The trust secured a $38,625,000 fixed-rate mortgage at 5.18% for a 10-year term, reflecting a 49.45% LTV and a 1.91x DSCR. Prepayment is subject to yield maintenance during the first 114 months.
Leverage profile
$38,625,000
10-year Term
5.18%
Fixed
The Loan is pre-payable in full, subject to a yield maintenance calculation (with a floor of 1.0% of the then principal balance of the Loan) if the Loan is prepaid during the first 114 months of the Loan. In addition, if prepayment is made after the expiration of such yield maintenance period but before the last calendar day of the fourth month prior to the month in which the loan matures, then the prepayment premium will be 1.0% of the amount of principal being prepaid. No prepayment premium is required during the 90- day period directly prior to maturity of the Loan. No voluntary partial prepayment is permitted.
1.91x
49.45%
49.45%
Strengths
- Fixed 5.18% interest rate eliminates rate volatility
- Robust 1.91x debt service coverage ratio
- Moderate 49.45% leverage
Concerns
- 114-month yield maintenance penalty severely restricts early refinancing