Commercial Mortgage Capital

Floating-Rate Loan Program Indicative Terms

Property Type Eligibility

Eligible Property Types

• Fully-stabilized property only
• Office Buildings, including Medical Office
• Anchored Retail Shopping Centers
• Warehouse/Distribution Buildings
• Full-Service Hotels
• Multi-Family Apartments

Ineligible Property Types

• Property that has not achieved and maintained stabilized occupancy and operations (i.e. no earn-outs or future funding)
• Shadow-Anchored or Un-Anchored Retail Shopping Centers
• Single-Tenant Properties of any type
• Limited-Service Hotels

Loan Amount
$25 million to $200 million

Eligible Locations
Focus MSAs with 100,000 minimum population, offering strong current and historical growth metrics, along with equilibrium in supply and demand for relevant property type

Loan-to-Value Ratio
Maximum of 65% LTV Ratio

Loan Sizing Metrics
For Non-Hotel Properties: Minimum 1.25 times DSCR using a 9.0% Constant
For Hotel Properties: Minimum 1.40 times DSCR using a 10.0% Constant

Loan Pricing
One-month LIBOR, plus 600 basis points, with a 3.0% LIBOR floor

Amortization
Interest-Only

Loan Term
2 years

Loan Term Extension
Loan may be extended for 1 year, subject to payment of a 1.0% Extension Fee, provided property performance meets certain hurdles

Origination Fee
2.0% of the Loan Amount

Good-Faith Deposit
½ % of the Loan Amount, posted at signing of Term Sheet, to be applied towards Origination Fee at Closing

Processing Fee
$15,000 paid to GSCMC at signing of Term Sheet

Exit Fee
2.0% of the Loan Amount

Borrowing Entity
Must be bankruptcy-remote, Special Purpose Entity, no Tenants-in-Common ownership

Sponsorship
Sponsor must have an excellent reputation, with at least five years of exemplary experience in the direct ownership and management of the property type being financed. Local experience in the subject MSA is preferred and sponsor must have an investment in the Borrowing Entity equal to at least 10.0% of the equity

Recourse
Minimum recourse shall be 25% of the Loan Amount, to a financially strong Guarantor, with a good reputation

Reserves
Appropriate reserves shall be required

Prepayment Option
Loan may be prepaid at any time, subject to payment of the Exit Fee and spread maintenance

Due-on-Sale
Loan shall not be assumable

Flex
On larger loans GSCMC shall retain “flex” rights as necessary to successfully syndicate the Loan

Loan Servicing
GSCMC, or assignee, shall service the Loan

Goldman Sachs Commercial Mortgage Capital, L.P. (GSCMC) is a wholly-owned subsidiary of Goldman Sachs Bank USA. The information and loan terms set forth above are provided for informational purposes only and are not to be used or considered as an offer or a solicitation to make a loan. These terms are indicative and subject to change at any time without notice. The loan product described above may not be available in all geographic areas and your qualification for this product is subject to final determination by GSCMC and/or its affiliates.