Benchmark 2020-B19 Mortgage Trust

Presale:

Benchmark 2020-B19 Mortgage TrustSeptember 16, 2020

Preliminary Ratings

Class(i) Preliminary rating Preliminary amount ($) Credit Enhancement (%)

A-1 AAA(sf) 13,153,000 30.000

A-2 AAA(sf) 135,130,000 30.000

A-3 AAA(sf) 104,500,000 30.000

A-4(ii) AAA(sf) TBD 30.000

A-5(ii) AAA(sf) TBD 30.000

A-AB AAA(sf) 16,663,000 (iii) 30.000

X-A AA(sf) 850,696,000 (iii) N/A

A-S AA(sf) 112,108,000 19.375

B NR 51,437,000 14.500

C NR 43,524,000 10.375

X-B(iv) NR 94,961,000(iii) N/A

X-D(iv) NR 46,162,000(iii) N/A

X-F(iv) NR 18,464,000(iii) N/A

X-G(iv) NR 10,552,000(iii) N/A

X-H(iv) NR 34,291,884(iii) N/A

D(iv) NR 27,697,000 7.750

E(iv) NR 18,465,000 6.000

F(iv) NR 18,464,000 4.250

G(iv) NR 10,552,000 3.250

H(iv) NR 34,291,884 0.000

Presale:

Benchmark 2020-B19 Mortgage TrustSeptember 16, 2020

PRIMARY CREDIT ANALYST

Andy A White, CFA

Centennial

(1) 303-721-4890

[email protected]

SECONDARY CONTACT

Della Cheung

New York

(1) 212-438-3691

[email protected]

www.standardandpoors.com September 16, 2020 1

© S&P Global Ratings. All rights reserved. No reprint or dissemination without S&P Global Ratings' permission. See Terms of Use/Disclaimeron the last page.

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mailto: [email protected]




Preliminary Ratings (cont.)

Class(i) Preliminary rating Preliminary amount ($) Credit Enhancement (%)

VRR(v) NR 55,532,994 N/A

Note: This presale report is based on information as of Sept. 16, 2020. The ratings shown are preliminary. Subsequent information may result inthe assignment of final ratings that differ from the preliminary ratings. Accordingly, the preliminary ratings should not be construed asevidence of final ratings. This report does not constitute a recommendation to buy, hold, or sell securities. (i)The certificates will be issued toqualified institutional buyers according to Rule 144A of the Securities Act of 1933. (ii)The final balances of the class A-4 and A-5 certificates willbe determined at final pricing. The certificates in aggregate will have a total balance of $469.142 million. The class A-4 certificates are expectedto have a balance between $0.0 million and $170.0 million, and the A-5 certificates are expected to have a balance between $299.1 million and$469.1 million. (iii)Notional balance. The notional amount of the class X-A certificates will be equal to the aggregate certificate balance of theclass A-1, A-2, A-3, A-4, A-5, A-AB and A-S certificates. The notional amount of the class X-B certificates will be equal to the aggregatecertificate balance of the class B and C certificates. The notional amount of the class X-D certificates will be to the aggregate certificatebalance of the class D and E certificates. The notional balance of the class X-F certificates will be equal to the balance of the class Fcertificates. The notional balance of the class X-G certificates will be equal to the balance of the class G certificates. The notional balance ofthe class X-H certificates will be equal to the balance of the class H certificates. (iv)Non-offered certificates. (v)Non-offered vertical riskretention certificates. NR--Not rated. TBD--To be determined. N/A--Not applicable.

Profile

Expectedclosing date

Sept. 30, 2020.

Collateral Forty commercial mortgage loans with an aggregate principal balance of $1.111 billion ($945.7 million ofoffered certificates), secured by the fee and leasehold interests in 175 properties across 25 U.S. states.

S&P GlobalRatings pooledtrust LTV

91.0% (based on S&P Global Ratings' NCF and weighted average capitalization rate of 8.08%).

S&P GlobalRatings pooledtrust DSC

2.59x (based on S&P Global Ratings' NCF and the actual debt service payable on the mortgage loans).

S&P GlobalRatings pooledtrust debt yield

9.88% (based on S&P Global Ratings' NCF and the loan balances for the mortgage loans).

Paymentstructure

The transaction is structured to comply with risk retention requirements by way of an eligible verticalresidual interest, which includes the class VRR certificates. The VRR interest provides credit support onlyto the limited extent that it is allocated a portion of any losses incurred on the underlying mortgage loans.These losses are allocated between the VRR interest and the certificates, pro rata, according to theirrespective percentage allocation entitlements. The total required credit risk retention percentage for thistransaction is 5.0%. On each distribution date, interest accrued for each class of certificates at theapplicable pass-through rate will be distributed in the following priority, if funds are available: to theclass A-1, A-2, A-3, A-4, A-5, A-AB, X-A, X-B, X-D, X-F, X-G, and X-H certificates, pro rata, based on theirrespective entitlements to interest for that distribution date, and then to the class A-S, then class B, thenclass C, then class D, then class E, then class F, then class G, and then class H certificates until interestpayable to each class is paid in full. Principal payments on the certificates will be distributed to the classA-AB certificates until the balance is reduced to the scheduled principal balance for that distributiondate, and then sequentially to the class A-1, A-2, A-3, A-4, A-5, A-AB, A-S, B, C, D, E, F, G, and Hcertificates until each class' balance is reduced to zero. If the class A-S through H certificates' totalbalance has been reduced to zero, principal payments on the certificates will be distributed to the classA-1, A-2, A-3, A-4, A-5, and A-AB certificates, pro rata, based on each class' certificate balance. Losseswill be allocated to each class of certificates in reverse alphabetical order starting with the class Hcertificates through and including the class A-S certificates, and then to the class A-1, A-2, A-3, A-4, A-5and A-AB certificates, pro rata, based on each class' certificate balance. The class X-A certificates'notional amount will be equal to the aggregate certificate balance of the class A-1, A-2, A-3, A-4, A-5,A-AB, and A-S certificates. The class X-B certificates' notional amount will be equal to the aggregatecertificate balance of the class B and C certificates. The class X-D certificates' notional amount will beequal to the aggregate certificate balance of the class D and E certificates. The X-F certificates notionalamount will be equal to the aggregate certificate balance of the class F certificates. The notional balanceof the class X-G certificates will be equal to the balance of the class G certificates. The notional balance ofthe class X-H certificates will be equal to the balance of the class H certificates.



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Presale: Benchmark 2020-B19 Mortgage Trust

Profile (cont.)

Depositor Citigroup Commercial Mortgage Securities Inc.

Mortgage loansellers andsponsors

Citi Real Estate Funding Inc., Goldman Sachs Mortgage Co., German American Capital Corp., andJPMorgan Chase Bank N.A.

Master servicer Midland Loan Services

Special servicer Rialto Capital Advisors LLC

Trustee Wilmington Trust, National Association

Certificateadministrator

Citibank N.A.

LTV--Loan-to-value ratio, which is based on S&P Global Ratings' values. DSC--Debt service coverage. NCF--Net cash flow.

Rationale

The preliminary ratings assigned to the Benchmark 2020-B19 Mortgage Trust's commercialmortgage pass-through certificates reflect the credit support provided by the transaction'sstructure, our view of the underlying collateral's economics, the trustee-provided liquidity, thecollateral pool's relative diversity, and our overall qualitative assessment of the transaction. S&PGlobal Ratings determined that the collateral pool has, on a weighted average basis, debt servicecoverage (DSC) of 2.59x and beginning and ending loan-to-value (LTV) ratios of 91.0% and 87.6%,respectively, based on our values.

S&P Global Ratings acknowledges a high degree of uncertainty about the evolution of thecoronavirus pandemic. The consensus among health experts is that the pandemic may now be at,or near, its peak in some regions but will remain a threat until a vaccine or effective treatment iswidely available, which may not occur until the second half of 2021. We are using this assumptionin assessing the economic and credit implications associated with the pandemic (see our researchhere: www.spglobal.com/ratings). As the situation evolves, we will update our assumptions andestimates accordingly.

As we continue to closely monitor the COVID-19 virus' effect on U.S. commercial real estatefundamentals and its ratings on U.S. CMBS, particularly in the lodging and retail sectors, weexpect CMBS loan performance will vary significantly by property, market, and borrower. For moreinformation, see "U.S. Lodging-Backed CMBS Bracing For The Impact Of COVID-19," publishedMarch 23, 2020, as well as "COVID-19 Deals A Larger, Longer Hit To Global GDP," published April16, 2020, and "U.S. CMBS Conduit Update Q1 2020: The Magnitude Of COVID-19 Fallout RemainsUncertain," published April 17, 2020.

Transaction Overview

The chart shows an overview of the transaction's structure, cash flows, and other considerations.



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http://www.spglobal.com/ratings

Chart 1

Strengths

The transaction exhibits the following strengths:

- The transaction has a strong weighted average S&P Global Ratings' DSC of 2.59x based onactual debt service and, for the partial-term interest-only loans, the debt service due when theinterest-only period expires. Nevertheless, the prevailing low interest rate environmentinfluences this DSC, and any increase in interest rates could affect the loans' ability torefinance at maturity. Our DSCs for the pool range from 0.92x-7.54x.

- The pool is geographically diverse, with 175 properties spread across 25 U.S. states. The largestconcentration is in California (11 properties; 27.3% of the pooled trust balance), followed byTexas (28 properties; 8.9%) and New York (seven properties; 8.8%). No other state accounts formore than 8.5% of the pooled trust balance.



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- The transaction has a strong concentration of properties in primary markets, specifically withinrelatively strong metropolitan statistical areas (MSAs), including San Jose, New York, andDetroit. Of the pooled trust balance, 58.0% is located in primary markets (as defined by S&PGlobal Ratings) and 34.8% in secondary markets. The remaining properties (7.2%) are locatedin tertiary markets.

- All of the loans in the trust have borrowers that are structured as special-purpose entities(SPEs). Twenty-three loans (85.0%) provided lenders with nonconsolidation opinions, includingall of the top 10 loans. Twenty-four loans (86.3%) have borrowers that are structured with atleast one independent director.

- All of the loans in the trust have some form of lockbox: 25 loans (82.4%) are structured with ahard lockbox, 13 loans (15.1%) with springing lockboxes, and two loans (2.5%) have softlockboxes. Five loans (20.8%) have in-place cash management while 35 loans (79.2%) arestructured with springing cash management.

- Eleven loans (35.0%) represent acquisition, recapitalization, or refinance/acquisition financing.Although some of these loans have limited operating data due to their recent acquisition, theloans benefit from the recent equity contribution by their sponsors. The weighted average LTVratio for these loans, based on the appraiser's "as is" value, was 64.8%, reflecting an averageequity contribution of 35.2% for these loans.

- Eleven loans (42.8%) are secured by multiple properties, ranging from two to 68 properties,which may lessen their net cash flow (NCF) volatility. However, some of these portfolio loansinclude properties located within the same city or state, which limits their geographicdiversification. Additionally, eight of the loans (38.9%) allow for property releases, subject tovarious conditions, which may reduce the diversity benefit from these loans.

Risk Considerations

We considered the following risks when analyzing this transaction:

- U.S. CMBS delinquencies may increase in the coming months due to the economic slowdownresulting from the COVID-19 global pandemic and the associated containment efforts,including social distancing, restrictions on travel, and government-mandated closures ofcertain businesses. Many lodging assets are closed or operating at very low occupancy levels,and certain tenants within retail assets have stopped paying rent or requested rent relief due toclosure or demand reductions. The COVID-19 pandemic and the responses to it have led to anincrease in unemployment levels and a reduction in consumer spending, which is expected toalso adversely impact multifamily, office, self-storage, and industrial properties. Multifamilyand self-storage properties may be negatively impacted if unemployment rates rise anddisposable income levels fall, or if there is a moratorium on evictions. Office properties mayexperience fluctuations in occupancy as businesses adjust their plans in response togovernment actions or if employers permit enhanced flexible work arrangements. While thetransaction has limited exposure to lodging assets (three loans in total), the MGM Grand andMandalay Bay loan comprises 7.2% of the pooled trust balance and the collateral propertiesare located on the Las Vegas Strip. The Holiday Inn Express Buckeye and WoodSpring NashvilleRivergate (aggregating 1.6% of the pooled trust balance), are secured by lodging propertieslocated in Buckeye Ariz., and Madison Tenn. All of the loans in this transaction were current asof their August debt service payment date. In some cases, borrowers are in discussion withtenants that have requested lease modifications or rent relief. We selectively increased ourvacancy or capitalization rate assumptions on certain properties that we deemed to have a



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higher risk for cash flow disruption.

- Depending on the duration and severity of the current pandemic, it is possible that someborrowers may seek forbearance arrangements due to financial hardship. The pooling andservicing agreement (PSA) permits the master servicer to enter into COVID-19 modificationagreements with borrowers experiencing financial hardship due, directly or indirectly, to theCOVID-19 pandemic. Any COVID-19 modification agreement must be entered into prior to Dec.31, 2020, and only if no other event of default (EOD) under the mortgage loan is outstanding.Modification agreements can provide for temporary forbearance, waiver, or deferral of paymentobligations, temporary alternative use of reserve or escrow funds for purposes other than thoseset forth in the loan agreement, or other modifications as reasonably determined by the masterservicer. COVID-19 modification agreements cannot defer more than three monthly debt servicepayments, and deferred payments or reserve/escrow funds used for alternate purposes mustbe repaid or restored within 21 months of the modification. Also, the master servicer can granta forbearance if, prior to 2021, the period of forbearance granted, when added to any other priorperiods of forbearance granted before or after the trust acquired the mortgage loan, does notexceed six months, if the forbearance is permitted under the PSA and does not result in thetrust failing to qualify as a real estate mortgage investment conduit. Fees charged by themaster servicer in connection with processing a COVID-19 modification agreement cannotexceed $30,000 (plus costs and expenses) and are the responsibility of the related borrower. Inaddition, we believe the servicer advancing mechanism that is in place will provide short-termliquidity support.

- The transaction has high leverage, with a weighted average LTV ratio of 91.0% based on S&PGlobal Ratings' values. The LTV ratio was one of the primary factors in S&P Global Ratings'derivation of credit enhancement levels for this transaction.

- Twenty-four loans (79.8%) are interest-only for their entire loan terms, including all of the top10 loans (57.1%). The interest-only loans have a moderately high weighted average S&P GlobalRatings LTV ratio of 86.5%, and seven of these loans (19.5%) have LTV ratios over 100%. Nineloans in the pool (12.8%) have a partial interest-only period and seven loans (7.4%) arestructured as amortizing balloon loans. The transaction is scheduled to amortize 3.0% throughmaturity. S&P Global Ratings considered loan amortization characteristics when assigningcredit enhancement levels to the individual loans and the transaction.

- The transaction has a moderate level of diversity by loan balance, with an effective loan count(as measured by the Herfindahl-Hirschman Index) of 23.1. The 10 largest loans represent57.1% of the pooled trust balance. More diversified transactions can be less susceptible tovolatility in default and loss rates due to their reduced exposure to loan-related event risk, suchas lease rollover, tenant bankruptcy, or changes in local market conditions. The effective loancount was one of the key factors in our derivation of credit enhancement for this transaction.

- The transaction is concentrated by property type because 71.4% of the pooled trust balance, asclassified by S&P Global Ratings, is backed by either office properties (52.8%) or mixed-useproperties (18.6%), generally with office components. The remainder of the loans are backed byindustrial properties (9.5%), lodging properties (8.8%), retail properties (4.5%), self-storageproperties (3.4%), or multifamily properties (2.4%), as classified by S&P Global Ratings.

- Out of the 18 office loans, seven (24.5%) are secured by central business district (CBD) officeproperties, one (3.4%) is secured by a portfolio of 11 medical office properties (2.6% of the ALA)and two suburban office properties (0.8% of ALA), and 10 loans are backed by 12 suburbanoffice properties (24.9%), which is a property type that has exhibited higher default and lossrates relative to CBD office properties. However, the suburban office properties are generallywell-located because eight of the 12 properties are located either in Santa Clara County in



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California (15.7%) or primary markets (4.8%) and the remaining four (4.4%) are in secondarymarkets.

- Three loans (8.8%) are secured by lodging assets. S&P Global Ratings considers lodgingproperties among the riskiest property types because their pricing structure changes daily, theyhave a significant underlying operating business, and they have a higher expense ratio relativeto other property types. However, the lodging-backed loans in this transaction have a low S&PGlobal Ratings weighted average LTV ratio of 53.6% using an S&P Global Ratings weightedaverage capitalization rate of 11.2%.

- Sixty-eight properties (42.8%) across 15 loans are leased to a single tenant. These propertiescan be susceptible to cash flow disruption if the tenant's business operations are adverselyimpacted or if the tenant fails to renew its lease. The two largest loans with single tenantexposure are BX Industrial Portfolio (7.7%), which is secured by 68 industrial properties invarious U.S. states; 29 (3.2% of the ALA) of which, are leased to a single tenant, and ColemanHighline (7.7%), which is secured by a San Jose, office property that is 100% leased to Roku Inc.through Sept. 30, 2030. In addition to the aforementioned 29 properties, 32 properties (16.7%)are within six loans that have multiple properties occupied by a single tenant. The S&P GlobalRatings weighted average DSC, capitalization rate, and LTV ratio of the 15 loans that aresubject to single tenant risk in the pool are 2.46x, 7.74%, and 88.8%, respectively (see table 3for a detailed breakdown of the single tenant properties in the pool).

- Seventeen loans in the pool (68.6%) have a pari passu component. Six loans (34.3%)--BXIndustrial Portfolio, MGM Grand and Mandalay Bay, Agellan Portfolio, Moffett Place-–Building6, Moffett Towers Buildings A, B, and C, and 1633 Broadway--have subordinated first-mortgageloan components in addition to senior trust and pari passu loan components (which either weresecuritized in separate stand-alone transactions or supported non-pooled rake bondssecuritized in separate transactions). The BX Industrial Portfolio loan (7.7%) also hassubordinate B-notes held by unaffiliated third-party investors while the Agellan Portfolio andMoffett Place-Building 6 loans (aggregating 10.6%) have existing mezzanine debt. Seven loans(17.5%) permit the borrowers to incur future mezzanine debt.

- Five loans (4.5%)--The Shoppes at Blackstone Valley (1.7%), Germantown Plaza (1.1%), WholeFoods at The Ellington (0.8%), Wisconsin Walgreens Portfolio (0.5%), and Mount Zion Retail(0.4%)--are secured by retail assets. The Shoppes at Blackstone Valley closed for a monthduring the Massachusetts stay-at-home order, which expired on May 4, 2020. At this time,tenants are open for business. Germantown Plaza has been impacted by the COVID-19pandemic due to the Tennessee stay-at-home order. The sponsor has an executed lease withPlanet Fitness (14.6% of net rentable area [NRA]); however, exercising in gyms has not beendeemed an essential business, casting some doubt on the prospects of the Planet Fitnesslease. The Whole Foods at Ellington and the Wisconsin Walgreens remained open during thepandemic and at this time collections from underlying properties are 100% for both loans.Mount Zion Retail did close for three weeks during the pandemic; however, Georgia was one ofthe states that opened very quickly and the corporate tenants (i.e., Concentra; 'AAA' Auto) paidrent during the pandemic.

- The transaction documents include provisions for the transaction parties to seek rating agencyconfirmation (RAC) that certain actions will not result in a downgrade or withdrawal of thethen-current ratings on the securities. The definition of RAC in the transaction documentsincludes an option for the transaction parties to deem their RAC request satisfied if, afterhaving delivered a RAC request, the transaction parties have not received a response to therequest within a certain period of time. We believe it is possible for a situation to arise where anaction subject to a RAC request would cause us to downgrade the securities according to our



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ratings methodology, even though a RAC request is deemed to be satisfied pursuant to thisoption.

Pool Characteristics

Collateral description

The pool contains 40 loans that are secured by first-mortgage liens on the fee and leaseholdinterests in 175 properties. The top five and 10 loan concentrations represent 35.1% and 57.1% ofthe pooled trust balance, respectively (see table 10 for a detailed description of the 10 largestloans in the pool).

Property type distribution

The top two property types in the pool are office assets, which accounts for 52.8% of the pooledtrust balance, and mixed-use, which accounts for 18.6% (see table 1).

Table 1

Property Type Composition

Type(i)No. ofloans

Pooled trustbalance (mil. $)

% of pooledtrust balance

Weighted average S&PGlobal Ratings LTV (%)

Weighted average S&PGlobal Ratings DSC (x)

Office 18 586.6 52.8 94.0 2.34

Mixed-use 5 206.5 18.6 85.9 2.25

Industrial 2 105.4 9.5 108.4 2.06

Lodging 3 97.8 8.8 53.6 6.50

Retail anchored 3 40.8 3.6 103.8 1.40

Self-storage 4 37.6 3.4 99.8 1.81

Multifamily 3 26.2 2.4 104.0 1.58

Singletenant--non-IG

1 5.2 0.5 73.8 3.02

Retail unanchored 1 4.6 0.4 89.8 1.83

Total 40 1,110.7 100.0 91.0 2.59

(i)Based on S&P Global Ratings' classification. IG – Investment grade. DSC--Debt service coverage. LTV--Loan-to-value.

Geographic distribution

The pool consists of properties that are located in 25 U.S. states. Of these properties, 45.0% (bypooled trust balance) are located in three states: California, Texas, and New York. The top fivestates represent 60.7% of the pooled trust balance.

As part of our property analysis, we classify the MSA in which each property is located as primary,secondary, or tertiary. Generally, primary markets have higher barriers to entry than secondaryand tertiary markets. The nature of each market type affects capitalization rates and valuation



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dynamics, and can influence the timing and amount of liquidation proceeds if a mortgage loan isforeclosed. (See table 2 for the pool's distribution by state and market type.)

Table 2

Geographic Concentrations

Market type (%)

State Pooled trust balance (mil. $) No. of properties Primary Secondary Tertiary

California 303.7 11 99.9 0.1 --

Texas 99.2 28 76.7 23.3 --

New York 98.1 7 97.8 -- 2.2

Michigan 92.9 6 -- 57.7 42.3

Illinois 81.6 24 96.2 -- 3.8

Nevada 80.0 2 -- 100.0 --

Florida 60.8 5 -- 78.7 21.3

Kansas 41.0 2 -- 100.0 --

Virginia 37.7 20 -- 97.5 2.5

Massachusetts 36.9 3 100.0 -- --

Other states--15 178.8 67 30.1 58.2 11.7

Total 1,110.7 175 58.0 34.8 7.2

Borrower concentration

The largest borrower sponsors in the pool are the BREIT Industrial Holdings LLC, BREIT OperatingPartnership L.P., and MGM Growth Properties Operating Partnership L.P. (two loans; 14.9% of thepooled trust balance) and Jay Paul (two loans; 10.0%).

Two more groups of loans have related borrower-sponsors:

- Deutsche Finance America LLC is one of the sponsors for 333 South Wabash and 711 FifthAvenue, which account for 5.4% of the pooled trust balance combined; and

- Joel and Shaindy Schwartz are the sponsors for the Williamsburg Multifamily Portfolio and 99North 4th Street loans, which account for 1.8% of the pooled trust balance combined.

Single-tenant properties

There are 68 properties (42.8% of the pooled trust balance) in 15 loans that are backed byproperties that are leased to a single tenant. These properties can be susceptible to cash flowdisruption if the tenant's business operations are adversely impacted or if the tenant fails torenew its lease. However, of the 68 properties, 61 (19.9%) are within portfolio loans secured bymore than one single-tenanted property. Nineteen properties (20.1%) have lease terms thatexceed the loan maturity date, while the remainder of the properties have leases that expire at orbefore the loan matures. The top 10 largest single tenant properties by allocated loan balance arebelow (see table 3).



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Table 3

Single-Tenant Properties

Property TenantTenant S&P GlobalRatings rating

Pooled trustbalance (mil. $)

% of pooledtrust balance

Leaseexpiration date

Coleman Highline Roku Inc. NR 85.0 7.7 Sept. 30, 2030

MoffettPlace--Building 6

Google LLC(Alphabet Inc.)

AA+/Stable/A-1+ 57.8 5.2 Jan. 31, 2029

12900 Pecan ParkRoad

Amazon.com AA-/Stable/A-1+ 40.3 3.6 July 31, 2031

6925 RiverviewAvenue

Amazon.com AA-/Stable/A-1+ 39.7 3.6 July 31,2031

USAA Plano USAA AA+/Stable 38.6 3.5 July 31, 2031

675 Creekside Way 8x8 NR 25.0 2.3 Dec. 31, 2030

420 Taylor Street NextDoor Inc. NR 21.6 1.9 April 30, 2029

Moffett TowersBuilding B


AA+/Stable/A-1+ 18.3 1.6 Dec. 31, 2030

Moffett TowersBuilding A


AA+ 16.6 1.5 Dec. 31, 2026

Varsity Brands BSN Sports LLC NR 15.0 1.4 June 30, 2040

Total -- -- 357.9 32.3 --

NR--Not rated.

Loan Characteristics

Loan type, origination date, term, and amortization

All of the loans in the pool pay a fixed interest rate and were originated between November 2019and September 2020. The weighted average loan interest rate is 3.61%.

The original loan terms range from 60 to 121 months, with a weighted average original loan term of106.2 months. The weighted average remaining loan term is 103.7 months.

Twenty-four loans (79.8%) are interest-only for the entire term, two of which are interest-only bytheir anticipated repayment dates (ARDs), and nine (12.8%) are structured with partialinterest-only periods followed by a 360-month amortization schedule. The partial interest-onlyloans have original interest-only periods ranging from 12 to 60 months. Seven loans (7.4%) haveno interest-only periods and amortize on either a 300- or 360-month schedule. There are sevenfully amortizing loans (7.4%). S&P Global Ratings adjusted its analysis to reflect the variousamortization terms and loan structures (see table 4).

Table 4

Loan Amortization

Loan typeNo. ofloans

% of poolbalance

S&P Global Ratings' weightedaverage DSC (x)

S&P Global Ratings' weightedaverage LTV ratio (%)

Interest-only 24 79.8 2.88 86.5



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Table 4

Loan Amortization (cont.)

Loan typeNo. ofloans

% of poolbalance

S&P Global Ratings' weightedaverage DSC (x)

S&P Global Ratings' weightedaverage LTV ratio (%)

Partialinterest-only

9 12.8 1.37 108.7

Amortizing balloon 7 7.4 1.54 109.0

Fully amortizing -- -- -- --

DSC--Debt service coverage. LTV--Loan to value.

Subordinated debt

Seventeen loans in the pool (68.6% of the pooled trust balance) have a pari passu component (seetable 5). Six loans (34.3%)--BX Industrial Portfolio, MGM Grand and Mandalay Bay, AgellanPortfolio, Moffett Place-–Building 6, Moffett Towers Buildings A, B, and C, and 1633Broadway--have subordinated first-mortgage loan components in addition to senior trust and paripassu loan components (which either were securitized in separate stand-alone transactions orsupported non-pooled rake bonds securitized in separate transactions). The BX IndustrialPortfolio loan (7.7%) also has subordinate B notes held by unaffiliated third-party investors, whilethe Agellan Portfolio and Moffett Place-Building 6 loans (aggregating 10.6%) have existingmezzanine debt. Seven loans (17.5%) permit the borrower to incur future mezzanine debt.

Table 5

Loans With Existing Additional Debt

Property

Pooled trustbalance

(mil. $)

% of pooledtrust

balance

Pari passudebt (mil.

$)

Juniornon-trust

note (mil. $)

B-notebalance

(mil. $)

Mezzaninebalance (mil.

$)Total debt

(mil. $)

BX IndustrialPortfolio

85.0 7.7 295.7 85.7 183.0 -- 649.4

Coleman Highline 85.0 7.7 70.0 -- -- -- 155.0

Amazon IndustrialPortfolio

80.0 7.2 59.1 -- -- -- 139.1

MGM Grand andMandalay Bay

80.0 7.2 1,554.2 1,365.8 -- - 3,000.0

Agellan Portfolio 60.0 5.4 171.0 172.0 -- 31.0 434.0


57.8 5.2 75.4 66.9 -- 49.0 249.1

Moffett TowersBuildings A, B, and C

53.1 4.8 389.9 327.0 -- -- 770.0

333 South Wabash 50.0 4.5 190.0 -- -- -- 240.0

1633 Broadway 45.0 4.1 956.0 249.0 -- -- 1,250.0

USAA Plano 38.6 3.5 25.0 -- -- -- 63.6

Redmond TownCenter

30.0 2.7 71.5 -- -- -- 101.5

675 Creekside Way 25.0 2.3 58.4 -- -- -- 83.4



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Table 5

Loans With Existing Additional Debt (cont.)

Property

Pooled trustbalance

(mil. $)

% of pooledtrust

balance

Pari passudebt (mil.

$)

Juniornon-trust

note (mil. $)

B-notebalance

(mil. $)

Mezzaninebalance (mil.

$)Total debt

(mil. $)

420 Taylor Street 21.6 1.9 66.3 -- -- -- 87.9

The Shoppes atBlackstone Valley

19.0 1.7 145.0 -- -- -- 164.0

Brass ProfessionalCenter

12.5 1.1 45.2 -- -- -- 57.7

280 North Bernardo 11.0 1.0 60.0 -- -- -- 71.0

711 Fifth Avenue 10.0 0.9 535.0 -- -- -- 545.0

Cross-collateralized and portfolio loans

Eleven loans (42.8% of the pooled trust balance) are secured by portfolios with multipleproperties. They include BX Industrial Portfolio (7.7%; 62 industrial properties, five leased-feeproperties, and one office property), Amazon Industrial Portfolio (7.2%; two industrial properties),MGM Grand and Mandalay Bay (7.2%; two lodging properties), Agellan Portfolio (5.4%; 42industrial properties and two office properties) and Moffett Towers Buildings A, B, and C (4.8%;three suburban office properties). There are no cross-collateralized and cross-defaulted loans inthe pool.

Third-Party Review

We reviewed appraisal, environmental, engineering, and seismic reports on the properties weanalyzed, where applicable. All of these reports were completed within the past 15 months (seetable 6).

Eleven properties (30.0% of the pooled trust balance) are located in seismic zones 4. The loan withthe highest overall probable maximum loss (PML), which was 19.0%, is West LA Storage (1.8%).The remaining properties in seismic zones 4 had PMLs of 16% or lower.

Table 6

Third-Party Review

Third-party reports No. of properties % of pooled trust balance

Appraisal review within the past 12-18 months 175 100.0

Environmental review within the past 12-18 months 175 100.0

Engineering review within the past 12-18 months 170 99.9

Seismic review for properties in zones 3 or 4 11 30.0

Structural Review

We reviewed structural matters that we believe are relevant to our analysis, as well as the majortransaction documents, including the prospectus, PSA, and other relevant documents and



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opinions, to understand the transaction's mechanics and its consistency with applicable criteria.We also conducted a focused structural review of the 10 largest loans in the pool. We note thestructural matters, if any, that we factored into our analyses of these loans in the Top 10 Loanssection below.

S&P Global Ratings' Credit Evaluation

Our analysis of the pool included the following:

- We derived an S&P Global Ratings NCF for 30 of the 40 loans in the pool (92.4% of the pooledtrust balance). For the remaining loans, we extrapolated NCF haircuts according to propertytype and selected capitalization rates for each property. We excluded certain outlier loans fromour extrapolation calculation. (See Appendix I for S&P Global Ratings' NCF variance applied toeach loan in the transaction.)

- We conducted site inspections for four properties across four loans (24.4% of the pooled trustbalance).

- We analyzed the property-level operating statements, rent rolls, and third-party appraisal,environmental, engineering, and, if applicable, seismic reports, for each loan that we reviewedin the pool.

- We reviewed structural matters that we considered relevant to the analysis of the loans and thetransaction, and we performed a loan-level structural analysis for the 10 largest loans in thepool.

S&P Global Ratings' NCF variance

S&P Global Ratings' property-level cash flow analysis derives what it believes to be a property'slong-term sustainable NCF. In our analysis, we considered issuer-provided projections, historicaland projected operating statements, third-party appraisal reports, relevant market data, andassessments of the various properties' competitive positions. On a pool-wide basis, our weightedaverage NCF was 18.2% lower than the issuer's underwritten NCF. (See Appendix I for S&P GlobalRatings' NCF variance for each loan.)

S&P Global Ratings' DSC

We calculated the pool's 2.59x DSC using the respective loans' contract interest rate and the S&PGlobal Ratings NCF (see table 7).

Table 7

S&P Global Ratings' DSC Range

DSC range (x) No. of loans Loan balance (mil. $) % of pooled trust balance

Less than 1.00 1 10.0 0.9

1.00–1.10 1 12.5 1.1

1.10–1.20 1 21.6 1.9

1.20–1.30 2 23.4 2.1

1.30–1.40 5 65.6 5.9



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Table 7

S&P Global Ratings' DSC Range (cont.)

DSC range (x) No. of loans Loan balance (mil. $) % of pooled trust balance

1.40–1.50 2 22.2 2.0

1.50–1.60 2 41.7 3.8

1.60–1.70 3 91.5 8.2

1.70–1.80 1 14.0 1.3

1.80–1.90 2 12.4 1.1

1.90–2.00 3 116.0 10.4

Greater than 2.00 17 679.9 61.2

DSC--Debt service coverage.

S&P Global Ratings' LTV

Based on our analysis, S&P Global Ratings' weighted average beginning LTV ratio is 91.0% and itsending LTV ratio is 87.6%, which reflects the 8.08% weighted average S&P Global Ratingscapitalization rate (see table 8).

Table 8

S&P Global Ratings' LTV Ratios

LTV ratio range (%) No. of loans Loan balance (mil. $) % of pooled trust balance

Less than 50 1 80.0 7.2

50–55 -- -- --

55–60 -- -- --

60–65 -- -- --

65–70 2 60.0 5.4

70–75 4 203.2 18.3

75–80 -- -- --

80–85 1 57.8 5.2

85–90 3 71.9 6.5

90–95 7 183.1 16.5

95–100 4 63.2 5.7

100–105 4 67.6 6.1

105–110 2 12.7 1.1

Greater than 110 12 311.2 28.0

LTV--Loan to value.

S&P Global Ratings' credit assessment by property type

Table 9 summarizes S&P Global Ratings' NCF and valuation assessment by property type.



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Table 9

Cash Flow Analysis And Valuation

Property type

% of pooledtrust

balance

S&P GlobalRatings' DSC

(x)(i)% NCFdiff.(ii)

S&P GlobalRatings' cap

rate (%)

S&P Global Ratings'weighted average

LTV ratio (%)

S&P GlobalRatings' value

per unit/sq. ft. ($)

Office 52.8 2.34 (20.8) 7.69 94.0 360

Mixed-use 18.6 2.25 (19.1) 7.95 85.9 255

Industrial 9.5 2.06 (18.9) 7.72 108.4 69

Lodging 8.8 6.50 (12.7) 11.20 53.6 347,533

Retail anchored 3.6 1.40 (5.9) 8.20 103.8 185

Self-storage 3.4 1.81 (6.7) 8.14 99.8 334

Multifamily 2.4 1.58 (12.2) 7.15 104.0 640,556

Singletenant--non-IG

0.5 3.02 (6.7) 8.25 73.8 245

Retail unanchored 0.4 1.83 (6.7) 9.50 89.8 177

Total/weightedaverage

100.0 2.59 (18.2) 8.08 91.0 --

(i)Calculated based on S&P Global Ratings' NCF and the fixed loan interest rate. For the BX Industrial Portfolio loan, we used a weightedaverage of the fixed and floating loan interest rates. (ii)The difference between S&P Global Ratings' estimated NCF and the underwriter'sestimated NCF as a percentage of the underwriter's estimated NCF. DSC--Debt service coverage. NCF--Net cash flow. LTV--Loan to value.IG--Investment grade.

S&P Global Ratings' credit assessment of the top 10 loans

Table 10 summarizes S&P Global Ratings' NCF and valuation assessment of the top 10 loans. Weprovide individual analyses of these loans in the Top 10 Loans section below.

Table 10

Top 10 Loans

PropertyPropertytype

% of pooledtrust

balance

S&P GlobalRatings'

trust DSC(x)(i)

% NCFdiff.(iii)


rate (%)

S&P GlobalRatings'LTV (%)


per unit/sq.ft. ($)

BX IndustrialPortfolio

Mixed-use 7.7 2.57(ii) (16.3) 7.35 73.3 47

Coleman Highline Office 7.7 2.93 (19.3) 7.50 90.0 452

Amazon IndustrialPortfolio

Industrial 7.2 1.92 (19.3) 7.50 112.7 72

MGM Grand andMandalay Bay

Lodging 7.2 7.54 (8.7) 11.25 41.5 404,024

Agellan Portfolio Mixed-use 5.4 2.57 (15.2) 8.89 70.4 54


Office 5.2 2.83 (19.1) 7.39 80.5 526

Moffett TowersBuildings A, B, and C

Office 4.8 2.80 (22.7) 7.25 74.4 626

333 South Wabash Office 4.5 1.67 (38.6) 7.50 118.2 168



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Table 10

Top 10 Loans (cont.)


% of pooledtrust

balance

S&P GlobalRatings'

trust DSC(x)(i)

% NCFdiff.(iii)


rate (%)

S&P GlobalRatings'LTV (%)


per unit/sq.ft. ($)

1633 Broadway Office 4.1 3.12 (18.9) 6.35 67.1 583

USAA Plano Office 3.5 2.25 (20.9) 8.25 93.2 296


-- 57.1 3.16 (19.0) 8.02 81.3 --

(i)Calculated based on S&P Global Ratings' NCF and the fixed loan interest rate. (ii)For the BX Industrial Portfolio loan, we used a weightedaverage of the fixed and floating loan interest rates (iii)The difference between S&P Global Ratings' estimated NCF and the underwriter'sestimated NCF as a percentage of the underwriter's estimated NCF only. For pari passu loans, S&P Global Ratings' DSC and LTV are based onthe trust and pari passu balance. DSC--Debt service coverage. NCF--Net cash flow. LTV--Loan to value.

Table 11 summarizes S&P Global Ratings' NCF and valuation assessment of loans 11-20. Forthese loans, our weighted average NCF is 17.2% lower than the issuer's underwritten NCF. S&PGlobal Ratings' weighted average beginning LTV ratio is 103.4% for these loans, and we calculateda 1.95x DSC using the respective loans' contract interest rates and S&P Global Ratings' NCF.Factors that contributed to NCF variances over 7.0%, positive NCF variances, or high S&P GlobalRatings LTV ratios over 90.0% are outlined in table 11. (See Appendix I for S&P Global Ratings' NCFvariance, LTV ratio, and DSC ratio for all of the loans in the transaction.)

Table 11

Loans 11-20


% ofpooled

trustbalance

S&PGlobal

Ratings'trustDSC(x)(i)

% NCFdiff.(ii)

S&PGlobal

Ratings'cap rate

(%)

S&PGlobal

Ratings'LTV (%)

S&PGlobal

Ratings'value

perunit/sq.

ft. ($) NCF variance/high S&P Global Ratings' LTV drivers

ProsperPortfolio

Office 3.4 2.23 (11.1) 8.56 110.2 179 MGMT fees, 25.0% OPEX ratio, TI/LC, CapEx

BridgewaterPlace

Office 3.4 2.42 (13.3) 8.50 88.6 119 13.0% vacancy, taxes, MGMT fees, IG tenant rent steps

Brewery Park Office 2.7 1.34 (22.0) 8.75 125.4 66 20% vacancy, R&M, MGMT fee, TI/LC

RedmondTown Center

Mixed-use 2.7 1.50 (15.9) 8.50 100.7 261 15.0% vacancy, MGMT fee

El Segundo Office 2.7 2.52 (17.5) 7.25 85.3 326 13.5% vacancy, MGMT fee, TI/LC

BoydManufacturingPortfolio

Industrial 2.3 2.48 (17.9) 8.42 94.9 59 10.0% vacancy, TI/LC, CapEx

675 CreeksideWay

Office 2.3 1.97 (21.7) 7.25 98.2 478 12.5% vacancy, taxes, TI/LC

420 TaylorStreet

Office 1.9 1.19 (28.6) 7.25 115.5 655 12.0% vacancy, rents mark-to-market, 25.0% OPEX ratio, TI/LC

112 7thAvenue

Mixed-use 1.9 1.70 (22.6) 7.33 121.8 1,299 9.5% vacancy, unabated taxes, TI/LC



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Table 11

Loans 11-20 (cont.)


% ofpooled

trustbalance

S&PGlobal

Ratings'trustDSC(x)(i)

% NCFdiff.(ii)

S&PGlobal

Ratings'cap rate

(%)

S&PGlobal

Ratings'LTV (%)

S&PGlobal

Ratings'value

perunit/sq.

ft. ($) NCF variance/high S&P Global Ratings' LTV drivers

West LAStorage

Self-storage 1.8 1.66 (5.7) 8.00 100.4 539 35.0% vacancy, CapEx


-- 25.1 1.95 (17.2) 8.06 103.4 -- --

(i)Calculated based on S&P Global Ratings' NCF and the fixed loan interest rate. (ii)The difference between S&P Global Ratings' estimated NCF and the underwriter's estimated NCFas a percentage of the underwriter's estimated NCF only. For pari passu loans, S&P Global Ratings' DSC and LTV are based on the trust and pari passu balance. DSC--Debt servicecoverage. NCF--Net cash flow. LTV--Loan to value. CapEx--Capital expenditure. TI/LC--Tenant improvements and leasing commissions. R&M--Repairs and maintenance expenses.MGMT--Management. OPEX--Operating expenses.

Loan-level credit enhancement

We used each loan's S&P Global Ratings DSC and LTV to calculate its respective stand-alonecredit enhancement (SCE) and diversified credit enhancement (DCE) at the various ratingcategories. These calculations included adjustments to reflect the various loans' amortizationterms, the presence of any subordinated additional debt, and qualitative adjustments (SeeAppendix II for a list of each loan's SCE and DCE).

Pool diversity

Overall transaction credit enhancement levels at each rating category are directly affected by theloan pool's diversity, a function of the transaction's effective loan count. The effective loan count,which is measured by the Herfindahl-Hirschman Index, accounts for the relative size of the loansin the pool by normalizing a transaction's loan count to account for unevenly sized loans. Thistransaction has an effective loan count of 23.1, which we consider to be well-diversified, resultingin a concentration coefficient of 57.7%.

We also considered the loan pool's geographic makeup in our overall transaction-level analysis.This loan pool is geographically diverse and is located primarily within primary markets (58.0%)and secondary markets (34.8%).

Transaction-level credit enhancement

We establish transaction-level credit enhancement levels using the concentration coefficient (afunction of a pool's effective loan count) to interpolate between the weighted average SCE andDCE at each rating category, subject to applicable floors and any adjustment for overalltransaction-level considerations.

In our opinion, this transaction's high percentage of full-term interest-only loans (79.8% of thepooled trust balance) warranted an additional negative qualitative adjustment beyond thatproduced from our loan-level analysis and model results.



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Scenario Analysis

We performed several 'AAA' stress scenario analyses to determine how sensitive the certificatesare to a downgrade over the loan term.

Effect of declining NCF

A decline in NCF may constrain cash flows available for debt service. A decline in cash flows mayoccur due to falling rental rates and occupancy levels, changes to operating expenses, or otherfactors that may decrease a property's net income. To analyze the effect of a decline in cash flowson our ratings, we have developed scenarios whereby the NCF from the portfolio decreases by10.0%-40.0% from our current cash flow, which is 18.2% lower than the issuer's underwrittenNCF. (See table 13 for the potential effect on S&P Global Ratings' 'AAA' rating under thesescenarios, holding constant S&P Global Ratings' overall capitalization rate of 8.08%.)

Table 12

Effect Of Declining NCF On S&P Global Ratings

Decline in S&P Global Ratings' NCF (%) 0 (10) (20) (30) (40)

Potential 'AAA' rating migration AAA A+ BB CCC+ CCC-

NCF--Net cash flow.

Top 10 Loans

1. BX Industrial Portfolio

Table 13

Credit Profile

Loan no. 1 Property type Industrial

Loan name BX IndustrialPortfolio

Subproperty type Various

Pooled trust loan balance($)

85,000,000 Property sq. ft./no. of units 11,097,713

% of total pooled trustbalance (%)

7.7 Year built/renovated Various

City Various Sponsor BREIT Industrial Holdings LLC

State Various S&P Global Ratings' amortizationcategory

Interest only

S&P Global Ratings'market type

Various S&P Global Ratings' amortizationadjustment (%)

(2.50)

S&P Global Ratings' NCF($)

8,513,000(ii) S&P Global Ratings' subordinatedebt category

Additional secured debt (S&PGlobal Ratings LTV >= 90%)

S&P Global Ratings' NCFvariance (%)

(16.3) S&P Global Ratings' subordinatedebt adjustment

(5.00)



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Table 13

Credit Profile (cont.)

S&P Global Ratings' caprate (%)

7.35 S&P Global Ratings' LTV (%) 73.3

S&P Global Ratings' value(mil. $)

115.9(ii) S&P Global Ratings' DSC (x) 2.57

S&P Global Ratings' valuevariance (%)

(45.4) 'AAA' SCE (%) 42.7

S&P Global Ratings' valueper sq. ft./unit ($)

47 'AAA' DCE (%) 8.3

(i)The trust loan is pari passu; LTV and DSC calculated based on the $380.7 million senior loan balance ($85.0 million senior trust loan plus$295.7 million pari passu portion). (ii)Pari passu adjusted. NCF--Net cash flow. LTV--Loan-to-value. DSC--Debt service coverage.SCE--Stand-alone credit enhancement. DCE--Diversified credit enhancement. N/A--Not applicable.

Strengths and concerns

The loan exhibits the following strengths:

- The senior note, which comprises the $85.0 million trust fixed-rate loan and $295.7 million paripassu fixed- and floating-rate portion, represents $380.7 million of the larger $649.4 millionfixed- and floating-rate whole loan. The whole loan is secured by the borrowers' fee simple andleasehold interests in a portfolio of 68 industrial properties totaling 11.1 million-sq.-ft. locatedthroughout 10 markets in 11 U.S. states. The properties are a mix of warehouse/distributioncenters (69.5% of the NRA as calculated by S&P Global Ratings), light industrial buildings(20.0%), manufacturing centers (5.8%), offices (3.1%), and business parks (1.6%). Their year ofconstruction ranges from 1954 to 2016 with a weighted average year built of 1991. Ceilingheights range from nine to 49 ft. and average 27 ft. We applied a positive LTV adjustment of2.00% to our capital structure to account for the geographic diversity.

- The senior loan component has low leverage with a 73.3% LTV ratio, based on S&P GlobalRatings' valuation. Our long-term sustainable value estimate is 45.4% lower than theappraiser's valuation.

- The senior loan component has a strong DSC of 2.57x, calculated using the 3.55% fixed interestrate on $322.4 million balance (84.7% of the senior loan balance) and 5.45% floating interestrate (4.00% strike rate plus spread of 1.45%) on $58.3 million balance (15.3%) and our in-placeNCF for the property, which is 16.3% lower than the issuer's NCF.

- The whole loan proceeds were used to refinance part of the existing debt that was used tofinance the sponsor's acquisition of 179 million-sq.-ft. of urban, infill logistics assets (includingindustrial properties that are part of the BX Industrial Portfolio) in the U.S. from three GlobalLogistics Properties'' industrial portfolio funds for a total all in acquisition cost of $18.7 billion.

- The portfolio properties are concentrated in submarkets serving the nation's most densepopulation bases and active consumption centers with 89.8% of the square footage in primaryand secondary markets (30.2% in primary and 59.6% in secondary). Over two-thirds of theportfolio is concentrated across four U.S. states: Virginia (25.1% NRA), Illinois (23.2%),Kentucky (10.7%), and Ohio (10.6%). Southern Virginia (Norfolk and Richmond) (25.1% NRA),greater Chicago (23.2%), Cincinnati, Ohio (21.3%), Eastern/Central Pennsylvania (Lehigh Valleyand Harrisburg) (9.5%), and Minneapolis (6.6%) are the top five markets.

- The portfolio properties are 87.0% leased as of March 31, 2020, to over 125 unique tenants,



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with no single tenant accounting for more than 6.3% of the portfolio's NRA. The top five tenantsare Amazon ('AA-'; 6.3% NRA); DHL (5.9%); Signify North America Corp. ('BBB-' 3.6%); NationalDistribution Centers (3.4%); and Qualis Automotive LLC (2.7%). Together these tenants accountfor 21.9% of the NRA. We utilized a more conservative 19.3% economic vacancy (compared to aweighted average 6.4% vacancy according to CoStar) in our analysis after accounting fortransitional properties that have yet to stabilize and some lower submarket occupanciescompared to in-place. The portfolio's historical occupancy averages 87.5%, but has steadilyincreased since 2016 (83.4% compared to 91.8% at year-end 2019). Since 2017, net operatingincome has increased 11.8% from $43.2 million in 2017 to $48.3 million in 2019.

- The portfolio has a weighted average in-place rent of $5.39 per sq. ft. as calculated by S&PGlobal Ratings. This is 3.3% lower than the weighted average rent of $5.59 per sq. ft. that wecalculated using CoStar's second-quarter 2020 submarket data. The top five markets, whichcomprise 85.8% of NRA, are on average 98.7% of the prevailing submarket rents.

- The mortgage loan benefits from the experienced sponsorship of The Blackstone Group L.P. TheBlackstone Group is the largest private equity real estate investment manager in the worldtoday with over $538 billion of real estate assets under management as of March 31, 2020.They are also one of the world's leading owners and operators of logistics properties, with 800million-sq.-ft. under management as of February 2020, according to news outlet, The Real Deal.

- The mortgage loan is structured with a hard in-place lockbox and springing cash management,which allows the borrower to control funds until an EOD has occurred, the debt yield falls below6.5% for two consecutive quarters through Nov. 9, 2022, or the debt yield falls below 6.75% fortwo consecutive quarters, thereafter. At that point, the borrower will be required to maintainmonthly tax and insurance escrows, ground rent, replacement reserves, and tenantimprovements and leasing commissions (TI/LC) deposits. During a trigger period, all excesscash flow will be deposited into a lender-controlled account. However, in lieu of anyrequirement for funds to be held in a cash collateral account during a trigger period (as long asno EOD has occurred), the guarantor or sponsor can provide a guaranty equal to the amountthat would have been deposited into the cash collateral account. This guaranty is capped at15.0% of the outstanding principal balance.

The loan exhibits the following concerns and mitigating factors.

- The senior note ($380.7 million) along with the $268.7 million non-trust subordinate notes (ofwhich $227.6 million is fixed-rate and $41.1 million is floating-rate) together total $649.4million. In addition, $72.6 million of the $268.7 million subordinate notes support loan-specificrake bonds in Benchmark 2020-IG3 Mortgage Trust. Including the subordinate notes, our LTVratio increases to 125.1% from 73.3%. We accounted for subordinate B-notes totaling $183.0million (of the $268.7 million balance) held by unaffiliated third-party investors by applying anegative LTV threshold adjustment across the capital structure.

- The fixed- and floating-rate whole loan is interest-only for its entire 77-month term (thefloating-rate loan has an initial 17-month term with five one-year extension options), and therewill be no scheduled amortization during the loan term. All voluntary prepayments on the wholeloan are allocated to the floating-rate loan first until repaid in full, and then to the fixed-rateloan. The borrowers can prepay up to $57.8 million of the floating-rate loan at any time withouta spread maintenance payment. We accounted for the lack of amortization by applying anegative LTV threshold adjustment across the capital structure.

- The property faces considerable tenant rollover risk during the loan term, with 73.9% of theleased NRA and 83.7% of in-place gross rents, as calculated by S&P Global Ratings, expiringduring the loan term. The rollover is heightened in 2021, when 20.1% of the NRA and 20.7% of



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the gross rent as calculated by S&P Global Ratings, expires. We used a 19.3% vacancyassumption on the portfolio to partly account for this risk.

- The loan permits individual properties to be released upon a release premium payment of 105%of the ALA until 30.0% of the original principal balance is prepaid, and a release price of 110%thereafter. The aggregate debt yield after giving effect to the release must be at least thegreater of (a) 7.5% and (b) the lesser of debt yield before release and 8.5%. However, if the saleis an arm's length transaction to an unrelated third-party purchaser or if the debt yield does notsatisfy the above test, the borrower can obtain the release by paying down the loan in lieu of theadjusted release amount above or paying an amount equal to the greater of the (a) adjustedrelease amount and (b) the lesser of 100% of net sales proceeds and the amount of theprepayment that would be necessary to satisfy the debt yield test. Parcels A-8, A-12, A-15, andA-16 located at the property, known as Rivers Bend Center, can only be released together.

- There is no warm body carve-out guarantor and the carve-out guaranty is capped at only 10.0%of the loan amount for bankruptcy. In our view, these limitations generally lessen thedisincentive provided by a full non-recourse carve-out related to "bad acts" or voluntarybankruptcy.

- During alterations to the property, the loan documents leave to the servicer's discretion thedecision whether to require collateral for alterations whose cost exceeds a certain threshold.Additionally, this collateral, if required, may not be rated by S&P Global Ratings. This structurepotentially exposes the transaction to risks associated with (a) additional leverage beyond a deminimis amount and (b) potential additional liens, such as mechanic's liens, some of which mayhave priority over the mortgage lien.

- As of Sept. 1, 2020, the borrowers reported that the properties remained open and theycollected 97.9% of the issuer's underwritten base rent in July, and 88.0% in August 2020. Theloan is current as of August 2020 and the borrowers have not requested forbearance ormodification. We utilized a 19.3% vacancy rate in our analysis as compared to the actualin-place vacancy rate of 13.0% and our NCF was 21.1% lower than the reported year-end 2019period. Given the high degree of uncertainty around the timeframe of the state level restrictionsto combat the spread of the COVID-19 virus, we believe the risk of a borrower requestingforbearance is elevated. However, we believe the servicer advancing mechanism that is in placeprovides short-term liquidity support.

2. Coleman Highline

Table 14

Credit Profile(i)

Loan no. 2 Property type Office

Loan name Coleman Highline Subproperty type Suburban

Pooled trust loan balance ($) 85,000,000 Property sq. ft. 380,951

% of total pooled trust balance(%)

7.7 Year built 2020

City San Jose Sponsor LDH LLC; SansomeGuarantor LLC

State Calif. S&P Global Ratings' amortizationcategory

Interest only



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Table 14

Credit Profile(i) (cont.)

S&P Global Ratings' markettype

Primary S&P Global Ratings' amortizationadjustment (%)

(2.50)

S&P Global Ratings' NCF ($) 7,080,000(ii) S&P Global Ratings' subordinate debtcategory

N/A


(19.3) S&P Global Ratings' subordinate debtadjustment

N/A

S&P Global Ratings' cap rate(%)

7.50 S&P Global Ratings' LTV ratio (%) 90.0

S&P Global Ratings' value (mil.$)

94.4(ii) S&P Global Ratings' DSC ratio (x) 2.93


(42.8) 'AAA' SCE (%) 50.0

S&P Global Ratings' value persq. ft./unit ($)

452 'AAA' DCE (%) 11.9

(i)The loan is pari passu. LTV and DSC ratios are calculated based on the $70.0 million pari passu companion loan and the $85.0 million trustloan balance. (ii)Pari passu adjusted. NCF--Net cash flow. LTV--Loan-to-value. DSC--Debt service coverage. SCE--Stand-alone creditenhancement. DCE--Diversified credit enhancement. N/A--Not applicable.



The $85.0 million trust loan represents a pari passu portion within a larger $155.0 million wholeloan. The whole loan has a high DSC of 2.93x based on the actual interest rate and S&P GlobalRatings' NCF, which is 19.3% lower than the issuer's NCF.

The loan is secured by the fee simple interest in a 380,951-sq.-ft., class-A, transit-oriented,three-building office complex in San Jose, Calif., in close proximity to the San Jose InternationalAirport. The sponsor developed the property in 2018 as phase two of a larger Coleman Highlinemixed-use development. The collateral comprises two office buildings (358,062 sq. ft.), anamenities building (22,889 sq. ft.), which is expected to contain a dining area, conference rooms,and an auditorium, and a 1,219-stall parking garage that are 100% leased to Roku Inc. (Roku) on aNNN lease that expires on Sept. 30, 2030. Roku has taken possession of each of the buildings andintends to be fully moved in by the first quarter of 2021. The newly built property features large32,000 sq. ft. open floorplates, 14 ft. ceiling heights, and access to a pedestrian walkway to theSanta Clara Caltrain Station and Valley Transportation Authority light rail.

Phase I of Coleman Highline (not collateral) includes two additional office buildings, both of which,are also fully leased to Roku, and collectively represent the firm's global headquarters and total738,057 sq. ft. A third phase (not collateral) of Coleman Highline is scheduled to be completed by2021 and will feature additional office space that is 100% leased to Verizon and a 175-key hotel.Additionally, there are plans to build 1,600 residential units (not collateral), though constructionon the residential portion of the project has not yet begun.

San Jose is the largest city within Silicon Valley, a region located south of San Francisco that iswell-known for its high concentration of technology firms. We consider San Jose to be a primarymarket. CoStar considers the property to be part of the San Jose Airport submarket, whichexhibited a 12.5% overall vacancy and had net asking rents of $51.34 per sq. ft. as of



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second-quarter 2020. We underwrote to $45.84 per sq. ft., which is the contractual rental rateinclusive of the next (3.0%) rent step in February 2021 and is below the market level. We alsoassumed a 12.5% vacancy rate, in line with the market level.

The loan is structured with an approximately $5.0 million upfront debt service reserve and $1.9million in upfront free rent and TI allowance reserves. If not used to cover debt service paymentsprior to July 2021, funds in the debt service reserve will be released to borrower as long as all ofRoku's rental payments have been made, there is no ongoing cash sweep trigger, and the DSC is atleast 3.42x.

The loan is structured with a hard lockbox and springing cash management. A cash sweep eventoccurs upon an EOD or if the debt yield falls below 8.0%. The loan has ongoing reserves for taxes,insurance, TI/LCs, and capital expenditures, as well as, upfront reserves for all outstanding TI/LCsand free rent totaling approximately $1.9 million.

The loan exhibits the following concerns and mitigating factors:

- The whole loan has high leverage with a 90.0% LTV ratio, based on S&P Global Ratings'valuation. Our estimate of long-term sustainable value is 42.8% lower than the appraiser'svaluation, a variance driven primarily by our assumptions for vacancy (12.5%), TI/LCs, andcapital expenditures, as well as our capitalization rate of 7.5%.

- The loan is interest-only for its entire 10-year term, and there will be no scheduled amortizationduring the loan term. We accounted for this lack of amortization by applying a negative LTVthreshold adjustment across the capital structure.

- The property is exposed to single tenant risk if Roku defaults on its lease or goes bankrupt.Additionally, the lease expires in September 2030 (with one seven-year extension option), whichis the same month that the loan matures in 2030. The tenant uses the buildings as part of itsnew headquarters. Roku is listed on the NASDAQ stock exchange and is a manufacturer of avariety of digital media players for video streaming. According to the issuer, Roku investedapproximately $120 per sq. ft. to build out its space on top of the $82 per sq. ft. TI allowancereceived under its lease. The loan is structured with a 15-month cash flow sweep, which iscapped at $60 per sq. ft. We increased our capitalization rate to 7.5% to account for this risk.

- Roku has not yet completed its move into Building 4 and has halted its remaining build out as itreevaluates its post-COVID space needs. However the build out is nearly complete (only floorcoverings and cubicles remain). Additionally, the loan sponsor indicated that Roku intends tomove roughly 30% of its workforce back into Building 3 by the end of 2020 assuming the currentshelter in place order in Santa Clara County is lifted. The loan sponsor expects the remainingwork in Building 4 to be completed and furnished by the end of 2020, with Roku takingoccupancy by the end of the first quarter of 2021. Roku is in full possession of its leased space,has no termination rights, and its first rent payment on the entire space is due in October 2020.

- The refinancing returns approximately $2.3 million (1.5% of the total combined loan balance) inequity to the sponsor. Given the sponsor's cost basis of $250.0 million, the sponsor retains$95.0 million of hard equity in the transaction. Our value is 29.1% lower than the appraiser'sdark value of $242.9 million.

- During alterations to the property, the loan documents leave to the servicer's discretion, thedecision whether to require collateral for alterations whose costs exceeds a certain threshold.Additionally, this collateral, if required, may not be rated by S&P Global Ratings. This structurepotentially exposes the transaction to risks associated with (a) additional leverage beyond a deminimis amount and (b) potential additional liens, such as mechanic's liens, some of which mayhave priority over the mortgage lien.



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- The loan does not have a warm body carve-out guarantor. In our view, this limitation generallylessens the disincentive provided by a full nonrecourse carve-out related to "bad acts" orvoluntary bankruptcy.

- Although the borrower must provide the lender with quarterly and annual financial statements,they are not required to be audited. We believe audited financial statements are moreconclusive and reliable than unaudited statements.

- As of Sept. 6, 2020, the property is reported to be open and operating; however, employees havebeen encouraged to work from home while the California's stay-at-home order remains ineffect. The loan is current as of the Sept. 2020 payment date. Given the high degree ofuncertainty around the timeframe of state level restrictions to combat the spread of theCOVID-19 virus, we believe the risk of forbearance is elevated. However, we believe the serviceradvancing mechanism that is in place provides short-term liquidity support.

3. Amazon Industrial Portfolio

Table 15

Credit Profile

Loan no. 3 Property type Industrial

Loan name Amazon IndustrialPortfolio

Subproperty type Warehouse/distribution

Pooled trust loanbalance ($)

80,000,000 Property sq. ft./no. of units 1,713,210


7.2 Year built/renovated 2017

City Various Sponsor JDM Real Estate Funds LLC


Interest only


Secondary S&P Global Ratings' amortizationadjustment (%)

(2.50)

S&P Global Ratings'NCF ($)


N/A

S&P Global Ratings'NCF variance (%)


N/A



S&P Global Ratings'value (mil. $)


S&P Global Ratings'value variance (%)

(42.6) 'AAA' SCE (%) 60.1

S&P Global Ratings'value per sq. ft./unit ($)

72 'AAA' DCE (%) 20.8

(i)The trust loan is pari passu; LTV and DSC calculated based on the $139.1 million mortgage loan balance ($80.0 million trust loan plus the$59.1 million pari passu portion). (ii)Pari passu adjusted. NCF--Net cash flow. LTV--Loan-to-value. DSC--Debt service coverage.SCE--Stand-alone credit enhancement. DCE--Diversified credit enhancement. N/A--Not applicable.



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- The $80.0 million trust loan represents a pari passu portion within a larger $139.1 million wholeloan. The whole loan is secured by the fee simple interests in two single-story, single tenantindustrial/warehouse buildings totaling 1.7 million sq. ft. in Kansas City, Kan. (856,605-sq.-ft.)and Jacksonville, Fla. (856,605-sq.-ft.). Each building is built-to-suit and 100% leased toAmazon.com Services LLC (Amazon; 'AA-/Stable/A-1+'). Amazon spent between $100.0 millionand $200.0 million ($116-$233 per sq. ft.) on each facility.

- The whole loan has a moderately high DSC of 1.92x, calculated using the loan's fixed interestrate and our in-place NCF for the property, which is 19.3% lower than the issuer's NCF. Thiswas largely due to the exclusion of straight-line rent income. We considered futureinvestment-grade tenant rent steps in our analysis via an addition to our capitalized value.

- The two buildings are nearly identical, both constructed in 2017, and 100% leased on a triplenet (NNN) basis to Amazon for 15 years. The two properties serve as automated robotic sortfacilities. Each building is on a 125-plus acre site and feature 41-ft. clearance height, 47 dockdoors, two drive-in doors, office space making up approximately 8.0% of NRA, and 2,700parking spaces.

- The two properties benefit from a high-quality investment-grade tenant on long-term leases.Each lease expires on July 31, 2032, and is fully guaranteed by Amazon with no terminationrights and four five-year extension options.

- The loan proceeds financed the sponsor's acquisition of the properties for an aggregatepurchase price of $214.0 million. The sponsor contributed $75.6 million of equity as part of the$214.7 million all-in acquisition costs (35.2% of the acquisition costs).

- The mortgage loan benefits from the experienced sponsorship of JDM Partners, aPhoenix-based, full service real estate firm that is led principally by Jerry Colangelo, DavidEaton, and Mel Shultz, with $2.3 billion of commercial real estate assets under managementacross 17 states totaling 8.5 million-sq.-ft. JDM Partners also has extensive experience inprofessional sports ownership (Phoenix Suns), operations, and facility construction andmanagement.

- The mortgage loan is structured with a hard in-place lockbox and springing cash management,which allows the borrower to control funds until a loan EOD has occurred, a debt yield fallsbelow 6.22% for any quarter, or Amazon has terminated or elected to terminate its space,declared bankruptcy, or is downgraded below 'BBB+'. At that point, funds in the cashmanagement account will be used to pay taxes, insurance, operating expenses, debt service,and fund reserve accounts as specified in the loan documents. In addition, all excess cash flowwill be deposited into a lender-controlled account.


- The whole loan has high leverage, with a 112.7% LTV ratio, based on S&P Global Ratings'valuation. The LTV ratio based on the appraiser's "as is" valuation is 64.7%. Our long-termsustainable value estimate is 42.6% lower than the appraiser's "as is" valuation.

- The whole loan is interest-only for its entire loan term, and there will be no scheduledamortization during the loan term. Compared with an amortizing loan, an interest-only loanbears a higher refinance risk because of the higher loan balance at maturity. To account for this



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lack of amortization, we applied negative LTV threshold adjustments across the capitalstructure.

- The properties are exposed to single-tenant risk. Amazon is the sole tenant at both propertiesand the loan could come under stress if Amazon defaults on its leases or goes bankrupt.However, Amazon has a strong investment grade rating by S&P Global Ratings, its lease termsare beyond the loan term, and the tenant spent its own money (over $100 per-sq.-ft. each) tocomplete the properties' buildouts.

- The borrowers may obtain the release of the Kansas City property, subject to a release priceequal to the greater of 110.0% of the ALA or net proceeds when applied to pay down the wholeloan would result in a LTV ratio of 65.0% or less and a minimum debt yield, after the release,equal to at least 7.4%.

- The Kansas City property is subject to an industrial revenue bond, which is currently owned bythe sponsor, and PILOT lease structure. In return for a 100% abatement of the real estate taxeson the property until 2027, the sponsor pays $5,000 per year in lieu of taxes as long as theindustrial revenue bond remains outstanding and the tenant performs certain ongoingcovenants as outlined under the development agreement. While we assumed the fully assessedreal estate taxes in our analysis, we included the full recovery by the tenant since the lease isNNN.

- The properties are located in secondary markets of Kansas City, Kan., and Jacksonville, Fla.According to CoStar, the Kansas City property is located in the Kansas City industrialsubmarket, which as of second-quarter 2020, had an average vacancy rate of 4.9% and averagemarket rent of $5.60 per sq. ft., which is slightly lower than the in-place rent of $6.00 per sq. ft.The Jacksonville industrial submarket, as of second-quarter 2020, has an average vacancy rateof 5.7% and market rent of $6.94 per sq. ft., which was slightly higher than the in-place rent of$6.09 per sq. ft. Since the properties are 100% leased to Amazon until 2032, three years afterthe loan's July 2029 maturity, we applied a lower vacancy rate and in-place rent in our analysis.



- As of Sept. 1, 2020, the portfolio properties are open. The borrowers collected 100% of the rentthrough August 2020 and have not requested for forbearance or modification at this time.

4. MGM Grand and Mandalay Bay

Table 16

Credit Profile(i)

Loan no. 5 Property type Lodging

Loan name Mandalay Bay and MGMGrand

Subproperty type Full service



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Table 16


Pooled trust loanbalance ($)

80,000,000 Property sq. ft./no. of units 9,748


7.2 Year built/renovated 1993/1999

City Las Vegas Sponsors BREIT Operating Partnership L.P. andMGM Growth Properties OperatingPartnership L.P.

State Nev. S&P Global Ratings'amortization category

Interest only


Secondary S&P Global Ratings'amortization adjustment (%)

(2.50)

S&P Global Ratings'NCF ($)

21,770,000(ii) S&P Global Ratings'subordinate debt category

N/A

S&P Global Ratings'NCF variance (%)

(8.7) S&P Global Ratings'subordinate debt adjustment

N/A

S&P Global Ratings'cap rate (%)


S&P Global Ratings'value (mil. $)


S&P Global Ratings'value variance (%)

46.8 'AAA' SCE (%) 11.4

S&P Global Ratings'value per sq. ft./unit($)

404,024 'AAA' DCE (%) 1.5

(i)The trust loan is pari passu. LTV and DSC are calculated based on the $1.634 billion senior mortgage loan balance ($80.0 million pooled trustloan plus the $1.554 billion pari passu portion). (ii)Pari passu adjusted. NCF--Net cash flow. LTV--Loan-to-value. DSC--Debt service coverage.SCE--Stand-alone credit enhancement. DCE--Diversified credit enhancement. N/A--Not applicable.



- The $80.0 million trust loan represents a senior pari passu portion within a larger $3.0 billionwhole loan. The senior loan component has low leverage, with an S&P Global Ratings LTV ratioof 41.5%, based on our valuation. The LTV ratio on the senior loan component based on theappraiser's "as is" valuation on the real estate properties and excluding the personal andintangible properties is 35.5%. Our estimate of long-term sustainable value is 14.4% lower thanthe appraiser's "as is" valuation on the real estate properties and excluding the personal andintangible properties, and 46.8% lower than the appraiser's "as is" valuation on the real estateproperties and including personal and intangible properties.

- The whole loan has a strong DSC of 4.11x, calculated using the 3.6% fixed interest rate and ourNCF for the property, which is 8.7% lower than the issuer's NCF. The senior loan componenthas a strong DSC of 7.54x. The DSC based on the MGM Grand and Mandalay Bay Resorts andCasinos' year-one lease payment of $292.0 million and the whole loan's fixed interest rate is2.70x.

- The collateral for the whole loan consists of two properties: MGM Grand and Mandalay Bay



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Resorts and Casinos. MGM Grand is a AAA four-diamond, 4,998-guestroom mega-resort andcasino on 101.9 acres in the heart of the Las Vegas strip and in close proximity to the McCarranInternational Airport. MGM Grand, which opened in 1993, was originally themed after theWizard of Oz and offers various amenities, including 748,000-sq.-ft. of meeting space, morethan 15 food and beverage outlets, 41,800-sq.-ft. of rentable retail space, a 22,858-sq.-ft. spa,four swimming pools, 177,268-sq.-ft. of casino space (featuring 1,553 slot machines, 128 tablegames, and 60 television screens for streaming sports activities), as well as an entertainmentvenue that is home to Cirque du Soleil's "Ka" production, The MGM Grand Garden Arena, DavidCopperfield Theatre, and Brad Garrett's Comedy Club.

- The other property, Mandalay Bay, which opened in 1999, is a AAA four-diamond, mega-resortand casino on 124.1 acres. It is located across from the MGM Grand and immediately acrossI-15 from Allegiant Stadium, the new home of the National Football League's (NFL's) Raiders,which is expected to open in August 2020. The Mandalay Bay has 4,750 guestrooms in twotowers. One tower is the 1,117-guestroom, all-suite Delano hotel. The main Mandalay Baytower also includes the independently operated 424-guestroom Four Seasons Hotel Las Vegas(which occupies floors 35-39 of the main hotel building). They are all part of the collateral andare operated as three separate independent hotels, each with its own entrance, lobby, spa,fitness center, and food and beverage outlets. The main Mandalay Bay tower is operated by awholly owned subsidiary of MGM Resorts International (the MGM tenant); the Delano hotel isoperated by MGM tenant under a license agreement with The Morgan Group; and the FourSeasons Hotel is operated by Four Seasons Hotels and Resorts under a managementagreement that expires in 2039. Mandalay Bay offers various amenities, including152,159-sq.-ft. of casino space (featuring 1,232 slot machines and 71 gaming tables), morethan 25 restaurants, a 30,000-sq.-ft. spa, 2.2 million-sq.-ft. of meeting space (the fifth-largestconvention center in the U.S.), 10 swimming pools, 54,000-sq.-ft. of rentable retail space, aswell as an entertainment venue that is home to Cirque du Soleil's Michael Jackson "One"production, Shark Reef Aquarium, the House of Blues, and a 12,000-seat special events arena.

- The $3.0 billion whole loan was used to finance the $4.6 billion acquisition of the fee interests inthe MGM Grand and Mandalay Bay resort properties by a newly formed joint venture betweenan affiliate of Blackstone Real Estate Income Trust Inc. (BREIT) Operating Partnership L.P., andMGM Growth Properties (MGP) Operating Partnership L.P., a wholly owned subsidiary of MGMResorts International (MGM; BB-/Watch Neg/--). The sponsor, BREIT, is a non-traded realestate investment trust (REIT) that invests in commercial real estate properties in diversifiedsectors. BREIT is managed by an external advisor that is an affiliate of The Blackstone GroupInc. The Blackstone Group Inc. had real estate assets under management of $163.0 billion as ofDec. 31, 2019, including The Cosmopolitan and Bellagio in Las Vegas. The other sponsor, MGP,is a publicly traded REIT engaged in the acquisition, ownership, and leasing of destinationentertainment and leisure resorts. MGP's current portfolio consists of 13 destination resortsacross the U.S. totaling approximately 27,400 guestrooms. The sponsors contributed about$1.6 billion in equity toward the acquisition cost.

- Upon the acquisition of MGM Grand (from MGM) and Mandalay Bay (from MGP), the MGMtenant leased-back and operates the properties subject to a 30-year NNN lease with two10-year renewal options. The lease will have a fixed payment of $292.0 million with annualincreases of 2.0% for the first 15 years. In years 16-30, rent will increase at the greater of 2.0%or the consumer price index value (capped at 3.0%). At the beginning of each renewal period,the rent is set to the greater of the prior rent or the fair-market rent at that time. MGM provideda guarantee for shortfalls, as well as the payment and performance of all monetary obligationsunder the lease. The lease is structured with a capital expenditure requirement of 3.5% of netrevenues per year (in addition to a 1.5% of net revenue furniture, fixtures, and equipment



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(FF&E) reserve). Based on the reported 2019 NCF, the ratio of NCF to rent was strong at 1.78x.The coverage is 1.52x, based on our NCF and the year-one rent payment. We applied a positiveLTV adjustment to our capital structure for this loan to account for the fact that the borrower isreceiving a fixed rental payment under a long-term lease from the MGM tenant, whichsomewhat enhances the stability of the cash flow received by the borrower relative to theunderlying NCF of the properties, which could fluctuate with operational risks and changes inthe economy.

- Las Vegas has long been a premier domestic and international tourist destination. Las Vegasvisitation levels rebounded from the recession in 2009 when visitation dropped to 36.4 million,reaching a high of approximately 42.9 million visitors in 2016 before tapering slightly toapproximately 42.1 million visitors in 2018. The casino industry remains a primary demanddriver, but Las Vegas has continued to diversify. The NFL's Oakland Raiders announced theirrelocation to Las Vegas and are expected to occupy Allegiant Stadium by 2021. The NationalHockey League's Las Vegas Golden Knights began playing in Las Vegas in 2017-2018. Las Vegasis also a major convention city and hosts approximately six million attendees per year. The 1.9million-sq.-ft. Las Vegas Convention Center is currently being renovated and expanded with anadditional building and exhibition hall.

- Historically, the Las Vegas lodging market has enjoyed very strong occupancy levels, whichaveraged 85.5% over the past 10 years, with a high of 89.1% in 2016 and a low of 80.4% in 2010.With approximately 147,000 guestrooms in 2018, Las Vegas fills more rooms per night onaverage than any other destination in North America, partially because hotels offer rooms atattractive price points to bring guests to the casinos and provide discounts and promotions forother revenue-generating components. Favorably, hotel supply in Las Vegas has remainedrelatively flat for the last decade. MGM Grand and Mandalay Bay each have maintained anoccupancy rate over 90.0% in each of the past five years.

- MGM Grand and Mandalay Bay have a more diversified revenue stream than manygaming-oriented casino hotels and also relative to traditional resort hotels due to their vastarray of amenities. In 2019, reported combined gaming revenues accounted for 18.0% of totalrevenue, while the remaining revenues were predominately generated by hotel rooms (30.2%),food and beverage (29.9%), other (13.6%), and entertainment (8.3%). Gaming revenues andexpenses are subject to volatility and since the gaming revenue still represents a substantialportion of the revenue, we used an 11.25% capitalization rate in our analysis.

- On a combined basis, revenue per available room (RevPAR) at the two properties has increasedover the last five years, with more moderate gains experienced recently. RevPAR increased to$181.07 as of year-end 2019 from $167.92 in 2015, an increase of 7.8%, with gains of 1.9% in2017, a decline of 0.1% in 2018, and a gain of 2.6% in 2019. The properties' NOI increased in2016, 2017, and 2018 to $617.4 million in 2018 from $485.3 million in 2015. However, NOI fell15.8% in 2019, mainly due to the fallout from the Oct. 1, 2017, incident at the Mandalay Bayproperty. The hotel experienced a large number of corporate event cancellation that affectedthe 2018 and 2019 performance; however, it is our understanding that the hotel is now past theimpact from this event.

- MGM Grand and Mandalay Bay's main competitors are The Mirage, New York New York, Luxor,Caesars, Planet Hollywood, and Venetian/Palazzo hotels. According to the appraisals, MGMGrand has a RevPAR penetration rate (which measures the RevPAR of the hotel relative to theircompetitors, with 100% indicating parity with competitors) of 97.3% (where both occupancyand ADR penetrations are also slightly under 100%), which is consistent with 2018 at 97.6%,and slightly down from 2017 at 100.3%. The RevPAR penetration for Mandalay Bay was 106.6%,consistent with 2018 at 106.4%, and slightly down from 2017 at 110.9%. The market leader for



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the last three years (at well over 100% RevPAR penetration) is Venetian/Palazzo.

- The mortgage loan is structured with an in-place hard lockbox and springing cashmanagement, which allows the borrower to control funds until an EOD; if the DSC falls below2.50x for two consecutive calendar quarters; if the MGM tenant files for bankruptcy; if certaincontrol conditions are met while there is an EOD under the lease; or if the loan is not repaid infull by the ARD. At that point, the borrower will be required to maintain monthly tax andinsurance escrows and replacement reserves. During a cash trap event, all excess cash flowwill be deposited into a lender-controlled account. However, in lieu of any requirement forfunds to be held in a cash collateral account during a trigger period (and as long as no EOD hasoccurred and the ARD has not passed), the guarantor or sponsor can provide a guarantee equalto the amount that would have been deposited into the cash collateral account. If this amountexceeds 15.0% of the then-outstanding principal amount of the loan, an additional insolvencyopinion must be provided. Under the loan agreement, there are no ongoing reserves for taxes,insurance, or replacements as long as the property is subject to the lease.


- The $80.0 million pooled trust loan, along with the $1.55 billion pari passu portion held outsidethe trust, represents a total $1.63 billion senior loan component of a $3.0 billion whole loan. Theremaining $1.37 billion junior non-trust note is held outside the trust, is the controlling piece ofthe whole loan, and increases our LTV ratio to 76.2% from 41.5%.

- The trust loan has a 12-year term (final maturity on March 5, 2032) with a 10-year ARD (March5, 2030). The loan is interest-only for its entire term. After the ARD, excess cash flow will beswept and used to hyper-amortize the loan and the interest rate (currently 3.6%) will increaseby at least 2.0%. Compared with an amortizing loan, an interest-only loan bears a higherrefinance risk because of the higher loan balance at maturity. We accounted for this lack ofamortization by applying a negative 2.5% LTV threshold adjustment across the capitalstructure.

- The borrower is permitted to incur additional future debt in the form of a mezzanine loan.However, the mezzanine loan amount is limited to a total debt LTV ratio no greater than 67.0%and a DSC not less than the current DSC of 4.81x.

- The loan permits the release of the MGM Grand or Mandalay Bay, subject to a release premiumequal to 105.0% of the allocated loan balance ($1.64 billion for MGM Grand and $1.36 billion forMandalay Bay) until the loan balance is reduced to $2.25 billion and thereafter, the releasepremium increases to 110.0% of the ALA. In addition, the release is subject to a DSC test wherethe DSC after release must be equal to or greater than 4.81x.

- The loan agreement allows for property insurance coverage from providers that are not rated byS&P Global Ratings and are not required to be replaced with rated providers at the end of thecurrent insurance term. We used lower LTV recovery thresholds at each rating category for thisloan to account for this risk.

- The Phase I environmental site assessment report identified a 30,000 gallon undergroundstorage tank (UST) that was installed in May 1993 containing diesel fuel that is used to fuelemergency generators as a business environmental risk. The assessor recommendedenvironmental insurance and/or contractual obligations to participate in a state UST cleanuptrust fund. An environmental insurance policy with limits of $25.0 million per each pollutioncondition and $25.0 million in the aggregate, subject to a $50,000 deductible except $1.0million for mold, is currently in place. The policy covers legal liability and cleanup costs for newand pre-existing conditions and includes business interruption. The loan agreement requires



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the borrower to maintain the coverage during loan term.

- MGM Grand and Mandalay Bay were built in 1993 and 1999, respectively, and have beenrenovated in stages over the last several years. Approximately $480.0 million has been spent oncapital improvements for the MGM Grand since 2010, including $144.0 million ($28,812 perguestroom) on a full guestroom renovation from 2010 to 2013 and approximately $118.9 millionwas spent in December 2018 on an expansion and renovation of the convention center.Mandalay Bay has benefitted from over $510.6 million of capital improvements since 2010,including $159.7 million (approximately $35,150 per guestroom) in guestroom renovations from2012 to 2016. Nevertheless, based on our visit to the properties in January 2020, theguestrooms at MGM Grand are somewhat dated in appearance and are in need of an upgrade.Under the terms of the lease, the MGM tenant is required to spend at minimum, 3.5% of actualnet revenues (about $74.0 million or $14,806 per guestroom) on capital expenditures duringevery five-year period and reserve 1.5% of net revenues. The Mandalay Bay property's roomswere last renovated between 2012 and 2016 for approximately $159.7 million (approximately$35,150 per guestroom), and we observed that they were generally in good condition. Since theloan agreement did not provide for an upfront renovation reserve, we deducted $10,000 perguestroom for the MGM Grand property (excluding the 82 Skyloft and mansion rooms) less twoyears of the FF&E reserve at 1.5% of net revenues as required by the lease from our valuation ofthe property.

- The appraiser identified two significant new casino resorts planned for Las Vegas: ResortsWorld Las Vegas and The Drew Las Vegas, which are expected to add significant supply to themarket in 2020. Resorts World Las Vegas is expected to add 3,500 guestrooms to the market ina Chinese-themed resort, and The Drew Las Vegas will offer an additional 4,000 guestrooms.Several existing properties are also adding significant amounts of meeting/convention space,including Caesars Forum (550,000 sq. ft.) and ARIA (200,000 sq. ft.).

- There is no warm body carve-out guarantor and the carve-out guarantee is capped at only10.0% of the loan amount. We believe these limitations generally lessen the disincentiveprovided by a full non-recourse carve-out related to "bad acts" or voluntary bankruptcy. Thereis also a no recourse carve-out for borrowers that fail to maintain their status as aspecial-purpose bankruptcy remote entity. We believe this omission lessens the incentive toadhere to these covenants, weakening the asset isolation and substantive consolidationassumptions underpinning our analysis.

- U.S. CMBS delinquencies, particularly on lodging-backed loans, have increased in recentmonths due to the economic slowdown resulting from the COVID-19 pandemic. The pandemicand responses to it have led to an increase in unemployment levels and a reduction inconsumer spending, which has adversely impacted lodging properties. The pandemic hasbrought about unprecedented curtailment measures, which are resulting in a significantdecline in demand from corporate, leisure, and group travelers. Since the outbreak, there hasbeen a dramatic decline in airline passenger miles stemming from governmental restrictions oninternational travel and a major drop in domestic travel. In an effort to curtail the spread of thevirus, many group meetings, both corporate and social, have been cancelled, corporatetransient travel has been restricted, and leisure travel has slowed due to fear of travel and theclosure of demand generators, such as amusement parks and casinos, and the cancellation ofconcerts and sporting events. MGM Grand and Mandalay Bay (including Delano) reopened onJune 4, 2020, and July 1, 2020, respectively, with limited amenities and certain COVID-19mitigation procedures, after closing on March 17, 2020, following the COVID-19 outbreak. TheFour Seasons hotel is expected to reopen in mid-September 2020. While the stay-at-homedirective was lifted in Nevada, including Las Vegas on May 15, 2020, casinos are operating atlimited capacity with limited amenities. We expect travel will remain tempered for several



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quarters. The loan is current through its September debt service payment and the borrower hasnot requested forbearance. Given the high degree of uncertainty around the timeframe of whenthe properties' operations will rebound, we believe the risk of the borrower requestingforbearance is elevated. However, the loan benefits from fixed rental payments under its leaseagreement. The MGM tenant has been current on its rent payments and is well-capitalized. Ithad $6.0 billion in cash and cash equivalents as of March 31, 2020, as well as $750.0 million ofadditional capital from its senior notes offering on April 23, 2020.

5. Agellan Portfolio

Table 17

Credit Profile(i)

Loan no. 5 Property type Industrial/office

Loan name Agellan Portfolio Subproperty type Various


60,000,000 Property sq. ft. 6,094,177


5.4 Year built Various

City Various Sponsor Elad Canada Realty Inc.


Interest only


Various S&P Global Ratings' amortizationadjustment (%)

(2.50)

S&P Global Ratings' NCF ($) 7,240,000(ii) S&P Global Ratings' subordinatedebt category

Unsecured debt (S&P GlobalRatings LTV < 90%)



(1.50)






(40.4) 'AAA' SCE (%) 38.2


54 'AAA' DCE (%) 7.2

(i)The trust loan is pari passu adjusted. LTV and DSC are calculated based on the $171.0 million pari passu companion loan and the $60.0million pooled trust loan balance (collectively, the senior note) (ii)Pari passu adjusted. NCF--Net cash flow. LTV--Loan-to-value.SCE--Stand-alone credit enhancement. DCE--Diversified credit enhancement.



- The senior note, which is made up of the $60.0 million pooled trust loan and a $171.0 millionpari passu portion, represents $231.0 million of the larger $403.0 million whole loan. Theremaining $172.0 million subordinate notes support loan-specific rake bonds in Benchmark2020-B19 Mortgage Trust, which are the controlling piece of the whole loan. The whole loan is



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secured by the fee-simple interest in 42 industrial and four suburban office properties (totalingapproximately 6.1 million sq. ft.) across 12 markets throughout the U.S.

- The senior note has low leverage, with an S&P Global Ratings' LTV ratio of 70.4%, based on ourvaluation. The LTV ratio based on the appraiser's "as-is" valuation is 41.9%. Our estimate oflong-term sustainable value is 40.4% lower than the appraiser's "as-is" valuation.

- The senior note has a strong DSC of 2.57x, calculated using the loan's fixed interest rate andour in-place NCF for the property, which is 15.2% lower than the issuer's NCF.

- All but one of the portfolio properties are located in markets that we consider primary orsecondary markets. Primary and secondary markets generally have higher barriers to entrythan tertiary markets. The top five markets by S&P Global Ratings' NCF are Chicago (23.6%),Houston (16.7%), Austin, Texas (15.4%), Tampa (13.5%), and Atlanta (11.1%). According toCoStar data, the portfolio is spread across 12 markets (with 24 different submarkets)throughout the U.S. In these submarkets, the vacancy rate is generally at or around 5.0% forindustrial properties, at or around 10.0% for flex properties, at 10.7% for the office submarketin Chicago, and at 21.2% for the office submarket in Houston. Although the portfolio consists of46 assets spread across 12 different markets, we did not give any portfolio benefit in ouranalysis because the five largest properties account for 50.9% of the S&P Global Ratings NCF.

- As of June 1, 2020, the portfolio was 93.4% leased (90.4% leased excluding dark tenants andknown vacancies) and consists of over 250 tenants with a weighted average lease term ofapproximately 2.8 years. The properties have operated at relatively stable occupancy levelssince 2013, ranging from between 91.0% and 96.2%. These historical occupancy levels aregenerally consistent with their respective markets. In our analysis, we assumed an overallvacancy factor of 17.2% essentially based on the greater of 5.0% for multitenant properties,10.0% for single-tenant properties, prevailing submarket vacancy rate, and in-place vacancy.

- The five largest tenants, United Natural Foods Inc. ('B'), Health Care Service Corp. (whoseparent, UnitedHealth Group Inc., is rated 'A+/Stable/A-1'), ALDI Inc. (not rated), General MotorsLLC (whose parent, General Motors Co., is rated 'BBB/Watch Negative'), and Moran Foods LLC('B-') occupy approximately 22.1% of the net rentable area (NRA) and contribute approximately23.6% of gross potential rent as calculated by S&P Global Ratings. None of the other existingtenants account for more than 2.5% of the gross potential rent as calculated by S&P GlobalRatings.

- The whole loan benefits from Elad Canada's experienced sponsorship. Elad Canada is aprivately held, commercial real estate company specializing in the acquisition and developmentof commercial and residential real estate. The company was founded in 1997 and is based inToronto, Canada. As of 2020, ELAD Canada has 7.4 million-sq.-ft. of income producing space,as well as 4.4 million-sq.-ft. of construction in the pipeline and over 6,000 residential unitsunder development. ELAD Canada is a part of the ELAD Group. Founded in 1992, ELAD Group isa real estate conglomerate with development projects in North America, Europe, and Israel. Theoriginator has been notified that the controlling shareholder of ELAD Group has entered into anon-binding memorandum of understanding to sell certain assets, including 37.0% of ELADCanada to a joint venture between Plaza Partners and Argent Ventures. The non-bindingmemorandum of understanding includes a call option in favor of the buyers and a put option infavor of the seller for the remaining 63.0% of ELAD Canada. In the event the transaction movesforward, the sponsor anticipates the closing to occur in September 2020. Argent Ventures is avertically-integrated, diversified real estate investment and development firm specializing inopportunistic, and value-add transactions through the U.S.

- The loan proceeds along with approximately $2.2 million of fresh sponsor equity were used to



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refinance the existing floating-rate debt on 42 of the assets (currently securitized in the MSC2019-AGLN transaction), encumber four assets that were acquired in an all cash transaction in2019, fund various reserves (including a $2.0 million working capital reserve that could be used,among other things, to cover interest shortfalls under the mortgage and mezzanine loans, ifany), and cover closing costs. Based on the sponsor's cost basis of $507.8 million, $185.5million of cash equity will remain in the portfolio at closing.

- The mortgage loan is structured with a hard in-place lockbox and in-place cash management. Acash sweep event will occur upon an EOD, a mezzanine loan EOD, the DSC falling below 1.15x,or the bankruptcy of any borrower, SPE party, or manager (provided the manager is notreplaced). There are also ongoing reserves for taxes, insurance, capital expenditures, andleasing expenses.


- The senior note ($231.0 million) along with the remaining $172.0 million subordinate notes totaltogether $403.0 million. Including the remaining $172.0 million subordinate notes, our LTVincreases to 122.8% from 70.4%.

- In addition to the whole loan, there is a $31.0 million mezzanine loan. The whole and mezzanineloans have a combined S&P Global Ratings' LTV ratio of 132.2%. The comparably weaker creditmetrics for the combined debt exposes the trust loan to a higher default risk. Therefore, weapplied a negative LTV threshold adjustment at each rating level to account for this risk.

- The senior note is interest-only for its entire five-year term, and there will be no scheduledamortization during the loan term. Compared with an amortizing loan, an interest-only loanbears a higher refinance risk because of the higher loan balance at maturity. We accounted forthis lack of amortization by applying a negative LTV threshold adjustment across the capitalstructure.

- The properties face tenant rollover risk during the loan term, with approximately 84.3% of theleased NRA and 76.8% of the in-place rent (as calculated by S&P Global Ratings) expiring by2025. The highest roll is in 2022, when leases representing a combined 25.0% of the NRA(18.4% of in-place rents as calculated by S&P Global Ratings) expire. The diverse tenancy at theproperties helps mitigate this rollover risk. The loan's structure also requires ongoing reserves.However, we accounted for these risks in our overall 8.89% capitalization rate and our 17.2%vacancy assumption.

- While the collateral for this loan consists of multiple properties, the senior note is somewhatconcentrated by geographic location with 46.9% of the allocated loan amount (ALA)concentrated in Texas. We expect that properties located in Texas, specifically Houston, will besubject to increase volatility in occupancy resulting from the declines in the oil and gas sector,which has resulted in a drop in office demand. However, as detailed above, we believe ourstressed vacancy factor and overall capitalization rate already incorporate the risk of additionalvacancy across the portfolio, so we did not make any additional adjustments.

- The borrower may obtain the release of one or more of the properties, subject to a release priceof 110.0% for the first 15.0% of the ALA and 115.0% thereafter. However, any property releasesare subject to certain minimum DSCR tests, which must be satisfied after giving effect to therelease. These tests are designed to ensure that the credit characteristics do not deterioratebecause of prepayments.

- During alterations to the property, the loan agreement does not require that all collateralposted by the borrower be rated by S&P Global Ratings. This structure potentially exposes thetransaction to risks associated with additional leverage beyond a de minimis amount and



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additional liens such as mechanic's liens, some of which may have priority over the mortgagelien.

- There is no warm body carve-out guarantor, and the carve-out guarantee is capped at only20.0% of the loan amount for full recourse events. In our view, these limitations generallylessen the disincentive provided by a full non-recourse carve-out related to "bad acts" orvoluntary bankruptcy.

- According to information provided to us by the loan seller, the properties are reported to beopen (as of Aug. 26, 2020); however, many office tenants have chosen to work remotely. ForMay, June, July, and August 2020, the borrower collected approximately 98.9%, 98.5%, 98.3%,and 98.0% of the issuer's underwritten base rent, respectively. The top 10 tenants,representing 38.6% of NRA and 41.0% of the issuer's underwritten base rent, had no issueswith rent payment. Thirty-two tenants, representing approximately 5.5% of the issuer'sunderwritten base rent and 5.4% of the NRA, have requested rent relief or have partial or nocollections for the months of May, June, July, and August. The five largest tenants that have putin formal requests for relief in aggregate represent approximately 2.0% of NRA andapproximately 1.8% of the issuer's underwritten base rent. As of August 2020, one of thetenants representing 0.1% of the NRA and 0.1% of the issuer's underwritten base rent wasgranted a two month rent deferral agreement to be repaid in six installments from September2020 to February 2021. In addition, 24 tenants (totaling 5.3% of NRA) are in discussions withthe borrowers for rent relief. Given this relatively strong collection performance and consideringour stressed vacancy factor when compared to the portfolio historical vacancy, we believe thatour analysis already incorporates the risk of additional vacancy; therefore, we did not make anyadditional adjustments.

6. Moffett Place--Building 6

Table 18

Credit Profile(i)


Loan name Moffett Place--Building 6 Subproperty type CBD


57,750,000 Property sq. ft. 314,352


5.2 Year built 2020

City Sunnyvale Sponsor Jay Paul


Interest only



(2.50)

S&P Global Ratings' NCF($)


Unsecured debt (S&P GlobalRatings LTV >= 90%)



(2.50)







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Table 18



(50.4) 'AAA' SCE (%) 47.2


526 'AAA' DCE (%) 10.1

(i)The loan is pari passu. LTV and DSC ratios are calculated based on the $75.3 million senior pari passu companion loan and the $57.8 millionsenior trust loan balance. (ii)Pari passu adjusted. NCF--Net cash flow. LTV--Loan-to-value. CBD--Central business district. DSC--Debt servicecoverage. SCE--Stand-alone credit enhancement. DCE--Diversified credit enhancement. N/A--Not applicable.



- The senior note, which comprises the $57.8 million pooled trust balance and the $75.3 millionpari passu portion, represents $133.1 million of the larger $200.0 million whole loan. The seniornote has moderate leverage, with an S&P Global Ratings' LTV ratio of 80.5%, based on ourvaluation. The LTV ratio based on the appraiser's "as-is" valuation is 40.0%. Our estimate oflong-term sustainable value is 50.4% lower than the appraiser's "as-is" valuation, a varianceprimarily driven by our 10.0% vacancy assumption, higher capitalization rate of 7.39%, and theissuer's straight-lining of future rent steps, which we excluded (we instead considered futureinvestment-grade tenant rent steps in our analysis via an addition to our capitalized value).

- The senior note has a strong DSC of 2.83x, calculated using the loan's fixed interest rate andour underwritten NCF for the property, which is 19.1% lower than the issuer's NCF.

- The whole loan is secured by the borrower's fee simple interest in a newly constructedeight-story, class-A office building totaling 314,352 sq. ft. located in Sunnyvale, Calif. Thebuilding is 100% NNN leased to Google through January 2029 with two seven-year extensionoptions and no early termination rights. The office building is LEED Gold-certified and featuresaccess to a 52,500-sq.-ft. non-collateral amenities building along with three separatenon-collateral parking garages. The property is the sixth and final building within the 1.9million-sq.-ft. Moffett Place development. The five other additional office buildings in MoffettPlace are also 100.0% leased to Google (Buildings 1, 2, and 5 through August 2027 andBuildings 3 and 4 through November 2028).

- Google is a wholly owned subsidiary of a strong investment-grade rated tenant, Alphabet('AA+'), which is one of the largest publicly traded firms in the world. Alphabet is headquarteredsix miles to the northwest in Mountain View, Calif.

- The property is located in Sunnyvale, Calif. Sunnyvale is a suburb of San Jose, Calif., and is partof Silicon Valley, a region located south of San Francisco that is well-known for its highconcentration of technology firms. We consider Sunnyvale to be a primary market.CBRE-Econometrics (CBRE-EA) considers the property to be part of the Sunnyvale submarket,which exhibited a 5.0% overall vacancy and had net asking rents of $62.12 per sq. ft. as ofsecond-quarter 2020. According to the appraiser, the property's weighted average in-place netrent of $49.56 per sq. ft. is below the submarket level of $60.00 per sq. ft.

- The loan is structured with a $12.1 million upfront free rent reserve (to account for Google's freerent period through May 2021), a $2.7 million outstanding TI obligations reserve, and an upfrontdebt service reserve equal to three months of debt service payments ($2.5 million). The debtservice reserve funds will initially be made available to cover debt service shortfalls, and if not



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otherwise utilized it will be released to the borrower upon Google's rent commencement, whichis expected to be in May 2021.

- The loan is structured with a hard lockbox and in-place cash management. A cash sweep eventoccurs upon an EOD, if the DSC falls below 2.19x, and if Google has terminated or elected toterminate its space, declared bankruptcy, fallen below an investment grade rating, or reducedits square footage beyond certain minimum thresholds. In addition to the aforementionedupfront reserves, the loan has ongoing reserves for taxes, and insurance; however, theinsurance escrow may be waived if the property is covered by a blanket policy.

- We visited the property in August 2020 and were given a tour by the sponsor's representatives.The improvements are newly built and attractive. The property is located in the northern portionof Sunnyvale, Calif., within Moffett Park, a 519-acre area comprising recently developed officespaces and legacy one- and two-story research and development buildings. Situated alongsideSilicon Valley's State Highway 237 corridor near U.S. Highway 101, the property is accessiblevia major freeways and thoroughfares, as well as the Santa Clara Light Rail System, whichservices the surrounding residential communities. The amenities building includes a gym,exercise rooms, a basketball court, a swimming pool, and locker rooms. The rooftop level of oneof the parking garages features walking and running trails, outdoor volleyball, bocce ballcourts, a putting green, and other recreational amenities. According to the sponsor, the tenantreportedly spent over $250 per sq. ft. on its buildout. Overall, we found the property to bewell-maintained and meriting its class-A designation.

- The loan benefits from the Jay Paul Cos.' (Jay Paul) experienced sponsorship. Jay Paul is aprivately held real estate firm based in San Francisco, which concentrates on the acquisition,development, and management of commercial properties throughout California with a specificfocus on technology firms. Jay Paul has successfully developed or acquired over 13million-sq.-ft. of institutional space.


- The $133.1 million senior note together with the remaining $66.9 million subordinate notecomprise a $200.0 million whole loan. Our LTV based on the whole loan increases to 121.0%from 80.5%.

- In addition to the whole loan, there is a $49.0 million mezzanine loan. The whole and mezzanineloans, totaling $249.0 million, have a combined S&P Global Ratings' LTV ratio of 150.6%. Thecomparably weaker credit metrics for the combined debt exposes the trust loan to a higherdefault risk. Therefore, we applied a negative 2.5% LTV threshold adjustment at each ratinglevel to account for this risk.

- The loan is interest-only for its entire 10-year term, and there will be no scheduled amortizationduring the loan term. Compared with an amortizing loan, an interest-only loan bears a higherrefinance risk because of the higher loan balance at maturity. We accounted for this lack ofamortization by applying a negative 2.5% LTV threshold adjustment across the capitalstructure.

- The refinancing returns approximately $57.2 million (23.0% of the total combined total debtbalance) in equity to the sponsor. The sponsor developed the property in 2019 and it is one of 25buildings developed by the sponsor in Moffett Park, which include build-to-suit officeproperties for Facebook, Amazon, and Microsoft.

- The loan's performance is highly dependent on Google's business prospects because Googleleases 100.0% of the property's total square footage. The triple-net lease includes annual baserent increases of 2.0%, two extension options for seven years each, and no early termination



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rights.

- The property derives 2.7% of the total gross revenue (as calculated by S&P Global Ratings) fromfees associated with its pro rata share of the non-collateral amenities building and parking. Weapplied a 12.25% cap rate to this income to account for this risk.

- During alterations to the property, the loan documents leave to the servicer's discretion, thedecision whether to require collateral for alterations whose cost exceeds a certain threshold.Additionally, this collateral, if required, may not be rated by S&P Global Ratings. This structurepotentially exposes the transaction to risks associated with (a) additional leverage beyond a deminimis amount and (b) potential additional liens, such as mechanic's liens, some of which mayhave priority over the mortgage lien.


- Given the property's long-term ownership by the sponsor, the property benefits from abelow-market tax burden because of California's Proposition 13, which caps tax increasesacross the state at a set percentage each year. The appraiser estimates that taxes wouldsubstantially increase from the $365,039 currently to $4.3 million if the property's ownershipchanged hands and taxes were to reset to market. Our analysis considers the possibility ofhigher taxes, lowering our concluded valuation by roughly 10.3% or approximately $17.1million.

- As of Sept 6, 2020, the property is reported to be open and operating; however, California'sstate and local laws restrict non-essential business operations and have resulted in most ofthe office tenants working remotely. Google has also announced that it would extend itswork-from-home option through June 2021 from January 2021. The loan is current as of theSeptember payment date. The space was delivered to Google in May 2020. The property is100% leased and we underwrote to a 10.0% vacancy. Additionally the loan is structured with adebt service reserve equal to three months of debt service. The funds in the debt service reservewill be released on May 1, 2021, once Google has started paying rent; however. if Google doesn'tmake this payment, the borrower will not receive the funds. Given the high degree ofuncertainty around the timeframe of these state- and local-level restrictions to combat thespread of the COVID-19 virus, we believe the risk of forbearance is elevated. However, webelieve the servicer advancing mechanism that is in place provides short-term liquiditysupport.

7. Moffett Towers--Buildings A, B, and C

Table 19

Credit Profile(i)


Loan name Moffett Towers Buildings A, B,and C

Subproperty type Suburban

Pooled trust loan balance ($) 53,100,000 Property sq. ft. 951,498

% of total pooled trust balance(%)

4.8 Year built 2008

City Sunnyvale Sponsor Jay Paul



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Table 19



Interest only



(2.50)


N/A



N/A



S&P Global Ratings' value (mil.$)



(40.1) 'AAA' SCE (%) 39.5


626 'AAA' DCE (%) 7.8

(i)The loan is pari passu. LTV and DSC ratios are calculated based on the $389.9 million senior pari passu companion loan and the $53.1 millionsenior trust loan balance. (ii)Pari passu adjusted. NCF--Net cash flow. LTV--Loan-to-value. DSC--Debt service coverage. SCE--Stand-alonecredit enhancement. DCE--Diversified credit enhancement. N/A--Not applicable.



- The senior note, which comprises the $53.1 million trust loan and a $389.9 million pari passuportion, represents $443.0 million of the larger $770.0 million whole loan. The whole loan issecured by the borrower's fee simple interest in three, eight-story class-A office buildingstotaling 951,498 sq. ft. located within the Moffett Towers campus in Sunnyvale, Calif. Thebuildings are LEED Gold-certified, constructed with contemporary, high-quality finishes, andare well-located near strong transit linkages to the rest of the San Francisco Bay area.

- The senior loan component has low leverage, with an S&P Global Ratings' LTV ratio of 74.4%,based on our valuation. The LTV ratio, based on the appraiser's "as-is" valuation, is 44.5%. Ourestimate of long-term sustainable value is 40.1% lower than the appraiser's "as-is" valuation.

- The senior loan component has a strong DSC ratio of 2.80x, calculated using the loan's fixedinterest rate and our in-place NCF for the property, which is 22.7% lower than the issuer's NCF,primarily due to a higher vacancy assumption and the exclusion of straight-line rent income. Weconsidered future investment-grade tenant rent steps in our analysis via an addition to ourcapitalized value.

- The property benefits from high-quality tenancy. The two largest tenants are Google (84.1% ofgross rent) and Comcast ('A-'; 13.1%). Comcast recently signed a seven-year lease extensionand has one five-year extension option remaining. Google's parent company, Alphabet ('AA+'),is headquartered four miles to the northwest in Mountain View, Calif., and each of its leases atthe property have a seven-year extension option. The property is 100% leased.

- The property is located in Sunnyvale, Calif. Sunnyvale is a suburb of San Jose, Calif., and is partof Silicon Valley, a region located south of San Francisco that is well-known for its high



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concentration of technology firms. We consider Sunnyvale to be a primary market.CBRE-Econometrics (CBRE-EA) considers the property to be part of the Sunnyvale submarket,which exhibited a 5.0% overall vacancy and had net asking rents of $62.12 per sq. ft. as ofsecond-quarter 2020. According to the appraiser, the property's weighted average in-place netrent of $56.36 per sq. ft. is below the submarket level.

- The loan is structured with a hard lockbox and in-place cash management. A cash sweep eventoccurs upon an EOD, if the DSC falls below 1.15x, or if Google has terminated or elected toterminate its space, declared bankruptcy, fallen below investment grade or reduced its squarefootage beyond certain minimum thresholds. The loan has ongoing reserves for taxes,insurance, and capital expenditures, as well as upfront reserves for all outstanding TI/LCs andfree rent totaling approximately $87.7 million.

- The loan agreement also calls for a monthly escrow equal to one-12th of the annual tax andinsurance liability; although the insurance escrow may be waived if the property is covered by ablanket policy.

- We visited the property in February 2020 and were given a tour by the sponsor'srepresentatives. The improvements have been developed to a LEED Gold standard and utilizethe latest energy and water efficiency technology management systems. The property islocated in the northern portion of Sunnyvale, Calif., within Moffett Park, a 519-acre areacomprising recently developed office spaces and legacy one- and two-story research anddevelopment buildings. Situated alongside Silicon Valley's State Highway 237 corridor near U.S.Highway 101, the property is accessible via major freeways and thoroughfares, as well as theSanta Clara Light Rail System, which services the surrounding residential communities. Thetenants have exclusive access to an upscale amenities building, which includes a gym, exerciserooms, a basketball court, an Olympic-size swimming pool, and locker rooms. Overall, we foundthe property to be well-maintained and meriting its class-A designation.

- The loan benefits from the Jay Paul Cos.' (Jay Paul) experienced sponsorship. Jay Paul is aprivately held real estate firm based in San Francisco, which concentrates on the acquisition,development, and management of commercial properties throughout California with a specificfocus on technology firms. Jay Paul has successfully developed or acquired over 13million-sq.-ft. of institutional space.


- The $53.1 million pooled senior trust loan, along with the $389.9 million pari passu seniorportion held outside the trust, represents a total $443.0 million senior loan component of a$770.0 million whole loan. The remaining $327.0 million junior non-trust note is held outsidethe trust, is the controlling piece of the whole loan, and increases our LTV ratio to 129.3% from74.4%.

- The loan is interest-only for its entire 10-year term, and there will be no scheduled amortizationduring the loan term. Compared with an amortizing loan, an interest-only loan bears a higherrefinance risk because of the higher loan balance at maturity. We accounted for this lack ofamortization by applying a negative 2.5% LTV threshold adjustment across the capitalstructure.

- The refinancing returns approximately $314.1 million (40.8% of the total combined loanbalance) in equity to the sponsor.

- Google and Comcast have not taken possession of a portion of their respective spaces, whichwhen combined, total 45.1% of NRA and 48.0% of the underwritten base rent in aggregate ascalculated by S&P Global Ratings. Google is expected to take possession of Building B (35.5%



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of the underwritten base rent) in January 2021 and begin paying rent in October 2021. Comcastis expected to take possession its remaining space (12.5% of underwritten base rent) inNovember 2020 and begin paying rent in March 2021. However, Google has thus far met all ofits commitments by previously taking possession of its space in Building C in two phases(96,282 sq. ft. in March 2020 and 84,914 sq. ft. in July 2020). Both tenants are contractuallyobligated to commence rental payments via fully executed leases and all free and gap rent hasbeen reserved for upfront.

- The loan's performance is highly dependent on Google's business prospects because it leases85.7% of the property's total square footage under leases expiring in 2026, 2027, and 2030. Thetriple-net lease includes annual base rent increases of 3.0%, two extension options for sevenyears each, and no early termination rights.

- The borrower may obtain the release of up to two properties, subject to a release price of115.0% of the allocated loan amount (ALA) for buildings A and C, and 125.0% for building B. Anyproperty releases are subject to minimum debt yield, DSC, and LTV thresholds of 7.75%, 1.44x,and 70.0%, respectively, which must be satisfied after giving effect to the release. This isdesigned to ensure that the credit characteristics do not deteriorate as a result ofprepayments.

- During alterations to the property, the loan documents leave to the lender's discretion, thedecision of whether to require collateral for alterations that exceed a certain cost threshold.This structure potentially exposes the loan to risks associated with additional leverage beyonda de minimis amount and to additional liens, such as mechanic's liens, some of which may havepriority over the mortgage lien.

- There is no warm-body carve-out guarantor. In our view, this limitation generally lessens thedisincentive provided by a full nonrecourse carve-out related to "bad boy" acts or voluntarybankruptcy.

- As of Aug. 13, 2020, the property is reported to be open and operating; however, California'sstate and local laws restrict non-essential business operations and have resulted in most ofthe office tenants working remotely. The loan is current as of the September payment date.Google is expected to take possession of Building B in January 2021. Google has takenpossession of its premises in Building C in two phases: 96,282 sq. ft. in March 2020 and 84,914sq. ft. in July 2020. Google is expected to begin paying rent for Building B, Building C (Phase I)and Building C (Phase II) in October 2021, September 2020 and February 2021, respectively.Comcast has executed a lease extension and relocation for Building C and is expected to takepossession of the relocation space in November 2020 and begin paying rent on both the existingspace and relocation space in March 2021. Approximately 98.3% of the occupied sq. ft. paidrent for August 2020, representing 96.3% of the underwritten base rent. The property is 100%occupied and we underwrote to a 10% vacancy. All of the free rent has been reserved forupfront. Given the high degree of uncertainty around the timeframe of these state and locallevel restrictions to combat the spread of the COVID-19 virus, we believe the risk of forbearanceis elevated. However, we believe the servicer advancing mechanism that is in place providesshort-term liquidity support.

8. 333 South Wabash



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Table 20

Credit Profile


Loan name 333 South Wabash Subproperty type CBD

Pooled trust loan balance ($) 50,000,000 Property sq. ft. 1,207,380


4.5 Year built/renovated 1972/2019

City Chicago Sponsors Michael Shvo and DeutscheFinance America LLC

State Ill. S&P Global Ratings' amortizationcategory

Interest only



(2.50)

S&P Global Ratings' NCF ($) 2,990,000(i) S&P Global Ratings' subordinatedebt category

N/A



N/A


7.50 S&P Global Ratings' LTV ratio (%) 118.2(ii)


42.3(i) S&P Global Ratings' DSC ratio (x) 1.67(ii)


(46.8) 'AAA' SCE (%) 61.9


168 'AAA' DCE (%) 31.0

(i)Pari passu adjusted. (ii)The loan is pari passu. LTV and DSC ratios are calculated based on the $190.0 million pari passu companion loan andthe $50.0 million trust loan balance. NCF--Net cash flow. LTV--Loan-to-value. DSC--Debt service coverage. SCE--Stand-alone creditenhancement. CBD--Central business district. DCE--Diversified credit enhancement. N/A--Not applicable.



- The $50.0 million trust loan represents a pari passu portion within a larger $240.0 million wholeloan. The whole loan is secured by the borrower's fee simple interest in a 1.2 million-sq.-ft.,45-story, class A CBD office building constructed in 1972 that is located within the East Loopneighborhood of Chicago, Ill. The building was formerly the CNA Financial's headquarters,frequently referred to as "Big Red" given the property's red façade. The property offers tenantamenities, such as panoramic views of Lake Michigan and the Chicago skyline from its upperfloors, a food hall, fully staffed fitness center, daycare facility, tenant lounge, and astate-of-the-art conference center. The building is easily accessible via I-290, Lakeshore Drive,and multiple Chicago Transportation Authority (CTA) rail stations.

- As of the August 2020 rent roll, the property is 90.5% leased to 19 unique tenants. The propertyis expected to experience limited tenant rollover during the loan term, as the tenant roster hasa weighted average remaining lease term of 13.7 years. The largest rollover scheduled duringthe loan term comes in 2024, when 4.7% of the net rentable area (NRA) is due to expire;otherwise, no more than 4.6% of NRA is scheduled to rollover during any given year during the



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loan term. The top five largest tenants at the property include, The Northern Trust Co. ('AA-';547,719 sq. ft.; 48.0% of gross rental income as calculated by S&P Global Ratings), ChicagoHousing Authority ('AA-'; 222,141 sq. ft.; 17.7%), Akuna Capital (56,382 sq. ft.; 5.0%),Continental Casualty Co. ('A+'; 56,638 sq. ft.; 4.5%), and Hayden Hall (26,137 sq. ft.; 3.4%). Theloan is structured with $8.5 million upfront reserve to cover outstanding TI/LC obligations;however, as long as no material tenant trigger event occurs, no ongoing TI/LC reserves arerequired under the loan agreement.

- The property benefits from high-quality investment-grade tenancy on long-term leases. Thetwo largest tenants are The Northern Trust Co. and Chicago Housing Authority. The NorthernTrust Co. executed a lease in 2017 for 547,719 sq. ft., backfilling a portion of the space vacatedby CNA Financial; however, the lease commencement date was in September 2020 to allow forCNA Financial to vacate the property, and the sponsor's capital improvement plan to becompleted. Of the 547,719 sq. ft., 56,932 sq. ft. is must-take space in July 2023 since NorthernTrust Co. signed a 15-year lease through August 2035. Chicago Housing Authority has executedleases of 222,141 sq. ft. through December 2037, but will be taking occupancy through Januaryof 2022. Chicago Housing Authority occupied 157,500 sq. ft. and expanded their footprint inJanuary 2020 by 27,383 sq. ft. and will take 27,441 sq. ft. in January 2021 as part of their leaserenewal. All gap rent and rent concessions associated with Chicago Housing Authority's futurelease start dates, as well as other tenants', have been reserved (totaling $23.2 million) by thelender at closing. Furthermore, Chicago Housing Authority has no outs relating to the futureexpansion spaces. We have assumed lower vacancy rates for the investment-grade tenantswith lease terms that are beyond the loan terms.

- In 2019, the seller (John Buck Co.) commenced a comprehensive capital improvement plan atthe property upon the departure of the property's namesake tenant, CNA Financial, totaling$167.5 million. The post-CNA departure capital improvement project was completed in 2019.The scope included a full renovation of floors 1 through 3 for the lobby, a second floor food hall,third floor conference center, a professionally staffed fitness center, an onsite daycare, andfloor turnover work. The engineering report did not identify any immediate repairs at theproperty, and recommended an on-going annual capital expenditure reserve of $0.07 per sq. ft.

- The loan benefits from the collateral's primary market location in the East Loop submarket ofChicago, Ill. According to CoStar, the East Loop three-five star office submarket exhibited a15.6% vacancy, 19.0% availability, and reported asking rents of $37.69 per sq. ft. as ofSeptember 2020. The property's weighted average in-place gross rent of $33.73 per sq. ft. ismarginally below the submarket average. In our analysis, we assumed a weighted averagevacancy rate of 16.0% for the subject property.

- The whole loan has a moderate DSC ratio of 1.67x, calculated using the loan's fixed interest rateand our in-place NCF for the property, which is 38.6% lower than the issuer's NCF, primarilydue to a higher vacancy assumption and the removal of straight-line rent income (weconsidered future investment-grade tenant rent steps in our analysis via an addition to ourcapitalized value).

- The mortgage loan is structured with a hard in-place lockbox and springing cash management.A cash management event occurs upon an EOD, if the DSC falls below 1.20x, or one of the majortenants has terminated or elected to terminate its space, declared bankruptcy, or reduced itssquare footage beyond certain minimum thresholds. The loan is structured with on-goingreserves for taxes, insurance, and leasing expenses.

- The loan proceeds will facilitate the borrower's acquisition of the property for a purchase priceof $376.0 million ($316.0 per sq. ft.). The sponsor contributed $179.8 million of equity as part ofthe $419.8 million all-in acquisition costs.



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- The loan agreement prohibits the borrower from incurring future additional debt.

- The loan benefits from the experienced sponsorship of its joint sponsors, BayerischeVersorgungskammer (BVK), Deutsche Finance Americas (DFA), and SHVO. BVK is the largestpublic-law pension group in Germany; DFA is part of and supported by Deutsche FinanceGroup, a leading global investment management firm founded in 2005 with over 5 billion euro ofassets under management (AUM); and SHVO, founded by Michael Shvo, is a real estatedevelopment firm with roughly $4.0 billion AUM. The partnership has acquired seven otherassets across New York, Miami Beach, Fla., and Beverly Hills, Calif. Notable assets include 711Fifth Avenue, 530 Broadway, 685 Fifth Avenue, The Raleigh Hotel, The Richmond Hotel, TheSouth Seas Hotel, and 9200 Wilshire Boulevard.


- The whole loan has high leverage, with an S&P Global Ratings' LTV ratio of 118.2%, based onour valuation. The LTV ratio, based on the appraiser's "as-is" valuation, is 62.8%. Our estimateof long-term sustainable value is 46.8% lower than the appraiser's "as-is" valuation.

- The loan is interest-only for its entire eight-year term, and there will be no scheduledamortization during the loan term. However, commencing on the payment date in August 2026,and on the payment date in August each year thereafter, the borrower will be required to makemonthly payments based on a 30-year amortization schedule if, the trailing-12 month (TTM) netoperating income is less than $21.0 million, or if the scheduled lease rollover exceeds 20.0% ona cumulative basis over the next succeeding three-year period. Compared with an amortizingloan, an interest-only loan bears a higher refinance risk because of the higher loan balance atmaturity. We accounted for this lack of amortization by applying a negative 2.5% LTV thresholdadjustment across the capital structure.

- While the Northern Trust Co. lease ends in August 2035, the tenant is permitted to terminatetwo floors at a time (beginning with their lowest leased floors) on three separate specifiedoccasions during their 15-year lease term, on Aug. 31, 2027, Aug. 31, 2030, and Aug. 31, 2032,roughly 14.7% of NRA in aggregate. Each contraction requires 12 month's notice and paymentof all unamortized leasing costs at 8.0%. The property's second largest tenant, ChicagoHousing Authority has a one-time option to terminate their entire premises, provided 18months' notice and payment of all unamortized leasing costs at 8.0% is given. As a result ofthese termination options, we have adjusted the amount of future rent step credit derived fromthese two tenants by capping the term at the termination date, rather than the stated lease enddates in 2035 and 2037, respectively. According to the loan agreement, only the ChicagoHousing Authority termination option would qualify as a material tenant trigger event.

- According to comparables identified in the appraisal, the property's current tax assessment isbelow that of similar buildings. The property's 2020 total assessed value is roughly $76.00 persq. ft. or 23.0% below the $98.43 per-sq.-ft. average assessed value of the comparableproperties, which range from $77.78 per sq. ft. to $132.17 per sq. ft. We anticipate the propertywill be reassessed at some point in the future to bring it more in line with market standards;therefore, we increased our capitalization rate by 50 bps to account for the risk.

- The loan does not have any entity named as a carve-out guarantor. In our view, this limitationgenerally lessens the disincentive provided by a full nonrecourse carve-out related to "badacts" or voluntary bankruptcy.

- As of Sept. 3, 2020, the property is reported to be open and operating; however, it is unclear asto how many, if any, tenants have returned to office because many have implemented awork-from-home policy. The property's rent collections have remained strong through the



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pandemic, above 90.0% each month between April and August, and 98.3% in both July andAugust. Given the high degree of uncertainty around the possibility of another round of state-and local-level restrictions to combat the spread of the COVID-19 virus, we believe the risk offorbearance remains elevated. However, we believe the servicer advancing mechanism that isin place provides short-term liquidity support.

9. 1633 Broadway

Table 21

Credit Profile(i)


Loan name 1633 Broadway Subproperty type CBD


45,000,000 Property sq. ft. 2,561,512


4.1 Year built 1972

City New York Sponsor Paramount Group OperatingPartnership L.P.

State N.Y. S&P Global Ratings' amortizationcategory

Interest only



(2.50)

S&P Global Ratings' NCF ($) 4,260,000(ii) S&P Global Ratings' subordinatedebt category

N/A



N/A






(37.8) 'AAA' SCE (%) 32.9


583 'AAA' DCE (%) 5.9

(i)The loan is pari passu. LTV ratio and DSC are calculated based on the $956.0 million senior pari passu companion loan and the $45.0 millionpooled trust senior loan balance (collectively, the senior loan component). (ii)Pari passu adjusted. NCF--Net cash flow. LTV--Loan-to-value.DSC--Debt service coverage. SCE--Stand-alone credit enhancement. DCE--Diversified credit enhancement. CBD--Central business district.N/A--Not applicable.



- The $45.0 million trust loan represents a senior pari passu portion within a larger $1.25 billionwhole loan. The whole loan is secured by the fee-simple interest in a 2.56 million-sq.-ft.,48-story office tower situated on a full block on Broadway between 50th and 51st Streets inMidtown Manhattan. The property was constructed in 1972, was renovated in 2013, and



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consists of 2.27 million sq. ft. of office space, 145,192 sq. ft. of theater space, 77,338 sq. ft. ofretail space, 18,384 sq. ft. of storage space, and a 64,158 sq. ft., 250-space below-gradeparking garage. The parking garage is leased to a third-party operator until July 2026.

- The senior loan component totaling $1.00 billion has low leverage with a 67.1% LTV ratio, basedon S&P Global Ratings' valuation. Our long-term sustainable value estimate is 37.8% lowerthan the appraiser's "as-is" valuation.

- The senior loan component has a strong DSC of 3.12x, calculated using the loan's fixed interestrate and our in-place NCF for the property, which is 18.9% lower than the issuer's NCF.

- The property was 98.4% leased as of Oct. 31, 2019, to a diverse tenant roster of 28 uniquetenants. The largest tenants at the property are Allianz Asset Management of America(AA/Stable/A-1+; 12.5% of NRA; 15.5% of the in-place base rental income as calculated by S&PGlobal Ratings; 2031 expiration), WMG Acquisitions Corp. (11.5%; 10.2%; 2029 expiration),Morgan Stanley (BBB+/Stable/A-2; 10.2%; 10.9%; 2032 expiration), and Showtime NetworksInc. (parent company: ViacomCBS Inc.; BBB/Negative/A-2; 10.2%, 8.4%; 2026 expiration). Theproperty has demonstrated a strong historical average occupancy of 94.2% since 2003.

- The property is located in a primary market. According to CoStar, the property is located withinthe Columbus Circle office and retail submarkets, which had vacancy rates of 8.1% and 1.0%,respectively, with market rents of $76.93 per sq. ft. and $137.07 per sq. ft., respectively, as ofsecond-quarter 2020. The property was 98.4% physically occupied, according to the October2019 rent roll. S&P Global Ratings assumed an average rent of $67.01-per-sq.-ft. and weightedaverage vacancy rate of 5.9%, giving credit to the investment-grade tenancy at the property.

- We visited the property on Oct. 23, 2019, and found the improvements to be consistent with aclass-A office property. We viewed the top two floors, which were currently under constructionand leased to New Mountain Capital LLC (New Mountain; 4.2% of NRA; 5.4% of in place baserent as calculated by S&P Global Ratings). New Mountain was expected to take occupancy inFebruary 2020 but due to the COVID-19 pandemic that has been postponed and no definitiveplan has been set regarding when the move-in might happen. The space offered impressiveviews of the city skyline, particularly from the double-height, open balcony facing south. Wealso visited the MongoDB, Warner Music Group, and Bleacher Report (Turner Broadcast SystemInc.) offices, which all contained internal staircases and offered modern, renovated officespace. The building was conveniently located on Broadway with access to multipletransportation options, including the no. 1 subway line at the base of the property.

- The mortgage loan benefits from Paramount Group Inc.'s (NYSE: PGRE) experiencedsponsorship. PGRE, an REIT owns and/or manages a portfolio comprising approximately 13million sq. ft. of class A office and retail buildings in New York, Washington, D.C., and SanFrancisco as of Dec. 31, 2019. The company was founded in 1978 by Werner Otto and takenpublic in November 2014.

- The mortgage loan is structured with a hard lockbox and springing cash management. A cashsweep event occurs if the debt yield falls below 5.75% for two consecutive quarters. There is$36.4 million in other reserve for unfunded obligations such as TI/LCs and free rent for varioustenants. There are also ongoing reserves for taxes, insurance, and capital expenditures.


- The $45.0 million pooled trust loan, along with the $956.0 million pari passu portion heldoutside the trust, represents a total $1.00 billion senior loan component of a $1.25 billion wholeloan. The remaining $249.0 million junior non-trust note is held outside the trust, is thecontrolling piece of the whole loan, and increases our LTV ratio to 83.8% from 67.1%.



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- The trust loan is interest-only for its entire 10-year term, and there will be no scheduledamortization during the loan term. We accounted for this lack of amortization by applying anegative LTV ratio threshold adjustment across the capital structure.

- In addition to the first-mortgage loan, the loan agreement permits future mezzanine debt aslong as the aggregate debt yield remains equal to or greater than the underwritten level of9.35%, the aggregate DSC remains equal to or less than 3.08x, and the aggregate LTV ratioremains equal to or lower than the underwritten level of 52.1%. Any additional financing is alsosubject to rating agency consent.

- The mortgage loan is a refinancing, and the loan proceeds returned approximately $139.9million (11.2% of the financing) of equity to the sponsor.

- The loan does not have any entity named as a carve-out guarantor. In our view, this limitationgenerally lessens the disincentive provided by a full nonrecourse carve-out related to "bad boy"acts or voluntary bankruptcy.


- As of Aug. 28, 2020, the property is reported to be open and operating; however, all retailtenants, including the two theaters at the property, are closed and the majority of the officetenants are working remotely. The loan is current as of the September 2020 payment date.According to the issuer, 89.5% of the occupied NRA and 93.6% of the issuer's underwrittenbase rent was collected for both July and August 2020. One tenant, representing approximately8.0% of the issuer's underwritten base rent, paid reduced rent and has signed an amendmentallowing for a portion of the contract rent to be deferred through year-end 2020. The deferredrent is required to be repaid with interest over a 36-month period beginning Jan. 1, 2021. Weutilized a 5.9% vacancy rate versus the actual in-place vacancy of 1.6% and our NCF was 18.7%lower than the reported Nov. 30, 2019, TTM period. Given the high degree of uncertainty aroundthe timeframe of these state level restrictions to combat the spread of the COVID-19 virus, webelieve the risk of forbearance is elevated. However, we believe the servicer advancingmechanism that is in place provides short-term liquidity support.

10. USAA Plano

Table 22

Credit Profile


Loan name USAA Plano Subproperty type Suburban

Pooled trust loan balance ($) 38,600,000 Property sq. ft./no. of units 230,621


3.5 Year built/renovated 2012

City Plano Sponsor USRA Institutional Net LeaseFund III LLC



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Table 22

Credit Profile (cont.)

State Texas S&P Global Ratings' amortizationcategory

Interest only



(2.50)


N/A



N/A






(31.2) 'AAA' SCE (%) 51.7


296 'AAA' DCE (%) 12.8

(i)The trust loan is pari passu; LTV and DSC calculated based on the $63.6 million mortgage whole loan balance ($38.6 million trust loan plus the$25.0 million pari passu portion). (ii)Pari passu adjusted. NCF--Net cash flow. LTV--Loan-to-value. DSC--Debt service coverage.SCE--Stand-alone credit enhancement. DCE--Diversified credit enhancement. N/A--Not applicable.



- The $38.6 million trust loan represents a pari passu portion within a larger $63.6 millionmortgage whole loan. The whole loan is secured by the borrower's fee simple interest in a230,621-sq.-ft. suburban office building located approximately 20 miles north of downtownDallas in Plano, Texas. The property was built in 2012 and features an on-site cafeteria, diningcenter, fitness center with a basketball and tennis court, mini-golf course, and class-A finishes.

- The whole loan has a strong DSC of 2.25x calculated using the loan's fixed interest rate and ourin-place NCF for the property, which is 20.9% lower than the issuer's NCF, primarily due to theexclusion of straight-line rent income and TI/LC assumptions. We considered futureinvestment-grade tenant rent steps in our analysis via an addition to our capitalized value.

- As of Aug. 2, 2020, the property is leased to two tenants: United Services Automobile Assoc.(USAA; 'AA+/Stable') (54.2% of the NRA, 125,000 sq. ft.) and nThrive (45.8%; 105,621 sq. ft.).nThrive is expected to vacate its space by the end of 2021; however, pursuant to an executedlease that expires in July 2031, USAA is expected to take occupancy of nThrive's space: thePhase II (floor 1) and Phase III (floor 4) space in July and September 2021, and is expected totake 100% occupancy and commence paying rent for these two phases in January 2022. Theloan is structured with upfront free rent and gap rent reserves totaling $1.2 million.

- The property benefits from a high-quality investment-grade tenant on a long term lease. TheUSAA lease is NNN lease with base rent of $26.11 per sq. ft., which expires in July 2031 with notermination options and has two five-year renewal options. In addition to upfront free rent andgap rent reserves, there is $8.2 million of upfront TI/LC reserve for outstanding tenantimprovements in connection with the USAA expansion space. Also, a letter of credit in the



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amount of $4.0 million is in place covering the aggregate amount of all remaining rent dueunder the nThrive lease. In our analysis, we assumed a lower vacancy rate for theinvestment-grade rated tenant, USAA.

- The loan proceeds financed the sponsor's acquisition of the property for a purchase price of$107.0 million. The sponsor, U.S. Realty Advisors (USRA), a single-tenant real estate and assetmanagement firm, contributed $43.7 million of equity as part of the $116.7 million all-inacquisition costs.

- The mortgage loan benefits from USRA experienced sponsorship. As of August 2020, USRAowns or manages more than 1,500 net leased properties (exceeding $3 billion) across most ofthe U.S. USRA had a net worth of approximately $167.8 million and liquidity of approximately$175.9 million as of March 31, 2020.

- The loan is structured with a hard in-place lockbox and in-place cash management. A triggerperiod occurs upon an EOD, if the NOI falls below closing NOI times 85.0%, or USAA hasterminated or elected to terminate its space, declared bankruptcy, or reduced its squarefootage beyond certain minimum thresholds. There are also ongoing reserves for taxes,insurance, capital expenditures, and leasing expenses.


- The whole loan has high leverage, with an S&P Global Ratings' LTV ratio of 93.2%, based on ourvaluation. The LTV ratio based on the appraiser's "as is" valuation is 64.1%. Our estimate oflong-term sustainable value is 31.2% lower than the appraiser's "as is" valuation.

- The loan is interest-only for its 10-year ARD term (until September 2030), and there will be noscheduled amortization during the loan's ARD term. At which time, following the ARD until theloan's final maturity date in August 2031, the coupon will increase by at least 300 basis pointsand all excess cash flow will be applied to pay down the outstanding principal balance.Compared with an amortizing loan, an interest-only loan bears a higher refinance risk becauseof the higher loan balance at maturity. We accounted for this risk by reducing the LTV recoverythresholds at each rating category.

- The property is exposed to single-tenant risk. USAA will be the sole tenant at the property afternThrive fully vacates and the loan could come under stress should USAA default on its lease orgo bankrupt. While the lease expires in July 2031, almost a year after the loan's ARD and aroundthe same timeframe as the loan's final maturity date, we considered that USAA has expandedits footprint at this location leading to the largest USAA office location in the Dallas/Fort Wortharea. Additionally, USAA has two extension options at the end of its lease term.

- While the property is located in the suburbs of Plano, Texas, a primary market, which we viewedas having higher barrier to entry than secondary and tertiary markets, the submarket hasexhibited high vacancy. According to CoStar, the submarket vacancy for the UpperTollway/West Plano submarket as of June 2020, was 16.6%, and there is approximately 1.3million sq. ft. under construction. The submarket vacancy rate has also increased steadily from9.6% in 2011 to its current rate due to new supply. While we typically consider suburban officeproperties to be relatively riskier than CBD office properties because of the lower barriers toentry and the generally lesser-quality tenant base, the property will be 100% leased to ahigh-quality investment-grade rated tenant with a long-term lease. According to CoStar, thesubmarket's asking rent is $34.63 per sq. ft. compared to USAA's in-place base rent of $26.11per sq. ft. To account for the weak submarket performance, we applied a higher capitalizationrate of 8.25%.

- During alterations to the property, the loan agreement does not require that all collateral



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posted by the borrower be rated by S&P Global Ratings. This structure potentially exposes thetransaction to risks associated with (a) additional leverage beyond a de minimis amount and (b)potential additional liens, such as mechanic's liens, some of which may have priority over themortgage lien.


- Although the borrower must provide the lender with quarterly and annual financial statements,they are not required to be audited. We believe audited financial statements are moreconclusive and reliable than unaudited statements.

- As of Sept. 1, 2020, the property is open and 98.0% of USAA's employees are working fromhome. The property is located in Collin County, Texas, where the Texas governor issued astay-at-home order from April 30 to May 1, 2020; however, no other stay-at-home orders havebeen issue. While USAA executed a lease for 100% of the property's NRA with occupancy inphases; 125,000 sq. ft. had a January 2020 commencement date subject to a nine-month freerent period. The issuer expects USAA to commence rental payment in October 2020 and thetenant has not asked for any modification or rent abatements. Also, the sponsor has notreached out for forbearance or modification.

Appendices

Our property evaluation results and loan-level credit enhancement for the full pool appear in theAppendix I and II tables below.

The loan-level credit enhancement levels shown in Appendix II include the SCE and DCE for eachloan at various rating categories. The SCE assumes the loan is part of an undiversified stand-alonetransaction, while the DCE assumes the loan is part of a well-diversified transaction with aneffective loan count of at least 30. To arrive at the transaction credit enhancement levels, wecalculated the weighted average SCE and weighted average DCE at each rating category, and usedthe transaction's effective loan count of 23.1 to ascertain the final transaction creditenhancement level at each rating category relative to the upper and lower ranges established bythe weighted average SCE and DCE. These final transaction credit enhancement levels are subjectto applicable floors, including a 1% floor at the 'B' rating category, and any adjustment for overalltransaction-level considerations.

Appendix I

S&P Global Ratings' Property Evaluation Results(i)

Loanno. Property name

Propertytype

Markettype

Loanbalance

(mil. $)% ofpool

S&PGlobal

Ratings'net

cashflow

(mil. $)

Netcashflow

variance

Caprate(%)

S&PGlobal

Ratings'value

(mil. $)

Valuevariance

(%)loan-to-value

ratio (%)

Debtservice

coverage(x)

1 BX IndustrialPortfolio

MU Var 85.000 7.7 8.513 (16.3) 7.35 115.916 (45.4) 73.3 2.57

2 ColemanHighline

OF P 85.000 7.7 7.080 (19.3) 7.50 94.398 (42.8) 90.0 2.93



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Appendix I

S&P Global Ratings' Property Evaluation Results(i) (cont.)


Propertytype

Markettype

Loanbalance

(mil. $)% ofpool

S&PGlobal

Ratings'net

cashflow

(mil. $)

Netcashflow

variance

Caprate(%)

S&PGlobal

Ratings'value

(mil. $)

Valuevariance

(%)loan-to-value

ratio (%)

Debtservice

coverage(x)

3 AmazonIndustrialPortfolio

IN Var 80.000 7.2 5.071 (19.3) 7.50 70.986 (42.6) 112.7 1.92

4 MGM Grand &Mandalay Bay

LO Var 80.000 7.2 21.769 (8.7) 11.25 192.800 (46.8) 41.5 7.54

5 AgellanPortfolio

MU Var 60.000 5.4 7.243 (15.2) 8.89 85.258 (40.4) 70.4 2.57

6 Moffett Place -Building 6

OF P 57.750 5.2 5.582 (19.1) 7.39 71.732 (50.4) 80.5 2.83

7 Moffett TowersBuildings A, B& C

OF P 53.100 4.8 5.265 (22.7) 7.25 71.400 (40.1) 74.4 2.80

8 333 SouthWabash

OF P 50.000 4.5 2.985 (38.6) 7.50 42.304 (46.8) 118.2 1.67

9 1633Broadway

OF P 45.000 4.1 4.256 (18.9) 6.35 67.097 (37.8) 67.1 3.12

10 USAA Plano OF P 38.600 3.5 3.190 (20.9) 8.25 41.401 (31.2) 93.2 2.25

11 ProsperPortfolio

OF Var 37.300 3.4 2.898 (11.1) 8.56 33.860 (43.0) 110.2 2.23

12 BridgewaterPlace

OF T 37.270 3.4 3.564 (13.3) 8.50 42.085 (33.8) 88.6 2.42

13 Brewery Park OF S 30.500 2.7 2.359 (22.0) 8.75 24.323 (44.7) 125.4 1.34

14 RedmondTown Center

MU P 30.000 2.7 2.533 (15.9) 8.50 29.802 (37.8) 100.7 1.50

15 El Segundo OF P 30.000 2.7 2.571 (17.5) 7.25 35.173 (36.0) 85.3 2.52

16 BoydManufacturingPortfolio

IN Var 25.420 2.3 2.254 (17.9) 8.42 26.779 (37.8) 94.9 2.48

17 675 CreeksideWay

OF P 25.000 2.3 1.845 (21.7) 7.25 25.454 (40.6) 98.2 1.97

18 420 TaylorStreet

OF P 21.561 1.9 1.427 (28.6) 7.25 18.674 (37.4) 115.5 1.19

19 112 7thAvenue

MU P 21.500 1.9 1.295 (22.6) 7.33 17.659 (46.5) 121.8 1.70

20 West LAStorage

SS P 20.000 1.8 1.803 (5.7) 8.00 19.922 (35.3) 100.4 1.66

21 The Shoppesat BlackstoneValley

RT P 19.000 1.7 1.521 (6.8) 8.00 19.012 (31.2) 99.9 1.42

22 PeninsulaTown Center

OF S 16.500 1.5 1.179 (18.3) 8.25 14.285 (39.2) 115.5 1.21



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Appendix I



Propertytype

Markettype

Loanbalance

(mil. $)% ofpool

S&PGlobal

Ratings'net

cashflow

(mil. $)

Netcashflow

variance

Caprate(%)

S&PGlobal

Ratings'value

(mil. $)

Valuevariance

(%)loan-to-value

ratio (%)

Debtservice

coverage(x)

23 Varsity Brands OF P 15.000 1.4 1.822 (18.3) 8.00 22.773 (35.9) 65.9 2.99

24 BloomfieldCenter

OF S 13.979 1.3 1.300 (18.3) 8.75 14.861 (35.4) 94.1 1.75

25 GermantownPlaza

RT S 12.750 1.1 0.974 (4.1) 9.00 10.822 (47.0) 117.8 1.38

26 BrassProfessionalCenter

OF S 12.500 1.1 0.798 (22.0) 8.25 9.673 (43.6) 129.2 1.02

27 WilliamsburgMultifamilyPortfolio

MF P 11.700 1.1 0.710 (14.5) 6.75 10.523 (41.5) 111.2 1.54

28 280 NorthBernardo

OF P 11.000 1.0 0.853 (14.6) 7.75 11.008 (40.8) 99.9 1.94

29 Holiday InnExpressBuckeye

LO S 10.898 1.0 1.273 (30.6) 11.75 10.838 (40.8) 100.6 2.18

30 711 FifthAvenue

MU P 10.000 0.9 0.296 (68.1) 7.02 6.107 (66.7) 163.7 0.92

31 Whole Foodsat TheEllington

RT S 9.100 0.8 0.738 (6.6) 7.50 9.846 (43.7) 92.4 1.39

32 Extra SpaceSelf Storage -Chapel Hill

SS S 8.200 0.7 0.703 (8.6) 8.25 8.522 (44.9) 96.2 2.15

33 99 North 4thStreet

MF P 7.800 0.7 0.582 (9.2) 7.00 8.319 (34.0) 93.8 1.89

34 WoodSpringNashvilleRivergate

LO S 6.891 0.6 0.558 (30.6) 9.75 5.727 (47.0) 120.3 1.27

35 Grand &Thomas StApartments

MF Var 6.750 0.6 0.523 (11.8) 8.00 6.535 (38.3) 103.3 1.30

36 OrangewoodPlace

OF S 6.500 0.6 0.516 (18.3) 8.50 6.067 (36.1) 107.1 1.38

37 SSCP Port St.Lucie

SS T 6.200 0.6 0.499 (7.2) 8.50 5.874 (41.0) 105.5 2.02

38 WisconsinWalgreensPortfolio

RT Var 5.150 0.5 0.576 (6.7) 8.25 6.977 (30.1) 73.8 3.02

39 Mount ZionRetail

RT P 4.582 0.4 0.485 (6.7) 9.50 5.104 (22.7) 89.8 1.83



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Appendix I



Propertytype

Markettype

Loanbalance

(mil. $)% ofpool

S&PGlobal

Ratings'net

cashflow

(mil. $)

Netcashflow

variance

Caprate(%)

S&PGlobal

Ratings'value

(mil. $)

Valuevariance

(%)loan-to-value

ratio (%)

Debtservice

coverage(x)

40 CityLine AllenSt

SS P 3.160 0.3 0.268 (7.2) 8.00 3.354 (25.5) 94.2 1.42


- - 1110.660 100.0 109.680 (18.2) 8.08 - (41.6) 91.0 2.61

(i)Loan balances, net cash flows, and values refer to the trust portion of contributed loan (i.e., the pari passu amount). All LTVs, DSCRs, debt yields, haircuts, andvalues refer to those generated by S&P Global Ratings, unless otherwise indicated. NCF--Loan to value. LTV--Loan-to-value. DSC--Debt servicecoverage.IN--Industrial. LO--Lodging. MF--Multifamily. OF--Office. RT--Retail. SS--Self-storage. P--Primary. S--Secondary. T--Tertiary. VAR--Various.

Appendix II

S&P Global Ratings' Loan-Level Credit Enhancement Levels(i)

'AAA' 'AA'

Loanno. Property name Loan balance ($) 'AAA' DF 'BBB' DF SCE DCE SCE DCE

1 BX Industrial Portfolio 85,000,000 19.4 15.3 42.7 8.3 32.5 5.8

2 Coleman Highline 85,000,000 23.8 18.7 50.0 11.9 41.7 9.2

3 Amazon Industrial Portfolio 80,000,000 34.7 27.4 60.1 20.8 53.4 17.9

4 MGM Grand and Mandalay Bay 80,000,000 13.2 10.4 11.4 1.5 - -

5 Agellan Portfolio 60,000,000 18.7 14.7 38.2 7.2 27.5 4.8

6 Moffett Place--Building 6 57,750,000 21.4 16.8 47.2 10.1 37.9 7.5

7 Moffett Towers Buildings A, B,and C

53,100,000 19.7 15.4 39.5 7.8 29.4 5.3

8 333 South Wabash 50,000,000 50.1 39.8 61.9 31.0 55.6 25.9

9 1633 Broadway 45,000,000 18.1 14.2 32.9 5.9 21.7 3.6

10 USAA Plano 38,600,000 24.7 19.4 51.7 12.8 43.7 10.0

11 Prosper Portfolio 37,300,000 30.2 23.8 59.2 17.9 52.3 16.0

12 Bridgewater Place 37,270,000 23.6 18.5 49.2 11.6 40.7 8.9

13 Brewery Park 30,500,000 80.2 64.5 62.1 49.8 56.1 42.0

14 Redmond Town Center 30,000,000 50.8 40.4 54.1 27.5 46.6 22.0

15 El Segundo 30,000,000 22.5 17.6 47.2 10.6 38.4 8.0

16 Boyd Manufacturing Portfolio 25,419,737 25.3 19.9 52.6 13.3 44.7 10.5

17 675 Creekside Way 25,000,000 27.3 21.5 54.2 14.8 46.5 11.8

18 420 Taylor Street 21,560,639 85.6 69.0 59.9 51.3 53.4 42.7

19 112 7th Avenue 21,500,000 50.6 40.2 66.3 33.5 60.2 28.3

20 West LA Storage 20,000,000 41.3 32.7 53.9 22.2 46.5 17.8



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Appendix II

S&P Global Ratings' Loan-Level Credit Enhancement Levels(i) (cont.)

'AAA' 'AA'

Loanno. Property name Loan balance ($) 'AAA' DF 'BBB' DF SCE DCE SCE DCE

21 The Shoppes at BlackstoneValley

19,000,000 55.4 44.1 56.2 31.1 48.7 25.1

22 Peninsula Town Center 16,500,000 84.6 68.1 60.0 50.7 53.5 42.2

23 Varsity Brands 15,000,000 17.9 14.0 34.0 6.1 22.6 3.7

24 Bloomfield Center 13,978,772 34.4 27.1 52.2 17.9 44.2 14.1

25 Germantown Plaza 12,750,000 71.0 56.9 60.7 43.1 54.4 36.0

26 Brass Professional Center 12,500,000 100.0 97.3 64.2 64.2 58.4 57.9

27 Williamsburg MultifamilyPortfolio

11,700,000 54.2 43.1 57.3 31.1 49.6 25.1

28 280 North Bernardo 11,000,000 29.0 22.8 55.0 15.9 47.5 12.8

29 Holiday Inn Express Buckeye 10,897,715 27.2 21.4 67.7 18.4 59.2 14.9

30 711 Fifth Avenue 10,000,000 100.0 100.0 72.5 72.5 67.9 67.9

31 Whole Foods at The Ellington 9,100,000 52.5 41.7 48.6 25.5 40.5 19.7

32 Extra Space SelfStorage--Chapel Hill

8,200,000 25.6 20.2 53.2 13.6 45.4 10.8

33 99 North 4th Street 7,800,000 28.8 22.7 49.3 14.2 40.3 10.7

34 WoodSpring NashvilleRivergate

6,891,228 82.4 66.3 70.1 57.7 63.0 48.4

35 Grand and Thomas St.Apartments

6,750,000 66.2 52.9 51.6 34.1 43.4 26.6

36 Orangewood Place 6,500,000 62.9 50.2 56.8 35.7 49.8 29.2

37 SSCP Port St. Lucie 6,200,000 28.8 22.7 57.4 16.5 50.3 13.5

38 Wisconsin Walgreens Portfolio 5,150,000 19.7 15.4 39.0 7.7 28.9 5.2

39 Mount Zion Retail 4,581,787 29.6 23.3 47.1 13.9 38.7 10.6

40 CityLine Allen St 3,160,000 51.8 41.1 50.9 26.4 42.9 20.6

Total/weighted average 1,110,659,878 33.7 27.1 48.4 18.2 39.9 14.7

(i)Loan balances, net cash flows, and values refer to the trust portion of contributed loan (i.e. the pari passu amount). (ii)Ground lease.DF--Diversity adjustment factor. SCE--Stand-alone credit enhancement. DCE--Diversified credit enhancement. CE--Credit enhancement.

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