The Glimcher, Davidson, Susse Chalet, and Janaf
properties all showed increases in net operating income (NOI) from levels at the time the transaction was underwritten and according to management are expected to be stable or show increases for 1996.
The properties securing the mortgages consist of (i) 56 cross-collateralized retail properties, the Glimcher loan, (ii) a single asset power strip center, the JANAF loan, (iii) two single asset regional retail centers, the Canton Centre loan and the Rolling Acres loan, (iv) 14 cross- collateralized hotels, the Davidson loan, and (v) 26 cross- collateralized hotels, the Chalet Susse loan.
The JANAF loan has a principal balance as of the cut-off date of $36,496,822.
Chalet Susse, Canton Centre and JANAF can default before any loss is incurred by the "BBB" (Triple-B) rated classes.