1. Contact:
Jianhao Michael Zeng
M.S. in Real Estate Finance
Class of 2015
NYUSchack Institute of Real Estate
michael.j.zeng@nyu.edu
001 347-997-0664
JADS Capital, LLC

2. About JADS Capital, LLC
• Medium sized Asset Management Firm
• Seeking relatively defensive investments with potential for
capital appreciation
• Specializing in Commercially Mortgage Backed Securities

3. Our Investment Choice
• Comparison done between Morgan Stanley 1416 and Wells
Fargo 1416 pool
• After careful analysis, we are confident that the Wells Fargo
pool is the most well suited investment vehicle for our
clients

4. Morgan Stanley 1416 Wells Fargo 1416
Trustee US Bank, National Association Wilmington Trust, National
Association
Master Servicer Wells Fargo Wells Fargo
Special Servicer LNR Partners LNR Partners
B – Piece Buyer N/A N/A
Rating Agencies Kroll, Moody’s Kroll, Moody’s, Dominion Bond
Original Lenders Morgan Stanley Mortgage Capital
Holdings, B of A
Wells Fargo, Ladder Capital
Finance, RBS, Rialto
Primary Servicers LNR Partners LNR Partners
More than one Master Servicer No No
More than one Special Servicer No No

5. 5.74%
6.40%
4.29% 4.30%
4.78% 4.92%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
MS1416 WF1416
Weighted Average Interest Rate

6. 14.50 Years
9.70 Years
4.33 Years 4.43 Years
8.79 Years 8.85 Years
0.00 Years
2.00 Years
4.00 Years
6.00 Years
8.00 Years
10.00 Years
12.00 Years
14.00 Years
16.00 Years
MS1416 WF1416
Weighted Average Maturity Time

7. • Fitch provided ratings for the Master and Special Servicers.
• Master: Wells Fargo Bank rated ‘CMS2’.
• - Level 2 – Servicer demonstrates high performance in servicing ability.
• Special: LNR Partners LLC
- Commercial Special: STRONG
- Construction loan special: ABOVE AVERAGE
- Financial position: SUFFICIENT
- Management and Organization: STRONG
- Loan administration: STRONG/ABOVE AVERAGE
- Outlook: STABLE and POSITIVE
Servicer Ratings

10. Weight of Top Ten Loans: MS1416
Arundel Mills &
Marketplace, 11.4%
State Farm Portfolio, 7.9%
Green Hills Corporate
Center, 5.1%
Outlets of
Mississippi, 4.9%
Marriott
Philadelphia
Downtown, 4.7%
Hilton San Francisco
Financial District, 4.1%
La Concha Hotel
& Tower, 3.3%
Aspen Heights -
Stillwater, 3.0%
Thunder Hollow
Apartments, 2.4%
Sprague Hotel Portfolio,
2.2%
Other 66 Loans, 50.9%

11. Weight of Top Ten Loans by asset class: MS1416
Retail
16%
Hospitality
14%
Office
13%
Multifamily
6%
Other Loans
51%
Retail
Hospitality
Office
Multifamily
Other Loans

12. Weight of Top Ten Loans: WF1416
Woodbridge Center,
12.3%
Soho Beach House, 5.6%
Montgomery Mall, 5.5%
Pacific Design Center, 5.1%
Purgatory Creek Apartments, 3.2%
Weatherford Ridge, 3.2%
Harlequin Plaza, 2.9%
Market Square at Montrose, 2.6%
JL Holdings - Burger
King Portfolio - 90, 2.3%
Security Self Storage SPX
Portfolio, 2.3%
Other 72 Loans, 52.4%

13. Weight of Top Ten Loans by asset class: WF1416
Retail
26%
Hospitality
6%
Mixed Use
5%
Multifamily
3%
Office
3%
Self Storage
2%
Other Loans
55%
Retail
Hospitality
Mixed Use
Multifamily
Office
Self Storage
Other Loans

14. Loan 1
MS1416 WF1416
Property Name Arundel Mills & Marketplace Woodbridge Center
Occupancy 99.6% 97.1%
% of pool Balance 11.4% 12.3%
Asset Type Retail Retail
Amortization Interest Only 36 Month IO/360 Month
Amortization
DSCR 2.66x 1.16x
Memo: Anchored Property & Super
Regional Mall. High Quality
Tenants.
Bankruptcy or Economic
Decline of anchor tenant
exposure.
Regional Mall & High Quality
Tenants and Location.
Low DSCR ( 1.16x)

15. Loan 2
MS1416 WF1416
Property Name State Farm Portfolio Soho Beach House
Occupancy 100% 85.6%
% of pool Balance 7.9% 5.6%
Asset Type Office Hospitality
Amortization Interest Only 21 Month IO/401 Month
Amortization
DSCR 1.62x 0.95x
Memo: Diversification/Exposure to
different markets.
Regulations in every state is
different
Great Location, demand for
hotels.
Old Building, low DSCR
0.95x(negative cash-flow),
Volatile market.

16. Loan 3
MS1416 WF1416
Property Name Green Hills Corporate Center Montgomery Mall
Occupancy 99.1% 92.4%
% of pool Balance 5.1% 5.5%
Asset Type Office Retail
Amortization Full Amortization-360 Month Interest Only 120 Month
DSCR 1.79x 2.6x
Memo: Fully occupy, strong tenants (2).
Location, depended on their 2
tenants
Strong DSCR 2.6x.
Bankruptcy or Economic
Decline of anchor tenant
exposure.

17. Loan 4
MS1416 WF1416
Property Name Outlets of Mississippi Pacific Design Center
Occupancy 95.4% 72.7%
% of pool Balance 4.9% 5.1%
Asset Type Retail Office
Amortization IO-60 month & Amortization 60 Month IO/ 360 Amortization
DSCR 1.42x 1.05x
Memo: Strong Tenants ( Saks Fifth
Avenue, Forever 21 etc), benefits
from weak market conditions,
Demand, New Building.
Bankruptcy or Economic
Decline of anchor tenant
exposure.
Mixed used (Design
Center/office)
Low Occupancy, low DSCR,
Largest tenant restaurant.

18. Loan 5
MS1416 WF1416
Property Name Marriott Philadelphia Downtown Purgatory Creek Apartment
Occupancy 77.3% 94.4%
% of pool Balance 4.7% 3.2%
Asset Type Hospitality Multifamily
Amortization Full Amortization-360 Month 30 Month IO/ 360 Month
Amortization
DSCR 1.56x 1.23x
Memo: Adjacent to Penn Convention
Center
Two miles from Texas State
University

19. Loan 6
MS1416 WF1416
Property Name Hilton San Francisco Weatherford Ridge
Occupancy 91.2% 97%
% of pool Balance 4.1% 3.2%
Asset Type Hospitality Retail
Amortization IO-60 month & Amortization 36 Month IO/360 Month
Amortization
DSCR 1.34x 1.34x
Memo: 91% average occupancy rate
27% increase in RevPar
Nationally recognized tenant roster

20. Loan 7
MS1416 WF1416
Property Name La Concha Hotel & Tower Harlequin Plaza
Occupancy 90.1% 88.6%
% of pool Balance 3.3% 2.9%
Asset Type Hospitality Office
Amortization Full Amortization-360 Month 120 Month IO
DSCR 1.57x 2.16X
Memo: Hotel in San Juan, Puerto Rico
93% average occupancy rate
Sponsored by Paulson
Management, LLC
Cherry Creek Mortgage & Bellco
Credit Union

21. Loan 8
MS1416 WF1416
Property Name Aspen Hights - Stillwater Market Square at Montrose
Occupancy 98.2% 98.3%
% of pool Balance 3% 2.6%
Asset Type Multifamily Retail
Amortization IO-60 month & Amortization 36 Month IO/360 month
Amortization
DSCR 1.06x 1.36x
Memo: Student Housing for OSU
New Development
Strong growth for demand
Below Market Lease
High Occupancy

22. Loan 9
MS1416 WF1416
Property Name Thunder Hollow Apartments JL Holdings – Burger King Portfolio
Occupancy 88.7% 100%
% of pool Balance 2.4% 2.3%
Asset Type Multifamily Retail – Single Tenant
Amortization IO-12 month & Amortization 240 month Amortization
DSCR 1.21x 1.41x
Memo: Good market
4.125M Mezzanine debt, High LTV
Collateralized by 90 Burger Kings
Low LTV
Age of assets
B-note exist in this loan

23. Loan 10
MS1416 WF1416
Property Name Sprague Hotel Portfolio Security Self Storage SPX Portfolio
Occupancy 71.9% 88.9%
% of pool Balance 2.2% 2.3%
Asset Type Hospitality Self Storage
Amortization Full Amortization-240 Month 360 Month Amortization
DSCR 1.25x 1.37x
Memo: Cross Collateralized
Experienced Management –
Holiday Inn
High RevPAR
Full Amortization
High Occupancy
Well diversified
High LTV

24. Key Metrics
64.50%
65.00%
65.50%
66.00%
66.50%
67.00%
67.50%
68.00%
68.50%
69.00%
69.50%
Morgan Stanley Wells Fargo
69.30%
66.30%
LTV
LTV
1.62
1.64
1.66
1.68
1.7
1.72
1.74
1.76
1.78
Morgan Stanley Wells Fargo
1.77x
1.68x
DSCR
DSCR

25. Call Protection
82%
13%
5%
Wells Fargo
Permits Defeasance
Yield Maintenance
Both85%
15%
Morgan Stanley

26. Interest Only Loans:
MORGAN STANLEY WELLS FARGO
24.70%
9%
40.60%
47.30%
35%
44%
Interest Only IO & Amortization Pure Amortization

27. Morgan Stanley - Cross Collateralization
-24% of pool balance is secured by multiple properties
-Arundel Mills loan secured by regional mall and shopping
center
-Sprague Hotel Portfolio (3 hotels, 345 guestrooms)

28. Wells Fargo Cross-Collateralization
-9.7% of pool balance are secured by multiple properties
-2.2% are cross collateralized loans
-Burger King portfolio (90 properties)
-Security Self Storage Portfolio (eight properties in CO, KS and
TX)