Deal Name: Morgan Stanley Capital I Inc.

Commercial Real Estate Direct Staff ReportThe first CMBS conduit deal of the year priced earlier today at levels last seen in November.The $1.6 billion transaction, Morgan Stanley Capital I Inc., 2007-TOP25, saw its super-senior AAA class price at 22 basis ...

  ClassAmt$mlnSubLevel%AvgLife (yrs)RatingS&PRatingFitchFinalPricing (bp)BnchmarkA-155.4030.002.99AAAAAA+16swapsA-1A530.3530.008.61AAAAAANAswapsA-270.2030.004.82AAAAAA+19swapsA-NM+225.0030.004.84AAAAAA+35 swapsA-344.5030.006.58AAAAAA+30swapsA-AB88.2030.007.22AAAAAA+25swapsA-4897.5730.009.80AAAAAA+23.5swapsA-M173.0320.009.98AAAAAA+27swapsAM-FL100.0020.009.98AAAAAANALiborA-J242.3111.1259.98AAAAAA+30swapsB17.0710.509.98AA+AA++37swapsC44.378.8759.98AAAA+39swapsD27.307.8759.98AA-AA-+43swapsE13.657.3759.98A+A++44swapsF23.896.509.98AA+46swapsG23.895.6259.98A-A-+50swapsH27.304.6259.98BBB+BBB++67swapsJ27.303.6259.98BBBBBB+77swapsK34.132.3759.98BBB-BBB-+100swapsL3.412.259.98BB+BB+NAswapsM6.832.009.98BBBBNAswapsN13.651.509.98BB-BB-NAswapsO3.411.375NAB+B+NAswapsP6.831.125NABBNAswapsQ10.240.75NAB-B-NAswapsS20.480.00NANRNRNAswapsX-11,365.20*NANAAAAAAA+140TreasX-21,339.50*NANAAAAAAA+75TreasX-W1,365.20*NANAAAAAAA+90Treas+ Bond classes senior to the deal's A-NM class will receive distributions of principal from the Natick Mall loan only after the A-NM bond class is retired.*Notional amount, interest onlyCollateral balance: $2,730.31Bookrunner(s): Morgan StanleyLead Managers: Morgan Stanley, ...

Last week's bankruptcy of Le-Nature's Inc. hit a recent CMBS deal, which owns a mortgage on an industrial-flex building in Phoenix that the soft-drink maker leased in its entirety. Potential criminal charges against the company's founder have also prompted talk ...

  ClassAmt$mlnSubLevel%AvgLife (yrs)RatingFitchRatingMoody'sFinalPricing (bp)BnchmarkA-141.8030.002.99AAAAaa+7swapsA-1A90.6630.00NAAAAAaaNAswapsA-288.1030.004.53AAAAaa+19swapsA-362.9030.007.33AAAAaa+23swapsA-4610.2530.009.73AAAAaa+22swapsA-4FL150.0030.00NAAAAAaaNAswapsA-MFL149.1020.00NAAAAAaaNAswapsA-J119.2812.009.93AAAAaa+28swapsB31.689.8759.93AAAa2+34swapsC16.778.759.93AA-Aa3+37swapsD22.377.259.93AA2+44swapsE16.776.1259.93A-A3+50swapsF18.644.8759.93BBB+Baa1+70swapsG18.643.6259.93BBBBaa2+80swapsH13.052.759.93BBB-Baa3+95swapsJ5.592.375NABB+Ba1NAswapsK3.732.125NABBBa2NAswapsL3.731.875NABB-Ba3NAswapsM3.731.625NAB+B1NAswapsN1.861.50NABB2NAswapsO5.591.125NAB-B3NAswapsP16.77NANANRNRNAswapsX-11,491.01*NANAAAAAaa+110swapsX-21,458.37NANAAAAAaa+70swaps*Notional amount, interest onlyCollateral balance: $1,491.01 millionBookrunner(s): Morgan StanleyLead Managers: Morgan StanleyCo-managers: Merrill Lynch, RBS Greenwich Capital, B-piece Buyer: LNR PartnersMaster Servicer: Wells Fargo BankSpecial Servicer: LNR PartnersTrustee: LaSalle BankOriginators: Morgan Stanley (100 percent)Number of Loans/Properties: 124/131Top-10 ...

Moody's Investors Service has downgraded three classes of Morgan Stanley Dean Witter Capital I Trust, 2001-TOP3, because of the weak performance of two large collateral loans. The transaction's collateral balance is $881.8 million, compared with $1 billion at issuance. In ...

  ClassAmt$mlnSubLevel%AvgLife (yrs)RatingS&PRatingFitchFinalPricing (bp)BnchmarkA-1104.330.003.39AAAAAA+6swapsA-1A164.6730.009.38AAAAAANAswapsA-292.930.005.29AAAAAA+14swapsA-3215.030.006.82AAAAAA+24swapsA-AB84.630.007.49AAAAAA+21swapsA-4784.230.009.72AAAAAA+24swapsA-4FL350.030.009.72AAAAAANAswapsA-M256.520.009.90AAAAAA+28swapsA-J202.012.1259.90AAAAAA+30swapsB19.211.3759.90AA+AA++34swapsC35.310.009.90AAAA+35swapsD28.98.8759.94AA-AA-+37swapsE22.48.009.99A+A++41swapsF25.77.009.99AA+43swapsG25.76.009.99A-A-+50swapsH28.94.8759.99BBB+BBB++70swapsJ32.13.6259.99BBBBBB+83swapsK25.72.6259.99BBB-BBB-+105swapsL9.622.25-BB+BB+NAswapsM3.212.125-BBBBNAswapsN9.621.75-BB-BB-NAswapsO6.411.50-B+B+NAswapsP3.211.375-BBNAswapsQ9.621.00-B-B-NAswapsS25.650.00-NRNRNAswapsX2,565.2*NANAAAAAAA+145Treas*Notional amount, interest onlyCollateral balance: $2,565.24 millionBookrunner(s): Morgan StanleyLead Managers: Morgan Stanley, LaSalle Financial Services Inc.Co-managers: RBS Greenwich Capital, Merrill Lynch & Co.B-piece Buyer: JER PartnersMaster Servicer: Wells Fargo BankSpecial Servicer: JE Robert Cos.Trustee: HSBC Bank Originators: ...

  ClassAmt$mlnSubLevel%AvgLife (yrs)*RatingS&PRatingFitchRatingMoody'sFinalPricing (bp)BnchmarkA-1890.0041.51.51AAAAAAAaa+9LiborA-2289.3122.51.97AAAAAAAaa+13LiborB34.2420.252.33AA+AA+Aa1+19LiborC53.2616.802.33AAAAAa2+23LiborD38.0414.302.33AAAAAa3+25LiborE69.479.702.33AAAANR+29LiborF23.698.102.48AA-AA-NR+32LiborG23.696.62.75A+A+NR+36LiborH23.695.02.77AANR+38LiborJ23.263.52.91A-A-NR+43LiborK6.833.02.91BBB+BBB+NR+65LiborL18.461.84.47BBBBBBNR+85LiborM27.750.04.58BBB-BBB-NR+165Libor*Assumes no extensionsCollateral balance: $1,555.39 millionBookrunner(s): Morgan StanleyLead Managers: Morgan StanleyCo-managers: RBS Greenwich Capital, Bear StearnsMaster Servicer: Midland Loan ServicesSpecial Servicer: Midland Loan ServicesTrustee: Wells Fargo BankOriginators: Morgan Stanley (92 percent), Lehman Brothers (8 percent)Number of Loans/Properties: ...

  ClassAmt$mlnSubLevel%AvgLife (yrs)RatingS&PRatingFitchFinalPricing (bp)BnchmarkA-194.2227.003.99AAAAAA+5swapsA-2151.8327.004.72AAAAAA+13swapsA-343.6027.006.83AAAAAA+22swapsA-AB76.3227.007.20AAAAAA+21swapsA-4812.1327.009.74AAAAAA+23swapsA-M161.3817.009.92AAAAAA+27swapsA-J112.9710.009.95AAAAAA+30swapsB32.288.0010.03AAAA+33swapsC16.147.0010.03AA-AA-+35swapsD26.235.37510.03AA+42swapsE14.124.5010.03A-A-+50swapsF12.103.7510.84BBB+BBB++65swapsG14.122.87511.86BBBBBB+75swapsH10.092.2512.32BBB-BBB-+105swapsJ4.042.0014.26BB+BB+ swapsK4.031.7514.69BBBB swapsL6.051.37514.69BB-BB- swapsM4.041.12514.77B+B+ swapsN2.021.0014.86BB swapsO4.040.7514.87B-B- swapsP12.100.0015.54NRNR swapsX1,613.84*NA8.72AAAAAA Treas*Notional amount, interest onlyCollateral balance: $1,613.84 millionBookrunner(s): Morgan Stanley, Bear StearnsLead Managers: Morgan Stanley, Bear StearnsB-piece Buyer: ARCap REITMaster Servicer: Wells FargoSpecial Servicer: ARCap ServicingTrustee: LaSalle BankOriginators: Bear Stearns (27.3 percent), Morgan Stanley (24 percent), Principal Financial ...

  ClassAmt$mlnSubLevel%AvgLife (yrs)RatingS&PRatingFitchFinalPricing (bp)BnchmarkA-151.6830.002.89AAAAAA+5swapsA-1A329.9130.008.84AAAAAANAswapsA-2162.8030.004.85AAAAAA+14swapsA-396.8030.006.89AAAAAA+23swapsA-4490.1030.009.46AAAAAA+22swapsA-M161.6120.009.84AAAAAA+26swapsA-J147.4710.8759.92AAAAAA+29swapsB30.309.009.94AAAA+32swapsC12.128.259.94AA-AA-+34swapsD22.226.8759.99AA+41swapsE16.165.87510.02A-A-+49swapsF14.145.0010.15BBB+BBB++65swapsG18.183.87511.76BBBBBB+75swapsH14.143.0013.20BBB-BBB-+110swapsJ8.082.50 BB+BB+NAswapsK4.042.25 BBBBNAswapsL4.042.00 BB-NRNAswapsM6.061.625 B+NRNAswapsN6.061.25 BNRNAswapsO2.021.125 B-NRNAswapsP18.18NA NRNR swapsX1,616.11*  AAAAAA TreasX-Y189.02*  AAAAAA Treas*Notional amount, interest onlyCollateral balance: $1,616.11 millionBookrunner(s): Morgan StanleyLead Managers: Morgan StanleyCo-managers: RBS Greenwich Capital Markets, IXIS Securities, Merrill Lynch, SunTrust Capital MarketsB-piece Buyer: LNR PartnersMaster Servicer: Wells FargoSpecial Servicer: LNR PartnersTrustee: LaSalle BankOriginators: Morgan Stanley (47.8 ...

  ClassAmt$mlnSubLevel%AvgLife (yrs)RatingS&PRatingMoody'sFinalPricing (bp)BnchmarkA-184.0027.003.39AAAAaa+8swapsA-2251.3027.004.76AAAAaa+19swapsA-394.0027.006.75AAAAaa+30swapsA-AB75.0027.006.67AAAAaa+28swapsA-4500.1727.009.65AAAAaa+26swapsA-M137.6017.009.83AAAAaa+30swapsA-J92.8810.259.87AAAAaa+37swapsB25.808.389.97AAAa2+43swapsC15.487.259.95AA-Aa3+45swapsD20.645.759.95AA2+53swapsE10.325.009.95A-A3+62swapsF13.764.009.95BBB+Baa1+85swapsG10.323.259.95BBBBaa2+100swapsH12.042.3812.12BBB-Baa3+160swapsJ8.601.75NABB+Ba1NAswapsK3.441.50NABBBa2NAswapsL5.161.3NABB-Ba3NAswapsM1.721.00NAB+B1NAswapsN1.72.88NABB2NAswapsO3.44.63NAB-B3NAswapsP8.60.00NANANANAswapsX1,375.99NANAAAAAAA+160TreasMM-NA28.00NANANANANAswaps*Notional amount, interest onlyCollateral balance: $1,375.99 million Bookrunner(s): Morgan Stanley, Bear StearnsLead Managers: Morgan Stanley, Bear StearnsB-piece Buyer: ARCap Servicing Master Servicer: Wells Fargo BankSpecial Servicer: ARCap ServicingTrustee: LaSalle BankOriginators: Bear Stearns Commercial Mortgage (44.7 percent), Morgan ...