The trust secured a $23,684,000 fixed-rate loan at 5.44% with a 10-year term and a 1.70x DSCR. Prepayment requires yield maintenance or a 1% fee, with defeasance available after a two-year lockout following securitization.
Leverage profile
$23,684,000
Approximately 10 years
5.44%
Fixed
The prepayment premium will be equal to the greater of: (1) the yield maintenance amount, as calculated in accordance with a formula set forth in the Loan Documents and (2) 1% of the then outstanding principal balance of the Loan; provided, however, if the prepayment is made (a) on or after March 1, 2035 but before June 1, 2035, the prepayment premium will be 1% of the amount of principal being prepaid, or (b) on or after June 1, 2035, no prepayment premium will be due. After securitization, except as noted in the following sentence, the Loan will be locked out to prepayment for the remainder of the term of the Loan except during the three-month period directly prior to the Maturity Date; however, after a two-year lockout period that commences upon securitization, the Loans may be defeased pursuant to the procedures set forth in the Loan Documents.
1.70x
84%
52.64%
Strengths
- Fixed interest rate of 5.44% across 10-year term
- Underwritten debt service coverage ratio of 1.70x
Concerns
- Acquisition LTV stands at 84%
- Prepayment restricted by yield maintenance and defeasance