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APRIL 2019STRUCTURED FINANCE: CMBSPRESALE REPORTExantas Capital Corp.2019-RSO7
Table of ContentsCapital Structure Transaction Summary Transaction Overview Rating Considerations DBRS Credit Characteristics Largest Loan Summary DBRS Sample Transaction Concentrations Loan Structural Features Caliber Hotel Portfolio The Davenport Latham Square Azul at Baldwin Park Chapel Hill Apartments Goodfriend Self-Storage Westwood and Audubon Square Bitterwood Ranch & Fifth Avenue Apartments Metro Self-Storage Wolf Run Apartments Transaction Structural Features Methodologies Surveillance Brandon OlsonSenior Vice President 1 312 332 0889bolson@dbrs.comJenn CareyAssistant Vice President 1 312 332 9476jcarey@dbrs.comKevin MammoserManaging Director 1 312 332 0136kmammoser@dbrs.comErin StaffordManaging Director 1 312 332 4750545555
P RESALE REPO RT — X AN 2019-RS O 7 A P R IL 2 0 1 9Capital StructureDescriptionRating ActionBalanceSubordinationDBRS RatingTrendClass ANew Rating - Provisional 389,968,00043.250%AAA (sf)StableClass A-SNew Rating - Provisional 70,434,00033.000%AAA (sf)StableClass BNew Rating - Provisional 33,500,00028.125%AA (low) (sf)StableClass CNew Rating - Provisional 42,948,00021.875%A (low) (sf)StableClass DNew Rating - Provisional 48,961,00014.750%BBB (low) (sf)StableClass ENew Rating - Provisional 33,499,0009.875%BB (low) (sf)StableClass FNew Rating - Provisional 18,897,0007.125%B (low) (sf)StableNotes:1. NR Not Rated.2. All classes will be privately placed.Transaction SummaryP OOL CHARACTE RI S TI CS 687,168,439Trust AmountNumber of Loans32Average Loan SizeNumber of Properties38Top Ten Loan ConcentrationFully Funded Loans in Trust Amount 687,168,439StaticManaged / StaticNPreidentified Ramp LoansWtd. Avg. Current Funded As-Is Issuance LTVWtd. Avg. Interest Rate Margin50.7%Remaing Funding for Loans in Trust Amount4 monthsReinvestment Period675.5%Wtd. Avg. As-Is Issuance LTV478.6%3.224%DBRS Wtd. Avg. Interest Rate6.400%4Wtd. Avg. Remaining Term - Fully Extended0.72xWtd. Avg. Issuer As-Is Term DSCRWtd. Avg. DBRS Stabilized DSCR2,30.89xWtd. Avg. Issuer Stabilized DSCRAvg. DBRS As-Is NCF VarianceYReinvestment Period AllowedWtd. Avg. DBRS As-Is Term DSCR2,42 59,361,56166.1%32Wtd. Avg. Remaining Term1 21,474,014Wtd. Avg. Stabilized Balloon LTV4111.4%Class [D] OC Trigger 746,530,000Fully Funded Trust Amount-4.7%551.10x1.44xAvg. DBRS Stabilized NCF Variance3-18.3%Note: All DSCR calculations in this table and throughout the report are based on the trust mortgage loan commitment for each loan and exclude DBRS Ramp loan assumptions ifapplicable. All Stabilized Balloon calculations are calculated assuming the loan is fully extended and with the DBRS Stressed Interest Rate.1. Assumes that the initial term to maturity of each loan is not extended.2. Based on DBRS As-Is NCF; excluding certain outliers.3. Based on DBRS Stabilized NCF; excluding certain outliers.4. Based on the DBRS Stressed Interest Rate.5. Interest rate assumes 3.24% one-month LIBOR stress based on the LIBOR strike rate of the interest rate cap, which is lower than the stressed rate from the DBRS Interest RateStresses for U.S. Structured Finance Transactions methodology. All DBRS Term DSCR figures are based on this stressed rate.6. All loans have a reinvestment period of 120 days with expection of Caliber Hotel Portfolio which has a reinvestment period of 360 days.Structured Finance: CMBS3
P RESALE REPO RT — X AN 2019-RS O 7 A P R IL 2 0 1 9PA RTICIPANTSIssuerExantas Capital Corp. 2019-RSO7, Ltd., a Cayman Islands exempted companyCo-IssuerExantas Capital Corp. 2019-RSO7, LLC, a Delaware limited liability companyMortgage Loan SellerRCC Real Estate, Inc. (Exantas Capital Corp.’s qualified REIT subsidiary) and C-III Commercial Mortgage LLCServicerC-III Asset Management LLCSpecial ServicerC-III Asset Management LLCCollateral AdministratorWells Fargo Bank, National AssociationTrusteeWilmington Trust, National AssociationPlacement AgentWells Fargo Securities, LLC, Barclays Capital Inc. and J.P.Morgan Securities LLCStructuring AgentWells Fargo Securities, LLCAdvancing AgentRCC Real Estate, Inc. and Wells Fargo Bank, National AssociationTransaction OverviewThe initial collateral consists of 32 floating-rate mortgages secured by 38 transitional properties totaling approximately 687.2 million, excluding approximately 59.4 million of future funding commitments. Most loans are in a period oftransition with plans to stabilize and improve the asset value. Of these loans, 25 have future funding participations thatthe Issuer may acquire with principal repayment proceeds for a total of approximately 59.4 million in the future. Pleasesee the chart below for participations that the Issuer will be allowed to acquire.Structured Finance: CMBS4
P RESALE REPO RT — X AN 2019-RS O 7 A P R IL 2 0 1 9F U TURE FUNDING CO M M I TM E N TTotal Future FundingMaximum FutureFunding Allowed% of TotalFuture FundingCommimentsAllowedCaliber Hotel Portfolio 5,775,000 5,775,000100%YThe Davenport 5,200,000 5,200,000100%YLatham Square 11,367,468 11,367,468100%YLoan NameLoan Closed?Azul at Baldwin Park 2,000,000 2,000,000100%YChapel Hill Apartments 3,325,000 3,325,000100%YWestwood & Audubon Square 2,490,000 2,490,000100%YBitterwood Ranch & Fifth Avenue Apartments 2,746,065 2,746,065100%YWolf Run 1,420,000 1,420,000100%YWest Eleven Apartments 1,800,000 1,800,000100%YAdvenir at Park Boulevard 1,478,707 1,478,707100%Y16 Penn Apartments 1,087,798 1,087,798100%YBell Tower 1,625,000 1,625,000100%YVintage Apartments 1,375,000 1,375,000100%YPlata 47 1,575,000 1,575,000100%YBrookfield Apartments 1,174,200 1,174,200100%YLake Highlands Landing 1,559,707 1,559,707100%YMediterranean Village Apartments 1,950,000 1,950,000100%YThe Chimneys of Greenville 1,000,000 1,000,000100%YDeerbrook Apartments 1,100,000 1,100,000100%YSt. Andrews Apartments 1,750,000 1,750,000100%YCentral Park Apartments 197,923 197,923100%YEdgewood Park Apartments 476,693 476,693100%YHyatt Place Fair Lawn 1,000,000 1,000,000100%YPinnacle Village Shopping Center 2,915,000 2,915,000100%YCypresswood Crossing 2,973,000 2,973,000100%YBecause of the floating-rate nature of the loans, the index DBRS used (one-month LIBOR) was the lower of a DBRS stressedrate that corresponded to the remaining fully extended term of the loans or the strike price of the interest rate cap withthe respective contractual loan spread added to determine a stressed interest rate over the loan term. When the cut-offbalances were measured against the DBRS As-Is NCF, 27 loans, comprising 87.2% had a DBRS As-Is DSCR below 1.00x, athreshold indicative of default risk. Additionally, the DBRS Stabilized DSCR for 22 loans, comprising 77.5% of the initialpool balance, are below 1.00x, which is indicative of elevated refinance risk. The properties are often transitioning withpotential upside in cash flow; however, DBRS does not give full credit to the stabilization if there are no holdbacks or ifother loan structural features in place are insufficient to support such treatment. Furthermore, even with the structureprovided, DBRS generally does not assume the assets to stabilize above market levels.The transaction will have a sequential-pay structure.Structured Finance: CMBS5
P RESALE REPO RT — X AN 2019-RS O 7 A P R IL 2 0 1 9Rating ConsiderationsST RE N GT HS The loans are generally secured by traditional property types (i.e., retail, multifamily, office, hotel and self storage).Additionally, only one of the multifamily loans in the pool is currently secured by student or military housing properties,which often exhibit higher cash flow volatility than traditional multifamily properties. Twenty-three loans, totaling 69.6% of the initial pool balance, represent acquisition financing with borrowers contributingcash equity to the transaction. The properties are primarily located in core markets with the overall pool’s WA DBRS Market Rank at 4.4. Four loans,totaling 13.5% of the pool, are in markets with a DBRS Market Rank of 7 and another two are within markets with aMarket Rank of 6, totaling 8.5% of the pool. Both of the ranks correspond to zip codes that are more urbanized in nature. One loan in the pool, totaling 5.0% of the total pool balance, is backed by a property with a quality deemed to beAbove Average. Further, three loans totaling 11.8% of the pool are backed by properties considered to have Average ( )property quality. The borrowers of all 32 loans have purchased LIBOR rate caps that have a range of 2.75% up to 4.5% to protect againstrising interest rates over the term of the loan.CH ALLE N GE S AN D S TA B I L I Z I NG FA CT O R S The deal is concentrated by property type with 20 loans, representing 61.8% of the mortgage loan cut-off datebalance, secured by multifamily properties or mixed-use properties that are predominantly multifamily (multifamilyproperty concentration).–– Of the multifamily property concentration, one loan totaling 3.3% of the multifamily concentration is located in DBRSMarket Rank of 7. Another four loans, representing 11.5% of the concentration, are located in a DBRS Market Rank of 5.Additionally, DBRS sampled 69.6% of the pool, representing 69.1% coverage of the total multifamily loan cut-off balance,thereby providing comfort for the DBRS NCF.–– Multifamily properties benefit from staggered lease rollover and generally low expense ratios compared with other propertytypes. While revenue is quick to decline in a downturn because of the short-term nature of the leases, it is also quick torespond when the market improves.–– One loan in the pool that accounts for 3.6% of the total pool, is secured by student housing, which often exhibits highercash flow volatility than traditional multifamily properties. Student housing properties are modeled with and elevatedPOD compared to traditional multifamily. No loans are secured by military housing properties, which also often exhibithigher cash flow volatility than traditional multifamily properties. Four loans, representing 18.5% of the pool, have sponsorship with a prior or pending litigation issue related to real estate,inadequate commercial real estate experience, or low net worth and liquidity.–– DBRS increased the POD for loans with identified sponsorship concerns. All loans have floating interest rates and all loans are IO during the original term and have original term ranges from24 months to 36 months, creating interest rate risk.–– All loans are short-term loans and, even with extension options, have a fully extended loan term of maximum five years.–– Additionally, all but one loan, representing 3.6% of the pool, have extension options and in order to qualify for these options,the loans must meet minimum DSCR and LTV requirements.–– Twenty-four loans, representing 77.4% of the total pool, amortize during all or a portion of their extension period. Based on the weighted initial pool balances, the overall WA DBRS As-Is DSCR and DBRS Stabilized DSCR of 0.72x and0.89x, respectively, are reflective of high-leverage financing.Structured Finance: CMBS6
P RESALE REPO RT — X AN 2019-RS O 7 A P R IL 2 0 1 9–– The DBRS As-Is DSCR is based on the DBRS In-Place NCF and debt service calculated using a stressed interest rate. TheWA stressed rate used is 6.4%, which is greater than the current WA interest rate of 5.7% (based on WA mortgage spreadand an assumed 2.5% one-month LIBOR index).–– The assets are generally well-positioned to stabilize and any realized cash flow growth would help to offset a rise in interestrates and also improve the overall debt yield of the loans. DBRS associates its LGD based on the assets’ As-Is LTV, whichdoes not assume that the stabilization plan and cash flow growth will ever materialize. Such As-Is LTV is consideredreasonable at 78.6% given the credit enhancement levels at each rating category. DBRS has analyzed the loans to a stabilized cash flow that is, in some instances, above the current in-place cash flow.There is a possibility that the sponsors will not execute their business plans as expected and that the higher stabilizedcash flow will not materialize during the loan term. Failure to execute the business plan could result in a term default orthe inability to refinance the fully funded loan balance.–– DBRS made relatively conservative stabilization assumptions and, in each instance, considered the business plan to berational and the future funding amounts to be sufficient to execute such plans. In addition, DBRS analyzes LGD basedon the As-Is LTV.Structured Finance: CMBS7
P RESALE REPO RT — X AN 2019-RS O 7 A P R IL 2 0 1 9DBRS Credit CharacteristicsD BRS AS-IS DSCR ( X )D B R S STA B IL L IZED D SC R ( X )DSCR% of the Pool(Senior Note Balance1)DSCR% of the Pool(Senior Note 1.25x-1.50x0.0%1.50x-1.75x0.0%1.50x-1.75x0.0% 1.75x0.0% 1.75x0.0%Wtd. Avg.0.72xWtd. Avg.0.89xA S - IS ISSUANCE LTVSTA B IL IZED B A L L O O N LT VLTV% of the Pool(Senior Note Balance1)LTV% of the Pool(Senior Note .0%-125.0%0.0% 125.0%0.0% 125.0%0.0%Wtd. Avg.78.6%Wtd. Avg.66.1%1. Includes pari passu debt, but excludes subordinate debt.2. The senior note balloon balance assumes the DBRS Stressed Interest Rate and the fully-extended loan term.Structured Finance: CMBS8
P RESALE REPO RT — X AN 2019-RS O 7 A P R IL 2 0 1 9Largest Loan SummaryLOAN DETAILDBRS AsIs DSCR(x)DBRSStabilizedDSCR (x)FullyFundedAppraisalLTV (As-Is)FullyFundedAppraisal LTV(Stabilized)1TrustBalance% ofPoolDBRSShadowRatingCaliber Hotel Portfolio 56,470,0008.2%n/a0.910.9171.6%67.0%The Davenport 42,800,0006.2%n/a0.680.9884.8%67.2%Latham Square 39,032,5325.7%n/a0.740.8981.2%63.4%Azul at Baldwin Park 34,250,0005.0%n/a0.660.7283.7%71.1%Chapel Hill Apartments 33,775,0004.9%n/a0.660.8482.6%67.8%Goodfriend NY Self Storage 31,800,0004.6%n/a0.530.6666.1%62.3%Westwood & Audubon Square 31,110,0004.5%n/a0.550.7981.4%69.3%Bitterwood Ranch & Fifth Avenue Apartments 27,903,9354.1%n/a0.610.7789.4%74.9%Metro Self Storage 26,700,0003.9%n/a0.681.0770.9%68.5%Wolf Run 24,580,0003.6%n/a0.590.9076.5%62.4%Loan Name1. The senior note balloon balance assumes the DBRS Stressed Interest Rate and the amortization schedule over the fully-extended loan term.P RO PERTY DETAI LDBRSProperty TypeCityStateYear BuiltSF/UnitsLoan perSF/UnitsDBRSMaturityBalance perSF/UnitsFull Service HotelPhoenixAZVarious777 72,677 80,109The DavenportMultifamilyTempeAZVarious442 96,833 108,597Latham SquareOfficeOaklandCA1927115,946 337 435Azul at Baldwin ParkMultifamilyOrlandoFL2014178 192,416 203,652Chapel Hill ApartmentsMultifamilyLas VegasNV2001238 141,912 155,882Self StorageVariousNY2016113,281 281 281Westwood & Audubon SquareMultifamilyAustinTX1983316 98,449 106,329Bitterwood Ranch & Fifth Avenue ApartmentsMultifamilySan AntonioTXVarious388 71,917 78,995Self StorageBrooklynNY201674,673 358 358MultifamilyRenoNVVarious395 62,228 65,823Loan NameCaliber Hotel PortfolioGoodfriend NY Self StorageMetro Self StorageWolf RunNote: Loan metrics are based on whole-loan balances.Structured Finance: CMBS9
P RESALE REPO RT — X AN 2019-RS O 7 A P R IL 2 0 1 9DBRS SampleD BRS SAMPLE RE S U LTSProspectusIDLoan Name% of PoolDBRSStabilizedNCFDBRSStabilizedNCF VarianceDBRS Major Variance DriversDBRSPropertyQuality1Caliber Hotel Portfolio8.2% 5,296,383-25.7%RevPARAverage2The Davenport6.2% 3,349,809-12.0%Gross Potential Rent, OperatingExpensesAverage3Latham Square5.7% 3,502,780-10.5%Gross Potential RentAverage4Azul at Baldwin Park5.0% 2,022,852-19.0%Gross Potential RentAbove Average5Chapel Hill Apartments4.9% 2,297,845-18.5%Gross Potential RentAverage ( )6Goodfriend NY SelfStorage4.6% 1,364,034-41.1%Gross Potential Rent, OperatingExpensesAverage7Westwood & AudubonSquare4.5% 2,083,779-20.7%Gross Potential RentAverage8Bitterwood Ranch & FifthAvenue Apartments4.1% 1,885,880-19.6%Gross Potential RentAverage9Metro Self Storage3.9% 1,864,784-11.8%Gross Potential RentAverage10Wolf Run3.6% 1,968,157-13.7%Operating Expenses, GrossPotential Rent, VacancyAverage11West Eleven Apartments3.6% 1,717,963-10.8%Vacancy, Gross Potential RentAverage ( )1316 Penn Apartments3.3% 1,716,152-10.0%VacancyAverage ( )14Stonelake 1-53.2% 1,586,567-20.4%Gross Potential Rent, TIs, LCs,Vacancy15Bell Tower2.9% 1,311,766-23.6%Gross Potential RentAverage (-)16Vintage Apartments2.9% 1,377,856-19.1%Gross Potential RentAverage25The Chimneys ofGreenville1.7% 889,214-13.7%Gross Potential Rent, OperatingExpensesAverage30Hyatt Place Fair Lawn1.4% 789,595-36.2%RevPARAverageStructured Finance: CMBSAverage10
P RESALE REPO RT — X AN 2019-RS O 7 A P R IL 2 0 1 9DBRS SITE INSPECTIONSThe DBRS sample included 17 loans and site inspectionswere performed on 14 of the 38 properties in the pool,representing 59.4% of the pool by allocated cut-off loanbalance. DBRS conducted meetings with the on-siteproperty manager, leasing agent or representative of theborrowing entity for 14 loans. The resulting DBRS propertyquality scores are highlighted in the chart to the right.DBRS Sampled Property QualityProperty Quality% ofSample# ofLoansExcellentAbove Average0.0%07.2%1Average ( )AverageAverage (-)Below AveragePoor16.9%371.8%124.2%10.0%00.0%0DBRS CASH FLOW ANALYSISA cash flow review and a cash flow stability and structural review were completed on 17 of the 32 loans, representing 69.6%of the pool by loan balance. For the loans not subject to NCF review, DBRS applied an NCF variance of -5.3% and -16.5%to the Issuer’s As-Is and Stabilized NCFs, respectively, which are based on average sampled NCF variances (excludingcertain outliers).The DBRS As-Is NCF was estimated based on the current performance of the property, without giving any credit to futureupside that may be realized by the sponsors upon execution of their business plan. The DBRS sample had an averagein-place NCF variance of -4.7% from the Issuer’s NCF and ranged from -68.6% to 4.7%.The DBRS Stabilized NCF was derived by generally stabilizing the properties at market rent and/or recently executedleases and market expenses that DBRS believed were reasonably achievable based on the sponsor’s business plan andstructural features of the respective loan. This often involved assuming higher than in-place rental rates for multifamilyproperties based on significant ongoing renovations with rents already achieved on renovated units providing the bestguidance on market rent upon renovation. For commercial properties, the largest source of upside was typically higherthan in-place occupancy rates. For all assumptions, DBRS took a somewhat conservative view compared with the marketto account for execution risk around the business plan. For loans with future funding for leasing costs, DBRS estimatedthe total cost to stabilize the property at the assumed occupancy rate and gave credit in the cash flow to offset leasingcosts if the future funding is not exhausted. The DBRS sample had an average DBRS Stabilized NCF variance of -18.3%from the Issuer’s Stabilized NCFs and ranged from -36.2% to -10.0%.DBRS Sampled Property 0.0%20.0%20.0%10.0%10.0%0.0%Anchored Full ServiceRetailHotelExcellentStructured Finance: CMBSIndustrialLimitedService HotelAbove AverageMHCAverage ( )MultifamilyAverageOfficeRegionalMallAverage (-)SelfStorageBelow AverageUnanchored WeaklyRetailAnchoredPoor0.0%Pool11
P RESALE REPO RT — X AN 2019-RS O 7 A P R IL 2 0 1 9Transaction ConcentrationsDBRS Property TypeGeographyProperty Type% of Pool # of LoansState% of Pool# of 30FL5.0%10.0%0All others20.2%1011.0%31.4%1ManufacturedHousing Communities 0.0%0Lodging Full Service Hotels8.2%1Mixed Use1.1%1Multifamily(Student Housing)3.6%1Retail (Excludingunanchored)3.6%Multifamily (excludingstudent housing)58.2%Office12.9%Retail (Unanchored)0.0%IndustrialSelf StorageLodging - LimitedService Hotels219Loan Size% ofPoolLoan SizeLarge ( 20.0 million)# ofLoans1567.0%Medium ( 8.0- 20.0 million) 31.9%DBRS Market Types16Market Type% of Pool # of Loans80.0%013.5%48.5%2Small ( 3.0- 8.0 million)1.1%176Very Small ( 3.0 gest Property Locations6) Goodfriend NY Self StorageMount Vernon, NY9) Metro Self StorageBrooklyn, NY3) Latham SquareOakland, CA10) Wolf RunReno, NV5) Chapel Hill ApartmentsLas Vegas, NV2) The DavenportTempe, AZ4) Azul at Baldwin ParkOrlando, FL7) Westwood & Audubon Square1) Caliber Hotel PortfolioAustin, TXPhoenix, AZ8) Bitterwood Ranch & Fifth Avenue ApartmentsSan Antonio, TXStructured Finance: CMBS12
P RESALE REPO RT — X AN 2019-RS O 7 A P R IL 2 0 1 9Loan Structural FeaturesInterest OnlyDBRS Expected AmoritizationIO Term% of Pool# of LoansExpectedAmoritization0%% of Pool # of LoansFull IO22.6%8100.0%32Partial 5.0%0.0%015.0%-20.0%0.0%020.0%-25.0%0.0%0 25.0%0.0%0AmoritizationNote: For certain ARD loans, expected amortization may include amortization expected tooccur after the ARD but prior to single/major tenant expiry. This accounts for Amortizationduring the loans initial terms.Loan Terms: All loans in the pool are IO during the initial loan term. Original loan terms for all loans range from 24 monthsto 36 months. One loan, representing 3.6% of the pool, does not have an extension option. All remaining loans have oneto two extension options, for 12 months each option.Interest Rate: The greater of the floating rate referencing one-month USD LIBOR as the index plus the margin or theinterest rate floor.Interest Rate Protection: All loans in the initial pool have purchased interest rate caps to protect against rising interestrates over the term of the loan. If the DBRS stressed interest rate is less than the interest rate cap purchased by theborrower, DBRS would default to the lower of the DBRS stressed interest rate.Additional Debt: No loans in the pool have mezzanine or B-note debt. The loan documents for the mortgage loansgenerally prohibit future additional secured debt.Structured Finance: CMBS13
P RESALE REPO RT — X AN 2019-RS O 7 A P R IL 2 0 1 9Future Funding: There are 25 loans, representing 79.4% of the initial pool balance, that have a future funding component.The aggregate amount of future funding remaining is 59.4 million with future funding amounts per loan ranging from 197,923 to 11.4 million. The proceeds necessary to fulfill the future funding obligations will primarily be drawn from acommitted warehouse line and will be initially held outside the trust but will be pari passu with the trust participations.The future funding is generally to be used for property renovations and leasing costs. Each property has a business planto execute that is expected to increase NCF. It is DBRS’s opinion that the business plans were generally achievable, givenmarket conditions, recent property performance and adequate available future funding (or upfront reserves) for plannedrenovations and leasing costs.F U TURE FUNDING N O TE SLoan NameCut-Off Date WholeLoan AmountFuture FundingAmount1Whole LoanAmount2Future FundingUsesCaliber Hotel Portfolio 56,470,000 5,775,000 62,245,000EarnoutThe Davenport 42,800,000 5,200,000 48,000,000Capital ImprovementsLatham Square 39,032,532 11,367,468 50,400,000Capital Improvements;Leasing CostsAzul at Baldwin Park 34,250,000 2,000,000 36,250,000Capital ImprovementsChapel Hill Apartments 33,775,000 3,325,000 37,100,000Capital ImprovementsWestwood & Audubon Square 31,110,000 2,490,000 33,600,000Capital ImprovementsBitterwood Ranch & Fifth Avenue Apartments 27,903,935 2,746,065 30,650,000Capital ImprovementsWolf Run 24,580,000 1,420,000 26,000,000Capital ImprovementsWest Eleven Apartments 24,500,000 1,800,000 26,300,000EarnoutAdvenir at Park Boulevard 23,146,293 1,478,707 24,625,000Capital Improvements16 Penn Apartments 22,512,202 1,087,798 23,600,000Debt ServiceBell Tower 20,075,000 1,625,000 21,700,000Capital ImprovementsVintage Apartments 19,925,000 1,375,000 21,300,000Capital ImprovementsPlata 47 18,425,000 1,575,000 20,000,000Capital ImprovementsBrookfield Apartments 16,600,800 1,174,200 17,775,000Capital ImprovementsLake Highlands Landing 16,440,293 1,559,707 18,000,000Capital ImprovementsMediterranean Village Apartments 14,950,000 1,950,000 16,900,000Capital ImprovementsThe Chimneys of Greenville 12,000,000 1,000,000 13,000,000Construction AdvancesDeerbrook Apartments 11,520,000 1,100,000 12,620,000Construction AdvancesSt. Andrews Apartments 10,350,000 1,750,000 12,100,000Construction AdvancesCentral Park Apartments 10,002,077 197,923 10,200,000Capital ImprovementsEdgewood Park Apartments 9,523,307 476,693 10,000,000Capital ImprovementsHyatt Place Fair Lawn 9,400,000 1,000,000 10,400,000Capital ImprovementsPinnacle Village Shopping Center 8,525,000 2,915,000 11,440,000Capital ImprovementsCypresswood Crossing 7,752,000 2,973,000 10,725,000Capital Improvements1. Cut-Off date unfunded future funding amount.2. Whole loan amount including unfunded future funding.Structured Finance: CMBS14
P RESALE REPO RT — X AN 2019-RS O 7 A P R IL 2 0 1 9Leasehold: One property, Crown Plaza, representing 1.9% of the pool is secured by the borrower’s leasehold interest.This property is within the Caliber Hotel Portfolio which represents 8.2% of the total pool.Property Release: Four loans, representing 18.6% of the initial pool balance, allow for the release of one or more propertiesor a portion of the mortgaged property, subject to release prices exceeding the allocated loan amounts of the respectiveproperties and/or certain leverage tests prescribed in the individual loan agreement.Property Substitution: There are no loans in the pool that allow for the substitution of properties.Terrorism Insurance: All loans have terrorism insurance in place.R E SERVE REQ UIRE M E N TTypeB O R R O W ER ST R U C T U R E# of Loans% of PoolTypeTax Ongoing32100.0%SPE with Independent Directorand Non-Consolidation Opinion1464.1%Insurance Ongoing32100.0%SPE with Independent DirectorOnly818.0%CapEx Ongoing32100.0%SPE with Non-ConsolidationOpinion Only00.0%Leasing Costs Ongoing1320.0%1017.9%SPE Only# of Loans% of Pool1. Percentage of office, retail, industrial and mixed use assets based on DBRS property types.Sponsor Strength:DBRS Sponsor StrengthSponsor Strength % of Pool # of Loans0.0%0Average81.5%28WeakBad (Litigious)18.5%40.0%0StrongStructured Finance: CMBS15
P RESALE REPO RT — X AN 2019-RS O 7 A P R IL 2 0 1 9Caliber Hotel PortfolioPhoenix, AZLoan SnapshotSellerRCC Real Estate, Inc.Ownership InterestVariousTrust Balance ( million) 56.5Loan psf/Unit 72,677Percentage of the Pool8.2%Loan Maturity/ARDOctober 2021AmortizationPartial Interest-OnlyDBRS As-Is DSCR0.91xDBRS Stabilized DSCR0.91xCO LLATE RA L SU MMA RYDBRS Property TypeFull Service HotelYear Built/Renovated1981-89/ 2014-17City, StatePhoenix, AZT-12 RevPAR 92.38Keys777T-12 RevPAR DateOctober 2018As-Is Issuance LTV71.6%DBRS ANALYSISStabilized Balloon LTV67.0%Based on a site visit and management tour conducted on March 15, 2019, DBRSconsiders the property quality of this portfolio to be Average.DBRS Property TypeFull-Service HotelDBRS Property QualityAverageDebt Stack ( million)Trust 56.5Pari Passu 0.0Remaining Future Funding 5.8B-Note 0.0Mezz 0.0Total Debt 62.2Loan PurposeRefinanceEquity Contribution/(Distribution) ( million) 0.6Structured Finance: CMBSS I T E I NS PECTI O N SU MMA RYThe loan is secured by the borrower’s fee simple and leasehold interest in three fullservice hotels located in Phoenix, Arizona, that have a combined total of 777 keys. TheCrowne Plaza Phoenix Airport is subject to a ground lease, with extension optionsthrough 2069. The hotels were originally developed in 1981, 1987 and 1989, and allhave received a major renovation in the last several years. More specifically, the threeproperties are in the Phoenix Airport submarket, which is mainly improved withcommercial use buildings.H I LT O N PH OE N I X A I R PO RTThe Hilton Phoenix Airport is a 259-key full-service hotel located about two milessoutheast of the Phoenix Sky Harbor International Airport (PHX) on 47th street. It issurrounded by several other limited-/select-service hotels and office buildings, justwest of Hwy. 143. The neighborhood is mostly developed and is primarily commercialin nature though there are relatively few dining and retail establishments withinwalking distance of the hotel.The subject was built in 1989 as a Hilton hotel and most recently underwent an 8.0 million ( 27,119/key) full renovation in 2014/2015. The building is a four-storystructure with a beige stucco facade and is surrounded by an asphalt parking lot onthree sides and minimal landscaping consisting of palm trees, bushes and small plantsin gravel beds. The main entrance has a large port cochere that leads into a two-story16
P RESALE REPO RT — X AN 2019-RS O 7 A P R IL 2 0 1 9C AL IBER HO TEL PO RTF O LI O – PH O E N I X , AZlobby. Overall, the hotel has a traditional design and finish quality with a brown and beige color scheme throughout, inline with the Hilton brand standards. The lobby has tile floors, a marble and wood reception desk and ample soft seating.Off the lobby is the hotel’s casual bar/restaurant with carpet floors and numerous high-top tables and upholstered chairs.The space is a mix of transitional and adobe design elements. Adjacent to the bar is the hotel’s restaurant, which is slatedto be renovated to a more contemporary appearance, later this year. Other hotel amenities include an outdoor poolsituated in the hotel’s courtyard, lar
Co-Issuer Exantas Capital Corp. 2019-RSO7, LLC, a Delaware limited liability company Mortgage Loan Seller RCC Real Estate, Inc. (Exantas Capital Corp.'s qualified REIT subsidiary) and C-III Commercial Mortgage LLC . Pinnacle Village Shopping Center 2,915,000 2,915,000 100% Y
