased premises. The related subordination, non-disturbance and attornment agreement for each such ExchangeRight Property where Tractor

Supply is the tenant provides that the tenant’s rights under the ROFR are subordinate to the Mortgage. However, the ROFR would apply to any transfers subsequent to the lender taking title to the Mortgaged Property.In addition, Verizon Wireless, which leases a parcel at the BioLife Plasma Services L.P. Property on which it has constructed and owns a cell tower, or any successor tenant under the Verizon Wireless lease, has a ROFR to purchase the entire BioLife Plasma Services L.P. Property in connection with any sale or other transfer of all or a portion of the BioLife Plasma Services L.P. Property or the grant to a third party of an easement over the leased parcel for the operation of a communications facility. The Verizon Wireless ROFR is not subject to a subordination and standstill agreement. The non-recourse careveout guaranty requires the non-recourse carveout guarantors to pay any loss incurred by the lender arising out of or in connection with any claim or demand that the tenant of the cell tower parcel at the BioLife Plasma Services L.P. Property is or was entitled to exercise a ROFR to purchase the BioLife Plasma Services L.P. Property pursuant to the Verizon Wireless lease as a result of (or the right of first refusal was otherwise triggered by) a foreclosure, deed-in-lieu of foreclosure or other exercise by the lender of its rights and/or remedies under the ExchangeRight Net Leased Portfolio #29 Mortgage Loan documents, except that in no event will such liability exceed the sum of $6,045,000 and the lender’s actual costs and expenses. There is no liability under the non-recourse carveout guaranty for losses or liabilities arising out of or in connection with the Verizon Wireless ROFR with respect to any subsequent transfer. This non-recourse carveout liability with respect to the Verizon Wireless ROFR will terminate if and when Verizon Wireless (or its successor) delivers a subordination, non-disturbance and attornment agreement expressly subordinating the lease and stating that the Verizon Wireless ROFR will not apply to a foreclosure, a deed in lieu of foreclosure or other exercise by the lender of its rights and/or remedies under the ExchangeRight Net Leased Portfolio #29 Mortgage Loan documents. See “Description of the Mortgage Pool—Tenant Leases—Purchase Options and Rights of First Refusal” in the Preliminary Prospectus.

Terrorism Insurance. The ExchangeRight Net Leased Portfolio #29 Mortgage Loan documents require that the property insurance policy required to be maintained by the ExchangeRight Net Leased Portfolio #29 Borrower provide coverage, provided that such coverage is available, for perils and acts of terrorism in an amount equal to 100% of the full replacement cost of the ExchangeRight Properties plus loss of rents or business income for a period of not less than 18 months for the initial period of restoration. See “Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties” in the Preliminary Prospectus.

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Other – Leased Fee Loan #7 Cut-off Date Balance: $61,000,000 127 West 25th Street 127 West 25th Street Cut-off Date LTV: 64.9% New York, NY 10001 U/W NCF DSCR: 1.71x U/W NOI Debt Yield: 6.7%

Mortgage Loan Information Mortgaged Property Information Bank of America, National Single Asset/Portfolio: Single Asset Mortgage Loan Seller: Association Credit Assessment (DBRS/Fitch/S&P): NR/NR/NR Property Type – Subtype: Other – Leased Fee Original Principal Balance: $61,000,000 Location: New York, NY Cut-off Date Balance: $61,000,000 Size: 104,000 SF % of Initial Pool Balance: 5.1% Cut-off Date Balance Per SF: $586.54 Maturity Date/ARD Balance Per Loan Purpose: Refinance $586.54 SF(1): Borrower Sponsor: Foremost Real Estate Year Built/Renovated: 1912/2012 Guarantor: Dan Shavolian Title Vesting: Fee Mortgage Rate: 3.8400% Property Manager: Self-managed Note Date: October 4, 2019 Current Occupancy (As of): 100.0% (11/1/2019) Seasoning: 0 months YE 2018 Occupancy: 100.0% Anticipated Repayment Date(1): November 1, 2029 YE 2017 Occupancy: 100.0% Maturity Date(1): November 1, 2034 YE 2016 Occupancy: 100.0% IO Period: 120 months YE 2015 Occupancy: 100.0% Loan Term (Original)(1): 120 months As-Is Appraised Value: $94,000,000 Amortization Term (Original): NAP As-Is Appraised Value Per SF: $903.85 Loan Amortization Type: Interest-only, ARD As-Is Appraisal Valuation Date: September 13, 2019 Call Protection: L(24),D(92),O(4) Underwriting and Financial Information Hard/Upfront Cash Lockbox Type: YE 2018 NOI: $4,286,685 Management Additional Debt: Yes YE 2017 NOI: $4,229,588 Additional Debt Type (Balance): Future Mezzanine YE 2016 NOI: $4,149,650 U/W Revenues: $4,072,351 U/W Expenses: $0 (2) Escrows and Reserves U/W NOI: $4,072,351 Initial Monthly Cap U/W NCF: $4,072,351 Taxes $0 Springing NAP U/W DSCR based on NOI/NCF: 1.71x / 1.71x U/W Debt Yield based on NOI/ Insurance $0 Springing NAP 6.7% / 6.7% NCF: U/W Debt Yield at Maturity/ARD $0 Springing NAP 6.7% / 6.7% Replacement Reserve based on NOI/NCF(1): TI/LC $0 Springing NAP Cut-off Date LTV Ratio: 64.9% LTV Ratio at Maturity/ARD(1): 64.9%

Sources and Uses Sources Uses Loan Amount $61,000,000 100.0% Loan payoff $47,797,646 78.4% Return of 10,717,497 17.6 equity Closing costs 2,484,857 4.1 Total Sources $61,000,000 100.0% Total Uses $61,000,000 100.0%

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document The 127 West 25th Street Mortgage Loan is structured with a 120-month loan term until the Anticipated Repayment Date (“ARD”) of November 1, 2029 and will be interest-only prior to the ARD. From and after the ARD, the 127 West 25th Street Mortgage Loan will accrue additional interest at a fixed rate of 3.0000% plus the greater of (a) the ten-year treasury rate as of the ARD plus 2.400% or (b) 3.8400%, which will be deferred and due and (1) payable on the Maturity Date of November 1, 2034 (or earlier repayment in full of the 127 West 25th Street Mortgage Loan.) The ARD automatically triggers a Cash Sweep Period (see “Lockbox and Cash Management”) whereby all excess cash flow is required to be used to pay down the principal balance of the 127 West 25th Street Mortgage Loan and repay the additional accrued interest. (2) See “Escrows” below for further discussion of reserve requirements.

The Mortgage Loan. The mortgage loan (the “127 West 25th Street Mortgage Loan”), in the original principal amount of $61,000,000, is secured by a fee mortgage on a 104,000 square foot office building located in New York, New York (the “127 West 25th Street Property”).

The Borrower and the Borrower Sponsor. The borrower is 127 West 25th Group LLC, a Delaware limited liability company, structured to be bankruptcy-remote with at least one independent director (the “127 West 25th Street Borrower”). The borrower sponsor is Foremost Real Estate, a New York real estate owner and developer that has developed and redeveloped retail strips, residential condominiums, office buildings and a medical building. Foremost Real Estate’s current portfolio includes 469 7th Avenue, 145 East 32nd Street and the 127 West 25th Street Property in New York, New York. Dan Shavolian, the owner and CEO of Foremost Real Estate, is the non-recourse carveout guarantor for the 127 West 25th Street Mortgage Loan.

The Property. The 127 West 25th Street Property is comprised of a twelve-story, 104,000 square foot, Class B office building located on 25th Street between Avenue of the Americas and Seventh Avenue in the Chelsea neighborhood of Manhattan, New York. The borrower sponsor acquired the 127 West 25th Street Property in 2007 and spent a reported $17.0 million on renovations between 2010 and 2012 to replace and upgrade the electrical and mechanical systems, windows, roof, and lobby. The 127 West 25th Street Property is located within walking distance of Madison Square Park and New York Penn Station, and is served by various subway lines including the F train within one block, the R/W and No. 1 trains within two blocks, and the No. 6 train within four blocks, as well as public bus access.

Major Tenant.

Bowery Residents’ Committee (“BRC”) is a certified 501(c)(3) not-for-profit organization founded in 1971 and focused on providing housing and non-residential services for New York City’s needy individuals. BRC operates under the jurisdiction of the New York City Department of Homeless Service (“DHS”) and the New York State Office of Temporary and Disability Assistance and currently has 30 programs throughout New York City including street outreach for the unsheltered homeless, substance abuse recovery, health and mental health support, temporary housing and shelter, employment training, permanent housing and senior support. BRC’s funding comes primarily from a combination of federal, state, and City renewable grants, with the remaining funding from Medicaid, charitable donations, rental income and special events revenue. As of its fiscal year-end 2018, BRC had total revenues of $88,313,464 and $5,829,765 cash on hand.

BRC leases the 127 West 25th Street Property on a long term, triple-net ground lease which commenced on February 18, 2010 and expires in February 2043. The BRC lease does not contain any termination rights or renewal options. The annual rent is currently $4,286,685 ($41.22 per square foot), which includes a portion of remaining capital expenditures from the 2012 renovation. In June 2022, the annual base rent will be $3,676,657 ($35.35 per square foot), which will reset in June 2027 to the greater of $3,918,750 ($37.68 per square foot) or 90% of then fair market value. Annual base rent will reset again in June 2036 at the greater of $4,441,250 ($42.70 per square foot) or 90% of then fair market value. The appraiser’s concluded current market rent of $65.16 per square foot, which when adjusted to a triple-net equivalent based on 2019 operating expenses is equal to $52.76 per square foot.

BRC is headquartered at the 127 West 25th Street Property and uses its space at the property to administer its programs and to conduct its administrative, training and back office functions in connection with its other locations and programs. The basement level consists of approximately 4,445 square feet of storage. The first floor includes retail space (approximately 6,203 square feet, 2.9% of underwritten rent) occupied by a sub-tenant (Senior Planet), the freight entrance, the main building lobby and a commercial kitchen. The second floor consists of a dining room and assembly rooms. The third through ninth floors have administrative offices at the front portion of each floor and living space at the rear portion. The tenth through twelfth floors are fully dedicated as administrative offices. At the 127 West 25th Street Property, BRC is currently accommodating four multi-year contracts with DHS and the New York City Department of Health and Mental Hygiene, for which the agencies reimburse allocated rental payments monthly, in a current amount equal to $345,374 ($4,144,493 annually). 7.8% of BRC’s current annual rent is reimbursed by one contract that expires in 2023 and 89.3% of BRC’s current annual rent is reimbursed by the three other contracts that expire between 2029 and 2041. Two of the four contracts were most recently renewed in July 2019.

The following table presents certain information relating to the tenant at the 127 West 25th Street Property:

Major Tenant(1)

% of Total Credit Rating Annual Annual Lease Termination Tenant % of Annual Extension Tenant Name (Fitch/Moody’s/ U/W Base U/W Base Expiration Option NRSF NRSF U/W Options S&P) Rent PSF Rent(2) Date (Y/N) Base Rent

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Bowery Residents’ Committee(2) NR/NR/NR 104,000 100.0% $41.22(3) $4,286,685 100.0% 2/18/2043 NAP N Total/Wtd. Avg. 104,000 100.0% $41.22 $4,286,685 100.0%

Collateral Total 104,000 100.0%

(1) Information based on the underwritten rent roll. (2) Bowery Residents’ Committee subleases approximately 6,203 square feet (6.0% of NSRF) on the ground floor at an annual rent of $124,192. The current in-place base rent of $4,286,685 will adjust to $3,676,657 as of June 1, 2022. The rent will then step up to the greater of $3,918,750 or (3) 90% of the then fair market value as of June 1, 2027 and again step up to the greater of $4,441,250 or 90% of the then fair market value as of June 1, 2036.

The following table presents certain information relating to the lease rollover schedule at the 127 West 25th Street Property:

Lease Expiration Schedule(1)

% of Total Annual No. of % of Cumulative Cumulative Annual Year Ending Expiring Annual U/W Leases Total Expiring % of Total U/W December 31, NRSF U/W Base Base Rent Expiring NRSF NRSF NRSF Base Rent Rent PSF 2019 0 0 0.0% 0 0.0% $0 0.0% $0.00 2020 0 0 0.0% 0 0.0% $0 0.0% $0.00 2021 0 0 0.0% 0 0.0% $0 0.0% $0.00 2022 0 0 0.0% 0 0.0% $0 0.0% $0.00 2023 0 0 0.0% 0 0.0% $0 0.0% $0.00 2024 0 0 0.0% 0 0.0% $0 0.0% $0.00 2025 0 0 0.0% 0 0.0% $0 0.0% $0.00 2026 0 0 0.0% 0 0.0% $0 0.0% $0.00 2027 0 0 0.0% 0 0.0% $0 0.0% $0.00 2028 0 0 0.0% 0 0.0% $0 0.0% $0.00 2029 0 0 0.0% 0 0.0% $0 0.0% $0.00 Thereafter 1 104,000 100.0% 104,000 100.0% $4,286,685 100.0% $41.22 Vacant 0 0 0.0% 104,000 100.0% $0 0.0% $0.00 Total/Weighted Average 1 104,000 100.0% $4,286,685 100.0% $41.22

(1) Information based on the underwritten rent roll.

The following table presents historical occupancy percentages at the 127 West 25th Street Property:

Historical Occupancy

2015 2016 2017 2018 11/1/2019 100.0% 100.0% 100.0% 100.0% 100.0%

Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the operating history and underwritten net cash flow at the 127 West 25th Street Property:

Cash Flow Analysis

U/W $ per 2016 2017 2018 U/W %(1) SF Base Rent(2) $4,149,650 $4,229,588 $4,286,685 $4,286,685 100.0% $41.22 Vacancy $0 $0 $0 ($214,334) (5.0%) ($2.06) Effective Gross Income $4,149,650 $4,229,588 $4,286,685 $4,072,351 95.0% $39.16

Total Operating Expenses $0 $0 $0 $0 0.0% $0.00

Net Operating Income $4,149,650 $4,229,588 $4,286,685 $4,072,351 100.0% $39.16 Net Cash Flow $4,149,650 $4,229,588 $4,286,685 $4,072,351 100.0% $39.16

NOI DSCR 1.75x 1.78x 1.80x 1.71x NCF DSCR 1.75x 1.78x 1.80x 1.71x NOI Debt Yield 6.8% 6.9% 7.0% 6.7%

(1) Represents (i) percent of Base Rent for Base Rent and Effective Gross Income and (ii) percent of Effective Gross Income for all other fields. UW Base Rent is based on the current in-place rent. The current in-place base rent of $4,286,685 will adjust to $3,676,657 as of June 1, 2022. The rent (2) will then step up to the greater of $3,918,750 or 90% of the then fair market value as of June 1, 2027 and again step up to the greater of $4,441,250 or 90% of the then fair market value as of June 1, 2036.

Appraisal. The appraiser concluded to an “as-is” value as of September 13, 2019 of $94,000,000 which results in both a Cut- off Date LTV Ratio and LTV Ratio at Maturity/ARD of 64.9%. The appraiser also provided an “as dark” value as of September 13, 2019 of $70,000,000, which results in both a Cut-off Date LTV Ratio and LTV Ratio at Maturity/ARD of 87.1%.

Environmental Matters. According to the Phase I environmental site assessment dated September 19, 2019, there was no evidence of any recognized environmental conditions at the 127 West 25th Street Property.

Market Overview. The 127 West 25th Street Property is located in the Chelsea submarket of the Midtown South office market. According to the appraiser, as of the second quarter of 2019, the Midtown South office market had a vacancy rate of 4.2% and average asking rents of $76.09 per square foot, with surrounding markets such as Hudson Square/Meatpacking and NoHo/SoHo achieving asking rents of $94.51 per square foot and $85.31 per square foot, respectively. There is a current lack of large contiguous leasable space in the Midtown South market; reportedly as of the end of the second quarter of 2019, there were only four blocks available of space greater than 100,000 square feet. The Midtown South market has a strong concentration of technology, advertising, media, and information (TAMI) companies, including as tenants Google, Facebook, Spotify, Amazon, Salesforce, LinkedIn, Yelp, Microsoft and Twitter.

According to the appraiser, as of the second quarter of 2019, the Chelsea submarket had office inventory of approximately 25.3 million square feet, with a 5.1% vacancy rate and average asking rents of $71.91 per square foot.

The estimated 2018 population within a 0.25-, 0.5 and 1.0-mile radius of the 127 West 25th Street Property was 16,267, 69,992, and 255,351, respectively. The 2018 median household income within the same radii was $126,318, $115,055 and $108,377, respectively.

The following table presents certain information relating to the appraiser’s market rent conclusion for the 127 West 25th Street Property:

Market Rent Summary

Basement Office Retail Storage Market Rent (PSF) $64.00 $115.00 $20.00 Lease Term (Years) 10 10 10 Rent Increase Projection 3.0% per annum 3.0% per annum 3.0% per annum

The following table presents certain information from the appraisal relating to comparable properties to the 127 West 25th Street Property:

Comparable Properties

Avg. Property Property Address Year Built Occupancy Asking Size (SF) Rent 20 West 20th Street 1906 94,622 100.0% $60.00 (btw 5th/6th Aves) 54 West 21st Street 1910 150,000 91.7% $65.00 (btw 5th/6th Aves) 118 West 22nd Street 1911 99,000 91.7% $61.00 (btw 6th/7th Aves) 125 West 25th Street 1906 138,000 95.0% $65.00 (btw 6th/7th Aves) 138 West 25th Street 1911 104,000 100.0% $61.00 (btw 6th/7th Aves) 12 West 27th Street 1927 99,340 100.0% $64.00 (btw Broadway/6th Ave) Total/Wtd. Avg. 684,962 96.4% $62.67

The following table presents certain information from the appraisal relating to comparable leasing to the 127 West 25th Street Property:

Comparable Leases

Property Initial Lease Area Lease Year Size (SF) / Lease Rent Property Address Tenant (SF)/ Floor Term TI Built Building Date PSF Leased (Mos.) PSF Class MG 127 West 25th Street 1912 104,000 / B BRC 104,000 / 2-12 Feb-10 $41.22 396 $38 (Subject)(1) 30 East 23rd Street 1912 36,900 / C Vertica Capital Management, LLC 3,000 / 6 May-19 $76 60 $100 38-44 East 30th Street 1915 95,000 / B WeWork 16,000 / 9-10 Apr-19 $59 101 $65 37 East 18th Street 1900 75,000 / C Tanya Taylor Designs 7,500 / 9 Mar-19 $66 60 $0 7 West 18th Street 1900 48,998 / B Pendo.io 5,377 / 2 Jan-19 $69 36 $0 11 East 26th Street 1913 264,660 / B Butterfly Network, Inc. 24,166 / 7-8 Jan-19 $67 124 $75 32,411 / 49 West 27th Street 1907 87,122 / B WeWork Jan-19 $60 189 $70 Mezz,2-4 31 West 27th Street 1910 145,856 / C Stonehill & Taylor Architects 17,112 / 5-6 Jan-19 $66 126 $0 45 West 25th Street 1909 118,284 / C DoorDash 16,324 / 10 Aug-18 $61 103 $0 111 West 19th Street 1901 185,000 / C Flexport Inc. 23,000 / 2 Mar-18 $59 64 $85 45 West 27th Street 1912 66,797 / B Pinerock Productions 5,702 / 6 Feb-18 $63 123 $80

(1) Information obtained from the underwritten rent roll and BRC lease.

Escrows.

Taxes and Insurance Reserves - The BRC lease is structured so that the 127 West 25th Street Property while leased to BRC is 100% exempt from real estate taxes. Monthly escrows for taxes and insurance will be waived so long as (w) no Reserve Trigger (as defined below) exists, (x) BRC pays (as applicable) all property taxes and insurance premiums directly, prior to becoming delinquent, (y) BRC or its lease guarantor is not insolvent or a debtor in any bankruptcy proceedings and (z) as it relates to insurance escrows, the 127 West 25th Street Property is covered by a blanket insurance policy.

Replacement Reserve – Monthly escrows of $2,167 for replacement reserves will be waived so long as (x) no Reserve Trigger exists, (y) BRC or its lease guarantor is not insolvent or a debtor in any bankruptcy proceedings, and (z) BRC maintains the 127 West 25th Street Property in a manner acceptable to the lender.

TI/LC Reserve – Monthly escrows of $8,667 for leasing reserves will be waived so long as no Reserve Trigger exists.

A “Reserve Trigger” means any of (i) the BRC lease failing to be in full force and effect or (ii) the occurrence of a Tenant Sweep Trigger Period (as defined below).

Lockbox and Cash Management. The 127 West 25th Street Mortgage Loan documents require a hard lockbox with upfront cash management. During a Cash Sweep Period (as defined below), if prior to the ARD, all excess cash flow is required to be held as additional security for the 127 West 25th Street Mortgage Loan until the discontinuance of the Cash Sweep Period. If a Cash Sweep Period continues after the ARD, all excess cash collected will be applied to the reduction of principal, then to pay off additional accrued interest. A Cash Sweep Period may be cured four times; if a Cash Sweep Period occurs a fifth time or occurs after the ARD, it will continue until the full repayment of the 127 West 25th Street Mortgage Loan.

A “Cash Sweep Period” will occur: (a) when the debt service coverage ratio is less than 1.30x for any calendar quarter based on the trailing twelve month period, and ending when either the debt service coverage ratio is equal to or greater than 1.30x

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document for two consecutive calendar quarters or when the 127 West 25th Street Borrower deposits with the lender cash or a letter of credit in the amount which if applied to pay down the 127 West 25th Street Mortgage Loan would cause the debt service coverage ratio to equal or exceed 1.30x, (b) during a Tenant Sweep Trigger Period until cured or (c) one month prior to the ARD until the full repayment of the 127 West 25th Street Mortgage Loan.

A “Tenant Sweep Trigger Period” will commence when:

(a) a Major Tenant (as defined below) (i) has its lease terminated (in whole or in part), (ii) has its lease fail to be in full force and effect, (iii) gives notice of its intent not to renew its lease or (iv) does not extend its lease prior to the date required pursuant to the lease;

(b) a Major Tenant has a monetary or material non-monetary default under its lease beyond any cure period;

(c) a Major Tenant becomes insolvent or a debtor in any bankruptcy proceedings, or has its lease guarantor become insolvent or a debtor in any bankruptcy proceedings;

(d) a Major Tenant goes dark or vacates any portion of its leased space; or

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(e) (i) BRC defaults under any NYC Homeless Services contract beyond any applicable cure period or (ii) the party BRC contracts with under a NYC Homeless Services contract gives notice of its intent to terminate, surrender or cancel the NYC Homeless Services contract or otherwise terminates, surrenders or cancels the NYC Homeless Services contract.

A Tenant Sweep Trigger Period will end when:

if triggered by (a) above, (i) the Major Tenant revokes its termination or rescinds its notice, (ii) the Major Tenant lease is extended with respect to all of the space on terms acceptable to the lender provided the Major Tenant is ● in occupancy, operating normal business, and paying full rent with no outstanding tenant allowances, (iii) all of the space is re-leased to a replacement tenant on terms acceptable to the lender, provided the replacement tenant is in occupancy, operating normal business, and paying full rent with no outstanding tenant allowances;

● if triggered by (b) above, the default is cured;

if triggered by (c) above, the lease is affirmed in the bankruptcy proceeding provided the Major Tenant is paying ● all rents due, or if applicable, the lease guarantor is discharged from the bankruptcy proceeding and there is not a material adverse effect on such lease guarantor’s ability to perform its guaranty obligations;

if triggered by (d) above, the Major Tenant re-commences its operations at all of the space leased space and has not ● vacated;

● if triggered by (e)(i) above, the event of default is cured; and

if triggered by (e)(ii) above, BRC has entered into a replacement contract with the New York City Department of Homeless Services or similar quasi-governmental agency to cover the space previously occupied by the agency ● that terminated, surrendered or cancelled its NYC Homeless Services contract, on terms acceptable to the lender, including allocated rent to be paid by the agency at least equal to the rent under the terminated, surrendered or cancelled NYC Homeless Services contract.

A “Major Tenant” means: (a) BRC, (b) a tenant leasing space that represents either (x) 5% or more of the 127 West 25th Street Property’s rental income, or (y) at least 10,000 square feet (c) a tenant with any option, offer or right of first refusal to purchase any portion of the 127 West 25th Street Property or (d) a borrower affiliate.

Release of Property. Not permitted.

Right of First Refusal/Offer. None

Letter of Credit. None.

Terrorism Insurance. The 127 West 25th Street Borrower is required to obtain and maintain property insurance that covers perils of terrorism and acts of terrorism in an amount equal to the full replacement cost of the 127 West 25th Street Property and business interruption insurance for eighteen months with a six month extended period of indemnity. See “Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties” in the Preliminary Prospectus.

Future Mezzanine Indebtedness. Solely in connection with a transfer of all of the 127 West 25th Street Property and assumption of the 127 West 25th Street Mortgage Loan, the transferee is permitted to obtain a fixed rate mezzanine loan, provided that among other conditions, (i) no event of default is continuing, (ii) the mezzanine loan is co-terminus with or of a term longer than the 127 West 25th Street Mortgage Loan, (iii) the lender receives rating agency confirmation, (iv) the executed intercreditor agreement is acceptable to the lender and to the rating agencies, (v) the combined loan to value ratio

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document does not exceed 64.9%, (vi) the combined debt service coverage ratio is not less than 1.50x based on a 30-year amortization schedule and (vii) the combined debt yield is not less than 7.03%.

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Mortgage Loan Information Mortgaged Property Information

Mortgage Loan Seller: Wells Fargo Bank, National Association Single Asset/Portfolio: Single Asset Credit Assessment (Fitch/DBRS/ NR/NR/NR Property Type – Subtype: Office – Suburban S&P): Original Principal Balance(1): $55,000,000 Location: Beverly Hills, CA Cut-off Date Balance(1): $55,000,000 Size: 123,848 SF % of Initial Pool Balance: 4.6% Cut-off Date Balance Per SF(1): $1,038.37 Loan Purpose: Refinance Maturity Date Balance Per SF(1): $1,038.37 Borrower Sponsors: Tom Gores; The Gores Trust Year Built/Renovated: 1938/2003 Guarantors: Tom Gores; The Gores Trust Title Vesting: Fee Mortgage Rate: 3.4500% Property Manager: Self-managed Note Date: September 30, 2019 Current Occupancy (As of): 100.0% (11/1/2019) Seasoning: 1 month YE 2018 Occupancy: 100.0% Maturity Date: October 11, 2029 YE 2017 Occupancy: 100.0% IO Period: 120 months YE 2016 Occupancy: 100.0% Loan Term (Original): 120 months YE 2015 Occupancy: 100.0% Amortization Term (Original): NAP As-Is Appraised Value: $246,500,000 Loan Amortization Type: Interest-only, Balloon Appraised Value Per SF: $1,990.34 L(24),GRTR 1% or YM(1),GRTR 1% or Call Protection(2): Appraisal Valuation Date: August 29, 2019 YM or D(88),O(7)

Lockbox Type: Hard/Upfront Cash Management Underwriting and Financial Information

Additional Debt(1): Yes YE 2018 NOI(4): $8,488,260 Additional Debt Type (Balance)(1): Pari Passu ($73,600,000) YE 2017 NOI: $7,922,910 YE 2016 NOI: $7,769,225 YE 2015 NOI: $8,695,369 U/W Revenues: $14,143,880 U/W Expenses: $3,480,740 (3) Escrows and Reserves U/W NOI(4): $10,663,140 Initial Monthly Cap U/W NCF: $10,423,919 Taxes $69,628 $69,628 NAP U/W DSCR based on NOI/NCF(1): 2.36x / 2.31x Insurance $0 Springing NAP U/W Debt Yield based on NOI/NCF(1): 8.3% / 8.1% U/W Debt Yield at Maturity based on 8.3% / 8.1% Replacement Reserve $600,000 Springing NAP NOI/NCF(1): TI/LC Reserve $0 Springing NAP Cut-off Date LTV Ratio(1): 52.2% LTV Ratio at Maturity(1): 52.2%

Sources and Uses Sources Uses Original whole loan $128,600,000 100.0% 60.2% amount(1) Loan payoff(5) $77,437,345 Upfront reserves 669,628 0.5 Closing costs 1,489,975 1.2

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Return of equity 49,003,051 38.1 Total Sources $128,600,000 100.0% Total Uses $128,600,000 100.0%

The Mortgage Loan. The mortgage loan (the “360 North Crescent Drive Mortgage Loan”) is part of a whole loan (the “360 North Crescent Drive Whole Loan”) that is evidenced by two pari passu promissory notes in the aggregate original principal amount of $128,600,000. The 360 North Crescent Drive Whole Loan is secured by a first priority fee mortgage encumbering two adjacent office buildings and a parking garage located in Beverly Hills, California (the “360 North Crescent Drive Property”). The 360 North Crescent Mortgage Loan is evidenced by the non-controlling promissory note A-2 in the original principal amount of $55,000,000. The 360 North Crescent Whole Loan will initially be serviced pursuant to the pooling and servicing agreement for the BANK 2019-BNK22 securitization trust, and from and after the securitization of the controlling Note A-1, will be serviced pursuant to the pooling and servicing agreement

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Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Office – Suburban Loan #8 Cut-off Date Balance: $55,000,000 360 North Crescent Drive, 9370 Santa Cut-off Date LTV: 52.2% 360 North Crescent Drive Monica Boulevard and 375 North Crescent Drive U/W NCF DSCR: 2.31x Beverly Hills, CA 90210 U/W NOI Debt Yield: 8.3% for the securitization to which Note A-1 is contributed. See “Description of the Mortgage Pool—The Whole Loans— The Serviced Pari Passu Whole Loans” and “—The Non-Serviced Pari Passu Whole Loans” and “Pooling and Servicing Agreement” in the Preliminary Prospectus.

Note Summary

Notes Original Balance Cut-off Date Balance Note Holder Controlling Piece A-1 $73,600,000 $73,600,000 Wells Fargo Bank, National Association Yes A-2 $55,000,000 $55,000,000 BANK 2019-BNK22 No Total $128,600,000 $128,600,000

The Borrower and Borrower Sponsors. The borrower is 360 N. Crescent, LLC (the “360 North Crescent Drive Borrower”), a Delaware limited liability company and single purpose entity with two independent directors. Legal counsel to the 360 North Crescent Drive Borrower delivered a non-consolidation opinion in connection with the origination of the 360 North Crescent Drive Whole Loan.

The borrower sponsors and non-recourse carve-out guarantors are Tom Gores and The Gores Trust (collectively, the “360 North Crescent Drive “Guarantor”). Tom Gores is the founder, CEO and Chairman of Platinum Equity, the sole tenant at the 360 North Crescent Drive Property. Mr. Gores oversees more than 25 companies with approximately $19.4 billion in assets and is also the owner of the NBA Detroit Pistons basketball team. According to a nationally recognized business publication, Mr. Gores is estimated to be number 118 on their list of billionaires, with an estimated net worth as of October 2019 of approximately $5.6 billion.

The 360 North Crescent Drive Whole Loan documents provide a cap on the 360 North Crescent Drive Guarantor’s liability, with respect to environmental liabilities, of $40,000,000. The limit will not apply to any successor or substitute guarantor unless the successor or substitute is (i) a sibling, parent, spouse, child, grandchild or other lineal descendant (“Immediate Family Member”) of Tom Gores, or (ii) wholly owned (directly or indirectly) and controlled by Tom Gores or an Immediate Family Member.

Various affiliates of Tom Gores were involved in a Chapter 11 bankruptcy filing related to an auto parts casting company in 2015 and a mortgage default and deed-in-lieu foreclosure related to an airport hotel property in 2018 (see ”Description of the Mortgage Pool – Loan Purpose; Default History, Bankruptcy Issues and Other Proceedings” in the Preliminary Prospectus).

The Property. The 360 North Crescent Drive Property consists of two adjacent office buildings (the “Office Parcel”) and a parking garage, which is located on a separate parcel (the “Parking Parcel”). The Office Parcel, totaling 123,848 square feet, features a campus-like setting and has served as the headquarters for several companies including Litton Industries, Global Crossing, Music Corporation of America and currently Platinum Equity. As of November 1, 2019, the 360 North Crescent Drive Property was 100.0% leased to Platinum Equity.

The Office Parcel consists of two adjacent office buildings, the “South Building” and the “North Building”:

The South Building, containing 100,395 square feet (81.1% of net rentable area), is a three-story office building completed in 1968 and extensively renovated in 1999 and 2003. The South Building includes two levels of ● subterranean parking with 104 spaces. The South Building has high-quality features and amenities, including a bar/ restaurant, two kitchen facilities, two gyms, high quality office finishes, an executive parking area with polished floors, and extensive landscaping. The North Building is a two-story office building completed in 1938, containing 23,453 square feet (18.9% of net rentable area). While fully leased to Platinum Equity, the North Building is currently vacant and was reportedly ● previously subleased to Paradigm Talent Agency, a national talent agency controlled by the brother of the borrower sponsor for the 360 North Crescent Drive Whole Loan.

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document The Parking Parcel is situated directly west of the Office Parcel (across Crescent Drive) with pedestrian access provided via a signalized crosswalk. The Parking Parcel comprises a four-story, 432-space parking structure, which, together with the 104 parking spaces at the South Building, equates to a parking ratio of approximately 4.3 spaces per 1,000 square feet of rentable area. Per the terms of its lease, Platinum Equity is entitled to 436 of the 536 total parking spaces, consisting of 104 spaces within the South building subterranean parking and an additional 332 spaces in the Parking Parcel, which are leased at a monthly rental rate of $200 per space; and the remaining 100 spaces are designated for public use. The Parking Parcel is managed by LAZ Parking and generates additional income from transient parking, validation, and monthly reserved and unreserved parking. The 360 North Crescent Drive Borrower has the right to release the Parking Parcel from the collateral of the 360 North Crescent Drive Whole Loan (see “Partial Release” section).

Major Tenant.

Platinum Equity (123,848 square feet, 100.0% of net rentable area; 100.0% of underwritten base rent). Platinum Equity is a global investment firm which specializes in mergers, acquisitions and operations of companies that provide mission critical products, services and solutions in diverse industries. Founded in 1995, the company has completed over 250 acquisitions. Currently, the company has over $13 billion in assets under management in a portfolio of approximately 40 operating companies. Tom Gores, the CEO and Chairman of Platinum Equity (and also the borrower sponsor of the 360 North Crescent Drive Whole Loan) acquired the 360 North Crescent Drive Property in 2003 and the company has been headquartered at the property since. Platinum Equity executed a new 15-year lease in September 2019 at an initial rental rate of $78.00 per square foot, triple net, with 3% annual increases, and three, five-year renewal options at the fair market rental rate following its lease expiration in September 2034.

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The following table presents certain information relating to the tenancy at the 360 North Crescent Drive Property:

Major Tenant

% of Total Credit Rating (Fitch/ Annual U/W Annual Lease Termination Tenant % of Annual Extension Tenant Name Moody’s/ Base Rent U/W Base Expiration Option (Y/ NRSF NRSF U/W Options S&P) PSF Rent Date N) Base Rent

Major Tenants Platinum Equity(1) NR/NR/NR 123,848 (2) 100.0% $80.34(3) $9,949,948(2) 100.0% 9/30/2034 3, 5-year N Occupied Collateral Total 123,848 100.0% $80.34 $9,949,948 100.0%

Vacant Space 0 0.0%

Collateral Total 123,848 100.0%

(1) Platinum Equity is affiliated with Tom Gores, the borrower sponsor of the 360 North Crescent Drive Whole Loan. (2) Platinum Equity is not currently utilizing the North Building (23,453 square feet). The Annual U/W Base Rent and Annual U/W Base Rent PSF shown above give credit for the rent bump occurring in October 2020. Platinum Equity (3) currently pays a base rental rate of $78.00 per square foot.

The following table presents certain information relating to the lease rollover schedule at the 360 North Crescent Drive Property:

Lease Expiration Schedule(1)

% of Total Annual No. of Cumulative Cumulative Annual Year Ending Expiring % of Total Annual U/W Leases Expiring % of Total U/W December 31, NRSF NRSF U/W Base Base Rent Expiring NRSF NRSF Base Rent Rent PSF MTM 0 0 0.0% 0 0.0% $0 0.0% $0.00 2019 0 0 0.0% 0 0.0% $0 0.0% $0.00 2020 0 0 0.0% 0 0.0% $0 0.0% $0.00 2021 0 0 0.0% 0 0.0% $0 0.0% $0.00 2022 0 0 0.0% 0 0.0% $0 0.0% $0.00 2023 0 0 0.0% 0 0.0% $0 0.0% $0.00 2024 0 0 0.0% 0 0.0% $0 0.0% $0.00 2025 0 0 0.0% 0 0.0% $0 0.0% $0.00 2026 0 0 0.0% 0 0.0% $0 0.0% $0.00 2027 0 0 0.0% 0 0.0% $0 0.0% $0.00 2028 0 0 0.0% 0 0.0% $0 0.0% $0.00 2029 0 0 0.0% 0 0.0% $0 0.0% $0.00 Thereafter 1 123,848 100.0% 123,848 100.0% $9,949,948 100.0% $80.34 Vacant 0 0 0.0% 123,848 100.0% $0 0.0% $0.00 Total/Weighted Average 1 123,848 100.0% $9,949,948 100.0% $80.34

The following table presents historical occupancy percentages at the 360 North Crescent Drive Property:

Historical Occupancy

12/31/2015(1) 12/31/2016(1) 12/31/2017(1) 12/31/2018(1) 11/1/2019(2) 100.0% 100.0% 100.0% 100.0% 100.0%

(1) Information obtained from third party research provider. (2) Information obtained from the underwritten rent roll.

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Cash Flow Analysis

U/W $ 2015 2016 2017 2018(1) U/W(1) %(2) per SF Base Rent $12,617,693(3) $11,891,734(3) $12,269,360(3) $12,908,457(3) $9,949,948(4) 68.0% $80.34 Grossed Up Vacant Space 0 0 0 0 0 0.0 0.0 Gross Potential Rent $12,617,693 $11,891,734 $12,269,360 $12,908,457 $9,949,948 68.0% $80.34 Parking/Other 240,100(3) 286,399(3) 478,708(3) 392,414(3) 1,384,726(5) 9.5 11.18 Total Recoveries 0(3) 0(3) 0(3) 0(3) 3,306,703 22.6 26.70 Net Rental Income $12,857,793 $12,178,133 $12,748,068 $13,300,871 $14,641,377 100.0% $118.22 (Vacancy & Credit Loss) 0 0 0 0 (497,497)(6) (5.0) (4.02) Effective Gross Income $12,857,793 $12,178,133 $12,748,068 $13,300,871 $14,143,880 96.6% $114.20

Real Estate Taxes 694,873 720,607 744,156 759,863 1,516,411 10.7 12.24 Insurance(7) 571,085 504,548 486,959 457,388 104,819 0.7 0.85 Management Fee 0 0 0 0 424,316 3.0 3.43 Other Operating Expenses(8) 2,896,466 3,183,753 3,594,043 3,595,360 1,435,193 10.1 11.59 Total Operating Expenses $4,162,424 $4,408,908 $4,825,158 $4,812,611 $3,480,740 24.6% $28.10

Net Operating Income $8,695,369 $7,769,225 $7,922,910 $8,488,260 $10,663,140 75.4% $86.10 Replacement Reserves 0 0 0 0 83,692 0.6 0.68 TI/LC 0 0 0 0 155,530 1.1 1.26 Net Cash Flow $8,695,369 $7,769,225 $7,922,910 $8,488,260 $10,423,919 73.7% $84.17

NOI DSCR(9) 1.93x 1.72x 1.76x 1.88x 2.36x NCF DSCR(9) 1.93x 1.72x 1.76x 1.88x 2.31x NOI Debt Yield(9) 6.8% 6.0% 6.2% 6.6% 8.3% NCF Debt Yield(9) 6.8% 6.0% 6.2% 6.6% 8.1%

Increase in UW net operating income is primarily due to Platinum Equity executing a new lease September 30, 2019 at a base rental rate of $78.00 (1) per square foot. Represents (i) percent of Net Rental Income for all revenue fields, (ii) percent of Gross Potential Rent for Vacancy & Credit Loss and (iii) percent of (2) Effective Gross Income for all other fields. (3) Historical Base Rent numbers shown include base rent, expense reimbursements, and parking income related to the Platinum Equity lease. (4) Base rent includes credit for Platinum Equity’s October 2020 rent bump totaling $289,804. (5) The UW Parking/Other line item includes parking income related to the Platinum Equity lease and public users (see “The Property” section above). (6) The UW economic vacancy is 5.0%. The 360 North Crescent Drive Property was 100.0% leased as of November 1, 2019. Underwritten Insurance is based on the actual premiums in place, excluding earthquake insurance premium as it is not required by the 360 North (7) Crescent Drive Whole Loan documents. Historical Insurance included earthquake insurance premiums. The 360 North Crescent Drive Property is occupied by an affiliate of the borrower sponsor, and the historical operating statements include certain (8) business and capital expenses, which were not considered relevant for the lender’s underwriting. The underwritten Other Operating Expenses line item is based on appraisal assumptions. (9) The debt service coverage ratios and debt yields are based on the 360 North Crescent Drive Whole Loan.

Appraisal. The appraiser concluded to an “as-is” value of $246,500,000 as of August 29, 2019. The appraiser also concluded to a Hypothetical Market Value “As Dark” of $177,000,000 as of August 29, 2019 and a Land Value of $109,000,000. The appraiser provided a separate allocation of value for the Parking Parcel of $29,000,000. The “as-is” and

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document “As Dark” values each include the Parking Parcel allocated value and the Land Value includes a $21,000,000 allocated land value for the Parking Parcel.

Environmental Matters. According to the Phase I environmental site assessment dated September 11, 2019, there was no evidence of any recognized environmental conditions at the 360 North Crescent Drive Property.

Market Overview and Competition. The 360 North Crescent Drive Property is located on the south side of Santa Monica Boulevard in Beverly Hills, California. The asset is located approximately 0.3 miles from the retail shops and restaurants along Rodeo Drive and approximately 1.0 mile from luxury hotels including The Waldorf Astoria Beverly Hills, The Beverly Hilton and the Peninsula Beverly Hills. The 360 North Crescent Property is situated approximately 10.8 miles north of the Los Angeles International Airport and 5.7 miles northeast of the Santa Monica Airport. The asset is proximate to several major interstates including Interstate 405 (approximately 3.3 miles west) and Interstate 10 (2.0 miles south).

According to a third-party market research report, the estimated 2019 population within a one-, three- and five-mile radius of the 360 North Crescent Drive Property was approximately 30,826, 258,925 and 712,299, respectively; and the estimated 2019 average household income within the same radii was approximately $132,173, $121,839 and $107,145, respectively.

According to a third-party market research report, the 360 North Crescent Drive Property is situated within the Beverly Hills Office submarket of the Los Angeles Office Market. As of October 4, 2019, the Beverly Hills Office submarket reported a total inventory of

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Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Office – Suburban Loan #8 Cut-off Date Balance: $55,000,000 360 North Crescent Drive, 9370 Santa Cut-off Date LTV: 52.2% 360 North Crescent Drive Monica Boulevard and 375 North Crescent Drive U/W NCF DSCR: 2.31x Beverly Hills, CA 90210 U/W NOI Debt Yield: 8.3% approximately 11.2 million square feet with a 9.4% vacancy rate and average asking rent of $66.19 per square foot, triple net. The submarket vacancy rate has averaged 8.6% from 2015 through the third quarter of 2019. The appraiser identified a submarket subset of “Top Tier” buildings on the Westside of Los Angeles. This subset consisted of 19 premier, class A buildings, totaling approximately 8.3 million square feet with a weighted average vacancy rate of 9.7% and asking rental rates ranging from $71.40 to $96.00 per square foot, full service gross.

The following table presents certain information relating to the appraisal’s market rent conclusion for the 360 North Crescent Drive Property:

Market Rent Summary

Office Market Rent (PSF) $78.00 Lease Term (Years) 7 Lease Type (Reimbursements) NNN Rent Increase Projection 3.0% per annum

The following table presents information relating to comparable office property sales for the 360 North Crescent Drive Property:

Comparable Property Sale Summary

Appraiser’s Total Sale Year Built/ Adjusted Sale Sale Price Adjusted Property Name/Location NRA Occupancy Sale Price Date Renovated Price(1) PSF Sale Price (SF) PSF(1) 3003 & 3301 Exposition Blvd Jul. 2000/NAP 201,922 100% $220,000,000 $313,584,866 $1,090 $1,553 Santa Monica, CA 2019 11975-12015 Bluff Creek Dr. May. 2015/NAP 205,130 100% $235,000,000 $334,977,290 $1,146 $1,633 Los Angeles, CA 2019 8942 Wilshire Blvd Apr. 1989/NAP 82,886 100% $107,500,000 $153,173,328 $1,297 $1,848 Beverly Hills, CA 2019 2900 & 3000 Olympic Blvd Mar. 1959/NAP 275,968 95% $346,000,000 $545,036,800 $1,254 $1,975 Santa Monica, CA 2019 9336-9348 Civic Center Dr. Dec. 1925/NAP 234,361 100% $244,200,000 $366,306,243 $1,042 $1,563 Beverly Hills, CA 2018 9460 Wilshire Blvd Jan. 1959/NAP 97,035 91% $132,000,000 $188,733,075 $1,360 $1,945 Beverly Hills, CA 2018 9665 Wilshire Blvd Jul. 1972/NAP 171,114 85% $184,700,000 $279,086,934 $1,079 $1,631 Beverly Hills, CA 2017 1299 Ocean Ave Apr. 1980/NAP 205,713 79% $285,000,000 $454,831,443 $1,385 $2,211 Santa Monica, CA 2017 100 N Crescent Dr Jul. 1989/NAP 116,207 97% $130,000,000 $180,004,643 $1,119 $1,549 Beverly Hills, CA 2015

(1) Adjusted sale price for all cash equivalency, lease-up and/or deferred maintenance (as applicable). Information obtained from the appraisal.

Escrows.

Real Estate Taxes - The 360 North Crescent Drive Borrower is required to deposit an upfront real estate tax reserve of $69,628 and ongoing monthly escrows in an amount equal to one-twelfth of the real estate taxes that the lender estimates will be payable during the next 12 months (initially $69,628).

Insurance –The 360 North Crescent Drive Whole Loan documents require ongoing monthly insurance reserves in an amount equal to one-twelfth of the insurance premiums that the lender estimates will be payable for the renewal of the coverage during the next 12 months. Notwithstanding the foregoing, the 360 North Crescent Drive Whole Loan documents do not require ongoing monthly escrows for insurance so long as (i) no event of default has occurred and is continuing, (ii) the 360 North Crescent Drive Borrower provides lender with evidence that the 360 North Crescent Drive Property is insured pursuant to a blanket policy and such policy is in full force and effect, and (iii) the 360 North Crescent Drive Borrower provides lender with evidence of timely payment of insurance premiums and renewals.

Replacement Reserve – The 360 North Crescent Drive Borrower is required to deposit an upfront replacement reserve of $600,000. Upon the occurrence of a Cash Sweep Event Period (as defined below), or if the 360 North Crescent Drive Borrower fails to maintain the property in good and safe condition and make all repairs required by the annual budget, the 360 North Crescent Drive Whole Loan documents require ongoing monthly replacement reserves of $2,580.

Leasing Reserve – Upon the occurrence and continuance of a Cash Sweep Event Period, or if the 360 North Crescent Drive Borrower fails to pay leasing expenses when due and payable, the 360 North Crescent Drive Whole Loan documents require ongoing monthly leasing reserves of $20,641.

Lockbox and Cash Management. The 360 North Crescent Drive Whole Loan documents require that the 360 North Crescent Drive Borrower establish and maintain a lender-controlled lockbox account, which is already in-place, and that the 360 North Crescent Drive Borrower direct all tenants to pay rent directly into such lockbox account. The 360 North Crescent Drive Whole Loan documents also require that all rents received by the 360 North Crescent Drive Borrower or the property manager be deposited into the lockbox account within one business days of receipt. All funds in the lockbox account are required to be swept each business day into the cash management account controlled by the lender and, on each payment date, all funds in the cash management account are required to be applied in accordance with the 360 North Crescent Drive Whole Loan documents. Prior to the occurrence of a Cash Sweep Event Period, any excess cash flow will be disbursed to the 360 North Crescent Drive Borrower. During a Cash Sweep Event Period, any excess cash flow remaining after satisfaction of the waterfall items are required to be swept to an excess cash flow subaccount to be held by the lender as additional security for the 360 North Crescent Drive Loan during the continuance of the Cash Sweep Event Period.

A “Cash Sweep Event Period” will commence upon the earlier of the following: (i) the occurrence of an event of default under the 360 North Crescent Drive Whole Loan documents; the debt service coverage ratio based on a hypothetical 30-year amortization schedule (“Amortizing DSCR”) being (ii) less than 1.10x based on the trailing twelve month period; or (iii) the occurrence of a Platinum Trigger Event (as defined below)

A Cash Sweep Event Period will end upon the occurrence of the following: ● with regard to clause (i), the cure of such event of default; with regard to clause (ii), the Amortizing DSCR for the 360 North Crescent Drive Whole Loan being equal to or ● greater than 1.15x for two consecutive quarters; ● with regard to clause (iii), a Platinum Trigger Event Cure (as defined below).

A “Platinum Trigger Event” will commence upon either of the following:

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Platinum Equity ceasing to operate, vacating or abandoning 25% or more of its space, provided that a closing for a (i) commercially reasonable period in connection with restoration in connection with casualty or condemnation, required repairs or replacements, will not be considered a cessation of operation; or the commencement of any bankruptcy action with respect to Platinum Equity, any successor tenant or any (ii) Acceptable Replacement Tenant (as defined below).

A “Platinum Trigger Event Cure” will occur upon the following:

with regard to clause (i), (A) Platinum Equity occupying and re-commencing operations at all or a portion of the applicable space for a period of two consecutive calendar quarters, and/or all or a portion of the applicable space ● being leased to one or more Acceptable Replacement Tenants and (B) at least 76% of the space leased to Platinum Equity being leased and occupied; and with regard to clause (ii), either (a) the applicable bankruptcy action having been terminated and the applicable ● Platinum Lease having been affirmed, assumed or assigned in a manner satisfactory to the lender or (b) the Platinum Equity lease having been assumed and assigned to a third party approved by the lender.

“Acceptable Replacement Tenants” means tenants (i) that are reasonably acceptable to the lender, (ii) that have executed a replacement lease reasonably acceptable to lender, (iii) that have delivered an acceptable estoppel confirming that such tenant is open for business and paying full contractual rent with no abatement, and that no default exists under the lease and all borrower obligations have been complied with in full, and (iv) with respect to which, the 360 North Crescent Drive Borrower has paid for all

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Property Management. The 360 North Crescent Drive Property is managed by an affiliate of the 360 North Crescent Drive Borrower.

Partial Release. Following the Defeasance Lockout Release Date or the Prepayment Lockout Release Date but prior to April 11, 2019, as applicable, the 360 North Crescent Drive Borrower may obtain the release of the Parking Parcel, provided that, among other things, and in accordance with the 360 North Crescent Drive Whole Loan Documents,

(i) the Parking Parcel will be conveyed to an unaffiliated third party; following the release, the Amortizing DSCR is greater than the greater of (a) the Amortizing DSCR immediately (ii) prior to the release and (b) 1.51x; following the release, the NCF Debt Yield is greater than the greater of (a) the NCF Debt Yield immediately prior to (iii) the release and (b) 8.1%; following the release, the Loan to Value Ratio (“LTV”) is not greater than the lesser of (a) the LTV immediately prior (iv) to the release and (b) 52.2%; either (a) defeasance of the 360 North Crescent Drive Whole Loan in the amount equal to the Release Price (as (v) defined below) or (b) prepayment of the 360 North Crescent Drive Whole Loan in the amount equal to the Release Price, along with any yield maintenance premiums, as applicable the lender has received reasonably satisfactory evidence that, following the release of the Parking Parcel, the 360 (vi) North Crescent Drive Property complies with all applicable zoning and parking requirements and that the release will not have an adverse impact on the property or any tenant at the property and will not violate any lease; a legal opinion covering compliance in all respects with all laws, rules and regulations governing REMICs has been (vii) delivered; and (viii) rating agency confirmation is received.

“Release Price” means 110% of the Parking Parcel allocated loan amount of $15,130,000.

The 360 North Crescent Drive Borrower may satisfy the conditions in clauses (ii), (iii), and (iv) above by partially prepaying the 360 North Crescent Drive Whole Loan in an amount that would be necessary to satisfy those conditions.

Real Estate Substitution. Not permitted.

Subordinate and Mezzanine Indebtedness. Not permitted

Ground Lease. None.

Right of First Refusal. None

Letter of Credit. None

Terrorism Insurance. The 360 North Crescent Drive Whole Loan documents require that the “all risk” insurance policy required to be maintained by the 360 North Crescent Borrower provide coverage for terrorism in an amount equal to the full replacement cost of the 360 North Crescent Property, as well as business interruption insurance covering no less than the 18-month period following the occurrence of a casualty event, together with a 6-month extended period of indemnity.

Earthquake Insurance. While the 360 North Crescent Drive Whole Loan documents do not require earthquake insurance, the 360 North Crescent Property insurance policy does include earthquake coverage. The seismic report dated September 20, 2019 indicated a probable maximum loss of 19.0% for the 360 North Crescent Drive Property.

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Mortgage Loan Information Mortgaged Property Information

(1) Wells Fargo Bank, National Single Asset/Portfolio: Single Asset Mortgage Loan Seller : Association Credit Assessment NR/NR/NR Property Type – Subtype: Office – Suburban (DBRS/Fitch/S&P): Original Principal Balance(2): $45,000,000 Location: McLean, VA Cut-off Date Balance(2): $45,000,000 Size: 528,730 SF % of Initial Pool Balance: 3.7% Cut-off Date Balance Per SF(2): $359.35 Loan Purpose: Recapitalization Maturity Date Balance Per SF(2): $359.35 The Macerich Partnership, L.P.; Borrower Sponsor: Year Built/Renovated: 2014/NAP Alaska Permanent Fund Corporation Guarantors: NAP Title Vesting: Fee Hines Interests Limited Mortgage Rate: 3.3300% Property Manager: Partnership Note Date: September 12, 2019 Current Occupancy (As of): 100.0% (8/30/2019) Seasoning: 1 month YE 2018 Occupancy: 100.0% Maturity Date: October 11, 2029 YE 2017 Occupancy: 98.4% IO Period: 120 months YE 2016 Occupancy: 96.1% Loan Term (Original): 120 months YE 2015 Occupancy: 76.5% Amortization Term (Original): NAP As-Is Appraised Value: $365,000,000 Loan Amortization Type: Interest-only, Balloon As-Is Appraised Value Per SF: $690.33 Call Protection(3): L(25),GRTR 1% or YM(90),O(5) As-Is Appraisal Valuation Date: August 12, 2019 Lockbox Type: Hard/Springing Cash Management Additional Debt(2): Yes Underwriting and Financial Information Additional Debt Type (Balance)(2): Pari Passu ($145,000,000) TTM NOI (6/30/2019): $21,702,519 YE 2018 NOI: $20,965,668 YE 2017 NOI: $17,880,418 YE 2016 NOI: $12,562,865 U/W Revenues: $31,434,407 U/W Expenses: $10,604,603 Escrows and Reserves(4) U/W NOI: $20,829,804 Initial Monthly Cap U/W NCF: $19,666,598 Taxes $0 Springing NAP U/W DSCR based on NOI/NCF(2): 3.24x / 3.06x Insurance $0 Springing NAP U/W Debt Yield based on NOI/NCF(2): 11.0% / 10.4% $0 Springing $1,000,000 U/W Debt Yield at Maturity based on NOI/ 11.0% / 10.4% Replacement Reserve NCF(2): TI/LC $0 Springing $1,321,825 Cut-off Date LTV Ratio(2): 52.1% LTV Ratio at Maturity(2): 52.1%

Sources and Uses Sources Uses Whole loan amount $190,000,000 100.0% Return of Equity(5) $188,546,123 99.2% Closing costs 1,453,877 0.8 Total Sources $190,000,000 100.0% Total Uses $190,000,000 100.0%

The Tysons Tower Whole Loan (as defined below) was co-originated by JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association on (1) September 12, 2019. The Tysons Tower Mortgage Loan (as defined below) is part of the Tysons Tower Whole Loan (as defined below), which is comprised of seven pari passu promissory notes with an aggregate original principal balance of $190,000,000. The Cut-off Date Balance per SF, Maturity Date Balance per SF, (2) U/W Debt Yield based on NOI/NCF, U/W Debt Yield at Maturity based on NOI/NCF, U/W DSCR based on NOI/NCF, Cut-off Date LTV Ratio and LTV Ratio at Maturity numbers presented above are based on the Tysons Tower Whole Loan. Prepayment of the Tysons Tower Whole Loan is permitted at any time after the earlier to occur of (a) the end of the two-year period commencing on the (3) closing date of the securitization of the last promissory note representing a portion of the Tysons Tower Whole Loan to be securitized and (b) November

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 11, 2022 upon payment of the yield maintenance premium. The assumed prepayment lockout period of 25 payments is based on the closing date of this transaction in November 2019. (4) See “Escrows” Section. The Tysons Tower Property (as defined below) was previously unencumbered. The borrower sponsors constructed the Tysons Tower Property (as (5) defined below) in 2014 at a total cost of approximately $218.2 million ($413 per square foot).

The Mortgage Loan. The mortgage loan (the “Tysons Tower Mortgage Loan”) is part of a whole loan (the “Tysons Tower Whole Loan”) evidenced by seven pari passu promissory notes with an aggregate original principal balance of $190,000,000. The Tysons Tower Whole Loan is secured by a first priority fee mortgage encumbering a 528,730 square foot suburban office building located in McLean, Virginia (the “Tysons Tower Property”). The Tysons Tower Mortgage Loan represents the non- controlling Notes A-2 and A-3 with an original principal balance of $25,000,000 and $20,000,000, respectively. The below table summarizes the Tysons Tower Whole Loan, including the remaining promissory notes, which are currently held by JPMorgan Chase Bank, N.A. and may otherwise be transferred

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Note Summary

Cut-off Date Controlling Notes Original Balance Note Holder Balance Piece A-2, A-3 $45,000,000 $45,000,000 BANK 2019-BNK22 No A-1 $50,000,000 $50,000,000 BANK 2019-BNK21 Yes A-4 $40,000,000 $40,000,000 JPMorgan Chase Bank, N.A. No A-5 $10,000,000 $10,000,000 JPMorgan Chase Bank, N.A. No A-6 $15,000,000 $15,000,000 JPMorgan Chase Bank, N.A. No A-7 $30,000,000 $30,000,000 JPMorgan Chase Bank, N.A. No Total $190,000,000 $190,000,000

The Borrower and Borrower Sponsors. The borrower is Tysons Corner Office I LLC (the “Tysons Tower Borrower”), a Delaware limited liability company and single purpose entity with two independent directors. The borrower sponsors are The Macerich Partnership, L.P. (“MPLP”) and Alaska Permanent Fund Corporation (“APFC”), which each have a 50.0% joint venture ownership interest in the Tysons Tower Borrower. MPLP is an affiliate of The Macerich Company (“Macerich”) (NYSE: MAC) which maintained an equity market capitalization of approximately $4.7 billion as of June 30, 2019. Macerich is a self-administered and self-managed real estate investment trust involved in the acquisition, ownership, development, redevelopment, management, and leasing of regional and community shopping centers located throughout the United States. Macerich specializes in retail properties in many of the country’s most densely populated markets, with a significant presence on the West Coast, Arizona, Chicago and in the corridor from the greater New York metropolitan area to Washington D.C. As of June 30, 2019, Macerich had ownership interest in commercial real estate assets totaling approximately 51 million square feet consisting primarily of 47 regional shopping centers, including the Tysons Corner Center super-regional mall located adjacent to the Tysons Tower Property (see “The Property” section). APFC is a sovereign wealth fund created in 1980 by the Alaska Legislature and is the largest state-level fund of its kind in the United States. APFC’s investment strategy employs a combination of internally managed direct investments alongside externally-managed fund investments. Major asset classes include public equities, fixed-income, private equity, real estate, infrastructure, and absolute return strategies. As of June 30, 2019, APFC’s real estate portfolio included partial or complete ownership in 54 properties valued at approximately $4.1 billion. As of June 30, 2019, APFC had a total fund value of approximately $66.3 billion. The Property. The Tysons Tower Property is a 20-story, 528,730 square foot, Class A, LEED Gold certified suburban office building located in McLean, Virginia, approximately 11.4 miles west of Washington, D.C. The borrower sponsors constructed the Tysons Tower Property in 2014 at a total cost of approximately $218.2 million ($413 per square foot). Amenities at the Tysons Tower Property include a fitness center with locker rooms, a full service restaurant, covered bike storage, a rooftop garden with panoramic views of Washington, D.C. and the Blue Ridge Mountains, and 1,204 surface and garage parking spaces, resulting in a parking ratio of 2.3 spaces per 1,000 square feet of net rentable area. As of August 30, 2019, the Tysons Tower Property was 100.0% occupied by 20 tenants. The Tysons Tower Property is part of a three-building complex known as the Tysons Corner Campus, which also includes the 28-story Vita Apartments and the 300-room Hyatt Regency Tysons Corner hotel (each owned by affiliates of Macerich, but not part of the collateral for the Tysons Tower Whole Loan). The Tysons Corner Campus is connected via an elevated, 1.5-acre pedestrian plaza that features games, a children’s play area, outdoor common areas, as well as space to host concerts and events. The Tysons Corner Campus is also connected via an elevated walkway to the Macerich-owned, approximately 2.0 million square foot Tysons Corner Center super-regional mall, which is located across the street from the Tysons Tower Property. With more than 300 shops, dining and entertainment options, Tysons Corner Center is one of the largest shopping centers in the United States. Major retailers at Tysons Corner Center include Nordstrom, Bloomingdale’s,

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Macy’s, Apple, Dyson, Uniqlo, American Girl, Louis Vuitton, Gucci, Michael Kors, Lacoste, and The Disney Store, among others. Major Tenants. Intelsat Global Service Corporation (212,572 square feet, 40.2% of net rentable area; 41.5% of underwritten base rent; July 31, 2029 expiration) Intelsat Global Service Corporation (“Intelsat”) is a provider of global satellite services serving billions of people worldwide. Intelsat executed its lease at the Tysons Tower Property in July 2014 and was one of the first tenants to take occupancy in the building. Intelsat occupies floors 12 through 20 at the Tysons Tower Property, which serves as the company’s administrative headquarters. Intelsat has two renewal options with 18 months’ notice at the fair market rental rate at the maximum extension of 15 years (in the aggregate, at tenant’s discretion). Deloitte, LLP (94,378 square feet, 17.8% of net rentable area; 17.2% of underwritten base rent; August 31, 2027 expiration) Deloitte, LLP (“Deloitte”) provides clients with a broad range of audit and assurance, consulting, financial advisory, risk, and tax services. Deloitte executed its lease at the Tysons Tower Property in August 2014 and was one of the first tenants to take occupancy in the

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Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Office – Suburban Loan #9 Cut-off Date Balance: $45,000,000 7900 Tysons One Place Tysons Tower Cut-off Date LTV: 52.1% McLean, VA 22102 U/W NCF DSCR: 3.06x U/W NOI Debt Yield: 11.0% building. Deloitte originally occupied floors seven through nine, and exercised an expansion right for a portion of the sixth floor in 2019. Deloitte has the option to elect either (i) one, 10-year renewal option, or (ii) two, 5-year renewal options, each with 18 months’ notice at the fair market rental rate. Splunk Inc. (57,521 square feet, 10.9% of net rentable area; 11.9% of underwritten base rent; May 31, 2022 expiration) Splunk Inc. (“Splunk”) provides software solutions that enable organizations to gain real-time operational intelligence in the United States and internationally. Splunk serves cloud and online services, education, financial services, government, healthcare/pharmaceuticals, industrials/manufacturing, media/entertainment, retail/e-commerce, technology, and telecommunications industries. Splunk initially took occupancy in the eleventh floor in phases in November 2014 and May 2015, and expanded to occupy the tenth floor in December 2017. Splunk has one, 5-year option to renew with 10 months’ notice at the fair market rental rate. The following table presents certain information relating to the tenancy at the Tysons Tower Property: Major Tenants

% of Credit Rating Total Annual U/W Annual Lease Termination (Fitch/ Tenant % of Annual Extension Tenant Name Base Rent U/W Base Expiration Option Moody’s/ NRSF NRSF U/W Options PSF(2) Rent(2) Date (Y/N) S&P)(1) Base Rent

Major Tenants 2, 5-yr and Intelsat NR/NR/CCC+ 212,572 40.2% $58.48 $12,430,903 41.5% 7/31/2029 N 10-yr(3) 1, 10-yr or Deloitte NR/NR/NR 94,378 17.8% $54.51 $5,144,545 17.2% 8/31/2027 N 2, 5-yr(4) Splunk NR/NR/NR 57,521 10.9% $61.86 $3,558,249 11.9% 5/31/2022 1, 5-year(5) N Morgan Franklin(6) NR/NR/NR 28,553 5.4% $55.73 $1,591,259 5.3% 2/28/2027 1, 5-year(7) Y(8) Reed Smith LLP NR/NR/NR 28,553 5.4% $52.34 $1,494,324 5.0% 7/31/2029 2, 5-year(9) Y(10) Total Major Tenants 421,577 79.7% $57.45 $24,219,280 80.8%

Non-Major Tenants 107,153 20.3% $53.56 $5,738,760 19.2%

Occupied Collateral Total 528,730 100.0% $56.66 $29,958,040 100.0%

Vacant Space 0 0.0%

Collateral Total 528,730 100.0%

(1) Certain ratings are those of the parent company whether or not the parent guarantees the lease. The Annual UW Base Rent and Annual UW Base Rent PSF shown above include rent steps through September 2020 totaling $751,235. The lender’s underwriting gives separate credit for straight-line rent averaging for Bank of NY Mellon, an investment grade tenant, over its remaining lease term (2) totaling $18,013. The Annual UW Base Rent and Annual UW Base Rent PSF shown in the Major Tenants table above do not include credit given for straight-line rent averaging for such investment grade tenant. (3) Intelsat has two options to renew with 18 months’ notice at the fair market rental rate that, combined, permit a maximum of 15 years’ extension. Deloitte has the option to elect either (i) one, 10-year renewal option, or (ii) two, 5-year renewal options, each with 18 months’ notice at the fair market (4) rental rate. (5) Splunk has one, 5-year option to renew with 10 months’ notice at the fair market rental rate. Morgan Franklin subleases approximately 3,990 square feet to BackOffice Associates, LLC at a base rental rate of $49.92 per square foot through (6) January 30, 2020. (7) Morgan Franklin has one, 5-year option to renew with 12 months’ notice at the fair market rental rate. Morgan Franklin has the one-time right to terminate its lease effective February 28, 2024, with 12 months’ prior notice, subject to a termination fee (8) equal to the then-unamortized amount of tenant improvements and leasing commissions, as of the effective date of termination. (9) Reed Smith LLP has two, 5-year options to renew, each with 15 months’ notice at the fair market rental rate. Reed Smith LLP has the one-time right to terminate its lease effective August 1, 2027, with 15 months’ prior notice, subject to a termination fee equal (10) to (i) three months of base rent and (ii) the then-unamortized amount of tenant improvements and leasing commissions, as of the effective date of termination.

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The following table presents certain information relating to the lease rollover schedule at the Tysons Tower Property:

Lease Expiration Schedule(1)(2)

% of Total Annual No. of % of Cumulative Cumulative Annual Year Ending Expiring Annual U/W Leases Total Expiring % of Total U/W December 31, NRSF U/W Base Base Rent Expiring NRSF NRSF NRSF Base Rent Rent PSF MTM 1 1,821 0.3% 1,821 0.3% $0 0.0% $0.00 2019 0 0 0.0% 1,821 0.3% $0 0.0% $0.00 2020 0 0 0.0% 1,821 0.3% $0 0.0% $0.00 2021 0 0 0.0% 1,821 0.3% $0 0.0% $0.00 2022 6 79,811 15.1% 81,632 15.4% $4,736,831 15.8% $59.35 2023 2 10,176 1.9% 91,808 17.4% $548,523 1.8% $53.90 2024 3 19,880 3.8% 111,688 21.1% $1,095,158 3.7% $55.09 2025 6 28,966 5.5% 140,654 26.6% $1,523,660 5.1% $52.60 2026 3 18,377 3.5% 159,031 30.1% $1,043,433 3.5% $56.78 2027 7 128,574 24.3% 287,605 54.4% $7,085,208 23.7% $55.11 2028 0 0 0.0% 287,605 54.4% $0 0.0% $0.00 2029 12 241,125 45.6% 528,730 100.0% $13,925,227 46.5% $57.75 Thereafter 0 0 0.0% 528,730 100.0% $0 0.0% $0.00 Vacant 0 0 0.0% 528,730 100.0% $0 0.0% $0.00 Total/Weighted Average 40 528,730 100.0% $29,958,040 100.0% $56.66

The following table presents historical occupancy percentages at the Tysons Tower Property: Historical Occupancy

12/31/2015(1) 12/31/2016(1) 12/31/2017(1) 12/31/2018(1) 8/30/2019(2) 76.5% 96.1% 98.4% 100.0% 100.0% (1) Information obtained from the Tysons Tower Borrower. (2) Information obtained from the underwritten rent roll.

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TTM 6/30/ U/W $ 2015 2016 2017 2018 U/W (1) 2019 % per SF Base Rent $13,536,398 $19,206,816 $25,076,626 $27,814,508 $28,183,964 $29,206,805 84.8% $55.24 Rent Average Benefit(2) 0 0 0 0 0 18,013 0.1 0.03 Contractual Rent Steps(3) 0 0 0 0 0 751,235 2.2 1.42 Grossed Up Vacant Space 0 0 0 0 0 0 0.0 0.00 Gross Potential Rent $13,536,398 $19,206,816 $25,076,626 $27,814,508 $28,183,964 $29,976,053 87.1% $56.69 Other Income(4) 1,674,432 2,229,538 2,448,899 2,636,988 2,721,855 2,721,855 7.9 5.15 Total Recoveries 52,157 208,561 367,411 896,729 1,296,894 1,732,303 5.0 3.28 Net Rental Income $15,262,987 $21,644,915 $27,892,936 $31,348,225 $32,202,713 $34,430,211 100.0% $65.12 (Vacancy & Credit Loss) 0 0 0 0 0 (2,995,804)(5) (10.0) (5.67) Effective Gross Income $15,262,987 $21,644,915 $27,892,936 $31,348,225 $32,202,713 $31,434,407 91.3% $59.45

Real Estate Taxes 2,816,447 3,219,674 3,570,905 3,927,437 4,057,334 4,048,719 12.9 7.66 Insurance 35,075 55,262 77,406 72,857 74,750 74,936 0.2 0.14 Management Fee 710,770 561,491 1,288,906 941,707 982,189 943,032 3.0 1.78 Other Operating Expenses 4,893,592 5,245,623 5,075,301 5,440,556 5,385,921 5,537,916 17.6 10.47 Total Operating Expenses $8,455,884 $9,082,050 $10,012,518 $10,382,557 $10,500,194 $10,604,603 33.7% $20.06

Net Operating Income $6,807,103 $12,562,865 $17,880,418 $20,965,668 $21,702,519 $20,829,804 66.3% $39.40 Replacement Reserves 0 0 0 0 0 105,746 0.3 0.20 TI/LC 0 0 0 0 0 1,057,460 3.4 2.00 Net Cash Flow $6,807,103 $12,562,865 $17,880,418 $20,965,668 $21,702,519 $19,666,598 62.6% $37.20

NOI DSCR(6) 1.06x 1.95x 2.78x 3.26x 3.37x 3.24x NCF DSCR(6) 1.06x 1.95x 2.78x 3.26x 3.37x 3.06x NOI Debt Yield(6) 3.6% 6.6% 9.4% 11.0% 11.4% 11.0% NCF Debt Yield(6) 3.6% 6.6% 9.4% 11.0% 11.4% 10.4%

Represents (i) percent of Net Rental Income for all revenue fields, (ii) percent of Gross Potential Rent for Vacancy & Credit Loss and (iii) percent of (1) Effective Gross Income for all other fields. (2) Represents straight-line rent averaging for Bank of NY Mellon, an investment grade tenant, over its remaining lease term totaling $18,013. (3) Represents rent steps through September 2020 totaling $751,235. (4) Other Income represents parking income and percentage rent. (5) The underwritten economic vacancy is 9.5%. The Tysons Tower Property was 100.0% occupied as of August 30, 2019. (6) The debt service coverage ratios and debt yields are based on the Tysons Tower Whole Loan.

Appraisal. The appraiser concluded to a “Market Value As-Is” of $365,000,000 as of August 12, 2019. Environmental Matters. According to the Phase I environmental site assessment dated August 13, 2019, there was no evidence of any recognized environmental conditions at the Tysons Tower Property. Market Overview and Competition. The Tysons Tower Property is situated on the northwest corner of the intersection of Tysons One Place and Westpark Drive within the Tysons Corner submarket of McLean, Virginia. The Tysons Tower Property is situated approximately two blocks southeast of the Tysons Corner Metrorail station, which operates on the Silver Metro rail line that travels east-west through Washington D.C. The Tysons Corner Metrorail station was built as part of Phase I of the Dulles Corridor Metrorail project, an extension of the Metrorail system through Tysons Corner to Dulles International Airport and Loudoun County, which began operation in 2014. Additionally, the Tysons Tower Property is located adjacent to the Capital Beltway (Interstate-495) and Route 123 interchange, approximately 15.0 miles east of the Dulles International Airport, and approximately 13.1 miles west of the Ronald Reagan Washington Airport. Tysons Corner is the largest office submarket in Northern Virginia, consisting of approximately 29.0 million square feet of office space. Several Fortune 500 companies have headquarters within the Tysons Corner submarket, including Freddie Mac, Capital One Financial, SAIC, Hilton Worldwide and Gannett. Tysons Corner also features over 5.7 million square feet of retail space including the aforementioned Tysons Corner Center super-regional mall as well as Tysons Galleria, which

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document features Saks Fifth Avenue and Neiman Marcus. Residential uses in Tysons Corner feature numerous garden-style, mid- rise and high-rise apartment and condominium projects. Additionally, during the last 20 years, a significant number of luxury townhouse and single-family detached communities have been developed on in-fill parcels within and surrounding Tysons Corner. According to a third party market research provider, the estimated 2019 population within a three- and five-mile radius of the Tysons Tower Property was approximately 105,483 and 268,473,

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Market Rent Summary(1)

Upper Office Office (Floors 10-20) (Floors 2-10) Restaurant Bank Market Rent (PSF) $58.00 $56.00 $50.00 $65.00 Lease Term (Years) 10 8 10 10 Lease Type (Reimbursements) Full Service(1) Full Service(1) Full Service(1) NNN Rent Increase Projection 2.75% per annum 2.75% per annum 3.00% per annum 3.00% per annum

(1) Information obtained from the appraisal. The table below presents certain information relating to comparable sales pertaining to the Tysons Tower Property identified by the appraiser:

Comparable Sales(1)

Rentable Sale Price Property Name Location Year Built Sale Date Sale Price Area (SF) (PSF) Tysons Tower (Subject) McLean, VA 2014 528,730 NAP One Liberty Center Arlington, VA 2005 319,327 June 2019 $151,200,000 $473 2000 Duke Alexandria, VA 1997 156,746 Feb. 2019 $75,000,000 $478 Carlyle Overlook Alexandria, VA 2008 121,908 Sept. 2018 $59,000,000 $484 1300 North 17th Arlington, VA 1980 397,724 Jan. 2018 $250,000,000 $629 Waterview Rosslyn, VA 2006 633,908 May 2017 $460,000,000 $726

(1) Information obtained from the appraisal.

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The following table presents certain information relating to comparable leases related to Tysons Tower Property:

Comparable Leases(1)

Year Total Distance Annual Tenant Lease Lease Property Name/Location Built/ GLA from (2) Tenant Base Occupancy Size Term (3) Renovated (SF) Subject Rent PSF Type Tysons Tower Property (Subject) 2014/NAP 528,730 - 100.0% 7900 Tysons One Place McLean, VA 22102 The Loft 12.0 Full 1640 Boro Place 2019/NAP 143,606 0.8 Miles 82.1% Spaces 51,422 $54.00 Yrs Service McLean, Virginia Alion Science 11.1 Full 13,800 $57.00 & Technology Yrs Service Womble 10.0 Full Bond 24,239 $59.00 Yrs Service Boro Tower Dickinson 8350 Broad Street 2019/NAP 438,169 0.9 miles 76.7% 15.0 Full McLean, Virginia KPMG 168,399 $52.50 Yrs Service Hogan 11.5 Full Lovells US 44,500 $55.00 Yrs Service LLP Towers Crescent 13.0 Full 1850 Towers Crescent Plaza 2009/NAP 295,031 0.4 Miles 99.1% MicroStrategy 213,060 $47.50 Yrs Service McLean, Virginia Reston Station 12.0 Full 1900 Reston Metro Plaza 2017/NAP 368,413 8.0 Miles 46.4% Google 90,000 $47.00 Yrs Service Reston, Virginia Reston Town Center – (4) 10.3 Full 17Fifty 2020/NAP 276,000 9.1 Miles 99.3% Leidos 276,000 $55.00 1750 Presidents Street Yrs Service Reston, Virginia 11.0 Full Ablevets 8,261 $55.00 1812 North Moore Street Yrs Service 2013/NAP 539,552 9.3 Miles 62.2% Arlington, Virginia 15.0 Full Nestle USA 205,251 $60.00 Yrs Service 16.0 Full WeWork 83,294 $63.00 Central Place Tower Yrs Service 1201 Wilson Boulevard 2018/NAP 552,540 9.3 Miles 92.9% Accenture 10.0 Full Arlington, Virginia 29,000 $60.00 LLP Yrs Service

(1) Information obtained from the appraisal, unless otherwise noted. (2) Information obtained from a third party market research provider. (3) The appraiser’s ‘Full Service’ designation assumes tenants reimburse the landlord for future increases over the base year. (4) Reston Town Center – 17Fifty is currently under construction, 99.3% preleased, and expected to open in 2020.

Escrows. Real Estate Taxes – Upon the occurrence and continuance of a Cash Trap Event Period (see “Lockbox and Cash Management” section), the Tysons Tower Whole Loan documents require ongoing monthly real estate tax reserves in an amount equal to 1/12 of the real estate taxes that the lender estimates will be payable during the next 12 months. Insurance – Upon (i) the occurrence and continuance of a Cash Trap Event Period, the Tysons Tower Whole Loan documents require ongoing monthly insurance reserves in an amount equal to 1/12 of the insurance premiums that the lender estimates will be payable for the renewal of the coverage during the next 12 months, (ii) the occurrence and continuance of an event of default or (iii) the failure of the Tysons Tower Borrower to provide evidence of timely payment of insurance premiums, the Tysons Tower Borrower is required to make ongoing monthly insurance reserve deposits applicable to insurance policies for the Tysons Tower Property.

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Replacement Reserve – Upon the occurrence and continuance of a Cash Trap Event Period, the Tysons Tower Whole Loan documents require ongoing monthly replacement reserves of $50,000, subject to a cap of $1,000,000. TI/LC Reserve – Upon the occurrence and continuance of a Cash Trap Event Period, the Tysons Tower Whole Loan documents require ongoing monthly TI/LC reserves of $110,152, subject to a cap of $1,321,825. Lockbox and Cash Management. The Tysons Tower Whole Loan is structured with a hard lockbox, which is already in place, and springing cash management. The Tysons Tower Borrower is required to direct tenants to pay rent directly into such lockbox account and all rents received directly by the Tysons Tower Borrower or the property manager are required to be deposited into the lockbox account within three business days of receipt. Prior to the occurrence of a Cash Trap Event Period, all funds in the lockbox account are required to be distributed to The Tysons Tower Borrower. During a Cash Trap Event Period, funds in the lockbox account are required

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(i) the occurrence of an event of default under the Tysons Tower Whole Loan documents; or the net cash flow debt service coverage ratio (“NCF DSCR”), calculated on a hypothetical fully amortizing 30-year (ii) schedule, being less than 1.15x at the end of any calendar quarter. A Cash Trap Event Period will end upon the occurrence of the following: ● with regard to clause (i), the cure of such event of default; or with regard to clause (ii), the NCF DSCR, calculated on a hypothetical fully amortizing 30-year schedule, being ● greater than or equal to 1.20x for two consecutive calendar quarters. Property Management. The Tysons Tower Property is managed by Hines Interests Limited Partnership, a real estate investment company that has managed properties since its inception in 1957. As of October 2019, Hines Interest Limited Partnership manages more than 222 million square feet across 514 properties including assets in Australia, Brazil, Canada, China, Denmark, Finland, France, Germany, Greece, India, Ireland, Italy, Mexico, the Netherlands, Panama, Poland, Russia, Spain, the United Kingdom and the United States. Partial Release. Not permitted. Real Estate Substitution. Not permitted. Subordinate and Mezzanine Indebtedness. Not permitted. Ground Lease. None. Right of First Offer. Not permitted. Terrorism Insurance. The Tysons Tower Whole Loan documents require that the “all risk” insurance policy required to be maintained by the Tysons Tower Borrower provide coverage for terrorism in an amount equal to the full replacement cost of the Tysons Tower Property, as well as business interruption insurance covering no less than the 24-month period following the occurrence of a casualty event, together with a 6-month extended period of indemnity (provided that if TRIPRA or a similar statute is not in effect, the Tysons Tower Borrower will not be obligated to pay terrorism insurance premiums in excess of two times the premium for the casualty and business interruption coverage on a stand-alone basis).

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Mortgage Loan Information Mortgaged Property Information

Morgan Stanley Mortgage Capital Single Asset/Portfolio: Portfolio Mortgage Loan Seller: Holdings LLC Credit Assessment NR/NR/NR Property Type – Subtype: Various/Various (DBRS/Fitch/S&P): Original Principal Balance: $44,000,000 Location: New York, NY Cut-off Date Balance: $44,000,000 Size(2): 125 Units % of Initial Pool Balance: 3.7% Cut-off Date Balance Per Unit: $352,000 Loan Purpose: Refinance Maturity Date Balance Per Unit: $352,000 Borrower Sponsor: Hakim Holdings Year Built/Renovated: Various/NAP Guarantor: Kambiz Hakim Title Vesting: Fee Mortgage Rate: 3.2100% Property Manager: The Salon Realty Corp. Note Date: September 30, 2019 Current Occupancy (As of): 96.0% (9/30/2019) Seasoning: 1 month YE 2018 Occupancy: 99.1% Maturity Date: October 1, 2029 YE 2017 Occupancy: 98.4% IO Period: 120 months YE 2016 Occupancy: 98.1% Loan Term (Original): 120 months YE 2015 Occupancy: 96.4% Amortization Term (Original): NAP As-Is Appraised Value: $91,000,000 Loan Amortization Type: Interest-only, Balloon As-Is Appraised Value Per Unit: $728,000 Call Protection: L(25),D(90),O(5) As-Is Appraisal Valuation Date: 7/31/2019 Lockbox Type: Springing Underwriting and Financial Information Additional Debt: None TTM NOI (8/31/2019): $3,196,170 Additional Debt Type (Balance): NAP YE 2018 NOI: $3,120,171 YE 2017 NOI: $3,071,642 YE 2016 NOI: $3,109,985 U/W Revenues: $5,153,275 U/W Expenses: $1,606,974 (1) Escrows and Reserves U/W NOI(3): $3,546,301 Initial Monthly Cap U/W NCF: $3,442,205 Taxes $223,686 $79,805 NAP U/W DSCR based on NOI/NCF: 2.48x / 2.40x Insurance $0 Springing NAP U/W Debt Yield based on NOI/NCF: 8.1% / 7.8% $31,250 U/W Debt Yield at Maturity based on 8.1% / 7.8% Replacement Reserve $31,250 $2,604 NOI/NCF TI/LC Reserve $0 Springing NAP Cut-off Date LTV Ratio: 48.4% Deferred Maintenance $287,168 $0 NAP LTV Ratio at Maturity: 48.4%

Sources and Uses Sources Uses Original loan amount $44,000,000 100.0% Loan Payoff $32,213,434 73.2% Return of Equity 10,521,650 23.9 Closing Costs 722,812 1.6 Reserves 542,104 1.2 Total Sources $44,000,000 100.0% Total Uses: $44,000,000 100.0%

(1) See “Escrows” section for a full description of Escrows and Reserves.

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document (2) Size comprises the multifamily portion of the East Side Manhattan Multifamily Portfolio (as defined below) and does not include the commercial tenants. (3) See “Cash Flow Analysis” section for a discussion of the increase in U/W NOI compared to the most recent NOI.

The Mortgage Loan. The mortgage loan (the “East Side Manhattan Multifamily Portfolio Mortgage Loan”) is evidenced by a single promissory note in the original principal balance of $44,000,000. The East Side Manhattan Multifamily Portfolio Mortgage Loan is secured by a first priority fee mortgage encumbering three multifamily properties and one mixed use (multifamily and retail) property located in New York, New York (the “East Side Manhattan Multifamily Portfolio” or “Properties” or “Property” when discussed on an individual basis).

The Borrowers and the Borrower Sponsor. The borrowers are 12th & 1st DE LLC, East-Ville Realty DE LLC, 417 East 72nd Street Associates DE LLC and Shemiran Co. DE LLC (collectively, the “East Side Manhattan Multifamily Portfolio Borrowers”), each a Delaware limited liability company structured to be bankruptcy-remote with one independent director. Legal counsel to the East Side Manhattan Multifamily Portfolio Borrowers delivered a non-consolidation opinion in connection with the origination of the East Side Manhattan Multifamily Portfolio Mortgage Loan. Hakim Holdings is the borrower sponsor and Kambiz Hakim is the non-recourse carveout guarantor with respect to the East Side Manhattan Multifamily Portfolio Mortgage Loan. Hakim Holdings is a Beverly Hills based commercial real

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The Properties. The East Side Manhattan Multifamily Portfolio is comprised of three multifamily properties and one mixed use (multifamily and retail) property totaling 125 multifamily units and nine commercial spaces totaling 125 units located in New York, New York. The Properties were constructed between 1920 and 1950. As of September 30, 2019, the East Side Manhattan Multifamily Portfolio was 96.0% occupied. The East Side Manhattan Multifamily Portfolio includes nine one to seven story buildings containing 125 residential units, 24 of which are rent stabilized units and two of which are rent controlled, and nine ground floor commercial spaces totaling 7,200 SF. The Properties are located at 199, 201, 203, 205 First Avenue and 349, 351 East 12th Street (the “1st and 12th Properties”) (16.8% of units; 26.9% of U/W Base Rent) and 520 East 12th Street (32.0% of units; 34.2% of U/W Base Rent) in the East Village and 418 East 88th Street (36.8% of units; 28.7% of U/W Base Rent) and 417 East 72nd Street (14.4% of units; 10.2% of U/W Base Rent) on the Upper East Side.

The following table presents detailed information with respect to each of the Properties included in the East Side Manhattan Multifamily Portfolio:

East Side Manhattan Multifamily Portfolio Summary

Allocated % of % of Occ. % Appraised Loan % of Building Units(1) Total UW NOI UW (1) Value Amount ALA Units NOI (“ALA”) 199, 201, 203, 205 First Ave. & 349, 351 East 12th St. 90.5% 21 16.8% $44,000,000 $21,274,725 48.4% $1,756,528 49.5% 520 East 12th Street 97.5% 40 32.0% $23,000,000 $11,120,879 25.3% $912,918 25.7% 418 East 88th Street 95.7% 46 36.8% $18,000,000 $8,703,297 19.8% $649,786 18.3% 417 East 72nd Street 100.0% 18 14.4% $6,000,000 $2,901,099 6.6% $227,069 6.4% Total/Wtd. Avg. 96.0% 125 100.0% $91,000,000 $44,000,000 100.0% $3,546,301 100.0%

(1) Based on the borrower rent roll dated September 30, 2019. Includes multifamily units only, and excludes commercial units.

199, 201, 203, 205 First Avenue and 349, 351 East 12th Street The 1st and 12th Properties are comprised of six, four-story mixed use buildings located in New York, New York, within the East Village neighborhood. The 1st and 12th Properties were built in 1920. The unit mix comprises two- and three-bedroom floorplans, an NRA of 14,700 SF and average unit size of 700 SF. As of September 30, 2019, the 1st and 12th Properties were 90.5% occupied, with average in place monthly rent of $4,356/unit ($6.22 PSF). The unit mix is comprised of 21 market rent units and contains no rent stabilized units or rent controlled units. The 1st and 12th Properties contain eight street level commercial spaces, which are 100.0% occupied. All retail tenants have been in place over two years, with five tenants having been in place for over five years. Additionally, there is a contract with Time Warner, allowing the use of the roof of 199 1st Avenue, paying approximately $15,201 annually through January 31, 2023.

The following table presents certain information relating to the retail tenants at the 1st and 12th Properties:

Major Tenants(1)

Lease Tenant Name Tenant NRSF % of NRSF Annual U/W Rent Expiration Major Tenants New Phoenix Laundromat & Cleaners 900 13.6% $153,003 5/31/2024 Beep Beep NYC 900 13.6% $147,852 12/31/2022 Sao Mai Vietnamese Cuisine 900 13.6% $175,032 9/30/2022 Tribeca Health Care Management 900 13.6% $148,560 11/30/2025

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Ducks Eatery 900 13.6% $134,315 4/30/2022 Thai Terminal 750 11.4% $83,604 5/31/2022 Motorino 750 11.4% $87,168 7/31/2021 Sarita’s Macaroni & Cheese 600 9.1% $166,308 5/31/2027 Time Warner Antenna (Roof) NAP NAP $15,657 1/31/2023 Subtotal/Wtd. Avg. 6,600 100.0% $1,111,499

(1) Based on the borrower rent roll dated September 30, 2019.

520 East 12th Street The 520 East 12th Street Property is comprised of a single seven-story, elevator serviced, multifamily building located in New York, New York, within the East Village neighborhood. The 520 East 12th Street Property was built in 1930. The unit mix comprises one-, two-, three- and four-bedroom floorplans, an NRA of 27,775 SF and average unit size of 694 SF. As of September 30, 2019, the 520 East 12th Street Property was 97.5% occupied, with average in place monthly rent of $2,858/ unit ($4.09 PSF). The unit mix is made

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Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Property Types - Various Loan #10 Cut-off Date Balance: $44,000,000 Property Addresses - Various East Side Manhattan Multifamily Portfolio Cut-off Date LTV: 48.4% U/W NCF DSCR: 2.40x U/W NOI Debt Yield: 8.1% up of 27 market rent units and 13 rent stabilized units, with no rent controlled units. As of the September 30, 2019 rent roll, rent stabilized units comprise approximately $19,766 of rent and market rent units comprise approximately $94,755. There is a contract in place with Sprint (through June 30, 2022) and Verizon (through April 8, 2020), allowing the use of the roof of the 520 East 12th Street Property, together paying approximately $91,231 annually. Verizon has been a tenant at the 520 East 12th Street Property since 2015 and Sprint has been a tenant at the 520 East 12th Street Property since 2001.

418 East 88th Street The 418 East 88th Street Property is comprised of a single five-story, elevator serviced, multifamily building located in New York, New York, within the Upper East Side neighborhood. The 418 East 88th Street Property was built in 1950. The unit mix comprises studio, one-, two- and three-bedroom floorplans, an NRA of 21,650 SF and average unit size of 471 SF. As of September 30, 2019, the 418 East 88th Street Property was 95.7% occupied, with average in place monthly rent of $2,155/ unit ($4.55 PSF). The unit mix is made up of 37 market rent units, eight rent stabilized units and one rent controlled unit. As of the September 30, 2019 rent roll, rent stabilized and controlled units comprise approximately $12,343 of rent and market rent units comprise approximately $84,756. There is a contract in place with Hercules, allowing the use of the basement of the 418 East 88th Street Property as a laundry facility, paying approximately $6,300 annually through February 28, 2025. Hercules has managed the laundry facility since March 2018 and operates under a seven-year lease.

417 East 72nd Street The 417 East 72nd Street Property is comprised of a single five-story, elevator serviced, multifamily building located in New York, New York, within the Upper East Side neighborhood. The 417 East 72nd Street Property was built in 1920. The unit mix comprises studio and one-bedroom floorplans, an NRA of 8,250 SF and average unit size of 458 SF. As of September 30, 2019, the 417 East 72nd Street Property was 100.0% occupied, with average in place monthly rent of $1,926/unit ($4.20 PSF). The unit mix is made up of 14 market rent units, three rent stabilized units and one rent controlled unit. As of the September 30, 2019 rent roll, rent stabilized and controlled units comprise approximately $3,741 of rent and market rent units comprise approximately $30,775. The 417 East 72nd Street Property contains one office tenant. Spencer J. Herman, a veterinarian office, has been a tenant at the 417 East 72nd Street Property since May 2018 and operates under a seven year lease (expiring May 31, 2025) with three, one-year extension options, paying approximately $46,968 annually.

The following table presents historical occupancy percentages at the East Side Manhattan Multifamily Portfolio:

Historical Occupancy

12/31/2015(1) 12/31/2016(1) 12/31/2017(1) 12/31/2018(1) 9/30/2019(2) 96.4% 98.1% 98.4% 99.1% 96.0%

(1) Information obtained from the borrower. (2) Information obtained from the underwritten rent roll.

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Cash Flow Analysis

TTM 8/31/ U/W $ per 2016 2017 2018 U/W %(1) 2019 Unit Gross Potential Rent $3,317,165 $3,486,605 $3,538,312 $3,638,479 $4,082,078 75.3% $32,657 Other Income 1,136,443 980,540 1,073,692 1,152,666 1,342,422 24.7 10,739 Total Recoveries 0 0 0 0 0 0.0 0 Net Rental Income $4,453,607 $4,467,145 $4,612,004 $4,791,145 $5,424,500 100.0% $43,396 Concessions 0 0 0 0 0 0.0 0 (Vacancy & Credit Loss) 0 0 0 0 (271,225) (6.6) (2,167) Effective Gross Income $4,453,607 $4,467,145 $4,612,004 $4,791,145 $5,153,275 95.0% $41,226

Real Estate Taxes 790,280 859,648 933,904 958,786 957,946 18.6 7,6634 Insurance 53,541 50,272 53,626 53,626 53,626 1.0 429 Management Fee 175,691 178,859 182,469 193,292 206,131 4.0 1,649 Other Operating Expenses 324,110 306,724 321,833 389,271 389,271 7.6 3,114 Total Operating Expenses $1,343,622 $1,395,503 $1,491,833 $1,594,975 $1,606,974 31.2% $12,856

Net Operating Income(2) $3,109,985 $3,071,642 $3,120,171 $3,196,170 $3,546,301 68.8% $28,370 Replacement Reserves 0 0 0 0 44,351 0.9 355 TI/LC 0 0 0 0 59,745 1.2 478 Net Cash Flow $3,109,985 $3,071,642 $3,120,171 $3,196,170 $3,442,205 66.8% $27,538

NOI DSCR 2.17x 2.14x 2.18x 2.23x 2.48x NCF DSCR 2.17x 2.14x 2.18x 2.23x 2.40x NOI Debt Yield 7.1% 7.0% 7.1% 7.3% 8.1% NCF Debt Yield 7.1% 7.0% 7.1% 7.3% 7.8%

Represents (i) percent of Net Rental Income for all revenue fields, (ii) percent of Gross Potential Rent for Vacancy & Credit Loss and (iii) percent of (1) Effective Gross Income for all other fields. Increase in Net Operating Income from 8/31/2019 TTM to U/W is primarily due to (i) the increase in Other Income, which is comprised of income from (2) commercial leases and antennae contracts and (ii) multiple tenants renewing at higher rents and one vacant unit being leased at the 1st and 12th Properties.

Appraisal. The Properties were valued individually, with the individual values reflecting a total “as-is” appraised value of $91,000,000. The appraisals are dated as of July 31, 2019.

Environmental Matters. According to Phase I environmental site assessments dated August 9, 2019, there was no evidence of any recognized environmental conditions at the East Side Manhattan Multifamily Portfolio.

Market Overview and Competition. The East Side Manhattan Multifamily Portfolio is located in New York, New York within the New York City multifamily market. According to the appraisal, as of the first quarter of 2019, the vacancy rate in the New York City multifamily market was approximately 4.2%, with average asking rents of $3,726 per unit and inventory of approximately 217,714 units.

The 1st and 12th Properties and the 520 East 12th Street Property are located within the West Village/Downtown submarket of the Manhattan multifamily market. According to the appraisal, as of the first quarter of 2019, the vacancy rate in the West Village/Downtown submarket was approximately 3.3%, with average asking rents of $4,631 per unit and inventory of approximately 26,737 units. The 1st and 12th Properties and the 520 East 12th Street Property are centrally located in the East Village, which is surrounded by the East River, Chinatown, two bridges and the Lower East Side. Major demand drivers in the area includes Tompkins Square Park and the New York University campus and primary access to the area is provided by the B, D and Q trains and the J, M and Z subway lines. Essex Crossing is a 1.87 million SF mixed-use development that

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document is expected to be completed by 2021 in the East Village area. The proposed development is expected to include office and community facility space, park spaces, a new home for the Andy Warhol Museum, retail stores, restaurants, a movie theater, residential condominiums, a new Essex Market, and 1,000 apartments.

The 418 East 88th Street Property and the 417 East 72nd Street Property are located within the Upper East Side submarket of the Manhattan multifamily market. According to the appraisal, as of the first quarter of 2019, the vacancy rate in the Upper East Side submarket was approximately 2.9%, with average asking rents of $4,367 per unit and inventory of approximately 16,744 units. The 418 East 88th Street Property and the 417 East 72nd Street Property are located in the Upper East Side, which incorporates the neighborhoods of Park East, Yorkville and Carnegie Hill. Major demand drivers in the area include the Museum Mile and Hunter College and primary access to the 418 East 88th Street Property and the 417 East 72nd Street Property is primarily provided by the 4, 5, 6 and Q lines, and public bus.

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The following table presents certain information relating to the appraiser’s market rent conclusion for the East Side Manhattan Multifamily Portfolio:

Market Rent Summary

Avg. Avg. Avg. Avg. Monthly In Monthly In Monthly Monthly Building Units(1) Avg. Size Place Rent Place Rent Market Rent Market Rent per Unit(1) PSF(1) per Unit PSF 199, 201, 203, 205 First Ave. & 349, 351 East 12th 21 700 $4,356 $6.22 $4,781 $6.83 St. 520 East 12th Street 40 694 $2,858 $4.09 $4,680 $6.74 418 East 88th Street 46 471 $2,155 $4.55 $2,678 $5.69 417 East 72nd Street 18 458 $1,926 $4.20 $2,467 $5.38 Source: Appraisal

(1) Based on the borrower rent roll dated September 30, 2019.

The following table presents certain information relating to comparable rental properties to the 1st and 12th Properties and the 520 East 12th Street Property:

Comparable Rental Properties (1st and 12th Properties and 520 East 12th Street Property)

Average Average Year # of Average SF Property # Units Unit Mix Monthly Rent Annual Rent Built Stories per Unit per Unit PSF 2BR 700 $4,400 $75.43 1st and 12th 1920 4 21 3BR 700 $4,354 $74.63 1BR 692 $2,001 $34.71 2BR 633 $2,459 $46.60 520 East 12th Street 1930 7 40 3BR 822 $4,426 $64.60 4BR 850 $4,450 $62.82 99 East 7th Street 2BR 491 $3,853 $94.17 1930 5 17 New York 3BR 700 $5,099 $87.41 112 East 7th Street 1BR 450 $3,292 $87.79 1920 5 20 New York 2BR 575 $4,488 $93.66 1BR 650 $3,847 $71.02 331 East 9th Street 1900 5 10 2BR 1,000 $5,278 $63.34 New York 3BR 1,000 $5,461 $65.53 647 East 11th Street 2BR 650 $3,400 $62.77 1910 6 34 New York 3BR 725 $5,639 $93.34 504 East 12th Street 2BR 624 $4,171 $80.21 1930 6 33 New York 3BR 800 $4,503 $67.55 416-418 East 13th Street 1900 6 35 2BR 600 $3,891 $77.82 New York

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The following table presents certain information relating to comparable rental properties to the 418 East 88th Street Property and the 417 East 72nd Street Property:

Comparable Rental Properties (418 East 88th Street Property and 417 East 72nd Street Property)

Average Average Year # of Average SF Property # Units Unit Mix Monthly Rent Annual Rent Built Stories per Unit per Unit PSF Studio 400 $1,966 $58.99 1BR 600 $1,382 $27.63 418 East 88th Street 1950 5 46 2BR 600 $2,696 $53.92 3BR 850 $3995 $56.40 Studio 400 $1,946 $58.38 417 East 72nd Street 1920 5 18 1BR 475 $1,921 $48.53 1143-1145 First Avenue 1910 5 17 2BR 594 $3,198 $64.60 New York 246-248 East 53rd Street 1BR 475 $2,257 $57.02 New York 1900 6 21 2BR 475 $2,817 $71.17 3BR 775 $4,000 $61.94 Studio 400 $2,500 $75.00 513 East 82nd Street 1910 5 20 1BR 450 $2,736 $72.96 New York 2BR 575 $3,525 $73.57 419 East 82nd Street Studio 325 $2,325 $85.85 1910 5 20 New York 1BR 375 $2,631 $84.19 409 East 81st Street Studio 300 $2,308 $92.32 1900 5 20 New York 1BR 375 $2,641 $84.51 340 East 61st Street 1910 5 20 1BR 425 $2,704 $76.35 New York 1BR 450 $2,750 $73.33 338 East 55th Street 1950 5 10 2BR 550 $3,856 $84.13 New York 3BR 875 $6,200 $85.03 443 East 78th Street Studio 350 $2,200 $75.43 New York 1924 5 20 1BR 450 $2,688 $71.68 2BR 550 $3,167 $69.10 Studio 325 $2,540 $93.78 244 East 78th Street 1BR 375 $2,745 $87.84 New York 1910 5 24 2BR 425 $3,200 $90.35 3BR 675 $6,000 $106.67 Studio 375 $2,409 $77.09 342 East 76th Street 1910 5 17 1BR 375 $2,770 $88.64 New York 2BR 700 $3,500 $60.00

Escrows.

Real Estate Taxes – The East Side Manhattan Multifamily Portfolio Mortgage Loan documents require an upfront reserve of $223,686 for real estate taxes and monthly deposits into a reserve for real estate taxes in an amount equal to 1/12 of the real estate taxes that the lender estimates will be payable during the next twelve months (initially $79,805).

Insurance – Monthly reserves for insurance premiums are not required so long as (i) no event of default is continuing, (ii) the insurance coverage for each Property is included in a blanket or umbrella policy approved by the lender in its reasonable discretion, and (iii) the East Side Manhattan Multifamily Portfolio Borrowers provide the lender with evidence of payment of

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document the insurance premiums and renewals of the insurance policies, no later than ten days prior to the expiration of the current policy. If such conditions are not satisfied, the East Side Manhattan Multifamily Portfolio Borrowers will be required to make monthly deposits into a reserve for insurance premiums in an amount equal to 1/12 of the insurance premiums that the lender estimates will be payable for the renewal of coverage upon the expiration of the insurance policies.

Replacement Reserve – The East Side Manhattan Multifamily Portfolio Mortgage Loan documents require an upfront reserve of $31,250 (the “Replacements Cap”) for replacements and monthly deposits of $2,604 into such replacement reserve, provided that such monthly deposits are not required at any time the amount then on deposit in the replacement reserve equals or exceeds the Replacements Cap.

TI/LC Reserve – Monthly reserves for tenant improvements and leasing commissions are not required so long as the Rollover Conditions Precedent (as defined below) are satisfied. If the Rollover Conditions Precedent are not satisfied, the East Side Manhattan Multifamily Portfolio Mortgage Loan documents require monthly deposits of $9,036 into a reserve for tenant improvements and leasing commissions.

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“Rollover Conditions Precedent” means (i) no event of default is continuing under the East Side Manhattan Multifamily Portfolio Mortgage Loan documents and (ii) 80% or more of the total rentable square feet at the Properties has been leased to bona fide, independent third party tenants that are not affiliated with any borrower or guarantor and such 80% occupancy, as determined and calculated by the lender in its reasonable judgment, is evidenced by certified rent rolls provided by the East Side Manhattan Multifamily Portfolio Borrowers.

Deferred Maintenance – The East Side Manhattan Multifamily Portfolio Mortgage Loan documents require an upfront reserve of $287,168 for deferred maintenance, including elevator and other repairs and closing out various building code, fire code and other code violations.

Lockbox and Cash Management. The East Side Manhattan Multifamily Portfolio Mortgage Loan is structured with a springing lockbox and springing cash management. Upon the first occurrence of a Cash Sweep Event Period (as defined below), the East Side Manhattan Multifamily Portfolio Borrowers are required to establish a lockbox account into which, during a Cash Sweep Event Period, the East Side Manhattan Multifamily Portfolio Borrowers and property manager are required to directly deposit, or cause to be deposited, all rents from the East Side Manhattan Multifamily Portfolio Properties, within one business day of receipt thereof. In addition, upon the first occurrence of a Cash Sweep Event Period, the East Side Manhattan Multifamily Portfolio Borrowers will be required to deliver tenant direction letters to all commercial tenants directing them to deposit their rents directly into such lockbox account. Upon the first occurrence of a Cash Sweep Event Period, the lender is required to establish, and the East Side Manhattan Multifamily Portfolio Borrowers are required to cooperate with the cash management bank to establish, a lender-controlled cash management account, into which the East Side Manhattan Multifamily Portfolio Borrowers are required to cause all sums in the lockbox account to be transferred during a Cash Sweep Event Period. During the continuance of a Cash Sweep Event Period, provided no event of default is continuing, all funds in the cash management account are required to be applied on each monthly payment date: (i) to make the monthly deposits into the real estate tax and insurance reserves, if any, as described above under “Escrows,” (ii) to pay debt service on the East Side Manhattan Multifamily Portfolio Mortgage Loan, (iii) to make the monthly deposits into the replacement reserve and rollover reserve, if any, as described above under “Escrows,” (iv) to pay operating expenses set forth in the lender- approved annual budget and lender-approved extraordinary expenses, and (v) to deposit any remainder into an excess cash flow subaccount to be held as additional security for the East Side Manhattan Multifamily Portfolio Mortgage Loan during such Cash Sweep Event Period. If no Cash Sweep Event Period exists, funds in the cash management account are required to be disbursed to the East Side Manhattan Multifamily Portfolio Borrowers.

A “Cash Sweep Event Period” means a period:

commencing upon the occurrence of an event of default under the East Side Manhattan Multifamily Portfolio (i) Mortgage Loan documents and ending upon the cure (if applicable) of such event of default; or

commencing upon the occurrence of a bankruptcy filing (whether voluntary or involuntary) or insolvency of the East Side Manhattan Multifamily Portfolio Borrowers, non-recourse carveout guarantor or property manager and (ii) ending upon, in the case of the property manager only, the replacement of the property manager with a qualified manager acceptable to the lender under a replacement management agreement acceptable to the lender; or

commencing upon the interest-only debt service coverage ratio on the East Side Manhattan Multifamily Portfolio (iii) Mortgage Loan falling below 1.70x (a “DSCR Event”), and ending on the date the interest-only debt service coverage ratio equals or exceeds 1.70x for two consecutive calendar quarters.

The East Side Manhattan Multifamily Portfolio Borrowers may avoid a Cash Sweep Event Period based on a DSCR Event for a period of two consecutive years commencing on the date that the Cash Sweep Event Period was triggered by depositing with the lender cash or a letter of credit meeting the requirements of the East Side Manhattan Multifamily Portfolio Mortgage Loan documents in an amount (i) equal to $500,000 at the time of commencement of the Cash Sweep Event Period caused by the DSCR Event and (ii) equal to $500,000 on or prior to the 180th day, 360th day and 540th day of the Cash Sweep Event Period caused by the DSCR Event; provided, however, if the debt service coverage ratio is not at least 1.70x for two consecutive calendar quarters prior to the end of such two year period, a Cash Sweep Event Period will be deemed to have

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document occurred regardless of whether such cash or letter of credit has been deposited; provided, further, that the Cash Sweep Event Period will end and any cash or letter of credit will be returned to the East Side Manhattan Multifamily Portfolio Borrowers only after the debt service coverage ratio (not taking into account any such cash or letter of credit) is equal to or greater than 1.70x for two consecutive calendar quarters.

Property Management. The East Side Manhattan Multifamily Portfolio is managed by The Salon Realty Corp., a third party property manager.

Partial Release. After the expiration of the defeasance lockout period for the East Side Manhattan Multifamily Portfolio Mortgage Loan, the East Side Manhattan Multifamily Portfolio Borrowers have the right to obtain a release of any of the individual Properties, provided certain conditions are satisfied, including: (i) no event of default has occurred and remains uncured, (ii) the East Side Manhattan Multifamily Portfolio Borrowers partially defease the East Side Manhattan Multifamily Portfolio Mortgage Loan in a principal amount equal to the Release Amount (as defined below) of the related individual Property, (iii) the loan-to-value ratio of the remaining Properties is not greater than the lesser of (A) 48.4%, (B) the loan- to-value ratio at origination and (C) the loan-to-value ratio immediately prior to defeasance, (iv) the debt service coverage ratio of the remaining Properties is equal to or greater than the greater of (A) 1.80x, (B) the debt service coverage ratio at origination and (C) the debt service coverage ratio immediately prior to defeasance,

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(v) the debt yield of the remaining Properties is equal to or greater than the greater of (A) 7.8%, (B) the debt yield at origination and (C) the debt yield immediately prior to defeasance, and (vi) customary REMIC requirements are satisfied.

“Release Amount” means the greater of (i) 110% of the allocated loan amount of the individual Property being released; provided, however, that such amount will be reduced to 100% of such allocated loan amount if after the related release, the remaining Properties have a loan-to-value ratio not greater than 45% and a debt yield of at least 8.75% and (ii) the net sales proceeds (gross sales proceeds less reasonable and customary closing costs, not to exceed 8% of the total purchase price) of the individual Property being released.

Real Estate Substitution. Not permitted.

Subordinate and Mezzanine Indebtedness. Not permitted.

Ground Lease. None.

Right of First Offer/Right of First Refusal. None.

Letter of Credit. None. However, a letter of credit may be posted in order to avoid a Cash Sweep Event Period as described above under “Lockbox and Cash Management.”

Terrorism Insurance. The East Side Manhattan Multifamily Portfolio Borrowers are required to obtain and maintain an “all risk” or “special form” property insurance policy that covers perils of terrorism and acts of terrorism in an amount equal to the “full replacement cost” of the East Side Manhattan Multifamily Portfolio Properties, together with business income insurance covering not less than the 18-month period commencing at the time of loss, together with an extended period of indemnity endorsement of not less than six months. Notwithstanding the foregoing, for so long as the Terrorism Risk Insurance Act of 2002, as extended and modified by the Terrorism Risk Insurance Program Reauthorization Act of 2015 (“TRIPRA”) is in effect (including any extensions thereof or if another federal governmental program is in effect relating to “acts of terrorism” which provides substantially similar protections as TRIPRA), and covers both domestic and foreign acts of terrorism, the lender is required to accept terrorism insurance which insures against “covered acts” as defined by TRIPRA (or such other program). See “Risk Factors—Risks Relating to the Mortgage Loans—Terrorism Insurance May Not Be Available for All Mortgaged Properties” in the Preliminary Prospectus.

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Mortgage Loan Information Mortgaged Property Information

Morgan Stanley Mortgage Capital Single Asset/Portfolio: Portfolio Mortgage Loan Seller: Holdings LLC Credit Assessment NR/NR/NR Property Type – Subtype: Multifamily – Mid Rise (DBRS/Fitch/S&P): Original Principal Balance: $32,300,000 Location: Bronx, NY Cut-off Date Balance: $32,300,000 Size: 229 Units % of Initial Pool Balance: 2.7% Cut-off Date Balance Per Unit: $141,048.03 Loan Purpose: Refinance Maturity Date Balance Per Unit: $141,048.03 Borrower Sponsor: Ryan Morgan Year Built/Renovated: Various/NAP Guarantor: Ryan Morgan Title Vesting: Fee Mortgage Rate: 3.6500% Property Manager: 60 East 196th ST 1 LLC Note Date: October 10, 2019 Current Occupancy (As of): 98.2% (9/30/2019) Seasoning: 0 months YE 2018 Occupancy: 98.8% Maturity Date: November 1, 2029 YE 2017 Occupancy: 99.0% IO Period: 120 months YE 2016 Occupancy: 99.2% Loan Term (Original): 120 months YE 2015 Occupancy: 99.6% Amortization Term (Original): NAP As-Is Appraised Value: $47,500,000 Loan Amortization Type: Interest-only, Balloon As-Is Appraised Value Per Unit: $207,423.58 Call Protection: L(24),D(89),O(7) As-Is Appraisal Valuation Date: August 14, 2019 Lockbox Type: Springing Underwriting and Financial Information Additional Debt: None TTM NOI (7/31/2019): $2,361,154 Additional Debt Type (Balance): NAP YE 2018 NOI: $2,307,616 YE 2017 NOI: $2,357,947 YE 2016 NOI: $2,367,650 U/W Revenues: $3,855,081 U/W Expenses: $1,561,748 Escrows and Reserves U/W NOI: $2,293,333 Initial Monthly Cap U/W NCF: $2,232,494 Taxes $149,448 $49,816 NAP U/W DSCR based on NOI/NCF: 1.92x / 1.87x Insurance $0 Springing NAP U/W Debt Yield based on NOI/NCF: 7.1% / 6.9% Replacement NAP U/W Debt Yield at Maturity based on 7.1% / 6.9% Reserve $0 $5,070 NOI/NCF Deferred Cut-off Date LTV Ratio: 68.0% Maintenance $11,154 $0 NAP LTV Ratio at Maturity: 68.0%

Sources and Uses Sources Uses Original loan amount $32,300,000 99.0% Loan Payoff $31,877,600 97.7% Borrower equity 336,853 1.0 Closing Costs 598,650 1.8 Reserves 160,602 0.5 Total Sources $32,636,853 100.0% Total Uses: $32,636,853 100.0%

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document The Mortgage Loan. The mortgage loan (the “Bronx Multifamily Portfolio I Mortgage Loan”) is evidenced by one promissory note in the original principal balance of $32,300,000. The Bronx Multifamily Portfolio I Portfolio Mortgage Loan is secured by a first priority fee mortgage encumbering five multifamily properties located in Bronx, New York (the “Bronx Multifamily Portfolio I” or “Properties”).

The Properties. The Bronx Multifamily Portfolio I is comprised of five rent stabilized multifamily properties totaling 229 units located in Bronx, New York. The Properties were constructed between 1913 and 1938. As of September 30, 2019, the Bronx Multifamily Portfolio I was 98.2% occupied and the commercial space is 100.0% occupied. Occupancy at the Bronx Multifamily Portfolio I has been in excess of 98.0% since 2014. According to the borrower sponsor, since acquiring the Bronx Multifamily Portfolio I, Ryan Morgan has invested approximately $4.4 million ($19,214 per unit) in capital improvements across the Properties in the aggregate. Four of the Multifamily Portfolio I Properties either benefit from a J-51 exemption and abatement program or a major capital improvement program (“MCI”) or are awaiting approval of an application for a J-51 exemption and abatement program or an application to increase rent under the MCI program. Under the J-51 program, the tax exemption benefit temporarily exempts a property from the increase in assessed value which would otherwise occur as a result of significant renovation work. The abatement portion of the program reduces the existing taxes by a percentage of the certified reasonable costs of the work performed as determined by the Department of Finance. The MCI program allows landlords to increase rents (subject to certain limits) paid by rent stabilized tenants to recoup renovation and rehabilitation costs.

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The following table presents detailed information with respect to each of the Properties included in the Bronx Multifamily Portfolio I:

Bronx Multifamily Portfolio I Properties Summary

Allocated % of % of Appraised Loan % of Building Occ. % (1) Units(1) Total UW NOI UW Value(2) Amount ALA Units NOI (“ALA”) 190 West 170th Street 98.5% 67 29.3% $12,000,000 $8,160,000 25.3% $530,059 23.1% 1053-1057 Hoe Avenue 98.1% 52 22.7% $11,800,000 $8,024,000 24.8% $618,490 27.0% 1136 Sherman Avenue 97.8% 46 20.1% $9,500,000 $6,460,000 20.0% $463,656 20.2% 2979 Marion Avenue 97.2% 36 15.7% $7,300,000 $4,964,000 15.4% $318,504 13.9% 3500 Tryon Avenue 100.0% 28 12.2% $6,900,000 $4,692,000 14.5% $362,624 15.8% Total/Wtd. Avg. 98.2% 229 100.0% $47,500,000 $32,300,000 100.0% $2,293,333 100.0% (1) Based on the borrower rent roll dated September 30, 2019. Four out of the five appraised values include a certain amount attributable to either a J-51 a tax abatement or a J-51 tax exemption. For those Properties (2) where such abatement or exemption was not approved prior to closing, it is expected that these benefits will be in place by the January 2020 tax bill. There is no assurance that the approval will be received or, if received, that the benefits will be in place by the January 2020 tax bill.

The Properties.

190 West 170th Street The 190 West 170th Street Property is a six story, rent-stabilized, 67-unit mid-rise apartment complex located in the Bronx, NY. The 190 West 170th Street Property was built in 1929. The unit mix comprises one- and two -bedroom floorplans, an NRA of 60,600 SF and an average unit size of 918 SF, exclusive of the superintendents unit. As of September 30, 2019, the property was 98.5% occupied, with average in place rent of $1,186/unit. Eight units are leased to tenants who pay a portion of their rent with a Section 8 voucher. Since acquiring the 190 West 170th Street Property in 2014, according to the borrower sponsor they have invested approximately $1.7 million ($25,000 per unit) in capital improvements on the 190 West 170th Street Property. The appraised value includes $1,200,000 attributable to the net present value of a J-51 tax abatement and exemption for the 190 West 170th Street Property and is predicated in part on the assumption that the borrowers will have the benefit of an MCI Program rent increase of $134,000 over the course of 7 years at the 190 West 170th Street Property. The borrower filed for a J-51 tax abatement and exemption and MCI program rent increase at the 190 West 170th Street Property. As of the origination date, approval documentation has not been received and any future benefits associated with these programs are not reflected in the underwriting.

1053-1057 Hoe Avenue The 1053-1057 Hoe Avenue Property is an eight story, rent-stabilized, 52-unit mid-rise apartment complex located in the Bronx, NY. The 1053-1057 Hoe Avenue Property was built in 1913. The unit mix comprises studio, one-, two- and three- bedroom floorplans, an NRA of 42,500 SF and an average unit size of 833 SF, exclusive of the superintendent’s unit. As of September 30, 2019, the property was 98.1% occupied, with average in place rent of $1,375/unit. One unit is leased to tenants who pay a portion of their rent with a Section 8 voucher. The 1053-1057 Hoe Avenue Property contains four commercial tenants, which are 100% occupied and generate $192,300 in annual rent.

1136 Sherman Avenue The 1136 Sherman Avenue Property is a six story, rent-stabilized, 46-unit mid-rise apartment complex located in the Bronx, NY. The 1136 Sherman Avenue Property was built in 1928. The unit mix comprises studio, one-, two- and three-bedroom floorplans, an NRA of 42,500 SF and an average unit size of 944 SF, exclusive of the superintendent’s unit. As of September 30, 2019, the property was 97.8% occupied, with average in place rent of $1,370/unit. Two units are leased to tenants who pay a portion of their rent with a Section 8 voucher. According to the borrower sponsor, since acquiring the 1136 Sherman Avenue Property in 2012, Ryan Morgan has invested approximately $1.2 million ($26,630 per unit) in capital improvements on the 1136 Sherman Avenue Property. The 1136 Sherman Avenue Property contains three commercial tenants, which

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document are 100% occupied and generate $70,284 in annual rent. The appraised value includes $1,000,000 attributable to the net present value of a J-51 tax abatement and exemption for the 1136 Sherman Avenue Property and is predicated in part on the assumption that the borrowers will have the benefit of an MCI Program rent increase of $92,000 over the course of 6 years at the 1136 Sherman Avenue Property. As of the origination date, the 1136 Sherman Avenue Property benefits from a 12-year tax abatement under New York City’s J-51 tax abatement program. Real estate taxes were underwritten based on the actual June 2019 tax bill less the recently approved 12-year J-51 abatement in the amount of $31,332 per annum based on the approved certified reasonable costs of $375,989. The abated taxes are $118,362 per annum, compared to unabated taxes of $149,694 per annum. The borrower filed for a J-51 tax exemption and for an MCI program rent increase at the 1136 Sherman Avenue Property. As of the origination date, approval documentation has not been received and any future benefits associated with these programs are not reflected in the underwriting.

2979 Marion Avenue The 2979 Marion Avenue Property is a six story, rent-stabilized, 36-unit mid rise apartment complex located in the Bronx, NY. The 2979 Marion Avenue Property was built in 1938. The unit mix comprises one-, two-, and three-bedroom floorplans, an NRA of 37,400 SF and an average unit size of 1,069 SF, exclusive of the superintendent’s unit. As of September 30, 2019, the property was 97.2% occupied, with average in place rent of $1,360/unit. Nine units are leased to tenants who pay a portion of their rent with a Section 8 voucher. According to the borrower sponsor, since acquiring the 190 West 170th Street Property in 2013, Ryan Morgan has invested approximately $900,000 ($25,000 per unit) in capital improvements on the 2979 Marion Avenue Property. The appraised value includes $800,000 attributable to the net present value of a J-51 tax abatement and exemption for the 2979 Marion Avenue Property and is

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Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Multifamily – Mid Rise Loan #11 Cut-off Date Balance: $32,300,000 Various Bronx Multifamily Portfolio I Cut-off Date LTV: 68.0% Bronx, NY U/W NCF DSCR: 1.87x U/W NOI Debt Yield: 7.1% predicated in part on the assumption that the borrowers will have the benefit of an MCI Program rent increase of $72,000 over the course of 6 years at the 2979 Marion Avenue Property. The borrower filed for a J-51 tax abatement and exemption and an MCI program rent increase at the 2979 Marion Avenue Property. As of closing, approval documentation has not been received and any future benefits associated with these programs are not reflected in the underwriting.

3500 Tryon Avenue

The 3500 Tryon Avenue Property is a six story, rent-stabilized, 28-unit mid rise apartment complex located in the Bronx, NY. The 3500 Tryon Avenue Property was built in 1932. The unit mix comprises studio, one-, and two-bedroom floorplans, an NRA of 18,800 SF and an average unit size of 671 SF. As of September 30, 2019, the property was 100.0% occupied, with average in place rent of $1,350/unit. Two units are leased to tenants who pay a portion of their rent with a Section 8 voucher. According to the borrower sponsor, since acquiring the 3500 Tryon Avenue Property in 2013, Ryan Morgan had invested approximately $600,000 ($21,429 per unit) in capital improvements on the 3500 Tryon Avenue Property. The 3500 Tryon Avenue Property contains three commercial tenants, which are 100% occupied and generate $101,556 in annual rent. The appraised value includes $1,400,000 attributable to the net present value of a J-51 tax abatement and an exemption applicable to the 3500 Tryon Avenue Property and is predicated in part on the assumption that the borrowers will have the benefit of an MCI Program rent increase of $34,597 over the course of 4 years at the 3500 Tryon Avenue Property. As of the origination date, the 3500 Tryon Avenue Property benefits from a 12-year tax abatement under New York State’s J-51 tax abatement program and a 34-year J-51 exemption, of which 34 years are remaining. Real estate taxes were underwritten based on the borrowers budget which takes into account both the J-51 exemption and a J-51 abatement that were recently approved at the 3500 Tryon Avenue Property. The abated taxes are $51,159 per annum, compared to unabated taxes of $71,837 per annum. As of the origination date, the 3500 Tryon Avenue Property also benefits from the MCI program and the next MCI rent increase is scheduled to occur on May 1, 2020 in the amount of $8,595 per annum.

Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the operating history and underwritten net cash flow at the Bronx Multifamily Portfolio Properties:

Cash Flow Analysis

TTM 7/31/ U/W $ per 2016 2017 2018 U/W %(1) 2019 Unit Gross Potential Rent $3,209,280 $3,302,270 $3,442,182 $3,505,160 $3,559,656 90.2% $15,544.35 Other Income(2) 349,767 357,030 366,398 388,281 385,914 9.8 1,685.21 Total Recoveries 0 0 0 0 0 0.0 0.00 Net Rental Income $3,559,047 $3,659,300 $3,808,580 $3,893,441 $3,945,570 100.0% $17,229.56 Concessions 0 0 0 0 0 0.0 0.00 (Vacancy & Credit Loss) 0 0 0 0 (90,489) (2.5) (395.15) Effective Gross Income $3,559,047 $3,659,300 $3,808,580 $3,893,441 $3,855,081 97.7% $16,834.42

Real Estate Taxes(3) 390,227 472,559 551,486 579,466 563,745 14.6 2,461.77 Insurance 87,370 86,957 199,609 201,747 207,600 5.4 906.55 Management Fee 71,181 73,186 76,171 77,869 115,652 3.0 505.03 Other Operating Expenses 642,619 668,651 673,698 673,205 674,750 17.5 2,946.51 Total Operating Expenses $1,191,397 $1,301,353 $1,500,964 $1,532,287 $1,561,748 40.5% $6,819.86

Net Operating Income $2,367,650 $2,357,947 $2,307,616 $2,361,154 $2,293,333 59.5% $10,014.56 Replacement Reserves 0 0 0 0 60,839 1.6 265.67 TI/LC 0 0 0 0 0 0.0 0.00 Net Cash Flow $2,367,650 $2,357,947 $2,307,616 $2,361,154 $2,232,494 57.9% $9,748.88

NOI DSCR 1.98x 1.97x 1.93x 1.98x 1.92x NCF DSCR 1.98x 1.97x 1.93x 1.98x 1.87x

Represents (i) percent of Net Rental Income for all revenue fields, (ii) percent of Gross Potential Rent for Vacancy & Credit Loss and (iii) percent of (1) Effective Gross Income for all other fields. Other Income includes the gross potential rent generated by the commercial units and includes commercial rent steps through 8/1/2020 in the amount (2) of $3,684 through August 2020. Other Income also includes the next MCI rent increase that will occur on 5/1/2020 in the amount of $8,595 per annum for the 3500 Tryon Avenue Property. UW Real Estate Taxes represent 2019/2020 taxes assuming a full year of J-51 program tax abatements with respect to 1136 Sherman Avenue Property (3) and the 3500 Tryon Avenue Property

Appraisal. The Bronx Multifamily Portfolio I Properties were valued individually, with the individual values reflecting a cumulative “as-is” appraised value of $47,500,000. The appraisals are dated as of August 14, 2019.

Environmental Matters. According to Phase I environmental site assessments dated August 26, 2019, there was no evidence of any recognized environmental conditions at the Bronx Multifamily Portfolio I.

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Market Overview and Competition. The Bronx Multifamily Portfolio I Portfolio is located in Bronx, New York within the Bronx County submarket of the New York City residential market. According to the appraisal, as of the first quarter of 2019, the vacancy rate in the New York City residential market was approximately 4.5%, with average asking rents of $3,783 per unit and inventory of approximately 219,294 units. According to the appraisal, as of the first quarter of 2019, the vacancy rate in the Bronx County submarket was approximately 3.8%, with average asking rents of $1,384 per unit and inventory of approximately 149 units. Primary access to the Properties is provided by a number of major thoroughfares, bus lines through the MTA and numerous subway lines that connect the Properties to Manhattan. The Bronx Multifamily Portfolio I Portfolio neighborhood is located in a mixed-use area that supports residential, office, commercial, and retail uses.

The following table presents certain information relating to the appraiser’s market rent conclusion for the Bronx Multifamily Portfolio I Properties:

Market Rent Summary

Avg. Avg. Avg. Avg. Monthly In Monthly In Monthly Monthly Building Units Avg. Size Place Rent Place Rent Market Rent Market per Unit PSF per Unit Rent PSF 190 West 170th Street 67 918 $1,186 $1.29 $1,813 $1.98 1053-1057 Hoe Avenue 52 833 $1,375 $1.64 $1,992 $2.39 1136 Sherman Avenue 46 944 $1,370 $1.45 $1,870 $1.98 2979 Marion Avenue 36 1,069 $1,360 $1.31 $2,137 $2.00 3500 Tryon Avenue 28 671 $1,350 $2.01 $1,846 $2.75 Source: Appraisal

The following table presents certain information relating to comparable rental properties to the 190 West 170th Street, 1053-1057 Hoe Avenue and the 1136 Sherman Avenue Properties:

Comparable Rental Properties (190 West 170th Street, 1053-1057 Hoe Avenue and the 1136 Sherman Avenue Properties)

Average Average Year # of Average SF Property # Units Unit Mix Rent Annual Rent Built Stories per Unit per Unit PSF 1BR 850 $1,165 $16.45 190 West 170th Street 1929 6 67 2BR 1,100 $1,238 $13.51 Studio 500 $1,133 $27.20 1BR 700 $1,268 $21.74 1053-1057 Hoe Avenue 1913 8 52 2BR 900 $1,463 $19.51 3BR 1,100 $1,476 $16.11 Studio 600 $1,082 $21.64 1BR 850 $1,259 $17.78 1136 Sherman Avenue 1928 6 46 2BR 1,100 $1,537 $16.77 3BR 1,350 $1,801 $16.00 Sherman Court 1BR 550 $1,515 $33.05 1240 Sherman Avenue 1927 7 58 2BR 650 $1,701 $31.40 Bronx 1540 Walton Avenue 1BR 642 $1,701 $31.79 1923 5 59 Bronx 2BR 906 $2,031 $26.90 888 Grand Concourse Studio 600 $1,800 $36.00 1931 6 76 Bronx 1BR 800 $2,200 $33.00

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 2BR 1,000 $2,550 $30.60 3BR 1,200 $3,200 $32.00 930 Sheridan Avenue Studio 542 $1,699 $37.62 1951 7 83 Bronx 1BR 669 $1,845 $33.09

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The following table presents certain information relating to comparable rental properties to the 2979 Marion Avenue Property and the 3500 Tryon Avenue Property:

Comparable Rental Properties (2979 Marion Avenue and the 3500 Tryon Avenue Properties)

Average Average Year # of Average SF Property # Units Unit Mix Rent Annual Rent Built Stories per Unit per Unit PSF 1BR 1,000 $1,307 $15.69 2979 Marion Avenue 1938 6 36 2BR 1,200 $1,569 $15.69 Studio 500 $932 $22.37 3500 Tryon Avenue 1932 6 28 1BR 650 $1,323 $24.43 2BR 800 $1,551 $23.26 2839 Bainbridge Avenue 1922 5 30 1BR 600 $2,084 $41.68 Bronx 2605 Marion Avenue 1BR 650 $1,675 $30.92 1925 5 25 Bronx 2BR 800 $1,925 $28.88 7 East Gun Hill Road 1BR 500 $1,526 $36.62 Bronx 1923 5 38 2BR 800 $2,012 $30.18 3BR 1,100 $2,473 $26.98 308 East 209th Street Studio 354 $1,077 $36.51 1929 6 25 Bronx 1BR 560 $1,236 $26.49 3339 Hull Ave Studio 400 $1,354 $40.62 Bronx 1BR 675 $1,666 $29.62 1940 6 50 2BR 950 $1,839 $23.23 3BR 1,500 $3,218 $25.74

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Mortgage Loan Information Mortgaged Property Information

Bank of America, National Single Asset/Portfolio: Single Asset Mortgage Loan Seller: Association Credit Assessment NR/NR/NR Property Type – Subtype: Multifamily – Garden (DBRS/Fitch/S&P): Original Principal Balance: $30,500,000 Location: Manteca, CA Cut-off Date Balance: $30,500,000 Size: 154 Units % of Initial Pool Balance: 2.5% Cut-off Date Balance Per Unit: $198,051.95 Loan Purpose: Refinance Maturity Date Balance Per Unit: $198,051.95 Borrower Sponsors: Mark Garibaldi; Albert Boyce Year Built/Renovated: 2019/NAP Guarantors: Mark Garibaldi; Albert Boyce Title Vesting: Fee Mortgage Rate: 3.5700% Property Manager: Self-managed Note Date: September 19, 2019 Current Occupancy (As of): 96.1% (9/10/2019) Seasoning: 1 month YE 2018 Occupancy(2): NAP Maturity Date: October 1, 2029 YE 2017 Occupancy(2): NAP IO Period: 120 months YE 2016 Occupancy(2): NAP Loan Term (Original): 120 months YE 2015 Occupancy(2): NAP Amortization Term (Original): NAP As-Is Appraised Value: $47,700,000 Loan Amortization Type: Interest-only, Balloon As-Is Appraised Value Per Unit: $309,740.26 Call Protection: L(25),D(90),O(5) As-Is Appraisal Valuation Date: August 26, 2019

Lockbox Type: Springing Underwriting and Financial Information

Additional Debt: None T6 NOI (8/31/2019): $849,065 Additional Debt Type (Balance): NAP YE 2018 NOI(2): NAP YE 2017 NOI(2): NAP YE 2016 NOI(2): NAP U/W Revenues: $3,527,704 U/W Expenses: $1,260,267

Escrows and Reserves U/W NOI: $2,267,437

Initial Monthly Cap U/W NCF: $2,228,937 Taxes $17,292 $4,323 NAP U/W DSCR based on NOI/NCF: 2.05x / 2.02x Insurance $0 Springing(1) NAP U/W Debt Yield based on NOI/NCF: 7.4% / 7.3% Replacement Reserve $0 $3,208 NAP U/W Debt Yield at Maturity based on NOI/ 7.4% / 7.3% NCF: Cut-off Date LTV Ratio: 63.9% LTV Ratio at Maturity: 63.9%

Sources and Uses Sources Uses Original loan amount $30,500,000 100.0% Loan payoff(3) $21,461,925 70.4% Return of equity 8,653,181 28.4 Closing Costs 367,603 1.2 Upfront reserves 17,292 0.1 Total Sources $30,500,000 100.0% Total Uses $30,500,000 100.0%

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document The loan documents do not require ongoing monthly escrows for insurance premiums as long as (i) the borrower provides the lender with evidence (1) that the Tesoro Apartments Property’s (as defined below) insurance coverage is included in a blanket policy and such policy is in full force and effect and (ii) the borrower pays all applicable insurance premiums and provides the lender with evidence of renewals. (2) Prior historical operating statements and occupancy are not applicable, as the Tesoro Apartments Property was constructed in 2019. The borrower sponsor developed the Tesoro Apartments Property in 2019 and will maintain a total cost basis of $31,896,473 in the Tesoro Apartments (3) property.

The Mortgage Loan. The mortgage loan (the “Tesoro Apartments Mortgage Loan”) is evidenced by a promissory note secured by a first mortgage encumbering the borrower’s fee interest in a 154-unit, garden multifamily property located in Manteca, California (the “Tesoro Apartments Property”).

The Property. The Tesoro Apartments Property is a Class A, 154-unit garden, multifamily complex located in Manteca, California. The contemporary designed apartments range in size from 738 square feet to 1,279 square feet and average 975 square feet of NRA. The Tesoro Apartments Property offers four unique floor plans including 52 1BR/1BA units (738 square feet), 36 2BR/2BA units (1,040 square feet), 58 2BR/2BA units (1,105 square feet) and 8 3BR/2BA units (1,279 square feet). Unit amenities include 9 foot ceilings, designer cabinetry, stainless steel appliances, natural stone countertops, modern plank floorings, walk-in closets, full size washers and dryers, private patios or balconies, smart thermostats, and keyless electronic unit entry. Community features include a fully equipped fitness center, resort style pool and spa, outdoor lounge area, children’s playground, outdoor fire pits, and BBQ pavilion. The Tesoro Apartments Property is fully gated with access controlled entry, on-site security patrol, and video security system.

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Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Multifamily - Garden Loan #12 Cut-off Date Balance: $30,500,000 1005 East Atherton Drive Tesoro Apartments Cut-off Date LTV: 63.9% Manteca, CA 95337 U/W NCF DSCR: 2.02x U/W NOI Debt Yield: 7.4%

The Tesoro Apartments Property construction was completed in 2019 and is comprised of 12 buildings, including ten 3-story apartment buildings and two community buildings totaling 150,138 square feet of net rentable area and 347 of surface and garage parking spaces (2.25 space per unit). Residents began moving in February 2019 and after five months, the Tesoro Apartments Property reached stabilized occupancy of 92.2%. As of September 10, 2019, the Tesoro Apartments Property was 96.1% occupied with only six vacant units.

The following table presents certain information relating to unit mix at the Tesoro Apartments Property:

Unit Mix Summary(1)

Actual Market Actual Market % of Total Avg. Unit Monthly Monthly Unit Type No. of Units Occupancy Monthly Monthly Units Size Rent Rent Rent Rent PSF PSF 1 BR / 1 Bath 52 33.8% 738 98.1% $1,642 $1,715 $2.22 $2.32 2 BR/ 2 Bath 94 61.0% 1,080 95.7% $1,871 $1,934 $1.73 $1.79 3 BR / 2 Bath 8 5.2% 1,279 87.5% $1,984 $2,042 $1.55 $1.60 Total / Wtd. Avg. 154 100.0% 975 96.1% $1,800 $1,865 $1.89 $1.96

(1) Information obtained from the borrower rent roll dated September 10, 2019.

The following table presents historical occupancy percentages at the Tesoro Apartments Property: Historical Occupancy(1)

12/31/2015 12/31/2016 12/31/2017 12/31/2018 9/10/2019 NAP NAP NAP NAP 96.1%

(1) The Tesoro Apartments Property was completed in 2019.

Market Overview. The Tesoro Apartments Property is positioned just south of Highway 120 less than one mile from its juncture with Highway 99. Highways 99 and 120 are the two primary highways and the major thoroughfares which connect the city to the surrounding markets. Commuters leaving the Tesoro Apartments Property and traveling north via State Route 99 can reach Stockton in 18 miles, downtown Sacramento in 62 miles and Modesto in 16 miles. Commuters leaving Tesoro Apartments Property via Highway 120 can reach the employment centers of Pleasanton in 42 miles, Walnut Creek in 60 miles, Downtown Oakland in 68 miles, Downtown San Francisco in 77 miles, San Jose in 73 miles, and the Silicon Valley cities of Mountain View and Palo Alto in 73 miles.

The Tesoro Apartments Property is located in San Joaquin County which has seen a recent increase in population. Most recently, Amazon has established four new distribution facilities in Manteca, Tracy, and Stockton with 2,869,865 square feet of industrial space which has created more than 6,100 new jobs. Additionally, Tesla, Katerra, Ghirardelli, Medline, and Pratt Industries have developed or leased 5,572,959 square feet of warehouse, manufacturing, and industrial space over the past few years fostering job and population growth in the county and furthering the need for additional housing. The Tesoro Apartments Property is located in the West Stockton submarket which is currently performing at a total vacancy of just 2.9% across 9,576 units with an average effective rent of $1,496 per unit per month. The effective rent of the West Stockton submarket has shown a year over year growth starting from $967 in 2013 to $1,496 for Q1 2019.

According to the appraisal, the estimated 2019 population within a one-, three- and five-mile radius was 10,169, 63,671 and 100,758, respectively and the estimated 2019 average household income within a one-, three- and five-mile radius was $113,231, $89,394 and $95,280 respectively.

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The following table presents certain information relating to the comparable properties to the Tesoro Apartments Property:

Competitive Property Summary(1)

Avg. Dist. Average Property Name No. Unit Year Occ. from Avg. Unit Average Rent Rent Per Address Beds/Bath Units Size Built (%) Subject Size (SF) Per Month Month City, State (SF) (miles) PSF 1 BR /1 Bath Tesoro Apartments(2) 738 $1,642 $2.22 2 BR / 2 1005 East Atherton Drive 154 975 2019 96.1% N/A 1,080 $1,871 $1.73 Bath Manteca, CA 1,279 $1,984 $1.55 3 BR / 2 Bath 1 BR /1 Bath Gateway Crossing Apartments 726-761 $1,965-$2,075 $2.72 2 BR / 2 3580 West Grant Line Road 231 988 2017 99% 15 1,035-1,080 $2,375-$2,495 $2.30 Bath Tracy, CA 1,365 $2,795-$2,895 $2.08 3 BR / 2 Bath 1 BR /1 Bath Paseos Villas(3) 737 $1,615-$1,715 $2.26 2 BR / 2 801 East Atherton Drive 293 995 2005 94% 0.2 1,077 $1,846-$1,930 $1.75 Bath Manteca, CA 1,292 $2,090-$2,165 $1.65 3 BR / 2 Bath 1 BR /1 Bath Aspire Apartments 737-767 $1,795-$1,830 $2.41 2 BR / 2 2725 Pavilion Parkway 348 1,108 2018 93% 15 1,126-1,179 $2,016-$2,158 $1.82 Bath Tracy, CA 1,291-1,295 $2,410-$2,475 $1.89 3 BR / 2 Bath 1 BR /1 Waterstone Bath 805 $1,757 $2.21 1951 West Middlefield Drive 156 980 2006 93% 15 2 BR / 2 1,053 $2,034 $1.93 Tracy, CA Bath 1 BR /1 Bath Luxe Ripon 801 $1,495 $1.87 2 BR / 2 1641 North Ripon Road 111 2,252 2016 95% 4.4 1,018 $1,832 $1.83 Bath Ripon, CA 1,330 $2,050 $1.54 3 BR / 2 Bath

(1) Information obtained from the appraisal. (2) Information obtained from the borrower rent roll dated September 10, 2019. (3) The Paseos Villas property is owned by the borrower sponsor.

Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the operating history and underwritten net cash flow at the Tesoro Apartments Property:

Cash Flow Analysis(1)

T6 8/31/19 U/W %(2) U/W $ per Unit Gross Potential Rent $3,447,319 $3,480,017 94.0% $22,597.51 Concessions (333,280) (0) (0.0) (0.00) Gross Potential Income $3,114,039 $3,480,017 94.0% $22,597.51 Parking Income 15,015 73,920 2.0 480.00 Other Income(3) 20,273 147,768 4.0 959.53 Net Rental Income $3,149,327 $3,701,705 100.0% $24,037.05 Vacancy & Credit Loss (1,658,668) (174,001) (5.0) (1,129.88) Effective Gross Income $1,490,659 $3,527,704 95.3% $22,907.17

Real Estate Taxes 0 562,100 15.9 3,650.00 Insurance 41,550 18,168 0.5 117.97 Management Fee 91,567 105,831 3.0 687.21 Other Operating Expenses 508,477 574,168 16.3 3,728.36 Total Operating Expenses $641,594 $1,260,267 35.7% $8,183.55

Net Operating Income $849,065 $2,267,437 64.3% $14,723.62 Replacement Reserves 0 38,500 1.1 250.00 Net Cash Flow $849,065 $2,228,937 63.2% $14,473.62

NOI DSCR 0.77x 2.05x NCF DSCR 0.77x 2.02x NOI Debt Yield 2.8% 7.4% NCF Debt Yield 2.8% 7.3%

(1) Prior historical operating statements are not applicable, as the Tesoro Apartments Property was constructed in 2019. Represents (i) percent of Net Rental Income for all revenue fields, (ii) percent of Gross Potential Rent for Vacancy & (2) Credit Loss and (iii) percent of Effective Gross Income for all other fields. Other Income includes RUBS income, application fees, late fees, NSF fees, cleaning/damage fees and miscellaneous (3) income.

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Mortgage Loan Information Mortgaged Property Information

Mortgage Loan Seller: Bank of America, National Single Asset/Portfolio: Portfolio Association Credit Assessment (DBRS/Fitch/S&P): NR/NR/NR Property Type – Subtype: Retail – Single Tenant Original Principal Balance: $30,231,337 Location(1): Various – See Table Cut-off Date Balance: $30,231,337 Size: 203,776 SF

% of Initial Pool Balance: 2.5% $148.36 Cut-off Date Balance Per SF: Loan Purpose: Acquisition Maturity Date Balance Per SF: $148.36 Borrower Sponsor: ExchangeRight Real Estate, Year Built/Renovated(1): Various/NAP LLC Guarantors: David Fisher; Joshua Title Vesting: Fee Ungerecht; Warren Thomas Mortgage Rate: 3.12637% Property Manager: Self-managed Note Date: September 26, 2019 Current Occupancy (As of): 100.0% (11/1/2019) Seasoning: 1 month YE 2018 Occupancy(2): NAV Maturity Date: October 1, 2029 YE 2017 Occupancy(2): NAV IO Period: 120 months YE 2016 Occupancy(2): NAV Loan Term (Original): 120 months YE 2015 Occupancy(2): NAV Amortization Term (Original): NAP As-Is Appraised Value: $49,765,000 Loan Amortization Type: Interest-only, Balloon As-Is Appraisal Value Per SF: $244.21 Call Protection: L(25),D(91),O(4) As-Is Appraisal Valuation Date(3): Various Hard/Springing Cash Lockbox Type: Management Additional Debt: None Underwriting and Financial Information

Additional Debt Type (Balance): NAP YE 2018 NOI(2): NAV YE 2017 NOI(2): NAV YE 2016 NOI(2): NAV YE 2015 NOI(2): NAV U/W Revenues: $2,961,052 U/W Expenses: $74,026 Escrows and Reserves U/W NOI: $2,887,026 Initial Monthly Cap U/W NCF: $2,776,569 Taxes $28,215 Springing(4) NAP U/W DSCR based on NOI/NCF: 3.01x / 2.90x Insurance $0 Springing(4) NAP U/W Debt Yield based on NOI/NCF: 9.5% / 9.2% Replacement Reserve $67,000 $638 NAP U/W Debt Yield at Maturity based on NOI/ (4) 9.5% / 9.2% TI/LC Reserve $392,000 Springing NAP NCF Cut-off Date LTV Ratio: 60.7% LTV Ratio at Maturity: 60.7%

Sources and Uses Sources Uses Original loan amount $30,231,337 55.3% Purchase price(5) $48,760,218 89.3% Cash equity contribution 24,400,952 44.7 Closing costs 5,384,856 9.9 Reserves 487,215 0.9

(1) See “The Properties” section. Historical occupancy and NOI are unavailable as the ExchangeRight Properties (as defined below) were acquired by the borrower sponsor between (2) October 26, 2018 and August 29, 2019. (3) The individual appraisal values are dated from June 12, 2019 to September 9, 2019. The loan documents do not require ongoing monthly escrows for (A) taxes as long as (i) no event of default has occurred and is continuing, (ii) no default exists under the lease at each individual property, (iii) the tenant under the lease at each individual property remains liable to directly pay taxes and (iv) the borrower provides evidence that taxes are being paid in full for each individual property, (B) insurance premiums as long as (i) the borrower (4) provides the lender with evidence that the ExchangeRight Properties’ insurance coverage is included in a blanket policy and such policy is in full force and effect and (ii) the borrower pays all applicable insurance premiums and provides the lender with evidence of renewals, or (C) TI/LC as long as no event of default has occurred and is continuing. The borrower sponsor purchased the ExchangeRight Properties in separate transactions between October 26, 2018 and August 29, 2019. Closing (5) Costs do not include costs incurred in connection with the closings of the acquisitions prior to the closing of the ExchangeRight Mortgage Loan (as defined below).

The Mortgage Loan. The mortgage loan (the “ExchangeRight Mortgage Loan”) is evidenced by a single promissory note secured by the fee interests in nine cross-collateralized, net leased, single-tenant retail properties located across seven states (the “ExchangeRight Properties”).

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Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Retail – Single Tenant Loan #13 Cut-off Date Balance: $30,231,337 Various ExchangeRight REIT Portfolio 1 Cut-off Date LTV: 60.7% Various, Various U/W NCF DSCR: 2.90x U/W NOI Debt Yield: 9.5%

The Borrower and Borrower Sponsor. The borrower is ExchangeRight Income Fund Properties, LLC, a Delaware limited liability company (the “ExchangeRight Borrower”) with one independent director. The borrower sponsor is ExchangeRight Real Estate, LLC, the same sponsor as the ExchangeRight Net Leased Portfolio #29 Mortgage Loan. ExchangeRight Real Estate, LLC has more than $2.3 billion of assets and more than 14 million square feet under management. ExchangeRight Real Estate, LLC has more than 600 investment-grade retail and Class B/B+ multifamily properties located across 38 states.

David Fisher, Joshua Ungerecht and Warren Thomas, the owners of ExchangeRight Real Estate, LLC, are the guarantors of certain nonrecourse carveouts under the ExchangeRight Mortgage Loan. Warren Thomas was subject to a foreclosure sale in November, 2009. See “Description of the Mortgage Pool – Loan Purpose; Bankruptcy Issues and Other Proceedings” in the Preliminary Prospectus.

The Properties. The ExchangeRight Properties are comprised of nine single-tenant retail properties totaling 203,776 square feet and located across seven states. The ExchangeRight Properties are located in Minnesota (one property, 53.5% of NRA), Wisconsin (two properties, 14.5% of NRA), Texas (two properties, 8.5% of NRA), Illinois (one property, 7.4% of NRA), Louisiana (one property, 7.1% of NRA), Indiana (one property, 4.4% of NRA) and Alabama (one property, 4.4% of NRA). Built between 2002 and 2019, with three of the nine properties built within the last three years, the individual ExchangeRight Properties range in size from 8,320 square feet to 109,078 square feet. A release of any of the ExchangeRight Properties is not permitted.

The ExchangeRight Properties are leased to nationally recognized tenants including Hy-Vee, Walgreens, Dollar General and Family Dollar. Three of the four tenants are investment grade-rated (occupying eight of the nine properties, 46.5% of NRA and 54.6% of underwritten base rent). The ExchangeRight Properties have a weighted average remaining lease term of approximately 14.2 years. Leases representing 84.1% of the net rentable area and 84.3% of the underwritten base rent expire after the ExchangeRight Mortgage Loan maturity date.

The following table presents certain information relating to the ExchangeRight Properties.

ExchangeRight Properties Summary

% of % of %of Lease Annual Annual Annual Tenant Name Year Built/ Tenant Appraised Portfolio Portfolio Expiration UW Base UW Base UW City, State Renovated NRSF Value Appraised NRSF Date Rent Rent PSF Base Value Rent Hy-Vee(1) 2017 / NAP 109,078 53.5% 1/17/2039 $23,600,000 47.4% $1,415,775 $12.98 45.4% Shakopee, MN Walgreens(2) 2006 / NAP 14,820 7.3% 7/31/2031 $5,840,000 11.7% $365,000 $24.63 11.7% Grafton, WI Walgreens(3) 2007 / NAP 14,490 7.1% 10/1/2032 $5,415,000 10.9% $338,354 $23.35 10.9% Geismar, LA Walgreens(4) 2004 / NAP 14,820 7.3% 12/31/2029 $5,300,000 10.7% $331,077 $22.34 10.6% Pleasant Prairie, WI Walgreens(5) 2002 / NAP 15,120 7.4% 10/31/2022 $3,900,000 7.8% $272,800 $18.04 8.8% Dolton, IL Family Dollar(6) 2011 / NAP 8,320 4.1% 6/30/2022 $1,550,000 3.1% $119,969 $14.42 3.8% San Antonio, TX Dollar General(7) 2019 / NAP 9,100 4.5% 7/3/2034 $1,400,000 2.8% $89,983 $9.89 2.9% Beaumont, TX Dollar General(8) 2014 / NAP 9,026 4.4% 9/30/2029 $1,450,000 2.9% $97,551 $10.81 3.1% Waterloo, IA Dollar General(9) 2019 / NAP 9,002 4.4% 3/31/2034 $1,310,000 2.6% $86,388 $9.60 2.8% Pleasant Grove, AL

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Total/Weighted Average 203,776 100.0% $49,765,000 100.0% $3,116,897 $15.30 100.0%

(1) Hy-Vee has seven five-year renewal options upon 180 days’ notice at fixed rents. Walgreens has the right to terminate its lease beginning April 30, 2031 and every five years thereafter through April 30, 2061 (the final lease maturity (2) date) upon six months’ prior notice. (3) Walgreens has the right to terminate its lease beginning October 1, 2032 upon twelve months’ prior notice. Walgreens has the right to terminate its lease beginning December 31, 2029 and every five years thereafter through December 31, 2059 (the final (4) lease maturity date) upon six months’ prior notice. Walgreens has the right to terminate its lease beginning October 31, 2022 and every five years thereafter through October 31, 2057 (the final lease (5) maturity date) upon six months’ prior notice. (6) Family Dollar has five five-year renewal options upon 180 days’ notice at fixed rents. (7) Dollar General has four five-year renewal options upon 180 days’ notice at fixed rents. (8) Dollar General has three five-year renewal options upon 180 days’ notice at fixed rents. (9) Dollar General has four five-year renewal options upon 180 days’ notice at fixed rents.

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Major Tenants. The following table presents certain information relating to the major tenants at the ExchangeRight Properties:

Major Tenants

Credit Rating Annual U/W Annual % of Total No of Tenant % of Tenant Name (Fitch/Moody’s/ Base Rent U/W Base Annual U/W Properties NRSF NRSF S&P)(1) PSF Rent Base Rent Major Tenants Hy-Vee NR/NR/NR 1 109,078 53.5% $12.98 $1,415,775 45.4% Walgreens BBB /Baa2/BBB 4 59,250 29.1% $22.06 $1,307,231 41.9% Dollar General NR/Baa2/BBB 3 27,128 13.3% $10.10 $273,922 8.8% Family Dollar NR/Baa3/NR 1 8,320 4.1% $14.42 $119,969 3.8% Total Major Tenants 9 203,776 100.0% $15.30 $3,116,897 100.0%

Vacant Space 0 0.0%

Collateral Total 203,776 100.0%

(1) Certain ratings are those of the parent company whether or not the parent company guarantees the lease.

The following table presents certain information relating to the lease expiration schedule at the ExchangeRight Properties:

Lease Expiration Schedule(1)(2)

% of Total Annual No. of % of Cumulative Cumulative Annual Year Ending Expiring Annual U/W Leases Total Expiring % of Total U/W December 31, NRSF U/W Base Base Rent Expiring NRSF NRSF NRSF Base Rent Rent PSF 2019 0 0 0.0% 0 0.0% $0 0.0% $0.00 2020 0 0 0.0% 0 0.0% $0 0.0% $0.00 2021 0 0 0.0% 0 0.0% $0 0.0% $0.00 2022 2 23,440 11.5% 23,440 11.5% $392,769 12.6% $16.76 2023 0 0 0.0% 23,440 11.5% $0 0.0% $0.00 2024 0 0 0.0% 23,440 11.5% $0 0.0% $0.00 2025 0 0 0.0% 23,440 11.5% $0 0.0% $0.00 2026 0 0 0.0% 23,440 11.5% $0 0.0% $0.00 2027 0 0 0.0% 23,440 11.5% $0 0.0% $0.00 2028 0 0 0.0% 23,440 11.5% $0 0.0% $0.00 2029 2 23,846 11.7% 47,286 23.2% $428,628 13.8% $17.97 Thereafter 5 156,490 76.8% 203,776 100.0% $2,295,500 73.6% $14.67 Vacant 0 0 0.0% 203,776 100.0% $0 0.0% $0.00 Total/Weighted Average 9 203,776 100.0% $3,116,897 100.0% $15.30

(1) Information obtained from the underwritten rent roll. (2) For underwriting purposes, the lender has assumed the (earlier) optional termination dates to be the lease expiration dates for all Walgreens tenants.

The following table presents historical occupancy percentages at the ExchangeRight Properties:

Historical Occupancy(1)

The ExchangeRight Properties were acquired by the borrower sponsor between October (1) 26, 2018 and August 29, 2019. Accordingly, historical occupancy is not available.

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Underwritten Net Cash Flow. The following table presents certain information relating to the underwritten net cash flow at the ExchangeRight Properties:

Cash Flow Analysis(1)

% of Effective U/W $ per U/W Gross SF Income Base Rent $3,116,897 105.3% $15.30 (Vacancy & Credit Loss) (155,845) (5.3) (0.76) Effective Gross Income $2,961,052 100.0% $14.53

Total Operating Expenses(2) $74,026 2.5% $0.36

Net Operating Income $2,887,026 97.5% $14.17 TI/LC 102,805 3.5 0.50 Replacement Reserves 7,652 0.3 0.04 Net Cash Flow $2,776,569 93.8% $13.63

NOI DSCR 3.01x NCF DSCR 2.90x NOI Debt Yield 9.5% NCF Debt Yield 9.2%

The ExchangeRight Properties were acquired by the borrower sponsor between October (1) 26, 2018 and August 29, 2019. Accordingly, historical operating statements are not available. (2) Total Operating Expenses consist of a 2.5% property management fee.

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Mortgage Loan Information Mortgaged Property Information Morgan Stanley Mortgage Capital Single Asset/Portfolio: Portfolio Mortgage Loan Seller: Holdings LLC Credit Assessment NR/NR/NR Property Type – Subtype: Retail – Anchored (DBRS/Fitch/S&P): Original Principal Balance(1): $30,000,000 Location: Various Cut-off Date Balance(1): $30,000,000 Size: 1,292,762 SF % of Initial Pool Balance: 2.5% Cut-off Date Balance Per SF(1): $90.50 Loan Purpose: Refinance Maturity Date Balance Per SF(1): $90.50 Borrower Sponsor: Washington Prime Group, L.P. Year Built/Renovated: Various/Various Guarantor: Washington Prime Group, L.P. Title Vesting: Fee Mortgage Rate: 3.6700% Property Manager: Self-managed Note Date: September 16, 2019 Current Occupancy (As of): 93.6% (7/12/2019) Seasoning: 1 month YE 2018 Occupancy: 95.9% Maturity Date: October 1, 2029 YE 2017 Occupancy: 95.6% IO Period: 120 months YE 2016 Occupancy: 97.8% Loan Term (Original): 120 months YE 2015 Occupancy: 98.9% Amortization Term (Original): NAP As-Is Appraised Value: $186,400,000 Loan Amortization Type: Interest-only, Balloon As-Is Appraised Value Per SF: $144.19 Call Protection: L(25),D(90),O(5) As-Is Appraisal Valuation Date: Various Lockbox Type: Hard/Springing Cash Management Underwriting and Financial Information Additional Debt(1): Yes TTM NOI (6/30/2019): $15,326,804 Additional Debt Type (Balance) (1): Pari Passu ($87,000,000) YE 2018 NOI: $15,816,812 YE 2017 NOI: $16,210,670 YE 2016 NOI: $16,063,106 U/W Revenues: $18,775,073 U/W Expenses: $5,244,284 Escrows and Reserves U/W NOI: $13,530,789 Initial Monthly Cap U/W NCF: $12,894,771 Taxes $1,111,745 $275,628 NAP U/W DSCR based on NOI/NCF(1): 3.11x / 2.96x Insurance $0 Springing NAP U/W Debt Yield based on NOI/NCF(1): 11.6% / 11.0% NAP U/W Debt Yield at Maturity based on NOI/ 11.6% / 11.0% Recurring Replacements $0 $16,160 NCF(1) TI/LC $6,000,000 $64,638 $10,000,000 Cut-off Date LTV Ratio(1): 62.8% Other(2) $954,138 $0 NAP LTV Ratio at Maturity(1): 62.8%

Sources and Uses Sources Uses Original whole loan amount(1) $117,000,000 100.0% Loan Payoff $47,253,084 40.4% Return of Equity 59,953,425 51.2 Reserves 8,065,883 6.9 Closing Costs 1,727,608 1.5 Total Sources $117,000,000 100.0% Total Uses: $117,000,000 100.0%

The National Anchored Retail Portfolio Mortgage Loan (as defined below) is a part of the National Anchored Retail Portfolio Whole Loan (as defined (1) below) with an original aggregate principal balance of $117,000,000. The Cut-off Date Balance per SF, Maturity Date Balance per SF, U/W DSCR

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document based on NOI/NCF, U/W Debt Yield based on NOI/NCF, U/W Debt Yield at Maturity based on NOI/NCF, Cut-off Date LTV Ratio and LTV Ratio at Maturity numbers presented above are based on the National Anchored Retail Portfolio Whole Loan. (2) Other Reserves consist of a Rent Concession Reserve ($57,648) and an Outstanding TI/LC Obligations Reserve ($896,489).

The Mortgage Loan. The mortgage loan (the “National Anchored Retail Portfolio Mortgage Loan”) is a part of a whole loan (the “National Anchored Retail Portfolio Whole Loan”) that is evidenced by three pari passu promissory notes in the original aggregate principal amount of $117,000,000. The National Anchored Retail Portfolio Whole Loan is secured by a first priority fee mortgage encumbering five retail properties located throughout Texas, Illinois and Indiana (the “National Anchored Retail Portfolio Properties” or the “National Anchored Retail Portfolio”). The National Anchored Retail Portfolio Mortgage Loan is evidenced by the non-controlling promissory Note A-3 in the original principal amount of $30,000,000. The controlling promissory Note A-1 and the non-controlling promissory Note A-2 are in the aggregate original principal amount of $87,000,000. Note A-1 is expected to be contributed the BANK 2019-BNK21 securitization trust. Note A-2 is expected to be contributed to a future securitization transaction or may be otherwise transferred at any time. The National Anchored Retail Portfolio Whole Loan will be serviced pursuant to the pooling and servicing agreement for the BANK 2019-BNK21 securitization trust. See “Description of the Mortgage Pool—The Whole Loans—The Non-Serviced Pari Passu Whole Loans” and “Pooling and Servicing Agreement—Servicing of the Non-Serviced Mortgage Loans” in the Preliminary Prospectus

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Note Summary

Original Principal Cut-off Date Notes Anticipated Note Holder Controlling Piece Balance Balance A-1 $50,000,000 $50,000,000 BANK 2019-BNK21(1) Yes A-2 $37,000,000 $37,000,000 Morgan Stanley Bank, N.A. No A-3 $30,000,000 $30,000,000 BANK 2019-BNK22 No Total $117,000,000 $117,000,000

(1) Anticipated to be transferred to the BANK 2019-BNK21 securitization transaction upon the closing date of such securitization. The Properties. The National Anchored Retail Portfolio Properties are comprised of five retail properties containing a total of 1,292,762 square feet. The National Anchored Retail Portfolio Properties are located across Texas, Illinois and Indiana. Two properties are located in Illinois (59.2% of total SF), two properties are located in Texas (27.5% of total square feet) and one property is located in Indiana (13.3% of total square feet). Excluding Kohl’s, no single tenant accounts for more than 5.0% of underwritten rent or 6.7% of total square feet. The National Anchored Retail Portfolio Properties have averaged 96.9% occupancy since 2015, with no property experiencing less than 86.3% occupancy during that time. As of July 12, 2019, the National Anchored Retail Portfolio Properties were 93.6% occupied by 80 tenants. The National Anchored Retail Portfolio Properties were built between 1985 and 1998 and two properties were renovated in 2003. According to the National Anchored Retail Portfolio Borrowers, approximately $14.8 million has been spent in capital expenditures, tenant improvements and leasing commissions across the portfolio since 2016.

Lakeline Village and Lakeline Plaza The Lakeline Village Property is an anchored retail center comprised of one, one-story buildings totaling 42,212 square feet and is situated adjacent to the Lakeline Plaza Property, an anchored retail center comprised of four, one-story buildings totaling 313,580 square feet located in Cedar Park, Texas. The Lakeline Village Property and the Lakeline Plaza Property are situated on an approximately 47.99-acre site and feature 1,792 parking spaces (5.0 spaces per 1,000 square feet). The Lakeline Village Property and the Lakeline Plaza Property were both built in 1998 and renovated in 2003. As of July 12, 2019, the Lakeline Village Property was 100.0% occupied by three tenants, with Jumpstreet as the anchor tenant (2.5% of the NRA and accounts for 2.2% of underwritten rent for the National Anchored Retail Portfolio) and the Lakeline Plaza Property was 96.2% occupied by 28 tenants, six of which are anchor tenants and ten of which are junior anchor tenants. The anchor tenants include Best Buy, Bed Bath & Beyond, Ross Dress for Less, TJ Maxx, PetSmart and Office Max and collectively comprise 14.7% of the NRA and account for 17.1% of underwritten rent for the National Anchored Retail Portfolio. According to the National Anchored Retail Portfolio Borrowers, approximately $6.3 million in capital expenditures, tenant improvements and leasing commissions has been spent on the Lakeline Plaza Property since 2016.

Forest Plaza The Forest Plaza Property is an anchored retail center comprised of two, one-story buildings totaling 433,816 square feet located in Rockford, Illinois. The Forest Plaza Property is situated on an approximately 50.58-acre site and features 2,348 parking spaces (5.4 spaces per 1,000 square feet). The Forest Plaza Property was built in 1985 and, as of July 12, 2019, the Forest Plaza Property was 93.4% occupied by 31 tenants, two of which are anchor tenants and seven of which are junior anchor tenants. The anchor tenants are Kohl’s and Overstock Furniture & Mattress, who collectively comprise 13.3% of NRA and account for 4.2% of underwritten rent for the National Anchored Retail Portfolio. According to the National Anchored Retail Portfolio Borrowers, approximately $2.7 million has been spent on capital expenditures, tenant improvements and leasing commissions with respect to the Forest Plaza Property since 2016.

White Oaks Plaza The White Oaks Plaza Property is an anchored retail center comprised of six, one-story buildings totaling 331,533 square feet located in Springfield, Illinois. The White Oaks Plaza Property is situated on an approximately 37.55-acre site and features 1,688 parking spaces (5.1 spaces per 1,000 square feet). The White Oaks Plaza Property was built in 1986 and as of July 12, 2019, the White Oaks Plaza Property was 94.2% occupied by 29 tenants, three of which are anchor tenants and four of which are junior anchor tenants. The anchor tenants include Kohl’s, Big Lots and Overstock Furniture & Mattress and collectively comprise 12.7% of NRA and account for 9.2% of underwritten rent for the National Anchored Retail Portfolio. According to

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document the National Anchored Retail Portfolio Borrowers, approximately $5.0 million has been spent in capital expenditures, tenant improvements and leasing commissions with respect to the White Oaks Plaza Property since 2016.

Muncie Towne Plaza The Muncie Towne Plaza Property is an anchored retail center comprised of one, one-story buildings totaling 171,621 square feet located in Muncie, Indiana. The Muncie Towne Plaza Property is situated on an approximately 22.92-acre site and features 1,184 parking spaces (6.9 spaces per 1,000 square feet). The Muncie Towne Plaza Property was built in 1998 and as of July 12, 2019, the Muncie Towne Plaza Property was 86.3% occupied by eight tenants, one of which is a junior anchor. Such junior anchor tenant is TJ Maxx, which comprises 2.3% of NRA and accounts for 1.9% of underwritten rent for the National Anchored Retail Portfolio. According to the National Anchored Retail Portfolio Borrowers, $803,547 has been spent on capital expenditures and leasing commissions with respect to the Muncie Towne Plaza Property since 2016.

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The following table presents a summary of certain information relating to the properties in the National Anchored Retail Portfolio.

National Anchored Retail Portfolio Properties Summary (1)

% of Cut-off Date Year Total GLA % of Appraised 6/30/2019 Property Name City State Total Occ. % Allocated Built (SF) ALA Value TTM NOI GLA Loan Amount Cedar 44,940,000 Lakeline Plaza Property Park TX 1998 313,580 24.3% 96.2% 38.4% $71,600,000 $4,587,093 Forest Plaza Property Rockford IL 1985 433,816 33.6% 93.4% 30,250,000 25.9% $48,200,000 $4,274,224 White Oaks Plaza 26,490,000 Property Springfield IL 1986 331,533 25.6% 94.2% 22.6% $42,200,000 $4,684,190 Muncie Towne Plaza 10,550,000 Property Muncie IN 1998 171,621 13.3% 86.3% 9.0% $16,800,000 $1,493,307 Cedar 4,770,000 Lakeline Village Property Park TX 1998 42,212 3.3% 100.0% 4.1% $7,600,000 $287,990 Total/Wtd. Avg.: 1,292,762 100.0% 93.6% $117,000,000 100.0% $186,400,000 $15,326,804

(1) Based on the underwritten rent roll dated July 12, 2019.

The following table presents certain information relating to the major tenants at the National Anchored Retail Portfolio:

Major Tenants(1)

Credit Most Recent Sales % of Annual Rating Tenant % of Annual Annual U/W Term. Renewal Lease Tenant Name (Fitch/ Occ. NRSF NRSF U/W Rent U/W Rent Option Options Expiration Moody’s/ $ PSF Cost Rent PSF(3) S&P)(2) % Major Tenants BBB/Baa2/ Kohl’s(4) 283,990 22.0% $2,154,684 15.7% $7.59 $60,353,559 $213 3.6% N Various Various BBB Overstock Furniture & NR/NR/NR 86,762 6.7% $210,000 1.5% $2.42 NAV NAV NAV Y None Various Mattress(5) TJ Maxx(6) NR/A2/A+ 83,878 6.5% $596,336 4.3% $7.11 $20,401,846 $243 2.9% N 2, 5-year Various NR/Baa3/ Various Bed Bath & Beyond(7) BB+ 70,161 5.4% $682,206 5.0% $9.72 NAV NAV NAV N Various Office Max(8) NR/NR/B 48,107 3.7% $591,466 4.3% $12.29 NAV NAV NAV N 1, 5-year Various Subtotal/Wtd. Avg. 572,898 44.3% $4,234,691 30.9% $7.39

Other Tenants 636,650 49.2% $9,480,151 69.1% $14.89 Vacant Space 83,214 6.4% $0 0.0% $0.00 Total/Wtd. Avg. 1,292,762 100.0% $13,714,842 100.0% $11.34

(1) Information is based on the underwritten rent roll as of July 12, 2019. (2) Certain ratings are those of the parent company whether or not the parent guarantees the lease. (3) Total/Wtd. Avg. Annual UW Rent PSF excludes vacant space. Kohl’s is the largest tenant at the Forest Plaza Property (106,091 square feet; expiring January 30, 2021; six, five-year renewal options), the White (4) Oaks Plaza Property (97,245 square feet; expiring January 31, 2023; three, five-year renewal options) and the Muncie Towne Plaza Property (80,654 square feet; expiring February 3, 2024; two, five-year renewal options).

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Overstock Furniture & Mattress is a tenant at the Forest Plaza Property (65,262 square feet; expiring November 30, 2020; no renewal options) and the White Oaks Plaza Property (21,500 square feet; expiring February 29, 2020; no renewal options). Overstock Furniture & Mattress is entitled to (5) terminate its lease at the Forest Plaza Property upon 60 days’ notice if its gross sales there are not at least $100,000 per month at any time and to terminate its lease at the White Oaks Plaza Property upon 60 days’ notice if its gross sales there are not at least $75,000 per month at any time. TJ Maxx is a tenant at the Lakeline Plaza Property (29,526 square feet; expiring April 30, 2026; two, five-year renewal options), the Muncie Towne (6) Plaza Property (29,352 square feet; expiring January 31, 2023; two, five-year renewal options) and White Oaks Plaza Property (25,000 square feet; expiring January 31, 2022; two, five-year renewal options). Bed Bath & Beyond is a tenant at the Forest Plaza Property (35,800 square feet; expiring September 30, 2021; no renewal options) and the Lakeline (7) Plaza Property (34,361 square feet; expiring January 31, 2023; five, five-year renewal option). Office Max is a tenant at the Forest Plaza Property (24,470 SF; expiring October 31, 2021; one, five-year renewal option) and the Lakeline Plaza (8) Property (23,637 square feet; expiring March 31, 2023; one, five-year renewal option).

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The following table presents certain information relating to the largest tenant at each property in the National Anchored Retail Portfolio:

National Anchored Retail Portfolio Largest Tenant by Properties Summary(1)

Largest Tenant Building Largest Lease % Building SF Building Occ. % Largest Tenant Square Expiration Building Square Tenant Feet Date Feet Lakeline Plaza Property 313,580 96.2% Best Buy 45,416 14.5% 1/31/2025 Forest Plaza Property 433,816 93.4% Kohl’s 106,091 24.5% 1/30/2021 White Oaks Plaza Property 331,533 94.2% Kohl’s 97,245 29.3% 1/31/2023 Muncie Towne Plaza Property 171,621 86.3% Kohl’s 80,654 47.0% 2/3/2024 Lakeline Village Property 42,212 100.0% Jumpstreet 32,212 76.3% 6/30/2021 Total / Wtd. Avg. 1,292,762 93.6% 361,618 28.0%

(1) Information is based on the underwritten rent roll dated July 12, 2019.

The following table presents certain information relating to the lease rollover schedule at the National Anchored Retail Portfolio:

Lease Rollover Schedule(1)(2)

Approx. Approx. Approx. % # of UW Rent Approx. % Total UW Cumulative Cumulative of Total Year Leases SF Rolling PSF of Total SF Rent % of Total % of SF Rent Rolling Rolling(3) Rolling Rolling Rent Rolling Rolling Rolling 2019 1 1,119 $29.99 0.1% 0.1% $33,559 0.2% 0.2% 2020 14 146,734 $8.81 11.4% 11.4% $1,292,635 9.4% 9.7% 2021 24 314,046 $10.16 24.3% 35.7% $3,190,175 23.3% 32.9% 2022 12 123,574 $8.37 9.6% 45.3% $1,034,699 7.5% 40.5% 2023 18 274,200 $12.52 21.2% 66.5% $3,431,826 25.0% 65.5% 2024 6 136,200 $10.63 10.5% 77.0% $1,447,219 10.6% 76.0% 2025 5 69,476 $12.65 5.4% 82.4% $879,108 6.4% 82.5% 2026 4 37,979 $12.75 2.9% 85.3% $484,257 3.5% 86.0% 2027 5 26,151 $21.36 2.0% 87.4% $558,456 4.1% 90.1% 2028 5 48,636 $14.76 3.8% 91.1% $717,946 5.2% 95.3% 2029 4 22,333 $24.37 1.7% 92.9% $544,263 4.0% 99.3% 2030 & Beyond 1 9,100 $11.07 0.7% 93.6% $100,700 0.7% 100.0% Vacant Space 0 83,214 $0.00 6.4% 100.0% $0 0.0% 100.0% Total/Wtd. Avg. 99 1,292,762 $11.34 100.0% $13,714,842 100.0% (1) Information is based on the underwritten rent roll as of July 12, 2019. Certain tenants may have lease termination options that are exercisable prior to the stated expiration date of the subject lease or leases which are not (2) considered in the lease rollover schedule. (3) Total/Wtd. Avg. UW Rent PSF Rolling excludes vacant space.

Operating History and Underwritten Net Cash Flow. The following table presents certain information relating to the operating history and underwritten net cash flow at the National Anchored Retail Portfolio:

Cash Flow Analysis

TTM U/W $ per 2016 2017 2018 U/W(1) %(1) 6/30/2019 SF Rents in Place $15,008,510 $15,269,134 $14,707,762 $14,197,940 $14,739,133 73.1% $11.40 Contractual Rent Steps 0 0 0 0 2,313 0.0 0.00 Gross Potential Rent $15,008,510 $15,269,134 $14,707,762 $14,197,940 $14,741,445 73.1% $11.40 Other Income 100,695 142,196 310,234 426,901 181,081 0.9 0.14 Total Recoveries 5,479,357 5,232,040 5,413,913 5,231,101 5,244,180 26.0 4.06 Net Rental Income $20,588,562 $20,643,370 $20,431,908 $19,855,941 $20,166,706 100.0% $15.60 Concessions 5,424 10,333 (42,000) 35,000 0 0.0 0.00 (2) (Vacancy & Credit Loss) 0 0 0 0 (1,391,633) (9.4) -1.08 Effective Gross Income $20,593,986 $20,653,704 $20,389,908 $19,890,941 $18,775,073 93.1% $14.52

Real Estate Taxes 3,170,583 3,156,906 3,158,553 3,065,380 3,201,402 17.1 2.48 Insurance 63,399 57,509 52,803 98,315 74,287 0.4 0.06 Management Fee 0 0 0 0 563,252 3.0 0.44 Other Operating Expenses 1,296,898 1,228,619 1,361,740 1,400,442 1,405,343 7.5 1.09 Total Operating Expenses $4,530,881 $4,443,034 $4,573,096 $4,564,137 $5,244,284 27.9% $4.06

Net Operating Income(3) $16,063,106 $16,210,670 $15,816,812 $15,326,804 $13,530,789 72.1% $10.47 Replacement Reserves 0 0 0 0 195,616 1.0 0.15 TI/LC 0 0 0 0 440,402 2.3 0.34 Net Cash Flow $16,063,106 $16,210,670 $15,816,812 $15,326,804 $12,894,771 68.7% $9.97

NOI DSCR(4) 3.69x 3.72x 3.63x 3.52x 3.11x NCF DSCR(4) 3.69x 3.72x 3.63x 3.52x 2.96x NOI Debt Yield(4) 13.7% 13.9% 13.5% 13.1% 11.6% NCF Debt Yield(4) 13.7% 13.9% 13.5% 13.1% 11.0%

Represents (i) percent of Net Rental Income for all revenue fields, (ii) percent of Gross Potential Rent for Vacancy & Credit Loss and (iii) percent of (1) Effective Gross Income for all other fields. (2) The underwritten economic vacancy is 7.0%. The National Anchored Retail Portfolio is 93.6% leased as of July 12, 2019. The decline in Net Operating Income from 2017 to U/W is due in part to (i) Toys R Us/Babies R US vacating its space at the Forest Plaza Property in 2018, following which the National Anchored Retail Portfolio Borrowers signed a short term lease with Overstock Furniture & Mattress (which was later extended to provide for a lease expiration date in November 2020) at such property for approximately $1.2 million less in annual rent than the prior (3) lease for the space, (ii) the historical operating statements not including management fees, while $563,252 of management fees were deducted as an expense in calculating U/W Net Operating Income and (iii) a number of tenants being underwritten as vacant for either being dark or anticipated to file for bankruptcy, which tenants were reflected in the historical information. (4) Debt service coverage ratios and debt yields are based on the National Anchored Retail Portfolio Whole Loan.

Appraisal. The National Anchored Retail Portfolio properties were valued individually, with the individual values reflecting a cumulative “as-is” appraised value of $186,400,000 as of July 17, 2019 to July 23, 2019.

Environmental Matters. According to Phase I environmental site assessments dated between July 29, 2019 and August 2, 2019, there was no evidence of any recognized environmental conditions at the National Anchored Retail Portfolio.

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Market Overview and Competition. The National Anchored Retail Portfolio Properties are geographically diverse, located in four different markets across three states. The greatest concentration of National Anchored Retail Portfolio Properties is located in Illinois (two properties, 59.2% of total square feet), with the other concentrations in Texas (two properties, 27.5% of total square feet) and Indiana (one property, 13.3% of total square feet).

The Lakeline Plaza Property and the Lakeline Village Property are located adjacent to each other in Cedar Park, Texas, within the Cedar Park retail submarket of the Austin retail market. According to the appraisal, as of the second quarter of 2019, the vacancy rate in the Austin retail market was approximately 4.1%, with average asking rents of $22.31 PSF and inventory of approximately 111.9 million square feet. According to the appraisal, as of the second quarter of 2019, the vacancy rate in the Cedar Park retail submarket was approximately 4.0%, with average asking rents of $22.05 PSF and inventory of approximately 9.1 million square feet. According to the appraisal, the 2018 population within a one-, three- and five-mile radius of the Lakeline Plaza Property and the Lakeline Village Property was 10,687, 109,121 and 214,731, respectively. The 2018 average household income within the same one-, three- and five-mile radius was $81,754, $109,335 and $118,212, respectively.

The Forest Plaza Property is located in Rockford, Illinois, within the I-39 Corridor/Winnebago County retail submarket of the Rockford retail market. According to the appraisal, as of the second quarter of 2019, the vacancy rate in the Rockford retail market was approximately 6.6%, with average asking rents of $8.47 PSF and inventory of approximately 21.5 million square feet. According to the

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Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Retail - Anchored Loan #14 Cut-off Date Balance: $30,000,000 Various National Anchored Retail Portfolio Cut-off Date LTV: 62.8% Various, Various U/W NCF DSCR: 2.96x U/W NOI Debt Yield: 11.6% appraisal, as of the second quarter of 2019, the vacancy rate in the I-39 Corridor/Winnebago County retail submarket was approximately 6.8%, with average asking rents of $8.42 PSF and inventory of approximately 19.9 million square feet. According to the appraisal, the 2018 population within a one-, three- and five-mile radius of the Forest Plaza Property is 6,464, 55,032 and 139,860, respectively. The 2018 average household income within the same one-, three- and five-mile radius was $72,973, $79,782 and $69,463, respectively.

The White Oaks Plaza Property is located in Springfield, Illinois, within the Springfield retail market. According to the appraisal, as of the second quarter of 2019, the vacancy rate in the Springfield retail market was approximately 5.4%, with average asking rents of $12.68 PSF and inventory of approximately 12.8 million square feet. According to the appraisal, the 2018 population within a one-, three- and five-mile radius of the White Oaks Property is 7,125, 50,390 and 100,928, respectively. The 2018 average household income within the same one-, three- and five-mile radius was $103,176, $92,535 and $78,519, respectively.

The Muncie Towne Plaza Property is located in Muncie, Indiana, within the Muncie retail market. According to the appraisal, as of the second quarter of 2019, the vacancy rate in the Muncie retail market was approximately 4.1%, with average asking rents of $9.96 PSF and inventory of approximately 7.4 million square feet. According to the appraisal, the 2018 population within a one-, three- and five-mile radius of the Muncie Towne Plaza Property was 4,236, 44,351 and 81,241, respectively. The 2018 average household income within the same one-, three- and five-mile radius was $41,630, $46,555 and $51,379, respectively.

The following table presents certain information relating to the appraiser’s market rent conclusion for anchor tenants at the National Anchored Retail Portfolio Properties:

Market Rent Summary (Anchor Tenants)

Building Market Rent (PSF) Lease Term (Years) Rent Increase Projection Lakeline Plaza Property $12.50 10.0 1.0% increases Forest Plaza Property $8.00 10.0 Varies White Oaks Plaza Property $8.00 10.0 None Muncie Towne Plaza Property $8.00 10.0 2.0% increases Lakeline Village Property $12.50 10.0 1.0% increases

The following table presents comparable anchor leases with respect to the National Anchored Retail Portfolio Properties:

Comparable Lease Summary (Anchor Tenants)

Comparable Lease Year Size Lease Rent Lease Property/Location Portfolio SF Tenant Name Term Built (SF) Date PSF Type Property (Yrs.) Beachwood Centre Muncie Towne 1999 99,005 Listing 65,705 - - $7.50 NNN Avon, IN Plaza Muncie Towne 1987 39,332 Ollie’s Bargain 31,500 July 10.0 $6.00 MG Muncie Shopping Center Plaza Outlet, Inc. 2018 Muncie, IN Scottsdale Shopping Center May NNN Forest Plaza 1989 202,112 The Room Place 42,000 10.0 $9.35 Chicago, IL 2018 Forest Plaza 1956 211,312 Dd’s Discounts 30,000 Mar. 10.0 $12.50 NNN Waukegan Plaza 2018 Chicago, IL Franklin Commons White Oaks 2017 86,019 Ross Dress for 22,000 Jan. 10.0 $10.25 NNN Franklin, IN Plaza Less 2018

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Fairview City Shopping White Oaks 1976 180,698 Dick’s Sporting 45,085 Oct. 10.0 $14.00 NNN Center Plaza Goods, Inc 2017 Fairview Heights, IL Oak Meadows Lakeline Plaza 2017 77,050 Randall’s 57,655 Nov. 20.0 $15.75 NNN Georgetown, TX 2017 The Crescent Lakeline Plaza 1985 117,982 99 Ranch Market 37,239 Jan. 16.0 $11.73 NNN Austin, TX 2017 Source: Appraisal.

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Mortgage Loan Information Mortgaged Property Information

Mortgage Loan Seller: Morgan Stanley Mortgage Capital Single Asset/Portfolio: Portfolio Holdings LLC Credit Assessment (DBRS/Fitch/ NR/NR/NR Property Type – Subtype(1): Various S&P): Original Principal Balance: $17,453,000 Location(1): Various Cut-off Date Balance: $17,453,000 Size: 85,057 SF Cut-off Date Balance Per SF: % of Initial Pool Balance: 1.5% $205.19

Loan Purpose: Acquisition Maturity Date Balance Per SF: $205.19 Borrower Sponsor: Alan Luke Year Built/Renovated(1): Various/Various Guarantors: Alan Luke Title Vesting: Fee Mortgage Rate: 3.5200% Property Manager: Self-managed Note Date: September 19, 2019 Current Occupancy (As of): 100.0% (11/1/2019) Seasoning: 1 month YE 2018 Occupancy(2): NAV Maturity Date: October 1, 2029 YE 2017 Occupancy(2): NAV IO Period: 120 months YE 2016 Occupancy(2): NAV Loan Term (Original): 120 months YE 2015 Occupancy(2): NAV Amortization Term (Original): NAP As-Is Appraised Value: $30,620,000 Loan Amortization Type: Interest-only, Balloon As-Is Appraisal Value Per SF: $359.99 Call Protection: L(25),D(89),O(4) As-Is Appraisal Valuation Date: August 14, 2019 Lockbox Type: Springing Additional Debt: None Underwriting and Financial Information

Additional Debt Type (Balance): NAP YE 2018 NOI(2): NAV YE 2017 NOI(2): NAV YE 2016 NOI(2): NAV YE 2015 NOI(2): NAV U/W Revenues: $1,770,915 U/W Expenses: $70,127 Escrows and Reserves U/W NOI: $1,700,787 Initial Monthly Cap U/W NCF: $1,631,891 Taxes $20,172 $20,172 NAP U/W DSCR based on NOI/NCF: 2.73x / 2.62x U/W Debt Yield based on NOI/ 9.7% / 9.4% Insurance $1,453 $1,453 NAP NCF: TI/LC Reserve $0 $1,000 NAP U/W Debt Yield at Maturity based 9.7% / 9.4% on NOI/NCF Deferred Maintenance $12,938 $0 NAP Cut-off Date LTV Ratio: 57.0% LTV Ratio at Maturity: 57.0%

Sources and Uses Sources Uses Original loan amount $17,453,000 51.8% Purchase price $30,380,242 90.2% Cash equity contribution 16,216,222 48.2 Closing costs 3,254,418 9.7 Reserves 34,562 0.1 Total Sources $33,669,222 100.0% Total Uses $33,669,222 100.0%

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document (1) See “The Properties”. Historical occupancy and NOI are unavailable as the Alan Luke Portfolio Properties (as defined below) were acquired by the borrower sponsor between (2) May 10, 2019 and July 12, 2019.

The Mortgage Loan. The mortgage loan (the “Alan Luke Portfolio Mortgage Loan”) is evidenced by a single promissory note secured by the fee interests in six net leased, single-tenant retail and medical office properties located across four states (the “Alan Luke Portfolio Properties”). The proceeds of the Alan Luke Portfolio Mortgage Loan were used to acquire the Alan Luke Portfolio Properties, to fund reserve escrows and to pay closing costs.

The Properties. The Alan Luke Properties are comprised of five single-tenant retail properties and one single-tenant medical office property totaling 85,057 square feet and located across four states. The Alan Luke Properties are located in Texas (three properties, 52.6% of NRA), Alabama (one property, 28.2% of NRA), Ohio (one property, 13.0% of NRA) and Arkansas (one property, 6.1% of NRA). Built between 1991 and 2002, the Alan Luke Properties range in size from 5,228 square feet to 24,000 square feet.

The Alan Luke Properties are leased to four nationally recognized tenants, which tenants consist of Walgreens, BioLife Plasma Services L.P., CVS and Chili’s. Two of the four tenants, Walgreens and CVS, are subsidiaries of investment grade-rated entities (4 properties, 65.6% of NRA and 78.4% of underwritten base rent). The Alan Luke Properties have a weighted average remaining lease term of approximately 12.7 years. Leases representing 71.8% of NRA and 88.6% of the underwritten base rent expire after the stated maturity date of the Alan Luke Portfolio Mortgage Loan. For the purposes of the preceding two sentences, the Walgreens leases, which grant

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Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Property Types – Various Loan #15 Cut-off Date Balance: $17,453,000 Property Addresses – Cut-off Date LTV: 57.0% Alan Luke Portfolio Various U/W NCF DSCR: 2.62x U/W NOI Debt Yield: 9.7% early termination rights to Walgreens, were assumed to expire on the date as of which the earliest termination right under the lease, if exercised, would be effective.

The following table presents certain information relating to the Alan Luke Portfolio Properties.

Alan Luke Portfolio Properties Summary

Annual % of % of % of Lease Allocated UW Annual Tenant Name Year Built/ Tenant Appraised Portfolio Annual UW Portfolio Expiration Loan Base UW City, State Renovated NRSF Value Appraised Base Rent NRSF Date Amount Rent Base Value PSF Rent Walgreens(1) 2002/NAP 15,120 17.8% 9/30/2032 $3,966,667 $7,100,000 23.2% $425,000 $28.11 23.2% Amarillo, TX (Bell St.) Walgreens(2) 2001/NAP 15,120 17.8% 9/30/2032 $3,472,000 $6,200,000 20.2% $372,000 $24.60 20.3% Odessa, TX Walgreens(3) 2001/NAP 14,490 17.0% 9/30/2032 $3,416,000 $6,100,000 19.9% $366,000 $25.26 20.0% Amarillo, TX (S. Georgia St.) CVS 1997/NAP 11,099 13.0% 8/31/2039 $2,972,408 $5,000,000 16.3% $272,700 $24.57 14.9% Columbus, OH Chili’s 1991/NAP 5,228 6.1% 8/31/2033 $1,825,925 $3,120,000 10.2% $185,331 $35.45 10.1% Fayetteville, AR Bio-life Plasma Services, L.P. 1991/2019 24,000 28.2% 5/31/2029 $1,800,000 $3,100,000 10.1% $209,474 $8.73 11.4% Homewood, AL Total/Weighted Average 85,057 100.0% $17,453,000 $30,620,000 100.0% $1,830,505 $21.52 100.0%

Walgreens has a stated lease expiration date of September 30, 2077 and the right to terminate the lease effective as of September 30, 2032, or the (1) end of any five-year period thereafter, upon six months’ prior notice. The lease expiration date presented in the table is the date when the earliest termination right, if exercised, would be effective. Walgreens has a stated lease expiration date of September 30, 2077 and the right to terminate the lease effective as of September 30, 2032, or the (2) end of any five-year period thereafter, upon six months’ prior notice. The lease expiration date presented in the table is the date when the earliest termination right, if exercised, would be effective. Walgreens has a stated lease expiration date of September 30, 2077 and the right to terminate the lease effective as of September 30, 2032, or the (3) end of any five-year period thereafter, upon six months’ prior notice. The lease expiration date presented in the table is the date when the earliest termination right, if exercised, would be effective.

Major Tenants. The following table presents certain information relating to the major tenants at the Alan Luke Portfolio Properties:

Major Tenants

% of Annual Most Recent Sales(2) Credit Annual Annual U/W Rating (S&P/ Tenant % of Lease Renewal Term. Tenant Name U/W Base U/W Base Occ. Moody’s/ NRSF NRSF Expiration Options Option Rent Base Rent $ PSF Cost Fitch)(1) Rent PSF % Major Tenants BBB/Baa2/ Walgreens 44,730 52.6% $1,163,000 63.5% $26.00 $12,981,597 $290 9.0% 9/30/2032 None N BBB BBB / Baa2 / CVS 11,099 13.0% $272,700 14.9% $24.57 $11,125,740 $1,002 2.5% 8/31/2019 5, 5-year N NR

Copyright © 2019 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Biolife Plasma NR / NR / NR 24,000 28.2% $209,474 11.4% $8.73 NAV NAV NAV 5/31/2029 3, 5-year N Services, L.P. Chili’s NR / NR / NR 5,228 6.1% $185,331 10.1% $35.45 $2,660,931 $509 7.0% 8/31/2033 6, 5-year N Subtotal/Wtd. Avg. 85,057 100.0% $1,830,505 100.0% $21.52

Vacant Space 0 0.0% $0 0.0% $0.00 Collateral Total 85,057 100.0%

(1) Certain ratings are those of the parent company whether or not the parent company guarantees the lease. (2) Most recent sales are as of the year ending in December 31, 2018

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The following table presents certain information relating to the lease expiration schedule at the Alan Luke Portfolio Properties:

Lease Expiration Schedule(1)(2)

% of Total Annual No. of % of Cumulative Cumulative Annual Year Ending Expiring Annual U/W Leases Total Expiring % of Total U/W December 31, NRSF U/W Base Base Rent Expiring NRSF NRSF NRSF Base Rent Rent PSF 2019 0 0 0.0% 0 0.0% $0 0.0% $0.00 2020 0 0 0.0% 0 0.0% $0 0.0% $0.00 2021 0 0 0.0% 0 0.0% $0 0.0% $0.00 2022 0 0 0.0% 0 0.0% $0 0.0% $0.00 2023 0 0 0.0% 0 0.0% $0 0.0% $0.00 2024 0 0 0.0% 0 0.0% $0 0.0% $0.00 2025 0 0 0.0% 0 0.0% $0 0.0% $0.00 2026 0 0 0.0% 0 0.0% $0 0.0% $0.00 2027 0 0 0.0% 0 0.0% $0 0.0% $0.00 2028 0 0 0.0% 0 0.0% $0 0.0% $0.00 2029 1 24,000 28.2% 24,000 28.2% $209,474 11.4% $8.73 Thereafter 5 61,057 71.8% 85,057 100.0% $1,621,032 88.6% $26.55 Vacant 0 0 0.0% 85,057 100.0% $0 0.0% $0.00 Total/Weighted Average 6 85,057 100.0% $1,830,505 100.0% $21.52

(1) Information obtained from the underwritten rent roll. For the purposes of the table and loan underwriting, the Walgreens leases, which grant early termination rights to Walgreens, were assumed to expire (2) on the date as of which the earliest termination right under the lease, if exercised, would be effective.

The following table presents historical occupancy percentages at the Alan Luke Portfolio Properties:

Historical Occupancy

12/31/2015(1) 12/31/2016(1) 12/31/2017(1) 12/31/2018(1) 11/1/2019 NAV NAV NAV NAV 100.0%

The Alan Luke Portfolio Properties were acquired by the borrower sponsor between May (1) 10, 2019 and July 12, 2019. Historical occupancy for the Alan Luke Portfolio Properties is not available.

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Underwritten Net Cash Flow. The following table presents certain information relating to the underwritten net cash flow at the Alan Luke Portfolio Properties:

Cash Flow Analysis(1)

% of Effective U/W $ U/W Gross per SF Income Base Rent $1,830,505 103.4% $21.52 Reimbursements $0 0.0 0.00 (Vacancy & Credit Loss) (59,590) (3.4) (0.70) Effective Gross Income $1,770,915 100.0% $20.82

Total Expenses(2) $70,127 4.0% $0.82

Net Operating Income $1,700,787 96.0% $20.00 TI/LC 60,390 3.4 0.71 Replacement Reserves 8,506 0.5 0.10 Net Cash Flow $1,631,891 92.1% $19.19

NOI DSCR 2.73x NCF DSCR 2.62x NOI Debt Yield 9.7% NCF Debt Yield 9.4%

The Alan Luke Portfolio Properties were acquired by the borrower sponsor between (1) May 10, 2019 and July 12, 2019. Accordingly, historical operating statements are not available. Base Rent is inclusive of straight-line rent credit averaged over the shorter of the lease (2) term or loan term for BioLife Plasma Services, L.P. totaling $17,474. (3) Total Expenses consist of a 3.0% property management fee and insurance expenses.

Appraisal. The Alan Luke Portfolio Properties were valued individually, with the individual values reflecting a cumulative “as- is” appraised value of $30,620,000, as of August 14, 2019.

Environmental Matters. According to Phase I environmental site assessments dated between April 23, 2019 and September 12, 2019, there was no evidence of any recognized environmental conditions at the Alan Luke Portfolio Properties.

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VI. Transaction Contact Information

Questions regarding this Structural and Collateral Term Sheet may be directed to any of the following individuals:

Wells Fargo Securities, LLC

Brigid Mattingly Tel. (312) 269-3062

A.J. Sfarra Tel. (212) 214-5613

Alex Wong Tel. (212) 214-5615

BofA Securities, Inc.

Leland F. Bunch, III Tel. (646) 855-3953

Danielle Caldwell Tel. (646) 855-3421

Morgan Stanley & Co.

Nishant Kapur Tel. (212) 761-1483

Jane Lam Tel. (212) 296-8567

Brandon Atkins Tel. (212) 761-4846

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