JP Morgan Chase Commercial Mortgage Securities Corp – ‘8-K’ for 10/11/02 – EX-99

On:  Tuesday, 10/15/02, at 1:14pm ET   ·   For:  10/11/02   ·   Accession #:  914121-2-1096   ·   File #:  1-31226

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         5     13K 
 2: EX-99       Structural Term Sheets and Collateral Term Sheets     33±   100K 

EX-99   —   Structural Term Sheets and Collateral Term Sheets

EX-99
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                                                                      EXHIBIT 99
                                                                      ----------

ANY INVESTMENT DECISION WITH RESPECT TO THE SECURITIES SHOULD BE MADE BY YOU
 BASED UPON THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS
SUPPLEMENT RELATING TO THE SECURITIES. THE INFORMATION HEREIN WILL BE SUPERSEDED
IN ITS ENTIRETY BY THE INFORMATION CONTAINED IN THE FINAL PROSPECTUS AND
PROSPECTUS SUPPLEMENT. THE INFORMATION CONTAINED HEREIN SUPERSEDES THE
 INFORMATION IN ALL PRIOR STRUCTURAL AND COLLATERAL TERM SHEETS, IF ANY.

--------------------------------------------------------------------------------
STRUCTURAL AND COLLATERAL TERM SHEET

J.P. MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORP.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES 
SERIES 2002-CIBC5 

$1,004,289,338
(Approximate Initial Pool Balance)

JPMORGAN CHASE BANK 
CIBC INC. 
Mortgage Loan Sellers 

WACHOVIA BANK, NATIONAL ASSOCIATION 
Master Servicer 

ARCAP SPECIAL SERVICING, INC. 
Special Servicer

FOR FURTHER INFORMATION CONTACT:

J.P. MORGAN SECURITIES INC. 

Brian Baker            Glenn Riis            Andy Taylor
(212) 834-3813        (212) 834-3813        (212) 834-3813

CIBC WORLD MARKETS CORP.

Richard Turnbull          Mimi Cheng            Kevin Cull  
(212) 667-5631        (212) 667-5605        (212) 667-5607

JPMORGAN                                                      CIBC WORLD MARKETS
MERRILL LYNCH & CO.                                         SALOMON SMITH BARNEY

The analyses in this report are based upon information provided by JPMorgan     
Chase Bank and CIBC Inc. (the "Sellers"). J.P. Morgan Securities Inc., CIBC     
World markets Corp., Merrill Lynch, Pierce, Fenner & Smith Incorporated and     
Salomon Smith Barney Inc. (the "Underwriters") make no representations as to the
accuracy or completeness of the information contained herein. The information   
contained herein is qualified in its entirety by the information in the         
Prospectus and Prospectus Supplement for the securities referred to herein (the 
"Securities"). The information contained herein is preliminary as of the date   
hereof, supersedes any previous information delivered to you by the Underwriters
and will be superseded by the applicable Prospectus and Prospectus Supplement.  
These materials are subject to change, completion, or amendment from time to    
time without notice, and the Underwriters are under no obligation to keep you   
advised of such changes. These materials are not intended as an offer or        
solicitation with respect to the purchase or sale of any Security. Any          
investment decision with respect to the Securities should be made by you based  
upon the information contained in the Prospectus and Prospectus Supplement      
relating to the Securities. You should consult your own counsel, accountant     
and/or other advisors as to the legal, tax, business, financial and related     
aspects of a purchase of the Securities.                                        

The attached information contains certain tables and other statistical analyses 
(the "Computational Material") which have been prepared in reliance upon        
information furnished by the Sellers. They may not be provided to any third     
party other than the addressee's counsel, accountant, and/or other advisors for 
the purposes of evaluating said material. Numerous assumptions were used in     
preparing the Computational Materials which may or may not be reflected therein.
As such, no assurance can be given as to the Computational Materials' accuracy, 
appropriateness or completeness in any particular context; nor as to whether the
Computational Materials and/or the assumptions upon which they are based reflect
present market conditions or future market performance. These Computational     
Materials should not be construed as either projections or predictions or as    
legal, tax, financial or accounting advice. Any weighted average lives, yields  
and principals payment periods shown in the Computational Materials are based on
prepayment assumptions, and changes in such prepayment assumptions may          
dramatically affect such weighted average lives, yields and principal payment   
periods. In addition, it is possible that prepayments on the underlying assets  
will occur at rates slower or faster than the rates shown in the attached       
Computational Materials. Furthermore, unless otherwise provided, the            
Computational Materials assume no losses on the underlying assets and no        
interest shortfalls. The specific characteristics of the Securities may differ  
from those shown in the Computational Materials due to differences between the  
actual underlying assets and the hypothetical underlying assets used in         
preparing the Computational Materials. The principal amount and designation of  
any Security described in the Computational Materials are subject to change     
prior to issuance. Neither the Underwriters nor any of their affiliates make any
representation or warranty as to the actual rate or timing of payments on any of
the underlying assets or the payments or yield on the Securities. THIS          
INFORMATION IS FURNISHED TO YOU SOLELY BY THE UNDERWRITERS AND NOT BY THE ISSUER
OF THE SECURITIES OR ANY OF ITS AFFILIATES. THE UNDERWRITERS ARE NOT ACTING AS  
AGENT FOR THE ISSUER OR ITS AFFILIATES IN CONNECTION WITH THE PROPOSED          
TRANSACTION.                                                                    
--------------------------------------------------------------------------------

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THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE
MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE

APPROXIMATE SECURITIES STRUCTURE                                                
--------------------------------                                                

                 APPROX.     CREDIT     EXPECTED      EXPECTED
                 FACE/     SUPPORT     WEIGHTED      PAYMENT
RATINGS BY      NOTIONAL     (%OF     AVG. LIFE       WINDOW
CLASS   MOODY'S/FITCH    AMOUNT($)   BALANCE)   (YEARS)(a)   (MONTHS)(a)        
-----   -------------    ---------   --------   ----------   -----------        
PUBLICLY OFFERED CLASSES                                                        

A-1      Aaa / AAA     50,000,000    20.625       2.62      12/02-07/07       
A-2      Aaa / AAA     70,000,000    20.625       5.01      07/07-01/09       
A-3      Aaa / AAA     80,000,000    20.625       5.70      12/02-04/12       
A-4      Aaa / AAA    110,000,000    20.625       7.54      01/09-04/12       
A-5      Aaa / AAA    487,155,000    20.625       9.80      04/12-10/12       
B       Aa2 / AA      36,405,000    17.000       9.94      10/12-10/12      
C        A2 / A       41,427,000    12.875       9.94      10/12-10/12      
D        A3 / A-      13,809,000    11.500       9.94      10/12-10/12      

PRIVATELY OFFERED CLASSES                                                       

X1      Aaa / AAA  1,004,289,337      N/A        N/A           N/A          
X2      Aaa / AAA    917,471,000      N/A        N/A           N/A          
E      Baa2 / BBB     28,873,000     8.625       N/A           N/A          
F      Baa3 / BBB-    16,320,000     7.000       N/A           N/A          
G       Ba1 / BB+     18,831,000     5.125       N/A           N/A          
H       Ba2 / BB      12,553,000     3.875       N/A           N/A          
J       Ba3 / BB-      5,022,000     3.375       N/A           N/A          
K        B1 / B+       5,021,000     2.875       N/A           N/A          
L        B2 / B        8,788,000     2.000       N/A           N/A          
M        B3 / B-       2,510,000     1.750       N/A           N/A          
NR       NR / NR      17,575,337      N/A        N/A           N/A          

Note: (a) Calculated at 0% CPR, no balloon extensions, ARD loan pays in full on 
the Anticipated Repayment Date, clean-up call is not excercised and there are   
no defaults                                                                     

KEY FEATURES                                                                    
------------                                                                    

Lead Managers:                      J.P. Morgan Securities Inc. (Bookrunner)    
                CIBC World Markets Corp.

Co-Managers:                        Merrill Lynch & Co.                         
            Salomon Smith Barney

Mortgage Loan Sellers:              JPMorgan Chase Bank (55.8%)                 
         CIBC Inc. (44.2%)

Master Servicer:                    Wachovia Bank, National Association         

Special Servicer:                   ARCap Special Servicing, Inc.               

Trustee:                            Wells Fargo Bank, Minnesota, N.A.           

Rating Agencies:                    Moody's Investors Service, Inc.             
     Fitch Ratings

Pricing:                            On or about October 25, 2002                

Delivery Date:                      On or about November 4, 2002                

Cut-off Date:                       The November 2002 due date for each mortgage
loan.   

Distribution Date:                  12th of each month, or if the 12th day is   
                                  not a business day, on the next succeeding
                                business day, beginning in December 2002

Payment Delay:                      11 days                                     

ERISA Eligible:                     A-1, A-2, A-3, A-4, A-5, B, C and D         

Structure:                          Sequential pay                              

Day Count:                          30/360                                      

Tax Treatment:                      REMIC                                       

Rated Final Distribution Date:      October 12, 2037                            

Clean-up Call:                      1%                                          

Minimum Denomination:               $10,000 (among the publicly offered classes)

Delivery:                           DTC, Euroclear and Clearstream Banking      

================================================================================

COLLATERAL FACTS                                                                
----------------                                                                

Initial Pool Balance:                                            $1,004,289,338 
Number of Mortgage Loans:                                                   116 
Number of Mortgaged Properties:                                             133 
Average Cut-off Date Balance per Loan:                               $8,657,270 
Average Cut-off Date Balance per Property:                           $7,550,701 
Weighted Average Current Mortgage Rate:                                   6.732%
Weighted Average UW DSCR:                                                 1.49x 
Weighted Average Cut-off Date LTV Ratio:                                   69.6%
Weighted Average Remaining Term to Maturity (months):                       119 
Weighted Average Remaining Amortization Term (months):                      336 
Weighted Average Seasoning (months):                                          3 
10 Largest Loans or Cross Collateralized Groups as % of IPB:               36.9%

TEN LARGEST LOANS OR CROSS COLLATERALIZED GROUPS                                
------------------------------------------------                                

                                             BAL     % OF            CUT-OFF
LOAN                                           (MM)    UPB     DSCR    DATE LTV 
-------------------------------------------   ------   ----    -----   -------- 
Simon Mall Portfolio I                        $106.9   10.6%   2.03x       57.5%
Long Island Industrial                         $51.7    5.1%   1.42x       70.4%
The Avion Portfolio                            $48.0    4.8%   2.06x       54.4%
Daimler Chrysler Portfolio                     $35.1    3.5%   1.18x       74.1%
Boulevard Square                               $27.7    2.8%   1.34x       78.5%
Southern Wine and Spirits                      $23.0    2.3%   1.28x       71.9%
Fountains at Bay Hill                          $21.9    2.2%   1.35x       74.4%
Edgewater Apartments                           $19.4    1.9%   1.66x       55.0%
Surprise Towne Center                          $18.5    1.8%   1.32x       76.2%
Elmwood Tower                                  $18.5    1.8%   1.26x       73.9%
-------------------------------------------   ------   ----    -----   -------- 
TOTAL/WTD. AVG.                               $370.7   36.9%   1.64x       65.6%
===========================================   ======   ====    =====   ======== 

GEOGRAPHIC DISTRIBUTION                                                         
-----------------------                                                         

                                      NO. OF     BAL      % OF      WA     WA UW
STATE                                 PROP.      (MM)      UPB     LTV     DSCR 
-----------------------------------   ------   --------   -----    ----    -----
Florida                                   15     $169.6    16.9%   74.4%   1.33x
New York                                  15       93.8     9.3    66.9    1.53x
Texas                                     12       89.6     8.9    68.0    1.54x
Ohio                                       6       60.1     6.0    63.8    1.81x
New Jersey                                 7       60.0     6.0    76.6    1.38x
Virginia                                  10       58.5     5.8    56.2    1.97x
Arizona                                    6       51.8     5.2    76.4    1.38x
Other                                     62      421.0    41.9    69.4    1.45x
-----------------------------------   ------   --------   -----    ----    -----
TOTAL/WTD. AVG                           133   $1,004.3   100.0%   69.6%   1.49x
===================================   ======   ========   =====    ====    =====

PROPERTY TYPE DISTRIBUTION                                                      
--------------------------                                                      

                                      NO. OF     BAL      % OF      WA     WA UW
PROPERTY TYPE                         PROP.      (MM)      UPB     LTV     DSCR 
-----------------------------------   ------   --------   -----    ----    -----
Retail                                    37     $369.2    36.8%   69.8%   1.55x
   Anchored                               25      224.5    22.4    75.9    1.33x
   Regional Mall                           4      106.9    10.6    57.5    2.03x
   Unanchored                              8       37.7     3.8    67.7    1.48x
Office                                    28      221.0    22.0    70.2    1.44x
   Suburban                               25      208.7    20.8    70.3    1.44x
   CBD                                     3       12.3     1.2    68.9    1.31x
Multifamily                               26      150.8    15.0    69.5    1.48x
Industrial                                30      209.6    20.9    69.8    1.44x
   Warehouse/Distr                        15      106.5    10.6    72.3    1.34x
   Flex                                   15      103.1    10.3    67.2    1.55x
Manufactured Housing                       6       21.3     2.1    76.0    1.35x
Nursing Home                               1       13.4     1.3    66.9    1.86x
Hotel                                      2       10.5     1.0    41.7    1.62x
   Full Service                            1        8.5     0.8    42.9    1.50x
   Limited Service                         1        2.0     0.2    36.4    2.13x
-----------------------------------   ------   --------   -----    ----    -----
TOTAL/WTD. AVG                           133   $1,004.3   100.0%   69.6%   1.49x
===================================   ======   ========   =====    ====    =====

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THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE
MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE

 CUT-OFF DATE PRINCIPAL BALANCES

                                                        [Enlarge/Download Table]

                                                                  PRINCIPAL     % OF INITIAL   WA UW  WA CUT-OFF 
PRINCIPAL BALANCE ($)                             NO. OF LOANS   BALANCE ($)    POOL BALANCE   DSCR    DATE LTV  
------------------------------------------------  ------------  --------------  ------------   -----  ---------- 
                                                                                                                 
$999,277 - $1,999,999                                       17     $27,127,773           2.7%  1.66x        63.1%
$2,000,000 - $4,999,999                                     36     127,641,210          12.7   1.44x        69.4 
$5,000,000 - $9,999,999                                     31     216,613,826          21.6   1.36x        72.2 
$10,000,000 - $14,999,999                                   19     226,292,634          22.5   1.40x        73.3 
$15,000,000 - $24,999,999                                    9     172,367,298          17.2   1.34x        72.6 
$25,000,000 - $49,999,999                                    2      75,623,076           7.5   1.80x        63.2 
$50,000,000 - $106,915,919                                   2     158,623,522          15.8   1.83x        61.7 
------------------------------------------------  ------------  --------------  ------------   -----  ---------- 
TOTAL:                                                     116  $1,004,289,338         100.0%  1.49x        69.6%
------------------------------------------------  ------------  --------------  ------------   -----  ---------- 
AVERAGE PER LOAN:       8,657,667                                                                                
AVERAGE PER PROPERTY:   7,551,048                                                                                

 MORTGAGE INTEREST RATES

                                                        [Enlarge/Download Table]

                                                                  PRINCIPAL     % OF INITIAL   WA UW  WA CUT-OFF 
MORTGAGE INTEREST RATE (%)                        NO. OF LOANS   BALANCE ($)    POOL BALANCE   DSCR    DATE LTV  
------------------------------------------------  ------------  --------------  ------------   -----  ---------- 
                                                                                                                 
5.750% - 5.999%                                              3    $174,272,337          17.4%  2.00x        56.4%
6.000% - 6.499%                                             16     160,735,223          16.0   1.50x        70.2 
6.500% - 6.999%                                             42     287,371,503          28.6   1.35x        72.5 
7.000% - 7.499%                                             38     279,366,884          27.8   1.35x        74.8 
7.500% - 7.999%                                             14      85,065,190           8.5   1.33x        69.7 
8.000% - 9.070%                                              3      17,478,201           1.7   1.82x        63.9 
------------------------------------------------  ------------  --------------  ------------   -----  ---------- 
TOTAL:                                                     116  $1,004,289,338         100.0%  1.49x        69.6%
------------------------------------------------  ------------  --------------  ------------   -----  ---------- 
WEIGHTED AVERAGE MORTGAGE INTEREST RATE: 6.7324%                                                                 

 UW DSCR

                                                        [Enlarge/Download Table]

                                                                  PRINCIPAL     % OF INITIAL   WA UW  WA CUT-OFF 
UW DSCR                                           NO. OF LOANS   BALANCE ($)    POOL BALANCE   DSCR    DATE LTV  
------------------------------------------------  ------------  --------------  ------------   -----  ---------- 
                                                                                                                 
1.18x - 1.19x                                                2     $35,139,659           3.5%  1.18x        74.1%
1.20x - 1.24x                                               13     $63,954,326           6.4   1.22x        74.6 
1.25x - 1.29x                                               18     146,087,544          14.5   1.27x        74.0 
1.30x - 1.39x                                               41     321,940,215          32.1   1.34x        75.0 
1.40x - 1.49x                                               22     165,530,242          16.5   1.43x        71.5 
1.50x - 1.99x                                               13     105,799,758          10.5   1.66x        61.7 
2.00x - 2.49x                                                5     159,414,945          15.9   2.04x        56.1 
2.50x - 5.22x                                                2       6,122,649           0.6   3.64x        26.2 
------------------------------------------------  ------------  --------------  ------------   -----  ---------- 
TOTAL:                                                     116  $1,004,289,338         100.0%  1.49x        69.6%
------------------------------------------------  ------------  --------------  ------------   -----  ---------- 
WEIGHTED AVERAGE: 1.49X                                                                                          

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THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE
MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE

 CUT-OFF DATE LOAN-TO-VALUE RATIOS

                                                        [Enlarge/Download Table]

                                                                  PRINCIPAL     % OF INITIAL   WA UW  WA CUT-OFF 
LTV (%)                                           NO. OF LOANS   BALANCE ($)    POOL BALANCE   DSCR    DATE LTV  
------------------------------------------------  ------------  --------------  ------------   -----  ---------- 
                                                                                                                 
19.3% - 49.9%                                                7     $21,440,486           2.1%  2.27x        37.7%
50.0% - 59.9%                                                8     200,756,001          20.0   1.95x        56.2 
60.0% - 69.9%                                               29     143,164,415          14.3   1.45x        67.5 
70.0% - 74.9%                                               37     321,106,247          32.0   1.33x        72.5 
75.0% - 79.9%                                               33     311,734,018          31.0   1.32x        78.1 
80.0% - 81.9%                                                2       6,088,170           0.6   1.45x        80.6 
------------------------------------------------  ------------  --------------  ------------   -----  ---------- 
TOTAL:                                                     116  $1,004,289,338         100.0%  1.49x        69.6%
------------------------------------------------  ------------  --------------  ------------   -----  ---------- 
WEIGHTED AVERAGE: 69.6%                                                                                          

RANGE OF REMAINING TERM TO MATURITY/ARD (MONTHS)

                                                        [Enlarge/Download Table]

                                                                  PRINCIPAL     % OF INITIAL   WA UW  WA CUT-OFF 
RANGE OF REMAINING TERM TO MATURITY/ARD (MONTHS)  NO. OF LOANS   BALANCE ($)    POOL BALANCE   DSCR    DATE LTV  
------------------------------------------------  ------------  --------------  ------------   -----  ---------- 
                                                                                                                 
56 - 99                                                     18    $154,243,425          15.4%  1.64x        67.7%
100 - 109                                                    2       8,734,211           0.9   1.45x        63.5 
110 - 119                                                   83     731,738,947          72.9   1.48x        69.9 
120 - 149                                                    1      18,500,000           1.8   1.32x        76.2 
150 - 199                                                    4      20,673,575           2.1   1.25x        70.1 
200 - 240                                                    8      70,399,181           7.0   1.36x        69.1 
------------------------------------------------  ------------  --------------  ------------   -----  ---------- 
TOTAL:                                                     116  $1,004,289,338         100.0%  1.49x        69.6%
------------------------------------------------  ------------  --------------  ------------   -----  ---------- 
WEIGHTED AVERAGE: 119 MONTHS                                                                                     

AMORTIZATION TYPES

                                                        [Enlarge/Download Table]

                                                                  PRINCIPAL     % OF INITIAL   WA UW  WA CUT-OFF 
TYPE OF AMORTIZATION                              NO. OF LOANS   BALANCE ($)    POOL BALANCE   DSCR    DATE LTV  
------------------------------------------------  ------------  --------------  ------------   -----  ---------- 
                                                                                                                 
Balloon Loans                                               61    $498,507,025          49.6%  1.53x        67.6%
ARD Loans                                                   43     411,358,720          41.0   1.45x        72.8 
Fully Amortizing Loans                                       9      72,123,593           7.2   1.36x        68.7 
Partial Interest-only Loans                                  2      20,700,000           2.1   1.57x        60.9 
Interest-only Loans                                          1       1,600,000           0.2   5.22x        19.3 
------------------------------------------------  ------------  --------------  ------------   -----  ---------- 
TOTAL:                                                     116  $1,004,289,338         100.0%  1.49x        69.6%
------------------------------------------------  ------------  --------------  ------------   -----  ---------- 

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THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE
MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE

 STRUCTURAL OVERVIEW

o     Interest payments will be pro-rata to the Class A-1, A-2, A-3, A-4, A-5,  
X-1, and X-2 Certificates and then, after payment of the principal  
   distribution amount to such Classes (other than the Class X-1 and Class
    X-2 Certificates), interest will be paid sequentially to the Class B, C,
D, E, F, G, H, J, K, L, M and NR Certificates.                      

o     The pass-through rate for the Class A-1, A-2, A-3, A-4, A-5, B, C, D, E,  
    F, G, H, J, K, L, M and NR Certificates will be either a fixed rate or a
      rate based on the weighted average of the remittance rates on the mortgage
    loans. In the aggregate, the Class X-1 and X-2 Certificates will receive
      the net interest on the mortgage loans less the interest paid on the other
Certificates.                                                       

o     All Classes offered will accrue interest on a 30/360 basis.               

o     Principal payments will be paid sequentially to the Class A, B, C, D, E,  
 F, G, H, J, K, L, M and NR Certificates, until each Class is retired.
Principal payments allocated to the Class A Certificates will be    
distributed in the following order of priority:                     

1.    Concurently as follows:                                       

      a.    Approximately 25.8065% to the Class A-3 certificates and

          b.    Approximately 74.1935% to the Class A-1, Class A-2 and Class
                 A-4 certificates, in that order, until each class is retired.

     2.    When the Clas A-1, A-2, A-3 and Class A-4 certicicates are retired,
to the Class A-5 certificates, until retired.           

    The Class X-1 and X-2 Certificates do not have a class principal balance
and are therefore not entitled to any principal distributions.      

o     Losses will be born by the Classes (other than the Classes X-1 and X-2    
     Certificates) in reverse sequential order, from the Class NR Certificates
   up to the Class B Certificates and then pro-rata to the Class A-1, A-2,
A-3, A-4, and A-5 Certificates.                                     

o     If the principal balance of the mortgage pool is less than or equal to the
      aggregate class principal balance of the Class A-1, A-2, A-3, A-4, and A-5
   Certificates, principal distributions will be allocated pro-rata to the
Class A-1, A-2, A-3, A-4 and A-5 Certificates.                      

o     Net prepayment premiums calculated by reference to a U.S. Treasury rate to
   the extent received will be allocated first to the offered certificates
      and the Class E and F certificates, according to a specified formula, with
      any remaining amount payable to the Class X-1 Certificates. For the amount
payable to any interest-bearing Class, the formula is as follows:   

                                                  (Pass-Through Rate
                         Principal Paid to Class   on Class - Discount Rate)
    Prepayment Premium x ----------------------- x -------------------------
                    Total Principal Paid          (Mortgage Rate
                                                  on Loan - Discount Rate)

o     Net prepayment premiums not calculated by reference to a U.S. Treasury    
 rate to the extent received will be allocated solely to the Class X-1
Certificates.                                                       

o     The deal will provide for the standard collateral value adjustment feature
     for problem or delinquent loans. Under certain circumstances, the special
     servicer obtains a new appraisal and to the extent any such adjustment is
    not reversed, the interest portion of any P&I Advance will be reduced in
proportion to such adjustment.                                      

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MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE

 TOP 10 MORTGAGE LOANS AND CROSS COLLATERALIZED GROUPS

                                                        [Enlarge/Download Table]

                                     AGGREGATE                          CUT-OFF                          
LOAN NAME                             CUT-OFF     % OF INITIAL    UW    DATE LTV          PROPERTY       
(LOCATION)                            BALANCE     POOL BALANCE   DSCR    RATIO              TYPE         
----------------------------------  ------------  ------------   -----  --------   ----------------------
                                                                                                         
Simon Mall Portfolio I              $106,915,919          10.6%  2.03x      57.5%      Regional Malls    
(Various)                                                                                                

Long Island Industrial Portfolio I   $51,707,603           5.1%  1.42x      70.4%    Industrial - Flex   
(Long Island, New York)                                                                                  

The Avion Portfolio                  $47,957,552           4.8%  2.06x      54.4%  Suburban Office - Flex
(Chantilly, Virginia)                                                                                    

DaimlerChrysler Portfolio            $35,139,659           3.5%  1.18x      74.1%   Distribution Center  
(Orlando, FL; Portage, IN)                                                                               

Boulevard Square                     $27,665,524           2.8%  1.34x      78.5%     Anchored Retail    
(Pembroke Pines, Florida)                                                                                

Southern Wine and Spirits            $23,000,000           2.3%  1.28x      71.9%   Distribution Center  
(Las Vegas, Nevada)                                                                                      

Fountains at Bay Hill                $21,934,279           2.2%  1.35x      74.4%    Unanchored Retail   
(Orlando, Florida)                                                                                       

Edgewater Apartments                 $19,398,866           1.9%  1.66x      55.0%       Multifamily      
(Seattle, Washington)                                                                                    

Surprise Towne Center                $18,500,000           1.8%  1.32x      76.2%     Anchored Retail    
(Surprise, Arizona)                                                                                      

Elmwood Tower                        $18,467,594           1.8%  1.26x      73.9%     Suburban Office    
(New Orleans, Louisiana)                                                                                 
----------------------------------  ------------  ------------   -----  --------   ----------------------
TOTAL/WEIGHTED AVERAGE              $370,686,995          36.9%  1.64x      65.6%                        
----------------------------------  ------------  ------------   -----  --------   ----------------------

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THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
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DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE

SIMON MALL PORTFOLIO

--------------------------------------------------------------------------------
LOAN INFORMATION
--------------------------------------------------------------------------------

                 ORIGINAL                CUT-OFF
                 --------                -------
PRINCIPAL BALANCE:               $107,000,000            $106,915,919           

% OF POOL BY IPB:                10.6%                                          

SELLER:                          JPM                                            

ORIGINATION DATE:                9/16/02                                        

INTEREST RATE:                   5.8385%                                        

INTEREST ONLY PERIOD:            NAP                                            

SPONSOR:                                                                        
Simon Property Group, L.P. (BBB+/Baa1) (NYSE: SPG). Simon Property Group owns or
has an interest in 257 properties comprising regional malls, community shopping 
centers and specialty and mixed-use properties containing 186 million square    
feet of gross leasable area in 36 states, Europe and Canada.                    

MATURITY DATE:                   10/10/12                                       

REMAINING AMORTIZATION:          359                                            

CALL PROTECTION:                 LO(24)/Def(91)/O(4)                            

CROSS-COLLATERALIZATION:         NAP                                            

LOCK BOX:                        Hard                                           

ESCROWS / RESERVES:                              Upfront           Monthly      
                                           ----------         --------
                            Taxes          $1,925,038         $258,000
                            Insurance               0                0
                            TI/LC                   0           31,000
                            CapEx                   0           14,025
                            Other             764,361(1)             0
                                           ----------         --------
                            TOTAL          $2,689,399         $303,025

                     Pooled               Non-Pooled
                  Component              Component
                   ---------              ----------
CUT-OFF DATE LOAN/SF:              $73.02                 $85.17                

CUT-OFF DATE LTV:                   57.5%                 67.0%                 

MATURITY LTV:                       49.1%                 57.2%                 

UW DSCR:                            2.03x                 1.67x                 
--------------------------------------------------------------------------------
(1) One month of debt service to remain in escrow throughout loan term          

--------------------------------------------------------------------------------
PROPERTY INFORMATION
--------------------------------------------------------------------------------

SINGLE ASSET / PORTFOLIO:             Portfolio                                 

TITLE:                                Fee & Leasehold                           

PROPERTY TYPE:                        Regional Malls                            

SQUARE FEET:                          1,464,174                                 

LOCATION:                             Various                                   

YEAR BUILT:                           1966 - 1980                               

COLLATERAL:                                                                     
The subject collateral is comprised of four regional malls: Richmond Town Square
anchored by J.C. Penney, Sears and Kaufmann's; Midland Park Mall anchored by    
Sears, Dillard's and J.C. Penney; Markland Mall anchored by Lazarus, Sears and  
Target; and Forest Mall anchored by J.C. Penney, Kohl's, Younker's and Sears.   
2001 in- line sales for each of the malls are: Richmond Town Square - $267 psf; 
Midland Park Mall - $268 psf; Markland Mall - $279 psf; and Forest Mall - $203  
psf.                                                                            

PORTFOLIO PROPERTIES:                               IN-LINE   IN-LINE   IN-LINE 
PROPERTY                                 LOCATION     OCC     OCC COST  SALES/SF
--------                                 --------     ---     --------  --------
Richmond Town Square Mall    Richmond Heights, OH     97.4%     12.6%     $267  
Midland Park Mall                     Midland, TX     78.7      11.8       268  
Markland Mall                          Kokomo, IN     94.8      11.6       279  
Forest Mall                       Fond du Lac, WI     93.3      10.4       203  
                                                    ----      ----      ----
Weighted Average                                      92.4%     11.8%     $259  

OCCUPANCY:                                  94.1% (as of 10/02/02)              

HISTORICAL NOI:              2000:          $16,755,473                         
    2001:          $16,046,666
                  2002:          $15,019,461 (TTM 6/30/02)

UW NOI:                                     $16,250,363                         

UW NET CASH FLOW:                           $15,308,565                         

APPRAISED VALUE:                            $186,100,000                        

APPRAISAL DATE:                             7/02 & 8/02                         

ADDITIONAL DEBT:                            $17,800,000                         

LOAN PURPOSE:                               Refinancing                         

--------------------------------------------------------------------------------

[GRAPHIC OMITTED]                                                               

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MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE

LONG ISLAND INDUSTRIAL PORTFOLIO

--------------------------------------------------------------------------------
LOAN INFORMATION
--------------------------------------------------------------------------------

                   ORIGINAL                CUT-OFF
                   --------                -------
PRINCIPAL BALANCE:                $51,750,000             $51,707,603           

% OF POOL BY IPB:                 5.1%                                          

SELLER:                           JPM                                           

ORIGINATION DATE:                 9/30/02                                       

INTEREST RATE:                    6.0440%                                       

INTEREST ONLY PERIOD:             NAP                                           

SPONSOR:                                                                        
Long Island Group One LLC, 717-725 Broadway LLC. Long Island Group LLC and      
717-725 Broadway LLC are both owned by Mr. Ruby Schron (45%), Mr. Abraham       
Fruchthandler (45%), Mr. Joshua Safran (7.5%), and Mr. Bruce Federman (2.5%).   
Mr. Ruby Schron is the founder and main principal of Cammeby's International,   
Ltd. Cammeby's International owns and manages over 14,000 residential units and 
over 10,000,000 square feet of commercial and industrial space. Mr. Abraham     
Fruchthandler is the principal of FBE Limited, which has investments in office, 
commercial, industrial and residential properties.                              

MATURITY DATE:                    10/10/12                                      

REMAINING AMORTIZATION:           359                                           

CALL PROTECTION:                  LO(24),Def(93),O(4)                           

CROSS-COLLATERALIZATION:          NAP                                           

LOCK BOX:                         Soft                                          

ESCROWS / RESERVES:                                Upfront        Monthly       
                                          ------------      --------
                            Taxes           $967,066        $225,719
                            Insurance              0               0
                            TI/LC                  0               0
                            CapEx                  0               0
                            Other            506,250(1)            0
                                          ----------        --------
                            TOTAL         $1,473,316        $225,719

CUT-OFF DATE LOAN/SF:             $52.76                                        

CUT-OFF DATE LTV:                 70.4%                                         

MATURITY LTV:                     59.9%                                         

UW DSCR:                          1.42x                                         

--------------------------------------------------------------------------------
(1)  Comprised of $75,000 of upfront engineering reserves and $431,250 of       
upfront environmental reserves in Letter of Credit.                   

--------------------------------------------------------------------------------
PROPERTY INFORMATION
--------------------------------------------------------------------------------

SINGLE ASSET / PORTFOLIO:   Portfolio                                           

TITLE:                      Fee                                                 

PROPERTY TYPE:              Industrial - Flex                                   

SQUARE FEET:                980,113                                             

LOCATION:                   Long Island, New York                               

YEAR BUILT:                 1956 - 1985                                         

COLLATERAL:                                                                     
The subject collateral consists of 7 industrial properties located in Long      
Island, New York. Long Island is the sixteenth largest industrial market in the 
United States. The subject collateral is 980,113 square feet. The seven subject 
properties are: 1140 Motor Parkway (153,500 square feet; 2 tenants), 79 Express 
Street (70,933 square feet; 7 tenants), 92 Central Avenue (70,231 square feet; 2
tenants), 95 Seaview Boulevard (51,755 square feet; 10 tenants), 230 Duffy      
Avenue (125,000 square feet; 6 tenants), 575 Underhill Boulevard (236,534 square
feet; 28 tenants), 717-725 Broadway Avenue (150,000 square feet; 4 tenants).    

                                                                   APPRAISED
PORTFOLIO PROPERTIES         LOCATION             SF        OCC( 2)  VALUE      
-----------------------      ------------------   -------   ------   -----------
575 Underhill Boulevard      Syosset, NY          236,534     88.5%  $32,400,000
717-725 Broadway             Holbrook, NY         272,160     92.3    10,400,000
1140 Motor Parkway           Hauppauge, NY        153,500     96.9    11,600,000
230 Duffy Avenue             Hicksville, NY       125,000     98.3     7,400,000
79 Express Street            Plainview, NY         70,933    100.0     4,300,000
95 Seaview Boulevard         Port Washington, NY   51,755    100.0     4,000,000
92 Central Avenue            Farmingdale, NY       70,231    100.0     3,300,000
                                                  -------    -----   -----------
TOTAL:                                            980,113     94.4%  $73,000,000

OCCUPANCY:                     94.4% (as of 9/30/02)                            

HISTORICAL NOI:       2000:    $5,714,239                                       
2001:    $5,942,358                 
2002:    $5,597,228 (TTM 6/30/02)   

UW NOI:                        $5,878,526                                       

UW NET CASH FLOW:              $5,298,213                                       

APPRAISED VALUE:               $73,400,000                                      

APPRAISAL DATE:                7/01/02                                          

ADDITIONAL DEBT:               NAP                                              

LOAN PURPOSE:                  Refinance                                        

--------------------------------------------------------------------------------

(2)  Occupancy Percentage from September 2002. Total Occupancy is a weighted    
average based on Square Footage.                                      

[GRAPHIC OMITTED]                                                               

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DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE

THE AVION PORTFOLIO 

--------------------------------------------------------------------------------
LOAN INFORMATION
--------------------------------------------------------------------------------

                   ORIGINAL                CUT-OFF
                   --------                -------
PRINCIPAL BALANCE:                $48,000,000             $ 47,957,552          

% OF POOL BY IPB:                 4.8%                                          

SELLER:                           CIBC                                          

ORIGINATION DATE:                 9/27/02                                       

INTEREST RATE:                    5.7500%                                       

INTEREST ONLY PERIOD:             NAP                                           

SPONSOR:                                                                        
Nutmeg Core Plus Partners, L.P. and Advanced Realty Group, L.L.C. Angelo, Gordon
& Co., L.P. is the principal of Nutmeg Core Plus Partners, L.P. and is an       
investment management firm which currently manages approximately $9.0 billion of
investments. Advanced Realty Group, of Gladstone, New Jersey, owns 3.6 million  
square feet and manages an additional 1.2 million square feet of real estate.   
Advanced Realty Groups' properties are located in New Jersey, Washington, D.C., 
Boston and Philadelphia.                                                        

MATURITY/ARD DATE:                10/01/07                                      

REMAINING AMORTIZATION:           359                                           

CALL PROTECTION:                  LO(24),Def(31),O(4)                           

CROSS-COLLATERALIZATION:          NAP                                           

LOCK BOX:                         Springing                                     

ESCROWS / RESERVES:                              Upfront         Monthly        
                                        ----------       ---------
                          Taxes          $523,312        $87,219
                          Insurance        99,873         16,645
                          TI/LC                 0              0
                          CapEx             7,331          7,331
                          Other           702,725(1)           0
                                        ----------       ---------
                          TOTAL        $1,333,240       $111,195

CUT-OFF DATE LOAN/SF:             $81.77                                        

CUT-OFF DATE LTV:                 54.4%                                         

MATURITY/ARD LTV:                 50.8%                                         

UW DSCR:                          2.06x                                         

--------------------------------------------------------------------------------
(1)  $177,725 in upfront engineering reserves and $525,000 in VNU tenant        
reserves (one time)                                                   

--------------------------------------------------------------------------------
PROPERTY INFORMATION
--------------------------------------------------------------------------------

SINGLE ASSET / PORTFOLIO:           Portfolio                                   

TITLE:                              Fee                                         

PROPERTY TYPE:                      Suburban Office - Flex                      

SQUARE FEET:                        586,466                                     

LOCATION:                           Chantilly, Virginia                         

YEAR BUILT:                         1988 - 2000                                 

COLLATERAL:                                                                     
The subject properties are either Class "A" office spaces or flex spaces Located
in Chantilly, Virginia. The portfolio contains 7 buildings that are part of an  
18 building office campus. The office campus includes 188 acres with lakes, a   
full service health and fitness facility, and jogging trails. The properties are
Located within the Washington, D.C. Primary Metropolitan Statistical Area       
(PMSA). The subject properties are 8 miles west of downtown Washington, D.C. and
are along the southern border of Dulles International Airport. The Virginia     
Department of Transportation is responsible for building, maintaining and       
operating the state of Virginia's roads, bridges and tunnels. GTSI Corporation, 
formerly Government Technology Services, resells computers and equipment to the 
U.S. federal, state and local governments.                                      

MAJOR TENANTS:                                                 RENT      LEASE  
TENANTS                                  SF        % SF        PSF       EXP. YR
---------------------------------      ------      -----       ------    -------
Commonwealth of Virginia (AAA)(2)      122,279     20.9%       $25.75     2005  
GSTI Corporation                       102,022     17.4%       $11.09     2008  
General Services Administration                                                 
(US Govt)                             35,154      6.0%       $16.97     2008

OCCUPANCY:                           89.0 % (as of 6/30/02 and  7/01/02)        

HISTORICAL NOI:                                                                 

2000:      $3,339,886       
2001:      $6,948,346       
       2002:      $7,514,460 (TTM 6/30/02)

UW NOI:                              $7,571,329                                 

UW NET CASH FLOW:                    $6,910,558                                 

APPRAISED VALUE:                     $88,100,000                                

APPRAISAL DATE:                      6/12/02                                    

ADDITIONAL DEBT:                     Permitted subject to certain tests         

LOAN PURPOSE:                        Refinance                                  

--------------------------------------------------------------------------------
(2)   Virginia's general obligation rating from Standard & Poor's               

[GRAPHIC OMITTED]                                                               

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MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE

DAIMLER CHRYSLER PORTFOLIO

--------------------------------------------------------------------------------
LOAN INFORMATION
--------------------------------------------------------------------------------

                   ORIGINAL                CUT-OFF
                   --------                -------
PRINCIPAL BALANCE:                $35,300,000             $35,139,659           

% OF POOL BY IPB:                 3.5%                                          

SELLER:                           JPM                                           

ORIGINATION DATE:                 8/06/02                                       

INTEREST RATE:                    6.8500%                                       

INTEREST ONLY PERIOD:             NAP                                           

SPONSOR:                                                                        
Mr. James C. George and Mr. Samuel Fodale. Mr. George and Mr. Fodale were       
previously owners of companies that manufactured and supplied parts to the auto 
industry; they are now investors in real estate.                                

MATURITY DATE:                    9/01/20                                       

REMAINING AMORTIZATION:           214                                           

CALL PROTECTION:                  LO(24),Def(165),O(25)                         

CROSS-COLLATERALIZATION:          Yes                                           

LOCK BOX:                         Hard                                          

ESCROWS / RESERVES:               Daimler Chrysler is responsible for the       
                         real estate taxes, insurance, and all
                                 capital repairs under its lease agreement. If
                             Daimler Chrysler's credit rating does all
                            below investment grade (below BBB-), the
                             lender holds the right to collect for all
     required escrows.

CUT-OFF DATE LOAN/SF:             $63.86                                        

CUT-OFF DATE LTV:                 74.1%                                         

MATURITY LTV:                     1.8%                                          

UW DSCR:                          1.18x                                         

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
PROPERTY INFORMATION
--------------------------------------------------------------------------------

SINGLE ASSET / PORTFOLIO:         Portfolio                                     

TITLE:                            Fee                                           

PROPERTY TYPE:                    Distribution Center                           

SQUARE FEET:                      608,877                                       

LOCATION:                         Orlando, FL and Portage,    IN                

YEAR BUILT:                       2001                                          

COLLATERAL:                                                                     
The subjects are two cross-collateralized and cross-defaulted loans. The        
portfolio consists of two distribution/warehouse facilities, Daimler Chrysler - 
Orlando and Daimler Chrysler - Portage. Both properties were built in 2001.     
Daimler Chrysler (BBB+/A3) occupies 100% of the subject properties.             

   CEILING
                          DOCK        HEIGHT         RENT       LOAN        LOAN
PROPERTY       SF         DOORS       (FEET)         PSF        AMT         PSF 
--------    -------       -----       -------      ------    -----------    ----
Orlando     492,000         34        28 - 32       $5.97    $24,000,000    $49 
Portage     116,677        154        28 - 38      $11.50    $11,300,000    $97 

OCCUPANCY:                        100.0% (as of 6/14/02)                        

HISTORICAL NOI:                                                                 
2001:       $ 1,005,447             
 2002:       $ 4,278,682 (TTM 4/30/02)

UW NOI:                           $ 4,224,599                                   

UW NET CASH FLOW:                 $ 4,036,750                                   

APPRAISED VALUE:                  $ 47,400,000                                  

APPRAISAL DATE:                   6/02                                          

ADDITIONAL DEBT:                  $4,219,885                                    

LOAN PURPOSE:                     Refinance                                     

--------------------------------------------------------------------------------

[GRAPHIC OMITTED]                                                               

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MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE

BOULEVARD SQUARE

--------------------------------------------------------------------------------
LOAN INFORMATION
--------------------------------------------------------------------------------

                   ORIGINAL                CUT-OFF
                   --------                -------
PRINCIPAL BALANCE:                $ 27,720,000            $ 27,665,524          

% OF POOL BY IPB:                 2.8%                                          

SELLER:                           CIBC                                          

ORIGINATION DATE:                 7/22/02                                       

INTEREST RATE:                    7.2200%                                       

INTEREST ONLY PERIOD:             NAP                                           

SPONSOR:                                                                        
The Cole Group. Mr. Scott H. Cole is a principal of the Cole Group, which has an
interest in more than 34 commercial properties totaling 7 million square feet of
office and retail space. Cole Group's retail ownership comprised of 18          
properties ranging from 27,000 square feet to 331,000 square feet.              

MATURITY DATE:                    8/01/12                                       

REMAINING AMORTIZATION:           357                                           

CALL PROTECTION:                  LO(24),Def(89),O(4)                           

CROSS-COLLATERALIZATION:          NAP                                           

LOCK BOX:                         Springing                                     

ESCROWS / RESERVES:                              Upfront          Monthly       
                                        ----------         -------
                           Taxes          $333,667         $47,667
                           Insurance        54,699          17,988
                           TI/LC             5,833           5,833
                           CapEx             2,761           2,761
                           Other           700,000(1)            0
                                        ----------         -------
                           TOTAL        $1,096,960         $74,249

CUT-OFF DATE LOAN/SF:             $ 125.38                                      

CUT-OFF DATE LTV:                 78.5%                                         

MATURITY LTV:                     69.0%                                         

UW DSCR:                          1.34x                                         

--------------------------------------------------------------------------------
(1)   $100,000 holdback for Casual Male, a tenant that is currently in Chapter  
     11 bankruptcy, and $600,000 holdback for tenants that have signed leases,
but have not opened for business.                                   

--------------------------------------------------------------------------------
PROPERTY INFORMATION
--------------------------------------------------------------------------------

SINGLE ASSET / PORTFOLIO:         Single Asset                                  

TITLE:                            Fee                                           

PROPERTY TYPE:                    Anchored Retail                               

SQUARE FEET:                      220,658                                       

LOCATION:                         Pembroke Pines, Florida                       

YEAR BUILT:                       2000                                          

COLLATERAL:                                                                     
The subject property is 220,658 square foot anchored retail center in Pembroke  
Pines, Florida. The subject property has three anchor tenants, The Sports       
Authority, Ross Dress for Less, and T.J. Maxx. The property is located          
diagonally across from Pembroke Lakes Mall, a regional mall built in 1992,      
anchored by Sears, Dillards, Burdines and J.C. Penney. Ross Dress for Less had  
2001 sales per square foot of $327. T.J. Maxx had 2001 sales per square foot of 
$193 psf.                                                                       

MAJOR TENANTS:                                                 RENT      LEASE  
TENANTS                                  SF        % SF        PSF       EXP. YR
---------------------------------      ------      -----       ------    -------
The Sports Authority (B/B3)            37,413      17.0%       $12.00      2015 
Ross Stores Inc.(BBB)                  30,137      13.7%       $12.00      2011 
T.J. Maxx(A/A3)                        29,980      13.6%        $9.65      2010 

OCCUPANCY:                        96.5% (as of 7/01/02)                         

HISTORICAL NOI:                                                                 
2001:       $ 2,650,496             
 2002:       $ 3,040,449 (TTM 6/30/02)

UW NOI:                           $ 3,145,484                                   

UW NET CASH FLOW:                 $ 3,026,852                                   

APPRAISED VALUE:                  $ 35,250,000                                  

APPRAISAL DATE:                   4/15/02                                       

ADDITIONAL DEBT:                  NAP                                           

LOAN PURPOSE:                     Acquisition                                   

--------------------------------------------------------------------------------

[GRAPHIC OMITTED]                                                               

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DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE

SOUTHERN WINE AND SPIRITS FACILITY

--------------------------------------------------------------------------------
LOAN INFORMATION
--------------------------------------------------------------------------------

                   ORIGINAL                CUT-OFF
                   --------                -------
PRINCIPAL BALANCE:                $23,000,000             $23,000,000           

% OF POOL BY IPB:                 2.3%                                          

SELLER:                           CIBC                                          

ORIGINATION DATE:                 10/07/02                                      

INTEREST RATE:                    7.0000%                                       

INTEREST ONLY PERIOD:             NAP                                           

SPONSOR:                                                                        
Mr. Steven Becker and MR. Wayne Chaplin. Mr. Becker and Mr. Chaplin control 88% 
of the voting stock of Southern Wine and Spirits. Southern Wine and Spirits is a
large distributor of wine, spirits, beer and other non-alcoholic beverages in   
the United States with a 13.3% estimated share of the domestic market.          

MATURITY DATE:                    11/01/22                                      

REMAINING AMORTIZATION:           240                                           

CALL PROTECTION:                  LO(24),Def(212),O(4)                          

CROSS-COLLATERALIZATION:          NAP                                           

LOCK BOX:                         NAP                                           

ESCROWS / RESERVES:               The subject property is triple net            
                        leased to Southern Wine and Spirits.
                    As such, structural maintenance,
                       replacement, taxes and insurance is
                          the sole responsibility of the tenant.
                        At closing one month of debt service
      will be collected.

CUT-OFF DATE LOAN/SF:             $59.78                                        

CUT-OFF DATE LTV:                 71.9%                                         

MATURITY LTV:                     2.3%                                          

UW DSCR:                          1.28x                                         

--------------------------------------------------------------------------------
(1)   Total cost of $27.3 million is comprised of $5.2 million in land costs and
$22.1 million in improvement expenses                               

--------------------------------------------------------------------------------
PROPERTY INFORMATION
--------------------------------------------------------------------------------

SINGLE ASSET / PORTFOLIO:         Single Asset                                  

TITLE:                            Fee                                           

PROPERTY TYPE:                    Distribution Center                           

SQUARE FEET:                      384,763                                       

LOCATION:                         Las Vegas, Nevada                             

YEAR BUILT:                       2002                                          

COLLATERAL:                                                                     
The subject property is a Class A office and warehouse space located in Las     
Vegas, Nevada. The facility was built in 2002 at an estimated cost of $27.3     
million(1). Southern Wine and Spirits has a twenty year lease agreement on the  
property. The subject property is located two miles south of I-15 and 8 miles   
southwest of the Las Vegas Strip. The subject property is 100% occupied by      
Southern Wine and Spirits. The property is approximately 16% office space and   
the remainder is warehouse space. The warehouse space is "swamp cooled" which   
reduces ambient temperature by 30(degree). The facility contains conveyer belts 
that are capable of packing 6,000 cases per hour.                               

MAJOR TENANTS:                                                 RENT      LEASE  
TENANTS                                  SF        % SF        PSF       EXP. YR
---------------------------------      -------     ------      -----     -------
Southern Wine and Spirits              384,763     100.0%      $7.80      2021  

OCCUPANCY:                        100.0% (as of 8/26/02)                        

HISTORICAL NOI:                                                                 
                              The Southern Wine and Spirits Facility was
                                built during 2002. As a result no Historical
              NOI numbers are available.

UW NOI:                           $2,882,093                                    

UW NET CASH FLOW:                 $2,735,801                                    

APPRAISED VALUE:                  $32,000,000                                   

APPRAISAL DATE:                   8/05/02                                       

ADDITIONAL DEBT:                  NAP                                           

LOAN PURPOSE:                     Refinance                                     

--------------------------------------------------------------------------------

[GRAPHIC OMITTED]                                                               

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THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE
MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE

FOUNTAINS AT BAY HILL 

--------------------------------------------------------------------------------
LOAN INFORMATION
--------------------------------------------------------------------------------

                 ORIGINAL                CUT-OFF
                 --------                -------
PRINCIPAL BALANCE:               $22,000,000             $21,934,279            

% OF POOL BY IPB:                2.2%                                           

SELLER:                          CIBC                                           

ORIGINATION DATE:                5/31/02                                        

INTEREST RATE:                   7.6700%                                        

INTEREST ONLY PERIOD:            NAP                                            

SPONSOR:                                                                        
Mr. Chuck Whithall and Mr. Lee J. Maher. Mr. Maher and Mr. Whithall own Unicorp 
National Development, Inc. which manages 16 commercial properties. Mr. Whithall 
has been in real estate development since 1984.                                 

MATURITY/ARD DATE:               6/01/12                                        

REMAINING AMORTIZATION:          355                                            

CALL PROTECTION:                 LO(24),Def(87),O(4)                            

CROSS-COLLATERALIZATION:         NAP                                            

LOCK BOX:                        Springing                                      

ESCROWS / RESERVES:                             Upfront        Monthly          
                                     ----------      -------
                       Taxes           $100,000      $20,000
                       Insurance          9,627        3,209
                       TI/LC             12,500       12,500
                       CapEx              1,301        1,301
                       Other          2,200,000(1)         0
                                     ----------      -------
                       TOTAL         $2,323,428      $37,010

CUT-OFF DATE LOAN/SF:            $210.99                                        

CUT-OFF DATE LTV:                74.4%                                          

MATURITY/ARD LTV:                66.2%                                          

UW DSCR:                         1.35x                                          

--------------------------------------------------------------------------------
(1)   $2,000,000 holdback for tenants not in occupancy as of the closing date   
and $200,000 for Mortgage Tax Reserve (one time)                    

--------------------------------------------------------------------------------
PROPERTY INFORMATION
--------------------------------------------------------------------------------

SINGLE ASSET / PORTFOLIO:          Single Asset                                 

TITLE:                             Fee                                          

PROPERTY TYPE:                     Unanchored Retail                            

SQUARE FEET:                       103,961                                      

LOCATION:                          Orlando, Florida                             

YEAR BUILT:                        2001                                         

COLLATERAL:                                                                     
The subject property is an unanchored retail center located in Orlando, Florida.
The property was competed in 2001 and is comprised of four buildings. The center
has 34 tenants with four larger tenants: Eckerd's Drugstore, Ruth Chris Steak   
House, Antonio's Restaurant and Moon Fish Restaurant. The subject property is   
located on the northeast corner of Sand Lake Road and Dr. Philips Boulevard.    
International Drive is located 1 mile from the property. Universal Studios is   
located 2 miles north of the property and Lake Buena Vista/ Disney tourist area 
is located 3 miles south of the subject.                                        

MAJOR TENANTS:                                                 RENT      LEASE  
TENANTS                                  SF        % SF        PSF       EXP. YR
---------------------------------      -------     ------      -----     -------
Eckerd Drugstore(JCP BBB-/Ba3)          12,739      12.3%     $32.58      2026  
Ruth's Chris Steakhouse                  7,998       7.7%     $27.51      2016  
La Buana Vita dba Antonios               7,042       6.8%     $27.00      2011  

OCCUPANCY:                         100.0% (as of 6/30/02)                       

HISTORICAL NOI:                                                                 
   2002:      $1,344,170 (TTM 6/30/02)

UW NOI:                            $2,689,490                                   

UW NET CASH FLOW:                  $2,533,235                                   

APPRAISED VALUE:                   $29,500,000                                  

APPRAISAL DATE:                    5/11/02                                      

ADDITIONAL DEBT:                   NAP                                          

LOAN PURPOSE:                      Refinance                                    

--------------------------------------------------------------------------------

[GRAPHIC OMITTED]                                                               

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THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE
MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE

EDGEWATER APARTMENTS

--------------------------------------------------------------------------------
LOAN INFORMATION
--------------------------------------------------------------------------------

                 ORIGINAL                CUT-OFF
                 --------                -------
PRINCIPAL BALANCE:               $19,415,000           $19,398,866              

% OF POOL BY IPB:                1.9%                                           

SELLER:                          JPM                                            

ORIGINATION DATE:                9/30/02                                        

INTEREST RATE:                   5.9900%                                        

INTEREST ONLY PERIOD:            NAP                                            

SPONSOR:                                                                        
Mr. Robert C. Samuel. Mr. Robert C. Samuel, owner and founder of Samuel &       
Company, Inc., is the 100% owner of the borrowing entity. Samuel & Company, Inc.
currently owns and manages 19 commercial properties in Arizona, Texas and       
Washington consisting of 1,718 multifamily units and 843,224 square feet of     
commercial space.                                                               

MATURITY:                        10/01/12                                       

REMAINING AMORTIZATION:          359                                            

CALL PROTECTION:                 LO(24),Def(91),O(4)                            

CROSS-COLLATERALIZATION:         NAP                                            

LOCK BOX:                        NAP                                            

ESCROWS / RESERVES:                             Upfront        Monthly          
                                     ----------      -------
                       Taxes           $45,707       $22,854
                      Insurance        11,750            0
                       CapEx                 0         3,404
                       Other             2,265(1)          0
                                     ----------      -------
                       TOTAL           $59,722       $26,258

CUT-OFF DATE LOAN/SF:            $61,388.82                                     

CUT-OFF DATE LTV:                55.0%                                          

MATURITY:                        46.6%                                          

UW DSCR:                         1.66x                                          
--------------------------------------------------------------------------------
(1) Upfront replacement reserve of $2,265                                       

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
PROPERTY INFORMATION
--------------------------------------------------------------------------------

SINGLE ASSET / PORTFOLIO:         Single Asset                                  

TITLE:                            Fee                                           

PROPERTY TYPE:                    Multifamily                                   

UNITS:                            316                                           

LOCATION:                         Seattle, Washington                           

YEAR BUILT:                       1938                                          

COLLATERAL:                                                                     
The subject property is a Class B, 316-unit apartment complex located along the 
shore of Lake Washington in Seattle, Washington. The 12.63 acre site is improved
with 20 two-story buildings. The property was built in two phases. Phase one    
consists of 304 units and was completed in 1938. Phase two consists of 12 units 
and was completed in 1975. The Edgewater Apartments are located in the Madison  
Park area, two miles from downtown Seattle. Each of the 20 buildings has laundry
facilities and all units have a fireplace.                                      

                                                          MARKET
APARTMENT TYPES:                         AVERAGE                  AVERAGE       
SIZE                  NUMBER             RENT                     RENT          
---------------       -----              -------                  -------       
1 bedroom              189                  $952                     $988       
2 bedroom              123                $1,179                   $1,238       
3 bedroom                4                $1,550                       NA       

OCCUPANCY:                        97.8% (as of 8/01/02)                         

HISTORICAL NOI:                                                                 
2000:       $2,951,511              
2001:       $2,838,284              
      2002:       $2,720,935 (TTM as of 8/31/02)

UW NOI:                           $2,396,740                                    

UW NET CASH FLOW:                 $2,317,740                                    

APPRAISED VALUE:                  $35,300,000                                   

APPRAISAL DATE:                   9/10/02                                       

ADDITIONAL DEBT:                  NAP                                           

LOAN PURPOSE:                     Refinance                                     

--------------------------------------------------------------------------------

[GRAPHIC OMITTED]                                                               

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THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE
MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE

SURPRISE TOWNE CENTER 

--------------------------------------------------------------------------------
LOAN INFORMATION
--------------------------------------------------------------------------------

                 ORIGINAL                CUT-OFF
                 --------                -------
PRINCIPAL BALANCE:                $18,500,000            $18,500,000            

% OF POOL BY IPB:                 1.8%                                          

SELLER:                           CIBC                                          

ORIGINATION DATE:                 7/15/02                                       

INTEREST RATE:                    7.1200%                                       

INTEREST ONLY PERIOD:             3                                             

SPONSOR:                                                                        
Surprise Towne Center, L.C. Surprise Towne Center, L.C. is sponsored by Mr.     
Warner A. Gabel III. Mr. Gabel is a Phoenix-based commercial developer. Mr.     
Gabel has developed more than 750,000 square feet of retail space in the Phoenix
area.                                                                           

MATURITY/ARD DATE:                11/01/12                                      

REMAINING AMORTIZATION:           360                                           

CALL PROTECTION:                  LO(24),Def(92),O(4)                           

CROSS-COLLATERALIZATION:          NAP                                           

LOCK BOX:                         Springing                                     

ESCROWS / RESERVES:                             Upfront        Monthly          
                                     ----------      -------
                        Taxes           $35,000       $5,000
                        Insurance        12,968        3,242
                        TI/LC            27,167        7,167
                        CapEx             1,942        1,942
                        Other         3,613,426(1)         0
                                     ----------      -------
                        TOTAL        $3,690,503      $17,351

CUT-OFF DATE LOAN/SF:             $119.07                                       

CUT-OFF DATE LTV:                 76.2%                                         

MATURITY/ARD LTV:                 66.7%                                         

UW DSCR:                          1.32x                                         

--------------------------------------------------------------------------------
(1)   $3,500,000 holdback for tenants not yet in occupancy, $113,426 interest   
reserve.                                                            

--------------------------------------------------------------------------------
PROPERTY INFORMATION
--------------------------------------------------------------------------------

SINGLE ASSET / PORTFOLIO:         Single Asset                                  

TITLE:                            Fee                                           

PROPERTY TYPE:                    Anchored Retail                               

SQUARE FEET:                      155,371                                       

LOCATION:                         Surprise, Arizona                             

YEAR BUILT:                       2001                                          

COLLATERAL:                                                                     
The subject property is a Class A Anchored Retail center located in Surprise,   
Arizona completed in 2001. The subject property is anchored by Wal-Mart         
Supercenter, Home Depot, PetsMart, OfficeMax, Michael's and Linens and Things.  
Wal-Mart Supercenter and Home Depot are not part of the collateral. The subject 
property is located in the Sun City submarket of Phoenix.                       

MAJOR TENANTS:                                                 RENT      LEASE  
TENANTS                                  SF        % SF        PSF       EXP. YR
---------------------------------      -------     ------      -----     -------
Linens N' Things                        28,000      18.0%      $12.00     2013  
Michael's Stores, Inc.                  23,883      15.4%      $10.00     2011  
Office Max, Inc.(BB/Ba2)                23,487      15.1%      $13.00     2017  

OCCUPANCY:                        94.3% (as of 7/12/02)                         

HISTORICAL NOI:                                                                 
      2002:       $1,540,623 (TTM as of 6/30/02)

UW NOI:                           $2,072,413                                    

UW NET CASH FLOW:                 $1,972,029                                    

APPRAISED VALUE:                  $24,270,000                                   

APPRAISAL DATE:                   4/25/02                                       

ADDITIONAL DEBT:                  NAP                                           

LOAN PURPOSE:                     Refinance                                     

--------------------------------------------------------------------------------

[GRAPHIC OMITTED]                                                               

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THE INFORMATION HEREIN WILL BE SUPERSEDED IN ITS ENTIRETY BY THE INFORMATION
CONTAINED IN THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT. THIS PAGE
MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A
DISCLAIMER, PLEASE CONTACT YOUR SALES REPRESENTATIVE

ELMWOOD TOWER 

--------------------------------------------------------------------------------
LOAN INFORMATION
--------------------------------------------------------------------------------

                 ORIGINAL              CUT-OFF
                 --------              -------
PRINCIPAL BALANCE:                $18,500,000           $18,467,594             

% OF POOL BY IPB:                 1.8%                                          

SELLER:                           CIBC                                          

ORIGINATION DATE:                 7/02/02                                       

INTEREST RATE:                    7.6400%                                       

INTEREST ONLY PERIOD:             NAP                                           

SPONSOR:                                                                        
Mr. Lee M. Elman. Mr. Elman is the owner of Elman Investors, Inc. Elman         
Investors has amassed a $290 million portfolio of 27 office buildings.          

MATURITY DATE:                    8/01/12                                       

REMAINING AMORTIZATION:           357                                           

CALL PROTECTION:                  LO(24),Def(89),O(4)                           

CROSS-COLLATERALIZATION:          NAP                                           

LOCK BOX:                         Springing                                     

ESCROWS / RESERVES:                             Upfront        Monthly          
                                     ----------      -------
                        Taxes          $163,633      $16,363
                        Insurance        46,596        3,328
                        TI/LC                 0            0
                        CapEx             2,472        2,472
                           Other               168(1)        42(1)
                                       --------      -------
                        TOTAL          $212,869%     $22,205

CUT-OFF DATE LOAN/SF:             $93.40                                        

CUT-OFF DATE LTV:                 73.9%                                         

MATURITY LTV:                     65.6%                                         

UW DSCR:                          1.26x                                         

--------------------------------------------------------------------------------
(1)  Flood Insurance Reserve                                                    
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
PROPERTY INFORMATION
--------------------------------------------------------------------------------

SINGLE ASSET / PORTFOLIO:         Single Asset                                  

TITLE:                            Fee                                           

PROPERTY TYPE:                    Suburban Office                               

SQUARE FEET:                      197,723                                       

LOCATION:                         Harahan, Louisiana                            

YEAR BUILT:                       1982                                          

COLLATERAL:                                                                     
The subject property is a Class B office building located in Harahan, Louisiana.
Harahan is a submarket of New Orleans, Louisiana. 90% of the subject property is
occupied by the General Administration for Mineral Management Services ("MMS"), 
who has been a tenant since 1985. MMS is a federal agency that has a AAA rating 
from all ratings agencies. MMS, a bureau in the U.S. Department of the Interior,
is the federal agency that manages the nation's natural gas, oil and other      
mineral resources on the outer continental shelf.                               

MAJOR TENANTS:                                                RENT       LEASE  
TENANTS                                  SF        % SF       PSF        EXP. YR
---------------------------------      -------     ------     ------     -------
GSA(AAA/Aaa)                           177,399      89.7%     $18.75      2011  
Corinthian Colleges, Inc.               19,939      10.1%     $15.00      2008  

OCCUPANCY:                        100.0% (as of 7/01/02)                        

HISTORICAL NOI:                                                                 
2000:       $1,540,847              
2001:       $1,673,096              
2002:       $1,972,989 (TTM 4/30/02)

UW NOI:                           $2,230,529                                    

UW NET CASH FLOW:                 $1,983,739                                    

APPRAISED VALUE:                  $25,000,000                                   

APPRAISAL DATE:                   5/14/02                                       

ADDITIONAL DEBT:                  NAP                                           

LOAN PURPOSE:                     Acquisition                                   

--------------------------------------------------------------------------------

[GRAPHIC OMITTED]                                                               

  16 of 16

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
		10/12/37		2
		11/4/02		2
		10/25/02		2
Filed on:		10/15/02							424B5
For Period End:		10/11/02
									List all Filings