JUNE 2019 STRUCTURED FINANCE: CMBS PRESALE REPORT Real Estate Asset Liquidity Trust, Series 2019-1 Table of Contents Capital Structure 3 Transaction Summary 3 Rating Considerations 4 DBRS Credit Characteristics 5 Largest Loan Summary 6 DBRS Sample 7 Transaction Concentrations 9 Loan Structural Features 10 WSP Place 13 Woodside Square Retail 18 Mont-Tremblant Retail 23 Leima Building 29 Gateway Boulevard Retail 34 The Redwoods Retirement I 38 Résidence Monseigneur Bourget 43 Westwood Terrace Multi-Family 47 Leamington Walmart 51 Gross Medical Office Oshawa 56 Transaction Structural Features 61 Methodologies 63 Surveillance 63 Glossary 65 Karen Gu Peter Wideman Senior Vice President Assistant Vice President +1 416 597 7340 +1 416 597 7466
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[email protected] PRESALE REPORT — REAL-T 2019-1 JUNE 2019 Capital Structure Description Rating Action Balance Subordination DBRS Rating Trend Class A-1 New Rating - Provisional $185,395,000 13.000% AAA (sf) Stable Class A-2 New Rating - Provisional $202,971,000 13.000% AAA (sf) Stable Class X New Rating - Provisional $410,686,000 - A (high) (sf) Stable Class B New Rating - Provisional $9,486,000 10.875% AA (sf) Stable Class C New Rating - Provisional $12,834,000 8.000% A (sf) Stable Class D-1 New Rating - Provisional $4,796,000 4.875% BBB (sf) Stable Class D-2 New Rating - Provisional $9,154,000 4.875% BBB (sf) Stable Class E New Rating - Provisional $2,790,000 4.250% BBB (low) (sf) Stable Class F New Rating - Provisional $6,696,000 2.875% BB (sf) Stable Class G New Rating - Provisional $5,580,000 1.875% B (sf) Stable Class H NR $6,696,139 0.000% NR n/a Notes: 1.