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As Of Filer Filing For·On·As Docs:Size Issuer Agent 10/10/06 Wachovia Bank Com’l Mtg… 2006-C28 FWP 1:13M Wachovia Bank Com’l Mtg… 2006-C28 RR Donnelley/FA |
Document/Exhibit Description Pages Size 1: FWP Free Writing Prospectus HTML 2.48M
| Form FWP |
FREE WRITING PROSPECTUS
FILED PURSUANT TO RULE 433
REGISTRATION STATEMENT NO.: 333-131262-04
Information in these materials may be amended or completed prior to sale, dated October 6, 2006.
STRUCTURAL AND COLLATERAL INFORMATION
$3,316,568,000
(Approximate)
Wachovia Commercial Mortgage Securities, Inc.
Depositor
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates
Classes A-1, A-2, A-PB, A-3, A-4, A-1A, X-P,
A-M, A-J, B, C, D and E
SERIES 2006-C28
Mortgage Loan Sellers and Sponsors
Wachovia Bank, National Association
Nomura Credit & Capital, Inc.
Artesia Mortgage Capital Corporation
Master Servicer
Wachovia Bank, National Association
Special Servicer
CWCapital Asset Management LLC
|
| ||||||
| Citigroup |
Deutsche Bank Securities | Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| Transaction Structure |
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Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Transaction Structure
NOTE: CAPITALIZED TERMS USED BUT NOT OTHERWISE DEFINED HEREIN HAVE THE MEANINGS ASCRIBED TO THEM IN THE PROSPECTUS SUPPLEMENT, DATED OCTOBER 6, 2006.
| Issue Type |
Sequential pay REMIC. Class A-1, Class A-2, Class A-PB, Class A-3, Class A-4, Class A-1A, Class X-P, Class A-M, Class A-J, Class B, Class C, Class D and Class E Certificates (the “Offered Certificates”) are offered publicly. All other Certificates will be privately placed to qualified institutional buyers, institutional accredited investors or purchasers in offshore transactions in reliance on Regulation S. |
| Cut-Off Date |
All Mortgage Loan characteristics are based on balances as of the Cut-Off Date, which is October 1, 2006, with respect to 6 Mortgage Loans, October 6, 2006, with respect to 1 Mortgage Loan and October 11, 2006, with respect to 200 Mortgage Loans. All percentages presented herein are approximate. |
| Mortgage Pool |
The Mortgage Pool consists of 207 Mortgage Loans (the “Mortgage Loans”) with an aggregate principal balance as of the Cut-Off Date of $3,595,196,701 (the “Cut-Off Date Pool Balance”), subject to a variance of plus or minus 5%. The Mortgage Loans are secured by 265 properties (the “Mortgaged Properties”) located throughout 37 states and the District of Columbia. The Mortgage Pool will be deemed to consist of 2 loan groups (“Loan Group 1” and “Loan Group 2” and together, the “Loan Groups”). Loan Group 1 will consist of (i) all of the Mortgage Loans that are not secured by Mortgaged Properties that are multifamily or mobile home park properties, (ii) 3 Mortgage Loans that are secured by multifamily properties and (iii) 3 Mortgage Loans that are secured by mobile home park properties. Loan Group 1 is expected to consist of 139 Mortgage Loans, with an aggregate principal balance as of the Cut-Off Date of $2,971,668,554 (the “Cut-Off Date Group 1 Balance”). Loan Group 2 will consist of (i) 66 Mortgage Loans that are secured by multifamily properties and (ii) 2 Mortgage Loans that are secured by mobile home park properties, with an aggregate principal balance as of the Cut-Off Date of $623,528,147 (the “Cut-Off Date Group 2 Balance” and, together with the Cut-Off Date Group 1 Balance, the “Cut-Off Date Pool Balance”). |
| Depositor |
Wachovia Commercial Mortgage Securities, Inc. |
| Issuing Entity |
Wachovia Bank Commercial Mortgage Trust, Series 2006-C28 |
| Underwriters |
Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC. It is intended that Wachovia Securities International Limited will act as a member of the selling group on behalf of Wachovia Capital Markets, LLC and may sell Offered Certificates on behalf of Wachovia Capital Markets, LLC in certain jurisdictions. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
3
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Transaction Terms
| Mortgage Loan Sellers and Sponsors |
Wachovia Bank, National Association (“Wachovia”), Nomura Credit & Capital, Inc. (“Nomura”) and Artesia Mortgage Capital Corporation (“Artesia”). |
| Mortgage Loan Seller |
Number of Mortgage Loans |
Aggregate Cut-Off Date Balance |
Percentage of Cut-Off Date Pool Balance |
|||||
| Wachovia Bank, National Association |
113 | $ | 2,502,246,885 | 69.6 | % | |||
| Nomura Credit & Capital, Inc. |
44 | 823,722,923 | 22.9 | |||||
| Artesia Mortgage Capital Corporation |
50 | 269,226,893 | 7.5 | |||||
| Total |
207 | $ | 3,595,196,701 | 100.0 | % | |||
| Trustee |
Wells Fargo Bank, N.A. |
| Co-Trustee |
U.S. Bank National Association |
| Master Servicer |
Wachovia Bank, National Association |
| Special Servicer |
CWCapital Asset Management LLC |
| Rating Agencies |
Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc. (“S&P”), Moody’s Investors Service, Inc. (“Moody’s”) and Fitch, Inc. (“Fitch”). |
| Denominations |
$10,000 minimum for Offered Certificates other than the Class X-P Certificates. |
| $1,000,000 minimum for the Class X-P Certificates. |
| Closing Date |
On or about October 31, 2006. |
| Settlement Terms |
Book-entry through DTC for all Offered Certificates. |
| Distribution Date |
The fourth business day following the related Determination Date, commencing in November 2006. |
| Determination Date |
The 11th day of each month, or if such 11th day is not a business day, the next succeeding business day, commencing, with respect to the Offered Certificates, in November 2006. |
| Interest Distributions |
Each Class of Offered Certificates will be entitled on each Distribution Date to interest accrued at its Pass-Through Rate for such Distribution Date on the outstanding Certificate Balance or Notional Amount of such Class. Interest will be distributed on each Distribution Date in sequential order of Class designations with the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-4, Class A-1A, Class X-C and Class X-P Certificates ranking pari passu in entitlement to interest. The Class FS Certificates will only be entitled to receive distributions of interest allocated to the Four Seasons Resort and Club - Dallas, TX Non-Pooled Component and the other certificates will only be entitled to receive distributions of interest allocated to the Four Seasons Resort and Club -Dallas, TX Pooled Component. |
| The Offered Certificates will accrue interest on the basis of a 360-day year consisting of twelve 30-day months. |
| The interest accrual period with respect to any Distribution Date and any Class of Offered Certificates is the calendar month preceding the month in which the Distribution Date occurs. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
4
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Transaction Terms
| Principal Distributions |
Principal will be distributed on each Distribution Date in accordance with the priorities set forth in “DESCRIPTION OF THE CERTIFICATES—Distributions” in the free writing prospectus, dated October 6, 2006 (the “Prospectus Supplement”). Generally, the Class A-1, Class A-2, Class A-PB, Class A-3 and Class A-4 Certificates will only be entitled to receive distributions of principal collected or advanced in respect of Mortgage Loans in Loan Group 1 until the Certificate Balance of the Class A-1A Certificates has been reduced to zero, and the Class A-1A Certificates will only be entitled to receive distributions of principal collected or advanced in respect of Mortgage Loans in Loan Group 2 until the Certificate Balance of the Class A-4 Certificates has been reduced to zero. If, due to losses, the Certificate Balances of the Class A-M through Class Q Certificates are reduced to zero, but any two or more of the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-4 and Class A-1A Certificates remain outstanding, payments of principal (other than distributions of principal otherwise allocable to reduce the Certificate Balance of the Class A-PB Certificates to its planned principal amount) to the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-4 and Class A-1A Certificates will be made on a pro rata basis. The Class X-C and Class X-P Certificates will not be entitled to distributions of principal. The Class FS Certificates will only be entitled to receive distributions of principal allocated to the Four Seasons Resort and Club - Dallas, TX Non-Pooled Component and the other certificates will only be entitled to receive distributions of principal allocated to the Four Seasons Resort and Club - Dallas, TX Pooled Component. |
| Losses |
Realized Losses and Additional Trust Fund Expenses, if any, will be allocated to the Class Q, Class P, Class O, Class N, Class M, Class L, Class K, Class J, Class H, Class G, Class F, Class E, Class D, Class C, Class B, Class A-J and Class A-M Certificates in that order, and then, pro rata, to the Class A-1, Class A-2, Class A-PB, Class A-3, Class A-4 and Class A-1A Certificates; provided, however, that Realized Losses and Additional Trust Fund Expenses on the Four Seasons Resort and Club - Dallas, TX Loan will first be allocated to the Class FS Certificates. |
| Prepayment Premiums and Yield Maintenance Charges |
Any Prepayment Premiums or Yield Maintenance Charges actually collected on a Mortgage Loan during the related collection period in which the prepayment occurred will be distributed to Certificateholders on the related Distribution Date following the collection period in which the prepayment occurred. Generally, the Class A-1, Class A-2, Class A-PB, Class A-3 and Class A-4 Certificates will only be entitled to receive distributions of Prepayment Premiums or Yield Maintenance Charges in respect of Mortgage Loans in Loan Group 1 until the Certificate Balance of the Class A-1A Certificates has been reduced to zero, and the Class A-1A Certificates will only be entitled to receive distributions of Prepayment Premiums or Yield Maintenance Charges in respect of Mortgage Loans in Loan Group 2 until the Certificate Balance of the Class A-4 Certificates has been reduced to zero. On each Distribution Date, the holders of each Class of Offered Certificates and the Class F, Class G, Class H and Class J Certificates then entitled to principal distributions will be entitled to a portion of Prepayment Premiums or Yield Maintenance Charges equal to the product of (a) the amount of such Prepayment Premiums or Yield Maintenance Charges, multiplied by (b) a fraction, the numerator of which is equal to the excess, if any, of the Pass-Through Rate of such Class of Certificates over the relevant Discount Rate, and the denominator of which is equal to the excess, if any, of the Mortgage Rate of the prepaid Mortgage Loan over the relevant Discount Rate, multiplied by (c) a fraction, the numerator of |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
5
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Transaction Terms
| which is equal to the amount of principal distributable on such Class of Certificates on such Distribution Date, and the denominator of which is the Principal Distribution Amount for such Distribution Date; provided, however, Yield Maintenance Charges received in respect of the Four Seasons Resort and Club - Dallas, TX Loan and allocable to the Four Seasons Resort and Club - Dallas, TX Non-Pooled Component will be distributed solely to the holders of the Class FS Certificates. |
| The portion, if any, of the Prepayment Premiums or Yield Maintenance Charges remaining after any payments described above will be distributed as follows (a) on or before the Distribution Date in October 2013, 30% to the holders of the Class X-P Certificates and 70% to the holders of the Class X-C Certificates and (b) thereafter, 100% to the holders of the Class X-C Certificates. |
| Non-Serviced Loans |
The Gas Company Tower Loan, the RLJ Hotel Pool Loan and the 500-512 Seventh Avenue Loan will each be serviced pursuant to the pooling and servicing agreement relating to another transaction. See “SERVICING OF THE MORTGAGE LOANS—Servicing of The Gas Company Tower Loan” and “—Servicing of the RLJ Hotel Pool Loan and the 500-512 Seventh Avenue Loan” in the Prospectus Supplement. |
| Advances |
The Master Servicer, and if the Master Servicer fails to do so, the Co-Trustee, will be obligated to make P&I Advances (but with respect to the Four Seasons Resort and Club - Dallas, TX Non-Pooled Component, solely the interest portion of P&I Advances) and Servicing Advances, including delinquent property taxes and insurance, on the Mortgage Loans (other than The Gas Company Tower Loan, the RLJ Hotel Pool Loan and the 500-512 Seventh Avenue Loan), but only to the extent that such Advances are not deemed non-recoverable and, in the case of P&I Advances, subject to any Appraisal Reductions that may occur. With respect to The Gas Company Tower Loan, P&I Advances and Servicing Advances will generally be made by the J.P. Morgan 2006-LDP8 Master Servicer. If the J.P. Morgan 2006-LDP8 Master Servicer fails to make any P&I Advance that it is otherwise required to make, the Master Servicer under the Pooling and Servicing Agreement will make such P&I Advance. With respect to the RLJ Hotel Pool Loan and the 500-512 Seventh Avenue Loan, P&I Advances and Servicing Advances will generally be made by the 2006-C27 Master Servicer. If the 2006-C27 Master Servicer fails to make any P&I Advance that it is otherwise required to make, the Master Servicer under the Pooling and Servicing Agreement will make such P&I Advance. |
| Appraisal Reductions |
An appraisal reduction generally will be created in the amount, if any, by which the principal balance of a Required Appraisal Loan (including with respect to the Four Seasons Resort and Club - Dallas, TX Loan, the Four Seasons Resort and Club - Dallas, TX Non-Pooled Component) (plus other amounts overdue or advanced in connection with such loan) exceeds 90% of the appraised value of the related Mortgaged Property plus all escrows and reserves (including letters of credit) held with respect to the Mortgage Loan. As a result of calculating an Appraisal Reduction Amount for a given Mortgage Loan (including the Four Seasons Resort and Club - Dallas, TX Non-Pooled Component), the 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 Subordinate Certificates in reverse order of priority of the Classes (provided that with respect to any Appraisal Reduction Amount related to the Four Seasons Resort and Club - Dallas, TX Loan, |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
6
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Transaction Terms
| such amounts will be allocated first to the Four Seasons Resort and Club - Dallas, TX Non-Pooled Component and as a result to the Class FS Certificates, prior to any allocation to the Four Seasons Resort and Club - Dallas, TX Pooled Component). An Appraisal Reduction will be reduced to zero as of the date the related Mortgage Loan has been brought current for at least three consecutive months, paid in full, liquidated, repurchased or otherwise disposed. |
| Optional Termination |
The Master Servicer, the Special Servicer and certain Certificateholders will have the option to terminate the Trust Fund in whole, but not in part, and purchase the remaining assets of the Trust Fund on or after the Distribution Date on which the Stated Principal Balance of the Mortgage Loans (including the Four Seasons Resort and Club - Dallas, TX Non-Pooled Component) then outstanding is less than 1% of the Cut-Off Date Pool Balance. Such purchase price will generally be at a price equal to the unpaid aggregate principal balance of the Mortgage Loans (including the Four Seasons Resort and Club - Dallas, TX Non-Pooled Component) (or fair market value in the case of REO Properties), plus accrued and unpaid interest and certain other additional trust fund expenses. |
| The Trust Fund may also be terminated under certain circumstances when the Offered Certificates have been paid in full and the remaining outstanding Certificates (other than the Class FS, the Class Z Certificates, Class R-I Certificates and Class R-II Certificates) are held by a single Certificateholder. |
| Controlling Class |
The Class of Sequential Pay Certificates (a) which bears the latest alphabetical Class designation and (b) the Certificate Balance of which is greater than 25% of its original Certificate Balance; provided, however, if no Class of Sequential Pay Certificates satisfies clause (b) above, the Controlling Class shall be the outstanding Class of Sequential Pay Certificates bearing the latest alphabetical Class designation. |
| Controlling Class Representative |
The representative appointed by the holder of the majority of the Class Principal Balance of the Controlling Class (except with respect to matters related to the Four Seasons Resort and Club -Dallas, TX Loan, for which the Controlling Class Representative is appointed first by the holder of the majority of the Class FS Certificates until a control appraisal period has occurred). In addition, the holders of the Companion Loans may have the ability to exercise some or all of the rights of the Controlling Class and the Controlling Class Representative. See “SERVICING OF THE MORTGAGE LOANS—The Controlling Class Representative” and “—Servicing of the Gas Company Tower Loan” and “Servicing of the RLJ Hotel Pool Loan and the 500-512 Seventh Avenue Loan” in the Prospectus Supplement for more information. |
| ERISA |
The Offered Certificates are expected to be ERISA eligible. |
| SMMEA |
The Offered Certificates are not expected to be “mortgage-related securities” for the purposes of SMMEA. |
| Tax |
The Offered Certificates will be treated as regular interests in a REMIC. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
7
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Transaction Terms
| Wachovia Capital Markets, LLC |
||||
| Charles Culbreth (704) 383-7716 (Phone) (704) 715-0066 (Fax) |
||||
| Scott Fuller (704) 715-8440 (Phone) (704) 715-1214 (Fax) |
||||
| Bill White (704) 715-8440 (Phone) (704) 715-1214 (Fax) |
||||
| Chris Campbell (704) 715-8440 (Phone) (704) 715-1214 (Fax) |
||||
|
Citigroup Global Markets Inc. |
Deutsche Bank Securities Inc. | |||
| Paul Vanderslice (212) 723-6156 (Phone) (212) 723-8599 (Fax) |
Blake Catlett (212) 250-5149 (Phone) (212) 797-5630 (Fax) | |||
| Angela Vleck (212) 816-8087 (Phone) (212) 816-8307 (Fax) |
Ben Doramus (212) 250-5149 (Phone) (212) 797-5630 (Fax) | |||
| Andrew Cherrick (212) 250-1630 (Phone) (212) 553-2451 (Fax) | ||||
|
Goldman, Sachs & Co. |
Loop Capital Markets, LLC | |||
| Anthony Kim (212) 357-7160 (Phone) (212) 902-1691 (Fax) |
Sidney Dillard (312) 356-5008 (Phone) (312) 922-7137 (Fax) | |||
| Scott Walter (212) 357-8910 (Phone) (212) 902-1691 (Fax)
Mitch Resnick +44-20-7774-3068 (Phone) +44-20-7552-0990 (Fax)
Omar Chaudhary +81-3-6437-7198 (Phone) +81-3-6437-1200 (Fax) |
Cary Schulz (312) 913-2275 (Phone) (312) 913-4928 (Fax)
Booker Whitt (312) 913-2207 (Phone) (312) 913-4928 (Fax) | |||
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
8
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
OFFERED CERTIFICATES
| Expected Ratings | Certificate Balance(1) |
Approx. % of Cut-Off Date Pool Balance |
Approx. Credit Support |
Weighted Average Life(yrs)(2) |
Principal Window(2) |
Assumed Final Distribution Date(2) |
Rate Type | |||||||||||||||||
| Class | S&P | Moody’s | Fitch | |||||||||||||||||||||
| A-1 | AAA | Aaa | AAA | $ | 38,820,000 | 1.080 | % | 30.000 | % | 2.69 | 11/06 – 05/11 | 05/15/11 | Fixed | |||||||||||
| A-2 | AAA | Aaa | AAA | $ | 418,678,000 | 11.645 | % | 30.000 | % | 4.88 | 05/11 – 10/11 | 10/15/11 | Fixed | |||||||||||
| A-PB | AAA | Aaa | AAA | $ | 168,397,000 | 4.684 | % | 30.000 | % | 7.90 | 10/11 – 05/16 | 05/15/16 | Fixed | |||||||||||
| A-3 | AAA | Aaa | AAA | $ | 215,000,000 | 5.980 | % | 30.000 | % | 9.70 | 05/16 – 07/16 | 07/15/16 | Fixed | |||||||||||
| A-4 | AAA | Aaa | AAA | $ | 1,052,214,000 | 29.267 | % | 30.000 | % | 9.82 | 07/16 – 09/16 | 09/15/16 | Fixed | |||||||||||
| A-1A | AAA | Aaa | AAA | $ | 623,528,000 | 17.343 | % | 30.000 | % | 8.14 | 11/06 – 10/16 | 10/15/16 | Fixed | |||||||||||
| X-P | AAA | Aaa | AAA | $ | 3,479,706,000 | (3) | N/A | N/A | N/A | N/A | 10/15/13 | Variable(3) | ||||||||||||
| A-M | AAA | Aaa | AAA | $ | 359,520,000 | 10.000 | % | 20.000 | % | 9.96 | 10/16 – 10/16 | 10/15/16 | Fixed | |||||||||||
| A-J | AAA | Aaa | AAA | $ | 278,628,000 | 7.750 | % | 12.250 | % | 9.96 | 10/16 – 10/16 | 10/15/16 | Fixed(4) | |||||||||||
| B | AA+ | Aa1 | AA+ | $ | 22,470,000 | 0.625 | % | 11.625 | % | 9.96 | 10/16 – 10/16 | 10/15/16 | Fixed(4) | |||||||||||
| C | AA | Aa2 | AA | $ | 58,422,000 | 1.625 | % | 10.000 | % | 9.96 | 10/16 – 10/16 | 10/15/16 | Fixed(4) | |||||||||||
| D | AA- | Aa3 | AA- | $ | 31,458,000 | 0.875 | % | 9.125 | % | 9.96 | 10/16 – 10/16 | 10/15/16 | Fixed(4) | |||||||||||
| E | A | A2 | A | $ | 49,433,000 | 1.375 | % | 7.750 | % | 9.96 | 10/16 – 10/16 | 10/15/16 | Fixed(4) | |||||||||||
NON-OFFERED CERTIFICATES
| Expected Ratings | Certificate Balance(1) |
Approx. % of Cut-Off Date Pool Balance |
Approx. Credit Support |
Weighted Average Life(yrs)(2) |
Principal Window(2) |
Assumed Final Distribution Date(2) |
Rate Type | ||||||||||||||||||
| Class | S&P | Moody’s | Fitch | ||||||||||||||||||||||
| F (5) | A- | A3 | A- | $ | 40,446,000 | 1.125 | % | 6.625 | % | (5) | (5) | (5 | ) | Fixed(4) | |||||||||||
| G (5) | BBB+ | Baa1 | BBB+ | $ | 40,446,000 | 1.125 | % | 5.500 | % | (5) | (5) | (5 | ) | Fixed(4) | |||||||||||
| H (5) | BBB | Baa2 | BBB | $ | 40,446,000 | 1.125 | % | 4.375 | % | (5) | (5) | (5 | ) | Fixed(4) | |||||||||||
| J (5) | BBB- | Baa3 | BBB- | $ | 44,940,000 | 1.250 | % | 3.125 | % | (5) | (5) | (5 | ) | WAC(6) | |||||||||||
| K (5) | BB+ | Ba1 | BB+ | $ | 17,976,000 | 0.500 | % | 2.625 | % | (5) | (5) | (5 | ) | Fixed(4) | |||||||||||
| L (5) | BB | Ba2 | BB | $ | 8,988,000 | 0.250 | % | 2.375 | % | (5) | (5) | (5 | ) | Fixed(4) | |||||||||||
| M (5) | BB- | Ba3 | BB- | $ | 13,482,000 | 0.375 | % | 2.000 | % | (5) | (5) | (5 | ) | Fixed(4) | |||||||||||
| N (5) | B+ | B1 | B+ | $ | 4,494,000 | 0.125 | % | 1.875 | % | (5) | (5) | (5 | ) | Fixed(4) | |||||||||||
| O (5) | B | B2 | B | $ | 8,988,000 | 0.250 | % | 1.625 | % | (5) | (5) | (5 | ) | Fixed(4) | |||||||||||
| P (5) | B- | B3 | B- | $ | 8,988,000 | 0.250 | % | 1.375 | % | (5) | (5) | (5 | ) | Fixed(4) | |||||||||||
| Q (5) | NR | NR | NR | $ | 49,434,700 | 1.375 | % | 0.000 | % | (5) | (5) | (5 | ) | Fixed(4) | |||||||||||
| X-C (5) | AAA | Aaa | AAA | $ | 3,595,196,700 | (3) | N/A | N/A | N/A | N/A | (5 | ) | WAC-IO(3) | ||||||||||||
| FS (5) | NR | NR | NR | $ | 8,000,000 | N/A | N/A | N/A | N/A | (5 | ) | Fixed(7) | |||||||||||||
| (1) | Subject to a permitted variance of plus or minus 5.0%. |
| (2) | As of the Cut-Off Date, the Weighted Average Life, Principal Window and Assumed Final Distribution Date were calculated assuming no prepayments will be made on the Mortgage Loans prior to their related maturity dates (or, in the case of ARD Loans, their Anticipated Repayment Dates) and the other assumptions set forth under “YIELD AND MATURITY CONSIDERATIONS—Yield Considerations” in the Prospectus Supplement. |
| (3) | The Class X-C and Class X-P Certificates will not have certificate balances and their holders will not receive distributions of principal, but such holders are entitled to receive payments of the aggregate interest accrued on the notional amount of each of the components of the Class X-C and Class X-P Certificates as described in the Prospectus Supplement. The interest rate applicable to each of the Class X-C and Class X-P Certificates for each distribution date will be as described in the Prospectus Supplement. |
| (4) | The pass-through rate applicable to each of the Class A-J, Class B, Class C, Class D, Class E, Class F, Class G, Class H, Class K, Class L, Class M, Class N, Class O, Class P and Class Q Certificates for any distribution date will be subject to a maximum rate of the applicable weighted average net mortgage rate (calculated as described in the Prospectus Supplement) for such date. |
| (5) | Not offered hereby. Any information provided herein regarding the terms of these Certificates is provided only to enhance your understanding of the Offered Certificates. |
| (6) | The pass-through rate applicable to the Class J Certificates for any distribution date will be equal to the applicable weighted average net mortgage rate (calculated as described in the Prospectus Supplement) for such date. |
| (7) | Because the Four Seasons Resort and Club – Dallas, TX Loan accrues interest on an “actual/360” basis but the Class FS certificates accrue interest on a “30/360” basis, the pass-through rate in certain months on such class may be higher or lower than indicated. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
9
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Structure Overview
| Loan Group 1 Short-Term Collateral Summary | |||||||||||||||||||
| Mortgage Loan Number |
Property Name |
Cut-Off Date Pool Balance |
Balloon Balance* |
Property Type | Weighted Average Remaining Term |
Weighted Average Remaining IO Term |
Weighted Average Cut-Off Date LTV Ratio |
Weighted Average DSCR | |||||||||||
| Class A-1 |
|||||||||||||||||||
| Class A-1 Total Balloon Payment | $ | — | |||||||||||||||||
| Class A-1 Amortization | 38,820,000 | ||||||||||||||||||
| Total Class A-1 Certificate Balance | $ | 38,820,000 | |||||||||||||||||
| Class A-2 |
|||||||||||||||||||
| 173 |
Walgreens – Knoxville, TN | $ | 3,088,000 | $ | 3,088,000 | Retail | 55 | 55 | 59.4 | % | 1.93x | ||||||||
| 49 |
Gateway Center | $ | 16,000,000 | 16,000,000 | Office | 58 | 58 | 76.6 | % | 1.52x | |||||||||
| 63 |
Howe Corporate Center | $ | 12,750,000 | 12,750,000 | Office | 58 | 58 | 75.0 | % | 1.45x | |||||||||
| 111 |
Syracuse Hill | $ | 6,500,000 | 6,500,000 | Office | 58 | 58 | 71.4 | % | 1.33x | |||||||||
| 3 |
Montclair Plaza | $ | 190,000,000 | 190,000,000 | Retail | 59 | 59 | 50.1 | % | 1.89x | |||||||||
| 23 |
Lake Worth Towne Crossing | $ | 26,491,000 | 26,491,000 | Retail | 59 | 59 | 58.9 | % | 2.01x | |||||||||
| 26 |
Twinbrook Square | $ | 24,640,000 | 24,640,000 | Retail | 59 | 59 | 78.2 | % | 1.23x | |||||||||
| 57 |
Inverness Commons | $ | 14,000,000 | 13,684,728 | Office | 59 | 35 | 76.0 | % | 1.21x | |||||||||
| 60 |
Four Seasons MHP | $ | 13,500,000 | 13,500,000 | Mobile Home Park | 59 | 59 | 75.0 | % | 1.34x | |||||||||
| 87 |
Freeport Corporate Center | $ | 8,500,000 | 8,304,512 | Office | 59 | 35 | 78.2 | % | 1.34x | |||||||||
| 9 |
Gateway Shopping Center | $ | 87,000,000 | 87,000,000 | Retail | 60 | 60 | 66.4 | % | 1.34x | |||||||||
| 105 |
Cornerstone Business Center | $ | 7,068,000 | 6,836,493 | Industrial | 60 | 24 | 78.5 | % | 1.27x | |||||||||
| 180 |
FBI – Flagstaff, AZ | $ | 2,825,000 | 2,705,260 | Office | 60 | 0 | 74.3 | % | 1.37x | |||||||||
| 59 | 57 | 60.9 | % | 1.64x | |||||||||||||||
| Class A-2 Total Balloon Payment | $ | 411,499,993 | |||||||||||||||||
| Class A-2 Amortization | 7,178,007 | ||||||||||||||||||
| Total Class A-2 Certificate Balance | $ | 418,678,000 | |||||||||||||||||
| Class A-PB |
|||||||||||||||||||
| 116 |
Monroe Office Building |
$ | 6,121,056 | $ | 5,641,447 | Office | 72 | 0 | 73.7 | % | 1.32x | ||||||||
| 11 |
Westin – Falls Church, VA | $ | 64,000,000 | 60,268,381 | Hospitality | 108 | 72 | 66.7 | % | 1.37x | |||||||||
| Class A-PB Total Balloon Payment | $ | 65,909,828 | 105 | 66 | 67.3 | % | 1.37x | ||||||||||||
| Class A-PB Amortization | 102,487,172 | ||||||||||||||||||
| Total Class A-PB Certificate Balance | $ | 168,397,000 | |||||||||||||||||
| * | As of the Cut-Off Date, the balloon balances, total balloon payments and remaining class amortization were calculated assuming no prepayments will be made on the Mortgage Loans prior to their related maturity dates and the other assumptions set forth under "YIELD AND MATURITY CONSIDERATIONS-Yield Considerations" in the Prospectus Supplement. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
10
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Mortgage Pool Characteristics as of the Cut-Off Date
| (1) | Contains 2 groups of crossed loans with individual mortgage loans in both loan groups. |
| (2) | Does not include Mortgage Loans with anticipated repayment dates or Mortgage Loans that are interest-only for their entire term. |
| (3) | Does not include Mortgage Loans that are interest-only for their entire term. |
| (4) | Includes Mortgage Loans with anticipated repayment dates that are interest-only for the entire period until the anticipated repayment date. |
| (5) | Consists of a group of 4 individual Mortgage Loans (loan numbers 28, 45, 76 and 104). |
| (6) | Consists of a group of 2 individual Mortgage Loans (loan numbers 34 and 43). |
| (7) | For purposes of determining the LTV ratios for 9 Mortgage Loans (loan numbers 6, 15, 29, 50, 61, 63, 97, 111 and 117), representing 7.8% of the Cut-Off Date Pool Balance (9.4% of the Cut-Off Date Group 1 Balance), such ratios were calculated using “as-stabilized” appraised values as opposed to “as-is” values. |
| (8) | For purposes of determining the LTV ratios for 2 Mortgage Loans (loan numbers 57 and 164), representing 0.5% of the Cut-Off Date Pool Balance (0.6% of the Cut-Off Date Group 1 Balance), such ratios were adjusted by taking into account amounts available under certain letters of credit and/or cash reserves. |
| (9) | For purposes of determining the DSC ratios for 13 Mortgage Loans (loan numbers 20, 57, 58, 61, 90, 97, 107, 120, 124, 141, 164, 171 and 189), representing 3.3% of the Cut-Off Date Pool Balance (11 Mortgage Loans in Loan Group 1 or 3.5% of the Cut-Off Date Group 1 Balance and 2 Mortgage Loans in Loan Group 2 or 2.3% of the Cut-Off Date Group 2 Balance), such ratios were adjusted by taking into account amounts available under certain letters of credit and/or cash reserves. |
| (10) | Does not include 55 hospitality properties, representing, by allocated loan amount, 14.9% of the Cut-Off Date Pool Balance (18.0% of the Cut-Off Date Group 1 Balance). In certain cases, occupancy includes space for which leases have been executed, but the tenant has not taken occupancy. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
11
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
| Mortgage Pool Characteristics as of the Cut-Off Date |
| Property Type | Number of Mortgaged Properties |
Aggregate Cut-Off Date Balance(1) |
% of Cut-Off Date Pool Balance |
% of Cut-Off Date Group 1 Balance |
% of Cut-Off Date Group 2 Balance |
Weighted Average DSCR(2) |
Min/Max DSCR(2) |
Weighted Average Cut-Off Date LTV Ratio(3) |
Min/Max Cut-Off Date LTV Ratio(3) |
Weighted Average Mortgage Rate |
||||||||||||||||
| Office |
54 | $ | 1,212,015,771 | 33.7 | % | 40.8 | % | 0.0 | % | 1.36x | 1.17x/2.12x | 72.6 | % | 47.2%/80.0% | 5.853 | % | ||||||||||
| Retail |
60 | 846,579,926 | 23.5 | 28.5 | 0.0 | 1.49x | 1.12x/2.01x | 64.7 | % | 48.1%/80.0% | 5.947 | % | ||||||||||||||
| Retail – Anchored |
18 | 636,249,560 | 17.7 | 21.4 | 0.0 | 1.54x | 1.20x/2.01x | 62.4 | % | 50.1%/80.0% | 5.879 | % | ||||||||||||||
| Retail – Unanchored |
18 | 104,011,358 | 2.9 | 3.5 | 0.0 | 1.27x | 1.12x/1.46x | 72.4 | % | 48.1%/79.7% | 6.216 | % | ||||||||||||||
| Retail – Shadow Anchored(4) |
11 | 63,243,234 | 1.8 | 2.1 | 0.0 | 1.23x | 1.20x/1.35x | 75.6 | % | 67.5%/80.0% | 6.209 | % | ||||||||||||||
| Retail – Single Tenant |
13 | 43,075,774 | 1.2 | 1.4 | 0.0 | 1.55x | 1.19x/1.99x | 64.7 | % | 59.4%/70.4% | 5.921 | % | ||||||||||||||
| Multifamily |
69 | 759,350,704 | 21.1 | 5.4 | 96.0 | 1.33x | 1.04x/1.99x | 73.6 | % | 47.0%/80.0% | 6.038 | % | ||||||||||||||
| Hospitality |
55 | 535,205,078 | 14.9 | 18.0 | 0.0 | 1.44x | 1.14x/1.92x | 70.7 | % | 59.9%/79.2% | 6.131 | % | ||||||||||||||
| Mixed Use |
9 | 101,138,521 | 2.8 | 3.4 | 0.0 | 1.22x | 1.14x/1.39x | 68.9 | % | 61.3%/79.1% | 6.340 | % | ||||||||||||||
| Industrial |
10 | 57,960,282 | 1.6 | 2.0 | 0.0 | 1.27x | 1.20x/1.40x | 71.3 | % | 47.2%/80.0% | 6.219 | % | ||||||||||||||
| Mobile Home Park |
5 | 54,150,000 | 1.5 | 1.0 | 4.0 | 1.25x | 1.07x/1.37x | 75.9 | % | 70.8%/80.0% | 6.448 | % | ||||||||||||||
| Self Storage |
2 | 17,671,418 | 0.5 | 0.6 | 0.0 | 1.35x | 1.28x/1.53x | 74.0 | % | 58.7%/80.0% | 6.136 | % | ||||||||||||||
| Special Purpose |
1 | 11,125,000 | 0.3 | 0.4 | 0.0 | 1.55x | 1.55x/1.55x | 65.1 | % | 65.1%/65.1% | 6.100 | % | ||||||||||||||
| 265 | $ | 3,595,196,701 | 100.0 | % | 100.0 | % | 100.0 | % | 1.39x | 1.04x/2.12x | 70.6 | % | 47.0%/80.0% | 5.986 | % | |||||||||||
| (1) | 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 Mortgage Loan principal balance to each of those properties by the appraised values of the Mortgaged Properties or the allocated loan amount (or specific release prices) as described in the related Mortgage Loan documents). |
| (2) | For purposes of determining the DSC ratios for 13 Mortgage Loans (loan numbers 20, 57, 58, 61, 90, 97, 107, 120, 124, 141, 164, 171 and 189), representing 3.3% of the Cut-Off Date Pool Balance (11 Mortgage Loans in Loan Group 1 or 3.5% of the Cut-Off Date Group 1 Balance and 2 Mortgage Loans in Loan Group 2 or 2.3% of the Cut-Off Date Group 2 Balance), such ratios were adjusted by taking into account amounts available under certain letters of credit and/or cash reserves. |
| (3) | For purposes of determining the LTV ratios for 9 Mortgage Loans (loan numbers 6, 15, 29, 50, 61, 63, 97, 111 and 117), representing approximately 7.8% of the Cut-Off Date Pool Balance (9.4% of the Cut-Off Date Group 1 Balance), such ratios were calculated using “as stabilized” appraised values as opposed to “as is” appraised values. For purposes of determining the LTV ratios for 2 Mortgage Loans (loan numbers 57 and 164), representing 0.5% of the Cut-Off Date Pool Balance (0.6% of the Cut-Off Date Group 1 Balance), such ratios were adjusted by taking into account amounts available under certain letters of credit and/or cash reserves. |
| (4) | A Mortgaged Property is classified as shadow anchored if it is located in close proximity to an anchored retail property. |
The sum of aggregate percentage calculations may not equal 100% due to rounding.
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
12
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
| Mortgage Pool Characteristics as of the Cut-Off Date |
PROPERTY LOCATION
| State | Number of Mortgaged Properties |
Aggregate Cut-Off Date Balance(1) |
% of Cut-Off Date Pool Balance |
% of Cut-Off Date Group 1 Balance |
% of Cut-Off Date Group 2 Balance |
Weighted Average DSCR(2) |
Weighted Average Cut-Off Date LTV Ratio(3) |
Weighted Average Mortgage Rate |
||||||||||||||
| CA |
49 | $ | 974,647,295 | 27.1 | % | 28.3 | % | 21.7 | % | 1.48x | 67.5 | % | 5.761 | % | ||||||||
| Southern(4) |
41 | 798,267,175 | 22.2 | 22.5 | 20.7 | 1.52x | 67.4 | % | 5.664 | % | ||||||||||||
| Northern(4) |
8 | 176,380,121 | 4.9 | 5.7 | 1.0 | 1.28x | 67.6 | % | 6.196 | % | ||||||||||||
| TX |
28 | 436,730,774 | 12.1 | 13.0 | 8.0 | 1.47x | 70.9 | % | 6.054 | % | ||||||||||||
| GA |
11 | 274,075,000 | 7.6 | 8.5 | 3.3 | 1.34x | 72.2 | % | 5.810 | % | ||||||||||||
| IL |
13 | 235,477,464 | 6.5 | 7.6 | 1.8 | 1.23x | 76.6 | % | 6.468 | % | ||||||||||||
| NY |
10 | 227,849,938 | 6.3 | 7.7 | 0.0 | 1.22x | 69.4 | % | 5.935 | % | ||||||||||||
| Other |
154 | 1,446,416,230 | 40.2 | 35.0 | 65.2 | 1.37x | 71.5 | % | 6.081 | % | ||||||||||||
| 265 | $ | 3,595,196,701 | 100.0 | % | 100.0 | % | 100.0 | % | 1.39x | 70.6 | % | 5.986 | % | |||||||||
| • | The Mortgaged Properties are located in 37 states and the District of Columbia. |
| (1) | 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 Mortgage Loan principal balance to each of those properties by the appraised values of the Mortgaged Properties or the allocated loan amount (or specific release prices) as described in the related Mortgage Loan documents). |
| (2) | For purposes of determining the DSC ratios for 13 Mortgage Loans (loan numbers 20, 57, 58, 61, 90, 97, 107, 120, 124, 141, 164, 171 and 189), representing 3.3% of the Cut-Off Date Pool Balance (11 Mortgage Loans in Loan Group 1 or 3.5% of the Cut-Off Date Group 1 Balance and 2 Mortgage Loans in Loan Group 2 or 2.3% of the Cut-Off Date Group 2 Balance), such ratios were adjusted by taking into account amounts available under certain letters of credit and/or cash reserves. |
| (3) | For purposes of determining the LTV ratios for 9 Mortgage Loans (loan numbers 6, 15, 29, 50, 61, 63, 97, 111 and 117), representing approximately 7.8% of the Cut-Off Date Pool Balance (9.4% of the Cut-Off Date Group 1 Balance), such ratios were calculated using “as stabilized” appraised values as opposed to “as is” appraised values. For purposes of determining the LTV ratios for 2 Mortgage Loans (loan numbers 57 and 164), representing 0.5% of the Cut-Off Date Pool Balance (0.6% of the Cut-Off Date Group 1 Balance), such ratios were adjusted by taking into account amounts available under certain letters of credit and/or cash reserves. |
| (4) | For purposes of determining whether a Mortgaged Property is in Northern California or Southern California, Mortgaged Properties north of San Luis Obispo County, Kern County and San Bernardino County were included in Northern California and Mortgaged Properties south of or included in such counties were included in Southern California. |
The sum of aggregate percentage calculations may not equal 100% due to rounding.
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
13
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Mortgage Pool Characteristics as of the Cut-Off Date
| Range of Cut-Off Date Balances ($) |
Number of Mortgage Loans |
Aggregate Cut-Off Date Balance |
% of Initial Pool Balance |
% of Group 1 Balance |
% of Group 2 Balance |
||||||||
| 965,500 - 2,000,000 |
11 | $18,229,987 | 0.5 | % | 0.5 | % | 0.6 | % | |||||
| 2,000,001 - 3,000,000 |
20 | 51,500,705 | 1.4 | 1.4 | 1.7 | ||||||||
| 3,000,001 - 4,000,000 |
31 | 108,115,232 | 3.0 | 2.2 | 6.8 | ||||||||
| 4,000,001 - 5,000,000 |
17 | 76,451,488 | 2.1 | 1.4 | 5.7 | ||||||||
| 5,000,001 - 6,000,000 |
12 | 68,862,797 | 1.9 | 1.4 | 4.6 | ||||||||
| 6,000,001 - 7,000,000 |
11 | 71,736,395 | 2.0 | 1.1 | 6.2 | ||||||||
| 7,000,001 - 8,000,000 |
12 | 90,095,636 | 2.5 | 2.0 | 4.7 | ||||||||
| 8,000,001 - 9,000,000 |
10 | 84,196,156 | 2.3 | 1.7 | 5.5 | ||||||||
| 9,000,001 - 10,000,000 |
5 | 47,282,547 | 1.3 | 1.3 | 1.5 | ||||||||
| 10,000,001 - 15,000,000 |
24 | 295,520,921 | 8.2 | 6.7 | 15.5 | ||||||||
| 15,000,001 - 20,000,000 |
18 | 311,304,400 | 8.7 | 5.3 | 24.6 | ||||||||
| 20,000,001 - 25,000,000 |
11 | 250,015,000 | 7.0 | 6.1 | 11.1 | ||||||||
| 25,000,001 - 30,000,000 |
6 | 161,097,666 | 4.5 | 4.5 | 4.5 | ||||||||
| 35,000,001 - 40,000,000 |
1 | 36,500,000 | 1.0 | 1.2 | 0.0 | ||||||||
| 40,000,001 - 45,000,000 |
3 | 128,264,000 | 3.6 | 2.8 | 7.1 | ||||||||
| 45,000,001 - 50,000,000 |
1 | 48,000,000 | 1.3 | 1.6 | 0.0 | ||||||||
| 50,000,001 - 55,000,000 |
1 | 54,000,000 | 1.5 | 1.8 | 0.0 | ||||||||
| 55,000,001 - 60,000,000 |
1 | 56,000,000 | 1.6 | 1.9 | 0.0 | ||||||||
| 60,000,001 - 65,000,000 |
3 | 189,563,000 | 5.3 | 6.4 | 0.0 | ||||||||
| 80,000,001 - 229,000,000 |
9 | 1,448,460,771 | 40.3 | 48.7 | 0.0 | ||||||||
| 207 | $3,595,196,701 | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
| Min: $965,500 |
Max: $229,000,000 | Average: $17,368,100 | |||||||||||
UNDERWRITTEN DEBT SERVICE COVERAGE RATIO(1)
| Range of Underwritten DSCRs (x) |
Number of |
Aggregate Cut-Off Date Balance |
% of Initial Pool Balance |
% of Group 1 Balance |
% of Group 2 Balance |
||||||||
| 1.00 - 1.04 |
1 | $4,798,000 | 0.1 | % | 0.0 | % | 0.8 | % | |||||
| 1.05 - 1.09 |
1 | 17,000,000 | 0.5 | 0.0 | 2.7 | ||||||||
| 1.10 - 1.14 |
2 | 67,450,000 | 1.9 | 2.3 | 0.0 | ||||||||
| 1.15 - 1.19 |
10 | 199,129,142 | 5.5 | 5.4 | 6.4 | ||||||||
| 1.20 - 1.24 |
72 | 878,310,619 | 24.4 | 21.0 | 41.0 | ||||||||
| 1.25 - 1.29 |
23 | 154,023,591 | 4.3 | 3.6 | 7.5 | ||||||||
| 1.30 - 1.34 |
24 | 341,484,856 | 9.5 | 9.9 | 7.8 | ||||||||
| 1.35 - 1.39 |
21 | 742,522,194 | 20.7 | 22.3 | 12.9 | ||||||||
| 1.40 - 1.44 |
10 | 137,598,327 | 3.8 | 4.0 | 2.8 | ||||||||
| 1.45 - 1.49 |
7 | 63,135,305 | 1.8 | 1.5 | 3.0 | ||||||||
| 1.50 - 1.54 |
10 | 298,736,418 | 8.3 | 8.6 | 6.7 | ||||||||
| 1.55 - 1.59 |
4 | 264,225,000 | 7.3 | 8.8 | 0.6 | ||||||||
| 1.60 - 1.64 |
4 | 85,970,000 | 2.4 | 2.8 | 0.6 | ||||||||
| 1.65 - 1.69 |
3 | 41,890,000 | 1.2 | 0.7 | 3.2 | ||||||||
| 1.75 - 1.79 |
1 | 9,091,248 | 0.3 | 0.3 | 0.0 | ||||||||
| 1.80 - 1.84 |
2 | 12,950,000 | 0.4 | 0.0 | 2.1 | ||||||||
| 1.85 - 1.89 |
3 | 196,228,000 | 5.5 | 6.6 | 0.0 | ||||||||
| 1.90 - 1.94 |
5 | 22,007,000 | 0.6 | 0.6 | 0.8 | ||||||||
| 1.95 - 1.99 |
2 | 9,281,000 | 0.3 | 0.1 | 1.0 | ||||||||
| 2.00 - 2.04 |
1 | 26,491,000 | 0.7 | 0.9 | 0.0 | ||||||||
| 2.10 - 2.12 |
1 | 22,875,000 | 0.6 | 0.8 | 0.0 | ||||||||
| 207 | $3,595,196,701 | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
| Min: 1.04x |
Max: 2.12x | Wtd. Average: 1.39x | |||||||||||
| Range of Mortgage Rates(%) |
Number of Mortgage Loans |
Aggregate Cut-Off Date Balance |
% of Initial Pool Balance |
% of Group 1 Balance |
% of Group 2 Balance |
||||||||
| 5.102 - 5.249 |
3 | $258,996,000 | 7.2 | % | 8.7 | % | 0.0 | % | |||||
| 5.250 - 5.499 |
4 | 12,023,000 | 0.3 | 0.4 | 0.0 | ||||||||
| 5.500 - 5.749 |
35 | 649,951,972 | 18.1 | 16.2 | 27.1 | ||||||||
| 5.750 - 5.999 |
29 | 717,346,018 | 20.0 | 21.0 | 15.1 | ||||||||
| 6.000 - 6.249 |
75 | 1,111,701,799 | 30.9 | 32.2 | 24.8 | ||||||||
| 6.250 - 6.499 |
51 | 548,763,233 | 15.3 | 12.1 | 30.3 | ||||||||
| 6.500 - 6.720 |
10 | 296,414,680 | 8.2 | 9.4 | 2.7 | ||||||||
| 207 | $3,595,196,701 | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
| Min: 5.102% |
Max: 6.720% | Wtd. Average: 5.986% | |||||||||||
CUT-OFF DATE LOAN-TO-VALUE RATIO(2)
| Range of Cut-Off Date LTV Ratios (%) |
Number of Mortgage Loans |
Aggregate Cut-Off Date Balance |
% of Initial Pool Balance |
% of Group 1 Balance |
% of Group 2 Balance |
||||||||
| 47.00 - 50.00 |
8 | $64,716,350 | 1.8 | % | 1.7 | % | 2.3 | % | |||||
| 50.01 - 55.00 |
4 | 204,297,726 | 5.7 | 6.4 | 2.1 | ||||||||
| 55.01 - 60.00 |
8 | 68,555,000 | 1.9 | 2.2 | 0.6 | ||||||||
| 60.01 - 65.00 |
21 | 146,229,129 | 4.1 | 3.9 | 4.6 | ||||||||
| 65.01 - 70.00 |
42 | 994,453,374 | 27.7 | 31.9 | 7.7 | ||||||||
| 70.01 - 75.00 |
50 | 718,056,362 | 20.0 | 19.0 | 24.6 | ||||||||
| 75.01 - 80.00 |
74 | 1,398,888,760 | 38.9 | 34.9 | 58.0 | ||||||||
| 207 | $3,595,196,701 | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
| Min: 47.0% |
Max: 80.0% | Wtd. Average: 70.6% | |||||||||||
MATURITY DATE OR ARD LOAN-TO-VALUE RATIO(2)
| Range of Maturity Date or ARD LTV Ratios (%) |
Number of Mortgage Loans |
Aggregate Cut-Off Date Balance |
% of Initial Pool Balance |
% of Group 1 Balance |
% of Group 2 Balance |
||||||||
| 0.00 - 5.00 |
2 | $4,790,013 | 0.1 | % | 0.2 | % | 0.0 | % | |||||
| 30.01 - 40.00 |
1 | 2,195,323 | 0.1 | 0.1 | 0.0 | ||||||||
| 40.01 - 50.00 |
13 | 83,460,327 | 2.3 | 2.3 | 2.3 | ||||||||
| 50.01 - 55.00 |
15 | 388,040,009 | 10.8 | 12.4 | 3.3 | ||||||||
| 55.01 - 60.00 |
22 | 293,647,187 | 8.2 | 8.9 | 4.7 | ||||||||
| 60.01 - 65.00 |
54 | 637,515,487 | 17.7 | 16.7 | 22.5 | ||||||||
| 65.01 - 70.00 |
41 | 486,798,968 | 13.5 | 13.0 | 16.0 | ||||||||
| 70.01 - 75.00 |
37 | 985,782,386 | 27.4 | 29.7 | 16.8 | ||||||||
| 75.01 - 80.00 |
22 | 712,967,000 | 19.8 | 16.8 | 34.4 | ||||||||
| 207 | $3,595,196,701 | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
| Min: 0.0% |
Max: 80.0% | Wtd. Average: 66.7% | |||||||||||
| (1) | For purposes of determining the DSC ratios for 13 Mortgage Loans (loan numbers 20, 57, 58, 61, 90, 97, 107, 120, 124, 141, 164, 171 and 189), representing 3.3% of the Cut-Off Date Pool Balance (11 Mortgage Loans in Loan Group 1 or 3.5% of the Cut-Off Date Group 1 Balance and 2 Mortgage Loans in Loan Group 2 or 2.3% of the Cut-Off Date Group 2 Balance), such ratios were adjusted by taking into account amounts available under certain letters of credit and/or cash reserves. |
| (2) | For purposes of determining the LTV ratios for 9 Mortgage Loans (loan numbers 6, 15, 29, 50, 61, 63, 97, 111 and 117), representing approximately 7.8% of the Cut-Off Date Pool Balance (9.4% of the Cut-Off Date Group 1 Balance), such ratios were calculated using “as stabilized” appraised values as opposed to “as is” appraised values. For purposes of determining the LTV ratios for 2 Mortgage Loans (loan numbers 57 and 164), representing 0.5% of the Cut-Off Date Pool Balance (0.6% of the Cut-Off Date Group 1 Balance), such ratios were adjusted by taking into account amounts available under certain letters of credit and/or cash reserves. |
The sum of aggregate percentage calculations may not equal 100% due to rounding.
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
14
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Mortgage Pool Characteristics as of the Cut-Off Date
ORIGINAL TERM TO MATURITY OR ARD
| Range of Original Terms to Maturity or ARD (months) |
Number of Mortgage Loans |
Aggregate Cut-Off Date Balance |
% of Initial Pool Balance |
% of Group 1 Balance |
% of Group 2 Balance |
||||||||
| 0 – 60 |
25 | $596,698,386 | 16.6 | % | 13.9 | % | 29.6 | % | |||||
| 61 – 84 |
1 | 6,121,056 | 0.2 | 0.2 | 0.0 | ||||||||
| 109 – 120 |
179 | 2,987,587,244 | 83.1 | 85.8 | 70.4 | ||||||||
| 229 – 240 |
2 | 4,790,013 | 0.1 | 0.2 | 0.0 | ||||||||
| 207 | $3,595,196,701 | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
| Min: 60 |
Max: 240 | Wtd. Average: 110 | |||||||||||
| Range of Original Amortization Terms (months) |
Number of Mortgage Loans |
Aggregate Cut-Off Date Balance |
%
of |
% of Group 1 Balance |
% of Group 2 Balance |
||||||||
| 240 – 264 |
6 | $19,238,788 | 0.5 | % | 0.6 | % | 0.0 | % | |||||
| 265 – 300 |
10 | 305,676,671 | 8.5 | 10.3 | 0.0 | ||||||||
| 349 – 360 |
124 | 1,446,192,382 | 40.2 | 38.6 | 47.8 | ||||||||
| 361 – 420 |
4 | 28,567,738 | 0.8 | 1.0 | 0.0 | ||||||||
| Varies |
1 | 10,970,121 | 0.3 | 0.4 | 0.0 | ||||||||
| Non-Amortizing |
62 | 1,784,551,000 | 49.6 | 49.1 | 52.2 | ||||||||
| 207 | $3,595,196,701 | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
| Min: 240* |
Max: 420 | Wtd. Average: 350* | |||||||||||
| * | Excludes the non-amortizing loans. |
| Range of Interest-Only Periods (months) |
Number of Mortgage Loans |
Aggregate Cut-Off Date Balance |
% of Initial Pool Balance |
% of Group 1 Balance |
% of Group 2 Balance |
||||||||
| Amortizing – No Partial Interest Only Period |
77 | $534,544,701 | 14.9 | % | 12.3 | % | 26.9 | % | |||||
| Partial Interest Only – Amortizing |
68 | 1,276,101,000 | 35.5 | 38.5 | 20.9 | ||||||||
| 1 – 12 |
5 | 32,315,000 | 0.9 | 0.5 | 2.7 | ||||||||
| 13 – 24 |
14 | 181,718,000 | 5.1 | 6.0 | 0.6 | ||||||||
| 25 – 36 |
14 | 189,085,000 | 5.3 | 5.9 | 2.3 | ||||||||
| 37 – 48 |
7 | 227,675,000 | 6.3 | 5.5 | 10.5 | ||||||||
| 49 – 60 |
25 | 518,070,000 | 14.4 | 16.4 | 4.8 | ||||||||
| 73 – 84 |
2 | 124,563,000 | 3.5 | 4.2 | 0.0 | ||||||||
| 85 – 96 |
1 | 2,675,000 | 0.1 | 0.1 | 0.0 | ||||||||
| Non-Amortizing |
62 | 1,784,551,000 | 49.6 | 49.1 | 52.2 | ||||||||
| 207 | $3,595,196,701 | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
| Min: 12 |
Max: 96* | Wtd. Average: 50* | |||||||||||
| * | Partial Interest-Only period excludes non-amortizing loans and amortizing loans that do not benefit from a partial Interest-Only period. |
| Seasoning (months) | Number of Mortgage Loans |
Aggregate Cut-Off Date Balance |
%
of |
% of Group 1 Balance |
% of Group 2 Balance |
||||||||
| 0 – 12 |
207 | $3,595,196,701 | 100.0 | % | 100.0 | % | 100.0 | % | |||||
| 207 | $3,595,196,701 | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
| Min: 0 |
Max: 12 | Wtd. Average: 1 | |||||||||||
The sum of aggregate percentage calculations may not equal 100% due to rounding.
REMAINING TERM TO MATURITY OR ARD
| Range of Remaining Terms to |
Number of Mortgage Loans |
Aggregate Cut-Off Date Balance |
%
of |
% of Group 1 Balance |
% of Group 2 Balance |
||||||||
| 0 – 60 |
25 | $596,698,386 | 16.6 | % | 13.9 | % | 29.6 | % | |||||
| 61 – 84 |
1 | 6,121,056 | 0.2 | 0.2 | 0.0 | ||||||||
| 85 – 108 |
1 | 64,000,000 | 1.8 | 2.2 | 0.0 | ||||||||
| 109 – 120 |
178 | 2,923,587,244 | 81.3 | 83.6 | 70.4 | ||||||||
| 229 – 240 |
2 | 4,790,013 | 0.1 | 0.2 | 0.0 | ||||||||
| 207 | $3,595,196,701 | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
| Min: 55 |
Max: 239 | Wtd. Average: 109 | |||||||||||
REMAINING STATED AMORTIZATION TERM
| Range of Remaining Amortization Terms (Months) |
Number of Mortgage Loans |
Aggregate Cut-Off Date Balance |
%
of |
% of Group 1 Balance |
% of Group 2 Balance |
||||||||
| 229 – 264 |
6 | $19,238,788 | 0.5 | % | 0.6 | % | 0.0 | % | |||||
| 265 – 300 |
10 | 305,676,671 | 8.5 | 10.3 | 0.0 | ||||||||
| 349 – 360 |
124 | 1,446,192,382 | 40.2 | 38.6 | 47.8 | ||||||||
| 361 – 420 |
4 | 28,567,738 | 0.8 | 1.0 | 0.0 | ||||||||
| Varies |
1 | 10,970,121 | 0.3 | 0.4 | 0.0 | ||||||||
| Non-Amortizing |
62 | 1,784,551,000 | 49.6 | 49.1 | 52.2 | ||||||||
| 207 | $3,595,196,701 | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
| Min: 239* |
Max: 420 | Wtd. Average: 349* | |||||||||||
| * | Excludes the non-amortizing loans. |
| Prepayment Provisions | Number of Mortgage Loans |
Aggregate Cut-Off Date Balance |
%
of |
% of Group 1 Balance |
% of Group 2 Balance |
||||||||
| Lockout/Defeasance/Open |
170 | $2,849,066,468 | 79.2 | % | 83.5 | % | 58.9 | % | |||||
| Lockout/Yield Maintenance/Open |
23 | 387,790,273 | 10.8 | 7.1 | 28.2 | ||||||||
| Yield Maintenance/Open |
9 | 182,250,000 | 5.1 | 4.3 | 8.7 | ||||||||
| Yield Maintenance/Open or Lockout/Defeasance/Open |
1 | 132,000,000 | 3.7 | 4.4 | 0.0 | ||||||||
| Lockout/Open |
1 | 17,000,000 | 0.5 | 0.0 | 2.7 | ||||||||
| Lockout/Defeasance or Yield Maintenance/Open |
1 | 12,100,000 | 0.3 | 0.4 | 0.0 | ||||||||
| Lockout/Defeasance/Prepayment Premium/Open |
1 | 9,000,000 | 0.3 | 0.0 | 1.4 | ||||||||
| Lockout/Prepayment Premium/Open |
1 | 5,989,959 | 0.2 | 0.2 | 0.0 | ||||||||
| Total |
207 | $3,595,196,701 | 100.0 | % | 100.0 | % | 100.0 | % |
| Loan Name |
Loan Amount | % of Initial Pool Balance |
% of Group 1 Balance |
% of Group 2 Balance |
S&P | Moody's | Fitch | ||||||||||
| Montclair Plaza |
$190,000,000 | 5.3 | % | 6.4 | % | 0.0 | % | BBB- | Baa3 | BBB- | |||||||
| $190,000,000 | 100.0 | % | 100.0 | % | 100.0 | % |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
15
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Mortgage Pool Characteristics as of the Cut-Off Date
Twenty Largest Mortgage Loans
The following table and summaries describe the twenty largest Mortgage Loans or pools of Mortgage Loans in the Mortgage Pool by Cut-Off Date Balance:
Twenty Largest Mortgage Loans by Cut-Off Date Balance
| Loan Name |
Mortgage Loan Seller |
Number of Mortgage Loans / Mortgaged Properties |
Loan Group |
Cut-Off Date Balance |
% of Initial Pool Balance |
% of Initial Group Balance |
Property Type | Loan Balance Room/ |
Weighted Average DSCR(1)(4) |
Cut-Off Date LTV |
LTV Ratio at Maturity or ARD(1)(3)(4) |
Weighted Average Mortgage Rate |
|||||||||||||||||||
| The Gas Company Tower |
Nomura | 1 / 1 | 1 | $ | 229,000,000 | 6.4 | % | 7.7 | % | Office – CBD | $ | 349 | 1.56x | 75.1 | % | 75.1 | % | 5.102 | % | ||||||||||||
| 1180 Peachtree Street |
Wachovia | 1 / 1 | 1 | 193,850,000 | 5.4 | 6.5 | % | Office – CBD | $ | 289 | 1.39x | 70.5 | % | 70.5 | % | 5.690 | % | ||||||||||||||
| Montclair Plaza |
Wachovia | 1 / 1 | 1 | 190,000,000 | 5.3 | 6.4 | % | Retail – Anchored | $ | 217 | 1.89x | 50.1 | % | 50.1 | % | 5.788 | % | ||||||||||||||
| Four Seasons Resort and Club – Dallas, TX |
Nomura | 1 / 1 | 1 | 175,000,000 | 4.9 | 5.9 | % | Hospitality – Full Service | $ | 490,196 | 1.51x | 76.4 | % | 76.4 | % | 6.230 | % | ||||||||||||||
| 311 South Wacker |
Wachovia | 1 / 1 | 1 | 158,600,000 | 4.4 | 5.3 | % | Office – CBD | $ | 190 | 1.20x | 79.5 | % | 74.9 | % | 6.570 | % | ||||||||||||||
| RLJ Hotel Pool |
Wachovia | 1 / 43 | 1 | 146,092,500 | 4.1 | 4.9 | % | Hospitality – Various | $ | 92,936 | 1.37x | 68.9 | % | 63.1 | % | 6.294 | % | ||||||||||||||
| 500-512 Seventh Avenue |
Wachovia | 1 / 1 | 1 | 136,918,271 | 3.8 | 4.6 | % | Office – CBD | $ | 234 | 1.17x | 68.5 | % | 52.7 | % | 5.706 | % | ||||||||||||||
| Newport Bluffs |
Wachovia | 1 / 1 | 1 | 132,000,000 | 3.7 | 4.4 | % | Multifamily – Conventional | $ | 250,951 | 1.35x | 71.0 | % | 71.0 | % | 6.104 | % | ||||||||||||||
| Gateway Shopping Center |
Nomura | 1 / 1 | 1 | 87,000,000 | 2.4 | 2.9 | % | Retail – Anchored | $ | 182 | 1.34x | 66.4 | % | 66.4 | % | 5.890 | % | ||||||||||||||
| Embassy Suites – Washington, DC |
Wachovia | 1 / 1 | 1 | 65,000,000 | 1.8 | 2.2 | % | Hospitality – Full Service | $ | 169,271 | 1.44x | 65.9 | % | 56.4 | % | 5.930 | % | ||||||||||||||
| 10 /52 | $ | 1,513,460,771 | 42.1 | % | 1.45x | 69.5 | % | 66.7 | % | 5.886 | % | ||||||||||||||||||||
| Westin – Falls Church, VA |
Wachovia | 1 / 1 | 1 | $ | 64,000,000 | 1.8 | % | 2.2 | % | Hospitality – Full Service | $ | 158,025 | 1.37x | 66.7 | % | 62.8 | % | 5.510 | % | ||||||||||||
| Brookfield Lakes Corporate Center |
Wachovia | 1 / 1 | 1 | 60,563,000 | 1.7 | 2.0 | % | Office – Suburban | $ | 120 | 1.33x | 75.2 | % | 72.3 | % | 5.610 | % | ||||||||||||||
| Intercontinental Multifamily Portfolio |
Wachovia | 4 / 4 | 2 | 59,000,000 | 1.6 | 9.5 | % | Multifamily – Conventional | $ | 53,105 | 1.46x | 76.3 | % | 76.3 | % | 5.930 | % | ||||||||||||||
| Jogani Portfolio 1 |
Nomura | 9 / 9 | 2 | 57,231,900 | 1.6 | 9.2 | % | Multifamily – Conventional | $ | 60,885 | 1.22x | 74.8 | % | 62.7 | % | 5.596 | % | ||||||||||||||
| The Willows Shopping Center |
Wachovia | 1 / 1 | 1 | 56,000,000 | 1.6 | 1.9 | % | Retail – Anchored | $ | 214 | 1.24x | 67.1 | % | 62.7 | % | 5.900 | % | ||||||||||||||
| Jogani Portfolio 2 |
Nomura | 11 / 11 | 2 | 55,957,500 | 1.6 | 9.0 | % | Multifamily – Conventional | $ | 70,387 | 1.21x | 74.5 | % | 62.4 | % | 5.590 | % | ||||||||||||||
| Personality Pool |
Nomura | 1 / 3 | 1 | 54,000,000 | 1.5 | 1.8 | % | Various – Various | $ | 350 | 1.14x | 65.9 | % | 59.1 | % | 6.550 | % | ||||||||||||||
| Traders Point Retail Center |
Wachovia | 1 / 1 | 1 | 48,000,000 | 1.3 | 1.6 | % | Retail – Anchored | $ | 145 | 1.20x | 80.0 | % | 74.7 | % | 5.860 | % | ||||||||||||||
| Carefree Alexander |
Wachovia | 1 / 1 | 2 | 43,969,000 | 1.2 | 7.1 | % | Multifamily – Independent Living | $ | 93,155 | 1.22x | 76.5 | % | 76.5 | % | 6.350 | % | ||||||||||||||
| Lakeside Pool |
Wachovia | 1 / 6 | 1 | 42,500,000 | 1.2 | 1.4 | % | Office – Suburban | $ | 83 | 1.22x | 74.9 | % | 70.1 | % | 6.070 | % | ||||||||||||||
| 31 / 38 | $ | 541,221,400 | 15.1 | % | 1.27x | 73.0 | % | 67.7 | % | 5.872 | % | ||||||||||||||||||||
|
41 / 90 |
$ | 2,054,682,171 | 57.2 | % | 1.40x | 70.4 | % | 66.9 | % | 5.882 | % | ||||||||||||||||||||
| (1) | Each of The Gas Company Tower Loan, the 311 South Wacker Loan, the RLJ Hotel Pool Loan, the 500-512 Seventh Avenue Loan and the Newport Bluffs Loan is part of a split loan structure that includes one or more pari passu companion loans that are not included in the Trust Fund. With respect to these Mortgage Loans, unless otherwise specified, the calculations of LTV ratios, DSC ratios and Loan Balance per square foot/room/unit are based on the aggregate indebtedness of or debt service on, as applicable, each such Mortgage Loan and the related pari passu companion loan, but not any related subordinate companion loan. |
| (2) | With respect to the Personality Pool Loan, the Loan Balance per square foot was calculated based upon the total square footage of the hospitality and retail space of 154,493 square feet derived from the engineering report of the respective Mortgaged Properties dated August 2, 2006. |
| (3) | The appraised value for the mortgaged properties with respect to the RLJ Hotel Pool Loan and the Traders Point Retail Center Loan are based upon an “as-stabilized” basis. |
| (4) | With respect to the Four Seasons Resort and Club - Dallas, TX Loan, unless otherwise specified, the calculation of LTV ratios, DSC ratio and Loan Balance per room are based upon the pooled component only and exclude the non-pooled component. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
16
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
The Gas Company Tower
 |
 | |
 |
 | |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
17
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
The Gas Company Tower
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
18
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
The Gas Company Tower
| Loan Information | |||||
| Mortgage Loan Seller |
Nomura | ||||
| Cut-Off Date Balance |
$229,000,000 | ||||
| Percentage of Cut-Off Date Pool Balance |
6.4% | ||||
| Number of Mortgage Loans |
1 | ||||
| Loan Purpose |
Refinance | ||||
| Sponsor |
Maguire Properties, L.P. | ||||
| Type of Security |
Fee | ||||
| Mortgage Rate |
5.102% | ||||
| Maturity Date |
August 11, 2016 | ||||
| Amortization Type |
Interest-Only | ||||
| Interest Only Period |
120 | ||||
| Original Term / Amortization |
120 / IO | ||||
| Remaining Term /Amortization |
118 / IO | ||||
| Lockbox(1) |
Yes | ||||
| Up-Front Reserves |
|||||
| Tax/Insurance |
Yes | ||||
| TI/LC(2) |
$ | 4,500,000 | |||
| Engineering |
$35,500 | ||||
| Environmental |
$3,750 | ||||
| Ongoing Annual Reserves |
|||||
| Tax/Insurance |
Yes | ||||
| TI/LC |
$2,052,000 | ||||
| Additional Financing |
Pari Passu Debt | $229,000,000 | |||
| Pari Passu Notes(3) | |||||
| Cut-Off Date Balance |
$458,000,000 | ||||
| Cut-Off Date Balance/SF |
$349 | ||||
| Cut-Off Date LTV |
75.1% | ||||
| Maturity Date LTV |
75.1% | ||||
| UW DSCR on NCF |
1.56x | ||||
| (1) | A cashflow sweep for Southern California Gas Company (“SCGC”) shall be triggered at the earlier of the following: (i) 18 months prior to the expiration of the “SCGC” lease if the lease extension option has not been exercised or (ii) SCGC vacating or giving notice to vacate. Funds will be released under the following conditions: (i) SCGC exercises its renewal option pursuant to the lease, or (ii) Maguire Properties enters into one or more leases with other tenant(s) occupying all of the SCGC space at a minimum of the rent payments under the SCGC lease, or (iii) Maguire Properties enters into lease(s) on the SCGC space with rental income sufficient to achieve a minimum DSC ratio of 1.20x based on the actual constant on a 30-year amortization schedule or (iv) the underwritten Net Cashflow supports a minimum 1.20x DSC ratio based on the actual constant on a 30-year amortization schedule. A cashflow sweep will also commence if SCGC’s credit rating is downgraded below BBB- (or its equivalent) by any one of Moody’s, S&P, Fitch or other nationally recognized Rating Agency (a “Downgrade Sweep Event”). If a lease guarantee is provided by SCGC’s parent company for all of its leased premises, the higher rating of SCGC or the parent company will be utilized. In the instance of a Downgrade Sweep Event, deposits will be capped at $30,000,000 ($60,000,000 if the subject rating falls below BB-) so long as the tenant is not more than 60 days delinquent on its rent payments. The sweep pursuant to a Downgrade Sweep Event will terminate and funds will be released to Maguire Properties once SCGC’s credit rating improves to BBB- or better and the underwritten Net Cash Flow supports a minimum 1.20 DSC ratio for four consecutive quarters following the occurrence of the event. |
| (2) | An upfront reserve of $4 million was collected to fund the “Jones Day Upfront TI/LC Reserve”. Funds will be released to borrower for reimbursement of tenant improvements and leasing commissions and will be replenished at a rate of $1.50 psf per annum upon withdrawal up to a cap of $4 million. In addition, $0.5 million was funded into a separate Tenant Improvement and Leasing Commission Reserve (“Sidley Upfront TILC Reserve”). Funds will be released to borrower for reimbursement of tenant improvements and leasing commissions relating to Sidley Austin LLP’s space. |
| (3) | LTV ratios, DSC ratio and Cut-Off Date Balance/SF were derived based upon the aggregate indebtedness, or debt service on, of The Gas Company Tower Loan and The Gas Company Tower Pari Passu Companion Loan. |
| Property Information | ||
| Number of Mortgaged Properties |
1 | |
| Location |
Los Angeles, CA | |
| Property Type |
Office – CBD | |
| Size (SF) |
1,313,409 | |
| Occupancy as of May 31, 2006 |
96.2% | |
| Year Built/Year Renovated |
1991/NA | |
| Appraised Value |
$610,000,000 | |
| Property Management |
Maguire Properties, L.P. | |
| UW Economic Occupancy |
95.5% | |
| UW Revenues |
$59,229,600 | |
| UW Total Expenses |
$20,443,924 | |
| UW Net Operating Income (NOI) |
$38,785,676 | |
| UW Net Cash Flow (NCF) |
$36,855,204 | |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
19
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
The Gas Company Tower
| Tenant Summary | ||||||||||||||||||
| Tenant | Ratings(1) Moody's/S&P/ Fitch |
Net Rentable Area (SF) |
% of Net Rentable Area |
Base Rent PSF |
Annual Base Rent |
% of Total Annual Base Rent |
Lease Expiration | |||||||||||
| Major Tenants |
||||||||||||||||||
| Southern California Gas Company |
A2/A/AA- | 576,516 | 43.9 | % | $ | 26.02 | $ | 15,000,156 | 49.5 | % | November 2011 | |||||||
| Morrison & Foerster, LLP |
NR/NR/NR | 192,775 | 14.7 | $ | 27.65 | 5,329,600 | 17.6 | Multiple Spaces(2) | ||||||||||
| Sidley Austin LLP |
NR/NR/NR | 152,413 | 11.6 | $ | 12.22 | 1,862,680 | 6.1 | Multiple Spaces(3) | ||||||||||
| Jones, Day, Reavis & Pogue |
NR/NR/NR | 152,166 | 11.6 | $ | 32.74 | 4,982,380 | 16.4 | November 2006(4) | ||||||||||
| Latham & Watkins |
NR/NR/NR | 85,966 | 6.5 | $ | 12.03 | 1,033,968 | 3.4 | Multiple Spaces(5) | ||||||||||
| Total Major Tenants |
1,159,836 | 88.3 | % | $ | 24.32 | $ | 28,208,784 | 93.1 | % | |||||||||
| Non-Major Tenants |
103,792 | 7.9 | $ | 20.21 | 2,097,169 | 6.9 | ||||||||||||
| Occupied Total |
1,263,628 | 96.2 | % | $ | 23.98 | $ | 30,305,953 | 100.0 | % | |||||||||
| Vacant Space |
49,781 | 3.8 | ||||||||||||||||
| Property Total |
1,313,409 | 100.0 | % | |||||||||||||||
| (1) | Certain ratings are those of the parent whether or not the parent guarantees the lease. |
| (2) | Under the terms of multiple leases, approximately 53,999 square feet expire in October 2006 and approximately 138,776 square feet expire in September 2013. Approximately 53,999 square feet of office space is currently subleased to Regents Business Center who has signed a new direct lease expiring in 2013. |
| (3) | Under the terms of multiple leases, approximately 24,774 square feet expire in February 2007, approximately 1,636 square feet expire in December 2008 and approximately 126,003 square feet expire in December 2023. Of the approximately 126,003 square feet, Sidley Austin LLP has renewed on their existing space with a lease expiration in 2023 and agreed to expand into Jones, Day, Reavis & Pogue’s space consisting of the entire 43rd floor in March 2007 and the entire 44th floor in March 2009. |
| (4) | Jones, Day, Reavis & Pogue has indicated that they do not intend to renegotiate their lease after the current term. A master lease (the “Jones Day Master Lease”) was entered with Maguire Properties, L.P. with respect to this space at a rate of $42.50 full service gross. The mortgagee will release the Jones Day Master Lease under the following conditions: A newly executed lease(s) yielding comparable gross rent payments on minimum 5-year terms, (ii) Borrower entering into leases on the Jones Day space (or any portion thereof) at rents sufficient to achieve a minimum DSC ratio equal to 1.20x based on a 30-year amortization schedule, (iii) the underwritten net cashflow supports a minimum 1.20x DSC ratio based on a 30-year amortization schedule without giving credit to the Jones Day Master Lease or (iv) 5 years from origination. |
| (5) | Under the terms of multiple leases, approximately 2,000 square feet expire on a month to month basis and approximately 83,966 square feet expire in April 2014. |
| Lease Expiration Schedule | |||||||||||||||||||
| Year | # of Leases Expiring |
WA Base Rent/SF Expiring |
Total SF Expiring |
% of Total SF Expiring* |
Cumulative % of SF Expiring* |
% of Base Rent Expiring* |
Cumulative % of Base Rent Expiring* |
||||||||||||
| 2006 |
8 | $ | 30.80 | 213,402 | 16.2 | % | 16.2 | % | 21.7 | % | 21.7 | % | |||||||
| 2007 |
5 | $ | 18.57 | 109,950 | 8.4 | % | 24.6 | % | 6.7 | % | 28.4 | % | |||||||
| 2008 |
2 | $ | 22.35 | 4,442 | 0.3 | % | 25.0 | % | 0.3 | % | 28.8 | % | |||||||
| 2009 |
2 | $ | 27.38 | 10,573 | 0.8 | % | 25.8 | % | 1.0 | % | 29.7 | % | |||||||
| 2010 |
0 | $ | 0.00 | 0 | 0.0 | % | 25.8 | % | 0.0 | % | 29.7 | % | |||||||
| 2011 |
1 | $ | 26.02 | 576,516 | 43.9 | % | 69.7 | % | 49.5 | % | 79.2 | % | |||||||
| 2012 |
0 | $ | 0.00 | 0 | 0.0 | % | 69.7 | % | 0.0 | % | 79.2 | % | |||||||
| 2013 |
1 | $ | 27.51 | 138,776 | 10.6 | % | 80.2 | % | 12.6 | % | 91.8 | % | |||||||
| 2014 |
1 | $ | 12.31 | 83,966 | 6.4 | % | 86.6 | % | 3.4 | % | 95.2 | % | |||||||
| 2015 |
0 | $ | 0.00 | 0 | 0.0 | % | 86.6 | % | 0.0 | % | 95.2 | % | |||||||
| 2016 |
0 | $ | 0.00 | 0 | 0.0 | % | 86.6 | % | 0.0 | % | 95.2 | % | |||||||
| Thereafter |
1 | $ | 11.51 | 126,003 | 9.6 | % | 96.2 | % | 4.8 | % | 100.0 | % | |||||||
| Vacant |
0 | NA | 49,781 | 3.8 | % | 100.0 | % | 0.0 | % | 100.0 | % | ||||||||
| * | Calculated based upon the approximate square footage occupied by each tenant |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
20
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
The Gas Company Tower
| • | The Loan. The Mortgage Loan (“The Gas Company Tower Loan”) is secured by a first mortgage encumbering an office building located in Los Angeles, California. The Gas Company Tower Loan represents approximately 6.4% of the Cut-Off Date Pool Balance. The Gas Company Tower Loan was originated on August 7, 2006, and has a principal balance as of the Cut-Off Date of $229,000,000. The Gas Company Tower Loan, which is evidenced by a pari passu note, dated August 7, 2006, is a portion of a whole loan with an original principal balance of $458,000,000. The other loan related to The Gas Company Tower loan is evidenced by a separate note, dated August 7, 2006 (“The Gas Company Tower Pari Passu Companion Loan” and together with The Gas Company Tower Loan, “The Gas Company Tower Whole Loan”), with an original principle balance of $229,000,000. The Gas Company Tower Pari Passu Companion Loan will not be an asset of the Trust Fund. The Gas Company Tower Loan and The Gas Company Tower Pari Passu Companion Loan are governed by an intercreditor and servicing agreement and will be serviced pursuant to the terms of the pooling and servicing agreement relating to the J.P. Morgan Chase Commercial Mortgage Securities Corp., Commercial Mortgage Pass Through Certificates, Series 2006-LDP8 transaction, as described under “DESCRIPTION OF THE MORTGAGE POOL—Co-Lender Loans” in the Prospectus Supplement. The Gas Company Tower Loan provides for interest-only payments for the entire term. |
The Gas Company Tower Loan has a remaining term of 118 months and matures on September 11, 2016. The Gas Company Tower Loan may be prepaid on or after May 11, 2016, and permits defeasance with United States government obligations beginning two years after the Closing Date.
| • | The Borrowers. The borrowers are Maguire Properties-555 W. Fifth, LLC and Maguire Properties-350 S. Figueroa, LLC, each a special purpose entity. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the Gas Company Tower Loan. The sponsor of the borrowers is Maguire Properties L.P., a Maryland limited partnership, of which Maguire Properties, Inc. (“Maguire Properties”) is the sole general partner. Maguire Properties, a publicly traded REIT (NYSE: MPG), is one of the nation’s largest developers of institutional quality office and mixed-use properties. As of June 24, 2006, Maguire Properties was trading on the NYSE at $36.80 per share with a market capitalization of $1.70 billion. Maguire Properties owns approximately 14.8 million square feet of office space contained within 23 properties, as well as one 350-room hotel. |
| • | The Property. The Mortgaged Property is an approximately 1,313,409 square foot Class “A” office building located in the central part of the downtown Los Angeles, California market area which is anchored by the central business district (CBD). Included in the collateral is the World Trade Center garage, an off-site 6-story parking garage which is available to The Gas Company Tower tenants and provides a total of 1,193 additional spaces. The Gas Company Tower features an additional seven-level subterranean garage underneath with 979 spaces. The 54-story office building, which is comprised predominately of single-tenant floors and concourse levels with retail shops and a bank, is one of the premier office buildings in downtown Los Angeles. The lobby features a 26-foot high vaulted wood ceiling and a fountain. The Mortgaged Property features Indiana limestone walls, patterned marble/granite floors, and state-of-the-art HVAC and security systems. The Gas Company Tower has a cutting edge architectural design and flexibility, which allows for large single- and multi-tenant floor plates and panoramic views of the greater Los Angeles basin. The Mortgaged Property was constructed in 1991. As of May 31, 2006, the occupancy rate for the Mortgaged Property securing The Gas Company Tower Loan was approximately 96.2%. |
The Mortgaged Property is currently leased to multiple tenants including Southern California Gas Company (“SCGC”). SCGC is a principal subsidiary of Sempra Energy, which is publicly traded on the NYSE (SRE). As of September 11, 2006, Sempra Energy was rated “Baa1” (Moody’s), “BBB+” (S&P) and “A” (Fitch). In occupancy since 1991, SCGC currently occupies 576,516 square feet (or approximately 43.9% of the net rentable area) at The Gas Company Tower. The SCGC lease expires in November 2011 and includes six 5-year renewal options. Founded in 1886 and
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
21
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
The Gas Company Tower
headquartered at The Gas Company Tower, Southern California Gas Company is the nation’s largest natural gas distribution utility, serving 19.5 million people. SCGC distributes natural gas to 5.4 million residential, commercial, and industrial customers throughout the southern half of California. SCGC owns and operates more than 95,000 miles of gas distribution mains and service lines, as well as nearly 3,000 miles of transmission and storage pipeline. In total, the company delivers nearly 1 trillion cubic feet of gas annually, or 5% of all the natural gas delivered in the United States. The utility also owns gas transmission compressor stations and underground storage facilities. With 6,448 employees, SCGC generated over $3.9 billion in revenues in 2004 and net income of $233 million, which represented an 11% increase over 2003.
Additional tenants in the building include three major law firms in the United States: Morrison & Foerster LLP (“MoFo”), Sidley Austin LLP (“Sidley”) and Latham & Watkins. MoFo is a leading United States-based law firm that offers comprehensive legal services to domestic and international clients, specializing in financial services, life sciences, technology and intellectual property. Founded in San Francisco in 1883, MoFo employs over 1,000 attorneys in nineteen offices at various locations in the United States and international offices in Beijing, Brussels, Hong Kong, London, Shanghai, Singapore and Tokyo. MoFo was named a Top Ten IPO law firm by IPO Vital Signs in 2004. Sidley is one of the world’s largest law firms. With over 1,600 lawyers and 15 offices in North America, Europe and Asia, Sidley has a significant capital markets practice and a broad transactional practice. The company’s practice disciplines include corporate and securities, mergers and acquisitions, securitization, intellectual property, funds and other pooled investments, bankruptcy and corporate reorganization, bank and commercial lending, public finance, real estate, tax and employee benefits.
| • | Lockbox Account. All tenant payments due under the applicable tenant leases are deposited into a mortgagee-designated lockbox account. |
| • | Management. Maguire Properties, L.P., the sponsor, is the property manager for the Mortgaged Property securing The Gas Company Tower Loan. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
22
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
1180 Peachtree Street
 |
 | |
 | ||
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
23
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
1180 Peachtree Street
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
24
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
1180 Peachtree Street
| Loan Information | ||||
| Mortgage Loan Seller |
Wachovia | |||
| Cut-Off Date Balance |
$193,850,000 | |||
| Percentage of Cut-Off Date Pool Balance |
5.4% | |||
| Number of Mortgage Loans |
1 | |||
| Loan Purpose |
Acquisition | |||
| Sponsor |
GE Pension Trust | |||
| Type of Security |
Fee | |||
| Mortgage Rate |
5.690% | |||
| Maturity Date |
October 11, 2016 | |||
| Amortization Type |
Interest-Only | |||
| Interest Only Period |
120 | |||
| Original Term / Amortization |
120 / IO | |||
| Remaining Term / Amortization |
120 / IO | |||
| Lockbox |
Yes | |||
| Up-Front Reserves |
||||
| TI/LC |
$3,600,000 | |||
| Rent Abatement Reserve(1) |
$861,699 | |||
| Ongoing Annual Reserves |
||||
| Tax/Insurance(2) |
Springing | |||
| Replacement(3) |
$66,971 | |||
| Additional Financing(4) |
None | |||
| Cut-Off Date Balance |
$193,850,000 | |||
| Cut-Off Date Balance/SF |
$289 | |||
| Cut-Off Date LTV |
70.5% | |||
| Maturity Date LTV |
70.5% | |||
| UW DSCR on NCF |
1.39x | |||
| (1) | Represents the total rent concession for tenants which have a full or partial abatement of rent. The reserve will be released on a per tenant basis at such time that (a) the tenant has commenced paying unabated rent and (b) the borrower has provided an estoppel acceptable to the mortgagee. |
| (2) | Ongoing monthly tax and insurance reserves will be required upon an event of default or upon certain other conditions as described in the related Mortgage Loan documents. |
| (3) | Commencing November 2008. |
| (4) | Future mezzanine debt is permitted subject to a combined maximum LTV ratio of 75.0% and a combined minimum DSC ratio of 1.20x as described in the related Mortgage Loan documents. |
| (5) | Including additional space required to be occupied in the future (no later than September 2009) by certain existing tenants, the Mortgaged Property is currently approximately 86.5% leased. |
| Property Information | |||
| Number of Mortgaged Properties |
1 | ||
| Location |
Atlanta, GA | ||
| Property Type |
Office – CBD | ||
| Size (SF) |
669,711 | ||
| Occupancy as of August 1, 2006(5) |
80.7% | ||
| Year Built / Year Renovated |
2006 / NA | ||
| Appraised Value |
$275,000,000 | ||
| Property Management |
Hines Interests Limited Partnership | ||
| UW Economic Occupancy |
90.0% | ||
| UW Revenues |
$23,009,207 | ||
| UW Total Expenses |
$7,548,874 | ||
| UW Net Operating Income (NOI) |
$15,460,333 | ||
| UW Net Cash Flow (NCF) |
$15,350,694 | ||
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
25
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
1180 Peachtree Street
| Tenant Summary | ||||||||||||||||||
| Tenant | Ratings Moody's/S&P/Fitch |
Net Rentable Area (SF) |
% of Net Rentable Area |
Base Rent PSF |
Annual Base Rent |
% of Total Annual Base Rent |
Lease Expiration | |||||||||||
| Major Tenants |
||||||||||||||||||
| King & Spalding(1) |
NR/NR/NR | 418,340 | 62.5 | % | $ | 23.86 | $ | 9,981,592 | 79.4 | % | March 2021 | |||||||
| Navigant |
NR/NR/NR | 15,885 | 2.4 | $ | 20.50 | 325,643 | 2.6 | April 2014 | ||||||||||
| Allsteel |
NR/NR/NR | 15,769 | 2.4 | $ | 18.50 | 291,727 | 2.3 | June 2018 | ||||||||||
| Earnest Partners(2) |
NR/NR/NR | 13,762 | 2.1 | $ | 23.60 | 324,783 | 2.6 | November 2016 | ||||||||||
| Trois |
NR/NR/NR | 13,545 | 2.0 | $ | 24.11 | 326,570 | 2.6 | October 2016 | ||||||||||
| Total Major Tenants |
477,301 | 71.3 | % | $ | 23.57 | $ | 11,250,315 | 89.4 | % | |||||||||
| Non-Major Tenants |
63,040 | 9.4 | $ | 21.07 | 1,328,444 | 10.6 | ||||||||||||
| Occupied Total |
540,341 | 80.7 | % | $ | 23.28 | $ | 12,578,758 | 100.0 | % | |||||||||
| Vacant Space |
129,370 | 19.3 | ||||||||||||||||
| Property Total |
669,711 | 100.0 | % | |||||||||||||||
| (1) | Per the terms of their lease, King & Spalding is required to take on an additional 21,904 square feet by April 2009. Upon occupancy of this space, the tenant will occupy approximately 65.7% of the net rentable area through March 2021. |
| (2) | Per the terms of their lease, Earnest Partners is required to take on an additional 3,228 square feet by March 2009. Upon occupancy of this space, the tenant will occupy approximately 2.5% of the net rentable area through November 2016. |
| Lease Expiration Schedule | |||||||||||||||||||
| Year | # of Leases |
WA Base Rent/SF Expiring |
Total SF Expiring |
% of Total SF Expiring* |
Cumulative % of SF Expiring* |
% of Base Rent Expiring* |
Cumulative % of Expiring* |
||||||||||||
| 2006 |
0 | $ | 0.00 | 0 | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | |||||||
| 2007 |
0 | $ | 0.00 | 0 | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | |||||||
| 2008 |
0 | $ | 0.00 | 0 | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | |||||||
| 2009 |
0 | $ | 0.00 | 0 | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | |||||||
| 2010 |
0 | $ | 0.00 | 0 | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | |||||||
| 2011 |
0 | $ | 0.00 | 0 | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | |||||||
| 2012 |
1 | $ | 18.75 | 3,562 | 0.5 | % | 0.5 | % | 0.5 | % | 0.5 | % | |||||||
| 2013 |
0 | $ | 0.00 | 0 | 0.0 | % | 0.5 | % | 0.0 | % | 0.5 | % | |||||||
| 2014 |
1 | $ | 20.50 | 15,885 | 2.4 | % | 2.9 | % | 2.6 | % | 3.1 | % | |||||||
| 2015 |
1 | $ | 17.25 | 10,244 | 1.5 | % | 4.4 | % | 1.4 | % | 4.5 | % | |||||||
| 2016 |
9 | $ | 24.90 | 56,071 | 8.4 | % | 12.8 | % | 11.1 | % | 15.6 | % | |||||||
| Thereafter |
23 | $ | 23.35 | 454,579 | 67.9 | % | 80.7 | % | 84.4 | % | 100.0 | % | |||||||
| Vacant |
0 | NA | 129,370 | 19.3 | % | 100.0 | % | 0.0 | % | 100.0 | % | ||||||||
| * | Calculated based upon approximate square footage occupied by each tenant. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
26
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
1180 Peachtree Street
| • | The Loan. The Mortgage Loan (the “1180 Peachtree Street Loan”) is secured by a first fee deed to secure debt encumbering an office building located in Atlanta, Georgia. The 1180 Peachtree Street Loan represents approximately 5.4% of the Cut-Off Date Pool Balance. The 1180 Peachtree Street Loan was originated on September 22, 2006, and has a principal balance as of the Cut-Off Date of $193,850,000. The 1180 Peachtree Street Loan provides for interest-only payments for the entire loan term. |
The 1180 Peachtree Street Loan has a remaining term of 120 months and matures on October 11, 2016. The 1180 Peachtree Street Loan may be prepaid on or after July 11, 2016, and permits defeasance with United States government obligations beginning two years after the Closing Date.
| • | The Borrower. The borrower is 1180 Peachtree Office Investors, LLC, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the 1180 Peachtree Street Loan. The sponsor of the borrower is the General Electric Pension Trust (the “GE Trust”). The GE Trust is a contributory defined plan for the benefit of eligible employees of General Electric Company (“GE”) and its participating affiliate companies. The plan invests its funds through GE Trust, which reports assets in excess of $50 billion. The trustees of the GE Trust are officers of GE Asset Management (“GEAM”), a wholly owned subsidiary of GE. GEAM has been responsible for handling the real estate investments of GE since 1953, and currently manages in excess of $6 billion in real estate assets worldwide. |
| • | The Property. The Mortgaged Property is an approximately 669,711 square foot office building situated on approximately 2.4 acres. The Mortgaged Property was constructed in 2006. The Mortgaged Property is located in Atlanta, Georgia. As of August 1, 2006, the occupancy rate for the Mortgaged Property securing the 1180 Peachtree Street Loan was approximately 80.7%. Including additional space required to be occupied in the future by certain existing tenants, the Mortgaged Property is approximately 86.5% leased. |
The largest tenant is King & Spalding L.L.P. (“King & Spalding”), occupying approximately 418,340 square feet, or approximately 62.5% of the net rentable area. King & Spalding is obligated to occupy an additional 21,904 square feet or 3.3% of the net rentable area by April 2009. King & Spalding is a large law firm with over 800 attorneys, servicing multinational corporations, as well as small and mid-size regional companies. In addition to its world headquarters location in the Mortgaged Property where it employs approximately 450 attorneys, King & Spalding operates offices in Houston, London, New York and Washington, DC. The King & Spalding leases expire in March 2021. The second largest tenant is Navigant Consulting, Inc. (“Navigant”), who as of January 2007 will occupy approximately 15,885 square feet, or approximately 2.4% of the net rentable area. Navigant is a specialized independent consulting firm providing litigation, financial, restructuring, energy and operational consulting services to government agencies, legal counsel and large companies facing the challenges of uncertainty, risk, distress and significant change. The Navigant lease expires in April 2014. The third largest tenant is Allsteel Inc. (“Allsteel”), occupying approximately 15,769 square feet, or approximately 2.4% of the net rentable area. Allsteel designs, builds and delivers office furniture and is one of the largest office furniture manufacturers in North America. Allsteel is a subsidiary of HNI Corporation (“HNI”) which is a leading U.S. manufacturer of office furniture. The Allsteel lease expires in June 2018.
| • | Lockbox Account. All tenant payments due under the applicable leases are deposited into a mortgagee-designated lockbox account. |
| • | Management. Hines Interests Limited Partnership (“Hines”), a subsidiary of Hines Development, was the original developer and continues to serve as the property manager for the Mortgaged Property securing the 1180 Peachtree Street Loan. Hines is a privately owned, international real estate firm with a presence in more than 85 cities and 15 countries and has provided services for nearly 50 years. Hines controls assets valued at approximately $12.5 billion with a portfolio of projects under way consisting of almost 900 properties and over 93 million square feet under management. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
27
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
THIS PAGE INTENTIONALLY LEFT BLANK
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
28
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Montclair Plaza
 |
 | |
 |
 | |
 |
 | |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
29
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Montclair Plaza
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
30
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Montclair Plaza
| Loan Information | ||||
| Mortgage Loan Seller |
Wachovia | |||
| Cut-off Date Balance |
$190,000,000 | |||
| Percentage of Cut-Off Date Pool Balance |
5.3% | |||
| Number of Mortgage Loans |
1 | |||
| Loan Purpose |
Refinance | |||
| Sponsor |
General Growth Properties, Inc. | |||
| Type of Security |
Fee | |||
| Free Release(1) |
Yes | |||
| Mortgage Rate |
5.788% | |||
| Maturity Date |
September 11, 2011 | |||
| Amortization Type |
Interest-Only | |||
| Interest-Only Period |
60 | |||
| Original Term / Amortization |
60 / IO | |||
| Remaining Term / Amortization |
59 / IO | |||
| Lockbox |
Yes | |||
| Shadow Rating (Moody’s/S&P/Fitch)(2) |
Baa3/BBB-/BBB- | |||
| Up-Front Reserves |
None | |||
| Ongoing Annual Reserves |
||||
| Tax/Insurance(3) |
Springing | |||
| Replacement(4) |
Springing | |||
| TI/LC(5) |
Springing | |||
| Additional Financing(6) |
B-Note | $75,000,000 | ||
| Trust Asset | Whole Mortgage Loan | |||
| Cut-Off Date Balance |
$190,000,000 | $265,000,000 | ||
| Cut-Off Date Balance/SF |
$217 | $303 | ||
| Cut-Off Date LTV |
50.1% | 69.8% | ||
| Maturity Date LTV |
50.1% | 69.8% | ||
| UW DSCR on NCF |
1.89x | 1.36x | ||
| (1) | The Montclair Plaza Loan allows for the free release of the anchor release parcel and all the improvements thereon subject to certain requirements specified in the related Mortgage Loan documents including: (i) delivery of a payment guaranty in the amount of $15,000,000 to be provided by GGP LP, (ii) a DSC ratio test of at least 1.35x on the whole loan amount of $265,000,000 and (iii) a NOI test of at least $20,800,000 for the twelve month period immediately prior to the release. In addition, the Montclair Plaza Loan allows for the free release of a vacant unimproved parcel subject to certain conditions specified in the related Mortgage Loan documents. |
| (2) | Moody’s, S&P and Fitch have confirmed that the Montclair Plaza Loan has, in the context of its inclusion in the Trust Fund, credit characteristics consistent with an investment grade obligation. |
| (3) | Ongoing tax and insurance reserves will be required upon an event of default as described in the related Mortgage Loan documents. |
| (4) | An annual deposit of $150,615 to the replacement reserve account springs into effect upon the occurrence of certain trigger events as described in the related Mortgage Loan documents, and is capped at $154,215. |
| (5) | An annual deposit of $437,150 to the TI/LC reserve springs into effect upon the occurrence of certain trigger events as described in the related Mortgage Loan documents, and is capped at $437,150. |
| (6) | Future mezzanine debt is permitted subject to a combined maximum LTV ratio of 70.0% and a combined minimum DSC ratio of 1.30x as described in the related Mortgage Loan documents. Unsecured debt is permitted up to 7.5% of the original loan amount. |
| (7) | The calculation of occupancy percentage excludes the vacant anchor pad of approximately 145,820 square feet formerly owned and occupied by Macy’s, and recently purchased by General Growth Properties, Inc. (“GGP”). Including this space, the occupancy percent would be approximately 82.6%. |
| Property Information | ||
| Number of Mortgaged Properties |
1 | |
| Location |
Montclair, CA | |
| Property Type |
Retail – Anchored | |
| Size (SF) |
875,085 | |
| Occupancy as of July 27, 2006(7) |
99.1% | |
| Year Built / Year Renovated |
1968 / 1997 | |
| Appraised Value |
$379,500,000 | |
| Property Management |
General Growth Management, Inc. | |
| UW Economic Occupancy |
97.5% | |
| UW Revenues |
$29,516,823 | |
| UW Total Expenses |
$8,258,217 | |
| UW Net Operating Income (NOI) |
$21,258,605 | |
| UW Net Cash Flow (NCF) |
$20,789,943 | |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
31
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Montclair Plaza
| Tenant Summary | ||||||||||||||||||
| Tenant | Ratings(1) Moody's/S&P/Fitch |
Net Rentable |
% of Net Rentable Area |
Base Rent PSF |
Annual Base Rent |
% of Total Base |
Lease Expiration | |||||||||||
| Anchor Tenants - ANCHOR OWNED |
||||||||||||||||||
| Macy's |
Baa1/BBB/NR | 183,301 | ANCHOR OWNED - NOT PART OF COLLATERAL | |||||||||||||||
| Sears |
Ba1/BB+/BB | 174,675 | ANCHOR OWNED - NOT PART OF COLLATERAL | |||||||||||||||
| Nordstrom |
Baa1/A/A- | 119,511 | ANCHOR OWNED - NOT PART OF COLLATERAL | |||||||||||||||
| Total Anchor Owned |
477,487 | |||||||||||||||||
| Anchor Tenants - Collateral |
||||||||||||||||||
| JCPenney |
Baa3/BBB-/BBB- | 179,708 | 20.5 | % | $ | 0.24 | $ | 43,130 | 0.3 | % | June 2011 | |||||||
| Total Anchor Tenants - Collateral |
179,708 | 20.5 | % | $ | 0.24 | $ | 43,130 | 0.3 | % | |||||||||
| Top 5 Non-Anchor Tenants |
||||||||||||||||||
| Circuit City |
NR/NR/NR | 40,881 | 4.7 | % | $ | 8.81 | $ | 360,162 | 2.3 | % | February 2015 | |||||||
| Linens 'n Things (Ground Lease) |
NR/B/NR | 35,208 | 4.0 | $ | 17.24 | 606,986 | 3.8 | January 2012 | ||||||||||
| Barnes & Noble |
NR/NR/NR | 28,000 | 3.2 | $ | 21.43 | 600,040 | 3.8 | January 2017 | ||||||||||
| Ninety Nine Cent Only Stores |
NR/NR/NR | 18,782 | 2.1 | $ | 8.09 | 151,946 | 1.0 | January 2012 | ||||||||||
| Elephant Bar (Ground Lease) |
NR/NR/NR | 13,500 | 1.5 | $ | 13.69 | 184,815 | 1.2 | November 2021 | ||||||||||
| Total Top 5 Non-Anchor Tenants |
136,371 | 15.6 | % | $ | 13.96 | $ | 1,903,949 | 12.0 | % | |||||||||
| Non-Major Tenants |
406,709 | 46.5 | $ | 34.07 | 13,856,180 | 87.7 | ||||||||||||
| Occupied Collateral Total |
722,788 | 99.1 | %(2) | $ | 21.86 | $ | 15,803,259 | 100.0 | % | |||||||||
| In-Line Vacant Space |
6,477 | 0.9 | ||||||||||||||||
| Vacant Anchor Pad(3) |
145,820 | |||||||||||||||||
| Collateral Total |
875,085 | 100.0 | % | |||||||||||||||
| Property Total |
1,352,572 | |||||||||||||||||
| (1) | Certain ratings are those of the parent company whether or not the parent guarantees the lease. |
| (2) | The occupancy percentage is calculated exclusive of the vacant anchor pad, formerly owned and occupied by Macy's. Including this space, the occupancy percent would be approximately 82.6%. |
| (3) | In July 2006, GGP purchased the anchor pad formerly owned and occupied by Macy's. |
| Lease Expiration Schedule | |||||||||||||||||||
| Year | # of Leases Expiring |
WA Base Rent/SF Expiring |
Total SF Expiring |
% of Total SF Expiring(1) |
Cumulative % of SF Expiring(1) |
% of Base Rent Expiring(1) |
Cumulative % of Base Rent Expiring(1) |
||||||||||||
| 2006 |
30 | $ | 27.09 | 93,187 | 12.8 | % | 12.8 | % | 16.0 | % | 16.0 | % | |||||||
| 2007 |
30 | $ | 25.34 | 62,702 | 8.6 | % | 21.4 | % | 10.1 | % | 26.0 | % | |||||||
| 2008 |
20 | $ | 30.12 | 60,341 | 8.3 | % | 29.7 | % | 11.5 | % | 37.5 | % | |||||||
| 2009 |
14 | $ | 45.04 | 30,234 | 4.1 | % | 33.8 | % | 8.6 | % | 46.1 | % | |||||||
| 2010 |
14 | $ | 48.04 | 26,945 | 3.7 | % | 37.5 | % | 8.2 | % | 54.3 | % | |||||||
| 2011 |
11 | $ | 4.84 | 202,238 | 27.7 | % | 65.2 | % | 6.2 | % | 60.5 | % | |||||||
| 2012 |
7 | $ | 18.01 | 61,952 | 8.5 | % | 73.7 | % | 7.1 | % | 67.6 | % | |||||||
| 2013 |
15 | $ | 44.54 | 31,054 | 4.3 | % | 78.0 | % | 8.8 | % | 76.3 | % | |||||||
| 2014 |
14 | $ | 36.27 | 29,465 | 4.0 | % | 82.0 | % | 6.8 | % | 83.1 | % | |||||||
| 2015 |
9 | $ | 20.90 | 73,263 | 10.0 | % | 92.1 | % | 9.7 | % | 92.8 | % | |||||||
| 2016 |
4 | $ | 35.72 | 9,907 | 1.4 | % | 93.4 | % | 2.2 | % | 95.0 | % | |||||||
| Thereafter |
2 | $ | 18.91 | 41,500 | 5.7 | % | 99.1 | % | 5.0 | % | 100.0 | % | |||||||
| Vacant(2) |
0 | NA | 6,477 | 0.9 | % | 100.0 | % | 0.0 | % | 100.0 | % | ||||||||
| (1) | Calculated based upon approximate square footage occupied by each tenant. |
| (2) | Calculation excludes the approximately 145,820-square foot vacant anchor pad GGP purchased in July 2006, which was formerly owned and occupied by Macy's. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
32
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Montclair Plaza
| • | The Loan. The Mortgage Loan (the “Montclair Plaza Loan”) is secured by a first mortgage encumbering a regional mall located in Montclair, California. The Montclair Plaza Loan represents approximately 5.3% of the Cut-Off Date Pool Balance. The Montclair Plaza Loan was originated on August 14, 2006 and has a principal balance as of the Cut-Off Date of $190,000,000. The Montclair Plaza Loan is a portion of a whole loan with an original principal balance of $265,000,000. The other loan related to the Montclair Plaza Loan is evidenced by a separate subordinate note, dated August 14, 2006 (the “Montclair Plaza Subordinate Companion Loan” and together with the Montclair Plaza Loan, the “Montclair Plaza Whole Loan”), with an original principal balance of $75,000,000. The Montclair Plaza Subordinate Companion Loan will not be an asset of the Trust Fund. The Montclair Plaza Loan and the Montclair Plaza Subordinate Companion Loan are governed by an intercreditor and servicing agreement, as described in the Prospectus Supplement under “DESCRIPTION OF THE MORTGAGE POOL—Co-Lender Loans” and will be serviced pursuant to the terms of the pooling and servicing agreement. The Montclair Plaza Loan provides for interest-only payments for its entire term. |
The Montclair Plaza Loan has a remaining term of 59 months and matures on September 11, 2011. The Montclair Plaza Loan may be prepaid on or after March 11, 2011, and permits defeasance with United States government obligations beginning two years after the Closing Date.
| • | The Borrower. The borrower is Montclair Plaza, L.L.C., a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Montclair Plaza Whole Loan. The sponsor of the borrower is General Growth Properties, Inc. (“GGP”), a publicly traded real estate investment trust. GGP and its predecessor companies have been in the shopping center business for over fifty years. GGP owns, develops, operates and/or manages shopping malls in 44 states and is one of the largest third-party managers for owners of regional malls. As of March 2006, GGP had ownership interests in and/or management responsibility for more than 200 regional shopping malls totaling approximately 200 million square feet of retail space. |
| • | The Property. The Mortgaged Property is an approximately 875,085 square foot portion of a regional mall situated on approximately 78.0 acres. The Mortgaged Property was constructed in 1968 and renovated in 1997. The Mortgaged Property is located in Montclair, California within the Riverside-San Bernardino-Ontario, California metropolitan statistical area. As of July 27, 2006, the occupancy rate for the Mortgaged Property securing the Montclair Plaza Loan was approximately 99.1%. This occupancy percentage does not include the vacant anchor pad formerly occupied by Macy’s prior to its relocation to the former Robinsons-May space at the Mortgaged Property. |
| • | The largest tenant is JCPenney Company, Inc. (“JCPenney”), occupying approximately 179,708 square feet, or approximately 20.5% of the net rentable area. JCPenney operates 1,019 department stores throughout the United States and Puerto Rico, selling family apparel, jewelry, shoes, accessories and home furnishings to customers through department stores, catalog and the internet. As of September 28, 2006, JCPenney was rated “Baa3” (Moody’s), “BBB-” (S&P) and “BBB-” (Fitch). The JCPenney lease expires in June 2011. The second largest tenant is Circuit City Stores, Inc. (“Circuit City”), occupying approximately 40,881 square feet, or approximately 4.7% of the net rentable area. Circuit City is a specialty retailer of consumer electronics, home office products, entertainment software and related services. The Circuit City lease expires in February 2015. The third largest tenant is Linens ’n Things, Inc. (“Linens ’n Things”), occupying approximately 35,208 square feet under a ground lease, or approximately 4.0% of the net rentable area. Linens ’n Things is one of the leading, national retailers of home textiles, housewares and decorative home accessories. Linens ’n Things operates over 500 stores in 47 states and six Canadian provinces. As of September 28, 2006, Linens ’n Things was rated “B” (S&P). The Linens ’n Things lease expires in January 2012. |
| • | Lock Box Account. All tenant payments due under the applicable tenant leases are deposited into a mortgagee-designated lockbox account. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
33
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Montclair Plaza
| • | Release. The borrower may obtain the release of the vacant anchor parcel, containing approximately 145,820 square feet. In connection with such partial release (i) GGP LP, an affiliate of the borrower and the sponsor, must provide a guaranty in the amount of $15,000,000, (ii) the net operating income must be a minimum of $20,800,000, (iii) the DSC ratio with respect to the whole mortgage debt amount of $265,000,000 must be at least 1.35x on an interest only basis, (iv) the borrower is required to provide an opinion of counsel that the proposed release will not adversely affect the REMIC status of the Trust Fund and (v) no event of default under the related Mortgage Loan documents has occurred and is continuing. |
| • | Management. General Growth Management, Inc., an affiliate of the sponsor, is the property manager for the Mortgaged Property securing the Montclair Plaza Loan. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
34
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Four Seasons Resort and Club – Dallas, TX
|
|
|
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
35
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Four Seasons Resort and Club – Dallas, TX
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
36
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Four Seasons Resort and Club – Dallas, TX
| Loan Information | ||||||
| Mortgage Loan Seller |
Nomura | |||||
| Cut-Off Date Balance |
$175,000,000 | |||||
| Percentage of Cut-Off Date Pool Balance |
4.9% | |||||
| Number of Mortgage Loans |
1 | |||||
| Loan Purpose |
Acquisition | |||||
| Sponsor |
GFW Trust & GFW II Trust | |||||
| Type of Security |
Fee and Leasehold | |||||
| Partial Release |
Yes | |||||
| Mortgage Rate |
6.230% | |||||
| Maturity Date |
September 11, 2016 | |||||
| Amortization Type |
Interest-Only | |||||
| Interest Only Period |
120 | |||||
| Original Term / Amortization |
120 / IO | |||||
| Remaining Term /Amortization |
119 / IO | |||||
| Lockbox |
Yes | |||||
| Up-Front Reserves |
||||||
| Tax/Insurance |
Yes | |||||
| FF&E(1) |
$14,500,000 | |||||
| Ongoing Annual Reserves |
||||||
| Tax/Insurance |
Yes | |||||
| FF&E(2) |
Yes | |||||
| Additional Financing(3) |
Subordinate Non-Pooled Component | $8,000,000 | ||||
| Mezzanine Debt | $31,130,000 | |||||
| Pooled Trust Mortgage Asset |
Trust | |||||
| Cut-Off Date Balance |
$175,000,000 | $183,000,000 | ||||
| Cut-Off Date Balance/Room |
$490,196 | $512,605 | ||||
| Cut-Off Date LTV |
76.4% | 79.9% | ||||
| Maturity Date LTV |
76.4% | 79.9% | ||||
| UW DSCR on NCF |
1.51x | 1.41x | ||||
| (1) | Reserve to fund budgeted rooms, common area, and golf course expenditures. |
| (2) | Waived the first 2 years, then must deposit the difference between 4% of prior month’s gross revenues and the actual amount required to be reserved under the Management Agreement, commencing in September 2008. |
| (3) | Future mezzanine debt is permitted once all existing mezzanine debt has been retired in full and subject to an intercreditor agreement. The combined LTV ratio of the Mortgage Loan and the mezzanine loan shall not exceed 90.0%, and the DSC ratio shall be not less 1.10x. |
| (4) | Trailing 12-month occupancy. |
| Property Information | ||
| Number of Mortgaged Properties |
1 | |
| Location |
Irving, TX | |
| Property Type |
Hospitality – Full Service | |
| Size (Rooms) |
357 | |
| Occupancy as of July 22, 2006(4) |
74.3% | |
| Year Built / Year Renovated |
1986 / 2001 | |
| Appraised Value |
$229,000,000 | |
| Property Management |
Four Seasons Hotels Limited | |
| UW Economic Occupancy |
74.0% | |
| UW Revenues |
$76,152,539 | |
| UW Total Expenses |
$57,927,119 | |
| UW Net Operating Income (NOI) |
$18,225,420 | |
| UW Net Cash Flow (NCF) |
$16,702,369 | |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
37
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Four Seasons Resort and Club – Dallas, TX
| Facility Summary | ||
| Guestroom Mix | No. of Rooms | |
| Superior Room |
249 | |
| Deluxe Room |
49 | |
| Villa Room |
44 | |
| Tower Suites |
5 | |
| Tower Specialty Suites |
4 | |
| Villa Suites |
4 | |
| Villa Specialty Suites |
2 | |
| Villa Rooms (Under Construction) |
35 | |
| Villa Suites (Under Construction) |
5 | |
| Total |
397 | |
| Meeting/Ballroom Spaces | Square Feet | |
| Four Seasons Ballroom |
8,000 | |
| Las Colinas (East and West) |
3,024 | |
| Amphitheater |
2,021 | |
| Conference Rooms |
7,465 | |
| Breakout Rooms |
1,365 | |
| Boardroom |
841 | |
| The Gallery |
1,180 | |
| Second Level Conference Rooms |
3,674 | |
| Indoor/Outdoor Pavilion |
6,800 | |
| Total |
34,370 | |
| Food and Beverage | ||
| Café on the Green |
||
| Racquets |
||
| Terrace Lounge |
||
| The Game Bar |
||
| Cabana |
||
| Club Lounge |
||
| Other Amenities | ||
| Sports Club |
||
| Country Club |
||
| Health Spa |
||
| Outdoor Pool |
||
| Whirlpool |
||
| Golf Course |
||
| Indoor/Outdoor Tennis Courts |
||
| Parking |
||
| Financial Schedule | ||
| Year |
2006 | |
| Latest Period |
6 months Annualized 7/31/2006 | |
| Occupancy |
77.40% | |
| ADR |
$258.75 | |
| REVPAR |
$200.29 | |
| UW Occupancy |
74.0% | |
| UW ADR |
$258.00 | |
| UW REVPAR |
$190.92 | |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
38
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Four Seasons Resort and Club – Dallas, TX
| • | The Loan. The Mortgage Loan (the “Four Seasons Resort and Club – Dallas, TX Loan”) is secured by a first mortgage encumbering a 357-room, with 40 rooms under construction, Class “A” full-service hotel located in Irving, Texas. The Four Seasons Resort and Club – Dallas, TX Loan was originated on August 31, 2006, and has a principal balance as of the Cut-Off Date of $183,000,000. The Four Seasons Resort and Club – Dallas, TX Loan is split into a pooled component (the “Four Seasons – Dallas, TX Pooled Component”), with a principal balance of $175,000,000, representing 4.9% of the Cut-Off Date Pool Balance, that supports distributions on the certificates (other than the Class FS Certificates) and a non-pooled component (the “Four Seasons – Dallas, TX Non-Pooled Component”), with a principal balance of $8,000,000, that supports only the Class FS Certificates, which are not being offered pursuant to the Prospectus Supplement. The Four Seasons Resort and Club – Dallas, TX Loan provides for interest-only payments for the entire loan term. |
The Four Seasons Resort and Club – Dallas, TX Loan has a remaining term of 119 months and matures on September 11, 2016. The Four Seasons Resort and Club – Dallas, TX Loan may be prepaid on or after May 11, 2016, and permits defeasance with United States government obligations beginning two years after the Closing Date.
| • | The Borrower. The borrower is BF Las Colinas, LP, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Four Seasons Resort and Club – Dallas, TX Loan. The sponsors are GFW Trust and GFW II Trust, which are both affiliates of Bentley Forbes Holdings LLC. |
Bentley Forbes Holdings LLC is a privately owned commercial real estate investment company focused on the acquisition, disposition and management of both single tenant and multi-tenant commercial real estate properties throughout the United States. Four of their recent acquisitions in Texas include: AmeriCredit, a three-story Class “A” office building totaling approximately 250,000 square feet in Arlington; Budget Group, Inc., a single tenant office totaling approximately 69,300 square feet in North Dallas; Preston Commons, a multi-tenant class “A” three building property totaling approximately 418,604 square feet in Dallas; and Sterling Plaza a multi-tenant 19-story Class “A” property totaling approximately 302,747 square feet in Dallas. Additionally, Bentley Forbes recently acquired the approximately 2.2 million square foot Prudential Plaza Towers in Chicago. The company’s acquisitions focus is on office, industrial and retail property types. The company owns a commercial real estate portfolio of over 60 properties with an estimated aggregate market value exceeding $1 billion.
| • | The Property. The Mortgaged Property is a 9-story, class “A” full-service hotel located in Irving, Texas encompassing a gross building area of approximately 557,620 square feet. Since its construction in 1986, Four Seasons Resort and Club – Dallas, TX has been recognized as a unique luxury asset and is currently one of the five AAA Five Diamond rated hotels in Texas. The Mortgaged Property includes such amenities as an award winning spa with 16 treatment rooms, approximately 34,370 square feet of meeting space, four swimming pools, six upscale restaurants/lounges, a private country club with approximately 1,600 members, an approximately 176,000 square foot state of the art sports facility, two championship golf courses (TPC and Cottonwood Valley) and the Byron Nelson Golf School. Since 1986, the golf course has hosted the annual Byron Nelson Open which is a part of the PGA tour and draws an estimated 250,000 visitors to the Mortgaged Property each year. Other amenities include both indoor and outdoor tennis facilities, racquetball and squash courts. The Mortgaged Property underwent renovation from 1999 to 2005 including construction of a ballroom and additional parking garage, renovation of the primary restaurant cafe, locker room renovation, construction of the spa and salon, clubhouse renovation, and meeting space renovation. The hotel has just completed a renovation that has added an additional 40 villa rooms adjacent to the 18th hole on the TPC golf course. As of July 22, 2006, the trailing 12-month occupancy rate for the Mortgaged Property was approximately 74.3%. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
39
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Four Seasons Resort and Club – Dallas, TX
| • | Partial Release. The borrower may cause the release of an approximately 7.7 acre parcel of unimproved land. If the parcel is released to a third party during the first 24 months from origination, the related Mortgage Loan documents require a pay-down of the Four Seasons Resort and Club – Dallas, TX Loan sufficient to provide a maximum 80.0% LTV ratio on the remaining Mortgaged Property. |
Additionally, the borrower may release parcels of land not exceeding approximately 9 acres that generally contain one of the pools for the Mortgaged Property and several tennis courts. The borrower must construct at its own cost, exclusive of any Reserve Funds, replacement improvements of quality, size, function, fit and finish equal to, or greater than, the improvements located on the parcel being released as of origination, all as reasonably acceptable to the mortgagee. Such improvements shall be located on the Mortgaged Property in a configuration, proximity and convenience at least comparable to such locations as the replacement improvements. Said release shall be accompanied with a payment of 120% of the appraised value if before September 11, 2008 (110% if released after September 11, 2008) plus any applicable prepayment penalty.
| • | Ground Lease. The Mortgaged Property is subject to a ground lease for approximately 96 acres of the Mortgaged Property. The ground lease expires in December of 2010 and includes two extension options, the first for 10 years and the second for 16 years. |
| • | Lockbox Account. All revenue with respect to the Mortgaged Property will be deposited into a borrower-designated lockbox account. |
| • | Management. Four Seasons Hotels Limited (“Four Seasons”) is the property manager for the Mortgaged Property securing the Four Seasons Resort and Club – Dallas, TX Loan. Founded in 1960, Four Seasons has followed a targeted course of expansion, opening hotels in major city centers and desirable resort destinations around the world. The company manages 70 luxury hotels and resorts in more than 30 countries. The majority of the properties are operated under the Four Seasons name, with others under the Regent Hotels name. Four Seasons Hotels, Inc. is publicly-traded (NYSE: FS; Toronto: FSH) and has a market capitalization of $2.08 billion as of July 20, 2006. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
40
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
 |
 | |
 | ||
 |
 |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
41
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
42
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
| Loan Information | |||||
| Mortgage Loan Seller |
Wachovia | ||||
| Cut-Off Date Balance |
$ | 158,600,000 | |||
| Percentage of Cut-Off Date Pool Balance |
4.4% | ||||
| Number of Mortgage Loans |
1 | ||||
| Loan Purpose |
Acquisition | ||||
| Sponsors |
Mark Karasick, Fremont Capital, Shorenstein Realty Investors | ||||
| Type of Security |
Fee | ||||
| Mortgage Rate |
6.570% | ||||
| Maturity Date |
August 11, 2016 | ||||
| Amortization Type |
Balloon | ||||
| Interest Only Period |
60 | ||||
| Original Term / Amortization |
120 / 360 | ||||
| Remaining Term / Amortization |
118 / 360 | ||||
| Lockbox |
Yes | ||||
| Up-Front Reserves |
|||||
| Insurance |
Yes | ||||
| TI/LC(1) |
$20,000,000 | ||||
| Debt Service Reserve(1) |
$2,000,000 | ||||
| Outstanding Tenant Allowance(2) |
$15,397,739 | ||||
| Free Rent |
$6,028,632 | ||||
| Ongoing Annual Reserves |
|||||
| Tax/Insurance |
Yes | ||||
| Replacement(3) |
$128,100 | ||||
| TI/LC(4) |
$640,500 | ||||
| Additional Financing(5) |
Pari Passu Debt | $85,400,000 | |||
| Pari Passu Notes(6) | |||||
| Cut-Off Date Balance |
$244,000,000 | ||||
| Cut-Off Date Balance/SF |
$190 | ||||
| Cut-Off Date LTV |
79.5% | ||||
| Maturity Date LTV |
74.9% | ||||
| UW DSCR on NCF |
1.20x | ||||
| (1) | Funds will be released to the borrower for the payment of tenant improvement and leasing commission costs. Any unused portion of the TI/LC reserve or the debt service reserve will be released to the borrower upon the achievement of a DSC ratio of at least 1.20x for four consecutive quarters. |
| (2) | Escrow funded upfront for the landlord’s currently outstanding TI/LC obligations with respect to certain recently signed leases. |
| (3) | Annual deposits of $128,100 to the replacement reserve commence in August 2010. |
| (4) | Annual deposits of $640,500 to the TI/LC reserve commence in August 2010, and are capped at $2,000,000. |
| (5) | Future mezzanine debt is permitted subject to a combined maximum LTV ratio of 75.0% and a combined minimum DSC ratio of 1.20x as described in the related Mortgage Loan documents. |
| (6) | LTV ratios, DSC ratio and Cut-Off Date Balance/SF were derived based upon the aggregate indebtedness of or debt service on the 311 South Wacker Loan and the 311 South Wacker Pari Passu Companion Loan. |
| Property Information | |||
| Number of Mortgaged Properties |
1 | ||
| Location |
Chicago, IL | ||
| Property Type |
Office – CBD | ||
| Size (SF) |
1,281,000 | ||
| Occupancy as of August 1, 2006 |
71.3% | ||
| Year Built / Year Renovated |
1990 / 2001 | ||
| Appraised Value |
$ | 307,000,000 | |
| Property Management |
CB Richard Ellis, Inc. | ||
| UW Economic Occupancy |
90.0% | ||
| UW Revenues |
$50,273,176 | ||
| UW Total Expenses |
$25,991,193 | ||
| UW Net Operating Income (NOI) |
$24,281,983 | ||
| UW Net Cash Flow (NCF) |
$22,325,965 | ||
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
43
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
| Tenant Summary | ||||||||||||||||||
| Tenant | Ratings* Moody's/S&P/Fitch |
Net Rentable Area (SF) |
% of Net Rentable Area |
Base Rent PSF |
Annual Base Rent |
% of Total Annual Base Rent |
Lease Expiration | |||||||||||
| Major Tenants |
||||||||||||||||||
| Freeborn & Peters LLP |
NR/NR/NR | 109,977 | 8.6 | % | $ | 21.75 | $ | 2,392,000 | 11.3 | % | November 2022 | |||||||
| Duff & Phelps, LLC |
NR/NR/NR | 81,996 | 6.4 | $ | 19.48 | 1,597,282 | 7.5 | September 2021 | ||||||||||
| First Industrial Realty Trust |
NR/BBB/BBB | 66,064 | 5.2 | $ | 14.25 | 941,412 | 4.4 | June 2018 | ||||||||||
| CB Richard Ellis |
Ba1/BB+/NR | 45,274 | 3.5 | $ | 22.50 | 1,018,503 | 4.8 | November 2014 | ||||||||||
| Reuters |
A3/A-/A- | 44,808 | 3.5 | $ | 20.50 | 918,564 | 4.3 | May 2008 | ||||||||||
| Total Major Tenants |
348,119 | 27.2 | % | $ | 19.73 | $ | 6,867,761 | 32.3 | % | |||||||||
| Non-Major Tenants |
565,078 | 44.1 | $ | 25.43 | 14,367,233 | 67.7 | ||||||||||||
| Occupied Total |
913,197 | 71.3 | % | $ | 23.25 | $ | 21,234,994 | 100.0 | % | |||||||||
| Vacant Space |
367,803 | 28.7 | ||||||||||||||||
| Property Total |
1,281,000 | 100.0 | % | |||||||||||||||
| * | Certain ratings are those of the parent whether or not the parent guarantees the lease. |
| Lease Expiration Schedule | |||||||||||||||||||
| Year | # of Leases Expiring |
WA Base Rent/SF Expiring |
Total SF Expiring |
% of Total SF Expiring* |
Cumulative % of SF Expiring* |
% of Base Rent Expiring* |
Cumulative % of Expiring* |
||||||||||||
| 2006 |
6 | $ | 10.90 | 34,240 | 2.7 | % | 2.7 | % | 1.8 | % | 1.8 | % | |||||||
| 2007 |
3 | $ | 18.92 | 31,432 | 2.5 | % | 5.1 | % | 2.8 | % | 4.6 | % | |||||||
| 2008 |
10 | $ | 22.28 | 91,106 | 7.1 | % | 12.2 | % | 9.6 | % | 14.1 | % | |||||||
| 2009 |
10 | $ | 32.33 | 79,529 | 6.2 | % | 18.4 | % | 12.1 | % | 26.2 | % | |||||||
| 2010 |
9 | $ | 34.19 | 86,942 | 6.8 | % | 25.2 | % | 14.0 | % | 40.2 | % | |||||||
| 2011 |
9 | $ | 30.01 | 57,298 | 4.5 | % | 29.7 | % | 8.1 | % | 48.3 | % | |||||||
| 2012 |
6 | $ | 25.24 | 38,073 | 3.0 | % | 32.7 | % | 4.5 | % | 52.8 | % | |||||||
| 2013 |
1 | $ | 44.00 | 4,083 | 0.3 | % | 33.0 | % | 0.8 | % | 53.7 | % | |||||||
| 2014 |
4 | $ | 23.40 | 80,411 | 6.3 | % | 39.3 | % | 8.9 | % | 62.6 | % | |||||||
| 2015 |
6 | $ | 15.76 | 61,257 | 4.8 | % | 44.1 | % | 4.5 | % | 67.1 | % | |||||||
| 2016 |
4 | $ | 25.80 | 79,667 | 6.2 | % | 50.3 | % | 9.7 | % | 76.8 | % | |||||||
| Thereafter |
11 | $ | 18.32 | 269,159 | 21.0 | % | 71.3 | % | 23.2 | % | 100.0 | % | |||||||
| Vacant |
0 | NA | 367,803 | 28.7 | % | 100.0 | % | 0.0 | % | 100.0 | % | ||||||||
| * | Calculated based upon approximate square footage occupied by each tenant. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
44
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
| • | The Loan. The Mortgage Loan (the “311 South Wacker Loan”) is secured by a first deed of trust encumbering an office building located in Chicago, Illinois. The 311 South Wacker Loan represents approximately 4.4% of the Cut-Off Date Pool Balance. The 311 South Wacker Loan was originated on August 10, 2006 and has a principal balance as of the Cut-Off Date of $158,600,000. The 311 South Wacker Loan, which is evidenced by a pari passu note, dated August 10, 2006, is a portion of a whole loan with an original principal balance of $244,000,000. The other loan related to the 311 South Wacker Loan is evidenced by a separate note, dated August 10, 2006 (the “311 South Wacker Pari Passu Loan” and together with the 311 South Wacker Loan, the “311 South Wacker Whole Loan”), with an original principal balance of $85,400,000. The 311 South Wacker Pari Passu Loan will not be an asset of the Trust Fund. The 311 South Wacker Loan and the 311 South Wacker Pari Passu Loan are governed by an intercreditor and servicing agreement and will be serviced pursuant to the terms of the pooling and servicing agreement, as described in the Prospectus Supplement under “Description of the Mortgage Pool—Co-Lender Loans”. The 311 South Wacker Loan provides for interest-only payments for the first 60 months of its term, and thereafter fixed monthly payments of principal and interest. |
The 311 South Wacker Loan has a remaining term of 118 months and matures on August 11, 2016. The 311 South Wacker Loan may be prepaid on or after September 11, 2013, and permits defeasance with United States government obligations beginning two years after the Closing Date.
| • | The Borrower. The borrower is 311 South Wacker LLC, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the 311 South Wacker Loan. The sponsors of the borrower are the Shorenstein Company, Fremont Group and Mark Karasick. Shorenstein Realty Investors Seven, L.P. (“Shorenstein”) was formed in 2003 with $775 million of committed capital, including $75 million committed by the Shorenstein Company. Shorenstein pursues a strategy of buying large, management-intensive office properties in major U.S. markets. Since 1992, Shorenstein has sponsored a series of closed-end real estate funds that have acquired and developed more than 16 million square feet of class “A” office properties. Fremont Group is a San Francisco-based private investment company that makes investments through its four business lines: Fremont Partners, Fremont Public Opportunities, Fremont Realty Capital, and Fremont Ventures. The company’s Fremont Partners unit targets established firms valued around $1 billion, usually investing about $75 million per transaction. Fremont Ventures provides early-stage financing ranging between $3 million and $7 million to technology firms, and typically takes an ownership stake in its investments. Fremont Public Opportunities invests in publicly traded companies. Fremont Real Estate joins joint ventures or real estate operating firms to invest in and manage residential and commercial properties. Mark Karasick is a private investor in the real-estate industry who owns interests in approximately 11 million square feet of commercial property across the United States. |
| • | The Property. The Mortgaged Property is an approximately 1,281,000 square foot office building situated on approximately 1.0 acre. The Mortgaged Property was constructed in 1990 and renovated in 2001. The Mortgaged Property is located in Chicago, Illinois. As of August 1, 2006, the occupancy rate for the Mortgaged Property securing the 311 South Wacker Loan was approximately 71.3%. |
The largest tenant is Freeborn & Peters LLP (“Freeborn & Peters”), occupying approximately 109,977 square feet, or approximately 8.6% of the net rentable area. Freeborn & Peters is a Chicago-based law firm comprised of over 120 attorneys with a practice platform that includes litigation, business law, bankruptcy, reorganization and creditors’ rights, government relations and regulatory law. Freeborn & Peters provides legal services to a broad range of clients, from entrepreneurs to Fortune 500 companies. The Freeborn & Peters lease expires in November 2022. The second largest tenant is Duff & Phelps, LLC (“Duff & Phelps”), occupying approximately 81,996 square feet, or approximately 6.4% of the
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
45
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
311 South Wacker
net rentable area. Duff & Phelps is a leading independent financial advisory firm, offering a broad range of consulting and investment banking services, including financial reporting and tax valuation, fixed asset and real estate consulting, M&A advisory, fairness and solvency opinions, ESOP and ERISA advisory services, legal business solutions and dispute consulting. The Duff & Phelps lease expires in September 2021. The third largest tenant is First Industrial Realty Trust (NYSE: FR) (“First Industrial”), occupying approximately 66,064 square feet, or approximately 5.2% of the net rentable area. First Industrial is a self-administered and fully integrated real estate company, which owns, manages, acquires, sells, develops and redevelops industrial real estate. As of June 30, 2006 the First Industrial portfolio consisted of approximately 421 light industrial properties, approximately 153 research & development/flex properties, approximately 171 bulk warehouses, approximately 93 regional warehouse properties and approximately 26 manufacturing properties. As of October 3, 2006, First Industrial was rated “BBB” (S&P) and “BBB” (Fitch). The First Industrial lease expires in June 2018.
| • | Lockbox Account. All tenant payments due under the applicable leases are deposited into a mortgagee-designated lockbox account. |
| • | Management. CB Richard Ellis, Inc. (“CBRE”) is the property manager for the Mortgaged Property securing the 311 South Wacker Loan. CBRE is the world’s largest commercial real estate services company with operations in 35 countries. CBRE oversees more than 522 million square feet of commercial property space. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
46
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
|
|
|
|
|
|
 |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
47
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
48
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
| Loan Information | ||||
| Mortgage Loan Seller |
Wachovia | |||
| Cut-Off Date Balance |
$146,092,500 | |||
| Percentage of Cut-Off Date Pool Balance |
4.1% | |||
| Number of Mortgage Loans |
1 | |||
| Loan Purpose |
Acquisition | |||
| Sponsor |
Robert L. Johnson | |||
| Type of Security |
Fee | |||
| Partial Defeasance(1) |
Yes | |||
| Mortgage Rate |
6.294% | |||
| Maturity Date |
July 1, 2016 | |||
| Amortization Type |
Balloon | |||
| Interest Only Period |
42 | |||
| Original Term / Amortization |
120 / 360 | |||
| Remaining Term / Amortization |
117 / 360 | |||
| Lockbox |
Yes | |||
| Up-Front Reserves |
||||
| Tax/Insurance |
Yes | |||
| Ongoing Annual Reserves |
||||
| Tax/Insurance |
Yes | |||
| FF&E(2) |
Springing | |||
| Additional Financing(3) |
Pari Passu Debt | $358,456,370 | ||
| Pari Passu Notes(4) | ||||
| Cut-Off Date Balance |
$504,548,870 | |||
| Cut-Off Date Balance/Room |
$92,936 | |||
| Cut-Off Date LTV |
68.9% | |||
| Maturity Date LTV |
63.1% | |||
| UW DSCR on NCF |
1.37x | |||
| (1) | Release of individual Mortgaged Properties is permitted subject to partial defeasance as detailed further within the release paragraph found at the end of this RLJ Hotel Pool section. |
| (2) | Monthly deposits to the FF&E escrow account will be required upon an event of default as specified in the related Mortgage Loan documents. |
| (3) | Future mezzanine debt is permitted subject to a combined maximum LTV ratio of 80.0% and a combined minimum DSC ratio of 1.30x as described in the related Mortgage Loan documents. |
| (4) | LTV ratios, DSC ratio and Cut-Off Date Balance/Room were derived based upon the aggregate indebtedness of or debt service on the RLJ Hotel Pool Loan and the RLJ Hotel Pool Pari Passu Companion Loans. |
| (5) | Trailing 12-month occupancy. |
| Property Information | |||
| Number of Mortgaged Properties |
43 | ||
| Location |
Various | ||
| Property Type |
Hospitality — Various | ||
| Size (Rooms) |
5,429 | ||
| Occupancy as of April 30, 2006(5) |
72.5% | ||
| Year Built / Year Renovated |
Various / NA | ||
| Appraised Value |
$ | 732,600,000 | |
| Property Management |
White Lodging Services Corporation | ||
| UW Economic Occupancy |
72.9% | ||
| UW Revenues |
$183,819,220 | ||
| UW Total Expenses |
$124,884,215 | ||
| UW Net Operating Income (NOI) |
$58,935,005 | ||
| UW Net Cash Flow (NCF) |
$51,147,635 | ||
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
49
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
| RLJ Hotel Pool Summary | |||||||||||||||||||||
| Property Name | Allocated Cut-Off Date Balance |
Specific Property Type |
Year Built |
Rooms | Allocated Cut- Off Date Balance Per Room |
Value Per Room |
ADR Index* |
Occupancy Index* |
Rev Par Index* | ||||||||||||
| Residence Inn – Plantation, FL |
$ | 20,159,451 | Extended Stay | 1996 | 138 | $ | 146,083 | $ | 189,130 | 111.8% | 115.8% | 129.4% | |||||||||
| Residence Inn – Houston, TX |
17,797,340 | Extended Stay | 1994 | 146 | $ | 121,900 | $ | 154,110 | 99.1% | 110.8% | 109.8% | ||||||||||
| Residence Inn – Round Rock, TX |
11,692,000 | Extended Stay | 1999 | 96 | $ | 121,792 | $ | 151,042 | 129.9% | 123.3% | 160.2% | ||||||||||
| Residence Inn – Austin, TX |
11,601,339 | Extended Stay | 1996 | 84 | $ | 138,111 | $ | 189,286 | 121.2% | 106.7% | 129.4% | ||||||||||
| Residence Inn – Pontiac, MI |
10,615,884 | Extended Stay | 1998 | 114 | $ | 93,122 | $ | 124,561 | 102.1% | 121.2% | 123.8% | ||||||||||
| Residence Inn – Schaumberg, IL |
10,469,820 | Extended Stay | 2001 | 125 | $ | 83,759 | $ | 125,600 | 114.2% | 117.4% | 134.0% | ||||||||||
| Residence Inn – Louisville, CO |
8,522,783 | Extended Stay | 2000 | 88 | $ | 96,850 | $ | 140,909 | 119.4% | 96.4% | 115.2% | ||||||||||
| Residence Inn – Fishers, IN |
8,425,932 | Extended Stay | 1996 | 78 | $ | 108,025 | $ | 144,872 | 110.7% | 125.7% | 139.1% | ||||||||||
| Residence Inn – Sugarland, TX |
7,581,416 | Extended Stay | 1997 | 78 | $ | 97,198 | $ | 124,359 | 123.3% | 134.1% | 165.3% | ||||||||||
| Residence Inn – Merrillville, IN |
7,189,000 | Extended Stay | 1996 | 78 | $ | 92,167 | $ | 120,513 | 104.9% | 121.9% | 127.8% | ||||||||||
| Residence Inn – Austin, TX II |
6,927,722 | Extended Stay | 1996 | 66 | $ | 104,965 | $ | 139,394 | 136.7% | 122.2% | 167.1% | ||||||||||
| Residence Inn – South Bend, IN |
3,427,553 | Extended Stay | 1988 | 80 | $ | 42,844 | $ | 71,250 | 91.2% | 130.2% | 118.8% | ||||||||||
| $ | 124,410,240 | 1,171 | $ | 106,243 | $ | 142,272 | 113.5% | 117.1% | 133.0% | ||||||||||||
| Courtyard – Salt Lake City, UT |
$ | 18,369,211 | Limited Service | 1999 | 154 | $ | 119,281 | $ | 150,000 | 117.5% | 113.7% | 133.6% | |||||||||
| Courtyard – Austin, TX |
12,682,922 | Limited Service | 1996 | 102 | $ | 124,342 | $ | 157,843 | 131.1% | 116.3% | 152.4% | ||||||||||
| Courtyard – Tampa, FL |
10,732,500 | Limited Service | 1997 | 90 | $ | 119,250 | $ | 148,889 | 125.4% | 98.5% | 123.4% | ||||||||||
| Courtyard – Fort Wayne, IN |
9,817,938 | Limited Service | 1989 | 142 | $ | 69,140 | $ | 96,479 | 122.7% | 142.3% | 174.5% | ||||||||||
| Courtyard – Louisville, KY |
9,550,752 | Limited Service | 2004 | 114 | $ | 83,779 | $ | 135,088 | 104.6% | 95.1% | 99.5% | ||||||||||
| Courtyard – Merrillville, IN |
9,243,000 | Limited Service | 1987 | 112 | $ | 82,527 | $ | 107,143 | 117.6% | 110.9% | 130.5% | ||||||||||
| Courtyard – Sugarland, TX |
8,341,000 | Limited Service | 1997 | 112 | $ | 74,473 | $ | 87,500 | 123.4% | 99.5% | 122.8% | ||||||||||
| Courtyard – Mesquite, TX |
7,314,000 | Limited Service | 1998 | 101 | $ | 72,416 | $ | 94,059 | 132.0% | 114.7% | 151.4% | ||||||||||
| Courtyard – Mishawaka, IN |
7,100,000 | Limited Service | 1995 | 78 | $ | 91,026 | $ | 121,795 | 112.1% | 113.8% | 127.6% | ||||||||||
| Courtyard – Pontiac, MI |
6,985,155 | Limited Service | 1998 | 110 | $ | 63,501 | $ | 91,818 | 104.7% | 91.8% | 96.1% | ||||||||||
| Courtyard – Valparaiso, IN |
4,740,705 | Limited Service | 1985 | 111 | $ | 42,709 | $ | 69,369 | 109.4% | 104.6% | 114.4% | ||||||||||
| Courtyard – Benton Harbor, MI |
2,623,661 | Limited Service | 1988 | 98 | $ | 26,772 | $ | 67,347 | 89.2% | 93.8% | 83.7% | ||||||||||
| $ | 107,500,844 | 1,324 | $ | 81,194 | $ | 110,952 | 118.4% | 109.9% | 130.7% | ||||||||||||
| Mariott – Denver, CO |
$ | 39,579,000 | Full Service | 2003 | 279 | $ | 141,860 | $ | 180,645 | 113.0% | 123.3% | 139.3% | |||||||||
| Mariott – Bedford Park, IL |
28,331,012 | Full Service | 2002 | 200 | $ | 141,655 | $ | 192,500 | 119.5% | 102.0% | 121.9% | ||||||||||
| Mariott – Austin, TX |
22,282,423 | Full Service | 2001 | 211 | $ | 105,604 | $ | 160,664 | 115.2% | 108.6% | 125.0% | ||||||||||
| Mariott – Pontiac, MI |
13,955,762 | Full Service | 2000 | 290 | $ | 48,123 | $ | 128,966 | 97.3% | 93.7% | 91.2% | ||||||||||
| $ | 104,148,197 | 980 | $ | 106,274 | $ | 163,469 | 113.1% | 110.4% | 125.1% | ||||||||||||
| Renaissance – Plantation, FL |
$ | 25,635,937 | Full Service | 2002 | 250 | $ | 102,544 | $ | 169,200 | 120.6% | 107.5% | 129.7% | |||||||||
| Renaissance – Broomfield, CO |
19,036,914 | Full Service | 2002 | 232 | $ | 82,056 | $ | 187,931 | 106.1% | 102.5% | 108.8% | ||||||||||
| $ | 44,672,851 | 482 | $ | 92,682 | $ | 178,216 | 114.4% | 105.4% | 120.8% | ||||||||||||
| Fairfield Inn & Suites – Brandon, FL |
$ | 10,181,353 | Limited Service | 1997 | 107 | $ | 95,153 | $ | 114,953 | 116.7% | 100.1% | 116.8% | |||||||||
| Fairfield Inn & Suites –Merrillville, IN |
7,560,000 | Limited Service | 1990 | 113 | $ | 66,903 | $ | 82,301 | 109.4% | 104.6% | 114.4% | ||||||||||
| Fairfield Inn & Suites –Austin, TX |
4,345,000 | Limited Service | 1989 | 63 | $ | 68,968 | $ | 87,302 | 132.6% | 100.0% | 132.7% | ||||||||||
| Fairfield Inn & Suites –Valparaiso, IN |
2,291,000 | Limited Service | 1996 | 63 | $ | 36,365 | $ | 50,794 | 94.4% | 93.7% | 88.4% | ||||||||||
| $ | 24,377,353 | 346 | $ | 70,455 | $ | 87,572 | 115.2% | 100.8% | 116.2% | ||||||||||||
| Hampton Inn – Bedford Park, IL |
$ | 16,734,819 | Limited Service | 1990 | 170 | $ | 98,440 | $ | 152,941 | 110.0% | 103.3% | 113.6% | |||||||||
| Hampton Inn – Merrillville, IN |
5,846,000 | Limited Service | 1995 | 64 | $ | 91,344 | $ | 117,188 | 124.9% | 127.7% | 159.5% | ||||||||||
| $ | 22,580,819 | 234 | $ | 96,499 | $ | 143,162 | 113.8% | 109.6% | 125.5% | ||||||||||||
| Springhill Suites – Austin, TX |
$ | 12,191,688 | Extended Stay | 2000 | 152 | $ | 80,208 | $ | 110,526 | 111.4% | 121.6% | 135.4% | |||||||||
| Springhill Suites – Schaumberg, IL |
10,233,874 | Extended Stay | 2001 | 132 | $ | 77,529 | $ | 124,242 | 121.2% | 108.1% | 131.1% | ||||||||||
| $ | 22,425,562 | 284 | $ | 78,963 | $ | 116,901 | 115.8% | 115.5% | 133.4% | ||||||||||||
| Holiday Inn Express – Bedford Park, IL |
$ | 13,032,183 | Limited Service | 1999 | 104 | $ | 125,309 | $ | 157,692 | 114.5% | 117.0% | 134.0% | |||||||||
| Holiday Inn Express – Merrilville, IN |
5,214,000 | Limited Service | 1995 | 62 | $ | 84,097 | $ | 109,677 | 120.8% | 118.2% | 142.8% | ||||||||||
| Holiday Inn Select – Grand Rapids, MI |
4,098,499 | Full Service | 2003 | 148 | $ | 27,693 | $ | 61,486 | 95.8% | 116.9% | 112.0% | ||||||||||
| $ | 22,344,682 | 314 | $ | 71,161 | $ | 102,866 | 112.6% | 117.3% | 132.0% | ||||||||||||
| Hilton Garden Inn – Bedford Park, IL |
$ | 21,650,627 | Limited Service | 2005 | 174 | $ | 124,429 | $ | 172,989 | 101.1% | 99.8% | 100.8% | |||||||||
| Sleep Inn – Bedford Park, IL |
$ | 10,437,695 | Limited Service | 1995 | 120 | $ | 86,981 | $ | 113,333 | 132.6% | 100.0% | 132.7% | |||||||||
| Total/Weighted Average |
$ | 504,548,870 | 5,429 | $ | 92,936 | $ | 134,942 | 114.6% | 110.9% | 127.2% | |||||||||||
| * | RLJ Hotel Pool Properties ADR, Occupancy and RevPAR information obtained from Smith Travel Research (‘‘STR’’) Reports as of April 2006 with the exception of Holiday Inn Select Grand Rapids, for which the STR Report is dated March 2006. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
50
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
| RLJ Hotel Pool Financial Performance Summary | ||||||||||||||||||||||||||||||||||||||||
| 2003 | 2004 | 2005 | Trailing 12-Month April 2006 | Underwritten | ||||||||||||||||||||||||||||||||||||
| Property Name | ADR | Occupancy | Rev Par | ADR | Occupancy | Rev Par | ADR | Occupancy | Rev Par | ADR | Occupancy | Rev Par | ADR | Occupancy | Rev Par | |||||||||||||||||||||||||
| Marriott – Denver, Co. |
$ | 94.80 | 54.8% | $ | 51.91 | $ | 105.09 | 67.5% | $ | 70.98 | $ | 113.84 | 71.7% | $81.60 | $ | 117.47 | 72.4% | $ | 85.03 | $ | 125.00 | 72.5% | $ | 90.64 | ||||||||||||||||
| Marriott – Bedford Park, IL |
$ | 107.55 | 67.7% | $ | 72.79 | $ | 113.14 | 73.4% | $ | 83.08 | $ | 122.54 | 69.3% | $ | 84.91 | $ | 129.79 | 64.2% | $ | 83.30 | $ | 150.00 | 75.0% | $ | 112.50 | |||||||||||||||
| Renaissance – Plantation, FL |
$ | 87.88 | 72.9% | $ | 64.03 | $ | 100.91 | 79.9% | $ | 80.59 | $ | 118.78 | 77.9% | $ | 92.52 | $ | 128.85 | 78.8% | $ | 101.54 | $ | 128.85 | 78.8% | $ | 101.54 | |||||||||||||||
| Marriott – Austin, TX |
$ | 89.41 | 59.9% | $ | 53.53 | $ | 89.46 | 64.0% | $ | 57.26 | $ | 100.98 | 67.6% | $ | 68.22 | $ | 108.15 | 71.3% | $ | 77.16 | $ | 108.15 | 71.4% | $ | 77.16 | |||||||||||||||
| Hilton Garden Inn –Bedford Park, IL |
N/A | N/A | N/A | N/A | N/A | N/A | $ | 108.10 | 64.5% | $ | 69.67 | $ | 108.40 | 69.4% | $ | 75.20 | $ | 118.00 | 75.0% | $ | 88.50 | |||||||||||||||||||
| Residence Inn – Plantation, Fl |
$ | 87.08 | 82.3% | $ | 71.69 | $ | 97.87 | 86.5% | $ | 84.63 | $ | 113.28 | 83.7% | $ | 94.86 | $ | 117.04 | 85.8% | $ | 100.43 | $ | 117.04 | 85.8% | $ | 100.43 | |||||||||||||||
| Renaissance – Bloomfield, CO |
$ | 108.75 | 51.6% | $ | 56.15 | $ | 111.37 | 64.7% | $ | 72.08 | $ | 124.69 | 66.5% | $ | 82.89 | $ | 128.32 | 64.4% | $ | 82.62 | $ | 128.32 | 64.4% | $ | 82.62 | |||||||||||||||
| Courtyard – Salt Lake City, UT |
$ | 82.72 | 66.7% | $ | 55.17 | $ | 89.76 | 66.6% | $ | 59.79 | $ | 88.73 | 75.1% | $ | 66.63 | $ | 92.56 | 76.0% | $ | 70.30 | $ | 92.56 | 76.0% | $ | 70.30 | |||||||||||||||
| Residence Inn Galleries – |
$ | 107.86 | 67.4% | $ | 72.67 | $ | 103.18 | 56.7% | $ | 58.51 | $ | 103.19 | 76.8% | $ | 79.25 | $ | 108.70 | 82.9% | $ | 90.13 | $ | 109.73 | 80.0% | $ | 87.79 | |||||||||||||||
| Hampton Inn – Bedford Park, IL |
$ | 101.64 | 75.5% | $ | 76.70 | $ | 107.95 | 73.3% | $ | 79.11 | $ | 114.43 | 74.2% | $ | 84.94 | $ | 116.69 | 74.5% | $ | 86.98 | $ | 116.69 | 74.5% | $ | 86.98 | |||||||||||||||
| Marriott – Pontiac, MI |
$ | 101.22 | 65.9% | $ | 66.71 | $ | 107.60 | 60.4% | $ | 64.95 | $ | 111.69 | 63.3% | $ | 70.70 | $ | 117.97 | 62.5% | $ | 73.76 | $ | 117.97 | 62.5% | $ | 73.76 | |||||||||||||||
| Holiday Inn Express – |
$ | 108.37 | 78.7% | $ | 85.25 | $ | 112.92 | 78.6% | $ | 88.73 | $ | 123.32 | 78.1% | $ | 96.37 | $ | 126.39 | 81.4% | $ | 102.94 | $ | 126.39 | 80.0% | $ | 101.11 | |||||||||||||||
| Courtyard – Austin, TX |
$ | 105.98 | 63.7% | $ | 67.51 | $ | 99.31 | 67.8% | $ | 67.37 | $ | 110.30 | 70.3% | $ | 77.52 | $ | 112.33 | 73.8% | $ | 82.93 | $ | 112.33 | 73.8% | $ | 82.93 | |||||||||||||||
| Springhill Suites – Austin, TX |
$ | 65.72 | 53.0% | $ | 34.83 | $ | 65.87 | 55.1% | $ | 36.32 | $ | 81.14 | 68.8% | $ | 55.82 | $ | 84.10 | 77.6% | $ | 65.26 | $ | 84.10 | 77.6% | $ | 65.26 | |||||||||||||||
| Residence Inn –Round Rock, TX |
$ | 88.31 | 65.6% | $ | 57.96 | $ | 90.19 | 71.7% | $ | 64.69 | $ | 97.75 | 80.8% | $ | 78.97 | $ | 102.00 | 82.6% | $ | 84.25 | $ | 106.41 | 80.0% | $ | 85.13 | |||||||||||||||
| Residence Inn – Austin, TX |
$ | 93.30 | 77.4% | $ | 72.25 | $ | 91.29 | 83.7% | $ | 76.37 | $ | 104.61 | 80.3% | $ | 84.01 | $ | 107.30 | 82.6% | $ | 88.67 | $ | 107.30 | 82.6% | $ | 88.67 | |||||||||||||||
| Courtyard – Tampa, FL |
$ | 94.31 | 73.3% | $ | 69.13 | $ | 101.34 | 78.8% | $ | 79.89 | $ | 110.45 | 76.7% | $ | 84.66 | $ | 115.10 | 76.1% | $ | 87.63 | $ | 115.10 | 76.1% | $ | 87.63 | |||||||||||||||
| Residence Inn – Pontiac, MI |
$ | 84.73 | 78.1% | $ | 66.14 | $ | 85.97 | 78.2% | $ | 67.26 | $ | 87.64 | 81.3% | $ | 71.27 | $ | 90.92 | 81.3% | $ | 73.92 | $ | 90.92 | 80.0% | $ | 72.73 | |||||||||||||||
| Residence Inn – Schaumber, IL |
$ | 98.82 | 73.5% | $ | 72.68 | $ | 96.18 | 75.6% | $ | 72.74 | $ | 99.25 | 83.3% | $ | 82.66 | $ | 99.14 | 82.9% | $ | 82.21 | $ | 99.14 | 82.9% | $ | 82.21 | |||||||||||||||
| Sleep Inn – Bedford Park, IL |
$ | 82.40 | 77.4% | $ | 63.75 | $ | 79.76 | 84.5% | $ | 67.40 | $ | 81.16 | 89.8% | $ | 72.87 | $ | 83.71 | 89.6% | $ | 74.97 | $ | 83.71 | 89.6% | $ | 74.97 | |||||||||||||||
| Springhill Suites – Schaumber, IL |
$ | 82.78 | 63.6% | $ | 52.64 | $ | 83.46 | 67.2% | $ | 56.07 | $ | 91.79 | 73.2% | $ | 67.19 | $ | 94.19 | 74.3% | $ | 69.98 | $ | 94.19 | 74.3% | $ | 69.98 | |||||||||||||||
| Fairfield Inn & Suites –Brandon, FL |
$ | 70.90 | 69.8% | $ | 49.47 | $ | 74.75 | 73.8% | $ | 55.16 | $ | 83.67 | 77.0% | $ | 64.43 | $ | 89.01 | 76.9% | $ | 68.42 | $ | 94.49 | 72.0% | $ | 68.04 | |||||||||||||||
| Courtyard – Fort Wayne, IN |
$ | 77.49 | 61.2% | $ | 47.39 | $ | 82.09 | 60.6% | $ | 49.75 | $ | 86.72 | 60.9% | $ | 52.85 | $ | 86.82 | 64.6% | $ | 56.06 | $ | 86.82 | 64.6% | $ | 56.06 | |||||||||||||||
| Courtyard – Louisville, KY |
N/A | N/A | N/A | $ | 94.55 | 27.2% | $ | 25.71 | $ | 91.12 | 54.3% | $ | 49.47 | $ | 93.00 | 58.8% | $ | 54.69 | $ | 95.98 | 60.0% | $ | 57.59 | |||||||||||||||||
| Courtyard – Merrillville, IN |
$ | 89.52 | 52.7% | $ | 47.21 | $ | 96.09 | 57.0% | $ | 54.82 | $ | 98.39 | 63.1% | $ | 62.06 | $ | 99.86 | 65.3% | $ | 65.24 | $ | 99.86 | 65.3% | $ | 65.24 | |||||||||||||||
| Residence Inn – Louisville, CO |
$ | 94.06 | 64.3% | $ | 60.53 | $ | 91.53 | 73.6% | $ | 67.41 | $ | 97.97 | 68.3% | $ | 66.95 | $ | 99.66 | 65.8% | $ | 65.58 | $ | 99.66 | 65.8% | $ | 65.58 | |||||||||||||||
| Residence Inn – Fishers, IN |
$ | 79.97 | 84.2% | $ | 67.35 | $ | 96.52 | 73.1% | $ | 70.58 | $ | 94.46 | 81.8% | $ | 77.25 | $ | 94.99 | 82.9% | $ | 78.77 | $ | 96.75 | 80.0% | $ | 77.40 | |||||||||||||||
| Courtyard – Sugarland, TX |
$ | 85.24 | 72.3% | $ | 61.60 | $ | 84.04 | 65.6% | $ | 55.09 | $ | 87.66 | 70.7% | $ | 61.94 | $ | 91.39 | 73.1% | $ | 66.79 | $ | 91.39 | 73.1% | $ | 66.79 | |||||||||||||||
| Residence Inn – Sugarland, TX |
$ | 96.04 | 76.8% | $ | 73.77 | $ | 89.99 | 77.3% | $ | 69.53 | $ | 94.74 | 84.0% | $ | 79.61 | $ | 98.06 | 86.4% | $ | 84.68 | $ | 98.06 | 86.4% | $ | 84.68 | |||||||||||||||
| Fairfield Inn & Suites – |
$ | 63.87 | 59.0% | $ | 37.68 | $ | 66.71 | 58.3% | $ | 38.91 | $ | 71.49 | 63.3% | $ | 45.27 | $ | 73.74 | 62.5% | $ | 46.05 | $ | 84.00 | 68.0% | $ | 57.12 | |||||||||||||||
| Courtyard – Mesquite, TX |
$ | 80.75 | 61.4% | $ | 49.62 | $ | 82.76 | 67.5% | $ | 55.86 | $ | 88.58 | 68.7% | $ | 60.83 | $ | 90.70 | 71.1% | $ | 64.53 | $ | 90.70 | 71.2% | $ | 64.53 | |||||||||||||||
| Residence Inn – Merrillville, IN |
$ | 93.41 | 76.3% | $ | 71.23 | $ | 99.55 | 78.1% | $ | 77.71 | $ | 102.03 | 75.8% | $ | 77.35 | $ | 103.15 | 74.2% | $ | 76.53 | $ | 103.15 | 74.2% | $ | 76.53 | |||||||||||||||
| Courtyard – Mishawaka, IN |
$ | 93.28 | 69.3% | $ | 64.62 | $ | 99.55 | 68.1% | $ | 67.82 | $ | 104.04 | 72.6% | $ | 75.56 | $ | 103.41 | 74.4% | $ | 76.92 | $ | 103.41 | 72.6% | $ | 75.10 | |||||||||||||||
| Courtyard – Pontiac, MI |
$ | 98.03 | 57.9% | $ | 56.79 | $ | 94.38 | 59.4% | $ | 56.06 | $ | 93.71 | 59.0% | $ | 55.30 | $ | 95.38 | 62.7% | $ | 59.81 | $ | 95.38 | 62.0% | $ | 59.13 | |||||||||||||||
| Residence Inn II – Austin, TX |
$ | 88.68 | 63.7% | $ | 56.46 | $ | 86.97 | 73.7% | $ | 64.13 | $ | 97.64 | 80.8% | $ | 78.91 | $ | 103.35 | 83.2% | $ | 86.03 | $ | 103.35 | 83.2% | $ | 86.03 | |||||||||||||||
| Hampton Inn – Merrillville, IN |
$ | 81.62 | 64.8% | $ | 52.88 | $ | 86.70 | 64.9% | $ | 56.25 | $ | 91.75 | 73.8% | $ | 67.68 | $ | 93.49 | 75.4% | $ | 70.50 | $ | 93.49 | 75.4% | $ | 70.50 | |||||||||||||||
| Holiday Inn – Merrillville, IN |
$ | 84.32 | 71.2% | $ | 60.05 | $ | 86.44 | 68.6% | $ | 59.30 | $ | 89.77 | 71.3% | $ | 63.97 | $ | 92.40 | 72.1% | $ | 66.62 | $ | 92.40 | 72.1% | $ | 66.62 | |||||||||||||||
| Courtyard – Valparaleo, IN |
$ | 72.25 | 51.1% | $ | 36.89 | $ | 79.04 | 53.2% | $ | 42.04 | $ | 75.22 | 59.6% | $ | 44.81 | $ | 75.51 | 59.3% | $ | 44.80 | $ | 75.51 | 59.3% | $ | 44.80 | |||||||||||||||
| Fairfield Inn & Suites – |
$ | 65.94 | 54.1% | $ | 35.70 | $ | 61.03 | 62.9% | $ | 38.37 | $ | 76.86 | 69.5% | $ | 53.40 | $ | 82.47 | 69.8% | $ | 57.60 | $ | 85.60 | 70.0% | $ | 59.92 | |||||||||||||||
| Holiday Inn Select – |
$ | 77.79 | 29.9% | $ | 23.29 | $ | 71.69 | 59.0% | $ | 42.31 | $ | 73.04 | 66.4% | $ | 48.50 | $ | 72.26 | 69.5% | $ | 50.19 | $ | 72.26 | 69.5% | $ | 50.19 | |||||||||||||||
| Residence Inn –South Bend, IN |
$ | 80.15 | 75.2% | $ | 60.24 | $ | 80.03 | 82.3% | $ | 65.86 | $ | 88.11 | 81.8% | $ | 72.07 | $ | 90.15 | 79.0% | $ | 71.21 | $ | 90.15 | 79.0% | $ | 71.21 | |||||||||||||||
| Courtyard – Benton Harbor, MI |
$ | 75.45 | 55.8% | $ | 42.11 | $ | 78.86 | 56.2% | $ | 44.35 | $ | 81.56 | 48.1% | $ | 39.23 | $ | 82.14 | 53.7% | $ | 44.14 | $ | 82.14 | 53.7% | $ | 44.14 | |||||||||||||||
| Fairfield Inn & Suites –Valpaiso, IN |
$ | 66.93 | 63.2% | $ | 42.32 | $ | 71.22 | 57.1% | $ | 40.64 | $ | 68.97 | 61.5% | $ | 42.39 | $ | 70.15 | 57.4% | $ | 40.24 | $ | 73.25 | 63.0% | $ | 46.12 | |||||||||||||||
| Average |
$ | 87.54 | 65.9% | $ | 58.07 | $ | 90.17 | 67.9% | $ | 61.56 | $ | 96.40 | 71.8% | $ | 69.47 | $ | 102.93 | 72.5% | $ | 74.74 | $ | 104.95 | 72.9% | $ | 76.74 | |||||||||||||||
| * | RLJ Hotel Pool Proportion ADR, Occupancy and RevPAR information obtained from Smith Travel Research (“STR”) Reports as of April 2006 with the exception of Holiday Inn Select Grand Rapids, for which the STR Report is dated March 2006. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
51
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
| • | The Loan. The Mortgage Loan (the “RLJ Hotel Pool Loan”) is secured by a first mortgage encumbering 43 full-service, limited-service and extended stay hotels. The RLJ Hotel Pool Loan represents approximately 4.1% of the Cut-Off Date Pool Balance. The RLJ Hotel Pool Loan was originated on June 14, 2006 and has a principal balance as of the Cut-Off Date of $146,092,500. The RLJ Hotel Pool Loan, which is evidenced by a pari passu note, dated June 14, 2006, is a portion of a whole loan with an original principal balance of $504,548,870. The other loans related to the RLJ Hotel Pool Loan are evidenced by seven separate pari passu notes, each dated June 14, 2006 (the “RLJ Hotel Pool Pari Passu Companion Loans”), with an original aggregate principal balance of $358,456,370. The RLJ Hotel Pool Pari Passu Companion Loans will not be assets of the Trust Fund. The RLJ Hotel Pool Pari Passu Companion Loans and the RLJ Hotel Pool Loan are governed by an intercreditor and servicing agreement and will be serviced pursuant to the terms of the pooling and servicing agreement relating to the Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2006-C27 transaction, as described under ‘‘DESCRIPTION OF THE MORTGAGE POOL—Co-Lender Loans’’ in the Prospectus Supplement. The RLJ Hotel Pool Loan provides for interest-only payments for the first 42 months of its term, and thereafter, fixed monthly payments of principal and interest. |
The RLJ Hotel Pool Loan has a remaining term of 117 months and matures on July 1, 2016. The RLJ Hotel Pool Loan may be prepaid on or after August 1, 2013, and permits defeasance with United States government obligations beginning two years after the Closing Date.
| • | The Borrowers. The borrowers consist of 42 separate special purpose entities. Legal counsel to the borrowers delivered a non-consolidation opinion in connection with the origination of the RLJ Hotel Pool Loan. The sponsor of the borrowers is Robert L. Johnson. Mr. Johnson is the founding Chairman and CEO of Black Entertainment Television and has served on the Board of Directors of Hilton Hotels Corporation and U.S. Airways. |
| • | The Properties. The Mortgaged Properties consist of 43 full-service, limited-service and extended stay hotels containing, in the aggregate, approximately 5,429 rooms. Based upon the trailing 12-month period ending April 30, 2006, the average occupancy rate for the properties securing the RLJ Hotel Pool Loan was approximately 72.5%. |
| • | Substitution. The borrowers may substitute properties of like kind and quality subject to certain criteria including franchise name, geographic diversity and a no downgrade letter from the Rating Agencies with respect to substitutions of the 10 largest Mortgaged Properties as well as if greater than 10.0% of the portfolio in the aggregate are being substituted. |
| • | Release. The release of an individual property will be permitted subject to a defeasance amount equal to 120% of the outstanding principal balance of the allocated loan amount with respect to each of the 10 largest properties. With respect to the balance of the properties, the release price percentage of the outstanding principal balance of the allocated loan amount of such property will be equal to the amounts set forth below. |
| Applicable Loan Amount Prepaid | Release Price Percentage |
||
| 0-5% |
105 | % | |
| Greater than 5% - 15% |
110 | % | |
| Greater than 15% - 20% |
115 | % | |
| Greater than 20% |
120 | % |
| • | Lockbox Account. All tenant payments due under the applicable leases are deposited into a mortgagee-designated lockbox account. |
| • | Management. White Lodging Services Corporation (“White Lodging”) is the property manager for the Mortgaged Properties securing the RLJ Hotel Pool Loan. Established in 1985 and headquartered in Merrillville, Indiana, White Lodging is a fully integrated hotel ownership, development and operating company with a current portfolio consisting of 106 Marriott, Renaissance, Radisson, Hilton and Intercontinental-branded hotels in thirteen states. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
52
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
500-512 Seventh Avenue
|
|
|
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
53
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
500-512 Seventh Avenue
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
54
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
500-512 Seventh Avenue
| Loan Information | ||||||
| Mortgage Loan Seller |
Wachovia | |||||
| Cut-Off Date Balance |
$136,918,271 | |||||
| Percentage of Cut-Off Date Pool Balance |
3.8% | |||||
| Number of Mortgage Loans |
1 | |||||
| Loan Purpose |
Refinance | |||||
| Sponsors |
Jacob Chetrit, Joseph Moinian and Edward J. Minskoff Equities, Inc. | |||||
| Type of Security |
Leasehold | |||||
| Mortgage Rate |
5.7063636% | |||||
| Maturity Date |
July 11, 2016 | |||||
| Amortization Type |
Balloon | |||||
| Interest Only Period |
None | |||||
| Original Term / Amortization |
120 / 300 | |||||
| Remaining Term / Amortization |
117 / 297 | |||||
| Lockbox |
Yes | |||||
| Up-Front Reserves |
||||||
| Tax/Insurance |
Yes | |||||
| Engineering |
$15,410 | |||||
| Ground Rent |
$81,250 | |||||
| Free Rent(1) |
$695,160 | |||||
| Outstanding TI/LC(2) |
$2,344,842 | |||||
| Ongoing Annual Reserves |
||||||
| Tax/Insurance |
Yes | |||||
| Replacement |
$233,929 | |||||
| TI/LC(3) |
$877,235 | |||||
| Ground Rent |
$487,500 | |||||
| Free Rent(1) |
$568,361 | |||||
| Additional Financing |
Pari Passu Debt | $136,918,272 | ||||
| B-Note | $24,919,697 | |||||
| Mezzanine Debt | $24,959,789 | |||||
| Pari Passu Notes(4) |
Whole Loan | |||||
| Cut-Off Date Balance |
$273,836,543 | $298,756,240 | ||||
| Cut-Off Date Balance/SF |
$234 | $255 | ||||
| Cut-Off Date LTV |
68.5% | 74.7% | ||||
| Maturity Date LTV |
52.7% | 57.8% | ||||
| UW DSCR on NCF |
1.17x | 1.06x | ||||
| (1) | Established for future iVillage free rent beginning January 2014 through the end of their lease term in April 2015. At origination $695,160 was funded into the Free Rent escrow. Beginning in January 2009 prior to the start of the free rent period in January 2014, the borrower is required to fund this escrow on a monthly basis. |
| (2) | Funds were escrowed for existing landlord TI/LC obligations. |
| (3) | Ongoing annual TI/LC reserve is capped at $1,500,000. |
| (4) | LTV ratios, DSC ratios and Cut-Off Date Balance/SF were derived based upon the aggregate indebtedness of or debt service on the 500-512 Seventh Avenue Loan and the 500-512 Seventh Avenue Pari Passu Companion Loan. |
| Property Information | ||
| Number of Mortgaged Properties |
1 | |
| Location |
New York, NY | |
| Property Type |
Office - CBD | |
| Size (SF) |
1,169,647 | |
| Occupancy as of June 1, 2006 |
95.7% | |
| Year Built / Year Renovated |
1921 / 2000 | |
| Appraised Value |
$400,000,000 | |
| Property Management |
Newmark & Company Real Estate, Inc. | |
| UW Economic Occupancy |
94.8% | |
| UW Revenues |
$39,572,738 | |
| UW Total Expenses |
$13,822,539 | |
| UW Net Operating Income (NOI) |
$25,750,198 | |
| UW Net Cash Flow (NCF) |
$24,113,629 | |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
55
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
500-512 Seventh Avenue
| Tenant Summary | ||||||||||||||||||
| Tenant |
Ratings(1) Moody's/S&P/Fitch |
Net Rentable Area (SF) |
% of Net Rentable Area |
Base Rent PSF |
Annual Base Rent |
% of Total Annual Base Rent |
Lease Expiration | |||||||||||
| Major Tenants |
||||||||||||||||||
| Target Corporation |
A1/A+/A+ | 99,700 | 8.5 | % | $ | 17.85 | $ | 1,779,645 | 5.5 | % | March 2015 | |||||||
| The New York Times Company |
Baa1/A-/A | 82,822 | 7.1 | $ | 38.00 | 3,147,236 | 9.7 | November 2015 | ||||||||||
| iVillage, Inc. |
NR/NR/NR | 56,668 | 4.8 | $ | 33.45 | 1,895,372 | 5.8 | April 2015 | ||||||||||
| S. Rothschild & Co. Inc. |
NR/NR/NR | 49,989 | 4.3 | $ | 23.00 | 1,149,567 | 3.5 | June 2014 | ||||||||||
| Fleet Street Ltd. |
NR/NR/NR | 42,923 | 3.7 | $ | 19.06 | 818,132 | 2.5 | Multiple Spaces(2) | ||||||||||
| Total Major Tenants |
332,102 | 28.4 | % | $ | 26.47 | $ | 8,789,952 | 27.0 | % | |||||||||
| Non-Major Tenants |
787,605 | 67.3 | $ | 30.11 | 23,713,846 | 73.0 | ||||||||||||
| Occupied Total |
1,119,707 | 95.7 | % | $ | 29.03 | $ | 32,503,798 | 100.0 | % | |||||||||
| Vacant Space |
49,940 | 4.3 | ||||||||||||||||
| Property Total |
1,169,647 | 100.0 | % | |||||||||||||||
| (1) | Certain ratings are those of the parent company whether or not the parent guarantees the lease. |
| (2) | Under the terms of multiple leases, approximately 7,216 square feet are leased on a month-to-month basis, approximately 33,561 square feet expire in January 2008 and approximately 2,146 square feet expire in January 2015. |
| Lease Expiration Schedule | |||||||||||||||||||
| Year |
# of Leases |
WA Base Rent/SF Expiring |
Total SF Expiring |
% of Total SF Expiring* |
Cumulative % of SF Expiring* |
% of Base Rent Expiring* |
Cumulative % of Base Rent Expiring* |
||||||||||||
| 2006 |
7 | $ | 19.94 | 33,430 | 2.9 | % | 2.9 | % | 2.1 | % | 2.1 | % | |||||||
| 2007 |
4 | $ | 23.01 | 26,798 | 2.3 | % | 5.1 | % | 1.9 | % | 3.9 | % | |||||||
| 2008 |
11 | $ | 24.15 | 68,422 | 5.8 | % | 11.0 | % | 5.1 | % | 9.0 | % | |||||||
| 2009 |
9 | $ | 21.79 | 55,985 | 4.8 | % | 15.8 | % | 3.8 | % | 12.8 | % | |||||||
| 2010 |
16 | $ | 31.44 | 157,802 | 13.5 | % | 29.3 | % | 15.3 | % | 28.0 | % | |||||||
| 2011 |
8 | $ | 35.86 | 97,521 | 8.3 | % | 37.6 | % | 10.8 | % | 38.8 | % | |||||||
| 2012 |
6 | $ | 35.84 | 65,088 | 5.6 | % | 43.2 | % | 7.2 | % | 46.0 | % | |||||||
| 2013 |
8 | $ | 32.77 | 39,675 | 3.4 | % | 46.6 | % | 4.0 | % | 50.0 | % | |||||||
| 2014 |
7 | $ | 23.63 | 105,551 | 9.0 | % | 55.6 | % | 7.7 | % | 57.7 | % | |||||||
| 2015 |
18 | $ | 29.19 | 391,552 | 33.5 | % | 89.1 | % | 35.2 | % | 92.8 | % | |||||||
| 2016 |
3 | $ | 28.90 | 32,860 | 2.8 | % | 91.9 | % | 2.9 | % | 95.7 | % | |||||||
| Thereafter |
6 | $ | 30.76 | 45,023 | 3.8 | % | 95.7 | % | 4.3 | % | 100.0 | % | |||||||
| Vacant |
0 | NA | 49,940 | 4.3 | % | 100.0 | % | 0.0 | % | 100.0 | % | ||||||||
| * | Calculated based upon approximate square footage occupied by each tenant. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
56
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
500-512 Seventh Avenue
| • | The Loan. The Mortgage Loan (the “500-512 Seventh Avenue Loan”) is secured by a first lien leasehold interest in an office building located in New York, New York. The 500-512 Seventh Avenue Loan represents approximately 3.8% of the Cut-Off Date Pool Balance. The 500-512 Seventh Avenue Loan was originated on July 7, 2006 and has a principal balance as of the Cut-Off Date of $136,918,271. The 500-512 Seventh Avenue Loan, which is evidenced by a pari passu note, dated July 7, 2006, is a portion of a whole loan with an original principal balance of $300,000,000. The other loans related to the 500-512 Seventh Avenue Loan are evidenced by two separate notes, each dated July 7, 2006 (the “500-512 Seventh Avenue Pari Passu Companion Loan” and the “500-512 Seventh Avenue Subordinate Companion Loan” and, collectively with the 500-512 Seventh Avenue Loan, the “500-512 Seventh Avenue Whole Loan”), with original principal balances of $137,500,000 and $25,000,000, respectively. The 500-512 Seventh Avenue Pari Passu Companion Loan and the 500-512 Seventh Avenue Subordinate Companion Loan will not be assets of the Trust Fund. The 500-512 Seventh Avenue Loan, the 500-512 Seventh Avenue Pari Passu Companion Loan and the 500-512 Seventh Avenue Subordinate Companion Loan are governed by an intercreditor and servicing agreement and will be serviced pursuant to the terms of the pooling and servicing agreement relating to the Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2006-C27 transaction, as described under ‘‘DESCRIPTION OF THE MORTGAGE POOL—Co-Lender Loans’’ in the Prospectus Supplement. |
The 500-512 Seventh Avenue Loan has a remaining term of 117 months and matures on July 11, 2016. The 500-512 Seventh Avenue Loan may be prepaid on or after April 11, 2016, and permits defeasance with United States government obligations beginning two years after the Closing Date.
| • | The Borrower. The borrower is 500-512 Seventh Avenue Limited Partnership, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the 500-512 Seventh Avenue Loan. The sponsors are Jacob Chetrit, Joseph Moinian and Edward J. Minskoff Equities, Inc. Mr. Moinian and Mr. Chetrit are the majority owners of the sponsorship group and are both New York City-based real estate owners and operators that own numerous office properties in Manhattan as well as additional commercial properties throughout the United States. Mr. Moinian heads the Moinian Group, which has been actively involved in greater New York commercial real estate for over 15 years, and currently owns and controls a portfolio that exceeds 20 million square feet of office, industrial, retail, residential and hotel properties throughout the United States and abroad. Mr. Chetrit heads the Chetrit Group, which has been involved in real estate for approximately 20 years. The Chetrit Group has interests in over 15 million square feet in locations such as New York, Philadelphia and Los Angeles. |
| • | The Property. The Mortgaged Property is an approximately 1,169,647 square foot office building situated on approximately 1.2 acres. The Mortgaged Property was constructed in 1921 and renovated in 2000. The Mortgaged Property is located in New York, New York. As of June 1, 2006, the occupancy rate for the Mortgaged Property securing the 500-512 Seventh Avenue Loan was approximately 95.7%. The largest tenant is Target Corporation (“Target”), occupying approximately 99,700 square feet, or approximately 8.5% of the net rentable area. Target, the nation’s second largest discount chain, operates nearly 1,400 Target and SuperTarget stores in 47 states, as well as an online business called Target.com. As of September 25, 2006, Target was rated ‘‘A1’’ (Moody’s), ‘‘A+’’ (S&P) and ‘‘A+’’ (Fitch). The Target lease expires in March 2015. The second largest tenant is The New York Times Company (“The NYTimes”), occupying approximately 82,822 square feet, or approximately 7.1% of the net rentable area. The NYTimes is a diversified media company, including newspapers, internet businesses, television and radio stations and investments in paper mills and other investments. The company operates three segments, namely the News Media Group, which is comprised of the New York Times Media Group, the New England Media Group and the Regional Media Group; the Broadcast Media Group, which consists of nine network-affiliated television stations, including KAUT-TV and About.com, an online source for consumer information and advice. As of September 25, 2006, The NYTimes was rated ‘‘Baa1’’ (Moody’s), ‘‘A-’’ (S&P) |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
57
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
500-512 Seventh Avenue
| and ‘‘A’’ (Fitch). The NYTimes lease expires in November 2015. The third largest tenant is iVillage, Inc. (“iVillage”), a subsidiary of NBC Universal, Inc., occupying approximately 56,668 square feet, or approximately 4.8% of the net rentable area. iVillage is ‘‘the Internet for women’’ and consists of several online and offline media-based properties that seek to enrich the lives of women, teenage girls and parents through the offering of unique content, community applications, tools and interactive features. iVillage (NASDAQ: IVIL) was established in 1995 and is headquartered in New York, New York. The iVillage lease expires in April 2015. |
| • | Lockbox Account. All tenant payments due under the applicable leases are deposited into a mortgagee-designated lockbox account. |
| • | Mezzanine Debt. A mezzanine loan with an original amount of $25,000,000 was provided by Wachovia Bank, National Association, on July 7, 2006. The mezzanine loan is not an asset of the Trust Fund and is secured by a pledge of the equity interests in the borrower for the 500-512 Seventh Avenue Loan. The mezzanine loan carries a fixed interest rate of 10.250% per annum and matures in July 2016. |
| • | Management. Newmark & Company Real Estate, Inc. (“Newmark”) is the property manager for the Mortgaged Property securing the 500-512 Seventh Avenue Loan. Newmark is an independent, full-service real estate firm, providing real estate solutions to corporations, property owners, investors and developers across the globe. Newmark serves as leasing agent and/or property manager for approximately 50 million square feet of commercial space in the United States. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
58
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Newport Bluffs
 |
 | |
 |
 |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
59
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Newport Bluffs
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
60
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Newport Bluffs
| Loan Information | |||||
| Mortgage Loan Seller |
Wachovia | ||||
| Cut-Off Date Balance |
$ | 132,000,000 | |||
| Percentage of Cut-Off Date Pool Balance |
3.7% | ||||
| Number of Mortgage Loans |
1 | ||||
| Loan Purpose |
Refinance | ||||
| Sponsor |
The Irvine Company LLC | ||||
| Type of Security |
Fee | ||||
| Mortgage Rate |
6.104% | ||||
| Maturity Date |
October 11, 2016 | ||||
| Amortization Type |
Interest-Only | ||||
| Interest Only Period |
120 | ||||
| Original Term / Amortization |
120 / IO | ||||
| Remaining Term / Amortization |
120 / IO | ||||
| Lockbox |
None | ||||
| Up-Front Reserves |
None | ||||
| Ongoing Annual Reserves |
|||||
| Tax/Insurance(1) |
Springing | ||||
| Replacement(2) |
Springing | ||||
| Additional Financing(3) |
Pari Passu Debt | $ | 132,000,000 | ||
| Pari Passu Notes(4) | |||||
| Cut-Off Date Balance |
$264,000,000 | ||||
| Cut-Off Date Balance/Unit |
$250,951 | ||||
| Cut-Off Date LTV |
71.0% | ||||
| Maturity Date LTV |
71.0% | ||||
| UW DSCR on NCF |
1.35x | ||||
| (1) | An annual deposit into the tax and insurance reserve will be required upon an event of default as specified in the related Mortgage Loan documents. |
| (2) | An annual deposit of $228,408 into the replacement reserve will be required upon certain conditions as specified in the related Mortgage Loan documents. |
| (3) | Additional future pari passu debt is permitted subject to (i) a combined maximum LTV ratio based upon the aggregate principal balance of the Newport Bluffs Whole Loan and the Newport Bluffs Future Pari Passu Loan of 65.0% during the first 60 months of the loan term, and 60.0% anytime thereafter, (ii) a combined minimum DSC ratio based upon the aggregate principal balance of the Newport Bluffs Whole Loan and the Newport Bluffs Future Pari Passu Loan of 1.35x during the first 60 months of the loan term, and 1.45x anytime thereafter and (iii) certain other conditions as specified in the related Mortgage Loan documents. |
| (4) | LTV ratios, DSC ratio and Cut-Off Date Balance/Unit were derived based upon the aggregate indebtedness of or debt service on the Newport Bluffs Loan and the Newport Bluffs Pari Passu Companion Loan. |
| Property Information | ||
| Number of Mortgaged Properties |
1 | |
| Location |
Newport Beach, CA | |
| Property Type |
Multifamily – Conventional | |
| Size (Units) |
1,052 | |
| Occupancy as of September 25, 2006 |
94.3% | |
| Year Built / Year Renovated |
1999 / NA | |
| Appraised Value |
$371,900,000 | |
| Property Management |
Irvine Community Development Co. LLC | |
| UW Economic Occupancy |
94.1% | |
| UW Revenues |
$28,343,179 | |
| UW Total Expenses |
$6,324,731 | |
| UW Net Operating Income (NOI) |
$22,018,448 | |
| UW Net Cash Flow (NCF) |
$21,780,696 | |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
61
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Newport Bluffs
| Unit Mix | |||||||||||
| Unit Mix | No. of Units | Approximate Unit Size (SF) | Approximate NRA (SF) | % of NRA | Actual Rent | ||||||
| Studio |
33 | 549 | 18,117 | 1.7 | % | $1,483 | |||||
| 1 BR/1 BA |
391 | 791 | 309,281 | 29.1 | $1,928 | ||||||
| 2 BR/2 BA |
359 | 1,088 | 390,592 | 36.7 | $2,238 | ||||||
| 2 BR/2 BA Townhome |
112 | 1,195 | 133,840 | 12.6 | $2,690 | ||||||
| 3 BR/2 BA |
47 | 1,336 | 62,792 | 5.9 | $2,830 | ||||||
| 3 BR/3 BA Townhome |
110 | 1,363 | 149,930 | 14.1 | $3,125 | ||||||
| Total/Average |
1,052 | 1,012 | 1,064,552 | 100.0 | % | $2,266/$2.24/SF | |||||
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
62
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Newport Bluffs
| • | The Loan. The Mortgage Loan (the “Newport Bluffs Loan”) is secured by a first mortgage encumbering a 1,052-unit multifamily complex located in Newport Beach, California. The Newport Bluffs Loan represents approximately 3.7% of the Cut-Off Date Pool Balance. The Newport Bluffs Loan was originated on October 5, 2006 and has a principal balance as of the Cut-Off Date of $132,000,000. The Newport Bluffs Loan, which is evidenced by a pari passu note, dated October 5, 2006, is a portion of a whole loan with an original principal balance of $264,000,000. The other loan related to the Newport Bluffs Loan is evidenced by one separate note, dated October 5, 2006 (the “Newport Bluffs Pari Passu Companion Loan” and together with the Newport Bluffs Loan and the Newport Bluffs Future Pari Passu Companion Loan, if applicable, the “Newport Bluffs Whole Loan”), with an original balance of $132,000,000. Further, the related Mortgage Loan documents permit the related borrower to obtain future debt that will be pari passu in right of entitlement of payment with each of the Newport Bluffs Loan and the Newport Bluffs Pari Passu Companion Loan (the “Newport Bluffs Future Pari Passu Companion Loan”), subject to the satisfaction of certain financial conditions set forth in the related Mortgage Loan documents, including but not limited to loan-to-value tests and debt service coverage tests, as well as the written confirmation from the Rating Agencies that any ratings of the Certificates will not, as a result of the Newport Bluffs Future Pari Passu Companion Loan, be downgraded, qualified or withdrawn. The Newport Bluffs Loan provides for interest-only payments for the entire loan term. |
| • | The Newport Bluffs Loan has a remaining term of 120 months and matures on October 11, 2016. The Newport Bluffs Loan may be prepaid at any time with payment of the greater of yield maintenance or 1.0% of the prepaid amount through and including June 11, 2016. In lieu of the yield maintenance premium, the Newport Bluffs Loan permits defeasance with United States government obligations beginning two years after the Closing Date. |
| • | The Borrower. The borrower is Newport Bluffs LLC, a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Newport Bluffs Whole Loan. The sponsor of the borrower is The Irvine Company, a 140-year old privately held real estate investment company best known for the balanced, sustainable communities it continues to plan and create on the Irvine Ranch in Orange County, California. The company owns significant office, apartment and retail properties on the Irvine Ranch and in Silicon Valley, West Los Angeles and North San Diego, California. The Irvine Company today maintains a portfolio of approximately 400 office buildings, 39 retail centers, 80 apartment communities, 12 hotels, five marinas and three golf clubs, along with 44,000 acres of undeveloped land from the original tract. The company has earned international recognition for its comprehensive planning and the high quality of its design, architecture and landscaping in its villages in Irvine, California and parts of the neighboring cities of Newport Beach, Tustin, Laguna Beach and Orange County, California. |
| • | The Property. The Mortgaged Property is a 1,052-unit multifamily complex consisting of 52 three-story buildings situated on approximately 57.7 acres. The Mortgaged Property was constructed in 1999. The Mortgaged Property is located in Newport Beach, California within the Los Angeles-Long Beach-Santa Ana, California metropolitan statistical area. Individual unit amenities include a private patio or balcony, in-home washers and dryers, gourmet kitchens and high-speed internet. Project amenities at the Mortgaged Property include a gated community, three resort-style pools with spas, tiered sundecks with private cabanas, clubhouse with catering kitchen and courtyard, outdoor fireplace and barbeque areas, two tennis courts, fitness center with cardiovascular, exercise and weight-training equipment, multi-use aerobics area, private surround-sound movie theater and fully-equipped executive business center. As of September 25, 2006, the occupancy rate for the Mortgaged Property securing the Newport Bluffs Loan was approximately 94.3%. |
| • | Lock Box Account. The related Mortgage Loan documents do not require a lockbox account. |
| • | Property Management. Irvine Community Development Co. LLC, an affiliate of the sponsor, is the property manager for the Mortgaged Property securing the Newport Bluffs Loan. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
63
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
THIS PAGE INTENTIONALLY LEFT BLANK
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
64
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
 |
| |
 |
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This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
65
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
66
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
| Loan Information | |||||
| Mortgage Loan Seller |
Nomura | ||||
| Cut-Off Date Balance |
$ | 87,000,000 | |||
| Percentage of Cut-Off Date Pool Balance |
2.4% | ||||
| Number of Mortgage Loans |
1 | ||||
| Loan Purpose |
Refinance | ||||
| Sponsor |
Shopping Center at Gateway, L.P. | ||||
| Type of Security |
Fee | ||||
| Mortgage Rate |
5.890% | ||||
| Maturity Date |
October 1, 2011 | ||||
| Amortization Type |
Interest-Only | ||||
| Interest Only Period |
60 | ||||
| Original Term /Amortization |
60 / IO | ||||
| Remaining Term / Amortization |
60 / IO | ||||
| Lockbox |
Yes | ||||
| Up-Front Reserves |
None | ||||
| Ongoing Annual Reserves |
None | ||||
| Additional Financing |
None | ||||
| Cut-Off Date Balance |
$ | 87,000,000 | |||
| Cut-Off Date Balance/SF |
$182 | ||||
| Cut-Off Date LTV |
66.4% | ||||
| Maturity Date LTV |
66.4% | ||||
| UW DSCR on NCF |
1.34x | ||||
| Property Information | ||
| Number of Mortgaged Properties |
1 | |
| Location |
Austin, TX | |
| Property Type |
Retail – Anchored | |
| Size (SF) |
476,934 | |
| Occupancy as of August 10, 2006 |
100.0% | |
| Year Built / Year Renovated |
1993 / NA | |
| Appraised Value |
$131,000,000 | |
| Property Management |
Simon Management Associates (Texas), LLC | |
| UW Economic Occupancy |
95.4% | |
| UW Revenues |
$10,712,728 | |
| UW Total Expenses |
$3,494,987 | |
| UW Net Operating Income (NOI) |
$7,217,742 | |
| UW Net Cash Flow (NCF) |
$6,947,061 | |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
67
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
| Tenant Summary | ||||||||||||||||||
| Tenant | Ratings* Moody's/S&P/Fitch |
Net Rentable Area (SF) |
% of Net Rentable Area |
Base Rent PSF |
Annual Base Rent |
% of Total Annual Base Rent |
Lease Expiration | |||||||||||
| Major Tenants |
||||||||||||||||||
| Star Furniture |
Aaa/AAA/AAA | 84,779 | 17.8 | % | $ | 12.35 | $ | 1,047,021 | 13.4 | % | July 2010 | |||||||
| Regal Cinema |
B2/BB-/NR | 66,918 | 14.0 | $ | 6.82 | 456,500 | 5.8 | November 2031 | ||||||||||
| Best Buy |
Baa3/BBB/BBB+ | 46,798 | 9.8 | $ | 10.75 | 503,079 | 6.4 | January 2012 | ||||||||||
| Linens ’n Things |
B3/B/B- | 35,058 | 7.4 | $ | 12.28 | 430,512 | 5.5 | January 2010 | ||||||||||
| Whole Foods Market |
Ba2/BBB-/NR | 34,078 | 7.1 | $ | 14.77 | 503,284 | 6.4 | April 2010 | ||||||||||
| Total Major Tenants |
267,631 | 56.1 | % | $ | 10.99 | $ | 2,940,396 | 37.5 | % | |||||||||
| Non-Major Tenants |
209,303 | 43.9 | $ | 23.40 | 4,898,292 | 62.5 | ||||||||||||
| Occupied Total |
476,934 | 100.0 | % | $ | 16.44 | $ | 7,838,688 | 100.0 | % | |||||||||
| Vacant Space |
0 | 0.0 | ||||||||||||||||
| Property Total |
476,934 | 100.0 | % | |||||||||||||||
| * | Certain ratings are those of the parent whether or not the parent guarantees the lease. |
| Lease Expiration Schedule | |||||||||||||||||||
| Year | # of Leases Expiring |
WA Base Rent/SF Expiring |
Total SF Expiring |
% of Total SF Expiring* |
Cumulative % of SF Expiring* |
% of Base Rent Expiring* |
Cumulative % of Base Rent Expiring* |
||||||||||||
| 2006 |
1 | $ | 26.40 | 2,500 | 0.5 | % | 0.5 | % | 0.8 | % | 0.8 | % | |||||||
| 2007 |
4 | $ | 26.91 | 7,888 | 1.7 | % | 2.2 | % | 2.7 | % | 3.6 | % | |||||||
| 2008 |
7 | $ | 19.13 | 46,744 | 9.8 | % | 12.0 | % | 11.4 | % | 15.0 | % | |||||||
| 2009 |
4 | $ | 28.18 | 19,839 | 4.2 | % | 16.1 | % | 7.1 | % | 22.1 | % | |||||||
| 2010 |
10 | $ | 14.99 | 201,567 | 42.3 | % | 58.4 | % | 38.5 | % | 60.6 | % | |||||||
| 2011 |
6 | $ | 24.82 | 41,622 | 8.7 | % | 67.1 | % | 13.2 | % | 73.8 | % | |||||||
| 2012 |
1 | $ | 10.75 | 46,798 | 9.8 | % | 76.9 | % | 6.4 | % | 80.2 | % | |||||||
| 2013 |
1 | $ | 18.00 | 7,137 | 1.5 | % | 78.4 | % | 1.6 | % | 81.9 | % | |||||||
| 2014 |
0 | $ | 0.00 | 0 | 0.0 | % | 78.4 | % | 0.0 | % | 81.9 | % | |||||||
| 2015 |
1 | $ | 20.00 | 3,321 | 0.7 | % | 79.1 | % | 0.8 | % | 82.7 | % | |||||||
| 2016 |
1 | $ | 14.73 | 6,700 | 1.4 | % | 80.5 | % | 1.3 | % | 84.0 | % | |||||||
| Thereafter |
2 | $ | 13.54 | 92,818 | 19.5 | % | 100.0 | % | 16.0 | % | 100.0 | % | |||||||
| Vacant |
0 | NA | 0 | 0.0 | % | 100.0 | % | 0.0 | % | 100.0 | % | ||||||||
| * | Calculated based upon approximate square footage occupied by each tenant. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
68
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
| • | The Loan. The Mortgage Loan (the “Gateway Shopping Center Loan”) is secured by a first mortgage encumbering an anchored retail center located in Austin, Texas. The Gateway Shopping Center Loan represents approximately 2.4% of the Cut-Off Date Pool Balance. The Gateway Shopping Center Loan was originated on September 13, 2006 and has a principal balance as of the Cut-Off Date of $87,000,000. The Gateway Shopping Center Loan provides for interest-only payments for the entire loan term. |
The Gateway Shopping Center Loan has a remaining term of 60 months and matures on October 1, 2011. The Gateway Shopping Center Loan may be prepaid on or after January 1, 2011, and permits defeasance with United States government obligations beginning two years after the Closing Date.
| • | The Borrower. The borrower is Shopping Center at Gateway, L.P., a Delaware limited partnership and a special purpose entity. Legal counsel to the borrower delivered a non-consolidation opinion in connection with the origination of the Gateway Shopping Center Loan. The primary sponsor of the borrower is Simon Property Group, L.P. (“Simon”). Headquartered in Indianapolis, Indiana, Simon is the largest publicly traded real estate investment trust (REIT) in North America and the country’s largest owner, developer and manager of high quality retail real estate. Simon operates from four major platforms: regional malls, Premium Outlet centers, community/lifestyle centers and international shopping centers. Simon owns, or has an interest in, approximately 284 properties in the United States, comprising more than 200 million square feet of gross leasable area in 38 states plus Puerto Rico. Simon also has an interest in more than 52 European shopping centers in France, Italy and Poland; 5 Premium Outlet centers in Japan; and 1 Premium Outlet center in Mexico. Simon Property Group, L.P., the operating partnership, is rated “Baa1” (Moody’s), “A-” (S&P) and “BBB+” (Fitch). Simon is a NYSE listed company (NYSE: SPG) and a member of the S&P 500 index. |
| • | The Property. Gateway Shopping Center is a Class A retail center. Situated on approximately 46.1 acres, the center is comprised of 12 one- and two-story buildings that were built in phases between 1993 and 2004. The Mortgaged Property is located in Austin, Texas at the heart of the “Golden Triangle”, the premier retail area within the Austin, Texas MSA. This regional outdoor shopping center features 476,934 square feet of borrower-owned retail GLA and was approximately 100.0% occupied as of August 10, 2006. |
The largest tenant is Star Furniture occupying approximately 84,779 square feet, or approximately 17.8% of the net rentable area. Star Furniture, founded over 90 years ago, is one of the largest retail furniture stores in the country with 10 showrooms in Texas. Star Furniture is owned by Berkshire Hathaway. As of October 4, 2006, Berkshire Hathaway was rated “Aaa” (Moody’s), “AAA” (S&P) and “AAA” (Fitch). The Star Furniture lease expires in July 2010. The second largest tenant is Regal Cinema, occupying approximately 66,918 square feet, or approximately 14.0% of the net rentable area. Regal Entertainment Group (NYSE: RGC), operates the largest and most geographically diverse theatre circuit in the United States, consisting of approximately 6,383 screens in 542 theatres in 40 states as of June 29, 2006, with over 244 million annual attendees for the fiscal year ended December 29, 2005. Regal Entertainment Group develops, acquires and operates multi-screen theatres primarily in mid-sized metropolitan markets and suburban growth areas of larger metropolitan markets throughout the United States. As of October 4, 2006, Regal Entertainment Group was rated “B2” (Moody’s). The Regal Cinema lease expires in November 2031. The third largest tenant is Best Buy, occupying approximately 46,798 square feet, or approximately 9.8% of the net rentable area. Best Buy (NYSE: BBY), operates as a specialty retailer of consumer electronics, home-office products, entertainment software, appliances, and related services. It operates retail stores and commercial Web sites under the brand names Best Buy, Future Shop, Magnolia Audio Video, and Geek Squad. As of October 4, 2006, Best Buy was rated “Baa3” (Moody’s), “BBB” (S&P) and “BBB+” (Fitch). As of May 10, 2006, the company operated approximately 930 retail stores in the United States and in Canada. The Best Buy lease expires in January 2012.
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
69
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
| • | Release Provisions. Non-income producing parcels of the Mortgaged Property may be released provided that (i) there is no material adverse effect, (ii) a REMIC opinion is delivered and (iii) the remaining property complies with all applicable laws and remains separate tax parcels. |
| • | Lockbox Account. All tenant payments due under the applicable tenant leases are deposited into a mortgagee-designated lockbox account. |
| • | Management. Simon Management Associates (Texas), LLC, an affiliate of the sponsor, is the property manager for the Mortgaged Property securing the Gateway Shopping Center Loan. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
70
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Embassy Suites – Washington, DC
 |
 | |
 |
 | |
 |
 |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
71
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Embassy Suites – Washington, DC
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
72
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Embassy Suites – Washington, DC
| Loan Information | |||||
| Mortgage Loan Seller |
Wachovia | ||||
| Cut-Off Date Balance |
$65,000,000 | ||||
| Percentage of Cut-Off Date Pool Balance |
1.8% | ||||
| Number of Mortgage Loans |
1 | ||||
| Loan Purpose |
Refinance | ||||
| Sponsor |
|
International Painters and Allied Trades Industry Pension Fund | |||
| Type of Security |
Fee | ||||
| Mortgage Rate |
5.930% | ||||
| Maturity Date |
November 11, 2016 | ||||
| Amortization Type |
Balloon | ||||
| Interest Only Period |
36 | ||||
| Original Term / Amortization |
120 / 300 | ||||
| Remaining Term / Amortization |
120 / 300 | ||||
| Lockbox |
None | ||||
| Up-Front Reserves |
|||||
| Tax |
Yes | ||||
| Debt Service Reserve(1) |
$ | 7,709,000 | |||
| Ongoing Annual Reserves |
|||||
| Tax |
Yes | ||||
| FF&E(2) |
Yes | ||||
| Additional Financing |
None | ||||
| Cut-Off Date Balance |
$65,000,000 | ||||
| Cut-Off Date Balance/Room |
$169,271 | ||||
| Cut-Off Date LTV |
65.9% | ||||
| Maturity Date LTV |
56.4% | ||||
| UW DSCR on NCF |
1.44x | ||||
| (1) | An amount equal to two years of interest payments will be taken upon origination of the related Mortgage Loan as additional security for the Mortgage until the hotel attains a stabilized occupancy. Such amounts will be released upon mortgagee satisfaction and upon other conditions as described in the related Mortgage Loan documents. |
| .(2) | 4.0% of gross revenues will be escrowed, commencing in year 3. |
| (3) | Year to date occupancy. |
| Property Information | ||
| Number of Mortgaged Properties |
1 | |
| Location |
Washington, DC | |
| Property Type |
Hospitality – Full Service | |
| Size (Rooms) |
384 | |
| Occupancy as of August 31, 2006(3) |
72.3% | |
| Year Built / Year Renovated |
2005 / NA | |
| Appraised Value |
$98,600,000 | |
| Property Management |
Promus Hotels, Inc. | |
| UW Economic Occupancy |
78.0% | |
| UW Revenues |
$29,160,394 | |
| UW Total Expenses |
$20,474,430 | |
| UW Net Operating Income (NOI) |
$8,685,965 | |
| UW Net Cash Flow (NCF) |
$7,181,288 | |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
73
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Embassy Suites – Washington, DC
| Facility Summary | ||
| Guest Rooms |
Number of Rooms | |
| King |
273 | |
| Double/Double |
111 | |
| Total |
384 | |
| Meeting Rooms |
Square Feet | |
| Meeting Space |
7,000 | |
| Food and Beverage |
Seating | |
| Finn and Porter Restaurant |
200 | |
| Other Amenities |
||
| Gift Shop |
||
| Fitness Center |
||
| Indoor swimming pool |
||
| Financial Schedule | ||
| Year |
2006 | |
| Latest Period |
T6 Ending 8/2006 | |
| Occupancy |
66.1% | |
| ADR |
$241.35 | |
| REVPAR |
$159.48 | |
| UW Occupancy |
78.0% | |
| UW ADR |
$206.91 | |
| UW REVPAR |
$161.39 | |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
74
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Embassy Suites – Washington, DC
| • | The Loan. The Mortgage Loan (the “Embassy Suites – Washington, DC Loan”) is secured by a first mortgage encumbering a full-service hotel located in Washington, DC. The Embassy Suites – Washington, DC Loan represents approximately 1.8% of the Cut-Off Date Pool Balance. The Embassy Suites – Washington, DC Loan will be originated on October 30, 2006, and has a principal balance as of the Cut-Off Date of $65,000,000. The Embassy Suites – Washington, DC Loan provides for interest-only payments for the first 36 months of the loan term, and thereafter, fixed monthly payments of principal and interest. |
The Embassy Suites – Washington, DC Loan has a remaining term of 120 months and matures on November 11, 2016. The Embassy Suites – Washington, DC Loan may be prepaid on or after September 11, 2016, and permits defeasance with United States government obligations beginning two years after the Closing Date.
| • | The Borrower. The borrower is 1000 K, L.L.C., a special purpose entity. Legal counsel to the borrower will deliver a non-consolidation opinion in connection with the origination of the Embassy Suites – Washington, DC Loan. The sponsor of the borrower is the International Painters and Allied Trades Industry Pension Fund, a pension fund with assets in excess of $2.4 billion and more than 7,000 employers in the United States and Canada who participate in the pension fund. |
| • | The Property. The Mortgaged Property is a full-service hotel, containing 384 rooms and approximately 7,000 square feet of flexible meeting space on approximately 0.6 acres. The Mortgaged Property was constructed in 2005. The Mortgaged Property is located in Washington, DC, approximately two blocks from the Washington Convention Center and one mile from the White House. The amenities at the Mortgaged Property include an indoor swimming pool, fitness center, restaurant, meeting rooms, ballrooms, gift shop and guest laundry. Based upon year-to-date period ending August 31, 2006, the occupancy rate for the Mortgaged Property securing the Embassy Suites – Washington, DC Loan was approximately 72.3%. |
| • | Lockbox Account. The related Mortgage Loan documents do not require a lockbox account. |
| • | Management. Promus Hotels, Inc. (“Promus”) is the property manager for the Mortgaged Property securing the Embassy Suites – Washington, DC Loan. Promus, an affiliate of Hilton Hotels Corporation, franchises and manages Hilton’s Doubletree, Embassy Suites, Hampton Inn, Hampton Inn & Suites, Homewood Suites and Harrison Conference Centers brands. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
75
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Westin – Falls Church, VA
| Loan Information | ||||
| Mortgage Loan Seller | Wachovia | |||
| Cut-Off Date Balance |
$64,000,000 | |||
| Percentage of Cut-Off Date Pool Balance |
1.8% | |||
| Number of Mortgage Loans |
1 | |||
| Loan Purpose |
Acquisition | |||
| Sponsor |
James A. Procaccianti | |||
| Type of Security |
Fee | |||
| Mortgage Rate |
5.510% | |||
| Maturity Date |
October 11, 2015 | |||
| Amortization Type |
Balloon | |||
| Interest Only Period |
84 | |||
| Original Term / Amortization |
120 / 300 | |||
| Remaining Term / Amortization |
108 / 300 | |||
| Lockbox |
None | |||
| Up-Front Reserves |
||||
| Tax/Insurance |
Yes | |||
| PIP(1) |
$6,646,338 | |||
| Ongoing Annual Reserves |
||||
| Tax/Insurance |
Yes | |||
| FF&E(2) |
Yes | |||
| Additional Financing |
None | |||
| Cut-Off Date Balance |
$64,000,000 | |||
| Cut-Off Date Balance/Room |
$158,025 | |||
| Cut-Off Date LTV |
66.7% | |||
| Maturity Date LTV |
62.8% | |||
| UW DSCR on NCF |
1.37x | |||
| (1) | The Mortgaged Property is currently undergoing a renovation and subsequent reflagging of the hotel. Total cost for the conversion was estimated to be approximately $20,254,422. Certain of these funds, totaling $15,757,958, were originally escrowed by the mortgagee. As of September 11, 2006, the current balance of the escrow is $6,646,338. |
| (2) | The FF&E reserve escrow commenced in April 2006, and is calculated as 2.0% of gross revenue for the prior year through October 2006. Commencing in November 2006, the ongoing annual FF&E reserve will be 3.0% of gross revenue of the prior year through October 2007, and 4.0% of thereafter. |
| (3) | Trailing 12-month occupancy. |
| Property Information | ||
| Number of Mortgaged Properties |
1 | |
| Location |
Falls Church, VA | |
| Property Type |
Hospitality - Full Service | |
| Size (Rooms) |
405 | |
| Occupancy as of July 31, 2006(3) |
52.2% | |
| Year Built / Year Renovated |
1979 / 2006 | |
| Appraised Value |
$96,000,000 | |
| Property Management |
Lenox Hotels, Inc. | |
| UW Economic Occupancy |
70.0% | |
| UW Revenues |
$19,751,625 | |
| UW Total Expenses |
$12,513,846 | |
| UW Net Operating Income (NOI) |
$7,237,779 | |
| UW Net Cash Flow (NCF) |
$6,447,714 | |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
76
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Westin – Falls Church, VA
| Facility Summary | ||
| Guest Rooms |
Number of Rooms | |
| King |
260 | |
| Double-Double |
122 | |
| Suite |
9 | |
| ADA-Compliant |
14 | |
| Total |
405 | |
| Meeting Rooms |
Square Feet | |
| Executive Meeting Center |
6,753 | |
| Ballroom |
5,130 | |
| Foyer |
1,160 | |
| Total |
13,043 | |
| Food and Beverage |
Seating | |
| Food 101 Restaurant |
150 | |
| Fusion Lounge |
200 | |
| Total |
350 | |
| Other Amenities |
||
| Heated indoor pool and hot tub |
||
| Exercise room |
||
| Business Center |
||
| Financial Schedule | ||
| Year |
2005-2006 | |
| Latest Period |
TTM 7/31/2006 | |
| Occupancy |
52.2% | |
| ADR |
$138.51 | |
| REVPAR |
$72.26 | |
| UW Occupancy |
70.0% | |
| UW ADR |
$150.00 | |
| UW REVPAR |
$105.00 | |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
77
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Brookfield Lakes Corporate Center
| Loan Information | ||||
| Mortgage Loan Seller |
Wachovia | |||
| Cut-Off Date Balance |
$60,563,000 | |||
| Percentage of Cut-Off Date Pool Balance |
1.7% | |||
| Number of Mortgage Loans |
1 | |||
| Loan Purpose |
Acquisition | |||
| Sponsor |
John R. Saunders | |||
| Type of Security |
Fee | |||
| Mortgage Rate |
5.610% | |||
| Maturity Date |
October 11, 2016 | |||
| Amortization Type |
Balloon | |||
| Interest-Only Period |
84 | |||
| Original Term / Amortization |
120 / 360 | |||
| Remaining Term / Amortization |
120 / 360 | |||
| Lockbox(1) |
Springing | |||
| Up-Front Reserves |
||||
| Tax/Insurance |
Yes | |||
| TI/LC |
$2,000,000 | |||
| Replacement |
$650,000 | |||
| Ongoing Annual Reserves |
||||
| Tax/Insurance |
Yes | |||
| Replacement(2) |
Springing | |||
| TI/LC(3) |
Springing | |||
| Additional Financing |
Mezzanine | $15,912,500 | ||
| Cut-Off Date Balance |
$60,563,000 | |||
| Cut-Off Date Balance/SF |
$120 | |||
| Cut-Off Date LTV |
75.2% | |||
| Maturity Date LTV |
72.3% | |||
| UW DSCR on NCF |
1.33x | |||
| (1) | Lockbox is required (i) upon the occurrence of an event of default or (ii) if the mezzanine loan is not fully repaid prior to the date which is 120 days after October 4, 2006. |
| (2) | If the balance of the initial replacement reserve drops below $101,344 ($0.20/SF), the borrower will be required to fund an annual amount of $101,344 on a monthly basis until the account reaches a balance of $304,031, before requesting reimbursements from this account. Borrower shall not be required to make any deposits after October 2015. |
| (3) | In addition to the upfront TI/LC funding, the borrower is required to fund $300,000 into the TI/LC escrow during the year beginning in February 2008 and continuing through January 2009, and an additional $500,000 must be funded during the year beginning in February 2009 and continuing through January 2010, and $250,000 during the year beginning in February 2010 and through and including January 2011. |
| Property Information | ||
| Number of Mortgaged Properties |
1 | |
| Location |
Brookfield, WI | |
| Property Type |
Office – Suburban | |
| Size (SF) |
506,719 | |
| Occupancy as of September 18, 2006 |
89.2% | |
| Year Built / Year Renovated |
1984 – 1999 / 1992 – 2004 | |
| Appraised Value |
$80,500,000 | |
| Property Management |
Hammes Company | |
| UW Economic Occupancy |
89.6% | |
| UW Revenues |
$9,556,127 | |
| UW Total Expenses |
$3,620,498 | |
| UW Net Operating Income (NOI) |
$5,935,636 | |
| UW Net Cash Flow (NCF) |
$5,555,442 | |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
78
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Brookfield Lakes Corporate Center
| Tenant Summary | ||||||||||||||||||
| Tenant | Ratings* Moody’s/S&P/Fitch |
Net Rentable Area (SF) |
% of Net Rentable Area |
Base Rent PSF |
Annual Base Rent |
% of Total Annual Base Rent |
Lease Expiration | |||||||||||
| Major Tenants |
||||||||||||||||||
| Fiserv |
Baa2/BBB+/NR | 33,575 | 6.6 | % | $ | 13.75 | $ | 461,656 | 7.5 | % | September 2010 | |||||||
| General Casualty Company |
Aa3/A+/AA- | 32,160 | 6.3 | $ | 14.10 | 453,456 | 7.4 | October 2009 | ||||||||||
| Hydrite Chemical Company |
NR/NR/NR | 26,257 | 5.2 | $ | 13.50 | 354,470 | 5.8 | December 2012 | ||||||||||
| JC Penney Company |
Baa3/BBB-/BBB- | 20,155 | 4.0 | $ | 9.75 | 196,511 | 3.2 | January 2008 | ||||||||||
| Hammes Company |
NR/NR/NR | 17,462 | 3.4 | $ | 13.50 | 235,737 | 3.8 | January 2009 | ||||||||||
| Total Major Tenants |
129,609 | 25.6 | % | $ | 13.13 | $ | 1,701,830 | 27.7 | % | |||||||||
| Non-Major Tenants |
322,249 | 63.6 | $ | 13.78 | 4,440,641 | 72.3 | ||||||||||||
| Occupied Total |
451,858 | 89.2 | % | $ | 13.59 | $ | 6,142,471 | 100.0 | % | |||||||||
| Vacant Space |
54,861 | 10.8 | ||||||||||||||||
| Property Total |
506,719 | 100.0 | % | |||||||||||||||
| * | Certain ratings are those of the parent whether or not the parent guarantees the lease. |
| Lease Expiration Schedule | |||||||||||||||||||
| Year | # of Leases Expiring |
WA Base Rent/SF Expiring |
Total SF Expiring |
% of Total SF Expiring* |
Cumulative Expiring* |
% of Base Expiring* |
Cumulative |
||||||||||||
| 2006 |
6 | $ | 13.35 | 31,150 | 6.1 | % | 6.1 | % | 6.8 | % | 6.8 | % | |||||||
| 2007 |
11 | $ | 13.32 | 49,539 | 9.8 | % | 15.9 | % | 10.7 | % | 17.5 | % | |||||||
| 2008 |
12 | $ | 11.82 | 54,069 | 10.7 | % | 26.6 | % | 10.4 | % | 27.9 | % | |||||||
| 2009 |
16 | $ | 14.12 | 130,480 | 25.7 | % | 52.3 | % | 30.0 | % | 57.9 | % | |||||||
| 2010 |
12 | $ | 13.39 | 79,454 | 15.7 | % | 68.0 | % | 17.3 | % | 75.2 | % | |||||||
| 2011 |
5 | $ | 13.28 | 32,122 | 6.3 | % | 74.4 | % | 6.9 | % | 82.2 | % | |||||||
| 2012 |
2 | $ | 13.50 | 28,645 | 5.7 | % | 80.0 | % | 6.3 | % | 88.5 | % | |||||||
| 2013 |
2 | $ | 15.48 | 17,568 | 3.5 | % | 83.5 | % | 4.4 | % | 92.9 | % | |||||||
| 2014 |
2 | $ | 15.73 | 20,621 | 4.1 | % | 87.6 | % | 5.3 | % | 98.2 | % | |||||||
| 2015 |
1 | $ | 13.44 | 6,183 | 1.2 | % | 88.8 | % | 1.4 | % | 99.5 | % | |||||||
| 2016 |
0 | $ | 0.00 | 0 | 0.0 | % | 88.8 | % | 0.0 | % | 99.5 | % | |||||||
| Thereafter |
1 | $ | 13.75 | 2,027 | 0.4 | % | 89.2 | % | 0.5 | % | 100.0 | % | |||||||
| Vacant |
0 | NA | 54,861 | 10.8 | % | 100.0 | % | 0.0 | % | 100.0 | % | ||||||||
| * | Calculated based upon approximate square footage occupied by each tenant. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
79
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Intercontinental Multifamily Portfolio
| Loan Information | ||||
| Mortgage Loan Seller |
Wachovia | |||
| Cut-Off Date Balance |
$59,000,000 | |||
| Percentage of Cut-Off Date Pool Balance |
1.6% | |||
| Number of Mortgage Loans |
4 | |||
| Loan Purpose |
Acquisition | |||
| Sponsor |
Intercontinental Real Estate Investment Fund III, LLC | |||
| Type of Security |
Fee | |||
| Mortgage Rate |
5.930% | |||
| Maturity Date |
September 11, 2011 | |||
| Amortization Type |
Interest-Only | |||
| Interest-Only Period |
60 | |||
| Original Term / Amortization |
60 / IO | |||
| Remaining Term / Amortization |
59 / IO | |||
| Lockbox |
None | |||
| Up-Front Reserves |
||||
| Tax |
Yes | |||
| Engineering |
$899,869 | |||
| Ongoing Annual Reserves |
||||
| Tax/Insurance |
Yes/Springing | |||
| Replacement |
$275,744 | |||
| Additional Financing |
None | |||
| Cut-Off Date Balance |
$59,000,000 | |||
| Cut-Off Date Balance/Unit |
$53,105 | |||
| Cut-Off Date LTV |
76.3% | |||
| Maturity Date LTV |
76.3% | |||
| UW DSCR on NCF |
1.46x | |||
| Property Information | ||
| Number of Mortgaged Properties |
4 | |
| Location |
Various | |
| Property Type |
Multifamily – Conventional | |
| Size (Units) |
1,111 | |
| Occupancy as of July 11, 2006 |
95.5% | |
| Year Built / Year Renovated |
Various / NA | |
| Appraised Value |
$77,300,000 | |
| Property Management |
Sawyer Property Management of Maryland, LLC | |
| UW Economic Occupancy |
92.8% | |
| UW Revenues |
$10,753,144 | |
| UW Total Expenses |
$5,373,867 | |
| UW Net Operating Income (NOI) |
$5,379,277 | |
| UW Net Cash Flow (NCF) |
$5,103,534 | |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
80
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Intercontinental Multifamily Portfolio
| Intercontinental Multifamily Portfolio Summary | |||||||||||||||||||||||||||||
| Property Name | Property Location |
Cut-Off Date |
Year Built |
Year Renovated |
Units | Cut-Off Date |
Occupancy* | UW Occupancy |
Underwritten Flow |
Appraised Value |
Appraised Value Per Unit | ||||||||||||||||||
| Liberty Estates Apartments |
Hampton, VA | $ | 24,120,000 | 1964 | NA | 580 | $ | 41,586 | 96.9 | % | 92.8 | % | $ | 2,197,925 | $ | 30,150,000 | $ | 51,983 | |||||||||||
| Laurel Pines Apartments |
Laurel, MD | 17,180,000 | 1961 | NA | 236 | $ | 72,797 | 93.2 | % | 91.1 | % | 1,412,212 | 23,600,000 | $ | 100,000 | ||||||||||||||
| Country Club Apartments |
Glen Burnie, MD | 10,600,000 | 1962 | NA | 150 | $ | 70,667 | 94.7 | % | 93.1 | % | 887,252 | 13,850,000 | $ | 92,333 | ||||||||||||||
| Strawberry Hill Apartments |
Baltimore, MD | 7,100,000 | 1964 | NA | 145 | $ | 48,966 | 94.5 | % | 95.3 | % | 606,145 | 9,700,000 | $ | 66,897 | ||||||||||||||
| $ | 59,000,000 | 1,111 | $ | 53,105 | 95.5 | % | 92.8 | % | $ | 5,103,534 | $ | 77,300,000 | $ | 69,577 | |||||||||||||||
| * | Occupancy date as of July 11, 2006, for all Mortgaged Properties. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
81
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Intercontinental Multifamily Portfolio
| Liberty Estates Apartments | ||||||||||
| Unit Mix | No. of Units | Approximate Unit Size (SF) |
Approximate NRA (SF) |
% of NRA | Actual Rent | |||||
| 1 BR/1 BA |
211 | 775 | 163,480 | 30.5% | $ 660 | |||||
| 2 BR/1 BA |
317 | 974 | 308,810 | 57.7 | $ 743 | |||||
| 3 BR/1.5 BA |
52 | 1,216 | 63,220 | 11.8 | $1,003 | |||||
| Total/Average |
580 | 923 | 535,510 | 100.0% | $736/$0.80/SF | |||||
| Laurel Pines Apartments | ||||||||||
| Unit Mix | No. of Units | Approximate Unit Size (SF) |
Approximate NRA (SF) |
% of NRA | Actual Rent | |||||
| 1 BR/1 BA |
62 | 748 | 46,376 | 23.1% | $ 863 | |||||
| 2 BR/1 BA |
132 | 830 | 109,531 | 54.5 | $1,010 | |||||
| 3 BR/1.5 BA |
42 | 1,076 | 45,192 | 22.5 | $1,095 | |||||
| Total/Average |
236 | 852 | 201,099 | 100.0% |
$987/$1.16/SF | |||||
| Country Club Apartments | ||||||||||
| Unit Mix | No. of Units | Approximate Unit Size (SF) |
Approximate NRA (SF) |
% of NRA | Actual Rent | |||||
| 1 BR/1 BA |
26 | 748 | 19,448 | 16.5% | $790 | |||||
| 2 BR/1 BA |
124 | 794 | 98,456 | 83.5 | $875 | |||||
| Total/Average |
150 | 786 | 117,904 | 100.0% |
$860/$1.09/SF | |||||
| Strawberry Hill Apartments | ||||||||||
| Unit Mix | No. of Units | Approximate Unit Size (SF) |
Approximate NRA (SF) |
% of NRA | Actual Rent | |||||
| Studio |
19 | 416 | 7,904 | 6.9% | $620 | |||||
| 1 BR/1 BA |
37 | 711 | 26,307 | 23.1 | $755 | |||||
| 2 BR/1 BA |
89 | 896 | 79,744 | 70.0 | $870 | |||||
| Total/Average |
145 | 786 | 113,955 | 100.0% |
$808/$1.03/SF | |||||
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
82
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
THIS PAGE INTENTIONALLY LEFT BLANK
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
83
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
| Loan Information | ||||||
| Mortgage Loan Seller |
Nomura | |||||
| Cut-Off Date Balance |
$ | 57,231,900 | ||||
| Percentage of Cut-Off Date Pool Balance |
1.6% | |||||
| Number of Mortgage Loans |
9 | |||||
| Loan Purpose |
Refinance | |||||
| Sponsor |
H.K. Realty, Inc. | |||||
| Type of Security |
Fee | |||||
| Partial Release(1) |
Yes | |||||
| Mortgage Rate |
5.5959189% | |||||
| Maturity Date |
October 11, 2016 | |||||
| Amortization Type |
Balloon | |||||
| Interest Only Period |
None | |||||
| Original Term / Amortization |
120 / 360 | |||||
| Remaining Team / Amortization |
120 / 360 | |||||
| Lockbox |
None | |||||
| Up-Front Reserves |
||||||
| Tax/Insurance |
Yes | |||||
| Engineering |
$116,356 | |||||
| Earnout(2) |
$ | 1,129,000 | ||||
| Ongoing Annual Reserves |
||||||
| Tax/Insurance |
Yes | |||||
| Replacement |
$235,000 | |||||
| Additional Financing |
None | |||||
| Cut-Off Date Balance |
$57,231,900 | |||||
| Cut-Off Date Balance/Unit |
$60,885 | |||||
| Cut-Off Date LTV |
74.8% | |||||
| Maturity Date LTV |
62.7% | |||||
| UW DSCR on NCF |
1.22x | |||||
| (1) | The related Mortgage Loan documents permit the release of individual Mortgage Properties upon defeasance with U.S. government obligations beginning two years after the Closing Date in an amount equal to (i) 110% of the related allocated Mortgage Loan amount if the DSC ratio is below 1.25x or the LTV ratio is greater than 75% for such Mortgaged Property or (ii) 100% of the related allocated Mortgage Loan amount if the DSC ratio is at least 1.25x and the LTV ratio does not exceed 75% for such Mortgaged Property. The individual Mortgaged Properties may also be released beginning two years after origination pursuant to an arms-length transfer provided (i) no event of default has occurred, (ii) the remaining Mortgaged Properties maintain a DSC ratio of at least 1.20x and an LTV ratio of greater than 80% and (iii) the release satisfies certain transfer provisions of the related Mortgage Loan documents. |
| (2) | The earnout is with respect to the Casa Tierra Apartments loan. This reserve can be released based upon attaining a 1.20x DSC ratio on an annualized 6 months net operating income. |
| Property Information | ||
| Number of Mortgaged Properties |
9 | |
| Location |
Various | |
| Property Type |
Multifamily - Conventional | |
| Size (Units) |
940 | |
| Occupancy as of Various Dates |
95.8% | |
| Year Built / Year Renovated |
Various / Various | |
| Appraised Value |
$76,515,000 | |
| Property Management |
Various | |
| UW Economic Occupancy |
92.8% | |
| UW Revenues |
$8,188,059 | |
| UW Total Expenses |
$3,140,509 | |
| UW Net Operating Income (NOI) |
$5,047,550 | |
| UW Net Cash Flow (NCF) |
$4,812,550 | |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
84
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
| Jogani Portfolio 1 | |||||||||||||||||||||||||
| Property Name |
Property |
Cut-Off Date Balance |
Year Built |
Units | Cut-Off Date Balance Per Unit |
Occupancy* | UW Occupancy |
Underwritten Net Cash Flow |
Appraised Value |
Appraised Value Per Unit | |||||||||||||||
| Burnet House Apartments |
North Hills, CA | $3,096,300 | 1987 | 36 | $86,008 | 97.2 | % | 92.3 | % | $262,004 | $4,325,000 | $120,139 | |||||||||||||
| Casa Tierra Apartments |
Phoenix, AZ | 6,775,000 | 1981 | 200 | $33,875 | 91.0 | % | 85.3 | % | 572,628 | 9,800,000 | $49,000 | |||||||||||||
| Cove Apartments |
Sun Valley, CA | 3,471,600 | 1969 | 49 | $70,849 | 98.0 | % | 91.6 | % | 295,726 | 4,850,000 | $98,980 | |||||||||||||
| Hollywood Point Apartments |
Los Angeles, CA | 4,339,200 | 1962 | 50 | $86,784 | 96.0 | % | 98.0 | % | 356,983 | 5,800,000 | $116,000 | |||||||||||||
| Las Palmas I,II,III Apartments |
Rialto, CA | 15,553,000 | 1984 | 212 | $73,363 | 98.6 | % | 97.2 | % | 1,285,633 | 20,850,000 | $98,349 | |||||||||||||
| Northridge Pointe Apartments |
Northridge, CA | 2,872,000 | 1963 | 28 | $102,571 | 96.4 | % | 95.7 | % | 244,666 | 3,600,000 | $128,571 | |||||||||||||
| Park Circle Apartments |
Lancaster, CA | 11,216,800 | 1988 | 164 | $68,395 | 96.3 | % | 90.0 | % | 942,593 | 14,600,000 | $89,024 | |||||||||||||
| Valencia—Hawthorne Apartments |
Hawthorne, CA | 3,748,000 | 1968 | 51 | $73,490 | 100.0 | % | 96.6 | % | 310,711 | 4,990,000 | $97,843 | |||||||||||||
| West View Apartments |
Avenal, CA | 6,160,000 | 1987 | 150 | $41,067 | 95.3 | % | 96.4 | % | 541,605 | 7,700,000 | $51,333 | |||||||||||||
| $ | 57,231,900 | 940 | $60,885 | 95.8 | % | 92.8 | % | $ | 4,812,550 | $ | 76,515,000 | $81,399 | |||||||||||||
| * | The occupancy date is August 31, 2006 with respect to 6 Mortgaged Properties, August 20, 2006 with respect to 2 Mortgaged Properties and September 7, 2006 with respect to 1 Mortgaged Property. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
85
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Jogani Portfolio 1
| Burnet House Apartments | ||||||||||||
| Unit Mix |
No. of Units |
Approximate Unit Size (SF) |
Approximate NRA (SF) |
% of NRA |
Market Rent | |||||||
| 1 BR/1 BA |
7 | 650 | 4,550 | 14.6 | % | $ | 850 | |||||
| 2 BR/1 BA |
21 | 900 | 18,900 | 60.5 | $ | 995 | ||||||
| 2 BR/2 BA |
7 | 940 | 6,580 | 21.1 | $ | 1,025 | ||||||
| 3 BR/2 BA |
1 | 1,200 | 1,200 | 3.8 | $ | 1,100 | ||||||
| Total/Average |
36 | 868 | 31,230 | 100.0 | % | $ | 976/$1.12/SF | |||||
| Casa Tierra Apartments | ||||||||||||
| Unit Mix |
No. of Units |
Approximate Unit Size (SF) |
Approximate NRA (SF) |
% of NRA |
Market Rent | |||||||
| Studio |
28 | 440 | 12,320 | 9.0 | % | $ | 470 | |||||
| 1 BR/1 BA |
24 | 625 | 15,000 | 10.9 | $ | 530 | ||||||
| 1 BR/1 BA |
24 | 675 | 16,200 | 11.8 | $ | 540 | ||||||
| 1 BR/1 BA |
90 | 700 | 63,000 | 45.9 | $ | 560 | ||||||
| 2 BR/2 BA |
34 | 900 | 30,600 | 22.3 | $ | 695 | ||||||
| Total/Average |
200 | 686 | 137,120 | 100.0 | % | $ | 564/$0.82/SF | |||||
| Cove Apartments | ||||||||||||
| Unit Mix |
No. of Units |
Approximate Unit Size (SF) |
Approximate NRA (SF) |
% of NRA |
Market Rent | |||||||
| Studio |
9 | 390 | 3,510 | 12.7 | % | $ | 700 | |||||
| 1 BR/1 BA |
37 | 588 | 21,756 | 78.8 | $ | 850 | ||||||
| 2 BR/1 BA |
3 | 778 | 2,334 | 8.5 | $ | 1,150 | ||||||
| Total/Average |
49 | 563 | 27,600 | 100.0 | % | $ | 841/$1.49/SF | |||||
| Hollywood Pointe (Los Angeles) Apartments | ||||||||||||
| Unit Mix |
No. of Units |
Approximate Unit Size (SF) |
Approximate NRA (SF) |
% of NRA |
Market Rent | |||||||
| Studio |
9 | 400 | 3,600 | 11.0 | % | $ | 875 | |||||
| 1 BR/1 BA |
36 | 670 | 24,120 | 73.9 | $ | 1,025 | ||||||
| 2 BR/2 BA |
5 | 980 | 4,900 | 15.0 | $ | 1,275 | ||||||
| Total/Average |
50 | 652 | 32,620 | 100.0 | % | $ | 1,023/$1.57/SF | |||||
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
86
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Jogani Portfolio 1
| Las Palmas I,II,III Apartments | ||||||||||||
| Unit Mix |
No. of Units |
Approximate Unit Size (SF) |
Approximate NRA (SF) |
% of NRA |
Market Rent | |||||||
| Studio |
20 | 530 | 10,600 | 6.0 | % | $ | 660 | |||||
| 1 BR/1 BA |
54 | 697 | 37,638 | 21.4 | $ | 750 | ||||||
| 2 BR/1 BA |
32 | 800 | 25,600 | 14.6 | $ | 840 | ||||||
| 2 BR/2 BA |
24 | 927 | 22,248 | 12.7 | $ | 890 | ||||||
| 2 BR/2 BA |
67 | 940 | 62,980 | 35.8 | $ | 890 | ||||||
| 3 BR/2 BA |
15 | 1,110 | 16,650 | 9.5 | $ | 1,065 | ||||||
| Total/Average |
212 | 829 | 175,716 | 100.0 | % | $ | 837/$1.01/SF | |||||
| Northridge Pointe Apartments | ||||||||||||
| Unit Mix |
No. of Units |
Approximate Unit Size (SF) |
Approximate NRA (SF) |
% of NRA |
Market Rent | |||||||
| 1 BR/1 BA |
7 | 617 | 4,319 | 18.6 | % | $ | 950 | |||||
| 2 BR/1 BA |
2 | 840 | 1,680 | 7.3 | $ | 1,163 | ||||||
| 2 BR/1.5 BA |
17 | 880 | 14,960 | 64.6 | $ | 1,195 | ||||||
| 3 BR/1.5 BA |
2 | 1,100 | 2,200 | 9.5 | $ | 1,350 | ||||||
| Total/Average |
28 | 827 | 23,159 | 100.0 | % | $ | 1,143/$1.38/SF | |||||
| Park Circle Apartments | ||||||||||||
| Unit Mix |
No. of Units |
Approximate Unit Size (SF) |
Approximate NRA (SF) |
% of NRA |
Market Rent | |||||||
| 1 BR/1 BA |
64 | 675 | 43,200 | 30.7 | % | $ | 725 | |||||
| 2 BR/2 BA |
100 | 975 | 97,500 | 69.3 | $ | 875 | ||||||
| Total/Average |
164 | 858 | 140,700 | 100.0 | % | $ | 816/$0.95/SF | |||||
| Valencia—Hawthorne Apartments | ||||||||||||
| Unit Mix |
No. of Units |
Approximate Unit Size (SF) |
Approximate NRA (SF) |
% of NRA |
Market Rent | |||||||
| Bachelor |
2 | 350 | 700 | 2.8 | % | $ | 575 | |||||
| Studio |
16 | 450 | 7,200 | 28.4 | $ | 695 | ||||||
| 1 BR/1 BA |
32 | 525 | 16,800 | 66.3 | $ | 825 | ||||||
| 2 BR/1 BA |
1 | 650 | 650 | 2.6 | $ | 1,025 | ||||||
| Total/Average |
51 | 497 | 25,350 | 100.0 | % | $ | 778/$1.57/SF | |||||
| West View Apartments | ||||||||||||
| Unit Mix |
No. of Units |
Approximate Unit Size (SF) |
Approximate NRA (SF) |
% of NRA |
Market Rent | |||||||
| 1 BR/1 BA |
16 | 845 | 13,520 | 7.3 | % | $ | 545 | |||||
| 2 BR/2 BA |
56 | 1,176 | 65,856 | 35.3 | $ | 595 | ||||||
| 2 BR/2 BA |
45 | 1,200 | 54,000 | 29.0 | $ | 665 | ||||||
| 3 BR/2.5 BA |
32 | 1,600 | 51,200 | 27.5 | $ | 735 | ||||||
| 4 BR/2.5 BA |
1 | 1,900 | 1,900 | 1.0 | $ | 800 | ||||||
| Total/Average |
150 | 1,243 | 186,476 | 100.0 | % | $ | 642/$0.52/SF | |||||
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
87
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
| Loan Information | |||||
| Mortgage Loan Seller |
Wachovia | ||||
| Cut-Off Date Balance |
$ | 56,000,000 | |||
| Percentage of Cut-Off Date Pool Balance |
1.6% | ||||
| Number of Mortgage Loans |
1 | ||||
| Loan Purpose |
Refinance | ||||
| Sponsor |
Capital & CountiesU.S.A., Inc. | ||||
| Type of Security |
Fee and Leasehold | ||||
| Mortgage Rate |
5.900% | ||||
| Maturity Date |
October 11, 2016 | ||||
| Amortization Type |
Balloon | ||||
| Interest Only Period |
60 | ||||
| Original Term / Amortization |
120 / 360 | ||||
| Remaining Term / Amortization |
120 / 360 | ||||
| Lockbox |
None | ||||
| Up-Front Reserves |
|||||
| Engineering |
$90,000 | ||||
| Pier One Collateral Reserve(1) |
$120,000 | ||||
| Ongoing Annual Reserves |
|||||
| Tax / Insurance(2) |
Springing | ||||
| Additional Financing(3) |
None | ||||
| Cut-Off Date Balance |
$ | 56,000,000 | |||
| Cut-Off Date Balance/SF |
$214 | ||||
| Cut-Off Date LTV |
67.1% | ||||
| Maturity Date LTV |
62.7% | ||||
| UW DSCR on NCF |
1.24x | ||||
| (1) | The Pier One reserve will be released upon (i) evidence of Pier One’s occupancy, (ii) payment of rent and (iii) upon certain other conditions as described in the related Mortgage Loan documents. |
| (2) | An annual deposit into the tax and insurance reserve will be required upon an event of default as specified in the related Mortgage Loan documents. |
| (3) | Future mezzanine debt is permitted subject to (i) an aggregate maximum LTV ratio of 70.0%, (ii) an aggregate minimum DSC ratio of 1.25x and (iii) other certain conditions as described in the related Mortgage Loan documents. |
| Property Information | |||
| Number of Mortgaged Properties |
1 | ||
| Location |
Concord, CA | ||
| Property Type |
Retail – Anchored | ||
| Size (SF) |
261,339 | ||
| Occupancy as of August 16, 2006 |
97.9% | ||
| Year Built / Year Renovated |
1977 / NA | ||
| Appraised Value |
$ | 83,500,000 | |
| Property Management |
|
Colliers International Asset Management, Inc. | |
| UW Economic Occupancy |
95.0% | ||
| UW Revenues |
$7,259,886 | ||
| UW Total Expenses |
$2,015,451 | ||
| UW Net Operating Income (NOI) |
$5,244,435 | ||
| UW Net Cash Flow (NCF) |
$4,947,475 | ||
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
88
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
| Tenant Summary | ||||||||||||||||||
| Tenant | Ratings* Moody’s/S&P/Fitch |
Net Rentable Area (SF) |
% of Net Rentable Area |
Base Rent PSF |
Annual Base Rent |
% of Total Annual Base Rent |
Lease Expiration | |||||||||||
| Major Tenants |
||||||||||||||||||
| REI |
NR/NR/NR | 29,486 | 11.3 | % | $ | 19.00 | $ | 560,234 | 10.3 | % | May 2008 | |||||||
| CompUSA, Inc. |
NR/NR/NR | 26,000 | 9.9 | $ | 19.18 | 498,680 | 9.2 | October 2011 | ||||||||||
| Gap, Inc. |
Baa3/BBB-/BBB- | 25,000 | 9.6 | $ | 19.00 | 475,000 | 8.8 | March 2011 | ||||||||||
| Cost Plus World Market |
NR/NR/NR | 21,000 | 8.0 | $ | 19.00 | 399,000 | 7.4 | October 2007 | ||||||||||
| Leisure Planet (The Jungle) |
NR/NR/NR | 18,725 | 7.2 | $ | 14.73 | 275,819 | 5.1 | March 2010 | ||||||||||
| Total Major Tenants |
120,211 | 46.0 | % | $ | 18.37 | $ | 2,208,733 | 40.7 | % | |||||||||
| Non-Major Tenants |
135,702 | 51.9 | $ | 23.69 | 3,214,450 | 59.3 | ||||||||||||
| Occupied Total |
255,913 | 97.9 | % | $ | 21.19 | $ | 5,423,184 | 100.0 | % | |||||||||
| Vacant Space |
5,426 | 2.1 | ||||||||||||||||
| Property Total |
261,339 | 100.0 | % | |||||||||||||||
| * | Certain ratings are those of the parent whether or not the parent guarantees the lease. |
| Lease Expiration Schedule | |||||||||||||||||||
| Year | # of Leases Expiring |
WA Base Rent/SF |
Total SF Expiring |
% of Total SF Expiring* |
Cumulative % of SF Expiring* |
% of Base Rent Expiring* |
Cumulative % of Base Rent |
||||||||||||
| 2006 |
2 | $ | 12.17 | 3,805 | 1.5 | % | 1.5 | % | 0.9 | % | 0.9 | % | |||||||
| 2007 |
4 | $ | 18.61 | 39,402 | 15.1 | % | 16.5 | % | 13.5 | % | 14.4 | % | |||||||
| 2008 |
3 | $ | 19.45 | 34,973 | 13.4 | % | 29.9 | % | 12.5 | % | 26.9 | % | |||||||
| 2009 |
1 | $ | 42.61 | 5,000 | 1.9 | % | 31.8 | % | 3.9 | % | 30.8 | % | |||||||
| 2010 |
7 | $ | 18.72 | 56,104 | 21.5 | % | 53.3 | % | 19.4 | % | 50.2 | % | |||||||
| 2011 |
4 | $ | 20.52 | 61,800 | 23.6 | % | 76.9 | % | 23.4 | % | 73.6 | % | |||||||
| 2012 |
1 | $ | 19.48 | 11,148 | 4.3 | % | 81.2 | % | 4.0 | % | 77.6 | % | |||||||
| 2013 |
1 | $ | 10.70 | 4,000 | 1.5 | % | 82.7 | % | 0.8 | % | 78.4 | % | |||||||
| 2014 |
1 | $ | 45.00 | 1,188 | 0.5 | % | 83.2 | % | 1.0 | % | 79.4 | % | |||||||
| 2015 |
1 | $ | 33.05 | 5,316 | 2.0 | % | 85.2 | % | 3.2 | % | 82.6 | % | |||||||
| 2016 |
2 | $ | 27.57 | 17,802 | 6.8 | % | 92.0 | % | 9.1 | % | 91.7 | % | |||||||
| Thereafter |
2 | $ | 29.39 | 15,375 | 5.9 | % | 97.9 | % | 8.3 | % | 100.0 | % | |||||||
| Vacant |
0 | NA | 5,426 | 2.1 | % | 100.0 | % | 0.0 | % | 100.0 | % | ||||||||
| * | Calculated based upon approximate square footage occupied by each tenant. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
89
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Jogani Portfolio 2
| Loan Information | ||||
| Mortgage Loan Seller |
Nomura | |||
| Cut-Off Date Balance |
$55,957,500 | |||
| Percentage of Cut-Off Date Pool Balance |
1.6% | |||
| Number of Mortgage Loans |
11 | |||
| Loan Purpose |
Refinance | |||
| Sponsor |
H.K. Realty, Inc. | |||
| Type of Security |
Fee | |||
| Partial Release* |
Yes | |||
| Mortgage Rate |
5.590% | |||
| Maturity Date |
October 11, 2016 | |||
| Amortization Type |
Balloon | |||
| Interest Only Period |
None | |||
| Original Term / Amortization |
120 / 360 | |||
| Remaining Term / Amortization |
120 / 360 | |||
| Lockbox |
None | |||
| Up-Front Reserves |
||||
| Tax/Insurance |
Yes | |||
| Engineering |
$13,432 | |||
| Seismic Retrofit |
$192,500 | |||
| Ongoing Annual Reserves |
||||
| Tax/Insurance |
Yes | |||
| Replacement |
$198,250 | |||
| Additional Financing |
None | |||
| Cut-Off Date Balance |
$55,957,500 | |||
| Cut-Off Date Balance/Unit |
$70,387 | |||
| Cut-Off Date LTV |
74.5% | |||
| Maturity Date LTV |
62.4% | |||
| UW DSCR on NCF |
1.21x | |||
| * | The related Mortgage Loan documents permit the release of individual Mortgage Properties upon defeasance with U.S. government obligations beginning two years after the Closing Date in an amount equal to (i) 110% of the related allocated Mortgage Loan amount if the DSC ratio is below 1.25x or the LTV ratio is greater than 75% for such Mortgaged Property or (ii) 100% of the related allocated Mortgage Loan amount if the DSC ratio is at least 1.25x and the LTV ratio does not exceed 75% for such Mortgaged Property. The individual Mortgaged Properties may also be released beginning two years after origination pursuant to an arms-length transfer provided (i) no event of default has occurred, (ii) the remaining Mortgaged Properties maintain a DSC ratio of at least 1.20x and an LTV ratio of greater than 80% and (iii) the release satisfies certain transfer provisions of the related Mortgage Loan documents. |
| Property Information | ||
| Number of Mortgaged Real Properties |
11 | |
| Location |
Various | |
| Property Type |
Multifamily - Conventional | |
| Size (Units) |
795 | |
| Occupancy as of Various Dates |
98.0% | |
| Year Built / Year Renovated |
Various / Various | |
| Appraised Value |
$75,150,000 | |
| Property Management |
Various | |
| UW Economic Occupancy |
94.0% | |
| UW Revenues |
$7,500,705 | |
| UW Total Expenses |
$2,646,890 | |
| UW Net Operating Income (NOI) |
$4,853,815 | |
| UW Net Cash Flow (NCF) |
$4,655,565 | |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
90
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
| Jogani Portfolio 2 | |||||||||||||||||||||||
| Property Name |
Property |
Cut-Off Date Balance |
Year Built |
Units | Cut-Off Date Balance Per Unit |
Occupancy* | UW |
Underwritten |
Appraised |
Appraised | |||||||||||||
| Ambassador Inn Apartments |
Fullerton, CA | $ | 15,081,900 | 1972 | 236 | $ | 63,906 | 97.5 | % | 91.0% | $1,239,241 | $20,300,000 | $86,017 | ||||||||||
| Courtyard Van Nuys Apartments |
Van Nuys, CA | 3,598,700 | 1965 | 60 | $ | 59,978 | 98.3 | % | 98.2% | 305,110 | 4,750,000 | $79,167 | |||||||||||
| El Adobe Apartments |
Pico Rivera, CA | 4,139,500 | 1966 | 67 | $ | 61,784 | 100.0 | % | 96.2% | 337,899 | 5,300,000 | $79,104 | |||||||||||
| Hollywood Pointe - Inglewood Apartments |
Inglewood, CA | 5,701,200 | 1965 | 61 | $ | 93,462 | 98.4 | % | 99.0% | 476,375 | 7,400,000 | $121,311 | |||||||||||
| Park Royale Apartments |
Glendale, CA | 1,489,100 | 1962 | 18 | $ | 82,728 | 100.0 | % | 94.8% | 125,823 | 2,200,000 | $122,222 | |||||||||||
| Park Wood Patio Apartments |
Palmdale, CA | 3,360,000 | 1987 | 52 | $ | 64,615 | 98.1 | % | 91.7% | 309,325 | 4,200,000 | $80,769 | |||||||||||
| Rose Terrace Apartments |
Whittier,CA | 4,577,300 | 1963 | 54 | $ | 84,765 | 96.3 | % | 98.6% | 378,172 | 6,800,000 | $125,926 | |||||||||||
| South Towers Apartments |
Los Angeles, CA | 3,039,800 | 1989 | 33 | $ | 92,115 | 97.0 | % | 93.5% | 254,892 | 4,200,000 | $127,273 | |||||||||||
| Suntree Apartments | Rialto, CA | 3,843,900 | 1985 | 50 | $ | 76,878 | 100.0 | % | 96.7% | 315,614 | 5,000,000 | $100,000 | |||||||||||
| Terrace Point Apartments |
Van Nuys, CA | 7,362,900 | 1975 | 123 | $ | 59,861 | 96.8 | % | 92.3% | 605,158 | 9,900,000 | $80,488 | |||||||||||
| Woodland Pointe Apartments |
Canoga Park, CA | 3,763,200 | 1989 | 41 | $ | 91,785 | 100.0 | % | 93.7% | 307,956 | 5,100,000 | $124,390 | |||||||||||
| $ | 55,957,500 | 795 | $ | 70,387 | 98.0 | % | 94.0% | $4,655,565 | $75,150,000 | $94,528 | |||||||||||||
| * | The occupancy date is August 31, 2006 with respect to 5 Mortgaged Properties, August 21, 2006 with respect to 3 Mortgaged Properties and June 30, 2006 with respect to 2 Mortgaged Properties. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
91
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Jogani Portfolio 2
| Ambassador Inn Apartments | ||||||||||||
| Unit Mix |
No. of Units |
Approximate Unit Size (SF) |
Approximate NRA (SF) |
% of NRA | Market Rent | |||||||
| Studio |
232 |
325 | 75,400 | 96.7 | % | $ | 695-735 | |||||
| 1 BR/1 BA |
4 | 650 | 2,600 | 3.3 | $ | 850 | ||||||
| Total/Average |
236 | 331 | 78,000 | 100.0 | % | $ | 701/$2.12/SF | |||||
| Courtyard Van Nuys Apartments | ||||||||||||
| Unit Mix |
No. of Units |
Approximate Unit Size (SF) |
Approximate NRA (SF) |
% of NRA | Market Rent | |||||||
| Studio |
39 | 475 | 18,525 | 61.6 | % | $ | 765 | |||||
| 1 BR/1 BA |
21 | 550 | 11,550 | 38.4 | $ | 865 | ||||||
| Total/Average |
60 | 501 | 30,075 | 100.0 | % | $ | 800/$1.60/SF | |||||
| El Adobe Apartments | ||||||||||||
| Unit Mix |
No. of Units |
Approximate Unit Size (SF) |
Approximate NRA (SF) |
% of NRA | Market Rent | |||||||
| Studio |
66 | 377 | 24,882 | 97.4 | % | $ | 650 | |||||
| 2 BR/1 BA |
1 | 677 | 677 | 2.6 | $ | 800 | ||||||
| Total/Average |
67 | 381 | 25,559 | 100.0 | % | $ | 652/$1.71/SF | |||||
| Hollywood Pointe – Inglewood Apartments | ||||||||||||
| Unit Mix |
No. of Units |
Approximate Unit Size (SF) |
Approximate NRA (SF) |
% of NRA | Market Rent | |||||||
| 1 BR/1 BA |
7 | 650 | 4,550 | 7.9 | % | $ | 850 | |||||
| 2 BR/1 BA |
8 | 849 | 6,792 | 11.8 | $ | 950 | ||||||
| 2 BR/1.5 BA |
38 | 946 | 35,948 | 62.4 | $ | 975 | ||||||
| 2 BR/2 BA |
4 | 1,101 | 4,404 | 7.6 | $ | 995 | ||||||
| 3 BR/2 BA |
4 | 1,475 | 5,900 | 10.2 | $ | 1,250 | ||||||
| Total/Average |
61 | 944 | 57,594 | 100.0 | % | $ | 977/$1.03/SF | |||||
| Park Royale Apartments | ||||||||||||
| Unit Mix |
No. of Units |
Approximate Unit Size (SF) |
Approximate NRA (SF) |
% of NRA | Market Rent | |||||||
| Studio |
3 | 450 | 1,350 | 13.3 | % | $ | 675 | |||||
| 1 BR/ 1 BA |
14 | 548 | 7,672 | 75.8 | $ | 875 | ||||||
| 3 BR/ 2 BA |
1 | 1,103 | 1,103 | 10.9 | $ | 1,300 | ||||||
| Total/Average |
18 | 563 | 10,125 | 100.0 | % | $ | 865/$1.54/SF | |||||
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
92
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Jogani Portfolio 2
| Park Wood Patio Apartments | ||||||||||||
| Unit Mix |
No. of Units |
Approximate Unit Size (SF) |
Approximate NRA (SF) |
% of NRA | Market Rent | |||||||
| 1 BR/1 BA |
9 | 650 | 5,850 | 14.3 | % | $ | 750 | |||||
| 2 BR/2 BA |
43 | 818 | 35,174 | 85.7 | $ | 875 | ||||||
| Total/Average |
52 | 789 | 41,024 | 100.0 | % | $ | 853/$1.08/SF | |||||
| Rose Terrace Apartments | ||||||||||||
| Unit Mix |
No. of Units |
Approximate Unit Size (SF) |
Approximate NRA (SF) |
% of NRA | Market Rent | |||||||
| Studio |
2 | 500 | 1,000 | 2.1 | % | $ | 750 | |||||
| 1 BR/1 BA |
12 | 750 | 9,000 | 18.9 | 900 | |||||||
| 2 BR/2 BA |
38 | 935 | 35,530 | 74.6 | $ | 1,100 | ||||||
| 2 BR/3 BA |
2 | 1,050 | 2,100 | 4.4 | $ | 900 | ||||||
| Total/Average |
54 | 882 | 47,630 | 100.0 | % | $ | 1,035/$1.17/SF | |||||
| South Towers Apartments | ||||||||||||
| Unit Mix |
No. of Units |
Approximate Unit Size (SF) |
Approximate NRA (SF) |
% of NRA | Market Rent | |||||||
| 1 BR/1 BA |
15 | 525 | 7,875 | 34.0 | % | $ | 875 | |||||
| 2 BR/1 BA |
18 | 848 | 15,264 | 66.0 | $ | 1,125 | ||||||
| Total/Average |
33 | 701 | 23,139 | 100.0 | % | $ | 1,011/$1.44/SF | |||||
| Suntree Apartments | ||||||||||||
| Unit Mix |
No. of Units |
Approximate Unit Size (SF) |
Approximate NRA (SF) |
% of NRA | Market Rent | |||||||
| 1 BR/1 BA |
4 | 616 | 2,464 | 5.8 | % | $ | 695 | |||||
| 2 BR/1 BA |
10 | 784 | 7,840 | 18.4 | $ | 800 | ||||||
| 2 BR/2 BA |
36 | 896 | 32,256 | 75.8 | $ | 825 | ||||||
| Total/Average |
50 | 851 | 42,560 | 100.0 | % | $ | 810/$0.95/SF | |||||
| Terrace Point Apartments | ||||||||||||
| Unit Mix |
No. of Units |
Approximate Unit Size (SF) |
Approximate NRA (SF) |
% of NRA | Market Rent | |||||||
| Studio |
21 | 504 | 10,584 | 12.9 | % | $ | 725 | |||||
| 1 BR/1 BA |
57 | 598 | 34,086 | 41.4 | $ | 825 | ||||||
| 1 BR/1 BA |
28 | 754 | 21,112 | 25.6 | $ | 925-955 | ||||||
| 2 BR/2 BA |
17 | 975 | 16,575 | 20.1 | $ | 1,125 | ||||||
| Total/Average |
123 | 670 | 82,357 | 100.0 | % | $ | 876/$1.31/SF | |||||
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
93
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Jogani Portfolio 2
| Woodland Pointe Apartments | ||||||||||||
| Unit Mix |
No. of Units |
Approximate Unit Size (SF) |
Approximate NRA (SF) |
% of NRA | Market Rent | |||||||
| Studio |
6 | 475 | 2,850 | 10.0 | % | $ | 700 | |||||
| 1 BR/1 BA |
7 | 575 | 4,025 | 14.1 | $ | 875 | ||||||
| 2 BR/2 BA |
28 | 775 | 21,700 | 75.9 | $ | 1,100 | ||||||
| Total/Average |
41 | 697 | 28,575 | 100.0 | % | $ | 1,003/$1.44/SF | |||||
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
94
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
THIS PAGE INTENTIONALLY LEFT BLANK
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
95
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
| Loan Information | ||||
| Mortgage Loan Seller |
Nomura | |||
| Cut-Off Date Balance |
$54,000,000 | |||
| Percentage of Cut-Off Date Pool Balance |
1.5% | |||
| Number of Mortgage Loans |
1 | |||
| Loan Purpose |
Refinance | |||
| Sponsor |
Frank E. Lembi | |||
| Type of Security |
Fee | |||
| Partial Release(1) |
Yes | |||
| Mortgage Rate |
6.5500% | |||
| Maturity Date |
September 11, 2016 | |||
| Amortization Type |
Balloon | |||
| Interest Only Period |
24 | |||
| Original Term / Amortization |
120 / 360 | |||
| Remaining Term / Amortization |
119 / 360 | |||
| Lockbox |
Yes | |||
| Up-Front Reserves |
||||
| Tax/Insurance |
Yes | |||
| Seasonality Debt Service Reserve |
$900,000 | |||
| Renovation Reserve |
$4,250,000 | |||
| Engineering |
$21,506 | |||
| Ongoing Annual Reserves |
||||
| Tax/Insurance |
Yes | |||
| FF&E(2) |
$159,331 | |||
| TI/LC(3) |
$29,906 | |||
| Replacement Reserves |
$1,736 | |||
| Seasonality Debt Service Reserve(4) |
$600,000 | |||
| Additional Financing |
None | |||
| Cut-Off Date Balance |
$54,000,000 | |||
| Cut-Off Date Balance/SF(5) |
$350 | |||
| Cut-Off Date LTV |
65.9% | |||
| Maturity Date LTV |
59.1% | |||
| UW DSCR on NCF |
1.14x | |||
| (1) | The mortgagee will allow for the individual release of any one of the three Mortgaged Properties after the expiration of a lockout period pursuant to the following conditions: (i) no event of default, (ii) paydown of the Mortgage Loan proceeds at 120% of the allocated loan amount attributable to the released collateral, (iii) payment of the associated defeasance penalty, (iv) a DSC ratio of 1.05x based upon the actual loan constant on a 30-year amortization and (v) the LTV ratio on the remaining collateral must not exceed 66%. |
| (2) | Annual FF&E escrow will be collected at $159,331 through August 2007, 3% of gross revenues from September 2007 through August 2008 and 4% of gross revenues thereafter. |
| (3) | TI/LC Reserve is capped at $89,718. |
| (4) | Seasonality Debt Service Reserve is capped at $900,000. |
| (5) | Cut-Off Date Balance/SF was calculated based upon the total square footage of the hospitality and retail space of approximately 154,493 square feet derived from the engineering report of the respective Mortgaged Properties dated August 2, 2006. |
| Property Information | ||
| Number of Mortgaged Properties |
3 | |
| Location |
San Francisco, CA | |
| Property Type |
Mixed Use – Hospitality/Retail | |
| Size (SF)(5) |
154,493 | |
| Occupancy as of August 31, 2006 |
69.0% | |
| Year Built / Year Renovated |
Various | |
| Appraised Value |
$81,900,000 | |
| Property Management |
Self Managed | |
| UW Economic Occupancy |
63.0% | |
| UW Revenues |
$10,216,143 | |
| UW Total Expenses |
$5,379,000 | |
| UW Net Operating Income (NOI) |
$4,837,143 | |
| UW Net Cash Flow (NCF) |
$4,677,253 | |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
96
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Personality Pool
| Personality Pool Portfolio Summary | ||||||||||||||||||||||||||
| Property Name |
Cut-Off Date Balance |
Year Built | Year Renovated |
Hotel Units (SF) |
Retail Units (SF) |
Cut-Off Date Balance Per SF |
Occupancy* | Underwritten Net Cash Flow |
Appraised Value |
Appraised Value Per SF | ||||||||||||||||
| 114 Powell Street |
$33,000,000 | 1908 | 2005 | 45,846 | 10,218 | $ | 589 | 66.6 | % | $ | 2,704,178 | $ | 50,400,000 | $ | 899 | |||||||||||
| 440 Geary Street |
14,500,000 | 1912 | 1990 | 51,349 | 4,715 | $ | 259 | 64.5 | % | 1,434,575 | 19,600,000 | $ | 350 | |||||||||||||
| 952 Sutter Street |
6,500,000 | 1910 | 1995 | 42,365 | — | $ | 153 | 78.1 | % | 538,500 | 11,900,000 | $ | 281 | |||||||||||||
| $ | 54,000,000 | 139,560 | 14,933 | $ | 350 | 69.0 | % | $ | 4,677,253 | $ | 81,900,000 | $ | 530 | |||||||||||||
| * | As of August 31, 2006. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup | Deutsche Bank Securities | Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
97
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Personality Pool
114 Powell Street:
| Facility Summary | ||
| Guestroom Mix |
No. of Rooms | |
| Double |
10 | |
| Queen |
65 | |
| King |
3 | |
| Twin/Twin |
4 | |
| Double/Double |
24 | |
| Queen/Queen |
18 | |
| Suite |
7 | |
| Total |
131 | |
| Financial Schedule | ||
| Year |
2005 - 2006 | |
| Latest Period |
T-12 through 8/31/06 | |
| Occupancy |
59.1% | |
| ADR |
$101.36 | |
| REVPAR |
$59.95 | |
| UW Occupancy |
66.1% | |
| UW ADR |
$91.79 | |
| UW REVPAR |
$60.68 | |
| Tenant Summary | ||||||||||||||||||
| Tenant |
Ratings |
Net Rentable Area (SF) |
% of Net Rentable Area |
Base Rent PSF |
Annual Base Rent |
% of Total Annual Base Rent |
Lease Expiration | |||||||||||
| Major Tenants |
||||||||||||||||||
| Tad's Restaurant |
NR/NR/NR | 4,093 | 40.1 | % | $ | 102.61 | $ | 420,000 | 21.3 | % | December 2010 | |||||||
| The Body Shop |
NR/NR/NR | 1,443 | 14.1 | $ | 332.64 | 480,000 | 24.4 | May 2016 | ||||||||||
| Bankok Noodles |
NR/NR/NR | 1,100 | 10.8 | $ | 174.00 | 191,400 | 9.7 | May 2009 | ||||||||||
| H2O Plus LP |
NR/NR/NR | 945 | 9.2 | $ | 257.23 | 243,084 | 12.4 | January 2015 | ||||||||||
| Locker Room Sports |
NR/NR/NR | 900 | 8.8 | $ | 138.67 | 124,800 | 6.3 | January 2010 | ||||||||||
| Total Major Tenants |
8,481 | 83.0 | % | $ | 172.07 | $ | 1,459,284 | 74.2 | % | |||||||||
| Non-Major Tenants |
1,737 | 17.0 | $ | 292.47 | 508,020 | 25.8 | ||||||||||||
| Occupied Total |
10,218 | 100.0 | % | $ | 192.53 | $ | 1,967,304 | 100.0 | % | |||||||||
| Vacant Space . |
0 | 0.0 | ||||||||||||||||
| Property Total |
10,218 | 100.0 | % | |||||||||||||||
| Lease Expiration Schedule | |||||||||||||||||||
| Year |
# of Leases Expiring |
WA Base Rent/SF Expiring |
Total SF Expiring | % of Total SF Expiring* |
Cumulative % of SF Rolling* |
% of Base Rent Rolling* |
Cumulative % of Base Rent Rolling* |
||||||||||||
| 2006 |
1 | $ | 0.00 | 0 | 0.0 | % | 0.0 | % | 1.7 | % | 1.7 | % | |||||||
| 2007 |
2 | $ | 132.46 | 958 | 9.4 | % | 9.4 | % | 6.5 | % | 8.1 | % | |||||||
| 2008 |
2 | $ | 577.71 | 350 | 3.4 | % | 12.8 | % | 10.3 | % | 18.4 | % | |||||||
| 2009 |
1 | $ | 174.00 | 1,100 | 10.8 | % | 23.6 | % | 9.7 | % | 28.1 | % | |||||||
| 2010 |
4 | $ | 110.07 | 4,993 | 48.9 | % | 72.4 | % | 27.9 | % | 56.1 | % | |||||||
| 2011 |
1 | $ | 0.00 | 0 | 0.0 | % | 72.4 | % | 0.0 | % | 56.1 | % | |||||||
| 2012 |
1 | $ | 328.67 | 429 | 4.2 | % | 76.6 | % | 7.2 | % | 63.2 | % | |||||||
| 2013 |
0 | $ | 0.00 | 0 | 0.0 | % | 76.6 | % | 0.0 | % | 63.2 | % | |||||||
| 2014 |
0 | $ | 0.00 | 0 | 0.0 | % | 76.6 | % | 0.0 | % | 63.2 | % | |||||||
| 2015 |
1 | $ | 257.23 | 945 | 9.2 | % | 85.9 | % | 12.4 | % | 75.6 | % | |||||||
| 2016 |
2 | $ | 332.64 | 1,443 | 14.1 | % | 100.0 | % | 24.4 | % | 100.0 | % | |||||||
| Thereafter |
0 | $ | 0.00 | 0 | 0.0 | % | 100.0 | % | 0.0 | % | 100.0 | % | |||||||
| Vacant |
NA | $ | 0.00 | 0 | 0.0 | % | 100.0 | % | 0.0 | % | 100.0 | % | |||||||
| * | Calculated based upon approximate square footage occupied by each tenant. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
98
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
440 Geary Street:
| Facility Summary | ||
| Guestroom Mix |
No. of Rooms | |
| Double/Double |
12 | |
| King |
32 | |
| Queen |
37 | |
| Executive King |
10 | |
| Executive Queen |
2 | |
| Studio King |
11 | |
| Studio Queen |
8 | |
| Suite |
3 | |
| Total |
115 | |
| Meeting/Ballroom Spaces |
Square Feet | |
| Meeting / Banquet Space |
646 | |
| 646 | ||
| Other Amenities |
||
| Exercise Room |
||
| Financial Summary | ||
| Year |
2005 - 2006 | |
| Latest Period |
T-12 through 8/31/2006 | |
| Occupancy |
61.2% | |
| ADR |
$125.59 | |
| REVPAR |
$76.88 | |
| UW Occupancy |
64.5% | |
| UW ADR |
$125.31 | |
| UW REVPAR |
$80.77 | |
| Tenant Summary | ||||||||||||||||||
| Tenant |
Ratings Moody's/S&P/ Fitch |
Net Rentable Area (SF) |
% of Net Rentable Area |
Base Rent PSF |
Annual Base Rent |
% of Total Annual Base Rent |
Lease Expiration | |||||||||||
| Major Tenants |
||||||||||||||||||
| Resmex Partners |
NR/NR/NR | 3,500 | 74.2 | % | $ | 47.14 | $ | 165,000 | 60.1 | % | September 2014 | |||||||
| Starbucks Corporation |
NR/NR/NR | 1,215 | 25.8 | $ | 90.12 | 109,500 | 39.9 | June 2007 | ||||||||||
| Total Major Tenants |
4,715 | 100.0 | % | $ | 58.22 | $ | 274,500 | 100.0 | % | |||||||||
| Non-Major Tenants |
0 | 0.0 | $ | 0.00 | 120 | 0.0 | ||||||||||||
| Occupied Total |
4,715 | 100.0 | % | $ | 58.24 | $ | 274,620 | 100.0 | % | |||||||||
| Vacant Space . |
0 | 0.0 | ||||||||||||||||
| Property Total |
4,715 | 100.0 | % | |||||||||||||||
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
99
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Personality Pool
| Lease Expiration Schedule | |||||||||||||||||||
| Year |
# of Leases Expiring |
WA Base Rent/SF Expiring |
Total SF Expiring | % of Total SF Expiring* |
Cumulative % of SF Rolling* |
% of Base Rent Rolling* |
Cumulative % of Base Rent Rolling* |
||||||||||||
| 2006 |
1 | $ | 0.00 | 0 | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | |||||||
| 2007 |
1 | $ | 90.12 | 1,215 | 25.8 | % | 25.8 | % | 39.9 | % | 39.9 | % | |||||||
| 2008 |
0 | $ | 0.00 | 0 | 0.0 | % | 25.8 | % | 0.0 | % | 39.9 | % | |||||||
| 2009 |
0 | $ | 0.00 | 0 | 0.0 | % | 25.8 | % | 0.0 | % | 39.9 | % | |||||||
| 2010 |
0 | $ | 0.00 | 0 | 0.0 | % | 25.8 | % | 0.0 | % | 39.9 | % | |||||||
| 2011 |
0 | $ | 0.00 | 0 | 0.0 | % | 25.8 | % | 0.0 | % | 39.9 | % | |||||||
| 2012 |
0 | $ | 0.00 | 0 | 0.0 | % | 25.8 | % | 0.0 | % | 39.9 | % | |||||||
| 2013 |
0 | $ | 0.00 | 0 | 0.0 | % | 25.8 | % | 0.0 | % | 39.9 | % | |||||||
| 2014 |
1 | $ | 47.14 | 3,500 | 74.2 | % | 100.0 | % | 60.1 | % | 100.0 | % | |||||||
| 2015 |
0 | $ | 0.00 | 0 | 0.0 | % | 100.0 | % | 0.0 | % | 100.0 | % | |||||||
| 2016 |
0 | $ | 0.00 | 0 | 0.0 | % | 100.0 | % | 0.0 | % | 100.0 | % | |||||||
| Thereafter |
0 | $ | 0.00 | 0 | 0.0 | % | 100.0 | % | 0.0 | % | 100.0 | % | |||||||
| Vacant |
0 | NA | 0 | 0.0 | % | 100.0 | % | 0.0 | % | 100.0 | % | ||||||||
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
100
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Personality Pool
952 Sutter Street:
| Facility Summary | ||
| Guestroom Mix |
No. of Rooms | |
| Efficiency |
4 | |
| Studio/One Bedroom |
24 | |
| One Bedroom |
24 | |
| Two Bedroom |
5 | |
| Total |
57 | |
| Financial Schedule | ||
| Year |
2005 - 2006 | |
| Latest Period |
T-12 through 8/31/2006 | |
| Occupancy |
79.4% | |
| ADR |
$69.23 | |
| REVPAR |
$54.94 | |
| UW Occupancy |
52.9% | |
| UW ADR |
$107.25 | |
| UW REVPAR |
$56.75 | |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
101
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
| Loan Information | ||||
| Mortgage Loan Seller |
Wachovia | |||
| Cut-Off Date Balance |
$48,000,000 | |||
| Percentage of Cut-Off Date Pool Balance |
1.3% | |||
| Number of Mortgage Loans |
1 | |||
| Loan Purpose |
Refinance | |||
| Sponsor |
Kite Realty Group, LP | |||
| Type of Security |
Fee | |||
| Mortgage Rate |
5.860% | |||
| Maturity Date |
October 11, 2016 | |||
| Amortization Type |
Balloon | |||
| Interest Only Period |
60 | |||
| Original Term / Amortization |
120 / 360 | |||
| Remaining Term / Amortization |
120 / 360 | |||
| Lockbox |
None | |||
| Up-Front Reserves |
||||
| Tax/Insurance |
Yes | |||
| PetSmart Holdback(1) |
$490,000 | |||
| Holdback(2) |
$2,040,000 | |||
| Ongoing Annual Reserves |
||||
| Tax/Insurance |
Yes | |||
| Replacement |
$29,006 | |||
| Additional Financing |
None | |||
| Cut-Off Date Balance |
$48,000,000 | |||
| Cut-Off Date Balance/SF |
$145 | |||
| Cut-Off Date LTV |
80.0% | |||
| Maturity Date LTV |
74.7% | |||
| UW DSCR on NCF |
1.20x | |||
| (1) | The PetSmart holdback reserve will be released upon (i) evidence of PetSmart’s occupancy, (ii) payment of rent and (iii) upon certain other conditions as described in the related Mortgage Loan documents. |
| (2) | Amounts deposited in the holdback reserve will be released upon the achievement of a DSC ratio, as determined by the mortgagee, of at least 1.20x and upon certain other conditions as described in the related Mortgage Loan documents. |
| Property Information | ||
| Number of Mortgaged Properties |
1 | |
| Location |
Indianapolis, IN | |
| Property Type |
Retail - Anchored | |
| Size (SF) |
331,408 | |
| Occupancy as of September 1, 2006 |
95.6% | |
| Year Built / Year Renovated |
2003 / NA | |
| Appraised Value |
$60,000,000 | |
| Property Management |
KRG Management, LLC | |
| UW Economic Occupancy |
95.3% | |
| UW Revenues |
$5,429,187 | |
| UW Total Expenses |
$1,279,273 | |
| UW Net Operating Income (NOI) |
$4,149,915 | |
| UW Net Cash Flow (NCF) |
$4,066,064 | |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
102
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
| Tenant Summary | ||||||||||||||||||
| Tenant | Ratings* Moody's/S&P/Fitch |
Net Rentable Area (SF) |
% of Net Rentable Area |
Base Rent PSF |
Annual Base Rent |
% of Total Annual Base Rent |
Lease Expiration | |||||||||||
| Major Tenants |
||||||||||||||||||
| Marsh Supermarket |
NR/B-/NR | 67,902 | 20.5 | % | $ | 15.60 | $ | 1,059,271 | 25.2 | % | November 2024 | |||||||
| Dick's Sporting Goods |
NR/NR/NR | 65,000 | 19.6 | $ | 10.00 | 650,000 | 15.4 | January 2020 | ||||||||||
| Kerasotes Theatres (Ground Lease) |
NR/NR/NR | 41,347 | 12.5 | $ | 5.80 | 240,000 | 5.7 | December 2024 | ||||||||||
| PetSmart |
NR/BB/NR | 25,048 | 7.6 | $ | 15.75 | 394,506 | 9.4 | June 2017 | ||||||||||
| Bed Bath & Beyond |
NR/BBB/NR | 25,000 | 7.5 | $ | 13.00 | 325,000 | 7.7 | January 2015 | ||||||||||
| Michael's |
NR/NR/NR | 23,947 | 7.2 | $ | 11.25 | 269,404 | 6.4 | February 2015 | ||||||||||
| Total Major Tenants |
248,244 | 74.9 | % | $ | 11.84 | $ | 2,938,181 | 69.8 | % | |||||||||
| Non-Major Tenants |
68,684 | 20.7 | $ | 18.50 | 1,270,514 | 30.2 | ||||||||||||
| Occupied Total |
316,928 | 95.6 | % | $ | 13.28 | $ | 4,208,694 | 100.0 | % | |||||||||
| Vacant Space |
14,480 | 4.4 | ||||||||||||||||
| Property Total |
331,408 | 100.0 | % | |||||||||||||||
| * | Certain ratings are those of the parent whether or not the parent guarantees the lease. |
| Lease Expiration Schedule | |||||||||||||||||||
| Year | # of Leases |
WA Base Rent/SF Expiring |
Total SF Expiring |
% of Total SF Expiring* |
Cumulative % of SF Expiring* |
% of Base Rent Expiring* |
Cumulative % of Expiring* |
||||||||||||
| 2006 |
0 | $ | 0.00 | 0 | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | |||||||
| 2007 |
0 | $ | 0.00 | 0 | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | |||||||
| 2008 |
0 | $ | 0.00 | 0 | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | |||||||
| 2009 |
0 | $ | 0.00 | 0 | 0.0 | % | 0.0 | % | 0.0 | % | 0.0 | % | |||||||
| 2010 |
3 | $ | 17.40 | 17,680 | 5.3 | % | 5.3 | % | 7.3 | % | 7.3 | % | |||||||
| 2011 |
1 | $ | 24.00 | 4,000 | 1.2 | % | 6.5 | % | 2.3 | % | 9.6 | % | |||||||
| 2012 |
0 | $ | 0.00 | 0 | 0.0 | % | 6.5 | % | 0.0 | % | 9.6 | % | |||||||
| 2013 |
0 | $ | 0.00 | 0 | 0.0 | % | 6.5 | % | 0.0 | % | 9.6 | % | |||||||
| 2014 |
2 | $ | 15.73 | 12,396 | 3.7 | % | 10.3 | % | 4.6 | % | 14.2 | % | |||||||
| 2015 |
6 | $ | 14.98 | 63,840 | 19.3 | % | 29.5 | % | 22.7 | % | 36.9 | % | |||||||
| 2016 |
1 | $ | 21.25 | 4,700 | 1.4 | % | 31.0 | % | 2.4 | % | 39.3 | % | |||||||
| Thereafter |
5 | $ | 11.92 | 214,312 | 64.7 | % | 95.6 | % | 60.7 | % | 100.0 | % | |||||||
| Vacant |
0 | NA | 14,480 | 4.4 | % | 100.0 | % | 0.0 | % | 100.0 | % | ||||||||
| * | Calculated based upon approximate square footage occupied by each tenant. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
103
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
| Loan Information | |||||
| Mortgage Loan Seller |
Wachovia | ||||
| Cut-Off Date Balance |
$43,969,000 | ||||
| Percentage of Cut-Off Date Pool Balance |
1.2% | ||||
| Number of Mortgage Loans |
1 | ||||
| Loan Purpose |
Acquisition | ||||
| Sponsors |
Orion Residential LLC and Starwood Capital Group | ||||
| Type of Security |
Fee | ||||
| Mortgage Rate |
6.350% | ||||
| Maturity Date |
August 11, 2011 | ||||
| Amortization Type |
Interest-Only | ||||
| Interest Only Period |
60 | ||||
| Original Term / Amortization |
60 / IO | ||||
| Remaining Term / Amortization |
58 / IO | ||||
| Lockbox |
Yes | ||||
| Up-Front Reserves |
|||||
| Tax/Insurance |
Yes | ||||
| Engineering |
$ | 298,958 | |||
| Ongoing Annual Reserves |
|||||
| Tax/Insurance |
Yes | ||||
| Replacement |
$70,800 | ||||
| Additional Financing |
None | ||||
| Cut-Off Date Balance |
$43,969,000 | ||||
| Cut-Off Date Balance/Unit |
$93,155 | ||||
| Cut-Off Date LTV |
76.5% | ||||
| Maturity Date LTV |
76.5% | ||||
| UW DSCR on NCF |
1.22x | ||||
| Property Information | ||
| Number of Mortgaged Properties |
1 | |
| Location |
North Las Vegas, NV | |
| Property Type |
Multifamily - Independent Living | |
| Size (Units) |
472 | |
| Occupancy as of June 8, 2006 |
97.0% | |
| Year Built / Year Renovated |
2002 / NA | |
| Appraised Value |
$57,450,000 | |
| Property Management |
Leisure Care, LLC | |
| UW Economic Occupancy |
87.0% | |
| UW Revenues |
$5,275,578 | |
| UW Total Expenses |
$1,791,618 | |
| UW Net Operating Income (NOI) |
$3,483,960 | |
| UW Net Cash Flow (NCF) |
$3,413,160 | |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
104
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
| Unit Mix | ||||||||||||
| Unit Mix | No. of Units | Approximate Unit Size (SF) |
Approximate NRA (SF) |
% of NRA | Actual Rent | |||||||
| Studio |
14 | 450 | 6,300 | 1.7 | % | $ | 745 | |||||
| 1 BR/1 BA |
104 | 645 | 67,106 | 18.4 | $ | 896 | ||||||
| 1 BR/1.5 BA |
110 | 626 | 68,856 | 18.9 | $ | 884 | ||||||
| 2 BR/1.5 BA |
28 | 762 | 21,336 | 5.9 | $ | 1,005 | ||||||
| 2 BR/2 BA |
216 | 929 | 200,740 | 55.1 | $ | 1,134 | ||||||
| Total/Average |
472 | 772 | 364,338 | 100.0 | % | $ | 1,004/$1.30/SF | |||||
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
105
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
| Loan Information | |||||
| Mortgage Loan Seller |
Wachovia | ||||
| Cut-Off Date Balance |
$42,500,000 | ||||
| Percentage of Cut-Off Date Pool Balance |
1.2% | ||||
| Number of Mortgage Loans |
1 | ||||
| Loan Purpose |
Refinance | ||||
| Sponsor |
Capital Partners, Inc. | ||||
| Type of Security |
Fee | ||||
| Mortgage Rate |
6.070% | ||||
| Maturity Date |
October 11, 2016 | ||||
| Amortization Type |
Balloon | ||||
| Interest Only Period |
60 | ||||
| Original Term / Amortization |
120 / 360 | ||||
| Remaining Term / Amortization |
120 / 360 | ||||
| Lockbox |
Yes | ||||
| Up-Front Reserves |
|||||
| Tax/Insurance |
Yes | ||||
| Engineering |
$16,250 | ||||
| Ongoing Annual Reserves |
|||||
| Tax/Insurance |
Yes | ||||
| Replacement |
$ | 153,141 | |||
| TI/LC |
$ | 510,471 | |||
| Additional Financing* |
None | ||||
| Cut-Off Date Balance |
$42,500,000 | ||||
| Cut-Off Date Balance/SF |
$83 | ||||
| Cut-Off Date LTV |
74.9% | ||||
| Maturity Date LTV |
70.1% | ||||
| UW DSCR on NCF |
1.22x | ||||
| * | Future mezzanine debt is permitted subject to (i) a combined maximum LTV ratio of 85.0%, (ii) a combined minimum DSC ratio of 1.10x and (iii) upon other conditions as described in the related Mortgage Loan documents. |
| Property Information | ||
| Number of Mortgaged Properties |
6 | |
| Location |
Tucker, GA | |
| Property Type |
Office - Suburban | |
| Size (SF) |
511,576 | |
| Occupancy as of August 1, 2006 |
85.3% | |
| Year Built / Year Renovated |
Various / NA | |
| Appraised Value |
$56,780,000 | |
| Property Management |
Capital Partners Properties, Inc. | |
| UW Economic Occupancy |
85.8% | |
| UW Revenues |
$7,275,164 | |
| UW Total Expenses |
$3,066,599 | |
| UW Net Operating Income (NOI) |
$4,208,566 | |
| UW Net Cash Flow (NCF) |
$3,763,875 | |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
106
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
| Tenant Summary | |||||||||||||||||||
| Tenant | Ratings(1) Moody's/S&P/Fitch |
Net Rentable Area (SF) |
% of Net Rentable Area |
Base Rent PSF |
Annual Base Rent | % of Total Annual |
Lease Expiration | ||||||||||||
| Top 10 Tenants |
|||||||||||||||||||
| AMEC E&C Services, Inc. |
NR/NR/NR | 75,147 | 14.7 | % | $ | 17.99 | $ | 1,352,043 | 19.0 | % | Multiple Spaces | (2) | |||||||
| Le Cordon Bleu College |
NR/NR/NR | 58,365 | 11.4 | $ | 14.52 | 847,460 | 11.9 | November 2018 | |||||||||||
| Laboratory Corp of America Holdings |
Baa3/BBB/NR | 33,984 | 6.6 | $ | 12.29 | 417,663 | 5.9 | December 2009 | |||||||||||
| Financial Asset Management Systems |
NR/NR/BBB- | 27,237 | 5.3 | $ | 14.83 | 403,925 | 5.7 | April 2011 | |||||||||||
| WM. Page & Associates, Inc. |
NR/NR/NR | 18,543 | 3.6 | $ | 19.25 | 356,953 | 5.0 | March 2013 | |||||||||||
| Presidential Financial Corp. |
NR/NR/NR | 17,699 | 3.5 | $ | 18.54 | 328,140 | 4.6 | March 2013 | |||||||||||
| Global Link Logistics, Inc. |
NR/NR/NR | 17,122 | 3.3 | $ | 16.75 | 286,794 | 4.0 | October 2011 | |||||||||||
| Soliant, Inc. |
NR/NR/NR | 16,315 | 3.2 | $ | 19.75 | 322,221 | 4.5 | February 2013 | |||||||||||
| Progressive Casualty Insurance |
A1/A+/A+ | 16,036 | 3.1 | $ | 14.25 | 228,513 | 3.2 | August 2007 | |||||||||||
| Board of Reg University System |
NR/NR/NR | 14,784 | 2.9 | $ | 15.15 | 223,978 | 3.1 | June 2007 | |||||||||||
| Total Top 10 Tenants |
295,232 | 57.7 | % | $ | 16.15 | $ | 4,767,689 | 66.8 | % | ||||||||||
| Non-Major Tenants |
140,946 | 27.6 | $ | 16.79 | 2,366,092 | 33.2 | |||||||||||||
| Occupied Total |
436,178 | 85.3 | % | $ | 16.36 | $ | 7,133,781 | 100.0 | % | ||||||||||
| Vacant Space |
75,398 | 14.7 | |||||||||||||||||
| Property Total |
511,576 | 100.0 | % | ||||||||||||||||
| (1) | Certain ratings are those of the parent whether or not the parent guarantees the lease. |
| (2) | Under the terms of multiple leases, approximately 4,392 square feet expire in February 2007 and approximately 70,755 square feet expire in March 2016. |
| Lease Expiration Schedule | |||||||||||||||||||
| Year | # of Leases |
WA Base Rent/SF |
Total SF Expiring |
% of Total SF Expiring* |
Cumulative % of SF |
% of Base Rent Expiring* |
Cumulative % of Base Rent Expiring* |
||||||||||||
| 2006 |
2 | $ | 17.90 | 4,227 | 0.8 | % | 0.8 | % | 1.1 | % | 1.1 | % | |||||||
| 2007 |
15 | $ | 18.40 | 73,883 | 14.4 | % | 15.3 | % | 19.1 | % | 20.1 | % | |||||||
| 2008 |
11 | $ | 20.01 | 18,393 | 3.6 | % | 18.9 | % | 5.2 | % | 25.3 | % | |||||||
| 2009 |
3 | $ | 12.82 | 39,867 | 7.8 | % | 26.7 | % | 7.2 | % | 32.4 | % | |||||||
| 2010 |
7 | $ | 16.30 | 20,786 | 4.1 | % | 30.7 | % | 4.8 | % | 37.2 | % | |||||||
| 2011 |
7 | $ | 14.72 | 82,128 | 16.1 | % | 46.8 | % | 16.9 | % | 54.1 | % | |||||||
| 2012 |
0 | $ | 0.00 | 0 | 0.0 | % | 46.8 | % | 0.0 | % | 54.1 | % | |||||||
| 2013 |
9 | $ | 18.67 | 58,352 | 11.4 | % | 58.2 | % | 15.3 | % | 69.4 | % | |||||||
| 2014 |
8 | $ | 6.61 | 9,422 | 1.8 | % | 60.0 | % | 0.9 | % | 70.3 | % | |||||||
| 2015 |
0 | $ | 0.00 | 0 | 0.0 | % | 60.0 | % | 0.0 | % | 70.3 | % | |||||||
| 2016 |
5 | $ | 17.98 | 70,755 | 13.8 | % | 73.9 | % | 17.8 | % | 88.1 | % | |||||||
| Thereafter |
1 | $ | 14.52 | 58,365 | 11.4 | % | 85.3 | % | 11.9 | % | 100.0 | % | |||||||
| Vacant |
0 | NA | 75,398 | 14.7 | % | 100.0 | % | 0.0 | % | 100.0 | % | ||||||||
| * | Calculated based upon approximate square footage occupied by each tenant. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
107
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Additional Mortgage Loan Information
| • | General. For a detailed presentation of certain characteristics of the Mortgage Loans and Mortgaged Properties, on an individual basis and in tabular format, see Annex A-1 to the Prospectus Supplement. See Annex A-2 to the Prospectus Supplement for certain information regarding multifamily Mortgaged Properties. See Annex A-3 to the Prospectus Supplement for certain information with respect to capital improvement, replacement and tenant improvement reserve accounts. See Annex A-4 to the Prospectus Supplement for certain information relating to the commercial tenants at the Mortgaged Properties. See Annex A-5 to the Prospectus Supplement for certain information relating to cross-collateralized and cross-defaulted Mortgage Loans. |
| Significant Sponsor Concentration | ||||||||||||||||||
| Sponsor |
# of Loans/ Mortgaged Properties |
Loan Numbers | Aggregate Date |
% of Cut-Off Date Pool |
Weighted Cut-Off |
Weighted UW DSCR on NCF |
Weighted Rate |
|||||||||||
| Maguire Properties, L.P. |
1 /1 | 1 | $ | 229,000,000 | 6.4 | % | 75.1 | % | 1.56x | 5.102 | % | |||||||
| GE Pension Trust |
1 /1 | 2 | $ | 193,850,000 | 5.4 | % | 70.5 | % | 1.39x | 5.690 | % | |||||||
| General Growth Properties, Inc. |
1 /1 | 3 | $ | 190,000,000 | 5.3 | % | 50.1 | % | 1.89x | 5.788 | % | |||||||
| GFW Trust, GFW II Trust |
1 /1 | 4 | $ | 175,000,000 | 4.9 | % | 76.4 | % | 1.51x | 6.230 | % | |||||||
| Mark Karasick, Fremont Capital, Shorenstein |
1 /1 | 5 | $ | 158,600,000 | 4.4 | % | 79.5 | % | 1.20x | 6.570 | % | |||||||
| Robert L. Johnson |
1 /43 | 6 | $ | 146,092,500 | 4.1 | % | 68.9 | % | 1.37x | 6.294 | % | |||||||
| • | Cross-Collateralized and Cross-Defaulted Mortgage Loans. Nine groups of Mortgage Loans, representing approximately 9.5% of the Cut-Off Date Pool Balance, are cross-collateralized and/or cross-defaulted with one or more Mortgage Loans in the Mortgage Pool as indicated in Annex A-5 to the Prospectus Supplement. As of the Closing Date, no Mortgage Loan (other than the Co-Lender Loans described on the next page) will be cross-collateralized or cross-defaulted with any loan that is not included in the Mortgage Pool. The Master Servicer or the Special Servicer, as the case may be, will determine whether to enforce the cross-default and/or cross-collateralization rights upon a Mortgage Loan default with respect to any of these Mortgage Loans. The Certificateholders will not have any right to participate in or control any such determination. No other Mortgage Loans are subject to cross-collateralization or cross-default provisions. |
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
108
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
Additional Mortgage Loan Information
| • | Subordinate Financing |
| Existing Subordinate Financing | |||||||
| Existing Subordinate Financing |
# of Loans | Loan Numbers | % of Cut-Off Date Pool Balance |
||||
| Mezzanine Debt Secured by Ownership Interests in Borrower |
6 | 4, 7, 12, 18, 29, 39 | 12.7 | % | |||
| Unsecured Debt |
3 | 52, 60, 64 | 1.2 | % | |||
| Secured by Mortgaged Property |
1 | 19 | 1.0 | % | |||
| Future Subordinate Financing | |||||||
| Future Subordinate Financing |
# of Loans | Loan Numbers | % of Cut-Off Date Pool Balance |
||||
| Secured by Borrower Interests |
13 | 2, 4, 5, 6, 12, 13, 17, 34, 43, 47, 67, 101, 129 | 25.4 | % | |||
| Secured by Borrower Interests and Unsecured Debt |
1 | 3 | 5.3 | % | |||
| Unsecured Debt |
4 | 42, 53, 56, 60 | 1.7 | % | |||
| Future Pari Passu Financing | |||||||
| # of Loans | Loan Numbers | % of Cut-Off Date Pool Balance |
|||||
| Secured by Mortgaged Property |
1 | 8 | 3.7 | % | |||
See “RISK FACTORS—Additional Debt on Some Mortgage Loans Creates Additional Risks” in the Prospectus Supplement.
| Subordinate Companion Loans | |||||||||||||
| Mortgage Loan |
Loan Number | Cut-Off Date Principal Balance |
% of Cut-Off Date Pool Balance |
Cut-Off Date Subordinate Companion |
Primary Servicer | ||||||||
| Montclair Plaza |
3 | $ | 190,000,000 | 5.3 | % | $ | 75,000,000 | Wachovia Bank | |||||
| 500-512 Seventh Avenue |
7 | $ | 136,918,271 | 3.8 | % | $ | 24,919,697 | Wachovia Bank | |||||
| Gateway Center |
49 | $ | 16,000,000 | 0.4 | % | $ | 2,800,000 | Wachovia Bank | |||||
| Bold Concepts Building |
126 | $ | 5,585,000 | 0.2 | % | $ | 415,000 | Wachovia Bank | |||||
| Pari Passu Loans | |||||||||||||
| Mortgage Loan |
Loan Number | Cut-Off Date Principal Balance |
% of Cut-Off Date Pool Balance |
% of Pari Passu Debt |
Controlling Transaction | ||||||||
| The Gas Company Tower |
1 | $ | 229,000,000 | 6.4 | % | 50 | % | JPMC Series 2006-LDP8 | |||||
| 311 South Wacker |
5 | $ | 158,600,000 | 4.4 | % | 65 | % | WBCMT 2006-C28 | |||||
| RLJ Hotel Pool |
6 | $ | 146,092,500 | 4.1 | % | 29 | % | WBCMT 2006-C27 | |||||
| 500-512 Seventh Avenue |
7 | $ | 136,918,271 | 3.8 | % | 50 | % | WBCMT 2006-C27 | |||||
| Newport Bluffs |
8 | $ | 132,000,000 | 3.7 | % | 50 | % | WBCMT 2006-C28 | |||||
| Non-Pooled Component | |||||||||||
| Loan Number | Cut-Off Date Principal Balance |
% Cut-Off Date Pool Balance |
Cut-Off Date Non- Pooled Component | ||||||||
| Four Seasons Resort and Club – Dallas, TX | 4 | $ | 175,000,000 | 4.9 | % | $ | 8,000,000 | ||||
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
109
Wachovia Bank Commercial Mortgage Trust
Commercial Mortgage Pass-Through Certificates Series 2006-C28
THIS PAGE INTENTIONALLY LEFT BLANK
This material is for your private information, and none of Wachovia Capital Markets, LLC, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman, Sachs & Co. and Loop Capital Markets, LLC (collectively, the ‘‘Underwriters’’) is soliciting any action based upon it. This material is not to be construed as an offer to sell or the solicitation of any offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. The depositor has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (‘‘SEC’’) 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 (SEC File No. 333-131262) for more complete information about the depositor, the issuing trust 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 (8am-5pm EST). The certificates referred to in these materials, and the asset pools 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. You understand that, when you are considering the purchase of these offered certificates, a contract of sale will come into being no sooner than the date on which the relevant class has been priced and we have confirmed the allocation of certificates to be made to you; any ‘‘indications of interest’’ expressed by you, and any ‘‘soft circles’’ generated by us, will not create binding contractual obligations for you or us. As a result of the foregoing, you may commit to purchase offered certificates that have characteristics that may change, and you are advised that all or a portion of the offered certificates may not be issued that have the characteristics described in these materials. Our obligation to sell offered certificates to you is conditioned on the offered certificates that are actually issued having the characteristics described in these materials. If we determine that condition is not satisfied in any material respect, we will notify you, and neither the depositor nor any Underwriter will have any obligation to you to deliver any portion of the certificates which you have committed to purchase, and there will be no liability between us as a consequence of the non-delivery. You have requested that the Underwriters provide to you information in connection with your consideration of the purchase of certain certificates described in this information. This information is being provided to you for informative purposes only in response to your specific request. The Underwriters described in this information may from time to time perform investment banking services for, or solicit investment banking business from, any company named in this information. The Underwriters and/or their employees may from time to time have a long or short position in any contract or certificate discussed in this information. The information contained herein supersedes any previous such information delivered to you and may be superseded by information delivered to you prior to the time of sale. Notwithstanding anything herein to the contrary, you (and each of your employees, representatives or other agents) may disclose to any and all persons, without limitation of any kind, the United States federal, state and local income ‘‘tax treatment’’ and ‘‘tax structure’’ (in each case, within the meaning of Treasury Regulation Section 1.6011-4) and all materials of any kind (including opinions or other tax analyses) of the transaction contemplated hereby that are provided to you (or your representatives) relating to such tax treatment and tax structure, other than the name of the issuer or information that would permit identification of the issuer, and except that with respect to any document or similar item that in either case contains information concerning the tax treatment or tax structure of the transaction as well as other information, this sentence shall only apply to such portions of the document or similar item that relate to the United States federal, state and local income tax treatment or tax structure of the transaction.
| WACHOVIA SECURITIES | ||||||
| Citigroup |
Deutsche Bank Securities |
Goldman, Sachs & Co. | Loop Capital Markets, LLC | |||
110
| This ‘FWP’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
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| 11/11/16 | ||||
| 10/11/16 | ||||
| 9/11/16 | ||||
| 8/11/16 | ||||
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| 8/11/11 | ||||
| 3/11/11 | ||||
| 1/1/11 | ||||
| 9/11/08 | ||||
| 10/31/06 | 8-K | |||
| 10/30/06 | ||||
| 10/11/06 | ||||
| Filed on: | 10/10/06 | FWP | ||
| 10/6/06 | ||||
| 10/5/06 | ||||
| 10/4/06 | ||||
| 10/3/06 | ||||
| 10/1/06 | ||||
| 9/28/06 | FWP | |||
| 9/25/06 | ||||
| 9/22/06 | ||||
| 9/18/06 | ||||
| 9/13/06 | ||||
| 9/11/06 | ||||
| 9/7/06 | ||||
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| 8/31/06 | ||||
| 8/21/06 | ||||
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| 8/16/06 | ||||
| 8/14/06 | ||||
| 8/10/06 | ||||
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| 8/2/06 | ||||
| 8/1/06 | ||||
| 7/31/06 | ||||
| 7/27/06 | ||||
| 7/22/06 | ||||
| 7/20/06 | ||||
| 7/11/06 | ||||
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| 6/30/06 | ||||
| 6/29/06 | ||||
| 6/24/06 | ||||
| 6/14/06 | ||||
| 6/8/06 | ||||
| 6/1/06 | ||||
| 5/31/06 | ||||
| 5/10/06 | ||||
| 4/30/06 | ||||
| 12/29/05 | ||||
| List all Filings | ||||
