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data/fha-loans.json

138233 lines

{
  "generatedAt": "2026-06-30T23:36:15.648Z",
  "scope": "HUD/FHA MULTIFAMILY (commercial) insured mortgages — active. FHA single-family per-loan rate+address data is NOT public (borrower privacy), so single-family loans are out of scope.",
  "filter": "original interest rate <= 3.5%",
  "redRule": "RED = belowMarket OR historicLowEra. belowMarket = loan rate >= 0.75 pct-pt below the PMMS 30-yr avg for its origination month; historicLowEra = origination month falls in a PMMS rock-bottom-rate trough (derived from the data).",
  "sources": [
    {
      "name": "HUD/FHA Multifamily Insured Mortgages (Active)",
      "url": "https://www.hud.gov/sites/default/files/Housing/documents/FHA-BF90-RM-A.xlsx",
      "page": "https://www.hud.gov/hud-partners/multifamily-fhasl-active"
    },
    {
      "name": "Freddie Mac PMMS 30-yr fixed weekly history (canonical)",
      "url": "https://www.freddiemac.com/pmms/docs/historicalweeklydata.xlsx"
    },
    {
      "name": "PMMS 30-yr series machine-readable feed (FRED MORTGAGE30US)",
      "url": "https://fred.stlouisfed.org/graph/fredgraph.csv?id=MORTGAGE30US"
    }
  ],
  "benchmarkMonths": 663,
  "historicLowWindows": [
    {
      "start": "2012-09",
      "end": "2013-02",
      "minRate": 3.35
    },
    {
      "start": "2016-07",
      "end": "2016-10",
      "minRate": 3.44
    },
    {
      "start": "2020-02",
      "end": "2022-01",
      "minRate": 2.68
    }
  ],
  "totalParsed": 15562,
  "count": 7404,
  "redCount": 5894,
  "redSplit": {
    "belowMarketOnly": 2294,
    "historicLowEraOnly": 3072,
    "both": 528
  },
  "rows": [
    {
      "property": "THE ARC APARTMENTS",
      "address": "",
      "city": "SAN FRANCISCO",
      "state": "CA",
      "zip": "94133",
      "units": 9,
      "originalAmount": 1065000,
      "rate": 1,
      "originationDate": "2002-01-07",
      "pmmsBenchmark": 6.998,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 1% is 6.00 pts below the 2002-01 market avg of 6.998%"
      ],
      "holder": "CALIFORNIA HOUSING FINANCE"
    },
    {
      "property": "KELLY LANE DUPLEXES",
      "address": "",
      "city": "PARIS",
      "state": "KY",
      "zip": "40361",
      "units": 30,
      "originalAmount": 1552500,
      "rate": 1.5,
      "originationDate": "1998-04-22",
      "pmmsBenchmark": 7.14,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 1.5% is 5.64 pts below the 1998-04 market avg of 7.14%"
      ],
      "holder": "KENTUCKY HOUSING CORPORATION"
    },
    {
      "property": "HOLLY HILLS APARTMENTS",
      "address": "",
      "city": "BOWLING GREEN",
      "state": "KY",
      "zip": "42101",
      "units": 30,
      "originalAmount": 1387500,
      "rate": 1.5,
      "originationDate": "1997-09-29",
      "pmmsBenchmark": 7.43,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 1.5% is 5.93 pts below the 1997-09 market avg of 7.43%"
      ],
      "holder": "KENTUCKY HOUSING CORPORATION"
    },
    {
      "property": "JOHNSTON MEMORIAL HOSPITAL",
      "address": "",
      "city": "SMITHFIELD",
      "state": "NC",
      "zip": "27577",
      "units": 62,
      "originalAmount": 134386500,
      "rate": 1.64,
      "originationDate": "2008-06-11",
      "pmmsBenchmark": 6.32,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 1.64% is 4.68 pts below the 2008-06 market avg of 6.32%"
      ],
      "holder": "US BANK NA"
    },
    {
      "property": "RATEKIN TOWERS",
      "address": "",
      "city": "GRAND JUNCTION",
      "state": "CO",
      "zip": "81501",
      "units": 108,
      "originalAmount": 1762999,
      "rate": 1.75,
      "originationDate": "2012-06-11",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 1.75% is 1.92 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "COLORADO HOUSING AND FINANCE A"
    },
    {
      "property": "900 THAYER APTS",
      "address": "",
      "city": "SILVER SPRING",
      "state": "MD",
      "zip": "20910",
      "units": 124,
      "originalAmount": 16000000,
      "rate": 1.869,
      "originationDate": "2020-09-14",
      "pmmsBenchmark": 2.89,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 1.869% is 1.02 pts below the 2020-09 market avg of 2.89%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HOC-MORTGAGE FINANCE PROGRAM"
    },
    {
      "property": "HOLZER HEALTH SYSTEM",
      "address": "",
      "city": "GALLIPOLIS",
      "state": "OH",
      "zip": "45631",
      "units": 290,
      "originalAmount": 156836200,
      "rate": 1.9,
      "originationDate": "2020-11-13",
      "pmmsBenchmark": 2.765,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 1.9% is 0.87 pts below the 2020-11 market avg of 2.765%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "PARKVIEW COMMUNITY HOSPITAL",
      "address": "",
      "city": "RIVERSIDE",
      "state": "CA",
      "zip": "92503",
      "units": 193,
      "originalAmount": 29098700,
      "rate": 1.93,
      "originationDate": "2011-04-26",
      "pmmsBenchmark": 4.84,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 1.93% is 2.91 pts below the 2011-04 market avg of 4.84%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "BAPTIST HOSPITAL OF SE TEXAS",
      "address": "",
      "city": "BEAUMONT",
      "state": "TX",
      "zip": "77704",
      "units": 483,
      "originalAmount": 107300000,
      "rate": 1.94,
      "originationDate": "2001-08-15",
      "pmmsBenchmark": 6.95,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 1.94% is 5.01 pts below the 2001-08 market avg of 6.95%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "BECKLEY TOWNHOMES",
      "address": "",
      "city": "DALLAS",
      "state": "TX",
      "zip": "75232",
      "units": 100,
      "originalAmount": 14640000,
      "rate": 1.96,
      "originationDate": "2020-11-03",
      "pmmsBenchmark": 2.765,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 1.96% is 0.81 pts below the 2020-11 market avg of 2.765%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "MANSIONS AT JORDAN CREEK",
      "address": "",
      "city": "WEST DES MOINES",
      "state": "IA",
      "zip": "50266",
      "units": 140,
      "originalAmount": 14960000,
      "rate": 1.97,
      "originationDate": "2020-10-29",
      "pmmsBenchmark": 2.834,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 1.97% is 0.86 pts below the 2020-10 market avg of 2.834%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "UNM SANDOVAL REGIONAL MEDICAL CENTER",
      "address": "",
      "city": "RIO RANCHO",
      "state": "NM",
      "zip": "87144",
      "units": 68,
      "originalAmount": 139682600,
      "rate": 1.98,
      "originationDate": "2010-11-03",
      "pmmsBenchmark": 4.3,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 1.98% is 2.32 pts below the 2010-11 market avg of 4.3%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "WHITTELL POINTE APARTMENTS",
      "address": "",
      "city": "RENO",
      "state": "NV",
      "zip": "89512",
      "units": 228,
      "originalAmount": 33600000,
      "rate": 1.99,
      "originationDate": "2020-12-22",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "BAYSIDE GARDENS",
      "address": "",
      "city": "BAYSIDE",
      "state": "NY",
      "zip": "11361",
      "units": 26,
      "originalAmount": 4384300,
      "rate": 1.99,
      "originationDate": "2021-12-28",
      "pmmsBenchmark": 3.098,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 1.99% is 1.11 pts below the 2021-12 market avg of 3.098%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "FIRST AMERICAN CAPITAL GROUP C"
    },
    {
      "property": "CANYON PASS APARTMENTS",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78258",
      "units": 264,
      "originalAmount": 33500000,
      "rate": 2,
      "originationDate": "2020-12-17",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "SPRINGBROOK APARTMENTS",
      "address": "",
      "city": "CHARLOTTE",
      "state": "NC",
      "zip": "28208",
      "units": 198,
      "originalAmount": 30900000,
      "rate": 2,
      "originationDate": "2020-09-03",
      "pmmsBenchmark": 2.89,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2% is 0.89 pts below the 2020-09 market avg of 2.89%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "VALENCIA PARK APARTMENTS",
      "address": "",
      "city": "ORLANDO",
      "state": "FL",
      "zip": "32825",
      "units": 208,
      "originalAmount": 29517000,
      "rate": 2,
      "originationDate": "2021-01-21",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "MEADOWBROOK MANOR NAPERVILLE",
      "address": "",
      "city": "NAPERVILLE",
      "state": "IL",
      "zip": "60563",
      "units": 245,
      "originalAmount": 16320000,
      "rate": 2,
      "originationDate": "2011-10-31",
      "pmmsBenchmark": 4.068,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2% is 2.07 pts below the 2011-10 market avg of 4.068%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "VALLEY VIEW APARTMENTS",
      "address": "",
      "city": "MOLINE",
      "state": "IL",
      "zip": "61265",
      "units": 192,
      "originalAmount": 11930000,
      "rate": 2,
      "originationDate": "2022-03-14",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2% is 2.17 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "SPRING HILL TERRACE",
      "address": "",
      "city": "GEORGETOWN",
      "state": "KY",
      "zip": "40324",
      "units": 24,
      "originalAmount": 1140000,
      "rate": 2,
      "originationDate": "1998-08-19",
      "pmmsBenchmark": 6.923,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2% is 4.92 pts below the 1998-08 market avg of 6.923%"
      ],
      "holder": "KENTUCKY HOUSING CORPORATION"
    },
    {
      "property": "CROSSWINDS APARTMENT HOMES",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78247",
      "units": 312,
      "originalAmount": 39350000,
      "rate": 2.02,
      "originationDate": "2022-01-28",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.02% is 1.42 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "OLD MARKET LOFTS",
      "address": "",
      "city": "OMAHA",
      "state": "NE",
      "zip": "68102",
      "units": 271,
      "originalAmount": 34849200,
      "rate": 2.03,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.03% is 0.78 pts below the 2021-02 market avg of 2.81%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "VAN METRE NORTHLAKE PARK APARTMENTS",
      "address": "",
      "city": "ORLANDO",
      "state": "FL",
      "zip": "32827",
      "units": 165,
      "originalAmount": 21700000,
      "rate": 2.03,
      "originationDate": "2021-04-19",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.03% is 1.03 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "THE ANNEXE AT THE RESERVE",
      "address": "",
      "city": "WILMINGTON",
      "state": "NC",
      "zip": "28403",
      "units": 144,
      "originalAmount": 18000000,
      "rate": 2.04,
      "originationDate": "2021-02-23",
      "pmmsBenchmark": 2.81,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.04% is 0.77 pts below the 2021-02 market avg of 2.81%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "CAPE COD APARTMENT HOMES",
      "address": "",
      "city": "MORTON",
      "state": "IL",
      "zip": "61550",
      "units": 200,
      "originalAmount": 16947800,
      "rate": 2.05,
      "originationDate": "2020-12-29",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WESTWAY GARDENS APARTMENTS",
      "address": "",
      "city": "ELYRIA",
      "state": "OH",
      "zip": "44035",
      "units": 300,
      "originalAmount": 15120000,
      "rate": 2.05,
      "originationDate": "2010-12-15",
      "pmmsBenchmark": 4.714,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.05% is 2.66 pts below the 2010-12 market avg of 4.714%"
      ],
      "holder": "ROSE COMMUNITY CAPITAL, LLC"
    },
    {
      "property": "GREYSTONE FARMS RESERVE",
      "address": "",
      "city": "COLUMBUS",
      "state": "GA",
      "zip": "31909",
      "units": 206,
      "originalAmount": 13799200,
      "rate": 2.05,
      "originationDate": "2021-04-14",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.05% is 1.01 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "THE LAKES AT ASHTON VILLAGE",
      "address": "",
      "city": "ASHVILLE",
      "state": "OH",
      "zip": "43201",
      "units": 192,
      "originalAmount": 12240000,
      "rate": 2.05,
      "originationDate": "2021-01-20",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "PRAIRE APARTMENTS",
      "address": "",
      "city": "SALEM",
      "state": "WI",
      "zip": "53168",
      "units": 120,
      "originalAmount": 8640000,
      "rate": 2.05,
      "originationDate": "2021-01-20",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WHITE OAKS APARTMENTS",
      "address": "",
      "city": "CHESTER",
      "state": "VA",
      "zip": "23836",
      "units": 322,
      "originalAmount": 50088000,
      "rate": 2.07,
      "originationDate": "2021-11-30",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.07% is 1.00 pts below the 2021-11 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "ENCLACE AT MIRA LAGOS",
      "address": "",
      "city": "GRAND PRAIRIE",
      "state": "TX",
      "zip": "75054",
      "units": 199,
      "originalAmount": 26720000,
      "rate": 2.07,
      "originationDate": "2020-10-29",
      "pmmsBenchmark": 2.834,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.07% is 0.76 pts below the 2020-10 market avg of 2.834%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "RESERVE AT PARK WEST PHASE 2",
      "address": "",
      "city": "SPARTANBURG",
      "state": "SC",
      "zip": "29301",
      "units": 144,
      "originalAmount": 14000000,
      "rate": 2.07,
      "originationDate": "2020-11-10",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "GRANDVIEW APARTMENTS",
      "address": "",
      "city": "GRAND RAPIDS",
      "state": "MI",
      "zip": "49504",
      "units": 192,
      "originalAmount": 12913600,
      "rate": 2.07,
      "originationDate": "2020-11-30",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "GOLDWARE SENIOR HOUSING",
      "address": "",
      "city": "RIVERSIDE",
      "state": "CA",
      "zip": "92504",
      "units": 160,
      "originalAmount": 7125000,
      "rate": 2.07,
      "originationDate": "2021-08-31",
      "pmmsBenchmark": 2.843,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.07% is 0.77 pts below the 2021-08 market avg of 2.843%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "CHERRYLEE GARDENS",
      "address": "",
      "city": "EL MONTE",
      "state": "CA",
      "zip": "91732",
      "units": 78,
      "originalAmount": 14160000,
      "rate": 2.075,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "ARROW PLAZA",
      "address": "",
      "city": "COVINA",
      "state": "CA",
      "zip": "91724",
      "units": 64,
      "originalAmount": 12320000,
      "rate": 2.075,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "SUMMIT PLAZA",
      "address": "",
      "city": "JERSEY CITY",
      "state": "NJ",
      "zip": "07306",
      "units": 483,
      "originalAmount": 120400000,
      "rate": 2.08,
      "originationDate": "2021-04-26",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.08% is 0.98 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GREYSTONE SUMMIT GULF BREEZE",
      "address": "",
      "city": "GULF BREEZE",
      "state": "FL",
      "zip": "32563",
      "units": 148,
      "originalAmount": 23024000,
      "rate": 2.08,
      "originationDate": "2021-03-30",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.08% is 1.00 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "CHESTER VILLAGE GREEN",
      "address": "",
      "city": "CHESTER",
      "state": "VA",
      "zip": "23831",
      "units": 96,
      "originalAmount": 17024000,
      "rate": 2.08,
      "originationDate": "2021-10-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.08% is 0.99 pts below the 2021-10 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "VILLAGE TOWNHOMES",
      "address": "",
      "city": "CHASKA",
      "state": "MN",
      "zip": "55318",
      "units": 28,
      "originalAmount": 3503700,
      "rate": 2.08,
      "originationDate": "2021-09-09",
      "pmmsBenchmark": 2.9,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.08% is 0.82 pts below the 2021-09 market avg of 2.9%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "ARTISAN ON THE BLUFF",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78249",
      "units": 250,
      "originalAmount": 22323700,
      "rate": 2.09,
      "originationDate": "2020-11-19",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "Alden Barrington",
      "address": "",
      "city": "BARRINGTON",
      "state": "IL",
      "zip": "60010",
      "units": 76,
      "originalAmount": 14100000,
      "rate": 2.09,
      "originationDate": "2021-06-29",
      "pmmsBenchmark": 2.975,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.09% is 0.89 pts below the 2021-06 market avg of 2.975%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "WILLOW CREEK APARTMENTS",
      "address": "",
      "city": "KALAMAZOO",
      "state": "MI",
      "zip": "49008",
      "units": 162,
      "originalAmount": 8720000,
      "rate": 2.09,
      "originationDate": "2020-11-24",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ALMOND TERRACE",
      "address": "",
      "city": "CERES",
      "state": "CA",
      "zip": "95307",
      "units": 46,
      "originalAmount": 6302400,
      "rate": 2.09,
      "originationDate": "2020-11-20",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "PARK PLACE",
      "address": "",
      "city": "LYNWOOD",
      "state": "CA",
      "zip": "90262",
      "units": 99,
      "originalAmount": 5607300,
      "rate": 2.09,
      "originationDate": "2021-03-30",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.09% is 0.99 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "RIVER STONE APARTMENTS I& II",
      "address": "",
      "city": "COLUMBUS",
      "state": "IN",
      "zip": "47201",
      "units": 424,
      "originalAmount": 40000000,
      "rate": 2.1,
      "originationDate": "2020-09-30",
      "pmmsBenchmark": 2.89,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.1% is 0.79 pts below the 2020-09 market avg of 2.89%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "SILVER HILLS APARTMENTS",
      "address": "",
      "city": "ORLANDO",
      "state": "FL",
      "zip": "32818",
      "units": 272,
      "originalAmount": 29138700,
      "rate": 2.1,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.1% is 0.96 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "REDWOOD SYLVANIA PHASE I & II",
      "address": "",
      "city": "SYLVANIA",
      "state": "OH",
      "zip": "43650",
      "units": 148,
      "originalAmount": 21608000,
      "rate": 2.1,
      "originationDate": "2020-10-30",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GREYSTONE SUMMIT APARTMENTS",
      "address": "",
      "city": "KNOXVILLE",
      "state": "TN",
      "zip": "37931",
      "units": 218,
      "originalAmount": 16497800,
      "rate": 2.1,
      "originationDate": "2021-04-23",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.1% is 0.96 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "SUMMIT CREEK APARTMENTS",
      "address": "",
      "city": "CANTON",
      "state": "MI",
      "zip": "48188",
      "units": 153,
      "originalAmount": 14229200,
      "rate": 2.1,
      "originationDate": "2012-10-25",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.1% is 1.28 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GREYSTONE SERVICING COMPANY LL"
    },
    {
      "property": "THE ARBOR AT CENTERBROOK",
      "address": "",
      "city": "UNIVERSAL CITY",
      "state": "TX",
      "zip": "78148",
      "units": 80,
      "originalAmount": 3820000,
      "rate": 2.1,
      "originationDate": "2020-11-12",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "5151 DOWNTOWN LITTLETON",
      "address": "",
      "city": "LITTLETON",
      "state": "CO",
      "zip": "80120",
      "units": 351,
      "originalAmount": 51390700,
      "rate": 2.11,
      "originationDate": "2020-11-18",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "TAMARON RANCH APARTMENTS",
      "address": "",
      "city": "LYNNWOOD",
      "state": "WA",
      "zip": "98087",
      "units": 266,
      "originalAmount": 48960000,
      "rate": 2.11,
      "originationDate": "2020-10-30",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "SAN ISIDRO APARTMENTS",
      "address": "",
      "city": "SANTA FE",
      "state": "NM",
      "zip": "87507",
      "units": 176,
      "originalAmount": 28900000,
      "rate": 2.11,
      "originationDate": "2020-10-19",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "WESTCHESTER CENTER FOR INDEPENDENT AND ASSISTED LIVING",
      "address": "",
      "city": "YONKERS",
      "state": "NY",
      "zip": "10701",
      "units": 144,
      "originalAmount": 26140600,
      "rate": 2.11,
      "originationDate": "2021-10-28",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.11% is 0.96 pts below the 2021-10 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "WOODWARD LOFT APARTMENTS",
      "address": "",
      "city": "NEW ORLEANS",
      "state": "LA",
      "zip": "70130",
      "units": 191,
      "originalAmount": 19633800,
      "rate": 2.11,
      "originationDate": "2021-03-30",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.11% is 0.97 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "HEIGHTS AT KNOLLWOOD CROSSING",
      "address": "",
      "city": "HAMILTON",
      "state": "OH",
      "zip": "45011",
      "units": 192,
      "originalAmount": 15840000,
      "rate": 2.11,
      "originationDate": "2020-11-20",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "BUZZA LOFTS",
      "address": "",
      "city": "MINNEAPOLIS",
      "state": "MN",
      "zip": "55408",
      "units": 136,
      "originalAmount": 10552400,
      "rate": 2.11,
      "originationDate": "2021-03-30",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.11% is 0.97 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "Cedar Ridge",
      "address": "",
      "city": "Auburn",
      "state": "WA",
      "zip": "98092",
      "units": 48,
      "originalAmount": 7800000,
      "rate": 2.11,
      "originationDate": "2020-10-15",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SEVEN PINES APARTMENTS",
      "address": "",
      "city": "FOREST LAKE",
      "state": "MN",
      "zip": "55025",
      "units": 72,
      "originalAmount": 5300000,
      "rate": 2.11,
      "originationDate": "2020-10-29",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "APPLEDORN",
      "address": "",
      "city": "HOLLAND",
      "state": "MI",
      "zip": "49423",
      "units": 174,
      "originalAmount": 5213100,
      "rate": 2.11,
      "originationDate": "2011-12-29",
      "pmmsBenchmark": 3.958,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.11% is 1.85 pts below the 2011-12 market avg of 3.958%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "LAKE WOOD RANCH",
      "address": "",
      "city": "COEUR D'ALENE",
      "state": "ID",
      "zip": "83815",
      "units": 80,
      "originalAmount": 3003600,
      "rate": 2.11,
      "originationDate": "2012-10-30",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.11% is 1.27 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "FAIRLANE WOODS",
      "address": "",
      "city": "DEARBORN",
      "state": "MI",
      "zip": "48126",
      "units": 288,
      "originalAmount": 30671700,
      "rate": 2.12,
      "originationDate": "2021-02-26",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE RESERVE APARTMENTS",
      "address": "",
      "city": "MORTGOMERY",
      "state": "AL",
      "zip": "36116",
      "units": 288,
      "originalAmount": 24400500,
      "rate": 2.12,
      "originationDate": "2021-02-24",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE MARK ON CONQUEST",
      "address": "",
      "city": "WAXAHACHIE",
      "state": "TX",
      "zip": "75167",
      "units": 140,
      "originalAmount": 20320000,
      "rate": 2.12,
      "originationDate": "2021-03-24",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.12% is 0.96 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "SILVER RIDGE HEALTHCARE CARE",
      "address": "",
      "city": "LAS VEGAS",
      "state": "NV",
      "zip": "89146",
      "units": 225,
      "originalAmount": 15165500,
      "rate": 2.12,
      "originationDate": "2020-12-21",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "RIVER RIDGE I",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46240",
      "units": 202,
      "originalAmount": 12318800,
      "rate": 2.12,
      "originationDate": "2012-10-31",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.12% is 1.26 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "PINE CREEK APARTMENTS HOMES",
      "address": "",
      "city": "PARIS",
      "state": "TX",
      "zip": "75460",
      "units": 136,
      "originalAmount": 12200000,
      "rate": 2.12,
      "originationDate": "2020-10-28",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "BROOKSIDE APARTMENTS",
      "address": "",
      "city": "KILLEEN",
      "state": "TX",
      "zip": "76542",
      "units": 176,
      "originalAmount": 11755600,
      "rate": 2.12,
      "originationDate": "2020-10-29",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HOLLADAY ON NINTH APARTMENTS",
      "address": "",
      "city": "MILLCREEK",
      "state": "UT",
      "zip": "84124",
      "units": 83,
      "originalAmount": 11535200,
      "rate": 2.12,
      "originationDate": "2021-04-27",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.12% is 0.94 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "LAS COLINAS AND PARKRIDGE PLACE APARTMENTS",
      "address": "",
      "city": "LUBBOCK",
      "state": "TX",
      "zip": "79414",
      "units": 260,
      "originalAmount": 9198300,
      "rate": 2.12,
      "originationDate": "2021-04-21",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.12% is 0.94 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "VILLAGE LOFTS",
      "address": "",
      "city": "HEMPSTEAD",
      "state": "NY",
      "zip": "11550",
      "units": 29,
      "originalAmount": 7797700,
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      "originationDate": "2020-11-25",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "QUAIL CREEK APARTMENTS",
      "address": "",
      "city": "LUBBOCK",
      "state": "TX",
      "zip": "79424",
      "units": 136,
      "originalAmount": 5045200,
      "rate": 2.12,
      "originationDate": "2021-04-21",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.12% is 0.94 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "VILLAGE COOPERATIVE OF MARSHALLTOWN",
      "address": "",
      "city": "MARSHALLTOWN",
      "state": "IA",
      "zip": "50158",
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      "originalAmount": 4982700,
      "rate": 2.12,
      "originationDate": "2020-10-29",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "HAMPTON VILLAGE APARTMENTS",
      "address": "",
      "city": "COLORADO SPRINGS",
      "state": "CO",
      "zip": "80906",
      "units": 120,
      "originalAmount": 4400000,
      "rate": 2.12,
      "originationDate": "2012-12-13",
      "pmmsBenchmark": 3.345,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.12% is 1.23 pts below the 2012-12 market avg of 3.345%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "OPPORTUNITIES PAVILION",
      "address": "",
      "city": "KANSAS CITY",
      "state": "MO",
      "zip": "64134",
      "units": 81,
      "originalAmount": 3237200,
      "rate": 2.12,
      "originationDate": "2020-09-29",
      "pmmsBenchmark": 2.89,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.12% is 0.77 pts below the 2020-09 market avg of 2.89%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "PINE STREET APARTMENTS",
      "address": "",
      "city": "NEW ORLEANS",
      "state": "LA",
      "zip": "70125",
      "units": 35,
      "originalAmount": 2680000,
      "rate": 2.12,
      "originationDate": "2020-12-28",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CALVARY TOWER",
      "address": "",
      "city": "SALT LAKE CITY",
      "state": "UT",
      "zip": "84102",
      "units": 30,
      "originalAmount": 2153400,
      "rate": 2.12,
      "originationDate": "2020-11-19",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "SOUTH ONEIDA CLUB APARTMENTS",
      "address": "",
      "city": "DENVER",
      "state": "CO",
      "zip": "80224",
      "units": 112,
      "originalAmount": 9170000,
      "rate": 2.125,
      "originationDate": "2012-11-20",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.125% is 1.23 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CREEKBRIDGE APARTMENTS",
      "address": "",
      "city": "SALINAS",
      "state": "CA",
      "zip": "93906",
      "units": 220,
      "originalAmount": 43440000,
      "rate": 2.13,
      "originationDate": "2020-11-25",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HAMPTON POINT APARTMENTS",
      "address": "",
      "city": "PUNTA GORDA",
      "state": "FL",
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      "originalAmount": 27981800,
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      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.13% is 0.94 pts below the 2021-11 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "MAPLE VILLAGE APARTMENTS",
      "address": "",
      "city": "SOUTHGATE",
      "state": "MI",
      "zip": "48195",
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      "originalAmount": 19400000,
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      "originationDate": "2021-02-23",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SWANSEA PARK",
      "address": "",
      "city": "LOS ANGELES",
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      "zip": "90029",
      "units": 82,
      "originalAmount": 16021400,
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      "pmmsBenchmark": 2.735,
      "belowMarket": false,
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "TURTLE CREEK VILLAGE PHASE I",
      "address": "",
      "city": "BELTON",
      "state": "TX",
      "zip": "76513",
      "units": 170,
      "originalAmount": 13902500,
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      "pmmsBenchmark": 2.765,
      "belowMarket": false,
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "VILLAGE COOPERATIVE OF AMES",
      "address": "",
      "city": "AMES",
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      "originalAmount": 7810700,
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      "originationDate": "2020-11-30",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "AVENTINE NORTHSHORE APARTMENTS",
      "address": "",
      "city": "KNOXVILLE",
      "state": "TN",
      "zip": "37922",
      "units": 246,
      "originalAmount": 42400000,
      "rate": 2.14,
      "originationDate": "2020-12-10",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKELEY POINT CAPITAL LLC"
    },
    {
      "property": "MARGARET TIETZ NURSING AND REHABILITATION CENTER",
      "address": "",
      "city": "JAMAICA",
      "state": "NY",
      "zip": "11432",
      "units": 370,
      "originalAmount": 39616500,
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      "originationDate": "2020-09-30",
      "pmmsBenchmark": 2.89,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.14% is 0.75 pts below the 2020-09 market avg of 2.89%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "WOODLAND APARTMENTS",
      "address": "",
      "city": "COVENTRY",
      "state": "RI",
      "zip": "02816",
      "units": 276,
      "originalAmount": 30400000,
      "rate": 2.14,
      "originationDate": "2021-03-24",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.14% is 0.94 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "WINDSTONE APARTMENTS",
      "address": "",
      "city": "Everett",
      "state": "WA",
      "zip": "98204",
      "units": 133,
      "originalAmount": 24905500,
      "rate": 2.14,
      "originationDate": "2021-01-28",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "GEORGETOWN SQUARE APARTMENTS",
      "address": "",
      "city": "BROOKFIELD",
      "state": "WI",
      "zip": "53005",
      "units": 144,
      "originalAmount": 24056000,
      "rate": 2.14,
      "originationDate": "2020-11-30",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "TRAILSIDE FLATS",
      "address": "",
      "city": "WEST LAFAYETTE",
      "state": "IN",
      "zip": "47906",
      "units": 195,
      "originalAmount": 17059400,
      "rate": 2.14,
      "originationDate": "2020-10-21",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "TYLER'S RIDGE AT SANDHILLS",
      "address": "",
      "city": "CARTHAGE",
      "state": "NC",
      "zip": "28327",
      "units": 144,
      "originalAmount": 16160000,
      "rate": 2.14,
      "originationDate": "2020-11-30",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "ARBORS AT CAROLINA FOREST",
      "address": "",
      "city": "JACKSONVILLE",
      "state": "NC",
      "zip": "28546",
      "units": 180,
      "originalAmount": 15194700,
      "rate": 2.14,
      "originationDate": "2020-10-29",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ALDEN NORTHMOOR",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60631",
      "units": 97,
      "originalAmount": 14015400,
      "rate": 2.14,
      "originationDate": "2021-07-29",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "CHRISTIANSEN SENIOR APARTMENTS",
      "address": "",
      "city": "INDIO",
      "state": "CA",
      "zip": "92206",
      "units": 144,
      "originalAmount": 13856800,
      "rate": 2.14,
      "originationDate": "2020-12-09",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "METROLINE FLATS",
      "address": "",
      "city": "Seattle",
      "state": "WA",
      "zip": "98104",
      "units": 72,
      "originalAmount": 13234800,
      "rate": 2.14,
      "originationDate": "2021-01-29",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "ARLINGTON PARK VILLAS",
      "address": "",
      "city": "DALLAS",
      "state": "TX",
      "zip": "75235",
      "units": 100,
      "originalAmount": 10661200,
      "rate": 2.14,
      "originationDate": "2021-10-27",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.14% is 0.93 pts below the 2021-10 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "NEWPORT HIGHLANDS",
      "address": "",
      "city": "ROCHESTER",
      "state": "NY",
      "zip": "14609",
      "units": 200,
      "originalAmount": 10120000,
      "rate": 2.14,
      "originationDate": "2021-03-30",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.14% is 0.94 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "VILLAGE COOPERATIVE OF CEDAR FALLS",
      "address": "",
      "city": "CEDAR FALLS",
      "state": "IA",
      "zip": "50613",
      "units": 50,
      "originalAmount": 6650600,
      "rate": 2.14,
      "originationDate": "2020-10-29",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "MARTIN TOWER",
      "address": "",
      "city": "SIOUX CITY",
      "state": "IA",
      "zip": "51101",
      "units": 86,
      "originalAmount": 5952000,
      "rate": 2.14,
      "originationDate": "2020-10-30",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "SOMERSET TOWERS",
      "address": "",
      "city": "SOMERSET",
      "state": "PA",
      "zip": "15501",
      "units": 87,
      "originalAmount": 2768000,
      "rate": 2.14,
      "originationDate": "2021-02-26",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "MERCANTILE WHARF",
      "address": "",
      "city": "BOSTON",
      "state": "MA",
      "zip": "02110",
      "units": 125,
      "originalAmount": 44500000,
      "rate": 2.15,
      "originationDate": "2021-03-24",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.15% is 0.93 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HAMPTON COURT APARTMENTS",
      "address": "",
      "city": "MANGONIA PARK",
      "state": "FL",
      "zip": "33407",
      "units": 288,
      "originalAmount": 28992000,
      "rate": 2.15,
      "originationDate": "2020-12-15",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "TERRAZZO APARTMENTS",
      "address": "",
      "city": "AUSTIN",
      "state": "TX",
      "zip": "78759",
      "units": 225,
      "originalAmount": 27920000,
      "rate": 2.15,
      "originationDate": "2020-10-29",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "COLUMBINE VILLAGE ON ALLISON",
      "address": "",
      "city": "ARVADA",
      "state": "CO",
      "zip": "80002",
      "units": 232,
      "originalAmount": 27481800,
      "rate": 2.15,
      "originationDate": "2021-03-31",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.15% is 0.93 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "THE ORCHARD APARTMENT HOMES",
      "address": "",
      "city": "ROANOKE",
      "state": "VA",
      "zip": "24019",
      "units": 240,
      "originalAmount": 26640000,
      "rate": 2.15,
      "originationDate": "2021-11-30",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.15% is 0.92 pts below the 2021-11 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "SUMMER LAKE APARTMENTS",
      "address": "",
      "city": "SMITHS STATION",
      "state": "AL",
      "zip": "36877",
      "units": 270,
      "originalAmount": 25520000,
      "rate": 2.15,
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      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.15% is 0.91 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "STATION 101",
      "address": "",
      "city": "BEVERLY",
      "state": "MA",
      "zip": "01915",
      "units": 99,
      "originalAmount": 24346900,
      "rate": 2.15,
      "originationDate": "2020-11-19",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE WOOLEN MILL",
      "address": "",
      "city": "WINOOSKI",
      "state": "VT",
      "zip": "05404",
      "units": 171,
      "originalAmount": 23080000,
      "rate": 2.15,
      "originationDate": "2020-12-15",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "THE RESIDENCES AT FIVE POINTS aka EVERGREEN",
      "address": "",
      "city": "VALDOSTA",
      "state": "GA",
      "zip": "31602",
      "units": 264,
      "originalAmount": 22693900,
      "rate": 2.15,
      "originationDate": "2020-12-18",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CENTERSTONE APARTMENTS",
      "address": "",
      "city": "CONWAY",
      "state": "AR",
      "zip": "72034",
      "units": 264,
      "originalAmount": 21520000,
      "rate": 2.15,
      "originationDate": "2020-11-23",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HARBOR SHORES APARTMENTS",
      "address": "",
      "city": "MONTGOMERY",
      "state": "TX",
      "zip": "77356",
      "units": 144,
      "originalAmount": 18056000,
      "rate": 2.15,
      "originationDate": "2020-12-21",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "RANCHO SIERRA APARTMENTS",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78221",
      "units": 280,
      "originalAmount": 17445400,
      "rate": 2.15,
      "originationDate": "2020-10-13",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "THE LAKE APARTMENTS OF WILDEWOOD PHASE II",
      "address": "",
      "city": "CALIFORNIA",
      "state": "MD",
      "zip": "20619",
      "units": 136,
      "originalAmount": 17440000,
      "rate": 2.15,
      "originationDate": "2020-11-23",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLUMBIANATIONAL REAL ESTATE F"
    },
    {
      "property": "LITTLEBROOK APARTMENTS",
      "address": "",
      "city": "HUDSON",
      "state": "MA",
      "zip": "01749",
      "units": 96,
      "originalAmount": 15680000,
      "rate": 2.15,
      "originationDate": "2021-03-18",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.15% is 0.93 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "PREMEIR GENESEE CTR FOR NURSING & REHAB & GENESEE ADULT HOME",
      "address": "",
      "city": "BATAVIA",
      "state": "NY",
      "zip": "14020",
      "units": 253,
      "originalAmount": 13992000,
      "rate": 2.15,
      "originationDate": "2020-09-17",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "DIAMOND SPRING GARDEN",
      "address": "",
      "city": "LAWRENCE",
      "state": "MA",
      "zip": "01843",
      "units": 97,
      "originalAmount": 13800000,
      "rate": 2.15,
      "originationDate": "2020-11-30",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "RESERVE AT CIMARRON",
      "address": "",
      "city": "MISSION",
      "state": "TX",
      "zip": "78572",
      "units": 152,
      "originalAmount": 12240000,
      "rate": 2.15,
      "originationDate": "2020-11-19",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "VILLAGE PLACE APARTMENTS",
      "address": "",
      "city": "SOUTH ROCKWOOD",
      "state": "MI",
      "zip": "48179",
      "units": 225,
      "originalAmount": 11838600,
      "rate": 2.15,
      "originationDate": "2020-11-30",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "LAYTON GARDEN",
      "address": "",
      "city": "MILWAUKEE",
      "state": "WI",
      "zip": "53221",
      "units": 237,
      "originalAmount": 11032400,
      "rate": 2.15,
      "originationDate": "2020-11-30",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "DENAIR MANOR APARTMENTS",
      "address": "",
      "city": "TURLOCK",
      "state": "CA",
      "zip": "95380",
      "units": 70,
      "originalAmount": 8892000,
      "rate": 2.15,
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      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.15% is 0.91 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "BICKFORD OF MARION",
      "address": "",
      "city": "MARION",
      "state": "IA",
      "zip": "52302",
      "units": 114,
      "originalAmount": 8800000,
      "rate": 2.15,
      "originationDate": "2021-02-11",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "BRICKFORD OF DAVENPORT",
      "address": "",
      "city": "DAVENPORT",
      "state": "IA",
      "zip": "52806",
      "units": 84,
      "originalAmount": 8240000,
      "rate": 2.15,
      "originationDate": "2021-02-11",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "SOUTH HAMPTON TERRACE & VILLAGE",
      "address": "",
      "city": "ATHENS",
      "state": "GA",
      "zip": "30605",
      "units": 56,
      "originalAmount": 7840000,
      "rate": 2.15,
      "originationDate": "2020-12-21",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "RIDGECREST VILLAGE APARTMENTS",
      "address": "",
      "city": "FLINT",
      "state": "MI",
      "zip": "48505",
      "units": 163,
      "originalAmount": 6800000,
      "rate": 2.15,
      "originationDate": "2022-02-25",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.15% is 1.61 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "EASTVIEW TERRACE APARTMENTS",
      "address": "",
      "city": "LITTLE ROCK",
      "state": "AR",
      "zip": "72202",
      "units": 100,
      "originalAmount": 5760000,
      "rate": 2.15,
      "originationDate": "2022-03-10",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.15% is 2.02 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "FABENS BUILDING",
      "address": "",
      "city": "LYNN",
      "state": "MA",
      "zip": "01901",
      "units": 37,
      "originalAmount": 5680000,
      "rate": 2.15,
      "originationDate": "2020-11-24",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CHARTER CLUB",
      "address": "",
      "city": "LONDON",
      "state": "OH",
      "zip": "43140",
      "units": 80,
      "originalAmount": 5560000,
      "rate": 2.15,
      "originationDate": "2021-03-31",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.15% is 0.93 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "RIVER RIDGE II",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46240",
      "units": 66,
      "originalAmount": 5389000,
      "rate": 2.15,
      "originationDate": "2012-09-28",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.15% is 1.35 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "WHITELAW",
      "address": "",
      "city": "WASHINGTON",
      "state": "DC",
      "zip": "20009",
      "units": 35,
      "originalAmount": 4863000,
      "rate": 2.15,
      "originationDate": "2021-02-24",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "SHEFFIELD MANOR",
      "address": "",
      "city": "LONDON",
      "state": "OH",
      "zip": "43140",
      "units": 56,
      "originalAmount": 3480000,
      "rate": 2.15,
      "originationDate": "2021-03-31",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.15% is 0.93 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "MATTIE YOUNKIN MANOR",
      "address": "",
      "city": "GRESHAM",
      "state": "OR",
      "zip": "97030",
      "units": 37,
      "originalAmount": 3160000,
      "rate": 2.15,
      "originationDate": "2021-04-08",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.15% is 0.91 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "ROYAL GARDENS WICHITA FALLS",
      "address": "",
      "city": "WICHITA FALLS",
      "state": "TX",
      "zip": "76310",
      "units": 49,
      "originalAmount": 2665000,
      "rate": 2.15,
      "originationDate": "2021-01-13",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "INFINITY APARTMENTS",
      "address": "",
      "city": "VIRGINIA BEACH",
      "state": "VA",
      "zip": "23464",
      "units": 236,
      "originalAmount": 40480000,
      "rate": 2.16,
      "originationDate": "2021-01-26",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "CASCADES AT WOODS CORNER",
      "address": "",
      "city": "VIRGINIA BEACH",
      "state": "VA",
      "zip": "23464",
      "units": 226,
      "originalAmount": 40240000,
      "rate": 2.16,
      "originationDate": "2021-01-26",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "WALTON VININGS",
      "address": "",
      "city": "SMYRNA",
      "state": "GA",
      "zip": "30080",
      "units": 216,
      "originalAmount": 37057600,
      "rate": 2.16,
      "originationDate": "2021-10-28",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.16% is 0.91 pts below the 2021-10 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "SERENITY VILLAS",
      "address": "",
      "city": "POMONA",
      "state": "CA",
      "zip": "91767",
      "units": 174,
      "originalAmount": 32735600,
      "rate": 2.16,
      "originationDate": "2020-09-30",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE GLENS AT ROLLING RIDGE",
      "address": "",
      "city": "HOWELL",
      "state": "MI",
      "zip": "48843",
      "units": 201,
      "originalAmount": 19300000,
      "rate": 2.16,
      "originationDate": "2021-02-23",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "HIGH POINTE APARTMENTS",
      "address": "",
      "city": "NORWALK",
      "state": "IA",
      "zip": "50211",
      "units": 192,
      "originalAmount": 16480000,
      "rate": 2.16,
      "originationDate": "2021-02-26",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "PINEWOOD TERRACE APARTMENTS",
      "address": "",
      "city": "RENO",
      "state": "NV",
      "zip": "89502",
      "units": 50,
      "originalAmount": 7300000,
      "rate": 2.16,
      "originationDate": "2021-03-25",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.16% is 0.92 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "PINEHURST APARTMENTS",
      "address": "",
      "city": "WHITE BEAR LAKE",
      "state": "MN",
      "zip": "55110",
      "units": 102,
      "originalAmount": 6300000,
      "rate": 2.16,
      "originationDate": "2020-12-30",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "1514 W. HOWARD",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60626",
      "units": 42,
      "originalAmount": 5028500,
      "rate": 2.16,
      "originationDate": "2020-10-20",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "SHORE PLAZA EAST",
      "address": "",
      "city": "EAST BOSTON",
      "state": "MA",
      "zip": "02128",
      "units": 380,
      "originalAmount": 75000000,
      "rate": 2.17,
      "originationDate": "2020-12-21",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MARBLE HALL",
      "address": "",
      "city": "TUCKAHOE",
      "state": "NY",
      "zip": "10707",
      "units": 134,
      "originalAmount": 48000000,
      "rate": 2.17,
      "originationDate": "2021-03-24",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.17% is 0.91 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE CARMICHAEL",
      "address": "",
      "city": "FRISCO",
      "state": "TX",
      "zip": "76034",
      "units": 320,
      "originalAmount": 47260000,
      "rate": 2.17,
      "originationDate": "2020-09-22",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "ASPENWOOD APARTMENTS",
      "address": "",
      "city": "WEST VALLEY CITY",
      "state": "UT",
      "zip": "84120",
      "units": 172,
      "originalAmount": 24400000,
      "rate": 2.17,
      "originationDate": "2021-09-29",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "EXCEL ON THE HUDSON AKA OVERLOOK TERRACE NORTH",
      "address": "",
      "city": "WEST NEW YORK",
      "state": "NJ",
      "zip": "07093",
      "units": 302,
      "originalAmount": 20000000,
      "rate": 2.17,
      "originationDate": "2020-12-17",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "NEW EASTWOOD HEALTHCARE & REHAB CENTER",
      "address": "",
      "city": "EASTON",
      "state": "PA",
      "zip": "18042",
      "units": 97,
      "originalAmount": 12785500,
      "rate": 2.17,
      "originationDate": "2018-06-18",
      "pmmsBenchmark": 4.57,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.17% is 2.40 pts below the 2018-06 market avg of 4.57%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "SORRENTO VILLAS SENIOR APARTMENTS",
      "address": "",
      "city": "SIMI VALLEY",
      "state": "CA",
      "zip": "93065",
      "units": 147,
      "originalAmount": 9982000,
      "rate": 2.17,
      "originationDate": "2021-01-29",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "CASABLANCA APARTMENTS",
      "address": "",
      "city": "PALMDALE",
      "state": "CA",
      "zip": "93522",
      "units": 198,
      "originalAmount": 9766700,
      "rate": 2.17,
      "originationDate": "2021-01-29",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ELK RIDGE ASSISTED LIVING",
      "address": "",
      "city": "ELKHORN",
      "state": "NE",
      "zip": "68022",
      "units": 92,
      "originalAmount": 7875200,
      "rate": 2.17,
      "originationDate": "2012-04-16",
      "pmmsBenchmark": 3.91,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.17% is 1.74 pts below the 2012-04 market avg of 3.91%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "POWELL VISTA MANOR",
      "address": "",
      "city": "GRESHAM",
      "state": "OR",
      "zip": "97030",
      "units": 71,
      "originalAmount": 6940000,
      "rate": 2.17,
      "originationDate": "2021-03-29",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.17% is 0.91 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "HIGHLAND APARTMENTS",
      "address": "",
      "city": "GREEN COVE SPRINGS",
      "state": "FL",
      "zip": "32043",
      "units": 52,
      "originalAmount": 4104000,
      "rate": 2.17,
      "originationDate": "2021-01-27",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "BROWER COMMONS",
      "address": "",
      "city": "LIMA",
      "state": "OH",
      "zip": "45801",
      "units": 90,
      "originalAmount": 3480000,
      "rate": 2.17,
      "originationDate": "2020-12-18",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "MCPHERSON WOODS",
      "address": "",
      "city": "MANSFIELD",
      "state": "OH",
      "zip": "44906",
      "units": 50,
      "originalAmount": 2100000,
      "rate": 2.17,
      "originationDate": "2020-11-20",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "STOREY MANOR",
      "address": "",
      "city": "COTTAGE HILLS",
      "state": "IL",
      "zip": "62018",
      "units": 50,
      "originalAmount": 544000,
      "rate": 2.17,
      "originationDate": "2003-08-29",
      "pmmsBenchmark": 6.264,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.17% is 4.09 pts below the 2003-08 market avg of 6.264%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "SUMET I APARTMENTS",
      "address": "",
      "city": "BROOKLYN",
      "state": "NY",
      "zip": "11211",
      "units": 201,
      "originalAmount": 74500000,
      "rate": 2.18,
      "originationDate": "2021-03-12",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.18% is 0.90 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "DUNWELL PLAZA",
      "address": "",
      "city": "NEW YORK",
      "state": "NY",
      "zip": "10032",
      "units": 183,
      "originalAmount": 58080000,
      "rate": 2.18,
      "originationDate": "2020-12-16",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "RIVER CROSSING",
      "address": "",
      "city": "ST. PAUL",
      "state": "MN",
      "zip": "55116",
      "units": 325,
      "originalAmount": 47242100,
      "rate": 2.18,
      "originationDate": "2012-12-12",
      "pmmsBenchmark": 3.345,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.18% is 1.17 pts below the 2012-12 market avg of 3.345%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "BOARDWALK ON RESEARCH",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78240",
      "units": 295,
      "originalAmount": 41000000,
      "rate": 2.18,
      "originationDate": "2020-11-30",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ARBORS AT CAHABA RIVER",
      "address": "",
      "city": "BIRMINGHAM",
      "state": "AL",
      "zip": "35243",
      "units": 348,
      "originalAmount": 39200000,
      "rate": 2.18,
      "originationDate": "2021-03-31",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.18% is 0.90 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "THE RESUDENCES AT VILLAGE WALK",
      "address": "",
      "city": "TARZANA",
      "state": "CA",
      "zip": "91356",
      "units": 57,
      "originalAmount": 26544000,
      "rate": 2.18,
      "originationDate": "2020-12-09",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "OAK CREEK APARTMENTS",
      "address": "",
      "city": "VANCOUVER",
      "state": "WA",
      "zip": "98682",
      "units": 180,
      "originalAmount": 25680000,
      "rate": 2.18,
      "originationDate": "2020-10-29",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "AVENTINE AT WILDERNESS HILLS",
      "address": "",
      "city": "LINCOLN",
      "state": "NE",
      "zip": "68516",
      "units": 220,
      "originalAmount": 25180000,
      "rate": 2.18,
      "originationDate": "2020-10-19",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "ELMHURST REHABILITATION AND HEALTHCARE CENTER",
      "address": "",
      "city": "PROVIDENCE",
      "state": "RI",
      "zip": "02908",
      "units": 338,
      "originalAmount": 24113600,
      "rate": 2.18,
      "originationDate": "2020-09-29",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "RIVER CROSSING AT KEYSTONE",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46240",
      "units": 314,
      "originalAmount": 21900000,
      "rate": 2.18,
      "originationDate": "2012-11-30",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.18% is 1.17 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "TERRELL SENIOR TERRACES",
      "address": "",
      "city": "TERRELL",
      "state": "TX",
      "zip": "75160",
      "units": 252,
      "originalAmount": 20862700,
      "rate": 2.18,
      "originationDate": "2020-08-13",
      "pmmsBenchmark": 2.935,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.18% is 0.75 pts below the 2020-08 market avg of 2.935%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SOUTHGATE APARTMENTS",
      "address": "",
      "city": "SCHENECTADY",
      "state": "NY",
      "zip": "12304",
      "units": 292,
      "originalAmount": 20000000,
      "rate": 2.18,
      "originationDate": "2021-04-21",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.18% is 0.88 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PEMBROKE PARK",
      "address": "",
      "city": "PEMBROKE",
      "state": "FL",
      "zip": "33023",
      "units": 244,
      "originalAmount": 20000000,
      "rate": 2.18,
      "originationDate": "2020-10-28",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "GABLES WEST",
      "address": "",
      "city": "HILLIARD",
      "state": "OH",
      "zip": "43026",
      "units": 184,
      "originalAmount": 19360000,
      "rate": 2.18,
      "originationDate": "2021-04-21",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.18% is 0.88 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE MARK ON SOLON",
      "address": "",
      "city": "WAXAHACHIE",
      "state": "TX",
      "zip": "75165",
      "units": 112,
      "originalAmount": 16640000,
      "rate": 2.18,
      "originationDate": "2021-10-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.18% is 0.89 pts below the 2021-10 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "RIVER GLEN APARTMENTS",
      "address": "",
      "city": "ROCHESTER",
      "state": "MN",
      "zip": "55906",
      "units": 128,
      "originalAmount": 15800300,
      "rate": 2.18,
      "originationDate": "2022-05-12",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.18% is 3.05 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "ESSEX PARK III",
      "address": "",
      "city": "ROCHESTER",
      "state": "MN",
      "zip": "55901",
      "units": 144,
      "originalAmount": 15520000,
      "rate": 2.18,
      "originationDate": "2021-10-28",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.18% is 0.89 pts below the 2021-10 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "CITY BLOCK APARTMENTS",
      "address": "",
      "city": "WILMINGTON",
      "state": "NC",
      "zip": "28401",
      "units": 112,
      "originalAmount": 15280000,
      "rate": 2.18,
      "originationDate": "2020-11-16",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SILSBEE TOWER",
      "address": "",
      "city": "LYNN",
      "state": "MA",
      "zip": "01902",
      "units": 146,
      "originalAmount": 14900000,
      "rate": 2.18,
      "originationDate": "2020-10-29",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WELLINGTON RIDGE",
      "address": "",
      "city": "COVINGTON",
      "state": "GA",
      "zip": "30014",
      "units": 220,
      "originalAmount": 12607800,
      "rate": 2.18,
      "originationDate": "2020-10-29",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "B'NAI B'RITH HOUSE",
      "address": "",
      "city": "CLAYMONT",
      "state": "DE",
      "zip": "19703",
      "units": 209,
      "originalAmount": 12000000,
      "rate": 2.18,
      "originationDate": "2020-09-17",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "Villa Broussard Apts Phase II",
      "address": "",
      "city": "Broussard",
      "state": "LA",
      "zip": "70518",
      "units": 100,
      "originalAmount": 11432500,
      "rate": 2.18,
      "originationDate": "2021-05-10",
      "pmmsBenchmark": 2.963,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.18% is 0.78 pts below the 2021-05 market avg of 2.963%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WINCHELL WAY APARTMENTS",
      "address": "",
      "city": "KALAMAZOO",
      "state": "MI",
      "zip": "49008",
      "units": 168,
      "originalAmount": 10200000,
      "rate": 2.18,
      "originationDate": "2020-11-24",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "CAPITOL HOUSE APARTMENTS",
      "address": "",
      "city": "IOWA CITY",
      "state": "IA",
      "zip": "52245",
      "units": 81,
      "originalAmount": 4256000,
      "rate": 2.18,
      "originationDate": "2020-11-19",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "REALIFE COOPERATIVE OF HIBBING",
      "address": "",
      "city": "HIBBING",
      "state": "MN",
      "zip": "55746",
      "units": 38,
      "originalAmount": 3956200,
      "rate": 2.18,
      "originationDate": "2020-10-29",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "EDGEWOOD ASSISTED LVG FACILITY",
      "address": "",
      "city": "SAGINAW",
      "state": "MI",
      "zip": "48603",
      "units": 81,
      "originalAmount": 3405700,
      "rate": 2.18,
      "originationDate": "2011-11-29",
      "pmmsBenchmark": 3.993,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.18% is 1.81 pts below the 2011-11 market avg of 3.993%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "CLAIBORNE ARMS APARTMENTS",
      "address": "",
      "city": "THEODORE",
      "state": "AL",
      "zip": "36582",
      "units": 72,
      "originalAmount": 3280000,
      "rate": 2.18,
      "originationDate": "2021-11-18",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.18% is 0.89 pts below the 2021-11 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "HARRISON VILLAGE",
      "address": "",
      "city": "CENTRALIA",
      "state": "WA",
      "zip": "98531",
      "units": 31,
      "originalAmount": 2420000,
      "rate": 2.18,
      "originationDate": "2021-10-14",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.18% is 0.89 pts below the 2021-10 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GARDEN VILLAGE APARTMENTS",
      "address": "",
      "city": "FORT DODGE",
      "state": "IA",
      "zip": "50501",
      "units": 72,
      "originalAmount": 2344000,
      "rate": 2.18,
      "originationDate": "2021-11-09",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.18% is 0.89 pts below the 2021-11 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "FAIRMONT PARK APARTMENTS",
      "address": "",
      "city": "FARMINGTON HILLS",
      "state": "MI",
      "zip": "48335",
      "units": 377,
      "originalAmount": 45920000,
      "rate": 2.19,
      "originationDate": "2021-02-23",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ABBOTTS CREEK APARTMENTS",
      "address": "",
      "city": "KERNERSVILLE",
      "state": "NC",
      "zip": "27284",
      "units": 384,
      "originalAmount": 38240000,
      "rate": 2.19,
      "originationDate": "2022-02-15",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.19% is 1.57 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "BURKE RIDGE CROSSING APARTMENTS",
      "address": "",
      "city": "WINSTON-SALEM",
      "state": "NC",
      "zip": "27103",
      "units": 336,
      "originalAmount": 34320000,
      "rate": 2.19,
      "originationDate": "2021-09-24",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "SANTA CLARA II APARTMENTS",
      "address": "",
      "city": "MIAMI",
      "state": "FL",
      "zip": "33142",
      "units": 204,
      "originalAmount": 32352000,
      "rate": 2.19,
      "originationDate": "2021-10-28",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.19% is 0.88 pts below the 2021-10 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "SANTA CLARA I APARTMENTS",
      "address": "",
      "city": "MIAMI",
      "state": "FL",
      "zip": "33142",
      "units": 208,
      "originalAmount": 31688000,
      "rate": 2.19,
      "originationDate": "2021-10-28",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.19% is 0.88 pts below the 2021-10 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "ICO DISTRICT",
      "address": "",
      "city": "SOUTH JORDAN",
      "state": "UT",
      "zip": "84095",
      "units": 258,
      "originalAmount": 30568600,
      "rate": 2.19,
      "originationDate": "2021-02-19",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "CHINATOWN ELDERLY APARTMENTS",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60616",
      "units": 138,
      "originalAmount": 29340000,
      "rate": 2.19,
      "originationDate": "2021-02-23",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "CROWN POINT APARTMENTS",
      "address": "",
      "city": "WEST COVINA",
      "state": "CA",
      "zip": "91792",
      "units": 192,
      "originalAmount": 22362100,
      "rate": 2.19,
      "originationDate": "2012-09-13",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.19% is 1.31 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "ASHTON PARK APARTMENTS",
      "address": "",
      "city": "ANDERSON",
      "state": "SC",
      "zip": "29621",
      "units": 216,
      "originalAmount": 20880000,
      "rate": 2.19,
      "originationDate": "2022-02-28",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.19% is 1.57 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "THE PAVILLION AT PIKETON FOR NURSING AND REHAB",
      "address": "",
      "city": "PIKETON",
      "state": "OH",
      "zip": "45661",
      "units": 246,
      "originalAmount": 19815000,
      "rate": 2.19,
      "originationDate": "2020-09-25",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "ARTISAN AT WILLOW SPRINGS",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78219",
      "units": 248,
      "originalAmount": 19393000,
      "rate": 2.19,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "THE PALMS AT JUBAN LAKES",
      "address": "",
      "city": "DENHAM SPRINGS",
      "state": "LA",
      "zip": "70726",
      "units": 144,
      "originalAmount": 18651900,
      "rate": 2.19,
      "originationDate": "2021-03-09",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.19% is 0.89 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "SOUTH SUMMIT APARTMENTS",
      "address": "",
      "city": "ST. LOUIS",
      "state": "MO",
      "zip": "63129",
      "units": 220,
      "originalAmount": 17000000,
      "rate": 2.19,
      "originationDate": "2021-11-01",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.19% is 0.88 pts below the 2021-11 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "FOX LAKE APARTMENTS",
      "address": "",
      "city": "KNOXVILLE",
      "state": "TN",
      "zip": "37923",
      "units": 340,
      "originalAmount": 15000000,
      "rate": 2.19,
      "originationDate": "2012-11-28",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.19% is 1.16 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "REALIFE COOPERATIVE OF BLOOMINGTON",
      "address": "",
      "city": "BLOOMINGTON",
      "state": "MN",
      "zip": "55420",
      "units": 96,
      "originalAmount": 11038900,
      "rate": 2.19,
      "originationDate": "2020-12-29",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "FAIRMARKET PLAZA APARTMENTS",
      "address": "",
      "city": "CHARLOTTE",
      "state": "NC",
      "zip": "28215",
      "units": 121,
      "originalAmount": 10400000,
      "rate": 2.19,
      "originationDate": "2020-11-06",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "PRESTON PLACE SUITES AND II",
      "address": "",
      "city": "KINGSPORT",
      "state": "TN",
      "zip": "37660",
      "units": 99,
      "originalAmount": 8192200,
      "rate": 2.19,
      "originationDate": "2012-02-29",
      "pmmsBenchmark": 3.89,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.19% is 1.70 pts below the 2012-02 market avg of 3.89%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "TERRACES AT CREEK STREET",
      "address": "",
      "city": "FREDERICKSBURG",
      "state": "TX",
      "zip": "78624",
      "units": 80,
      "originalAmount": 8024000,
      "rate": 2.19,
      "originationDate": "2020-11-24",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "REALIFE COOPERATIVE OF PHALEN VILLAGE",
      "address": "",
      "city": "ST PAUL",
      "state": "MN",
      "zip": "55106",
      "units": 59,
      "originalAmount": 6060700,
      "rate": 2.19,
      "originationDate": "2020-11-30",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "SEVENTEEN FIFTEEN APARTMENTS",
      "address": "",
      "city": "SEATTLE",
      "state": "WA",
      "zip": "98122",
      "units": 34,
      "originalAmount": 5850000,
      "rate": 2.19,
      "originationDate": "2021-04-14",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.19% is 0.87 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HAWKSWORTH GARDEN II",
      "address": "",
      "city": "GREENSBURG",
      "state": "PA",
      "zip": "15601",
      "units": 138,
      "originalAmount": 5680000,
      "rate": 2.19,
      "originationDate": "2021-04-22",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.19% is 0.87 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "HILLCREST APARTMENTS",
      "address": "",
      "city": "WAUKESHA",
      "state": "WI",
      "zip": "53186",
      "units": 60,
      "originalAmount": 5100000,
      "rate": 2.19,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "RIVERSIDE COMMONS",
      "address": "",
      "city": "DAYTON",
      "state": "OH",
      "zip": "45424",
      "units": 120,
      "originalAmount": 3888000,
      "rate": 2.19,
      "originationDate": "2021-03-31",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.19% is 0.89 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "WESTSIDE SHADY GROVE APARTMENTS",
      "address": "",
      "city": "ROCKVILLE",
      "state": "MD",
      "zip": "20855",
      "units": 268,
      "originalAmount": 99250000,
      "rate": 2.2,
      "originationDate": "2021-01-28",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HOC-MORTGAGE FINANCE PROGRAM"
    },
    {
      "property": "ASSOCIATED BLIND AKA SELIS MANOR",
      "address": "",
      "city": "NEW YORK",
      "state": "NY",
      "zip": "10011",
      "units": 205,
      "originalAmount": 74500000,
      "rate": 2.2,
      "originationDate": "2020-12-18",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GRAND STREET GUILD SOUTHWEST",
      "address": "",
      "city": "NEW YORK",
      "state": "NY",
      "zip": "10002",
      "units": 200,
      "originalAmount": 61891900,
      "rate": 2.2,
      "originationDate": "2020-10-22",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GRAND STREET GUILD SOUTHEAST",
      "address": "",
      "city": "NEW YORK",
      "state": "NY",
      "zip": "10002",
      "units": 200,
      "originalAmount": 55884900,
      "rate": 2.2,
      "originationDate": "2020-10-21",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GRAND STREET GUILD NORTH",
      "address": "",
      "city": "NEW YORK",
      "state": "NY",
      "zip": "10002",
      "units": 200,
      "originalAmount": 52777800,
      "rate": 2.2,
      "originationDate": "2020-10-21",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "The Boulevard I & II",
      "address": "",
      "city": "SAN ANGELO",
      "state": "TX",
      "zip": "76901",
      "units": 422,
      "originalAmount": 51300200,
      "rate": 2.2,
      "originationDate": "2020-12-30",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "COURTHOUSE SQUARE APARTMENTS",
      "address": "",
      "city": "TOWSON",
      "state": "MD",
      "zip": "21286",
      "units": 526,
      "originalAmount": 50056000,
      "rate": 2.2,
      "originationDate": "2021-03-31",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.2% is 0.88 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "STRATFORD POINT APARTMENTS",
      "address": "",
      "city": "SANFORD",
      "state": "FL",
      "zip": "32771",
      "units": 384,
      "originalAmount": 49071000,
      "rate": 2.2,
      "originationDate": "2021-11-12",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.2% is 0.87 pts below the 2021-11 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "THE MARLING APARTMENTS",
      "address": "",
      "city": "MADISON",
      "state": "WI",
      "zip": "53704",
      "units": 228,
      "originalAmount": 48800000,
      "rate": 2.2,
      "originationDate": "2021-01-19",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "EDGEWOOD HEIGHTS APARTMENTS",
      "address": "",
      "city": "EDGEWOOD",
      "state": "WA",
      "zip": "98371",
      "units": 220,
      "originalAmount": 46912000,
      "rate": 2.2,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "COMMONS AT CREEKSIDE",
      "address": "",
      "city": "HILLSBORO",
      "state": "OR",
      "zip": "97212",
      "units": 250,
      "originalAmount": 46880000,
      "rate": 2.2,
      "originationDate": "2021-02-24",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "FAIRMONT MUSEUM DISTRICT II",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77006",
      "units": 208,
      "originalAmount": 43664000,
      "rate": 2.2,
      "originationDate": "2021-09-27",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "BOULDER CANYON APARTMENTS",
      "address": "",
      "city": "WEST JORDAN",
      "state": "UT",
      "zip": "84081",
      "units": 280,
      "originalAmount": 41400000,
      "rate": 2.2,
      "originationDate": "2020-09-29",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "BERKLEY APARTMENTS",
      "address": "",
      "city": "NEWPORT NEWS",
      "state": "VA",
      "zip": "23601",
      "units": 373,
      "originalAmount": 40600000,
      "rate": 2.2,
      "originationDate": "2021-03-25",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.2% is 0.88 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "LOWER EAST SIDE I",
      "address": "",
      "city": "NEW YORK",
      "state": "NY",
      "zip": "10009",
      "units": 152,
      "originalAmount": 40000000,
      "rate": 2.2,
      "originationDate": "2021-11-22",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.2% is 0.87 pts below the 2021-11 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "COMMONS AT DAWSON CREEK",
      "address": "",
      "city": "HILLSBORO",
      "state": "OR",
      "zip": "97124",
      "units": 240,
      "originalAmount": 37699800,
      "rate": 2.2,
      "originationDate": "2021-04-22",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.2% is 0.86 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "THE MARK AT MIDLOTHIAN",
      "address": "",
      "city": "MIDLOTHIAN",
      "state": "TX",
      "zip": "76065",
      "units": 236,
      "originalAmount": 36000000,
      "rate": 2.2,
      "originationDate": "2021-10-08",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.2% is 0.87 pts below the 2021-10 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "ANATOLE AT THE PINES",
      "address": "",
      "city": "CONROE",
      "state": "TX",
      "zip": "77304",
      "units": 304,
      "originalAmount": 34160000,
      "rate": 2.2,
      "originationDate": "2021-02-24",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MARTIN LUTHER CAMPUS",
      "address": "",
      "city": "BLOOMINGTON",
      "state": "MN",
      "zip": "55425",
      "units": 455,
      "originalAmount": 28499100,
      "rate": 2.2,
      "originationDate": "2021-03-31",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.2% is 0.88 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "PARKWAY LAKESIDE",
      "address": "",
      "city": "O'FALLON",
      "state": "IL",
      "zip": "62269",
      "units": 232,
      "originalAmount": 25272900,
      "rate": 2.2,
      "originationDate": "2020-10-30",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "ARROYO SECO VILLAS",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78253",
      "units": 200,
      "originalAmount": 23600000,
      "rate": 2.2,
      "originationDate": "2021-09-30",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE MADISON",
      "address": "",
      "city": "MESA",
      "state": "AZ",
      "zip": "85201",
      "units": 96,
      "originalAmount": 21815700,
      "rate": 2.2,
      "originationDate": "2022-02-14",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.2% is 1.56 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "LEGEND PARK I",
      "address": "",
      "city": "LAWTON",
      "state": "OK",
      "zip": "73501",
      "units": 264,
      "originalAmount": 21420300,
      "rate": 2.2,
      "originationDate": "2020-12-18",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MAPLEWOOD SENIOR CITIZEN RESIDENCE",
      "address": "",
      "city": "MAPLEWOOD",
      "state": "NJ",
      "zip": "07040",
      "units": 114,
      "originalAmount": 18640000,
      "rate": 2.2,
      "originationDate": "2021-11-30",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.2% is 0.87 pts below the 2021-11 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SCENIC PINES",
      "address": "",
      "city": "TACOMA",
      "state": "WA",
      "zip": "98467",
      "units": 176,
      "originalAmount": 18253800,
      "rate": 2.2,
      "originationDate": "2020-11-05",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "AUTMN GLEN SENIOR HOUSING",
      "address": "",
      "city": "COON RAPIDS",
      "state": "MN",
      "zip": "55433",
      "units": 200,
      "originalAmount": 15519400,
      "rate": 2.2,
      "originationDate": "2018-12-13",
      "pmmsBenchmark": 4.638,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.2% is 2.44 pts below the 2018-12 market avg of 4.638%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "TOWNE & COUNTRY",
      "address": "",
      "city": "WEST CHICAGO",
      "state": "IL",
      "zip": "60185",
      "units": 189,
      "originalAmount": 14269000,
      "rate": 2.2,
      "originationDate": "2021-02-26",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "SAN LORENZO PARK APARTMENTS",
      "address": "",
      "city": "SANTA CRUZ",
      "state": "CA",
      "zip": "95060",
      "units": 77,
      "originalAmount": 14000000,
      "rate": 2.2,
      "originationDate": "2020-10-28",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "FOREST PARK",
      "address": "",
      "city": "DETROIT",
      "state": "MI",
      "zip": "48207",
      "units": 160,
      "originalAmount": 13600000,
      "rate": 2.2,
      "originationDate": "2021-10-21",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.2% is 0.87 pts below the 2021-10 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "APPLEWOOD COOPERATIVE OF CHAMPLIN",
      "address": "",
      "city": "CHAMPLIN",
      "state": "MN",
      "zip": "55316",
      "units": 70,
      "originalAmount": 13069700,
      "rate": 2.2,
      "originationDate": "2021-03-30",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.2% is 0.88 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "FOX POINT MANOR",
      "address": "",
      "city": "PROVIDENCE",
      "state": "RI",
      "zip": "02903",
      "units": 99,
      "originalAmount": 12520000,
      "rate": 2.2,
      "originationDate": "2020-12-16",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PINE HOMES APARTMENTS",
      "address": "",
      "city": "BROCKTON",
      "state": "MA",
      "zip": "02301",
      "units": 114,
      "originalAmount": 11353400,
      "rate": 2.2,
      "originationDate": "2020-12-15",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "TUNNEL HILL PARK APARTMENTS",
      "address": "",
      "city": "ELIZABETHTOWN",
      "state": "KY",
      "zip": "42701",
      "units": 100,
      "originalAmount": 7883400,
      "rate": 2.2,
      "originationDate": "2020-10-29",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "CASA MIGUEL",
      "address": "",
      "city": "CLEARWATER",
      "state": "FL",
      "zip": "33763",
      "units": 82,
      "originalAmount": 7752400,
      "rate": 2.2,
      "originationDate": "2020-10-29",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "VILLAGE COOPERATIVE OF AUSTIN",
      "address": "",
      "city": "AUSTIN",
      "state": "MN",
      "zip": "55912",
      "units": 62,
      "originalAmount": 7147900,
      "rate": 2.2,
      "originationDate": "2020-10-29",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "HIGHLAND HILLS APARTMENTS",
      "address": "",
      "city": "TAUNTON",
      "state": "MA",
      "zip": "02780",
      "units": 116,
      "originalAmount": 6908800,
      "rate": 2.2,
      "originationDate": "2021-01-15",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CROOKED CREEK II",
      "address": "",
      "city": "KANSAS CITY",
      "state": "MO",
      "zip": "64118",
      "units": 112,
      "originalAmount": 6254000,
      "rate": 2.2,
      "originationDate": "2012-11-15",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.2% is 1.15 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "VILLLAGE OF HOLLY WOODLANDS PHASE I",
      "address": "",
      "city": "HOLLY",
      "state": "MI",
      "zip": "48442",
      "units": 71,
      "originalAmount": 5360000,
      "rate": 2.2,
      "originationDate": "2021-01-28",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SPRING HOLLOW APARTMENTS",
      "address": "",
      "city": "AUSTIN",
      "state": "TX",
      "zip": "78723",
      "units": 99,
      "originalAmount": 5250000,
      "rate": 2.2,
      "originationDate": "2021-03-11",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.2% is 0.88 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CONGRESS PARKWAY",
      "address": "",
      "city": "CRYSTAL LAKE",
      "state": "IL",
      "zip": "60014",
      "units": 60,
      "originalAmount": 5090000,
      "rate": 2.2,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "VILLAGE SQUARE APARTMENTS",
      "address": "",
      "city": "SAN BERNARDINO",
      "state": "CA",
      "zip": "92410",
      "units": 80,
      "originalAmount": 4246400,
      "rate": 2.2,
      "originationDate": "2012-10-25",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.2% is 1.18 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "TOWN SQUARE APARTMENTS",
      "address": "",
      "city": "VERMILLION",
      "state": "SD",
      "zip": "57069",
      "units": 70,
      "originalAmount": 4120000,
      "rate": 2.2,
      "originationDate": "2020-12-16",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "HERITAGE HOUSE",
      "address": "",
      "city": "LEWISBURG",
      "state": "PA",
      "zip": "17837",
      "units": 80,
      "originalAmount": 1395000,
      "rate": 2.2,
      "originationDate": "2012-01-26",
      "pmmsBenchmark": 3.915,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.2% is 1.71 pts below the 2012-01 market avg of 3.915%"
      ],
      "holder": "PILLAR CAPITAL FINANCE LLC"
    },
    {
      "property": "THE LIFE AT WESTPARK",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77083",
      "units": 312,
      "originalAmount": 49350800,
      "rate": 2.21,
      "originationDate": "2021-12-01",
      "pmmsBenchmark": 3.098,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.21% is 0.89 pts below the 2021-12 market avg of 3.098%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "LEGACY AT LINDEN PARK APARTMENTS",
      "address": "",
      "city": "LYNCHBURG",
      "state": "VA",
      "zip": "24502",
      "units": 408,
      "originalAmount": 36080000,
      "rate": 2.21,
      "originationDate": "2021-09-17",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "IVY RIDGE",
      "address": "",
      "city": "BUFORD",
      "state": "GA",
      "zip": "30519",
      "units": 256,
      "originalAmount": 31500000,
      "rate": 2.21,
      "originationDate": "2021-08-11",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "VIRGINIA COMMONS APARTMENTS",
      "address": "",
      "city": "DUMFRIES",
      "state": "VA",
      "zip": "22026",
      "units": 188,
      "originalAmount": 29600000,
      "rate": 2.21,
      "originationDate": "2021-01-29",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "CHARLES POINT",
      "address": "",
      "city": "MEDFORD",
      "state": "OR",
      "zip": "97501",
      "units": 201,
      "originalAmount": 25360000,
      "rate": 2.21,
      "originationDate": "2020-12-17",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "ORCHARD GLEN ESTATES",
      "address": "",
      "city": "MEDFORD",
      "state": "OR",
      "zip": "97501",
      "units": 201,
      "originalAmount": 23040000,
      "rate": 2.21,
      "originationDate": "2020-12-17",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "THE HOLLOWS",
      "address": "",
      "city": "COLUMBIA",
      "state": "SC",
      "zip": "29210",
      "units": 212,
      "originalAmount": 22373800,
      "rate": 2.21,
      "originationDate": "2020-10-29",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "LA BORGATA APARTMENTS",
      "address": "",
      "city": "SURPRISE",
      "state": "AZ",
      "zip": "85374",
      "units": 142,
      "originalAmount": 21500000,
      "rate": 2.21,
      "originationDate": "2021-04-21",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.21% is 0.85 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "TIMBER RIDGE PLACE APARTMENTS HOMES",
      "address": "",
      "city": "ALBANY",
      "state": "OR",
      "zip": "97322",
      "units": 137,
      "originalAmount": 21440000,
      "rate": 2.21,
      "originationDate": "2020-12-16",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "VILLAS ON RAIFORD",
      "address": "",
      "city": "CARROLLTON",
      "state": "TX",
      "zip": "75007",
      "units": 180,
      "originalAmount": 19591000,
      "rate": 2.21,
      "originationDate": "2021-03-12",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.21% is 0.87 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "RIVERVIEW TOWER",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44113",
      "units": 506,
      "originalAmount": 17345000,
      "rate": 2.21,
      "originationDate": "2021-04-23",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.21% is 0.85 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MISHAWUM PARK APARTMENTS",
      "address": "",
      "city": "CHARLESTOWN",
      "state": "MA",
      "zip": "02129",
      "units": 337,
      "originalAmount": 15562300,
      "rate": 2.21,
      "originationDate": "2021-02-10",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PAVILION AT TWIN CREEK",
      "address": "",
      "city": "BELLEVUE",
      "state": "NE",
      "zip": "68123",
      "units": 240,
      "originalAmount": 14278300,
      "rate": 2.21,
      "originationDate": "2020-11-30",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "VALLEY VIEW HEALTH CAMPUS",
      "address": "",
      "city": "FREMONT",
      "state": "OH",
      "zip": "43420",
      "units": 168,
      "originalAmount": 10856000,
      "rate": 2.21,
      "originationDate": "2020-12-16",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "WOODVIEW VILLAGE APARTMENTS",
      "address": "",
      "city": "MARQUETTE",
      "state": "MI",
      "zip": "49855",
      "units": 124,
      "originalAmount": 7310000,
      "rate": 2.21,
      "originationDate": "2021-03-25",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.21% is 0.87 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "WEST BOULEVARD",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44103",
      "units": 118,
      "originalAmount": 4973700,
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      "originationDate": "2021-04-23",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.21% is 0.85 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "The Meadows",
      "address": "",
      "city": "Jacksonville",
      "state": "AR",
      "zip": "72076",
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      "originalAmount": 3703200,
      "rate": 2.21,
      "originationDate": "2021-06-24",
      "pmmsBenchmark": 2.975,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.21% is 0.77 pts below the 2021-06 market avg of 2.975%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "RAINBOW EAST LUXURY APARTMENTS",
      "address": "",
      "city": "BLOOMINGTON",
      "state": "IL",
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      "units": 64,
      "originalAmount": 3352500,
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      "pmmsBenchmark": 2.963,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.21% is 0.75 pts below the 2021-05 market avg of 2.963%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "PARKWAY COURT APARTMENTS",
      "address": "",
      "city": "NORMAL",
      "state": "IL",
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      "units": 58,
      "originalAmount": 3346200,
      "rate": 2.21,
      "originationDate": "2021-05-06",
      "pmmsBenchmark": 2.963,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.21% is 0.75 pts below the 2021-05 market avg of 2.963%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "SHENANDOAH WOODS",
      "address": "",
      "city": "PLYMOUTH",
      "state": "MN",
      "zip": "55442",
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      "originalAmount": 2315000,
      "rate": 2.21,
      "originationDate": "2009-12-31",
      "pmmsBenchmark": 4.93,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.21% is 2.72 pts below the 2009-12 market avg of 4.93%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "THE MEADOWS",
      "address": "",
      "city": "ROCHESTER",
      "state": "MN",
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      "originalAmount": 1971400,
      "rate": 2.21,
      "originationDate": "2021-01-26",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "ASHLAND PLACE",
      "address": "",
      "city": "ROCHESTER",
      "state": "MN",
      "zip": "55901",
      "units": 49,
      "originalAmount": 1938700,
      "rate": 2.21,
      "originationDate": "2021-01-26",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "STERLING CREEK AT RICHMOND HILL",
      "address": "",
      "city": "RICHMOND HILL",
      "state": "GA",
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      "units": 280,
      "originalAmount": 38160000,
      "rate": 2.22,
      "originationDate": "2021-01-26",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "COVINGTON PLACE APARTMENTS",
      "address": "",
      "city": "ST. LOUIS",
      "state": "MO",
      "zip": "63125",
      "units": 400,
      "originalAmount": 22880000,
      "rate": 2.22,
      "originationDate": "2020-12-16",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CASTLETON MANOR APARTMENTS",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46220",
      "units": 220,
      "originalAmount": 22000000,
      "rate": 2.22,
      "originationDate": "2021-09-28",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "BRECKENRIDGE PARK APARTMENTS",
      "address": "",
      "city": "HATTIESBURG",
      "state": "MS",
      "zip": "39402",
      "units": 336,
      "originalAmount": 21476300,
      "rate": 2.22,
      "originationDate": "2021-03-25",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.22% is 0.86 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "LAKE JONATHAN FLATS",
      "address": "",
      "city": "CHASKA",
      "state": "MN",
      "zip": "55318",
      "units": 117,
      "originalAmount": 19600000,
      "rate": 2.22,
      "originationDate": "2021-10-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.22% is 0.85 pts below the 2021-10 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "HUNTERDON CARE CENTER",
      "address": "",
      "city": "FLEMINGTON",
      "state": "NJ",
      "zip": "08822",
      "units": 183,
      "originalAmount": 19218100,
      "rate": 2.22,
      "originationDate": "2012-05-30",
      "pmmsBenchmark": 3.798,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.22% is 1.58 pts below the 2012-05 market avg of 3.798%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "BURNT MILLS CROSSING",
      "address": "",
      "city": "SILVER SPRING",
      "state": "MD",
      "zip": "20901",
      "units": 136,
      "originalAmount": 14500000,
      "rate": 2.22,
      "originationDate": "2020-10-30",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "CAPSTONE APARTMENTS",
      "address": "",
      "city": "DULUTH",
      "state": "MN",
      "zip": "55811",
      "units": 81,
      "originalAmount": 14128900,
      "rate": 2.22,
      "originationDate": "2021-03-31",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.22% is 0.86 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SQUIRE VILLAGE APARTMENTS",
      "address": "",
      "city": "ELGIN",
      "state": "IL",
      "zip": "60120",
      "units": 180,
      "originalAmount": 13891400,
      "rate": 2.22,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "6250 S. HARPER",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60637",
      "units": 205,
      "originalAmount": 12900100,
      "rate": 2.22,
      "originationDate": "2020-10-30",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "MENTOR RIDGE HEALTH AND REHABILITATION",
      "address": "",
      "city": "MENTOR",
      "state": "OH",
      "zip": "44060",
      "units": 192,
      "originalAmount": 12043600,
      "rate": 2.22,
      "originationDate": "2020-08-14",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "GRIFFITH KILGORE GARDENS",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90011",
      "units": 90,
      "originalAmount": 10992200,
      "rate": 2.22,
      "originationDate": "2021-10-28",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.22% is 0.85 pts below the 2021-10 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LIFE CARE CENTER OF COLLEGEDALE",
      "address": "",
      "city": "COLLEGEDALE",
      "state": "TN",
      "zip": "37315",
      "units": 200,
      "originalAmount": 10195400,
      "rate": 2.22,
      "originationDate": "2020-09-02",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "SLATE RUN APARTMENTS",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46268",
      "units": 123,
      "originalAmount": 8800000,
      "rate": 2.22,
      "originationDate": "2020-09-30",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "HIDDEN COVE ESTATES",
      "address": "",
      "city": "PLYMOUTH",
      "state": "MI",
      "zip": "48170",
      "units": 111,
      "originalAmount": 8521800,
      "rate": 2.22,
      "originationDate": "2020-12-30",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "NOBL PARK",
      "address": "",
      "city": "VANCOUVER",
      "state": "WA",
      "zip": "98662",
      "units": 144,
      "originalAmount": 7586300,
      "rate": 2.22,
      "originationDate": "2020-11-23",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "TIGER BAY APARTMENTS",
      "address": "",
      "city": "GAINESVILLE",
      "state": "FL",
      "zip": "32641",
      "units": 96,
      "originalAmount": 5734600,
      "rate": 2.22,
      "originationDate": "2021-02-18",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "TOWNHOMES AT NORTHWEST POINTE",
      "address": "",
      "city": "DAVENPORT",
      "state": "IA",
      "zip": "52806",
      "units": 32,
      "originalAmount": 5689200,
      "rate": 2.22,
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      "pmmsBenchmark": 3.06,
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      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.22% is 0.84 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "A.R.P. MANOR",
      "address": "",
      "city": "GASTONIA",
      "state": "NC",
      "zip": "28054",
      "units": 100,
      "originalAmount": 5000000,
      "rate": 2.22,
      "originationDate": "2020-11-19",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "GRACELAND AT GARDEN RIDGE",
      "address": "",
      "city": "GARDEN RIDGE",
      "state": "TX",
      "zip": "78266",
      "units": 100,
      "originalAmount": 4812300,
      "rate": 2.22,
      "originationDate": "2020-11-24",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "LIFE CARE CENTER OF SENECA",
      "address": "",
      "city": "SENECA",
      "state": "KS",
      "zip": "66538",
      "units": 102,
      "originalAmount": 3992000,
      "rate": 2.22,
      "originationDate": "2020-09-02",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "DISCOVERY HEIGHTS I",
      "address": "",
      "city": "ISSAQUAH",
      "state": "WA",
      "zip": "98029",
      "units": 253,
      "originalAmount": 67571100,
      "rate": 2.23,
      "originationDate": "2020-09-29",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "KINSTONE RIVER",
      "address": "",
      "city": "ATLANTA",
      "state": "GA",
      "zip": "30339",
      "units": 370,
      "originalAmount": 44320000,
      "rate": 2.23,
      "originationDate": "2021-01-26",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE LOFTS AT SARATOGA BLVD",
      "address": "",
      "city": "MALTA",
      "state": "NY",
      "zip": "75681",
      "units": 214,
      "originalAmount": 43440000,
      "rate": 2.23,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "DENTON GROVE APARTMENT HOMES",
      "address": "",
      "city": "DENTON",
      "state": "TX",
      "zip": "76209",
      "units": 276,
      "originalAmount": 40000000,
      "rate": 2.23,
      "originationDate": "2022-04-29",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.23% is 2.75 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "BERKSHIRE PARK APARTMENTS",
      "address": "",
      "city": "KNIGHTDALE",
      "state": "NC",
      "zip": "27545",
      "units": 288,
      "originalAmount": 37200000,
      "rate": 2.23,
      "originationDate": "2022-02-23",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.23% is 1.53 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "THIRD NORTH APARTMENTS",
      "address": "",
      "city": "MINNEAPOLIS",
      "state": "MN",
      "zip": "55401",
      "units": 204,
      "originalAmount": 32454500,
      "rate": 2.23,
      "originationDate": "2020-12-30",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "RESERVE AT RIVER PLACE",
      "address": "",
      "city": "YOUNGSVILLE",
      "state": "LA",
      "zip": "70592",
      "units": 240,
      "originalAmount": 31840000,
      "rate": 2.23,
      "originationDate": "2020-12-29",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "ARRIVE SKYLINE",
      "address": "",
      "city": "BOISE",
      "state": "ID",
      "zip": "83705",
      "units": 192,
      "originalAmount": 30840000,
      "rate": 2.23,
      "originationDate": "2021-03-18",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.23% is 0.85 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SOUTH PARK VILLAGE",
      "address": "",
      "city": "SANFORD",
      "state": "NC",
      "zip": "27332",
      "units": 288,
      "originalAmount": 29360000,
      "rate": 2.23,
      "originationDate": "2020-12-14",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "THE RESERVE AT PARK WEST",
      "address": "",
      "city": "SPARTANBURG",
      "state": "SC",
      "zip": "29301",
      "units": 264,
      "originalAmount": 26800000,
      "rate": 2.23,
      "originationDate": "2022-02-22",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.23% is 1.53 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "OAKVIEW GARDEN APARTMENTS- SECTION II",
      "address": "",
      "city": "FALLS CHURCH",
      "state": "VA",
      "zip": "22041",
      "units": 158,
      "originalAmount": 25600000,
      "rate": 2.23,
      "originationDate": "2020-09-30",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "THE CIVIC FRISCO SQUARE",
      "address": "",
      "city": "FRISCO",
      "state": "TX",
      "zip": "75034",
      "units": 275,
      "originalAmount": 25450900,
      "rate": 2.23,
      "originationDate": "2021-09-29",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "GRAMERCY PARK COOPERATIVE AT LAKE SHORE",
      "address": "",
      "city": "RICHFIELD",
      "state": "MN",
      "zip": "55423",
      "units": 157,
      "originalAmount": 22223200,
      "rate": 2.23,
      "originationDate": "2021-03-29",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.23% is 0.85 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "THE CARLTON AT THE LAKE",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60613",
      "units": 327,
      "originalAmount": 21969200,
      "rate": 2.23,
      "originationDate": "2020-09-22",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "WOODLAKE VILLAGE",
      "address": "",
      "city": "GARY",
      "state": "IN",
      "zip": "46403",
      "units": 498,
      "originalAmount": 21600000,
      "rate": 2.23,
      "originationDate": "2021-10-28",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.23% is 0.84 pts below the 2021-10 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "MILHAM MEADOWS APARTMENTS",
      "address": "",
      "city": "PORTAGE",
      "state": "MI",
      "zip": "49024",
      "units": 300,
      "originalAmount": 20312100,
      "rate": 2.23,
      "originationDate": "2020-10-20",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "MURRIETA HEALTH AND REHABILITATION CENTER",
      "address": "",
      "city": "MURRIETA",
      "state": "CA",
      "zip": "92562",
      "units": 222,
      "originalAmount": 16442400,
      "rate": 2.23,
      "originationDate": "2021-03-04",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.23% is 0.85 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "SHERMAN WAY APARTMENTS",
      "address": "",
      "city": "RESEDA",
      "state": "CA",
      "zip": "91335",
      "units": 49,
      "originalAmount": 15658900,
      "rate": 2.23,
      "originationDate": "2021-09-29",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "OAKBROOK I APARTMENTS",
      "address": "",
      "city": "FORT COLLINS",
      "state": "CO",
      "zip": "80525",
      "units": 107,
      "originalAmount": 15520000,
      "rate": 2.23,
      "originationDate": "2021-04-27",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.23% is 0.83 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CONCORD COMMONS",
      "address": "",
      "city": "GARY",
      "state": "IN",
      "zip": "46406",
      "units": 354,
      "originalAmount": 15500000,
      "rate": 2.23,
      "originationDate": "2021-10-28",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.23% is 0.84 pts below the 2021-10 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "TOWNHOMES OF CASWELL",
      "address": "",
      "city": "TROY",
      "state": "MI",
      "zip": "48085",
      "units": 74,
      "originalAmount": 14750000,
      "rate": 2.23,
      "originationDate": "2020-11-30",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHPOINT CAPITAL LLC"
    },
    {
      "property": "THE VILLAGE AT WESTLAKE APT HM",
      "address": "",
      "city": "SHREVEPORT",
      "state": "LA",
      "zip": "71101",
      "units": 208,
      "originalAmount": 14179300,
      "rate": 2.23,
      "originationDate": "2012-08-30",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.23% is 1.37 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "THE PLAZA AT CLOVER LAKE",
      "address": "",
      "city": "CARMEL",
      "state": "NY",
      "zip": "10512",
      "units": 295,
      "originalAmount": 13214500,
      "rate": 2.23,
      "originationDate": "2020-07-31",
      "pmmsBenchmark": 3.016,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.23% is 0.79 pts below the 2020-07 market avg of 3.016%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "STONEGATE APARTMENTS",
      "address": "",
      "city": "NEW BRITAIN",
      "state": "CT",
      "zip": "06051",
      "units": 216,
      "originalAmount": 12960000,
      "rate": 2.23,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.23% is 0.83 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "RESIDENCES AT 219",
      "address": "",
      "city": "PHILADELPHIA",
      "state": "PA",
      "zip": "19118",
      "units": 107,
      "originalAmount": 11760000,
      "rate": 2.23,
      "originationDate": "2021-03-19",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.23% is 0.85 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "PRESTWICK APARTMENTS",
      "address": "",
      "city": "SIOUX CITY",
      "state": "IA",
      "zip": "51106",
      "units": 204,
      "originalAmount": 11095000,
      "rate": 2.23,
      "originationDate": "2020-12-21",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "EXCELSIOR AT CROCKER PARK",
      "address": "",
      "city": "WESTLAKE",
      "state": "OH",
      "zip": "44145",
      "units": 58,
      "originalAmount": 9336000,
      "rate": 2.23,
      "originationDate": "2020-10-20",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "NEW VILLAGE HOMES",
      "address": "",
      "city": "COLUMBUS",
      "state": "OH",
      "zip": "43201",
      "units": 100,
      "originalAmount": 9000000,
      "rate": 2.23,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.23% is 0.83 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "REDWOOD MARYSVILLE (MILFORD CROSSING) P2",
      "address": "",
      "city": "MARYSVILLE",
      "state": "OH",
      "zip": "43040",
      "units": 53,
      "originalAmount": 8640000,
      "rate": 2.23,
      "originationDate": "2021-05-21",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HERITAGE FOREST APARTMENTS PHASE I",
      "address": "",
      "city": "NEWPORT NEWS",
      "state": "VA",
      "zip": "23605",
      "units": 144,
      "originalAmount": 8609900,
      "rate": 2.23,
      "originationDate": "2020-12-22",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "WILLOW CREEK II APARTMENTS",
      "address": "",
      "city": "KALAMAZOO",
      "state": "MI",
      "zip": "49008",
      "units": 159,
      "originalAmount": 8400000,
      "rate": 2.23,
      "originationDate": "2021-01-15",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "BERRYHILL APARTMENTS",
      "address": "",
      "city": "GRASS VALLEY",
      "state": "CA",
      "zip": "95945",
      "units": 96,
      "originalAmount": 7896000,
      "rate": 2.23,
      "originationDate": "2020-11-23",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "PLUM CREEK ASSISTED LIVING",
      "address": "",
      "city": "BRUNSWICK",
      "state": "OH",
      "zip": "44212",
      "units": 43,
      "originalAmount": 4742800,
      "rate": 2.23,
      "originationDate": "2012-11-29",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.23% is 1.12 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "JULIANNA APARTMENTS",
      "address": "",
      "city": "BUFFALO",
      "state": "NY",
      "zip": "14220",
      "units": 32,
      "originalAmount": 2731500,
      "rate": 2.23,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "AUXORA ARMS",
      "address": "",
      "city": "LITTLE ROCK",
      "state": "AR",
      "zip": "72209",
      "units": 100,
      "originalAmount": 2300000,
      "rate": 2.23,
      "originationDate": "2013-07-30",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.23% is 2.14 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "BROOKSIDE GARDENS",
      "address": "",
      "city": "MERIDEN",
      "state": "CT",
      "zip": "06451",
      "units": 32,
      "originalAmount": 1288800,
      "rate": 2.23,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.23% is 0.83 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "MAINEGENERAL MEDICAL CENTER",
      "address": "",
      "city": "AUGUSTA",
      "state": "ME",
      "zip": "04339",
      "units": 198,
      "originalAmount": 299371500,
      "rate": 2.24,
      "originationDate": "2021-01-13",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "REMINGTON APARTMENTS",
      "address": "",
      "city": "ST. CHARLES",
      "state": "MO",
      "zip": "63303",
      "units": 472,
      "originalAmount": 49040000,
      "rate": 2.24,
      "originationDate": "2020-12-14",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "WEST END FLATS",
      "address": "",
      "city": "MEDIA",
      "state": "PA",
      "zip": "19063",
      "units": 162,
      "originalAmount": 41600000,
      "rate": 2.24,
      "originationDate": "2021-09-23",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "ELEVATIONS ONE",
      "address": "",
      "city": "WOODBRIDGE",
      "state": "VA",
      "zip": "22191",
      "units": 209,
      "originalAmount": 31605000,
      "rate": 2.24,
      "originationDate": "2021-01-21",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "LULLWATER AT BASS",
      "address": "",
      "city": "MACON",
      "state": "GA",
      "zip": "31210",
      "units": 316,
      "originalAmount": 30700000,
      "rate": 2.24,
      "originationDate": "2021-02-18",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "Residences of Stillwater",
      "address": "",
      "city": "Georgetown",
      "state": "TX",
      "zip": "78626",
      "units": 192,
      "originalAmount": 26400000,
      "rate": 2.24,
      "originationDate": "2019-11-22",
      "pmmsBenchmark": 3.695,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.24% is 1.45 pts below the 2019-11 market avg of 3.695%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "WESTRIDGE APARTMENTS",
      "address": "",
      "city": "LAKEWOOD",
      "state": "CO",
      "zip": "80232",
      "units": 193,
      "originalAmount": 20737800,
      "rate": 2.24,
      "originationDate": "2021-03-17",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.24% is 0.84 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "QUEENS NASSUA REHABILITATION AND NURSING CENTER",
      "address": "",
      "city": "FAR ROCKAWAY",
      "state": "NY",
      "zip": "11691",
      "units": 301,
      "originalAmount": 18688700,
      "rate": 2.24,
      "originationDate": "2020-08-31",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "FOUNTAINS OF BURLESON",
      "address": "",
      "city": "BURLESON",
      "state": "TX",
      "zip": "76028",
      "units": 128,
      "originalAmount": 18400000,
      "rate": 2.24,
      "originationDate": "2021-10-28",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.24% is 0.83 pts below the 2021-10 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE CROSSINGS AT COTTAGE HILL (fka CREEKSID",
      "address": "",
      "city": "MOBILE",
      "state": "AL",
      "zip": "36693",
      "units": 182,
      "originalAmount": 15482200,
      "rate": 2.24,
      "originationDate": "2021-02-26",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "PALM GARDENS APARTMENTS",
      "address": "",
      "city": "HIALEAH",
      "state": "FL",
      "zip": "33015",
      "units": 220,
      "originalAmount": 15062200,
      "rate": 2.24,
      "originationDate": "2021-03-30",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.24% is 0.84 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "PONDSIDE AT LITTLETON",
      "address": "",
      "city": "LITTLETON",
      "state": "MA",
      "zip": "01460",
      "units": 90,
      "originalAmount": 14390200,
      "rate": 2.24,
      "originationDate": "2021-02-22",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE COVE APARTMENTS",
      "address": "",
      "city": "CANAL WINCHESTER",
      "state": "OH",
      "zip": "30996",
      "units": 164,
      "originalAmount": 11280000,
      "rate": 2.24,
      "originationDate": "2021-09-28",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "MARIN POST ACUTE",
      "address": "",
      "city": "SAN RAFAEL",
      "state": "CA",
      "zip": "94903",
      "units": 218,
      "originalAmount": 11099600,
      "rate": 2.24,
      "originationDate": "2021-02-24",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "NORTHRIDGE APARTMENTS III",
      "address": "",
      "city": "ROCHESTER HILLS",
      "state": "MI",
      "zip": "48307",
      "units": 224,
      "originalAmount": 10527500,
      "rate": 2.24,
      "originationDate": "2012-09-27",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.24% is 1.26 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GREYSTONE SERVICING COMPANY LL"
    },
    {
      "property": "ROYAL COURT",
      "address": "",
      "city": "WASHINGTON",
      "state": "DC",
      "zip": "20032",
      "units": 126,
      "originalAmount": 10396800,
      "rate": 2.24,
      "originationDate": "2013-10-29",
      "pmmsBenchmark": 4.192,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.24% is 1.95 pts below the 2013-10 market avg of 4.192%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "John Paul II Apartments",
      "address": "",
      "city": "NEW YORK",
      "state": "NY",
      "zip": "10030",
      "units": 70,
      "originalAmount": 10082100,
      "rate": 2.24,
      "originationDate": "2021-05-26",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "RIVERVIEW APARTMENTS",
      "address": "",
      "city": "AVON",
      "state": "CO",
      "zip": "81620",
      "units": 72,
      "originalAmount": 8490100,
      "rate": 2.24,
      "originationDate": "2021-03-03",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.24% is 0.84 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "THE PHOENIX BUILDING",
      "address": "",
      "city": "BIRMINGHAM",
      "state": "AL",
      "zip": "35203",
      "units": 74,
      "originalAmount": 5690000,
      "rate": 2.24,
      "originationDate": "2021-02-08",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "VILLAGE COOPERATIVE OF RED WING",
      "address": "",
      "city": "Red Wing",
      "state": "MN",
      "zip": "55066",
      "units": 44,
      "originalAmount": 5427300,
      "rate": 2.24,
      "originationDate": "2020-12-30",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "WHEELHOUSE LOFTS",
      "address": "",
      "city": "PORTLAND",
      "state": "OR",
      "zip": "97202",
      "units": 29,
      "originalAmount": 5000000,
      "rate": 2.24,
      "originationDate": "2021-03-30",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.24% is 0.84 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "HILLTOP RIDGE",
      "address": "",
      "city": "PERU",
      "state": "IN",
      "zip": "46970",
      "units": 96,
      "originalAmount": 4700000,
      "rate": 2.24,
      "originationDate": "2021-09-15",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "BIENVILLE APARTMENTS",
      "address": "",
      "city": "VICKSBURG",
      "state": "MS",
      "zip": "39180",
      "units": 60,
      "originalAmount": 4640000,
      "rate": 2.24,
      "originationDate": "2021-02-19",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "ASHBURY APARTMENTS",
      "address": "",
      "city": "KOKOMO",
      "state": "IN",
      "zip": "46901",
      "units": 160,
      "originalAmount": 4384000,
      "rate": 2.24,
      "originationDate": "2012-08-10",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.24% is 1.36 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "TERRACE MANOR",
      "address": "",
      "city": "WENATCHEE",
      "state": "WA",
      "zip": "98802",
      "units": 51,
      "originalAmount": 4293500,
      "rate": 2.24,
      "originationDate": "2020-09-24",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "FREEDOM SQUARE APARTMENTS",
      "address": "",
      "city": "FARMINGTON HILLS",
      "state": "MI",
      "zip": "48335",
      "units": 112,
      "originalAmount": 4000000,
      "rate": 2.24,
      "originationDate": "2021-02-26",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKELEY POINT CAPITAL LLC"
    },
    {
      "property": "PEPPERTREE APARTMENTS",
      "address": "",
      "city": "HATTIESBURG",
      "state": "MS",
      "zip": "39401",
      "units": 103,
      "originalAmount": 3500000,
      "rate": 2.24,
      "originationDate": "2021-02-22",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "VILLAGE COOPERATIVE OF LE SUEUR",
      "address": "",
      "city": "LE SUEUR",
      "state": "MN",
      "zip": "56058",
      "units": 25,
      "originalAmount": 1289000,
      "rate": 2.24,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "ISRAEL SENIOR CITIZEN HOUSING I & II",
      "address": "",
      "city": "FAR ROCKAWAY",
      "state": "NY",
      "zip": "11691",
      "units": 512,
      "originalAmount": 74500000,
      "rate": 2.25,
      "originationDate": "2020-11-24",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SAUGUS COMMONS",
      "address": "",
      "city": "SAUGUS",
      "state": "MA",
      "zip": "01906",
      "units": 266,
      "originalAmount": 56400000,
      "rate": 2.25,
      "originationDate": "2021-02-19",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CAMDEN AT BLOOMINGDALE APARTMENTS",
      "address": "",
      "city": "BLOOMINGDALE",
      "state": "IL",
      "zip": "60108",
      "units": 360,
      "originalAmount": 54560000,
      "rate": 2.25,
      "originationDate": "2020-11-30",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "COLONY VILLAGE APARTMENTS",
      "address": "",
      "city": "NORTH CHESTERFIELD",
      "state": "VA",
      "zip": "23237",
      "units": 332,
      "originalAmount": 48800000,
      "rate": 2.25,
      "originationDate": "2021-09-16",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CANAAN IV TOWERS",
      "address": "",
      "city": "NEW YORK",
      "state": "NY",
      "zip": "10026",
      "units": 161,
      "originalAmount": 48000000,
      "rate": 2.25,
      "originationDate": "2021-03-25",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 0.83 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "KERNAN BLVD APARTMENTS",
      "address": "",
      "city": "JACKSONVILLE",
      "state": "FL",
      "zip": "32225",
      "units": 432,
      "originalAmount": 43788800,
      "rate": 2.25,
      "originationDate": "2013-01-30",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 1.16 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "KITTERMAN WOODS APARTMENTS",
      "address": "",
      "city": "PORT ST. LUCIE",
      "state": "FL",
      "zip": "34952",
      "units": 396,
      "originalAmount": 43000000,
      "rate": 2.25,
      "originationDate": "2021-03-30",
      "pmmsBenchmark": 3.083,
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        "Rate 2.25% is 0.83 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE CREEK AT COTTONWOOD",
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        "Rate 2.25% is 1.20 pts below the 2020-03 market avg of 3.45%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "ASPEN LAKES ESTATES",
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      "city": "HOLT",
      "state": "MI",
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      "belowMarket": false,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "AURO AT TOWNE PLACE",
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      "city": "CHESAPEAKE",
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      "belowMarket": false,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "The Falls at Westover Hills",
      "address": "",
      "city": "SAN ANTONIO",
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      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "OLYMPIC VILLAGE",
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        "Rate 2.25% is 4.95 pts below the 2023-09 market avg of 7.2%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "NEW PUFF VILLAGE",
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      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LORETTO AT CREEKSIDE",
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE HUB ON HARRIS",
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      "pmmsBenchmark": 2.843,
      "belowMarket": false,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "VILLA VITA APARTMENTS",
      "address": "",
      "city": "PEORIA",
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "VERDIR AT HERMANN PARK APARTMENTS",
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      "city": "HOUSTON",
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      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SUNSTONE PLACE APARTMENTS",
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      "city": "RIVERSIDE",
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
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    },
    {
      "property": "RESERVE AT JACKSONVILLE COMMONS APARTME",
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        "Rate 2.25% is 1.19 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "GRACELAND REHABILITATION AND NURSING CENTER",
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      "belowMarket": false,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "AVANTARA EVERGREEN PARK",
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      "belowMarket": false,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "LAUREL VIEW APARTMENTS",
      "address": "",
      "city": "CONCORD",
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "PIANO CRAFT GUILD APARTMENTS",
      "address": "",
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ALDEN WATERFORD",
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      "pmmsBenchmark": 2.843,
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      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "ELK HILLS APARTMENTS PHASE I",
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      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "TORREY PINES APARTMENTS",
      "address": "",
      "city": "OMAHA",
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      "units": 264,
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      "pmmsBenchmark": 2.735,
      "belowMarket": false,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "STERLING CARE RIVERSIDE",
      "address": "",
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      "pmmsBenchmark": 2.81,
      "belowMarket": false,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "EAGLEBROOK APARTMENTS",
      "address": "",
      "city": "MONT BELVIEU",
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      "pmmsBenchmark": 2.735,
      "belowMarket": false,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "ALDEN NAPERVILLE",
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      "city": "NAPERVILLE",
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      "pmmsBenchmark": 3.763,
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      "red": true,
      "redReasons": [
        "Rate 2.25% is 1.51 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "FRIENDSHIP ARMS APARTMENTS",
      "address": "",
      "city": "HYATTSVILLE",
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      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
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        "Rate 2.25% is 0.82 pts below the 2021-10 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "7400 ROOSEVELT APARTMENT",
      "address": "",
      "city": "PHILADELPHIA",
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      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "ARBOR HILLS APARTMENT HOMES",
      "address": "",
      "city": "MADISON",
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      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "ARGYLE APARTMENTS",
      "address": "",
      "city": "KANSAS CITY",
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      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "STATION POINTE II",
      "address": "",
      "city": "MANSFIELD",
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      "units": 95,
      "originalAmount": 15520000,
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      "originationDate": "2020-12-22",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MARINER'S HILL APARTMENTS",
      "address": "",
      "city": "MARSHFIELD",
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      "units": 90,
      "originalAmount": 15208800,
      "rate": 2.25,
      "originationDate": "2020-09-30",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "RIVERWALK PRESERVE",
      "address": "",
      "city": "BUFFALO GROVE",
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      "originationDate": "2021-02-26",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "ALDEN GARDENS",
      "address": "",
      "city": "AURORA",
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      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 1.51 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "BULLOCKS POINT VILLAGE APARTMENTS",
      "address": "",
      "city": "EAST PROVIDENCE",
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      "zip": "02915",
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      "originalAmount": 14000000,
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      "originationDate": "2021-11-22",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 0.82 pts below the 2021-11 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "RAYMOND J. LORD MANOR",
      "address": "",
      "city": "LOWELL",
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      "zip": "01854",
      "units": 94,
      "originalAmount": 13971900,
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      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PELICAN LANDING ASSISTED LIVING AND MEMORY CARE",
      "address": "",
      "city": "SEBASTIAN",
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      "zip": "32958",
      "units": 178,
      "originalAmount": 13801900,
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      "originationDate": "2020-11-30",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CHESTNUT CROSSING",
      "address": "",
      "city": "HOWELL",
      "state": "MI",
      "zip": "48843",
      "units": 83,
      "originalAmount": 13480000,
      "rate": 2.25,
      "originationDate": "2020-10-27",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "LAKESIDE COMMONS",
      "address": "",
      "city": "WEST PALM BEACH",
      "state": "FL",
      "zip": "33401",
      "units": 99,
      "originalAmount": 13439000,
      "rate": 2.25,
      "originationDate": "2021-08-31",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "CRYSTAL LAKE APARTMENTS",
      "address": "",
      "city": "CRYSTAL LAKE",
      "state": "IL",
      "zip": "60014",
      "units": 220,
      "originalAmount": 12960000,
      "rate": 2.25,
      "originationDate": "2021-11-30",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 0.82 pts below the 2021-11 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "THE SUMMIT PLYMOUTH I",
      "address": "",
      "city": "PLYMOUTH",
      "state": "MA",
      "zip": "02360",
      "units": 100,
      "originalAmount": 12500000,
      "rate": 2.25,
      "originationDate": "2021-11-22",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 0.82 pts below the 2021-11 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "RIDGECREST SENIOR HOUSING",
      "address": "",
      "city": "RIDGEWOOD",
      "state": "NJ",
      "zip": "07450",
      "units": 130,
      "originalAmount": 12428900,
      "rate": 2.25,
      "originationDate": "2021-10-26",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 0.82 pts below the 2021-10 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "HUNTINGTON RIDGE APARTMENTS",
      "address": "",
      "city": "AURORA",
      "state": "CO",
      "zip": "80247",
      "units": 204,
      "originalAmount": 12400000,
      "rate": 2.25,
      "originationDate": "2012-08-23",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 1.35 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "TIMBERS OF SHOREWOOD",
      "address": "",
      "city": "SHOREWOOD",
      "state": "IL",
      "zip": "60404",
      "units": 95,
      "originalAmount": 12300000,
      "rate": 2.25,
      "originationDate": "2021-01-28",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "WASHINGTON SQUARE I APARTMENTS",
      "address": "",
      "city": "RICHLAND",
      "state": "WA",
      "zip": "99354",
      "units": 164,
      "originalAmount": 11600000,
      "rate": 2.25,
      "originationDate": "2020-11-19",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "MONTCALM APARTMENTS",
      "address": "",
      "city": "ST. PAUL",
      "state": "MN",
      "zip": "55116",
      "units": 108,
      "originalAmount": 11082900,
      "rate": 2.25,
      "originationDate": "2021-01-29",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "WOODLAND SENIOR APTS",
      "address": "",
      "city": "SANTA CRUZ",
      "state": "CA",
      "zip": "95065",
      "units": 68,
      "originalAmount": 10940500,
      "rate": 2.25,
      "originationDate": "2021-03-19",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 0.83 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "ARTISTA55",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60640",
      "units": 80,
      "originalAmount": 10681300,
      "rate": 2.25,
      "originationDate": "2020-12-15",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "GIDEON COURT APARTMENTS",
      "address": "",
      "city": "DEKALB",
      "state": "IL",
      "zip": "60155",
      "units": 150,
      "originalAmount": 10565000,
      "rate": 2.25,
      "originationDate": "2021-01-26",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "STONEGATE APARTMENTS",
      "address": "",
      "city": "CARMEL",
      "state": "IN",
      "zip": "46032",
      "units": 200,
      "originalAmount": 10497500,
      "rate": 2.25,
      "originationDate": "2012-08-31",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 1.35 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "TOWNVIEW HEALTH AND REHABILITATION CENTER",
      "address": "",
      "city": "CANONSBURG",
      "state": "PA",
      "zip": "15317",
      "units": 174,
      "originalAmount": 10472000,
      "rate": 2.25,
      "originationDate": "2020-10-28",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "THE KENDRICK",
      "address": "",
      "city": "ST. PAUL",
      "state": "MN",
      "zip": "55108",
      "units": 144,
      "originalAmount": 10280000,
      "rate": 2.25,
      "originationDate": "2012-12-04",
      "pmmsBenchmark": 3.345,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 1.10 pts below the 2012-12 market avg of 3.345%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "THE LODGE AT LITTLE CANADA",
      "address": "",
      "city": "LITTLE CANADA",
      "state": "MN",
      "zip": "55117",
      "units": 79,
      "originalAmount": 9947000,
      "rate": 2.25,
      "originationDate": "2011-12-29",
      "pmmsBenchmark": 3.958,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 1.71 pts below the 2011-12 market avg of 3.958%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "WALTONWOOD 2 AT ROYAL OAK",
      "address": "",
      "city": "ROYAL OAK",
      "state": "MI",
      "zip": "48073",
      "units": 82,
      "originalAmount": 9610500,
      "rate": 2.25,
      "originationDate": "2012-11-29",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 1.10 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SHIP'S WATCH APARTMENTS",
      "address": "",
      "city": "FALL RIVER",
      "state": "MA",
      "zip": "02720",
      "units": 99,
      "originalAmount": 9576500,
      "rate": 2.25,
      "originationDate": "2021-02-26",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "BLAINE TOWN SQUARE",
      "address": "",
      "city": "BLAINE",
      "state": "MN",
      "zip": "55449",
      "units": 87,
      "originalAmount": 9530000,
      "rate": 2.25,
      "originationDate": "2012-03-29",
      "pmmsBenchmark": 3.954,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 1.70 pts below the 2012-03 market avg of 3.954%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "PUFFTON VILLAGE 3",
      "address": "",
      "city": "AMHERST",
      "state": "MA",
      "zip": "01002",
      "units": 64,
      "originalAmount": 8541200,
      "rate": 2.25,
      "originationDate": "2021-01-25",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ROYAL MALL APARTMENTS",
      "address": "",
      "city": "NILES",
      "state": "OH",
      "zip": "44446",
      "units": 168,
      "originalAmount": 8336000,
      "rate": 2.25,
      "originationDate": "2007-08-23",
      "pmmsBenchmark": 6.572,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 4.32 pts below the 2007-08 market avg of 6.572%"
      ],
      "holder": "ROSE COMMUNITY CAPITAL, LLC"
    },
    {
      "property": "ELLIS HOSPITAL",
      "address": "",
      "city": "SCHENECTADY",
      "state": "NY",
      "zip": "12308",
      "units": 438,
      "originalAmount": 7791100,
      "rate": 2.25,
      "originationDate": "2022-01-20",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 1.19 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "EVANS MEADOWS",
      "address": "",
      "city": "ELK RIVER",
      "state": "MN",
      "zip": "55330",
      "units": 112,
      "originalAmount": 7700000,
      "rate": 2.25,
      "originationDate": "2012-11-29",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 1.10 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "VALLEY POINTE NURSING AND REHABILITATION CENTER",
      "address": "",
      "city": "CASTRO VALLEY",
      "state": "CA",
      "zip": "94546",
      "units": 70,
      "originalAmount": 7630100,
      "rate": 2.25,
      "originationDate": "2021-02-17",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "REDDING POST ACUTE",
      "address": "",
      "city": "REDDING",
      "state": "CA",
      "zip": "96001",
      "units": 33,
      "originalAmount": 7613900,
      "rate": 2.25,
      "originationDate": "2021-08-17",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "THE SUMMIT PLYMOUTH II",
      "address": "",
      "city": "PLYMOUTH",
      "state": "MA",
      "zip": "02360",
      "units": 58,
      "originalAmount": 7500000,
      "rate": 2.25,
      "originationDate": "2021-11-22",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 0.82 pts below the 2021-11 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HSM7-LAWRENCE STREET ML",
      "address": "",
      "city": "TOMBALL",
      "state": "TX",
      "zip": "77375",
      "units": 150,
      "originalAmount": 7225000,
      "rate": 2.25,
      "originationDate": "2012-08-10",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 1.35 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CROSS STREET VILLAGE",
      "address": "",
      "city": "YPSILANTI",
      "state": "MI",
      "zip": "48197",
      "units": 104,
      "originalAmount": 6800000,
      "rate": 2.25,
      "originationDate": "2020-10-08",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "CHARLES TOWERS APARTMENTS",
      "address": "",
      "city": "CHARLES TOWN",
      "state": "WV",
      "zip": "25414",
      "units": 82,
      "originalAmount": 6600000,
      "rate": 2.25,
      "originationDate": "2021-02-26",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "HMS7-CONROE HCC ML",
      "address": "",
      "city": "CONROE",
      "state": "TX",
      "zip": "77301",
      "units": 108,
      "originalAmount": 6545000,
      "rate": 2.25,
      "originationDate": "2012-08-10",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 1.35 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ASTORIA GARDENS APARTMENTS",
      "address": "",
      "city": "SYLMAR",
      "state": "CA",
      "zip": "91342",
      "units": 138,
      "originalAmount": 6045700,
      "rate": 2.25,
      "originationDate": "2007-07-30",
      "pmmsBenchmark": 6.695,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 4.45 pts below the 2007-07 market avg of 6.695%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "WALTONWOOD OF ROCHESTER HILLS",
      "address": "",
      "city": "ROCHESTER HILLS",
      "state": "MI",
      "zip": "48309",
      "units": 42,
      "originalAmount": 5958900,
      "rate": 2.25,
      "originationDate": "2012-11-29",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 1.10 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE HIGHLANDS",
      "address": "",
      "city": "FALL RIVER",
      "state": "MA",
      "zip": "02720",
      "units": 117,
      "originalAmount": 5481300,
      "rate": 2.25,
      "originationDate": "2021-04-27",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 0.81 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BLAIR PARK APARTMENTS",
      "address": "",
      "city": "JACKSON",
      "state": "MI",
      "zip": "49202",
      "units": 100,
      "originalAmount": 5440000,
      "rate": 2.25,
      "originationDate": "2021-08-31",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "IMPERIAL CARE CENTER",
      "address": "",
      "city": "NEPTUNE",
      "state": "NJ",
      "zip": "07753",
      "units": 121,
      "originalAmount": 5225000,
      "rate": 2.25,
      "originationDate": "2013-09-25",
      "pmmsBenchmark": 4.49,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 2.24 pts below the 2013-09 market avg of 4.49%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "HSM7-CLEVELAND HCC ML",
      "address": "",
      "city": "CLEVELAND",
      "state": "TX",
      "zip": "77327",
      "units": 118,
      "originalAmount": 5185000,
      "rate": 2.25,
      "originationDate": "2012-08-10",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 1.35 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ELDERCARE OF THE VALLEY",
      "address": "",
      "city": "FLORISSANT",
      "state": "MO",
      "zip": "63034",
      "units": 120,
      "originalAmount": 5184900,
      "rate": 2.25,
      "originationDate": "2013-03-29",
      "pmmsBenchmark": 3.565,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 1.31 pts below the 2013-03 market avg of 3.565%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "MCKINLEY GARDENS",
      "address": "",
      "city": "MILWAUKEE",
      "state": "WI",
      "zip": "53205",
      "units": 119,
      "originalAmount": 5025800,
      "rate": 2.25,
      "originationDate": "2021-03-30",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 0.83 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SEMINOLE SHORES LIVING CENTER",
      "address": "",
      "city": "NORTON SHORES",
      "state": "MI",
      "zip": "49441",
      "units": 99,
      "originalAmount": 4915700,
      "rate": 2.25,
      "originationDate": "2011-11-29",
      "pmmsBenchmark": 3.993,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 1.74 pts below the 2011-11 market avg of 3.993%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "HSM7-LIBERTY HEALTH CARE ML",
      "address": "",
      "city": "LIBERTY",
      "state": "TX",
      "zip": "77575",
      "units": 118,
      "originalAmount": 4887500,
      "rate": 2.25,
      "originationDate": "2012-08-10",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 1.35 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "VALLEY VIEW GARDENS",
      "address": "",
      "city": "NEW BRIGHTON",
      "state": "PA",
      "zip": "15066",
      "units": 120,
      "originalAmount": 4880000,
      "rate": 2.25,
      "originationDate": "2020-12-18",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "AUTUMN CHASE",
      "address": "",
      "city": "MOBILE",
      "state": "AL",
      "zip": "36695",
      "units": 120,
      "originalAmount": 4726900,
      "rate": 2.25,
      "originationDate": "2012-12-20",
      "pmmsBenchmark": 3.345,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 1.10 pts below the 2012-12 market avg of 3.345%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WILLIAMSBURG ON THE LAKE VALPARAISO",
      "address": "",
      "city": "VALPARAISO",
      "state": "IN",
      "zip": "46383",
      "units": 150,
      "originalAmount": 4675000,
      "rate": 2.25,
      "originationDate": "2012-10-31",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 1.13 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "NICKS HEALTH CARE CENTER",
      "address": "",
      "city": "PLATTSBURG",
      "state": "MO",
      "zip": "64477",
      "units": 43,
      "originalAmount": 4574100,
      "rate": 2.25,
      "originationDate": "2021-09-27",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "LURIE TERRACE",
      "address": "",
      "city": "ANN ARBOR",
      "state": "MI",
      "zip": "48103",
      "units": 136,
      "originalAmount": 4473100,
      "rate": 2.25,
      "originationDate": "2021-03-12",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 0.83 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE OAKS LIMESTONE",
      "address": "",
      "city": "GAINESVILLE",
      "state": "GA",
      "zip": "30501",
      "units": 104,
      "originalAmount": 4172900,
      "rate": 2.25,
      "originationDate": "2011-01-24",
      "pmmsBenchmark": 4.755,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 2.50 pts below the 2011-01 market avg of 4.755%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "STONE CREST APARTMENTS",
      "address": "",
      "city": "DES MOINES",
      "state": "IA",
      "zip": "50317",
      "units": 108,
      "originalAmount": 4064000,
      "rate": 2.25,
      "originationDate": "2021-03-30",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 0.83 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "PARKWAY COURT",
      "address": "",
      "city": "NORMAL",
      "state": "IL",
      "zip": "61761",
      "units": 116,
      "originalAmount": 4049000,
      "rate": 2.25,
      "originationDate": "2021-01-26",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "ROYAL OAK & CLAWSON TOWNHOMES",
      "address": "",
      "city": "ROYAL OAK",
      "state": "MI",
      "zip": "48703",
      "units": 50,
      "originalAmount": 4020000,
      "rate": 2.25,
      "originationDate": "2015-11-24",
      "pmmsBenchmark": 3.942,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 1.69 pts below the 2015-11 market avg of 3.942%"
      ],
      "holder": "NORTHPOINT CAPITAL LLC"
    },
    {
      "property": "SURREY GARDENS",
      "address": "",
      "city": "EAGAN",
      "state": "MN",
      "zip": "55337",
      "units": 88,
      "originalAmount": 3415500,
      "rate": 2.25,
      "originationDate": "2021-01-29",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "HSM7-BEAUMOUNT HCC ML",
      "address": "",
      "city": "BEAUMONT",
      "state": "TX",
      "zip": "77702",
      "units": 82,
      "originalAmount": 3145000,
      "rate": 2.25,
      "originationDate": "2012-08-10",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 1.35 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GERIATRICS 2-OAKLEY COURTS",
      "address": "",
      "city": "FREEPORT",
      "state": "IL",
      "zip": "61032",
      "units": 46,
      "originalAmount": 2703000,
      "rate": 2.25,
      "originationDate": "2013-01-30",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 1.16 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "THE TERRACES APARTMENTS",
      "address": "",
      "city": "KETTERING",
      "state": "OH",
      "zip": "45429",
      "units": 102,
      "originalAmount": 2610000,
      "rate": 2.25,
      "originationDate": "2012-11-20",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 1.10 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "ALDEN6-MEADOW PARK",
      "address": "",
      "city": "CLINTON",
      "state": "WI",
      "zip": "53525",
      "units": 94,
      "originalAmount": 2457200,
      "rate": 2.25,
      "originationDate": "2012-12-28",
      "pmmsBenchmark": 3.345,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 1.10 pts below the 2012-12 market avg of 3.345%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "COPPER RIDGE 9",
      "address": "",
      "city": "BUTTE",
      "state": "MT",
      "zip": "59701",
      "units": 32,
      "originalAmount": 2406800,
      "rate": 2.25,
      "originationDate": "2021-09-21",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "PLATTEVIEW APARTMENTS",
      "address": "",
      "city": "NORTH PLATTE",
      "state": "NE",
      "zip": "69101",
      "units": 64,
      "originalAmount": 2152000,
      "rate": 2.25,
      "originationDate": "2020-12-17",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "GRACE VIEW MANOR",
      "address": "",
      "city": "NORWICH",
      "state": "NY",
      "zip": "13815",
      "units": 40,
      "originalAmount": 2056500,
      "rate": 2.25,
      "originationDate": "2014-10-02",
      "pmmsBenchmark": 4.036,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 1.79 pts below the 2014-10 market avg of 4.036%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HSM7-HUNSTVILLE HCC ML",
      "address": "",
      "city": "HUNTSVILLE",
      "state": "TX",
      "zip": "77340",
      "units": 92,
      "originalAmount": 1785000,
      "rate": 2.25,
      "originationDate": "2012-08-10",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 1.35 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "NANTUCKET CIRCLE APARTMENTS",
      "address": "",
      "city": "ALLIANCE",
      "state": "OH",
      "zip": "44601",
      "units": 60,
      "originalAmount": 1775000,
      "rate": 2.25,
      "originationDate": "2021-03-09",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 0.83 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "HSM7-WEST JANISCH HCC ML",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77017",
      "units": 116,
      "originalAmount": 1428000,
      "rate": 2.25,
      "originationDate": "2012-08-10",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 1.35 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SPRING HILL II APTS",
      "address": "",
      "city": "MOORESVILLE",
      "state": "IN",
      "zip": "46158",
      "units": 80,
      "originalAmount": 1425000,
      "rate": 2.25,
      "originationDate": "2013-01-31",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 1.16 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "SPRING HILL APARTMENTS I",
      "address": "",
      "city": "MOORESVILLE",
      "state": "IN",
      "zip": "46158",
      "units": 80,
      "originalAmount": 1129000,
      "rate": 2.25,
      "originationDate": "2013-01-31",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.25% is 1.16 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "SOUTH EMERSON HILLS APARTMENT HOMES",
      "address": "",
      "city": "KANNAPOLIS",
      "state": "NC",
      "zip": "28083",
      "units": 198,
      "originalAmount": 37515000,
      "rate": 2.26,
      "originationDate": "2022-08-26",
      "pmmsBenchmark": 5.223,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.26% is 2.96 pts below the 2022-08 market avg of 5.223%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "THE APARTMENTS AT GOOSE CREEK",
      "address": "",
      "city": "FISHERSVILLE",
      "state": "VA",
      "zip": "22939",
      "units": 204,
      "originalAmount": 31360000,
      "rate": 2.26,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "RESIDENCES AT TOWN CENTER",
      "address": "",
      "city": "COLUMBUS",
      "state": "OH",
      "zip": "43219",
      "units": 472,
      "originalAmount": 29360000,
      "rate": 2.26,
      "originationDate": "2020-11-30",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "MEADOW AT RIVERWALK",
      "address": "",
      "city": "MIDVALE",
      "state": "UT",
      "zip": "84047",
      "units": 256,
      "originalAmount": 27466400,
      "rate": 2.26,
      "originationDate": "2020-08-27",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "THE HEIGHTS AT TOWNE LAKE",
      "address": "",
      "city": "WOODSTOCK",
      "state": "GA",
      "zip": "30188",
      "units": 194,
      "originalAmount": 25440000,
      "rate": 2.26,
      "originationDate": "2021-03-30",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.26% is 0.82 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "HIGHLAND HILLS",
      "address": "",
      "city": "DALLAS",
      "state": "TX",
      "zip": "75241",
      "units": 250,
      "originalAmount": 24993200,
      "rate": 2.26,
      "originationDate": "2021-12-21",
      "pmmsBenchmark": 3.098,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.26% is 0.84 pts below the 2021-12 market avg of 3.098%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "FIVE MILE CREEK",
      "address": "",
      "city": "DALLAS",
      "state": "TX",
      "zip": "75224",
      "units": 236,
      "originalAmount": 21893000,
      "rate": 2.26,
      "originationDate": "2021-12-21",
      "pmmsBenchmark": 3.098,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.26% is 0.84 pts below the 2021-12 market avg of 3.098%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "LONGBOAT KEY APARTMENTS",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77075",
      "units": 272,
      "originalAmount": 20000000,
      "rate": 2.26,
      "originationDate": "2021-03-25",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.26% is 0.82 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "COPPER TRACE HEALTH AND LIVING COMMUNITY",
      "address": "",
      "city": "WESTFIELD",
      "state": "IN",
      "zip": "46074",
      "units": 263,
      "originalAmount": 19200000,
      "rate": 2.26,
      "originationDate": "2020-08-27",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "THE INN AT SUMMIT TRAIL",
      "address": "",
      "city": "REYNOLDSBURG",
      "state": "OH",
      "zip": "43068",
      "units": 247,
      "originalAmount": 16542400,
      "rate": 2.26,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SUMMERWOOD OF PLYMOUTH",
      "address": "",
      "city": "PLYMOUTH",
      "state": "MN",
      "zip": "55441",
      "units": 120,
      "originalAmount": 15143600,
      "rate": 2.26,
      "originationDate": "2021-10-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.26% is 0.81 pts below the 2021-10 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "89 EAST APARTMENTS",
      "address": "",
      "city": "TULSA",
      "state": "OK",
      "zip": "74133",
      "units": 240,
      "originalAmount": 15120000,
      "rate": 2.26,
      "originationDate": "2021-04-15",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.26% is 0.80 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "ECHO STATION APARTMENTS",
      "address": "",
      "city": "TEMPLE",
      "state": "TX",
      "zip": "76502",
      "units": 176,
      "originalAmount": 13760000,
      "rate": 2.26,
      "originationDate": "2021-10-28",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.26% is 0.81 pts below the 2021-10 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "LAKE SQUARE APARTMENTS",
      "address": "",
      "city": "ST PAUL",
      "state": "MN",
      "zip": "55101",
      "units": 89,
      "originalAmount": 12480000,
      "rate": 2.26,
      "originationDate": "2021-03-31",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.26% is 0.82 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "VIZCAYA VILLAS",
      "address": "",
      "city": "MIAMI",
      "state": "FL",
      "zip": "33126",
      "units": 174,
      "originalAmount": 10915700,
      "rate": 2.26,
      "originationDate": "2020-12-29",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "CEDAR COURT APARTMENTS",
      "address": "",
      "city": "GAITHERSBURG",
      "state": "MD",
      "zip": "20877",
      "units": 79,
      "originalAmount": 10500000,
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      "originationDate": "2021-10-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
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      "redReasons": [
        "Rate 2.26% is 0.81 pts below the 2021-10 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "PARKWAY COOPERATIVE OF BURNSVILLE",
      "address": "",
      "city": "BURNSVILLE",
      "state": "MN",
      "zip": "55337",
      "units": 102,
      "originalAmount": 7252800,
      "rate": 2.26,
      "originationDate": "2021-01-28",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "CANYON VIEW APARTMENTS",
      "address": "",
      "city": "CEDAR CITY",
      "state": "UT",
      "zip": "84721",
      "units": 80,
      "originalAmount": 5750000,
      "rate": 2.26,
      "originationDate": "2021-03-24",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.26% is 0.82 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "RAILSIDE LIVING CENTER",
      "address": "",
      "city": "BYRON CENTER",
      "state": "MI",
      "zip": "49315",
      "units": 121,
      "originalAmount": 5418100,
      "rate": 2.26,
      "originationDate": "2012-10-25",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.26% is 1.12 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "REALIFE COOPERATIVE OF ROCHESTER",
      "address": "",
      "city": "ROCHESTER",
      "state": "MN",
      "zip": "55901",
      "units": 87,
      "originalAmount": 4738000,
      "rate": 2.26,
      "originationDate": "2021-04-20",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.26% is 0.80 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "KEESEVILLE COUNTRY GARDENS",
      "address": "",
      "city": "KEESEVILLE",
      "state": "NY",
      "zip": "12944",
      "units": 50,
      "originalAmount": 3152800,
      "rate": 2.26,
      "originationDate": "2021-11-23",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.26% is 0.81 pts below the 2021-11 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE PARK APARTMENT HOMES",
      "address": "",
      "city": "PRATTVILLE",
      "state": "AL",
      "zip": "36066",
      "units": 259,
      "originalAmount": 36832000,
      "rate": 2.27,
      "originationDate": "2021-05-10",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "SAVOY WEST LUXURY APARTMENTS",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90046",
      "units": 128,
      "originalAmount": 36384000,
      "rate": 2.27,
      "originationDate": "2020-07-28",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "DESERT SKY APARTMENTS",
      "address": "",
      "city": "LAS VEGAS",
      "state": "NV",
      "zip": "89123",
      "units": 170,
      "originalAmount": 28040000,
      "rate": 2.27,
      "originationDate": "2020-12-18",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "OAKVIEW GARDEN APARTMENTS-SECTION I",
      "address": "",
      "city": "FALLS CHURCH",
      "state": "VA",
      "zip": "22041",
      "units": 166,
      "originalAmount": 26720000,
      "rate": 2.27,
      "originationDate": "2020-09-30",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "EAST POINTE APARTMENTS",
      "address": "",
      "city": "ITHACA",
      "state": "NY",
      "zip": "14850",
      "units": 140,
      "originalAmount": 26500000,
      "rate": 2.27,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "TAPESTRY PARK APARTMENTS",
      "address": "",
      "city": "CHESAPEAKE",
      "state": "VA",
      "zip": "23320",
      "units": 190,
      "originalAmount": 24105000,
      "rate": 2.27,
      "originationDate": "2020-10-28",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "CEDAR GROVE SENIOR CITIZENS HOUSING",
      "address": "",
      "city": "CEDAR GROVE",
      "state": "NJ",
      "zip": "07009",
      "units": 149,
      "originalAmount": 23200000,
      "rate": 2.27,
      "originationDate": "2021-11-04",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.27% is 0.80 pts below the 2021-11 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "PARC POINTE APARTMENTS",
      "address": "",
      "city": "ANN ARBOR",
      "state": "MI",
      "zip": "48105",
      "units": 160,
      "originalAmount": 20400000,
      "rate": 2.27,
      "originationDate": "2020-12-16",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE BRIX AT 26",
      "address": "",
      "city": "PITTSBURGH",
      "state": "PA",
      "zip": "15203",
      "units": 87,
      "originalAmount": 16468000,
      "rate": 2.27,
      "originationDate": "2021-02-26",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "OAKBROOK II APTS",
      "address": "",
      "city": "FORT COLLINS",
      "state": "CO",
      "zip": "80525",
      "units": 100,
      "originalAmount": 15929000,
      "rate": 2.27,
      "originationDate": "2021-03-11",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.27% is 0.81 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WATKINS GLEN APARTMENTS",
      "address": "",
      "city": "MARYSVILLE",
      "state": "OH",
      "zip": "43040",
      "units": 256,
      "originalAmount": 15840000,
      "rate": 2.27,
      "originationDate": "2020-12-30",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "REDWOOD WHITESTOWN (WOODLANDS)-PHASE I",
      "address": "",
      "city": "WHITESTOWN",
      "state": "IN",
      "zip": "46075",
      "units": 93,
      "originalAmount": 13976000,
      "rate": 2.27,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CAREONE AT WEYMOUTH",
      "address": "",
      "city": "WEYMOUTH",
      "state": "MA",
      "zip": "02189",
      "units": 86,
      "originalAmount": 13633400,
      "rate": 2.27,
      "originationDate": "2022-01-27",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.27% is 1.17 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "CAREONE AT HOLYOKE",
      "address": "",
      "city": "HOLYOKE",
      "state": "MA",
      "zip": "01040",
      "units": 64,
      "originalAmount": 12559400,
      "rate": 2.27,
      "originationDate": "2022-01-27",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.27% is 1.17 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "CREEKSIDE VILLAS SENIOR VILLAGE",
      "address": "",
      "city": "BUDA",
      "state": "TX",
      "zip": "78610",
      "units": 144,
      "originalAmount": 12470000,
      "rate": 2.27,
      "originationDate": "2021-03-18",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.27% is 0.81 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "PARKVIEW RENTAL TOWNHOMES",
      "address": "",
      "city": "COLUMBUS",
      "state": "IN",
      "zip": "47201",
      "units": 140,
      "originalAmount": 12000000,
      "rate": 2.27,
      "originationDate": "2021-11-30",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.27% is 0.80 pts below the 2021-11 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "CENTERPOINTE APARTMENTS",
      "address": "",
      "city": "NEW HAVEN",
      "state": "CT",
      "zip": "06510",
      "units": 83,
      "originalAmount": 10875800,
      "rate": 2.27,
      "originationDate": "2021-04-30",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.27% is 0.79 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "REDWOOD WINCHESTER CANAL PHASE IV",
      "address": "",
      "city": "CANAL WINCHESTER",
      "state": "OH",
      "zip": "43110",
      "units": 64,
      "originalAmount": 10840000,
      "rate": 2.27,
      "originationDate": "2021-10-28",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.27% is 0.80 pts below the 2021-10 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CAREONE AT NEW BEDFORD",
      "address": "",
      "city": "NEW BEDFORD",
      "state": "MA",
      "zip": "02745",
      "units": 86,
      "originalAmount": 10778900,
      "rate": 2.27,
      "originationDate": "2022-01-27",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.27% is 1.17 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "WINGOVER ONE AND SIX",
      "address": "",
      "city": "BLOOMINGTON",
      "state": "IL",
      "zip": "61704",
      "units": 182,
      "originalAmount": 10710000,
      "rate": 2.27,
      "originationDate": "2021-04-28",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.27% is 0.79 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "WINGOVER EAST APARTMENTS",
      "address": "",
      "city": "BLOOMINGTON",
      "state": "IL",
      "zip": "61704",
      "units": 132,
      "originalAmount": 9095000,
      "rate": 2.27,
      "originationDate": "2021-04-07",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.27% is 0.79 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "REGENCY WENATCHEE REHABILITATION CENTER",
      "address": "",
      "city": "WENATCHEE",
      "state": "WA",
      "zip": "98801",
      "units": 93,
      "originalAmount": 8683600,
      "rate": 2.27,
      "originationDate": "2020-11-19",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WESTBROOK APARTMENTS",
      "address": "",
      "city": "WHITMORE LAKE",
      "state": "MI",
      "zip": "48189",
      "units": 132,
      "originalAmount": 8600000,
      "rate": 2.27,
      "originationDate": "2020-12-30",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "GURLEY LOFTS",
      "address": "",
      "city": "MINNEAPOLIS",
      "state": "MN",
      "zip": "55401",
      "units": 30,
      "originalAmount": 8207500,
      "rate": 2.27,
      "originationDate": "2021-09-29",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "BEACHSIDE APARTMENTS",
      "address": "",
      "city": "SATELLITE BEACH",
      "state": "FL",
      "zip": "32937",
      "units": 55,
      "originalAmount": 7760000,
      "rate": 2.27,
      "originationDate": "2021-03-12",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.27% is 0.81 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "LIFECARE22-ATHENS  LLC",
      "address": "",
      "city": "ATHENS",
      "state": "TN",
      "zip": "37371",
      "units": 128,
      "originalAmount": 7296600,
      "rate": 2.27,
      "originationDate": "2011-05-18",
      "pmmsBenchmark": 4.637,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.27% is 2.37 pts below the 2011-05 market avg of 4.637%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "REGENCY ALBANY",
      "address": "",
      "city": "ALBANY",
      "state": "OR",
      "zip": "97322",
      "units": 106,
      "originalAmount": 6708000,
      "rate": 2.27,
      "originationDate": "2020-09-30",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE BRIDGE AT CHERRY POINT",
      "address": "",
      "city": "JOHNSTON",
      "state": "RI",
      "zip": "02919",
      "units": 96,
      "originalAmount": 5614700,
      "rate": 2.27,
      "originationDate": "2011-03-18",
      "pmmsBenchmark": 4.836,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.27% is 2.57 pts below the 2011-03 market avg of 4.836%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "WYOMING NURSING AND REHABILITATION CENTER",
      "address": "",
      "city": "NEW RICHMOND",
      "state": "WV",
      "zip": "24867",
      "units": 32,
      "originalAmount": 5592300,
      "rate": 2.27,
      "originationDate": "2021-11-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.27% is 0.80 pts below the 2021-11 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "LCC OF ELIZABETHTON",
      "address": "",
      "city": "ELIZABETHTON",
      "state": "TN",
      "zip": "37644",
      "units": 151,
      "originalAmount": 4603800,
      "rate": 2.27,
      "originationDate": "2011-05-26",
      "pmmsBenchmark": 4.637,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.27% is 2.37 pts below the 2011-05 market avg of 4.637%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "THE VILLAS AT TITUSVILLE PHASE I",
      "address": "",
      "city": "BIRMINGHAM",
      "state": "AL",
      "zip": "35211",
      "units": 100,
      "originalAmount": 4100000,
      "rate": 2.27,
      "originationDate": "2021-05-24",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "REALIFE COOPERATIVE OF HIBBING SOUTH",
      "address": "",
      "city": "HIBBING",
      "state": "MN",
      "zip": "55746",
      "units": 22,
      "originalAmount": 3348300,
      "rate": 2.27,
      "originationDate": "2020-10-29",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "WILLOW PARK APARTMENTS",
      "address": "",
      "city": "FREEPORT",
      "state": "IL",
      "zip": "61032",
      "units": 74,
      "originalAmount": 3193600,
      "rate": 2.27,
      "originationDate": "2021-10-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.27% is 0.80 pts below the 2021-10 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "RIVERWAY APARTMENTS",
      "address": "",
      "city": "BROOKLYN",
      "state": "NY",
      "zip": "11212",
      "units": 115,
      "originalAmount": 20225000,
      "rate": 2.272,
      "originationDate": "2011-06-29",
      "pmmsBenchmark": 4.51,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.272% is 2.24 pts below the 2011-06 market avg of 4.51%"
      ],
      "holder": "NEW YORK CITY HOUS DEV CORP"
    },
    {
      "property": "LINCOLN PLACE APARTMENTS",
      "address": "",
      "city": "VENICE",
      "state": "CA",
      "zip": "90291",
      "units": 795,
      "originalAmount": 200290700,
      "rate": 2.28,
      "originationDate": "2012-10-12",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.28% is 1.10 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CASTLE SQUARE APARTMENTS",
      "address": "",
      "city": "BOSTON",
      "state": "MA",
      "zip": "02116",
      "units": 500,
      "originalAmount": 160000000,
      "rate": 2.28,
      "originationDate": "2020-11-17",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "UNION HOSPITAL",
      "address": "",
      "city": "TERRE HAUTE",
      "state": "IN",
      "zip": "47804",
      "units": 372,
      "originalAmount": 60635600,
      "rate": 2.28,
      "originationDate": "2020-12-16",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "TUSCANY LAKES APARTMENTS",
      "address": "",
      "city": "ELLENTON",
      "state": "FL",
      "zip": "34222",
      "units": 348,
      "originalAmount": 45200000,
      "rate": 2.28,
      "originationDate": "2021-12-16",
      "pmmsBenchmark": 3.098,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.28% is 0.82 pts below the 2021-12 market avg of 3.098%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "THE ENCLAVES",
      "address": "",
      "city": "PHILADELPHIA",
      "state": "PA",
      "zip": "19145",
      "units": 216,
      "originalAmount": 36392000,
      "rate": 2.28,
      "originationDate": "2021-01-29",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "EASTRIDGE APARTMENTS",
      "address": "",
      "city": "DEL VALLE",
      "state": "TX",
      "zip": "78617",
      "units": 300,
      "originalAmount": 34245000,
      "rate": 2.28,
      "originationDate": "2021-08-30",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PARK AT CRYTALS FALLS - PHASE II",
      "address": "",
      "city": "LEANDER",
      "state": "TX",
      "zip": "78641",
      "units": 238,
      "originalAmount": 33100000,
      "rate": 2.28,
      "originationDate": "2021-04-19",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.28% is 0.78 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "WALTON CENTENNIAL",
      "address": "",
      "city": "ROSWELL",
      "state": "GA",
      "zip": "30076",
      "units": 250,
      "originalAmount": 32500000,
      "rate": 2.28,
      "originationDate": "2021-09-30",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "LAKESIDE PHASE II",
      "address": "",
      "city": "CHARLOTTESVILLE",
      "state": "VA",
      "zip": "22902",
      "units": 200,
      "originalAmount": 31600000,
      "rate": 2.28,
      "originationDate": "2021-01-28",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "MOMENTUM AT SOUTH BAY FOR REHABILITATION AND NURSING",
      "address": "",
      "city": "EAST ISLIP",
      "state": "NY",
      "zip": "11730",
      "units": 259,
      "originalAmount": 30733800,
      "rate": 2.28,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "POST OAK EAST APARTMENTS",
      "address": "",
      "city": "EULESS",
      "state": "TX",
      "zip": "76040",
      "units": 246,
      "originalAmount": 25600000,
      "rate": 2.28,
      "originationDate": "2021-04-26",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.28% is 0.78 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CUMBERLAND RIDGE (fka VANTAGE POINTE HOME)",
      "address": "",
      "city": "CLARKSVILLE",
      "state": "TN",
      "zip": "37043",
      "units": 252,
      "originalAmount": 23200000,
      "rate": 2.28,
      "originationDate": "2020-08-28",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "CEDAR ON 67TH AVE",
      "address": "",
      "city": "MARYSVILLE",
      "state": "WA",
      "zip": "98270",
      "units": 131,
      "originalAmount": 23006200,
      "rate": 2.28,
      "originationDate": "2020-12-09",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE VISTAS AT DREAMING PARK",
      "address": "",
      "city": "LYNCHBURG",
      "state": "VA",
      "zip": "24502",
      "units": 280,
      "originalAmount": 21840000,
      "rate": 2.28,
      "originationDate": "2020-12-28",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "TRIBUTE CREEK APARTMENTS",
      "address": "",
      "city": "OAKLAND TOWNSHIP",
      "state": "MI",
      "zip": "48306",
      "units": 84,
      "originalAmount": 20080000,
      "rate": 2.28,
      "originationDate": "2021-09-17",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "OLDE DERBY VILLAGE",
      "address": "",
      "city": "NORWOOD",
      "state": "MA",
      "zip": "02062",
      "units": 139,
      "originalAmount": 14960000,
      "rate": 2.28,
      "originationDate": "2021-04-22",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.28% is 0.78 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ELMORA HILLS HEALTH & REHAB CENTER",
      "address": "",
      "city": "ELIZABETH",
      "state": "NJ",
      "zip": "07207",
      "units": 200,
      "originalAmount": 13582800,
      "rate": 2.28,
      "originationDate": "2013-08-29",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.28% is 2.18 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "REDWOOD INDIANAPOLIS (CAMDEN OAKS) PH2",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46237",
      "units": 87,
      "originalAmount": 13008000,
      "rate": 2.28,
      "originationDate": "2021-04-22",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.28% is 0.78 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ROYAL MEGANSETT NURSING & RETIREMENT HOME",
      "address": "",
      "city": "FALMOUTH",
      "state": "MA",
      "zip": "02556",
      "units": 61,
      "originalAmount": 11524600,
      "rate": 2.28,
      "originationDate": "2021-12-15",
      "pmmsBenchmark": 3.098,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.28% is 0.82 pts below the 2021-12 market avg of 3.098%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "ROYAL BRAINTREE NURSING AND REHABILITATION CENTER",
      "address": "",
      "city": "BRAINTREE",
      "state": "MA",
      "zip": "02184",
      "units": 110,
      "originalAmount": 10767800,
      "rate": 2.28,
      "originationDate": "2021-12-15",
      "pmmsBenchmark": 3.098,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.28% is 0.82 pts below the 2021-12 market avg of 3.098%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "THE WAVERLY APARTMENTS",
      "address": "",
      "city": "COLUMBUS",
      "state": "MS",
      "zip": "39705",
      "units": 152,
      "originalAmount": 10020700,
      "rate": 2.28,
      "originationDate": "2021-04-30",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.28% is 0.78 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "ASPEN GROVE",
      "address": "",
      "city": "MARYSVILLE",
      "state": "MI",
      "zip": "48040",
      "units": 218,
      "originalAmount": 9920000,
      "rate": 2.28,
      "originationDate": "2021-09-29",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE GREENS AT 205 LOOP",
      "address": "",
      "city": "TEMPLE",
      "state": "TX",
      "zip": "76502",
      "units": 94,
      "originalAmount": 9032000,
      "rate": 2.28,
      "originationDate": "2021-09-29",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "CALVIN APARTMENTS",
      "address": "",
      "city": "MILWAUKEE",
      "state": "WI",
      "zip": "53212",
      "units": 129,
      "originalAmount": 8783900,
      "rate": 2.28,
      "originationDate": "2021-12-15",
      "pmmsBenchmark": 3.098,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.28% is 0.82 pts below the 2021-12 market avg of 3.098%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "BLUE ROCK APARTMENT & EAGLE ROCK APARTMENTS",
      "address": "",
      "city": "KANSAS CITY",
      "state": "MO",
      "zip": "64127",
      "units": 82,
      "originalAmount": 8327100,
      "rate": 2.28,
      "originationDate": "2021-01-29",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "TRANSITIONS HEALTHCARE WASHINGTON PA",
      "address": "",
      "city": "WASHINGTON",
      "state": "PA",
      "zip": "15301",
      "units": 254,
      "originalAmount": 7122900,
      "rate": 2.28,
      "originationDate": "2020-11-05",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "SPENCER APARTMENTS",
      "address": "",
      "city": "NEW CASTLE",
      "state": "DE",
      "zip": "19720",
      "units": 72,
      "originalAmount": 6712000,
      "rate": 2.28,
      "originationDate": "2021-01-15",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "NORTH SCHOOL APARTMENTS",
      "address": "",
      "city": "PORTLAND",
      "state": "ME",
      "zip": "04101",
      "units": 60,
      "originalAmount": 5959800,
      "rate": 2.28,
      "originationDate": "2020-09-18",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "SUNNY VIEW II",
      "address": "",
      "city": "DELANO",
      "state": "CA",
      "zip": "93212",
      "units": 70,
      "originalAmount": 5394700,
      "rate": 2.28,
      "originationDate": "2021-04-15",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.28% is 0.78 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "CEDAR VILLAGE APARTMENTS",
      "address": "",
      "city": "LAKE VILLA",
      "state": "IL",
      "zip": "60046",
      "units": 80,
      "originalAmount": 4800000,
      "rate": 2.28,
      "originationDate": "2012-10-30",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.28% is 1.10 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "VICTORIA PARK AT NORTH EAST",
      "address": "",
      "city": "NORTH EAST",
      "state": "MD",
      "zip": "21901",
      "units": 50,
      "originalAmount": 4431700,
      "rate": 2.28,
      "originationDate": "2020-12-16",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "CALVARY TOWERS",
      "address": "",
      "city": "YOUNGSTOWN",
      "state": "OH",
      "zip": "44507",
      "units": 70,
      "originalAmount": 4203000,
      "rate": 2.28,
      "originationDate": "2010-11-16",
      "pmmsBenchmark": 4.3,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.28% is 2.02 pts below the 2010-11 market avg of 4.3%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "RIVERRAIN APARTMENTS",
      "address": "",
      "city": "YPSILANTI",
      "state": "MI",
      "zip": "48197",
      "units": 120,
      "originalAmount": 3781800,
      "rate": 2.28,
      "originationDate": "2021-04-20",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.28% is 0.78 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "WILDWOOD CREEK MANOR",
      "address": "",
      "city": "HOLLAND",
      "state": "MI",
      "zip": "49423",
      "units": 76,
      "originalAmount": 3308900,
      "rate": 2.28,
      "originationDate": "2020-08-26",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "GLENDALE MANOR APARTMENTS",
      "address": "",
      "city": "CLINTON",
      "state": "SC",
      "zip": "29325",
      "units": 50,
      "originalAmount": 1404000,
      "rate": 2.28,
      "originationDate": "2021-01-26",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "SIERRA WOODS",
      "address": "",
      "city": "COLUMBIA",
      "state": "MD",
      "zip": "21044",
      "units": 160,
      "originalAmount": 10400000,
      "rate": 2.283,
      "originationDate": "2021-03-24",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.283% is 0.80 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MONTEBELLO AT SUMMIT RIDGE",
      "address": "",
      "city": "RENO",
      "state": "NV",
      "zip": "89523",
      "units": 450,
      "originalAmount": 83734000,
      "rate": 2.29,
      "originationDate": "2020-12-11",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE LAKES AT COLLEGE POINTE",
      "address": "",
      "city": "FORT MYERS",
      "state": "FL",
      "zip": "33919",
      "units": 424,
      "originalAmount": 59600000,
      "rate": 2.29,
      "originationDate": "2021-03-10",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.29% is 0.79 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "GREENBRIER APARTMENTS",
      "address": "",
      "city": "COLUMBIA",
      "state": "SC",
      "zip": "29223",
      "units": 526,
      "originalAmount": 54160000,
      "rate": 2.29,
      "originationDate": "2021-03-31",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.29% is 0.79 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "ORCHARD HILLS LANDINGS",
      "address": "",
      "city": "NEWBURG",
      "state": "NY",
      "zip": "12550",
      "units": 260,
      "originalAmount": 44854300,
      "rate": 2.29,
      "originationDate": "2020-12-14",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "FAIRMONT MUSEUM DISTRICT I",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77006",
      "units": 236,
      "originalAmount": 44528000,
      "rate": 2.29,
      "originationDate": "2021-11-23",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.29% is 0.78 pts below the 2021-11 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "IMMACULATE MARY CENTER FOR RAHABILITATION & HEALTHCARE",
      "address": "",
      "city": "PHILADELPHIA",
      "state": "PA",
      "zip": "19136",
      "units": 444,
      "originalAmount": 40720000,
      "rate": 2.29,
      "originationDate": "2021-02-23",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ALLAIRE REHAB & NURSING",
      "address": "",
      "city": "FREEHOLD",
      "state": "NJ",
      "zip": "07728",
      "units": 249,
      "originalAmount": 37680000,
      "rate": 2.29,
      "originationDate": "2021-02-24",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "BASS LAKE HILLS TH'S",
      "address": "",
      "city": "PLYMOUTH",
      "state": "MN",
      "zip": "55442",
      "units": 284,
      "originalAmount": 32800000,
      "rate": 2.29,
      "originationDate": "2014-03-31",
      "pmmsBenchmark": 4.343,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.29% is 2.05 pts below the 2014-03 market avg of 4.343%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "SPRINGS AT LAURENS ROAD",
      "address": "",
      "city": "GREENVILLE",
      "state": "SC",
      "zip": "29607",
      "units": 272,
      "originalAmount": 32480000,
      "rate": 2.29,
      "originationDate": "2021-03-12",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.29% is 0.79 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "AUTUMN LAKE HEALTHCARE AT CHERRY LANE",
      "address": "",
      "city": "LAUREL",
      "state": "MD",
      "zip": "20708",
      "units": 227,
      "originalAmount": 30880000,
      "rate": 2.29,
      "originationDate": "2021-02-22",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE RESERVE AT JOHNSON CITY",
      "address": "",
      "city": "JOHNSON CITY",
      "state": "TN",
      "zip": "37604",
      "units": 248,
      "originalAmount": 29456000,
      "rate": 2.29,
      "originationDate": "2020-09-29",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "PEMBROKE GARDENS",
      "address": "",
      "city": "PEMBROKE PARK",
      "state": "FL",
      "zip": "33023",
      "units": 198,
      "originalAmount": 28423500,
      "rate": 2.29,
      "originationDate": "2021-03-31",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.29% is 0.79 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "BEDFORD HILLS APARTMENTS",
      "address": "",
      "city": "BEDFORD",
      "state": "NH",
      "zip": "03110",
      "units": 144,
      "originalAmount": 27040000,
      "rate": 2.29,
      "originationDate": "2021-10-28",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.29% is 0.78 pts below the 2021-10 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "THE WINSLOW",
      "address": "",
      "city": "WEST ST. PAUL",
      "state": "MN",
      "zip": "55118",
      "units": 172,
      "originalAmount": 25185000,
      "rate": 2.29,
      "originationDate": "2022-01-27",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.29% is 1.15 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "YORKTOWN REHABILITATION & NURSING",
      "address": "",
      "city": "CORTLANDT MANOR",
      "state": "NY",
      "zip": "10567",
      "units": 223,
      "originalAmount": 22609700,
      "rate": 2.29,
      "originationDate": "2020-11-17",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SOUTHWEST PINES",
      "address": "",
      "city": "TYLER",
      "state": "TX",
      "zip": "75701",
      "units": 248,
      "originalAmount": 21923600,
      "rate": 2.29,
      "originationDate": "2021-01-27",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "BENNINGTON RIDGE APARTMENTS",
      "address": "",
      "city": "KANSAS CITY",
      "state": "MO",
      "zip": "64117",
      "units": 288,
      "originalAmount": 21724200,
      "rate": 2.29,
      "originationDate": "2020-10-29",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "NAZING COURT",
      "address": "",
      "city": "BOSTON",
      "state": "MA",
      "zip": "02121",
      "units": 151,
      "originalAmount": 20441700,
      "rate": 2.29,
      "originationDate": "2021-01-15",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "1505 APARTMENTS",
      "address": "",
      "city": "GRAFTON",
      "state": "WI",
      "zip": "53024",
      "units": 124,
      "originalAmount": 18720000,
      "rate": 2.29,
      "originationDate": "2021-03-11",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.29% is 0.79 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "QUINCY HEIGHTS",
      "address": "",
      "city": "BOSTON",
      "state": "MA",
      "zip": "02125",
      "units": 129,
      "originalAmount": 16915000,
      "rate": 2.29,
      "originationDate": "2013-06-27",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.29% is 1.78 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "FOREST RIDGE",
      "address": "",
      "city": "EAGAN",
      "state": "MN",
      "zip": "55123",
      "units": 253,
      "originalAmount": 15019400,
      "rate": 2.29,
      "originationDate": "2020-07-29",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "OUR LADY'S CENTER FOR REHABILITATION & HEALTHCARE",
      "address": "",
      "city": "PLEASANTVILLE",
      "state": "NJ",
      "zip": "08232",
      "units": 288,
      "originalAmount": 14720000,
      "rate": 2.29,
      "originationDate": "2020-08-18",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "BRADLEY HOMES APARTMENTS",
      "address": "",
      "city": "MILWAUKEE",
      "state": "WI",
      "zip": "53223",
      "units": 232,
      "originalAmount": 14280000,
      "rate": 2.29,
      "originationDate": "2012-06-27",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.29% is 1.38 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "PRINCESS ANNE TOWNHOMES",
      "address": "",
      "city": "PRINCESS ANNE",
      "state": "MD",
      "zip": "21853",
      "units": 120,
      "originalAmount": 13000000,
      "rate": 2.29,
      "originationDate": "2020-12-04",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "COVENTRY COURT",
      "address": "",
      "city": "BURNSVILLE",
      "state": "MN",
      "zip": "55306",
      "units": 193,
      "originalAmount": 10360000,
      "rate": 2.29,
      "originationDate": "2020-07-29",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "WYOMISSING HEALTH AND REHABILITATION CENTER",
      "address": "",
      "city": "READING",
      "state": "PA",
      "zip": "19611",
      "units": 56,
      "originalAmount": 10247000,
      "rate": 2.29,
      "originationDate": "2021-10-26",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.29% is 0.78 pts below the 2021-10 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "THE RESERVE",
      "address": "",
      "city": "VICTORIA",
      "state": "TX",
      "zip": "77904",
      "units": 96,
      "originalAmount": 8610300,
      "rate": 2.29,
      "originationDate": "2020-12-16",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "WESTLAND MEADOWS",
      "address": "",
      "city": "KALAMAZOO",
      "state": "MI",
      "zip": "49006",
      "units": 150,
      "originalAmount": 8480000,
      "rate": 2.29,
      "originationDate": "2021-08-31",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "HARBOR VILLAGE",
      "address": "",
      "city": "HOLLAND",
      "state": "MI",
      "zip": "49423",
      "units": 120,
      "originalAmount": 8264000,
      "rate": 2.29,
      "originationDate": "2021-08-31",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ARASTRADERO PARK APARTMENTS",
      "address": "",
      "city": "PALO ALTO",
      "state": "CA",
      "zip": "94306",
      "units": 66,
      "originalAmount": 8033700,
      "rate": 2.29,
      "originationDate": "2006-10-30",
      "pmmsBenchmark": 6.357,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.29% is 4.07 pts below the 2006-10 market avg of 6.357%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "SAXAPAHAW RIVERMILL APTS & TOWNHOMES",
      "address": "",
      "city": "SAXAPAHAW",
      "state": "NC",
      "zip": "27340",
      "units": 75,
      "originalAmount": 7365400,
      "rate": 2.29,
      "originationDate": "2021-01-27",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "COURTYARD ESTATES AT HAWTHORNE CROSSING",
      "address": "",
      "city": "BONDURANT",
      "state": "IA",
      "zip": "50035",
      "units": 127,
      "originalAmount": 7279900,
      "rate": 2.29,
      "originationDate": "2021-01-21",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "JVL #16",
      "address": "",
      "city": "ST. LOUIS",
      "state": "MO",
      "zip": "63106",
      "units": 78,
      "originalAmount": 7240000,
      "rate": 2.29,
      "originationDate": "2021-03-30",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.29% is 0.79 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "STRATTON OAKS",
      "address": "",
      "city": "SEGUIN",
      "state": "TX",
      "zip": "78155",
      "units": 100,
      "originalAmount": 7027100,
      "rate": 2.29,
      "originationDate": "2021-04-06",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.29% is 0.77 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "FARMINGDALE TOWNHOUSES",
      "address": "",
      "city": "HOPEWELL",
      "state": "VA",
      "zip": "23860",
      "units": 122,
      "originalAmount": 6806900,
      "rate": 2.29,
      "originationDate": "2021-02-23",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "HADDINGTON ELDERLY",
      "address": "",
      "city": "PHILADELPHIA",
      "state": "PA",
      "zip": "19139",
      "units": 136,
      "originalAmount": 6400000,
      "rate": 2.29,
      "originationDate": "2012-11-15",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.29% is 1.06 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "VILLAGE COOPERATIVE OF MASON CITY",
      "address": "",
      "city": "MASON CITY",
      "state": "IA",
      "zip": "50401",
      "units": 50,
      "originalAmount": 5295400,
      "rate": 2.29,
      "originationDate": "2020-09-28",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "GRAMERCY PARK COOPERATIVE OF ROCHESTER",
      "address": "",
      "city": "ROCHESTER",
      "state": "MN",
      "zip": "55901",
      "units": 87,
      "originalAmount": 5162800,
      "rate": 2.29,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "ASPEN 110 APARTMENTS",
      "address": "",
      "city": "WHITEFISH",
      "state": "MT",
      "zip": "59937",
      "units": 43,
      "originalAmount": 5120000,
      "rate": 2.29,
      "originationDate": "2021-10-21",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.29% is 0.78 pts below the 2021-10 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "MENTOR WAY CARE CENTER",
      "address": "",
      "city": "MENTOR",
      "state": "OH",
      "zip": "44060",
      "units": 150,
      "originalAmount": 5106600,
      "rate": 2.29,
      "originationDate": "2011-12-28",
      "pmmsBenchmark": 3.958,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.29% is 1.67 pts below the 2011-12 market avg of 3.958%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "SUNSET APARTMENTS",
      "address": "",
      "city": "WAUKESHA",
      "state": "WI",
      "zip": "53189",
      "units": 72,
      "originalAmount": 4792000,
      "rate": 2.29,
      "originationDate": "2021-09-28",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "LANSDALE CROSSING APARTMENTS",
      "address": "",
      "city": "CHARLOTTE",
      "state": "NC",
      "zip": "28205",
      "units": 55,
      "originalAmount": 4720000,
      "rate": 2.29,
      "originationDate": "2021-11-18",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.29% is 0.78 pts below the 2021-11 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "WEST HILLS VILLAGE APTS",
      "address": "",
      "city": "KNOXVILLE",
      "state": "TN",
      "zip": "37909",
      "units": 226,
      "originalAmount": 4545900,
      "rate": 2.29,
      "originationDate": "2010-11-29",
      "pmmsBenchmark": 4.3,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.29% is 2.01 pts below the 2010-11 market avg of 4.3%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "SOUTHGATE WOODS",
      "address": "",
      "city": "TOLEDO",
      "state": "OH",
      "zip": "43615",
      "units": 100,
      "originalAmount": 4280000,
      "rate": 2.29,
      "originationDate": "2021-10-21",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.29% is 0.78 pts below the 2021-10 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE BLUFFS ON McCAIN I",
      "address": "",
      "city": "NORTH LITTLE ROCK",
      "state": "AR",
      "zip": "72116",
      "units": 120,
      "originalAmount": 4256800,
      "rate": 2.29,
      "originationDate": "2020-12-14",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "TOWN AND COUNTRY HOMES",
      "address": "",
      "city": "ELKHART",
      "state": "IN",
      "zip": "46514",
      "units": 72,
      "originalAmount": 4240000,
      "rate": 2.29,
      "originationDate": "2021-09-15",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "RIVERWOOD TOWER APARTMENTS",
      "address": "",
      "city": "MADISON",
      "state": "TN",
      "zip": "37115",
      "units": 117,
      "originalAmount": 4200000,
      "rate": 2.29,
      "originationDate": "2021-11-18",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.29% is 0.78 pts below the 2021-11 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "CAMBRIIDGE PLACE",
      "address": "",
      "city": "CAMBRIDGE",
      "state": "OH",
      "zip": "43725",
      "units": 105,
      "originalAmount": 3856400,
      "rate": 2.29,
      "originationDate": "2020-11-30",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "FOXGLEN APARTMENTS",
      "address": "",
      "city": "LITTLE ROCK",
      "state": "AR",
      "zip": "72227",
      "units": 96,
      "originalAmount": 3500000,
      "rate": 2.29,
      "originationDate": "2020-11-19",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "LOUISVILLE HEALTHCARE",
      "address": "",
      "city": "LOUISVILLE",
      "state": "MS",
      "zip": "39339",
      "units": 60,
      "originalAmount": 3393100,
      "rate": 2.29,
      "originationDate": "2012-09-27",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.29% is 1.21 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "EDGE OF THE WOODS",
      "address": "",
      "city": "SAULT SAINTE MARIE",
      "state": "MI",
      "zip": "49783",
      "units": 80,
      "originalAmount": 2840000,
      "rate": 2.29,
      "originationDate": "2021-08-31",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "REALIFE COOPERATIVE OF EAU CLAIRE",
      "address": "",
      "city": "EAU CLAIRE",
      "state": "WI",
      "zip": "54703",
      "units": 37,
      "originalAmount": 2658700,
      "rate": 2.29,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "AURRORA MEADOWS",
      "address": "",
      "city": "EAGLE PASS",
      "state": "TX",
      "zip": "78852",
      "units": 76,
      "originalAmount": 2650000,
      "rate": 2.29,
      "originationDate": "2020-07-29",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "FINDLAY COMMONS",
      "address": "",
      "city": "FINDLAY",
      "state": "OH",
      "zip": "45840",
      "units": 50,
      "originalAmount": 2475000,
      "rate": 2.29,
      "originationDate": "2021-11-18",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.29% is 0.78 pts below the 2021-11 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "COOPER CROSSING AKA LAWRENCE CROSSING",
      "address": "",
      "city": "SOUTH POINT",
      "state": "OH",
      "zip": "45680",
      "units": 44,
      "originalAmount": 2205000,
      "rate": 2.29,
      "originationDate": "2021-11-19",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.29% is 0.78 pts below the 2021-11 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "VILLAGE COOPERATIVE OF HUTCHINSON",
      "address": "",
      "city": "HUTCHINSON",
      "state": "MN",
      "zip": "55350",
      "units": 33,
      "originalAmount": 1900600,
      "rate": 2.29,
      "originationDate": "2020-12-30",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "SALEM ACRES",
      "address": "",
      "city": "SALEM",
      "state": "OH",
      "zip": "44460",
      "units": 45,
      "originalAmount": 1773000,
      "rate": 2.29,
      "originationDate": "2021-11-18",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.29% is 0.78 pts below the 2021-11 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "HUNTING CREEK TOWNHOMES",
      "address": "",
      "city": "ALEXANDRIA",
      "state": "VA",
      "zip": "22306",
      "units": 35,
      "originalAmount": 6600000,
      "rate": 2.295,
      "originationDate": "2021-04-14",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.295% is 0.77 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "EUCLID BEACH APARTMENTS",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44110",
      "units": 811,
      "originalAmount": 67707000,
      "rate": 2.3,
      "originationDate": "2020-12-30",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "COMMONS AT REDWOOD",
      "address": "",
      "city": "BEAVERTON",
      "state": "OR",
      "zip": "97008",
      "units": 406,
      "originalAmount": 63590600,
      "rate": 2.3,
      "originationDate": "2021-12-22",
      "pmmsBenchmark": 3.098,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.3% is 0.80 pts below the 2021-12 market avg of 3.098%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "PARKWAY LOFTS",
      "address": "",
      "city": "OREM",
      "state": "UT",
      "zip": "84058",
      "units": 332,
      "originalAmount": 60480000,
      "rate": 2.3,
      "originationDate": "2020-11-20",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BONNEVILLE MORTGAGE COMPANY"
    },
    {
      "property": "50 AT GRANITE RUN",
      "address": "",
      "city": "MEDIA",
      "state": "PA",
      "zip": "19063",
      "units": 192,
      "originalAmount": 47260000,
      "rate": 2.3,
      "originationDate": "2021-09-30",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "MERIDAN PARKSIDE APARTMENTS",
      "address": "",
      "city": "NEWPORT NEWS",
      "state": "VA",
      "zip": "23601",
      "units": 308,
      "originalAmount": 46640000,
      "rate": 2.3,
      "originationDate": "2021-07-29",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CITY WALK APARTMENTS",
      "address": "",
      "city": "CHARLOTTESVILLE",
      "state": "VA",
      "zip": "22902",
      "units": 301,
      "originalAmount": 39505900,
      "rate": 2.3,
      "originationDate": "2021-02-18",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "PRAIRIE CROSSING",
      "address": "",
      "city": "FARMERS BRANCH",
      "state": "TX",
      "zip": "75244",
      "units": 367,
      "originalAmount": 38087100,
      "rate": 2.3,
      "originationDate": "2020-12-17",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "EDEN COMMONS",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60616",
      "units": 331,
      "originalAmount": 37636100,
      "rate": 2.3,
      "originationDate": "2020-10-09",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "ZEPHYR POINTE",
      "address": "",
      "city": "RENO",
      "state": "NV",
      "zip": "89503",
      "units": 216,
      "originalAmount": 34396300,
      "rate": 2.3,
      "originationDate": "2020-07-23",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "CYPRESS RIVER APARTMENTS",
      "address": "",
      "city": "LADSON",
      "state": "SC",
      "zip": "29456",
      "units": 280,
      "originalAmount": 33784000,
      "rate": 2.3,
      "originationDate": "2021-11-22",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.3% is 0.77 pts below the 2021-11 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "VILLA DEL MAR",
      "address": "",
      "city": "OCEANSIDE",
      "state": "CA",
      "zip": "92058",
      "units": 184,
      "originalAmount": 32988800,
      "rate": 2.3,
      "originationDate": "2020-09-30",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE RESIDENCES AT CHRISTINA LANDING",
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      ],
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    },
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      "property": "SCHEUER HOUSE OF BRIGHTON BEACH",
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      "city": "BROOKLYN",
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
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    },
    {
      "property": "ARBOURS AT CROWN POINT",
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      ],
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    },
    {
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
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    },
    {
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
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    },
    {
      "property": "RESIDENCES OF SUMMERLIN",
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      ],
      "holder": "COLUMBIANATIONAL REAL ESTATE F"
    },
    {
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      ],
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
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    },
    {
      "property": "DRAYTON MILLS LOFTS",
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
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    },
    {
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
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    {
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      ],
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    {
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      ],
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
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    {
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "FAIRCREST APARTMENTS",
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        "Rate 2.3% is 1.30 pts below the 2012-08 market avg of 3.602%"
      ],
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    {
      "property": "LACROSSE ESTATES APARTMENT HOMES",
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
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    },
    {
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      ],
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    },
    {
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
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    },
    {
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
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    },
    {
      "property": "MELBOURNE TERRACE REHABILITATION CENTER",
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
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    },
    {
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
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    },
    {
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      ],
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    },
    {
      "property": "SUMMERS NURSING AND REHABILITATION CENTER",
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
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    },
    {
      "property": "THE REGENCY GARDENS",
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
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    },
    {
      "property": "SPRING LAKE APARTMENTS",
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
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    },
    {
      "property": "DOUGLAS POINTE I & II",
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      ],
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    },
    {
      "property": "1800 LAKE CALHOUN",
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "ORCHARDS AT 19TH",
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      "city": "ROY",
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "BEACH VILLAS",
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "MAJESTIC GARDENS AT MEMPHIS REHAB & SKILLED NURSING CTR",
      "address": "",
      "city": "MEMPHIS",
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      "units": 280,
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      "pmmsBenchmark": 2.684,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "NORTH RIVER LANDING APARTMENTS",
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      "pmmsBenchmark": 3.067,
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        "Rate 2.3% is 0.77 pts below the 2021-11 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "TOWER HILL HEALTHCARE CENTER",
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      "city": "SOUTH ELGIN",
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      "pmmsBenchmark": 2.843,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "CITADEL OF SKOKIE MEADOWS",
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      "city": "SKOKIE",
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      "pmmsBenchmark": 3.067,
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        "Rate 2.3% is 0.77 pts below the 2021-11 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "FIRST AMERICAN CAPITAL GROUP C"
    },
    {
      "property": "STONEBRIDGE OF CONWAY",
      "address": "",
      "city": "CONWAY",
      "state": "AR",
      "zip": "72034",
      "units": 156,
      "originalAmount": 11600000,
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      "originationDate": "2020-10-13",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "WALTON GROVE APARTMENTS",
      "address": "",
      "city": "SMYRNA",
      "state": "GA",
      "zip": "30080",
      "units": 180,
      "originalAmount": 11360000,
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      "originationDate": "2012-12-06",
      "pmmsBenchmark": 3.345,
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      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.3% is 1.05 pts below the 2012-12 market avg of 3.345%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "STILLEY HOUSE",
      "address": "",
      "city": "BENTON",
      "state": "KY",
      "zip": "42025",
      "units": 73,
      "originalAmount": 11085000,
      "rate": 2.3,
      "originationDate": "2021-09-16",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "StoneBridge at Heber Springs",
      "address": "",
      "city": "Heber Springs",
      "state": "AR",
      "zip": "72543",
      "units": 168,
      "originalAmount": 11009200,
      "rate": 2.3,
      "originationDate": "2020-10-13",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "WOODSTONE VILLAGE APARTMENTS",
      "address": "",
      "city": "WESTMINSTER",
      "state": "CO",
      "zip": "80030",
      "units": 192,
      "originalAmount": 10960000,
      "rate": 2.3,
      "originationDate": "2012-08-23",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.3% is 1.30 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "GARDENS OF WEATHERFORD",
      "address": "",
      "city": "WEATHERFORD",
      "state": "TX",
      "zip": "76085",
      "units": 76,
      "originalAmount": 10064000,
      "rate": 2.3,
      "originationDate": "2021-10-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.3% is 0.77 pts below the 2021-10 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "REDWOOD FT WAYNE NOYER Rd (Williamsburg)",
      "address": "",
      "city": "FORT WAYNE",
      "state": "IN",
      "zip": "46814",
      "units": 59,
      "originalAmount": 9704000,
      "rate": 2.3,
      "originationDate": "2021-04-22",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.3% is 0.76 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ROBINBROOKE SENIOR LIVING",
      "address": "",
      "city": "ELIZABETHTOWN",
      "state": "KY",
      "zip": "42701",
      "units": 60,
      "originalAmount": 9500000,
      "rate": 2.3,
      "originationDate": "2021-09-28",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CANYON SQUARE TOWNHOMES",
      "address": "",
      "city": "JACKSONVILLE",
      "state": "FL",
      "zip": "32217",
      "units": 112,
      "originalAmount": 8240000,
      "rate": 2.3,
      "originationDate": "2020-09-22",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "WEST RIVER COMMONS",
      "address": "",
      "city": "MINNEAPOLIS",
      "state": "MN",
      "zip": "55406",
      "units": 53,
      "originalAmount": 7658400,
      "rate": 2.3,
      "originationDate": "2013-07-09",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.3% is 2.07 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "RIVERWOODS AT LAKE RIDGE",
      "address": "",
      "city": "WOODBRIDGE",
      "state": "VA",
      "zip": "22192",
      "units": 72,
      "originalAmount": 7649800,
      "rate": 2.3,
      "originationDate": "2020-11-23",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "REALIFE COOPERATIVE OF BROOKLYN PARK",
      "address": "",
      "city": "MINNEAPOLIS",
      "state": "MN",
      "zip": "55443",
      "units": 99,
      "originalAmount": 7328500,
      "rate": 2.3,
      "originationDate": "2021-03-29",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.3% is 0.78 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "441 WEST BARRY",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60657",
      "units": 67,
      "originalAmount": 7120000,
      "rate": 2.3,
      "originationDate": "2012-12-13",
      "pmmsBenchmark": 3.345,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.3% is 1.05 pts below the 2012-12 market avg of 3.345%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "TUSCANA APARTMENTS",
      "address": "",
      "city": "ENID",
      "state": "OK",
      "zip": "73703",
      "units": 102,
      "originalAmount": 6931700,
      "rate": 2.3,
      "originationDate": "2020-09-29",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "HERITAGE FOREST APARTMENTS PHASE II",
      "address": "",
      "city": "NEWPORT NEWS",
      "state": "VA",
      "zip": "23605",
      "units": 104,
      "originalAmount": 6339600,
      "rate": 2.3,
      "originationDate": "2020-12-22",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "WOODSIDE SQUARE",
      "address": "",
      "city": "ROMULUS",
      "state": "MI",
      "zip": "48174",
      "units": 85,
      "originalAmount": 5560000,
      "rate": 2.3,
      "originationDate": "2021-11-30",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.3% is 0.77 pts below the 2021-11 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "YWCA APARTMENTS",
      "address": "",
      "city": "SAN FRANCISCO",
      "state": "CA",
      "zip": "94108",
      "units": 97,
      "originalAmount": 5506600,
      "rate": 2.3,
      "originationDate": "2013-01-22",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.3% is 1.11 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "SPRING CREEK APARTMENTS",
      "address": "",
      "city": "RIALTO",
      "state": "CA",
      "zip": "92376",
      "units": 78,
      "originalAmount": 5436200,
      "rate": 2.3,
      "originationDate": "2012-08-24",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.3% is 1.30 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "VILLAGE COOPERATIVE OF ASBURY",
      "address": "",
      "city": "ASBURY",
      "state": "IA",
      "zip": "52002",
      "units": 50,
      "originalAmount": 5326600,
      "rate": 2.3,
      "originationDate": "2020-09-28",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "RIVERGREEN APARTMENTS",
      "address": "",
      "city": "RIVERVIEW",
      "state": "MI",
      "zip": "48193",
      "units": 80,
      "originalAmount": 5120000,
      "rate": 2.3,
      "originationDate": "2021-08-31",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "BALBOA POINTE APARTMENTS",
      "address": "",
      "city": "VAN NUYS",
      "state": "CA",
      "zip": "91406",
      "units": 71,
      "originalAmount": 5109500,
      "rate": 2.3,
      "originationDate": "2012-08-24",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.3% is 1.30 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "HIGHLAND VILLAGE APARTMENTS",
      "address": "",
      "city": "RADFORD",
      "state": "VA",
      "zip": "24141",
      "units": 219,
      "originalAmount": 5051000,
      "rate": 2.3,
      "originationDate": "2021-10-19",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.3% is 0.77 pts below the 2021-10 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "CEDAR CREEK VILLAGE APARTMENTS",
      "address": "",
      "city": "SHREVEPORT",
      "state": "LA",
      "zip": "71118",
      "units": 160,
      "originalAmount": 5038000,
      "rate": 2.3,
      "originationDate": "2020-11-30",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "NEWPORT VILLAGE APTS",
      "address": "",
      "city": "FONTANA",
      "state": "CA",
      "zip": "92335",
      "units": 82,
      "originalAmount": 4721800,
      "rate": 2.3,
      "originationDate": "2012-08-24",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.3% is 1.30 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "WOODBRIDGE OF CASTLETON I",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46250",
      "units": 204,
      "originalAmount": 4638000,
      "rate": 2.3,
      "originationDate": "2012-09-27",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.3% is 1.20 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "SOUTH TOWERS APARTMENTS",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90057",
      "units": 59,
      "originalAmount": 4597800,
      "rate": 2.3,
      "originationDate": "2012-08-24",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.3% is 1.30 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "CEREDO MANOR",
      "address": "",
      "city": "CEREDO",
      "state": "WV",
      "zip": "25507",
      "units": 104,
      "originalAmount": 4179600,
      "rate": 2.3,
      "originationDate": "2014-09-22",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.3% is 1.86 pts below the 2014-09 market avg of 4.162%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ONTARIO COURT",
      "address": "",
      "city": "WASHINGTON",
      "state": "DC",
      "zip": "20009",
      "units": 27,
      "originalAmount": 4085000,
      "rate": 2.3,
      "originationDate": "2021-04-08",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.3% is 0.76 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "LIFESTYLE APARTMENTS",
      "address": "",
      "city": "FONTANA",
      "state": "CA",
      "zip": "92335",
      "units": 64,
      "originalAmount": 4066300,
      "rate": 2.3,
      "originationDate": "2012-08-24",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.3% is 1.30 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "NORTHWEST VILLAGE APARTMENTS",
      "address": "",
      "city": "AMARILLO",
      "state": "TX",
      "zip": "79106",
      "units": 94,
      "originalAmount": 3870000,
      "rate": 2.3,
      "originationDate": "2021-12-21",
      "pmmsBenchmark": 3.098,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.3% is 0.80 pts below the 2021-12 market avg of 3.098%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "ECUMENICAL VILLAGE",
      "address": "",
      "city": "WEST MEMPHIS",
      "state": "AR",
      "zip": "72301",
      "units": 68,
      "originalAmount": 3780000,
      "rate": 2.3,
      "originationDate": "2021-12-09",
      "pmmsBenchmark": 3.098,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.3% is 0.80 pts below the 2021-12 market avg of 3.098%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CASTLE HILL APARTMENTS",
      "address": "",
      "city": "CASTLETON",
      "state": "NY",
      "zip": "12033",
      "units": 41,
      "originalAmount": 3312800,
      "rate": 2.3,
      "originationDate": "2021-11-19",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.3% is 0.77 pts below the 2021-11 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PUEBLO WEST GARDENS",
      "address": "",
      "city": "PUEBLO",
      "state": "CO",
      "zip": "81007",
      "units": 124,
      "originalAmount": 3159900,
      "rate": 2.3,
      "originationDate": "2020-10-29",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "WOODBRIDGE OF CASTLETON II",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46250",
      "units": 114,
      "originalAmount": 2873000,
      "rate": 2.3,
      "originationDate": "2012-09-27",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.3% is 1.20 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "SPRING MANOR APARTMENTS",
      "address": "",
      "city": "HOLLIDAYSBURG",
      "state": "PA",
      "zip": "16648",
      "units": 50,
      "originalAmount": 2813100,
      "rate": 2.3,
      "originationDate": "2020-12-15",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "VALLEY CREEK AT ARCADIA HILLS",
      "address": "",
      "city": "GREENVILLE",
      "state": "SC",
      "zip": "29607",
      "units": 44,
      "originalAmount": 2786800,
      "rate": 2.3,
      "originationDate": "2020-09-17",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "HIGHLAND VILLAGE",
      "address": "",
      "city": "UPPER SANDUSKY",
      "state": "OH",
      "zip": "43351",
      "units": 90,
      "originalAmount": 2600000,
      "rate": 2.3,
      "originationDate": "2021-03-12",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.3% is 0.78 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "INDIAN VILLAGE APARTMENTS",
      "address": "",
      "city": "MINGO JUNCTION",
      "state": "OH",
      "zip": "43938",
      "units": 62,
      "originalAmount": 1400000,
      "rate": 2.3,
      "originationDate": "2012-09-28",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.3% is 1.20 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "CARTER COURT APARTMENTS",
      "address": "",
      "city": "TOMPKINSVILLE",
      "state": "KY",
      "zip": "42167",
      "units": 56,
      "originalAmount": 1222500,
      "rate": 2.3,
      "originationDate": "2020-11-24",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "CEDAR HILL APARTMENTS",
      "address": "",
      "city": "NORTH EAST",
      "state": "MD",
      "zip": "21901",
      "units": 77,
      "originalAmount": 1079300,
      "rate": 2.3,
      "originationDate": "2003-09-23",
      "pmmsBenchmark": 6.147,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.3% is 3.85 pts below the 2003-09 market avg of 6.147%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "STONE POINTE APARTMENTS",
      "address": "",
      "city": "WOODBRIDGE",
      "state": "VA",
      "zip": "22191",
      "units": 288,
      "originalAmount": 59500000,
      "rate": 2.31,
      "originationDate": "2021-04-09",
      "pmmsBenchmark": 3.06,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.31% is 0.75 pts below the 2021-04 market avg of 3.06%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "MONUMENT VILLAGE AT COLLAGE PARK",
      "address": "",
      "city": "COLLEGE PARK",
      "state": "MD",
      "zip": "20740",
      "units": 235,
      "originalAmount": 54436600,
      "rate": 2.31,
      "originationDate": "2020-08-28",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "HARBOR BREEZE APARTMENTS",
      "address": "",
      "city": "SUFFOLK",
      "state": "VA",
      "zip": "24435",
      "units": 328,
      "originalAmount": 43120000,
      "rate": 2.31,
      "originationDate": "2021-10-28",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.31% is 0.76 pts below the 2021-10 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "ENCLAVE AT BAILES RIDGE",
      "address": "",
      "city": "INDIAN LAND",
      "state": "SC",
      "zip": "29707",
      "units": 246,
      "originalAmount": 36130500,
      "rate": 2.31,
      "originationDate": "2021-02-19",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "LACOTA APARTMENTS",
      "address": "",
      "city": "DUNWOODY",
      "state": "GA",
      "zip": "30328",
      "units": 266,
      "originalAmount": 27000000,
      "rate": 2.31,
      "originationDate": "2021-02-26",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "805 WEST",
      "address": "",
      "city": "RICHMOND",
      "state": "VA",
      "zip": "23220",
      "units": 103,
      "originalAmount": 21600000,
      "rate": 2.31,
      "originationDate": "2022-01-20",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.31% is 1.13 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "REBECCA ELDERLY CITIZENS APARTMENTS",
      "address": "",
      "city": "KENSINGTON",
      "state": "MD",
      "zip": "20895",
      "units": 102,
      "originalAmount": 15807700,
      "rate": 2.31,
      "originationDate": "2021-12-29",
      "pmmsBenchmark": 3.098,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.31% is 0.79 pts below the 2021-12 market avg of 3.098%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "THE MEDICAL RESORT AT SUGAR LAND",
      "address": "",
      "city": "SUGAR LAND",
      "state": "TX",
      "zip": "77479",
      "units": 160,
      "originalAmount": 15141800,
      "rate": 2.31,
      "originationDate": "2020-09-23",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "NOBLE MANOR APARTMENTS II & III",
      "address": "",
      "city": "NOBLESVILLE",
      "state": "IN",
      "zip": "46060",
      "units": 131,
      "originalAmount": 8760000,
      "rate": 2.31,
      "originationDate": "2020-12-14",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "SUNSET WAY",
      "address": "",
      "city": "PORT ARTHUR",
      "state": "TX",
      "zip": "77642",
      "units": 96,
      "originalAmount": 7914100,
      "rate": 2.31,
      "originationDate": "2021-07-30",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ORCHARD GARDENS APARTMENTS",
      "address": "",
      "city": "BOUNTIFUL",
      "state": "UT",
      "zip": "84010",
      "units": 65,
      "originalAmount": 7592000,
      "rate": 2.31,
      "originationDate": "2020-10-08",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BONNEVILLE MORTGAGE COMPANY"
    },
    {
      "property": "WATERSIDE II APARTMENTS",
      "address": "",
      "city": "SAGINAW",
      "state": "MI",
      "zip": "48603",
      "units": 200,
      "originalAmount": 7400000,
      "rate": 2.31,
      "originationDate": "2020-10-27",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "CANOE BROOK ASSISTED LIVING",
      "address": "",
      "city": "CATOOSA",
      "state": "OK",
      "zip": "74015",
      "units": 154,
      "originalAmount": 7281300,
      "rate": 2.31,
      "originationDate": "2020-11-30",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "X-CALIBER CAPITAL LLC"
    },
    {
      "property": "SCENIC STATION APARTMENTS",
      "address": "",
      "city": "SPRINGFIELD",
      "state": "MO",
      "zip": "65802",
      "units": 96,
      "originalAmount": 6039200,
      "rate": 2.31,
      "originationDate": "2013-07-15",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.31% is 2.06 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "WEST INDIAN HILLS PHASE III",
      "address": "",
      "city": "TOPEKA",
      "state": "KS",
      "zip": "66614",
      "units": 54,
      "originalAmount": 4800000,
      "rate": 2.31,
      "originationDate": "2012-05-18",
      "pmmsBenchmark": 3.798,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.31% is 1.49 pts below the 2012-05 market avg of 3.798%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "LUND POINTE APARTMENTS",
      "address": "",
      "city": "PORT ORCHARD",
      "state": "WA",
      "zip": "98366",
      "units": 25,
      "originalAmount": 3144400,
      "rate": 2.31,
      "originationDate": "2020-12-17",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "BERRYTREE APARTMENTS",
      "address": "",
      "city": "OKEMOS",
      "state": "MI",
      "zip": "48864",
      "units": 240,
      "originalAmount": 22200000,
      "rate": 2.315,
      "originationDate": "2021-09-30",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "GLENWOOD APARTMENTS",
      "address": "",
      "city": "EAST LANSING",
      "state": "MI",
      "zip": "48823",
      "units": 138,
      "originalAmount": 13840000,
      "rate": 2.315,
      "originationDate": "2021-09-30",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "BURNT TREE APARTMENTS",
      "address": "",
      "city": "EAST LANSING",
      "state": "MI",
      "zip": "48823",
      "units": 96,
      "originalAmount": 6216000,
      "rate": 2.315,
      "originationDate": "2021-10-21",
      "pmmsBenchmark": 3.067,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.315% is 0.75 pts below the 2021-10 market avg of 3.067%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "LAKE SHORE APARTMENTS",
      "address": "",
      "city": "YPSILANTI",
      "state": "MI",
      "zip": "48198",
      "units": 1028,
      "originalAmount": 74999900,
      "rate": 2.32,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "NEW KENT APARTMENTS",
      "address": "",
      "city": "WEST CHESTER",
      "state": "PA",
      "zip": "19380",
      "units": 420,
      "originalAmount": 74900000,
      "rate": 2.32,
      "originationDate": "2020-07-31",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WASHINGTON VILLAGE",
      "address": "",
      "city": "GREENFIELD",
      "state": "IN",
      "zip": "46140",
      "units": 288,
      "originalAmount": 31080000,
      "rate": 2.32,
      "originationDate": "2021-11-30",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "LAUREL POINTE APARTMENTS",
      "address": "",
      "city": "HAWTHORNE",
      "state": "CA",
      "zip": "90250",
      "units": 122,
      "originalAmount": 26601900,
      "rate": 2.32,
      "originationDate": "2021-01-07",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "HAVEN AT WESTGREEN",
      "address": "",
      "city": "KATY",
      "state": "TX",
      "zip": "77450",
      "units": 225,
      "originalAmount": 25680000,
      "rate": 2.32,
      "originationDate": "2021-10-21",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "REDWOOD LAKE WYLIE (LAKEPOINTE RIDGE)",
      "address": "",
      "city": "LAKE WYLIE",
      "state": "SC",
      "zip": "29710",
      "units": 146,
      "originalAmount": 25450000,
      "rate": 2.32,
      "originationDate": "2021-12-10",
      "pmmsBenchmark": 3.098,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.32% is 0.78 pts below the 2021-12 market avg of 3.098%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "STATION POINTE I",
      "address": "",
      "city": "MANSFIELD",
      "state": "MA",
      "zip": "02048",
      "units": 150,
      "originalAmount": 24240000,
      "rate": 2.32,
      "originationDate": "2020-12-22",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ADAMS CROSSING I",
      "address": "",
      "city": "WALDORF",
      "state": "MD",
      "zip": "20601",
      "units": 192,
      "originalAmount": 22682000,
      "rate": 2.32,
      "originationDate": "2021-03-30",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.32% is 0.76 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "EBENEZER PARK APARTMENTS",
      "address": "",
      "city": "MINNEAPOLIS",
      "state": "MN",
      "zip": "55407",
      "units": 200,
      "originalAmount": 21335200,
      "rate": 2.32,
      "originationDate": "2020-09-21",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "BENNINGTON PARK TOWNHOMES",
      "address": "",
      "city": "KANSAS CITY",
      "state": "MO",
      "zip": "64117",
      "units": 164,
      "originalAmount": 21320500,
      "rate": 2.32,
      "originationDate": "2020-10-29",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "PROJECT EAGLE-VICTORIAN POST ACUTE",
      "address": "",
      "city": "SAN FRANCISCO",
      "state": "CA",
      "zip": "94115",
      "units": 124,
      "originalAmount": 21200000,
      "rate": 2.32,
      "originationDate": "2020-06-26",
      "pmmsBenchmark": 3.162,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.32% is 0.84 pts below the 2020-06 market avg of 3.162%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "ALEXIS AT PERRY POINTE",
      "address": "",
      "city": "DAVENPORT",
      "state": "IA",
      "zip": "52806",
      "units": 192,
      "originalAmount": 20257400,
      "rate": 2.32,
      "originationDate": "2020-10-28",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "JERSEY MEADOW",
      "address": "",
      "city": "DAVENPORT",
      "state": "IA",
      "zip": "50807",
      "units": 288,
      "originalAmount": 16960000,
      "rate": 2.32,
      "originationDate": "2020-10-29",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "SKYLINE NURSING CENTER",
      "address": "",
      "city": "DALLAS",
      "state": "TX",
      "zip": "75233",
      "units": 299,
      "originalAmount": 14151700,
      "rate": 2.32,
      "originationDate": "2020-08-20",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "WAYMARK GARDENS",
      "address": "",
      "city": "GLENDALE",
      "state": "AZ",
      "zip": "85302",
      "units": 151,
      "originalAmount": 13648000,
      "rate": 2.32,
      "originationDate": "2021-10-14",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "THE PEAKS APARTMENTS",
      "address": "",
      "city": "LYNWOOD",
      "state": "WA",
      "zip": "98087",
      "units": 64,
      "originalAmount": 12608000,
      "rate": 2.32,
      "originationDate": "2021-03-30",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.32% is 0.76 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "SUNSET PARK PLACE",
      "address": "",
      "city": "DUBUQUE",
      "state": "IA",
      "zip": "52002",
      "units": 138,
      "originalAmount": 12240000,
      "rate": 2.32,
      "originationDate": "2020-11-23",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "VICINATO APARTMENTS",
      "address": "",
      "city": "MADISON",
      "state": "WI",
      "zip": "53715",
      "units": 74,
      "originalAmount": 12200000,
      "rate": 2.32,
      "originationDate": "2020-07-30",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "LIBRARY LANE SENIOR RESIDENCE",
      "address": "",
      "city": "GRAYSLAKE",
      "state": "IL",
      "zip": "60030",
      "units": 148,
      "originalAmount": 10000000,
      "rate": 2.32,
      "originationDate": "2021-08-31",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "TOOELE GATEWAY APARTMENTS",
      "address": "",
      "city": "TOOELE",
      "state": "UT",
      "zip": "84074",
      "units": 160,
      "originalAmount": 10000000,
      "rate": 2.32,
      "originationDate": "2020-09-29",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "ASHFORD APARTMENTS",
      "address": "",
      "city": "DAVENPORT",
      "state": "IA",
      "zip": "52807",
      "units": 140,
      "originalAmount": 8818800,
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      "originationDate": "2020-10-29",
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      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "INDIAN TRAIL APARTMENTS",
      "address": "",
      "city": "ADDISON",
      "state": "IL",
      "zip": "60101",
      "units": 200,
      "originalAmount": 8687500,
      "rate": 2.32,
      "originationDate": "2012-10-22",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
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      "redReasons": [
        "Rate 2.32% is 1.06 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "RESORTS AT POOLER",
      "address": "",
      "city": "POOLER",
      "state": "GA",
      "zip": "31322",
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      "originalAmount": 8503600,
      "rate": 2.32,
      "originationDate": "2021-09-20",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ROBINHOOD PARK APARTMENTS",
      "address": "",
      "city": "MEMPHIS",
      "state": "TN",
      "zip": "38111",
      "units": 102,
      "originalAmount": 7050000,
      "rate": 2.32,
      "originationDate": "2020-07-15",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "CHANDLER POST ACUTE AND REHABILITATION",
      "address": "",
      "city": "CHANDLER",
      "state": "AZ",
      "zip": "85224",
      "units": 64,
      "originalAmount": 6506500,
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      "originationDate": "2021-07-26",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "RENAISSANCE REHAB & NURSING CARE CENTER",
      "address": "",
      "city": "STAATSBURG",
      "state": "NY",
      "zip": "12580",
      "units": 252,
      "originalAmount": 6300000,
      "rate": 2.32,
      "originationDate": "2020-12-23",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "VICTORY TERRACE",
      "address": "",
      "city": "POTOMAC",
      "state": "MD",
      "zip": "20854",
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      "originalAmount": 5666200,
      "rate": 2.32,
      "originationDate": "2020-12-21",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "WEATHERLY LOFTS",
      "address": "",
      "city": "ELIZABETH CITY",
      "state": "NC",
      "zip": "27909",
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      "originalAmount": 5375000,
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      "originationDate": "2021-12-09",
      "pmmsBenchmark": 3.098,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.32% is 0.78 pts below the 2021-12 market avg of 3.098%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "HAROLD OLSON ROTARY VILLAGE",
      "address": "",
      "city": "DELANO",
      "state": "CA",
      "zip": "93215",
      "units": 43,
      "originalAmount": 3339000,
      "rate": 2.32,
      "originationDate": "2020-12-18",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "AUTUMN PARK APARTMENTS-IOWA CITY",
      "address": "",
      "city": "IOWA CITY",
      "state": "IA",
      "zip": "52245",
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      "originalAmount": 3232000,
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      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "NEW LONDON COMMUNITIES II",
      "address": "",
      "city": "NEW LONDON",
      "state": "CT",
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      "units": 70,
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      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "WOODS CHAPEL LODGE",
      "address": "",
      "city": "BLUE SPRINGS",
      "state": "MO",
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      "originationDate": "2021-11-23",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "FRIENDSHIP ACRES",
      "address": "",
      "city": "BLANCHESTER",
      "state": "OH",
      "zip": "45107",
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      "originalAmount": 3059800,
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      "pmmsBenchmark": 6.524,
      "belowMarket": true,
      "historicLowEra": false,
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        "Rate 2.32% is 4.20 pts below the 2006-08 market avg of 6.524%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "PRAIRIE VISTA APARTMENTS",
      "address": "",
      "city": "CHATHAM",
      "state": "IL",
      "zip": "62629",
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      "originalAmount": 12640000,
      "rate": 2.325,
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      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "LINCOLN PARK CARE CENTER",
      "address": "",
      "city": "LINCOLN PARK",
      "state": "NJ",
      "zip": "07035",
      "units": 781,
      "originalAmount": 65235800,
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      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "BAINBRIDGE BETHESDA APARTMENTS",
      "address": "",
      "city": "BETHESDA",
      "state": "MD",
      "zip": "20814",
      "units": 200,
      "originalAmount": 60578400,
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      "originationDate": "2020-09-29",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "SHERWOOD AT IRON POINT",
      "address": "",
      "city": "FOLSOM",
      "state": "CA",
      "zip": "95630",
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      "originalAmount": 59080000,
      "rate": 2.33,
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      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CHAMBERLAIN APARTMENTS",
      "address": "",
      "city": "RICHFIELD",
      "state": "MN",
      "zip": "55423",
      "units": 316,
      "originalAmount": 52967700,
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      "originationDate": "2021-10-28",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "930 POYDRAS APARTMENTS",
      "address": "",
      "city": "NEW ORLEANS",
      "state": "LA",
      "zip": "70112",
      "units": 250,
      "originalAmount": 47100000,
      "rate": 2.33,
      "originationDate": "2021-11-23",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CANYON VIEW APARTMENTS",
      "address": "",
      "city": "OREM",
      "state": "UT",
      "zip": "84058",
      "units": 288,
      "originalAmount": 43800000,
      "rate": 2.33,
      "originationDate": "2020-09-15",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "BRICK AVENUE LOFTS",
      "address": "",
      "city": "BENTONVILLE",
      "state": "AR",
      "zip": "72712",
      "units": 252,
      "originalAmount": 42960000,
      "rate": 2.33,
      "originationDate": "2021-11-30",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "BOARDWALK 280 APARTMENTS",
      "address": "",
      "city": "MIRAMAR",
      "state": "FL",
      "zip": "33027",
      "units": 280,
      "originalAmount": 42000000,
      "rate": 2.33,
      "originationDate": "2019-05-16",
      "pmmsBenchmark": 4.072,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.33% is 1.74 pts below the 2019-05 market avg of 4.072%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ALTAIR TECH RIDGE",
      "address": "",
      "city": "AUSTIN",
      "state": "TX",
      "zip": "78754",
      "units": 230,
      "originalAmount": 31400000,
      "rate": 2.33,
      "originationDate": "2020-09-23",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "HAYM SOLOMON NURSING HOME",
      "address": "",
      "city": "BROOKLYN",
      "state": "NY",
      "zip": "11214",
      "units": 240,
      "originalAmount": 28610700,
      "rate": 2.33,
      "originationDate": "2011-07-27",
      "pmmsBenchmark": 4.545,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.33% is 2.21 pts below the 2011-07 market avg of 4.545%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "EMERALD ROW",
      "address": "",
      "city": "OAK CREEK",
      "state": "WI",
      "zip": "53154",
      "units": 167,
      "originalAmount": 26605400,
      "rate": 2.33,
      "originationDate": "2020-06-25",
      "pmmsBenchmark": 3.162,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.33% is 0.83 pts below the 2020-06 market avg of 3.162%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "FLATS AT WEST END",
      "address": "",
      "city": "SAINT LOUIS PARK",
      "state": "MN",
      "zip": "55416",
      "units": 119,
      "originalAmount": 25360000,
      "rate": 2.33,
      "originationDate": "2021-01-14",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "Van Metre Woodland Park Apts Phase II B",
      "address": "",
      "city": "Herndon",
      "state": "VA",
      "zip": "22071",
      "units": 111,
      "originalAmount": 22880000,
      "rate": 2.33,
      "originationDate": "2021-05-21",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "CAMERON ISLES APARTMENTS",
      "address": "",
      "city": "HOUMA",
      "state": "LA",
      "zip": "70360",
      "units": 217,
      "originalAmount": 22720000,
      "rate": 2.33,
      "originationDate": "2021-03-23",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.33% is 0.75 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "THE VILLAGE AT CARLSBAD",
      "address": "",
      "city": "CARLSBAD",
      "state": "NM",
      "zip": "88220",
      "units": 144,
      "originalAmount": 21680000,
      "rate": 2.33,
      "originationDate": "2020-08-07",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "BRITTANY COMMONS APARTMENTS PHASE III",
      "address": "",
      "city": "SPOTSYLVANIA",
      "state": "VA",
      "zip": "22553",
      "units": 228,
      "originalAmount": 19689600,
      "rate": 2.33,
      "originationDate": "2021-08-25",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "BRISTOL PARK APARTMENTS",
      "address": "",
      "city": "OAK RIDGE",
      "state": "TN",
      "zip": "37830",
      "units": 208,
      "originalAmount": 19280000,
      "rate": 2.33,
      "originationDate": "2021-11-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "ARLINGTON PARK",
      "address": "",
      "city": "ARLINGTON",
      "state": "TX",
      "zip": "76010",
      "units": 337,
      "originalAmount": 19200000,
      "rate": 2.33,
      "originationDate": "2021-11-18",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "PARKER SQUARE APARTMENTS",
      "address": "",
      "city": "KANSAS CITY",
      "state": "MO",
      "zip": "64106",
      "units": 204,
      "originalAmount": 19000000,
      "rate": 2.33,
      "originationDate": "2022-01-28",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.33% is 1.11 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "WINGOVER II-V",
      "address": "",
      "city": "BLOOMINGTON",
      "state": "IL",
      "zip": "61704",
      "units": 250,
      "originalAmount": 18541400,
      "rate": 2.33,
      "originationDate": "2021-02-26",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "SILVER BIRCH OF MICHIGAN CITY",
      "address": "",
      "city": "MICHIGAN CITY",
      "state": "IN",
      "zip": "46360",
      "units": 119,
      "originalAmount": 18000000,
      "rate": 2.33,
      "originationDate": "2021-10-27",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE TIMBERS APARTMENTS",
      "address": "",
      "city": "SAPULPA",
      "state": "OK",
      "zip": "74066",
      "units": 156,
      "originalAmount": 17255000,
      "rate": 2.33,
      "originationDate": "2021-10-28",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LONGWOOD APTS-PHASE I",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44115",
      "units": 282,
      "originalAmount": 17000000,
      "rate": 2.33,
      "originationDate": "2012-11-30",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.33% is 1.02 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "ROSE COMMUNITY CAPITAL, LLC"
    },
    {
      "property": "BRITTANY COMMONS APARTMENTS PHASE I",
      "address": "",
      "city": "SPOTSYLVANIA",
      "state": "VA",
      "zip": "22553",
      "units": 180,
      "originalAmount": 15982300,
      "rate": 2.33,
      "originationDate": "2021-08-25",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "VINEYARD RANCH AT TEMECULA",
      "address": "",
      "city": "TEMECULA",
      "state": "CA",
      "zip": "92591",
      "units": 82,
      "originalAmount": 15500000,
      "rate": 2.33,
      "originationDate": "2021-12-23",
      "pmmsBenchmark": 3.098,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.33% is 0.77 pts below the 2021-12 market avg of 3.098%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "ARBOR GLEN APARTMENTS",
      "address": "",
      "city": "EAST LANSING",
      "state": "MI",
      "zip": "48823",
      "units": 180,
      "originalAmount": 14320000,
      "rate": 2.33,
      "originationDate": "2021-09-15",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "COURTYARD VILLAGE AT RALEIGHT HILL",
      "address": "",
      "city": "PORTLAND",
      "state": "OR",
      "zip": "97225",
      "units": 182,
      "originalAmount": 13287200,
      "rate": 2.33,
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      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "BRITTANY COMMONS APARTMENTS PHASE II",
      "address": "",
      "city": "SPOTSYLVANIA",
      "state": "VA",
      "zip": "22553",
      "units": 168,
      "originalAmount": 12495700,
      "rate": 2.33,
      "originationDate": "2021-08-25",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "REDWOOD WESTFIELD MYRA WAY-PHASE I",
      "address": "",
      "city": "WESTFIELD",
      "state": "IN",
      "zip": "46062",
      "units": 89,
      "originalAmount": 11920000,
      "rate": 2.33,
      "originationDate": "2021-01-25",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BRIARWOOD MANOR APARTMENTS",
      "address": "",
      "city": "MONTCLAIR",
      "state": "CA",
      "zip": "91763",
      "units": 100,
      "originalAmount": 11434300,
      "rate": 2.33,
      "originationDate": "2021-10-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "StoneBridge at Cabot",
      "address": "",
      "city": "Cabot",
      "state": "AR",
      "zip": "72023",
      "units": 60,
      "originalAmount": 10461600,
      "rate": 2.33,
      "originationDate": "2020-10-13",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "WILLIOW CREEK RETIREMENT CENTER",
      "address": "",
      "city": "BYRAM",
      "state": "MS",
      "zip": "39272",
      "units": 154,
      "originalAmount": 9750700,
      "rate": 2.33,
      "originationDate": "2020-09-30",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ST THERESE SOUTHWEST",
      "address": "",
      "city": "HOPKINS",
      "state": "MN",
      "zip": "55343",
      "units": 227,
      "originalAmount": 9633900,
      "rate": 2.33,
      "originationDate": "2013-05-20",
      "pmmsBenchmark": 3.536,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.33% is 1.21 pts below the 2013-05 market avg of 3.536%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "SIMEON VILLAGE",
      "address": "",
      "city": "BETHEL",
      "state": "CT",
      "zip": "06801",
      "units": 101,
      "originalAmount": 8893300,
      "rate": 2.33,
      "originationDate": "2021-10-25",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "THE BRIXTON APARTMENTS",
      "address": "",
      "city": "BEECH GROVE",
      "state": "IN",
      "zip": "46107",
      "units": 120,
      "originalAmount": 8800000,
      "rate": 2.33,
      "originationDate": "2021-03-11",
      "pmmsBenchmark": 3.083,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.33% is 0.75 pts below the 2021-03 market avg of 3.083%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "RIVERSIDE PARK APARTMENTS",
      "address": "",
      "city": "RENO",
      "state": "NV",
      "zip": "89052",
      "units": 36,
      "originalAmount": 7250000,
      "rate": 2.33,
      "originationDate": "2020-12-17",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CONFORT CREEK NURSING & REHABILITATION CENTER",
      "address": "",
      "city": "WADLEY",
      "state": "GA",
      "zip": "30477",
      "units": 148,
      "originalAmount": 6824000,
      "rate": 2.33,
      "originationDate": "2020-10-23",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "THE VILLAS AT LA CANADA",
      "address": "",
      "city": "TUCSON",
      "state": "AZ",
      "zip": "85704",
      "units": 40,
      "originalAmount": 6755900,
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      "originationDate": "2012-10-26",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.33% is 1.05 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE VILLAGE AT PARSON'S LAKE",
      "address": "",
      "city": "SALISBURY",
      "state": "MD",
      "zip": "21801",
      "units": 40,
      "originalAmount": 6000000,
      "rate": 2.33,
      "originationDate": "2021-01-25",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "GARDEN GATE I &  II",
      "address": "",
      "city": "NEW CANEY",
      "state": "TX",
      "zip": "77357",
      "units": 88,
      "originalAmount": 5950000,
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      "originationDate": "2021-12-30",
      "pmmsBenchmark": 3.098,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.33% is 0.77 pts below the 2021-12 market avg of 3.098%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "PARKER AT CONE PHASE II",
      "address": "",
      "city": "GREENVILLE",
      "state": "SC",
      "zip": "29609",
      "units": 96,
      "originalAmount": 5777500,
      "rate": 2.33,
      "originationDate": "2020-08-20",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "VILLAGE COOPERATIVE OF ALBERT LEA",
      "address": "",
      "city": "ALBERT LEA",
      "state": "MN",
      "zip": "56007",
      "units": 50,
      "originalAmount": 5410700,
      "rate": 2.33,
      "originationDate": "2020-12-29",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "REGENCY SQUARE APARTMENTS",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44106",
      "units": 66,
      "originalAmount": 5094000,
      "rate": 2.33,
      "originationDate": "2012-08-30",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.33% is 1.27 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "ROSE COMMUNITY CAPITAL, LLC"
    },
    {
      "property": "BROOKRIDGE AL CENTER",
      "address": "",
      "city": "LAWTON",
      "state": "OK",
      "zip": "73505",
      "units": 89,
      "originalAmount": 4957000,
      "rate": 2.33,
      "originationDate": "2011-06-30",
      "pmmsBenchmark": 4.51,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.33% is 2.18 pts below the 2011-06 market avg of 4.51%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "OWATONNA GATEWAY APARTMENTS",
      "address": "",
      "city": "OWATONNA",
      "state": "MN",
      "zip": "55060",
      "units": 60,
      "originalAmount": 4693000,
      "rate": 2.33,
      "originationDate": "2012-10-30",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.33% is 1.05 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "WESTERN HEIGHTS APARTMENTS",
      "address": "",
      "city": "SIOUX FALLS",
      "state": "SD",
      "zip": "57105",
      "units": 80,
      "originalAmount": 4480000,
      "rate": 2.33,
      "originationDate": "2021-01-21",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "CARROLLTON VILLAGE SENIOR APARTMENTS",
      "address": "",
      "city": "SAGINAW",
      "state": "MI",
      "zip": "48604",
      "units": 97,
      "originalAmount": 4000000,
      "rate": 2.33,
      "originationDate": "2021-09-28",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKELEY POINT CAPITAL LLC"
    },
    {
      "property": "APPLEDORN",
      "address": "",
      "city": "HOLLAND",
      "state": "MI",
      "zip": "49423",
      "units": 174,
      "originalAmount": 3925100,
      "rate": 2.33,
      "originationDate": "2013-08-15",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.33% is 2.13 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "COPPER RIDGE 4",
      "address": "",
      "city": "BUTTE",
      "state": "MT",
      "zip": "59701",
      "units": 32,
      "originalAmount": 3469800,
      "rate": 2.33,
      "originationDate": "2021-09-21",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "MEADOWLANDS II",
      "address": "",
      "city": "BUTTE",
      "state": "MT",
      "zip": "59701",
      "units": 24,
      "originalAmount": 3467700,
      "rate": 2.33,
      "originationDate": "2021-12-16",
      "pmmsBenchmark": 3.098,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.33% is 0.77 pts below the 2021-12 market avg of 3.098%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "NORMANDY RIDGE",
      "address": "",
      "city": "WAPAKONETA",
      "state": "OH",
      "zip": "45895",
      "units": 84,
      "originalAmount": 3384000,
      "rate": 2.33,
      "originationDate": "2021-08-19",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "RIVERWORKS LOFTS",
      "address": "",
      "city": "DAYTON",
      "state": "OH",
      "zip": "45424",
      "units": 61,
      "originalAmount": 2600000,
      "rate": 2.33,
      "originationDate": "2021-09-10",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "SHAKER BOULEVARD GARDENS",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44104",
      "units": 73,
      "originalAmount": 1381000,
      "rate": 2.33,
      "originationDate": "2005-02-10",
      "pmmsBenchmark": 5.628,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.33% is 3.30 pts below the 2005-02 market avg of 5.628%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "AVONVIEW",
      "address": "",
      "city": "CINCINNATI",
      "state": "OH",
      "zip": "45229",
      "units": 50,
      "originalAmount": 1290000,
      "rate": 2.33,
      "originationDate": "2021-01-29",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "THE PARK AT PALAZZO",
      "address": "",
      "city": "LAKELAND",
      "state": "FL",
      "zip": "33805",
      "units": 352,
      "originalAmount": 47600000,
      "rate": 2.34,
      "originationDate": "2021-09-29",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "BRIDGES AT VICTORIAN SQUARE",
      "address": "",
      "city": "SPARKS",
      "state": "NV",
      "zip": "89431",
      "units": 194,
      "originalAmount": 43280000,
      "rate": 2.34,
      "originationDate": "2021-09-28",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE SERVICING COMPANY LL"
    },
    {
      "property": "SPARK APARTMENTS",
      "address": "",
      "city": "FISHERS",
      "state": "IN",
      "zip": "46038",
      "units": 200,
      "originalAmount": 33323835,
      "rate": 2.34,
      "originationDate": "2021-10-26",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "MILLSTONE AT KINGSVIEW",
      "address": "",
      "city": "GERMANTOWN",
      "state": "MD",
      "zip": "20874",
      "units": 195,
      "originalAmount": 29061300,
      "rate": 2.34,
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      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "VILLAGE ON THE LAKE",
      "address": "",
      "city": "SPRING LAKE",
      "state": "NC",
      "zip": "28390",
      "units": 300,
      "originalAmount": 28050000,
      "rate": 2.34,
      "originationDate": "2021-10-26",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "PORT VIEW APARTMENTS",
      "address": "",
      "city": "BOARDMAN",
      "state": "OR",
      "zip": "97818",
      "units": 239,
      "originalAmount": 22160000,
      "rate": 2.34,
      "originationDate": "2021-09-15",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "PLAZA HEALTHCARE AND MEMOSA SPRINGS",
      "address": "",
      "city": "SCOTTSDALE",
      "state": "AZ",
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      "originalAmount": 22109300,
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      "originationDate": "2021-08-05",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "MORGAN AT EASTCHASE APARTMENTS",
      "address": "",
      "city": "MONTGOMERY",
      "state": "AL",
      "zip": "36117",
      "units": 216,
      "originalAmount": 19699200,
      "rate": 2.34,
      "originationDate": "2021-01-26",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "OVERLOOK APARTMENTS",
      "address": "",
      "city": "HYATTSVILLE",
      "state": "MD",
      "zip": "20782",
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      "originationDate": "2021-10-26",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "AVALON SQUARE",
      "address": "",
      "city": "WAUKESHA",
      "state": "WI",
      "zip": "53186",
      "units": 143,
      "originalAmount": 18311000,
      "rate": 2.34,
      "originationDate": "2012-09-27",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.34% is 1.16 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "POTOMAC COMMONS",
      "address": "",
      "city": "FREDERICK",
      "state": "MD",
      "zip": "21702",
      "units": 151,
      "originalAmount": 18240000,
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      "originationDate": "2020-10-21",
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      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "THE VILLAGE AT MARYMOUNT",
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      "city": "GARFIELD HEIGHTS",
      "state": "OH",
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      "pmmsBenchmark": 3.067,
      "belowMarket": false,
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "COTTAGEWOOD TOWNHOMES",
      "address": "",
      "city": "FARGO",
      "state": "ND",
      "zip": "58104",
      "units": 91,
      "originalAmount": 15895000,
      "rate": 2.34,
      "originationDate": "2021-09-29",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "TWIN COVES APARTMENTS",
      "address": "",
      "city": "GLEN BURNIE",
      "state": "MD",
      "zip": "21060",
      "units": 132,
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      "originationDate": "2020-10-21",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "PARK CRESCENT APARTMENTS",
      "address": "",
      "city": "BALTIMORE",
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      "zip": "21239",
      "units": 168,
      "originalAmount": 14320000,
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      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "MORRELL PARK APARTMENTS",
      "address": "",
      "city": "HENDERSON",
      "state": "NV",
      "zip": "89015",
      "units": 160,
      "originalAmount": 13680000,
      "rate": 2.34,
      "originationDate": "2021-01-28",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE SERVICING COMPANY LL"
    },
    {
      "property": "Manitowoc Healthcare Center",
      "address": "",
      "city": "MANITOWOC",
      "state": "WI",
      "zip": "54220",
      "units": 150,
      "originalAmount": 13226400,
      "rate": 2.34,
      "originationDate": "2021-06-29",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "GOVERNOR APARTMENTS",
      "address": "",
      "city": "BOSTON",
      "state": "MA",
      "zip": "02134",
      "units": 87,
      "originalAmount": 13152000,
      "rate": 2.34,
      "originationDate": "2022-01-27",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.34% is 1.10 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "MEADOWS OF CAMBRIDGE PHASE I & II",
      "address": "",
      "city": "CAMBRIDGE",
      "state": "MD",
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      "originalAmount": 12315900,
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      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "OMNI CONTINUING CARE",
      "address": "",
      "city": "DETROIT",
      "state": "MI",
      "zip": "48213",
      "units": 250,
      "originalAmount": 11856000,
      "rate": 2.34,
      "originationDate": "2020-10-15",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKELEY POINT CAPITAL LLC"
    },
    {
      "property": "WESLEY RIDGE",
      "address": "",
      "city": "REYNOLDSBURG",
      "state": "OH",
      "zip": "43068",
      "units": 102,
      "originalAmount": 9934200,
      "rate": 2.34,
      "originationDate": "2021-10-22",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "BATTERY HEIGHTS APARTMENTS",
      "address": "",
      "city": "CHATTANOOGA",
      "state": "TN",
      "zip": "37406",
      "units": 142,
      "originalAmount": 9500000,
      "rate": 2.34,
      "originationDate": "2021-08-31",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "GRAMERCY PARK OF INVER GROVE",
      "address": "",
      "city": "INVER GROVE HEIGHTS",
      "state": "MN",
      "zip": "55076",
      "units": 111,
      "originalAmount": 8510700,
      "rate": 2.34,
      "originationDate": "2020-08-28",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "CEDAR GLEN APARTMENTS",
      "address": "",
      "city": "SOUTH BEND",
      "state": "IN",
      "zip": "46615",
      "units": 179,
      "originalAmount": 8482000,
      "rate": 2.34,
      "originationDate": "2020-07-31",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "WALNUT HILL APARTMENTS",
      "address": "",
      "city": "WOONSOCKET",
      "state": "RI",
      "zip": "02895",
      "units": 125,
      "originalAmount": 6098200,
      "rate": 2.34,
      "originationDate": "2013-05-30",
      "pmmsBenchmark": 3.536,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.34% is 1.20 pts below the 2013-05 market avg of 3.536%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "PORT CAPITAL VILLAGE APARTMENTS",
      "address": "",
      "city": "ELKRIDGE",
      "state": "MD",
      "zip": "21075",
      "units": 84,
      "originalAmount": 5410000,
      "rate": 2.34,
      "originationDate": "2012-10-25",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.34% is 1.04 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "KINGS COURT APARTMENT",
      "address": "",
      "city": "WAUKEGAN",
      "state": "IL",
      "zip": "60085",
      "units": 168,
      "originalAmount": 4942500,
      "rate": 2.34,
      "originationDate": "2021-08-30",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "LEXINGTON HILLS I",
      "address": "",
      "city": "PEORIA",
      "state": "IL",
      "zip": "61604",
      "units": 144,
      "originalAmount": 4350000,
      "rate": 2.34,
      "originationDate": "2021-01-29",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "NOBLE MANOR VILLAGE APARTMENTS",
      "address": "",
      "city": "NOBLESVILLE",
      "state": "IN",
      "zip": "46060",
      "units": 73,
      "originalAmount": 4280000,
      "rate": 2.34,
      "originationDate": "2021-08-05",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "EAGLE TAIL VILLAGE",
      "address": "",
      "city": "BUCKEYE",
      "state": "AZ",
      "zip": "85326",
      "units": 46,
      "originalAmount": 4090400,
      "rate": 2.34,
      "originationDate": "2021-12-20",
      "pmmsBenchmark": 3.098,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.34% is 0.76 pts below the 2021-12 market avg of 3.098%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GALLATIN MANOR",
      "address": "",
      "city": "RIDGWAY",
      "state": "IL",
      "zip": "62979",
      "units": 78,
      "originalAmount": 4000000,
      "rate": 2.34,
      "originationDate": "2021-02-19",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "VINE STREET LOFTS",
      "address": "",
      "city": "KANSAS CITY",
      "state": "MO",
      "zip": "64108",
      "units": 62,
      "originalAmount": 3680000,
      "rate": 2.34,
      "originationDate": "2021-08-25",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "EASTGATE VILLAGE APARTMENTS",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60616",
      "units": 117,
      "originalAmount": 3542000,
      "rate": 2.34,
      "originationDate": "2022-01-27",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.34% is 1.10 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "GRACES LANDING",
      "address": "",
      "city": "SEBASTIAN",
      "state": "FL",
      "zip": "32958",
      "units": 70,
      "originalAmount": 3263900,
      "rate": 2.34,
      "originationDate": "2021-08-30",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CHARLES CREST I",
      "address": "",
      "city": "ROSSFORD",
      "state": "OH",
      "zip": "43460",
      "units": 48,
      "originalAmount": 2389500,
      "rate": 2.34,
      "originationDate": "2021-08-18",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "UNITED CHURCH MANOR",
      "address": "",
      "city": "WEST SENECA",
      "state": "NY",
      "zip": "14224",
      "units": 50,
      "originalAmount": 1534500,
      "rate": 2.34,
      "originationDate": "2010-02-25",
      "pmmsBenchmark": 4.99,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.34% is 2.65 pts below the 2010-02 market avg of 4.99%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "PARK VIEW AT TOWSON",
      "address": "",
      "city": "TOWSON",
      "state": "MD",
      "zip": "21204",
      "units": 112,
      "originalAmount": 10650000,
      "rate": 2.345,
      "originationDate": "2021-12-17",
      "pmmsBenchmark": 3.098,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.345% is 0.75 pts below the 2021-12 market avg of 3.098%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CATALYST APARTMENTS",
      "address": "",
      "city": "CHARLOTTE",
      "state": "NC",
      "zip": "28202",
      "units": 462,
      "originalAmount": 105951100,
      "rate": 2.35,
      "originationDate": "2021-07-29",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "ASHBURN MEADOWS",
      "address": "",
      "city": "ASHBURN",
      "state": "VA",
      "zip": "20147",
      "units": 336,
      "originalAmount": 66800000,
      "rate": 2.35,
      "originationDate": "2021-02-24",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "SPOOK ROCK SENIOR CITIZENS APARTMENTS",
      "address": "",
      "city": "SUFFERN",
      "state": "NY",
      "zip": "10901",
      "units": 255,
      "originalAmount": 55160000,
      "rate": 2.35,
      "originationDate": "2022-03-30",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.35% is 1.82 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "FIRST AMERICAN CAPITAL GROUP C"
    },
    {
      "property": "LANDON HOUSE",
      "address": "",
      "city": "ORLANDO",
      "state": "FL",
      "zip": "32827",
      "units": 279,
      "originalAmount": 54400000,
      "rate": 2.35,
      "originationDate": "2022-01-31",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.35% is 1.09 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "CASCADE AT FOUNTAIN LAKE",
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      "state": "TX",
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      "units": 370,
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      "pmmsBenchmark": 2.935,
      "belowMarket": false,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "EMERSON APARTMENTS",
      "address": "",
      "city": "CLOVIS",
      "state": "CA",
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      "originalAmount": 46320000,
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      "pmmsBenchmark": 2.9,
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "CREEKSIDE APARTMENTS HOMES I & II",
      "address": "",
      "city": "BROKEN ARROW",
      "state": "OK",
      "zip": "74012",
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      "originationDate": "2021-02-17",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE RAILYARD AT MIDTOWN APARTMENTS",
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      "city": "Carmel",
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      "belowMarket": false,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "ABBERLY PLACE APARTMENTS PHASE I",
      "address": "",
      "city": "GARNER",
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      "pmmsBenchmark": 2.963,
      "belowMarket": false,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CHERRY HILL VILLAGE UPTOWN",
      "address": "",
      "city": "CANTON",
      "state": "MI",
      "zip": "48187",
      "units": 288,
      "originalAmount": 37550000,
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      "originationDate": "2020-08-27",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ABBERLY GROVE APARTMENTS",
      "address": "",
      "city": "RALEIGH",
      "state": "NC",
      "zip": "27610",
      "units": 320,
      "originalAmount": 35778100,
      "rate": 2.35,
      "originationDate": "2021-05-18",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "BLACKBERRY POINTE APARTMENTS",
      "address": "",
      "city": "INVER GROVE HEIGHTS",
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      "pmmsBenchmark": 2.9,
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      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "THE MILL AT IRONWORKS",
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      "city": "MISHAWAKA",
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      "pmmsBenchmark": 2.9,
      "belowMarket": false,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "ABBERLY CHASE APARTMENT HOMES",
      "address": "",
      "city": "RIDGELAND",
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      "originalAmount": 34160000,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "GRAND STATION",
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      "city": "AUSTIN",
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      "pmmsBenchmark": 2.81,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "FORESTHILL TERRACE",
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "AMELIA STATION",
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "ABBERLY POINTE APARTMENT HOMES",
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      "city": "BEAUFORT",
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SERAFINA APARTMENTS",
      "address": "",
      "city": "GOODYEAR",
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "EAGAN POINTE SENIOR LIVING",
      "address": "",
      "city": "EAGAN",
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "STEWART CREEK APARTMENTS",
      "address": "",
      "city": "MONTGOMERY",
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      "belowMarket": false,
      "historicLowEra": true,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "LEGACY PALM ISLE",
      "address": "",
      "city": "SWEETWATER",
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      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.35% is 1.09 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SYCAMORE RIDGE",
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      "city": "GAINESVILLE",
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      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "THE RESIDENCES AT CROCKER PARK",
      "address": "",
      "city": "WESTLAKE",
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "LAKEVIEW CROSSING TOWNHOMES",
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      "city": "BLUE SPRINGS",
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      "belowMarket": false,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CARMEL CITY CENTER I",
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      "pmmsBenchmark": 3.55,
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      "historicLowEra": false,
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        "Rate 2.35% is 1.20 pts below the 2012-07 market avg of 3.55%"
      ],
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    },
    {
      "property": "VIA PACIFICA GARDENS",
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      "city": "APTOS",
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      "pmmsBenchmark": 3.098,
      "belowMarket": false,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "ESTATES AT SPRING BRANCH",
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      "city": "HOUSTON",
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      "pmmsBenchmark": 3.067,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "NEW FALLS APARTMENTS",
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      "city": "NEWTON",
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      "pmmsBenchmark": 3.067,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "REGENCY - BROWNSVILLE NURSING & REHABILITATION CENTER",
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      "pmmsBenchmark": 4.198,
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      "historicLowEra": false,
      "red": true,
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        "Rate 2.35% is 1.85 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "THE GARDENS ON QUAIL STREET",
      "address": "",
      "city": "ARVADA",
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      "pmmsBenchmark": 3.89,
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      "historicLowEra": false,
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        "Rate 2.35% is 1.54 pts below the 2012-02 market avg of 3.89%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "AMIFF HOUSING",
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      "city": "BOSTON",
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      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
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        "Rate 2.35% is 1.41 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "FEIGENBAUM-PARK CRESCENT HEALTHCARE & REHAB CENTER",
      "address": "",
      "city": "EAST ORANGE",
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      "pmmsBenchmark": 4.162,
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      "historicLowEra": false,
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        "Rate 2.35% is 1.81 pts below the 2014-09 market avg of 4.162%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "HAVEN OF FLAGSTAFF  LLC",
      "address": "",
      "city": "FLAGSTAFF",
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      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.35% is 2.12 pts below the 2018-04 market avg of 4.467%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "SURFSIDE APARTMENTS",
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      "city": "MONTEREY",
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      "originalAmount": 13523500,
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      "pmmsBenchmark": 2.684,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "COPPER LANDING",
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      "city": "SPOKANE",
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      "pmmsBenchmark": 2.935,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "PARKVIEW APARTMENTS",
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      "city": "OLYMPIA",
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      "pmmsBenchmark": 2.81,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "WILAMETTE SPRING MEMORY CARE",
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      "city": "CORVALLIS",
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      "pmmsBenchmark": 2.834,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "REDWOOD CANAL WINCHETER-PHASE III",
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      "city": "CANAL WINCHESTER",
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      "units": 73,
      "originalAmount": 11736000,
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      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CAREONE AT RANDOLPH",
      "address": "",
      "city": "RANDOLPH",
      "state": "MA",
      "zip": "02368",
      "units": 90,
      "originalAmount": 11718900,
      "rate": 2.35,
      "originationDate": "2022-02-17",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.35% is 1.41 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "HAVEN OF SAFFLORD LLC",
      "address": "",
      "city": "SAFFORD",
      "state": "AZ",
      "zip": "85546",
      "units": 100,
      "originalAmount": 11617000,
      "rate": 2.35,
      "originationDate": "2018-04-18",
      "pmmsBenchmark": 4.467,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.35% is 2.12 pts below the 2018-04 market avg of 4.467%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "REDWOOD GRAND RAPIDS BAINBROOK WAY",
      "address": "",
      "city": "GRAND RAPIDS",
      "state": "MI",
      "zip": "49546",
      "units": 61,
      "originalAmount": 11328000,
      "rate": 2.35,
      "originationDate": "2021-02-11",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LAKE ASSISTED LIVING",
      "address": "",
      "city": "DALLAS",
      "state": "TX",
      "zip": "75212",
      "units": 128,
      "originalAmount": 11193200,
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      "originationDate": "2021-09-24",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "REDWOOD FORT WAYNE COWEN PLACE",
      "address": "",
      "city": "FORT WAYNE",
      "state": "IN",
      "zip": "46825",
      "units": 66,
      "originalAmount": 10560000,
      "rate": 2.35,
      "originationDate": "2021-02-22",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HAVEN OF COTTONWOOD",
      "address": "",
      "city": "COTTONWOOD",
      "state": "AZ",
      "zip": "86326",
      "units": 112,
      "originalAmount": 10496000,
      "rate": 2.35,
      "originationDate": "2019-04-23",
      "pmmsBenchmark": 4.143,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.35% is 1.79 pts below the 2019-04 market avg of 4.143%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "PARK REGENCY",
      "address": "",
      "city": "LOVELAND",
      "state": "CO",
      "zip": "80538",
      "units": 233,
      "originalAmount": 10310100,
      "rate": 2.35,
      "originationDate": "2020-11-25",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ZIEGLER FINANCING CORP"
    },
    {
      "property": "CASCADE RIDGE APARTMENTS",
      "address": "",
      "city": "JACKSON",
      "state": "MI",
      "zip": "49203",
      "units": 216,
      "originalAmount": 9832000,
      "rate": 2.35,
      "originationDate": "2012-11-29",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
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      "redReasons": [
        "Rate 2.35% is 1.00 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "20 FULTON",
      "address": "",
      "city": "GRAND RAPIDS",
      "state": "MI",
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      "originalAmount": 9760000,
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      "originationDate": "2021-03-05",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "REDWOOD BROWNSBURG - PHASE III",
      "address": "",
      "city": "BROWNSBURG",
      "state": "IN",
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      "originalAmount": 9560000,
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      "originationDate": "2021-11-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "1910 ON WATER APARTMENTS",
      "address": "",
      "city": "MILWAUKEE",
      "state": "WI",
      "zip": "53202",
      "units": 68,
      "originalAmount": 9544500,
      "rate": 2.35,
      "originationDate": "2021-02-26",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "LEGEND PARK II",
      "address": "",
      "city": "LAWTON",
      "state": "OK",
      "zip": "73501",
      "units": 96,
      "originalAmount": 9276300,
      "rate": 2.35,
      "originationDate": "2020-12-18",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "KING'S MANOR",
      "address": "",
      "city": "TAMPA",
      "state": "FL",
      "zip": "33607",
      "units": 99,
      "originalAmount": 8076800,
      "rate": 2.35,
      "originationDate": "2020-12-22",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "BENSENVILLE APARTMENTS",
      "address": "",
      "city": "BENSENVILLE",
      "state": "IL",
      "zip": "60106",
      "units": 73,
      "originalAmount": 8000000,
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      "originationDate": "2021-11-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "KINGS ARMS APARTMENTS",
      "address": "",
      "city": "TAMPA",
      "state": "FL",
      "zip": "33607",
      "units": 84,
      "originalAmount": 7896000,
      "rate": 2.35,
      "originationDate": "2020-12-22",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "PRUITTHEALTH-VIRGINIA PARK",
      "address": "",
      "city": "ATLANTA",
      "state": "GA",
      "zip": "30306",
      "units": 64,
      "originalAmount": 7874600,
      "rate": 2.35,
      "originationDate": "2022-01-28",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.35% is 1.09 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "SHERWOOD TOWERS",
      "address": "",
      "city": "PITTSBURGH",
      "state": "PA",
      "zip": "15213",
      "units": 62,
      "originalAmount": 7530400,
      "rate": 2.35,
      "originationDate": "2012-08-16",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.35% is 1.25 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "CALIFORNIA PARK REHAB CENTER",
      "address": "",
      "city": "CHICO",
      "state": "CA",
      "zip": "95928",
      "units": 90,
      "originalAmount": 7344000,
      "rate": 2.35,
      "originationDate": "2012-12-27",
      "pmmsBenchmark": 3.345,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.35% is 1.00 pts below the 2012-12 market avg of 3.345%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "TLMGMT30-BAYSIDE REHAB AND HEALTH CENTER",
      "address": "",
      "city": "ST. PETERSBURG",
      "state": "FL",
      "zip": "33705",
      "units": 92,
      "originalAmount": 7040000,
      "rate": 2.35,
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      "pmmsBenchmark": 3.345,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.35% is 1.00 pts below the 2012-12 market avg of 3.345%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "WARREN HEIGHTS APARTMENTS",
      "address": "",
      "city": "WARREN",
      "state": "OH",
      "zip": "44483",
      "units": 186,
      "originalAmount": 7024000,
      "rate": 2.35,
      "originationDate": "2021-08-31",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "PRAIRIE WINDS OF URBANA",
      "address": "",
      "city": "URBANA",
      "state": "IL",
      "zip": "61802",
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      "originalAmount": 6983000,
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      "originationDate": "2021-03-25",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "SUMMERHILL COOP-EDEN PRAIRIE",
      "address": "",
      "city": "EDEN PRAIRIE",
      "state": "MN",
      "zip": "55344",
      "units": 48,
      "originalAmount": 6844800,
      "rate": 2.35,
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      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "PHEASANT RUN APARTMENTS",
      "address": "",
      "city": "SAGINAW",
      "state": "MI",
      "zip": "48638",
      "units": 137,
      "originalAmount": 6576000,
      "rate": 2.35,
      "originationDate": "2020-08-28",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "Nazareth Health and Rehab Center",
      "address": "",
      "city": "STOUGHTON",
      "state": "WI",
      "zip": "53589",
      "units": 67,
      "originalAmount": 6432000,
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      "pmmsBenchmark": 2.975,
      "belowMarket": false,
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      "red": true,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "Morning Breeze Retirement Community and Healthcar",
      "address": "",
      "city": "GREENSBURG",
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      "originalAmount": 6413600,
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      "originationDate": "2021-06-30",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "APERION CARE DEKALB",
      "address": "",
      "city": "DEKALB",
      "state": "IL",
      "zip": "60115",
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      "originalAmount": 6278300,
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      "originationDate": "2021-09-30",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "WHISPERING WILLOWS APARTMENTS",
      "address": "",
      "city": "PHOENIX",
      "state": "AZ",
      "zip": "85029",
      "units": 99,
      "originalAmount": 6087700,
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      "originationDate": "2021-09-29",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "Murdock Villa Apartments",
      "address": "",
      "city": "TULSA",
      "state": "OK",
      "zip": "74104",
      "units": 144,
      "originalAmount": 5800000,
      "rate": 2.35,
      "originationDate": "2021-07-21",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "LAKE CREST APARTMENTS",
      "address": "",
      "city": "MILWAUKEE",
      "state": "WI",
      "zip": "53202",
      "units": 125,
      "originalAmount": 5590700,
      "rate": 2.35,
      "originationDate": "2020-07-29",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "HAVEN OF CAMP VERDE",
      "address": "",
      "city": "CAMP VERDE",
      "state": "AZ",
      "zip": "86322",
      "units": 96,
      "originalAmount": 5152000,
      "rate": 2.35,
      "originationDate": "2019-04-23",
      "pmmsBenchmark": 4.143,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.35% is 1.79 pts below the 2019-04 market avg of 4.143%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "HAVEN OF DOUGLAS LLC",
      "address": "",
      "city": "DOUGLAS",
      "state": "AZ",
      "zip": "85607",
      "units": 60,
      "originalAmount": 5117000,
      "rate": 2.35,
      "originationDate": "2018-04-18",
      "pmmsBenchmark": 4.467,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.35% is 2.12 pts below the 2018-04 market avg of 4.467%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "BRIARWOOD OF COLUMBUS",
      "address": "",
      "city": "COLUMBUS",
      "state": "IN",
      "zip": "47203",
      "units": 160,
      "originalAmount": 4880000,
      "rate": 2.35,
      "originationDate": "2013-01-31",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.35% is 1.06 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "LA PLAZA APARTMENTS",
      "address": "",
      "city": "EL PASO",
      "state": "TX",
      "zip": "79225",
      "units": 129,
      "originalAmount": 4752300,
      "rate": 2.35,
      "originationDate": "2012-11-08",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.35% is 1.00 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "LA HACIENDA AT VILLA VICTORIA",
      "address": "",
      "city": "SAN ELIZARIO",
      "state": "TX",
      "zip": "79849",
      "units": 88,
      "originalAmount": 4745700,
      "rate": 2.35,
      "originationDate": "2021-09-23",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SUNSET TERRACE SENIOR VILLAGE",
      "address": "",
      "city": "PHARR",
      "state": "TX",
      "zip": "78577",
      "units": 80,
      "originalAmount": 4523400,
      "rate": 2.35,
      "originationDate": "2021-11-30",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PARKVIEW TERRACE",
      "address": "",
      "city": "PHARR",
      "state": "TX",
      "zip": "78577",
      "units": 100,
      "originalAmount": 4250000,
      "rate": 2.35,
      "originationDate": "2021-11-30",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "NM CARROLL MANOR",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21217",
      "units": 98,
      "originalAmount": 3400000,
      "rate": 2.35,
      "originationDate": "2021-11-23",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WILLIAMSBURG ON THE LAKE OF MISHAWAKA I",
      "address": "",
      "city": "MISHAWAKA",
      "state": "IN",
      "zip": "46545",
      "units": 150,
      "originalAmount": 3300000,
      "rate": 2.35,
      "originationDate": "2013-01-31",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.35% is 1.06 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "MIDLAND COMMONS",
      "address": "",
      "city": "CHARLOTTE",
      "state": "NC",
      "zip": "28208",
      "units": 60,
      "originalAmount": 3272300,
      "rate": 2.35,
      "originationDate": "2020-10-21",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "240 IONIA",
      "address": "",
      "city": "GRAND RAPIDS",
      "state": "MI",
      "zip": "49503",
      "units": 48,
      "originalAmount": 2992500,
      "rate": 2.35,
      "originationDate": "2021-03-11",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "HUDSON SQUARE APARTMENTS",
      "address": "",
      "city": "BATON ROUGE",
      "state": "LA",
      "zip": "70807",
      "units": 82,
      "originalAmount": 2700000,
      "rate": 2.35,
      "originationDate": "2012-09-26",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.35% is 1.15 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "LAREDO MANOR APARTMENTS",
      "address": "",
      "city": "LAREDO",
      "state": "TX",
      "zip": "78041",
      "units": 100,
      "originalAmount": 1900000,
      "rate": 2.35,
      "originationDate": "2013-03-14",
      "pmmsBenchmark": 3.565,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.35% is 1.21 pts below the 2013-03 market avg of 3.565%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "WHITNEY YOUNG VILLAGE",
      "address": "",
      "city": "KENTWOOD",
      "state": "MI",
      "zip": "49508",
      "units": 72,
      "originalAmount": 1767000,
      "rate": 2.35,
      "originationDate": "2012-11-20",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.35% is 1.00 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "FRIO APARTMENTS",
      "address": "",
      "city": "PEARSALL",
      "state": "TX",
      "zip": "78061",
      "units": 63,
      "originalAmount": 1600600,
      "rate": 2.35,
      "originationDate": "2013-02-19",
      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.35% is 1.18 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "GROUP HOMES",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46260",
      "units": 48,
      "originalAmount": 915000,
      "rate": 2.35,
      "originationDate": "2012-11-13",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.35% is 1.00 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "TREE TOP APARTMENTS",
      "address": "",
      "city": "EDMONTON",
      "state": "KY",
      "zip": "42129",
      "units": 48,
      "originalAmount": 885500,
      "rate": 2.35,
      "originationDate": "2020-11-30",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "VALLEY COURT APARTMENTS",
      "address": "",
      "city": "MADISON",
      "state": "IN",
      "zip": "47250",
      "units": 48,
      "originalAmount": 685000,
      "rate": 2.35,
      "originationDate": "2012-11-15",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.35% is 1.00 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "HEAVENS APARTMENTS",
      "address": "",
      "city": "ANDERSON",
      "state": "IN",
      "zip": "46016",
      "units": 20,
      "originalAmount": 593200,
      "rate": 2.35,
      "originationDate": "2012-11-13",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.35% is 1.00 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "THE CURB",
      "address": "",
      "city": "NORWALK",
      "state": "CT",
      "zip": "06850",
      "units": 235,
      "originalAmount": 63301300,
      "rate": 2.36,
      "originationDate": "2022-01-20",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.36% is 1.08 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "LAUREL GREEN APARTMENTS",
      "address": "",
      "city": "MT. LAUREL",
      "state": "NJ",
      "zip": "08054",
      "units": 298,
      "originalAmount": 56563800,
      "rate": 2.36,
      "originationDate": "2022-03-22",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.36% is 1.81 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "COLLEGE PARK TOWERS",
      "address": "",
      "city": "MIAMI",
      "state": "FL",
      "zip": "33176",
      "units": 210,
      "originalAmount": 43500000,
      "rate": 2.36,
      "originationDate": "2021-11-30",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "AVOCADO POST ACUTE",
      "address": "",
      "city": "EL CAJON",
      "state": "CA",
      "zip": "92020",
      "units": 111,
      "originalAmount": 41975200,
      "rate": 2.36,
      "originationDate": "2021-09-24",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "CHENIER APARTMENTS",
      "address": "",
      "city": "MANDEVILLE",
      "state": "LA",
      "zip": "70448",
      "units": 288,
      "originalAmount": 40563600,
      "rate": 2.36,
      "originationDate": "2013-04-30",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.36% is 1.08 pts below the 2013-04 market avg of 3.445%"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE PINES",
      "address": "",
      "city": "LINDENWOLD",
      "state": "NJ",
      "zip": "08021",
      "units": 411,
      "originalAmount": 30796000,
      "rate": 2.36,
      "originationDate": "2022-02-18",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.36% is 1.40 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "WEAVER CREEK APARTMENTS",
      "address": "",
      "city": "SPRINGFIELD",
      "state": "MO",
      "zip": "65810",
      "units": 253,
      "originalAmount": 23920000,
      "rate": 2.36,
      "originationDate": "2021-10-27",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "TIMBER RIDGE APARTMENTS",
      "address": "",
      "city": "OAK CREEK",
      "state": "WI",
      "zip": "53134",
      "units": 322,
      "originalAmount": 22957800,
      "rate": 2.36,
      "originationDate": "2020-07-29",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CAMDEN LAKE APARTMENTS",
      "address": "",
      "city": "BATON ROUGE",
      "state": "LA",
      "zip": "70816",
      "units": 240,
      "originalAmount": 21912100,
      "rate": 2.36,
      "originationDate": "2020-12-17",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "ORO VISTA APARTMENTS",
      "address": "",
      "city": "ORO VALLEY",
      "state": "AZ",
      "zip": "85737",
      "units": 138,
      "originalAmount": 18000000,
      "rate": 2.36,
      "originationDate": "2020-08-28",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE HEIGHTS OF TOMBALL",
      "address": "",
      "city": "TOMBALL",
      "state": "TX",
      "zip": "77375",
      "units": 68,
      "originalAmount": 16640000,
      "rate": 2.36,
      "originationDate": "2021-07-15",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "THE RYDER",
      "address": "",
      "city": "PORTLAND",
      "state": "OR",
      "zip": "97214",
      "units": 96,
      "originalAmount": 16000000,
      "rate": 2.36,
      "originationDate": "2021-08-31",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "SANTA LUCIA AT BENTSEN LAKES",
      "address": "",
      "city": "MISSION",
      "state": "TX",
      "zip": "78572",
      "units": 168,
      "originalAmount": 14080000,
      "rate": 2.36,
      "originationDate": "2021-01-21",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "VISTA DEL SOL APARTMENTS",
      "address": "",
      "city": "MADERA",
      "state": "CA",
      "zip": "93637",
      "units": 192,
      "originalAmount": 11930300,
      "rate": 2.36,
      "originationDate": "2021-01-26",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "MEADOWOOD APARTMENTS",
      "address": "",
      "city": "ALCOA",
      "state": "TN",
      "zip": "37701",
      "units": 100,
      "originalAmount": 11500000,
      "rate": 2.36,
      "originationDate": "2020-10-19",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "BRIAR POND APTS",
      "address": "",
      "city": "OAKDALE",
      "state": "MN",
      "zip": "55128",
      "units": 196,
      "originalAmount": 10300000,
      "rate": 2.36,
      "originationDate": "2011-11-22",
      "pmmsBenchmark": 3.993,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.36% is 1.63 pts below the 2011-11 market avg of 3.993%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "LANCASTER VILLAGE COOPERATIVE",
      "address": "",
      "city": "PONTIAC",
      "state": "MI",
      "zip": "48342",
      "units": 285,
      "originalAmount": 9510600,
      "rate": 2.36,
      "originationDate": "2020-07-29",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "PHOENIX PARK APARTMENTS-PHASE I",
      "address": "",
      "city": "SACRAMENTO",
      "state": "CA",
      "zip": "95823",
      "units": 178,
      "originalAmount": 9450000,
      "rate": 2.36,
      "originationDate": "2021-09-29",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WINDHAM CREEK APARTMENTS",
      "address": "",
      "city": "SUITLAND",
      "state": "MD",
      "zip": "20746",
      "units": 162,
      "originalAmount": 9447900,
      "rate": 2.36,
      "originationDate": "2012-10-31",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.36% is 1.02 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "THE HEIGHT OF GONZALES",
      "address": "",
      "city": "GONZALES",
      "state": "TX",
      "zip": "78629",
      "units": 100,
      "originalAmount": 9112800,
      "rate": 2.36,
      "originationDate": "2021-07-15",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "EMERALD CARE CENTER MIDWEST",
      "address": "",
      "city": "OKLAHOMA CITY",
      "state": "OK",
      "zip": "73110",
      "units": 55,
      "originalAmount": 8872100,
      "rate": 2.36,
      "originationDate": "2021-12-28",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "EMERALD CARE CENTER SOUTHWEST",
      "address": "",
      "city": "OKLAHOMA CITY",
      "state": "OK",
      "zip": "73109",
      "units": 56,
      "originalAmount": 7407100,
      "rate": 2.36,
      "originationDate": "2021-12-28",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE RETREAT AT MEADOWVIEW",
      "address": "",
      "city": "KINGSPORT",
      "state": "TN",
      "zip": "37660",
      "units": 72,
      "originalAmount": 7374200,
      "rate": 2.36,
      "originationDate": "2021-08-19",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "EMERALD CARE CENTER TULSA",
      "address": "",
      "city": "TULSA",
      "state": "OK",
      "zip": "74129",
      "units": 56,
      "originalAmount": 6589300,
      "rate": 2.36,
      "originationDate": "2021-12-28",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ELSIE MASON MANOR",
      "address": "",
      "city": "DES MOINES",
      "state": "IA",
      "zip": "50309",
      "units": 150,
      "originalAmount": 6148600,
      "rate": 2.36,
      "originationDate": "2021-07-29",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "RIDGEVIEW HEIGHTS APARTMENTS",
      "address": "",
      "city": "MADISON",
      "state": "WI",
      "zip": "53704",
      "units": 84,
      "originalAmount": 5968000,
      "rate": 2.36,
      "originationDate": "2021-09-28",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "NORTHWOOD THE PINNACLE NURSING AND REHAB CENTER",
      "address": "",
      "city": "TALLMADGE",
      "state": "OH",
      "zip": "44278",
      "units": 115,
      "originalAmount": 5214000,
      "rate": 2.36,
      "originationDate": "2021-02-12",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "NORTHWOOD LEGENDS CARE CENTER",
      "address": "",
      "city": "MASSILLON",
      "state": "OH",
      "zip": "44646",
      "units": 104,
      "originalAmount": 5089000,
      "rate": 2.36,
      "originationDate": "2021-02-12",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "NORTHWOOD BUCKEYE TERRANCE",
      "address": "",
      "city": "WESTERVILLE",
      "state": "OH",
      "zip": "43081",
      "units": 109,
      "originalAmount": 3643900,
      "rate": 2.36,
      "originationDate": "2021-02-12",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "UNIVERSITY COMMONS",
      "address": "",
      "city": "Lebanon",
      "state": "IL",
      "zip": "62254",
      "units": 53,
      "originalAmount": 3520000,
      "rate": 2.36,
      "originationDate": "2021-06-29",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "LINCOLN RIDGE",
      "address": "",
      "city": "CLEBURNE",
      "state": "TX",
      "zip": "76033",
      "units": 29,
      "originalAmount": 2617200,
      "rate": 2.36,
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      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "NORTHWOOD COUNTRY MEADOW CARE CENTER",
      "address": "",
      "city": "BELLVILLE",
      "state": "OH",
      "zip": "44813",
      "units": 73,
      "originalAmount": 2320000,
      "rate": 2.36,
      "originationDate": "2021-02-12",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "NORTHWOOD WHISPERING HILLS CARE CENTER",
      "address": "",
      "city": "MOUNT VERNON",
      "state": "OH",
      "zip": "43050",
      "units": 66,
      "originalAmount": 2197000,
      "rate": 2.36,
      "originationDate": "2021-02-12",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "E D NIXON APARTMENTS",
      "address": "",
      "city": "TUSKEGEE",
      "state": "AL",
      "zip": "36083",
      "units": 42,
      "originalAmount": 1897200,
      "rate": 2.36,
      "originationDate": "2013-03-27",
      "pmmsBenchmark": 3.565,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.36% is 1.21 pts below the 2013-03 market avg of 3.565%"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "NORTHWOOD CRESTLINE NURSING CENTER",
      "address": "",
      "city": "CRESTLINE",
      "state": "OH",
      "zip": "44827",
      "units": 46,
      "originalAmount": 1760000,
      "rate": 2.36,
      "originationDate": "2021-02-12",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "FREELAND III HOUSING",
      "address": "",
      "city": "FREELAND",
      "state": "PA",
      "zip": "18224",
      "units": 63,
      "originalAmount": 1190000,
      "rate": 2.36,
      "originationDate": "2005-04-14",
      "pmmsBenchmark": 5.855,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.36% is 3.50 pts below the 2005-04 market avg of 5.855%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "RENWICK GARDENS APARTMENTS",
      "address": "",
      "city": "NEW YORK",
      "state": "NY",
      "zip": "10016",
      "units": 224,
      "originalAmount": 65000000,
      "rate": 2.37,
      "originationDate": "2020-07-17",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE PARAMOUNT AT SOUTH MARKET APARTMENTS",
      "address": "",
      "city": "NEW ORLEANS",
      "state": "LA",
      "zip": "70113",
      "units": 209,
      "originalAmount": 44736000,
      "rate": 2.37,
      "originationDate": "2020-08-31",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "LEGENDS FOX CREEK",
      "address": "",
      "city": "CLARKSTON",
      "state": "MI",
      "zip": "48346",
      "units": 339,
      "originalAmount": 32800000,
      "rate": 2.37,
      "originationDate": "2021-07-29",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "GARVER POINT",
      "address": "",
      "city": "MADISON",
      "state": "WI",
      "zip": "53704",
      "units": 161,
      "originalAmount": 28640000,
      "rate": 2.37,
      "originationDate": "2021-07-06",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "THE SUMMIT ON WOODMAN",
      "address": "",
      "city": "VAN NUYS",
      "state": "CA",
      "zip": "91405",
      "units": 86,
      "originalAmount": 26144000,
      "rate": 2.37,
      "originationDate": "2021-09-17",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "OCEANPOINTE TOWERS",
      "address": "",
      "city": "LONG BRANCH",
      "state": "NJ",
      "zip": "07740",
      "units": 151,
      "originalAmount": 24960000,
      "rate": 2.37,
      "originationDate": "2020-06-29",
      "pmmsBenchmark": 3.162,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.37% is 0.79 pts below the 2020-06 market avg of 3.162%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ROSE COMMUNITY CAPITAL, LLC"
    },
    {
      "property": "MEADOWLARK APARTMENTS",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46235",
      "units": 360,
      "originalAmount": 23000000,
      "rate": 2.37,
      "originationDate": "2012-12-14",
      "pmmsBenchmark": 3.345,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.37% is 0.98 pts below the 2012-12 market avg of 3.345%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "THE ENCLAVE AT WINSLOW",
      "address": "",
      "city": "SICKLERVILLE",
      "state": "NJ",
      "zip": "08081",
      "units": 105,
      "originalAmount": 22800000,
      "rate": 2.37,
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      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "THE MADDOX APARTMENTS",
      "address": "",
      "city": "NEW HAVEN",
      "state": "CT",
      "zip": "06519",
      "units": 90,
      "originalAmount": 21893600,
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      "originationDate": "2022-02-10",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.37% is 1.39 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "KNOB HILL APARTMENTS",
      "address": "",
      "city": "OKEMOS",
      "state": "MI",
      "zip": "48864",
      "units": 228,
      "originalAmount": 21240000,
      "rate": 2.37,
      "originationDate": "2021-06-30",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "RESIDENCES AT GOVERNMENT CENTER I APARTMENTS",
      "address": "",
      "city": "FAIRFAX",
      "state": "VA",
      "zip": "22033",
      "units": 150,
      "originalAmount": 16408300,
      "rate": 2.37,
      "originationDate": "2021-09-30",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "AUTUMN LAKE HEALTHCARE AT BELOIT",
      "address": "",
      "city": "BELOIT",
      "state": "WI",
      "zip": "53511",
      "units": 91,
      "originalAmount": 16000000,
      "rate": 2.37,
      "originationDate": "2021-08-19",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "RESIDENCES AT GOVERNMENT CENTER II APARTMENTS",
      "address": "",
      "city": "FAIRFAX",
      "state": "VA",
      "zip": "22033",
      "units": 120,
      "originalAmount": 14773900,
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      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "WELLINGTON I-IV",
      "address": "",
      "city": "ROANOKE",
      "state": "VA",
      "zip": "24012",
      "units": 106,
      "originalAmount": 14456000,
      "rate": 2.37,
      "originationDate": "2021-04-30",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GRANDVIEW MANOR",
      "address": "",
      "city": "ERIE",
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      "zip": "16504",
      "units": 146,
      "originalAmount": 14121000,
      "rate": 2.37,
      "originationDate": "2022-02-08",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.37% is 1.39 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "MOUNTAIN VIEW HEALTH & REHABILITATION",
      "address": "",
      "city": "EL PASO",
      "state": "TX",
      "zip": "79902",
      "units": 88,
      "originalAmount": 13600000,
      "rate": 2.37,
      "originationDate": "2021-08-06",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ZIEGLER FINANCING CORP"
    },
    {
      "property": "CABELL HEALTH CARE CENTER",
      "address": "",
      "city": "CULLODEN",
      "state": "WV",
      "zip": "25510",
      "units": 56,
      "originalAmount": 13556700,
      "rate": 2.37,
      "originationDate": "2021-09-29",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "JOSEPH'S HOUSE",
      "address": "",
      "city": "FITCHBURG",
      "state": "MA",
      "zip": "01420",
      "units": 140,
      "originalAmount": 12880000,
      "rate": 2.37,
      "originationDate": "2021-03-24",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "KERN VILLA APARTMENTS",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90022",
      "units": 49,
      "originalAmount": 12794000,
      "rate": 2.37,
      "originationDate": "2021-12-09",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "TAMARACK WOODS APARTMENTS",
      "address": "",
      "city": "SHILOH",
      "state": "IL",
      "zip": "62269",
      "units": 160,
      "originalAmount": 12661600,
      "rate": 2.37,
      "originationDate": "2012-09-28",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.37% is 1.13 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "WOODSIDE SENIOR LIVING",
      "address": "",
      "city": "BEDFORD",
      "state": "OH",
      "zip": "44146",
      "units": 426,
      "originalAmount": 11600000,
      "rate": 2.37,
      "originationDate": "2020-09-24",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "EAST BAY REHABILITATION CENTER",
      "address": "",
      "city": "CLEARWATER",
      "state": "FL",
      "zip": "33764",
      "units": 182,
      "originalAmount": 11033300,
      "rate": 2.37,
      "originationDate": "2021-03-11",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "OAK KNOLL APARTMENTS",
      "address": "",
      "city": "CARY",
      "state": "IL",
      "zip": "60013",
      "units": 100,
      "originalAmount": 10800000,
      "rate": 2.37,
      "originationDate": "2020-07-30",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "S MOUNTAIN HEALTHCARE & REHAB",
      "address": "",
      "city": "VAUXHALL",
      "state": "NJ",
      "zip": "07088",
      "units": 195,
      "originalAmount": 10770300,
      "rate": 2.37,
      "originationDate": "2012-11-14",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.37% is 0.98 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MESQUITE BLUFFS APARTMENTS",
      "address": "",
      "city": "MESQUITE",
      "state": "NV",
      "zip": "89027",
      "units": 176,
      "originalAmount": 10640000,
      "rate": 2.37,
      "originationDate": "2020-09-30",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE SERVICING COMPANY LL"
    },
    {
      "property": "RIVERVIEW MANOR",
      "address": "",
      "city": "SHARON",
      "state": "PA",
      "zip": "16146",
      "units": 123,
      "originalAmount": 10611000,
      "rate": 2.37,
      "originationDate": "2022-02-08",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.37% is 1.39 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "CANYON WALK APARTMENTS HOMES",
      "address": "",
      "city": "BULLHEAD CITY",
      "state": "AZ",
      "zip": "86429",
      "units": 156,
      "originalAmount": 10000000,
      "rate": 2.37,
      "originationDate": "2020-09-30",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE SERVICING COMPANY LL"
    },
    {
      "property": "PARK TOWER",
      "address": "",
      "city": "LOVES PARK",
      "state": "IL",
      "zip": "61111",
      "units": 152,
      "originalAmount": 9920000,
      "rate": 2.37,
      "originationDate": "2021-02-17",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "MEADOW RIDGE APARTMENTS",
      "address": "",
      "city": "MINOT",
      "state": "ND",
      "zip": "58701",
      "units": 132,
      "originalAmount": 9302300,
      "rate": 2.37,
      "originationDate": "2021-11-30",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "TL MANAGEMENT 30 GREENVILLE HEALTH REHAB. CENTER",
      "address": "",
      "city": "GREENVILLE",
      "state": "TX",
      "zip": "75402",
      "units": 108,
      "originalAmount": 8444700,
      "rate": 2.37,
      "originationDate": "2013-01-16",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.37% is 1.04 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "TOWN SQUARE MANOR",
      "address": "",
      "city": "ANCHORAGE",
      "state": "AK",
      "zip": "99508",
      "units": 90,
      "originalAmount": 7986700,
      "rate": 2.37,
      "originationDate": "2020-12-18",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "ALDEN-PARK STRATHMOOR",
      "address": "",
      "city": "ROCKFORD",
      "state": "IL",
      "zip": "61107",
      "units": 96,
      "originalAmount": 7970000,
      "rate": 2.37,
      "originationDate": "2021-08-30",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "THELODGE AT LOST PINES",
      "address": "",
      "city": "BASTROP",
      "state": "TX",
      "zip": "78602",
      "units": 160,
      "originalAmount": 7753200,
      "rate": 2.37,
      "originationDate": "2012-09-27",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.37% is 1.13 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "ASTER PARK",
      "address": "",
      "city": "SUNNYVALE",
      "state": "CA",
      "zip": "94086",
      "units": 95,
      "originalAmount": 7514000,
      "rate": 2.37,
      "originationDate": "2020-11-05",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "THE CORRIDOR APARTMENTS",
      "address": "",
      "city": "SHREVEPORT",
      "state": "LA",
      "zip": "71107",
      "units": 72,
      "originalAmount": 6560000,
      "rate": 2.37,
      "originationDate": "2020-09-30",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "ROLLINGWOOD MANOR",
      "address": "",
      "city": "FLINT",
      "state": "MI",
      "zip": "48506",
      "units": 136,
      "originalAmount": 5702200,
      "rate": 2.37,
      "originationDate": "2021-12-14",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "TL MANAGEMENT 30-MCALLEN NURSING CENTER BSC",
      "address": "",
      "city": "MCALLEN",
      "state": "TX",
      "zip": "78501",
      "units": 118,
      "originalAmount": 5672000,
      "rate": 2.37,
      "originationDate": "2013-01-16",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.37% is 1.04 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "811 MAIN STREET",
      "address": "",
      "city": "EAST DUNDEE",
      "state": "IL",
      "zip": "60118",
      "units": 36,
      "originalAmount": 5120000,
      "rate": 2.37,
      "originationDate": "2021-02-10",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "POTOMAC WOODS II",
      "address": "",
      "city": "WOODBRIDGE",
      "state": "VA",
      "zip": "22191",
      "units": 44,
      "originalAmount": 5000000,
      "rate": 2.37,
      "originationDate": "2021-11-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "EDGERTON PLACE II APARTMENTS",
      "address": "",
      "city": "MITCHELL",
      "state": "SD",
      "zip": "57301",
      "units": 72,
      "originalAmount": 4640000,
      "rate": 2.37,
      "originationDate": "2021-01-27",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "PRUITTHEALTH- BAMBERG",
      "address": "",
      "city": "BAMBERG",
      "state": "SC",
      "zip": "29003",
      "units": 144,
      "originalAmount": 3983100,
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      "originationDate": "2020-09-29",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "COLONIAL VILLAGE",
      "address": "",
      "city": "CLARKSVILLE",
      "state": "IN",
      "zip": "47129",
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      "originalAmount": 3440000,
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      "originationDate": "2012-12-31",
      "pmmsBenchmark": 3.345,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.37% is 0.98 pts below the 2012-12 market avg of 3.345%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "CLINTON CIRCLE",
      "address": "",
      "city": "DEFIANCE",
      "state": "OH",
      "zip": "43512",
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      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "MAGNOLIA ON DETROIT",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44102",
      "units": 126,
      "originalAmount": 3285300,
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      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "THE BROOK OF HOUGHTON LAKE",
      "address": "",
      "city": "HOUGHTON LAKE",
      "state": "MI",
      "zip": "48629",
      "units": null,
      "originalAmount": 2794000,
      "rate": 2.37,
      "originationDate": "2022-02-28",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.37% is 1.39 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "THE BROOK OF GRAYLING",
      "address": "",
      "city": "GRAYLING",
      "state": "MI",
      "zip": "49738",
      "units": 23,
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      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.37% is 1.39 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "SARATOGA COURT",
      "address": "",
      "city": "SARATOGA",
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      "originalAmount": 2162600,
      "rate": 2.37,
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      "pmmsBenchmark": 2.765,
      "belowMarket": false,
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "NORTH HARRISON SENIOR APARTMENTS",
      "address": "",
      "city": "SHELBYVILLE",
      "state": "IN",
      "zip": "46176",
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      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "LAKEVIEW ON THE RISE APARTMENT",
      "address": "",
      "city": "FORT COLLINS",
      "state": "CO",
      "zip": "80525",
      "units": 180,
      "originalAmount": 30950600,
      "rate": 2.375,
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      "pmmsBenchmark": 4.638,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.375% is 2.26 pts below the 2018-12 market avg of 4.638%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "PRINCETON WOODS APARTMENTS",
      "address": "",
      "city": "DUMFRIES",
      "state": "VA",
      "zip": "22026",
      "units": 276,
      "originalAmount": 49554100,
      "rate": 2.38,
      "originationDate": "2022-02-24",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.38% is 1.38 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "808 BERRY PLACE",
      "address": "",
      "city": "ST PAUL",
      "state": "MN",
      "zip": "23734",
      "units": 267,
      "originalAmount": 48884000,
      "rate": 2.38,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "KEYSTONE AT JAMES LANDING",
      "address": "",
      "city": "JAMESTOWN",
      "state": "NC",
      "zip": "27282",
      "units": 309,
      "originalAmount": 41760000,
      "rate": 2.38,
      "originationDate": "2022-03-17",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.38% is 1.79 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "LOVELL CROSSING APARTMENTS I & II",
      "address": "",
      "city": "KNOXVILLE",
      "state": "TN",
      "zip": "37932",
      "units": 288,
      "originalAmount": 32020000,
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      "originationDate": "2020-08-28",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CEDAR GLEN",
      "address": "",
      "city": "READING",
      "state": "MA",
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      "units": 114,
      "originalAmount": 29360000,
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      "originationDate": "2021-10-21",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "CARILLON WOODS",
      "address": "",
      "city": "MILLSBORO",
      "state": "DE",
      "zip": "19966",
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      "originalAmount": 28960000,
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      "originationDate": "2021-01-25",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ST. JOHN NEUMANN CENTER FOR REHABILITATION & HEALTHCARE",
      "address": "",
      "city": "PHILADELPHIA",
      "state": "PA",
      "zip": "19116",
      "units": 326,
      "originalAmount": 28320000,
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      "originationDate": "2021-02-17",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "WEMBLEY AT OVERLOOK",
      "address": "",
      "city": "MACON",
      "state": "GA",
      "zip": "31210",
      "units": 238,
      "originalAmount": 24912000,
      "rate": 2.38,
      "originationDate": "2021-05-11",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE MOORING AT SQUANTUM GARDENS I",
      "address": "",
      "city": "QUINCY",
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      "zip": "02171",
      "units": 144,
      "originalAmount": 23511900,
      "rate": 2.38,
      "originationDate": "2021-01-27",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "BRAEBURN VILLAGE",
      "address": "",
      "city": "INDIANAPOLIS",
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      "zip": "46219",
      "units": 401,
      "originalAmount": 22509600,
      "rate": 2.38,
      "originationDate": "2021-07-29",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "PEBBLE CREEK NURSING HOME",
      "address": "",
      "city": "AKRON",
      "state": "OH",
      "zip": "44319",
      "units": 109,
      "originalAmount": 19440000,
      "rate": 2.38,
      "originationDate": "2021-09-28",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "TERRACES ON THE GREEN",
      "address": "",
      "city": "AKRON",
      "state": "OH",
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      "units": 279,
      "originalAmount": 18163800,
      "rate": 2.38,
      "originationDate": "2020-08-20",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "REDWOOD LEBANON APARTMENTS",
      "address": "",
      "city": "LEBANON",
      "state": "OH",
      "zip": "45036",
      "units": 124,
      "originalAmount": 18040000,
      "rate": 2.38,
      "originationDate": "2020-08-31",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LAKE POINTE APTS PHASES I-III",
      "address": "",
      "city": "SPRINGFIELD",
      "state": "IL",
      "zip": "62712",
      "units": 300,
      "originalAmount": 17920000,
      "rate": 2.38,
      "originationDate": "2021-05-28",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "ALPINE SLOPES APARTMENTS",
      "address": "",
      "city": "COMSTOCK PARK",
      "state": "MI",
      "zip": "49321",
      "units": 240,
      "originalAmount": 16880000,
      "rate": 2.38,
      "originationDate": "2020-08-06",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "THE ORCHARDS APARTMENTS",
      "address": "",
      "city": "KANSAS CITY",
      "state": "MO",
      "zip": "64139",
      "units": 220,
      "originalAmount": 16640000,
      "rate": 2.38,
      "originationDate": "2021-09-29",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "NEHOIDEN GLEN",
      "address": "",
      "city": "NEEDHAM",
      "state": "MA",
      "zip": "02492",
      "units": 61,
      "originalAmount": 16560000,
      "rate": 2.38,
      "originationDate": "2021-10-20",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "MERCHANTS VILLAGE APARTMENTS",
      "address": "",
      "city": "WESTERLY",
      "state": "RI",
      "zip": "02891",
      "units": 115,
      "originalAmount": 14920000,
      "rate": 2.38,
      "originationDate": "2021-12-07",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "AMERICAN HOUSE-OAKLAND",
      "address": "",
      "city": "PONTIAC",
      "state": "MI",
      "zip": "48340",
      "units": 161,
      "originalAmount": 14467200,
      "rate": 2.38,
      "originationDate": "2020-11-25",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "EXCHANGE PLACE TOWERS APARTMENTS",
      "address": "",
      "city": "WATERBURY",
      "state": "CT",
      "zip": "06702",
      "units": 150,
      "originalAmount": 14250000,
      "rate": 2.38,
      "originationDate": "2020-07-22",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "ARTISAN AT RUSH CREEK",
      "address": "",
      "city": "ARLINGTON",
      "state": "TX",
      "zip": "76001",
      "units": 144,
      "originalAmount": 13647900,
      "rate": 2.38,
      "originationDate": "2020-09-14",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "SAN VINCENTE TOWNHOMES",
      "address": "",
      "city": "PHOENIX",
      "state": "AZ",
      "zip": "85023",
      "units": 68,
      "originalAmount": 13600000,
      "rate": 2.38,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "CAREONE AT CONCORD",
      "address": "",
      "city": "CONCORD",
      "state": "MA",
      "zip": "01742",
      "units": 76,
      "originalAmount": 12515600,
      "rate": 2.38,
      "originationDate": "2022-02-17",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.38% is 1.38 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "FARNHAM PARK APARTMENTS",
      "address": "",
      "city": "PORT ARTHUR",
      "state": "TX",
      "zip": "77642",
      "units": 144,
      "originalAmount": 12168000,
      "rate": 2.38,
      "originationDate": "2022-01-27",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.38% is 1.06 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "AMERICAN HOUSE-HAZEL PARK",
      "address": "",
      "city": "HAZEL PARK",
      "state": "MI",
      "zip": "48030",
      "units": 125,
      "originalAmount": 11502300,
      "rate": 2.38,
      "originationDate": "2020-11-25",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "SHADOWWOOD PARK",
      "address": "",
      "city": "NAPLES",
      "state": "FL",
      "zip": "34112",
      "units": 96,
      "originalAmount": 11144000,
      "rate": 2.38,
      "originationDate": "2021-02-19",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "GOGO WEST",
      "address": "",
      "city": "SPOKANE",
      "state": "WA",
      "zip": "99224",
      "units": 102,
      "originalAmount": 10965000,
      "rate": 2.38,
      "originationDate": "2021-09-22",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "THE MOORINGS AT SQUANTUM GARDENS II",
      "address": "",
      "city": "QUINCY",
      "state": "MA",
      "zip": "02171",
      "units": 79,
      "originalAmount": 10875000,
      "rate": 2.38,
      "originationDate": "2021-01-29",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "CANDLEWICK APARTMENTS",
      "address": "",
      "city": "SIOUX CITY",
      "state": "IA",
      "zip": "51104",
      "units": 168,
      "originalAmount": 10868400,
      "rate": 2.38,
      "originationDate": "2021-01-13",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "RAWLINS HOUSE",
      "address": "",
      "city": "PENDLETON",
      "state": "IN",
      "zip": "46064",
      "units": 164,
      "originalAmount": 10719900,
      "rate": 2.38,
      "originationDate": "2010-11-18",
      "pmmsBenchmark": 4.3,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.38% is 1.92 pts below the 2010-11 market avg of 4.3%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WINDBER WOODS SENIOR LIVING REHABILITATION CENTER",
      "address": "",
      "city": "WINDBER",
      "state": "PA",
      "zip": "15963",
      "units": 76,
      "originalAmount": 10578400,
      "rate": 2.38,
      "originationDate": "2021-09-30",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "BLACK FOREST APARTMENTS",
      "address": "",
      "city": "ST. LOUIS",
      "state": "MO",
      "zip": "63129",
      "units": 160,
      "originalAmount": 9920000,
      "rate": 2.38,
      "originationDate": "2021-12-15",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "CHIDESTER PLACE APARTMENTS",
      "address": "",
      "city": "YPSILANTI",
      "state": "MI",
      "zip": "48197",
      "units": 151,
      "originalAmount": 9760000,
      "rate": 2.38,
      "originationDate": "2021-07-22",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "GRACE HOUSES",
      "address": "",
      "city": "JAMAICA",
      "state": "NY",
      "zip": "11432",
      "units": 80,
      "originalAmount": 9726000,
      "rate": 2.38,
      "originationDate": "2020-07-15",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "THE RESIDENCES AT PORTWALK",
      "address": "",
      "city": "PORTSMOUTH",
      "state": "NH",
      "zip": "03801",
      "units": 36,
      "originalAmount": 9503400,
      "rate": 2.38,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "THE WILLOWS AT FRITZ FARM",
      "address": "",
      "city": "LEXINGTON",
      "state": "KY",
      "zip": "40515",
      "units": 154,
      "originalAmount": 9440000,
      "rate": 2.38,
      "originationDate": "2020-12-16",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "POMEROY2-BOULEVARD HEALTH CENTER",
      "address": "",
      "city": "ROCHESTER HILLS",
      "state": "MI",
      "zip": "48309",
      "units": 186,
      "originalAmount": 9211400,
      "rate": 2.38,
      "originationDate": "2012-12-18",
      "pmmsBenchmark": 3.345,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.38% is 0.97 pts below the 2012-12 market avg of 3.345%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "MAPLEWOOD CROSSING APARTMENTS",
      "address": "",
      "city": "LEAGUE CITY",
      "state": "TX",
      "zip": "77573",
      "units": 100,
      "originalAmount": 8706300,
      "rate": 2.38,
      "originationDate": "2021-09-17",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ST. PETER APARTMENTS",
      "address": "",
      "city": "MILWAUKEE",
      "state": "WI",
      "zip": "53223",
      "units": 213,
      "originalAmount": 8177900,
      "rate": 2.38,
      "originationDate": "2021-11-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "SOUTHERN HILLS REHABILITATION CENTER",
      "address": "",
      "city": "TULSA",
      "state": "OK",
      "zip": "74135",
      "units": 56,
      "originalAmount": 8029800,
      "rate": 2.38,
      "originationDate": "2021-09-27",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "GRAND MEADOWS",
      "address": "",
      "city": "GLENCOE",
      "state": "MN",
      "zip": "55336",
      "units": 132,
      "originalAmount": 7827300,
      "rate": 2.38,
      "originationDate": "2021-03-04",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WEATHERFORD AT TOWN CENTER",
      "address": "",
      "city": "WEATHERFORD",
      "state": "TX",
      "zip": "76086",
      "units": 60,
      "originalAmount": 7411500,
      "rate": 2.38,
      "originationDate": "2022-01-27",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.38% is 1.06 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "500 WEST BELMONT",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60657",
      "units": 72,
      "originalAmount": 7200000,
      "rate": 2.38,
      "originationDate": "2012-11-30",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.38% is 0.97 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "JOHN GUY PRINDLE APARTMENTS",
      "address": "",
      "city": "ILION",
      "state": "NY",
      "zip": "13357",
      "units": 112,
      "originalAmount": 6975000,
      "rate": 2.38,
      "originationDate": "2021-10-28",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "SAN MATEO TOWNHOMES",
      "address": "",
      "city": "PHOENIX",
      "state": "AZ",
      "zip": "85014",
      "units": 35,
      "originalAmount": 6960000,
      "rate": 2.38,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SOUTHRIDGE VILLAGE APTS",
      "address": "",
      "city": "DES MOINES",
      "state": "IA",
      "zip": "50315",
      "units": 197,
      "originalAmount": 6927500,
      "rate": 2.38,
      "originationDate": "2012-10-31",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.38% is 1.00 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "REDWOOD WHITE LAKE (WORTHINGTON CSG) P2",
      "address": "",
      "city": "WHITE LAKE",
      "state": "MI",
      "zip": "48383",
      "units": 34,
      "originalAmount": 6448000,
      "rate": 2.38,
      "originationDate": "2021-05-25",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "571 EAST 19 STREET",
      "address": "",
      "city": "BROOKLYN",
      "state": "NY",
      "zip": "11226",
      "units": 21,
      "originalAmount": 5982000,
      "rate": 2.38,
      "originationDate": "2021-10-28",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "PARKVIEW CARE CENTER",
      "address": "",
      "city": "EVANSVILLE",
      "state": "IN",
      "zip": "47720",
      "units": 108,
      "originalAmount": 5910900,
      "rate": 2.38,
      "originationDate": "2011-03-30",
      "pmmsBenchmark": 4.836,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.38% is 2.46 pts below the 2011-03 market avg of 4.836%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "TOWER 80 APARTMENTS",
      "address": "",
      "city": "AKRON",
      "state": "OH",
      "zip": "44303",
      "units": 167,
      "originalAmount": 5284900,
      "rate": 2.38,
      "originationDate": "2013-01-16",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.38% is 1.03 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "SMARTFI HOME LOANS, LLC"
    },
    {
      "property": "HOLIDAY ACRES",
      "address": "",
      "city": "LATROBE",
      "state": "PA",
      "zip": "15650",
      "units": 150,
      "originalAmount": 5112000,
      "rate": 2.38,
      "originationDate": "2012-10-17",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.38% is 1.00 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WILLOW CREEK APARTMENTS",
      "address": "",
      "city": "KNOXVILLE",
      "state": "TN",
      "zip": "37919",
      "units": 134,
      "originalAmount": 4675000,
      "rate": 2.38,
      "originationDate": "2012-11-29",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.38% is 0.97 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "EPISCOPAL HOMES UNIVERSITY AVE",
      "address": "",
      "city": "ST PAUL",
      "state": "MN",
      "zip": "55104",
      "units": 47,
      "originalAmount": 3869000,
      "rate": 2.38,
      "originationDate": "2012-10-31",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.38% is 1.00 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "KACHINA PLACE",
      "address": "",
      "city": "GLENDALE",
      "state": "AZ",
      "zip": "85301",
      "units": 40,
      "originalAmount": 3704000,
      "rate": 2.38,
      "originationDate": "2022-02-14",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.38% is 1.38 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SOMERSET APARTMENTS",
      "address": "",
      "city": "LANSING",
      "state": "MI",
      "zip": "48910",
      "units": 100,
      "originalAmount": 3570000,
      "rate": 2.38,
      "originationDate": "2012-09-26",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.38% is 1.12 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "SALT CREEK APARTMENTS",
      "address": "",
      "city": "AMITY",
      "state": "OR",
      "zip": "97101",
      "units": 24,
      "originalAmount": 3085000,
      "rate": 2.38,
      "originationDate": "2021-08-26",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "FOREST RIDGE APARTMENTS",
      "address": "",
      "city": "GLENWOOD",
      "state": "MN",
      "zip": "56334",
      "units": 32,
      "originalAmount": 2935700,
      "rate": 2.38,
      "originationDate": "2021-01-15",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CHARLESTON SQUARE TOWNHOMES",
      "address": "",
      "city": "JOHNSON CITY",
      "state": "TN",
      "zip": "37601",
      "units": 80,
      "originalAmount": 2295000,
      "rate": 2.38,
      "originationDate": "2012-11-29",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.38% is 0.97 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "RIVERWOOD AT NORTH EAST",
      "address": "",
      "city": "NORTH EAST",
      "state": "MD",
      "zip": "21901",
      "units": 76,
      "originalAmount": 2159000,
      "rate": 2.38,
      "originationDate": "2014-03-31",
      "pmmsBenchmark": 4.343,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.38% is 1.96 pts below the 2014-03 market avg of 4.343%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "GLADSTONE APARTMENTS",
      "address": "",
      "city": "COLUMBUS",
      "state": "IN",
      "zip": "47201",
      "units": 60,
      "originalAmount": 1988000,
      "rate": 2.38,
      "originationDate": "2021-10-28",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "H38 EAST APARTMENTS",
      "address": "",
      "city": "LAFAYETTE",
      "state": "IN",
      "zip": "47905",
      "units": 32,
      "originalAmount": 1937000,
      "rate": 2.38,
      "originationDate": "2021-10-28",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "UNION AT WASHINGTON APARTMENTS",
      "address": "",
      "city": "KOKOMO",
      "state": "IN",
      "zip": "46901",
      "units": 51,
      "originalAmount": 1600000,
      "rate": 2.38,
      "originationDate": "2021-12-17",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "POLYCLINIC APARTMENTS",
      "address": "",
      "city": "NEW YORK",
      "state": "NY",
      "zip": "10019",
      "units": 151,
      "originalAmount": 93925200,
      "rate": 2.39,
      "originationDate": "2020-12-18",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CONCORD COURT & SEASIDE PLAZA APARTMENTS",
      "address": "",
      "city": "STATEN ISLAND",
      "state": "NY",
      "zip": "10304",
      "units": 431,
      "originalAmount": 85600000,
      "rate": 2.39,
      "originationDate": "2022-03-23",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.39% is 1.78 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "MILLCREST PARK APARTMENTS I AND II",
      "address": "",
      "city": "FORT MILL",
      "state": "SC",
      "zip": "29708",
      "units": 448,
      "originalAmount": 48160000,
      "rate": 2.39,
      "originationDate": "2021-05-21",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "SOMA RESIDENCES AKA 1045 MISSION",
      "address": "",
      "city": "SAN FRANCISCO",
      "state": "CA",
      "zip": "94103",
      "units": 278,
      "originalAmount": 47000000,
      "rate": 2.39,
      "originationDate": "2020-06-29",
      "pmmsBenchmark": 3.162,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.39% is 0.77 pts below the 2020-06 market avg of 3.162%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "STONE CREEK VILLAGE",
      "address": "",
      "city": "CHARLOTTESVILLE",
      "state": "VA",
      "zip": "22902",
      "units": 264,
      "originalAmount": 46400000,
      "rate": 2.39,
      "originationDate": "2021-08-30",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "VILLAGES OF TWIN OAKS",
      "address": "",
      "city": "TWIN OAKS",
      "state": "MO",
      "zip": "63021",
      "units": 219,
      "originalAmount": 43900000,
      "rate": 2.39,
      "originationDate": "2021-12-16",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "WOODSIDE GARDENS",
      "address": "",
      "city": "ANNAPOLIS",
      "state": "MD",
      "zip": "21401",
      "units": 144,
      "originalAmount": 36730500,
      "rate": 2.39,
      "originationDate": "2022-01-26",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.39% is 1.05 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "QUEBEC ARMS APARTMENTS",
      "address": "",
      "city": "HYATTSVILLE",
      "state": "MD",
      "zip": "20783",
      "units": 332,
      "originalAmount": 36000000,
      "rate": 2.39,
      "originationDate": "2020-06-30",
      "pmmsBenchmark": 3.162,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.39% is 0.77 pts below the 2020-06 market avg of 3.162%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "LINK APARTMENTS GLENWOOD SOUTH",
      "address": "",
      "city": "RALEIGH",
      "state": "NC",
      "zip": "27603",
      "units": 204,
      "originalAmount": 34800000,
      "rate": 2.39,
      "originationDate": "2022-01-19",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.39% is 1.05 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "SUNSET NORMANDIE TOWERS",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90027",
      "units": 147,
      "originalAmount": 30400000,
      "rate": 2.39,
      "originationDate": "2021-11-23",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "MAGNOLIA OF MILLBRAE",
      "address": "",
      "city": "MILLBRAE",
      "state": "CA",
      "zip": "94030",
      "units": 158,
      "originalAmount": 28235200,
      "rate": 2.39,
      "originationDate": "2012-10-30",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.39% is 0.99 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "DESHLER APARTMENTS",
      "address": "",
      "city": "NEW YORK",
      "state": "NY",
      "zip": "10026",
      "units": 60,
      "originalAmount": 27672000,
      "rate": 2.39,
      "originationDate": "2020-12-22",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "WESTWINDS APARTMENTS PHASE I",
      "address": "",
      "city": "ANNAPOLIS",
      "state": "MD",
      "zip": "21403",
      "units": 168,
      "originalAmount": 27000000,
      "rate": 2.39,
      "originationDate": "2021-12-15",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "AUTUMN OAKS",
      "address": "",
      "city": "MANCHESTER",
      "state": "MO",
      "zip": "63088",
      "units": 283,
      "originalAmount": 26560000,
      "rate": 2.39,
      "originationDate": "2021-08-31",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "PROVIDENCE PLACE APARTMENTS",
      "address": "",
      "city": "SACRAMENTO",
      "state": "CA",
      "zip": "95823",
      "units": 292,
      "originalAmount": 25132300,
      "rate": 2.39,
      "originationDate": "2022-01-31",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.39% is 1.05 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "REDWOOD SOUTHGATE (ALLEN RD MI P1)",
      "address": "",
      "city": "SOUTHGATE",
      "state": "MI",
      "zip": "48195",
      "units": 123,
      "originalAmount": 23584000,
      "rate": 2.39,
      "originationDate": "2022-01-27",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.39% is 1.05 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ST. CLAIR VILLAGE APARTMENTS",
      "address": "",
      "city": "BELLEVILLE",
      "state": "IL",
      "zip": "62221",
      "units": 240,
      "originalAmount": 22080000,
      "rate": 2.39,
      "originationDate": "2020-12-30",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "MORNINGSIDE APARTMENTS",
      "address": "",
      "city": "NEW YORK",
      "state": "NY",
      "zip": "10025",
      "units": 48,
      "originalAmount": 21977600,
      "rate": 2.39,
      "originationDate": "2020-12-22",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "GLADES WEST REHABILITATION & NURSING CENTER",
      "address": "",
      "city": "MIRAMAR",
      "state": "FL",
      "zip": "33027",
      "units": 194,
      "originalAmount": 21656000,
      "rate": 2.39,
      "originationDate": "2020-06-29",
      "pmmsBenchmark": 3.162,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.39% is 0.77 pts below the 2020-06 market avg of 3.162%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "MERIDIAN LUXURY APARTMENTS",
      "address": "",
      "city": "FRESNO",
      "state": "CA",
      "zip": "93722",
      "units": 160,
      "originalAmount": 21448000,
      "rate": 2.39,
      "originationDate": "2021-02-17",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "OVERLOOK TERRACE SOUTH APARTMENTS",
      "address": "",
      "city": "WEST NEW YORK",
      "state": "NJ",
      "zip": "07093",
      "units": 300,
      "originalAmount": 21000000,
      "rate": 2.39,
      "originationDate": "2018-12-27",
      "pmmsBenchmark": 4.638,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.39% is 2.25 pts below the 2018-12 market avg of 4.638%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE COTTAGE SENIOR LIVING",
      "address": "",
      "city": "PORTLAND",
      "state": "OR",
      "zip": "97233",
      "units": 98,
      "originalAmount": 20024000,
      "rate": 2.39,
      "originationDate": "2021-09-23",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "HORIZON HEALTH & SUB-ACUTE CENTER",
      "address": "",
      "city": "FRESNO",
      "state": "CA",
      "zip": "93720",
      "units": 180,
      "originalAmount": 19817900,
      "rate": 2.39,
      "originationDate": "2012-12-21",
      "pmmsBenchmark": 3.345,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.39% is 0.96 pts below the 2012-12 market avg of 3.345%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "MANASSAS HEALTH AND REHAB CENTER",
      "address": "",
      "city": "MANASSAS",
      "state": "VA",
      "zip": "20109",
      "units": 65,
      "originalAmount": 18480000,
      "rate": 2.39,
      "originationDate": "2021-12-17",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "CEDARVILLE TOWNHOMES",
      "address": "",
      "city": "MARQUETTE",
      "state": "MI",
      "zip": "49855",
      "units": 245,
      "originalAmount": 17600000,
      "rate": 2.39,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "METREAU APARTMENTS",
      "address": "",
      "city": "GREEN BAY",
      "state": "WI",
      "zip": "54301",
      "units": 107,
      "originalAmount": 17216000,
      "rate": 2.39,
      "originationDate": "2021-02-12",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "RESTORE HEALTH REHABILITATION CENTER",
      "address": "",
      "city": "WHITE PLAINS",
      "state": "MD",
      "zip": "20695",
      "units": 137,
      "originalAmount": 16800000,
      "rate": 2.39,
      "originationDate": "2020-12-30",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "COLONY AT WATERVILLE",
      "address": "",
      "city": "WATERVILLE",
      "state": "OH",
      "zip": "43566",
      "units": 108,
      "originalAmount": 14224000,
      "rate": 2.39,
      "originationDate": "2021-09-16",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "THE GREENHOUSE APARTMENTS",
      "address": "",
      "city": "CHELSEA",
      "state": "MA",
      "zip": "02150",
      "units": 80,
      "originalAmount": 13360000,
      "rate": 2.39,
      "originationDate": "2021-09-22",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ESTATE VILLAS AT KRUM",
      "address": "",
      "city": "KRUM",
      "state": "TX",
      "zip": "76249",
      "units": 140,
      "originalAmount": 12075900,
      "rate": 2.39,
      "originationDate": "2020-08-31",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "CHASE CITY HEALTH AND REHAB CENTER",
      "address": "",
      "city": "CHASE CITY",
      "state": "VA",
      "zip": "23924",
      "units": 64,
      "originalAmount": 12000000,
      "rate": 2.39,
      "originationDate": "2021-12-17",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "CAGLE TERRACE APARTMENTS",
      "address": "",
      "city": "KNOXVILLE",
      "state": "TN",
      "zip": "37919",
      "units": 274,
      "originalAmount": 12000000,
      "rate": 2.39,
      "originationDate": "2020-12-06",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "HERITAGE POINTE",
      "address": "",
      "city": "OMAHA",
      "state": "NE",
      "zip": "68116",
      "units": 233,
      "originalAmount": 11914100,
      "rate": 2.39,
      "originationDate": "2021-03-30",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "BRITTANY PLACE OF LAGRANGE (fka SUN RIDGE)",
      "address": "",
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      "zip": "30241",
      "units": 192,
      "originalAmount": 11600000,
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      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "RESORTS AT CHESTER RIVER MANOR",
      "address": "",
      "city": "CHESTERTOWN",
      "state": "MD",
      "zip": "21620",
      "units": 152,
      "originalAmount": 10476000,
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      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "NUEVA ERA APARTMENTS",
      "address": "",
      "city": "NEW YORK",
      "state": "NY",
      "zip": "10033",
      "units": 34,
      "originalAmount": 9428200,
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      "originationDate": "2020-12-22",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "QUEEN ANNE APARTMENTS",
      "address": "",
      "city": "LEBANON",
      "state": "OR",
      "zip": "97355",
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      "originalAmount": 9287800,
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      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "THE VICTORIA HOUSE",
      "address": "",
      "city": "AUSTINTOWN",
      "state": "OH",
      "zip": "44515",
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      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "PARKWAY MANOR",
      "address": "",
      "city": "MARION",
      "state": "IL",
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      "units": 136,
      "originalAmount": 8865000,
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      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.39% is 1.28 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "STONE RANCH TOWNHOMES",
      "address": "",
      "city": "SEGUIN",
      "state": "TX",
      "zip": "78155",
      "units": 104,
      "originalAmount": 8778800,
      "rate": 2.39,
      "originationDate": "2021-11-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WESTWINDS II APARTMENTS",
      "address": "",
      "city": "ANNAPOLIS",
      "state": "MD",
      "zip": "21403",
      "units": 42,
      "originalAmount": 8200000,
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      "originationDate": "2021-12-08",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "MARION REHABILITATION AND NURSING CENTER",
      "address": "",
      "city": "MARION",
      "state": "IL",
      "zip": "62959",
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      "originalAmount": 7848600,
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      "originationDate": "2021-11-16",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "SEASON APARTMENTS PHASE I",
      "address": "",
      "city": "SHREVEPORT",
      "state": "LA",
      "zip": "71118",
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      "originalAmount": 7520000,
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      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "BURBANK",
      "address": "",
      "city": "BURBANK",
      "state": "CA",
      "zip": "91506",
      "units": 188,
      "originalAmount": 7317400,
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      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.39% is 1.02 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "U-CITY FOREST MANOR",
      "address": "",
      "city": "SAINT LOUIS",
      "state": "MO",
      "zip": "63130",
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      "originalAmount": 7284800,
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      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "WESTBURY LAKE",
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      "city": "LANSING",
      "state": "MI",
      "zip": "48917",
      "units": 124,
      "originalAmount": 7181000,
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      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CREVE COEUR MANOR",
      "address": "",
      "city": "SAINT LOUIS",
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      "zip": "63146",
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      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "STILL MEADOW VILLAGE TWO",
      "address": "",
      "city": "WILMINGTON",
      "state": "NC",
      "zip": "28412",
      "units": 100,
      "originalAmount": 6577300,
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      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.39% is 1.91 pts below the 2010-11 market avg of 4.3%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "PEKIN MANOR",
      "address": "",
      "city": "PEKIN",
      "state": "IL",
      "zip": "61554",
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      "originalAmount": 6249800,
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      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.39% is 1.28 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "THE BEAUMONT",
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      "city": "EAST LANSING",
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      "pmmsBenchmark": 2.735,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "SPINNAKER CLUB EAST",
      "address": "",
      "city": "REYNOLDSBURG",
      "state": "OH",
      "zip": "43068",
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      "originalAmount": 6100000,
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      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "PRAIRIE VILLAGE RESIDENCES",
      "address": "",
      "city": "HUTCHINSON",
      "state": "KS",
      "zip": "67502",
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      "originalAmount": 5900000,
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      "originationDate": "2021-09-01",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "TRILLIUM VILLAGE OF NOVI",
      "address": "",
      "city": "NOVI",
      "state": "MI",
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      "originalAmount": 5750000,
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      "pmmsBenchmark": 2.735,
      "belowMarket": false,
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHPOINT CAPITAL LLC"
    },
    {
      "property": "ANNA REHABILITATION AND NURSING CENTER",
      "address": "",
      "city": "ANNA",
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      "originalAmount": 5668500,
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      "pmmsBenchmark": 3.067,
      "belowMarket": false,
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "RESERVE AT PIN OAK MANOR APTS",
      "address": "",
      "city": "MISHAWAKA",
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      "zip": "46545",
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      "originalAmount": 5240000,
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      "originationDate": "2022-02-28",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.39% is 1.37 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "SAN ANTONIO RESIDENCE AND REHABILITATION CENTER",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78230",
      "units": 49,
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      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "CATALINA SHORES",
      "address": "",
      "city": "MUSKEGON",
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      "zip": "49444",
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      "originalAmount": 5124800,
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      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "SHELBYVILLE MANOR",
      "address": "",
      "city": "SHELBYVILLE",
      "state": "IL",
      "zip": "62565",
      "units": 115,
      "originalAmount": 5074300,
      "rate": 2.39,
      "originationDate": "2012-06-29",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.39% is 1.28 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "SEASONS APARTMENTS PHASE II",
      "address": "",
      "city": "SHREVEPORT",
      "state": "LA",
      "zip": "71118",
      "units": 104,
      "originalAmount": 5040000,
      "rate": 2.39,
      "originationDate": "2021-03-18",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "REALIFE COOPERATIVE OF DULUTH",
      "address": "",
      "city": "DULUTH",
      "state": "MN",
      "zip": "55811",
      "units": 35,
      "originalAmount": 5002300,
      "rate": 2.39,
      "originationDate": "2020-07-31",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "GLADSTONE CARE AND REHAB CENTER",
      "address": "",
      "city": "GLENDORA",
      "state": "CA",
      "zip": "91740",
      "units": 118,
      "originalAmount": 4909300,
      "rate": 2.39,
      "originationDate": "2012-05-31",
      "pmmsBenchmark": 3.798,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.39% is 1.41 pts below the 2012-05 market avg of 3.798%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "THE WOODLANDS HEALTH AND REHAB",
      "address": "",
      "city": "CLIFTON FORGE",
      "state": "VA",
      "zip": "24422",
      "units": 32,
      "originalAmount": 4800000,
      "rate": 2.39,
      "originationDate": "2021-12-17",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "PRUDDEN PLACE",
      "address": "",
      "city": "LANSING",
      "state": "MI",
      "zip": "48906",
      "units": 72,
      "originalAmount": 4708600,
      "rate": 2.39,
      "originationDate": "2021-01-21",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "HAWTHORNE INN",
      "address": "",
      "city": "GALESBURG",
      "state": "IL",
      "zip": "61401",
      "units": 52,
      "originalAmount": 4488900,
      "rate": 2.39,
      "originationDate": "2012-05-30",
      "pmmsBenchmark": 3.798,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.39% is 1.41 pts below the 2012-05 market avg of 3.798%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "VILLA CHATEAU",
      "address": "",
      "city": "VICTORIA",
      "state": "TX",
      "zip": "77901",
      "units": 58,
      "originalAmount": 4280000,
      "rate": 2.39,
      "originationDate": "2022-01-06",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.39% is 1.05 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "CHESAPEAKE LANDING",
      "address": "",
      "city": "MUSKEGON",
      "state": "MI",
      "zip": "49442",
      "units": 88,
      "originalAmount": 4274000,
      "rate": 2.39,
      "originationDate": "2021-02-12",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "JERSEYVILLE MANOR",
      "address": "",
      "city": "JERSEYVILLE",
      "state": "IL",
      "zip": "62052",
      "units": 160,
      "originalAmount": 4173100,
      "rate": 2.39,
      "originationDate": "2012-05-30",
      "pmmsBenchmark": 3.798,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.39% is 1.41 pts below the 2012-05 market avg of 3.798%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "SANDTOWN NURSING HOME",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21217",
      "units": 150,
      "originalAmount": 4157900,
      "rate": 2.39,
      "originationDate": "2012-08-28",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.39% is 1.21 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "VILLAGE COOPERATIVE OF BURLINGTON",
      "address": "",
      "city": "BURLINGTON",
      "state": "IA",
      "zip": "52601",
      "units": 35,
      "originalAmount": 4129000,
      "rate": 2.39,
      "originationDate": "2020-09-30",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "HILL COUNTRY VILLAS",
      "address": "",
      "city": "MARBLE FALLS",
      "state": "TX",
      "zip": "78654",
      "units": 51,
      "originalAmount": 3954900,
      "rate": 2.39,
      "originationDate": "2021-12-14",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "FUTURECARE CHARLES VILLAGE",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21218",
      "units": 109,
      "originalAmount": 2852200,
      "rate": 2.39,
      "originationDate": "2012-08-28",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.39% is 1.21 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "MEADOWS SHELTER CARE",
      "address": "",
      "city": "ROLLING MEADOWS",
      "state": "IL",
      "zip": "60008",
      "units": 98,
      "originalAmount": 2700000,
      "rate": 2.39,
      "originationDate": "2006-08-21",
      "pmmsBenchmark": 6.524,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.39% is 4.13 pts below the 2006-08 market avg of 6.524%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "SATCHMO PLAZA",
      "address": "",
      "city": "NEW ORLEANS",
      "state": "LA",
      "zip": "70113",
      "units": 46,
      "originalAmount": 2668000,
      "rate": 2.39,
      "originationDate": "2020-11-20",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE VILLAS AT PAPERJACK CREEK",
      "address": "",
      "city": "NEW RICHMOND",
      "state": "WI",
      "zip": "54017",
      "units": 44,
      "originalAmount": 1980000,
      "rate": 2.39,
      "originationDate": "2012-09-28",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.39% is 1.11 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "GREENWOOD APARTMENTS",
      "address": "",
      "city": "HORSE CAVE",
      "state": "KY",
      "zip": "42749",
      "units": 56,
      "originalAmount": 1074500,
      "rate": 2.39,
      "originationDate": "2020-12-16",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "THE MURPHY",
      "address": "",
      "city": "IRVINE",
      "state": "CA",
      "zip": "92606",
      "units": 170,
      "originalAmount": 59800500,
      "rate": 2.4,
      "originationDate": "2020-12-22",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "LESLEY TOWER",
      "address": "",
      "city": "SAN MATEO",
      "state": "CA",
      "zip": "94401",
      "units": 198,
      "originalAmount": 58000000,
      "rate": 2.4,
      "originationDate": "2020-10-09",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "HONG NING HOUSING FOR THE ELDERLY",
      "address": "",
      "city": "NEW YORK",
      "state": "NY",
      "zip": "10002",
      "units": 156,
      "originalAmount": 57460000,
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      "originationDate": "2022-01-20",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 1.04 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "770 SOUTH HABOR",
      "address": "",
      "city": "FULLERTON",
      "state": "CA",
      "zip": "92832",
      "units": 142,
      "originalAmount": 44494100,
      "rate": 2.4,
      "originationDate": "2020-12-22",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "VILLAGE AT BAKER CREEK",
      "address": "",
      "city": "BELLINGHAM",
      "state": "WA",
      "zip": "98226",
      "units": 256,
      "originalAmount": 37144000,
      "rate": 2.4,
      "originationDate": "2020-12-18",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "ALTAMIRA APARTMENTS",
      "address": "",
      "city": "SEATTLE",
      "state": "WA",
      "zip": "98116",
      "units": 157,
      "originalAmount": 36000000,
      "rate": 2.4,
      "originationDate": "2021-09-29",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ASHBOROUGH APARTMENTS",
      "address": "",
      "city": "RALEIGH",
      "state": "NC",
      "zip": "27606",
      "units": 286,
      "originalAmount": 35924000,
      "rate": 2.4,
      "originationDate": "2021-09-28",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "RISLEY DEN'T TOWERS",
      "address": "",
      "city": "BROOKLYN",
      "state": "NY",
      "zip": "11213",
      "units": 248,
      "originalAmount": 35000000,
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      "originationDate": "2022-05-13",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 2.83 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE WATER CLUB",
      "address": "",
      "city": "POUGHKEEPSIE",
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      "zip": "12601",
      "units": 136,
      "originalAmount": 33184300,
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      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "CLOCK TOWER APARTMENTS",
      "address": "",
      "city": "HOBOKEN",
      "state": "NJ",
      "zip": "76459",
      "units": 174,
      "originalAmount": 32000000,
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      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 1.36 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WINDFIELD TOWNHOMES",
      "address": "",
      "city": "STAFFORD",
      "state": "TX",
      "zip": "77477",
      "units": 294,
      "originalAmount": 30250000,
      "rate": 2.4,
      "originationDate": "2021-03-25",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE CROSSING AT RED MILL",
      "address": "",
      "city": "VIRGINIA BEACH",
      "state": "VA",
      "zip": "23454",
      "units": 227,
      "originalAmount": 28500000,
      "rate": 2.4,
      "originationDate": "2021-09-14",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "ROSEMEADE APARTMENTS",
      "address": "",
      "city": "SOUTHBRIDGE",
      "state": "MA",
      "zip": "01550",
      "units": 212,
      "originalAmount": 27920000,
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      "originationDate": "2021-09-29",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SPRINGHILL ROSELLE APARTMENTS",
      "address": "",
      "city": "ROSELLE",
      "state": "IL",
      "zip": "60172",
      "units": 247,
      "originalAmount": 27200000,
      "rate": 2.4,
      "originationDate": "2021-03-30",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "POINTE 400 (PET PLAZA)",
      "address": "",
      "city": "ST LOUIS",
      "state": "MO",
      "zip": "63102",
      "units": 118,
      "originalAmount": 26236100,
      "rate": 2.4,
      "originationDate": "2012-08-31",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 1.20 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "HALEKAUWILA PLACE",
      "address": "",
      "city": "HONOLULU",
      "state": "HI",
      "zip": "68913",
      "units": 204,
      "originalAmount": 25800000,
      "rate": 2.4,
      "originationDate": "2012-12-20",
      "pmmsBenchmark": 3.345,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 0.95 pts below the 2012-12 market avg of 3.345%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "HIGHPOINT SERENITY APARTMENTS",
      "address": "",
      "city": "ROMEOVILLE",
      "state": "IL",
      "zip": "60446",
      "units": 200,
      "originalAmount": 23840000,
      "rate": 2.4,
      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "PUTNAM RIDGE",
      "address": "",
      "city": "BREWSTER",
      "state": "NY",
      "zip": "10509",
      "units": 252,
      "originalAmount": 22895700,
      "rate": 2.4,
      "originationDate": "2020-08-05",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "BAY VILLAGE",
      "address": "",
      "city": "FALL RIVER",
      "state": "MA",
      "zip": "02724",
      "units": 208,
      "originalAmount": 22000000,
      "rate": 2.4,
      "originationDate": "2020-09-23",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE POINTE RESIDENTIAL",
      "address": "",
      "city": "WEST POINT",
      "state": "UT",
      "zip": "84015",
      "units": 108,
      "originalAmount": 21770000,
      "rate": 2.4,
      "originationDate": "2021-10-26",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BONNEVILLE MORTGAGE COMPANY"
    },
    {
      "property": "MCNAMARA HOUSE",
      "address": "",
      "city": "ALLSTON",
      "state": "MA",
      "zip": "02134",
      "units": 80,
      "originalAmount": 21500000,
      "rate": 2.4,
      "originationDate": "2020-08-31",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "VISTAS AT RED CREEK",
      "address": "",
      "city": "SAN ANGELO",
      "state": "TX",
      "zip": "76901",
      "units": 176,
      "originalAmount": 20000000,
      "rate": 2.4,
      "originationDate": "2020-08-27",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MARTIN LUTHER KING APARTMENTS",
      "address": "",
      "city": "DETROIT",
      "state": "MI",
      "zip": "48207",
      "units": 312,
      "originalAmount": 19600000,
      "rate": 2.4,
      "originationDate": "2021-05-13",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE RESIDENCES OF GALLATIN",
      "address": "",
      "city": "GALLATIN",
      "state": "TN",
      "zip": "37066",
      "units": 188,
      "originalAmount": 19330000,
      "rate": 2.4,
      "originationDate": "2016-12-13",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 1.80 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "OAKHAMPTON PLACE APARTMENTS",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78285",
      "units": 280,
      "originalAmount": 19200000,
      "rate": 2.4,
      "originationDate": "2021-08-24",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ARBOR LAKES SENIOR LIVING",
      "address": "",
      "city": "MAPLE GROVE",
      "state": "MN",
      "zip": "55369",
      "units": 158,
      "originalAmount": 19087000,
      "rate": 2.4,
      "originationDate": "2014-08-05",
      "pmmsBenchmark": 4.115,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 1.72 pts below the 2014-08 market avg of 4.115%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "PACIFIC COAST VILLAS",
      "address": "",
      "city": "LONG BEACH",
      "state": "CA",
      "zip": "90806",
      "units": 49,
      "originalAmount": 18350000,
      "rate": 2.4,
      "originationDate": "2020-12-08",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "LYNNWOOD APARTMENTS",
      "address": "",
      "city": "PHOENIX",
      "state": "AZ",
      "zip": "85035",
      "units": 301,
      "originalAmount": 17600000,
      "rate": 2.4,
      "originationDate": "2022-02-24",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 1.36 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "TERRACES AT NORTHRIDGE",
      "address": "",
      "city": "BROOKLYN",
      "state": "OH",
      "zip": "44144",
      "units": 256,
      "originalAmount": 17520000,
      "rate": 2.4,
      "originationDate": "2021-10-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "OLD ORCHARD RESIDENCES",
      "address": "",
      "city": "SKOKIE",
      "state": "IL",
      "zip": "60076",
      "units": 144,
      "originalAmount": 17520000,
      "rate": 2.4,
      "originationDate": "2021-04-27",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "LEFFING MANOR",
      "address": "",
      "city": "WHITTIER",
      "state": "CA",
      "zip": "90604",
      "units": 89,
      "originalAmount": 17000000,
      "rate": 2.4,
      "originationDate": "2021-07-29",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "THE CREST AT LAKESHORE",
      "address": "",
      "city": "DULUTH",
      "state": "MN",
      "zip": "55805",
      "units": 98,
      "originalAmount": 16416500,
      "rate": 2.4,
      "originationDate": "2020-08-28",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "VICTORIA MEWS ASSISTED LIVING",
      "address": "",
      "city": "BOONTON",
      "state": "NJ",
      "zip": "07005",
      "units": 204,
      "originalAmount": 15240000,
      "rate": 2.4,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SCHOOL HOUSE BROOKLEDGE COMMINS",
      "address": "",
      "city": "BOSTON",
      "state": "MA",
      "zip": "02121",
      "units": 90,
      "originalAmount": 14840000,
      "rate": 2.4,
      "originationDate": "2020-12-15",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "KIRKWAY WEST APARTMENTS",
      "address": "",
      "city": "WASHINGTON",
      "state": "MI",
      "zip": "48094",
      "units": 84,
      "originalAmount": 14688000,
      "rate": 2.4,
      "originationDate": "2021-08-27",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "THE VILLAGES OF ORLEANS HEALTH AND REHABILITATION CENTER",
      "address": "",
      "city": "ALBION",
      "state": "NY",
      "zip": "14411",
      "units": 187,
      "originalAmount": 14541000,
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      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "HILLCREST CARE AND REHAB CENTE",
      "address": "",
      "city": "BELLEVUE",
      "state": "NE",
      "zip": "68005",
      "units": 146,
      "originalAmount": 14348900,
      "rate": 2.4,
      "originationDate": "2012-09-28",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 1.10 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ABITA VIEW APARTMENTS",
      "address": "",
      "city": "COVINGTON",
      "state": "LA",
      "zip": "70433",
      "units": 140,
      "originalAmount": 14311100,
      "rate": 2.4,
      "originationDate": "2021-02-17",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "HARVARD PLAZA",
      "address": "",
      "city": "BURBANK",
      "state": "CA",
      "zip": "91502",
      "units": 150,
      "originalAmount": 12254000,
      "rate": 2.4,
      "originationDate": "2020-09-29",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ADVANCED HEALTH CARE OF COEUR D'ALENE",
      "address": "",
      "city": "COEUR D'ALENE",
      "state": "ID",
      "zip": "83814",
      "units": 68,
      "originalAmount": 11280000,
      "rate": 2.4,
      "originationDate": "2020-11-18",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ADVANCED HEALTH CARE OF RENO",
      "address": "",
      "city": "RENO",
      "state": "NV",
      "zip": "89502",
      "units": 84,
      "originalAmount": 11208000,
      "rate": 2.4,
      "originationDate": "2020-11-18",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WESTCHESTER APARTMENTS",
      "address": "",
      "city": "ANAHEIM",
      "state": "CA",
      "zip": "92804",
      "units": 65,
      "originalAmount": 10899400,
      "rate": 2.4,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "LIFE CARE-THE HIGHLANDS",
      "address": "",
      "city": "FITCHBURG",
      "state": "MA",
      "zip": "01420",
      "units": 168,
      "originalAmount": 10837800,
      "rate": 2.4,
      "originationDate": "2012-10-25",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 0.98 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "SUPERIOR LOFTS",
      "address": "",
      "city": "FORT WAYNE",
      "state": "IN",
      "zip": "46802",
      "units": 72,
      "originalAmount": 10827400,
      "rate": 2.4,
      "originationDate": "2021-08-25",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "THE PRESERVE",
      "address": "",
      "city": "BRANSON",
      "state": "MO",
      "zip": "65616",
      "units": 144,
      "originalAmount": 10802200,
      "rate": 2.4,
      "originationDate": "2021-03-24",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "BRIGADOON APARTMENTS",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78210",
      "units": 246,
      "originalAmount": 10800000,
      "rate": 2.4,
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      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MAYCROFT APARTMENT",
      "address": "",
      "city": "WASHINGTON",
      "state": "DC",
      "zip": "20009",
      "units": 64,
      "originalAmount": 10500000,
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      "originationDate": "2022-04-07",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 2.58 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "BRUNSWICK POINTE TRANSITIONAL CARE",
      "address": "",
      "city": "BRUNSWICK",
      "state": "OH",
      "zip": "44212",
      "units": 176,
      "originalAmount": 10488000,
      "rate": 2.4,
      "originationDate": "2020-11-18",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "REDWOOD SYLVANIA PHASE Ill",
      "address": "",
      "city": "SYLVANIA",
      "state": "OH",
      "zip": "43560",
      "units": 66,
      "originalAmount": 10416000,
      "rate": 2.4,
      "originationDate": "2021-10-19",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LEVERING REGIONAL HEALTH CARE CENTER",
      "address": "",
      "city": "HANNIBAL",
      "state": "MO",
      "zip": "63401",
      "units": 112,
      "originalAmount": 10401500,
      "rate": 2.4,
      "originationDate": "2021-07-29",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "VILLAGE PARK APARTMENTS",
      "address": "",
      "city": "WAUKEGAN",
      "state": "IL",
      "zip": "60087",
      "units": 126,
      "originalAmount": 10100000,
      "rate": 2.4,
      "originationDate": "2021-06-17",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "THE LOFTS AT FIRST NATIONAL",
      "address": "",
      "city": "VICKSBURG",
      "state": "MS",
      "zip": "39180",
      "units": 55,
      "originalAmount": 9600000,
      "rate": 2.4,
      "originationDate": "2021-09-16",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "EAGLE RIDGE OF DECATUR",
      "address": "",
      "city": "DECATUR",
      "state": "IL",
      "zip": "62526",
      "units": 226,
      "originalAmount": 9598300,
      "rate": 2.4,
      "originationDate": "2020-10-16",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "EXECUTIVE HOUSE APTS",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77006",
      "units": 98,
      "originalAmount": 8785900,
      "rate": 2.4,
      "originationDate": "2012-09-27",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 1.10 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "DUDLEY COURT APARTMENTS",
      "address": "",
      "city": "PADUCAH",
      "state": "KY",
      "zip": "42001",
      "units": 94,
      "originalAmount": 8626800,
      "rate": 2.4,
      "originationDate": "2020-09-16",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "SOUTHRIDGE COMMONS APARTMENTS",
      "address": "",
      "city": "LAFAYETTE",
      "state": "IN",
      "zip": "47909",
      "units": 113,
      "originalAmount": 8040000,
      "rate": 2.4,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "NORTH CREST COURT (F/K/A WILLIAM BOOTH GARDEN APARTMENTS)",
      "address": "",
      "city": "WACO",
      "state": "TX",
      "zip": "76708",
      "units": 120,
      "originalAmount": 8022600,
      "rate": 2.4,
      "originationDate": "2022-01-13",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 1.04 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WOODLAWN PINES (F/K/A WILLIAM BOOTH GARDEN APARTMENTS)",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78201",
      "units": 95,
      "originalAmount": 7928800,
      "rate": 2.4,
      "originationDate": "2022-01-12",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 1.04 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "COTTAGE GARDENS APARTMENTS",
      "address": "",
      "city": "GREENSBORO",
      "state": "NC",
      "zip": "27401",
      "units": 176,
      "originalAmount": 7580000,
      "rate": 2.4,
      "originationDate": "2021-01-19",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "BEAR ARBOR APARTMENTS",
      "address": "",
      "city": "BURLINGTON",
      "state": "WI",
      "zip": "53105",
      "units": 95,
      "originalAmount": 7200000,
      "rate": 2.4,
      "originationDate": "2021-04-28",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "LINDEN LANE SENIOR APARTMENTS",
      "address": "",
      "city": "FLINT",
      "state": "MI",
      "zip": "48506",
      "units": 180,
      "originalAmount": 7040000,
      "rate": 2.4,
      "originationDate": "2021-01-28",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "WINDSONG VILLAGE",
      "address": "",
      "city": "KENOSHA",
      "state": "WI",
      "zip": "53142",
      "units": 120,
      "originalAmount": 7000000,
      "rate": 2.4,
      "originationDate": "2012-10-29",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 0.98 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "SUMMIT PLACE APARTMENTS",
      "address": "",
      "city": "WILSON",
      "state": "NC",
      "zip": "27896",
      "units": 96,
      "originalAmount": 6202500,
      "rate": 2.4,
      "originationDate": "2013-01-30",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 1.01 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE VILLAS OF DE SOTO RETIREMENT CENTER",
      "address": "",
      "city": "DE SOTO",
      "state": "MO",
      "zip": "63020",
      "units": 131,
      "originalAmount": 6120000,
      "rate": 2.4,
      "originationDate": "2008-12-30",
      "pmmsBenchmark": 5.286,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 2.89 pts below the 2008-12 market avg of 5.286%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "STERLING POINTE SENIOR LIVING",
      "address": "",
      "city": "PRINCETON",
      "state": "MN",
      "zip": "55371",
      "units": 57,
      "originalAmount": 5895000,
      "rate": 2.4,
      "originationDate": "2021-09-29",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "WEST POINTE APTS",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90006",
      "units": 92,
      "originalAmount": 5888900,
      "rate": 2.4,
      "originationDate": "2012-06-29",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 1.27 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "VILLAGE COOPERATIVE OF SIOUX CITY",
      "address": "",
      "city": "SIOUX CITY",
      "state": "IA",
      "zip": "51104",
      "units": 44,
      "originalAmount": 5669400,
      "rate": 2.4,
      "originationDate": "2020-09-30",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "BURLINGTON HOMES",
      "address": "",
      "city": "BURLINGTON",
      "state": "NC",
      "zip": "27215",
      "units": 100,
      "originalAmount": 5495100,
      "rate": 2.4,
      "originationDate": "2020-09-29",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "OSBORN SQUARE APTS",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44115",
      "units": 50,
      "originalAmount": 5465600,
      "rate": 2.4,
      "originationDate": "2012-10-31",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 0.98 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "ALBERT PIKE APARTMENTS",
      "address": "",
      "city": "LITTLE ROCK",
      "state": "AR",
      "zip": "72201",
      "units": 131,
      "originalAmount": 5294400,
      "rate": 2.4,
      "originationDate": "2022-02-28",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 1.36 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "PRESBYTERIAN HOME CTR NY",
      "address": "",
      "city": "NEW HARTFORD",
      "state": "NY",
      "zip": "13413",
      "units": 96,
      "originalAmount": 4881800,
      "rate": 2.4,
      "originationDate": "2012-09-26",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 1.10 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "WEST INDIAN HILLS TOWNHOMES",
      "address": "",
      "city": "TOPEKA",
      "state": "KS",
      "zip": "66614",
      "units": 60,
      "originalAmount": 4845000,
      "rate": 2.4,
      "originationDate": "2013-01-23",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 1.01 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "INDIAN HILLS NURSING HOME",
      "address": "",
      "city": "CHILLICOTHE",
      "state": "MO",
      "zip": "64601",
      "units": 115,
      "originalAmount": 4844900,
      "rate": 2.4,
      "originationDate": "2009-01-16",
      "pmmsBenchmark": 5.047,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 2.65 pts below the 2009-01 market avg of 5.047%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "MAPLEWOOD & NORTHWOOD APARTMENTS",
      "address": "",
      "city": "LIMA",
      "state": "OH",
      "zip": "45801",
      "units": 196,
      "originalAmount": 4466900,
      "rate": 2.4,
      "originationDate": "2022-03-25",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 1.77 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "HERITAGE CARE CENTER",
      "address": "",
      "city": "ST. LOUIS",
      "state": "MO",
      "zip": "63134",
      "units": 59,
      "originalAmount": 4384100,
      "rate": 2.4,
      "originationDate": "2021-07-29",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "HERON RUN APARTMENT",
      "address": "",
      "city": "KENMORE",
      "state": "WA",
      "zip": "98028",
      "units": 46,
      "originalAmount": 4196700,
      "rate": 2.4,
      "originationDate": "2021-11-18",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "JEFFERSON AVENUE SCHOOL APARTMENTS",
      "address": "",
      "city": "SPRINGFIELD",
      "state": "MA",
      "zip": "01107",
      "units": 44,
      "originalAmount": 3959100,
      "rate": 2.4,
      "originationDate": "2012-10-24",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 0.98 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "MOUNT AUBURN MANOR",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44104",
      "units": 108,
      "originalAmount": 3679400,
      "rate": 2.4,
      "originationDate": "2021-12-15",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HILLCREST ELDERLY APT",
      "address": "",
      "city": "CINCINNATI",
      "state": "OH",
      "zip": "45237",
      "units": 204,
      "originalAmount": 3535600,
      "rate": 2.4,
      "originationDate": "2012-08-30",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 1.20 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "RIPLEY GARDENS",
      "address": "",
      "city": "MINNEAPOLIS",
      "state": "MN",
      "zip": "55405",
      "units": 52,
      "originalAmount": 3330000,
      "rate": 2.4,
      "originationDate": "2013-03-28",
      "pmmsBenchmark": 3.565,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 1.17 pts below the 2013-03 market avg of 3.565%"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "DERBY ASSISTED LIVING",
      "address": "",
      "city": "DERBY",
      "state": "KS",
      "zip": "67037",
      "units": 40,
      "originalAmount": 3000000,
      "rate": 2.4,
      "originationDate": "2011-07-18",
      "pmmsBenchmark": 4.545,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 2.15 pts below the 2011-07 market avg of 4.545%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "MOSS GARDENS APARTMENTS",
      "address": "",
      "city": "LAFAYETTE",
      "state": "LA",
      "zip": "70501",
      "units": 114,
      "originalAmount": 2697000,
      "rate": 2.4,
      "originationDate": "2012-09-05",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 1.10 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "GARDENS AT SIENNA",
      "address": "",
      "city": "BEAUMONT",
      "state": "TX",
      "zip": "77708",
      "units": 120,
      "originalAmount": 2242000,
      "rate": 2.4,
      "originationDate": "2012-08-30",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 1.20 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "POLLY BEVERLY APARTMENTS",
      "address": "",
      "city": "FAYETTE",
      "state": "MS",
      "zip": "39069",
      "units": 60,
      "originalAmount": 2240000,
      "rate": 2.4,
      "originationDate": "2022-02-25",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 1.36 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "VILLAGE AT RIVERS EDGE",
      "address": "",
      "city": "KALKASKA",
      "state": "MI",
      "zip": "49646",
      "units": 48,
      "originalAmount": 1445000,
      "rate": 2.4,
      "originationDate": "2010-02-23",
      "pmmsBenchmark": 4.99,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 2.59 pts below the 2010-02 market avg of 4.99%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "COLONIAL VILLAGE",
      "address": "",
      "city": "COLUMBIA",
      "state": "TN",
      "zip": "38401",
      "units": 44,
      "originalAmount": 1096500,
      "rate": 2.4,
      "originationDate": "2012-11-28",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 0.95 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "CAREONE AT WEYMOUTH",
      "address": "",
      "city": "WEYMOUTH",
      "state": "MA",
      "zip": "02189",
      "units": 86,
      "originalAmount": 1038000,
      "rate": 2.4,
      "originationDate": "2022-02-15",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 1.36 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "HILLSIDE APARTMENTS",
      "address": "",
      "city": "OTTUMWA",
      "state": "IA",
      "zip": "52501",
      "units": 44,
      "originalAmount": 864800,
      "rate": 2.4,
      "originationDate": "2020-09-28",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CAREONE AT MILLBURY",
      "address": "",
      "city": "MILLBURY",
      "state": "MA",
      "zip": "01527",
      "units": 82,
      "originalAmount": 842300,
      "rate": 2.4,
      "originationDate": "2022-02-15",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 1.36 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "CAREONE AT HOLYOKE",
      "address": "",
      "city": "HOLYOKE",
      "state": "MA",
      "zip": "01040",
      "units": 64,
      "originalAmount": 742300,
      "rate": 2.4,
      "originationDate": "2022-02-15",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 1.36 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "CAREONE AT NEW BEDFORD",
      "address": "",
      "city": "NEW BEDFORD",
      "state": "MA",
      "zip": "02745",
      "units": 86,
      "originalAmount": 647000,
      "rate": 2.4,
      "originationDate": "2022-02-15",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.4% is 1.36 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "OUTLOOK APARTMENT HOMES",
      "address": "",
      "city": "SPRINGVILLE",
      "state": "UT",
      "zip": "84663",
      "units": 260,
      "originalAmount": 51600000,
      "rate": 2.41,
      "originationDate": "2021-12-17",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "ARDEN PLACE APARTMENTS",
      "address": "",
      "city": "CHARLOTTESVILLE",
      "state": "VA",
      "zip": "22901",
      "units": 212,
      "originalAmount": 39200000,
      "rate": 2.41,
      "originationDate": "2021-08-31",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "MILL POINTE",
      "address": "",
      "city": "EVERETT",
      "state": "WA",
      "zip": "98208",
      "units": 193,
      "originalAmount": 36960000,
      "rate": 2.41,
      "originationDate": "2020-12-18",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "WILSONVILLE SUMMIT APTS",
      "address": "",
      "city": "WILSONVILLE",
      "state": "OR",
      "zip": "97070",
      "units": 326,
      "originalAmount": 34500000,
      "rate": 2.41,
      "originationDate": "2021-03-16",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKELEY POINT CAPITAL LLC"
    },
    {
      "property": "RIVERWOOD ESTATES APARTMENTS",
      "address": "",
      "city": "OAK CREEK",
      "state": "WI",
      "zip": "53134",
      "units": 216,
      "originalAmount": 25767900,
      "rate": 2.41,
      "originationDate": "2020-07-29",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "Amber Court of Westbury",
      "address": "",
      "city": "WESTBURY",
      "state": "NY",
      "zip": "11590",
      "units": 95,
      "originalAmount": 22729300,
      "rate": 2.41,
      "originationDate": "2021-03-31",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "HAWTHORNE GARDENS APARTMENTS",
      "address": "",
      "city": "CHUBBUCK",
      "state": "ID",
      "zip": "83202",
      "units": 150,
      "originalAmount": 17296000,
      "rate": 2.41,
      "originationDate": "2021-05-12",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "REDWOOD WARSAW (PROSPERITY DR IN P1) PH1",
      "address": "",
      "city": "WARSAW",
      "state": "IN",
      "zip": "46582",
      "units": 101,
      "originalAmount": 15736000,
      "rate": 2.41,
      "originationDate": "2021-11-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HARBOURSITE APARTMENTS",
      "address": "",
      "city": "STAMFORD",
      "state": "CT",
      "zip": "06902",
      "units": 77,
      "originalAmount": 15289100,
      "rate": 2.41,
      "originationDate": "2020-07-24",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BEDFORD GREEN APARTMENTS",
      "address": "",
      "city": "BEDFORD",
      "state": "NH",
      "zip": "03110",
      "units": 83,
      "originalAmount": 15080000,
      "rate": 2.41,
      "originationDate": "2021-10-28",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "THE SPRINGS AT PACIFIC REGENT",
      "address": "",
      "city": "SAN DIEGO",
      "state": "CA",
      "zip": "92122",
      "units": 31,
      "originalAmount": 13570000,
      "rate": 2.41,
      "originationDate": "2021-11-19",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "RESERVE AT KANAPAHA",
      "address": "",
      "city": "GAINESVILLE",
      "state": "FL",
      "zip": "32608",
      "units": 272,
      "originalAmount": 13327000,
      "rate": 2.41,
      "originationDate": "2013-01-24",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.41% is 1.00 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "FIRST HOUSING DEV CORP OF FL"
    },
    {
      "property": "EASTVIEW HEALTHCARE AND REHAB CENTER",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77049",
      "units": 63,
      "originalAmount": 12400000,
      "rate": 2.41,
      "originationDate": "2021-08-25",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "LEGACY AT LAKEVIEW",
      "address": "",
      "city": "NATCHITOCHES",
      "state": "LA",
      "zip": "71457",
      "units": 238,
      "originalAmount": 11865300,
      "rate": 2.41,
      "originationDate": "2021-04-14",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "CASAS ADOBES POST ACUTE REHABILITATION CENTER",
      "address": "",
      "city": "TUCSON",
      "state": "AZ",
      "zip": "85704",
      "units": 140,
      "originalAmount": 10720000,
      "rate": 2.41,
      "originationDate": "2021-08-25",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "RESERVE AT NORTHSHORE",
      "address": "",
      "city": "LYNN HAVEN",
      "state": "FL",
      "zip": "32444",
      "units": 200,
      "originalAmount": 8719900,
      "rate": 2.41,
      "originationDate": "2013-01-24",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.41% is 1.00 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "FIRST HOUSING DEV CORP OF FL"
    },
    {
      "property": "SOMERSET SUBACUTE AND CARE",
      "address": "",
      "city": "EL CAJON",
      "state": "CA",
      "zip": "92020",
      "units": 23,
      "originalAmount": 8300000,
      "rate": 2.41,
      "originationDate": "2021-08-25",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "REDWOOD KENT (PRESCOTT PIKE) PHASE III",
      "address": "",
      "city": "KENT",
      "state": "OH",
      "zip": "44240",
      "units": 45,
      "originalAmount": 7992000,
      "rate": 2.41,
      "originationDate": "2022-01-28",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.41% is 1.03 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE VILLAGE AT PARSON'S LAKE II",
      "address": "",
      "city": "SALISBURY",
      "state": "MD",
      "zip": "21801",
      "units": 48,
      "originalAmount": 7600000,
      "rate": 2.41,
      "originationDate": "2022-01-21",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.41% is 1.03 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "EAGAN GABLES TOWNHOMES",
      "address": "",
      "city": "EAGAN",
      "state": "MN",
      "zip": "55123",
      "units": 35,
      "originalAmount": 7280000,
      "rate": 2.41,
      "originationDate": "2021-11-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "CREEKSIDE VILLAGE",
      "address": "",
      "city": "SAUK RAPIDS",
      "state": "MN",
      "zip": "56379",
      "units": 55,
      "originalAmount": 5120000,
      "rate": 2.41,
      "originationDate": "2020-12-18",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "LEGACY AT CINNAMON PLACE",
      "address": "",
      "city": "RUSTON",
      "state": "LA",
      "zip": "71270",
      "units": 140,
      "originalAmount": 4876600,
      "rate": 2.41,
      "originationDate": "2021-03-22",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "QUARRY VILLAGE",
      "address": "",
      "city": "SAUK RAPIDS",
      "state": "MN",
      "zip": "56379",
      "units": 55,
      "originalAmount": 4675000,
      "rate": 2.41,
      "originationDate": "2020-12-18",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SIGNATURE PLACE",
      "address": "",
      "city": "MONROE",
      "state": "LA",
      "zip": "71203",
      "units": 100,
      "originalAmount": 4297000,
      "rate": 2.41,
      "originationDate": "2021-12-14",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CANDLEBRIDFGE PLAZA APARTMENTS",
      "address": "",
      "city": "POWELL",
      "state": "TN",
      "zip": "37849",
      "units": 101,
      "originalAmount": 4110000,
      "rate": 2.41,
      "originationDate": "2012-10-11",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.41% is 0.97 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "AMBER COURT OF ELIZABETH",
      "address": "",
      "city": "ELIZABETH",
      "state": "NJ",
      "zip": "07201",
      "units": 99,
      "originalAmount": 3768700,
      "rate": 2.41,
      "originationDate": "2021-03-31",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "HERITAGE COURT PHASE I & II",
      "address": "",
      "city": "BELLEFONTAINE",
      "state": "OH",
      "zip": "43311",
      "units": 130,
      "originalAmount": 2720000,
      "rate": 2.41,
      "originationDate": "2012-02-29",
      "pmmsBenchmark": 3.89,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.41% is 1.48 pts below the 2012-02 market avg of 3.89%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "OAK HILL",
      "address": "",
      "city": "FRANKLIN",
      "state": "PA",
      "zip": "16323",
      "units": 120,
      "originalAmount": 2300000,
      "rate": 2.41,
      "originationDate": "2021-08-20",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "BALSAM GROVE APTS",
      "address": "",
      "city": "BREVARD",
      "state": "NC",
      "zip": "27101",
      "units": 40,
      "originalAmount": 1256000,
      "rate": 2.41,
      "originationDate": "2012-11-28",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.41% is 0.94 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "BISSEL APARTMENTS",
      "address": "",
      "city": "VENICE",
      "state": "IL",
      "zip": "62090",
      "units": 92,
      "originalAmount": 1161000,
      "rate": 2.41,
      "originationDate": "2004-08-27",
      "pmmsBenchmark": 5.867,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.41% is 3.46 pts below the 2004-08 market avg of 5.867%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "PARKVIEW TOWERS",
      "address": "",
      "city": "WEST NEW YORK",
      "state": "NJ",
      "zip": "07093",
      "units": 688,
      "originalAmount": 140000000,
      "rate": 2.42,
      "originationDate": "2020-09-17",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PARKER HILLTOP APARTMENTS - PHASE I",
      "address": "",
      "city": "PARKER",
      "state": "CO",
      "zip": "80138",
      "units": 312,
      "originalAmount": 46000000,
      "rate": 2.42,
      "originationDate": "2021-01-27",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "QUINCY COMMONS",
      "address": "",
      "city": "QUINCY",
      "state": "MA",
      "zip": "02171",
      "units": 230,
      "originalAmount": 44500000,
      "rate": 2.42,
      "originationDate": "2021-05-19",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GLEN GROVE APARTMENTS",
      "address": "",
      "city": "WELLESLEY",
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      "zip": "02482",
      "units": 125,
      "originalAmount": 38480000,
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      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "WHISPERING HILLS APARTMENTS",
      "address": "",
      "city": "OVERLAND PARK",
      "state": "KS",
      "zip": "66213",
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      "originalAmount": 36640000,
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      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "LONGFELLOW GLEN",
      "address": "",
      "city": "SUDBURY",
      "state": "MA",
      "zip": "01776",
      "units": 120,
      "originalAmount": 32240000,
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      "originationDate": "2021-09-30",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "THE GRAND ON JULIAN",
      "address": "",
      "city": "SALISBURY",
      "state": "NC",
      "zip": "28146",
      "units": 240,
      "originalAmount": 25600000,
      "rate": 2.42,
      "originationDate": "2020-10-30",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "STONE GATE APARTMENTS",
      "address": "",
      "city": "SPRING LAKE",
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      "zip": "28390",
      "units": 264,
      "originalAmount": 24556500,
      "rate": 2.42,
      "originationDate": "2021-08-27",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CHESTNUT GLEN",
      "address": "",
      "city": "ABINGTON",
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      "zip": "02351",
      "units": 130,
      "originalAmount": 22600000,
      "rate": 2.42,
      "originationDate": "2021-09-30",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "THE CARA",
      "address": "",
      "city": "ROXBURY",
      "state": "MA",
      "zip": "02119",
      "units": 57,
      "originalAmount": 16328000,
      "rate": 2.42,
      "originationDate": "2021-11-05",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "THE PALISADES AT BLYTHEWOOD I",
      "address": "",
      "city": "BLYTHEWOOD",
      "state": "SC",
      "zip": "29016",
      "units": 228,
      "originalAmount": 15757100,
      "rate": 2.42,
      "originationDate": "2020-06-29",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE BUNGALOWS APARTMENTS",
      "address": "",
      "city": "YUCAIPA",
      "state": "CA",
      "zip": "92399",
      "units": 74,
      "originalAmount": 14640000,
      "rate": 2.42,
      "originationDate": "2021-01-28",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "RAYMOND WATKINS APARTMENTS",
      "address": "",
      "city": "SARATOGA SPRINGS",
      "state": "NY",
      "zip": "12866",
      "units": 112,
      "originalAmount": 13950000,
      "rate": 2.42,
      "originationDate": "2021-11-22",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "WARREN J LOCKWOOD VILLAGE",
      "address": "",
      "city": "ROSELLE",
      "state": "NJ",
      "zip": "07203",
      "units": 308,
      "originalAmount": 13133200,
      "rate": 2.42,
      "originationDate": "2020-12-15",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE RIDGE AT JORDAN LANDING",
      "address": "",
      "city": "WEST JORDAN",
      "state": "UT",
      "zip": "84117",
      "units": 264,
      "originalAmount": 12590000,
      "rate": 2.42,
      "originationDate": "2012-10-23",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.42% is 0.96 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "THE HEIGHTS ON HUEBNER",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78240",
      "units": 60,
      "originalAmount": 11685800,
      "rate": 2.42,
      "originationDate": "2021-11-16",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "WARRIS FARMS APTS",
      "address": "",
      "city": "WESTLAND",
      "state": "MI",
      "zip": "48185",
      "units": 216,
      "originalAmount": 11500000,
      "rate": 2.42,
      "originationDate": "2021-04-20",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHPOINT CAPITAL LLC"
    },
    {
      "property": "SCHOONER ESTATES",
      "address": "",
      "city": "AUBURN",
      "state": "ME",
      "zip": "04210",
      "units": 310,
      "originalAmount": 10806600,
      "rate": 2.42,
      "originationDate": "2020-09-16",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "OLD MILL GLEN",
      "address": "",
      "city": "MAYNARD",
      "state": "MA",
      "zip": "01754",
      "units": 50,
      "originalAmount": 10720000,
      "rate": 2.42,
      "originationDate": "2021-10-19",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "ASPEN APARTMENTS PHASE I",
      "address": "",
      "city": "SHREVEPORT",
      "state": "LA",
      "zip": "71118",
      "units": 184,
      "originalAmount": 10680000,
      "rate": 2.42,
      "originationDate": "2021-02-24",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "RIVERA HEALTHCARE CENTER",
      "address": "",
      "city": "PICO RIVERA",
      "state": "CA",
      "zip": "90660",
      "units": 50,
      "originalAmount": 10211900,
      "rate": 2.42,
      "originationDate": "2021-10-04",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE PONDS AT THE VILLAGES OF TAYLOR",
      "address": "",
      "city": "TAYLOR",
      "state": "MI",
      "zip": "48180",
      "units": 511,
      "originalAmount": 9200000,
      "rate": 2.42,
      "originationDate": "2014-06-16",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.42% is 1.74 pts below the 2014-06 market avg of 4.162%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "OAK HAVEN APTS HOMES",
      "address": "",
      "city": "SHENANDOAH",
      "state": "TX",
      "zip": "77386",
      "units": 144,
      "originalAmount": 8883400,
      "rate": 2.42,
      "originationDate": "2013-03-28",
      "pmmsBenchmark": 3.565,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.42% is 1.15 pts below the 2013-03 market avg of 3.565%"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "PREMIER AT PERRY VILLAGE",
      "address": "",
      "city": "NEW BLOOMFIELD",
      "state": "PA",
      "zip": "17068",
      "units": 178,
      "originalAmount": 8480000,
      "rate": 2.42,
      "originationDate": "2020-11-12",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LAKE HAVEN APTS",
      "address": "",
      "city": "KEMAH",
      "state": "TX",
      "zip": "77565",
      "units": 144,
      "originalAmount": 8287800,
      "rate": 2.42,
      "originationDate": "2013-02-28",
      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.42% is 1.11 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "CAPITOL APARTMENTS",
      "address": "",
      "city": "BISMARCK",
      "state": "ND",
      "zip": "58501",
      "units": 125,
      "originalAmount": 8160000,
      "rate": 2.42,
      "originationDate": "2012-09-17",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.42% is 1.08 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "STEEPLE CHASE FARMS",
      "address": "",
      "city": "SHERMAN",
      "state": "TX",
      "zip": "75092",
      "units": 156,
      "originalAmount": 8073000,
      "rate": 2.42,
      "originationDate": "2021-03-25",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BARTON SENIOR RESIDENCES OF CHICAGO",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60608",
      "units": 145,
      "originalAmount": 7808400,
      "rate": 2.42,
      "originationDate": "2012-12-20",
      "pmmsBenchmark": 3.345,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.42% is 0.93 pts below the 2012-12 market avg of 3.345%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "THE PARK AT THE VILLAGES OF TAYLOR",
      "address": "",
      "city": "TAYLOR",
      "state": "MI",
      "zip": "48180",
      "units": 364,
      "originalAmount": 7800000,
      "rate": 2.42,
      "originationDate": "2013-12-16",
      "pmmsBenchmark": 4.457,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.42% is 2.04 pts below the 2013-12 market avg of 4.457%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CHESTNUT HOLLOW APARTMENTS",
      "address": "",
      "city": "Needham",
      "state": "MA",
      "zip": "02492",
      "units": 28,
      "originalAmount": 7789500,
      "rate": 2.42,
      "originationDate": "2021-01-28",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "FIELDS CORNER GRANITE",
      "address": "",
      "city": "DORCHESTER",
      "state": "MA",
      "zip": "02122",
      "units": 67,
      "originalAmount": 7003000,
      "rate": 2.42,
      "originationDate": "2021-09-27",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ASPEN APARTMENTS PHASE II",
      "address": "",
      "city": "SHREVEPORT",
      "state": "LA",
      "zip": "71118",
      "units": 124,
      "originalAmount": 6960000,
      "rate": 2.42,
      "originationDate": "2021-02-24",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "LA MIRAGE APARTMENTS",
      "address": "",
      "city": "VICTORVILLE",
      "state": "CA",
      "zip": "92392",
      "units": 52,
      "originalAmount": 6960000,
      "rate": 2.42,
      "originationDate": "2021-01-28",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE COURTYARDS AT THE VILLAGES OF TAYLOR",
      "address": "",
      "city": "TAYLOR",
      "state": "MI",
      "zip": "48180",
      "units": 437,
      "originalAmount": 6740000,
      "rate": 2.42,
      "originationDate": "2014-02-18",
      "pmmsBenchmark": 4.303,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.42% is 1.88 pts below the 2014-02 market avg of 4.303%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "LCC & BRIDGE AT MOUNT VERNON",
      "address": "",
      "city": "MOUNT VERNON",
      "state": "WA",
      "zip": "98274",
      "units": 171,
      "originalAmount": 6547700,
      "rate": 2.42,
      "originationDate": "2011-03-29",
      "pmmsBenchmark": 4.836,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.42% is 2.42 pts below the 2011-03 market avg of 4.836%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "AMERICANA PALOS VERDES APARTMENTS",
      "address": "",
      "city": "Las Vegas",
      "state": "NV",
      "zip": "89119",
      "units": 102,
      "originalAmount": 6480000,
      "rate": 2.42,
      "originationDate": "2021-01-29",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "LONGMEADOW CARE CENTER",
      "address": "",
      "city": "RAVENNA",
      "state": "OH",
      "zip": "44266",
      "units": 213,
      "originalAmount": 6090000,
      "rate": 2.42,
      "originationDate": "2020-12-29",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "HORIZON PLAZA",
      "address": "",
      "city": "EMPORIA",
      "state": "KS",
      "zip": "66801",
      "units": 100,
      "originalAmount": 6000000,
      "rate": 2.42,
      "originationDate": "2021-11-04",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "MISSION TOWERS",
      "address": "",
      "city": "TOPEKA",
      "state": "KS",
      "zip": "66605",
      "units": 100,
      "originalAmount": 5840000,
      "rate": 2.42,
      "originationDate": "2021-11-04",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "BICKFORD OF SIOUX CITY II",
      "address": "",
      "city": "SIOUX CITY",
      "state": "IA",
      "zip": "51108",
      "units": 35,
      "originalAmount": 5760000,
      "rate": 2.42,
      "originationDate": "2021-11-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "CHURCHILL AT LONGVIEW",
      "address": "",
      "city": "LONGVIEW",
      "state": "TX",
      "zip": "75601",
      "units": 160,
      "originalAmount": 5500000,
      "rate": 2.42,
      "originationDate": "2021-07-30",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "CRYSTAL TERRACE APTS",
      "address": "",
      "city": "CRYSTAL LAKE",
      "state": "IL",
      "zip": "60014",
      "units": 80,
      "originalAmount": 4500000,
      "rate": 2.42,
      "originationDate": "2012-09-27",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.42% is 1.08 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "COTTONWOOD CROSSING APARTMENTS",
      "address": "",
      "city": "NEWTON",
      "state": "KS",
      "zip": "67114",
      "units": 42,
      "originalAmount": 4320000,
      "rate": 2.42,
      "originationDate": "2021-10-28",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "MISSION PLACE",
      "address": "",
      "city": "HUTCHINSON",
      "state": "KS",
      "zip": "67502",
      "units": 100,
      "originalAmount": 4240000,
      "rate": 2.42,
      "originationDate": "2021-11-04",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "NOONAN GLEN",
      "address": "",
      "city": "WINCHESTER",
      "state": "MA",
      "zip": "01890",
      "units": 18,
      "originalAmount": 4000000,
      "rate": 2.42,
      "originationDate": "2021-09-10",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "MORGANTON TRADING COMPANY APARTMENTS",
      "address": "",
      "city": "MORGANTON",
      "state": "NC",
      "zip": "27355",
      "units": 43,
      "originalAmount": 4000000,
      "rate": 2.42,
      "originationDate": "2020-09-29",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "1010 CENTRAL APARTMENTS",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46202",
      "units": 86,
      "originalAmount": 4000000,
      "rate": 2.42,
      "originationDate": "2011-10-20",
      "pmmsBenchmark": 4.068,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.42% is 1.65 pts below the 2011-10 market avg of 4.068%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "VERANDA AT CARVER",
      "address": "",
      "city": "ATLANTA",
      "state": "GA",
      "zip": "30315",
      "units": 90,
      "originalAmount": 3988000,
      "rate": 2.42,
      "originationDate": "2013-01-23",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.42% is 0.99 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ANTHONY HOMES",
      "address": "",
      "city": "MACON",
      "state": "GA",
      "zip": "31204",
      "units": 274,
      "originalAmount": 3571800,
      "rate": 2.42,
      "originationDate": "2021-08-30",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "INDEPENDENCE PLACE COOPERATIVE OF WILMAR",
      "address": "",
      "city": "WILLMAR",
      "state": "MN",
      "zip": "56201",
      "units": 36,
      "originalAmount": 3369800,
      "rate": 2.42,
      "originationDate": "2021-07-29",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "ILLINI TOWER APARTMENTS",
      "address": "",
      "city": "SILVIS",
      "state": "IL",
      "zip": "61282",
      "units": 100,
      "originalAmount": 3336000,
      "rate": 2.42,
      "originationDate": "2021-07-22",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "BENEVA OAKS APARTMENTS",
      "address": "",
      "city": "SARASOTA",
      "state": "FL",
      "zip": "34232",
      "units": 40,
      "originalAmount": 3227100,
      "rate": 2.42,
      "originationDate": "2020-05-29",
      "pmmsBenchmark": 3.232,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.42% is 0.81 pts below the 2020-05 market avg of 3.232%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "CAPITOL GATEWAY PHASE II",
      "address": "",
      "city": "ATLANTA",
      "state": "GA",
      "zip": "30312",
      "units": 152,
      "originalAmount": 2990200,
      "rate": 2.42,
      "originationDate": "2012-12-18",
      "pmmsBenchmark": 3.345,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.42% is 0.93 pts below the 2012-12 market avg of 3.345%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "GRANT VILLAGE APARTMENTS",
      "address": "",
      "city": "MASON CITY",
      "state": "IA",
      "zip": "50401",
      "units": 64,
      "originalAmount": 2869200,
      "rate": 2.42,
      "originationDate": "2021-09-29",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "HILL MANOR APARTMENTS",
      "address": "",
      "city": "HERNANDO",
      "state": "MS",
      "zip": "38632",
      "units": 44,
      "originalAmount": 2720000,
      "rate": 2.42,
      "originationDate": "2022-02-28",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.42% is 1.34 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "THE SPRINGS AT THE VILLAGES OF TAYLOR",
      "address": "",
      "city": "TAYLOR",
      "state": "MI",
      "zip": "48180",
      "units": 96,
      "originalAmount": 2200000,
      "rate": 2.42,
      "originationDate": "2013-11-26",
      "pmmsBenchmark": 4.255,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.42% is 1.83 pts below the 2013-11 market avg of 4.255%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SADDLEBACK RANCH APARTMENTS",
      "address": "",
      "city": "MISSION VIEJO",
      "state": "CA",
      "zip": "92691",
      "units": 305,
      "originalAmount": 74999000,
      "rate": 2.43,
      "originationDate": "2021-07-21",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "CAMELOT AT EDISON",
      "address": "",
      "city": "EDISON",
      "state": "NJ",
      "zip": "08837",
      "units": 220,
      "originalAmount": 53600000,
      "rate": 2.43,
      "originationDate": "2021-11-30",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "LAKE NONA WATER MARK",
      "address": "",
      "city": "ORLANDO",
      "state": "FL",
      "zip": "32827",
      "units": 278,
      "originalAmount": 51120000,
      "rate": 2.43,
      "originationDate": "2022-02-24",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.43% is 1.33 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ALDARA APARTMENT HOMES",
      "address": "",
      "city": "SARATOGA SPRINGS",
      "state": "UT",
      "zip": "84045",
      "units": 240,
      "originalAmount": 44379000,
      "rate": 2.43,
      "originationDate": "2021-12-17",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "GREYSTONE AT WIDEWATERS",
      "address": "",
      "city": "KNIGHTDALE",
      "state": "NC",
      "zip": "27545",
      "units": 332,
      "originalAmount": 43920000,
      "rate": 2.43,
      "originationDate": "2021-05-19",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "AURORA PARK",
      "address": "",
      "city": "EAST AURORA",
      "state": "NY",
      "zip": "14057",
      "units": 320,
      "originalAmount": 31672000,
      "rate": 2.43,
      "originationDate": "2011-06-16",
      "pmmsBenchmark": 4.51,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.43% is 2.08 pts below the 2011-06 market avg of 4.51%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "MOSAIC ON THE RIVER",
      "address": "",
      "city": "RICHLAND",
      "state": "WA",
      "zip": "99352",
      "units": 180,
      "originalAmount": 29120000,
      "rate": 2.43,
      "originationDate": "2021-10-27",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "1901 SOUTH CHARLES",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21230",
      "units": 193,
      "originalAmount": 28986200,
      "rate": 2.43,
      "originationDate": "2021-07-27",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLUMBIANATIONAL REAL ESTATE F"
    },
    {
      "property": "WILLOWBEND APARTMENTS",
      "address": "",
      "city": "HUMBLE",
      "state": "TX",
      "zip": "77338",
      "units": 228,
      "originalAmount": 27600000,
      "rate": 2.43,
      "originationDate": "2021-07-29",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE RIDGE AT MIDWAY",
      "address": "",
      "city": "COLBERT",
      "state": "WA",
      "zip": "99005",
      "units": 180,
      "originalAmount": 23920000,
      "rate": 2.43,
      "originationDate": "2020-07-30",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "COUNTRY CLUB POINTE APTS HOMES",
      "address": "",
      "city": "LAKE CHARLES",
      "state": "LA",
      "zip": "70605",
      "units": 256,
      "originalAmount": 21966700,
      "rate": 2.43,
      "originationDate": "2014-06-30",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.43% is 1.73 pts below the 2014-06 market avg of 4.162%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "LEGACY AT CROSS CREEK",
      "address": "",
      "city": "FAYETTEVILLE",
      "state": "NC",
      "zip": "38314",
      "units": 360,
      "originalAmount": 21393400,
      "rate": 2.43,
      "originationDate": "2021-02-09",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "2 EAST WELLS",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21230",
      "units": 152,
      "originalAmount": 18911600,
      "rate": 2.43,
      "originationDate": "2021-07-22",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLUMBIANATIONAL REAL ESTATE F"
    },
    {
      "property": "ENCORE APARTMENTS",
      "address": "",
      "city": "FOREST LAKE",
      "state": "MN",
      "zip": "55025",
      "units": 91,
      "originalAmount": 17840000,
      "rate": 2.43,
      "originationDate": "2021-12-15",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "JURUPA HILLS POST ACUTE",
      "address": "",
      "city": "RIVERSIDE",
      "state": "CA",
      "zip": "92509",
      "units": 52,
      "originalAmount": 17732300,
      "rate": 2.43,
      "originationDate": "2021-12-10",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "ABBERLY GREEN OF MOORESVILLE",
      "address": "",
      "city": "MOORESVILLE",
      "state": "NC",
      "zip": "28117",
      "units": 190,
      "originalAmount": 17403300,
      "rate": 2.43,
      "originationDate": "2012-09-20",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.43% is 1.07 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE CORDOVAN AT HAVERHILL STATION",
      "address": "",
      "city": "HAVERHILL",
      "state": "MA",
      "zip": "01830",
      "units": 146,
      "originalAmount": 14758500,
      "rate": 2.43,
      "originationDate": "2020-08-21",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "NYACK RIDGE REHABILITATION AND NURSING CENTER",
      "address": "",
      "city": "VALLEY COTTAGE",
      "state": "NY",
      "zip": "10989",
      "units": 80,
      "originalAmount": 14004300,
      "rate": 2.43,
      "originationDate": "2021-07-29",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "TROPICAL MANOR APARTMENTS",
      "address": "",
      "city": "MERRITT ISLAND",
      "state": "FL",
      "zip": "23953",
      "units": 85,
      "originalAmount": 12255000,
      "rate": 2.43,
      "originationDate": "2021-04-22",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BONNEVILLE MORTGAGE COMPANY"
    },
    {
      "property": "SPRING CREEK TOWERS",
      "address": "",
      "city": "DECATUR",
      "state": "IL",
      "zip": "62526",
      "units": 137,
      "originalAmount": 11900000,
      "rate": 2.43,
      "originationDate": "2021-03-17",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "DOUGLAS KNOLL APARTMENTS",
      "address": "",
      "city": "WASHINGTON",
      "state": "DC",
      "zip": "20020",
      "units": 184,
      "originalAmount": 11796200,
      "rate": 2.43,
      "originationDate": "2022-02-15",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.43% is 1.33 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "CORONADO TOWNHOMES",
      "address": "",
      "city": "LEAGUE CITY",
      "state": "TX",
      "zip": "77573",
      "units": 140,
      "originalAmount": 11000000,
      "rate": 2.43,
      "originationDate": "2021-03-25",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "The Vineyards Healthcare Center",
      "address": "",
      "city": "LIVERMORE",
      "state": "CA",
      "zip": "94550",
      "units": 30,
      "originalAmount": 10240000,
      "rate": 2.43,
      "originationDate": "2021-06-17",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "WEST CREEK CROSSING APARTMENTS",
      "address": "",
      "city": "WEST FARGO",
      "state": "ND",
      "zip": "58078",
      "units": 126,
      "originalAmount": 9732500,
      "rate": 2.43,
      "originationDate": "2021-09-30",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "THE BANK",
      "address": "",
      "city": "OMAHA",
      "state": "NE",
      "zip": "68102",
      "units": 106,
      "originalAmount": 9390400,
      "rate": 2.43,
      "originationDate": "2012-10-18",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.43% is 0.95 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "VILLAGE COOPERATIVE OF LEE'S SUMMIT",
      "address": "",
      "city": "LEE'S SUMMIT",
      "state": "MO",
      "zip": "64063",
      "units": 50,
      "originalAmount": 8721000,
      "rate": 2.43,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "ARBOR LANE",
      "address": "",
      "city": "BURNSVILLE",
      "state": "MN",
      "zip": "55337",
      "units": 44,
      "originalAmount": 7910600,
      "rate": 2.43,
      "originationDate": "2021-08-12",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "SOUTHRIDGE PARK APARTMENTS",
      "address": "",
      "city": "JACKSON",
      "state": "MI",
      "zip": "49203",
      "units": 116,
      "originalAmount": 7760000,
      "rate": 2.43,
      "originationDate": "2022-02-17",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.43% is 1.33 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "CARMEL KNOLL",
      "address": "",
      "city": "CARMEL",
      "state": "IN",
      "zip": "46032",
      "units": 122,
      "originalAmount": 7640000,
      "rate": 2.43,
      "originationDate": "2013-02-28",
      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.43% is 1.10 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "255 Tuscan",
      "address": "",
      "city": "MAPLEWOOD",
      "state": "NJ",
      "zip": "07040",
      "units": 30,
      "originalAmount": 7596300,
      "rate": 2.43,
      "originationDate": "2021-06-30",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "ST. MARK'S GARDENS",
      "address": "",
      "city": "KAYSVILLE",
      "state": "UT",
      "zip": "84037",
      "units": 72,
      "originalAmount": 7160000,
      "rate": 2.43,
      "originationDate": "2021-08-24",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "LIBERTY COMMONS OF COLUMBUS",
      "address": "",
      "city": "WHITEVILLE",
      "state": "NC",
      "zip": "28472",
      "units": 147,
      "originalAmount": 6168000,
      "rate": 2.43,
      "originationDate": "2012-03-30",
      "pmmsBenchmark": 3.954,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.43% is 1.52 pts below the 2012-03 market avg of 3.954%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "OUR LADY OF GUADALUPE",
      "address": "",
      "city": "FOUNTAIN VALLEY",
      "state": "CA",
      "zip": "92704",
      "units": 71,
      "originalAmount": 5877300,
      "rate": 2.43,
      "originationDate": "2021-01-22",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "GLEN MEADOW APARTMENTS",
      "address": "",
      "city": "CINCINNATI",
      "state": "OH",
      "zip": "45237",
      "units": 264,
      "originalAmount": 5421700,
      "rate": 2.43,
      "originationDate": "2021-06-24",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "BRIDGEPORT SENIOR LIVING",
      "address": "",
      "city": "ORLANDO",
      "state": "FL",
      "zip": "32836",
      "units": 67,
      "originalAmount": 5160000,
      "rate": 2.43,
      "originationDate": "2021-01-29",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "MALLARD LANDING",
      "address": "",
      "city": "HURRICANE",
      "state": "WV",
      "zip": "25526",
      "units": 38,
      "originalAmount": 4080000,
      "rate": 2.43,
      "originationDate": "2022-02-15",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.43% is 1.33 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ROUTE 9 PROPERTIES",
      "address": "",
      "city": "GIBSON",
      "state": "IL",
      "zip": "60936",
      "units": 80,
      "originalAmount": 3150000,
      "rate": 2.43,
      "originationDate": "2021-11-15",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "LIMA APARTMENTS",
      "address": "",
      "city": "LIMA",
      "state": "OH",
      "zip": "45804",
      "units": 70,
      "originalAmount": 2600000,
      "rate": 2.43,
      "originationDate": "2020-09-25",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "HIGHLAND MEADOWS APARTMENTS",
      "address": "",
      "city": "PITTSBURG",
      "state": "KS",
      "zip": "66762",
      "units": 80,
      "originalAmount": 1696500,
      "rate": 2.43,
      "originationDate": "2013-01-31",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.43% is 0.98 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "BEVERLY COMMONS",
      "address": "",
      "city": "BEVERLY",
      "state": "MA",
      "zip": "01915",
      "units": 255,
      "originalAmount": 50720000,
      "rate": 2.44,
      "originationDate": "2021-08-05",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CRESTHAVEN VILLAGE APARTMENTS",
      "address": "",
      "city": "LEHI",
      "state": "UT",
      "zip": "84043",
      "units": 344,
      "originalAmount": 35866600,
      "rate": 2.44,
      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "THE LEXINGTON AT MARKET SQUARE",
      "address": "",
      "city": "WASHINGTON",
      "state": "DC",
      "zip": "20004",
      "units": 135,
      "originalAmount": 35592000,
      "rate": 2.44,
      "originationDate": "2012-08-03",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.44% is 1.16 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "SABAL PALMS HEALTH & REHABILITATION AND CYPRESS PALMS",
      "address": "",
      "city": "LARGO",
      "state": "FL",
      "zip": "33771",
      "units": 263,
      "originalAmount": 29427000,
      "rate": 2.44,
      "originationDate": "2022-01-31",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.44% is 1.00 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "LINK APTS. MANCHESTER",
      "address": "",
      "city": "RICHMOND",
      "state": "VA",
      "zip": "23224",
      "units": 187,
      "originalAmount": 24000000,
      "rate": 2.44,
      "originationDate": "2020-06-30",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "COMMONS AT HAWTHORNE VILLAGE",
      "address": "",
      "city": "HILLSBORO",
      "state": "OR",
      "zip": "97124",
      "units": 216,
      "originalAmount": 23600000,
      "rate": 2.44,
      "originationDate": "2012-09-26",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.44% is 1.06 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER & DUNLOP CAPITAL LLC"
    },
    {
      "property": "LAC PORTFOLIO",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60626",
      "units": 215,
      "originalAmount": 21640000,
      "rate": 2.44,
      "originationDate": "2020-08-20",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "BLUFFS AT WALNUT CREEK",
      "address": "",
      "city": "RALEIGH",
      "state": "NC",
      "zip": "27610",
      "units": 198,
      "originalAmount": 20500000,
      "rate": 2.44,
      "originationDate": "2015-11-12",
      "pmmsBenchmark": 3.942,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.44% is 1.50 pts below the 2015-11 market avg of 3.942%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "LAKESTONE APARTMENTS",
      "address": "",
      "city": "ANN ARBOR",
      "state": "MI",
      "zip": "48103",
      "units": 144,
      "originalAmount": 19760000,
      "rate": 2.44,
      "originationDate": "2020-08-11",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "VILLAGE GATES OF DELAWARE",
      "address": "",
      "city": "DELAWARE",
      "state": "OH",
      "zip": "43015",
      "units": 222,
      "originalAmount": 18000000,
      "rate": 2.44,
      "originationDate": "2021-09-22",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "LINCOLN WESTMORELAND",
      "address": "",
      "city": "WASHINGTON",
      "state": "DC",
      "zip": "20001",
      "units": 110,
      "originalAmount": 17481900,
      "rate": 2.44,
      "originationDate": "2021-04-30",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "CARISBROOKE APARTMENTS",
      "address": "",
      "city": "Champaign",
      "state": "IL",
      "zip": "61820",
      "units": 320,
      "originalAmount": 16640000,
      "rate": 2.44,
      "originationDate": "2021-05-28",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "VILLAGE GROVE APARTMENTS",
      "address": "",
      "city": "ELK GROVE VILLAGE",
      "state": "IL",
      "zip": "60007",
      "units": 300,
      "originalAmount": 15200000,
      "rate": 2.44,
      "originationDate": "2012-12-19",
      "pmmsBenchmark": 3.345,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.44% is 0.91 pts below the 2012-12 market avg of 3.345%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "RIVER VIEW REHAB CENTER",
      "address": "",
      "city": "ELGIN",
      "state": "IL",
      "zip": "60123",
      "units": 306,
      "originalAmount": 15047600,
      "rate": 2.44,
      "originationDate": "2020-10-22",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "Central Gardens Post Acute",
      "address": "",
      "city": "SAN FRANCISCO",
      "state": "CA",
      "zip": "94115",
      "units": 45,
      "originalAmount": 13192000,
      "rate": 2.44,
      "originationDate": "2021-06-10",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "ARBOURS AT SILVER LAKE",
      "address": "",
      "city": "LEESBURG",
      "state": "FL",
      "zip": "34788",
      "units": 120,
      "originalAmount": 12690000,
      "rate": 2.44,
      "originationDate": "2022-03-17",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.44% is 1.73 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "BRIDGEWOOD NORTH APARTMENTS",
      "address": "",
      "city": "FRESNO",
      "state": "CA",
      "zip": "93722",
      "units": 126,
      "originalAmount": 12080000,
      "rate": 2.44,
      "originationDate": "2021-11-30",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "WELLINGTON PLACE",
      "address": "",
      "city": "CHAMPAIGN",
      "state": "IL",
      "zip": "61822",
      "units": 175,
      "originalAmount": 11120000,
      "rate": 2.44,
      "originationDate": "2021-05-26",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "AMELIA PARE SENIOR APARTMENTS",
      "address": "",
      "city": "FORT WORTH",
      "state": "TX",
      "zip": "76119",
      "units": 196,
      "originalAmount": 10853200,
      "rate": 2.44,
      "originationDate": "2020-08-12",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "HOLLYWOOD SHAWNEE APARTMENTS",
      "address": "",
      "city": "ATLANTA",
      "state": "GA",
      "zip": "30318",
      "units": 112,
      "originalAmount": 9250000,
      "rate": 2.44,
      "originationDate": "2021-08-31",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "FOREST GLEN APARTMENTS",
      "address": "",
      "city": "MIDLAND",
      "state": "MI",
      "zip": "48642",
      "units": 159,
      "originalAmount": 8280000,
      "rate": 2.44,
      "originationDate": "2020-08-28",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "REDWOOD UNION TOWNSHIP (SAVANNAH RIDGE)",
      "address": "",
      "city": "BATAVIA",
      "state": "OH",
      "zip": "45103",
      "units": 43,
      "originalAmount": 7968000,
      "rate": 2.44,
      "originationDate": "2021-10-20",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "REALIFE VALLEY VIEW COOPERATIVE",
      "address": "",
      "city": "EDEN PRAIRIE",
      "state": "MN",
      "zip": "55344",
      "units": 94,
      "originalAmount": 7961600,
      "rate": 2.44,
      "originationDate": "2013-01-30",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.44% is 0.97 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "PARK VIEW REHAB CENTER",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60660",
      "units": 168,
      "originalAmount": 7641900,
      "rate": 2.44,
      "originationDate": "2020-10-22",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CEDAR EXTENSION HIGH RISE",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
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      "units": 156,
      "originalAmount": 6905400,
      "rate": 2.44,
      "originationDate": "2021-08-20",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "FRANKLIN GROVE LIVING AND REHABILITATION CENTER",
      "address": "",
      "city": "FRANKLIN GROVE",
      "state": "IL",
      "zip": "61031",
      "units": 112,
      "originalAmount": 6756900,
      "rate": 2.44,
      "originationDate": "2021-10-28",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "SUMMERS MANOR",
      "address": "",
      "city": "OLYMPIA",
      "state": "WA",
      "zip": "98501",
      "units": 40,
      "originalAmount": 6400000,
      "rate": 2.44,
      "originationDate": "2020-08-27",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "DOWNTOWNER APARTMENTS",
      "address": "",
      "city": "ST. LOUIS",
      "state": "MO",
      "zip": "63101",
      "units": 95,
      "originalAmount": 6288400,
      "rate": 2.44,
      "originationDate": "2022-02-14",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.44% is 1.32 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "HIGHLAND SENIOR LIVING",
      "address": "",
      "city": "LITTLE FALLS",
      "state": "MN",
      "zip": "56345",
      "units": 65,
      "originalAmount": 6145600,
      "rate": 2.44,
      "originationDate": "2021-08-31",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "REDWOOD AKRON (NORTHAMPTON)",
      "address": "",
      "city": "AKRON",
      "state": "OH",
      "zip": "44313",
      "units": 149,
      "originalAmount": 6112000,
      "rate": 2.44,
      "originationDate": "2021-09-22",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MEDS APARTMENTS",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60653",
      "units": 111,
      "originalAmount": 5643400,
      "rate": 2.44,
      "originationDate": "2012-10-18",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.44% is 0.94 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "ELK POINTE APARTMENTS",
      "address": "",
      "city": "MINOT",
      "state": "ND",
      "zip": "58701",
      "units": 72,
      "originalAmount": 5245400,
      "rate": 2.44,
      "originationDate": "2021-11-30",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "RIVERVIEW TOWER",
      "address": "",
      "city": "ST. ALBANS",
      "state": "WV",
      "zip": "25177",
      "units": 136,
      "originalAmount": 4744000,
      "rate": 2.44,
      "originationDate": "2021-04-30",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "WATERFORD APTS PHASE ONE",
      "address": "",
      "city": "CRAWFORDSVILLE",
      "state": "IN",
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      "units": 128,
      "originalAmount": 3103400,
      "rate": 2.44,
      "originationDate": "2012-07-31",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.44% is 1.11 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "LOWERTOWN LOFTS ARTIST COOPERATIVE",
      "address": "",
      "city": "ST. PAUL",
      "state": "MN",
      "zip": "55101",
      "units": 29,
      "originalAmount": 1941400,
      "rate": 2.44,
      "originationDate": "2021-11-30",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "VERANDA AT AUBURN POINT",
      "address": "",
      "city": "ATLANTA",
      "state": "GA",
      "zip": "30312",
      "units": 124,
      "originalAmount": 1515500,
      "rate": 2.44,
      "originationDate": "2013-01-23",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.44% is 0.97 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "DEVERAUX GLEN APARTMENTS",
      "address": "",
      "city": "PORTLAND",
      "state": "OR",
      "zip": "97225",
      "units": 506,
      "originalAmount": 97160000,
      "rate": 2.45,
      "originationDate": "2021-12-16",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE SERVICING COMPANY LL"
    },
    {
      "property": "SOUTH COVE PLAZA",
      "address": "",
      "city": "BOSTON",
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      "zip": "02116",
      "units": 231,
      "originalAmount": 81812300,
      "rate": 2.45,
      "originationDate": "2020-07-23",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LINCOLN VILLAGE APARTMENTS",
      "address": "",
      "city": "WORCESTER",
      "state": "MA",
      "zip": "01605",
      "units": 1213,
      "originalAmount": 61144500,
      "rate": 2.45,
      "originationDate": "2021-09-22",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "AFFINITY ON GEORGIA",
      "address": "",
      "city": "SILVER SPRING",
      "state": "MD",
      "zip": "20910",
      "units": 210,
      "originalAmount": 44959500,
      "rate": 2.45,
      "originationDate": "2021-08-11",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WOODLANDS AT ABINGTON STATION",
      "address": "",
      "city": "ABINGTON",
      "state": "MA",
      "zip": "02351",
      "units": 192,
      "originalAmount": 34800000,
      "rate": 2.45,
      "originationDate": "2022-01-19",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 0.99 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "THE CROSSINGS AT NINE MILE ROAD",
      "address": "",
      "city": "PENSACOLA",
      "state": "FL",
      "zip": "32514",
      "units": 240,
      "originalAmount": 34416000,
      "rate": 2.45,
      "originationDate": "2022-03-30",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 1.72 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "BENNETT CREEK",
      "address": "",
      "city": "JACKSONVILLE",
      "state": "FL",
      "zip": "32216",
      "units": 264,
      "originalAmount": 31520000,
      "rate": 2.45,
      "originationDate": "2021-05-11",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "BROADWAY GLEN APARTMENTS",
      "address": "",
      "city": "CHELSEA",
      "state": "MA",
      "zip": "02150",
      "units": 120,
      "originalAmount": 30000000,
      "rate": 2.45,
      "originationDate": "2022-06-23",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 3.07 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "FIRST AMERICAN CAPITAL GROUP C"
    },
    {
      "property": "THE PARK AT CRYSTAL FALLS-PHASE I",
      "address": "",
      "city": "LEANDER",
      "state": "TX",
      "zip": "78641",
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      "originalAmount": 30000000,
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      "originationDate": "2021-05-19",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "KAILANI VILLAGE",
      "address": "",
      "city": "LOMPOC",
      "state": "CA",
      "zip": "93436",
      "units": 185,
      "originalAmount": 29121800,
      "rate": 2.45,
      "originationDate": "2021-11-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "COUNCIL TOWER",
      "address": "",
      "city": "BOSTON",
      "state": "MA",
      "zip": "02119",
      "units": 1,
      "originalAmount": 28800000,
      "rate": 2.45,
      "originationDate": "2021-10-21",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "JEWEL LAKE VILLA APARTMENTS",
      "address": "",
      "city": "Anchorage",
      "state": "AK",
      "zip": "99502",
      "units": 129,
      "originalAmount": 26500000,
      "rate": 2.45,
      "originationDate": "2021-01-29",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "SADDLEBACK I  II  AND III",
      "address": "",
      "city": "MONTGOMERY",
      "state": "AL",
      "zip": "36117",
      "units": 360,
      "originalAmount": 23800000,
      "rate": 2.45,
      "originationDate": "2021-08-16",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "VAN METRE DULLES GLEN APARTMENTS",
      "address": "",
      "city": "HERNDON",
      "state": "VA",
      "zip": "20170",
      "units": 180,
      "originalAmount": 23000000,
      "rate": 2.45,
      "originationDate": "2013-03-28",
      "pmmsBenchmark": 3.565,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 1.11 pts below the 2013-03 market avg of 3.565%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "ALARIS HEALTH AT ROCHELLE PARK",
      "address": "",
      "city": "ROCHELLE PARK",
      "state": "NJ",
      "zip": "07662",
      "units": 366,
      "originalAmount": 22524900,
      "rate": 2.45,
      "originationDate": "2020-07-28",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "MARIPOSA AT ELLWOOD SHORES",
      "address": "",
      "city": "GOLETA",
      "state": "CA",
      "zip": "93117",
      "units": 81,
      "originalAmount": 21926300,
      "rate": 2.45,
      "originationDate": "2021-08-20",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "RITCH HOMES",
      "address": "",
      "city": "WASHINGTON",
      "state": "DC",
      "zip": "20009",
      "units": 46,
      "originalAmount": 21900000,
      "rate": 2.45,
      "originationDate": "2020-12-28",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "PARKER HILLTOP APARTMENTS - PHASE II",
      "address": "",
      "city": "PARKER",
      "state": "CO",
      "zip": "80138",
      "units": 144,
      "originalAmount": 21000000,
      "rate": 2.45,
      "originationDate": "2021-01-27",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "OWLS NEST APARTMENTS",
      "address": "",
      "city": "EAST CLEVELAND",
      "state": "OH",
      "zip": "44112",
      "units": 260,
      "originalAmount": 20227500,
      "rate": 2.45,
      "originationDate": "2020-08-14",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "JH OHIO PORTFOLIO",
      "address": "",
      "city": "LEBANON",
      "state": "OH",
      "zip": "45036",
      "units": 149,
      "originalAmount": 20072600,
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      "originationDate": "2021-10-25",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "SYCAMORE LANE APARTMENTS",
      "address": "",
      "city": "DAVIS",
      "state": "CA",
      "zip": "95616",
      "units": 158,
      "originalAmount": 18968800,
      "rate": 2.45,
      "originationDate": "2021-05-26",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "BLUE HILLS VILLAGE",
      "address": "",
      "city": "CANTON",
      "state": "MA",
      "zip": "02021",
      "units": 98,
      "originalAmount": 18144100,
      "rate": 2.45,
      "originationDate": "2020-07-28",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ASPEN HILLS HEALTHCARE CENTER",
      "address": "",
      "city": "PEMBERTON",
      "state": "NJ",
      "zip": "08068",
      "units": 172,
      "originalAmount": 18034700,
      "rate": 2.45,
      "originationDate": "2015-11-24",
      "pmmsBenchmark": 3.942,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 1.49 pts below the 2015-11 market avg of 3.942%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "MALLARD RIDGE APARTMENTS",
      "address": "",
      "city": "LINDENHURST",
      "state": "IL",
      "zip": "60046",
      "units": 204,
      "originalAmount": 17354100,
      "rate": 2.45,
      "originationDate": "2020-08-20",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "THE HILLS AT RENAISSANCE APARTMENTS",
      "address": "",
      "city": "WOODS CROSS CITY",
      "state": "UT",
      "zip": "84010",
      "units": 107,
      "originalAmount": 17280000,
      "rate": 2.45,
      "originationDate": "2021-03-30",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "MOUNT VERNON COUNTRYSIDE MANOR & RESIDENTIAL LIVING CENTER",
      "address": "",
      "city": "MOUNT VERNON",
      "state": "IL",
      "zip": "62864",
      "units": 241,
      "originalAmount": 16592000,
      "rate": 2.45,
      "originationDate": "2020-12-23",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "OASIS APARTMENT HOMES",
      "address": "",
      "city": "VIRGINIA BEACH",
      "state": "VA",
      "zip": "23454",
      "units": 216,
      "originalAmount": 16500000,
      "rate": 2.45,
      "originationDate": "2021-11-30",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "NORTH STOUGHTON VILLAGE",
      "address": "",
      "city": "STOUGHTON",
      "state": "MA",
      "zip": "02072",
      "units": 100,
      "originalAmount": 15601400,
      "rate": 2.45,
      "originationDate": "2020-07-28",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "AMHERST APARTMENTS",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77042",
      "units": 213,
      "originalAmount": 15360000,
      "rate": 2.45,
      "originationDate": "2021-12-10",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "MAGNOLIA TRACE APARTMENT HOMES",
      "address": "",
      "city": "ALEXANDRIA",
      "state": "LA",
      "zip": "71303",
      "units": 304,
      "originalAmount": 15213700,
      "rate": 2.45,
      "originationDate": "2013-02-27",
      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 1.08 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "SHERWOOD PARK APARTMENTS",
      "address": "",
      "city": "FRAMINGHAM",
      "state": "MA",
      "zip": "01702",
      "units": 81,
      "originalAmount": 14800000,
      "rate": 2.45,
      "originationDate": "2021-09-22",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE LAKELAND CENTER",
      "address": "",
      "city": "SOUTHFIELD",
      "state": "MI",
      "zip": "48034",
      "units": 152,
      "originalAmount": 13829400,
      "rate": 2.45,
      "originationDate": "2020-06-15",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "THE PALACE AT KENDALL NUR&REHA",
      "address": "",
      "city": "MIAMI",
      "state": "FL",
      "zip": "33173",
      "units": 180,
      "originalAmount": 13683000,
      "rate": 2.45,
      "originationDate": "2012-04-27",
      "pmmsBenchmark": 3.91,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 1.46 pts below the 2012-04 market avg of 3.91%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "HEATHSTONE APARTMENTS",
      "address": "",
      "city": "MCALLEN",
      "state": "TX",
      "zip": "78503",
      "units": 308,
      "originalAmount": 13466900,
      "rate": 2.45,
      "originationDate": "2012-12-18",
      "pmmsBenchmark": 3.345,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 0.90 pts below the 2012-12 market avg of 3.345%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "DRAKE MANOR",
      "address": "",
      "city": "POMONA",
      "state": "CA",
      "zip": "91767",
      "units": 109,
      "originalAmount": 13000000,
      "rate": 2.45,
      "originationDate": "2021-05-28",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "OVERLOOK TERRACES",
      "address": "",
      "city": "LOUISVILLE",
      "state": "KY",
      "zip": "40214",
      "units": 144,
      "originalAmount": 12612900,
      "rate": 2.45,
      "originationDate": "2022-01-18",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 0.99 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "TRILOGY8-FOREST GLENMI_IC",
      "address": "",
      "city": "SPRINGFIELD",
      "state": "OH",
      "zip": "45503",
      "units": 182,
      "originalAmount": 12222000,
      "rate": 2.45,
      "originationDate": "2012-11-16",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 0.90 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WRIGHT SENIOR APARTMENTS",
      "address": "",
      "city": "GRAND PRAIRIE",
      "state": "TX",
      "zip": "75051",
      "units": 154,
      "originalAmount": 11979100,
      "rate": 2.45,
      "originationDate": "2021-03-29",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "MID VALLEY NURSING AND REHABILITATION",
      "address": "",
      "city": "MERCEDES",
      "state": "TX",
      "zip": "78570",
      "units": 62,
      "originalAmount": 11649500,
      "rate": 2.45,
      "originationDate": "2021-12-16",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "TAYLORVILLE CARE CENTER & TAYLOR ESTATE",
      "address": "",
      "city": "TAYLORVILLE",
      "state": "IL",
      "zip": "62568",
      "units": 246,
      "originalAmount": 11144000,
      "rate": 2.45,
      "originationDate": "2020-12-23",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "REDWOOD FT WAYNE DIEBOLD RD PHASE II",
      "address": "",
      "city": "FT WAYNE",
      "state": "IN",
      "zip": "46845",
      "units": 56,
      "originalAmount": 10592000,
      "rate": 2.45,
      "originationDate": "2022-01-31",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 0.99 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "OVERLOOK MANOR",
      "address": "",
      "city": "FREDERICK",
      "state": "MD",
      "zip": "21703",
      "units": 63,
      "originalAmount": 10500000,
      "rate": 2.45,
      "originationDate": "2022-04-14",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 2.53 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "Tennyson Court Assisted Living & Memory Care",
      "address": "",
      "city": "Buffalo",
      "state": "NY",
      "zip": "14221",
      "units": 84,
      "originalAmount": 10485500,
      "rate": 2.45,
      "originationDate": "2021-06-29",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "CARDINAL MEDEIROS MANOR",
      "address": "",
      "city": "DORCHESTER",
      "state": "MA",
      "zip": "02125",
      "units": 55,
      "originalAmount": 10208000,
      "rate": 2.45,
      "originationDate": "2022-01-28",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 0.99 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CAMBRIDGE SQUARE OF FLINT",
      "address": "",
      "city": "FLINT",
      "state": "MI",
      "zip": "48532",
      "units": 160,
      "originalAmount": 9720000,
      "rate": 2.45,
      "originationDate": "2022-01-13",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 0.99 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "BISHOP WICKE HEALTH AND REHAB CENTER",
      "address": "",
      "city": "SHELTON",
      "state": "CT",
      "zip": "06484",
      "units": 120,
      "originalAmount": 9559400,
      "rate": 2.45,
      "originationDate": "2012-05-16",
      "pmmsBenchmark": 3.798,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 1.35 pts below the 2012-05 market avg of 3.798%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "CAMBRIDGE HOUSE OF SWANSEA",
      "address": "",
      "city": "SWANSEA",
      "state": "IL",
      "zip": "62226",
      "units": 106,
      "originalAmount": 9423200,
      "rate": 2.45,
      "originationDate": "2012-10-11",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 0.93 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "COLONIA DEL SOL APTS",
      "address": "",
      "city": "PHOENIX",
      "state": "AZ",
      "zip": "85041",
      "units": 144,
      "originalAmount": 9211000,
      "rate": 2.45,
      "originationDate": "2012-08-29",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 1.15 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE LODGE AT ESKATON VILLAGE PLACERVILLE",
      "address": "",
      "city": "PLACERVILLE",
      "state": "CA",
      "zip": "95667",
      "units": 64,
      "originalAmount": 8976000,
      "rate": 2.45,
      "originationDate": "2012-11-29",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 0.90 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CALLIS TOWER",
      "address": "",
      "city": "AKRON",
      "state": "OH",
      "zip": "44311",
      "units": 277,
      "originalAmount": 8757600,
      "rate": 2.45,
      "originationDate": "2021-09-30",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "GOLFVIEW DEVELOPMENT CENTER",
      "address": "",
      "city": "DES PLAINES",
      "state": "IL",
      "zip": "60016",
      "units": 135,
      "originalAmount": 8740000,
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      "originationDate": "2012-09-24",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 1.05 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "THE POINTE AT PICKETT FARMS I",
      "address": "",
      "city": "NORFOLK",
      "state": "VA",
      "zip": "23502",
      "units": 120,
      "originalAmount": 8712700,
      "rate": 2.45,
      "originationDate": "2020-11-25",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "TRILOGY8-MILL POND",
      "address": "",
      "city": "GREENCASTLE",
      "state": "IN",
      "zip": "46135",
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      "originalAmount": 8689100,
      "rate": 2.45,
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      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 0.90 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "TRILOGY8-FOREST PARK",
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      "city": "RICHMOND",
      "state": "IN",
      "zip": "47374",
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      "originalAmount": 8427900,
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      "pmmsBenchmark": 3.352,
      "belowMarket": true,
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      "red": true,
      "redReasons": [
        "Rate 2.45% is 0.90 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE MARK",
      "address": "",
      "city": "GREENVILLE",
      "state": "MS",
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      "belowMarket": false,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "CASA LUCENA",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90022",
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      "belowMarket": false,
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "BEACHCREST TOWER",
      "address": "",
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      "state": "OH",
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      "originalAmount": 7970500,
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      "belowMarket": true,
      "historicLowEra": true,
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        "Rate 2.45% is 0.99 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MYSTIC PINES APARTMENTS",
      "address": "",
      "city": "LINCOLN",
      "state": "NE",
      "zip": "68522",
      "units": 132,
      "originalAmount": 7833600,
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      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
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        "Rate 2.45% is 0.99 pts below the 2013-04 market avg of 3.445%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "TRILOGY8-HAPTON OAKS",
      "address": "",
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      "originalAmount": 7718000,
      "rate": 2.45,
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      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
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        "Rate 2.45% is 0.90 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BERKSHIRE GRAFTON",
      "address": "",
      "city": "GRAFTON",
      "state": "WI",
      "zip": "53024",
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      "originalAmount": 7424000,
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      "pmmsBenchmark": 2.963,
      "belowMarket": false,
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "TRILOGY8-ASHFORD PLACE",
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      "units": 128,
      "originalAmount": 7343000,
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      "pmmsBenchmark": 3.352,
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      "red": true,
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        "Rate 2.45% is 0.90 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "KENSINGTON PLACE APARTMENTS",
      "address": "",
      "city": "CLEVELAND HEIGHTS",
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      "originalAmount": 7277500,
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      "pmmsBenchmark": 2.868,
      "belowMarket": false,
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "REDWOOD LOUISVILLE",
      "address": "",
      "city": "LOUISVILLE",
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      "zip": "44641",
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      "originalAmount": 7240000,
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      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 1.31 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "FAMILY HEALTH AND REHABILITATION CENTER",
      "address": "",
      "city": "WICHITA",
      "state": "KS",
      "zip": "67209",
      "units": 72,
      "originalAmount": 6964400,
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      "originationDate": "2012-08-24",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
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        "Rate 2.45% is 1.15 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HUNTERS CREEK SENIOR COTTAGES",
      "address": "",
      "city": "PLANT CITY",
      "state": "FL",
      "zip": "33563",
      "units": 48,
      "originalAmount": 6624000,
      "rate": 2.45,
      "originationDate": "2020-12-30",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "TRILOGY8-GLEN OAKS",
      "address": "",
      "city": "NEW CASTLE",
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      "zip": "47362",
      "units": 108,
      "originalAmount": 6294800,
      "rate": 2.45,
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      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 0.90 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "OAK GROVE PLACE",
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      "city": "HATTIESBURG",
      "state": "MS",
      "zip": "39402",
      "units": 133,
      "originalAmount": 6256800,
      "rate": 2.45,
      "originationDate": "2020-08-14",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "REALIFE COOPERATIVE OF BLOOMINGTON",
      "address": "",
      "city": "BLOOMINGTON",
      "state": "MN",
      "zip": "55420",
      "units": 78,
      "originalAmount": 5621800,
      "rate": 2.45,
      "originationDate": "2020-07-31",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "AVISTON COUNTRYSIDE MANOR",
      "address": "",
      "city": "AVISTON",
      "state": "IL",
      "zip": "62216",
      "units": 148,
      "originalAmount": 5576000,
      "rate": 2.45,
      "originationDate": "2020-12-23",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "LEGACY RIDGE TRUSSVILLE",
      "address": "",
      "city": "TRUSSVILLE",
      "state": "AL",
      "zip": "35173",
      "units": 45,
      "originalAmount": 5557500,
      "rate": 2.45,
      "originationDate": "2021-07-29",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "HAWKS LANDING APARTMENTS",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44135",
      "units": 144,
      "originalAmount": 5490000,
      "rate": 2.45,
      "originationDate": "2011-11-10",
      "pmmsBenchmark": 3.993,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 1.54 pts below the 2011-11 market avg of 3.993%"
      ],
      "holder": "ROSE COMMUNITY CAPITAL, LLC"
    },
    {
      "property": "TRILOGY8-ST. ANDREWS HEALTH CAMPUS",
      "address": "",
      "city": "BATESVILLE",
      "state": "IN",
      "zip": "47006",
      "units": 108,
      "originalAmount": 5482000,
      "rate": 2.45,
      "originationDate": "2012-11-16",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 0.90 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MEADOWBROOK MANOR OF DURHAM",
      "address": "",
      "city": "DURHAM",
      "state": "NC",
      "zip": "27705",
      "units": 140,
      "originalAmount": 5474400,
      "rate": 2.45,
      "originationDate": "2012-07-25",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 1.10 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "VIEWPOINTE APARTMENTS",
      "address": "",
      "city": "GRAND RAPIDS",
      "state": "MI",
      "zip": "49506",
      "units": 138,
      "originalAmount": 5400000,
      "rate": 2.45,
      "originationDate": "2012-10-30",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 0.93 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "MEADOW GLEN OF LEESBURG",
      "address": "",
      "city": "LEESBURG",
      "state": "VA",
      "zip": "20175",
      "units": 77,
      "originalAmount": 5078000,
      "rate": 2.45,
      "originationDate": "2020-11-30",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "EAGLES LANDING APARTMENTS",
      "address": "",
      "city": "LINCOLN",
      "state": "NE",
      "zip": "68521",
      "units": 78,
      "originalAmount": 5070200,
      "rate": 2.45,
      "originationDate": "2013-04-19",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 0.99 pts below the 2013-04 market avg of 3.445%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "HAMILTON NURSING HOME",
      "address": "",
      "city": "DETROIT",
      "state": "MI",
      "zip": "48207",
      "units": 92,
      "originalAmount": 4400000,
      "rate": 2.45,
      "originationDate": "2020-12-29",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "KEYSTONE APARTMENTS",
      "address": "",
      "city": "WESLACO",
      "state": "TX",
      "zip": "78596",
      "units": 136,
      "originalAmount": 4118300,
      "rate": 2.45,
      "originationDate": "2012-11-28",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 0.90 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "BOWDEN-PENDLETON HOMES",
      "address": "",
      "city": "MACON",
      "state": "GA",
      "zip": "31206",
      "units": 351,
      "originalAmount": 3972900,
      "rate": 2.45,
      "originationDate": "2021-09-29",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "RUSSELL PARK REHABILITATION AND LIVING CENTER",
      "address": "",
      "city": "LEWISTON",
      "state": "ME",
      "zip": "04240",
      "units": 158,
      "originalAmount": 3624000,
      "rate": 2.45,
      "originationDate": "2020-08-17",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "BOULDERS APARTMENTS",
      "address": "",
      "city": "BISMARCK",
      "state": "ND",
      "zip": "58501",
      "units": 54,
      "originalAmount": 3360000,
      "rate": 2.45,
      "originationDate": "2012-09-17",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 1.05 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "SAN JUAN PARK II APARTMENTS",
      "address": "",
      "city": "SAN JUAN",
      "state": "PR",
      "zip": "00909",
      "units": 75,
      "originalAmount": 3193100,
      "rate": 2.45,
      "originationDate": "2020-12-31",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "MIDVALE HEIGHTS APARTMENTS",
      "address": "",
      "city": "MADISON",
      "state": "WI",
      "zip": "53711",
      "units": 60,
      "originalAmount": 3120000,
      "rate": 2.45,
      "originationDate": "2012-08-29",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 1.15 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "SEVEN FARMS APARTMENTS",
      "address": "",
      "city": "DANIEL ISLAND",
      "state": "SC",
      "zip": "29492",
      "units": 72,
      "originalAmount": 2934000,
      "rate": 2.45,
      "originationDate": "2013-03-26",
      "pmmsBenchmark": 3.565,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 1.11 pts below the 2013-03 market avg of 3.565%"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "PIONEER TOWNHOUSES",
      "address": "",
      "city": "JASPER",
      "state": "GA",
      "zip": "30143",
      "units": 24,
      "originalAmount": 2720000,
      "rate": 2.45,
      "originationDate": "2021-03-23",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "ALICE PLACE WAUKEE",
      "address": "",
      "city": "WAUKEE",
      "state": "IA",
      "zip": "50263",
      "units": 59,
      "originalAmount": 2666000,
      "rate": 2.45,
      "originationDate": "2021-04-21",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "CABOT HOUSING-NEWBERRY COURT",
      "address": "",
      "city": "CABOT",
      "state": "AR",
      "zip": "72023",
      "units": 68,
      "originalAmount": 2600000,
      "rate": 2.45,
      "originationDate": "2012-04-26",
      "pmmsBenchmark": 3.91,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 1.46 pts below the 2012-04 market avg of 3.91%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "PARADISE ASSISTED LIVING",
      "address": "",
      "city": "CATONSVILLE",
      "state": "MD",
      "zip": "21228",
      "units": 45,
      "originalAmount": 2442200,
      "rate": 2.45,
      "originationDate": "2012-09-27",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 1.05 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "IMPERIAL HOMES SOUTH",
      "address": "",
      "city": "WEST MEMPHIS",
      "state": "AR",
      "zip": "72301",
      "units": 56,
      "originalAmount": 2114900,
      "rate": 2.45,
      "originationDate": "2014-06-26",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 1.71 pts below the 2014-06 market avg of 4.162%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "RIMROCK 12-PLEX OF COPPER VILLAGE",
      "address": "",
      "city": "GRAND JUNCTION",
      "state": "CO",
      "zip": "81505",
      "units": 12,
      "originalAmount": 1870000,
      "rate": 2.45,
      "originationDate": "2021-08-24",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "OAKWOOD MANOR",
      "address": "",
      "city": "OSHKOSH",
      "state": "WI",
      "zip": "54904",
      "units": 20,
      "originalAmount": 1798000,
      "rate": 2.45,
      "originationDate": "2012-08-23",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 1.15 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SUPERIOR ARBORETUM APARTMENTS",
      "address": "",
      "city": "SUPERIOR",
      "state": "AZ",
      "zip": "85273",
      "units": 42,
      "originalAmount": 1443500,
      "rate": 2.45,
      "originationDate": "2022-02-25",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 1.31 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "JOY WEST MANOR APARTMENTS",
      "address": "",
      "city": "DETROIT",
      "state": "MI",
      "zip": "48228",
      "units": 78,
      "originalAmount": 1300000,
      "rate": 2.45,
      "originationDate": "2014-07-31",
      "pmmsBenchmark": 4.13,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 1.68 pts below the 2014-07 market avg of 4.13%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "SOUTHWOOD TOWNHOUSES",
      "address": "",
      "city": "MEMPHIS",
      "state": "TN",
      "zip": "38118",
      "units": 48,
      "originalAmount": 978700,
      "rate": 2.45,
      "originationDate": "2013-02-21",
      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.45% is 1.08 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "PARAMOUNT AT WILKINS MILL",
      "address": "",
      "city": "GAITHERSBURG",
      "state": "MD",
      "zip": "20879",
      "units": 225,
      "originalAmount": 55637100,
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      "originationDate": "2021-08-20",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "THEA'S LANDING APARTMENTS",
      "address": "",
      "city": "TACOMA",
      "state": "WA",
      "zip": "98402",
      "units": 189,
      "originalAmount": 41928000,
      "rate": 2.46,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "WINDSOR VALLEY III APARTMENTS",
      "address": "",
      "city": "EDGEWOOD",
      "state": "MD",
      "zip": "21040",
      "units": 283,
      "originalAmount": 40676000,
      "rate": 2.46,
      "originationDate": "2021-12-21",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "SPRING CREEK APARTMENTS",
      "address": "",
      "city": "CRESTVIEW",
      "state": "FL",
      "zip": "32563",
      "units": 254,
      "originalAmount": 28800000,
      "rate": 2.46,
      "originationDate": "2020-06-30",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "CIBOLO CROSSING",
      "address": "",
      "city": "LAREDO",
      "state": "TX",
      "zip": "78045",
      "units": 236,
      "originalAmount": 26592000,
      "rate": 2.46,
      "originationDate": "2021-02-09",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "COVINGTON PLACE SEMIOR APARTMENTS",
      "address": "",
      "city": "COVINGTON",
      "state": "WA",
      "zip": "98042",
      "units": 121,
      "originalAmount": 20145200,
      "rate": 2.46,
      "originationDate": "2022-02-17",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.46% is 1.30 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CANTERBURY HOUSE JACKSON",
      "address": "",
      "city": "JACKSON",
      "state": "MI",
      "zip": "49203",
      "units": 203,
      "originalAmount": 18000000,
      "rate": 2.46,
      "originationDate": "2021-08-18",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "BRIARWOOD APARTMENTS",
      "address": "",
      "city": "FORT SMITH",
      "state": "AR",
      "zip": "72908",
      "units": 128,
      "originalAmount": 14000000,
      "rate": 2.46,
      "originationDate": "2020-12-08",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "THE FLATS AT PROFESSIONAL ARTS BUILDING",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21201",
      "units": 96,
      "originalAmount": 12200000,
      "rate": 2.46,
      "originationDate": "2021-11-24",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "EASTLAND APARTMENTS",
      "address": "",
      "city": "EVANSVILLE",
      "state": "IN",
      "zip": "47715",
      "units": 161,
      "originalAmount": 8600000,
      "rate": 2.46,
      "originationDate": "2021-02-18",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "RESERVE AT KANAPAHA II",
      "address": "",
      "city": "GAINESVILLE",
      "state": "FL",
      "zip": "32608",
      "units": 144,
      "originalAmount": 8181300,
      "rate": 2.46,
      "originationDate": "2020-09-22",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "FIRST HOUSING DEV CORP OF FL"
    },
    {
      "property": "THE ORCHARDS AT FOXCREST",
      "address": "",
      "city": "CHESTER",
      "state": "WV",
      "zip": "26034",
      "units": 84,
      "originalAmount": 6461800,
      "rate": 2.46,
      "originationDate": "2021-12-22",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "THE RESIDENCES AT THAYER",
      "address": "",
      "city": "SILVER SPRING",
      "state": "MD",
      "zip": "20910",
      "units": 52,
      "originalAmount": 6326340,
      "rate": 2.46,
      "originationDate": "2021-01-28",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "THE BROOK OF WEST BRANCH",
      "address": "",
      "city": "WEST BRANCH",
      "state": "MI",
      "zip": "48661",
      "units": 62,
      "originalAmount": 4817000,
      "rate": 2.46,
      "originationDate": "2022-02-28",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.46% is 1.30 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "THE BROOK OF BOYNE CITY",
      "address": "",
      "city": "BOYNE CITY",
      "state": "MI",
      "zip": "49712",
      "units": 42,
      "originalAmount": 4279800,
      "rate": 2.46,
      "originationDate": "2022-02-28",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.46% is 1.30 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "GOVERNOR'S RIDGE",
      "address": "",
      "city": "DECATUR",
      "state": "TX",
      "zip": "76234",
      "units": 57,
      "originalAmount": 3908000,
      "rate": 2.46,
      "originationDate": "2021-07-28",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "THE OAKS OF CARROLLTON/ASSISTED LIVING",
      "address": "",
      "city": "CARROLLTON",
      "state": "GA",
      "zip": "30117",
      "units": 84,
      "originalAmount": 3604700,
      "rate": 2.46,
      "originationDate": "2011-01-24",
      "pmmsBenchmark": 4.755,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.46% is 2.29 pts below the 2011-01 market avg of 4.755%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "UHS19-UNIHEALTH POST ACUTE CARE ATHENS HERITAGE",
      "address": "",
      "city": "ATHENS",
      "state": "GA",
      "zip": "30606",
      "units": 104,
      "originalAmount": 3503900,
      "rate": 2.46,
      "originationDate": "2011-01-24",
      "pmmsBenchmark": 4.755,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.46% is 2.29 pts below the 2011-01 market avg of 4.755%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "LEON ARMS APTS",
      "address": "",
      "city": "TALLAHASSEE",
      "state": "FL",
      "zip": "32310",
      "units": 100,
      "originalAmount": 3000000,
      "rate": 2.46,
      "originationDate": "2005-06-29",
      "pmmsBenchmark": 5.582,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.46% is 3.12 pts below the 2005-06 market avg of 5.582%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "HEILMAN HOUSE",
      "address": "",
      "city": "TOPTON",
      "state": "PA",
      "zip": "19562",
      "units": 50,
      "originalAmount": 2662900,
      "rate": 2.46,
      "originationDate": "2011-07-13",
      "pmmsBenchmark": 4.545,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.46% is 2.08 pts below the 2011-07 market avg of 4.545%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "REDSTONE PARK",
      "address": "",
      "city": "BROWNWOOD",
      "state": "TX",
      "zip": "76801",
      "units": 59,
      "originalAmount": 2437800,
      "rate": 2.46,
      "originationDate": "2021-07-28",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "LUTHER MEADOWS",
      "address": "",
      "city": "TOPTON",
      "state": "PA",
      "zip": "19562",
      "units": 51,
      "originalAmount": 2419400,
      "rate": 2.46,
      "originationDate": "2011-07-21",
      "pmmsBenchmark": 4.545,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.46% is 2.08 pts below the 2011-07 market avg of 4.545%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "INDEPENDENCE CENTER APTS",
      "address": "",
      "city": "MAPLEWOOD",
      "state": "MO",
      "zip": "63143",
      "units": 41,
      "originalAmount": 1790500,
      "rate": 2.46,
      "originationDate": "2007-09-28",
      "pmmsBenchmark": 6.383,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.46% is 3.92 pts below the 2007-09 market avg of 6.383%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "ST. PAUL TERRACE",
      "address": "",
      "city": "PARKERSBURG",
      "state": "WV",
      "zip": "26104",
      "units": 44,
      "originalAmount": 1473000,
      "rate": 2.46,
      "originationDate": "2021-11-05",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "HERITAGE HEALTHCARE OF FORSYTH",
      "address": "",
      "city": "FORSYTH",
      "state": "GA",
      "zip": "31029",
      "units": 72,
      "originalAmount": 1346500,
      "rate": 2.46,
      "originationDate": "2011-01-24",
      "pmmsBenchmark": 4.755,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.46% is 2.29 pts below the 2011-01 market avg of 4.755%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "CARRIAGE HOUSE OF NEW ALBANY",
      "address": "",
      "city": "NEW ALBANY",
      "state": "IN",
      "zip": "47150",
      "units": 120,
      "originalAmount": 451000,
      "rate": 2.46,
      "originationDate": "2012-06-27",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.46% is 1.21 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "THE GREENS AT ROLLING RD",
      "address": "",
      "city": "CATONSVILLE",
      "state": "MD",
      "zip": "21228",
      "units": 83,
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      "originationDate": "2022-02-24",
      "pmmsBenchmark": 3.763,
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      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.465% is 1.30 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "DALIAN ON THE PARK",
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      "belowMarket": false,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "DONCASTER VILLAGE APARTMENTS",
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      "belowMarket": false,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "COLONNADE AT SYCAMORE HIGHLANDS",
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      "city": "RIVERSIDE",
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      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
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        "Rate 2.47% is 1.29 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "CASTLEROCK AT SYCAMORE HIGHLANDS",
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        "Rate 2.47% is 1.29 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "STONE POINT APARTMENTS",
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "LEXINGTON GARDEN",
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      "pmmsBenchmark": 2.81,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
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    },
    {
      "property": "MS HOUSES",
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
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    },
    {
      "property": "SITE A-WASHINGTON HEIGHTS",
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
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    },
    {
      "property": "LEGACY AT TWIN OAKS",
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "MANSIONS AT IVY LAKE",
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      "city": "GONZALES",
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      "pmmsBenchmark": 2.765,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "CASCADIA APARTMENTS",
      "address": "",
      "city": "SAN ANTONIO",
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      "originalAmount": 27515700,
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      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ALTA SKILLED NURSING AND REHABILITATION CENTER",
      "address": "",
      "city": "RENO",
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      "originalAmount": 25475000,
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      "originationDate": "2021-10-21",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "AUDUBON APARTMENTS",
      "address": "",
      "city": "NEW YORK",
      "state": "NY",
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      "originalAmount": 21926100,
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      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "NOHO SENIOR TERRACES",
      "address": "",
      "city": "NORTH HOLLYWOOD",
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      "originalAmount": 21644500,
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      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GATEWAY I",
      "address": "",
      "city": "NEW YORK",
      "state": "NY",
      "zip": "10026",
      "units": 59,
      "originalAmount": 20499800,
      "rate": 2.47,
      "originationDate": "2021-02-12",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "BRANT CREEK APARTMENTS",
      "address": "",
      "city": "SAINT MARYS",
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      "zip": "31558",
      "units": 196,
      "originalAmount": 20208000,
      "rate": 2.47,
      "originationDate": "2020-12-22",
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      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "WEST HOUSE AT FOXTOWN",
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      "city": "MEQUON",
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      "originalAmount": 19451900,
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      "belowMarket": false,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE MEADOW AT JUNE ROAD",
      "address": "",
      "city": "BELLINGHAM",
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      "originalAmount": 18840000,
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      "originationDate": "2021-02-18",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE PRESERVE AT LAKE WALES",
      "address": "",
      "city": "LAKE WALES",
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      "pmmsBenchmark": 4.714,
      "belowMarket": true,
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      "redReasons": [
        "Rate 2.47% is 2.24 pts below the 2010-12 market avg of 4.714%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ZVAGO COOPERATIVE AT GLEN LAKE",
      "address": "",
      "city": "MINNETONKA",
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      "zip": "55345",
      "units": 52,
      "originalAmount": 14755000,
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      "originationDate": "2021-11-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "GOLDEN GARDENS APARTMENTS",
      "address": "",
      "city": "FRESNO",
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      "zip": "93722",
      "units": 110,
      "originalAmount": 14480000,
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      "originationDate": "2020-07-30",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "SEACREST RETIREMENT CENTER",
      "address": "",
      "city": "WEST HAVEN",
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      "zip": "06516",
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      "originalAmount": 13416600,
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      "originationDate": "2021-02-26",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "MT VERNON PLAZA I",
      "address": "",
      "city": "COLUMBUS",
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      "zip": "43203",
      "units": 226,
      "originalAmount": 13250000,
      "rate": 2.47,
      "originationDate": "2022-03-25",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
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      "redReasons": [
        "Rate 2.47% is 1.70 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE HERSCHEL",
      "address": "",
      "city": "DALLAS",
      "state": "TX",
      "zip": "75219",
      "units": 80,
      "originalAmount": 11600000,
      "rate": 2.47,
      "originationDate": "2021-11-30",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "FAIRDALE APARTMENTS",
      "address": "",
      "city": "FARMINGTON",
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      "units": 104,
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      "rate": 2.47,
      "originationDate": "2020-09-29",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "THE VILLAGE FLATS APARTMENTS",
      "address": "",
      "city": "TULSA",
      "state": "OK",
      "zip": "74120",
      "units": 54,
      "originalAmount": 9400000,
      "rate": 2.47,
      "originationDate": "2022-01-12",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.47% is 0.97 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GLENDORA GARDENS",
      "address": "",
      "city": "GLENDORA",
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      "zip": "91741",
      "units": 105,
      "originalAmount": 8256000,
      "rate": 2.47,
      "originationDate": "2014-01-15",
      "pmmsBenchmark": 4.432,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.47% is 1.96 pts below the 2014-01 market avg of 4.432%"
      ],
      "holder": "ROSE COMMUNITY CAPITAL, LLC"
    },
    {
      "property": "The Greens at Pinehurst Rehabilitation and Living Center",
      "address": "",
      "city": "PINEHURST",
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      "units": 68,
      "originalAmount": 7896000,
      "rate": 2.47,
      "originationDate": "2021-06-23",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE NORTH SHORE ESTATES",
      "address": "",
      "city": "DULUTH",
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      "units": 134,
      "originalAmount": 7758800,
      "rate": 2.47,
      "originationDate": "2020-11-17",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "AMBASSADOR NURSING AND REHABILITATION CENTER",
      "address": "",
      "city": "CHICAGO",
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      "zip": "60625",
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      "originalAmount": 7176200,
      "rate": 2.47,
      "originationDate": "2021-12-21",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "LUTHERWOOD",
      "address": "",
      "city": "SCRANTON",
      "state": "PA",
      "zip": "18505",
      "units": 125,
      "originalAmount": 6754800,
      "rate": 2.47,
      "originationDate": "2011-02-28",
      "pmmsBenchmark": 4.952,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.47% is 2.48 pts below the 2011-02 market avg of 4.952%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "PINE COURT II",
      "address": "",
      "city": "RICHMOND",
      "state": "VA",
      "zip": "23220",
      "units": 67,
      "originalAmount": 6640000,
      "rate": 2.47,
      "originationDate": "2014-12-11",
      "pmmsBenchmark": 3.864,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.47% is 1.39 pts below the 2014-12 market avg of 3.864%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "WINHAVEN COURT",
      "address": "",
      "city": "WINONA",
      "state": "MN",
      "zip": "55987",
      "units": 118,
      "originalAmount": 6543500,
      "rate": 2.47,
      "originationDate": "2016-01-29",
      "pmmsBenchmark": 3.873,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.47% is 1.40 pts below the 2016-01 market avg of 3.873%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "THE OAKS APARTMENTS",
      "address": "",
      "city": "WATERTOWN",
      "state": "SD",
      "zip": "57201",
      "units": 72,
      "originalAmount": 6000000,
      "rate": 2.47,
      "originationDate": "2020-12-16",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "SUN TERRACE AT PROSSER",
      "address": "",
      "city": "PROSSER",
      "state": "WA",
      "zip": "99350",
      "units": 86,
      "originalAmount": 5829100,
      "rate": 2.47,
      "originationDate": "2012-11-29",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.47% is 0.88 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "MEEKER MANOR REHABILITATION CENTER",
      "address": "",
      "city": "LITCHFIELD",
      "state": "MN",
      "zip": "55355",
      "units": 154,
      "originalAmount": 5545200,
      "rate": 2.47,
      "originationDate": "2020-11-17",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "NEW HOMESTEAD",
      "address": "",
      "city": "GUTHRIE CENTER",
      "state": "IA",
      "zip": "50115",
      "units": 71,
      "originalAmount": 5309500,
      "rate": 2.47,
      "originationDate": "2022-03-24",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.47% is 1.70 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "1558 MASSACHUSETTS AVENUE",
      "address": "",
      "city": "CAMBRIDGE",
      "state": "MA",
      "zip": "02138",
      "units": 31,
      "originalAmount": 5263600,
      "rate": 2.47,
      "originationDate": "2021-03-30",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "LAUREL BAYE HEALTHCARE OF LAKE",
      "address": "",
      "city": "BUFORD",
      "state": "GA",
      "zip": "30518",
      "units": 117,
      "originalAmount": 4300100,
      "rate": 2.47,
      "originationDate": "2012-07-31",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.47% is 1.08 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "LEGACY AT THE BENTLEY",
      "address": "",
      "city": "SHREVEPORT",
      "state": "LA",
      "zip": "71129",
      "units": 85,
      "originalAmount": 4013400,
      "rate": 2.47,
      "originationDate": "2021-04-27",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "PARKSTONE SENIOR VILLAGE PHASE III APARTMENTS",
      "address": "",
      "city": "WICHITA FALLS",
      "state": "TX",
      "zip": "76310",
      "units": 40,
      "originalAmount": 3759200,
      "rate": 2.47,
      "originationDate": "2021-08-19",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LEGACY CAPITAL MORTGAGE LLC"
    },
    {
      "property": "THE JOURDAIN APARTMENTS",
      "address": "",
      "city": "MINNEAPOLIS",
      "state": "MN",
      "zip": "55404",
      "units": 41,
      "originalAmount": 3165000,
      "rate": 2.47,
      "originationDate": "2012-09-27",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.47% is 1.03 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "LUTHER HAUS",
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      "city": "TEMPERANCE",
      "state": "MI",
      "zip": "48182",
      "units": 91,
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      "rate": 2.47,
      "originationDate": "2013-02-14",
      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.47% is 1.06 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "FIRST HOUSING DEV CORP OF FL"
    },
    {
      "property": "WEST END BAPTIST MANOR",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78237",
      "units": 50,
      "originalAmount": 2598400,
      "rate": 2.47,
      "originationDate": "2021-08-26",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKELEY POINT CAPITAL LLC"
    },
    {
      "property": "VILLAS AT FOX POINTE",
      "address": "",
      "city": "KNOXVILLE",
      "state": "IA",
      "zip": "50138",
      "units": 50,
      "originalAmount": 2470800,
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      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "REALIFE COOPERATIVE OF ST. PETER",
      "address": "",
      "city": "ST. PETER",
      "state": "MN",
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      "originalAmount": 1500000,
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      "originationDate": "2021-05-28",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "VILLAS AT POOL PARK",
      "address": "",
      "city": "PLATTEVILLE",
      "state": "WI",
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      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "AFFINITY SKILLED LIVING AND REHABILITATION CENTER",
      "address": "",
      "city": "OAKDALE",
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      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "ARIELLE SPRINGWOODSD",
      "address": "",
      "city": "SPRING",
      "state": "TX",
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      "originalAmount": 44030000,
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      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "AVIA 266 APARTMENTS",
      "address": "",
      "city": "MESA",
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      "zip": "85201",
      "units": 266,
      "originalAmount": 39280000,
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      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE CASCADE AT FALLS PARK",
      "address": "",
      "city": "SIOUX FALLS",
      "state": "SD",
      "zip": "57104",
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      "originalAmount": 37969500,
      "rate": 2.48,
      "originationDate": "2021-08-23",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "TOWN CENTER APARTMENTS",
      "address": "",
      "city": "QUEEN CREEK",
      "state": "AZ",
      "zip": "85142",
      "units": 176,
      "originalAmount": 29440000,
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      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "GREEN HILL TOWERS APARTMENTS",
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      "city": "WORCESTER",
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      "originalAmount": 28000000,
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      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "BUNGALOWS ON THE LAKE PRAIRIE QUEEN",
      "address": "",
      "city": "OMAHA",
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      "originalAmount": 26600000,
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      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.48% is 1.28 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "FILLING STATION LOFTS",
      "address": "",
      "city": "MIAMI",
      "state": "FL",
      "zip": "33136",
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      "originalAmount": 26115400,
      "rate": 2.48,
      "originationDate": "2020-08-12",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "MUIRFIELD WOODS",
      "address": "",
      "city": "STERLING",
      "state": "VA",
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      "units": 156,
      "originalAmount": 25145800,
      "rate": 2.48,
      "originationDate": "2021-11-22",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CUMBERLAND MANOR NURSING & REHABILITATION CENTER",
      "address": "",
      "city": "BRIDGETON",
      "state": "NJ",
      "zip": "08302",
      "units": 91,
      "originalAmount": 24995000,
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      "originationDate": "2020-08-06",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "ALARIS HEALTH AT CASTLE HILL",
      "address": "",
      "city": "UNION CITY",
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      "zip": "07087",
      "units": 332,
      "originalAmount": 24777000,
      "rate": 2.48,
      "originationDate": "2020-07-28",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "LE PROVENCE APTS.",
      "address": "",
      "city": "FRESNO",
      "state": "CA",
      "zip": "93720",
      "units": 271,
      "originalAmount": 24400000,
      "rate": 2.48,
      "originationDate": "2012-08-30",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.48% is 1.12 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "COMMONS AT AVALON PARK",
      "address": "",
      "city": "TIGARD",
      "state": "OR",
      "zip": "97224",
      "units": 192,
      "originalAmount": 24317900,
      "rate": 2.48,
      "originationDate": "2021-05-26",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "HERITAGE WOODS OF SOUTH ELGIN",
      "address": "",
      "city": "SOUTH ELGIN",
      "state": "IL",
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      "units": 182,
      "originalAmount": 23713700,
      "rate": 2.48,
      "originationDate": "2012-12-05",
      "pmmsBenchmark": 3.345,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.48% is 0.87 pts below the 2012-12 market avg of 3.345%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "EAST OF MARKET APARTMENTS",
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      "city": "FREDERICK",
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      "originalAmount": 23025300,
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      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "PARK PLAZA SENIOR APARTMENTS",
      "address": "",
      "city": "NORTH HOLLYWOOD",
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      "zip": "91606",
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      "originationDate": "2022-02-23",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.48% is 1.28 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "NORWOOD CROSSING",
      "address": "",
      "city": "CHICAGO",
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      "units": 258,
      "originalAmount": 21056300,
      "rate": 2.48,
      "originationDate": "2012-07-11",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.48% is 1.07 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GREYSTONE FARMS",
      "address": "",
      "city": "COLUMBUS",
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      "originationDate": "2012-08-22",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
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      "redReasons": [
        "Rate 2.48% is 1.12 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ALARIS HEALTH AT THE CHATEAU",
      "address": "",
      "city": "ROCHELLE PARK",
      "state": "NJ",
      "zip": "07662",
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      "originalAmount": 19865900,
      "rate": 2.48,
      "originationDate": "2020-07-28",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "HOMESTEAD SENIOR LIVING",
      "address": "",
      "city": "REXBURG",
      "state": "ID",
      "zip": "83440",
      "units": 356,
      "originalAmount": 19248500,
      "rate": 2.48,
      "originationDate": "2021-12-15",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "THE VIEW ON 26TH",
      "address": "",
      "city": "BOULDER",
      "state": "CO",
      "zip": "80302",
      "units": 83,
      "originalAmount": 19000000,
      "rate": 2.48,
      "originationDate": "2020-06-25",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "MESEROLE & MONTROSE APARTMENTS",
      "address": "",
      "city": "BROOKLYN",
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      "zip": "11206",
      "units": 60,
      "originalAmount": 18000000,
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      "originationDate": "2021-04-30",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "THE POINTE AT CONWAY",
      "address": "",
      "city": "CONWAY",
      "state": "AR",
      "zip": "72032",
      "units": 168,
      "originalAmount": 16800000,
      "rate": 2.48,
      "originationDate": "2021-12-15",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ANCHOR'S WEIGH",
      "address": "",
      "city": "CHELSEA",
      "state": "MA",
      "zip": "02150",
      "units": 87,
      "originalAmount": 15026500,
      "rate": 2.48,
      "originationDate": "2022-01-31",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.48% is 0.96 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PARK LANE VILLA APARTMENTS",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44106",
      "units": 96,
      "originalAmount": 14473200,
      "rate": 2.48,
      "originationDate": "2013-02-12",
      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.48% is 1.05 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "THE MEETINGHOUSE AT COLLINS COVE",
      "address": "",
      "city": "JACKSONVILLE",
      "state": "FL",
      "zip": "32244",
      "units": 160,
      "originalAmount": 13892200,
      "rate": 2.48,
      "originationDate": "2020-08-28",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "TANEY VILLAGE",
      "address": "",
      "city": "FREDERICK",
      "state": "MD",
      "zip": "21702",
      "units": 130,
      "originalAmount": 13455500,
      "rate": 2.48,
      "originationDate": "2021-08-24",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "FLO CO FUSION",
      "address": "",
      "city": "MINNEAPOLIS",
      "state": "MN",
      "zip": "55414",
      "units": 84,
      "originalAmount": 13417600,
      "rate": 2.48,
      "originationDate": "2016-02-26",
      "pmmsBenchmark": 3.66,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.48% is 1.18 pts below the 2016-02 market avg of 3.66%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "ALEXIS PARK APARTMENTS",
      "address": "",
      "city": "BOSSIER CITY",
      "state": "LA",
      "zip": "71112",
      "units": 280,
      "originalAmount": 13120000,
      "rate": 2.48,
      "originationDate": "2021-03-31",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "ASANTE CHANDLER TRANSITIONAL REHAB",
      "address": "",
      "city": "CHANDLER",
      "state": "AZ",
      "zip": "85224",
      "units": 70,
      "originalAmount": 12637900,
      "rate": 2.48,
      "originationDate": "2010-10-27",
      "pmmsBenchmark": 4.225,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.48% is 1.74 pts below the 2010-10 market avg of 4.225%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "REDWOOD SUGARCREEK TWP (WHITE OAKS)",
      "address": "",
      "city": "SUGARCREEK TOWNSHIP",
      "state": "OH",
      "zip": "45459",
      "units": 78,
      "originalAmount": 12096000,
      "rate": 2.48,
      "originationDate": "2021-08-27",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BURTON PLACE",
      "address": "",
      "city": "JOLIET",
      "state": "IL",
      "zip": "60435",
      "units": 188,
      "originalAmount": 11680000,
      "rate": 2.48,
      "originationDate": "2021-10-27",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "LAMPLIGHT APARTMENTS",
      "address": "",
      "city": "KAUKAUNA",
      "state": "WI",
      "zip": "54130",
      "units": 236,
      "originalAmount": 11239000,
      "rate": 2.48,
      "originationDate": "2013-01-23",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.48% is 0.93 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "GARDENVIEW",
      "address": "",
      "city": "CALUMET",
      "state": "MI",
      "zip": "49913",
      "units": 39,
      "originalAmount": 11040000,
      "rate": 2.48,
      "originationDate": "2022-02-09",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.48% is 1.28 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ALARIS HEALTH AT BELGROVE",
      "address": "",
      "city": "KEARNY",
      "state": "NJ",
      "zip": "07032",
      "units": 192,
      "originalAmount": 10785800,
      "rate": 2.48,
      "originationDate": "2020-07-28",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE INN AT UNIVERSITY VILLAGE",
      "address": "",
      "city": "MASSILLON",
      "state": "OH",
      "zip": "44646",
      "units": 99,
      "originalAmount": 10450000,
      "rate": 2.48,
      "originationDate": "2012-11-29",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.48% is 0.87 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PHEASANT RIDGE APARTMENTS",
      "address": "",
      "city": "GRAND RAPIDS",
      "state": "MI",
      "zip": "49508",
      "units": 166,
      "originalAmount": 9960000,
      "rate": 2.48,
      "originationDate": "2020-08-20",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "WAVERLY PLACE",
      "address": "",
      "city": "LOUISA",
      "state": "VA",
      "zip": "23093",
      "units": 78,
      "originalAmount": 9680000,
      "rate": 2.48,
      "originationDate": "2021-08-30",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "REGENCY PARK APARTMENTS",
      "address": "",
      "city": "GRAND RAPIDS",
      "state": "MI",
      "zip": "49506",
      "units": 250,
      "originalAmount": 8440000,
      "rate": 2.48,
      "originationDate": "2012-08-28",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.48% is 1.12 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "GARDEN TOWER",
      "address": "",
      "city": "GARDEN CITY",
      "state": "MI",
      "zip": "48135",
      "units": 170,
      "originalAmount": 7540100,
      "rate": 2.48,
      "originationDate": "2021-02-24",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "VIENNA FOREST APARTMENTS & TOWNHOMES",
      "address": "",
      "city": "MIDDLETOWN",
      "state": "OH",
      "zip": "45044",
      "units": 107,
      "originalAmount": 6840000,
      "rate": 2.48,
      "originationDate": "2021-03-24",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HOLLYWOOD TERRACE HOUSING CORP",
      "address": "",
      "city": "LINDEN",
      "state": "NJ",
      "zip": "07036",
      "units": 103,
      "originalAmount": 5981600,
      "rate": 2.48,
      "originationDate": "2020-07-30",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "HANLEY CROSSINGS APTS",
      "address": "",
      "city": "ST LOUIS",
      "state": "MO",
      "zip": "63121",
      "units": 208,
      "originalAmount": 5225000,
      "rate": 2.48,
      "originationDate": "2012-10-31",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.48% is 0.90 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "WALNUT RIVER RESIDENCES",
      "address": "",
      "city": "EL DORADO",
      "state": "KS",
      "zip": "67042",
      "units": 140,
      "originalAmount": 4104700,
      "rate": 2.48,
      "originationDate": "2021-08-24",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "HIGH GROVE AT WOODLAND RIDGE",
      "address": "",
      "city": "GREENFIELD",
      "state": "WI",
      "zip": "53228",
      "units": 61,
      "originalAmount": 3975100,
      "rate": 2.48,
      "originationDate": "2021-08-30",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "MARION VILLAGE ESTATES",
      "address": "",
      "city": "MARION",
      "state": "MA",
      "zip": "02738",
      "units": 60,
      "originalAmount": 3832200,
      "rate": 2.48,
      "originationDate": "2021-07-23",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GRACE GARDENS",
      "address": "",
      "city": "O'FALLON",
      "state": "MO",
      "zip": "63366",
      "units": 50,
      "originalAmount": 3664800,
      "rate": 2.48,
      "originationDate": "2012-09-27",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.48% is 1.02 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "NORTHSIDE PROPERTIES",
      "address": "",
      "city": "TAMPA",
      "state": "FL",
      "zip": "33613",
      "units": 79,
      "originalAmount": 3576500,
      "rate": 2.48,
      "originationDate": "2006-10-11",
      "pmmsBenchmark": 6.357,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.48% is 3.88 pts below the 2006-10 market avg of 6.357%"
      ],
      "holder": "FIRST HOUSING DEV CORP OF FL"
    },
    {
      "property": "TAHOMA TERRACE",
      "address": "",
      "city": "TACOMA",
      "state": "WA",
      "zip": "98405",
      "units": 154,
      "originalAmount": 3256800,
      "rate": 2.48,
      "originationDate": "2013-04-11",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.48% is 0.96 pts below the 2013-04 market avg of 3.445%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "RAVENSWOOD STATION",
      "address": "",
      "city": "RAVENSWOOD",
      "state": "WV",
      "zip": "26164",
      "units": 135,
      "originalAmount": 3126600,
      "rate": 2.48,
      "originationDate": "2013-01-24",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.48% is 0.93 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MADISON PARK APARTMENTS",
      "address": "",
      "city": "MADISON HEIGHTS",
      "state": "MI",
      "zip": "48071",
      "units": 96,
      "originalAmount": 2978400,
      "rate": 2.48,
      "originationDate": "2011-09-29",
      "pmmsBenchmark": 4.106,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.48% is 1.63 pts below the 2011-09 market avg of 4.106%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "BAKER MANOR",
      "address": "",
      "city": "MACCLENNY",
      "state": "FL",
      "zip": "32063",
      "units": 50,
      "originalAmount": 2810200,
      "rate": 2.48,
      "originationDate": "2021-02-24",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WATERTOWN EAST PHASE III",
      "address": "",
      "city": "WATERTOWN",
      "state": "WI",
      "zip": "53094",
      "units": 56,
      "originalAmount": 2800000,
      "rate": 2.48,
      "originationDate": "2022-02-18",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.48% is 1.28 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "PINEWOOD PLACE PINEWOOD APARTMENTS",
      "address": "",
      "city": "GRAND HAVEN",
      "state": "MI",
      "zip": "49417",
      "units": 125,
      "originalAmount": 2700000,
      "rate": 2.48,
      "originationDate": "2010-06-15",
      "pmmsBenchmark": 4.737,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.48% is 2.26 pts below the 2010-06 market avg of 4.737%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "834 LAKE DR",
      "address": "",
      "city": "GRAND RAPIDS",
      "state": "MI",
      "zip": "49506",
      "units": 37,
      "originalAmount": 1500000,
      "rate": 2.48,
      "originationDate": "2021-03-18",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "PARK PLACE APTS",
      "address": "",
      "city": "HIBBING",
      "state": "MN",
      "zip": "55746",
      "units": 135,
      "originalAmount": 1452300,
      "rate": 2.48,
      "originationDate": "2012-11-30",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.48% is 0.87 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "SILVER COLLECTION AT THE PARK",
      "address": "",
      "city": "HUNTERSVILLE",
      "state": "NC",
      "zip": "28078",
      "units": 332,
      "originalAmount": 56040000,
      "rate": 2.49,
      "originationDate": "2021-04-30",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "JAMESTOWN PLACE I & II",
      "address": "",
      "city": "BOSSIER CITY",
      "state": "LA",
      "zip": "71112",
      "units": 344,
      "originalAmount": 34888000,
      "rate": 2.49,
      "originationDate": "2020-08-18",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "YERBA BUENA COMMONS",
      "address": "",
      "city": "SAN FRANCISCO",
      "state": "CA",
      "zip": "94107",
      "units": 257,
      "originalAmount": 31000000,
      "rate": 2.49,
      "originationDate": "2021-12-09",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ORLANDO REHABILITATION GROUP  INC",
      "address": "",
      "city": "ORLANDO",
      "state": "FL",
      "zip": "32805",
      "units": null,
      "originalAmount": 29272500,
      "rate": 2.49,
      "originationDate": "2021-11-30",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "PARK AT FALLBROOK APARTMENTS",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77086",
      "units": 280,
      "originalAmount": 28242800,
      "rate": 2.49,
      "originationDate": "2022-01-11",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.49% is 0.95 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "NEWPORT ON THE BAY AT MARINA RIVERBEND",
      "address": "",
      "city": "LEAGUE CITY",
      "state": "TX",
      "zip": "77573",
      "units": 203,
      "originalAmount": 24559300,
      "rate": 2.49,
      "originationDate": "2021-01-28",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "CATALINA CROSSING",
      "address": "",
      "city": "MCFARLAND",
      "state": "WI",
      "zip": "53558",
      "units": 113,
      "originalAmount": 24480000,
      "rate": 2.49,
      "originationDate": "2022-02-23",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.49% is 1.27 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "REDWOOD CONCORD (BIRCHWOOD COMMONS)",
      "address": "",
      "city": "CONCORD",
      "state": "NC",
      "zip": "28027",
      "units": 99,
      "originalAmount": 20243100,
      "rate": 2.49,
      "originationDate": "2022-01-21",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.49% is 0.95 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "QUEENS MANOR GARDENS APARTMENTS",
      "address": "",
      "city": "MT. RAINIER",
      "state": "MD",
      "zip": "20712",
      "units": 331,
      "originalAmount": 20198800,
      "rate": 2.49,
      "originationDate": "2021-09-28",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKELEY POINT CAPITAL LLC"
    },
    {
      "property": "HUNTER'S MILL APARTMENTS",
      "address": "",
      "city": "VIRGINIA BEACH",
      "state": "VA",
      "zip": "23462",
      "units": 180,
      "originalAmount": 19040000,
      "rate": 2.49,
      "originationDate": "2020-07-31",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE LOTUS",
      "address": "",
      "city": "SALT LAKE CITY",
      "state": "UT",
      "zip": "84111",
      "units": 84,
      "originalAmount": 17926700,
      "rate": 2.49,
      "originationDate": "2021-07-27",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "LINCOLN SPECIALTY CARE CENTER",
      "address": "",
      "city": "VINELAND",
      "state": "NJ",
      "zip": "08360",
      "units": 296,
      "originalAmount": 16901900,
      "rate": 2.49,
      "originationDate": "2020-08-28",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "LOOKOUT RIDGE APARTMENTS",
      "address": "",
      "city": "WASHOUGAL",
      "state": "WA",
      "zip": "98671",
      "units": 119,
      "originalAmount": 14934800,
      "rate": 2.49,
      "originationDate": "2020-12-18",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "TOWN PLACE APARTMENTS",
      "address": "",
      "city": "MIDDLETOWN",
      "state": "CT",
      "zip": "06457",
      "units": 166,
      "originalAmount": 14880000,
      "rate": 2.49,
      "originationDate": "2012-10-11",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.49% is 0.89 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "LINKS AT PEBBLE CREEK",
      "address": "",
      "city": "TAMPA",
      "state": "FL",
      "zip": "33647",
      "units": 168,
      "originalAmount": 14683300,
      "rate": 2.49,
      "originationDate": "2020-12-31",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "ADVANCED HEALTH CARE OF SACRAMENTO",
      "address": "",
      "city": "SACRAMENTO",
      "state": "CA",
      "zip": "95815",
      "units": 40,
      "originalAmount": 14306900,
      "rate": 2.49,
      "originationDate": "2021-12-23",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "GARDNER LAKE VILLAGE",
      "address": "",
      "city": "AMESBURY",
      "state": "MA",
      "zip": "01913",
      "units": 104,
      "originalAmount": 13680000,
      "rate": 2.49,
      "originationDate": "2021-11-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "VILLAGE GLEN",
      "address": "",
      "city": "TRAVERSE CITY",
      "state": "MI",
      "zip": "49686",
      "units": 120,
      "originalAmount": 13402800,
      "rate": 2.49,
      "originationDate": "2021-04-30",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "Alden Village North",
      "address": "",
      "city": "Chicago",
      "state": "IL",
      "zip": "60626",
      "units": 54,
      "originalAmount": 12960000,
      "rate": 2.49,
      "originationDate": "2021-06-29",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "CHARLES COURT APARTMENTS",
      "address": "",
      "city": "NAPERVILLE",
      "state": "IL",
      "zip": "60540",
      "units": 130,
      "originalAmount": 12292500,
      "rate": 2.49,
      "originationDate": "2020-11-18",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "ALDEN ALMA NELSON MANOR",
      "address": "",
      "city": "ROCKFORD",
      "state": "IL",
      "zip": "61108",
      "units": 408,
      "originalAmount": 12036800,
      "rate": 2.49,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "SNOWBERRY HEIGHTS",
      "address": "",
      "city": "MARQUETTE",
      "state": "MI",
      "zip": "49855",
      "units": 191,
      "originalAmount": 11560000,
      "rate": 2.49,
      "originationDate": "2022-03-30",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.49% is 1.68 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "HERITAGE WOODS OF GYRNEE",
      "address": "",
      "city": "GURNEE",
      "state": "IL",
      "zip": "60031",
      "units": 105,
      "originalAmount": 11051200,
      "rate": 2.49,
      "originationDate": "2021-11-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "SANGAMON TOWERS APARTMENTS",
      "address": "",
      "city": "Springfield",
      "state": "IL",
      "zip": "62702",
      "units": 212,
      "originalAmount": 10520000,
      "rate": 2.49,
      "originationDate": "2021-07-14",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "BANA AT TUJUNGA",
      "address": "",
      "city": "TUJUNGA",
      "state": "CA",
      "zip": "91042",
      "units": 48,
      "originalAmount": 9663000,
      "rate": 2.49,
      "originationDate": "2021-04-13",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "YUKON FLATS",
      "address": "",
      "city": "PORTLAND",
      "state": "OR",
      "zip": "97202",
      "units": 54,
      "originalAmount": 9600000,
      "rate": 2.49,
      "originationDate": "2021-05-19",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "GRAND PRAIRIE OF MACOMB",
      "address": "",
      "city": "MACOMB",
      "state": "IL",
      "zip": "61455",
      "units": 168,
      "originalAmount": 9495300,
      "rate": 2.49,
      "originationDate": "2020-07-09",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LIFE CARE CENTER OF COLORADO SPRINGS",
      "address": "",
      "city": "COLORADO SPRINGS",
      "state": "CO",
      "zip": "80910",
      "units": 109,
      "originalAmount": 9344000,
      "rate": 2.49,
      "originationDate": "2018-09-06",
      "pmmsBenchmark": 4.628,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.49% is 2.14 pts below the 2018-09 market avg of 4.628%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "LIFE CARE CENTER OF TREASURE VALLEY",
      "address": "",
      "city": "BOISE",
      "state": "ID",
      "zip": "83704",
      "units": 108,
      "originalAmount": 9112000,
      "rate": 2.49,
      "originationDate": "2018-09-06",
      "pmmsBenchmark": 4.628,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.49% is 2.14 pts below the 2018-09 market avg of 4.628%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "BROOKFIELD AT HOT SPRINGS",
      "address": "",
      "city": "HOT SPRINGS",
      "state": "AR",
      "zip": "71901",
      "units": 75,
      "originalAmount": 8710300,
      "rate": 2.49,
      "originationDate": "2009-04-08",
      "pmmsBenchmark": 4.81,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.49% is 2.32 pts below the 2009-04 market avg of 4.81%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "BETH SHOLOM TERRACE",
      "address": "",
      "city": "VIRGINIA BEACH",
      "state": "VA",
      "zip": "23464",
      "units": 78,
      "originalAmount": 8680000,
      "rate": 2.49,
      "originationDate": "2012-07-30",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.49% is 1.06 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "ELMCREST VILLAGE",
      "address": "",
      "city": "FLUSHING",
      "state": "MI",
      "zip": "48433",
      "units": 126,
      "originalAmount": 8349600,
      "rate": 2.49,
      "originationDate": "2022-06-21",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.49% is 3.03 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "VINTAGE PARK COOPERATIVE OF BEAVERDALE",
      "address": "",
      "city": "DES MOINES",
      "state": "IA",
      "zip": "50310",
      "units": 54,
      "originalAmount": 7729700,
      "rate": 2.49,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "LIFE CARE CENTER THE BRIDGE ASSISTED LIVING AT LIFE CARE CENTER",
      "address": "",
      "city": "COLORADO SPRINGS",
      "state": "CO",
      "zip": "80910",
      "units": 107,
      "originalAmount": 7279500,
      "rate": 2.49,
      "originationDate": "2018-07-25",
      "pmmsBenchmark": 4.527,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.49% is 2.04 pts below the 2018-07 market avg of 4.527%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "NORTHWOOD HEALTH CARE CTR",
      "address": "",
      "city": "BEDFORD",
      "state": "NH",
      "zip": "03110",
      "units": 147,
      "originalAmount": 7031900,
      "rate": 2.49,
      "originationDate": "2012-06-28",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.49% is 1.18 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "ROYALE OAKS ASSISTED LIVING AND HOUSE OF HOPE ALZHEIMER'S CARE",
      "address": "",
      "city": "OMAHA",
      "state": "NE",
      "zip": "68104",
      "units": 212,
      "originalAmount": 6827500,
      "rate": 2.49,
      "originationDate": "2020-09-25",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CEDAR VILLAGE OF SCHAUMBURG",
      "address": "",
      "city": "SCHAUMBURG",
      "state": "IL",
      "zip": "60193",
      "units": 132,
      "originalAmount": 6805500,
      "rate": 2.49,
      "originationDate": "2020-12-10",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "SANDCREEK APARTMENTS",
      "address": "",
      "city": "IDAHO FALLS",
      "state": "ID",
      "zip": "83404",
      "units": 73,
      "originalAmount": 6128000,
      "rate": 2.49,
      "originationDate": "2022-01-11",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.49% is 0.95 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "SHERMAN WAY SENIOR HOUSING",
      "address": "",
      "city": "VAN NUYS",
      "state": "CA",
      "zip": "91406",
      "units": 74,
      "originalAmount": 6023700,
      "rate": 2.49,
      "originationDate": "2012-11-27",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.49% is 0.86 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "RIVERVIEW TERRACE",
      "address": "",
      "city": "PETOSKEY",
      "state": "MI",
      "zip": "49770",
      "units": 70,
      "originalAmount": 5628900,
      "rate": 2.49,
      "originationDate": "2022-03-30",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.49% is 1.68 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "QUAIL MEADOW",
      "address": "",
      "city": "NORTH OGDEN",
      "state": "UT",
      "zip": "84414",
      "units": 92,
      "originalAmount": 5600000,
      "rate": 2.49,
      "originationDate": "2020-11-17",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BLUEPRINT REAL ESTATE CAPITAL"
    },
    {
      "property": "LANGDON PLACE OF KEENE",
      "address": "",
      "city": "KEENE",
      "state": "NH",
      "zip": "03431",
      "units": 181,
      "originalAmount": 5556900,
      "rate": 2.49,
      "originationDate": "2012-06-28",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.49% is 1.18 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "Country Club Apartments",
      "address": "",
      "city": "OMAHA",
      "state": "NE",
      "zip": "68127",
      "units": 283,
      "originalAmount": 5447800,
      "rate": 2.49,
      "originationDate": "2012-02-29",
      "pmmsBenchmark": 3.89,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.49% is 1.40 pts below the 2012-02 market avg of 3.89%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "LANGDON PLACE OF DOVER",
      "address": "",
      "city": "DOVER",
      "state": "NH",
      "zip": "03820",
      "units": 156,
      "originalAmount": 5184000,
      "rate": 2.49,
      "originationDate": "2012-06-28",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.49% is 1.18 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "THE NEON",
      "address": "",
      "city": "LAS VEGAS",
      "state": "NV",
      "zip": "89106",
      "units": 44,
      "originalAmount": 5024000,
      "rate": 2.49,
      "originationDate": "2020-07-30",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "GOLDEN AGE APARTMENTS",
      "address": "",
      "city": "NORWICH",
      "state": "NY",
      "zip": "13815",
      "units": 100,
      "originalAmount": 5021400,
      "rate": 2.49,
      "originationDate": "2020-11-30",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "WILLOW BROOK COOPERATIVE OF WINONA",
      "address": "",
      "city": "WINONA",
      "state": "MN",
      "zip": "55987",
      "units": 38,
      "originalAmount": 4610500,
      "rate": 2.49,
      "originationDate": "2012-09-21",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.49% is 1.01 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "LANGDON PLACE OF EXETER",
      "address": "",
      "city": "EXETER",
      "state": "NH",
      "zip": "03833",
      "units": 114,
      "originalAmount": 4173900,
      "rate": 2.49,
      "originationDate": "2012-06-28",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.49% is 1.18 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "SEASON ASSISTED LIVING OF FARR WEST",
      "address": "",
      "city": "FARR WEST",
      "state": "UT",
      "zip": "84404",
      "units": 48,
      "originalAmount": 3920000,
      "rate": 2.49,
      "originationDate": "2020-11-17",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BLUEPRINT REAL ESTATE CAPITAL"
    },
    {
      "property": "ANTIOCH HAVEN HOMES",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60621",
      "units": 197,
      "originalAmount": 3550000,
      "rate": 2.49,
      "originationDate": "2012-10-30",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.49% is 0.89 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "KADIE GLEN ASSISTED LIVING",
      "address": "",
      "city": "EAST WENATCHEE",
      "state": "WA",
      "zip": "98802",
      "units": 93,
      "originalAmount": 3240000,
      "rate": 2.49,
      "originationDate": "2020-08-18",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "CAMINO RETIREMENT APARTMENTS",
      "address": "",
      "city": "ALBUQUERQUE",
      "state": "NM",
      "zip": "87112",
      "units": 98,
      "originalAmount": 2837300,
      "rate": 2.49,
      "originationDate": "2012-12-19",
      "pmmsBenchmark": 3.345,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.49% is 0.85 pts below the 2012-12 market avg of 3.345%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "JEFFERSON ESTATES APARTMENTS- PHASE I",
      "address": "",
      "city": "LEWES",
      "state": "DE",
      "zip": "19958",
      "units": 39,
      "originalAmount": 2035300,
      "rate": 2.49,
      "originationDate": "2021-09-29",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKELEY POINT CAPITAL LLC"
    },
    {
      "property": "EASLEY HOUSING FOR THE ELDERLY",
      "address": "",
      "city": "EASLEY",
      "state": "SC",
      "zip": "29640",
      "units": 40,
      "originalAmount": 1711100,
      "rate": 2.49,
      "originationDate": "2021-05-17",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "BEACON HILL",
      "address": "",
      "city": "CONOVER",
      "state": "NC",
      "zip": "28613",
      "units": 34,
      "originalAmount": 995900,
      "rate": 2.49,
      "originationDate": "2012-09-25",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.49% is 1.01 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ARLINGTON HILL",
      "address": "",
      "city": "JONESVILLE",
      "state": "NC",
      "zip": "28642",
      "units": 48,
      "originalAmount": 838600,
      "rate": 2.49,
      "originationDate": "2012-09-25",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.49% is 1.01 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CITY MARKET AT O STREET",
      "address": "",
      "city": "WASHINGTON",
      "state": "DC",
      "zip": "20001",
      "units": 400,
      "originalAmount": 128000000,
      "rate": 2.5,
      "originationDate": "2021-03-30",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "Seasons at Lea Hill Village",
      "address": "",
      "city": "AUBURN",
      "state": "WA",
      "zip": "98092",
      "units": 332,
      "originalAmount": 72080000,
      "rate": 2.5,
      "originationDate": "2021-07-15",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "COBBLE HILL",
      "address": "",
      "city": "SOMERVILLE",
      "state": "MA",
      "zip": "02143",
      "units": 224,
      "originalAmount": 66806400,
      "rate": 2.5,
      "originationDate": "2020-09-29",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "METRO 19 APARTMENTS",
      "address": "",
      "city": "ROSELLE",
      "state": "IL",
      "zip": "60172",
      "units": 295,
      "originalAmount": 65928000,
      "rate": 2.5,
      "originationDate": "2022-04-15",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 2.48 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "COPPERMINE RUN",
      "address": "",
      "city": "HERNDON",
      "state": "VA",
      "zip": "20171",
      "units": 288,
      "originalAmount": 60800000,
      "rate": 2.5,
      "originationDate": "2021-12-16",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "LARKRIDGE APARTMENTS",
      "address": "",
      "city": "THORNTON",
      "state": "CO",
      "zip": "80023",
      "units": 338,
      "originalAmount": 60014000,
      "rate": 2.5,
      "originationDate": "2018-10-29",
      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 2.33 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "MARKET MILL  APARTMENTS",
      "address": "",
      "city": "LOWELL",
      "state": "MA",
      "zip": "01852",
      "units": 230,
      "originalAmount": 42400000,
      "rate": 2.5,
      "originationDate": "2022-03-30",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.67 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "SOUTHERN DUNES",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46217",
      "units": 384,
      "originalAmount": 39920000,
      "rate": 2.5,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "ROSEDALE PARK APARTMENTS",
      "address": "",
      "city": "BETHESDA",
      "state": "MD",
      "zip": "20814",
      "units": 164,
      "originalAmount": 38600000,
      "rate": 2.5,
      "originationDate": "2020-08-13",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "RICHLAND HILLS APARTMENTS",
      "address": "",
      "city": "NASHVILLE",
      "state": "TN",
      "zip": "37209",
      "units": 201,
      "originalAmount": 36085700,
      "rate": 2.5,
      "originationDate": "2021-12-13",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "MESA WEST APARTMENTS",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78245",
      "units": 280,
      "originalAmount": 35000000,
      "rate": 2.5,
      "originationDate": "2019-09-25",
      "pmmsBenchmark": 3.605,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.10 pts below the 2019-09 market avg of 3.605%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "ROSEWOOD TERRACE",
      "address": "",
      "city": "HAPPY VALLEY",
      "state": "OR",
      "zip": "97086",
      "units": 212,
      "originalAmount": 33215000,
      "rate": 2.5,
      "originationDate": "2018-04-27",
      "pmmsBenchmark": 4.467,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.97 pts below the 2018-04 market avg of 4.467%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "PARK 216 APARTMENTS",
      "address": "",
      "city": "SUFFOLK",
      "state": "VA",
      "zip": "23435",
      "units": 216,
      "originalAmount": 32000000,
      "rate": 2.5,
      "originationDate": "2021-08-18",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE RIVERSIDE APARTMENTS PHASE I",
      "address": "",
      "city": "ABERDEEN",
      "state": "MD",
      "zip": "21001",
      "units": 212,
      "originalAmount": 30851100,
      "rate": 2.5,
      "originationDate": "2021-07-26",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "TUCKAWAY APARTMENTS",
      "address": "",
      "city": "CEDAR PARK",
      "state": "TX",
      "zip": "78613",
      "units": 256,
      "originalAmount": 30500000,
      "rate": 2.5,
      "originationDate": "2015-12-10",
      "pmmsBenchmark": 3.964,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.46 pts below the 2015-12 market avg of 3.964%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "SUNSET VIEW",
      "address": "",
      "city": "BEAVERTON",
      "state": "OR",
      "zip": "97006",
      "units": 236,
      "originalAmount": 29268800,
      "rate": 2.5,
      "originationDate": "2015-06-11",
      "pmmsBenchmark": 3.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.48 pts below the 2015-06 market avg of 3.982%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "CREEKSIDE AT KENNEY'S FORT",
      "address": "",
      "city": "Round Rock",
      "state": "TX",
      "zip": "78665",
      "units": 250,
      "originalAmount": 27328500,
      "rate": 2.5,
      "originationDate": "2021-01-27",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "Reserve at Riverside Phase II",
      "address": "",
      "city": "Aberdeen",
      "state": "MD",
      "zip": "21001",
      "units": 188,
      "originalAmount": 27247100,
      "rate": 2.5,
      "originationDate": "2021-06-30",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "BLACKHAWK TRAILS APARTMENTS",
      "address": "",
      "city": "MADISON",
      "state": "WI",
      "zip": "53717",
      "units": 196,
      "originalAmount": 27056000,
      "rate": 2.5,
      "originationDate": "2021-03-22",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "SOUTH POINTE APARTMENTS",
      "address": "",
      "city": "HANAHAN",
      "state": "SC",
      "zip": "29410",
      "units": 256,
      "originalAmount": 27025300,
      "rate": 2.5,
      "originationDate": "2021-07-01",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE APARTMENTS AT KIRKWAY",
      "address": "",
      "city": "WASHINGTON",
      "state": "MI",
      "zip": "48094",
      "units": 185,
      "originalAmount": 26000000,
      "rate": 2.5,
      "originationDate": "2020-08-25",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "Dorado Ranch Apartments",
      "address": "",
      "city": "ODESSA",
      "state": "TX",
      "zip": "79765",
      "units": 224,
      "originalAmount": 25896000,
      "rate": 2.5,
      "originationDate": "2021-06-25",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "FAIRWAY LANDING AT PLUM CREEK",
      "address": "",
      "city": "KYLE",
      "state": "TX",
      "zip": "78640",
      "units": 216,
      "originalAmount": 25750100,
      "rate": 2.5,
      "originationDate": "2016-10-27",
      "pmmsBenchmark": 3.47,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 0.97 pts below the 2016-10 market avg of 3.47%",
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "PARK MANOR OF THE WOODLANDS",
      "address": "",
      "city": "CONROE",
      "state": "TX",
      "zip": "77384",
      "units": 63,
      "originalAmount": 23793500,
      "rate": 2.5,
      "originationDate": "2021-11-15",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "THE WINDSOR APARTMENTS",
      "address": "",
      "city": "NORMAN",
      "state": "OK",
      "zip": "73072",
      "units": 230,
      "originalAmount": 23147900,
      "rate": 2.5,
      "originationDate": "2014-04-10",
      "pmmsBenchmark": 4.338,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.84 pts below the 2014-04 market avg of 4.338%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "LANDING AT WILLOW BAYOU",
      "address": "",
      "city": "BOSSIER CITY",
      "state": "LA",
      "zip": "71111",
      "units": 224,
      "originalAmount": 22909500,
      "rate": 2.5,
      "originationDate": "2012-10-18",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 0.88 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "OAK VALLEY APTS",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78233",
      "units": 192,
      "originalAmount": 21541600,
      "rate": 2.5,
      "originationDate": "2017-06-21",
      "pmmsBenchmark": 3.904,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.40 pts below the 2017-06 market avg of 3.904%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "NEW VISTAS II",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60649",
      "units": 154,
      "originalAmount": 20565100,
      "rate": 2.5,
      "originationDate": "2021-08-30",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MALLARD RIDGE",
      "address": "",
      "city": "MAPLE GROVE",
      "state": "MN",
      "zip": "55369",
      "units": 279,
      "originalAmount": 20000000,
      "rate": 2.5,
      "originationDate": "2013-01-31",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 0.91 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "BRIAR GREEN APARTMENTS",
      "address": "",
      "city": "DURHAM",
      "state": "NC",
      "zip": "27704",
      "units": 200,
      "originalAmount": 19900000,
      "rate": 2.5,
      "originationDate": "2016-05-25",
      "pmmsBenchmark": 3.6,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.10 pts below the 2016-05 market avg of 3.6%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "KENSINGTON PARK APARTMENTS",
      "address": "",
      "city": "CORINTH",
      "state": "TX",
      "zip": "76206",
      "units": 294,
      "originalAmount": 19760000,
      "rate": 2.5,
      "originationDate": "2013-01-28",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 0.91 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "WEST RIDGE VILLAS",
      "address": "",
      "city": "MCKINNEY",
      "state": "TX",
      "zip": "75070",
      "units": 132,
      "originalAmount": 19520000,
      "rate": 2.5,
      "originationDate": "2021-06-28",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "TREYMORE AT CITYPLACE APARTMENTS",
      "address": "",
      "city": "DALLAS",
      "state": "TX",
      "zip": "75204",
      "units": 180,
      "originalAmount": 19360000,
      "rate": 2.5,
      "originationDate": "2021-05-18",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "UNIVERSAL CITY APARTMENTS",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60617",
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      "originalAmount": 19000000,
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      "originationDate": "2020-09-24",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "SONGHAI AT WESTGATE",
      "address": "",
      "city": "AUSTIN",
      "state": "TX",
      "zip": "78745",
      "units": 140,
      "originalAmount": 18903400,
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      "pmmsBenchmark": 3.47,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 0.97 pts below the 2016-10 market avg of 3.47%",
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "ALDEN DES PLAINES",
      "address": "",
      "city": "DES PLAINES",
      "state": "IL",
      "zip": "60016",
      "units": 152,
      "originalAmount": 18721700,
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      "originationDate": "2012-08-29",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.10 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "LIFE CARE CENTER-RIVERGATE TERRACE",
      "address": "",
      "city": "RIVERVIEW",
      "state": "MI",
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      "units": 288,
      "originalAmount": 18325300,
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      "originationDate": "2018-06-13",
      "pmmsBenchmark": 4.57,
      "belowMarket": true,
      "historicLowEra": false,
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      "redReasons": [
        "Rate 2.5% is 2.07 pts below the 2018-06 market avg of 4.57%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "QUAIL RUN APARTMENTS",
      "address": "",
      "city": "VANCOUVER",
      "state": "WA",
      "zip": "98683",
      "units": 129,
      "originalAmount": 18284500,
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      "originationDate": "2020-05-21",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "HICKORY GROVE APARTMENTS",
      "address": "",
      "city": "HORSEHEADS",
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      "originalAmount": 18252000,
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      "pmmsBenchmark": 2.843,
      "belowMarket": false,
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      "red": true,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "VISTA ALISO",
      "address": "",
      "city": "LAGUNA BEACH",
      "state": "CA",
      "zip": "92651",
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      "originationDate": "2021-07-30",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MAGNOLIA CREEK APARTMENTS",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77015",
      "units": 188,
      "originalAmount": 17280000,
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      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "PARMELEE COURT HOMES",
      "address": "",
      "city": "BOSTON",
      "state": "MA",
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      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PARKVIEW APARTMENTS",
      "address": "",
      "city": "ALBANY",
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      "originalAmount": 16160000,
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      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "RIVERMERE APARTMENTS",
      "address": "",
      "city": "CHARLOTTE",
      "state": "NC",
      "zip": "28216",
      "units": 192,
      "originalAmount": 16000000,
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      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
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        "Rate 2.5% is 0.94 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GLENVIEW TERRACE NURSING CENTE",
      "address": "",
      "city": "LINCOLNWOOD",
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      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 0.85 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "PARK MANOR OF TOMBALL",
      "address": "",
      "city": "TOMBALL",
      "state": "TX",
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      "belowMarket": false,
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "WEXFORD ON THE GREEN",
      "address": "",
      "city": "BEAVERCREEK",
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      "originalAmount": 15490500,
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      "pmmsBenchmark": 4.27,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.77 pts below the 2011-08 market avg of 4.27%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "HOPEWELL HEIGHTS",
      "address": "",
      "city": "HOPEWELL",
      "state": "VA",
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      "units": 150,
      "originalAmount": 15453000,
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      "pmmsBenchmark": 3.098,
      "belowMarket": false,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "WEST 25TH STREET LOFTS",
      "address": "",
      "city": "CLEVELAND",
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      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "ALDEN VILLAGE OF BLOOMINGDALE",
      "address": "",
      "city": "BLOOMINGDALE",
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      "originationDate": "2012-08-29",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.10 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "CHINATOWN PRESERVATION",
      "address": "",
      "city": "NEW YORK",
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      "zip": "10002",
      "units": 132,
      "originalAmount": 14900000,
      "rate": 2.5,
      "originationDate": "2013-01-25",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 0.91 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "THE ASSEMBLY PHASE I",
      "address": "",
      "city": "GREENVILLE",
      "state": "SC",
      "zip": "29611",
      "units": 240,
      "originalAmount": 14243200,
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      "originationDate": "2021-04-15",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "POMEROY2-CHERRYWOOD NURSING & LIVING CENTER",
      "address": "",
      "city": "STERLING HEIGHTS",
      "state": "MI",
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      "units": 180,
      "originalAmount": 14164300,
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      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.05 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "NORTHSIDE ON TRAVIS",
      "address": "",
      "city": "SHERMAN",
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      "zip": "75090",
      "units": 200,
      "originalAmount": 13913400,
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      "originationDate": "2013-01-28",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 0.91 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "LIFE CARE CENTER-RIVERGATE HEALTH CARE CENTER",
      "address": "",
      "city": "RIVERVIEW",
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      "zip": "48193",
      "units": 223,
      "originalAmount": 13704700,
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      "originationDate": "2018-06-13",
      "pmmsBenchmark": 4.57,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 2.07 pts below the 2018-06 market avg of 4.57%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "WEST HILLS HEALTH & REHAB CENTER",
      "address": "",
      "city": "CANOGA PARK",
      "state": "CA",
      "zip": "91304",
      "units": 145,
      "originalAmount": 12992700,
      "rate": 2.5,
      "originationDate": "2012-08-14",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.10 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "LIFE CARE CENTER OF COLUMBIA",
      "address": "",
      "city": "COLUMBIA",
      "state": "TN",
      "zip": "38401",
      "units": 123,
      "originalAmount": 12521700,
      "rate": 2.5,
      "originationDate": "2018-06-13",
      "pmmsBenchmark": 4.57,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 2.07 pts below the 2018-06 market avg of 4.57%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "HARMONY MILLS",
      "address": "",
      "city": "COHOES",
      "state": "NY",
      "zip": "12047",
      "units": 96,
      "originalAmount": 12072000,
      "rate": 2.5,
      "originationDate": "2012-07-26",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.05 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "ROSEWOOD TOWNHOMES",
      "address": "",
      "city": "GOOSE CREEK",
      "state": "SC",
      "zip": "29445",
      "units": 100,
      "originalAmount": 11860800,
      "rate": 2.5,
      "originationDate": "2021-07-01",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ALDEN NORTH SHORE SKOKIE",
      "address": "",
      "city": "SKOKIE",
      "state": "IL",
      "zip": "60077",
      "units": 93,
      "originalAmount": 11486700,
      "rate": 2.5,
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      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.10 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "DALLAS HEALTH CARE CENTER",
      "address": "",
      "city": "DALLAS",
      "state": "OR",
      "zip": "97338",
      "units": 161,
      "originalAmount": 11212000,
      "rate": 2.5,
      "originationDate": "2012-11-27",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 0.85 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CHERRY HILL APARTMENTS",
      "address": "",
      "city": "ERIE",
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      "zip": "16509",
      "units": 124,
      "originalAmount": 11112800,
      "rate": 2.5,
      "originationDate": "2020-08-27",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "SAN TROPEZ APTS",
      "address": "",
      "city": "SANTA ANA",
      "state": "CA",
      "zip": "92706",
      "units": 130,
      "originalAmount": 10997700,
      "rate": 2.5,
      "originationDate": "2013-03-27",
      "pmmsBenchmark": 3.565,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.06 pts below the 2013-03 market avg of 3.565%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "HAZELCREST PLACE",
      "address": "",
      "city": "HAZEL PARK",
      "state": "MI",
      "zip": "48030",
      "units": 241,
      "originalAmount": 10800000,
      "rate": 2.5,
      "originationDate": "2021-02-24",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "THE WEALSHIRE",
      "address": "",
      "city": "LINCOLNSHIRE",
      "state": "IL",
      "zip": "60069",
      "units": 144,
      "originalAmount": 10746400,
      "rate": 2.5,
      "originationDate": "2012-11-29",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 0.85 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "Willett Manor",
      "address": "",
      "city": "South River",
      "state": "NJ",
      "zip": "08882",
      "units": 75,
      "originalAmount": 10659200,
      "rate": 2.5,
      "originationDate": "2021-06-30",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CLOUD PARK APTS",
      "address": "",
      "city": "DAYTON",
      "state": "OH",
      "zip": "45404",
      "units": 216,
      "originalAmount": 10625500,
      "rate": 2.5,
      "originationDate": "2011-09-30",
      "pmmsBenchmark": 4.106,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.61 pts below the 2011-09 market avg of 4.106%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "ALDEN WENTWORTH",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60621",
      "units": 300,
      "originalAmount": 10572400,
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      "originationDate": "2012-08-29",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.10 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "ROYAL GARDEN APARTMENTS",
      "address": "",
      "city": "CYPRESS",
      "state": "CA",
      "zip": "90630",
      "units": 127,
      "originalAmount": 10362800,
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      "originationDate": "2013-03-27",
      "pmmsBenchmark": 3.565,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.06 pts below the 2013-03 market avg of 3.565%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "BEECH TREE MANOR",
      "address": "",
      "city": "JELLICO",
      "state": "TN",
      "zip": "37762",
      "units": 168,
      "originalAmount": 10240000,
      "rate": 2.5,
      "originationDate": "2020-07-23",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "CANTERBURY HOUSE APARTMENTS KALAMAZOO",
      "address": "",
      "city": "KALAMAZOO",
      "state": "MI",
      "zip": "49009",
      "units": 192,
      "originalAmount": 10115000,
      "rate": 2.5,
      "originationDate": "2013-02-27",
      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.03 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "WOODS AT WINDROSE APARTMENTS",
      "address": "",
      "city": "KANSAS CITY",
      "state": "MO",
      "zip": "64155",
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      "originalAmount": 10041500,
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      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
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      "redReasons": [
        "Rate 2.5% is 0.88 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "WATERS EDGE APARTMENTS II",
      "address": "",
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      "state": "OH",
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      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
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      "redReasons": [
        "Rate 2.5% is 1.03 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "REDWOOD ORRVILLE",
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      "city": "ORRVILLE",
      "state": "OH",
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      "originationDate": "2021-05-26",
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      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PROSPECT HOUSE",
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      "city": "REVERE",
      "state": "MA",
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      "originalAmount": 9595400,
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      "belowMarket": true,
      "historicLowEra": true,
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        "Rate 2.5% is 0.85 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "MERIDIAN LOFTS",
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      "city": "PORTLAND",
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      "zip": "97215",
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      "belowMarket": false,
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "MORNINGSTAR RESIDENTIAL CARE CENTER",
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WATER'S EDGE APARTMENTS I",
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      "originalAmount": 9314700,
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      "belowMarket": true,
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        "Rate 2.5% is 1.03 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SUBURBAN MANOR REHAB NURSING C",
      "address": "",
      "city": "ACTON",
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      "redReasons": [
        "Rate 2.5% is 0.85 pts below the 2012-12 market avg of 3.345%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "DEER CREST",
      "address": "",
      "city": "RED WING",
      "state": "MN",
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      "originalAmount": 9225100,
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      "originationDate": "2021-08-12",
      "pmmsBenchmark": 2.843,
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      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "TALAHI CARE CENTER",
      "address": "",
      "city": "ST CLOUD",
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      "zip": "56304",
      "units": 291,
      "originalAmount": 8903100,
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      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "PRESBYTERIAN MDCL CNTR OF OAKM",
      "address": "",
      "city": "PITTSBURGH",
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      "originalAmount": 8901900,
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      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
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      "redReasons": [
        "Rate 2.5% is 1.03 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "TUKWILA STATION APARTMENTS",
      "address": "",
      "city": "TUKWILA",
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      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE WILLOWS APTS",
      "address": "",
      "city": "BOWIE",
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        "Rate 2.5% is 0.88 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "HEARTHSTONE APARTMENTS II",
      "address": "",
      "city": "TUMWATER",
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      "zip": "98501",
      "units": 104,
      "originalAmount": 8492600,
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      "originationDate": "2021-01-28",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE INDIANA",
      "address": "",
      "city": "SAN DIEGO",
      "state": "CA",
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      "originalAmount": 8488900,
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      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "JUNIOR HOUSE LOFTS",
      "address": "",
      "city": "MILWAUKEE",
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      "originalAmount": 8376000,
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      "originationDate": "2021-08-26",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "WESTMINSTER SQUARE",
      "address": "",
      "city": "SAN ANTONIO",
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      "zip": "78213",
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      "originalAmount": 8130700,
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      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SPRINGS AT CRYSTAL LAKE",
      "address": "",
      "city": "CRYSTAL LAKE",
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      "originalAmount": 8091100,
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      "originationDate": "2016-02-17",
      "pmmsBenchmark": 3.66,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
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        "Rate 2.5% is 1.16 pts below the 2016-02 market avg of 3.66%"
      ],
      "holder": "FIRST AMERICAN CAPITAL GROUP C"
    },
    {
      "property": "LAKESIDE VILLAS APARTMENTS",
      "address": "",
      "city": "MADISON",
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      "zip": "44057",
      "units": 128,
      "originalAmount": 8046500,
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      "pmmsBenchmark": 2.868,
      "belowMarket": false,
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "OASIS AT BROWN AND CENTER",
      "address": "",
      "city": "MESA",
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      "units": 110,
      "originalAmount": 7740100,
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      "originationDate": "2020-10-29",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "White Pines of White Bear Lake",
      "address": "",
      "city": "WHITE BEAR LAKE",
      "state": "MN",
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      "originalAmount": 7522200,
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      "originationDate": "2021-06-30",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "WINDSOR WOODS APARTMENTS",
      "address": "",
      "city": "CANTON",
      "state": "MI",
      "zip": "48187",
      "units": 149,
      "originalAmount": 7275000,
      "rate": 2.5,
      "originationDate": "2021-08-30",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CHERRY HILL MANOR",
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      "city": "JOHNSTON",
      "state": "RI",
      "zip": "02919",
      "units": 172,
      "originalAmount": 7189400,
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      "originationDate": "2012-12-20",
      "pmmsBenchmark": 3.345,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 0.85 pts below the 2012-12 market avg of 3.345%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "WOODHAVEN APARTMENTS",
      "address": "",
      "city": "KANSAS CITY",
      "state": "MO",
      "zip": "64151",
      "units": 81,
      "originalAmount": 7115500,
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      "originationDate": "2021-04-06",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "LIFE CARE CENTER OF COOS BAY",
      "address": "",
      "city": "COOS BAY",
      "state": "OR",
      "zip": "97420",
      "units": 96,
      "originalAmount": 6678000,
      "rate": 2.5,
      "originationDate": "2020-06-11",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "J.W. KING SENIOR CENTER",
      "address": "",
      "city": "WASHINGTON",
      "state": "DC",
      "zip": "20019",
      "units": 74,
      "originalAmount": 6670900,
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      "originationDate": "2021-11-18",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "THE LINKS AT THORNDALE",
      "address": "",
      "city": "OXFORD",
      "state": "NC",
      "zip": "27565",
      "units": 92,
      "originalAmount": 6400000,
      "rate": 2.5,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "DEL REY APARTMENTS",
      "address": "",
      "city": "SAN DIEGO",
      "state": "CA",
      "zip": "92109",
      "units": 15,
      "originalAmount": 6370300,
      "rate": 2.5,
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      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "HILL CREST APARTMENTS",
      "address": "",
      "city": "SEATTLE",
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      "zip": "98126",
      "units": 71,
      "originalAmount": 6344000,
      "rate": 2.5,
      "originationDate": "2012-11-29",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 0.85 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER & DUNLOP CAPITAL LLC"
    },
    {
      "property": "CHESTNUT HEIGHTS APARTMENTS",
      "address": "",
      "city": "HARRISBURG",
      "state": "PA",
      "zip": "17109",
      "units": 92,
      "originalAmount": 6322000,
      "rate": 2.5,
      "originationDate": "2021-09-28",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "OAK RIDGE SENIOR APARTMENTS",
      "address": "",
      "city": "MIDDLETON",
      "state": "WI",
      "zip": "53562",
      "units": 83,
      "originalAmount": 6000000,
      "rate": 2.5,
      "originationDate": "2022-01-21",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 0.94 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "ALLEN RANCH ESTATES",
      "address": "",
      "city": "GRANTS PASS",
      "state": "OR",
      "zip": "97527",
      "units": 71,
      "originalAmount": 5913600,
      "rate": 2.5,
      "originationDate": "2020-08-28",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "WESTBY HOUSING",
      "address": "",
      "city": "ONALASKA",
      "state": "WI",
      "zip": "54650",
      "units": 170,
      "originalAmount": 5760300,
      "rate": 2.5,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "MORENO VALLEY ASSISTED LIVING",
      "address": "",
      "city": "MORENO VALLEY",
      "state": "CA",
      "zip": "92557",
      "units": 68,
      "originalAmount": 5548000,
      "rate": 2.5,
      "originationDate": "2012-04-26",
      "pmmsBenchmark": 3.91,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.41 pts below the 2012-04 market avg of 3.91%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "PATRIOTS GLEN ASSISTED LIVING & MEMORY CARE",
      "address": "",
      "city": "BELLEVUE",
      "state": "WA",
      "zip": "98007",
      "units": 207,
      "originalAmount": 5501000,
      "rate": 2.5,
      "originationDate": "2021-01-26",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "KINGSWOOD VILLAGE",
      "address": "",
      "city": "EDINBURG",
      "state": "TX",
      "zip": "78542",
      "units": 80,
      "originalAmount": 5360000,
      "rate": 2.5,
      "originationDate": "2022-03-23",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.67 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SANTA FE HEIGHTS HEALTH CARE CENTER",
      "address": "",
      "city": "COMPTON",
      "state": "CA",
      "zip": "90222",
      "units": 135,
      "originalAmount": 5340000,
      "rate": 2.5,
      "originationDate": "2020-08-18",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "RIDGESTONE VILLAS",
      "address": "",
      "city": "REDDING",
      "state": "CA",
      "zip": "96003",
      "units": 28,
      "originalAmount": 5232000,
      "rate": 2.5,
      "originationDate": "2020-10-16",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BONNEVILLE MORTGAGE COMPANY"
    },
    {
      "property": "CASA ROYALE APARTMENTS",
      "address": "",
      "city": "VAN NUYS",
      "state": "CA",
      "zip": "91402",
      "units": 80,
      "originalAmount": 5021800,
      "rate": 2.5,
      "originationDate": "2013-03-27",
      "pmmsBenchmark": 3.565,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.06 pts below the 2013-03 market avg of 3.565%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "CHATEAU ROYALE APARTMENTS",
      "address": "",
      "city": "WAUKEGAN",
      "state": "IL",
      "zip": "60085",
      "units": 65,
      "originalAmount": 4824000,
      "rate": 2.5,
      "originationDate": "2021-12-17",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "EUCLID BEACH GARDENS",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44110",
      "units": 150,
      "originalAmount": 4799300,
      "rate": 2.5,
      "originationDate": "2021-07-27",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GREATER ABYSSINIA TOWER",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44106",
      "units": 70,
      "originalAmount": 4750000,
      "rate": 2.5,
      "originationDate": "2011-09-23",
      "pmmsBenchmark": 4.106,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.61 pts below the 2011-09 market avg of 4.106%"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "PORTHAVEN MANOR",
      "address": "",
      "city": "PORT HURON",
      "state": "MI",
      "zip": "48060",
      "units": 102,
      "originalAmount": 4706400,
      "rate": 2.5,
      "originationDate": "2021-05-26",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "BAY RIDGE ASSISTED LIVING CENTER",
      "address": "",
      "city": "TRAVERSE CITY",
      "state": "MI",
      "zip": "49684",
      "units": 47,
      "originalAmount": 4627200,
      "rate": 2.5,
      "originationDate": "2012-06-28",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.17 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "WALTONWOOD AT CARRIAGE PARK I",
      "address": "",
      "city": "CANTON",
      "state": "MI",
      "zip": "48187",
      "units": 91,
      "originalAmount": 4510000,
      "rate": 2.5,
      "originationDate": "2012-07-31",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.05 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CURTIS PARK PHASE I",
      "address": "",
      "city": "DENVER",
      "state": "CO",
      "zip": "80205",
      "units": 155,
      "originalAmount": 4470800,
      "rate": 2.5,
      "originationDate": "2012-11-20",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 0.85 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CARILLO PLACE",
      "address": "",
      "city": "SANTA ROSA",
      "state": "CA",
      "zip": "95407",
      "units": 68,
      "originalAmount": 4141000,
      "rate": 2.5,
      "originationDate": "2022-10-06",
      "pmmsBenchmark": 6.9,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 4.40 pts below the 2022-10 market avg of 6.9%"
      ],
      "holder": "CALIFORNIA HOUSING FINANCE"
    },
    {
      "property": "THE GREENS AT LIBERTY ROAD",
      "address": "",
      "city": "RANDALLSTOWN",
      "state": "MD",
      "zip": "21133",
      "units": 105,
      "originalAmount": 4094700,
      "rate": 2.5,
      "originationDate": "2021-05-18",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "PINES ON THE BAY",
      "address": "",
      "city": "BILOXI",
      "state": "MS",
      "zip": "39531",
      "units": 104,
      "originalAmount": 4080000,
      "rate": 2.5,
      "originationDate": "2012-12-19",
      "pmmsBenchmark": 3.345,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 0.85 pts below the 2012-12 market avg of 3.345%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "THE COTTAGES",
      "address": "",
      "city": "MCFARLAND",
      "state": "WI",
      "zip": "53558",
      "units": 72,
      "originalAmount": 3950000,
      "rate": 2.5,
      "originationDate": "2012-12-28",
      "pmmsBenchmark": 3.345,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 0.85 pts below the 2012-12 market avg of 3.345%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "MASON SENIOR APARTMENTS",
      "address": "",
      "city": "KATY",
      "state": "TX",
      "zip": "77449",
      "units": 120,
      "originalAmount": 3780000,
      "rate": 2.5,
      "originationDate": "2021-03-17",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "METROPOLIS NURING AND REHAB CT",
      "address": "",
      "city": "METROPOLIS",
      "state": "IL",
      "zip": "62960",
      "units": 94,
      "originalAmount": 3776700,
      "rate": 2.5,
      "originationDate": "2013-03-28",
      "pmmsBenchmark": 3.565,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.06 pts below the 2013-03 market avg of 3.565%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "EASTWOOD NURSING CENTER",
      "address": "",
      "city": "NEGAUNEE",
      "state": "MI",
      "zip": "49866",
      "units": 100,
      "originalAmount": 3774700,
      "rate": 2.5,
      "originationDate": "2010-04-28",
      "pmmsBenchmark": 5.098,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 2.60 pts below the 2010-04 market avg of 5.098%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "CENTURY II & WEST PARK APARTMENTS",
      "address": "",
      "city": "SIOUX CITY",
      "state": "IA",
      "zip": "51101",
      "units": 131,
      "originalAmount": 3665200,
      "rate": 2.5,
      "originationDate": "2020-09-23",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "BLOOMINGDALE YOUNG ADULT RES",
      "address": "",
      "city": "BLOOMINGDALE",
      "state": "IL",
      "zip": "60108",
      "units": 48,
      "originalAmount": 3638900,
      "rate": 2.5,
      "originationDate": "2012-08-29",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.10 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "Pine Hills Retirement Community",
      "address": "",
      "city": "HOT SPRINGS",
      "state": "SD",
      "zip": "57747",
      "units": 61,
      "originalAmount": 3620000,
      "rate": 2.5,
      "originationDate": "2021-06-28",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "X-CALIBER CAPITAL LLC"
    },
    {
      "property": "WESTMOOR GARDENS",
      "address": "",
      "city": "ENGLEWOOD",
      "state": "NJ",
      "zip": "07631",
      "units": 65,
      "originalAmount": 3454200,
      "rate": 2.5,
      "originationDate": "2011-05-20",
      "pmmsBenchmark": 4.637,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 2.14 pts below the 2011-05 market avg of 4.637%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "NEW BROADMOOR",
      "address": "",
      "city": "SALT LAKE CITY",
      "state": "UT",
      "zip": "84102",
      "units": 55,
      "originalAmount": 3386800,
      "rate": 2.5,
      "originationDate": "2013-05-30",
      "pmmsBenchmark": 3.536,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.04 pts below the 2013-05 market avg of 3.536%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "VAUGHAN VILLAGE APARTMENTS",
      "address": "",
      "city": "ELIZABETHTOWN",
      "state": "KY",
      "zip": "42701",
      "units": 48,
      "originalAmount": 3296000,
      "rate": 2.5,
      "originationDate": "2021-11-10",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "ASH STREET COURTYARD APARTMENTS",
      "address": "",
      "city": "PORTLAND",
      "state": "OR",
      "zip": "97216",
      "units": 47,
      "originalAmount": 3290400,
      "rate": 2.5,
      "originationDate": "2022-01-27",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 0.94 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "EXECUTIVE ESTATES",
      "address": "",
      "city": "FAIRBANKS",
      "state": "AK",
      "zip": "99709",
      "units": 108,
      "originalAmount": 3039000,
      "rate": 2.5,
      "originationDate": "2013-08-23",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.96 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "PILGRIM PLACE APARTMENTS",
      "address": "",
      "city": "MASON CITY",
      "state": "IA",
      "zip": "50401",
      "units": 34,
      "originalAmount": 2517500,
      "rate": 2.5,
      "originationDate": "2020-08-13",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "ELIM MANOR APARTMENTS",
      "address": "",
      "city": "COLUMBUS",
      "state": "OH",
      "zip": "43232",
      "units": 63,
      "originalAmount": 2500000,
      "rate": 2.5,
      "originationDate": "2010-12-15",
      "pmmsBenchmark": 4.714,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 2.21 pts below the 2010-12 market avg of 4.714%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "COUNCIL GROVE ASSISTED LIVING",
      "address": "",
      "city": "COUNCIL GROVE",
      "state": "KS",
      "zip": "66846",
      "units": 30,
      "originalAmount": 2232000,
      "rate": 2.5,
      "originationDate": "2012-01-27",
      "pmmsBenchmark": 3.915,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.42 pts below the 2012-01 market avg of 3.915%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "9 DEL LOFTS",
      "address": "",
      "city": "LAWRENCE",
      "state": "KS",
      "zip": "66044",
      "units": 43,
      "originalAmount": 2107800,
      "rate": 2.5,
      "originationDate": "2021-08-10",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "WESLEY HOMES OF DYERSBURG",
      "address": "",
      "city": "DYERSBURG",
      "state": "TN",
      "zip": "38024",
      "units": 66,
      "originalAmount": 1949200,
      "rate": 2.5,
      "originationDate": "2014-03-18",
      "pmmsBenchmark": 4.343,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.84 pts below the 2014-03 market avg of 4.343%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "LITTLE BLUE LAKE",
      "address": "",
      "city": "BLUE LAKE",
      "state": "MI",
      "zip": "49457",
      "units": 70,
      "originalAmount": 1856500,
      "rate": 2.5,
      "originationDate": "2011-08-31",
      "pmmsBenchmark": 4.27,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.77 pts below the 2011-08 market avg of 4.27%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WINTER CREEK VILLAGE",
      "address": "",
      "city": "WINDSOR",
      "state": "CA",
      "zip": "95492",
      "units": 41,
      "originalAmount": 1547000,
      "rate": 2.5,
      "originationDate": "2022-10-05",
      "pmmsBenchmark": 6.9,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 4.40 pts below the 2022-10 market avg of 6.9%"
      ],
      "holder": "CALIFORNIA HOUSING FINANCE"
    },
    {
      "property": "TIMOTHY COMMONS",
      "address": "",
      "city": "SANTA ROSA",
      "state": "CA",
      "zip": "95402",
      "units": 32,
      "originalAmount": 1176000,
      "rate": 2.5,
      "originationDate": "2022-10-05",
      "pmmsBenchmark": 6.9,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 4.40 pts below the 2022-10 market avg of 6.9%"
      ],
      "holder": "CALIFORNIA HOUSING FINANCE"
    },
    {
      "property": "GARDEN COURT DOWNTOWN",
      "address": "",
      "city": "PLYMOUTH",
      "state": "IN",
      "zip": "46563",
      "units": 30,
      "originalAmount": 1070000,
      "rate": 2.5,
      "originationDate": "2007-09-17",
      "pmmsBenchmark": 6.383,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 3.88 pts below the 2007-09 market avg of 6.383%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "FRANCISCAN ELD HSG",
      "address": "",
      "city": "BRECKENRIDGE",
      "state": "MN",
      "zip": "56520",
      "units": 48,
      "originalAmount": 981700,
      "rate": 2.5,
      "originationDate": "2012-10-23",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 0.88 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "VILLAGER APARTMENTS",
      "address": "",
      "city": "FORT WALTON BEACH",
      "state": "FL",
      "zip": "32548",
      "units": 33,
      "originalAmount": 804000,
      "rate": 2.5,
      "originationDate": "2013-02-26",
      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.5% is 1.03 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "SAN PAULO APARTMENTS",
      "address": "",
      "city": "PHOENIX",
      "state": "AZ",
      "zip": "85044",
      "units": 208,
      "originalAmount": 30000000,
      "rate": 2.51,
      "originationDate": "2020-05-28",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "SCHEUER HOUSE OF MANHATTAN BEACH",
      "address": "",
      "city": "BROOKLYN",
      "state": "NY",
      "zip": "11235",
      "units": 150,
      "originalAmount": 22595200,
      "rate": 2.51,
      "originationDate": "2021-11-18",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CHAMPIONS CLUB APARTMENT",
      "address": "",
      "city": "GLEN ALLEN",
      "state": "VA",
      "zip": "23060",
      "units": 212,
      "originalAmount": 20017000,
      "rate": 2.51,
      "originationDate": "2020-10-29",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "SANTA ROSA APARTMENTS",
      "address": "",
      "city": "PHOENIX",
      "state": "AZ",
      "zip": "85048",
      "units": 112,
      "originalAmount": 17500000,
      "rate": 2.51,
      "originationDate": "2020-05-29",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "RIVERWALK II APARTMENTS",
      "address": "",
      "city": "HOMESTEAD",
      "state": "FL",
      "zip": "33030",
      "units": 112,
      "originalAmount": 16102000,
      "rate": 2.51,
      "originationDate": "2020-07-01",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "MALLARD POINT APARTMENTS",
      "address": "",
      "city": "CHANNAHON",
      "state": "IL",
      "zip": "60410",
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      "originalAmount": 16000000,
      "rate": 2.51,
      "originationDate": "2015-09-17",
      "pmmsBenchmark": 3.89,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.51% is 1.38 pts below the 2015-09 market avg of 3.89%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "PLEASANT VALLEY TOWNHOMES",
      "address": "",
      "city": "BETTENDORF",
      "state": "IA",
      "zip": "52722",
      "units": 69,
      "originalAmount": 14464000,
      "rate": 2.51,
      "originationDate": "2022-01-25",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
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      "redReasons": [
        "Rate 2.51% is 0.94 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "THE PARK RESIDENCES AT BIENVILLE",
      "address": "",
      "city": "VICKSBURG",
      "state": "MS",
      "zip": "39183",
      "units": 132,
      "originalAmount": 13600000,
      "rate": 2.51,
      "originationDate": "2022-02-17",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.51% is 1.25 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "DEPAUL HOUSE & St. JOACHIM HOUSE",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21227",
      "units": 199,
      "originalAmount": 11528800,
      "rate": 2.51,
      "originationDate": "2021-07-29",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "LIFE CARE CENTER OF WESTMINSTER",
      "address": "",
      "city": "WESTMINSTER",
      "state": "CO",
      "zip": "80030",
      "units": 115,
      "originalAmount": 9064000,
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      "originationDate": "2017-04-20",
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      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.51% is 1.54 pts below the 2017-04 market avg of 4.045%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "GREEN HILLS COMMUNITY",
      "address": "",
      "city": "WEST LIBERTY",
      "state": "OH",
      "zip": "43357",
      "units": 108,
      "originalAmount": 8488200,
      "rate": 2.51,
      "originationDate": "2021-12-29",
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      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "HIDDEN MEADOW MEMORY CARE",
      "address": "",
      "city": "COLUMBIA FALLS",
      "state": "MT",
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      "originalAmount": 6299100,
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      "originationDate": "2021-10-08",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "APPLEWOOD POINTE COOPERATIVE OF BLOOMINGTON",
      "address": "",
      "city": "BLOOMINGTON",
      "state": "MN",
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      "units": 95,
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      "pmmsBenchmark": 3.915,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.51% is 1.41 pts below the 2012-01 market avg of 3.915%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "GOGGLEWORKS APARTMENTS",
      "address": "",
      "city": "READING",
      "state": "PA",
      "zip": "19601",
      "units": 59,
      "originalAmount": 5898400,
      "rate": 2.51,
      "originationDate": "2020-11-10",
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      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKELEY POINT CAPITAL LLC"
    },
    {
      "property": "THE WOODS OF CEDAR VILLAGE",
      "address": "",
      "city": "FRANKLIN",
      "state": "WI",
      "zip": "53221",
      "units": 112,
      "originalAmount": 5637000,
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      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "LEXINGTON PLACE APARTMENTS PHASE III",
      "address": "",
      "city": "BOSSIER CITY",
      "state": "LA",
      "zip": "71111",
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      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "MOUNT ROYAL PINES III",
      "address": "",
      "city": "DULUTH",
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      "zip": "55803",
      "units": 162,
      "originalAmount": 3382600,
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      "originationDate": "2020-12-31",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "LIFE CARE CENTER OF CASPER",
      "address": "",
      "city": "CASPER",
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      "units": 180,
      "originalAmount": 3258800,
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      "originationDate": "2018-09-06",
      "pmmsBenchmark": 4.628,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.51% is 2.12 pts below the 2018-09 market avg of 4.628%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "RINCON GREEN AKA 333 HARRISON ST",
      "address": "",
      "city": "SAN FRANCISCO",
      "state": "CA",
      "zip": "94105",
      "units": 326,
      "originalAmount": 83000000,
      "rate": 2.52,
      "originationDate": "2020-07-30",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "RESISDENCES AT THE JOHN MARSHALL",
      "address": "",
      "city": "RICHMOND",
      "state": "VA",
      "zip": "23219",
      "units": 241,
      "originalAmount": 40671300,
      "rate": 2.52,
      "originationDate": "2021-03-29",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "FOOTHILLS APARTMENTS",
      "address": "",
      "city": "NORTH LITTLE ROCK",
      "state": "AR",
      "zip": "72116",
      "units": 540,
      "originalAmount": 37920000,
      "rate": 2.52,
      "originationDate": "2020-07-21",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "BELLA VISTA III",
      "address": "",
      "city": "NEW HAVEN",
      "state": "CT",
      "zip": "06413",
      "units": 324,
      "originalAmount": 37840000,
      "rate": 2.52,
      "originationDate": "2021-09-24",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE LIFE AT PARK VIEW",
      "address": "",
      "city": "PASADENA",
      "state": "TX",
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      "units": 309,
      "originalAmount": 32580000,
      "rate": 2.52,
      "originationDate": "2021-05-26",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "EAGLE HARBOR APARTMENTS",
      "address": "",
      "city": "CARROLLTON",
      "state": "VA",
      "zip": "23314",
      "units": 240,
      "originalAmount": 30000000,
      "rate": 2.52,
      "originationDate": "2021-10-28",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "BERMUDA ESTATES",
      "address": "",
      "city": "ORMOND BEACH",
      "state": "FL",
      "zip": "32174",
      "units": 344,
      "originalAmount": 29558500,
      "rate": 2.52,
      "originationDate": "2020-08-31",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "POINTE PLACE",
      "address": "",
      "city": "DOVER",
      "state": "NH",
      "zip": "03820",
      "units": 116,
      "originalAmount": 25293000,
      "rate": 2.52,
      "originationDate": "2021-08-30",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "3030 LAKE CITY APARTMENTS",
      "address": "",
      "city": "SEATTLE",
      "state": "WA",
      "zip": "98125",
      "units": 113,
      "originalAmount": 24480000,
      "rate": 2.52,
      "originationDate": "2020-06-16",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "DEVINE DISTRICT APARTMENTS",
      "address": "",
      "city": "COLUMBIA",
      "state": "SC",
      "zip": "29205",
      "units": 144,
      "originalAmount": 23920000,
      "rate": 2.52,
      "originationDate": "2022-01-24",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.52% is 0.92 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "TRINITY MILLS APARTMENTS",
      "address": "",
      "city": "CARROLLTON",
      "state": "TX",
      "zip": "75006",
      "units": 208,
      "originalAmount": 18320000,
      "rate": 2.52,
      "originationDate": "2021-09-27",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "LEXINGTON PARK",
      "address": "",
      "city": "TOPEKA",
      "state": "KS",
      "zip": "66604",
      "units": 205,
      "originalAmount": 18297900,
      "rate": 2.52,
      "originationDate": "2012-08-23",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.52% is 1.08 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "APPLE POINTE COOPERATIVE OF MENNETONKA",
      "address": "",
      "city": "MINNETONKA",
      "state": "MN",
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      "units": 89,
      "originalAmount": 17415500,
      "rate": 2.52,
      "originationDate": "2021-10-28",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "REGENCY AT HUALALAI",
      "address": "",
      "city": "KAILUA KONA",
      "state": "HI",
      "zip": "96740",
      "units": 123,
      "originalAmount": 16581500,
      "rate": 2.52,
      "originationDate": "2021-08-05",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE VILLAGE AT CAMERON HARBOR APARTMENTS",
      "address": "",
      "city": "CHATTANOOGA",
      "state": "TN",
      "zip": "37402",
      "units": 69,
      "originalAmount": 15840000,
      "rate": 2.52,
      "originationDate": "2021-12-29",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "PIONEER RIDGE",
      "address": "",
      "city": "LAWRENCE",
      "state": "KS",
      "zip": "66049",
      "units": 136,
      "originalAmount": 15260800,
      "rate": 2.52,
      "originationDate": "2012-08-23",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.52% is 1.08 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "QUILL FARMS APARTMENTS",
      "address": "",
      "city": "NORFOLK",
      "state": "VA",
      "zip": "23502",
      "units": 180,
      "originalAmount": 14363800,
      "rate": 2.52,
      "originationDate": "2020-11-25",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "THE PALISADES OF BLYTHEWOOD PHASE II",
      "address": "",
      "city": "BLYTHEWOOD",
      "state": "SC",
      "zip": "29016",
      "units": 156,
      "originalAmount": 13910800,
      "rate": 2.52,
      "originationDate": "2020-06-29",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "RESPIRATORY AND NURSING CENTER OF DAYTON",
      "address": "",
      "city": "DAYTON",
      "state": "OH",
      "zip": "45439",
      "units": 174,
      "originalAmount": 13155000,
      "rate": 2.52,
      "originationDate": "2020-07-31",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "MARTHA AND MARY NURSING HOME",
      "address": "",
      "city": "POULSBO",
      "state": "WA",
      "zip": "98370",
      "units": 135,
      "originalAmount": 13105200,
      "rate": 2.52,
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      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ZIEGLER FINANCING CORP"
    },
    {
      "property": "MARTIN HOUSE AT ADAMSVILLE",
      "address": "",
      "city": "ATLANTA",
      "state": "GA",
      "zip": "30331",
      "units": 153,
      "originalAmount": 10706100,
      "rate": 2.52,
      "originationDate": "2021-09-14",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ST. GILES NURSING & REHABILITATION CENTER",
      "address": "",
      "city": "EL PASO",
      "state": "TX",
      "zip": "79927",
      "units": 187,
      "originalAmount": 10448000,
      "rate": 2.52,
      "originationDate": "2020-06-16",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "APPLEWOOD POINTE COOP OF NEW B",
      "address": "",
      "city": "NEW BRIGHTON",
      "state": "MN",
      "zip": "55112",
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      "originalAmount": 9650300,
      "rate": 2.52,
      "originationDate": "2012-08-29",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.52% is 1.08 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "ESTHER DASHEW APARTMENTS",
      "address": "",
      "city": "MONSEY",
      "state": "NY",
      "zip": "10952",
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      "originalAmount": 9525600,
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      "originationDate": "2020-07-30",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WHISPERING PINES REHABILITATION AND NURSING CENTER",
      "address": "",
      "city": "EAST HAVEN",
      "state": "CT",
      "zip": "06512",
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      "originationDate": "2021-11-22",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "GOLDBERG B' NAI B'RITH TOWERS",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
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      "units": 302,
      "originalAmount": 9064200,
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      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "ROLLING HILLS",
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      "city": "TOPEKA",
      "state": "KS",
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      "originalAmount": 8775200,
      "rate": 2.52,
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      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.52% is 1.08 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "TRAFALGAR EAST",
      "address": "",
      "city": "EAST GREENWICH",
      "state": "RI",
      "zip": "02818",
      "units": 164,
      "originalAmount": 8613200,
      "rate": 2.52,
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      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "AVON PLACE SKILLED NURSING AND REHABILITATION",
      "address": "",
      "city": "AVON",
      "state": "OH",
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      "units": 166,
      "originalAmount": 8582200,
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      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "SOMERSET APARTMENTS",
      "address": "",
      "city": "SILVER SPRING",
      "state": "MD",
      "zip": "20906",
      "units": 99,
      "originalAmount": 7780700,
      "rate": 2.52,
      "originationDate": "2021-05-26",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "RENAISSANCE AT SUGAR HILL",
      "address": "",
      "city": "MIAMI",
      "state": "FL",
      "zip": "33147",
      "units": 132,
      "originalAmount": 7474100,
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      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.52% is 1.65 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "X-CALIBER CAPITAL LLC"
    },
    {
      "property": "JEFFERSON HEALTHCARE CENTER",
      "address": "",
      "city": "JEFFERSON",
      "state": "OH",
      "zip": "44047",
      "units": 166,
      "originalAmount": 7000000,
      "rate": 2.52,
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      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "SUMMERHILL ESTATE APARTMENTS",
      "address": "",
      "city": "LANSING",
      "state": "MI",
      "zip": "48911",
      "units": 129,
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      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "WOODSTOCK TERRACE APTS",
      "address": "",
      "city": "WOODSTOCK",
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      "originalAmount": 6960000,
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      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.52% is 0.98 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "KEMPER HOUSE STRONGVILLE",
      "address": "",
      "city": "STRONGSVILLE",
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      "zip": "44136",
      "units": 138,
      "originalAmount": 6750000,
      "rate": 2.52,
      "originationDate": "2020-06-26",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "WINDSCAPE VILLAGE APARTMENTS",
      "address": "",
      "city": "BANNING",
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      "belowMarket": true,
      "historicLowEra": false,
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      "redReasons": [
        "Rate 2.52% is 1.04 pts below the 2013-03 market avg of 3.565%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "Pasadena Interfaith Manor",
      "address": "",
      "city": "Pasadena",
      "state": "TX",
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      "originalAmount": 6083000,
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      "originationDate": "2021-06-28",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "HOMESTEAD OF OLATHE",
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      "city": "OLATHE",
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      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
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        "Rate 2.52% is 1.08 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PRAIRIE VILLAGE APARTMENTS",
      "address": "",
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      "units": 120,
      "originalAmount": 4900000,
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      "pmmsBenchmark": 3.942,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.52% is 1.42 pts below the 2015-11 market avg of 3.942%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "JEFFERSON HOUSE",
      "address": "",
      "city": "LYNCHBURG",
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      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "SANTE FE TOWERS APARTMENTS",
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      "city": "OVERLAND PARK",
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      "historicLowEra": false,
      "red": true,
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        "Rate 2.52% is 0.92 pts below the 2013-04 market avg of 3.445%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "Legacy at Peachtree",
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      "city": "RUSTON",
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      "pmmsBenchmark": 2.868,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "NESHANOCK WOODS",
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      "city": "NEW CASTLE",
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HALSTEAD HEALTH & REHAB",
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      "city": "HALSTEAD",
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      "pmmsBenchmark": 3.602,
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      "historicLowEra": false,
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        "Rate 2.52% is 1.08 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "REALIFE COOPERATIVE OF MANKATO",
      "address": "",
      "city": "MANKATO",
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      "pmmsBenchmark": 3.602,
      "belowMarket": true,
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        "Rate 2.52% is 1.08 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "STETSON RIDGE APARTMENTS",
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      "city": "COLORADO SPRINGS",
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      "originalAmount": 45200000,
      "rate": 2.53,
      "originationDate": "2020-06-29",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "LIBRARY HILL APARTMENTS",
      "address": "",
      "city": "MILWAUKEE",
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      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "LCC OF LONGMONT & THE BRIDGE ASSISTED LIVING",
      "address": "",
      "city": "LONGMONT",
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      "zip": "80501",
      "units": 379,
      "originalAmount": 21266000,
      "rate": 2.53,
      "originationDate": "2020-05-04",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "MONON PLACE  PHASE II",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46220",
      "units": 136,
      "originalAmount": 20000000,
      "rate": 2.53,
      "originationDate": "2021-08-24",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "GRAMERCY COURT",
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      "city": "SACRAMENTO",
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      "zip": "95825",
      "units": 318,
      "originalAmount": 17289300,
      "rate": 2.53,
      "originationDate": "2020-05-28",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "OAKLEAF VILLAGE TOLEDO",
      "address": "",
      "city": "TOLEDO",
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      "originalAmount": 16000000,
      "rate": 2.53,
      "originationDate": "2021-05-20",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "OAK CREEK VILLAGE",
      "address": "",
      "city": "EAST BRUNSWICK",
      "state": "NJ",
      "zip": "08816",
      "units": 80,
      "originalAmount": 11844400,
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      "originationDate": "2021-07-30",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "VILLA MANOR CARE CENTER",
      "address": "",
      "city": "LAKEWOOD",
      "state": "CO",
      "zip": "80226",
      "units": 187,
      "originalAmount": 11035400,
      "rate": 2.53,
      "originationDate": "2020-05-04",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "REDWOOD ANKENY (HAVENWOOD) PHASE II",
      "address": "",
      "city": "ANKENY",
      "state": "IA",
      "zip": "50023",
      "units": 64,
      "originalAmount": 10800000,
      "rate": 2.53,
      "originationDate": "2022-03-07",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.53% is 1.64 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "COUNTRY CLUB HEIGHTS",
      "address": "",
      "city": "QUINCY",
      "state": "IL",
      "zip": "62301",
      "units": 200,
      "originalAmount": 10500000,
      "rate": 2.53,
      "originationDate": "2021-12-15",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "VINTAGE COOPERATIVE OF CORALVILLE",
      "address": "",
      "city": "CORALVILLE",
      "state": "IA",
      "zip": "52241",
      "units": 59,
      "originalAmount": 9772600,
      "rate": 2.53,
      "originationDate": "2020-11-20",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "24 MERRIMACK STREET",
      "address": "",
      "city": "LOWELL",
      "state": "MA",
      "zip": "01852",
      "units": 47,
      "originalAmount": 9200000,
      "rate": 2.53,
      "originationDate": "2021-10-28",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "Reflections Apartments",
      "address": "",
      "city": "HENRICO",
      "state": "VA",
      "zip": "23231",
      "units": 104,
      "originalAmount": 8439400,
      "rate": 2.53,
      "originationDate": "2021-06-16",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "WEATHERSTONE APARTMENTS",
      "address": "",
      "city": "HORN LAKE",
      "state": "MS",
      "zip": "38637",
      "units": 81,
      "originalAmount": 8319300,
      "rate": 2.53,
      "originationDate": "2021-09-16",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BRIARWOOD OF LAFAYETTE",
      "address": "",
      "city": "LAFAYETTE",
      "state": "IN",
      "zip": "47905",
      "units": 100,
      "originalAmount": 7000000,
      "rate": 2.53,
      "originationDate": "2020-05-28",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "PAYNE HILL APARTMENTS",
      "address": "",
      "city": "JEFFERSON HILLS",
      "state": "PA",
      "zip": "15025",
      "units": 150,
      "originalAmount": 6920000,
      "rate": 2.53,
      "originationDate": "2011-12-20",
      "pmmsBenchmark": 3.958,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.53% is 1.43 pts below the 2011-12 market avg of 3.958%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "ROCK RIVER HEALTHCARE",
      "address": "",
      "city": "ROCKFORD",
      "state": "IL",
      "zip": "61103",
      "units": 48,
      "originalAmount": 6409700,
      "rate": 2.53,
      "originationDate": "2021-11-19",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CORNERSTONE COOPERATIVE OF PLYMOUTH",
      "address": "",
      "city": "PLYMOUTH",
      "state": "MN",
      "zip": "55446",
      "units": 77,
      "originalAmount": 6201400,
      "rate": 2.53,
      "originationDate": "2022-02-24",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.53% is 1.23 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "STERLING PARK APARTMENTS",
      "address": "",
      "city": "HENDERSON",
      "state": "NC",
      "zip": "27536",
      "units": 80,
      "originalAmount": 6000000,
      "rate": 2.53,
      "originationDate": "2021-08-19",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "COLLEGE VIEW ASSISTED LIVING",
      "address": "",
      "city": "HASTINGS",
      "state": "NE",
      "zip": "68901",
      "units": 58,
      "originalAmount": 5680300,
      "rate": 2.53,
      "originationDate": "2021-08-31",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "HALLMARK HEALTHCARE CENTER",
      "address": "",
      "city": "SUMMERVILLE",
      "state": "SC",
      "zip": "29485",
      "units": 88,
      "originalAmount": 5394900,
      "rate": 2.53,
      "originationDate": "2012-07-19",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.53% is 1.02 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "TURTLE CREEK VILLAGE PHASE III",
      "address": "",
      "city": "BELTON",
      "state": "TX",
      "zip": "76513",
      "units": 72,
      "originalAmount": 5125600,
      "rate": 2.53,
      "originationDate": "2020-07-21",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "CHANDLER GARDENS",
      "address": "",
      "city": "CHANDLER",
      "state": "AZ",
      "zip": "85255",
      "units": 80,
      "originalAmount": 5000000,
      "rate": 2.53,
      "originationDate": "2020-08-03",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "UNION SQUARE",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44104",
      "units": 174,
      "originalAmount": 4972000,
      "rate": 2.53,
      "originationDate": "2022-02-25",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.53% is 1.23 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "APTHORP TOWER",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44112",
      "units": 163,
      "originalAmount": 4718600,
      "rate": 2.53,
      "originationDate": "2022-04-14",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.53% is 2.45 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BICKFORD OF SIOUX CITY I",
      "address": "",
      "city": "SIOUX CITY",
      "state": "IA",
      "zip": "51108",
      "units": 36,
      "originalAmount": 4160000,
      "rate": 2.53,
      "originationDate": "2021-12-30",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "CLINTON MANOR APARTMENTS",
      "address": "",
      "city": "HARRISON TOWNSHIP",
      "state": "MI",
      "zip": "48045",
      "units": 192,
      "originalAmount": 4000000,
      "rate": 2.53,
      "originationDate": "2021-04-20",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHPOINT CAPITAL LLC"
    },
    {
      "property": "WALTER G SELLERS SENIOR APTS",
      "address": "",
      "city": "XENIA",
      "state": "OH",
      "zip": "45385",
      "units": 66,
      "originalAmount": 2623900,
      "rate": 2.53,
      "originationDate": "2009-09-30",
      "pmmsBenchmark": 5.058,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.53% is 2.53 pts below the 2009-09 market avg of 5.058%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "TREFOIL COURT APARTMENTS",
      "address": "",
      "city": "FAIRFIELD",
      "state": "CT",
      "zip": "06825",
      "units": 30,
      "originalAmount": 2400000,
      "rate": 2.53,
      "originationDate": "2022-02-28",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.53% is 1.23 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WESLEY PINE RIDGE",
      "address": "",
      "city": "PARIS",
      "state": "TN",
      "zip": "38242",
      "units": 66,
      "originalAmount": 2205000,
      "rate": 2.53,
      "originationDate": "2022-03-21",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.53% is 1.64 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "LAKE PARK APARTMENTS",
      "address": "",
      "city": "HOBART",
      "state": "IN",
      "zip": "46342",
      "units": 71,
      "originalAmount": 2140000,
      "rate": 2.53,
      "originationDate": "2021-04-26",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "AUTUMNS WOODS",
      "address": "",
      "city": "WAGONER",
      "state": "OK",
      "zip": "74467",
      "units": 100,
      "originalAmount": 1900000,
      "rate": 2.53,
      "originationDate": "2013-09-19",
      "pmmsBenchmark": 4.49,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.53% is 1.96 pts below the 2013-09 market avg of 4.49%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "SOUTH POINTE APARTMENTS",
      "address": "",
      "city": "MARIANNA",
      "state": "AR",
      "zip": "72360",
      "units": 80,
      "originalAmount": 1584900,
      "rate": 2.53,
      "originationDate": "2013-03-27",
      "pmmsBenchmark": 3.565,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.53% is 1.04 pts below the 2013-03 market avg of 3.565%"
      ],
      "holder": "LOVE FUNDING CORPORATION"
    },
    {
      "property": "WINDSOR VALLEY I & II",
      "address": "",
      "city": "EDGEWOOD",
      "state": "MD",
      "zip": "21040",
      "units": 291,
      "originalAmount": 21245000,
      "rate": 2.535,
      "originationDate": "2020-09-17",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "CAMELOT WEST AT MARLBORO",
      "address": "",
      "city": "MORGANVILLE",
      "state": "NJ",
      "zip": "07751",
      "units": 251,
      "originalAmount": 64960000,
      "rate": 2.54,
      "originationDate": "2022-03-14",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.54% is 1.63 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "Dartmoor Place at Oxford Square",
      "address": "",
      "city": "Hanover",
      "state": "MD",
      "zip": "21076",
      "units": 258,
      "originalAmount": 64080000,
      "rate": 2.54,
      "originationDate": "2021-06-24",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLUMBIANATIONAL REAL ESTATE F"
    },
    {
      "property": "ROCK ISLAND RIDGES AT RIVERCHASE",
      "address": "",
      "city": "PHENIX CITY",
      "state": "AL",
      "zip": "36867",
      "units": 346,
      "originalAmount": 40863400,
      "rate": 2.54,
      "originationDate": "2021-07-27",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "ASPIRE AT CARY POINTE",
      "address": "",
      "city": "CARY",
      "state": "NC",
      "zip": "27519",
      "units": 138,
      "originalAmount": 32075400,
      "rate": 2.54,
      "originationDate": "2022-01-10",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.54% is 0.90 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "ENCANTO APARTMENTS",
      "address": "",
      "city": "INDIO",
      "state": "CA",
      "zip": "92201",
      "units": 272,
      "originalAmount": 27715700,
      "rate": 2.54,
      "originationDate": "2022-03-28",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.54% is 1.63 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "AVIA APARTMENTS",
      "address": "",
      "city": "VESTAVIA HILLS",
      "state": "AL",
      "zip": "35216",
      "units": 162,
      "originalAmount": 25968000,
      "rate": 2.54,
      "originationDate": "2022-02-24",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.54% is 1.22 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "AVENTERRA I APARTMENTS",
      "address": "",
      "city": "FONTANA",
      "state": "CA",
      "zip": "92335",
      "units": 166,
      "originalAmount": 24480000,
      "rate": 2.54,
      "originationDate": "2022-03-29",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.54% is 1.63 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "MONTEBELLO COMMONS",
      "address": "",
      "city": "SUFFERN",
      "state": "NY",
      "zip": "10901",
      "units": 178,
      "originalAmount": 24275000,
      "rate": 2.54,
      "originationDate": "2013-06-26",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.54% is 1.53 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "RUNNELLS CENTER FOR REHABILITATION & HEALTHCARE",
      "address": "",
      "city": "BERKELEY HEIGHTS",
      "state": "NJ",
      "zip": "07922",
      "units": 621,
      "originalAmount": 23773100,
      "rate": 2.54,
      "originationDate": "2021-02-04",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "AVANTARA LONG GROVE",
      "address": "",
      "city": "LONG GROVE",
      "state": "IL",
      "zip": "60047",
      "units": 435,
      "originalAmount": 21345500,
      "rate": 2.54,
      "originationDate": "2021-01-28",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "REDWOOD SUPERIOR TWP (SUTTON RIDGE)",
      "address": "",
      "city": "SUPERIOR TOWNSHIP",
      "state": "MI",
      "zip": "48198",
      "units": 125,
      "originalAmount": 19128000,
      "rate": 2.54,
      "originationDate": "2021-08-20",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "COMMERCE BUILDING",
      "address": "",
      "city": "BATON ROUGE",
      "state": "LA",
      "zip": "70802",
      "units": 92,
      "originalAmount": 17033500,
      "rate": 2.54,
      "originationDate": "2014-10-27",
      "pmmsBenchmark": 4.036,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.54% is 1.50 pts below the 2014-10 market avg of 4.036%"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "RESERVE AT SQUIRREL RUN",
      "address": "",
      "city": "NEW IBERIA",
      "state": "LA",
      "zip": "70560",
      "units": 180,
      "originalAmount": 16529100,
      "rate": 2.54,
      "originationDate": "2021-03-23",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SUNHARBOR MANOR",
      "address": "",
      "city": "ROSLYN HEIGHTS",
      "state": "NY",
      "zip": "11577",
      "units": 444,
      "originalAmount": 16165200,
      "rate": 2.54,
      "originationDate": "2021-03-26",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "AVENTERRA II APARTMENTS",
      "address": "",
      "city": "FONTANA",
      "state": "CA",
      "zip": "92335",
      "units": 106,
      "originalAmount": 16160000,
      "rate": 2.54,
      "originationDate": "2022-03-29",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.54% is 1.63 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "SEAPOINTE VILLAGE",
      "address": "",
      "city": "LONG BEACH",
      "state": "CA",
      "zip": "90802",
      "units": 62,
      "originalAmount": 12960000,
      "rate": 2.54,
      "originationDate": "2022-03-30",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.54% is 1.63 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "ASHTON CREEK HEALTH AND REHABILITATION CENTER",
      "address": "",
      "city": "FORT WAYNE",
      "state": "IN",
      "zip": "46845",
      "units": 73,
      "originalAmount": 12494100,
      "rate": 2.54,
      "originationDate": "2021-09-27",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "NEWBERRY ESTATES",
      "address": "",
      "city": "WILLIAMSPORT",
      "state": "PA",
      "zip": "17701",
      "units": 200,
      "originalAmount": 12469400,
      "rate": 2.54,
      "originationDate": "2013-02-14",
      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.54% is 0.99 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "PROTHO MANOR APARTMENTS",
      "address": "",
      "city": "NORTH LITTLE ROCK",
      "state": "AR",
      "zip": "72117",
      "units": 104,
      "originalAmount": 11700000,
      "rate": 2.54,
      "originationDate": "2021-11-17",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "GRAND PINES ASSISTED LIVING CENTER",
      "address": "",
      "city": "GRAND HAVEN",
      "state": "MI",
      "zip": "49417",
      "units": 104,
      "originalAmount": 11575000,
      "rate": 2.54,
      "originationDate": "2014-12-04",
      "pmmsBenchmark": 3.864,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.54% is 1.32 pts below the 2014-12 market avg of 3.864%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "HICKORY HEIGHTS AND OAKLAND APARTMENTS",
      "address": "",
      "city": "ABBEVILLE",
      "state": "SC",
      "zip": "29620",
      "units": 112,
      "originalAmount": 10700000,
      "rate": 2.54,
      "originationDate": "2021-09-14",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "WEBSTER NURSING AND REHABILITATION CENTER",
      "address": "",
      "city": "COWEN",
      "state": "WV",
      "zip": "26206",
      "units": 32,
      "originalAmount": 10331000,
      "rate": 2.54,
      "originationDate": "2021-11-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "PENNWOOD APARTMENTS",
      "address": "",
      "city": "ROCHESTER",
      "state": "NY",
      "zip": "14625",
      "units": 150,
      "originalAmount": 9840000,
      "rate": 2.54,
      "originationDate": "2022-03-18",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.54% is 1.63 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "FAYETTE NURSING AND REHABILITATION CENTER",
      "address": "",
      "city": "FAYETTEVILLE",
      "state": "WV",
      "zip": "25840",
      "units": 32,
      "originalAmount": 9827300,
      "rate": 2.54,
      "originationDate": "2021-11-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "ADDISON POINTE HEALTH AND REHABILITATION CENTER",
      "address": "",
      "city": "CHESTERTON",
      "state": "IN",
      "zip": "46304",
      "units": 80,
      "originalAmount": 9503700,
      "rate": 2.54,
      "originationDate": "2021-08-18",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "GRAND REGENCY OF PEORIA",
      "address": "",
      "city": "PEORIA",
      "state": "IL",
      "zip": "61604",
      "units": 100,
      "originalAmount": 9373000,
      "rate": 2.54,
      "originationDate": "2021-05-26",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "LIFE CARE- THE GARDENS COURT",
      "address": "",
      "city": "PALM BEACH GARDENS",
      "state": "FL",
      "zip": "33410",
      "units": 112,
      "originalAmount": 8953000,
      "rate": 2.54,
      "originationDate": "2018-04-26",
      "pmmsBenchmark": 4.467,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.54% is 1.93 pts below the 2018-04 market avg of 4.467%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "MARVIN GARDEN",
      "address": "",
      "city": "COTATI",
      "state": "CA",
      "zip": "94931",
      "units": 37,
      "originalAmount": 8560000,
      "rate": 2.54,
      "originationDate": "2020-08-27",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "VERNDALE APARTMENTS",
      "address": "",
      "city": "LANSING",
      "state": "MI",
      "zip": "48917",
      "units": 84,
      "originalAmount": 8440000,
      "rate": 2.54,
      "originationDate": "2021-12-16",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "HOOSIERCARE7-SWANN SPECIAL CARE CENTER",
      "address": "",
      "city": "CHAMPAIGN",
      "state": "IL",
      "zip": "61821",
      "units": 120,
      "originalAmount": 8377500,
      "rate": 2.54,
      "originationDate": "2012-11-07",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.54% is 0.81 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LINCOLN NURSING AND REHABILITATION CENTER",
      "address": "",
      "city": "HAMLIN",
      "state": "WV",
      "zip": "25523",
      "units": 32,
      "originalAmount": 8267000,
      "rate": 2.54,
      "originationDate": "2021-11-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "TURTLE CREEK VILLAGE PHASE II",
      "address": "",
      "city": "BELTON",
      "state": "TX",
      "zip": "76513",
      "units": 140,
      "originalAmount": 8158100,
      "rate": 2.54,
      "originationDate": "2020-07-21",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "TALLADEGA NURSING HOME",
      "address": "",
      "city": "TALLADEGA",
      "state": "AL",
      "zip": "35160",
      "units": 234,
      "originalAmount": 7792500,
      "rate": 2.54,
      "originationDate": "2011-10-25",
      "pmmsBenchmark": 4.068,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.54% is 1.53 pts below the 2011-10 market avg of 4.068%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "HOOSIERCARE7-WALTER LAWSON CHILDREN'S HOME",
      "address": "",
      "city": "LOVES PARK",
      "state": "IL",
      "zip": "61111",
      "units": 99,
      "originalAmount": 7290000,
      "rate": 2.54,
      "originationDate": "2012-11-07",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.54% is 0.81 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ALLEGRE POINT APARTMENTS",
      "address": "",
      "city": "AUSTIN",
      "state": "TX",
      "zip": "78728",
      "units": 184,
      "originalAmount": 7193600,
      "rate": 2.54,
      "originationDate": "2015-09-16",
      "pmmsBenchmark": 3.89,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.54% is 1.35 pts below the 2015-09 market avg of 3.89%"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "CITRUS BREEZE APARTMENTS",
      "address": "",
      "city": "FONTANA",
      "state": "CA",
      "zip": "92335",
      "units": 52,
      "originalAmount": 7052500,
      "rate": 2.54,
      "originationDate": "2022-03-28",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.54% is 1.63 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "WOODSIDE VILLAGE APARTMENTS",
      "address": "",
      "city": "PALESTINE",
      "state": "TX",
      "zip": "75801",
      "units": 92,
      "originalAmount": 7000000,
      "rate": 2.54,
      "originationDate": "2021-04-15",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "LIFE CARE WESTVIEW HEALTH CARE CENTER",
      "address": "",
      "city": "SHERIDAN",
      "state": "WY",
      "zip": "82801",
      "units": 138,
      "originalAmount": 6896000,
      "rate": 2.54,
      "originationDate": "2018-09-06",
      "pmmsBenchmark": 4.628,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.54% is 2.09 pts below the 2018-09 market avg of 4.628%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "APERION CARE PLUM CREEK",
      "address": "",
      "city": "PALATINE",
      "state": "IL",
      "zip": "60067",
      "units": 97,
      "originalAmount": 6575700,
      "rate": 2.54,
      "originationDate": "2020-08-24",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "SUMMIT RIDGE II",
      "address": "",
      "city": "DULUTH",
      "state": "MN",
      "zip": "55558",
      "units": 73,
      "originalAmount": 6340000,
      "rate": 2.54,
      "originationDate": "2012-05-31",
      "pmmsBenchmark": 3.798,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.54% is 1.26 pts below the 2012-05 market avg of 3.798%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "CAMBRIDGE HEIGHTS",
      "address": "",
      "city": "ROCHESTER",
      "state": "NY",
      "zip": "14625",
      "units": 40,
      "originalAmount": 6160000,
      "rate": 2.54,
      "originationDate": "2022-03-18",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.54% is 1.63 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "REALLIFE COOP AT MUELLER GARDN",
      "address": "",
      "city": "ST CLOUD",
      "state": "MN",
      "zip": "56303",
      "units": 50,
      "originalAmount": 6045900,
      "rate": 2.54,
      "originationDate": "2012-12-28",
      "pmmsBenchmark": 3.345,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.54% is 0.81 pts below the 2012-12 market avg of 3.345%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "LIFE CARE CENTER - THE WOODLANDS",
      "address": "",
      "city": "MUNCIE",
      "state": "IN",
      "zip": "47307",
      "units": 154,
      "originalAmount": 5672000,
      "rate": 2.54,
      "originationDate": "2018-08-14",
      "pmmsBenchmark": 4.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.54% is 2.01 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "EXCEPTIONAL LIVING CENTER OF BRAZIL",
      "address": "",
      "city": "BRAZIL",
      "state": "IN",
      "zip": "47834",
      "units": 147,
      "originalAmount": 5550000,
      "rate": 2.54,
      "originationDate": "2012-11-06",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.54% is 0.81 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "FRANKLIN COUNTY REHAB CNTR",
      "address": "",
      "city": "ST. ALBANS",
      "state": "VT",
      "zip": "05478",
      "units": 64,
      "originalAmount": 4472600,
      "rate": 2.54,
      "originationDate": "2012-12-28",
      "pmmsBenchmark": 3.345,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.54% is 0.81 pts below the 2012-12 market avg of 3.345%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "OAK RIDGE APARTMENTS",
      "address": "",
      "city": "MOBILE",
      "state": "AL",
      "zip": "36618",
      "units": 124,
      "originalAmount": 3840000,
      "rate": 2.54,
      "originationDate": "2020-09-17",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WEST PARK APARTMENTS",
      "address": "",
      "city": "RAPID CITY",
      "state": "SD",
      "zip": "57701",
      "units": 81,
      "originalAmount": 3685000,
      "rate": 2.54,
      "originationDate": "2020-09-23",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "CHEROKEE BLUFF & TIMBER RIDGE",
      "address": "",
      "city": "LOUDON",
      "state": "TN",
      "zip": "37774",
      "units": 121,
      "originalAmount": 3440000,
      "rate": 2.54,
      "originationDate": "2021-07-27",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "WHEAT RIDGE TOWN CENTER APARTMENTS",
      "address": "",
      "city": "WHEAT RIDGE",
      "state": "CO",
      "zip": "80033",
      "units": 88,
      "originalAmount": 3253900,
      "rate": 2.54,
      "originationDate": "2020-06-24",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "HOOSIERCARE7-RICHLAND BEAN BLOSSOM HEALTH CARE",
      "address": "",
      "city": "ELLETTSVILLE",
      "state": "IN",
      "zip": "47429",
      "units": 79,
      "originalAmount": 3022500,
      "rate": 2.54,
      "originationDate": "2012-11-06",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.54% is 0.81 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE DOMINION BUILDING",
      "address": "",
      "city": "LIMA",
      "state": "OH",
      "zip": "45801",
      "units": 50,
      "originalAmount": 2071500,
      "rate": 2.54,
      "originationDate": "2012-09-28",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.54% is 0.96 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PILGRIM PLACE APARTMENTS",
      "address": "",
      "city": "LIMA",
      "state": "OH",
      "zip": "45804",
      "units": 51,
      "originalAmount": 1758900,
      "rate": 2.54,
      "originationDate": "2012-09-28",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.54% is 0.96 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "FOREST HILLS APARTMENTS",
      "address": "",
      "city": "NASHVILLE",
      "state": "IN",
      "zip": "47448",
      "units": 72,
      "originalAmount": 1331000,
      "rate": 2.54,
      "originationDate": "2012-07-06",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.54% is 1.01 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "BROWNSTONE TERRACE",
      "address": "",
      "city": "MARION",
      "state": "OH",
      "zip": "43302",
      "units": 36,
      "originalAmount": 1321100,
      "rate": 2.54,
      "originationDate": "2007-09-26",
      "pmmsBenchmark": 6.383,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.54% is 3.84 pts below the 2007-09 market avg of 6.383%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "Mystic Place Apartments",
      "address": "",
      "city": "MEDFORD",
      "state": "MA",
      "zip": "02155",
      "units": 465,
      "originalAmount": 97370400,
      "rate": 2.55,
      "originationDate": "2021-06-29",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "PARK LAKE APARTMENTS",
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      "city": "HEMPSTEAD",
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      "zip": "11550",
      "units": 240,
      "originalAmount": 86600000,
      "rate": 2.55,
      "originationDate": "2021-10-14",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE ASCENT",
      "address": "",
      "city": "WESTMINISTER",
      "state": "CO",
      "zip": "80031",
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      "originalAmount": 68988300,
      "rate": 2.55,
      "originationDate": "2022-04-15",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 2.43 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "OVATION AT CROCKER PARK",
      "address": "",
      "city": "WESTLAKE",
      "state": "OH",
      "zip": "44145",
      "units": 318,
      "originalAmount": 60000000,
      "rate": 2.55,
      "originationDate": "2021-03-31",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "HAWTHORN LUXURY APARTMENTS",
      "address": "",
      "city": "KENOSHA",
      "state": "WI",
      "zip": "53144",
      "units": 241,
      "originalAmount": 52456000,
      "rate": 2.55,
      "originationDate": "2022-03-14",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 1.62 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "TOWER 280",
      "address": "",
      "city": "ROCHESTER",
      "state": "NY",
      "zip": "14604",
      "units": 181,
      "originalAmount": 38250000,
      "rate": 2.55,
      "originationDate": "2021-12-15",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "THE HAVEN AT REGENT PARK",
      "address": "",
      "city": "FORT MILL",
      "state": "SC",
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      "units": 288,
      "originalAmount": 32930100,
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      "originationDate": "2021-06-23",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "Encore Montrose",
      "address": "",
      "city": "Houston",
      "state": "TX",
      "zip": "77006",
      "units": 211,
      "originalAmount": 32907800,
      "rate": 2.55,
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      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "THE SIX13 APARTMENTS",
      "address": "",
      "city": "FORT LAUDERDALE",
      "state": "FL",
      "zip": "33311",
      "units": 142,
      "originalAmount": 32833600,
      "rate": 2.55,
      "originationDate": "2022-04-13",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 2.43 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "EAGLEWOOD LOFTS PHASE II",
      "address": "",
      "city": "N SALT LATE",
      "state": "UT",
      "zip": "84054",
      "units": 196,
      "originalAmount": 32560000,
      "rate": 2.55,
      "originationDate": "2020-10-30",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ARSENAL APARTMENTS",
      "address": "",
      "city": "WATERTOWN",
      "state": "MA",
      "zip": "02472",
      "units": 156,
      "originalAmount": 32127200,
      "rate": 2.55,
      "originationDate": "2021-01-28",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "SOUTH BEACH APARTMENTS",
      "address": "",
      "city": "VIRGINIA BEACH",
      "state": "VA",
      "zip": "23451",
      "units": 212,
      "originalAmount": 31680000,
      "rate": 2.55,
      "originationDate": "2020-08-26",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CUSHING RESISDENCE",
      "address": "",
      "city": "HANOVER",
      "state": "MA",
      "zip": "02339",
      "units": 150,
      "originalAmount": 31000000,
      "rate": 2.55,
      "originationDate": "2020-06-25",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CARNEGIE EAST HOUSE",
      "address": "",
      "city": "NEW YORK",
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      "units": 112,
      "originalAmount": 28263300,
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      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 1.13 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "GREYSTONE SERVICING COMPANY LL"
    },
    {
      "property": "ARBUCKLE BROWNSBURG",
      "address": "",
      "city": "Brownsburg",
      "state": "IN",
      "zip": "46112",
      "units": 208,
      "originalAmount": 28000000,
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      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "SOLAIRE  APARTMENTS",
      "address": "",
      "city": "SOUTHFIELD",
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      "zip": "48075",
      "units": 383,
      "originalAmount": 27800000,
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      "originationDate": "2021-02-24",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "PREMIER WASHINGTON REHABILITATION AND NURSING CENTER",
      "address": "",
      "city": "WASHINGTON",
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      "zip": "15301",
      "units": 440,
      "originalAmount": 26656000,
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      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "SHAWNEESPRING HEALTH CARE CENTER & REHABILITATION",
      "address": "",
      "city": "HARRISON",
      "state": "OH",
      "zip": "45030",
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      "originalAmount": 23192000,
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      "originationDate": "2020-05-29",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "Lakeside Villas",
      "address": "",
      "city": "Baton Rouge",
      "state": "LA",
      "zip": "70816",
      "units": 224,
      "originalAmount": 23032000,
      "rate": 2.55,
      "originationDate": "2021-06-25",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "REDWOOD HOLT (CEDAR ST MI P1)",
      "address": "",
      "city": "HOLT",
      "state": "MI",
      "zip": "48842",
      "units": 116,
      "originalAmount": 21216000,
      "rate": 2.55,
      "originationDate": "2022-02-10",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 1.21 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WILLOW CREEK HEALTHCARE CENTER",
      "address": "",
      "city": "CLOVIS",
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      "units": 82,
      "originalAmount": 21125700,
      "rate": 2.55,
      "originationDate": "2022-02-28",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 1.21 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "FIRST AMERICAN CAPITAL GROUP C"
    },
    {
      "property": "THE POINTE AT HOT SPRINGS",
      "address": "",
      "city": "HOT SPRINGS",
      "state": "AR",
      "zip": "71913",
      "units": 192,
      "originalAmount": 21120000,
      "rate": 2.55,
      "originationDate": "2021-12-17",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "LEGEND V APARTMENTS",
      "address": "",
      "city": "EDMOND",
      "state": "OK",
      "zip": "73034",
      "units": 200,
      "originalAmount": 19800100,
      "rate": 2.55,
      "originationDate": "2020-07-29",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "MANOR COURT OF PERU",
      "address": "",
      "city": "PERU",
      "state": "IL",
      "zip": "61354",
      "units": 198,
      "originalAmount": 19800000,
      "rate": 2.55,
      "originationDate": "2013-05-30",
      "pmmsBenchmark": 3.536,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 0.99 pts below the 2013-05 market avg of 3.536%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "TAMARIN RIDGE APARTMENTS",
      "address": "",
      "city": "LINCOLN",
      "state": "NE",
      "zip": "68512",
      "units": 180,
      "originalAmount": 19600000,
      "rate": 2.55,
      "originationDate": "2021-05-18",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "HILLSPRING HEALTH CARE & REHABILITATION CENTER",
      "address": "",
      "city": "SPRINGBORO",
      "state": "OH",
      "zip": "45066",
      "units": 211,
      "originalAmount": 19432000,
      "rate": 2.55,
      "originationDate": "2020-05-29",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "STERLING RANCH APARTMENTS",
      "address": "",
      "city": "EL DORADO HILLS",
      "state": "CA",
      "zip": "95762",
      "units": 160,
      "originalAmount": 19000000,
      "rate": 2.55,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "TOWERLIGHT ON WOODDALE AVENUE",
      "address": "",
      "city": "ST LOUIS PARK",
      "state": "MN",
      "zip": "55416",
      "units": 230,
      "originalAmount": 18175000,
      "rate": 2.55,
      "originationDate": "2020-12-30",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "REDWOOD GRAND BLANC (BANBURY)",
      "address": "",
      "city": "GRAND BLANC",
      "state": "MI",
      "zip": "48439",
      "units": 111,
      "originalAmount": 18088000,
      "rate": 2.55,
      "originationDate": "2021-08-04",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "Evergreen at Hulen Bend",
      "address": "",
      "city": "FORT WORTH",
      "state": "TX",
      "zip": "76132",
      "units": 237,
      "originalAmount": 17500000,
      "rate": 2.55,
      "originationDate": "2021-06-28",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "CLIFF CREEK APARTMENTS",
      "address": "",
      "city": "FAYETTEVILLE",
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      "zip": "28314",
      "units": 182,
      "originalAmount": 16814300,
      "rate": 2.55,
      "originationDate": "2016-08-30",
      "pmmsBenchmark": 3.435,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 0.89 pts below the 2016-08 market avg of 3.435%",
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "VILLAGE PARK I",
      "address": "",
      "city": "NEW HAVEN",
      "state": "CT",
      "zip": "06513",
      "units": 328,
      "originalAmount": 15952600,
      "rate": 2.55,
      "originationDate": "2021-08-31",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PACIFIC PARK APARTMENTS",
      "address": "",
      "city": "EDMONDS",
      "state": "WA",
      "zip": "98026",
      "units": 177,
      "originalAmount": 14274400,
      "rate": 2.55,
      "originationDate": "2013-03-06",
      "pmmsBenchmark": 3.565,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 1.02 pts below the 2013-03 market avg of 3.565%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "STONEGATE APARTMENTS",
      "address": "",
      "city": "KENOSHA",
      "state": "WI",
      "zip": "53142",
      "units": 191,
      "originalAmount": 14160000,
      "rate": 2.55,
      "originationDate": "2021-05-25",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "KING THIEL SENIOR COMMUNITY",
      "address": "",
      "city": "LATHAM",
      "state": "NY",
      "zip": "12110",
      "units": 96,
      "originalAmount": 12882200,
      "rate": 2.55,
      "originationDate": "2022-03-21",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 1.62 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "LIBERTY SQUARE",
      "address": "",
      "city": "SALT LAKE CITY",
      "state": "UT",
      "zip": "84102",
      "units": 53,
      "originalAmount": 12724400,
      "rate": 2.55,
      "originationDate": "2022-04-05",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 2.43 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SPELLMAN HOUSE",
      "address": "",
      "city": "COLLEGE PARK",
      "state": "MD",
      "zip": "20740",
      "units": 141,
      "originalAmount": 12400000,
      "rate": 2.55,
      "originationDate": "2013-04-10",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 0.90 pts below the 2013-04 market avg of 3.445%"
      ],
      "holder": "ROSE COMMUNITY CAPITAL, LLC"
    },
    {
      "property": "WYNDHURST VILLAS",
      "address": "",
      "city": "LYNCHBURG",
      "state": "VA",
      "zip": "24502",
      "units": 150,
      "originalAmount": 12264400,
      "rate": 2.55,
      "originationDate": "2021-09-21",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "HUNTER HOLLOW",
      "address": "",
      "city": "WEST VALLEY CITY",
      "state": "UT",
      "zip": "84120",
      "units": 79,
      "originalAmount": 11751200,
      "rate": 2.55,
      "originationDate": "2021-09-22",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "URBAN CONNECTED APARTMENTS",
      "address": "",
      "city": "PHOENIX",
      "state": "AZ",
      "zip": "85005",
      "units": 74,
      "originalAmount": 11320000,
      "rate": 2.55,
      "originationDate": "2022-01-27",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 0.90 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "THE COTTAGES",
      "address": "",
      "city": "EAGLE",
      "state": "ID",
      "zip": "83616",
      "units": 270,
      "originalAmount": 11262500,
      "rate": 2.55,
      "originationDate": "2020-08-25",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CARPENTER CREST APARTMENTS",
      "address": "",
      "city": "LACEY",
      "state": "WA",
      "zip": "98503",
      "units": 104,
      "originalAmount": 11240000,
      "rate": 2.55,
      "originationDate": "2021-12-16",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "Heritage Woods of Yorkville",
      "address": "",
      "city": "YORKVILLE",
      "state": "IL",
      "zip": "60560",
      "units": 87,
      "originalAmount": 11162000,
      "rate": 2.55,
      "originationDate": "2021-07-15",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "COLONIAL PARK APARTMENTS",
      "address": "",
      "city": "PARK CIRY",
      "state": "IL",
      "zip": "60085",
      "units": 240,
      "originalAmount": 10955200,
      "rate": 2.55,
      "originationDate": "2021-12-29",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "ADVANTAGE LIVING CENTER - ARMADA",
      "address": "",
      "city": "ARMADA",
      "state": "MI",
      "zip": "48005",
      "units": 219,
      "originalAmount": 10800000,
      "rate": 2.55,
      "originationDate": "2020-11-25",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "JOHNSON COURT",
      "address": "",
      "city": "SMITHFIELD",
      "state": "NC",
      "zip": "27577",
      "units": 70,
      "originalAmount": 10691300,
      "rate": 2.55,
      "originationDate": "2021-10-08",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "KNOLLWOOD RETIREMENT CENTER",
      "address": "",
      "city": "CASEYVILLE",
      "state": "IL",
      "zip": "62232",
      "units": 98,
      "originalAmount": 10338000,
      "rate": 2.55,
      "originationDate": "2009-12-29",
      "pmmsBenchmark": 4.93,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 2.38 pts below the 2009-12 market avg of 4.93%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "THE MANOR HOUSE",
      "address": "",
      "city": "GOSHEN",
      "state": "IN",
      "zip": "46527",
      "units": 87,
      "originalAmount": 10179100,
      "rate": 2.55,
      "originationDate": "2013-01-31",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 0.86 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "BEAUMONT AVENUE APARTMENTS",
      "address": "",
      "city": "BURLINGTON",
      "state": "NC",
      "zip": "27217",
      "units": 100,
      "originalAmount": 10095000,
      "rate": 2.55,
      "originationDate": "2021-05-21",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "OAKWOOD APARTMENTS",
      "address": "",
      "city": "MILFORD",
      "state": "OH",
      "zip": "45150",
      "units": 65,
      "originalAmount": 10082100,
      "rate": 2.55,
      "originationDate": "2021-09-09",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "STERLING HEALTH CARE & REHAB CENTER",
      "address": "",
      "city": "MEDIA",
      "state": "PA",
      "zip": "19063",
      "units": 164,
      "originalAmount": 9874500,
      "rate": 2.55,
      "originationDate": "2012-07-30",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 1.00 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "TUCKER STREET APARTMENTS",
      "address": "",
      "city": "BURLINGTON",
      "state": "NC",
      "zip": "27215",
      "units": 100,
      "originalAmount": 9690000,
      "rate": 2.55,
      "originationDate": "2021-05-21",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "CHESTNUT HILL LODGE HEALTH AND REHABILITATION CENTER",
      "address": "",
      "city": "WYNDMOOR",
      "state": "PA",
      "zip": "19038",
      "units": 267,
      "originalAmount": 9680000,
      "rate": 2.55,
      "originationDate": "2020-07-31",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "BARTON TOWERS",
      "address": "",
      "city": "ROYAL OAK",
      "state": "MI",
      "zip": "48067",
      "units": 211,
      "originalAmount": 9600200,
      "rate": 2.55,
      "originationDate": "2007-09-06",
      "pmmsBenchmark": 6.383,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 3.83 pts below the 2007-09 market avg of 6.383%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "COLERIDGE ROAD APARTMENTS",
      "address": "",
      "city": "ASHEBORO",
      "state": "NC",
      "zip": "27203",
      "units": 100,
      "originalAmount": 9584000,
      "rate": 2.55,
      "originationDate": "2021-05-21",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "RAINTREE APARTMENTS",
      "address": "",
      "city": "KNOXVILLE",
      "state": "TN",
      "zip": "37932",
      "units": 122,
      "originalAmount": 9392000,
      "rate": 2.55,
      "originationDate": "2022-02-18",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 1.21 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "AKSARBEN VILLAGE PHASE II",
      "address": "",
      "city": "OMAHA",
      "state": "NE",
      "zip": "68106",
      "units": 98,
      "originalAmount": 9163600,
      "rate": 2.55,
      "originationDate": "2020-12-23",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "GLENDALE COURT APARTMENTS",
      "address": "",
      "city": "GREENVILLE",
      "state": "NC",
      "zip": "27834",
      "units": 100,
      "originalAmount": 9000000,
      "rate": 2.55,
      "originationDate": "2021-05-21",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "WESTBOROUGH HEALTHCARE",
      "address": "",
      "city": "WESTBOROUGH",
      "state": "MA",
      "zip": "01581",
      "units": 159,
      "originalAmount": 8944000,
      "rate": 2.55,
      "originationDate": "2020-08-19",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "AMERICAN HOUSE-LAKESIDE I",
      "address": "",
      "city": "CLINTON TOWNSHIP",
      "state": "MI",
      "zip": "48038",
      "units": 81,
      "originalAmount": 8332600,
      "rate": 2.55,
      "originationDate": "2020-12-18",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "MAINCENTRE APARTMENTS",
      "address": "",
      "city": "NORTHVILLE",
      "state": "MI",
      "zip": "48167",
      "units": 74,
      "originalAmount": 8324000,
      "rate": 2.55,
      "originationDate": "2012-06-26",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 1.13 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WHITEFIELD COMMONS",
      "address": "",
      "city": "ARLINGTON",
      "state": "VA",
      "zip": "22203",
      "units": 68,
      "originalAmount": 8300000,
      "rate": 2.55,
      "originationDate": "2021-11-08",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "FREDONIA PLACE",
      "address": "",
      "city": "FREDONIA",
      "state": "NY",
      "zip": "14063",
      "units": 78,
      "originalAmount": 8271100,
      "rate": 2.55,
      "originationDate": "2012-09-25",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 0.95 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "BRIARCLIFF OAKS APARTMENTS",
      "address": "",
      "city": "ATLANTA",
      "state": "GA",
      "zip": "30329",
      "units": 125,
      "originalAmount": 7991400,
      "rate": 2.55,
      "originationDate": "2021-03-29",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "AUBURN HILL",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46224",
      "units": 160,
      "originalAmount": 7664000,
      "rate": 2.55,
      "originationDate": "2013-02-19",
      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 0.98 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "AMERICAN HOUSE-LAKESIDE II",
      "address": "",
      "city": "CLINTON TOWNSHIP",
      "state": "MI",
      "zip": "48038",
      "units": 82,
      "originalAmount": 7575500,
      "rate": 2.55,
      "originationDate": "2020-12-18",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "JEFFERSON COURT APARTMENTS",
      "address": "",
      "city": "GOLDSBORO",
      "state": "NC",
      "zip": "27534",
      "units": 59,
      "originalAmount": 7292300,
      "rate": 2.55,
      "originationDate": "2021-05-21",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "DEARBORN HEIGHTS COOP APTS",
      "address": "",
      "city": "DEARBORN HEIGHTS",
      "state": "MI",
      "zip": "48127",
      "units": 201,
      "originalAmount": 6680900,
      "rate": 2.55,
      "originationDate": "2006-07-18",
      "pmmsBenchmark": 6.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 4.21 pts below the 2006-07 market avg of 6.763%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "FRANKLIN COURT APARTMENTS",
      "address": "",
      "city": "LOUISBURG",
      "state": "NC",
      "zip": "27549",
      "units": 50,
      "originalAmount": 6680000,
      "rate": 2.55,
      "originationDate": "2021-05-21",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "FLORENCE MILL APARTMENTS",
      "address": "",
      "city": "VERNON",
      "state": "CT",
      "zip": "06066",
      "units": 114,
      "originalAmount": 6640000,
      "rate": 2.55,
      "originationDate": "2020-06-16",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "Roaring Fork Apartments",
      "address": "",
      "city": "Basalt",
      "state": "CO",
      "zip": "81621",
      "units": 56,
      "originalAmount": 6555500,
      "rate": 2.55,
      "originationDate": "2021-06-17",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "LONDONTOWN APARTMENTS PHASE II",
      "address": "",
      "city": "KNOXVILLE",
      "state": "TN",
      "zip": "37909",
      "units": 81,
      "originalAmount": 6490100,
      "rate": 2.55,
      "originationDate": "2011-01-31",
      "pmmsBenchmark": 4.755,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 2.21 pts below the 2011-01 market avg of 4.755%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "ST PAULS VILLA",
      "address": "",
      "city": "SAN DIEGO",
      "state": "CA",
      "zip": "92101",
      "units": 127,
      "originalAmount": 6477700,
      "rate": 2.55,
      "originationDate": "2012-12-28",
      "pmmsBenchmark": 3.345,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 0.80 pts below the 2012-12 market avg of 3.345%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CHARTER SQUARE APARTMENTS",
      "address": "",
      "city": "MIDLAND",
      "state": "MI",
      "zip": "48640",
      "units": 152,
      "originalAmount": 6400000,
      "rate": 2.55,
      "originationDate": "2020-12-30",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "CAPITOL COMMONS I",
      "address": "",
      "city": "LANSING",
      "state": "MI",
      "zip": "48933",
      "units": 146,
      "originalAmount": 6135600,
      "rate": 2.55,
      "originationDate": "2012-12-18",
      "pmmsBenchmark": 3.345,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 0.80 pts below the 2012-12 market avg of 3.345%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "LAKE OZARK RETIREMENT",
      "address": "",
      "city": "OSAGE BEACH",
      "state": "MO",
      "zip": "65065",
      "units": 106,
      "originalAmount": 5941500,
      "rate": 2.55,
      "originationDate": "2012-02-23",
      "pmmsBenchmark": 3.89,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 1.34 pts below the 2012-02 market avg of 3.89%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "MASON HILLS APARTMENTS",
      "address": "",
      "city": "MASON",
      "state": "MI",
      "zip": "48854",
      "units": 94,
      "originalAmount": 5920000,
      "rate": 2.55,
      "originationDate": "2021-11-18",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "THE BROOK OF CHEBOYGAN",
      "address": "",
      "city": "CHEBOYGAN",
      "state": "MI",
      "zip": "49721",
      "units": 52,
      "originalAmount": 5903200,
      "rate": 2.55,
      "originationDate": "2022-02-28",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 1.21 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "THE BROOK OF GLADWIN",
      "address": "",
      "city": "GLADWIN",
      "state": "MI",
      "zip": "48624",
      "units": 52,
      "originalAmount": 5894600,
      "rate": 2.55,
      "originationDate": "2022-02-28",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 1.21 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "CHAPMAN HOUSE",
      "address": "",
      "city": "BOSTON",
      "state": "MA",
      "zip": "02128",
      "units": 30,
      "originalAmount": 5740600,
      "rate": 2.55,
      "originationDate": "2020-06-09",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "ARBOR MANOR APARTMENTS",
      "address": "",
      "city": "MOORESVILLE",
      "state": "IN",
      "zip": "46158",
      "units": 108,
      "originalAmount": 5720000,
      "rate": 2.55,
      "originationDate": "2022-02-24",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 1.21 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "STOVEALL TERRACE APARTMENTS",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90037",
      "units": 97,
      "originalAmount": 5600000,
      "rate": 2.55,
      "originationDate": "2013-01-23",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 0.86 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "DARBY HOUSE",
      "address": "",
      "city": "RICHMOND",
      "state": "VA",
      "zip": "23225",
      "units": 108,
      "originalAmount": 5532500,
      "rate": 2.55,
      "originationDate": "2021-06-30",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "CROWN POINTE APARTMENTS",
      "address": "",
      "city": "ROCKINGHAM",
      "state": "NC",
      "zip": "28379",
      "units": 49,
      "originalAmount": 5531100,
      "rate": 2.55,
      "originationDate": "2021-05-21",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "GREENWOOD OAKS APARTMENTS",
      "address": "",
      "city": "GREENWOOD",
      "state": "IN",
      "zip": "46143",
      "units": 51,
      "originalAmount": 5440000,
      "rate": 2.55,
      "originationDate": "2021-08-31",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "LEXINGTON AVENUE SENIOR APARTMENTS",
      "address": "",
      "city": "EL CAJON",
      "state": "CA",
      "zip": "92019",
      "units": 100,
      "originalAmount": 5200000,
      "rate": 2.55,
      "originationDate": "2020-12-15",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "WESTPHALIA RETIREMENT CENTER",
      "address": "",
      "city": "WESTPHALIA",
      "state": "MO",
      "zip": "65085",
      "units": 64,
      "originalAmount": 4860600,
      "rate": 2.55,
      "originationDate": "2012-02-23",
      "pmmsBenchmark": 3.89,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 1.34 pts below the 2012-02 market avg of 3.89%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "Windwood Manor",
      "address": "",
      "city": "CHEYENNE",
      "state": "WY",
      "zip": "82001",
      "units": 84,
      "originalAmount": 4853000,
      "rate": 2.55,
      "originationDate": "2021-07-09",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "DAWSON MANOR APARTMENTS",
      "address": "",
      "city": "EAST ST LOUIS",
      "state": "IL",
      "zip": "62207",
      "units": 80,
      "originalAmount": 4640000,
      "rate": 2.55,
      "originationDate": "2022-01-27",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 0.90 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ADAMS CREEK APTS",
      "address": "",
      "city": "AUBURN HILLS",
      "state": "MI",
      "zip": "49017",
      "units": 117,
      "originalAmount": 4462100,
      "rate": 2.55,
      "originationDate": "2012-06-26",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 1.13 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "FALMOUTH HOUSE",
      "address": "",
      "city": "FALMOUTH",
      "state": "ME",
      "zip": "04105",
      "units": 38,
      "originalAmount": 4212600,
      "rate": 2.55,
      "originationDate": "2012-12-28",
      "pmmsBenchmark": 3.345,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 0.80 pts below the 2012-12 market avg of 3.345%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HIMOUNT GARDEN APARTMENTS",
      "address": "",
      "city": "MILWAUKEE",
      "state": "WI",
      "zip": "53201",
      "units": 84,
      "originalAmount": 4208000,
      "rate": 2.55,
      "originationDate": "2020-05-29",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "HAZEL PARK MANOR",
      "address": "",
      "city": "HAZEL PARK",
      "state": "MI",
      "zip": "48030",
      "units": 71,
      "originalAmount": 4196600,
      "rate": 2.55,
      "originationDate": "2006-09-28",
      "pmmsBenchmark": 6.402,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 3.85 pts below the 2006-09 market avg of 6.402%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "HOPEWELL LOFTS",
      "address": "",
      "city": "HOPEWELL",
      "state": "VA",
      "zip": "23860",
      "units": 50,
      "originalAmount": 4080000,
      "rate": 2.55,
      "originationDate": "2021-11-22",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WHISPERING WILLOWS",
      "address": "",
      "city": "ROMULUS",
      "state": "MI",
      "zip": "48174",
      "units": 65,
      "originalAmount": 3885400,
      "rate": 2.55,
      "originationDate": "2005-12-01",
      "pmmsBenchmark": 6.272,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 3.72 pts below the 2005-12 market avg of 6.272%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "LONDONTOWN APTS",
      "address": "",
      "city": "KNOXVILLE",
      "state": "TN",
      "zip": "37909",
      "units": 210,
      "originalAmount": 3745000,
      "rate": 2.55,
      "originationDate": "2010-08-31",
      "pmmsBenchmark": 4.428,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 1.88 pts below the 2010-08 market avg of 4.428%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "HUNDRES PALMS TUCSON",
      "address": "",
      "city": "TUCSON",
      "state": "AZ",
      "zip": "85710",
      "units": 135,
      "originalAmount": 3620700,
      "rate": 2.55,
      "originationDate": "2012-09-13",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 0.95 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BROOKSHIRE APARTMENTS",
      "address": "",
      "city": "VALPARAISO",
      "state": "IN",
      "zip": "46385",
      "units": 72,
      "originalAmount": 3532500,
      "rate": 2.55,
      "originationDate": "2022-03-10",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 1.62 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "CHURCHILL MORTGAGE INVESTMENT"
    },
    {
      "property": "CENTENNIAL PLAZA APARTMENTS",
      "address": "",
      "city": "ST LOUIS",
      "state": "MO",
      "zip": "63108",
      "units": 77,
      "originalAmount": 3441000,
      "rate": 2.55,
      "originationDate": "2013-05-28",
      "pmmsBenchmark": 3.536,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 0.99 pts below the 2013-05 market avg of 3.536%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "RIVERWOOD ELDERLY APARTMENTS",
      "address": "",
      "city": "PORTAGE",
      "state": "WI",
      "zip": "53901",
      "units": 61,
      "originalAmount": 3152000,
      "rate": 2.55,
      "originationDate": "2020-06-24",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "EGIDA HOGAR SAN ANTONIO",
      "address": "",
      "city": "GUAYAMA",
      "state": "PR",
      "zip": "00784",
      "units": 60,
      "originalAmount": 3141900,
      "rate": 2.55,
      "originationDate": "2020-06-30",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "NORTHWOOD HILLS CARE CENTER",
      "address": "",
      "city": "HUMANSVILLE",
      "state": "MO",
      "zip": "65674",
      "units": 167,
      "originalAmount": 3018000,
      "rate": 2.55,
      "originationDate": "2021-02-23",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "PINE RIDGE APARTMENTS",
      "address": "",
      "city": "ELGIN",
      "state": "SC",
      "zip": "29045",
      "units": 76,
      "originalAmount": 2827200,
      "rate": 2.55,
      "originationDate": "2012-09-17",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 0.95 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "PHOENIX ON THE FAX",
      "address": "",
      "city": "DENVER",
      "state": "CO",
      "zip": "80220",
      "units": 50,
      "originalAmount": 2475000,
      "rate": 2.55,
      "originationDate": "2020-06-18",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "MALLARD POND I",
      "address": "",
      "city": "HOWELL",
      "state": "MI",
      "zip": "48855",
      "units": 30,
      "originalAmount": 2165800,
      "rate": 2.55,
      "originationDate": "2012-12-19",
      "pmmsBenchmark": 3.345,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 0.80 pts below the 2012-12 market avg of 3.345%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKELEY POINT CAPITAL LLC"
    },
    {
      "property": "DUPLIN COUNTY HOUSING FOR THE ELDERLY",
      "address": "",
      "city": "ROSE HILL",
      "state": "NC",
      "zip": "28458",
      "units": 85,
      "originalAmount": 2160000,
      "rate": 2.55,
      "originationDate": "2021-10-28",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "RIVERDALE HEALTH CARE CENTER",
      "address": "",
      "city": "MISSOULA",
      "state": "MT",
      "zip": "59802",
      "units": 72,
      "originalAmount": 2115000,
      "rate": 2.55,
      "originationDate": "2012-09-28",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 0.95 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "ASTER VILLAS APARTMENTS",
      "address": "",
      "city": "DEL RIO",
      "state": "TX",
      "zip": "78840",
      "units": 80,
      "originalAmount": 1788000,
      "rate": 2.55,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "NORTHVIEW APARTMENTS",
      "address": "",
      "city": "OKEMAH",
      "state": "OK",
      "zip": "74859",
      "units": 38,
      "originalAmount": 1426500,
      "rate": 2.55,
      "originationDate": "2012-08-30",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 1.05 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GREAT PLAINS HOUSING",
      "address": "",
      "city": "NORTH PLATTE",
      "state": "NE",
      "zip": "69101",
      "units": 20,
      "originalAmount": 1256800,
      "rate": 2.55,
      "originationDate": "2021-03-24",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "GILBERT LINDSAY APARTMENTS",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90037",
      "units": 137,
      "originalAmount": 1250000,
      "rate": 2.55,
      "originationDate": "2022-02-17",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 1.21 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "ANGEL ACRES",
      "address": "",
      "city": "SHAWNEE",
      "state": "OK",
      "zip": "74801",
      "units": 30,
      "originalAmount": 1177700,
      "rate": 2.55,
      "originationDate": "2012-08-30",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 1.05 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "FRIENDS VVA APARTMENTS",
      "address": "",
      "city": "COLUMBUS",
      "state": "OH",
      "zip": "43211",
      "units": 16,
      "originalAmount": 1081600,
      "rate": 2.55,
      "originationDate": "2021-04-22",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "POTEMKIN SENIOR VILLAGE",
      "address": "",
      "city": "WARNER ROBINS",
      "state": "GA",
      "zip": "31093",
      "units": 68,
      "originalAmount": 966500,
      "rate": 2.55,
      "originationDate": "2012-08-30",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 1.05 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "HOLLYVIEW PLACE",
      "address": "",
      "city": "HOLLY SPRINGS",
      "state": "MS",
      "zip": "38635",
      "units": 21,
      "originalAmount": 808500,
      "rate": 2.55,
      "originationDate": "2007-10-30",
      "pmmsBenchmark": 6.375,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.55% is 3.83 pts below the 2007-10 market avg of 6.375%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ASHLEY PARK AT BRIER CREEK",
      "address": "",
      "city": "RALEIGH",
      "state": "NC",
      "zip": "27617",
      "units": 374,
      "originalAmount": 38521000,
      "rate": 2.56,
      "originationDate": "2020-06-29",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "FRANCES SCHERVIER APARTMENTS",
      "address": "",
      "city": "BRONX",
      "state": "NY",
      "zip": "10463",
      "units": 155,
      "originalAmount": 32240000,
      "rate": 2.56,
      "originationDate": "2021-01-29",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "FOUNTAINS AT MOORESVILLE TOWN SQUARE",
      "address": "",
      "city": "MOORESVILLE",
      "state": "NC",
      "zip": "28117",
      "units": 227,
      "originalAmount": 30744000,
      "rate": 2.56,
      "originationDate": "2022-03-30",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.56% is 1.61 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "VILLAS AT LOGANVILLE",
      "address": "",
      "city": "LOGANVILLE",
      "state": "GA",
      "zip": "30052",
      "units": 175,
      "originalAmount": 29840000,
      "rate": 2.56,
      "originationDate": "2022-02-28",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.56% is 1.20 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "RANCHO BERNARDO SENIOR HOUSING",
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      "city": "SAN DIEGO",
      "state": "CA",
      "zip": "92127",
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      "originalAmount": 28837500,
      "rate": 2.56,
      "originationDate": "2022-02-16",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.56% is 1.20 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GENERATIONS HC ENGLISH OAKS NURSING & REHAB CENTER",
      "address": "",
      "city": "MODESTO",
      "state": "CA",
      "zip": "95350",
      "units": 180,
      "originalAmount": 28776000,
      "rate": 2.56,
      "originationDate": "2015-03-12",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.56% is 1.21 pts below the 2015-03 market avg of 3.77%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "DEER PATH OF HUNTLEY",
      "address": "",
      "city": "HUNTLEY",
      "state": "IL",
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      "units": 128,
      "originalAmount": 20693200,
      "rate": 2.56,
      "originationDate": "2021-12-14",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "GENERATIONS HC CANYON OAKS NURSING & REHAB CENTER",
      "address": "",
      "city": "CANOGA PARK",
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      "zip": "91303",
      "units": 163,
      "originalAmount": 20144000,
      "rate": 2.56,
      "originationDate": "2015-03-12",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
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      "redReasons": [
        "Rate 2.56% is 1.21 pts below the 2015-03 market avg of 3.77%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "ST. ANTHONY OF LANSING",
      "address": "",
      "city": "LANSING",
      "state": "IL",
      "zip": "60438",
      "units": 125,
      "originalAmount": 19462900,
      "rate": 2.56,
      "originationDate": "2021-12-14",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "LINDEN PLACE APARTMENTS",
      "address": "",
      "city": "ARLINGTON HEIGHTS",
      "state": "IL",
      "zip": "60005",
      "units": 190,
      "originalAmount": 17700000,
      "rate": 2.56,
      "originationDate": "2021-01-21",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "HARLEM WEST II",
      "address": "",
      "city": "NEW YORK",
      "state": "NY",
      "zip": "10026",
      "units": 49,
      "originalAmount": 17307300,
      "rate": 2.56,
      "originationDate": "2021-12-09",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKELEY POINT CAPITAL LLC"
    },
    {
      "property": "HARRIET TUBMAN TERRACE APARTMENTS",
      "address": "",
      "city": "POUGHKEEPSIE",
      "state": "NY",
      "zip": "12610",
      "units": 200,
      "originalAmount": 12604500,
      "rate": 2.56,
      "originationDate": "2021-10-22",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "LOWMAN APARTMENTS",
      "address": "",
      "city": "SEATTLE",
      "state": "WA",
      "zip": "98104",
      "units": 89,
      "originalAmount": 11944600,
      "rate": 2.56,
      "originationDate": "2020-08-24",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CENTURY COURT APARTMENTS",
      "address": "",
      "city": "HUTCHINSON",
      "state": "MN",
      "zip": "55350",
      "units": 97,
      "originalAmount": 8680000,
      "rate": 2.56,
      "originationDate": "2020-07-22",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "Gray Farms Apartments",
      "address": "",
      "city": "LEHI",
      "state": "UT",
      "zip": "84043",
      "units": 48,
      "originalAmount": 7704000,
      "rate": 2.56,
      "originationDate": "2021-06-24",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "520 SECOND ST APARTMENTS",
      "address": "",
      "city": "MINNEAPOLIS",
      "state": "MN",
      "zip": "55414",
      "units": 91,
      "originalAmount": 7610500,
      "rate": 2.56,
      "originationDate": "2021-06-29",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "MORNINGSIDE SENIOR APARTMENTS",
      "address": "",
      "city": "OWINGS MILLS",
      "state": "MD",
      "zip": "21117",
      "units": 82,
      "originalAmount": 7179000,
      "rate": 2.56,
      "originationDate": "2021-12-16",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "PALMETTO TERRACE",
      "address": "",
      "city": "COLUMBIA",
      "state": "SC",
      "zip": "29203",
      "units": 112,
      "originalAmount": 6100000,
      "rate": 2.56,
      "originationDate": "2021-05-06",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "ARLINGTON GARDENS",
      "address": "",
      "city": "ADA",
      "state": "OK",
      "zip": "74820",
      "units": 69,
      "originalAmount": 5015000,
      "rate": 2.56,
      "originationDate": "2021-01-26",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "2003 STRAIGHTWAY AVENUE",
      "address": "",
      "city": "NASHVILLE",
      "state": "TN",
      "zip": "37206",
      "units": 20,
      "originalAmount": 2640000,
      "rate": 2.56,
      "originationDate": "2021-10-20",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "LINCOLN PARK VILLAS",
      "address": "",
      "city": "O'FALLON",
      "state": "IL",
      "zip": "62269",
      "units": 72,
      "originalAmount": 2124700,
      "rate": 2.56,
      "originationDate": "2021-10-14",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "SOULARD IN-FILL APTS",
      "address": "",
      "city": "ST LOUIS",
      "state": "MO",
      "zip": "63104",
      "units": 32,
      "originalAmount": 1731800,
      "rate": 2.56,
      "originationDate": "2007-09-28",
      "pmmsBenchmark": 6.383,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.56% is 3.82 pts below the 2007-09 market avg of 6.383%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "EAST RIDGE APARTMENTS",
      "address": "",
      "city": "RICHMOND",
      "state": "IN",
      "zip": "47374",
      "units": 40,
      "originalAmount": 952000,
      "rate": 2.56,
      "originationDate": "2012-09-06",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.56% is 0.94 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CEDAR CLIFF APARTMENTS",
      "address": "",
      "city": "RICHMOND",
      "state": "IN",
      "zip": "47374",
      "units": 42,
      "originalAmount": 892500,
      "rate": 2.56,
      "originationDate": "2012-09-06",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.56% is 0.94 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "VILLAGE APTS. OF FORTVILLE III",
      "address": "",
      "city": "FORTVILLE",
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      "zip": "46040",
      "units": 40,
      "originalAmount": 777700,
      "rate": 2.56,
      "originationDate": "2012-09-06",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.56% is 0.94 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SPECTRUM MAJESTIC",
      "address": "",
      "city": "GAITHERSBURG",
      "state": "MD",
      "zip": "20879",
      "units": 243,
      "originalAmount": 56800000,
      "rate": 2.57,
      "originationDate": "2020-07-29",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "MONTGOMERY GATEWAY EAST I",
      "address": "",
      "city": "JERSEY CITY",
      "state": "NJ",
      "zip": "07302",
      "units": 202,
      "originalAmount": 49500000,
      "rate": 2.57,
      "originationDate": "2021-07-22",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "TOCKWOTTON ON THE WATERFORNT",
      "address": "",
      "city": "EAST PROVIDENCE",
      "state": "RI",
      "zip": "02914",
      "units": 156,
      "originalAmount": 45850000,
      "rate": 2.57,
      "originationDate": "2021-11-18",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE LANDING AT SILVERLAKE VILLAGE",
      "address": "",
      "city": "ST. ANTHONY",
      "state": "MN",
      "zip": "55421",
      "units": 263,
      "originalAmount": 45251400,
      "rate": 2.57,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "HOUSTON HOUSE",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77002",
      "units": 396,
      "originalAmount": 43157500,
      "rate": 2.57,
      "originationDate": "2014-11-25",
      "pmmsBenchmark": 3.998,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.57% is 1.43 pts below the 2014-11 market avg of 3.998%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "WOODMERE APARTMENTS",
      "address": "",
      "city": "ONTARIO",
      "state": "CA",
      "zip": "91762",
      "units": 168,
      "originalAmount": 37040000,
      "rate": 2.57,
      "originationDate": "2022-03-30",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.57% is 1.60 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "ICO Fairbourne Station",
      "address": "",
      "city": "Salt Lake City",
      "state": "UT",
      "zip": "84119",
      "units": 225,
      "originalAmount": 34121400,
      "rate": 2.57,
      "originationDate": "2021-06-10",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "THE BLUFFS AT NINE MILE CREEK",
      "address": "",
      "city": "EDEN PRAIRIE",
      "state": "MN",
      "zip": "23734",
      "units": 188,
      "originalAmount": 32602100,
      "rate": 2.57,
      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "POTOMAC STATION",
      "address": "",
      "city": "LEESBURG",
      "state": "VA",
      "zip": "20176",
      "units": 150,
      "originalAmount": 32000000,
      "rate": 2.57,
      "originationDate": "2022-01-31",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.57% is 0.88 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "Wyndham Pointe Apartments",
      "address": "",
      "city": "DUMFRIES",
      "state": "VA",
      "zip": "22026",
      "units": 194,
      "originalAmount": 30473000,
      "rate": 2.57,
      "originationDate": "2021-06-11",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "Pointe at Ben White",
      "address": "",
      "city": "Austin",
      "state": "TX",
      "zip": "78741",
      "units": 250,
      "originalAmount": 28656600,
      "rate": 2.57,
      "originationDate": "2021-06-23",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "333 ON THE PARK",
      "address": "",
      "city": "ST PAUL",
      "state": "MN",
      "zip": "55101",
      "units": 134,
      "originalAmount": 27755000,
      "rate": 2.57,
      "originationDate": "2020-08-28",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "ORCHARD PARK APARTMENTS",
      "address": "",
      "city": "SPRINGFIELD",
      "state": "MO",
      "zip": "65803",
      "units": 416,
      "originalAmount": 25039300,
      "rate": 2.57,
      "originationDate": "2012-02-28",
      "pmmsBenchmark": 3.89,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.57% is 1.32 pts below the 2012-02 market avg of 3.89%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LONGLEAF PINES APARTMENTS",
      "address": "",
      "city": "MOBILE",
      "state": "AL",
      "zip": "36693",
      "units": 199,
      "originalAmount": 18896100,
      "rate": 2.57,
      "originationDate": "2021-02-16",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "ARBOR TRACE HEALTH & LIVING COMMUNITY",
      "address": "",
      "city": "RICHMOND",
      "state": "IN",
      "zip": "47374",
      "units": 117,
      "originalAmount": 17836400,
      "rate": 2.57,
      "originationDate": "2021-05-28",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "THE GROOVE",
      "address": "",
      "city": "VANCOUVER",
      "state": "WA",
      "zip": "98665",
      "units": 110,
      "originalAmount": 13784000,
      "rate": 2.57,
      "originationDate": "2022-03-29",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.57% is 1.60 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "VILLAGE PARK II",
      "address": "",
      "city": "NEW HAVEN",
      "state": "CT",
      "zip": "06513",
      "units": 292,
      "originalAmount": 13492800,
      "rate": 2.57,
      "originationDate": "2021-08-31",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "JENNINGS CENTER FOR ORDER ADULTS",
      "address": "",
      "city": "GARFIELD HEIGHTS",
      "state": "OH",
      "zip": "44125",
      "units": 54,
      "originalAmount": 11873000,
      "rate": 2.57,
      "originationDate": "2022-01-27",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.57% is 0.88 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ZIEGLER FINANCING CORP"
    },
    {
      "property": "SOUTH SHORE LANDING",
      "address": "",
      "city": "MOORHEAD",
      "state": "MN",
      "zip": "56560",
      "units": 93,
      "originalAmount": 11160000,
      "rate": 2.57,
      "originationDate": "2021-04-14",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "BOSTON ROAD APARTMENTS",
      "address": "",
      "city": "BRONX",
      "state": "NY",
      "zip": "10460",
      "units": 142,
      "originalAmount": 10492800,
      "rate": 2.57,
      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKELEY POINT CAPITAL LLC"
    },
    {
      "property": "INWOOD HOUSE",
      "address": "",
      "city": "NEW YORK",
      "state": "NY",
      "zip": "10034",
      "units": 95,
      "originalAmount": 8011700,
      "rate": 2.57,
      "originationDate": "2011-08-18",
      "pmmsBenchmark": 4.27,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.57% is 1.70 pts below the 2011-08 market avg of 4.27%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "OAKDALE REHABILITATION & SKILLED NURSING CENTER",
      "address": "",
      "city": "WEST BOYLSTON",
      "state": "MA",
      "zip": "01583",
      "units": 144,
      "originalAmount": 7680000,
      "rate": 2.57,
      "originationDate": "2020-08-12",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SUNSET RIDGE",
      "address": "",
      "city": "RENO",
      "state": "NV",
      "zip": "89512",
      "units": 100,
      "originalAmount": 7640000,
      "rate": 2.57,
      "originationDate": "2021-07-28",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "REDWOOD- MIAMI TOWNSHIP",
      "address": "",
      "city": "CINCINNATI",
      "state": "OH",
      "zip": "45150",
      "units": 40,
      "originalAmount": 6488000,
      "rate": 2.57,
      "originationDate": "2022-01-27",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.57% is 0.88 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WILDWOOD APARTMENTS",
      "address": "",
      "city": "WESTLAND",
      "state": "MI",
      "zip": "48185",
      "units": 229,
      "originalAmount": 6323000,
      "rate": 2.57,
      "originationDate": "2021-03-31",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "ASHLAND APARTMENTS",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60622",
      "units": 31,
      "originalAmount": 6272300,
      "rate": 2.57,
      "originationDate": "2021-08-06",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "COUNTRY PARK RESIDENCES",
      "address": "",
      "city": "PARK CITY",
      "state": "KS",
      "zip": "67219",
      "units": 108,
      "originalAmount": 4700000,
      "rate": 2.57,
      "originationDate": "2021-05-19",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "HALE KU'IKE",
      "address": "",
      "city": "HONOLULU",
      "state": "HI",
      "zip": "96817",
      "units": 26,
      "originalAmount": 3901600,
      "rate": 2.57,
      "originationDate": "2010-04-23",
      "pmmsBenchmark": 5.098,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.57% is 2.53 pts below the 2010-04 market avg of 5.098%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "COLONY SQUARE COOPERATIVE",
      "address": "",
      "city": "GRAND RAPIDS",
      "state": "MN",
      "zip": "55744",
      "units": 37,
      "originalAmount": 3751900,
      "rate": 2.57,
      "originationDate": "2012-11-29",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.57% is 0.78 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "NOTRE DAME DE LA MER APARTMENTS",
      "address": "",
      "city": "BAY SAINT LOUIS",
      "state": "MS",
      "zip": "39520",
      "units": 60,
      "originalAmount": 3729700,
      "rate": 2.57,
      "originationDate": "2013-03-21",
      "pmmsBenchmark": 3.565,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.57% is 1.00 pts below the 2013-03 market avg of 3.565%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "NORTHWEST GARDENS III",
      "address": "",
      "city": "FORT LAUDERDALE",
      "state": "FL",
      "zip": "33311",
      "units": 150,
      "originalAmount": 3718300,
      "rate": 2.57,
      "originationDate": "2021-10-04",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "CROSSINGS AT AVERY GREEN PHASE II",
      "address": "",
      "city": "DUBLIN",
      "state": "OH",
      "zip": "43016",
      "units": 61,
      "originalAmount": 3481100,
      "rate": 2.57,
      "originationDate": "2021-06-21",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "GABRIEL MANOR APARTMENTS",
      "address": "",
      "city": "BILOXI",
      "state": "MS",
      "zip": "35931",
      "units": 52,
      "originalAmount": 3304600,
      "rate": 2.57,
      "originationDate": "2013-03-21",
      "pmmsBenchmark": 3.565,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.57% is 1.00 pts below the 2013-03 market avg of 3.565%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "Lassen Nursing & Rehabilitation Center",
      "address": "",
      "city": "SUSANVILLE",
      "state": "CA",
      "zip": "96130",
      "units": 29,
      "originalAmount": 3261000,
      "rate": 2.57,
      "originationDate": "2021-05-25",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "SAMARITAN HOUSE APARTMENTS",
      "address": "",
      "city": "OCEAN SPRINGS",
      "state": "MS",
      "zip": "39564",
      "units": 50,
      "originalAmount": 3258300,
      "rate": 2.57,
      "originationDate": "2013-03-21",
      "pmmsBenchmark": 3.565,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.57% is 1.00 pts below the 2013-03 market avg of 3.565%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "VILLAGE COOPERATIVE OF ALEXANDRIA",
      "address": "",
      "city": "ALEXANDRIA",
      "state": "MN",
      "zip": "56308",
      "units": 28,
      "originalAmount": 3220000,
      "rate": 2.57,
      "originationDate": "2020-09-29",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "THOMAS VILLAGE",
      "address": "",
      "city": "GIBSONIA",
      "state": "PA",
      "zip": "15044",
      "units": 66,
      "originalAmount": 2472000,
      "rate": 2.57,
      "originationDate": "2022-01-20",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.57% is 0.88 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "PONDVIEW TOWNHOMES",
      "address": "",
      "city": "WOODBURY",
      "state": "MN",
      "zip": "55125",
      "units": 40,
      "originalAmount": 1637800,
      "rate": 2.57,
      "originationDate": "2003-07-16",
      "pmmsBenchmark": 5.633,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.57% is 3.06 pts below the 2003-07 market avg of 5.633%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "Stewartown Homes",
      "address": "",
      "city": "GATHERSBURG",
      "state": "MD",
      "zip": "20879",
      "units": 94,
      "originalAmount": 16045000,
      "rate": 2.577,
      "originationDate": "2021-06-30",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HOC-MORTGAGE FINANCE PROGRAM"
    },
    {
      "property": "Arbors at Arundel Preserve",
      "address": "",
      "city": "HANOVER",
      "state": "MD",
      "zip": "21076",
      "units": 497,
      "originalAmount": 89159000,
      "rate": 2.58,
      "originationDate": "2021-06-29",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "DISCOVERY WEST APARTMENTS",
      "address": "",
      "city": "ISSAQUAH",
      "state": "WA",
      "zip": "98029",
      "units": 209,
      "originalAmount": 61360900,
      "rate": 2.58,
      "originationDate": "2021-08-17",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "BEACON ON 5TH APARTMENTS",
      "address": "",
      "city": "CHARLOTTESVILLE",
      "state": "VA",
      "zip": "22903",
      "units": 241,
      "originalAmount": 49920000,
      "rate": 2.58,
      "originationDate": "2020-04-30",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "CARY GREENS AT PRESTON",
      "address": "",
      "city": "CARY",
      "state": "NC",
      "zip": "27513",
      "units": 292,
      "originalAmount": 39000000,
      "rate": 2.58,
      "originationDate": "2018-03-15",
      "pmmsBenchmark": 4.444,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.58% is 1.86 pts below the 2018-03 market avg of 4.444%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE ARBORETUM APTS",
      "address": "",
      "city": "CHARLOTTE",
      "state": "NC",
      "zip": "28270",
      "units": 277,
      "originalAmount": 35000000,
      "rate": 2.58,
      "originationDate": "2018-03-29",
      "pmmsBenchmark": 4.444,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.58% is 1.86 pts below the 2018-03 market avg of 4.444%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SUMMIT PLACE AT LIMESTONE",
      "address": "",
      "city": "GAINESVILLE",
      "state": "GA",
      "zip": "30501",
      "units": 224,
      "originalAmount": 33000000,
      "rate": 2.58,
      "originationDate": "2022-03-30",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.58% is 1.59 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE BELMONT APARTMENTS",
      "address": "",
      "city": "VIRGINIA BEACH",
      "state": "VA",
      "zip": "23452",
      "units": 304,
      "originalAmount": 26657200,
      "rate": 2.58,
      "originationDate": "2012-08-30",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.58% is 1.02 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "BELLA VISTA APARTMENTS",
      "address": "",
      "city": "UNION CITY",
      "state": "NJ",
      "zip": "07087",
      "units": 231,
      "originalAmount": 26000000,
      "rate": 2.58,
      "originationDate": "2021-09-15",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "REPUBLIC WOODLAKE APARTMENTS",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78244",
      "units": 288,
      "originalAmount": 25355500,
      "rate": 2.58,
      "originationDate": "2020-06-08",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "TOWNE CENTER",
      "address": "",
      "city": "AVON LAKE",
      "state": "OH",
      "zip": "44012",
      "units": 165,
      "originalAmount": 24626800,
      "rate": 2.58,
      "originationDate": "2022-01-31",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.58% is 0.86 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "WILKINS GLEN",
      "address": "",
      "city": "MEDFIELD",
      "state": "MA",
      "zip": "02052",
      "units": 103,
      "originalAmount": 21377000,
      "rate": 2.58,
      "originationDate": "2022-03-21",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.58% is 1.59 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "CREEKSIDE CROSSING APARTMENTS",
      "address": "",
      "city": "WALKER",
      "state": "LA",
      "zip": "70785",
      "units": 168,
      "originalAmount": 19569000,
      "rate": 2.58,
      "originationDate": "2020-12-22",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "SAVANNAH RIDGE APARTMENTS",
      "address": "",
      "city": "O'FALLON",
      "state": "MO",
      "zip": "63366",
      "units": 168,
      "originalAmount": 16320000,
      "rate": 2.58,
      "originationDate": "2021-05-18",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "HOLDEN REHABILITATION & NURSING CENTER",
      "address": "",
      "city": "HOLDEN",
      "state": "MA",
      "zip": "01520",
      "units": 220,
      "originalAmount": 16225000,
      "rate": 2.58,
      "originationDate": "2020-05-21",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE GARDEN AT NORTHGATE VILLAGE",
      "address": "",
      "city": "NORTH KANSAS CITY",
      "state": "MO",
      "zip": "64116",
      "units": 180,
      "originalAmount": 16100000,
      "rate": 2.58,
      "originationDate": "2021-07-28",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "REDWOOD TIPP CITY (THE HARRISON)",
      "address": "",
      "city": "TIPP CITY",
      "state": "OH",
      "zip": "45371",
      "units": 82,
      "originalAmount": 15120000,
      "rate": 2.58,
      "originationDate": "2022-03-24",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.58% is 1.59 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "NORTHGATE PARK",
      "address": "",
      "city": "FLORISSANT",
      "state": "MO",
      "zip": "63113",
      "units": 158,
      "originalAmount": 14992000,
      "rate": 2.58,
      "originationDate": "2013-07-30",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.58% is 1.79 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "ALVIN E. GERSHEN APARTMENTS",
      "address": "",
      "city": "TRENTON",
      "state": "NJ",
      "zip": "08619",
      "units": 161,
      "originalAmount": 14880000,
      "rate": 2.58,
      "originationDate": "2020-07-14",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "REGENCY-JEFFERSON NURSING & REHAB CTR  BEAUMONT",
      "address": "",
      "city": "BEAUMONT",
      "state": "TX",
      "zip": "77706",
      "units": 120,
      "originalAmount": 12696000,
      "rate": 2.58,
      "originationDate": "2017-11-16",
      "pmmsBenchmark": 3.922,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.58% is 1.34 pts below the 2017-11 market avg of 3.922%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "TOWN CREEK VILLAGE APARTMENTS",
      "address": "",
      "city": "MONTGOMERY",
      "state": "TX",
      "zip": "77356",
      "units": 152,
      "originalAmount": 12562600,
      "rate": 2.58,
      "originationDate": "2012-12-13",
      "pmmsBenchmark": 3.345,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.58% is 0.77 pts below the 2012-12 market avg of 3.345%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "SPRENGER HEALTHCARE GRANDE VILLAGE",
      "address": "",
      "city": "TWINSBURG",
      "state": "OH",
      "zip": "44087",
      "units": 110,
      "originalAmount": 12272000,
      "rate": 2.58,
      "originationDate": "2022-01-31",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.58% is 0.86 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "SPRENGER HEALTHCARE HEATHER KNOLL",
      "address": "",
      "city": "TALLMADGE",
      "state": "OH",
      "zip": "44278",
      "units": 90,
      "originalAmount": 10124200,
      "rate": 2.58,
      "originationDate": "2022-01-31",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.58% is 0.86 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "BOTTINEAU COMMONS",
      "address": "",
      "city": "MINNEAPOLIS",
      "state": "MN",
      "zip": "55418",
      "units": 119,
      "originalAmount": 8926000,
      "rate": 2.58,
      "originationDate": "2012-07-31",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.58% is 0.97 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "SPRENGER HEALTHCARE ROSE LANE",
      "address": "",
      "city": "MASSILLON",
      "state": "OH",
      "zip": "44646",
      "units": 137,
      "originalAmount": 8727600,
      "rate": 2.58,
      "originationDate": "2022-01-31",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.58% is 0.86 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "BEACH AVENUE",
      "address": "",
      "city": "INGLEWOOD",
      "state": "CA",
      "zip": "90301",
      "units": 42,
      "originalAmount": 8050000,
      "rate": 2.58,
      "originationDate": "2020-12-22",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "ROLLING MEADOWS APARTMENTS",
      "address": "",
      "city": "PEPPERELL",
      "state": "MA",
      "zip": "01463",
      "units": 75,
      "originalAmount": 7779600,
      "rate": 2.58,
      "originationDate": "2021-07-30",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "GLEN OAK TOWERS",
      "address": "",
      "city": "Peoria",
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      "zip": "61602",
      "units": 171,
      "originalAmount": 7669000,
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      "originationDate": "2021-06-17",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "Scotland Square Apartments",
      "address": "",
      "city": "BATON ROUGE",
      "state": "LA",
      "zip": "70807",
      "units": 176,
      "originalAmount": 7400000,
      "rate": 2.58,
      "originationDate": "2021-06-07",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "DOUGLAS MANOR",
      "address": "",
      "city": "WINDHAM",
      "state": "CT",
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      "units": 50,
      "originalAmount": 6832000,
      "rate": 2.58,
      "originationDate": "2021-08-12",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CASALOMA CREEK",
      "address": "",
      "city": "GRAND CHUTE",
      "state": "WI",
      "zip": "54913",
      "units": 63,
      "originalAmount": 6273000,
      "rate": 2.58,
      "originationDate": "2021-03-30",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HERITAGE REHABILITATION CENTER",
      "address": "",
      "city": "TORRANCE",
      "state": "CA",
      "zip": "90502",
      "units": 71,
      "originalAmount": 4872300,
      "rate": 2.58,
      "originationDate": "2022-03-10",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.58% is 1.59 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ELK RUN ASSISTED LIVING FACILI",
      "address": "",
      "city": "EVERGREEN",
      "state": "CO",
      "zip": "80439",
      "units": 61,
      "originalAmount": 4668200,
      "rate": 2.58,
      "originationDate": "2013-01-30",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.58% is 0.83 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "CASA DE PRIMAVERA APTS",
      "address": "",
      "city": "PHOENIX",
      "state": "AZ",
      "zip": "85025",
      "units": 162,
      "originalAmount": 4651600,
      "rate": 2.58,
      "originationDate": "2013-10-31",
      "pmmsBenchmark": 4.192,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.58% is 1.61 pts below the 2013-10 market avg of 4.192%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "BRECKENRIDGE VILLAGE",
      "address": "",
      "city": "WILLOUGHBY",
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      "zip": "44094",
      "units": 150,
      "originalAmount": 4247100,
      "rate": 2.58,
      "originationDate": "2013-01-16",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.58% is 0.83 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "STILLWATER SKILLED NURSING REHABILITATION",
      "address": "",
      "city": "COVINGTON",
      "state": "OH",
      "zip": "45318",
      "units": 54,
      "originalAmount": 3251000,
      "rate": 2.58,
      "originationDate": "2021-10-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "OLD WALNUT APARTMENTS",
      "address": "",
      "city": "GRAND ISLAND",
      "state": "NE",
      "zip": "68801",
      "units": 89,
      "originalAmount": 3248000,
      "rate": 2.58,
      "originationDate": "2020-06-29",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "KINGSWAY AT TRUMAN PARK",
      "address": "",
      "city": "BRIDGEPORT",
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      "zip": "06606",
      "units": 30,
      "originalAmount": 1950000,
      "rate": 2.58,
      "originationDate": "2020-10-22",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "COUNTRY MANOR CONVALESCENT HOSPITAL",
      "address": "",
      "city": "SYLMAR",
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      "units": 38,
      "originalAmount": 1519000,
      "rate": 2.58,
      "originationDate": "2022-04-07",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.58% is 2.40 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ST. ANDREWS HEALTHCARE",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90018",
      "units": 23,
      "originalAmount": 1482200,
      "rate": 2.58,
      "originationDate": "2022-04-07",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.58% is 2.40 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "KING DAVID CENTER FOR NURSING AND REHABILITATION",
      "address": "",
      "city": "BROOKLYN",
      "state": "NY",
      "zip": "11214",
      "units": 166,
      "originalAmount": 56328500,
      "rate": 2.59,
      "originationDate": "2021-07-20",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "THE FARMSTEAD",
      "address": "",
      "city": "NAMPA",
      "state": "ID",
      "zip": "83687",
      "units": 260,
      "originalAmount": 48240000,
      "rate": 2.59,
      "originationDate": "2021-12-17",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "SPRINGFIELD MEADOWS",
      "address": "",
      "city": "Vancouver",
      "state": "WA",
      "zip": "98661",
      "units": 580,
      "originalAmount": 44954700,
      "rate": 2.59,
      "originationDate": "2021-07-20",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "THE RESIDENCES AT FIRST NATIONAL",
      "address": "",
      "city": "OKLAHOMA CITY",
      "state": "OK",
      "zip": "73102",
      "units": 193,
      "originalAmount": 44541900,
      "rate": 2.59,
      "originationDate": "2020-11-06",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "Cambridge Square Apartments",
      "address": "",
      "city": "Mechanicsville",
      "state": "VA",
      "zip": "23111",
      "units": 207,
      "originalAmount": 36480000,
      "rate": 2.59,
      "originationDate": "2021-06-16",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "CULEBRA CREEK APARTMENTS",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78254",
      "units": 312,
      "originalAmount": 34500000,
      "rate": 2.59,
      "originationDate": "2019-07-25",
      "pmmsBenchmark": 3.765,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.59% is 1.18 pts below the 2019-07 market avg of 3.765%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "SIMON C. FIREMAN COMMUNITY",
      "address": "",
      "city": "RANDOLPH",
      "state": "MA",
      "zip": "02368",
      "units": 160,
      "originalAmount": 27360000,
      "rate": 2.59,
      "originationDate": "2020-07-17",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "CATHEDRAL SQUARE TOWERS",
      "address": "",
      "city": "KANSAS CITY",
      "state": "MO",
      "zip": "65105",
      "units": 156,
      "originalAmount": 26068800,
      "rate": 2.59,
      "originationDate": "2020-10-20",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "ROYAL SUITES CARE CENTER",
      "address": "",
      "city": "GALLOWAY",
      "state": "NJ",
      "zip": "08205",
      "units": 186,
      "originalAmount": 23513700,
      "rate": 2.59,
      "originationDate": "2010-12-02",
      "pmmsBenchmark": 4.714,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.59% is 2.12 pts below the 2010-12 market avg of 4.714%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "NORTHEAST REHABILITATION HOSPITAL",
      "address": "",
      "city": "SALEM",
      "state": "NH",
      "zip": "03079",
      "units": 87,
      "originalAmount": 21297000,
      "rate": 2.59,
      "originationDate": "2011-09-29",
      "pmmsBenchmark": 4.106,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.59% is 1.52 pts below the 2011-09 market avg of 4.106%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "CROYDON HALL",
      "address": "",
      "city": "PHILADELPHIA",
      "state": "PA",
      "zip": "19139",
      "units": 127,
      "originalAmount": 20000000,
      "rate": 2.59,
      "originationDate": "2021-12-21",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "JENSEN DEVELOPMENT",
      "address": "",
      "city": "AMES",
      "state": "IA",
      "zip": "50014",
      "units": 286,
      "originalAmount": 18700700,
      "rate": 2.59,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "CARLTON OAKS",
      "address": "",
      "city": "SALEM",
      "state": "NH",
      "zip": "03079",
      "units": 112,
      "originalAmount": 18584000,
      "rate": 2.59,
      "originationDate": "2021-07-29",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "ASHTON PARK APARTMENTS",
      "address": "",
      "city": "LEXINGTON",
      "state": "KY",
      "zip": "40511",
      "units": 144,
      "originalAmount": 17918000,
      "rate": 2.59,
      "originationDate": "2021-12-15",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "X-CALIBER CAPITAL LLC"
    },
    {
      "property": "CHRISTIAN MANOR APARTMENTS",
      "address": "",
      "city": "WEST PALM BEACH",
      "state": "FL",
      "zip": "33401",
      "units": 200,
      "originalAmount": 17529400,
      "rate": 2.59,
      "originationDate": "2022-01-28",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.59% is 0.85 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "GOVANS MANOR",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21212",
      "units": 191,
      "originalAmount": 16000000,
      "rate": 2.59,
      "originationDate": "2021-11-05",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "RIVERSCAPE APARTMENT HOMES",
      "address": "",
      "city": "SHREVEPORT",
      "state": "LA",
      "zip": "71101",
      "units": 208,
      "originalAmount": 15560000,
      "rate": 2.59,
      "originationDate": "2012-11-08",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.59% is 0.76 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "FOUNTAIN VIEW APARTMENTS",
      "address": "",
      "city": "AMES",
      "state": "IA",
      "zip": "50014",
      "units": 252,
      "originalAmount": 14619600,
      "rate": 2.59,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "Evergreen at Mesquite",
      "address": "",
      "city": "MESQUITE",
      "state": "TX",
      "zip": "75150",
      "units": 200,
      "originalAmount": 14000000,
      "rate": 2.59,
      "originationDate": "2021-06-30",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "PEPPERMILL FARMS",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46226",
      "units": 160,
      "originalAmount": 12919500,
      "rate": 2.59,
      "originationDate": "2022-04-20",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.59% is 2.39 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "SYLVAN LAKES APARTMENTS",
      "address": "",
      "city": "SYLVANIA",
      "state": "OH",
      "zip": "43560",
      "units": 156,
      "originalAmount": 10880000,
      "rate": 2.59,
      "originationDate": "2021-08-26",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LAKES OF COLUMBIA",
      "address": "",
      "city": "COLUMBIA",
      "state": "TN",
      "zip": "38401",
      "units": 154,
      "originalAmount": 9976100,
      "rate": 2.59,
      "originationDate": "2012-08-23",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.59% is 1.01 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "LOOKOUT RIDGE TOWNHOMES",
      "address": "",
      "city": "WASHOUGAL",
      "state": "WA",
      "zip": "98671",
      "units": 60,
      "originalAmount": 9953100,
      "rate": 2.59,
      "originationDate": "2021-01-28",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "LIGUTTI TOWER",
      "address": "",
      "city": "DES MOINES",
      "state": "IA",
      "zip": "50309",
      "units": 139,
      "originalAmount": 9333800,
      "rate": 2.59,
      "originationDate": "2021-04-30",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "CENTERPOINTE APARTMENTS",
      "address": "",
      "city": "SOUTH DENNIS",
      "state": "MA",
      "zip": "02660",
      "units": 40,
      "originalAmount": 8320000,
      "rate": 2.59,
      "originationDate": "2021-09-28",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "COLUMBUS PARK PLAZA APARTMENTS",
      "address": "",
      "city": "KANSAS CITY",
      "state": "MO",
      "zip": "64106",
      "units": 56,
      "originalAmount": 8250000,
      "rate": 2.59,
      "originationDate": "2020-10-20",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "SOUTHMONT PRESBYTERIAN SR CARE",
      "address": "",
      "city": "WASHINGTON",
      "state": "PA",
      "zip": "15301",
      "units": 155,
      "originalAmount": 7179300,
      "rate": 2.59,
      "originationDate": "2013-03-28",
      "pmmsBenchmark": 3.565,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.59% is 0.98 pts below the 2013-03 market avg of 3.565%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "SAVANNAH HEIGHTS APARTMENTS",
      "address": "",
      "city": "WASHINGTON",
      "state": "DC",
      "zip": "20032",
      "units": 100,
      "originalAmount": 6790100,
      "rate": 2.59,
      "originationDate": "2021-12-14",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKELEY POINT CAPITAL LLC"
    },
    {
      "property": "Madera Rehabilitation and Nursing Center",
      "address": "",
      "city": "MADERA",
      "state": "CA",
      "zip": "93637",
      "units": 74,
      "originalAmount": 6626700,
      "rate": 2.59,
      "originationDate": "2021-03-30",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "TRAVIS GARDENS",
      "address": "",
      "city": "FORT WORTH",
      "state": "TX",
      "zip": "76110",
      "units": 77,
      "originalAmount": 6280000,
      "rate": 2.59,
      "originationDate": "2021-10-25",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "DOCTORS SUBACUTE HEALTHCARE",
      "address": "",
      "city": "PATERSON",
      "state": "NJ",
      "zip": "07522",
      "units": 27,
      "originalAmount": 5920000,
      "rate": 2.59,
      "originationDate": "2022-01-28",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.59% is 0.85 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "HUMBLE MEMORIAL GARDENS",
      "address": "",
      "city": "HUMBLE",
      "state": "TX",
      "zip": "77338",
      "units": 75,
      "originalAmount": 5874700,
      "rate": 2.59,
      "originationDate": "2022-01-27",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.59% is 0.85 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "VILLAGE MANOR APARTMENTS",
      "address": "",
      "city": "PORT HURON",
      "state": "MI",
      "zip": "48060",
      "units": 123,
      "originalAmount": 5800000,
      "rate": 2.59,
      "originationDate": "2014-12-17",
      "pmmsBenchmark": 3.864,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.59% is 1.27 pts below the 2014-12 market avg of 3.864%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "MAGNOLIA COURT",
      "address": "",
      "city": "BIRMINGHAM",
      "state": "AL",
      "zip": "35215",
      "units": 240,
      "originalAmount": 5637000,
      "rate": 2.59,
      "originationDate": "2012-10-31",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.59% is 0.79 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE INN AT WESTBROOK",
      "address": "",
      "city": "UPPER SANDUSKY",
      "state": "OH",
      "zip": "43351",
      "units": 48,
      "originalAmount": 5281800,
      "rate": 2.59,
      "originationDate": "2021-12-21",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "X-CALIBER CAPITAL LLC"
    },
    {
      "property": "THE INN AT ORCHARD PARK",
      "address": "",
      "city": "BUCYRUS",
      "state": "OH",
      "zip": "44820",
      "units": 40,
      "originalAmount": 5226500,
      "rate": 2.59,
      "originationDate": "2021-12-21",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "X-CALIBER CAPITAL LLC"
    },
    {
      "property": "TRIPP STREET APARTMENTS",
      "address": "",
      "city": "AMES",
      "state": "IA",
      "zip": "50014",
      "units": 60,
      "originalAmount": 4992300,
      "rate": 2.59,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "OSBORNE APARTMENTS",
      "address": "",
      "city": "SPRING LAKE PARK",
      "state": "MN",
      "zip": "55432",
      "units": 60,
      "originalAmount": 4992000,
      "rate": 2.59,
      "originationDate": "2020-06-29",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "COCONINO PLACE APARTMENTS",
      "address": "",
      "city": "AMES",
      "state": "IA",
      "zip": "50014",
      "units": 84,
      "originalAmount": 4740200,
      "rate": 2.59,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "LAKEWOOD PLACE",
      "address": "",
      "city": "BATESVILLE",
      "state": "MS",
      "zip": "38606",
      "units": 88,
      "originalAmount": 4576000,
      "rate": 2.59,
      "originationDate": "2021-08-19",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "HOLLYWOOD GARDENS",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90034",
      "units": 62,
      "originalAmount": 4541200,
      "rate": 2.59,
      "originationDate": "2011-08-24",
      "pmmsBenchmark": 4.27,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.59% is 1.68 pts below the 2011-08 market avg of 4.27%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "PLOUGH TOWERS",
      "address": "",
      "city": "MEMPHIS",
      "state": "TN",
      "zip": "38137",
      "units": 151,
      "originalAmount": 4539000,
      "rate": 2.59,
      "originationDate": "2005-05-10",
      "pmmsBenchmark": 5.72,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.59% is 3.13 pts below the 2005-05 market avg of 5.72%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "WEST RIDGE APARTMENTS",
      "address": "",
      "city": "AMES",
      "state": "IA",
      "zip": "50014",
      "units": 56,
      "originalAmount": 4496500,
      "rate": 2.59,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "ROSA PLACE",
      "address": "",
      "city": "MANKATO",
      "state": "MN",
      "zip": "56001",
      "units": 60,
      "originalAmount": 4302300,
      "rate": 2.59,
      "originationDate": "2021-05-11",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "HARVESTVIEW PLACE",
      "address": "",
      "city": "ROCHESTER",
      "state": "MN",
      "zip": "55901",
      "units": 60,
      "originalAmount": 4266500,
      "rate": 2.59,
      "originationDate": "2021-05-11",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "WEST PARK COURT",
      "address": "",
      "city": "PITTSBURGH",
      "state": "PA",
      "zip": "15212",
      "units": 112,
      "originalAmount": 3858500,
      "rate": 2.59,
      "originationDate": "2006-12-05",
      "pmmsBenchmark": 6.135,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.59% is 3.54 pts below the 2006-12 market avg of 6.135%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "JOLLEY ACRES HEALTHCARE CENTER",
      "address": "",
      "city": "ORANGEBURG",
      "state": "SC",
      "zip": "29115",
      "units": 33,
      "originalAmount": 2978100,
      "rate": 2.59,
      "originationDate": "2022-03-18",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.59% is 1.58 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WALBROOK MILL APARTMENTS",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21216",
      "units": 65,
      "originalAmount": 2390000,
      "rate": 2.59,
      "originationDate": "2022-03-23",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.59% is 1.58 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "ADAM AND BRUCE",
      "address": "",
      "city": "FORT WAYNE",
      "state": "IN",
      "zip": "46816",
      "units": 50,
      "originalAmount": 1829500,
      "rate": 2.59,
      "originationDate": "2011-12-13",
      "pmmsBenchmark": 3.958,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.59% is 1.37 pts below the 2011-12 market avg of 3.958%"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "ALEXANDER HOUSE",
      "address": "",
      "city": "HAGERSTOWN",
      "state": "MD",
      "zip": "21740",
      "units": 95,
      "originalAmount": 7451300,
      "rate": 2.595,
      "originationDate": "2021-09-16",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "ATLANTIC APARTMENTS",
      "address": "",
      "city": "JERSEY CITY",
      "state": "NJ",
      "zip": "07310",
      "units": 444,
      "originalAmount": 74000000,
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      "originationDate": "2013-02-28",
      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 0.93 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "GRANDEVILLE AT MALTA",
      "address": "",
      "city": "MALTA",
      "state": "NY",
      "zip": "12020",
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      "originalAmount": 59667200,
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      "originationDate": "2021-05-06",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "VAN METRE AT KENSINGTON PLACE",
      "address": "",
      "city": "WOODBRIDGE",
      "state": "VA",
      "zip": "22191",
      "units": 315,
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      "originationDate": "2013-04-04",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 0.84 pts below the 2013-04 market avg of 3.445%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "COMPSON PLACE APARTMENTS",
      "address": "",
      "city": "BOYNTON BEACH",
      "state": "FL",
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      "originalAmount": 53760000,
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      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "50 PARAMOUNT APARTMENTS",
      "address": "",
      "city": "SARASOTA",
      "state": "FL",
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      "originationDate": "2021-05-18",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "The Wharf Apartments",
      "address": "",
      "city": "Dallas",
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      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "GLEN OAKS NURSING AND REHABILITATION CENTER",
      "address": "",
      "city": "NORTHBROOK",
      "state": "IL",
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      "originalAmount": 39143500,
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      "pmmsBenchmark": 4.952,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 2.35 pts below the 2011-02 market avg of 4.952%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "THE RESIDENCE AT MARINA BAY",
      "address": "",
      "city": "IRMO",
      "state": "SC",
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      "originalAmount": 38800000,
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      "originationDate": "2022-03-15",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 1.57 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "Sunnen Station Apartments Phase I",
      "address": "",
      "city": "MAPLEWOOD",
      "state": "MO",
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      "units": 174,
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      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "NORTON GLEN",
      "address": "",
      "city": "NORTON",
      "state": "MA",
      "zip": "02766",
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      "originalAmount": 29600000,
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      "originationDate": "2021-08-04",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "THE RESERVE AT FOREST HILLS",
      "address": "",
      "city": "WILMINGTON",
      "state": "NC",
      "zip": "28403",
      "units": 372,
      "originalAmount": 27418300,
      "rate": 2.6,
      "originationDate": "2021-06-24",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "WILLOW TOWERS",
      "address": "",
      "city": "NEW ROCHELLE",
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      "zip": "10805",
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      "originalAmount": 23300000,
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      "pmmsBenchmark": 3.565,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 0.96 pts below the 2013-03 market avg of 3.565%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "The Glenn",
      "address": "",
      "city": "Minnetonka",
      "state": "MN",
      "zip": "55345",
      "units": 249,
      "originalAmount": 23124900,
      "rate": 2.6,
      "originationDate": "2017-04-27",
      "pmmsBenchmark": 4.045,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 1.44 pts below the 2017-04 market avg of 4.045%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "GLEN BRIDGE NURSING & REHAB CT",
      "address": "",
      "city": "NILES",
      "state": "IL",
      "zip": "60714",
      "units": 302,
      "originalAmount": 20432100,
      "rate": 2.6,
      "originationDate": "2011-02-17",
      "pmmsBenchmark": 4.952,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 2.35 pts below the 2011-02 market avg of 4.952%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "GLENCREST NURSING AND REHABILITATION CENTRE",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60645",
      "units": 312,
      "originalAmount": 19204900,
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      "originationDate": "2011-03-22",
      "pmmsBenchmark": 4.836,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 2.24 pts below the 2011-03 market avg of 4.836%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "RESIDENCE AT GATEWAY VILLAGE I",
      "address": "",
      "city": "DENISON",
      "state": "TX",
      "zip": "75020",
      "units": 180,
      "originalAmount": 18770200,
      "rate": 2.6,
      "originationDate": "2020-10-28",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "UPTOWN SQUARE APARTMENTS",
      "address": "",
      "city": "MEMPHIS",
      "state": "TN",
      "zip": "38103",
      "units": 347,
      "originalAmount": 17000000,
      "rate": 2.6,
      "originationDate": "2010-12-29",
      "pmmsBenchmark": 4.714,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 2.11 pts below the 2010-12 market avg of 4.714%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "AUDUBON OAKS",
      "address": "",
      "city": "LAKELAND",
      "state": "FL",
      "zip": "33809",
      "units": 286,
      "originalAmount": 16724000,
      "rate": 2.6,
      "originationDate": "2013-01-29",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 0.81 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "PRESIDENTIAL GARDENS APARTMENTS",
      "address": "",
      "city": "HAVERHILL",
      "state": "MA",
      "zip": "01835",
      "units": 200,
      "originalAmount": 16140200,
      "rate": 2.6,
      "originationDate": "2022-03-31",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 1.57 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "SILVER HILLS HEALTH CARE CENTER",
      "address": "",
      "city": "LAS VEGAS",
      "state": "NV",
      "zip": "89129",
      "units": 230,
      "originalAmount": 15618100,
      "rate": 2.6,
      "originationDate": "2020-12-21",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "Willow Creek Apartments",
      "address": "",
      "city": "Palestine",
      "state": "TX",
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      "units": 136,
      "originalAmount": 15440000,
      "rate": 2.6,
      "originationDate": "2021-06-29",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SEAPORT VILLAGE APARTMENT HOMES",
      "address": "",
      "city": "GALVESTON",
      "state": "TX",
      "zip": "77551",
      "units": 192,
      "originalAmount": 14960000,
      "rate": 2.6,
      "originationDate": "2021-07-19",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MEADOW RIDGE SENIOR LIVING",
      "address": "",
      "city": "GOLDEN VALLEY",
      "state": "MN",
      "zip": "55427",
      "units": 216,
      "originalAmount": 14712600,
      "rate": 2.6,
      "originationDate": "2020-05-28",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "GARVIN POINTE",
      "address": "",
      "city": "FRANKLIN",
      "state": "KY",
      "zip": "42134",
      "units": 160,
      "originalAmount": 14640000,
      "rate": 2.6,
      "originationDate": "2021-06-24",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "SNYDER PARK APARTMENTS",
      "address": "",
      "city": "AMHERST",
      "state": "NY",
      "zip": "14226",
      "units": 338,
      "originalAmount": 14250000,
      "rate": 2.6,
      "originationDate": "2020-08-28",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ST MARY'S COURT APARTMENTS",
      "address": "",
      "city": "WASHINGTON",
      "state": "DC",
      "zip": "20037",
      "units": 140,
      "originalAmount": 14120000,
      "rate": 2.6,
      "originationDate": "2021-01-27",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "VILLA VASONA APARTMENTS",
      "address": "",
      "city": "LOS GATOS",
      "state": "CA",
      "zip": "95032",
      "units": 107,
      "originalAmount": 13250000,
      "rate": 2.6,
      "originationDate": "2013-02-05",
      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 0.93 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "ALDEN TOWN MANOR",
      "address": "",
      "city": "CICERO",
      "state": "IL",
      "zip": "60804",
      "units": 117,
      "originalAmount": 12722300,
      "rate": 2.6,
      "originationDate": "2021-07-29",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "DEERFIELD APTS",
      "address": "",
      "city": "WATERBURY",
      "state": "CT",
      "zip": "06705",
      "units": 266,
      "originalAmount": 12720000,
      "rate": 2.6,
      "originationDate": "2012-12-19",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HYDE PARK VILLAGE",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90043",
      "units": 51,
      "originalAmount": 12000000,
      "rate": 2.6,
      "originationDate": "2022-03-21",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 1.57 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ALDEN LAKELAND",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60640",
      "units": 117,
      "originalAmount": 11977000,
      "rate": 2.6,
      "originationDate": "2021-06-29",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "QUARTER AT CAMBRIDGE",
      "address": "",
      "city": "WICHITA",
      "state": "KS",
      "zip": "67296",
      "units": 194,
      "originalAmount": 11896100,
      "rate": 2.6,
      "originationDate": "2020-07-23",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "CANTEX2-THE MADISON ON MARSH",
      "address": "",
      "city": "CARROLLTON",
      "state": "TX",
      "zip": "75006",
      "units": 125,
      "originalAmount": 11821100,
      "rate": 2.6,
      "originationDate": "2012-07-25",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 0.95 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "REDWOOD FAIRBORN COMMERCE CENTER BLVD (OH P1) PH 1",
      "address": "",
      "city": "FAIRBORN",
      "state": "OH",
      "zip": "45324",
      "units": 69,
      "originalAmount": 11776000,
      "rate": 2.6,
      "originationDate": "2022-03-22",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 1.57 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CANTEX2-CRESTVIEW COURT",
      "address": "",
      "city": "CEDAR HILL",
      "state": "TX",
      "zip": "75104",
      "units": 125,
      "originalAmount": 11366900,
      "rate": 2.6,
      "originationDate": "2012-07-25",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 0.95 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "GALAXIE LOFTS APARTMENTS",
      "address": "",
      "city": "PORTLAND",
      "state": "OR",
      "zip": "97202",
      "units": 76,
      "originalAmount": 11139900,
      "rate": 2.6,
      "originationDate": "2020-08-27",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE TERRACES ASSISTED LIVING",
      "address": "",
      "city": "HOPKINS",
      "state": "MN",
      "zip": "55343",
      "units": 86,
      "originalAmount": 10925000,
      "rate": 2.6,
      "originationDate": "2013-05-20",
      "pmmsBenchmark": 3.536,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 0.94 pts below the 2013-05 market avg of 3.536%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "SUNSET GARDENS APARTMENTS",
      "address": "",
      "city": "WATERBURY",
      "state": "CT",
      "zip": "06705",
      "units": 231,
      "originalAmount": 10800000,
      "rate": 2.6,
      "originationDate": "2012-12-19",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "OUTLOOK RIDGE APARTMENTS",
      "address": "",
      "city": "PUEBLO",
      "state": "CO",
      "zip": "81008",
      "units": 92,
      "originalAmount": 10479700,
      "rate": 2.6,
      "originationDate": "2012-10-22",
      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 0.78 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "ALDEN POPLAR CREEK",
      "address": "",
      "city": "HOFFMAN ESTATES",
      "state": "IL",
      "zip": "60194",
      "units": 89,
      "originalAmount": 9875100,
      "rate": 2.6,
      "originationDate": "2021-09-29",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "ALDEN ESTATES OF SHOREWOOD",
      "address": "",
      "city": "SHOREWOOD",
      "state": "IL",
      "zip": "60404",
      "units": 142,
      "originalAmount": 9870300,
      "rate": 2.6,
      "originationDate": "2015-07-01",
      "pmmsBenchmark": 4.046,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 1.45 pts below the 2015-07 market avg of 4.046%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "REGENCY CARE CENTER AT MONROE",
      "address": "",
      "city": "MONROE",
      "state": "WA",
      "zip": "98272",
      "units": 92,
      "originalAmount": 9846400,
      "rate": 2.6,
      "originationDate": "2020-07-30",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "VILLA SERENA",
      "address": "",
      "city": "MAYFIELD HEIGHTS",
      "state": "OH",
      "zip": "44124",
      "units": 242,
      "originalAmount": 9680000,
      "rate": 2.6,
      "originationDate": "2015-06-04",
      "pmmsBenchmark": 3.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 1.38 pts below the 2015-06 market avg of 3.982%"
      ],
      "holder": "ROSE COMMUNITY CAPITAL, LLC"
    },
    {
      "property": "LAKE PARK CENTER",
      "address": "",
      "city": "WAUKEGAN",
      "state": "IL",
      "zip": "60085",
      "units": 210,
      "originalAmount": 9657100,
      "rate": 2.6,
      "originationDate": "2012-11-29",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 0.75 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "TOPEKA HEIGHTS",
      "address": "",
      "city": "FAYETTEVILLE",
      "state": "NC",
      "zip": "28306",
      "units": 150,
      "originalAmount": 9087900,
      "rate": 2.6,
      "originationDate": "2021-07-30",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ALDEN VALLEY RIDGE",
      "address": "",
      "city": "BLOOMINGDALE",
      "state": "IL",
      "zip": "60108",
      "units": 84,
      "originalAmount": 9009300,
      "rate": 2.6,
      "originationDate": "2021-09-29",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "DUNCAN CRYSTAL BLUFFS REHAB & HEALTH CARE CENTER",
      "address": "",
      "city": "MOREHEAD CITY",
      "state": "NC",
      "zip": "28557",
      "units": 92,
      "originalAmount": 8245200,
      "rate": 2.6,
      "originationDate": "2015-09-30",
      "pmmsBenchmark": 3.89,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 1.29 pts below the 2015-09 market avg of 3.89%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "TWIN OAKS AT HERITAGE POINT SENIOR COM",
      "address": "",
      "city": "WENTZVILLE",
      "state": "MO",
      "zip": "63385",
      "units": 60,
      "originalAmount": 7935500,
      "rate": 2.6,
      "originationDate": "2010-02-08",
      "pmmsBenchmark": 4.99,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 2.39 pts below the 2010-02 market avg of 4.99%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "10TH AND JEFFERSON",
      "address": "",
      "city": "NASHVILLE",
      "state": "TN",
      "zip": "37208",
      "units": 54,
      "originalAmount": 7872100,
      "rate": 2.6,
      "originationDate": "2021-11-16",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "FIRST AMERICAN CAPITAL GROUP C"
    },
    {
      "property": "JAYCEE ARMS APARTMENTS",
      "address": "",
      "city": "COLUMBUS",
      "state": "OH",
      "zip": "43215",
      "units": 223,
      "originalAmount": 7840000,
      "rate": 2.6,
      "originationDate": "2020-09-24",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ALDEN PRINCETON",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60621",
      "units": 104,
      "originalAmount": 7836900,
      "rate": 2.6,
      "originationDate": "2021-07-29",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "OAKCREST APTS",
      "address": "",
      "city": "BOWIE",
      "state": "MD",
      "zip": "20716",
      "units": 103,
      "originalAmount": 7584700,
      "rate": 2.6,
      "originationDate": "2010-09-29",
      "pmmsBenchmark": 4.346,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 1.75 pts below the 2010-09 market avg of 4.346%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "CEDARS OF LEBANON APARTMENTS",
      "address": "",
      "city": "LEBANON",
      "state": "IL",
      "zip": "62254",
      "units": 120,
      "originalAmount": 7482600,
      "rate": 2.6,
      "originationDate": "2016-06-30",
      "pmmsBenchmark": 3.568,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 0.97 pts below the 2016-06 market avg of 3.568%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "OATFIELD ESTATES",
      "address": "",
      "city": "MILWAUKIE",
      "state": "OR",
      "zip": "97267",
      "units": 48,
      "originalAmount": 7376700,
      "rate": 2.6,
      "originationDate": "2021-12-17",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "HERITAGE WOODS OF CENTRALIA",
      "address": "",
      "city": "CENTRALIA",
      "state": "IL",
      "zip": "62801",
      "units": 206,
      "originalAmount": 6675600,
      "rate": 2.6,
      "originationDate": "2021-04-28",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "CEDAR POINT TOWNHOMES",
      "address": "",
      "city": "EAGLE LAKE",
      "state": "MN",
      "zip": "56024",
      "units": 56,
      "originalAmount": 6592000,
      "rate": 2.6,
      "originationDate": "2020-08-26",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "THE OAKS AT SCENIC VIEW/OAK MANOR",
      "address": "",
      "city": "BALDWIN",
      "state": "GA",
      "zip": "30511",
      "units": 186,
      "originalAmount": 6583400,
      "rate": 2.6,
      "originationDate": "2011-02-23",
      "pmmsBenchmark": 4.952,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 2.35 pts below the 2011-02 market avg of 4.952%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "BOWLING GREEN MERGED PROPERTIES",
      "address": "",
      "city": "BOWLING GREEN",
      "state": "KY",
      "zip": "42101",
      "units": 206,
      "originalAmount": 6149200,
      "rate": 2.6,
      "originationDate": "2022-01-31",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 0.84 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "SUNSET HEALTHCARE CENTER",
      "address": "",
      "city": "UNION",
      "state": "MO",
      "zip": "63084",
      "units": 173,
      "originalAmount": 6112000,
      "rate": 2.6,
      "originationDate": "2020-12-30",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "BRANCH VILLAGE APARTMENTS",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77093",
      "units": 160,
      "originalAmount": 5915500,
      "rate": 2.6,
      "originationDate": "2012-11-28",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 0.75 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "LAKEWOOD PLACE APARTMENTS",
      "address": "",
      "city": "WHITE BEAR LAKE",
      "state": "MN",
      "zip": "55110",
      "units": 60,
      "originalAmount": 5914000,
      "rate": 2.6,
      "originationDate": "2013-01-31",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 0.81 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "VILLAGE AT TEHACHAPI",
      "address": "",
      "city": "TEHACHAPI",
      "state": "CA",
      "zip": "93561",
      "units": 81,
      "originalAmount": 5584000,
      "rate": 2.6,
      "originationDate": "2020-07-23",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "BROOMFIELD NURSING HOME",
      "address": "",
      "city": "BROOMFIELD",
      "state": "CO",
      "zip": "80020",
      "units": 210,
      "originalAmount": 5275700,
      "rate": 2.6,
      "originationDate": "2014-02-27",
      "pmmsBenchmark": 4.303,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 1.70 pts below the 2014-02 market avg of 4.303%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "ST. NICHOLAS APARTMENTS",
      "address": "",
      "city": "SHEBOYGAN",
      "state": "WI",
      "zip": "53081",
      "units": 100,
      "originalAmount": 5168000,
      "rate": 2.6,
      "originationDate": "2021-05-17",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "RICHMOND HEALTH CARE CENTER",
      "address": "",
      "city": "RICHMOND",
      "state": "TX",
      "zip": "77469",
      "units": 92,
      "originalAmount": 4420000,
      "rate": 2.6,
      "originationDate": "2012-12-12",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PARK VIEW AT SEVERNA PARK",
      "address": "",
      "city": "SEVERNA PARK",
      "state": "MD",
      "zip": "21146",
      "units": 103,
      "originalAmount": 4250000,
      "rate": 2.6,
      "originationDate": "2009-12-17",
      "pmmsBenchmark": 4.93,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 2.33 pts below the 2009-12 market avg of 4.93%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "TWIN OAKS",
      "address": "",
      "city": "VACAVILLE",
      "state": "CA",
      "zip": "95687",
      "units": 46,
      "originalAmount": 4231800,
      "rate": 2.6,
      "originationDate": "2013-02-04",
      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 0.93 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "BLESSING COURT",
      "address": "",
      "city": "BEDFORD",
      "state": "TX",
      "zip": "76021",
      "units": 104,
      "originalAmount": 3630800,
      "rate": 2.6,
      "originationDate": "2012-11-27",
      "pmmsBenchmark": 3.352,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 0.75 pts below the 2012-11 market avg of 3.352%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "NEWBRIDGE APARTMENTS",
      "address": "",
      "city": "ROCHESTER",
      "state": "MN",
      "zip": "55902",
      "units": 41,
      "originalAmount": 3560000,
      "rate": 2.6,
      "originationDate": "2020-05-29",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "MIDVIEW CROSSING APARTMENTS",
      "address": "",
      "city": "ELYRIA",
      "state": "OH",
      "zip": "44035",
      "units": 138,
      "originalAmount": 3500000,
      "rate": 2.6,
      "originationDate": "2013-09-30",
      "pmmsBenchmark": 4.49,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 1.89 pts below the 2013-09 market avg of 4.49%"
      ],
      "holder": "PILLAR CAPITAL FINANCE LLC"
    },
    {
      "property": "LITTLE OAKS",
      "address": "",
      "city": "EUSTIS",
      "state": "FL",
      "zip": "32726",
      "units": 68,
      "originalAmount": 3393000,
      "rate": 2.6,
      "originationDate": "2013-10-22",
      "pmmsBenchmark": 4.192,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 1.59 pts below the 2013-10 market avg of 4.192%"
      ],
      "holder": "FIRST HOUSING DEV CORP OF FL"
    },
    {
      "property": "PINESHORES APARTMENTS",
      "address": "",
      "city": "FLINT",
      "state": "MI",
      "zip": "48504",
      "units": 120,
      "originalAmount": 3315000,
      "rate": 2.6,
      "originationDate": "2011-12-20",
      "pmmsBenchmark": 3.958,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 1.36 pts below the 2011-12 market avg of 3.958%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "SOUTHHAMPTON MEADOWS",
      "address": "",
      "city": "SOUTHAMPTON",
      "state": "MA",
      "zip": "01073",
      "units": 40,
      "originalAmount": 3274000,
      "rate": 2.6,
      "originationDate": "2012-12-19",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "MAPLE CREEK",
      "address": "",
      "city": "LAKEWOOD",
      "state": "WA",
      "zip": "98499",
      "units": 45,
      "originalAmount": 3111000,
      "rate": 2.6,
      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "CARLINVILLE",
      "address": "",
      "city": "CARLINVILLE",
      "state": "IL",
      "zip": "62626",
      "units": 98,
      "originalAmount": 3100700,
      "rate": 2.6,
      "originationDate": "2012-07-19",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 0.95 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "UPTOWN VILLAGE APTS",
      "address": "",
      "city": "MEMPHIS",
      "state": "TN",
      "zip": "38105",
      "units": 114,
      "originalAmount": 2895000,
      "rate": 2.6,
      "originationDate": "2010-12-29",
      "pmmsBenchmark": 4.714,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 2.11 pts below the 2010-12 market avg of 4.714%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "GREENLAW RENAISSANCE APTS",
      "address": "",
      "city": "MEMPHIS",
      "state": "TN",
      "zip": "38105",
      "units": 88,
      "originalAmount": 2600000,
      "rate": 2.6,
      "originationDate": "2010-12-29",
      "pmmsBenchmark": 4.714,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 2.11 pts below the 2010-12 market avg of 4.714%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "CLUSTERS APARTMENTS",
      "address": "",
      "city": "HUTCHINSON",
      "state": "KS",
      "zip": "67502",
      "units": 75,
      "originalAmount": 2575200,
      "rate": 2.6,
      "originationDate": "2015-01-28",
      "pmmsBenchmark": 3.67,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 1.07 pts below the 2015-01 market avg of 3.67%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "HERITAGE HEALTHCARE OF FT. OGLETHORPE",
      "address": "",
      "city": "FORT OGLETHORPE",
      "state": "GA",
      "zip": "30742",
      "units": 120,
      "originalAmount": 2554900,
      "rate": 2.6,
      "originationDate": "2011-02-23",
      "pmmsBenchmark": 4.952,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 2.35 pts below the 2011-02 market avg of 4.952%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "IMPERIAL HOMES NORTH",
      "address": "",
      "city": "WEST MEMPHIS",
      "state": "AR",
      "zip": "72301",
      "units": 64,
      "originalAmount": 2503300,
      "rate": 2.6,
      "originationDate": "2015-09-24",
      "pmmsBenchmark": 3.89,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 1.29 pts below the 2015-09 market avg of 3.89%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "THE COURTYARD",
      "address": "",
      "city": "CINCINNATI",
      "state": "OH",
      "zip": "45237",
      "units": 137,
      "originalAmount": 2440000,
      "rate": 2.6,
      "originationDate": "2011-12-27",
      "pmmsBenchmark": 3.958,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 1.36 pts below the 2011-12 market avg of 3.958%"
      ],
      "holder": "ROSE COMMUNITY CAPITAL, LLC"
    },
    {
      "property": "MANOR HOUSE APARTMENT",
      "address": "",
      "city": "COFFEYVILLE",
      "state": "KS",
      "zip": "67337",
      "units": 51,
      "originalAmount": 2367000,
      "rate": 2.6,
      "originationDate": "2013-06-20",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 1.47 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "VAUGHN APARTMENTS",
      "address": "",
      "city": "ST LOUIS",
      "state": "MO",
      "zip": "63106",
      "units": 160,
      "originalAmount": 2153000,
      "rate": 2.6,
      "originationDate": "2012-01-18",
      "pmmsBenchmark": 3.915,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 1.31 pts below the 2012-01 market avg of 3.915%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "MURPHY PARK II",
      "address": "",
      "city": "ST. LOUIS",
      "state": "MO",
      "zip": "63106",
      "units": 127,
      "originalAmount": 1979900,
      "rate": 2.6,
      "originationDate": "2011-07-22",
      "pmmsBenchmark": 4.545,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 1.94 pts below the 2011-07 market avg of 4.545%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "ST. ANTHONY'S APARTMENTS",
      "address": "",
      "city": "WATERTOWN",
      "state": "NY",
      "zip": "13601",
      "units": 30,
      "originalAmount": 1919600,
      "rate": 2.6,
      "originationDate": "2020-10-14",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "HERITAGE HEALTHCARE OF JASPER",
      "address": "",
      "city": "JASPER",
      "state": "GA",
      "zip": "30143",
      "units": 60,
      "originalAmount": 1844100,
      "rate": 2.6,
      "originationDate": "2011-01-24",
      "pmmsBenchmark": 4.755,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 2.15 pts below the 2011-01 market avg of 4.755%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "CROSSROADS COURT",
      "address": "",
      "city": "DEXTER",
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      "zip": "63841",
      "units": 40,
      "originalAmount": 1623500,
      "rate": 2.6,
      "originationDate": "2013-12-20",
      "pmmsBenchmark": 4.457,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 1.86 pts below the 2013-12 market avg of 4.457%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "TELFAIR ARMS APARTMENTS",
      "address": "",
      "city": "SAVANNAH",
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      "zip": "31401",
      "units": 45,
      "originalAmount": 1120500,
      "rate": 2.6,
      "originationDate": "2013-02-21",
      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.6% is 0.93 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "THE RESIDENCES AT JUSTISON LANDING",
      "address": "",
      "city": "WILMINGTON",
      "state": "DE",
      "zip": "19801",
      "units": 214,
      "originalAmount": 50720000,
      "rate": 2.61,
      "originationDate": "2021-04-28",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "MONTICELLO STATION",
      "address": "",
      "city": "NORFOLK",
      "state": "VA",
      "zip": "23510",
      "units": 121,
      "originalAmount": 30667500,
      "rate": 2.61,
      "originationDate": "2021-11-23",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "GRANITE POINTE APARTMENTS",
      "address": "",
      "city": "CHARLOTTE",
      "state": "NC",
      "zip": "28273",
      "units": 198,
      "originalAmount": 25323000,
      "rate": 2.61,
      "originationDate": "2018-10-11",
      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.61% is 2.22 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "Seagirt Housing",
      "address": "",
      "city": "FAR ROCKAWAY",
      "state": "NY",
      "zip": "11691",
      "units": 151,
      "originalAmount": 22632200,
      "rate": 2.61,
      "originationDate": "2021-06-28",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "Shadow Pines Apartments",
      "address": "",
      "city": "Erie",
      "state": "PA",
      "zip": "16509",
      "units": 216,
      "originalAmount": 17224000,
      "rate": 2.61,
      "originationDate": "2021-06-25",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SUNSET CROSSING APARTMENTS",
      "address": "",
      "city": "BEAVERTON",
      "state": "OR",
      "zip": "97006",
      "units": 102,
      "originalAmount": 14985300,
      "rate": 2.61,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "Lakeview Apartments",
      "address": "",
      "city": "ERIE",
      "state": "PA",
      "zip": "16506",
      "units": 172,
      "originalAmount": 14920000,
      "rate": 2.61,
      "originationDate": "2021-06-25",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "COX CREEK AT REAGAN CROSSING",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46234",
      "units": 120,
      "originalAmount": 13680000,
      "rate": 2.61,
      "originationDate": "2022-02-10",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.61% is 1.15 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "ABSOLUT NURSING & REHAB @ THREE RIVERS",
      "address": "",
      "city": "PAINTED POST",
      "state": "NY",
      "zip": "14870",
      "units": 120,
      "originalAmount": 12848500,
      "rate": 2.61,
      "originationDate": "2013-09-26",
      "pmmsBenchmark": 4.49,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.61% is 1.88 pts below the 2013-09 market avg of 4.49%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "STONEGATE APARTMENTS",
      "address": "",
      "city": "DEL RIO",
      "state": "TX",
      "zip": "78840",
      "units": 112,
      "originalAmount": 12080000,
      "rate": 2.61,
      "originationDate": "2021-07-28",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "LOWERTOWN COMMONS",
      "address": "",
      "city": "ST. PAUL",
      "state": "MN",
      "zip": "55101",
      "units": 112,
      "originalAmount": 10480000,
      "rate": 2.61,
      "originationDate": "2013-02-21",
      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.61% is 0.92 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "The Village on Pacific",
      "address": "",
      "city": "Erie",
      "state": "PA",
      "zip": "30996",
      "units": 100,
      "originalAmount": 9976000,
      "rate": 2.61,
      "originationDate": "2021-06-25",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "PARK SHORE EAST COOPERATIVE",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60637",
      "units": 148,
      "originalAmount": 9526000,
      "rate": 2.61,
      "originationDate": "2020-07-24",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "NORTH COURT VILLAS",
      "address": "",
      "city": "FRISCO",
      "state": "TX",
      "zip": "75034",
      "units": 134,
      "originalAmount": 7725000,
      "rate": 2.61,
      "originationDate": "2022-01-21",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.61% is 0.83 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "MILL HOUSE APARTMENTS",
      "address": "",
      "city": "GREENFIELD",
      "state": "MA",
      "zip": "01301",
      "units": 103,
      "originalAmount": 7494100,
      "rate": 2.61,
      "originationDate": "2021-05-25",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "TIMBERS OF SHOREWOOD AL",
      "address": "",
      "city": "SHOREWOOD",
      "state": "IL",
      "zip": "60404",
      "units": 90,
      "originalAmount": 7484800,
      "rate": 2.61,
      "originationDate": "2021-04-27",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "GLENBROOK TOWNHOMES",
      "address": "",
      "city": "LINCOLN",
      "state": "NE",
      "zip": "68521",
      "units": 88,
      "originalAmount": 6337300,
      "rate": 2.61,
      "originationDate": "2020-09-14",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "STONEHEDGE HEALTH AND REHAB",
      "address": "",
      "city": "CHITTENANGO",
      "state": "NY",
      "zip": "13037",
      "units": 80,
      "originalAmount": 6117800,
      "rate": 2.61,
      "originationDate": "2012-06-27",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.61% is 1.06 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "PARKSIDE APARTMENTS",
      "address": "",
      "city": "ST. PAUL",
      "state": "MN",
      "zip": "55101",
      "units": 59,
      "originalAmount": 5168000,
      "rate": 2.61,
      "originationDate": "2013-02-21",
      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.61% is 0.92 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "MENDELSOHN HOUSE",
      "address": "",
      "city": "SAN FRANCISCO",
      "state": "CA",
      "zip": "94107",
      "units": 189,
      "originalAmount": 4417100,
      "rate": 2.61,
      "originationDate": "2013-05-14",
      "pmmsBenchmark": 3.536,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.61% is 0.93 pts below the 2013-05 market avg of 3.536%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "TOWNSEND HOUSE",
      "address": "",
      "city": "CHICO",
      "state": "CA",
      "zip": "95973",
      "units": 30,
      "originalAmount": 3227100,
      "rate": 2.61,
      "originationDate": "2021-09-29",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "CENTURY BUILDING",
      "address": "",
      "city": "PITTSBURGH",
      "state": "PA",
      "zip": "15222",
      "units": 60,
      "originalAmount": 3033600,
      "rate": 2.61,
      "originationDate": "2013-08-19",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.61% is 1.85 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "BUILDING 104",
      "address": "",
      "city": "BOSTON",
      "state": "MA",
      "zip": "02129",
      "units": 46,
      "originalAmount": 2119400,
      "rate": 2.61,
      "originationDate": "2012-06-26",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.61% is 1.06 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "AUTUMN PARK APARTMENTS-SHENANDOAH",
      "address": "",
      "city": "SHENANDOAH",
      "state": "IA",
      "zip": "51601",
      "units": 55,
      "originalAmount": 1680000,
      "rate": 2.61,
      "originationDate": "2020-12-21",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "HAWTHORNE HILLS SENIOR APARTMENTS",
      "address": "",
      "city": "NASHVILLE",
      "state": "IN",
      "zip": "47448",
      "units": 57,
      "originalAmount": 1470800,
      "rate": 2.61,
      "originationDate": "2020-07-30",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "REGENCY PARK",
      "address": "",
      "city": "BELLINGHAM",
      "state": "WA",
      "zip": "98229",
      "units": 228,
      "originalAmount": 35037700,
      "rate": 2.62,
      "originationDate": "2021-07-28",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "LAKE FOREST APARTMENTS",
      "address": "",
      "city": "NORTON SHORES",
      "state": "MI",
      "zip": "49441",
      "units": 252,
      "originalAmount": 18400000,
      "rate": 2.62,
      "originationDate": "2020-04-30",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "CHICKASAW PLACE APARTMENTS",
      "address": "",
      "city": "MEMPHIS",
      "state": "TN",
      "zip": "38112",
      "units": 272,
      "originalAmount": 18250000,
      "rate": 2.62,
      "originationDate": "2020-05-28",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "SOUTH OAK RESIDENCES",
      "address": "",
      "city": "FOLEY",
      "state": "AL",
      "zip": "36535",
      "units": 94,
      "originalAmount": 14500000,
      "rate": 2.62,
      "originationDate": "2021-12-15",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "HONEY CREEK APARTMENTS",
      "address": "",
      "city": "EAST TROY",
      "state": "WI",
      "zip": "53120",
      "units": 274,
      "originalAmount": 14327600,
      "rate": 2.62,
      "originationDate": "2012-07-25",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.62% is 0.93 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "OAK MANOR VILAS",
      "address": "",
      "city": "HOBBS",
      "state": "NM",
      "zip": "88242",
      "units": 80,
      "originalAmount": 12960000,
      "rate": 2.62,
      "originationDate": "2020-06-18",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "PARKSIDE APARTMENTS WEST",
      "address": "",
      "city": "LAWRENCE",
      "state": "MA",
      "zip": "01841",
      "units": 146,
      "originalAmount": 12750000,
      "rate": 2.62,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ABBOTT POINTE APARTMENTS",
      "address": "",
      "city": "EAST LANSING",
      "state": "MI",
      "zip": "48823",
      "units": 172,
      "originalAmount": 11632000,
      "rate": 2.62,
      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "PARKWAY OVERLOOK",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21216",
      "units": 118,
      "originalAmount": 11160000,
      "rate": 2.62,
      "originationDate": "2021-07-29",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DEPARTMENT HOUSING COMM DEV"
    },
    {
      "property": "WOODBROOK VILLAGE",
      "address": "",
      "city": "EAST LANSING",
      "state": "MI",
      "zip": "48823",
      "units": 138,
      "originalAmount": 8920000,
      "rate": 2.62,
      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "WATERFORD MEADOWS APTS",
      "address": "",
      "city": "WATERFORD",
      "state": "MI",
      "zip": "48328",
      "units": 200,
      "originalAmount": 8609000,
      "rate": 2.62,
      "originationDate": "2012-07-19",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.62% is 0.93 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "COLONIAL PARK CARE CENTER",
      "address": "",
      "city": "LOWER PAXTON",
      "state": "PA",
      "zip": "17109",
      "units": 198,
      "originalAmount": 8475000,
      "rate": 2.62,
      "originationDate": "2012-06-29",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.62% is 1.05 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SUMMIT LIVING LUXURY FLATS",
      "address": "",
      "city": "LANCASTER",
      "state": "PA",
      "zip": "17601",
      "units": 48,
      "originalAmount": 8160000,
      "rate": 2.62,
      "originationDate": "2021-12-17",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ALTOONA CENTER FOR NURSING CAR",
      "address": "",
      "city": "ALTOONA",
      "state": "PA",
      "zip": "16601",
      "units": 160,
      "originalAmount": 7696000,
      "rate": 2.62,
      "originationDate": "2012-06-29",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.62% is 1.05 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CHERRY RIDGE SKILLED NURSING FACILITY",
      "address": "",
      "city": "BASTROP",
      "state": "LA",
      "zip": "71220",
      "units": 82,
      "originalAmount": 7402100,
      "rate": 2.62,
      "originationDate": "2021-12-21",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "RIVERDALE STATION (WEST)",
      "address": "",
      "city": "COON RAPIDS",
      "state": "MN",
      "zip": "55433",
      "units": 71,
      "originalAmount": 6925000,
      "rate": 2.62,
      "originationDate": "2018-10-01",
      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.62% is 2.21 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "RIVERSIDE CARE CENTER",
      "address": "",
      "city": "MCKEESPORT",
      "state": "PA",
      "zip": "15132",
      "units": 120,
      "originalAmount": 5968800,
      "rate": 2.62,
      "originationDate": "2012-06-29",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.62% is 1.05 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MAIN STREET APARTMENTS AT MARLTON",
      "address": "",
      "city": "MARLTON",
      "state": "NJ",
      "zip": "08053",
      "units": 24,
      "originalAmount": 4836600,
      "rate": 2.62,
      "originationDate": "2021-12-15",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "NORTHAVEN APARTMENTS",
      "address": "",
      "city": "SEATTLE",
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      "zip": "98125",
      "units": 198,
      "originalAmount": 4793000,
      "rate": 2.62,
      "originationDate": "2012-04-04",
      "pmmsBenchmark": 3.91,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.62% is 1.29 pts below the 2012-04 market avg of 3.91%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "FOREST GROVE BEEHIVE & HAWTHORNE HOUSE",
      "address": "",
      "city": "FOREST GROVE",
      "state": "OR",
      "zip": "97116",
      "units": 198,
      "originalAmount": 4783900,
      "rate": 2.62,
      "originationDate": "2020-12-29",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BLUEPRINT REAL ESTATE CAPITAL"
    },
    {
      "property": "STEAMBOAT LANDING APARTMENTS",
      "address": "",
      "city": "STOCKTON",
      "state": "CA",
      "zip": "95202",
      "units": 151,
      "originalAmount": 4688000,
      "rate": 2.62,
      "originationDate": "2013-05-23",
      "pmmsBenchmark": 3.536,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.62% is 0.92 pts below the 2013-05 market avg of 3.536%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "NORMANDY MANOR SNF",
      "address": "",
      "city": "ROCKY RIVER",
      "state": "OH",
      "zip": "44116",
      "units": 101,
      "originalAmount": 4606800,
      "rate": 2.62,
      "originationDate": "2021-12-22",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "Bardo Lofts",
      "address": "",
      "city": "Dallas",
      "state": "TX",
      "zip": "75028",
      "units": 28,
      "originalAmount": 4500300,
      "rate": 2.62,
      "originationDate": "2021-07-13",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BOULDER POINTE TOWNHOMES",
      "address": "",
      "city": "SIOUX FALLS",
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      "zip": "57106",
      "units": 52,
      "originalAmount": 4250000,
      "rate": 2.62,
      "originationDate": "2021-05-17",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "STILL WELL APARTMENTS",
      "address": "",
      "city": "LEXINGTON",
      "state": "KY",
      "zip": "40504",
      "units": 40,
      "originalAmount": 4080000,
      "rate": 2.62,
      "originationDate": "2020-05-21",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LAKESIDE TERRACES",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60601",
      "units": 128,
      "originalAmount": 3736800,
      "rate": 2.62,
      "originationDate": "2012-05-31",
      "pmmsBenchmark": 3.798,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.62% is 1.18 pts below the 2012-05 market avg of 3.798%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "BANCROFT PLACE APARTMENTS",
      "address": "",
      "city": "SIOUX FALLS",
      "state": "SD",
      "zip": "57103",
      "units": 52,
      "originalAmount": 3455000,
      "rate": 2.62,
      "originationDate": "2021-05-18",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "ASHLEY COURTS AT CASCADE APTS",
      "address": "",
      "city": "ATLANTA",
      "state": "GA",
      "zip": "30331",
      "units": 136,
      "originalAmount": 3226400,
      "rate": 2.62,
      "originationDate": "2013-05-23",
      "pmmsBenchmark": 3.536,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.62% is 0.92 pts below the 2013-05 market avg of 3.536%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "NORTH LIBERTY LIVING CENTER",
      "address": "",
      "city": "NORTH LIBERTY",
      "state": "IA",
      "zip": "52317",
      "units": 80,
      "originalAmount": 2009500,
      "rate": 2.62,
      "originationDate": "2021-05-28",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "CRESCENT LANDING APARTMENTS",
      "address": "",
      "city": "GREENVILLE",
      "state": "SC",
      "zip": "29605",
      "units": 175,
      "originalAmount": 8201400,
      "rate": 2.625,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "FAXON COMMONS",
      "address": "",
      "city": "QUINCY",
      "state": "MA",
      "zip": "02169",
      "units": 582,
      "originalAmount": 86457000,
      "rate": 2.63,
      "originationDate": "2020-06-29",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "ENGLEWOOD HOSP & MED CTR",
      "address": "",
      "city": "ENGLEWOOD",
      "state": "NJ",
      "zip": "07631",
      "units": 531,
      "originalAmount": 77926100,
      "rate": 2.63,
      "originationDate": "2013-09-26",
      "pmmsBenchmark": 4.49,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.63% is 1.86 pts below the 2013-09 market avg of 4.49%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "DALIAN MONTERREY VILLAGE",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78245",
      "units": 360,
      "originalAmount": 38400000,
      "rate": 2.63,
      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "CREST MANOR APARTMENTS",
      "address": "",
      "city": "LEWISVILLE",
      "state": "TX",
      "zip": "75067",
      "units": 312,
      "originalAmount": 36728500,
      "rate": 2.63,
      "originationDate": "2020-04-29",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "WATERWAYS OF LAKE ST LOUIS",
      "address": "",
      "city": "LAKE ST LOUIS",
      "state": "MO",
      "zip": "63367",
      "units": 344,
      "originalAmount": 30356600,
      "rate": 2.63,
      "originationDate": "2011-03-31",
      "pmmsBenchmark": 4.836,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.63% is 2.21 pts below the 2011-03 market avg of 4.836%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "THE VILLAS AT AVERY CREEK",
      "address": "",
      "city": "ARDEN",
      "state": "NC",
      "zip": "28704",
      "units": 255,
      "originalAmount": 29950000,
      "rate": 2.63,
      "originationDate": "2021-06-24",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "SPRINGWATER CROSSING",
      "address": "",
      "city": "GRESHAM",
      "state": "OR",
      "zip": "97030",
      "units": 171,
      "originalAmount": 26844600,
      "rate": 2.63,
      "originationDate": "2021-01-28",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "1400 RUSSELL",
      "address": "",
      "city": "ST. LOUIS",
      "state": "MO",
      "zip": "63104",
      "units": 130,
      "originalAmount": 23152600,
      "rate": 2.63,
      "originationDate": "2021-05-18",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "716-717 INDIANA COURT",
      "address": "",
      "city": "EL SEGUNDO",
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      "originalAmount": 22480000,
      "rate": 2.63,
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      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "FOX MEADOWS APARTMENTS",
      "address": "",
      "city": "FORT COLLINS",
      "state": "CO",
      "zip": "80525",
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      "originalAmount": 22000000,
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      "pmmsBenchmark": 3.016,
      "belowMarket": false,
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "Aperion Care Lakeshore",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
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      "originalAmount": 21976100,
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      "historicLowEra": true,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "VALEBROOK APARTMENTS",
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      "city": "LAWRENCE",
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      "historicLowEra": false,
      "red": true,
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        "Rate 2.63% is 1.13 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "CAROLINA PLACE APARTMENTS",
      "address": "",
      "city": "JACKSONVILLE",
      "state": "NC",
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      "units": 209,
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      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "CHANTRY VILLAGE",
      "address": "",
      "city": "COLUMBUS",
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      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "ST. ALFIO'S VILLA",
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      "originalAmount": 17520000,
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      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "INTERPOINTE APARTMENT HOMES",
      "address": "",
      "city": "BILLINGS",
      "state": "MT",
      "zip": "59106",
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      "originalAmount": 15802300,
      "rate": 2.63,
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      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "RIVERPOINT APARTMENTS",
      "address": "",
      "city": "ROME",
      "state": "GA",
      "zip": "30161",
      "units": 125,
      "originalAmount": 15210700,
      "rate": 2.63,
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      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "THE CONCORD APARTMENTS",
      "address": "",
      "city": "RACINE",
      "state": "WI",
      "zip": "53402",
      "units": 240,
      "originalAmount": 14020100,
      "rate": 2.63,
      "originationDate": "2021-05-26",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "RUNK PRATT OF FOREST",
      "address": "",
      "city": "FOREST",
      "state": "VA",
      "zip": "24551",
      "units": 143,
      "originalAmount": 13207900,
      "rate": 2.63,
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      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "LAS VENTANAS",
      "address": "",
      "city": "PHOENIX",
      "state": "AZ",
      "zip": "85017",
      "units": 120,
      "originalAmount": 12521000,
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      "originationDate": "2021-08-26",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "ABBERLY GREEN OF MOORESVILLE",
      "address": "",
      "city": "MOORESVILLE",
      "state": "NC",
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      "originalAmount": 11409000,
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      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.63% is 0.87 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "TLMGMT30-VISTA HILLS HEALTHCARE CENTER",
      "address": "",
      "city": "EL PASO",
      "state": "TX",
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      "pmmsBenchmark": 3.383,
      "belowMarket": true,
      "historicLowEra": true,
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      "redReasons": [
        "Rate 2.63% is 0.75 pts below the 2012-10 market avg of 3.383%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "WOODS EDGE REHAB & NURSING",
      "address": "",
      "city": "CINCINNATI",
      "state": "OH",
      "zip": "45216",
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      "originalAmount": 10176000,
      "rate": 2.63,
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      "pmmsBenchmark": 3.016,
      "belowMarket": false,
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "HARMONY COURT REHAB & NURSING",
      "address": "",
      "city": "CINCINNATI",
      "state": "OH",
      "zip": "45237",
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      "originalAmount": 10000000,
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      "pmmsBenchmark": 3.016,
      "belowMarket": false,
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "OAK RIDGE/TIMBER OAKS/HOPE HEALTH & SR. LIVING",
      "address": "",
      "city": "UNION GROVE",
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      "zip": "53182",
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      "originalAmount": 9557500,
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      "originationDate": "2021-03-19",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ZIEGLER FINANCING CORP"
    },
    {
      "property": "VILLAGE COOPERATIVE OF WAUSAU",
      "address": "",
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      "originalAmount": 9135000,
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      "pmmsBenchmark": 3.532,
      "belowMarket": true,
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        "Rate 2.63% is 0.90 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "CHERRY CREEK",
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      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "LAKESHORE CROSSING APARTMENTS",
      "address": "",
      "city": "ATLANTA",
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      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "LEXINGTON PLACE APARTMENTS PHASE I",
      "address": "",
      "city": "BOSSIER CITY",
      "state": "LA",
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      "units": 120,
      "originalAmount": 8236100,
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      "pmmsBenchmark": 2.834,
      "belowMarket": false,
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "LITTLE YORK VILLAS APARTMENTS",
      "address": "",
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      "units": 128,
      "originalAmount": 8041900,
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      "originationDate": "2022-02-28",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.63% is 1.13 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "Middlewoods of Farmington",
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      "originalAmount": 7106600,
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      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "PRESERVE AT BELMONT APARTMENTS",
      "address": "",
      "city": "PUEBLO",
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      "originalAmount": 7009000,
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      "originationDate": "2020-06-25",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "THE BRADFORD AT BROOKSIDE",
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      "city": "LIVINGSTON",
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      "originalAmount": 6830100,
      "rate": 2.63,
      "originationDate": "2020-05-28",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "BELLE HILL MANOR",
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      "city": "ELKTON",
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      "zip": "21921",
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      "originalAmount": 6114500,
      "rate": 2.63,
      "originationDate": "2012-12-20",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "BEVERLY HILLS CARMEL RET HOTEL",
      "address": "",
      "city": "LOS ANGELES",
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      "zip": "90048",
      "units": 83,
      "originalAmount": 5123900,
      "rate": 2.63,
      "originationDate": "2012-07-31",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.63% is 0.92 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "Riverside East",
      "address": "",
      "city": "Bothell",
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      "units": 58,
      "originalAmount": 4826100,
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      "originationDate": "2021-06-29",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "HAMPTON OF NORTON SHORES",
      "address": "",
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      "units": 104,
      "originalAmount": 4720000,
      "rate": 2.63,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "TURTLE CREEK APTS",
      "address": "",
      "city": "PONTIAC",
      "state": "MI",
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      "units": 125,
      "originalAmount": 4700000,
      "rate": 2.63,
      "originationDate": "2011-08-04",
      "pmmsBenchmark": 4.27,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.63% is 1.64 pts below the 2011-08 market avg of 4.27%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "RIVER BEND APARTMENTS",
      "address": "",
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      "zip": "46947",
      "units": 100,
      "originalAmount": 4650000,
      "rate": 2.63,
      "originationDate": "2020-06-30",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "Heritage Woods of Sterling",
      "address": "",
      "city": "STERLING",
      "state": "IL",
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      "units": 76,
      "originalAmount": 4497800,
      "rate": 2.63,
      "originationDate": "2021-06-22",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WINCHESTER COURT I & II",
      "address": "",
      "city": "SPOKANE",
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      "units": 78,
      "originalAmount": 4464500,
      "rate": 2.63,
      "originationDate": "2021-05-11",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "PARKERS LANDING",
      "address": "",
      "city": "PORTLAND",
      "state": "MI",
      "zip": "48875",
      "units": 112,
      "originalAmount": 4373200,
      "rate": 2.63,
      "originationDate": "2021-06-15",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "BEVERLY HILLS CARMEL RET HOTEL",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90048",
      "units": 200,
      "originalAmount": 4285600,
      "rate": 2.63,
      "originationDate": "2012-07-31",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.63% is 0.92 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "HOTEL FLATIRON",
      "address": "",
      "city": "OMAHA",
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      "zip": "68102",
      "units": 30,
      "originalAmount": 3861800,
      "rate": 2.63,
      "originationDate": "2020-07-29",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "THE BOULEVARD",
      "address": "",
      "city": "MINNEAPOLIS",
      "state": "MN",
      "zip": "55419",
      "units": 24,
      "originalAmount": 3134800,
      "rate": 2.63,
      "originationDate": "2013-02-20",
      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.63% is 0.90 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "SAVANNAH 3 SAVANNAH GRAND OF TOWNE LAKE",
      "address": "",
      "city": "WOODSTOCK",
      "state": "GA",
      "zip": "30189",
      "units": 38,
      "originalAmount": 3040000,
      "rate": 2.63,
      "originationDate": "2012-06-27",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.63% is 1.04 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MILL POND MANOR",
      "address": "",
      "city": "BRIGHTON",
      "state": "MI",
      "zip": "48116",
      "units": 58,
      "originalAmount": 2187600,
      "rate": 2.63,
      "originationDate": "2015-09-17",
      "pmmsBenchmark": 3.89,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.63% is 1.26 pts below the 2015-09 market avg of 3.89%"
      ],
      "holder": "CHURCHILL MORTGAGE INVESTMENT"
    },
    {
      "property": "TRANQUILITY OF CARTERSVILLE",
      "address": "",
      "city": "CARTERSVILLE",
      "state": "GA",
      "zip": "30121",
      "units": 25,
      "originalAmount": 2082300,
      "rate": 2.63,
      "originationDate": "2021-05-28",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "SOMERSET PLACE",
      "address": "",
      "city": "GREENWOOD",
      "state": "IN",
      "zip": "46413",
      "units": 73,
      "originalAmount": 1782700,
      "rate": 2.63,
      "originationDate": "2012-09-24",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.63% is 0.87 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "Saybrook Apartments",
      "address": "",
      "city": "Middletown",
      "state": "CT",
      "zip": "06457",
      "units": 30,
      "originalAmount": 1066200,
      "rate": 2.63,
      "originationDate": "2021-06-29",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "BELLEAU WOODS I & II",
      "address": "",
      "city": "BELLINGHAM",
      "state": "WA",
      "zip": "98226",
      "units": 339,
      "originalAmount": 42344000,
      "rate": 2.64,
      "originationDate": "2020-06-26",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "UNIVERSITY VILLAGE PHASES 1 & 2",
      "address": "",
      "city": "DEKALB",
      "state": "IL",
      "zip": "60115",
      "units": 414,
      "originalAmount": 38209700,
      "rate": 2.64,
      "originationDate": "2017-03-15",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.64% is 1.56 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "THE PARKER APARTMENTS",
      "address": "",
      "city": "PORTLAND",
      "state": "OR",
      "zip": "97209",
      "units": 177,
      "originalAmount": 35680800,
      "rate": 2.64,
      "originationDate": "2012-12-21",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "TOSCANA APARTMENT HOMES PHASE I",
      "address": "",
      "city": "LACEY",
      "state": "WA",
      "zip": "98516",
      "units": 165,
      "originalAmount": 34080000,
      "rate": 2.64,
      "originationDate": "2021-05-19",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BEAVERIDGE HOUSING",
      "address": "",
      "city": "YORKTOWN HEIGHTS",
      "state": "NY",
      "zip": "10598",
      "units": 168,
      "originalAmount": 29456000,
      "rate": 2.64,
      "originationDate": "2021-03-26",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "AMBERLEIGH SHORES",
      "address": "",
      "city": "WILMINGTON",
      "state": "NC",
      "zip": "28411",
      "units": 282,
      "originalAmount": 27491500,
      "rate": 2.64,
      "originationDate": "2012-11-28",
      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKELEY POINT CAPITAL LLC"
    },
    {
      "property": "STONEGATE APARTMENTS",
      "address": "",
      "city": "MIDDLE ISLAND",
      "state": "NY",
      "zip": "11953",
      "units": 165,
      "originalAmount": 26320000,
      "rate": 2.64,
      "originationDate": "2013-05-30",
      "pmmsBenchmark": 3.536,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.64% is 0.90 pts below the 2013-05 market avg of 3.536%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "FELLOWSHIP MANOR",
      "address": "",
      "city": "SAN FRANCISCO",
      "state": "CA",
      "zip": "94115",
      "units": 106,
      "originalAmount": 23688000,
      "rate": 2.64,
      "originationDate": "2020-04-29",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "PORT CHAROTTE REHABILITATION CENTER",
      "address": "",
      "city": "PORT CHARLOTTE",
      "state": "FL",
      "zip": "33983",
      "units": 125,
      "originalAmount": 18803700,
      "rate": 2.64,
      "originationDate": "2022-02-15",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.64% is 1.12 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "BRIDGEWATER CENTER FOR REHABILITATION & NURSING",
      "address": "",
      "city": "BINGHAMTON",
      "state": "NY",
      "zip": "13905",
      "units": 196,
      "originalAmount": 16947000,
      "rate": 2.64,
      "originationDate": "2021-08-31",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "REDWOOD MACOMB SYCAMORE GLEN- PHASE II",
      "address": "",
      "city": "MACOMB",
      "state": "MI",
      "zip": "48042",
      "units": 90,
      "originalAmount": 16808000,
      "rate": 2.64,
      "originationDate": "2021-09-22",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "DAYSPRING OF MIAMI VALLEY HEALTH",
      "address": "",
      "city": "FAIRBORN",
      "state": "OH",
      "zip": "45324",
      "units": 216,
      "originalAmount": 16696000,
      "rate": 2.64,
      "originationDate": "2020-05-29",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "PRESERVE AT OSLO",
      "address": "",
      "city": "VERO BEACH",
      "state": "FL",
      "zip": "32962",
      "units": 176,
      "originalAmount": 15603800,
      "rate": 2.64,
      "originationDate": "2021-12-16",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "OAKLEY SQUARE APARTMENTS",
      "address": "",
      "city": "DURHAM",
      "state": "NC",
      "zip": "27704",
      "units": 100,
      "originalAmount": 14900000,
      "rate": 2.64,
      "originationDate": "2020-12-23",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "HIGHLAND CROSSING",
      "address": "",
      "city": "TULSA",
      "state": "OK",
      "zip": "74127",
      "units": 200,
      "originalAmount": 13359100,
      "rate": 2.64,
      "originationDate": "2011-12-14",
      "pmmsBenchmark": 3.958,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.64% is 1.32 pts below the 2011-12 market avg of 3.958%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "LANCASTER CLUB APARTMENTS",
      "address": "",
      "city": "LANCASTER",
      "state": "OH",
      "zip": "43130",
      "units": 92,
      "originalAmount": 9600000,
      "rate": 2.64,
      "originationDate": "2020-08-26",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "REALIFE COOP OF COON RAPIDS",
      "address": "",
      "city": "COON RAPIDS",
      "state": "MN",
      "zip": "55433",
      "units": 100,
      "originalAmount": 9092200,
      "rate": 2.64,
      "originationDate": "2012-10-30",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "UNIVERSITY VILLAGE PHASE III",
      "address": "",
      "city": "DEKALB",
      "state": "IL",
      "zip": "60155",
      "units": 120,
      "originalAmount": 8885700,
      "rate": 2.64,
      "originationDate": "2017-03-15",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.64% is 1.56 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "PILLAR CAPITAL FINANCE LLC"
    },
    {
      "property": "ALPHA TERRACE",
      "address": "",
      "city": "ST LOUIS",
      "state": "MO",
      "zip": "63133",
      "units": 150,
      "originalAmount": 7850000,
      "rate": 2.64,
      "originationDate": "2007-08-06",
      "pmmsBenchmark": 6.572,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.64% is 3.93 pts below the 2007-08 market avg of 6.572%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "INDIAN CREEK",
      "address": "",
      "city": "WAXAHACHIE",
      "state": "TX",
      "zip": "75165",
      "units": 140,
      "originalAmount": 6812600,
      "rate": 2.64,
      "originationDate": "2014-03-31",
      "pmmsBenchmark": 4.343,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.64% is 1.70 pts below the 2014-03 market avg of 4.343%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "VILLAGE DE MEMOIRE I & II",
      "address": "",
      "city": "VILLE PLATTE",
      "state": "LA",
      "zip": "70586",
      "units": 114,
      "originalAmount": 6178300,
      "rate": 2.64,
      "originationDate": "2012-12-06",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "TRENTON TOWERS",
      "address": "",
      "city": "TRENTON",
      "state": "MI",
      "zip": "48183",
      "units": 205,
      "originalAmount": 6163800,
      "rate": 2.64,
      "originationDate": "2013-04-25",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.64% is 0.80 pts below the 2013-04 market avg of 3.445%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "BYRNEPORT APARTMENTS",
      "address": "",
      "city": "TOLEDO",
      "state": "OH",
      "zip": "43609",
      "units": 100,
      "originalAmount": 5724000,
      "rate": 2.64,
      "originationDate": "2021-06-11",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "THOMPSON VILLAGE APARTMENTS",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46227",
      "units": 240,
      "originalAmount": 5500000,
      "rate": 2.64,
      "originationDate": "2012-06-25",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.64% is 1.03 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "OTTAWA COVE APTS",
      "address": "",
      "city": "TOLEDO",
      "state": "OH",
      "zip": "43611",
      "units": 100,
      "originalAmount": 5256000,
      "rate": 2.64,
      "originationDate": "2021-06-11",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "ST. ELIZABETH HALL",
      "address": "",
      "city": "TIMONIUM",
      "state": "MD",
      "zip": "21093",
      "units": 200,
      "originalAmount": 5202000,
      "rate": 2.64,
      "originationDate": "2012-12-21",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "SPRUCE PARK APARTMENTS",
      "address": "",
      "city": "PORTLAND",
      "state": "OR",
      "zip": "97233",
      "units": 72,
      "originalAmount": 5057200,
      "rate": 2.64,
      "originationDate": "2022-02-24",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.64% is 1.12 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "FOUNTAIN SQUARE APTS OF OREGON",
      "address": "",
      "city": "OREGON",
      "state": "OH",
      "zip": "43616",
      "units": 112,
      "originalAmount": 5011500,
      "rate": 2.64,
      "originationDate": "2021-06-11",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "SPRING HILL APARTMENTS",
      "address": "",
      "city": "CASPER",
      "state": "WY",
      "zip": "82609",
      "units": 127,
      "originalAmount": 4707900,
      "rate": 2.64,
      "originationDate": "2020-06-29",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "NORWICH APARTMENTS",
      "address": "",
      "city": "TOLEDO",
      "state": "OH",
      "zip": "43615",
      "units": 77,
      "originalAmount": 4671000,
      "rate": 2.64,
      "originationDate": "2021-06-11",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "ARCO LOFTS",
      "address": "",
      "city": "BUFFALO",
      "state": "NY",
      "zip": "14207",
      "units": 38,
      "originalAmount": 4462500,
      "rate": 2.64,
      "originationDate": "2021-12-01",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SOJOURNER APARTMENTS",
      "address": "",
      "city": "TUSKEGEE",
      "state": "AL",
      "zip": "36083",
      "units": 100,
      "originalAmount": 2824000,
      "rate": 2.64,
      "originationDate": "2017-03-15",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.64% is 1.56 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "GREENFIELD COMMONS APARTMENTS",
      "address": "",
      "city": "ARDMORE",
      "state": "PA",
      "zip": "19003",
      "units": 53,
      "originalAmount": 2753400,
      "rate": 2.64,
      "originationDate": "2012-12-06",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SAVOY HEIGHTS APARTMENTS",
      "address": "",
      "city": "MAMOU",
      "state": "LA",
      "zip": "70554",
      "units": 54,
      "originalAmount": 2520000,
      "rate": 2.64,
      "originationDate": "2012-12-06",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE MASTERS",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46250",
      "units": 64,
      "originalAmount": 2265000,
      "rate": 2.64,
      "originationDate": "2012-07-12",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.64% is 0.91 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "GARDEN ARCH APARTMENTS",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46202",
      "units": 40,
      "originalAmount": 957900,
      "rate": 2.64,
      "originationDate": "2013-01-31",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.64% is 0.77 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "HIGHLAND CREST APARTMENTS",
      "address": "",
      "city": "TOLEDO",
      "state": "OH",
      "zip": "43609",
      "units": 20,
      "originalAmount": 909600,
      "rate": 2.64,
      "originationDate": "2021-06-11",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "THE VILLAGE AT GAINESVILLE",
      "address": "",
      "city": "GAINESVILLE",
      "state": "FL",
      "zip": "32606",
      "units": 1917,
      "originalAmount": 94335000,
      "rate": 2.65,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "THE RESIDENCES AT LOUDOUN STATION",
      "address": "",
      "city": "ASHBURN",
      "state": "VA",
      "zip": "20147",
      "units": 357,
      "originalAmount": 70180600,
      "rate": 2.65,
      "originationDate": "2011-02-23",
      "pmmsBenchmark": 4.952,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 2.30 pts below the 2011-02 market avg of 4.952%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "DRY HARBOR NURSING HOME & REHABILITATION CENTER",
      "address": "",
      "city": "MIDDLE VILLAGE",
      "state": "NY",
      "zip": "11379",
      "units": 573,
      "originalAmount": 61429100,
      "rate": 2.65,
      "originationDate": "2020-06-30",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "VAN METRE BROADLANDS APARTMENTS",
      "address": "",
      "city": "ASHBURN",
      "state": "VA",
      "zip": "20148",
      "units": 292,
      "originalAmount": 59500000,
      "rate": 2.65,
      "originationDate": "2021-07-29",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "Jack Satter House",
      "address": "",
      "city": "Revere",
      "state": "MA",
      "zip": "02151",
      "units": 266,
      "originalAmount": 55500000,
      "rate": 2.65,
      "originationDate": "2021-06-30",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SPINNING MILL LOFTS",
      "address": "",
      "city": "CLAYTON",
      "state": "NC",
      "zip": "27520",
      "units": 225,
      "originalAmount": 44663700,
      "rate": 2.65,
      "originationDate": "2021-11-22",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "MERIDIAN AT ROGERS BRANCH",
      "address": "",
      "city": "WAKE FOREST",
      "state": "NC",
      "zip": "27587",
      "units": 264,
      "originalAmount": 44325000,
      "rate": 2.65,
      "originationDate": "2020-11-30",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ST. MARTHA CENTER FOR REHABILITATION & HEALTHCARE",
      "address": "",
      "city": "DOWNINGTOWN",
      "state": "PA",
      "zip": "19335",
      "units": 440,
      "originalAmount": 40912000,
      "rate": 2.65,
      "originationDate": "2020-11-19",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SHILOH COMMONS",
      "address": "",
      "city": "BILLINGS",
      "state": "MT",
      "zip": "59102",
      "units": 144,
      "originalAmount": 34233700,
      "rate": 2.65,
      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "DECO APARTMENTS",
      "address": "",
      "city": "MADISON",
      "state": "WI",
      "zip": "53719",
      "units": 173,
      "originalAmount": 30233400,
      "rate": 2.65,
      "originationDate": "2022-01-27",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 0.79 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "HERON SPRING TOWNHOMES & APARTMENTS",
      "address": "",
      "city": "LAKE ORION",
      "state": "MI",
      "zip": "48359",
      "units": 162,
      "originalAmount": 30160000,
      "rate": 2.65,
      "originationDate": "2020-05-27",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "ASHLEY ESTATES",
      "address": "",
      "city": "LOVELAND",
      "state": "CO",
      "zip": "80538",
      "units": 224,
      "originalAmount": 28234000,
      "rate": 2.65,
      "originationDate": "2014-08-13",
      "pmmsBenchmark": 4.115,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 1.47 pts below the 2014-08 market avg of 4.115%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "ATRIUM PLACE APARTMENTS",
      "address": "",
      "city": "COLUMBIA",
      "state": "SC",
      "zip": "29223",
      "units": 216,
      "originalAmount": 27520000,
      "rate": 2.65,
      "originationDate": "2021-04-30",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "VINTAGE AT EMORY ROAD",
      "address": "",
      "city": "POWELL",
      "state": "TN",
      "zip": "37849",
      "units": 220,
      "originalAmount": 27280000,
      "rate": 2.65,
      "originationDate": "2020-05-27",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CARING HEART REHABILITATION & NURSING CENTER",
      "address": "",
      "city": "PHILADELPHIA",
      "state": "PA",
      "zip": "19119",
      "units": 208,
      "originalAmount": 26400000,
      "rate": 2.65,
      "originationDate": "2014-09-23",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 1.51 pts below the 2014-09 market avg of 4.162%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "Stonegate at the Crossroads",
      "address": "",
      "city": "ZION CROSSROADS",
      "state": "VA",
      "zip": "22942",
      "units": 155,
      "originalAmount": 26040000,
      "rate": 2.65,
      "originationDate": "2021-06-29",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "CONCORDIA ON THE LAKE",
      "address": "",
      "city": "LITTLETON",
      "state": "CO",
      "zip": "80123",
      "units": 217,
      "originalAmount": 26000000,
      "rate": 2.65,
      "originationDate": "2012-08-24",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 0.95 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "SUMMEREST RANCHO CORDOVA AKA GOLD RIVER",
      "address": "",
      "city": "RANCHO CORDOVA",
      "state": "CA",
      "zip": "95670",
      "units": 113,
      "originalAmount": 24927100,
      "rate": 2.65,
      "originationDate": "2023-03-28",
      "pmmsBenchmark": 6.544,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 3.89 pts below the 2023-03 market avg of 6.544%"
      ],
      "holder": "FIRST AMERICAN CAPITAL GROUP C"
    },
    {
      "property": "OAKS AT LAKEVIEW",
      "address": "",
      "city": "RALSTON",
      "state": "NE",
      "zip": "68127",
      "units": 276,
      "originalAmount": 24720200,
      "rate": 2.65,
      "originationDate": "2020-05-28",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "WILLIAMSBURG PLACE APARTMENTS",
      "address": "",
      "city": "JACKSONVILLE",
      "state": "NC",
      "zip": "28540",
      "units": 280,
      "originalAmount": 23868500,
      "rate": 2.65,
      "originationDate": "2020-10-30",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "MACARTHUR POINTE II APARTMENTS",
      "address": "",
      "city": "OKLAHOMA CITY",
      "state": "OK",
      "zip": "73128",
      "units": 250,
      "originalAmount": 23514900,
      "rate": 2.65,
      "originationDate": "2013-12-19",
      "pmmsBenchmark": 4.457,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 1.81 pts below the 2013-12 market avg of 4.457%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "PIER PARK CROSSINGS PHASE II",
      "address": "",
      "city": "PANAMA CITY BEACH",
      "state": "FL",
      "zip": "32413",
      "units": 120,
      "originalAmount": 22856000,
      "rate": 2.65,
      "originationDate": "2022-04-26",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 2.33 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "LAKESIDE VILLAGE",
      "address": "",
      "city": "COLUMBUS",
      "state": "GA",
      "zip": "31820",
      "units": 263,
      "originalAmount": 22481700,
      "rate": 2.65,
      "originationDate": "2020-07-20",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "HERON SPRINGS APARTMENTS",
      "address": "",
      "city": "STOW",
      "state": "OH",
      "zip": "44224",
      "units": 373,
      "originalAmount": 21360000,
      "rate": 2.65,
      "originationDate": "2012-12-20",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "Morningside House of Satyr Hill",
      "address": "",
      "city": "PARKVILLE",
      "state": "MD",
      "zip": "21234",
      "units": 87,
      "originalAmount": 19561800,
      "rate": 2.65,
      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "ASPEN LOFTS APARTMENTS",
      "address": "",
      "city": "GRAND FORKS",
      "state": "ND",
      "zip": "58201",
      "units": 150,
      "originalAmount": 18320000,
      "rate": 2.65,
      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "Morningside House of Ellicott City",
      "address": "",
      "city": "Ellicott City",
      "state": "MD",
      "zip": "21042",
      "units": 105,
      "originalAmount": 18129900,
      "rate": 2.65,
      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "BEAVERTON LODGE RETIREMENT",
      "address": "",
      "city": "BEAVERTON",
      "state": "OR",
      "zip": "97005",
      "units": 121,
      "originalAmount": 18000000,
      "rate": 2.65,
      "originationDate": "2021-05-26",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "WALTONWOOD AT TWELVE OAKS II",
      "address": "",
      "city": "NOVI",
      "state": "MI",
      "zip": "48377",
      "units": 80,
      "originalAmount": 17200300,
      "rate": 2.65,
      "originationDate": "2012-09-25",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 0.85 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GREYSTONE SERVICING COMPANY LL"
    },
    {
      "property": "BRIDGEPORT APTS GROUP I",
      "address": "",
      "city": "SAN DIEGO",
      "state": "CA",
      "zip": "92111",
      "units": 192,
      "originalAmount": 16400000,
      "rate": 2.65,
      "originationDate": "2012-12-26",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "SUMMERSET LINCOLN ASSISTED LIVING AND MEMORY CARE",
      "address": "",
      "city": "LINCOLN",
      "state": "CA",
      "zip": "95648",
      "units": 66,
      "originalAmount": 15875100,
      "rate": 2.65,
      "originationDate": "2023-10-26",
      "pmmsBenchmark": 7.62,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 4.97 pts below the 2023-10 market avg of 7.62%"
      ],
      "holder": "FIRST AMERICAN CAPITAL GROUP C"
    },
    {
      "property": "SUNSET SHADOWS APARTMENTS",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77042",
      "units": 252,
      "originalAmount": 15600000,
      "rate": 2.65,
      "originationDate": "2020-12-17",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE TERRACES APARTMENTS",
      "address": "",
      "city": "BROOKFIELD",
      "state": "WI",
      "zip": "53005",
      "units": 135,
      "originalAmount": 14432000,
      "rate": 2.65,
      "originationDate": "2022-03-29",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 1.52 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "ADMIRAL STATION",
      "address": "",
      "city": "SEATTLE",
      "state": "WA",
      "zip": "98116",
      "units": 49,
      "originalAmount": 14138100,
      "rate": 2.65,
      "originationDate": "2021-03-09",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE RESERVE AT 4TH & RACE",
      "address": "",
      "city": "CINCINNATI",
      "state": "OH",
      "zip": "45202",
      "units": 88,
      "originalAmount": 13891200,
      "rate": 2.65,
      "originationDate": "2021-09-23",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "ROSLINDALE HOUSE",
      "address": "",
      "city": "ROSLINDALE",
      "state": "MA",
      "zip": "02131",
      "units": 84,
      "originalAmount": 13259100,
      "rate": 2.65,
      "originationDate": "2021-12-21",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "VERSAILLES REHABILITATION HEALTHCARE CENTER",
      "address": "",
      "city": "VERSAILLES",
      "state": "OH",
      "zip": "45380",
      "units": 163,
      "originalAmount": 12779200,
      "rate": 2.65,
      "originationDate": "2020-12-03",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "ST. JOHN'S HOME",
      "address": "",
      "city": "ROCHESTER",
      "state": "NY",
      "zip": "14620",
      "units": 347,
      "originalAmount": 12778600,
      "rate": 2.65,
      "originationDate": "2022-01-28",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 0.79 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ZIEGLER FINANCING CORP"
    },
    {
      "property": "BATAVIA APTS",
      "address": "",
      "city": "BATAVIA",
      "state": "IL",
      "zip": "60510",
      "units": 290,
      "originalAmount": 12560000,
      "rate": 2.65,
      "originationDate": "2012-10-31",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "Morningside House of Leesburg",
      "address": "",
      "city": "Leesburg",
      "state": "VA",
      "zip": "20175",
      "units": 64,
      "originalAmount": 12226600,
      "rate": 2.65,
      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "THE ALTENHEIM COMMUNITY",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46237",
      "units": 160,
      "originalAmount": 12160000,
      "rate": 2.65,
      "originationDate": "2013-06-26",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 1.42 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HEART OF GEORGIA NURSING HOME",
      "address": "",
      "city": "EASTMAN",
      "state": "GA",
      "zip": "31023",
      "units": 53,
      "originalAmount": 11956100,
      "rate": 2.65,
      "originationDate": "2021-12-22",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "Corona Del Valle",
      "address": "",
      "city": "EL PASO",
      "state": "TX",
      "zip": "79932",
      "units": 100,
      "originalAmount": 11832000,
      "rate": 2.65,
      "originationDate": "2021-07-09",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "TRAFALGAR SQUARE APARTMENTS",
      "address": "",
      "city": "GREENVILLE",
      "state": "NC",
      "zip": "27858",
      "units": 192,
      "originalAmount": 11664000,
      "rate": 2.65,
      "originationDate": "2022-01-26",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 0.79 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "CONTINENTAL PLAZA  APARTMENTS",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60620",
      "units": 292,
      "originalAmount": 11663000,
      "rate": 2.65,
      "originationDate": "2021-12-21",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "HAMPTON VALLEY APTS",
      "address": "",
      "city": "NEWARK",
      "state": "NJ",
      "zip": "07108",
      "units": 89,
      "originalAmount": 11300000,
      "rate": 2.65,
      "originationDate": "2015-12-30",
      "pmmsBenchmark": 3.964,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 1.31 pts below the 2015-12 market avg of 3.964%"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "CEDAR VILLAS TOWNHOMES",
      "address": "",
      "city": "EAGAN",
      "state": "MN",
      "zip": "55122",
      "units": 104,
      "originalAmount": 11103300,
      "rate": 2.65,
      "originationDate": "2021-12-30",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "SHAKOPEE VILLAGE APTS",
      "address": "",
      "city": "SHAKOPEE",
      "state": "MN",
      "zip": "55379",
      "units": 62,
      "originalAmount": 10500000,
      "rate": 2.65,
      "originationDate": "2021-07-08",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "TWIN EAGLES EAST",
      "address": "",
      "city": "ADEL",
      "state": "IA",
      "zip": "50003",
      "units": 118,
      "originalAmount": 10400000,
      "rate": 2.65,
      "originationDate": "2021-04-19",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "INDIAN CANYON APARTMENTS",
      "address": "",
      "city": "SPOKANE",
      "state": "WA",
      "zip": "99224",
      "units": 102,
      "originalAmount": 10376000,
      "rate": 2.65,
      "originationDate": "2020-09-30",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "312 MILBURY HEALTH CARE CENTER",
      "address": "",
      "city": "MILBURY",
      "state": "MA",
      "zip": "01527",
      "units": 154,
      "originalAmount": 10355500,
      "rate": 2.65,
      "originationDate": "2011-01-28",
      "pmmsBenchmark": 4.755,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 2.10 pts below the 2011-01 market avg of 4.755%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "VISTAS AT LAKE LARGO APARTMENTS",
      "address": "",
      "city": "LARGO",
      "state": "MD",
      "zip": "20774",
      "units": 110,
      "originalAmount": 9760000,
      "rate": 2.65,
      "originationDate": "2012-12-20",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "WESTHAVEN MANOR",
      "address": "",
      "city": "WESTLAND",
      "state": "MI",
      "zip": "48185",
      "units": 144,
      "originalAmount": 9126600,
      "rate": 2.65,
      "originationDate": "2021-09-28",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "HUFF GARDENS",
      "address": "",
      "city": "SAN JOSE",
      "state": "CA",
      "zip": "95128",
      "units": 72,
      "originalAmount": 9000000,
      "rate": 2.65,
      "originationDate": "2021-08-27",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "Morningside House of Friendship",
      "address": "",
      "city": "Hanover",
      "state": "MD",
      "zip": "21076",
      "units": 75,
      "originalAmount": 8737900,
      "rate": 2.65,
      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "RIDGDECROFT APTS",
      "address": "",
      "city": "NORTHRIDGE",
      "state": "CA",
      "zip": "91324",
      "units": 156,
      "originalAmount": 8475000,
      "rate": 2.65,
      "originationDate": "1997-06-05",
      "pmmsBenchmark": 7.69,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 5.04 pts below the 1997-06 market avg of 7.69%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "HUNTSVILLE MANOR",
      "address": "",
      "city": "HUNTSVILLE",
      "state": "TN",
      "zip": "37756",
      "units": 130,
      "originalAmount": 8320000,
      "rate": 2.65,
      "originationDate": "2020-07-23",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "BRIDGEPORT APTS GROUP C",
      "address": "",
      "city": "SAN DIEGO",
      "state": "CA",
      "zip": "92111",
      "units": 132,
      "originalAmount": 8314300,
      "rate": 2.65,
      "originationDate": "2012-12-26",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "THE GARDENS BY MORNINGSTAR",
      "address": "",
      "city": "OSWEGO",
      "state": "NY",
      "zip": "13126",
      "units": 170,
      "originalAmount": 8255000,
      "rate": 2.65,
      "originationDate": "2021-01-28",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PARKWAY APARTMENTS",
      "address": "",
      "city": "ELKO",
      "state": "NV",
      "zip": "89801",
      "units": 100,
      "originalAmount": 8088000,
      "rate": 2.65,
      "originationDate": "2021-12-17",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "COLLEGE PARK REHAB CENTER",
      "address": "",
      "city": "NORTH LAS VEGAS",
      "state": "NV",
      "zip": "89030",
      "units": 98,
      "originalAmount": 8051900,
      "rate": 2.65,
      "originationDate": "2012-09-12",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 0.85 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "MORNINGSIDE HOUSE OF ST. CHARLES",
      "address": "",
      "city": "WALDORF",
      "state": "MD",
      "zip": "20602",
      "units": 71,
      "originalAmount": 7999900,
      "rate": 2.65,
      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "PINEWOODS APARTMENTS",
      "address": "",
      "city": "LAFAYETTE",
      "state": "LA",
      "zip": "70506",
      "units": 164,
      "originalAmount": 7840000,
      "rate": 2.65,
      "originationDate": "2021-10-20",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WALTON AVE SENIOR HOUSING",
      "address": "",
      "city": "BRONX",
      "state": "NY",
      "zip": "10452",
      "units": 75,
      "originalAmount": 7824800,
      "rate": 2.65,
      "originationDate": "2020-06-22",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GREEN COURT APTS",
      "address": "",
      "city": "BROWN DEER",
      "state": "WI",
      "zip": "53029",
      "units": 123,
      "originalAmount": 7728000,
      "rate": 2.65,
      "originationDate": "2021-06-21",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "CLINTON MANOR APARTMENTS",
      "address": "",
      "city": "CLINTON",
      "state": "MD",
      "zip": "20735",
      "units": 111,
      "originalAmount": 7648282,
      "rate": 2.65,
      "originationDate": "2021-10-28",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "AUSTINWOODS PROPERTIES LTD",
      "address": "",
      "city": "AUSTINTOWN",
      "state": "OH",
      "zip": "44515",
      "units": 148,
      "originalAmount": 7581000,
      "rate": 2.65,
      "originationDate": "2012-07-27",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 0.90 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WOODWARD GARDEN APARTMENTS",
      "address": "",
      "city": "DETROIT",
      "state": "MI",
      "zip": "48201",
      "units": 61,
      "originalAmount": 7545100,
      "rate": 2.65,
      "originationDate": "2021-06-29",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ELLSWORTH SQUARE APARTMENTS",
      "address": "",
      "city": "SALEM",
      "state": "OR",
      "zip": "97305",
      "units": 72,
      "originalAmount": 7520000,
      "rate": 2.65,
      "originationDate": "2021-08-25",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "POMEROY GARDEN APARTMENTS",
      "address": "",
      "city": "WASHINGTON",
      "state": "DC",
      "zip": "20020",
      "units": 60,
      "originalAmount": 7482000,
      "rate": 2.65,
      "originationDate": "2021-07-21",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "COURTUARD GARDENS OF JUPITER",
      "address": "",
      "city": "JUPITER",
      "state": "FL",
      "zip": "33458",
      "units": 96,
      "originalAmount": 7284900,
      "rate": 2.65,
      "originationDate": "2022-02-25",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 1.11 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "FIRST AMERICAN CAPITAL GROUP C"
    },
    {
      "property": "GALLERY PLACE II &III",
      "address": "",
      "city": "NORTON SHORES",
      "state": "MI",
      "zip": "49441",
      "units": 164,
      "originalAmount": 7138800,
      "rate": 2.65,
      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "TOWN CENTER APARTMENTS",
      "address": "",
      "city": "CHAMPAIGN",
      "state": "IL",
      "zip": "61820",
      "units": 144,
      "originalAmount": 7115100,
      "rate": 2.65,
      "originationDate": "2022-03-17",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 1.52 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ARBOR GREEN",
      "address": "",
      "city": "HOUGHTON",
      "state": "MI",
      "zip": "49931",
      "units": 140,
      "originalAmount": 6240000,
      "rate": 2.65,
      "originationDate": "2020-07-30",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "TWIN OAKS AT HERITAGE POINT",
      "address": "",
      "city": "WENTZVILLE",
      "state": "MO",
      "zip": "63385",
      "units": 50,
      "originalAmount": 5985000,
      "rate": 2.65,
      "originationDate": "2009-04-17",
      "pmmsBenchmark": 4.81,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 2.16 pts below the 2009-04 market avg of 4.81%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "EDGEWOOD MANOR REHABILITATION AND HEALTHCARE CENTER",
      "address": "",
      "city": "PORT CLINTON",
      "state": "OH",
      "zip": "43452",
      "units": 129,
      "originalAmount": 5949900,
      "rate": 2.65,
      "originationDate": "2020-12-03",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "LEHNERT GREEN",
      "address": "",
      "city": "GALLOWAY",
      "state": "OH",
      "zip": "43119",
      "units": 157,
      "originalAmount": 5900000,
      "rate": 2.65,
      "originationDate": "2021-06-30",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "MORNINGSIDE HOUSE OF LAUREL",
      "address": "",
      "city": "LAUREL",
      "state": "MD",
      "zip": "20707",
      "units": 87,
      "originalAmount": 5898700,
      "rate": 2.65,
      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "GREENE GLEN",
      "address": "",
      "city": "MORGANTOWN",
      "state": "WV",
      "zip": "26508",
      "units": 108,
      "originalAmount": 5661100,
      "rate": 2.65,
      "originationDate": "2021-11-05",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "PETERSON PARK HEALTH CARE CTR",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60646",
      "units": 188,
      "originalAmount": 5545100,
      "rate": 2.65,
      "originationDate": "2012-07-31",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 0.90 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "POTOMAC PLACE",
      "address": "",
      "city": "WOODBRIDGE",
      "state": "VA",
      "zip": "22191",
      "units": 106,
      "originalAmount": 5326700,
      "rate": 2.65,
      "originationDate": "2012-12-31",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "River Park Village Apartments",
      "address": "",
      "city": "LANDING",
      "state": "NJ",
      "zip": "07850",
      "units": 122,
      "originalAmount": 5322900,
      "rate": 2.65,
      "originationDate": "2021-06-30",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "TOWNSHIP VILLAGE APARTMENTS",
      "address": "",
      "city": "EAST ALTON",
      "state": "IL",
      "zip": "62024",
      "units": 122,
      "originalAmount": 5300000,
      "rate": 2.65,
      "originationDate": "2021-09-30",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "EBENEZER TOWERS",
      "address": "",
      "city": "PITTSBURGH",
      "state": "PA",
      "zip": "15219",
      "units": 101,
      "originalAmount": 5120000,
      "rate": 2.65,
      "originationDate": "2007-07-19",
      "pmmsBenchmark": 6.695,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 4.04 pts below the 2007-07 market avg of 6.695%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "BRIDGEPORT APTS",
      "address": "",
      "city": "SAN DIEGO",
      "state": "CA",
      "zip": "92111",
      "units": 71,
      "originalAmount": 5081600,
      "rate": 2.65,
      "originationDate": "2012-12-26",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "SANDY SPRINGS APARTMENTS",
      "address": "",
      "city": "Macon",
      "state": "GA",
      "zip": "31206",
      "units": 74,
      "originalAmount": 5000000,
      "rate": 2.65,
      "originationDate": "2021-06-25",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "GRAMERCY PARK COOP OF PLYMOUTH",
      "address": "",
      "city": "PLYMOUTH",
      "state": "MN",
      "zip": "55442",
      "units": 56,
      "originalAmount": 4847300,
      "rate": 2.65,
      "originationDate": "2013-02-27",
      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 0.88 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "OATFIELD ESTATES II",
      "address": "",
      "city": "MILWAUKIE",
      "state": "OR",
      "zip": "97267",
      "units": 24,
      "originalAmount": 4828000,
      "rate": 2.65,
      "originationDate": "2021-10-27",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "GARDEN VIEW ASSISTED LIVING",
      "address": "",
      "city": "NEW IBERIA",
      "state": "LA",
      "zip": "70560",
      "units": 55,
      "originalAmount": 4691400,
      "rate": 2.65,
      "originationDate": "2011-09-28",
      "pmmsBenchmark": 4.106,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 1.46 pts below the 2011-09 market avg of 4.106%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "TAPESTRY SQUARE SENIOR LIVING",
      "address": "",
      "city": "GRAND RAPIDS",
      "state": "MI",
      "zip": "49503",
      "units": 56,
      "originalAmount": 4660200,
      "rate": 2.65,
      "originationDate": "2021-09-23",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ABEL COURT APARTMENTS",
      "address": "",
      "city": "BOWLING GREEN",
      "state": "KY",
      "zip": "42101",
      "units": 48,
      "originalAmount": 4481100,
      "rate": 2.65,
      "originationDate": "2020-09-16",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "BEAVER DAM NURSING & REHAB CENTER",
      "address": "",
      "city": "BEAVER DAM",
      "state": "KY",
      "zip": "42320",
      "units": 83,
      "originalAmount": 4070700,
      "rate": 2.65,
      "originationDate": "2012-11-27",
      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "SUMMERWIND APARTMENTS",
      "address": "",
      "city": "NASHVILLE",
      "state": "TN",
      "zip": "37127",
      "units": 110,
      "originalAmount": 3533900,
      "rate": 2.65,
      "originationDate": "2012-07-17",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 0.90 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "DELAWARE TRACE",
      "address": "",
      "city": "EVANSVILLE",
      "state": "IN",
      "zip": "47715",
      "units": 112,
      "originalAmount": 3400000,
      "rate": 2.65,
      "originationDate": "2013-06-28",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 1.42 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "GALLERY PLACE I",
      "address": "",
      "city": "JACKSON",
      "state": "MI",
      "zip": "49201",
      "units": 83,
      "originalAmount": 3320000,
      "rate": 2.65,
      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "AUTUMN CHASE APARTMENTS",
      "address": "",
      "city": "TEMPLE",
      "state": "TX",
      "zip": "76504",
      "units": 91,
      "originalAmount": 3204100,
      "rate": 2.65,
      "originationDate": "2021-12-30",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "WILLOW CARE CENTER",
      "address": "",
      "city": "HANNIBAL",
      "state": "MO",
      "zip": "63401",
      "units": 111,
      "originalAmount": 3145000,
      "rate": 2.65,
      "originationDate": "2013-07-30",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 1.72 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "GLENWOOD MANOR APARTMENTS",
      "address": "",
      "city": "SPRINGFIELD",
      "state": "MO",
      "zip": "65803",
      "units": 119,
      "originalAmount": 3066600,
      "rate": 2.65,
      "originationDate": "2022-01-20",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 0.79 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "BRIDGEPORT APTS GROUP A",
      "address": "",
      "city": "SAN DIEGO",
      "state": "CA",
      "zip": "92111",
      "units": 32,
      "originalAmount": 3046700,
      "rate": 2.65,
      "originationDate": "2012-12-26",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "HADDON HALL APTS",
      "address": "",
      "city": "CINCINNATI",
      "state": "OH",
      "zip": "45229",
      "units": 114,
      "originalAmount": 3000000,
      "rate": 2.65,
      "originationDate": "2012-08-23",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 0.95 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "POST HOUSE APARTMENTS",
      "address": "",
      "city": "DYERSBURG",
      "state": "TN",
      "zip": "38024",
      "units": 100,
      "originalAmount": 2880000,
      "rate": 2.65,
      "originationDate": "2021-06-29",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CLARAS VILLAGE",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60636",
      "units": 52,
      "originalAmount": 2867900,
      "rate": 2.65,
      "originationDate": "2007-05-23",
      "pmmsBenchmark": 6.262,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 3.61 pts below the 2007-05 market avg of 6.262%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BLUMEYER IV",
      "address": "",
      "city": "ST LOUIS",
      "state": "MO",
      "zip": "63106",
      "units": 120,
      "originalAmount": 2812800,
      "rate": 2.65,
      "originationDate": "2012-11-30",
      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "ILLINOIS PLACE APARTMENTS",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46208",
      "units": 50,
      "originalAmount": 2800000,
      "rate": 2.65,
      "originationDate": "2012-12-04",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "ARLINGTON BY THE LAKE",
      "address": "",
      "city": "TOLEDO",
      "state": "OH",
      "zip": "43609",
      "units": 51,
      "originalAmount": 2730000,
      "rate": 2.65,
      "originationDate": "2014-01-08",
      "pmmsBenchmark": 4.432,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 1.78 pts below the 2014-01 market avg of 4.432%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ABBINGTON OF POWELL",
      "address": "",
      "city": "POWELL",
      "state": "OH",
      "zip": "43065",
      "units": 48,
      "originalAmount": 2469800,
      "rate": 2.65,
      "originationDate": "2012-07-25",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 0.90 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "VERANDA AT MIDTOWN",
      "address": "",
      "city": "SAVANNAH",
      "state": "GA",
      "zip": "31404",
      "units": 100,
      "originalAmount": 2383700,
      "rate": 2.65,
      "originationDate": "2012-11-29",
      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "HARTSVILLE CONVALESCENT CTR",
      "address": "",
      "city": "HARTSVILLE",
      "state": "TN",
      "zip": "37074",
      "units": 95,
      "originalAmount": 2382100,
      "rate": 2.65,
      "originationDate": "2003-10-09",
      "pmmsBenchmark": 5.952,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.65% is 3.30 pts below the 2003-10 market avg of 5.952%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "BOLEY CENTERS",
      "address": "",
      "city": "ST. PETERSBURG",
      "state": "FL",
      "zip": "33705",
      "units": 40,
      "originalAmount": 2042200,
      "rate": 2.65,
      "originationDate": "2012-12-12",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "ST BENEDICTS MOANOR APARTMENTS",
      "address": "",
      "city": "OGDEN",
      "state": "UT",
      "zip": "84403",
      "units": 100,
      "originalAmount": 1441200,
      "rate": 2.65,
      "originationDate": "2012-10-03",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "FLENNIKEN SQUARE",
      "address": "",
      "city": "KNOXVILLE",
      "state": "TN",
      "zip": "37920",
      "units": 51,
      "originalAmount": 1420000,
      "rate": 2.65,
      "originationDate": "2012-10-19",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "INDEPENDENT APARTMENTS",
      "address": "",
      "city": "MEMPHIS",
      "state": "TN",
      "zip": "38126",
      "units": 24,
      "originalAmount": 1080000,
      "rate": 2.65,
      "originationDate": "2021-03-24",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "SPRING HOLLOW APARTMENTS",
      "address": "",
      "city": "LOGAN",
      "state": "UT",
      "zip": "84321",
      "units": 50,
      "originalAmount": 861000,
      "rate": 2.65,
      "originationDate": "2012-10-03",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ST BENEDICTS MANOR II",
      "address": "",
      "city": "OGDEN",
      "state": "UT",
      "zip": "84403",
      "units": 40,
      "originalAmount": 416400,
      "rate": 2.65,
      "originationDate": "2012-10-03",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "AVENIR",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60642",
      "units": 196,
      "originalAmount": 55624200,
      "rate": 2.66,
      "originationDate": "2022-05-04",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.66% is 2.57 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "RANCH LAKE",
      "address": "",
      "city": "BRADENTON",
      "state": "FL",
      "zip": "34202",
      "units": 336,
      "originalAmount": 51000000,
      "rate": 2.66,
      "originationDate": "2021-06-30",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "Prairie Gate Community",
      "address": "",
      "city": "Grand Prairie",
      "state": "TX",
      "zip": "75051",
      "units": 264,
      "originalAmount": 45056000,
      "rate": 2.66,
      "originationDate": "2021-06-22",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "TRAILS AT LEON CREEK",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78238",
      "units": 296,
      "originalAmount": 35000000,
      "rate": 2.66,
      "originationDate": "2018-08-09",
      "pmmsBenchmark": 4.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.66% is 1.89 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "FRANLIN PARK APARTMENTS",
      "address": "",
      "city": "BOSTON",
      "state": "MA",
      "zip": "02121",
      "units": 220,
      "originalAmount": 31400200,
      "rate": 2.66,
      "originationDate": "2021-07-29",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "PROVIDENCE SQUARE",
      "address": "",
      "city": "REXBURG",
      "state": "ID",
      "zip": "83440",
      "units": 284,
      "originalAmount": 26560000,
      "rate": 2.66,
      "originationDate": "2022-01-27",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.66% is 0.78 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "VILLASPRING OF ERLANGER HEALTH CARE CENTER & REHAB",
      "address": "",
      "city": "ERLANGER",
      "state": "KY",
      "zip": "41018",
      "units": 140,
      "originalAmount": 22880000,
      "rate": 2.66,
      "originationDate": "2020-05-29",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "ARCHER COURT APARTMENTS",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60616",
      "units": 147,
      "originalAmount": 21520000,
      "rate": 2.66,
      "originationDate": "2021-09-22",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "RASPBERRY RIDGE",
      "address": "",
      "city": "HOPKINS",
      "state": "MN",
      "zip": "55343",
      "units": 144,
      "originalAmount": 21047000,
      "rate": 2.66,
      "originationDate": "2021-06-24",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "WEST WOODS HAVEN PHASE I",
      "address": "",
      "city": "PENSACOLA",
      "state": "FL",
      "zip": "32534",
      "units": 136,
      "originalAmount": 16348700,
      "rate": 2.66,
      "originationDate": "2021-04-15",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLUMBIANATIONAL REAL ESTATE F"
    },
    {
      "property": "THE MYERTON APARTMENTS",
      "address": "",
      "city": "ARLINGTON",
      "state": "VA",
      "zip": "22204",
      "units": 74,
      "originalAmount": 13613200,
      "rate": 2.66,
      "originationDate": "2013-06-27",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.66% is 1.41 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "3435 ARTESIA BLVD",
      "address": "",
      "city": "TORRANCE",
      "state": "CA",
      "zip": "90504",
      "units": 45,
      "originalAmount": 12880000,
      "rate": 2.66,
      "originationDate": "2020-09-17",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "Stoneybrook Townhomes",
      "address": "",
      "city": "Claymont",
      "state": "DE",
      "zip": "19703",
      "units": 146,
      "originalAmount": 11845800,
      "rate": 2.66,
      "originationDate": "2021-06-15",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "RIVER SPRING AT BARGE RANCH PHASE I",
      "address": "",
      "city": "BELTON",
      "state": "TX",
      "zip": "76513",
      "units": 125,
      "originalAmount": 11799500,
      "rate": 2.66,
      "originationDate": "2020-07-21",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "VADNAIS HIGHLANDS & LINCOLN PLACE",
      "address": "",
      "city": "VADNAIS HEIGHTS",
      "state": "MN",
      "zip": "55109",
      "units": 83,
      "originalAmount": 11200000,
      "rate": 2.66,
      "originationDate": "2021-06-30",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "ARBOR PARK VILLAGE PHASE III",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44115",
      "units": 141,
      "originalAmount": 10883900,
      "rate": 2.66,
      "originationDate": "2018-01-31",
      "pmmsBenchmark": 4.033,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.66% is 1.37 pts below the 2018-01 market avg of 4.033%"
      ],
      "holder": "ROSE COMMUNITY CAPITAL, LLC"
    },
    {
      "property": "ELLICOTT GARDENS 2",
      "address": "",
      "city": "ELLICOTT CITY",
      "state": "MD",
      "zip": "21043",
      "units": 70,
      "originalAmount": 10063000,
      "rate": 2.66,
      "originationDate": "2021-12-08",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "AVALON CARE CTR AT NORTHPOINTE",
      "address": "",
      "city": "SPOKANE",
      "state": "WA",
      "zip": "99218",
      "units": 119,
      "originalAmount": 9191900,
      "rate": 2.66,
      "originationDate": "2011-12-21",
      "pmmsBenchmark": 3.958,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.66% is 1.30 pts below the 2011-12 market avg of 3.958%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "WOODRIDGE APARTMENTS",
      "address": "",
      "city": "GALLOWAY",
      "state": "OH",
      "zip": "43119",
      "units": 156,
      "originalAmount": 9020000,
      "rate": 2.66,
      "originationDate": "2021-06-29",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "KIRKLAND UNION MANOR II",
      "address": "",
      "city": "PORTLAND",
      "state": "OR",
      "zip": "97266",
      "units": 75,
      "originalAmount": 8080000,
      "rate": 2.66,
      "originationDate": "2022-03-18",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.66% is 1.51 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "GREAT LAKES REHAB CENTER",
      "address": "",
      "city": "SAGINAW",
      "state": "MI",
      "zip": "48604",
      "units": 55,
      "originalAmount": 7120000,
      "rate": 2.66,
      "originationDate": "2021-08-19",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "CHERRY GROVE APARTMENTS",
      "address": "",
      "city": "ALTOONA",
      "state": "PA",
      "zip": "16601",
      "units": 76,
      "originalAmount": 6041000,
      "rate": 2.66,
      "originationDate": "2021-08-31",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "MONONA MEADOWS APARTMENTS",
      "address": "",
      "city": "MONONA",
      "state": "WI",
      "zip": "53716",
      "units": 76,
      "originalAmount": 2633700,
      "rate": 2.66,
      "originationDate": "2013-01-18",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.66% is 0.75 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "RICHARDSON MANOR",
      "address": "",
      "city": "MILWAUKEE",
      "state": "WI",
      "zip": "53205",
      "units": 40,
      "originalAmount": 1822100,
      "rate": 2.66,
      "originationDate": "2013-02-27",
      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.66% is 0.87 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "VALLEY VIEW APARTMENTS",
      "address": "",
      "city": "MANITOWOC",
      "state": "WI",
      "zip": "54220",
      "units": 30,
      "originalAmount": 1322100,
      "rate": 2.66,
      "originationDate": "2013-01-18",
      "pmmsBenchmark": 3.414,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.66% is 0.75 pts below the 2013-01 market avg of 3.414%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "FENWYCK MANOR AND FENWYCK CHASE AT BLENHEIM",
      "address": "",
      "city": "CHESAPEAKE",
      "state": "VA",
      "zip": "23320",
      "units": 288,
      "originalAmount": 35088800,
      "rate": 2.67,
      "originationDate": "2012-05-07",
      "pmmsBenchmark": 3.798,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.67% is 1.13 pts below the 2012-05 market avg of 3.798%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "WILLOUGHBY ESTATES",
      "address": "",
      "city": "HOLT",
      "state": "MI",
      "zip": "48842",
      "units": 269,
      "originalAmount": 32504000,
      "rate": 2.67,
      "originationDate": "2021-06-17",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "SOJOURNER TRUTH HOUSES",
      "address": "",
      "city": "NEW YORK",
      "state": "NY",
      "zip": "10025",
      "units": 92,
      "originalAmount": 25000000,
      "rate": 2.67,
      "originationDate": "2020-12-17",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CHASKA HEIGHTS SENIOR LIVING",
      "address": "",
      "city": "CHASKA",
      "state": "MN",
      "zip": "55318",
      "units": 276,
      "originalAmount": 24975000,
      "rate": 2.67,
      "originationDate": "2020-05-15",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BELLE SAVANNE APARTMENT HOMES",
      "address": "",
      "city": "SULPHUR",
      "state": "LA",
      "zip": "70663",
      "units": 208,
      "originalAmount": 19674200,
      "rate": 2.67,
      "originationDate": "2015-06-19",
      "pmmsBenchmark": 3.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.67% is 1.31 pts below the 2015-06 market avg of 3.982%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "CARMEL HEALTH AND LIVING CENTER",
      "address": "",
      "city": "CARMEL",
      "state": "IN",
      "zip": "46032",
      "units": 221,
      "originalAmount": 19085100,
      "rate": 2.67,
      "originationDate": "2012-06-28",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.67% is 1.00 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ASHBROOK APARTMENTS",
      "address": "",
      "city": "CARRBORO",
      "state": "NC",
      "zip": "27510",
      "units": 170,
      "originalAmount": 16472000,
      "rate": 2.67,
      "originationDate": "2022-01-27",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.67% is 0.77 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ORCHARD GROVE HEALTH CAMPUS",
      "address": "",
      "city": "ROMEO",
      "state": "MI",
      "zip": "48065",
      "units": 235,
      "originalAmount": 16064000,
      "rate": 2.67,
      "originationDate": "2020-08-14",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "WATERVIEW AT SUGER MILL POND APARTMENTS",
      "address": "",
      "city": "YOUNGSVILLE",
      "state": "LA",
      "zip": "70592",
      "units": 164,
      "originalAmount": 15785600,
      "rate": 2.67,
      "originationDate": "2017-03-31",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.67% is 1.53 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "ELDERWOOD9-AT WILLIAMSVILLE",
      "address": "",
      "city": "BUFFALO",
      "state": "NY",
      "zip": "14221",
      "units": 200,
      "originalAmount": 14893900,
      "rate": 2.67,
      "originationDate": "2013-10-30",
      "pmmsBenchmark": 4.192,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.67% is 1.52 pts below the 2013-10 market avg of 4.192%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "HERON POND I APARTMENTS",
      "address": "",
      "city": "LEHIGH ACRES",
      "state": "FL",
      "zip": "33972",
      "units": 156,
      "originalAmount": 14261800,
      "rate": 2.67,
      "originationDate": "2022-03-29",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.67% is 1.50 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "ARBORS OF GAHANNA",
      "address": "",
      "city": "GAHANNA",
      "state": "OH",
      "zip": "43230",
      "units": 233,
      "originalAmount": 14240000,
      "rate": 2.67,
      "originationDate": "2021-07-23",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "CYPRESS POINTE APARTMENTS",
      "address": "",
      "city": "CROWN POINT",
      "state": "IN",
      "zip": "46307",
      "units": 174,
      "originalAmount": 14000000,
      "rate": 2.67,
      "originationDate": "2020-05-27",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "NOVI LAKES HEALTH CAMPUS",
      "address": "",
      "city": "NOVI",
      "state": "MI",
      "zip": "48377",
      "units": 170,
      "originalAmount": 12912000,
      "rate": 2.67,
      "originationDate": "2020-08-14",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "LANDMARK APARTMENTS",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46260",
      "units": 227,
      "originalAmount": 12500000,
      "rate": 2.67,
      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "EVERGREEN SQUARE APARTMENTS",
      "address": "",
      "city": "MILWAUKEE",
      "state": "WI",
      "zip": "53219",
      "units": 237,
      "originalAmount": 11276400,
      "rate": 2.67,
      "originationDate": "2021-06-21",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "CHATEAU AT WILDBRIAR LAKE",
      "address": "",
      "city": "IRVING",
      "state": "TX",
      "zip": "75061",
      "units": 120,
      "originalAmount": 11104900,
      "rate": 2.67,
      "originationDate": "2012-04-18",
      "pmmsBenchmark": 3.91,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.67% is 1.24 pts below the 2012-04 market avg of 3.91%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "ELDERWOOD9-AT HAMBURG",
      "address": "",
      "city": "HAMBURG",
      "state": "NY",
      "zip": "14075",
      "units": 166,
      "originalAmount": 10738400,
      "rate": 2.67,
      "originationDate": "2013-10-30",
      "pmmsBenchmark": 4.192,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.67% is 1.52 pts below the 2013-10 market avg of 4.192%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "CORAL GABLES NURSING & REHABILITATION CENTER",
      "address": "",
      "city": "MIAMI",
      "state": "FL",
      "zip": "33144",
      "units": 116,
      "originalAmount": 9160000,
      "rate": 2.67,
      "originationDate": "2020-06-29",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "River Glen Health Care Center",
      "address": "",
      "city": "Southbury",
      "state": "CT",
      "zip": "06488",
      "units": 64,
      "originalAmount": 8900000,
      "rate": 2.67,
      "originationDate": "2021-06-30",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "ELDERWOOD9-AT AMHERST",
      "address": "",
      "city": "AMHERST",
      "state": "NY",
      "zip": "14226",
      "units": 92,
      "originalAmount": 8718600,
      "rate": 2.67,
      "originationDate": "2013-10-30",
      "pmmsBenchmark": 4.192,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.67% is 1.52 pts below the 2013-10 market avg of 4.192%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "HERON POND II APARTMENTS",
      "address": "",
      "city": "LEHIGH ACRES",
      "state": "FL",
      "zip": "33972",
      "units": 100,
      "originalAmount": 8421100,
      "rate": 2.67,
      "originationDate": "2022-03-29",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.67% is 1.50 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "KILBOROUGH APARTMENTS",
      "address": "",
      "city": "COLUMBUS",
      "state": "OH",
      "zip": "43229",
      "units": 157,
      "originalAmount": 7440000,
      "rate": 2.67,
      "originationDate": "2021-07-23",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "GOOD SHEPHERD MANOR",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60649",
      "units": 150,
      "originalAmount": 7100000,
      "rate": 2.67,
      "originationDate": "2012-12-19",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "KEEPSAKE VILLAGE AT GREENPOINT",
      "address": "",
      "city": "LIVERPOOL",
      "state": "NY",
      "zip": "13208",
      "units": 54,
      "originalAmount": 6440400,
      "rate": 2.67,
      "originationDate": "2012-08-28",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.67% is 0.93 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "OAK TREE VILLAS",
      "address": "",
      "city": "JEFFERSON CITY",
      "state": "MO",
      "zip": "65109",
      "units": 102,
      "originalAmount": 6102600,
      "rate": 2.67,
      "originationDate": "2012-02-23",
      "pmmsBenchmark": 3.89,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.67% is 1.22 pts below the 2012-02 market avg of 3.89%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "ELDERWOOD9-AT GRAND ISLAND",
      "address": "",
      "city": "GRAND ISLAND",
      "state": "NY",
      "zip": "14072",
      "units": 90,
      "originalAmount": 5726100,
      "rate": 2.67,
      "originationDate": "2013-10-30",
      "pmmsBenchmark": 4.192,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.67% is 1.52 pts below the 2013-10 market avg of 4.192%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "CHEYENNE VILLAGE APARTMENTS",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78207",
      "units": 60,
      "originalAmount": 5265000,
      "rate": 2.67,
      "originationDate": "2021-01-28",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ST. GEORGES COURT",
      "address": "",
      "city": "GRIFFIN",
      "state": "GA",
      "zip": "30223",
      "units": 100,
      "originalAmount": 5016900,
      "rate": 2.67,
      "originationDate": "2022-02-08",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.67% is 1.09 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "PRESIDENTIAL WEST APARTMENTS",
      "address": "",
      "city": "MEMPHIS",
      "state": "TN",
      "zip": "38116",
      "units": 112,
      "originalAmount": 4250000,
      "rate": 2.67,
      "originationDate": "2013-04-29",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.67% is 0.77 pts below the 2013-04 market avg of 3.445%"
      ],
      "holder": "GREYSTONE SERVICING COMPANY LL"
    },
    {
      "property": "THE MANOR AT SCOTT'S CROSSING",
      "address": "",
      "city": "ATLANTA",
      "state": "GA",
      "zip": "30318",
      "units": 101,
      "originalAmount": 4200200,
      "rate": 2.67,
      "originationDate": "2020-10-29",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "HAVEN OF SHOW LOW",
      "address": "",
      "city": "SHOW LOW",
      "state": "AZ",
      "zip": "85901",
      "units": 48,
      "originalAmount": 4025900,
      "rate": 2.67,
      "originationDate": "2022-02-08",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.67% is 1.09 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "SUN MEADOW APARTMENTS",
      "address": "",
      "city": "ALAMO",
      "state": "TX",
      "zip": "78516",
      "units": 77,
      "originalAmount": 3936000,
      "rate": 2.67,
      "originationDate": "2022-03-16",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.67% is 1.50 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "BERKELEY POINT CAPITAL LLC"
    },
    {
      "property": "THE GATEWAY AT EAST POINT APARTMENTS",
      "address": "",
      "city": "EAST POINT",
      "state": "GA",
      "zip": "30344",
      "units": 101,
      "originalAmount": 3562100,
      "rate": 2.67,
      "originationDate": "2020-10-28",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "SOUTHTOWNE LIVING CENTER",
      "address": "",
      "city": "EUGENE",
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      "zip": "97405",
      "units": 65,
      "originalAmount": 3099100,
      "rate": 2.67,
      "originationDate": "2012-11-28",
      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "ELDERWOOD9-ASSISTED LIVING AT WAVERLY",
      "address": "",
      "city": "WAVERLY",
      "state": "NY",
      "zip": "14892",
      "units": 40,
      "originalAmount": 1865900,
      "rate": 2.67,
      "originationDate": "2013-10-30",
      "pmmsBenchmark": 4.192,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.67% is 1.52 pts below the 2013-10 market avg of 4.192%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "SANDERS HEIGHTS APARTMENTS",
      "address": "",
      "city": "LAWTON",
      "state": "OK",
      "zip": "73501",
      "units": 44,
      "originalAmount": 1503000,
      "rate": 2.67,
      "originationDate": "2015-12-17",
      "pmmsBenchmark": 3.964,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.67% is 1.29 pts below the 2015-12 market avg of 3.964%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "MAGNOLIA TRACE APARTMENT HOMES",
      "address": "",
      "city": "ALEXANDRIA",
      "state": "LA",
      "zip": "71120",
      "units": 304,
      "originalAmount": 6778300,
      "rate": 2.675,
      "originationDate": "2017-03-31",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.675% is 1.52 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "GRAVITY ON 400",
      "address": "",
      "city": "NORFOLK",
      "state": "VA",
      "zip": "23510",
      "units": 274,
      "originalAmount": 58450000,
      "rate": 2.68,
      "originationDate": "2021-11-04",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "The Avery Phase II and III",
      "address": "",
      "city": "Willingboro",
      "state": "NJ",
      "zip": "08046",
      "units": 302,
      "originalAmount": 50062200,
      "rate": 2.68,
      "originationDate": "2021-06-24",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SHERMAN HILLS APARTMENTS",
      "address": "",
      "city": "WILKES BARRE",
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      "zip": "18702",
      "units": 344,
      "originalAmount": 45227600,
      "rate": 2.68,
      "originationDate": "2022-01-21",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.68% is 0.76 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "Stonebrook Apartments",
      "address": "",
      "city": "RENTON",
      "state": "WA",
      "zip": "98058",
      "units": 196,
      "originalAmount": 40744200,
      "rate": 2.68,
      "originationDate": "2021-06-24",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "GLADSTONE PLACE APARTMENTS",
      "address": "",
      "city": "WEST JORDAN",
      "state": "UT",
      "zip": "84081",
      "units": 187,
      "originalAmount": 40316500,
      "rate": 2.68,
      "originationDate": "2021-05-25",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "Weymouth Commons East",
      "address": "",
      "city": "WEYMOUTH",
      "state": "MA",
      "zip": "02188",
      "units": 198,
      "originalAmount": 35537600,
      "rate": 2.68,
      "originationDate": "2021-06-29",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "TIMBERCROFT TOWNHOMES",
      "address": "",
      "city": "OWINGS MILLS",
      "state": "MD",
      "zip": "21117",
      "units": 284,
      "originalAmount": 35075000,
      "rate": 2.68,
      "originationDate": "2018-01-30",
      "pmmsBenchmark": 4.033,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.68% is 1.35 pts below the 2018-01 market avg of 4.033%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "THE HIGHLAND CLUB APARTMENTS",
      "address": "",
      "city": "BATON ROUGE",
      "state": "LA",
      "zip": "70817",
      "units": 279,
      "originalAmount": 31360000,
      "rate": 2.68,
      "originationDate": "2021-07-29",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "AVANTGARDE SENIOR LIVING OF TARZANA",
      "address": "",
      "city": "TARZANA",
      "state": "CA",
      "zip": "91356",
      "units": 106,
      "originalAmount": 31293900,
      "rate": 2.68,
      "originationDate": "2022-04-25",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.68% is 2.30 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "PUBLIX APARTMENTS",
      "address": "",
      "city": "SEATTLE",
      "state": "WA",
      "zip": "98104",
      "units": 125,
      "originalAmount": 26713500,
      "rate": 2.68,
      "originationDate": "2020-06-30",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "HUBBARD HILL",
      "address": "",
      "city": "ELKHART",
      "state": "IN",
      "zip": "46517",
      "units": 660,
      "originalAmount": 23862700,
      "rate": 2.68,
      "originationDate": "2020-12-21",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "Lakeside Apartments Phase I",
      "address": "",
      "city": "Charlottesville",
      "state": "VA",
      "zip": "22902",
      "units": 148,
      "originalAmount": 23680000,
      "rate": 2.68,
      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "VILLAGE TERRACE APARTMENTS",
      "address": "",
      "city": "MERCED",
      "state": "CA",
      "zip": "95348",
      "units": 184,
      "originalAmount": 23680000,
      "rate": 2.68,
      "originationDate": "2021-05-28",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE RESERVE AT TOWNE CROSSING APARTMENTS",
      "address": "",
      "city": "LONGVIEW",
      "state": "TX",
      "zip": "75605",
      "units": 216,
      "originalAmount": 23200000,
      "rate": 2.68,
      "originationDate": "2020-07-23",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "CARRIAGE HOMES ON THE LAKE",
      "address": "",
      "city": "GARLAND",
      "state": "TX",
      "zip": "75040",
      "units": 147,
      "originalAmount": 22916500,
      "rate": 2.68,
      "originationDate": "2020-11-24",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE VILLAGES OF LAKE HIGHLANDS",
      "address": "",
      "city": "DALLAS",
      "state": "TX",
      "zip": "75238",
      "units": 281,
      "originalAmount": 20756500,
      "rate": 2.68,
      "originationDate": "2020-05-20",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WINCHESTER LAKES APARTMENTS",
      "address": "",
      "city": "CANAL WINCHESTER",
      "state": "OH",
      "zip": "43110",
      "units": 150,
      "originalAmount": 17816200,
      "rate": 2.68,
      "originationDate": "2021-09-23",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CHAPEL CREEK APARTMENTS",
      "address": "",
      "city": "FULTONDALE",
      "state": "AL",
      "zip": "35068",
      "units": 248,
      "originalAmount": 17547100,
      "rate": 2.68,
      "originationDate": "2012-09-20",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.68% is 0.82 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE RESIDENCE AT EDINBURG I",
      "address": "",
      "city": "EDINBURG",
      "state": "TX",
      "zip": "78540",
      "units": 194,
      "originalAmount": 15222000,
      "rate": 2.68,
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      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "LIBERTY COMMONS3-MATTHEWS",
      "address": "",
      "city": "MATTHEWS",
      "state": "NC",
      "zip": "28105",
      "units": 169,
      "originalAmount": 13303800,
      "rate": 2.68,
      "originationDate": "2014-03-31",
      "pmmsBenchmark": 4.343,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.68% is 1.66 pts below the 2014-03 market avg of 4.343%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "APPLEWOOD POINTE OF SHOREVIEW",
      "address": "",
      "city": "SHOREVIEW",
      "state": "MN",
      "zip": "55126",
      "units": 77,
      "originalAmount": 12391200,
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      "originationDate": "2021-05-28",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "REDWOOD GREER ABNER CREEK RD - PHASE II",
      "address": "",
      "city": "GREER",
      "state": "SC",
      "zip": "29651",
      "units": 65,
      "originalAmount": 12056000,
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      "originationDate": "2021-07-23",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HOLLINS HOUSE APARTMENTS",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21223",
      "units": 130,
      "originalAmount": 11475000,
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      "originationDate": "2020-12-28",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "REGENCY PLACE",
      "address": "",
      "city": "SACRAMENTO",
      "state": "CA",
      "zip": "95823",
      "units": 72,
      "originalAmount": 11440000,
      "rate": 2.68,
      "originationDate": "2021-11-30",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "BROADWAY FLATS APARTMENTS",
      "address": "",
      "city": "MINNEAPOLIS",
      "state": "MN",
      "zip": "55411",
      "units": 103,
      "originalAmount": 9350000,
      "rate": 2.68,
      "originationDate": "2021-06-29",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "PRESTONWOOD REHABILITATION & NURSING CENTER",
      "address": "",
      "city": "PLANO",
      "state": "TX",
      "zip": "75093",
      "units": 165,
      "originalAmount": 8751300,
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      "originationDate": "2020-08-31",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GRAMERCY PARK COOPERATIVE OF",
      "address": "",
      "city": "PLYMOUTH",
      "state": "MN",
      "zip": "55442",
      "units": 77,
      "originalAmount": 8235500,
      "rate": 2.68,
      "originationDate": "2012-10-30",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "WESTSIDE TERRACE HEALTH AND RE",
      "address": "",
      "city": "DOTHAN",
      "state": "AL",
      "zip": "36303",
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      "originalAmount": 7275000,
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      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.68% is 0.99 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "GREEN PRAIRIE REHABILITATION AND ASSISTED LIVING",
      "address": "",
      "city": "PLAINVIEW",
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      "zip": "55964",
      "units": 68,
      "originalAmount": 7130700,
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      "originationDate": "2021-11-23",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "DOGWOOD PLUS AKA SYLVESTER HOUSING AUTHORITY",
      "address": "",
      "city": "SYLVESTER",
      "state": "GA",
      "zip": "31791",
      "units": 189,
      "originalAmount": 6968000,
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      "originationDate": "2021-06-30",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "CENTRAL PARK TOWERS",
      "address": "",
      "city": "ELGIN",
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      "zip": "60123",
      "units": 164,
      "originalAmount": 6746100,
      "rate": 2.68,
      "originationDate": "2021-07-15",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "STADIUM APARTMENTS",
      "address": "",
      "city": "COLUMBIA",
      "state": "MO",
      "zip": "65201",
      "units": 109,
      "originalAmount": 6595800,
      "rate": 2.68,
      "originationDate": "2022-03-30",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.68% is 1.49 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "COMMERCE APARTMENTS",
      "address": "",
      "city": "BOSTON",
      "state": "MA",
      "zip": "02119",
      "units": 60,
      "originalAmount": 5847400,
      "rate": 2.68,
      "originationDate": "2022-04-20",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.68% is 2.30 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "FULLERTON POINTE APARTMENTS",
      "address": "",
      "city": "FULLERTON",
      "state": "CA",
      "zip": "92833",
      "units": 65,
      "originalAmount": 4503700,
      "rate": 2.68,
      "originationDate": "2015-05-28",
      "pmmsBenchmark": 3.84,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.68% is 1.16 pts below the 2015-05 market avg of 3.84%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "PRINCETON CREEK",
      "address": "",
      "city": "PRINCETON",
      "state": "IN",
      "zip": "47670",
      "units": 100,
      "originalAmount": 4475900,
      "rate": 2.68,
      "originationDate": "2021-04-30",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "West Park Tower",
      "address": "",
      "city": "WICHITA",
      "state": "KS",
      "zip": "67203",
      "units": 100,
      "originalAmount": 4432000,
      "rate": 2.68,
      "originationDate": "2021-06-23",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "COMMUNITY GARDENS",
      "address": "",
      "city": "RENO",
      "state": "NV",
      "zip": "89512",
      "units": 181,
      "originalAmount": 3717200,
      "rate": 2.68,
      "originationDate": "2020-05-22",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LA POSADA",
      "address": "",
      "city": "LOS ANGELES",
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      "zip": "90063",
      "units": 75,
      "originalAmount": 3716800,
      "rate": 2.68,
      "originationDate": "2012-09-27",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.68% is 0.82 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "VICTORIA POINTE",
      "address": "",
      "city": "JACKSON",
      "state": "MI",
      "zip": "49203",
      "units": 54,
      "originalAmount": 2064000,
      "rate": 2.68,
      "originationDate": "2021-06-15",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "PECAN GROVE APARTMENTS",
      "address": "",
      "city": "BOLIVAR",
      "state": "TN",
      "zip": "38008",
      "units": 40,
      "originalAmount": 1679500,
      "rate": 2.68,
      "originationDate": "2013-11-22",
      "pmmsBenchmark": 4.255,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.68% is 1.57 pts below the 2013-11 market avg of 4.255%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SALEM PLACE APARTMENT",
      "address": "",
      "city": "DALEVILLE",
      "state": "IN",
      "zip": "47334",
      "units": 64,
      "originalAmount": 1616300,
      "rate": 2.68,
      "originationDate": "2022-05-23",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.68% is 2.55 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "BURROUGHS MANOR",
      "address": "",
      "city": "VINITA",
      "state": "OK",
      "zip": "74301",
      "units": 50,
      "originalAmount": 1528800,
      "rate": 2.68,
      "originationDate": "2013-09-23",
      "pmmsBenchmark": 4.49,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.68% is 1.81 pts below the 2013-09 market avg of 4.49%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SPRINGS AT SOUTH ELGIN",
      "address": "",
      "city": "SOUTH ELGIN",
      "state": "IL",
      "zip": "60177",
      "units": 300,
      "originalAmount": 47360000,
      "rate": 2.69,
      "originationDate": "2021-05-24",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "SHADOW RIDGE",
      "address": "",
      "city": "ROUND ROCK",
      "state": "TX",
      "zip": "78664",
      "units": 316,
      "originalAmount": 44153900,
      "rate": 2.69,
      "originationDate": "2018-06-06",
      "pmmsBenchmark": 4.57,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.69% is 1.88 pts below the 2018-06 market avg of 4.57%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "BORDEN PLACE APARTMENTS",
      "address": "",
      "city": "FALL RIVER",
      "state": "MA",
      "zip": "02721",
      "units": 261,
      "originalAmount": 36400000,
      "rate": 2.69,
      "originationDate": "2020-06-17",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "CREEKSTONE APARTMENTS",
      "address": "",
      "city": "PASADENA",
      "state": "MD",
      "zip": "21122",
      "units": 193,
      "originalAmount": 35910900,
      "rate": 2.69,
      "originationDate": "2013-01-28",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "COLUMBIANATIONAL REAL ESTATE F"
    },
    {
      "property": "THE FOUNTAINS OF ELLISVILLE PHASE I AND PHASE II",
      "address": "",
      "city": "ELLISVILLE",
      "state": "MO",
      "zip": "63011",
      "units": 160,
      "originalAmount": 34648500,
      "rate": 2.69,
      "originationDate": "2021-05-26",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "DISCOVERY HEIGHTS PHASE II",
      "address": "",
      "city": "ISSAQUAH",
      "state": "WA",
      "zip": "98029",
      "units": 107,
      "originalAmount": 32491700,
      "rate": 2.69,
      "originationDate": "2021-05-26",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "SUNLAKE AT EDGEWATER",
      "address": "",
      "city": "HUNTSVILLE",
      "state": "AL",
      "zip": "35824",
      "units": 366,
      "originalAmount": 28012500,
      "rate": 2.69,
      "originationDate": "2020-06-30",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "METRO NORTH COURT APARTMENTS",
      "address": "",
      "city": "NEW YORK",
      "state": "NY",
      "zip": "10029",
      "units": 91,
      "originalAmount": 26336800,
      "rate": 2.69,
      "originationDate": "2020-12-17",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LORING TOWERS",
      "address": "",
      "city": "MINNEAPOLIS",
      "state": "MN",
      "zip": "55403",
      "units": 230,
      "originalAmount": 26000000,
      "rate": 2.69,
      "originationDate": "2021-04-30",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "ST STEPHENS TERRACE APARTMENTS",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60612",
      "units": 247,
      "originalAmount": 25869100,
      "rate": 2.69,
      "originationDate": "2012-09-28",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.69% is 0.81 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "VISTA VERDE AT COCONUT CREEK",
      "address": "",
      "city": "COCONUT CREEK",
      "state": "FL",
      "zip": "33066",
      "units": 288,
      "originalAmount": 24885800,
      "rate": 2.69,
      "originationDate": "2011-01-31",
      "pmmsBenchmark": 4.755,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.69% is 2.06 pts below the 2011-01 market avg of 4.755%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CARPENTER PLACE APARTMENTS",
      "address": "",
      "city": "YPSILANTI",
      "state": "MI",
      "zip": "48197",
      "units": 151,
      "originalAmount": 24066100,
      "rate": 2.69,
      "originationDate": "2021-12-10",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "DANFORTH HEIGHTS APARTMENTS",
      "address": "",
      "city": "PORTLAND",
      "state": "ME",
      "zip": "04102",
      "units": 166,
      "originalAmount": 23040000,
      "rate": 2.69,
      "originationDate": "2022-04-19",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.69% is 2.29 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "BERLIN NURSING AND REHABILITATION CENTER",
      "address": "",
      "city": "BERLIN",
      "state": "MD",
      "zip": "21811",
      "units": 246,
      "originalAmount": 22240000,
      "rate": 2.69,
      "originationDate": "2020-07-17",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "PROVIDENCE PLACE",
      "address": "",
      "city": "HUNTSVILLE",
      "state": "AL",
      "zip": "35806",
      "units": 226,
      "originalAmount": 21924000,
      "rate": 2.69,
      "originationDate": "2012-02-02",
      "pmmsBenchmark": 3.89,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.69% is 1.20 pts below the 2012-02 market avg of 3.89%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ASPIRE AT EAST BEACH PHASE 2",
      "address": "",
      "city": "NORFOLK",
      "state": "VA",
      "zip": "23518",
      "units": null,
      "originalAmount": 21416000,
      "rate": 2.69,
      "originationDate": "2021-12-15",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "HAMMOCK OAKS",
      "address": "",
      "city": "MOUNT DORA",
      "state": "FL",
      "zip": "32757",
      "units": 280,
      "originalAmount": 20617500,
      "rate": 2.69,
      "originationDate": "2013-02-28",
      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.69% is 0.84 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "INFINITY BELHAVEN NURSING & REHAB CENTER",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60643",
      "units": 221,
      "originalAmount": 19449600,
      "rate": 2.69,
      "originationDate": "2016-05-20",
      "pmmsBenchmark": 3.6,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.69% is 0.91 pts below the 2016-05 market avg of 3.6%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "BROWNS WOODS APARTMENTS",
      "address": "",
      "city": "BROWNS MILLS",
      "state": "NJ",
      "zip": "08015",
      "units": 150,
      "originalAmount": 17980000,
      "rate": 2.69,
      "originationDate": "2021-12-22",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "CARVER LIVING CENTER",
      "address": "",
      "city": "DURHAM",
      "state": "NC",
      "zip": "27704",
      "units": 375,
      "originalAmount": 17160000,
      "rate": 2.69,
      "originationDate": "2021-04-20",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "INVER GLEN SENIOR HOUSING",
      "address": "",
      "city": "INVER GROVE HEIGHTS",
      "state": "MN",
      "zip": "55118",
      "units": 103,
      "originalAmount": 14948000,
      "rate": 2.69,
      "originationDate": "2013-02-27",
      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.69% is 0.84 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "HORIZON TRAILS",
      "address": "",
      "city": "GARDNER",
      "state": "KS",
      "zip": "66030",
      "units": 168,
      "originalAmount": 14603800,
      "rate": 2.69,
      "originationDate": "2010-07-22",
      "pmmsBenchmark": 4.564,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.69% is 1.87 pts below the 2010-07 market avg of 4.564%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "BARCLAYS REHABILITATION AND HEALTHCARE CENTER",
      "address": "",
      "city": "CHERRY HILL",
      "state": "NJ",
      "zip": "08034",
      "units": 177,
      "originalAmount": 14229700,
      "rate": 2.69,
      "originationDate": "2021-04-22",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "PENDLETON III APARTMENTS",
      "address": "",
      "city": "CINCINNATI",
      "state": "OH",
      "zip": "45202",
      "units": 78,
      "originalAmount": 12179000,
      "rate": 2.69,
      "originationDate": "2021-08-20",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "SPANISH HILLS WELLNESS  SUITES",
      "address": "",
      "city": "LAS VEGAS",
      "state": "NV",
      "zip": "89113",
      "units": 227,
      "originalAmount": 11832600,
      "rate": 2.69,
      "originationDate": "2020-07-17",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WILLOW RIDGE REHABILITATION AND LIVING CENTER",
      "address": "",
      "city": "RUTHERFORDTON",
      "state": "NC",
      "zip": "28139",
      "units": 214,
      "originalAmount": 11408000,
      "rate": 2.69,
      "originationDate": "2021-04-20",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "OUR LADY OF WISDOM HEALTH CARE CENTER",
      "address": "",
      "city": "NEW ORLEANS",
      "state": "LA",
      "zip": "70131",
      "units": 108,
      "originalAmount": 10880000,
      "rate": 2.69,
      "originationDate": "2022-02-23",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.69% is 1.07 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "LANDMARK OF LAUREL CREEK",
      "address": "",
      "city": "MANCHESTER",
      "state": "KY",
      "zip": "40962",
      "units": 162,
      "originalAmount": 10744000,
      "rate": 2.69,
      "originationDate": "2020-05-27",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "TROUVALLE MEMORY CARE SUITES",
      "address": "",
      "city": "EXCELSIOR",
      "state": "MN",
      "zip": "55331",
      "units": 94,
      "originalAmount": 9912000,
      "rate": 2.69,
      "originationDate": "2020-06-26",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BLUEBIRD RETIREMENT COMMUNITY LONDON",
      "address": "",
      "city": "LONDON",
      "state": "OH",
      "zip": "43140",
      "units": 76,
      "originalAmount": 9799600,
      "rate": 2.69,
      "originationDate": "2021-12-16",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "MCCORMICK'S CREEK REHABILITATION AND HEALTHCARE CENTER",
      "address": "",
      "city": "SPENCER",
      "state": "IN",
      "zip": "47460",
      "units": 44,
      "originalAmount": 9422700,
      "rate": 2.69,
      "originationDate": "2022-01-20",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.69% is 0.75 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "MEADOWBROOK VILLAGE",
      "address": "",
      "city": "FITCHBURG",
      "state": "MA",
      "zip": "01420",
      "units": 228,
      "originalAmount": 9000000,
      "rate": 2.69,
      "originationDate": "2012-09-20",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.69% is 0.81 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SAN GABRIEL SENIOR VILLAGE",
      "address": "",
      "city": "GEORGETOWN",
      "state": "TX",
      "zip": "78626",
      "units": 100,
      "originalAmount": 8655300,
      "rate": 2.69,
      "originationDate": "2021-05-10",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "GLENDALE AT THE MANSION",
      "address": "",
      "city": "INDEPENDENCE",
      "state": "MO",
      "zip": "64055",
      "units": 140,
      "originalAmount": 8086200,
      "rate": 2.69,
      "originationDate": "2017-08-30",
      "pmmsBenchmark": 3.88,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.69% is 1.19 pts below the 2017-08 market avg of 3.88%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "GONDOLIER APARTMENTS",
      "address": "",
      "city": "LONG BEACH",
      "state": "CA",
      "zip": "90804",
      "units": 118,
      "originalAmount": 7564300,
      "rate": 2.69,
      "originationDate": "2013-05-31",
      "pmmsBenchmark": 3.536,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.69% is 0.85 pts below the 2013-05 market avg of 3.536%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "GREENTREE PARK APARTMENTS",
      "address": "",
      "city": "HEMET",
      "state": "CA",
      "zip": "92543",
      "units": 147,
      "originalAmount": 7168700,
      "rate": 2.69,
      "originationDate": "2015-03-30",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.69% is 1.08 pts below the 2015-03 market avg of 3.77%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "OAK HILL SUPPORTIVE LIVING COMMUNITY",
      "address": "",
      "city": "ROUND LAKE BEACH",
      "state": "IL",
      "zip": "60073",
      "units": 94,
      "originalAmount": 6826100,
      "rate": 2.69,
      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "SOUTHOAKS POINTE",
      "address": "",
      "city": "VAN NUYS",
      "state": "CA",
      "zip": "91411",
      "units": 114,
      "originalAmount": 6624700,
      "rate": 2.69,
      "originationDate": "2015-03-30",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.69% is 1.08 pts below the 2015-03 market avg of 3.77%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "ARLINGTON TOWNHOMES & APTS",
      "address": "",
      "city": "ROYAL OAK",
      "state": "MI",
      "zip": "48073",
      "units": 148,
      "originalAmount": 5480000,
      "rate": 2.69,
      "originationDate": "2022-01-28",
      "pmmsBenchmark": 3.445,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.69% is 0.75 pts below the 2022-01 market avg of 3.445%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHPOINT CAPITAL LLC"
    },
    {
      "property": "LAUREL CANYON TREEACE",
      "address": "",
      "city": "PACOIMA",
      "state": "CA",
      "zip": "91331",
      "units": 52,
      "originalAmount": 5468000,
      "rate": 2.69,
      "originationDate": "2013-02-14",
      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.69% is 0.84 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SERENE APARTMENTS",
      "address": "",
      "city": "MINNEAPOLIS",
      "state": "MN",
      "zip": "55413",
      "units": 29,
      "originalAmount": 5459700,
      "rate": 2.69,
      "originationDate": "2021-05-14",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "TOWER APARTMENTS",
      "address": "",
      "city": "HERMISTON",
      "state": "OR",
      "zip": "97838",
      "units": 112,
      "originalAmount": 5326800,
      "rate": 2.69,
      "originationDate": "2021-10-28",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "ST THERESE PLAZA",
      "address": "",
      "city": "MUNHALL",
      "state": "PA",
      "zip": "15120",
      "units": 101,
      "originalAmount": 5175000,
      "rate": 2.69,
      "originationDate": "2006-09-07",
      "pmmsBenchmark": 6.402,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.69% is 3.71 pts below the 2006-09 market avg of 6.402%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "MOUNTAIN VIEW APARTMENTS",
      "address": "",
      "city": "PORTERVILLE",
      "state": "CA",
      "zip": "93257",
      "units": 60,
      "originalAmount": 4998800,
      "rate": 2.69,
      "originationDate": "2020-05-26",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "RIVER ROCK APARTMENTS",
      "address": "",
      "city": "CALERA",
      "state": "OK",
      "zip": "74730",
      "units": 96,
      "originalAmount": 4905000,
      "rate": 2.69,
      "originationDate": "2021-09-20",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ASTER ASSISTED LIVING OF CLINTONVILLE",
      "address": "",
      "city": "CLINTONVILLE",
      "state": "WI",
      "zip": "54913",
      "units": 126,
      "originalAmount": 4857600,
      "rate": 2.69,
      "originationDate": "2020-07-30",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "VILLAGE COOP OF FERGUS FALLS",
      "address": "",
      "city": "FERGUS FALLS",
      "state": "MN",
      "zip": "56538",
      "units": 40,
      "originalAmount": 4817600,
      "rate": 2.69,
      "originationDate": "2012-10-30",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "GUADALUPE CROSSING",
      "address": "",
      "city": "COMFORT",
      "state": "TX",
      "zip": "78013",
      "units": 68,
      "originalAmount": 4400000,
      "rate": 2.69,
      "originationDate": "2020-06-09",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "MARTHA WASHINGTON APTS",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60618",
      "units": 104,
      "originalAmount": 4194700,
      "rate": 2.69,
      "originationDate": "2022-04-28",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.69% is 2.29 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "MAYBERRY COLONY APARTMENTS",
      "address": "",
      "city": "HEMET",
      "state": "CA",
      "zip": "92544",
      "units": 88,
      "originalAmount": 3909600,
      "rate": 2.69,
      "originationDate": "2015-03-30",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.69% is 1.08 pts below the 2015-03 market avg of 3.77%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "FOXWOOD APTS",
      "address": "",
      "city": "PANAMA CITY",
      "state": "FL",
      "zip": "32405",
      "units": 80,
      "originalAmount": 3848500,
      "rate": 2.69,
      "originationDate": "2015-04-28",
      "pmmsBenchmark": 3.672,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.69% is 0.98 pts below the 2015-04 market avg of 3.672%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "FOXWOOD APTS",
      "address": "",
      "city": "PANAMA CITY",
      "state": "FL",
      "zip": "32405",
      "units": 80,
      "originalAmount": 3601600,
      "rate": 2.69,
      "originationDate": "2015-04-28",
      "pmmsBenchmark": 3.672,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.69% is 0.98 pts below the 2015-04 market avg of 3.672%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "UNIHEALTH POST-ACUTE CARE AUGUSTA HILLS",
      "address": "",
      "city": "AUGUSTA",
      "state": "GA",
      "zip": "30904",
      "units": 126,
      "originalAmount": 2519100,
      "rate": 2.69,
      "originationDate": "2011-01-24",
      "pmmsBenchmark": 4.755,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.69% is 2.06 pts below the 2011-01 market avg of 4.755%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "REALIFE COOPERAT OF FARIBAULT",
      "address": "",
      "city": "FARIBAULT",
      "state": "MN",
      "zip": "55021",
      "units": 40,
      "originalAmount": 2236800,
      "rate": 2.69,
      "originationDate": "2012-12-28",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "SYLVIA WORD MANOR",
      "address": "",
      "city": "VALLEY",
      "state": "AL",
      "zip": "36854",
      "units": 50,
      "originalAmount": 1966800,
      "rate": 2.69,
      "originationDate": "2015-08-19",
      "pmmsBenchmark": 3.905,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.69% is 1.21 pts below the 2015-08 market avg of 3.905%"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CASTLEBURY APTS",
      "address": "",
      "city": "GREENCASTLE",
      "state": "IN",
      "zip": "46135",
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      "rate": 2.69,
      "originationDate": "2012-06-29",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.69% is 0.98 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "SHARON MANOR APARTMENTS",
      "address": "",
      "city": "CHARLOTTE",
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      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "KING'S LYNNE APARTMENTS",
      "address": "",
      "city": "LYNN",
      "state": "MA",
      "zip": "01905",
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      "originalAmount": 84338100,
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      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "Silver Collection at Carl D Silver Parkway",
      "address": "",
      "city": "FREDERICKSBURG",
      "state": "VA",
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      "originalAmount": 74900000,
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      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "TOWER WEST APTS",
      "address": "",
      "city": "NEW YORK",
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      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 0.75 pts below the 2020-03 market avg of 3.45%",
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PARK PACIFIC APARTMENTS",
      "address": "",
      "city": "ST. LOUIS",
      "state": "MO",
      "zip": "63103",
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      "pmmsBenchmark": 3.88,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 1.18 pts below the 2017-08 market avg of 3.88%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "TRINITY APARTMENTS",
      "address": "",
      "city": "NEW PORT RICHEY",
      "state": "FL",
      "zip": "33556",
      "units": 288,
      "originalAmount": 45300000,
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      "originationDate": "2020-11-20",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "ULIN HOUSE",
      "address": "",
      "city": "BRIGHTON",
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      "zip": "02135",
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      "originalAmount": 42409300,
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      "originationDate": "2020-09-30",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "Terra at University North Park",
      "address": "",
      "city": "NORMAN",
      "state": "OK",
      "zip": "73006",
      "units": 303,
      "originalAmount": 39997000,
      "rate": 2.7,
      "originationDate": "2021-06-29",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ALBANY CARE",
      "address": "",
      "city": "EVANSTON",
      "state": "IL",
      "zip": "60201",
      "units": 417,
      "originalAmount": 38436000,
      "rate": 2.7,
      "originationDate": "2013-03-28",
      "pmmsBenchmark": 3.565,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 0.86 pts below the 2013-03 market avg of 3.565%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "Franciscan at Bear Creek",
      "address": "",
      "city": "EULESS",
      "state": "TX",
      "zip": "76039",
      "units": 264,
      "originalAmount": 38400000,
      "rate": 2.7,
      "originationDate": "2020-06-26",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "KINGSTON PIKE VILLAGE",
      "address": "",
      "city": "FARRAGUT",
      "state": "TN",
      "zip": "37934",
      "units": 228,
      "originalAmount": 36586500,
      "rate": 2.7,
      "originationDate": "2020-11-30",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKELEY POINT CAPITAL LLC"
    },
    {
      "property": "COPPER PLATTE APARTMENTS",
      "address": "",
      "city": "GREELEY",
      "state": "CO",
      "zip": "80631",
      "units": 224,
      "originalAmount": 32225000,
      "rate": 2.7,
      "originationDate": "2022-02-09",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 1.06 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CHADWICK FARMS  PHASE II",
      "address": "",
      "city": "NORTHLAKE",
      "state": "TX",
      "zip": "76262",
      "units": 249,
      "originalAmount": 32105100,
      "rate": 2.7,
      "originationDate": "2018-10-10",
      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 2.13 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "REGENCY WOODS",
      "address": "",
      "city": "MINNETONKA",
      "state": "MN",
      "zip": "55305",
      "units": 262,
      "originalAmount": 30600000,
      "rate": 2.7,
      "originationDate": "2012-06-28",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 0.97 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "RUSTICO AT FAIR OAKS APARTMENTS",
      "address": "",
      "city": "BOERNE",
      "state": "TX",
      "zip": "78006",
      "units": 292,
      "originalAmount": 28719600,
      "rate": 2.7,
      "originationDate": "2020-11-24",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "VILLAS AT MARLIN BAY",
      "address": "",
      "city": "LAKE WYLIE",
      "state": "SC",
      "zip": "29710",
      "units": 240,
      "originalAmount": 27040000,
      "rate": 2.7,
      "originationDate": "2020-07-10",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "HIDDEN VALLEY ESTATES",
      "address": "",
      "city": "WENTZVILLE",
      "state": "MO",
      "zip": "63385",
      "units": 200,
      "originalAmount": 27000000,
      "rate": 2.7,
      "originationDate": "2021-09-09",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "BROWARD APARTMENTS",
      "address": "",
      "city": "WEST PALM BEACH",
      "state": "FL",
      "zip": "33407",
      "units": 102,
      "originalAmount": 24662900,
      "rate": 2.7,
      "originationDate": "2022-03-31",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 1.47 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WEST SIDE FLATS",
      "address": "",
      "city": "ST. PAUL",
      "state": "MN",
      "zip": "55107",
      "units": 178,
      "originalAmount": 23500000,
      "rate": 2.7,
      "originationDate": "2012-11-19",
      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "COVE IN ODESSA",
      "address": "",
      "city": "ODESSA",
      "state": "TX",
      "zip": "79765",
      "units": 200,
      "originalAmount": 21500000,
      "rate": 2.7,
      "originationDate": "2021-02-26",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "BELLA VISTA II",
      "address": "",
      "city": "NEW HAVEN",
      "state": "CT",
      "zip": "06513",
      "units": 468,
      "originalAmount": 21200300,
      "rate": 2.7,
      "originationDate": "2021-09-24",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HIGHLAND RIDGE REHAB CENTER",
      "address": "",
      "city": "DUBLIN",
      "state": "VA",
      "zip": "24084",
      "units": 98,
      "originalAmount": 21160000,
      "rate": 2.7,
      "originationDate": "2021-12-15",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "LEGACY AT FRIENDLY MANOR APARTMENTS",
      "address": "",
      "city": "GREENSBORO",
      "state": "NC",
      "zip": "27410",
      "units": 308,
      "originalAmount": 20740000,
      "rate": 2.7,
      "originationDate": "2016-08-10",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "OAK HILL RESIDENTIAL CARE",
      "address": "",
      "city": "ESCONDIDO",
      "state": "CA",
      "zip": "92027",
      "units": 156,
      "originalAmount": 20091300,
      "rate": 2.7,
      "originationDate": "2021-05-17",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ROSLYN PLAZA GARDEN",
      "address": "",
      "city": "ROSLYN HEIGHTS",
      "state": "NY",
      "zip": "11577",
      "units": 104,
      "originalAmount": 20073400,
      "rate": 2.7,
      "originationDate": "2021-04-26",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "WILSON CARE",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60640",
      "units": 198,
      "originalAmount": 19173400,
      "rate": 2.7,
      "originationDate": "2013-03-28",
      "pmmsBenchmark": 3.565,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 0.86 pts below the 2013-03 market avg of 3.565%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "BRYN MAWR",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60640",
      "units": 174,
      "originalAmount": 17653700,
      "rate": 2.7,
      "originationDate": "2013-05-30",
      "pmmsBenchmark": 3.536,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 0.84 pts below the 2013-05 market avg of 3.536%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "BIG OAKS APARTMENTS",
      "address": "",
      "city": "LAKELAND",
      "state": "FL",
      "zip": "33810",
      "units": 132,
      "originalAmount": 17600000,
      "rate": 2.7,
      "originationDate": "2022-01-25",
      "pmmsBenchmark": 3.445,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "CAPRI VILLAS",
      "address": "",
      "city": "CONROE",
      "state": "TX",
      "zip": "77304",
      "units": 168,
      "originalAmount": 17247200,
      "rate": 2.7,
      "originationDate": "2020-11-20",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "TALLWOODS CARE CENTER",
      "address": "",
      "city": "BAYVILLE",
      "state": "NJ",
      "zip": "08721",
      "units": 180,
      "originalAmount": 16943200,
      "rate": 2.7,
      "originationDate": "2017-03-29",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 1.50 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "THE ARTS DEPARTMENT AT MUSIC HALL",
      "address": "",
      "city": "CINCINNATI",
      "state": "OH",
      "zip": "45203",
      "units": 248,
      "originalAmount": 16600000,
      "rate": 2.7,
      "originationDate": "2020-12-22",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "ALL SAINTS HEALTHCARE",
      "address": "",
      "city": "NORTH HOLLYWOOD",
      "state": "CA",
      "zip": "91605",
      "units": 128,
      "originalAmount": 16340000,
      "rate": 2.7,
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      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SUTTON PARK CENTER FOR NURSING & REHABILITATION",
      "address": "",
      "city": "NEW ROCHELLE",
      "state": "NY",
      "zip": "10801",
      "units": 236,
      "originalAmount": 15815900,
      "rate": 2.7,
      "originationDate": "2020-08-27",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "PARK HILL VILLAGE WEST",
      "address": "",
      "city": "DENVER",
      "state": "CO",
      "zip": "80216",
      "units": 156,
      "originalAmount": 14875000,
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      "originationDate": "2014-07-30",
      "pmmsBenchmark": 4.13,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 1.43 pts below the 2014-07 market avg of 4.13%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "ZVAGO COOPERATIVE AT STILLWATER",
      "address": "",
      "city": "STILLWATER",
      "state": "MN",
      "zip": "55082",
      "units": 48,
      "originalAmount": 14747800,
      "rate": 2.7,
      "originationDate": "2020-11-12",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "RESERVE AT STONEY CREEK I",
      "address": "",
      "city": "PASADENA",
      "state": "MD",
      "zip": "21122",
      "units": 90,
      "originalAmount": 14245100,
      "rate": 2.7,
      "originationDate": "2021-12-14",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "HACIENDA SAN MIGUEL",
      "address": "",
      "city": "DONNA",
      "state": "TX",
      "zip": "78537",
      "units": 140,
      "originalAmount": 14000700,
      "rate": 2.7,
      "originationDate": "2020-12-03",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ROCKHALL FUNDING CORP"
    },
    {
      "property": "MALDEN GARDENS",
      "address": "",
      "city": "MALDEN",
      "state": "MA",
      "zip": "02148",
      "units": 140,
      "originalAmount": 13800000,
      "rate": 2.7,
      "originationDate": "2020-06-10",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CYPRESS LAKES APARTMENTS",
      "address": "",
      "city": "BILOXI",
      "state": "MS",
      "zip": "39532",
      "units": 240,
      "originalAmount": 13731200,
      "rate": 2.7,
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      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 0.97 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "KINGSLEY PLAZA",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90020",
      "units": 162,
      "originalAmount": 13212800,
      "rate": 2.7,
      "originationDate": "2013-05-31",
      "pmmsBenchmark": 3.536,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 0.84 pts below the 2013-05 market avg of 3.536%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "CEDAR HILL HEALTHCARE CENTER",
      "address": "",
      "city": "CEDAR GROVE",
      "state": "NJ",
      "zip": "07009",
      "units": 230,
      "originalAmount": 13177900,
      "rate": 2.7,
      "originationDate": "2012-07-30",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 0.85 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "PLEASANT PLAZA",
      "address": "",
      "city": "MALDEN",
      "state": "MA",
      "zip": "02148",
      "units": 126,
      "originalAmount": 12981500,
      "rate": 2.7,
      "originationDate": "2020-06-29",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WILMINGTON HEALTH CARE CENTER",
      "address": "",
      "city": "WILMINGTON",
      "state": "MA",
      "zip": "01887",
      "units": 132,
      "originalAmount": 12739200,
      "rate": 2.7,
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      "pmmsBenchmark": 4.755,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 2.05 pts below the 2011-01 market avg of 4.755%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "BOULDER CREEK POST ACUTE",
      "address": "",
      "city": "POWAY",
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      "zip": "92064",
      "units": 78,
      "originalAmount": 12513700,
      "rate": 2.7,
      "originationDate": "2022-03-09",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 1.47 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "ST CLOUD HEALTH CARE CENTER",
      "address": "",
      "city": "WEST ORANGE",
      "state": "NJ",
      "zip": "07052",
      "units": 120,
      "originalAmount": 11878500,
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      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 0.85 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "GREENWOOD CARE",
      "address": "",
      "city": "EVANSTON",
      "state": "IL",
      "zip": "60201",
      "units": 145,
      "originalAmount": 11802300,
      "rate": 2.7,
      "originationDate": "2013-03-27",
      "pmmsBenchmark": 3.565,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 0.86 pts below the 2013-03 market avg of 3.565%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "COLUMBIANA RIDGE APARTMENTS",
      "address": "",
      "city": "COLUMBIA",
      "state": "SC",
      "zip": "29212",
      "units": 180,
      "originalAmount": 11635000,
      "rate": 2.7,
      "originationDate": "2012-12-18",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "VILLAGE AT 1300",
      "address": "",
      "city": "GRAND RAPIDS",
      "state": "MI",
      "zip": "49505",
      "units": 56,
      "originalAmount": 11136000,
      "rate": 2.7,
      "originationDate": "2021-05-13",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "JUNIPER SANDS",
      "address": "",
      "city": "REXBURG",
      "state": "ID",
      "zip": "83440",
      "units": 144,
      "originalAmount": 11121600,
      "rate": 2.7,
      "originationDate": "2021-07-22",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "LIGHTHOUSE HEALTHCARE CENTER",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90059",
      "units": 149,
      "originalAmount": 11032000,
      "rate": 2.7,
      "originationDate": "2012-07-06",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 0.85 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "HURSTBOURNE HEIGHTS",
      "address": "",
      "city": "LOUISVILLE",
      "state": "KY",
      "zip": "40228",
      "units": 84,
      "originalAmount": 10771200,
      "rate": 2.7,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "SOUTHWEST VILLAGE APARTMENTS",
      "address": "",
      "city": "JACKSON",
      "state": "MS",
      "zip": "39209",
      "units": 128,
      "originalAmount": 10625000,
      "rate": 2.7,
      "originationDate": "2022-02-09",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 1.06 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "LIBERTY COMMONS NURSING & REHAB CENTER",
      "address": "",
      "city": "NORTH CHATHAM",
      "state": "MA",
      "zip": "02650",
      "units": 132,
      "originalAmount": 9880600,
      "rate": 2.7,
      "originationDate": "2012-11-14",
      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "VILLAS PACIFICA APARTMENTS",
      "address": "",
      "city": "IMPERIAL",
      "state": "CA",
      "zip": "92251",
      "units": 81,
      "originalAmount": 9725500,
      "rate": 2.7,
      "originationDate": "2015-07-23",
      "pmmsBenchmark": 4.046,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 1.35 pts below the 2015-07 market avg of 4.046%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "QUABBIN VALLEY HEALTHCARE",
      "address": "",
      "city": "ATHOL",
      "state": "MA",
      "zip": "01331",
      "units": 142,
      "originalAmount": 9700000,
      "rate": 2.7,
      "originationDate": "2012-08-30",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 0.90 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "BRISTOL VILLAGE ALF",
      "address": "",
      "city": "CLARENCE CENTER",
      "state": "NY",
      "zip": "14032",
      "units": 104,
      "originalAmount": 9680400,
      "rate": 2.7,
      "originationDate": "2013-01-17",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "43 GREEN- PHASE 1",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60653",
      "units": 99,
      "originalAmount": 9500000,
      "rate": 2.7,
      "originationDate": "2021-12-16",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "TL MANAAGEMENT 30 PRAIRIE HOUSE LIVING CENTER",
      "address": "",
      "city": "PLAINVIEW",
      "state": "TX",
      "zip": "79072",
      "units": 121,
      "originalAmount": 9128300,
      "rate": 2.7,
      "originationDate": "2013-01-16",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "BELMAR COMMONS",
      "address": "",
      "city": "HILLSBORO",
      "state": "OR",
      "zip": "97223",
      "units": 64,
      "originalAmount": 9000000,
      "rate": 2.7,
      "originationDate": "2020-06-24",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "HEARTWOOD AT WOODBURN-MEMORY CARE",
      "address": "",
      "city": "WOODBURN",
      "state": "OR",
      "zip": "97071",
      "units": 28,
      "originalAmount": 8827900,
      "rate": 2.7,
      "originationDate": "2021-09-28",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "MARIEN-HEIM OF SUNSET PARK",
      "address": "",
      "city": "BROOKLYN",
      "state": "NY",
      "zip": "11220",
      "units": 169,
      "originalAmount": 8313000,
      "rate": 2.7,
      "originationDate": "2012-01-05",
      "pmmsBenchmark": 3.915,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 1.21 pts below the 2012-01 market avg of 3.915%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "AUBURN HILLS APARTMENTS",
      "address": "",
      "city": "AUBURN HILLS",
      "state": "MI",
      "zip": "48326",
      "units": 280,
      "originalAmount": 7996800,
      "rate": 2.7,
      "originationDate": "2013-02-07",
      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 0.83 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "LAGNIAPPE HEALTHCARE",
      "address": "",
      "city": "BASTROP",
      "state": "LA",
      "zip": "71220",
      "units": null,
      "originalAmount": 7934100,
      "rate": 2.7,
      "originationDate": "2021-05-28",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "HOUGHTON VILLAGE",
      "address": "",
      "city": "NEWTON CENTRE",
      "state": "MA",
      "zip": "02459",
      "units": 51,
      "originalAmount": 7475000,
      "rate": 2.7,
      "originationDate": "2018-07-02",
      "pmmsBenchmark": 4.527,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 1.83 pts below the 2018-07 market avg of 4.527%"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "TL MANAGEMENT 30 MESQUITE TREE NURSING CENTER",
      "address": "",
      "city": "MESQUITE",
      "state": "TX",
      "zip": "75149",
      "units": 125,
      "originalAmount": 7320000,
      "rate": 2.7,
      "originationDate": "2013-01-16",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "PARADISE LIVING CENTERS",
      "address": "",
      "city": "PHOENIX",
      "state": "AZ",
      "zip": "85018",
      "units": 30,
      "originalAmount": 7200000,
      "rate": 2.7,
      "originationDate": "2022-03-15",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 1.47 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "ENOCH GEORGE MANOR",
      "address": "",
      "city": "SPOTSYLVANIA",
      "state": "VA",
      "zip": "22553",
      "units": 60,
      "originalAmount": 7041200,
      "rate": 2.7,
      "originationDate": "2022-04-01",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 2.28 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "PARK GARDENS",
      "address": "",
      "city": "FERGUS FALLS",
      "state": "MN",
      "zip": "56537",
      "units": 64,
      "originalAmount": 6173300,
      "rate": 2.7,
      "originationDate": "2014-12-16",
      "pmmsBenchmark": 3.864,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 1.16 pts below the 2014-12 market avg of 3.864%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CASTLE MANOR",
      "address": "",
      "city": "LINCOLN",
      "state": "IL",
      "zip": "62656",
      "units": 57,
      "originalAmount": 5873200,
      "rate": 2.7,
      "originationDate": "2014-08-25",
      "pmmsBenchmark": 4.115,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 1.42 pts below the 2014-08 market avg of 4.115%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SOUTH GLEN POINTE",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90065",
      "units": 79,
      "originalAmount": 5810100,
      "rate": 2.7,
      "originationDate": "2013-05-31",
      "pmmsBenchmark": 3.536,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 0.84 pts below the 2013-05 market avg of 3.536%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "HAMPSHIRE HOUSE",
      "address": "",
      "city": "WARREN",
      "state": "OH",
      "zip": "44485",
      "units": 150,
      "originalAmount": 5609400,
      "rate": 2.7,
      "originationDate": "2010-04-27",
      "pmmsBenchmark": 5.098,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 2.40 pts below the 2010-04 market avg of 5.098%"
      ],
      "holder": "ROSE COMMUNITY CAPITAL, LLC"
    },
    {
      "property": "9 SUMMIT AVENUE",
      "address": "",
      "city": "BROOKLINE",
      "state": "MA",
      "zip": "02445",
      "units": 20,
      "originalAmount": 5193400,
      "rate": 2.7,
      "originationDate": "2012-10-22",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SHELDON MEADOWS LIVING CENTER",
      "address": "",
      "city": "HUDSONVILLE",
      "state": "MI",
      "zip": "49426",
      "units": 129,
      "originalAmount": 4946000,
      "rate": 2.7,
      "originationDate": "2012-10-25",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "GOLDEN LIVING CENTER CROSSET",
      "address": "",
      "city": "CROSSETT",
      "state": "AR",
      "zip": "71635",
      "units": 89,
      "originalAmount": 4901700,
      "rate": 2.7,
      "originationDate": "2013-03-26",
      "pmmsBenchmark": 3.565,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 0.86 pts below the 2013-03 market avg of 3.565%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SOUTHERN HILLS APTS",
      "address": "",
      "city": "WASHINGTON",
      "state": "DC",
      "zip": "20032",
      "units": 255,
      "originalAmount": 4581800,
      "rate": 2.7,
      "originationDate": "2013-05-15",
      "pmmsBenchmark": 3.536,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 0.84 pts below the 2013-05 market avg of 3.536%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "LINCOLN VILLAS NORTH",
      "address": "",
      "city": "RACINE",
      "state": "WI",
      "zip": "53402",
      "units": 74,
      "originalAmount": 4509400,
      "rate": 2.7,
      "originationDate": "2013-09-30",
      "pmmsBenchmark": 4.49,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 1.79 pts below the 2013-09 market avg of 4.49%"
      ],
      "holder": "ZIEGLER FINANCING CORP"
    },
    {
      "property": "ROSEWOOD APARTMENTS",
      "address": "",
      "city": "FALLBROOK",
      "state": "CA",
      "zip": "92028",
      "units": 73,
      "originalAmount": 4168000,
      "rate": 2.7,
      "originationDate": "2014-05-21",
      "pmmsBenchmark": 4.192,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 1.49 pts below the 2014-05 market avg of 4.192%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "TEXOR APARTMENTS",
      "address": "",
      "city": "PHILADELPHIA",
      "state": "PA",
      "zip": "19125",
      "units": 22,
      "originalAmount": 4120000,
      "rate": 2.7,
      "originationDate": "2021-10-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "WALNUT POINTE APARTMENTS",
      "address": "",
      "city": "CANOGA PARK",
      "state": "CA",
      "zip": "91303",
      "units": 46,
      "originalAmount": 3778300,
      "rate": 2.7,
      "originationDate": "2013-05-31",
      "pmmsBenchmark": 3.536,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 0.84 pts below the 2013-05 market avg of 3.536%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "FREDRICK-LANDELL DISTINCT PROPERTIES",
      "address": "",
      "city": "KANSAS CITY",
      "state": "MO",
      "zip": "64111",
      "units": 33,
      "originalAmount": 3749900,
      "rate": 2.7,
      "originationDate": "2012-10-22",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "PACIFIC GARDEN APARTMENTS",
      "address": "",
      "city": "HAWTHORNE",
      "state": "CA",
      "zip": "90250",
      "units": 51,
      "originalAmount": 3532000,
      "rate": 2.7,
      "originationDate": "2013-05-31",
      "pmmsBenchmark": 3.536,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 0.84 pts below the 2013-05 market avg of 3.536%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "ERWIN AND SMITHFIELD",
      "address": "",
      "city": "ERWIN",
      "state": "NC",
      "zip": "28339",
      "units": 70,
      "originalAmount": 3520000,
      "rate": 2.7,
      "originationDate": "2021-06-17",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "FOX RIDGE APARTMENTS",
      "address": "",
      "city": "KALAMAZOO",
      "state": "MI",
      "zip": "49006",
      "units": 216,
      "originalAmount": 3410800,
      "rate": 2.7,
      "originationDate": "2013-01-30",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "ROSE POINTE APARTMENTS",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90026",
      "units": 54,
      "originalAmount": 3188600,
      "rate": 2.7,
      "originationDate": "2013-05-31",
      "pmmsBenchmark": 3.536,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 0.84 pts below the 2013-05 market avg of 3.536%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "THE POINT ON FALL CREEK",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46205",
      "units": 59,
      "originalAmount": 3160000,
      "rate": 2.7,
      "originationDate": "2012-09-27",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 0.80 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "EXTENDICARE-WOODSFIELD NURSING & REHAB CENTER",
      "address": "",
      "city": "WOODSFIELD",
      "state": "OH",
      "zip": "43793",
      "units": 100,
      "originalAmount": 3033700,
      "rate": 2.7,
      "originationDate": "2012-10-30",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CARLISLE  APARTMENTS",
      "address": "",
      "city": "GETTYSBURG",
      "state": "PA",
      "zip": "17325",
      "units": 22,
      "originalAmount": 2771900,
      "rate": 2.7,
      "originationDate": "2020-06-29",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLUMBIANATIONAL REAL ESTATE F"
    },
    {
      "property": "UNIHEALTH POST ACUTE CARE GREENVILLE",
      "address": "",
      "city": "GREENVILLE",
      "state": "GA",
      "zip": "30222",
      "units": 113,
      "originalAmount": 2650600,
      "rate": 2.7,
      "originationDate": "2010-12-21",
      "pmmsBenchmark": 4.714,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 2.01 pts below the 2010-12 market avg of 4.714%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "SPENCER BROWN THOMAS HOMES",
      "address": "",
      "city": "BURLINGTON",
      "state": "NC",
      "zip": "27217",
      "units": 40,
      "originalAmount": 2496600,
      "rate": 2.7,
      "originationDate": "2021-06-28",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "DIAMOND POINTE",
      "address": "",
      "city": "VAN NUYS",
      "state": "CA",
      "zip": "91405",
      "units": 38,
      "originalAmount": 2470100,
      "rate": 2.7,
      "originationDate": "2013-05-31",
      "pmmsBenchmark": 3.536,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 0.84 pts below the 2013-05 market avg of 3.536%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "TRINITY TERRACE",
      "address": "",
      "city": "RACINE",
      "state": "WI",
      "zip": "53403",
      "units": 39,
      "originalAmount": 2218700,
      "rate": 2.7,
      "originationDate": "2013-09-30",
      "pmmsBenchmark": 4.49,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 1.79 pts below the 2013-09 market avg of 4.49%"
      ],
      "holder": "ZIEGLER FINANCING CORP"
    },
    {
      "property": "PINEWOOD PLACE APARTMENTS",
      "address": "",
      "city": "TOLEDO",
      "state": "OH",
      "zip": "43604",
      "units": 99,
      "originalAmount": 2140100,
      "rate": 2.7,
      "originationDate": "2021-05-28",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CHIMES TERRACE",
      "address": "",
      "city": "JOHNSTOWN",
      "state": "OH",
      "zip": "43227",
      "units": 36,
      "originalAmount": 2135000,
      "rate": 2.7,
      "originationDate": "2013-08-28",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 1.76 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "NUESTRA COMUNIDAD",
      "address": "",
      "city": "ROXBURY",
      "state": "MA",
      "zip": "02119",
      "units": 97,
      "originalAmount": 2105000,
      "rate": 2.7,
      "originationDate": "2013-01-23",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LAURELWOOD APARTMENTS",
      "address": "",
      "city": "JOHNSTOWN",
      "state": "PA",
      "zip": "15905",
      "units": 40,
      "originalAmount": 2075000,
      "rate": 2.7,
      "originationDate": "2014-10-09",
      "pmmsBenchmark": 4.036,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 1.34 pts below the 2014-10 market avg of 4.036%"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "VILLAS PLUS AT ROSELAND",
      "address": "",
      "city": "SAVAGE",
      "state": "MN",
      "zip": "55372",
      "units": 32,
      "originalAmount": 2047200,
      "rate": 2.7,
      "originationDate": "2013-02-22",
      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 0.83 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "WILDWOOD APARTMENTS",
      "address": "",
      "city": "LONDON",
      "state": "KY",
      "zip": "40744",
      "units": 81,
      "originalAmount": 1723000,
      "rate": 2.7,
      "originationDate": "2022-03-30",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 1.47 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "NEIGHBORHOOD APARTMENTS",
      "address": "",
      "city": "KALAMAZOO",
      "state": "MI",
      "zip": "49001",
      "units": 44,
      "originalAmount": 1722000,
      "rate": 2.7,
      "originationDate": "2020-10-29",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "LOSPALOS CONVALESCENT HOSPITAL",
      "address": "",
      "city": "SAN PEDRO",
      "state": "CA",
      "zip": "90732",
      "units": 99,
      "originalAmount": 1657600,
      "rate": 2.7,
      "originationDate": "2009-03-16",
      "pmmsBenchmark": 5.002,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 2.30 pts below the 2009-03 market avg of 5.002%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SUMMIT TERRACE APARTMENTS",
      "address": "",
      "city": "DONIPHAN",
      "state": "MO",
      "zip": "63935",
      "units": 36,
      "originalAmount": 1633700,
      "rate": 2.7,
      "originationDate": "2013-10-30",
      "pmmsBenchmark": 4.192,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 1.49 pts below the 2013-10 market avg of 4.192%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BRENT B TINNIN APARTMENTS",
      "address": "",
      "city": "POPLAR BLUFF",
      "state": "MO",
      "zip": "63901",
      "units": 48,
      "originalAmount": 1615900,
      "rate": 2.7,
      "originationDate": "2007-12-21",
      "pmmsBenchmark": 6.095,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 3.39 pts below the 2007-12 market avg of 6.095%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "BARTLETT GARDENS",
      "address": "",
      "city": "CAMBRIDGE SPRINGS",
      "state": "PA",
      "zip": "16403",
      "units": 43,
      "originalAmount": 1048000,
      "rate": 2.7,
      "originationDate": "2021-09-21",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CASA DE FLORES APARTMENTS",
      "address": "",
      "city": "SAFFORD",
      "state": "AZ",
      "zip": "85546",
      "units": 31,
      "originalAmount": 806200,
      "rate": 2.7,
      "originationDate": "2007-06-27",
      "pmmsBenchmark": 6.658,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.7% is 3.96 pts below the 2007-06 market avg of 6.658%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "AURA TOWNE CENTER",
      "address": "",
      "city": "FREDERICKSBURG",
      "state": "VA",
      "zip": "22407",
      "units": 271,
      "originalAmount": 51769400,
      "rate": 2.71,
      "originationDate": "2022-03-30",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.71% is 1.46 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "BLEECKER STREET APARTMENTS",
      "address": "",
      "city": "COPPELL",
      "state": "TX",
      "zip": "75019",
      "units": 242,
      "originalAmount": 39543000,
      "rate": 2.71,
      "originationDate": "2021-07-23",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "SUNDANCE AT BAXTER MEADOWS APARTMENTS",
      "address": "",
      "city": "BOZEMAN",
      "state": "MT",
      "zip": "59718",
      "units": 195,
      "originalAmount": 30960000,
      "rate": 2.71,
      "originationDate": "2020-04-30",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "LENOXVILLE APARTMENTS",
      "address": "",
      "city": "NEW YORK",
      "state": "NY",
      "zip": "10026",
      "units": 118,
      "originalAmount": 20000000,
      "rate": 2.71,
      "originationDate": "2020-11-24",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE ARBORS AT WEST AVENUE",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78213",
      "units": 234,
      "originalAmount": 19650000,
      "rate": 2.71,
      "originationDate": "2022-02-10",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.71% is 1.05 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "MANHATTAN AVE APARTMENTS",
      "address": "",
      "city": "NEW YORK",
      "state": "NY",
      "zip": "10025",
      "units": 81,
      "originalAmount": 19000000,
      "rate": 2.71,
      "originationDate": "2020-12-17",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BARLIN APARTMENTS",
      "address": "",
      "city": "ARLINGTON",
      "state": "TX",
      "zip": "76018",
      "units": 112,
      "originalAmount": 11300000,
      "rate": 2.71,
      "originationDate": "2020-09-29",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "GRACE LIVING CENTER JENKS",
      "address": "",
      "city": "JENKS",
      "state": "OK",
      "zip": "74037",
      "units": 176,
      "originalAmount": 9617600,
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      "originationDate": "2014-09-17",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.71% is 1.45 pts below the 2014-09 market avg of 4.162%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MONTCLAIR PARC ASSISTED LIVING",
      "address": "",
      "city": "SHREVEPORT",
      "state": "LA",
      "zip": "71115",
      "units": 222,
      "originalAmount": 9531300,
      "rate": 2.71,
      "originationDate": "2013-01-24",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "ROLLING GREEN",
      "address": "",
      "city": "SARASOTA",
      "state": "FL",
      "zip": "34234",
      "units": 118,
      "originalAmount": 9000000,
      "rate": 2.71,
      "originationDate": "2012-11-13",
      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "VICTORY TOWER",
      "address": "",
      "city": "TAKOMA PARK",
      "state": "MD",
      "zip": "20912",
      "units": 187,
      "originalAmount": 8900000,
      "rate": 2.71,
      "originationDate": "2022-03-29",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.71% is 1.46 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "EGER HEALTH CARE REHABILITATION CENTER",
      "address": "",
      "city": "STATEN ISLAND",
      "state": "NY",
      "zip": "10306",
      "units": 220,
      "originalAmount": 8809000,
      "rate": 2.71,
      "originationDate": "2021-11-23",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "WILLOW GLEN EAST",
      "address": "",
      "city": "INDIANAPOLIS",
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      "units": 320,
      "originalAmount": 8698500,
      "rate": 2.71,
      "originationDate": "2012-11-30",
      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "COURVILLE THE COURVILLE AT MANCHESTER",
      "address": "",
      "city": "MANCHESTER",
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      "zip": "03104",
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      "pmmsBenchmark": 3.864,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.71% is 1.15 pts below the 2014-12 market avg of 3.864%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "BELVEDERE GREEN",
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      "city": "BALTIMORE",
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      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.71% is 0.96 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "MAISON JARDIN SENIOR LIVING COMMUNITY",
      "address": "",
      "city": "MORGAN CITY",
      "state": "LA",
      "zip": "70390",
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      "rate": 2.71,
      "originationDate": "2020-04-14",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "VNA APTS",
      "address": "",
      "city": "NEENAH",
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      "originalAmount": 2339400,
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      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
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        "Rate 2.71% is 0.89 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "EGER HEALTH CARE REHABILITATION CENTER",
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      "belowMarket": false,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "WALTON WESTSIDE",
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      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "ARIANNA CYPREE ESTATES",
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      "originalAmount": 37400000,
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      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "BIG SKY APARTMENTS",
      "address": "",
      "city": "STAUNTON",
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      "units": 249,
      "originalAmount": 32720000,
      "rate": 2.72,
      "originationDate": "2021-07-19",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ORCHARD CROSSING",
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      "city": "EUGENE",
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      "zip": "97403",
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      "originalAmount": 20875500,
      "rate": 2.72,
      "originationDate": "2020-09-22",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "The Laurels of Heath",
      "address": "",
      "city": "Heath",
      "state": "OH",
      "zip": "43056",
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      "originalAmount": 19984000,
      "rate": 2.72,
      "originationDate": "2021-06-30",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WEST 107TH ST APARTMENTS",
      "address": "",
      "city": "NEW YORK",
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      "units": 61,
      "originalAmount": 17500000,
      "rate": 2.72,
      "originationDate": "2020-11-19",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BROADWAY TOWNHOMES",
      "address": "",
      "city": "CAMDEN",
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      "units": 175,
      "originalAmount": 17500000,
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      "originationDate": "2014-06-03",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.72% is 1.44 pts below the 2014-06 market avg of 4.162%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "ST FRANCIS VILLAGE",
      "address": "",
      "city": "CROWLEY",
      "state": "TX",
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      "units": 399,
      "originalAmount": 16329700,
      "rate": 2.72,
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      "pmmsBenchmark": 4.836,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.72% is 2.12 pts below the 2011-03 market avg of 4.836%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "CLAY CREEK TOWNHOMES",
      "address": "",
      "city": "SMITHVILLE",
      "state": "MO",
      "zip": "64089",
      "units": 124,
      "originalAmount": 16000000,
      "rate": 2.72,
      "originationDate": "2022-04-20",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.72% is 2.26 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "SEA OATS APARTMENTS",
      "address": "",
      "city": "ATLANTIC BEACH",
      "state": "FL",
      "zip": "32233",
      "units": 112,
      "originalAmount": 15440000,
      "rate": 2.72,
      "originationDate": "2021-07-30",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "CANYON CREEK TOWNHOMES",
      "address": "",
      "city": "TEMPLE",
      "state": "TX",
      "zip": "76502",
      "units": 200,
      "originalAmount": 14560000,
      "rate": 2.72,
      "originationDate": "2022-03-31",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.72% is 1.45 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "Major Crossing",
      "address": "",
      "city": "Beaumont",
      "state": "TX",
      "zip": "77713",
      "units": 96,
      "originalAmount": 12960000,
      "rate": 2.72,
      "originationDate": "2021-06-22",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "LONG BEACH CARE CENTER",
      "address": "",
      "city": "LONG BEACH",
      "state": "CA",
      "zip": "90815",
      "units": 64,
      "originalAmount": 12203000,
      "rate": 2.72,
      "originationDate": "2021-09-24",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "WEST VIEW NURSING & REHABILITATION CENTER",
      "address": "",
      "city": "WEST WARWICK",
      "state": "RI",
      "zip": "02893",
      "units": 62,
      "originalAmount": 11176000,
      "rate": 2.72,
      "originationDate": "2022-02-28",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.72% is 1.04 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ROSE LINN CARE CENTER",
      "address": "",
      "city": "WEST LINN",
      "state": "OR",
      "zip": "97068",
      "units": 289,
      "originalAmount": 10901900,
      "rate": 2.72,
      "originationDate": "2021-01-28",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "WICHITA RAD SENIOR",
      "address": "",
      "city": "WICHITA",
      "state": "KS",
      "zip": "67203",
      "units": 226,
      "originalAmount": 10900000,
      "rate": 2.72,
      "originationDate": "2021-10-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "APPLEWOOD POINTE OF BLOOMINGTON",
      "address": "",
      "city": "BLOOMINGTON",
      "state": "MN",
      "zip": "55431",
      "units": 77,
      "originalAmount": 10754900,
      "rate": 2.72,
      "originationDate": "2021-05-25",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "THE LODGE AT NATCHEZ TREE",
      "address": "",
      "city": "NASHVILLE",
      "state": "TN",
      "zip": "37221",
      "units": 87,
      "originalAmount": 9375000,
      "rate": 2.72,
      "originationDate": "2012-01-31",
      "pmmsBenchmark": 3.915,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.72% is 1.19 pts below the 2012-01 market avg of 3.915%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "BUTLER SENIOR COMMUNITY",
      "address": "",
      "city": "BUTLER",
      "state": "NJ",
      "zip": "07405",
      "units": 90,
      "originalAmount": 9147700,
      "rate": 2.72,
      "originationDate": "2022-04-14",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.72% is 2.26 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CARDINAL POINTE",
      "address": "",
      "city": "MAPLEWOOD",
      "state": "MN",
      "zip": "55109",
      "units": 108,
      "originalAmount": 9100000,
      "rate": 2.72,
      "originationDate": "2012-10-30",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "LEXINGTON PLACE APARTMENTS PHASE II",
      "address": "",
      "city": "BOSSIER CITY",
      "state": "LA",
      "zip": "71111",
      "units": 120,
      "originalAmount": 9012300,
      "rate": 2.72,
      "originationDate": "2020-10-21",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CONNECTICUT VILLAGE APARTMENTS",
      "address": "",
      "city": "GAFFNEY",
      "state": "SC",
      "zip": "29340",
      "units": 105,
      "originalAmount": 8730000,
      "rate": 2.72,
      "originationDate": "2022-02-16",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.72% is 1.04 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "LINDEN HOUSE APARTMENTS",
      "address": "",
      "city": "FOREST PARK",
      "state": "IL",
      "zip": "60130",
      "units": 60,
      "originalAmount": 8370000,
      "rate": 2.72,
      "originationDate": "2021-04-08",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "STODDARD BAPTIST NURSING HOME",
      "address": "",
      "city": "WASHINGTON",
      "state": "DC",
      "zip": "20010",
      "units": 96,
      "originalAmount": 7985000,
      "rate": 2.72,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "GRACE LIVING CENTER BETHANY",
      "address": "",
      "city": "BETHANY",
      "state": "OK",
      "zip": "73008",
      "units": 134,
      "originalAmount": 7739200,
      "rate": 2.72,
      "originationDate": "2014-10-08",
      "pmmsBenchmark": 4.036,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.72% is 1.32 pts below the 2014-10 market avg of 4.036%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CENTURY VILLA",
      "address": "",
      "city": "INGLEWOOD",
      "state": "CA",
      "zip": "90302",
      "units": 47,
      "originalAmount": 7695000,
      "rate": 2.72,
      "originationDate": "2021-09-24",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CENTINELA GRAND",
      "address": "",
      "city": "PERRIS",
      "state": "CA",
      "zip": "92571",
      "units": 44,
      "originalAmount": 5740000,
      "rate": 2.72,
      "originationDate": "2021-09-24",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "ASHTON PLACE",
      "address": "",
      "city": "CLIFTON SPRINGS",
      "state": "NY",
      "zip": "14432",
      "units": 79,
      "originalAmount": 5656000,
      "rate": 2.72,
      "originationDate": "2016-06-09",
      "pmmsBenchmark": 3.568,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.72% is 0.85 pts below the 2016-06 market avg of 3.568%"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "COVINGTON TOWNHOMES",
      "address": "",
      "city": "VANCOUVER",
      "state": "WA",
      "zip": "98662",
      "units": 29,
      "originalAmount": 5448000,
      "rate": 2.72,
      "originationDate": "2020-05-29",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKELEY POINT CAPITAL LLC"
    },
    {
      "property": "LAKEWOOD HEALTHCARE CENTER INC",
      "address": "",
      "city": "LAKEWOOD",
      "state": "OH",
      "zip": "44107",
      "units": 86,
      "originalAmount": 5175000,
      "rate": 2.72,
      "originationDate": "2012-01-30",
      "pmmsBenchmark": 3.915,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.72% is 1.19 pts below the 2012-01 market avg of 3.915%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "TERRACE LANE (EASTVIEW & HELEN CAPLE)",
      "address": "",
      "city": "LEXINGTON",
      "state": "NC",
      "zip": "27893",
      "units": 138,
      "originalAmount": 4960600,
      "rate": 2.72,
      "originationDate": "2020-11-30",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "SOUTHSIDE VILLAGE APARTMENTS",
      "address": "",
      "city": "LEXINGTON",
      "state": "NC",
      "zip": "27292",
      "units": 130,
      "originalAmount": 4957200,
      "rate": 2.72,
      "originationDate": "2020-11-30",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "QUARRYTOWN TOWER",
      "address": "",
      "city": "BEREA",
      "state": "OH",
      "zip": "44017",
      "units": 181,
      "originalAmount": 3930000,
      "rate": 2.72,
      "originationDate": "2021-09-21",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CORONADO PARK",
      "address": "",
      "city": "JUNCTION CITY",
      "state": "KS",
      "zip": "66441",
      "units": 112,
      "originalAmount": 3470100,
      "rate": 2.72,
      "originationDate": "2017-05-16",
      "pmmsBenchmark": 4.01,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.72% is 1.29 pts below the 2017-05 market avg of 4.01%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "MONTEREY HILLS APARTMENTS",
      "address": "",
      "city": "VIVIAN",
      "state": "LA",
      "zip": "71082",
      "units": 60,
      "originalAmount": 2240900,
      "rate": 2.72,
      "originationDate": "2022-01-06",
      "pmmsBenchmark": 3.445,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "MAGNOLIA ACRES",
      "address": "",
      "city": "ANGLETON",
      "state": "TX",
      "zip": "77515",
      "units": 67,
      "originalAmount": 2043700,
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      "originationDate": "2012-09-28",
      "pmmsBenchmark": 3.498,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.72% is 0.78 pts below the 2012-09 market avg of 3.498%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "VICTORIAN ESTATES",
      "address": "",
      "city": "BEL AIR",
      "state": "MD",
      "zip": "21014",
      "units": 16,
      "originalAmount": 2008000,
      "rate": 2.72,
      "originationDate": "2013-02-14",
      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.72% is 0.81 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "MEADOWVIEW VILLAGE",
      "address": "",
      "city": "MOUNT STERLING",
      "state": "OH",
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      "originalAmount": 1446100,
      "rate": 2.72,
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      "pmmsBenchmark": 6.218,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.72% is 3.50 pts below the 2007-01 market avg of 6.218%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PRIMROSE PLACE APARTMENTS",
      "address": "",
      "city": "BALTIMORE",
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      "originalAmount": 6220900,
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      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "RHODE ISLAND ROW",
      "address": "",
      "city": "WASHINGTON",
      "state": "DC",
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      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "THE VILLAS ON FIR",
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      "city": "GRANGER",
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      "originationDate": "2022-01-19",
      "pmmsBenchmark": 3.445,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "UPTOWN AT PLUM CREEK",
      "address": "",
      "city": "KYLE",
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      "zip": "78640",
      "units": 300,
      "originalAmount": 45236600,
      "rate": 2.73,
      "originationDate": "2020-12-28",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "THE HILL APARTMENTS",
      "address": "",
      "city": "ST LOUIS",
      "state": "MO",
      "zip": "63110",
      "units": 225,
      "originalAmount": 44410200,
      "rate": 2.73,
      "originationDate": "2021-02-09",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "EVERGREEN BEARING 9 MILE APARTMENTS",
      "address": "",
      "city": "PENSACOLA",
      "state": "FL",
      "zip": "32514",
      "units": 264,
      "originalAmount": 42084300,
      "rate": 2.73,
      "originationDate": "2020-12-22",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "AFFINITY AT MIRABEAU PARK",
      "address": "",
      "city": "SPOKANE",
      "state": "WA",
      "zip": "99216",
      "units": 170,
      "originalAmount": 30757300,
      "rate": 2.73,
      "originationDate": "2021-03-24",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE ENCLAVE AT PORT CHESTER REHABILITATION AND NURSING CENTER",
      "address": "",
      "city": "PORT CHESTER",
      "state": "NY",
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      "originalAmount": 25144000,
      "rate": 2.73,
      "originationDate": "2022-02-23",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.73% is 1.03 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "CENTRAL PARK APARTMENTS",
      "address": "",
      "city": "GREENVILLE",
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      "zip": "48838",
      "units": 216,
      "originalAmount": 24750000,
      "rate": 2.73,
      "originationDate": "2022-04-27",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.73% is 2.25 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "SKYLINE TERRACE APARTMENTS",
      "address": "",
      "city": "BOONE",
      "state": "NC",
      "zip": "28607",
      "units": 184,
      "originalAmount": 21760000,
      "rate": 2.73,
      "originationDate": "2021-07-08",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "WEST VILLAGE APARTMENTS",
      "address": "",
      "city": "PHILADELPHIA",
      "state": "PA",
      "zip": "19139",
      "units": 86,
      "originalAmount": 21305500,
      "rate": 2.73,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "BETHEL ESTATES",
      "address": "",
      "city": "HAMBURG",
      "state": "NY",
      "zip": "14075",
      "units": 262,
      "originalAmount": 18700000,
      "rate": 2.73,
      "originationDate": "2022-01-24",
      "pmmsBenchmark": 3.445,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "HUDSON PIERS REHAB PHASE II",
      "address": "",
      "city": "NEW YORK",
      "state": "NY",
      "zip": "10031",
      "units": 83,
      "originalAmount": 18460800,
      "rate": 2.73,
      "originationDate": "2020-12-17",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CLEARWATER HEALTHCARE CENTER",
      "address": "",
      "city": "STOCKTON",
      "state": "CA",
      "zip": "95210",
      "units": 66,
      "originalAmount": 17432000,
      "rate": 2.73,
      "originationDate": "2021-10-21",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "WALKWAY UPTOWN APARTMENTS",
      "address": "",
      "city": "MINNEAPOLIS",
      "state": "MN",
      "zip": "55408",
      "units": 92,
      "originalAmount": 15850000,
      "rate": 2.73,
      "originationDate": "2012-10-25",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "Redmill Landing Apartments",
      "address": "",
      "city": "VIRGINIA BEACH",
      "state": "VA",
      "zip": "23456",
      "units": 96,
      "originalAmount": 15840000,
      "rate": 2.73,
      "originationDate": "2021-06-09",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "PINE GARDENS",
      "address": "",
      "city": "BROCKTON",
      "state": "MA",
      "zip": "02301",
      "units": 120,
      "originalAmount": 15288300,
      "rate": 2.73,
      "originationDate": "2022-04-14",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.73% is 2.25 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "Piazza on West Pine  Phase II",
      "address": "",
      "city": "ST. LOUIS",
      "state": "MO",
      "zip": "63108",
      "units": 95,
      "originalAmount": 14880000,
      "rate": 2.73,
      "originationDate": "2021-06-16",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "CHARLESTON  LLC",
      "address": "",
      "city": "CHARLESTON",
      "state": "SC",
      "zip": "29406",
      "units": 148,
      "originalAmount": 13507000,
      "rate": 2.73,
      "originationDate": "2011-12-16",
      "pmmsBenchmark": 3.958,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.73% is 1.23 pts below the 2011-12 market avg of 3.958%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "BANNING VILLA APARTMENTS",
      "address": "",
      "city": "WILMINGTON",
      "state": "CA",
      "zip": "90744",
      "units": 90,
      "originalAmount": 11911600,
      "rate": 2.73,
      "originationDate": "2013-06-12",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.73% is 1.34 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "GREYSTONE SERVICING COMPANY LL"
    },
    {
      "property": "OAKLEAF VILLAGE COLUMBUS",
      "address": "",
      "city": "COLUMBUS",
      "state": "OH",
      "zip": "43229",
      "units": 157,
      "originalAmount": 11761700,
      "rate": 2.73,
      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "LIFE CARE CENTER OF JACKSONVILLE",
      "address": "",
      "city": "JACKSONVILLE",
      "state": "FL",
      "zip": "32216",
      "units": 120,
      "originalAmount": 11654800,
      "rate": 2.73,
      "originationDate": "2011-12-28",
      "pmmsBenchmark": 3.958,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.73% is 1.23 pts below the 2011-12 market avg of 3.958%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "RIVIERA PALMS REHABILITATION CENTER",
      "address": "",
      "city": "PALMETTO",
      "state": "FL",
      "zip": "34221",
      "units": 120,
      "originalAmount": 11648500,
      "rate": 2.73,
      "originationDate": "2012-05-16",
      "pmmsBenchmark": 3.798,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.73% is 1.07 pts below the 2012-05 market avg of 3.798%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "OAKWOOD HEALTHCARE & REHAB CENTER",
      "address": "",
      "city": "PHILADELPHIA",
      "state": "PA",
      "zip": "19115",
      "units": 209,
      "originalAmount": 11500000,
      "rate": 2.73,
      "originationDate": "2013-03-21",
      "pmmsBenchmark": 3.565,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.73% is 0.83 pts below the 2013-03 market avg of 3.565%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "LIFECARE22-HERITAGE CENTER MORRISTOWN",
      "address": "",
      "city": "MORRISTOWN",
      "state": "TN",
      "zip": "37814",
      "units": 197,
      "originalAmount": 11399800,
      "rate": 2.73,
      "originationDate": "2011-05-18",
      "pmmsBenchmark": 4.637,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.73% is 1.91 pts below the 2011-05 market avg of 4.637%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "LIFE CARE CENTER OF ORLANDO",
      "address": "",
      "city": "ORLANDO",
      "state": "FL",
      "zip": "32817",
      "units": 120,
      "originalAmount": 10599400,
      "rate": 2.73,
      "originationDate": "2011-12-28",
      "pmmsBenchmark": 3.958,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.73% is 1.23 pts below the 2011-12 market avg of 3.958%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "MCGUFFEY HEALTHCARE CENTER",
      "address": "",
      "city": "GADSDEN",
      "state": "AL",
      "zip": "35901",
      "units": 209,
      "originalAmount": 9982900,
      "rate": 2.73,
      "originationDate": "2012-06-21",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.73% is 0.94 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "PEBBLE BROOK VILLAGE APARTMENTS",
      "address": "",
      "city": "KERMAN",
      "state": "CA",
      "zip": "93630",
      "units": 82,
      "originalAmount": 9792100,
      "rate": 2.73,
      "originationDate": "2020-07-31",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "EASTGATE APARTMENTS",
      "address": "",
      "city": "NEWNAN",
      "state": "GA",
      "zip": "30263",
      "units": 96,
      "originalAmount": 9420000,
      "rate": 2.73,
      "originationDate": "2020-12-18",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "LIFE CARE CENTER OF ESTERO",
      "address": "",
      "city": "ESTERO",
      "state": "FL",
      "zip": "33928",
      "units": 155,
      "originalAmount": 9376600,
      "rate": 2.73,
      "originationDate": "2011-12-28",
      "pmmsBenchmark": 3.958,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.73% is 1.23 pts below the 2011-12 market avg of 3.958%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "PRINCETON TERRACE",
      "address": "",
      "city": "GREENSBORO",
      "state": "NC",
      "zip": "27406",
      "units": 144,
      "originalAmount": 9256800,
      "rate": 2.73,
      "originationDate": "2020-08-27",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "FRIENDSHIP GARDEN",
      "address": "",
      "city": "HOWELL",
      "state": "NJ",
      "zip": "07731",
      "units": 100,
      "originalAmount": 9091500,
      "rate": 2.73,
      "originationDate": "2022-04-14",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.73% is 2.25 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SANCTUARY AT WILMINGTON PLACE",
      "address": "",
      "city": "DAYTON",
      "state": "OH",
      "zip": "45420",
      "units": 188,
      "originalAmount": 8416600,
      "rate": 2.73,
      "originationDate": "2020-07-31",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "REALIFE COOP OF BURNSVILLE",
      "address": "",
      "city": "BURNSVILLE",
      "state": "MN",
      "zip": "55337",
      "units": 119,
      "originalAmount": 8008400,
      "rate": 2.73,
      "originationDate": "2011-11-30",
      "pmmsBenchmark": 3.993,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.73% is 1.26 pts below the 2011-11 market avg of 3.993%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "FARVIEW APARTMENTS",
      "address": "",
      "city": "THOMASTON",
      "state": "GA",
      "zip": "30286",
      "units": 100,
      "originalAmount": 7980000,
      "rate": 2.73,
      "originationDate": "2020-12-18",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "PASEO POINTS APARTMENTS",
      "address": "",
      "city": "LOS FRESNOS",
      "state": "TX",
      "zip": "78566",
      "units": 208,
      "originalAmount": 7439700,
      "rate": 2.73,
      "originationDate": "2013-10-22",
      "pmmsBenchmark": 4.192,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.73% is 1.46 pts below the 2013-10 market avg of 4.192%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "LIFE CARE CENTER OF HENDERSONVILLE",
      "address": "",
      "city": "HENDERSONVILLE",
      "state": "NC",
      "zip": "28792",
      "units": 80,
      "originalAmount": 6965600,
      "rate": 2.73,
      "originationDate": "2011-12-28",
      "pmmsBenchmark": 3.958,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.73% is 1.23 pts below the 2011-12 market avg of 3.958%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "Las Palmas Villa Apartments",
      "address": "",
      "city": "EAGLE PASS",
      "state": "TX",
      "zip": "78852",
      "units": 64,
      "originalAmount": 6850000,
      "rate": 2.73,
      "originationDate": "2021-07-16",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "FOX RUN",
      "address": "",
      "city": "COUNCIL BLUFFS",
      "state": "IA",
      "zip": "51501",
      "units": 66,
      "originalAmount": 6668500,
      "rate": 2.73,
      "originationDate": "2014-12-18",
      "pmmsBenchmark": 3.864,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.73% is 1.13 pts below the 2014-12 market avg of 3.864%"
      ],
      "holder": "BLUEPRINT REAL ESTATE CAPITAL"
    },
    {
      "property": "LIFE CARE CENTER OF EVERGREEN",
      "address": "",
      "city": "EVERGREEN",
      "state": "CO",
      "zip": "80439",
      "units": 120,
      "originalAmount": 6653500,
      "rate": 2.73,
      "originationDate": "2011-06-23",
      "pmmsBenchmark": 4.51,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.73% is 1.78 pts below the 2011-06 market avg of 4.51%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "AMBLESIDE TOWER",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44106",
      "units": 202,
      "originalAmount": 6262300,
      "rate": 2.73,
      "originationDate": "2021-01-27",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SKAGIT VALLEY CONVALESCENT CTR",
      "address": "",
      "city": "SEDRO WOOLLEY",
      "state": "WA",
      "zip": "98284",
      "units": 128,
      "originalAmount": 6006400,
      "rate": 2.73,
      "originationDate": "2011-03-29",
      "pmmsBenchmark": 4.836,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.73% is 2.11 pts below the 2011-03 market avg of 4.836%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "LIFECARE23-KENNEWICK  LLC",
      "address": "",
      "city": "KENNEWICK",
      "state": "WA",
      "zip": "99336",
      "units": 120,
      "originalAmount": 5454300,
      "rate": 2.73,
      "originationDate": "2011-05-19",
      "pmmsBenchmark": 4.637,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.73% is 1.91 pts below the 2011-05 market avg of 4.637%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "THE PARKE ASSISTED LIVING",
      "address": "",
      "city": "TULSA",
      "state": "OK",
      "zip": "74133",
      "units": 61,
      "originalAmount": 5320000,
      "rate": 2.73,
      "originationDate": "2021-09-15",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "LIFECARE23-LCC LYNCHBURG",
      "address": "",
      "city": "LYNCHBURG",
      "state": "TN",
      "zip": "37352",
      "units": 88,
      "originalAmount": 4175900,
      "rate": 2.73,
      "originationDate": "2011-05-19",
      "pmmsBenchmark": 4.637,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.73% is 1.91 pts below the 2011-05 market avg of 4.637%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "PARALYZED VETERAN OF AMERICA",
      "address": "",
      "city": "OMAHA",
      "state": "NE",
      "zip": "68134",
      "units": 64,
      "originalAmount": 3223900,
      "rate": 2.73,
      "originationDate": "2012-11-30",
      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CORVALIS CARING PLACE",
      "address": "",
      "city": "CORVALLIS",
      "state": "OR",
      "zip": "97330",
      "units": 42,
      "originalAmount": 3119900,
      "rate": 2.73,
      "originationDate": "2014-05-13",
      "pmmsBenchmark": 4.192,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.73% is 1.46 pts below the 2014-05 market avg of 4.192%"
      ],
      "holder": "ZIEGLER FINANCING CORP"
    },
    {
      "property": "BELLEWOOD COURTS AND BELLEWOOD",
      "address": "",
      "city": "BELLEVUE",
      "state": "NE",
      "zip": "68005",
      "units": 84,
      "originalAmount": 2493300,
      "rate": 2.73,
      "originationDate": "2013-11-20",
      "pmmsBenchmark": 4.255,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.73% is 1.52 pts below the 2013-11 market avg of 4.255%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "TERRACE HILLS APARTMENTS",
      "address": "",
      "city": "ATCHISON",
      "state": "KS",
      "zip": "66002",
      "units": 54,
      "originalAmount": 990000,
      "rate": 2.73,
      "originationDate": "2014-11-21",
      "pmmsBenchmark": 3.998,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.73% is 1.27 pts below the 2014-11 market avg of 3.998%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "LUCAS PLACE LOFTS",
      "address": "",
      "city": "KANSAS CITY",
      "state": "MO",
      "zip": "64105",
      "units": 130,
      "originalAmount": 20453000,
      "rate": 2.735,
      "originationDate": "2012-10-11",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "CHIPPINGTON TOWERS I AND II",
      "address": "",
      "city": "MADISON",
      "state": "TN",
      "zip": "37115",
      "units": 425,
      "originalAmount": 60000000,
      "rate": 2.74,
      "originationDate": "2021-10-27",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "GRANITE MOUNTAIN APARTMENTS",
      "address": "",
      "city": "PRESCOTT VALLEY",
      "state": "AZ",
      "zip": "86314",
      "units": 198,
      "originalAmount": 46710200,
      "rate": 2.74,
      "originationDate": "2021-11-15",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "HAWKINS CROSSING",
      "address": "",
      "city": "LONGVIEW",
      "state": "TX",
      "zip": "75605",
      "units": 272,
      "originalAmount": 43783600,
      "rate": 2.74,
      "originationDate": "2021-10-07",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "THE FRED APARTMENTS HOMES",
      "address": "",
      "city": "FREDERICK",
      "state": "MD",
      "zip": "21702",
      "units": 240,
      "originalAmount": 35500000,
      "rate": 2.74,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "RENAISSANCE APARTMENTS",
      "address": "",
      "city": "WILMINGTON",
      "state": "NC",
      "zip": "28405",
      "units": 198,
      "originalAmount": 34963300,
      "rate": 2.74,
      "originationDate": "2020-11-19",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "Colonel Lovell's Gate Apartment",
      "address": "",
      "city": "WEYMOUTH",
      "state": "MA",
      "zip": "02189",
      "units": 176,
      "originalAmount": 32960000,
      "rate": 2.74,
      "originationDate": "2021-06-18",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "MONTE SANO TERRACE",
      "address": "",
      "city": "HUNTSVILLE",
      "state": "AL",
      "zip": "35801",
      "units": 324,
      "originalAmount": 29440000,
      "rate": 2.74,
      "originationDate": "2021-08-23",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "ADIRA AT RIVERSIDE RAHABILITATION AND NURSING",
      "address": "",
      "city": "YONKERS",
      "state": "NY",
      "zip": "10701",
      "units": 186,
      "originalAmount": 24918800,
      "rate": 2.74,
      "originationDate": "2021-03-05",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "DANIEL J. FLOOD TOWER",
      "address": "",
      "city": "KINGSTON",
      "state": "PA",
      "zip": "18704",
      "units": 210,
      "originalAmount": 23000000,
      "rate": 2.74,
      "originationDate": "2020-09-30",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SUMMERHILL GLEN",
      "address": "",
      "city": "MAYNARD",
      "state": "MA",
      "zip": "01754",
      "units": 120,
      "originalAmount": 22160000,
      "rate": 2.74,
      "originationDate": "2022-03-17",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.74% is 1.43 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "NORTHRIDGE APARTMENTS",
      "address": "",
      "city": "ROCHESTER HILLS",
      "state": "MI",
      "zip": "48307",
      "units": 305,
      "originalAmount": 18000000,
      "rate": 2.74,
      "originationDate": "2012-08-21",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.74% is 0.86 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "GREYSTONE SERVICING COMPANY LL"
    },
    {
      "property": "MIRABELLA APARTMENTS",
      "address": "",
      "city": "McALLEN",
      "state": "TX",
      "zip": "78504",
      "units": 177,
      "originalAmount": 17251700,
      "rate": 2.74,
      "originationDate": "2020-12-17",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "LYNDALE PLAZA APARTMENTS",
      "address": "",
      "city": "RICHFIELD",
      "state": "MN",
      "zip": "55423",
      "units": 94,
      "originalAmount": 11107200,
      "rate": 2.74,
      "originationDate": "2013-12-17",
      "pmmsBenchmark": 4.457,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.74% is 1.72 pts below the 2013-12 market avg of 4.457%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "MAPLEWOOD PARK APARTMENTS",
      "address": "",
      "city": "MANASSAS",
      "state": "VA",
      "zip": "20111",
      "units": 144,
      "originalAmount": 11102400,
      "rate": 2.74,
      "originationDate": "2014-03-18",
      "pmmsBenchmark": 4.343,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.74% is 1.60 pts below the 2014-03 market avg of 4.343%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SABRA-WOLFEBORO BAY CENTER",
      "address": "",
      "city": "WOLFEBORO",
      "state": "NH",
      "zip": "03894",
      "units": 104,
      "originalAmount": 10646600,
      "rate": 2.74,
      "originationDate": "2015-09-29",
      "pmmsBenchmark": 3.89,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.74% is 1.15 pts below the 2015-09 market avg of 3.89%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "VILLAGE COOPERATIVE OF LAWRENCE",
      "address": "",
      "city": "LAWRENCE",
      "state": "KS",
      "zip": "66049",
      "units": 52,
      "originalAmount": 9552800,
      "rate": 2.74,
      "originationDate": "2020-12-18",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "JAMESTOWN SQUARE OF WASHINGTON",
      "address": "",
      "city": "WASHINGTON",
      "state": "IN",
      "zip": "47501",
      "units": 150,
      "originalAmount": 8730000,
      "rate": 2.74,
      "originationDate": "2020-04-16",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "HENRIETTA LACKS VILLAGE II",
      "address": "",
      "city": "DUNDALK",
      "state": "MD",
      "zip": "21222",
      "units": 90,
      "originalAmount": 7890000,
      "rate": 2.74,
      "originationDate": "2020-12-17",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "RUSTIC OAKS APARTMENTS",
      "address": "",
      "city": "OAK FOREST",
      "state": "IL",
      "zip": "60452",
      "units": 144,
      "originalAmount": 6950000,
      "rate": 2.74,
      "originationDate": "2012-06-21",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.74% is 0.93 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "OAK RIDGE ASSISTED LIVING",
      "address": "",
      "city": "HASTINGS",
      "state": "MN",
      "zip": "55033",
      "units": 134,
      "originalAmount": 6355000,
      "rate": 2.74,
      "originationDate": "2017-03-08",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.74% is 1.46 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "PRAIRIE ESTATES TOWNHOMES",
      "address": "",
      "city": "INVER GROVE HEIGHTS",
      "state": "MN",
      "zip": "55076",
      "units": 40,
      "originalAmount": 6202000,
      "rate": 2.74,
      "originationDate": "2021-02-26",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "COLEMAN HOUSE",
      "address": "",
      "city": "NORTHBOROUGH",
      "state": "MA",
      "zip": "01532",
      "units": 67,
      "originalAmount": 5736800,
      "rate": 2.74,
      "originationDate": "2014-02-28",
      "pmmsBenchmark": 4.303,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.74% is 1.56 pts below the 2014-02 market avg of 4.303%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "TREMONT APARTMENTS",
      "address": "",
      "city": "KILLEEN",
      "state": "TX",
      "zip": "76542",
      "units": 112,
      "originalAmount": 5601000,
      "rate": 2.74,
      "originationDate": "2022-04-28",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.74% is 2.24 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "LANGDON PLACE OF NASHUA",
      "address": "",
      "city": "NASHUA",
      "state": "NH",
      "zip": "03062",
      "units": 95,
      "originalAmount": 5450000,
      "rate": 2.74,
      "originationDate": "2015-09-29",
      "pmmsBenchmark": 3.89,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.74% is 1.15 pts below the 2015-09 market avg of 3.89%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "GRACE LIVING CENTER EL RENO",
      "address": "",
      "city": "EL RENO",
      "state": "OK",
      "zip": "73036",
      "units": 98,
      "originalAmount": 4764100,
      "rate": 2.74,
      "originationDate": "2014-09-17",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.74% is 1.42 pts below the 2014-09 market avg of 4.162%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BRIGHTON PLACE APARTMENTS",
      "address": "",
      "city": "CHARLOTTE",
      "state": "NC",
      "zip": "28226",
      "units": 49,
      "originalAmount": 4200000,
      "rate": 2.74,
      "originationDate": "2022-03-24",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.74% is 1.43 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LONGFELLOW SCHOOL APARTMENTS",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44110",
      "units": 80,
      "originalAmount": 3632100,
      "rate": 2.74,
      "originationDate": "2021-12-15",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "REDWOOD BRUNSWICK I",
      "address": "",
      "city": "BRUNSWICK",
      "state": "OH",
      "zip": "44212",
      "units": 54,
      "originalAmount": 3469400,
      "rate": 2.74,
      "originationDate": "2020-06-25",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PINE WAY TOWNHOMES",
      "address": "",
      "city": "LUDINGTON",
      "state": "MI",
      "zip": "49431",
      "units": 56,
      "originalAmount": 1999300,
      "rate": 2.74,
      "originationDate": "2020-10-27",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "MEADOWS AT BENTLEY DRIVE APTS",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78218",
      "units": 208,
      "originalAmount": 6916500,
      "rate": 2.745,
      "originationDate": "2013-01-18",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SOUTH SIDE ON LAMAR",
      "address": "",
      "city": "DALLAS",
      "state": "TX",
      "zip": "75215",
      "units": 452,
      "originalAmount": 70000000,
      "rate": 2.75,
      "originationDate": "2021-03-22",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "FIRST AMERICAN CAPITAL GROUP C"
    },
    {
      "property": "MERIDIAN AT STANFORD RANCH",
      "address": "",
      "city": "ROCKLIN",
      "state": "CA",
      "zip": "95765",
      "units": 452,
      "originalAmount": 58572200,
      "rate": 2.75,
      "originationDate": "2020-05-27",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "Mi-Place at West Rancocas",
      "address": "",
      "city": "Mount Holly",
      "state": "NJ",
      "zip": "08060",
      "units": 233,
      "originalAmount": 41788000,
      "rate": 2.75,
      "originationDate": "2021-06-29",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "VERA IN ODESSA",
      "address": "",
      "city": "ODESSA",
      "state": "TX",
      "zip": "79765",
      "units": 288,
      "originalAmount": 36430200,
      "rate": 2.75,
      "originationDate": "2020-10-01",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "HORIZON POINTE APARTMENTS",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78244",
      "units": 312,
      "originalAmount": 35000000,
      "rate": 2.75,
      "originationDate": "2021-10-21",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "MOUNTAIN VIEW TERRACE",
      "address": "",
      "city": "STONEHAM",
      "state": "MA",
      "zip": "02180",
      "units": 194,
      "originalAmount": 32750000,
      "rate": 2.75,
      "originationDate": "2020-07-20",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "VINTAGE CLEVELAND (fka GEORGETOWN PLACE)",
      "address": "",
      "city": "CLEVELAND",
      "state": "TN",
      "zip": "37312",
      "units": 216,
      "originalAmount": 31568100,
      "rate": 2.75,
      "originationDate": "2021-09-29",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "THE FOUNDRY AT EDDY STREET COMMONS",
      "address": "",
      "city": "SOUTH BEND",
      "state": "IN",
      "zip": "46617",
      "units": 266,
      "originalAmount": 30707000,
      "rate": 2.75,
      "originationDate": "2012-12-18",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "BELMERE APARTMENTS",
      "address": "",
      "city": "HOUMA",
      "state": "LA",
      "zip": "70360",
      "units": 249,
      "originalAmount": 28551200,
      "rate": 2.75,
      "originationDate": "2020-12-16",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "North Woods at the Four Seasons",
      "address": "",
      "city": "CHARLOTTESVILLE",
      "state": "VA",
      "zip": "22901",
      "units": 310,
      "originalAmount": 27446000,
      "rate": 2.75,
      "originationDate": "2021-06-30",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE MEADOWS AT DUNKIRK",
      "address": "",
      "city": "AURORA",
      "state": "CO",
      "zip": "80019",
      "units": 204,
      "originalAmount": 25852200,
      "rate": 2.75,
      "originationDate": "2014-03-28",
      "pmmsBenchmark": 4.343,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 1.59 pts below the 2014-03 market avg of 4.343%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "MAINSTREET AT RIVER RANCH",
      "address": "",
      "city": "LAFAYETTE",
      "state": "LA",
      "zip": "70508",
      "units": 173,
      "originalAmount": 23256200,
      "rate": 2.75,
      "originationDate": "2012-09-27",
      "pmmsBenchmark": 3.498,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "PARAM APARTMENTS",
      "address": "",
      "city": "VILLA PARK",
      "state": "IL",
      "zip": "60181",
      "units": 320,
      "originalAmount": 23000000,
      "rate": 2.75,
      "originationDate": "2021-04-22",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHPOINT CAPITAL LLC"
    },
    {
      "property": "LAKE HIGHLANDS TOWN CENTER",
      "address": "",
      "city": "DALLAS",
      "state": "TX",
      "zip": "75231",
      "units": 200,
      "originalAmount": 23000000,
      "rate": 2.75,
      "originationDate": "2012-08-03",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 0.85 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "TUSCANY HILLS APARTMENT HOMES",
      "address": "",
      "city": "MORENO VALLEY",
      "state": "CA",
      "zip": "92557",
      "units": 144,
      "originalAmount": 23000000,
      "rate": 2.75,
      "originationDate": "2021-07-22",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "THE FARM AT GHOLSTON HILL - PHASE I",
      "address": "",
      "city": "COLUMBIA",
      "state": "TN",
      "zip": "38401",
      "units": 192,
      "originalAmount": 22684900,
      "rate": 2.75,
      "originationDate": "2021-09-20",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "BURBANK APARTMENTS",
      "address": "",
      "city": "BOSTON",
      "state": "MA",
      "zip": "02108",
      "units": 173,
      "originalAmount": 21000000,
      "rate": 2.75,
      "originationDate": "2013-03-28",
      "pmmsBenchmark": 3.565,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 0.81 pts below the 2013-03 market avg of 3.565%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WHIPPLE CREEK VILLAGE APARTMENTS",
      "address": "",
      "city": "RIDGEFILED",
      "state": "WA",
      "zip": "98642",
      "units": 114,
      "originalAmount": 20728000,
      "rate": 2.75,
      "originationDate": "2020-04-30",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "KNOLLS ASSISTED LIVING",
      "address": "",
      "city": "LINCOLN",
      "state": "NE",
      "zip": "68512",
      "units": 160,
      "originalAmount": 19876500,
      "rate": 2.75,
      "originationDate": "2016-12-21",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 1.45 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "CONTINUING HEALTHCARE AT THE RIDGE AND VISTA CENTER AT VISTA CEN",
      "address": "",
      "city": "MINERAL RIDGE",
      "state": "OH",
      "zip": "44440",
      "units": 308,
      "originalAmount": 18720000,
      "rate": 2.75,
      "originationDate": "2019-11-15",
      "pmmsBenchmark": 3.695,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 0.94 pts below the 2019-11 market avg of 3.695%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "TREE APARTMENTS",
      "address": "",
      "city": "MCALLEN",
      "state": "TX",
      "zip": "78501",
      "units": 152,
      "originalAmount": 17611900,
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      "originationDate": "2020-11-30",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "THE AMALFI",
      "address": "",
      "city": "CLEARWATER",
      "state": "FL",
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      "originalAmount": 17600000,
      "rate": 2.75,
      "originationDate": "2022-02-18",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 1.01 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "KATZMAN FAMILY CENTER FOR LIVING",
      "address": "",
      "city": "CHELSEA",
      "state": "MA",
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      "originalAmount": 17578000,
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      "pmmsBenchmark": 2.963,
      "belowMarket": false,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "STRAFORD MANOR REHABILITATION & CARE CENTER",
      "address": "",
      "city": "WEST ORANGE",
      "state": "NJ",
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      "pmmsBenchmark": 3.803,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 1.05 pts below the 2019-06 market avg of 3.803%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "OSO BAY APARTMENTS",
      "address": "",
      "city": "CORPUS CHRISTI",
      "state": "TX",
      "zip": "78412",
      "units": 104,
      "originalAmount": 16400000,
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      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "WALDEN LAKEWOOD APARTMENTS",
      "address": "",
      "city": "PLANT CITY",
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      "zip": "33563",
      "units": 160,
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      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 2.23 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "COWAN PLACE SENIORS",
      "address": "",
      "city": "FORT WORTH",
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      "originationDate": "2021-09-16",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PARK SHORE COMMONS",
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      "city": "GARY",
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      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MARBELLA BAY",
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      "city": "BEAUMONT",
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      "pmmsBenchmark": 2.868,
      "belowMarket": false,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "Bentley Commons at Lynchburg",
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      "city": "LYNCHBURG",
      "state": "VA",
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      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CARNEGIE TOWER AT FAIRFAX",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44106",
      "units": 171,
      "originalAmount": 14070000,
      "rate": 2.75,
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      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "PARKSIDE VILLAGE APARTMENTS",
      "address": "",
      "city": "CLAYTON",
      "state": "NC",
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      "originalAmount": 13200000,
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      "originationDate": "2021-08-31",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "LAUREL PARK APTS",
      "address": "",
      "city": "ST LOUIS",
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      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
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        "Rate 2.75% is 1.15 pts below the 2017-10 market avg of 3.895%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "BEAVER VALLEY HEALTHCARE AND REHABILITATION",
      "address": "",
      "city": "BEAVER FALLS",
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      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 1.01 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "VALERIE MANOR",
      "address": "",
      "city": "TORRINGTON",
      "state": "CT",
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      "originalAmount": 11580400,
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      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "BRICKSTONE APARTMENTS ON MAIN",
      "address": "",
      "city": "SOUTH SALT LAKE",
      "state": "UT",
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      "originalAmount": 11297200,
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      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "RAINTREE APARTMENTS",
      "address": "",
      "city": "CLOVIS",
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      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "EMBREE EASTSIDE BY PALLADIUM",
      "address": "",
      "city": "GARLAND",
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      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "PINE ACRES HEALTHCARE & REHABILITATION CENTER",
      "address": "",
      "city": "MADISON",
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      "zip": "07940",
      "units": 154,
      "originalAmount": 11139500,
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      "pmmsBenchmark": 4.072,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 1.32 pts below the 2019-05 market avg of 4.072%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "ROSE GARDEN NURSING AND REHABILITATION CENTER",
      "address": "",
      "city": "TOMS RIVER",
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      "zip": "08755",
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      "originalAmount": 11077700,
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      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
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        "Rate 2.75% is 1.42 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "FIRST AMERICAN CAPITAL GROUP C"
    },
    {
      "property": "ALTA RIDGE SOUTH JORDAN",
      "address": "",
      "city": "SOUTH JORDAN",
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      "originalAmount": 10931900,
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      "pmmsBenchmark": 3.383,
      "belowMarket": false,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "THE GARDENS ON STADIUM APARTMENTS",
      "address": "",
      "city": "PHENIX CITY",
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      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "ROSE VALLEY APARTMENTS",
      "address": "",
      "city": "TYLER",
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      "zip": "75702",
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      "originalAmount": 9876300,
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      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ELK HILLS APARTMENTS PHASE II",
      "address": "",
      "city": "OMAHA",
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      "originationDate": "2020-07-24",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "MARION SQUARE APARTMENTS",
      "address": "",
      "city": "BROOKLINE",
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      "originalAmount": 9500000,
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      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "HENDERSON HEIGHTS APARTMENTS",
      "address": "",
      "city": "HENDERSONVILLE",
      "state": "NC",
      "zip": "28739",
      "units": 352,
      "originalAmount": 9500000,
      "rate": 2.75,
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      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "PRAIRIE CREEK",
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      "city": "PLEASANT HILL",
      "state": "IA",
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      "units": 90,
      "originalAmount": 9120000,
      "rate": 2.75,
      "originationDate": "2021-03-22",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "ATHERTON WOODS APARTMENTS",
      "address": "",
      "city": "VANCOUVER",
      "state": "WA",
      "zip": "98661",
      "units": 102,
      "originalAmount": 8739200,
      "rate": 2.75,
      "originationDate": "2013-01-11",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "ENGLAND APARTMENTS",
      "address": "",
      "city": "ALEXANDRIA",
      "state": "LA",
      "zip": "71303",
      "units": 98,
      "originalAmount": 8700000,
      "rate": 2.75,
      "originationDate": "2021-12-09",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "ASHWOOD DOWNS APARTMENTS",
      "address": "",
      "city": "OLYMPIA",
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      "zip": "98502",
      "units": 96,
      "originalAmount": 8700000,
      "rate": 2.75,
      "originationDate": "2013-01-11",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "GOTHAM & DELMAR APARTMENTS",
      "address": "",
      "city": "ST. LOUIS",
      "state": "MO",
      "zip": "63112",
      "units": 72,
      "originalAmount": 8635100,
      "rate": 2.75,
      "originationDate": "2016-12-15",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 1.45 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "THE LUX",
      "address": "",
      "city": "WICHITA",
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      "originalAmount": 8180900,
      "rate": 2.75,
      "originationDate": "2022-02-15",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 1.01 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "ARTISAN AT SALADO CREEK APT",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78219",
      "units": 200,
      "originalAmount": 7992400,
      "rate": 2.75,
      "originationDate": "2012-11-27",
      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "THE MEMORY CARE RESIDENCES AT CREEKSTONE",
      "address": "",
      "city": "FAIRPORT",
      "state": "NY",
      "zip": "14450",
      "units": 112,
      "originalAmount": 7846500,
      "rate": 2.75,
      "originationDate": "2021-05-05",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "COUNTRY VILLA SEAL BEACH",
      "address": "",
      "city": "SEAL BEACH",
      "state": "CA",
      "zip": "90740",
      "units": 198,
      "originalAmount": 7838300,
      "rate": 2.75,
      "originationDate": "2012-07-30",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 0.80 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "REDWOOD WESTFIELD HAMILTON WAY",
      "address": "",
      "city": "Westfield",
      "state": "IN",
      "zip": "46074",
      "units": 46,
      "originalAmount": 7712000,
      "rate": 2.75,
      "originationDate": "2021-06-23",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HIDDEN OAKS",
      "address": "",
      "city": "BILOXI",
      "state": "MS",
      "zip": "39531",
      "units": 180,
      "originalAmount": 7551300,
      "rate": 2.75,
      "originationDate": "2012-10-23",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "MISSION DE LA CASA",
      "address": "",
      "city": "SAN JOSE",
      "state": "CA",
      "zip": "95121",
      "units": 163,
      "originalAmount": 7516000,
      "rate": 2.75,
      "originationDate": "2012-09-27",
      "pmmsBenchmark": 3.498,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CARRIAGE CREEK APARTMENTS",
      "address": "",
      "city": "RICHTON PARK",
      "state": "IL",
      "zip": "60471",
      "units": 226,
      "originalAmount": 6962700,
      "rate": 2.75,
      "originationDate": "2021-04-27",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "CAMBRIDGE HOUSE OF MARYVILLE",
      "address": "",
      "city": "MARYVILLE",
      "state": "IL",
      "zip": "62062",
      "units": 206,
      "originalAmount": 6915200,
      "rate": 2.75,
      "originationDate": "2018-04-26",
      "pmmsBenchmark": 4.467,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 1.72 pts below the 2018-04 market avg of 4.467%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "FAIRVIEW TERRACE APARTMENTS",
      "address": "",
      "city": "BRENHAM",
      "state": "TX",
      "zip": "77833",
      "units": 80,
      "originalAmount": 6870000,
      "rate": 2.75,
      "originationDate": "2021-10-13",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "NEW HORIZONS COOPERATIVE",
      "address": "",
      "city": "MADISON HEIGHTS",
      "state": "MI",
      "zip": "48071",
      "units": 126,
      "originalAmount": 6740800,
      "rate": 2.75,
      "originationDate": "2006-11-29",
      "pmmsBenchmark": 6.24,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 3.49 pts below the 2006-11 market avg of 6.24%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "BOGART LANDING",
      "address": "",
      "city": "SANDUSKY",
      "state": "OH",
      "zip": "44870",
      "units": 90,
      "originalAmount": 6543200,
      "rate": 2.75,
      "originationDate": "2012-01-30",
      "pmmsBenchmark": 3.915,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 1.17 pts below the 2012-01 market avg of 3.915%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "Corner Square Apartments",
      "address": "",
      "city": "Grand Junction",
      "state": "CO",
      "zip": "81505",
      "units": 48,
      "originalAmount": 6365700,
      "rate": 2.75,
      "originationDate": "2020-04-29",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "GLEN AT GROVE AL",
      "address": "",
      "city": "BRAINTREE",
      "state": "MA",
      "zip": "02184",
      "units": 65,
      "originalAmount": 6287000,
      "rate": 2.75,
      "originationDate": "2012-08-30",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 0.85 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "Ridgewood Estates",
      "address": "",
      "city": "Madawaska",
      "state": "ME",
      "zip": "04576",
      "units": 42,
      "originalAmount": 6250400,
      "rate": 2.75,
      "originationDate": "2021-07-01",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "RIVERVIEW MANOR",
      "address": "",
      "city": "PITTSBURGH",
      "state": "PA",
      "zip": "15212",
      "units": 99,
      "originalAmount": 6208000,
      "rate": 2.75,
      "originationDate": "2012-10-24",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HEARTLAND PARK",
      "address": "",
      "city": "MOLINE",
      "state": "IL",
      "zip": "61265",
      "units": 100,
      "originalAmount": 6143900,
      "rate": 2.75,
      "originationDate": "2022-03-31",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 1.42 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "ZION SENIOR COTTAGE",
      "address": "",
      "city": "ZION",
      "state": "IL",
      "zip": "60099",
      "units": 110,
      "originalAmount": 6093600,
      "rate": 2.75,
      "originationDate": "2013-05-31",
      "pmmsBenchmark": 3.536,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 0.79 pts below the 2013-05 market avg of 3.536%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "ABBINGTON MANOR ASSISTED LIVING",
      "address": "",
      "city": "LEHI",
      "state": "UT",
      "zip": "84043",
      "units": 79,
      "originalAmount": 6068700,
      "rate": 2.75,
      "originationDate": "2012-12-06",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "Crosswinds Residential Care",
      "address": "",
      "city": "FORT KENT",
      "state": "ME",
      "zip": "04743",
      "units": 41,
      "originalAmount": 5850200,
      "rate": 2.75,
      "originationDate": "2021-07-01",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CONTINUING HEALTHCARE OF LISBON & THE RENAISSANCE AT VISTA",
      "address": "",
      "city": "LISBON",
      "state": "OH",
      "zip": "44432",
      "units": 124,
      "originalAmount": 5680000,
      "rate": 2.75,
      "originationDate": "2019-11-15",
      "pmmsBenchmark": 3.695,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 0.94 pts below the 2019-11 market avg of 3.695%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "GARDEN VIEW OF LAFAYETTE",
      "address": "",
      "city": "LAFAYETTE",
      "state": "LA",
      "zip": "70508",
      "units": 68,
      "originalAmount": 5638200,
      "rate": 2.75,
      "originationDate": "2013-01-31",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SEVERANCE TOWER",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44118",
      "units": 191,
      "originalAmount": 5613600,
      "rate": 2.75,
      "originationDate": "2021-01-27",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HOMETOWN HARBOR",
      "address": "",
      "city": "MOLINE",
      "state": "IL",
      "zip": "61244",
      "units": 86,
      "originalAmount": 5474800,
      "rate": 2.75,
      "originationDate": "2022-03-29",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 1.42 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "AVALON HEALTH REHABILITAION CENTER PASCO",
      "address": "",
      "city": "PASCO",
      "state": "WA",
      "zip": "99301",
      "units": 108,
      "originalAmount": 5408000,
      "rate": 2.75,
      "originationDate": "2013-08-29",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 1.71 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "JEANNE D'ARC MANOR",
      "address": "",
      "city": "SAN JOSE",
      "state": "CA",
      "zip": "95112",
      "units": 87,
      "originalAmount": 5392700,
      "rate": 2.75,
      "originationDate": "2021-05-07",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "RIVER CLIFF APARTMENTS",
      "address": "",
      "city": "MILWAUKIE",
      "state": "OR",
      "zip": "97222",
      "units": 37,
      "originalAmount": 5280000,
      "rate": 2.75,
      "originationDate": "2020-08-21",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "FOOTHILLS APARTMENTS",
      "address": "",
      "city": "PORTLAND",
      "state": "OR",
      "zip": "97236",
      "units": 60,
      "originalAmount": 5250000,
      "rate": 2.75,
      "originationDate": "2020-08-21",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "MARION APARTMENTS",
      "address": "",
      "city": "MARION",
      "state": "OH",
      "zip": "43302",
      "units": 96,
      "originalAmount": 5114700,
      "rate": 2.75,
      "originationDate": "2013-02-27",
      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 0.78 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "NORTHVIEW",
      "address": "",
      "city": "ELLWOOD CITY",
      "state": "PA",
      "zip": "16117",
      "units": 135,
      "originalAmount": 4951000,
      "rate": 2.75,
      "originationDate": "2020-09-29",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "OLYMPIA TRANSITION CARE AND REHABILITATION",
      "address": "",
      "city": "OLYMPIA",
      "state": "WA",
      "zip": "98506",
      "units": 60,
      "originalAmount": 4936400,
      "rate": 2.75,
      "originationDate": "2021-05-26",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ZIEGLER FINANCING CORP"
    },
    {
      "property": "BERINGER PROPERTIES",
      "address": "",
      "city": "SPOKANE",
      "state": "WA",
      "zip": "99206",
      "units": 49,
      "originalAmount": 4840000,
      "rate": 2.75,
      "originationDate": "2021-08-31",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "ST AMBROSE MANOR",
      "address": "",
      "city": "PITTSBURGH",
      "state": "PA",
      "zip": "15212",
      "units": 101,
      "originalAmount": 4430000,
      "rate": 2.75,
      "originationDate": "2007-03-19",
      "pmmsBenchmark": 6.156,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 3.41 pts below the 2007-03 market avg of 6.156%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "WAUKEE FAMILY HOUSING",
      "address": "",
      "city": "WAUKEE",
      "state": "IA",
      "zip": "50263",
      "units": 90,
      "originalAmount": 4394500,
      "rate": 2.75,
      "originationDate": "2012-07-23",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 0.80 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "WESLEY BY THE BAY",
      "address": "",
      "city": "OCEAN CITY",
      "state": "NJ",
      "zip": "08226",
      "units": 60,
      "originalAmount": 4236700,
      "rate": 2.75,
      "originationDate": "2022-04-27",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 2.23 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "VISTA VERDE APARTMENTS",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78207",
      "units": 192,
      "originalAmount": 4074800,
      "rate": 2.75,
      "originationDate": "2013-02-27",
      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 0.78 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "WELCOME NURSING HOME",
      "address": "",
      "city": "OBERLIN",
      "state": "OH",
      "zip": "44074",
      "units": 153,
      "originalAmount": 3920800,
      "rate": 2.75,
      "originationDate": "2020-08-31",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "X-CALIBER CAPITAL LLC"
    },
    {
      "property": "POST RIDGE APARTMENTS",
      "address": "",
      "city": "PHENIX CITY",
      "state": "AL",
      "zip": "36869",
      "units": 152,
      "originalAmount": 3902000,
      "rate": 2.75,
      "originationDate": "2021-04-30",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "ST. PAUL TERRACE",
      "address": "",
      "city": "WHEELING",
      "state": "WV",
      "zip": "26003",
      "units": 64,
      "originalAmount": 3821600,
      "rate": 2.75,
      "originationDate": "2022-04-12",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 2.23 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "AMBERWOOD APTS",
      "address": "",
      "city": "FALLBROOK",
      "state": "CA",
      "zip": "92028",
      "units": 133,
      "originalAmount": 3817500,
      "rate": 2.75,
      "originationDate": "2011-12-21",
      "pmmsBenchmark": 3.958,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 1.21 pts below the 2011-12 market avg of 3.958%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "NEW SOUTHERN SENIOR CTR",
      "address": "",
      "city": "JACKSON",
      "state": "TN",
      "zip": "38301",
      "units": 84,
      "originalAmount": 3792700,
      "rate": 2.75,
      "originationDate": "2012-12-28",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "RIDGEVIEW APARTMENTS",
      "address": "",
      "city": "MT. PLEASANT",
      "state": "PA",
      "zip": "15666",
      "units": 58,
      "originalAmount": 3768700,
      "rate": 2.75,
      "originationDate": "2012-08-23",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 0.85 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "KEARSARGE PLACE",
      "address": "",
      "city": "ERIE",
      "state": "PA",
      "zip": "16509",
      "units": 40,
      "originalAmount": 3527300,
      "rate": 2.75,
      "originationDate": "2012-08-23",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 0.85 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "OAKWOOD GARDEN APARTMENTS",
      "address": "",
      "city": "TOLEDO",
      "state": "OH",
      "zip": "43615",
      "units": 168,
      "originalAmount": 3454400,
      "rate": 2.75,
      "originationDate": "2012-08-29",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 0.85 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "MEMORIAL HEIGHTS NURSING CENTER",
      "address": "",
      "city": "IDABEL",
      "state": "OK",
      "zip": "74745",
      "units": 55,
      "originalAmount": 3440000,
      "rate": 2.75,
      "originationDate": "2021-12-30",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SHALER OAKS",
      "address": "",
      "city": "PITTSBURGH",
      "state": "PA",
      "zip": "15223",
      "units": 49,
      "originalAmount": 3403000,
      "rate": 2.75,
      "originationDate": "2012-10-23",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "EAST TENNESSEE HOMES FOR ELDERLY",
      "address": "",
      "city": "VONORE",
      "state": "TN",
      "zip": "37885",
      "units": 78,
      "originalAmount": 3393400,
      "rate": 2.75,
      "originationDate": "2014-06-26",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 1.41 pts below the 2014-06 market avg of 4.162%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "BUCHANAN MANOR",
      "address": "",
      "city": "WHEATLAND",
      "state": "PA",
      "zip": "16161",
      "units": 40,
      "originalAmount": 3382400,
      "rate": 2.75,
      "originationDate": "2012-08-29",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 0.85 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "DECATUR VILLAGE",
      "address": "",
      "city": "PHILIPSBURG",
      "state": "PA",
      "zip": "16866",
      "units": 43,
      "originalAmount": 3380000,
      "rate": 2.75,
      "originationDate": "2012-08-22",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 0.85 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HATHAWAY COURT",
      "address": "",
      "city": "COVINGTON",
      "state": "KY",
      "zip": "41011",
      "units": 159,
      "originalAmount": 3280000,
      "rate": 2.75,
      "originationDate": "2013-03-08",
      "pmmsBenchmark": 3.565,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 0.81 pts below the 2013-03 market avg of 3.565%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "LEE MANOR APARTMENTS",
      "address": "",
      "city": "ATHENS",
      "state": "TN",
      "zip": "37303",
      "units": 90,
      "originalAmount": 3245000,
      "rate": 2.75,
      "originationDate": "2013-02-25",
      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 0.78 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "STAPLES-PAKE APARTMENTS",
      "address": "",
      "city": "MOBILE",
      "state": "AL",
      "zip": "36602",
      "units": 20,
      "originalAmount": 3105500,
      "rate": 2.75,
      "originationDate": "2021-07-20",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "CASTLE MANOR APARTMENTS",
      "address": "",
      "city": "CORPUS CHRISTI",
      "state": "TX",
      "zip": "78418",
      "units": 62,
      "originalAmount": 3000000,
      "rate": 2.75,
      "originationDate": "2013-08-29",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 1.71 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "SUNSET STATION",
      "address": "",
      "city": "PORTLAND",
      "state": "OR",
      "zip": "97225",
      "units": 30,
      "originalAmount": 2700000,
      "rate": 2.75,
      "originationDate": "2020-08-21",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "GREEN TREE APARTMENTS",
      "address": "",
      "city": "LA GRANDE",
      "state": "OR",
      "zip": "97850",
      "units": 64,
      "originalAmount": 2640000,
      "rate": 2.75,
      "originationDate": "2020-07-08",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "Mission Village of Pecos",
      "address": "",
      "city": "Pecos",
      "state": "TX",
      "zip": "79772",
      "units": 60,
      "originalAmount": 2466000,
      "rate": 2.75,
      "originationDate": "2021-06-11",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CASA EDAD DE ORO",
      "address": "",
      "city": "HARTFORD",
      "state": "CT",
      "zip": "06120",
      "units": 36,
      "originalAmount": 2442000,
      "rate": 2.75,
      "originationDate": "2007-05-23",
      "pmmsBenchmark": 6.262,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 3.51 pts below the 2007-05 market avg of 6.262%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "TIMBER RIDGE II",
      "address": "",
      "city": "LYNCHBURG",
      "state": "VA",
      "zip": "24502",
      "units": 72,
      "originalAmount": 2400000,
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      "originationDate": "2013-07-17",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 1.62 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "THE DURHAM APARTMENTS",
      "address": "",
      "city": "MANKATO",
      "state": "MN",
      "zip": "56001",
      "units": 41,
      "originalAmount": 2387000,
      "rate": 2.75,
      "originationDate": "2016-09-30",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "ROSE COMMONS",
      "address": "",
      "city": "VERNON",
      "state": "CT",
      "zip": "06066",
      "units": 31,
      "originalAmount": 2380500,
      "rate": 2.75,
      "originationDate": "2012-12-20",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "GATEWAY ACCESSIBLE HOUSING",
      "address": "",
      "city": "SAINT LOUIS",
      "state": "MO",
      "zip": "63138",
      "units": 40,
      "originalAmount": 2343700,
      "rate": 2.75,
      "originationDate": "2013-01-31",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "HOMAN SQUARE PHASE I",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60624",
      "units": 50,
      "originalAmount": 1999100,
      "rate": 2.75,
      "originationDate": "2013-01-17",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "St. Joseph's Memory Care",
      "address": "",
      "city": "FRENCHVILLE",
      "state": "ME",
      "zip": "04745",
      "units": 28,
      "originalAmount": 1984800,
      "rate": 2.75,
      "originationDate": "2021-07-01",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "FAIRGROUNDS ROAD APARTMENTS",
      "address": "",
      "city": "NATCHITOCHES",
      "state": "LA",
      "zip": "71457",
      "units": 50,
      "originalAmount": 1948800,
      "rate": 2.75,
      "originationDate": "2015-02-26",
      "pmmsBenchmark": 3.71,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 0.96 pts below the 2015-02 market avg of 3.71%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "MISSOURI ASSC OF THE DEAF APTS",
      "address": "",
      "city": "FULTON",
      "state": "MO",
      "zip": "65251",
      "units": 40,
      "originalAmount": 1933900,
      "rate": 2.75,
      "originationDate": "2013-08-30",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 1.71 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "APPLE RIDGE APARTMENTS",
      "address": "",
      "city": "ROCHESTER",
      "state": "NH",
      "zip": "03867",
      "units": 34,
      "originalAmount": 1880000,
      "rate": 2.75,
      "originationDate": "2022-01-26",
      "pmmsBenchmark": 3.445,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CENTURY ASSISTED LIVING",
      "address": "",
      "city": "CARBONDALE",
      "state": "IL",
      "zip": "62901",
      "units": 26,
      "originalAmount": 1609200,
      "rate": 2.75,
      "originationDate": "2012-12-13",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "OAKWOOD APARTMENT",
      "address": "",
      "city": "MEQUON",
      "state": "WI",
      "zip": "53092",
      "units": 41,
      "originalAmount": 1575000,
      "rate": 2.75,
      "originationDate": "2013-03-29",
      "pmmsBenchmark": 3.565,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 0.81 pts below the 2013-03 market avg of 3.565%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "MELVIN J. BATTLE APARTMENTS",
      "address": "",
      "city": "MILWAUKEE",
      "state": "WI",
      "zip": "53212",
      "units": 36,
      "originalAmount": 1562800,
      "rate": 2.75,
      "originationDate": "2013-02-28",
      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 0.78 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "LONE OAK MANOR APTS",
      "address": "",
      "city": "PADUCAH",
      "state": "KY",
      "zip": "42001",
      "units": 76,
      "originalAmount": 1548400,
      "rate": 2.75,
      "originationDate": "2012-10-30",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "20 FULTON 1",
      "address": "",
      "city": "GRAND RAPIDS",
      "state": "MI",
      "zip": "49503",
      "units": 23,
      "originalAmount": 1500000,
      "rate": 2.75,
      "originationDate": "2021-07-21",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "CHERRY CREEK VILLAGE APARTMENTS",
      "address": "",
      "city": "MARQUETTE",
      "state": "MI",
      "zip": "49855",
      "units": 32,
      "originalAmount": 1485400,
      "rate": 2.75,
      "originationDate": "2013-12-17",
      "pmmsBenchmark": 4.457,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 1.71 pts below the 2013-12 market avg of 4.457%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "20 FULTON 2",
      "address": "",
      "city": "GRAND RAPIDS",
      "state": "MI",
      "zip": "49503",
      "units": 23,
      "originalAmount": 1400000,
      "rate": 2.75,
      "originationDate": "2021-07-21",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "CALVARY GARDENS APARTMENTS",
      "address": "",
      "city": "MILWAUKEE",
      "state": "WI",
      "zip": "53206",
      "units": 71,
      "originalAmount": 1362600,
      "rate": 2.75,
      "originationDate": "2013-02-28",
      "pmmsBenchmark": 3.532,
      "belowMarket": true,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 0.78 pts below the 2013-02 market avg of 3.532%",
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "AUSTIN RENAISSANCE",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60644",
      "units": 71,
      "originalAmount": 1360000,
      "rate": 2.75,
      "originationDate": "2012-12-17",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "LODGE RUN APARTMENTS",
      "address": "",
      "city": "PORTAGE",
      "state": "PA",
      "zip": "15946",
      "units": 31,
      "originalAmount": 1251000,
      "rate": 2.75,
      "originationDate": "2021-03-29",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "BLUES FARM ESTATES APTS",
      "address": "",
      "city": "LAURINBURG",
      "state": "NC",
      "zip": "28352",
      "units": 56,
      "originalAmount": 1247500,
      "rate": 2.75,
      "originationDate": "2013-08-14",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.75% is 1.71 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "MONUMENTAL PRIDE HOMES",
      "address": "",
      "city": "MEMPHIS",
      "state": "TN",
      "zip": "38106",
      "units": 14,
      "originalAmount": 196000,
      "rate": 2.75,
      "originationDate": "2012-10-24",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE RESERVE AT BELVEDERE",
      "address": "",
      "city": "CHARLOTTESVILLE",
      "state": "VA",
      "zip": "22901",
      "units": 294,
      "originalAmount": 57840000,
      "rate": 2.76,
      "originationDate": "2020-03-31",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE RETREAT AT SPRING CREEK",
      "address": "",
      "city": "CLEVELAND",
      "state": "TN",
      "zip": "37311",
      "units": 311,
      "originalAmount": 31432000,
      "rate": 2.76,
      "originationDate": "2020-08-27",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "ICON APARTMENT HOMES AT FERGUSON FARM PHASE II",
      "address": "",
      "city": "BOZEMAN",
      "state": "MT",
      "zip": "59718",
      "units": 120,
      "originalAmount": 26015800,
      "rate": 2.76,
      "originationDate": "2020-12-17",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE PEAKS",
      "address": "",
      "city": "FLAGSTAFF",
      "state": "AZ",
      "zip": "86001",
      "units": 200,
      "originalAmount": 25760000,
      "rate": 2.76,
      "originationDate": "2015-10-20",
      "pmmsBenchmark": 3.796,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.76% is 1.04 pts below the 2015-10 market avg of 3.796%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "CEDAR LAKE APARTMENTS",
      "address": "",
      "city": "NORTHVILLE",
      "state": "MI",
      "zip": "48168",
      "units": 176,
      "originalAmount": 23929500,
      "rate": 2.76,
      "originationDate": "2018-10-03",
      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.76% is 2.07 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WEST SIDE CAMPUS OF CARE",
      "address": "",
      "city": "WHITE SETTLEMENT",
      "state": "TX",
      "zip": "76108",
      "units": 327,
      "originalAmount": 20320000,
      "rate": 2.76,
      "originationDate": "2021-04-27",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THRIVE JENKS",
      "address": "",
      "city": "JENKS",
      "state": "OK",
      "zip": "74037",
      "units": 168,
      "originalAmount": 18960000,
      "rate": 2.76,
      "originationDate": "2021-09-07",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "HERITAGE WOODS OF BATAVIA",
      "address": "",
      "city": "BATAVIA",
      "state": "IL",
      "zip": "60510",
      "units": 296,
      "originalAmount": 16949000,
      "rate": 2.76,
      "originationDate": "2020-05-15",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WINSTON FACTORY LOFTS",
      "address": "",
      "city": "WINSTON-SALEM",
      "state": "NC",
      "zip": "27101",
      "units": 85,
      "originalAmount": 16000000,
      "rate": 2.76,
      "originationDate": "2022-03-25",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.76% is 1.41 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE CENTER AT CORDERA",
      "address": "",
      "city": "COLORADO SPRINGS",
      "state": "CO",
      "zip": "80924",
      "units": 160,
      "originalAmount": 14929700,
      "rate": 2.76,
      "originationDate": "2020-10-21",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "Davenport-Dunbar Residences",
      "address": "",
      "city": "HAMDEN",
      "state": "CT",
      "zip": "06517",
      "units": 344,
      "originalAmount": 13777500,
      "rate": 2.76,
      "originationDate": "2021-07-14",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE CENTER AT CENTENNIAL",
      "address": "",
      "city": "COLORADO SPRINGS",
      "state": "CO",
      "zip": "80907",
      "units": 160,
      "originalAmount": 13410400,
      "rate": 2.76,
      "originationDate": "2020-10-21",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "THE JEFFREY",
      "address": "",
      "city": "COLUMBUS",
      "state": "OH",
      "zip": "43201",
      "units": 98,
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      "rate": 2.76,
      "originationDate": "2022-03-24",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.76% is 1.41 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "VANTAGE POINTE VILLAGE AT ASHLAND CITY",
      "address": "",
      "city": "ASHLAND CITY",
      "state": "TN",
      "zip": "37015",
      "units": 180,
      "originalAmount": 10644400,
      "rate": 2.76,
      "originationDate": "2020-04-22",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "FREEWAY REDEVELOPMENT",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90016",
      "units": 120,
      "originalAmount": 9600000,
      "rate": 2.76,
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      "pmmsBenchmark": 5.098,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.76% is 2.34 pts below the 2010-04 market avg of 5.098%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GREEN MEADOWS TOWNHOMES",
      "address": "",
      "city": "MACON",
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      "zip": "31206",
      "units": 120,
      "originalAmount": 9200000,
      "rate": 2.76,
      "originationDate": "2021-04-23",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "EASTERN AVENUE APARTMENTS",
      "address": "",
      "city": "SEAT PLEASANT",
      "state": "MD",
      "zip": "20743",
      "units": 88,
      "originalAmount": 7200000,
      "rate": 2.76,
      "originationDate": "2012-09-25",
      "pmmsBenchmark": 3.498,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "SAVE ISLAND COOPERATIVE HOMES",
      "address": "",
      "city": "BERKELEY",
      "state": "CA",
      "zip": "94703",
      "units": 57,
      "originalAmount": 7047700,
      "rate": 2.76,
      "originationDate": "2012-10-11",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "CLAYSVILLE LANDING",
      "address": "",
      "city": "ELIZABETHTOWN",
      "state": "KY",
      "zip": "42701",
      "units": 88,
      "originalAmount": 5733200,
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      "originationDate": "2012-09-28",
      "pmmsBenchmark": 3.498,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "COVE POINT",
      "address": "",
      "city": "DUNDALK",
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      "zip": "21222",
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      "originalAmount": 3950600,
      "rate": 2.76,
      "originationDate": "2013-01-29",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "THE RESERVE AT SANDSTONE RANCH I & II",
      "address": "",
      "city": "EL PASO",
      "state": "TX",
      "zip": "79934",
      "units": 396,
      "originalAmount": 40240000,
      "rate": 2.77,
      "originationDate": "2020-04-29",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "WOODMAN ARLETA APARTMENTS",
      "address": "",
      "city": "ARLETA",
      "state": "CA",
      "zip": "91331",
      "units": 104,
      "originalAmount": 34109900,
      "rate": 2.77,
      "originationDate": "2021-04-15",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "PALLADIUM WEST FRANCIS",
      "address": "",
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      "units": 240,
      "originalAmount": 31300000,
      "rate": 2.77,
      "originationDate": "2020-12-11",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "HAVEN APARTMENT HOMES",
      "address": "",
      "city": "VIRGINIA BEACH",
      "state": "VA",
      "zip": "23454",
      "units": 244,
      "originalAmount": 28937200,
      "rate": 2.77,
      "originationDate": "2020-12-21",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "THE VILLAGES REHABILITATION & NURSING CENTER",
      "address": "",
      "city": "LADY LAKE",
      "state": "FL",
      "zip": "32159",
      "units": 120,
      "originalAmount": 23000000,
      "rate": 2.77,
      "originationDate": "2018-05-30",
      "pmmsBenchmark": 4.586,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.77% is 1.82 pts below the 2018-05 market avg of 4.586%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "COLONIAL VILLAGE",
      "address": "",
      "city": "ARLINGTON",
      "state": "VA",
      "zip": "22201",
      "units": 162,
      "originalAmount": 22673400,
      "rate": 2.77,
      "originationDate": "2020-06-11",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "TWIN RIVER AT COLLIN CREEK",
      "address": "",
      "city": "PLANO",
      "state": "TX",
      "zip": "75075",
      "units": 136,
      "originalAmount": 21959500,
      "rate": 2.77,
      "originationDate": "2021-01-06",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "LIBERTY HILL APARTMENTS",
      "address": "",
      "city": "DRAPER",
      "state": "UT",
      "zip": "84020",
      "units": 246,
      "originalAmount": 20988800,
      "rate": 2.77,
      "originationDate": "2016-10-27",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "TWIN OAKS AT SOUTHWOOD",
      "address": "",
      "city": "TALLAHASSEE",
      "state": "FL",
      "zip": "32311",
      "units": 242,
      "originalAmount": 20160900,
      "rate": 2.77,
      "originationDate": "2021-02-11",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "MOUNTAIN SHADOWS APARTMENTS",
      "address": "",
      "city": "PALMDALE",
      "state": "CA",
      "zip": "93550",
      "units": 308,
      "originalAmount": 19200000,
      "rate": 2.77,
      "originationDate": "2005-12-22",
      "pmmsBenchmark": 6.272,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.77% is 3.50 pts below the 2005-12 market avg of 6.272%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "LIBERTY GATEWAY APARTMENTS",
      "address": "",
      "city": "SALT LAKE CITY",
      "state": "UT",
      "zip": "84101",
      "units": 160,
      "originalAmount": 18597600,
      "rate": 2.77,
      "originationDate": "2012-09-20",
      "pmmsBenchmark": 3.498,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SUNSET POINTE APARTME TS",
      "address": "",
      "city": "VAN NUYS",
      "state": "CA",
      "zip": "91402",
      "units": 292,
      "originalAmount": 17923500,
      "rate": 2.77,
      "originationDate": "2015-02-27",
      "pmmsBenchmark": 3.71,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.77% is 0.94 pts below the 2015-02 market avg of 3.71%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "THE FALLS AT 109",
      "address": "",
      "city": "LEBANON",
      "state": "TN",
      "zip": "37090",
      "units": 210,
      "originalAmount": 17774300,
      "rate": 2.77,
      "originationDate": "2020-05-27",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CAPITOL HILL HEALTHCARE CTR",
      "address": "",
      "city": "MONTGOMERY",
      "state": "AL",
      "zip": "36104",
      "units": 284,
      "originalAmount": 16147800,
      "rate": 2.77,
      "originationDate": "2012-06-21",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.77% is 0.90 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "COMAVEN HOUSING",
      "address": "",
      "city": "BOSTON",
      "state": "MA",
      "zip": "02134",
      "units": 89,
      "originalAmount": 13404000,
      "rate": 2.77,
      "originationDate": "2022-02-25",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.77% is 0.99 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "STONE VISTA APARTMENTS",
      "address": "",
      "city": "SHREVEPORT",
      "state": "LA",
      "zip": "71101",
      "units": 152,
      "originalAmount": 12200000,
      "rate": 2.77,
      "originationDate": "2020-12-09",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "HOLLYWOOD HOUSE APARTMENTS",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60660",
      "units": 198,
      "originalAmount": 11511100,
      "rate": 2.77,
      "originationDate": "2008-12-18",
      "pmmsBenchmark": 5.286,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.77% is 2.52 pts below the 2008-12 market avg of 5.286%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "VILLAGE COOP OF CEDAR RAPIDS",
      "address": "",
      "city": "CEDAR RAPIDS",
      "state": "IA",
      "zip": "52402",
      "units": 65,
      "originalAmount": 10350000,
      "rate": 2.77,
      "originationDate": "2012-12-19",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "SOUTHWEST POINTE APAPRTMENTS",
      "address": "",
      "city": "ARLETA",
      "state": "CA",
      "zip": "91331",
      "units": 161,
      "originalAmount": 9970100,
      "rate": 2.77,
      "originationDate": "2015-03-30",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.77% is 1.00 pts below the 2015-03 market avg of 3.77%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "CRESCENT RESIDENTIAL PROPERTIES Of WINDER",
      "address": "",
      "city": "WINDER",
      "state": "GA",
      "zip": "30680",
      "units": 282,
      "originalAmount": 9599800,
      "rate": 2.77,
      "originationDate": "2020-11-30",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "SUGAR LOAF SENIOR LIVING",
      "address": "",
      "city": "WINONA",
      "state": "MN",
      "zip": "55987",
      "units": 79,
      "originalAmount": 9003200,
      "rate": 2.77,
      "originationDate": "2016-02-25",
      "pmmsBenchmark": 3.66,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.77% is 0.89 pts below the 2016-02 market avg of 3.66%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "FOXWOOD APTS",
      "address": "",
      "city": "PANAMA CITY",
      "state": "FL",
      "zip": "32405",
      "units": 80,
      "originalAmount": 8612500,
      "rate": 2.77,
      "originationDate": "2015-04-28",
      "pmmsBenchmark": 3.672,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.77% is 0.90 pts below the 2015-04 market avg of 3.672%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ACADEMY POINTE",
      "address": "",
      "city": "NORTH HOLLYWOOD",
      "state": "CA",
      "zip": "91606",
      "units": 133,
      "originalAmount": 8118300,
      "rate": 2.77,
      "originationDate": "2015-02-27",
      "pmmsBenchmark": 3.71,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.77% is 0.94 pts below the 2015-02 market avg of 3.71%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "ROYAL GARDEN RIVERTON",
      "address": "",
      "city": "NORTH HOLLYWOOD",
      "state": "CA",
      "zip": "91606",
      "units": 114,
      "originalAmount": 7662200,
      "rate": 2.77,
      "originationDate": "2015-05-28",
      "pmmsBenchmark": 3.84,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.77% is 1.07 pts below the 2015-05 market avg of 3.84%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "NORTHERN HILLS ASSISTED LIVING",
      "address": "",
      "city": "SIOUX CITY",
      "state": "IA",
      "zip": "51104",
      "units": 64,
      "originalAmount": 6191900,
      "rate": 2.77,
      "originationDate": "2012-11-29",
      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "DAKOTA LOFTS",
      "address": "",
      "city": "SIOUX FALLS",
      "state": "SD",
      "zip": "57104",
      "units": 40,
      "originalAmount": 5760000,
      "rate": 2.77,
      "originationDate": "2021-07-22",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "SIERRA POINTE APARTMENTS",
      "address": "",
      "city": "RIALTO",
      "state": "CA",
      "zip": "92376",
      "units": 95,
      "originalAmount": 5660200,
      "rate": 2.77,
      "originationDate": "2015-05-28",
      "pmmsBenchmark": 3.84,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.77% is 1.07 pts below the 2015-05 market avg of 3.84%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "FAIRWAY RIDGE COOPERATIVE",
      "address": "",
      "city": "ROCHESTER",
      "state": "MN",
      "zip": "55905",
      "units": 52,
      "originalAmount": 5586600,
      "rate": 2.77,
      "originationDate": "2020-07-30",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "SALEM PARKWAY APARTMENTS",
      "address": "",
      "city": "SALEM",
      "state": "OR",
      "zip": "97301",
      "units": 116,
      "originalAmount": 4746800,
      "rate": 2.77,
      "originationDate": "2021-04-30",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "FOXWOOD APTS",
      "address": "",
      "city": "PANAMA CITY",
      "state": "FL",
      "zip": "32405",
      "units": 80,
      "originalAmount": 3383600,
      "rate": 2.77,
      "originationDate": "2015-04-28",
      "pmmsBenchmark": 3.672,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.77% is 0.90 pts below the 2015-04 market avg of 3.672%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "PLEASANT VIEW APARTMENTS",
      "address": "",
      "city": "CHARLOTTE",
      "state": "NC",
      "zip": "28227",
      "units": 85,
      "originalAmount": 3000000,
      "rate": 2.77,
      "originationDate": "2022-04-12",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.77% is 2.21 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SHADY GROVE APARTMENTS",
      "address": "",
      "city": "DERWOOD",
      "state": "MD",
      "zip": "20855",
      "units": 144,
      "originalAmount": 28700000,
      "rate": 2.773,
      "originationDate": "2021-12-15",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HOC-MORTGAGE FINANCE PROGRAM"
    },
    {
      "property": "GEORGIAN COURT",
      "address": "",
      "city": "SILVER SPRING",
      "state": "MD",
      "zip": "20906",
      "units": 147,
      "originalAmount": 17255000,
      "rate": 2.773,
      "originationDate": "2021-12-15",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HOC-MORTGAGE FINANCE PROGRAM"
    },
    {
      "property": "THE BERKLEIGH",
      "address": "",
      "city": "MIDDLE RIVER",
      "state": "MD",
      "zip": "21220",
      "units": 317,
      "originalAmount": 72608700,
      "rate": 2.78,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "MENORAH HOME",
      "address": "",
      "city": "BROOKLYN",
      "state": "NY",
      "zip": "11235",
      "units": 526,
      "originalAmount": 68624500,
      "rate": 2.78,
      "originationDate": "1999-02-24",
      "pmmsBenchmark": 6.808,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.78% is 4.03 pts below the 1999-02 market avg of 6.808%"
      ],
      "holder": "DORMITORY AUTHORITY STATE OF N"
    },
    {
      "property": "THE VIBE APARTMENTS",
      "address": "",
      "city": "FORT COLLINS",
      "state": "CO",
      "zip": "80528",
      "units": 276,
      "originalAmount": 50760600,
      "rate": 2.78,
      "originationDate": "2021-01-28",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "SOUTH VILLAGE I & II",
      "address": "",
      "city": "TRENTON",
      "state": "NJ",
      "zip": "08611",
      "units": 335,
      "originalAmount": 42500000,
      "rate": 2.78,
      "originationDate": "2014-11-07",
      "pmmsBenchmark": 3.998,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.78% is 1.22 pts below the 2014-11 market avg of 3.998%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "RAILWAY FLATS (PHASE II)",
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      "city": "LOVELAND",
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      "zip": "80538",
      "units": 180,
      "originalAmount": 41232000,
      "rate": 2.78,
      "originationDate": "2021-10-14",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "PLAZA AT PEARL CITY",
      "address": "",
      "city": "PEARL CITY",
      "state": "HI",
      "zip": "96782",
      "units": 158,
      "originalAmount": 39691900,
      "rate": 2.78,
      "originationDate": "2015-06-18",
      "pmmsBenchmark": 3.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.78% is 1.20 pts below the 2015-06 market avg of 3.982%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "BLUE RIDGE APARTMENT HOMES",
      "address": "",
      "city": "MIDLAND",
      "state": "TX",
      "zip": "79705",
      "units": 290,
      "originalAmount": 34386500,
      "rate": 2.78,
      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "COMMUNITY ARMS APARTMENTS",
      "address": "",
      "city": "PASADENA",
      "state": "CA",
      "zip": "91103",
      "units": 133,
      "originalAmount": 34000000,
      "rate": 2.78,
      "originationDate": "2020-08-27",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ROSE COMMUNITY CAPITAL, LLC"
    },
    {
      "property": "HUDSON OAKS SENIORS LIVING",
      "address": "",
      "city": "BRYAN",
      "state": "TX",
      "zip": "77802",
      "units": 177,
      "originalAmount": 30768900,
      "rate": 2.78,
      "originationDate": "2021-10-21",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE DISTRICT AT PARKCENTER",
      "address": "",
      "city": "BOISE",
      "state": "ID",
      "zip": "83706",
      "units": 287,
      "originalAmount": 30215200,
      "rate": 2.78,
      "originationDate": "2020-04-29",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "MANSFIELD MEADOWS APARTMENTS",
      "address": "",
      "city": "MANSFIELD",
      "state": "MA",
      "zip": "02048",
      "units": 170,
      "originalAmount": 17595500,
      "rate": 2.78,
      "originationDate": "2022-04-15",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.78% is 2.20 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "COVENTRY COVE APARTMENTS",
      "address": "",
      "city": "CLOVIS",
      "state": "CA",
      "zip": "93611",
      "units": 141,
      "originalAmount": 16094400,
      "rate": 2.78,
      "originationDate": "2022-01-27",
      "pmmsBenchmark": 3.445,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "BRIDLE PATH APARTMENTS",
      "address": "",
      "city": "RANDOLPH",
      "state": "MA",
      "zip": "02368",
      "units": 104,
      "originalAmount": 15240000,
      "rate": 2.78,
      "originationDate": "2022-04-20",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.78% is 2.20 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "THE HERITAGE",
      "address": "",
      "city": "FINDLAY",
      "state": "OH",
      "zip": "45840",
      "units": 187,
      "originalAmount": 15193400,
      "rate": 2.78,
      "originationDate": "2014-04-18",
      "pmmsBenchmark": 4.338,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.78% is 1.56 pts below the 2014-04 market avg of 4.338%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "HERITAGE GREEN",
      "address": "",
      "city": "FISKDALE",
      "state": "MA",
      "zip": "01518",
      "units": 130,
      "originalAmount": 13960000,
      "rate": 2.78,
      "originationDate": "2022-03-29",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.78% is 1.39 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "Britany Village",
      "address": "",
      "city": "PASADENA",
      "state": "TX",
      "zip": "77503",
      "units": 232,
      "originalAmount": 13280000,
      "rate": 2.78,
      "originationDate": "2021-06-15",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ELKHART GREENLEAF HEALTH CAMPUS",
      "address": "",
      "city": "ELKHART",
      "state": "IN",
      "zip": "46514",
      "units": 110,
      "originalAmount": 12847400,
      "rate": 2.78,
      "originationDate": "2014-09-26",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.78% is 1.38 pts below the 2014-09 market avg of 4.162%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "KINGSPORT WEST",
      "address": "",
      "city": "KINGSPORT",
      "state": "TN",
      "zip": "37660",
      "units": 104,
      "originalAmount": 12312000,
      "rate": 2.78,
      "originationDate": "2020-08-11",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "LAKESIDE NURSING AND REHABILITATION CENTER",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78245",
      "units": 60,
      "originalAmount": 11856000,
      "rate": 2.78,
      "originationDate": "2021-10-07",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "THE PINES AT COLD HARBOR",
      "address": "",
      "city": "MECHANICSVILLE",
      "state": "VA",
      "zip": "23111",
      "units": 156,
      "originalAmount": 10800000,
      "rate": 2.78,
      "originationDate": "2020-10-29",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "THE WILLOWS OF MARSHALLTOWN",
      "address": "",
      "city": "MARSHALLTOWN",
      "state": "IA",
      "zip": "50158",
      "units": 58,
      "originalAmount": 10275000,
      "rate": 2.78,
      "originationDate": "2021-10-28",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "LEBANON HOMEWOOD HEALTH CAMPUS",
      "address": "",
      "city": "LEBANON",
      "state": "IN",
      "zip": "46052",
      "units": 98,
      "originalAmount": 9968500,
      "rate": 2.78,
      "originationDate": "2014-04-29",
      "pmmsBenchmark": 4.338,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.78% is 1.56 pts below the 2014-04 market avg of 4.338%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "WOODBRIDGE HEALTH CAMPUS",
      "address": "",
      "city": "LOGANSPORT",
      "state": "IN",
      "zip": "46747",
      "units": 95,
      "originalAmount": 9464100,
      "rate": 2.78,
      "originationDate": "2014-03-26",
      "pmmsBenchmark": 4.343,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.78% is 1.56 pts below the 2014-03 market avg of 4.343%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "THE MEADOWS OF KALIDA",
      "address": "",
      "city": "KALIDA",
      "state": "OH",
      "zip": "45853",
      "units": 112,
      "originalAmount": 8928800,
      "rate": 2.78,
      "originationDate": "2014-05-21",
      "pmmsBenchmark": 4.192,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.78% is 1.41 pts below the 2014-05 market avg of 4.192%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "COVENANT VILLAGE (FKA FOREST CREEK)",
      "address": "",
      "city": "KNOXVILLE",
      "state": "TN",
      "zip": "37918",
      "units": 70,
      "originalAmount": 8715000,
      "rate": 2.78,
      "originationDate": "2020-08-14",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "BRIDGEPOINTE HEALTH CAMPUSES",
      "address": "",
      "city": "VINCENNES",
      "state": "IN",
      "zip": "47590",
      "units": 94,
      "originalAmount": 8074300,
      "rate": 2.78,
      "originationDate": "2014-05-21",
      "pmmsBenchmark": 4.192,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.78% is 1.41 pts below the 2014-05 market avg of 4.192%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "KING MANOR & TRI TOWERS",
      "address": "",
      "city": "DULUTH",
      "state": "MN",
      "zip": "55805",
      "units": 387,
      "originalAmount": 7500000,
      "rate": 2.78,
      "originationDate": "2022-03-23",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.78% is 1.39 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "CENTRE MEADOWS OF PORTAGE",
      "address": "",
      "city": "PORTAGE",
      "state": "MI",
      "zip": "49002",
      "units": 122,
      "originalAmount": 7484400,
      "rate": 2.78,
      "originationDate": "2021-02-26",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "MANHATTAN WEST APARTMENTS",
      "address": "",
      "city": "NEW YORK",
      "state": "NY",
      "zip": "10025",
      "units": 231,
      "originalAmount": 7468600,
      "rate": 2.78,
      "originationDate": "2012-12-14",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WHITE HOUSE HEALTHCARE",
      "address": "",
      "city": "WHITE HOUSE",
      "state": "TN",
      "zip": "37188",
      "units": 168,
      "originalAmount": 7085900,
      "rate": 2.78,
      "originationDate": "2020-08-27",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "THE MAPLES AT WATERFORD CROSSING",
      "address": "",
      "city": "GOSHEN",
      "state": "IN",
      "zip": "46256",
      "units": 71,
      "originalAmount": 6601900,
      "rate": 2.78,
      "originationDate": "2014-04-29",
      "pmmsBenchmark": 4.338,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.78% is 1.56 pts below the 2014-04 market avg of 4.338%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "EVERFREEN VILLAS (FKA MOUNTAIN PARK)",
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      "state": "TN",
      "zip": "37849",
      "units": 51,
      "originalAmount": 6372000,
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      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "NORTH PARK RETIREMENT COMMUNITY",
      "address": "",
      "city": "BROOK PARK",
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      "zip": "44142",
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      "originalAmount": 5509500,
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      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "MEADOWOOD APTS",
      "address": "",
      "city": "KNOXVILLE",
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      "zip": "37912",
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      "originationDate": "2014-09-23",
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      "belowMarket": true,
      "historicLowEra": false,
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        "Rate 2.78% is 1.38 pts below the 2014-09 market avg of 4.162%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "MARIANNA TERRACE",
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      "city": "CINCINNATI",
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      "belowMarket": true,
      "historicLowEra": false,
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        "Rate 2.78% is 0.98 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "AUTUMN PARK APARTMENTS-WASHINGTON",
      "address": "",
      "city": "WASHINGTON",
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      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "THE BLUFFS ON MCCAIN II",
      "address": "",
      "city": "NORTH LITTLE ROCK",
      "state": "AR",
      "zip": "72116",
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      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WILLOW MANOR PROPERTIES",
      "address": "",
      "city": "SILVER SPRING",
      "state": "MD",
      "zip": "20904",
      "units": 286,
      "originalAmount": 49550000,
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      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HOC-MORTGAGE FINANCE PROGRAM"
    },
    {
      "property": "PENN SOUTH COOPERATIVE",
      "address": "",
      "city": "NEW YORK",
      "state": "NY",
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      "originalAmount": 178269900,
      "rate": 2.79,
      "originationDate": "2021-11-30",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "LAKEVIEW APARTMENTS",
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      "city": "NEW YORK",
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      "zip": "10029",
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      "originalAmount": 110000000,
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      "belowMarket": true,
      "historicLowEra": false,
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        "Rate 2.79% is 1.85 pts below the 2018-12 market avg of 4.638%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "NEWMAN VILLAGE",
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      "city": "FRISCO",
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      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
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      "redReasons": [
        "Rate 2.79% is 1.38 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "VILLAS AT SUNRISE MOUNTAIN APARTMENTS",
      "address": "",
      "city": "LAS VEGAS",
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      "originalAmount": 40000000,
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      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "Centers Healthcare-Hammonton Center for Rehab",
      "address": "",
      "city": "Hammonton",
      "state": "NJ",
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      "historicLowEra": false,
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        "Rate 2.79% is 1.25 pts below the 2017-04 market avg of 4.045%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "CENTERS HEALTHCARE - DEPTFORD CENTER FOR REHAB",
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      "city": "DEPTFORD",
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      "zip": "08096",
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      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.79% is 1.25 pts below the 2017-04 market avg of 4.045%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "IRONWOOD APARTMENT",
      "address": "",
      "city": "LEBANON",
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      "belowMarket": true,
      "historicLowEra": false,
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      "redReasons": [
        "Rate 2.79% is 4.13 pts below the 2024-06 market avg of 6.918%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "Residences at Boardwalk - Phase I",
      "address": "",
      "city": "Bixby",
      "state": "OK",
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      "pmmsBenchmark": 2.975,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "SATORI BOUTIQUE APARTMENTS",
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      "city": "MINNEAPOLIS",
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "SCHOOL BELL APARTMENTS",
      "address": "",
      "city": "BEAR",
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      "zip": "19701",
      "units": 240,
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      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "STABLEWOOD FARMS APARTMENTS",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78227",
      "units": 252,
      "originalAmount": 22748400,
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      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.79% is 1.38 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "PROVIDENCE AT SYCAMORE HILLS & THORNBERRY",
      "address": "",
      "city": "CHAMPAIGN",
      "state": "IL",
      "zip": "60821",
      "units": 252,
      "originalAmount": 22147600,
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      "originationDate": "2021-01-27",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "SHOREVIEW SENIOR LIVING",
      "address": "",
      "city": "SHOREVIEW",
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      "zip": "55126",
      "units": 272,
      "originalAmount": 21325900,
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      "pmmsBenchmark": 3.88,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.79% is 1.09 pts below the 2017-08 market avg of 3.88%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "SHENANDOAH CENTER",
      "address": "",
      "city": "CHARLES TOWN",
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      "zip": "25414",
      "units": 121,
      "originalAmount": 18576000,
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      "originationDate": "2020-05-15",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "WYANT WOODS HEALTHCARE CENTER",
      "address": "",
      "city": "AKRON",
      "state": "OH",
      "zip": "44319",
      "units": 270,
      "originalAmount": 16800000,
      "rate": 2.79,
      "originationDate": "2020-04-21",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE COTTAGES APARTMENTS",
      "address": "",
      "city": "LITTLE ROCK",
      "state": "AR",
      "zip": "72204",
      "units": 144,
      "originalAmount": 14750000,
      "rate": 2.79,
      "originationDate": "2021-12-14",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "HANOVER HEALTHCARE CENTER",
      "address": "",
      "city": "MASSILLON",
      "state": "OH",
      "zip": "44646",
      "units": 284,
      "originalAmount": 14560000,
      "rate": 2.79,
      "originationDate": "2020-04-21",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "INMAN LOFTS",
      "address": "",
      "city": "INMAN",
      "state": "SC",
      "zip": "29349",
      "units": 159,
      "originalAmount": 13944100,
      "rate": 2.79,
      "originationDate": "2021-05-20",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "AZRIA HEALTH AT MONTCLAIR",
      "address": "",
      "city": "OMAHA",
      "state": "NE",
      "zip": "68144",
      "units": 235,
      "originalAmount": 13520000,
      "rate": 2.79,
      "originationDate": "2020-06-29",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "HEATHERWILDE PARK APARTMENTS",
      "address": "",
      "city": "PFLUGERVILLE",
      "state": "TX",
      "zip": "78660",
      "units": 168,
      "originalAmount": 12980000,
      "rate": 2.79,
      "originationDate": "2016-12-08",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.79% is 1.41 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "NOKOMIS SENIOR HOUSING",
      "address": "",
      "city": "MINNEAPOLIS",
      "state": "MN",
      "zip": "55407",
      "units": 81,
      "originalAmount": 12070000,
      "rate": 2.79,
      "originationDate": "2014-02-21",
      "pmmsBenchmark": 4.303,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.79% is 1.51 pts below the 2014-02 market avg of 4.303%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "HERITAGE PLACE APARTMENTS",
      "address": "",
      "city": "GRAND RAPIDS",
      "state": "MI",
      "zip": "49503",
      "units": 86,
      "originalAmount": 11990000,
      "rate": 2.79,
      "originationDate": "2022-02-16",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.79% is 0.97 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "FRIENDSHIP HAVEN HEALTHCARE & REHABILITATION",
      "address": "",
      "city": "FRIENDSWOOD",
      "state": "TX",
      "zip": "77546",
      "units": 212,
      "originalAmount": 11863400,
      "rate": 2.79,
      "originationDate": "2020-04-23",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "COPLEY HEALTH CENTER",
      "address": "",
      "city": "COPLEY",
      "state": "OH",
      "zip": "44321",
      "units": 130,
      "originalAmount": 11840000,
      "rate": 2.79,
      "originationDate": "2020-04-21",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "HILLSIDE GARDENS APARTMENTS",
      "address": "",
      "city": "NEW HARTFORD",
      "state": "NY",
      "zip": "13413",
      "units": 193,
      "originalAmount": 11680000,
      "rate": 2.79,
      "originationDate": "2021-11-17",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "TWYCKENHAM APARTMENTS",
      "address": "",
      "city": "LAFAYETTE",
      "state": "IN",
      "zip": "47909",
      "units": 200,
      "originalAmount": 11680000,
      "rate": 2.79,
      "originationDate": "2020-04-30",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "GREENBRIER HEALTH CENTER",
      "address": "",
      "city": "PARMA HEIGHTS",
      "state": "OH",
      "zip": "44130",
      "units": 259,
      "originalAmount": 11440000,
      "rate": 2.79,
      "originationDate": "2020-04-21",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SONO ONE",
      "address": "",
      "city": "NORWALK",
      "state": "CT",
      "zip": "06854",
      "units": 40,
      "originalAmount": 11014300,
      "rate": 2.79,
      "originationDate": "2022-03-10",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.79% is 1.38 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "CHARDON HEALTHCARE CENTER",
      "address": "",
      "city": "CHARDON",
      "state": "OH",
      "zip": "44024",
      "units": 151,
      "originalAmount": 10000000,
      "rate": 2.79,
      "originationDate": "2020-04-21",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "FALLING WATER HEALTHCARE CENTER",
      "address": "",
      "city": "STRONGSVILLE",
      "state": "OH",
      "zip": "44136",
      "units": 205,
      "originalAmount": 9680000,
      "rate": 2.79,
      "originationDate": "2020-04-21",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "GREEN VALLEY HEALTHCARE & REHAB CENTER",
      "address": "",
      "city": "FORT WORTH",
      "state": "TX",
      "zip": "76148",
      "units": 114,
      "originalAmount": 8240000,
      "rate": 2.79,
      "originationDate": "2013-09-25",
      "pmmsBenchmark": 4.49,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.79% is 1.70 pts below the 2013-09 market avg of 4.49%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "BAY LAKE ASSISTED LIVING",
      "address": "",
      "city": "VIRGINIA BEACH",
      "state": "VA",
      "zip": "23455",
      "units": 72,
      "originalAmount": 8179800,
      "rate": 2.79,
      "originationDate": "2013-01-29",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PARKER HEIGHTS APARTMENTS",
      "address": "",
      "city": "CHARLOTTE",
      "state": "NC",
      "zip": "28208",
      "units": 100,
      "originalAmount": 8057100,
      "rate": 2.79,
      "originationDate": "2022-04-28",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.79% is 2.19 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "AARONDALE ASSISTED LIVING",
      "address": "",
      "city": "SPRINGFIELD",
      "state": "VA",
      "zip": "22151",
      "units": 72,
      "originalAmount": 7817400,
      "rate": 2.79,
      "originationDate": "2013-01-29",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "AVALON HEALTH CARE",
      "address": "",
      "city": "HONOLULU",
      "state": "HI",
      "zip": "96819",
      "units": 108,
      "originalAmount": 7798400,
      "rate": 2.79,
      "originationDate": "2013-09-20",
      "pmmsBenchmark": 4.49,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.79% is 1.70 pts below the 2013-09 market avg of 4.49%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "GETTYSBURG CENTER",
      "address": "",
      "city": "GETTYSBURG",
      "state": "PA",
      "zip": "17325",
      "units": 171,
      "originalAmount": 7544000,
      "rate": 2.79,
      "originationDate": "2020-05-15",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "THE ENCLAVE",
      "address": "",
      "city": "GLADSTONE",
      "state": "MO",
      "zip": "64119",
      "units": 132,
      "originalAmount": 7000000,
      "rate": 2.79,
      "originationDate": "2022-06-03",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.79% is 2.73 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "GREENBRIAN CENTER",
      "address": "",
      "city": "BOARDMAN",
      "state": "OH",
      "zip": "44512",
      "units": 198,
      "originalAmount": 6960000,
      "rate": 2.79,
      "originationDate": "2020-04-21",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "Beverly Plaza",
      "address": "",
      "city": "SALEM",
      "state": "OR",
      "zip": "97305",
      "units": 60,
      "originalAmount": 6683300,
      "rate": 2.79,
      "originationDate": "2021-06-16",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "SILVERTIP APARTMENTS",
      "address": "",
      "city": "MISSOULA",
      "state": "MT",
      "zip": "59802",
      "units": 115,
      "originalAmount": 6568300,
      "rate": 2.79,
      "originationDate": "2021-03-19",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "RIVERSQUARE APARTMENTS",
      "address": "",
      "city": "CORPUS CHRISTI",
      "state": "TX",
      "zip": "78216",
      "units": 204,
      "originalAmount": 6149600,
      "rate": 2.79,
      "originationDate": "2012-11-27",
      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "MUSKEGON TOWNHOUSES",
      "address": "",
      "city": "MUSKEGON",
      "state": "MI",
      "zip": "49448",
      "units": 213,
      "originalAmount": 5880000,
      "rate": 2.79,
      "originationDate": "2013-03-14",
      "pmmsBenchmark": 3.565,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.79% is 0.77 pts below the 2013-03 market avg of 3.565%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "Countryside Estates",
      "address": "",
      "city": "Warner",
      "state": "OK",
      "zip": "74469",
      "units": 54,
      "originalAmount": 5562300,
      "rate": 2.79,
      "originationDate": "2021-06-17",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "AZRIA HEALTH AT MIDTOWN",
      "address": "",
      "city": "OMAHA",
      "state": "NE",
      "zip": "68105",
      "units": 84,
      "originalAmount": 4560000,
      "rate": 2.79,
      "originationDate": "2020-06-29",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "TIMBER RIDGE AT EUREKA",
      "address": "",
      "city": "MCKINLEYVILLE",
      "state": "CA",
      "zip": "95519",
      "units": 90,
      "originalAmount": 4430600,
      "rate": 2.79,
      "originationDate": "2013-03-20",
      "pmmsBenchmark": 3.565,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.79% is 0.77 pts below the 2013-03 market avg of 3.565%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "GRACYS HARBOR HEALTH & REHAB C",
      "address": "",
      "city": "ABERDEEN",
      "state": "WA",
      "zip": "98520",
      "units": 105,
      "originalAmount": 4421700,
      "rate": 2.79,
      "originationDate": "2013-08-29",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.79% is 1.67 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "COMPERE'S NURSING HOME",
      "address": "",
      "city": "JACKSON",
      "state": "MS",
      "zip": "39202",
      "units": 60,
      "originalAmount": 4252000,
      "rate": 2.79,
      "originationDate": "2014-05-29",
      "pmmsBenchmark": 4.192,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.79% is 1.40 pts below the 2014-05 market avg of 4.192%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "VILLAGE MAISON APTS",
      "address": "",
      "city": "WALKER",
      "state": "LA",
      "zip": "70785",
      "units": 35,
      "originalAmount": 4100000,
      "rate": 2.79,
      "originationDate": "2017-06-26",
      "pmmsBenchmark": 3.904,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.79% is 1.11 pts below the 2017-06 market avg of 3.904%"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "HATTIESBURG MEDICAL PARK MANAGEMENT - PETAL SNF",
      "address": "",
      "city": "PETAL",
      "state": "MS",
      "zip": "39465",
      "units": 60,
      "originalAmount": 3280000,
      "rate": 2.79,
      "originationDate": "2014-05-23",
      "pmmsBenchmark": 4.192,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.79% is 1.40 pts below the 2014-05 market avg of 4.192%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PORTAGE TRAIL VILLAGE",
      "address": "",
      "city": "CUYAHOGA FALLS",
      "state": "OH",
      "zip": "44223",
      "units": 112,
      "originalAmount": 3137400,
      "rate": 2.79,
      "originationDate": "2016-09-30",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ACCESS IRVINE  INC. AKA MARIPOSA VILLA APARTMENTS",
      "address": "",
      "city": "IRVINE",
      "state": "CA",
      "zip": "92612",
      "units": 40,
      "originalAmount": 3073000,
      "rate": 2.79,
      "originationDate": "2021-05-26",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "CSP VILLAGE APARTMENTS",
      "address": "",
      "city": "TUSCALOOSA",
      "state": "AL",
      "zip": "35405",
      "units": 40,
      "originalAmount": 2045800,
      "rate": 2.79,
      "originationDate": "2011-12-16",
      "pmmsBenchmark": 3.958,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.79% is 1.17 pts below the 2011-12 market avg of 3.958%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CHRYSALIS LUTHERAN HOME",
      "address": "",
      "city": "GRAND ISLAND",
      "state": "NE",
      "zip": "68803",
      "units": 72,
      "originalAmount": 2038600,
      "rate": 2.79,
      "originationDate": "2014-03-06",
      "pmmsBenchmark": 4.343,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.79% is 1.55 pts below the 2014-03 market avg of 4.343%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MGH PORTFOLIO GROUP HOMES",
      "address": "",
      "city": "CHARLOTTE",
      "state": "NC",
      "zip": "28212",
      "units": 63,
      "originalAmount": 2025000,
      "rate": 2.79,
      "originationDate": "2007-06-27",
      "pmmsBenchmark": 6.658,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.79% is 3.87 pts below the 2007-06 market avg of 6.658%"
      ],
      "holder": "WACHOVIA MULTIFAMILY CAPITAL I"
    },
    {
      "property": "PORTAGE TRAIL VILLAGE",
      "address": "",
      "city": "CUYAHOGA FALLS",
      "state": "OH",
      "zip": "44223",
      "units": 142,
      "originalAmount": 1064400,
      "rate": 2.79,
      "originationDate": "2016-09-30",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "COUNTRY WOOD",
      "address": "",
      "city": "VERSAILLES",
      "state": "IN",
      "zip": "47042",
      "units": 56,
      "originalAmount": 896000,
      "rate": 2.79,
      "originationDate": "2013-07-31",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.79% is 1.58 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "BEMISTON PLACE",
      "address": "",
      "city": "CLAYTON",
      "state": "MO",
      "zip": "63105",
      "units": 237,
      "originalAmount": 69219900,
      "rate": 2.8,
      "originationDate": "2022-05-23",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 2.43 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "THE ANTHONY AT CANYON SPRINGS",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78258",
      "units": 360,
      "originalAmount": 49680000,
      "rate": 2.8,
      "originationDate": "2022-03-29",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 1.37 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "JEWEL AT SUMMIT POINTE",
      "address": "",
      "city": "OOLTEWAH",
      "state": "TN",
      "zip": "37363",
      "units": 244,
      "originalAmount": 44967600,
      "rate": 2.8,
      "originationDate": "2021-11-15",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "INSPIRATION COTTONWOOD",
      "address": "",
      "city": "COTTONWOOD",
      "state": "AZ",
      "zip": "86326",
      "units": 192,
      "originalAmount": 44478200,
      "rate": 2.8,
      "originationDate": "2021-11-23",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ENCLAVE ON ROSS",
      "address": "",
      "city": "DEL VALLE",
      "state": "TX",
      "zip": "78617",
      "units": 288,
      "originalAmount": 44000000,
      "rate": 2.8,
      "originationDate": "2021-08-27",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "NEWTOWN WOODS APARTMENTS (fka OLD NEW CUT ROAD)",
      "address": "",
      "city": "FAIRDALE",
      "state": "KY",
      "zip": "40118",
      "units": 240,
      "originalAmount": 38552300,
      "rate": 2.8,
      "originationDate": "2022-02-15",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 0.96 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ARIZA EASTON PARK",
      "address": "",
      "city": "AUSTIN",
      "state": "TX",
      "zip": "78744",
      "units": 320,
      "originalAmount": 37283200,
      "rate": 2.8,
      "originationDate": "2021-02-10",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MEADOWS BRANCH APARTMENTS PHASE II",
      "address": "",
      "city": "WINCHESTER",
      "state": "VA",
      "zip": "22601",
      "units": 135,
      "originalAmount": 35421300,
      "rate": 2.8,
      "originationDate": "2021-10-20",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CASCADE LEGACY-WARREN BARR SOUTH LOOP",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60616",
      "units": 294,
      "originalAmount": 33702400,
      "rate": 2.8,
      "originationDate": "2020-04-23",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "FIRST AMERICAN CAPITAL GROUP C"
    },
    {
      "property": "WILDHORSE AT TUSCANY",
      "address": "",
      "city": "EVANS",
      "state": "CO",
      "zip": "80620",
      "units": 171,
      "originalAmount": 33224400,
      "rate": 2.8,
      "originationDate": "2020-11-13",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "RANCH AT HUNTSVILLE",
      "address": "",
      "city": "HUNTSVILLE",
      "state": "TX",
      "zip": "77340",
      "units": 250,
      "originalAmount": 30475900,
      "rate": 2.8,
      "originationDate": "2021-02-09",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ATLANTIC AT PARKRIDGE",
      "address": "",
      "city": "IRMO",
      "state": "SC",
      "zip": "29212",
      "units": 298,
      "originalAmount": 30146300,
      "rate": 2.8,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "Sandpiper Apartments",
      "address": "",
      "city": "SEATAC",
      "state": "WA",
      "zip": "98198",
      "units": 163,
      "originalAmount": 26078000,
      "rate": 2.8,
      "originationDate": "2021-06-29",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "BRYN MAWR & BELLE SHORE APARTMENTS",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60640",
      "units": 371,
      "originalAmount": 25250000,
      "rate": 2.8,
      "originationDate": "2020-05-18",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "BROOKSIDE APARTMENTS AT FALLBROOK",
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      "units": 201,
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      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "BEAVER TERRACE APARTMENTS",
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      "city": "FRAMINGHAM",
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      "originalAmount": 24000000,
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MARQUETTE PLACE APARTMENTS",
      "address": "",
      "city": "MINNEAPOLIS",
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      "zip": "55403",
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      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "THE VILLA AT WINDSOR PARK",
      "address": "",
      "city": "CHICAGO",
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      "pmmsBenchmark": 2.868,
      "belowMarket": false,
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      "red": true,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "FIRST AMERICAN CAPITAL GROUP C"
    },
    {
      "property": "ROGERS AT PROMENADE APARTMENTS",
      "address": "",
      "city": "ROGERS",
      "state": "AR",
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      "pmmsBenchmark": 3.998,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 1.20 pts below the 2014-11 market avg of 3.998%"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "Midpark Towers",
      "address": "",
      "city": "DALLAS",
      "state": "TX",
      "zip": "75240",
      "units": 202,
      "originalAmount": 17800000,
      "rate": 2.8,
      "originationDate": "2021-06-30",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "POST OAK APARTMENTS",
      "address": "",
      "city": "MCKINNEY",
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      "originalAmount": 17614100,
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      "pmmsBenchmark": 3.84,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 1.04 pts below the 2015-05 market avg of 3.84%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "SOUTHEAST RAHABILITATION & SKILLED CARE",
      "address": "",
      "city": "NORTH EASTON",
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      "pmmsBenchmark": 3.162,
      "belowMarket": false,
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "CHATEAU PACIFIC SENIOR LIVING",
      "address": "",
      "city": "LYNNWOOD",
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      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "CONCORD COMMONS",
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      "belowMarket": false,
      "historicLowEra": true,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "THE LOFTS ON GRAND",
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      "city": "GRAND JUNCTION",
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      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "PA PETERSON AT THE CITADEL",
      "address": "",
      "city": "ROCKFORD",
      "state": "IL",
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      "pmmsBenchmark": 2.843,
      "belowMarket": false,
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "FIRST AMERICAN CAPITAL GROUP C"
    },
    {
      "property": "NIKKEI SENIOR GARDENS",
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      "units": 164,
      "originalAmount": 13992800,
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      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "MONTEREY PARK SENIORS",
      "address": "",
      "city": "MONTEREY PARK",
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      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "SOUTH SHORE HTH CARE CTR D/B/A/ S. SHORE REHA & SKILLED NSNG CTR",
      "address": "",
      "city": "ROCKLAND",
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      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "IRON BIRD LOFTS",
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      "city": "FRESNO",
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      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "RIVERSIDE NORTH APARTMENTS",
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      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 2.18 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "2ND AND CIVIC APARTMENTS",
      "address": "",
      "city": "SCOTTSDALE",
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      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CHATEAU AT BOTHELL LANDING",
      "address": "",
      "city": "BOTHELL",
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      "originalAmount": 11697600,
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      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "LABITHA HEALTH CARE SERVICES",
      "address": "",
      "city": "LINCOLN",
      "state": "NE",
      "zip": "68510",
      "units": 65,
      "originalAmount": 11442400,
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      "originationDate": "2010-03-26",
      "pmmsBenchmark": 4.967,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 2.17 pts below the 2010-03 market avg of 4.967%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CAPE HERITAGE REHABILITATION & HEALTH CARE CENTER",
      "address": "",
      "city": "SANDWICH",
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      "zip": "02563",
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      "originalAmount": 11353000,
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      "originationDate": "2020-06-30",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SOUTHBRIDGE REHABILITATION & HEALTH CARE CENTER",
      "address": "",
      "city": "SOUTHBRIDGE",
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      "zip": "01550",
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      "originalAmount": 11024000,
      "rate": 2.8,
      "originationDate": "2020-06-30",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "PLYMOUTH REHABILITATION & HEALTH CARE CENTER",
      "address": "",
      "city": "PLYMOUTH",
      "state": "MA",
      "zip": "02360",
      "units": 257,
      "originalAmount": 10797700,
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      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "12TH ON HIGHLAND APARTMENTS",
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      "city": "PHOENIX",
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      "zip": "85014",
      "units": 34,
      "originalAmount": 10727300,
      "rate": 2.8,
      "originationDate": "2020-11-20",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HIGHLAND CARE CENTER",
      "address": "",
      "city": "HOLLADAY",
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      "zip": "84124",
      "units": 108,
      "originalAmount": 10565700,
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      "originationDate": "2015-10-28",
      "pmmsBenchmark": 3.796,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 1.00 pts below the 2015-10 market avg of 3.796%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "TUTTLE'S GROVE APTS",
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      "city": "DUBLIN",
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      "originalAmount": 10413800,
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      "pmmsBenchmark": 4.714,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 1.91 pts below the 2010-12 market avg of 4.714%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "FARNAM 2B 9%",
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      "city": "NEW HAVEN",
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      "zip": "06511",
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      "originalAmount": 10255000,
      "rate": 2.8,
      "originationDate": "2020-12-17",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PARKER HILL APARTMENTS",
      "address": "",
      "city": "BOSTON",
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      "zip": "02120",
      "units": 90,
      "originalAmount": 10170100,
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      "originationDate": "2021-01-21",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PAVILLION OF WAUKEGAN",
      "address": "",
      "city": "WAUKEGAN",
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      "units": 155,
      "originalAmount": 9148400,
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      "originationDate": "2020-09-29",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "HORSESHOE BEND PHASE II",
      "address": "",
      "city": "TOPEKA",
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      "zip": "66609",
      "units": 48,
      "originalAmount": 8918600,
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      "originationDate": "2022-01-13",
      "pmmsBenchmark": 3.445,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "APPLETON RETIREMENT CENTER",
      "address": "",
      "city": "APPLETON",
      "state": "WI",
      "zip": "54911",
      "units": 104,
      "originalAmount": 8635800,
      "rate": 2.8,
      "originationDate": "2012-09-12",
      "pmmsBenchmark": 3.498,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "ARBORS AT CHICOPEE",
      "address": "",
      "city": "CHICOPEE",
      "state": "MA",
      "zip": "01020",
      "units": 98,
      "originalAmount": 8027300,
      "rate": 2.8,
      "originationDate": "2012-07-30",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 0.75 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ST. MARY MANOR",
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      "city": "JACKSON",
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      "zip": "38305",
      "units": 150,
      "originalAmount": 7980000,
      "rate": 2.8,
      "originationDate": "2022-03-28",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 1.37 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "NORTH FOREST TRAILS",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77028",
      "units": 168,
      "originalAmount": 7867600,
      "rate": 2.8,
      "originationDate": "2003-10-02",
      "pmmsBenchmark": 5.952,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 3.15 pts below the 2003-10 market avg of 5.952%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "FARM LANE APARTMENTS",
      "address": "",
      "city": "CHARLOTTE",
      "state": "NC",
      "zip": "28212",
      "units": 120,
      "originalAmount": 7520000,
      "rate": 2.8,
      "originationDate": "2021-07-30",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "QUEEN ANNE NURSING HOME",
      "address": "",
      "city": "HINGHAM",
      "state": "MA",
      "zip": "02153",
      "units": 106,
      "originalAmount": 6940600,
      "rate": 2.8,
      "originationDate": "2012-12-13",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "PALLADIUM FAIN STREET",
      "address": "",
      "city": "FORT WORTH",
      "state": "TX",
      "zip": "76111",
      "units": 90,
      "originalAmount": 6559700,
      "rate": 2.8,
      "originationDate": "2021-02-18",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "MEADOW VIEW",
      "address": "",
      "city": "BERLIN",
      "state": "PA",
      "zip": "15530",
      "units": 161,
      "originalAmount": 6472500,
      "rate": 2.8,
      "originationDate": "2012-07-26",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 0.75 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "VILLAGES OF CAPITAL POINTE",
      "address": "",
      "city": "WASHINGTON",
      "state": "MI",
      "zip": "48094",
      "units": 48,
      "originalAmount": 6263400,
      "rate": 2.8,
      "originationDate": "2021-07-14",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "FOUNTAIN PLACE I & II APTS",
      "address": "",
      "city": "PEORIA",
      "state": "AZ",
      "zip": "85345",
      "units": 164,
      "originalAmount": 6239400,
      "rate": 2.8,
      "originationDate": "2012-10-30",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "BRIARFIELD AT ASHLEY CIRCLE",
      "address": "",
      "city": "AUSTINTOWN",
      "state": "OH",
      "zip": "44515",
      "units": 98,
      "originalAmount": 6157900,
      "rate": 2.8,
      "originationDate": "2014-09-24",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 1.36 pts below the 2014-09 market avg of 4.162%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "BERKSHIRE HEALTH CARE CENTER",
      "address": "",
      "city": "SANDISFIELD",
      "state": "MA",
      "zip": "01255",
      "units": 81,
      "originalAmount": 6034900,
      "rate": 2.8,
      "originationDate": "2020-06-30",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SIZEMORE APARTMENTS",
      "address": "",
      "city": "ATMORE",
      "state": "AL",
      "zip": "36502",
      "units": 80,
      "originalAmount": 5983900,
      "rate": 2.8,
      "originationDate": "2020-12-29",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "OLD COLONY PHASE THREE B9",
      "address": "",
      "city": "BOSTON",
      "state": "MA",
      "zip": "02127",
      "units": 27,
      "originalAmount": 5702000,
      "rate": 2.8,
      "originationDate": "2023-03-24",
      "pmmsBenchmark": 6.544,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 3.74 pts below the 2023-03 market avg of 6.544%"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "CITADEL CARE CENTER WILMETTE",
      "address": "",
      "city": "WILMETTE",
      "state": "IL",
      "zip": "60091",
      "units": 41,
      "originalAmount": 5680000,
      "rate": 2.8,
      "originationDate": "2021-08-30",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "FIRST AMERICAN CAPITAL GROUP C"
    },
    {
      "property": "THE MEADOWS AT EAST MOUNTAIN",
      "address": "",
      "city": "RUTLAND",
      "state": "VT",
      "zip": "05701",
      "units": 82,
      "originalAmount": 5642700,
      "rate": 2.8,
      "originationDate": "2021-09-30",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "WILDWOOD APARTMENTS",
      "address": "",
      "city": "EAST TROY",
      "state": "WI",
      "zip": "53120",
      "units": 81,
      "originalAmount": 5500000,
      "rate": 2.8,
      "originationDate": "2011-11-02",
      "pmmsBenchmark": 3.993,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 1.19 pts below the 2011-11 market avg of 3.993%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CAPITAL NURSING & REHABILITATION CENTER",
      "address": "",
      "city": "RALEIGH",
      "state": "NC",
      "zip": "27610",
      "units": 114,
      "originalAmount": 5185500,
      "rate": 2.8,
      "originationDate": "2014-08-27",
      "pmmsBenchmark": 4.115,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 1.32 pts below the 2014-08 market avg of 4.115%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "SONGBIRD POND",
      "address": "",
      "city": "PLYMOUTH",
      "state": "WI",
      "zip": "53073",
      "units": 84,
      "originalAmount": 5120000,
      "rate": 2.8,
      "originationDate": "2019-07-30",
      "pmmsBenchmark": 3.765,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 0.97 pts below the 2019-07 market avg of 3.765%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "RALSTON HOUSE SENIOR APTS",
      "address": "",
      "city": "RALSTON",
      "state": "NE",
      "zip": "68127",
      "units": 97,
      "originalAmount": 4800600,
      "rate": 2.8,
      "originationDate": "2013-03-26",
      "pmmsBenchmark": 3.565,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 0.77 pts below the 2013-03 market avg of 3.565%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "SUMMERHILL COOP OF MAPLEWOOD",
      "address": "",
      "city": "MAPLEWOOD",
      "state": "MN",
      "zip": "55119",
      "units": 44,
      "originalAmount": 4778700,
      "rate": 2.8,
      "originationDate": "2012-12-28",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "ROCKWOOD MANOR APARTMENTS",
      "address": "",
      "city": "GREENSBORO",
      "state": "NC",
      "zip": "27405",
      "units": 72,
      "originalAmount": 4560000,
      "rate": 2.8,
      "originationDate": "2021-08-30",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "MADISON AVE RETIREMENT CENTER",
      "address": "",
      "city": "BAINBRIDGE ISLAND",
      "state": "WA",
      "zip": "98110",
      "units": 53,
      "originalAmount": 4374000,
      "rate": 2.8,
      "originationDate": "2012-07-30",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 0.75 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "NORTHLAND APARTMENTS",
      "address": "",
      "city": "GREENSBORO",
      "state": "NC",
      "zip": "27405",
      "units": 72,
      "originalAmount": 4320000,
      "rate": 2.8,
      "originationDate": "2021-07-28",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "NORTH TOWNE VILLAGE",
      "address": "",
      "city": "TOLEDO",
      "state": "OH",
      "zip": "43612",
      "units": 70,
      "originalAmount": 3908500,
      "rate": 2.8,
      "originationDate": "2017-03-10",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 1.40 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "PILLAR CAPITAL FINANCE LLC"
    },
    {
      "property": "ATCHLEY HOMES",
      "address": "",
      "city": "MARYVILLE",
      "state": "TN",
      "zip": "37801",
      "units": 124,
      "originalAmount": 3799200,
      "rate": 2.8,
      "originationDate": "2012-07-17",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 0.75 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "FANNO CREEK",
      "address": "",
      "city": "TIGARD",
      "state": "OR",
      "zip": "97223",
      "units": 24,
      "originalAmount": 3794200,
      "rate": 2.8,
      "originationDate": "2021-12-17",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "SEACREST CONVALESCENT HOSPITAL",
      "address": "",
      "city": "SAN PEDRO",
      "state": "CA",
      "zip": "90732",
      "units": 80,
      "originalAmount": 3760000,
      "rate": 2.8,
      "originationDate": "2012-03-07",
      "pmmsBenchmark": 3.954,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 1.15 pts below the 2012-03 market avg of 3.954%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THOMPSON PLACE",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78226",
      "units": 128,
      "originalAmount": 3658300,
      "rate": 2.8,
      "originationDate": "2013-02-21",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "PARKVIEW RETIREMENT ALF",
      "address": "",
      "city": "COLVILLE",
      "state": "WA",
      "zip": "99114",
      "units": 53,
      "originalAmount": 3627900,
      "rate": 2.8,
      "originationDate": "2013-02-27",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "VILLA HAVEN HEALTH & REHAB CTR",
      "address": "",
      "city": "BRECKENRIDGE",
      "state": "TX",
      "zip": "76424",
      "units": 71,
      "originalAmount": 3624000,
      "rate": 2.8,
      "originationDate": "2009-11-06",
      "pmmsBenchmark": 4.875,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 2.08 pts below the 2009-11 market avg of 4.875%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "AHI EZER APARTMENTS",
      "address": "",
      "city": "BROOKLYN",
      "state": "NY",
      "zip": "11223",
      "units": 74,
      "originalAmount": 3300000,
      "rate": 2.8,
      "originationDate": "2015-10-13",
      "pmmsBenchmark": 3.796,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 1.00 pts below the 2015-10 market avg of 3.796%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "PINEHURST PARK",
      "address": "",
      "city": "JACKSON",
      "state": "MS",
      "zip": "39209",
      "units": 72,
      "originalAmount": 3300000,
      "rate": 2.8,
      "originationDate": "2013-12-31",
      "pmmsBenchmark": 4.457,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 1.66 pts below the 2013-12 market avg of 4.457%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "BRAZOS BEND VILLAS APARTMENTS",
      "address": "",
      "city": "RICHMOND",
      "state": "TX",
      "zip": "77469",
      "units": 120,
      "originalAmount": 3236000,
      "rate": 2.8,
      "originationDate": "2012-07-31",
      "pmmsBenchmark": 3.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 0.75 pts below the 2012-07 market avg of 3.55%"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "EPWORTH MANOR",
      "address": "",
      "city": "LOUISA",
      "state": "VA",
      "zip": "23093",
      "units": 61,
      "originalAmount": 2756200,
      "rate": 2.8,
      "originationDate": "2021-09-28",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "BROWNFIELD AND CARE CENTER",
      "address": "",
      "city": "BROWNFIELD",
      "state": "TX",
      "zip": "79316",
      "units": 52,
      "originalAmount": 2704000,
      "rate": 2.8,
      "originationDate": "2009-09-23",
      "pmmsBenchmark": 5.058,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 2.26 pts below the 2009-09 market avg of 5.058%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "BREMOND NURSING & REHAB CENTER",
      "address": "",
      "city": "BREMOND",
      "state": "TX",
      "zip": "76629",
      "units": 72,
      "originalAmount": 2656000,
      "rate": 2.8,
      "originationDate": "2009-12-29",
      "pmmsBenchmark": 4.93,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 2.13 pts below the 2009-12 market avg of 4.93%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "GATEWAY CROSSING APARTMENTS",
      "address": "",
      "city": "NAMPA",
      "state": "ID",
      "zip": "83687",
      "units": 73,
      "originalAmount": 2644500,
      "rate": 2.8,
      "originationDate": "2015-09-17",
      "pmmsBenchmark": 3.89,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 1.09 pts below the 2015-09 market avg of 3.89%"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "CHANDLER HOUSE",
      "address": "",
      "city": "YAKIMA",
      "state": "WA",
      "zip": "98902",
      "units": 36,
      "originalAmount": 2584000,
      "rate": 2.8,
      "originationDate": "2013-02-06",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CROFT HOUSE APARTMENTS",
      "address": "",
      "city": "AIKEN",
      "state": "SC",
      "zip": "29801",
      "units": 60,
      "originalAmount": 2447400,
      "rate": 2.8,
      "originationDate": "2006-11-14",
      "pmmsBenchmark": 6.24,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 3.44 pts below the 2006-11 market avg of 6.24%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "BROOKTREE APARTMENTS",
      "address": "",
      "city": "SALEM",
      "state": "OR",
      "zip": "97305",
      "units": 44,
      "originalAmount": 2440000,
      "rate": 2.8,
      "originationDate": "2017-02-03",
      "pmmsBenchmark": 4.168,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 1.37 pts below the 2017-02 market avg of 4.168%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "NANCE FOREST",
      "address": "",
      "city": "NEWBERRY",
      "state": "SC",
      "zip": "29108",
      "units": 74,
      "originalAmount": 2240000,
      "rate": 2.8,
      "originationDate": "2021-08-30",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "PRENTIS I SENIOR APARTMENTS",
      "address": "",
      "city": "OAK PARK",
      "state": "MI",
      "zip": "48237",
      "units": 97,
      "originalAmount": 2000000,
      "rate": 2.8,
      "originationDate": "2015-02-10",
      "pmmsBenchmark": 3.71,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 0.91 pts below the 2015-02 market avg of 3.71%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "MEADOWBROOK CARE CENTER",
      "address": "",
      "city": "VAN ALSTYNE",
      "state": "TX",
      "zip": "75495",
      "units": 60,
      "originalAmount": 2000000,
      "rate": 2.8,
      "originationDate": "2009-09-23",
      "pmmsBenchmark": 5.058,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.8% is 2.26 pts below the 2009-09 market avg of 5.058%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "CANTON ESTATES",
      "address": "",
      "city": "CANTON",
      "state": "MS",
      "zip": "39046",
      "units": 121,
      "originalAmount": 1976200,
      "rate": 2.8,
      "originationDate": "2012-12-31",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "FAIRVIEW TERRACE and VALLEY VIEW and CREST VIEW",
      "address": "",
      "city": "SWEETWATER",
      "state": "TN",
      "zip": "37874",
      "units": 138,
      "originalAmount": 1958000,
      "rate": 2.8,
      "originationDate": "2021-07-27",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "ELMHURST APARTMENTS",
      "address": "",
      "city": "TARBORO",
      "state": "NC",
      "zip": "27886",
      "units": 50,
      "originalAmount": 1520000,
      "rate": 2.8,
      "originationDate": "2021-08-30",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "MCHENRY ROW APARTMENTS",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21230",
      "units": 250,
      "originalAmount": 49189300,
      "rate": 2.81,
      "originationDate": "2020-09-22",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ASPEN RIVERPARK APARTMENTS",
      "address": "",
      "city": "NEWARK",
      "state": "NJ",
      "zip": "07105",
      "units": 263,
      "originalAmount": 34999900,
      "rate": 2.81,
      "originationDate": "2016-10-20",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "CITYSCAPE APARTMENTS",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77047",
      "units": 240,
      "originalAmount": 29796900,
      "rate": 2.81,
      "originationDate": "2020-12-15",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "ABBEY APARTMENTS AT FOUR LAKES",
      "address": "",
      "city": "LISLE",
      "state": "IL",
      "zip": "60532",
      "units": 200,
      "originalAmount": 20412000,
      "rate": 2.81,
      "originationDate": "2013-07-31",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.81% is 1.56 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "OAK MANOR HEALTH & REHABILITATION CENTER",
      "address": "",
      "city": "LARGO",
      "state": "FL",
      "zip": "33774",
      "units": 387,
      "originalAmount": 19632000,
      "rate": 2.81,
      "originationDate": "2014-08-19",
      "pmmsBenchmark": 4.115,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.81% is 1.31 pts below the 2014-08 market avg of 4.115%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "COOPER CENTER FOR REHABILITATION & HEALTHCARE",
      "address": "",
      "city": "CAMDEN",
      "state": "NJ",
      "zip": "08103",
      "units": 63,
      "originalAmount": 15206700,
      "rate": 2.81,
      "originationDate": "2022-04-28",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.81% is 2.17 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "FOREST COVE APARTMENTS",
      "address": "",
      "city": "CHATTANOOGA",
      "state": "TN",
      "zip": "37421",
      "units": 120,
      "originalAmount": 10545300,
      "rate": 2.81,
      "originationDate": "2020-12-29",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "GARDEN STREET AND GILMORE TERRACE",
      "address": "",
      "city": "SANFORD",
      "state": "NC",
      "zip": "27330",
      "units": 126,
      "originalAmount": 9256100,
      "rate": 2.81,
      "originationDate": "2020-10-02",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "MERRITT HILL COUNTRY APARTMENTS",
      "address": "",
      "city": "DRIPPING SPRINGS",
      "state": "TX",
      "zip": "78620",
      "units": 80,
      "originalAmount": 9119000,
      "rate": 2.81,
      "originationDate": "2021-07-29",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "MON VALLEY CARE CENTER",
      "address": "",
      "city": "MONONGAHELA",
      "state": "PA",
      "zip": "15063",
      "units": 101,
      "originalAmount": 7356000,
      "rate": 2.81,
      "originationDate": "2013-07-19",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.81% is 1.56 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "BLUEPRINT REAL ESTATE CAPITAL"
    },
    {
      "property": "CHEVY CHASE APARTMENTS",
      "address": "",
      "city": "O'FALLON",
      "state": "IL",
      "zip": "62269",
      "units": 52,
      "originalAmount": 6373500,
      "rate": 2.81,
      "originationDate": "2021-04-27",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "KELLY PLACE",
      "address": "",
      "city": "ENTERPRISE",
      "state": "AL",
      "zip": "36330",
      "units": 63,
      "originalAmount": 5297600,
      "rate": 2.81,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "WRIGHTS HEALTH CARE & REHABILITATION CENTER",
      "address": "",
      "city": "SEMINOLE",
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      "zip": "33778",
      "units": 58,
      "originalAmount": 5272000,
      "rate": 2.81,
      "originationDate": "2014-08-19",
      "pmmsBenchmark": 4.115,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.81% is 1.31 pts below the 2014-08 market avg of 4.115%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "DR. KENNEDY HOMES",
      "address": "",
      "city": "FORT LAUDERDALE",
      "state": "FL",
      "zip": "33312",
      "units": 132,
      "originalAmount": 4679500,
      "rate": 2.81,
      "originationDate": "2020-04-21",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "JOANNE APARTMENTS",
      "address": "",
      "city": "SAN GERMAN",
      "state": "PR",
      "zip": "00683",
      "units": 124,
      "originalAmount": 4080000,
      "rate": 2.81,
      "originationDate": "2012-11-29",
      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "CIMMARRON PLACE APARTMENTS",
      "address": "",
      "city": "SHELBYVILLE",
      "state": "IN",
      "zip": "46176",
      "units": 128,
      "originalAmount": 3871000,
      "rate": 2.81,
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      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.81% is 0.86 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "MUÑEKI APARTMENTS",
      "address": "",
      "city": "AGUADILLA",
      "state": "PR",
      "zip": "00603",
      "units": 124,
      "originalAmount": 3512000,
      "rate": 2.81,
      "originationDate": "2012-12-11",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "MAGNOLIA TERRACE APARTMENTS",
      "address": "",
      "city": "JELLICO",
      "state": "TN",
      "zip": "37762",
      "units": 123,
      "originalAmount": 3025000,
      "rate": 2.81,
      "originationDate": "2021-06-10",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "Hampton Court Apartments",
      "address": "",
      "city": "Toledo",
      "state": "OH",
      "zip": "43606",
      "units": 48,
      "originalAmount": 2232000,
      "rate": 2.81,
      "originationDate": "2017-03-09",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.81% is 1.39 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "SAN LUIS APARTMENTS",
      "address": "",
      "city": "PONCE",
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      "zip": "00728",
      "units": 54,
      "originalAmount": 1959000,
      "rate": 2.81,
      "originationDate": "2012-11-29",
      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "CLOVERDALE HEIGHTS TWO",
      "address": "",
      "city": "CRAWFORDSVILLE",
      "state": "IN",
      "zip": "47933",
      "units": 180,
      "originalAmount": 1470000,
      "rate": 2.81,
      "originationDate": "2013-07-31",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.81% is 1.56 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "THE VIEW AT MILL RUN",
      "address": "",
      "city": "OWINGS MILLS",
      "state": "MD",
      "zip": "21117",
      "units": 375,
      "originalAmount": 74308100,
      "rate": 2.82,
      "originationDate": "2022-06-29",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.82% is 2.70 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "CAMBRIDGE SQUARE APARTMENTS",
      "address": "",
      "city": "COVINGTON",
      "state": "KY",
      "zip": "41015",
      "units": 200,
      "originalAmount": 30000000,
      "rate": 2.82,
      "originationDate": "2021-07-22",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE PRESERVE AT QUACCO WOODS",
      "address": "",
      "city": "SAVANNAH",
      "state": "GA",
      "zip": "31419",
      "units": 250,
      "originalAmount": 27532900,
      "rate": 2.82,
      "originationDate": "2021-02-26",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "RESERVE AT QUEBEC",
      "address": "",
      "city": "FORT WORTH",
      "state": "TX",
      "zip": "76135",
      "units": 296,
      "originalAmount": 25010000,
      "rate": 2.82,
      "originationDate": "2021-04-27",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "BONAVENTURE OF EAST WENATCHEE",
      "address": "",
      "city": "EAST WENATCHEE",
      "state": "WA",
      "zip": "98802",
      "units": 342,
      "originalAmount": 23489700,
      "rate": 2.82,
      "originationDate": "2016-12-20",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.82% is 1.38 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "Sapphire Estates Rehab Centre",
      "address": "",
      "city": "TUCSON",
      "state": "AZ",
      "zip": "85712",
      "units": 103,
      "originalAmount": 17181200,
      "rate": 2.82,
      "originationDate": "2021-03-30",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "1 LOFTS",
      "address": "",
      "city": "PAWTUCKET",
      "state": "RI",
      "zip": "02860",
      "units": 112,
      "originalAmount": 16736000,
      "rate": 2.82,
      "originationDate": "2021-05-13",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WEST WOODS HAVEN PHASE II",
      "address": "",
      "city": "PENSACOLA",
      "state": "FL",
      "zip": "32534",
      "units": 132,
      "originalAmount": 16148200,
      "rate": 2.82,
      "originationDate": "2021-04-15",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLUMBIANATIONAL REAL ESTATE F"
    },
    {
      "property": "Pearls of Life",
      "address": "",
      "city": "Lynchburg",
      "state": "VA",
      "zip": "23233",
      "units": 64,
      "originalAmount": 15924200,
      "rate": 2.82,
      "originationDate": "2021-06-03",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "MARIAN PARK APARTMENTS",
      "address": "",
      "city": "WHEATON",
      "state": "IL",
      "zip": "60187",
      "units": 210,
      "originalAmount": 11861800,
      "rate": 2.82,
      "originationDate": "2014-05-15",
      "pmmsBenchmark": 4.192,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.82% is 1.37 pts below the 2014-05 market avg of 4.192%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "JEFFERSON COURT APARTMENTS",
      "address": "",
      "city": "MILWAUKEE",
      "state": "WI",
      "zip": "53202",
      "units": 221,
      "originalAmount": 10480000,
      "rate": 2.82,
      "originationDate": "2014-09-29",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.82% is 1.34 pts below the 2014-09 market avg of 4.162%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "EGER HARBOR HOUSE",
      "address": "",
      "city": "STATEN ISLAND",
      "state": "NY",
      "zip": "10306",
      "units": 75,
      "originalAmount": 9879400,
      "rate": 2.82,
      "originationDate": "2021-11-23",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "SUMMIT ROSE APARTMENTS",
      "address": "",
      "city": "ESCONDIDO",
      "state": "CA",
      "zip": "92025",
      "units": 91,
      "originalAmount": 8906400,
      "rate": 2.82,
      "originationDate": "2015-07-30",
      "pmmsBenchmark": 4.046,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.82% is 1.23 pts below the 2015-07 market avg of 4.046%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "LAKE VIEW APARTMENT",
      "address": "",
      "city": "TYLER",
      "state": "TX",
      "zip": "75702",
      "units": 140,
      "originalAmount": 8635900,
      "rate": 2.82,
      "originationDate": "2022-04-22",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.82% is 2.16 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "PALM PLACE APARTMENTS",
      "address": "",
      "city": "WINTER HAVEN",
      "state": "FL",
      "zip": "33880",
      "units": 90,
      "originalAmount": 6500000,
      "rate": 2.82,
      "originationDate": "2021-04-07",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "FIRST HOUSING DEV CORP OF FL"
    },
    {
      "property": "BELLTOWN MANOR",
      "address": "",
      "city": "STAMFORD",
      "state": "CT",
      "zip": "06905",
      "units": 27,
      "originalAmount": 4720000,
      "rate": 2.82,
      "originationDate": "2022-03-29",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.82% is 1.35 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "Hilltop Village Apartments",
      "address": "",
      "city": "Toledo",
      "state": "OH",
      "zip": "43607",
      "units": 90,
      "originalAmount": 4652900,
      "rate": 2.82,
      "originationDate": "2017-03-09",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.82% is 1.38 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "CULPEPER GARDEN II",
      "address": "",
      "city": "ARLINGTON",
      "state": "VA",
      "zip": "22203",
      "units": 63,
      "originalAmount": 4212600,
      "rate": 2.82,
      "originationDate": "2012-09-25",
      "pmmsBenchmark": 3.498,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SHORELAND HEALTHCARE & RETIREM",
      "address": "",
      "city": "WHITEVILLE",
      "state": "NC",
      "zip": "28472",
      "units": 99,
      "originalAmount": 4199300,
      "rate": 2.82,
      "originationDate": "2012-10-31",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "SAINTS COURTS APARTMENTS",
      "address": "",
      "city": "MEMPHIS",
      "state": "TN",
      "zip": "38107",
      "units": 128,
      "originalAmount": 3450000,
      "rate": 2.82,
      "originationDate": "2010-12-15",
      "pmmsBenchmark": 4.714,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.82% is 1.89 pts below the 2010-12 market avg of 4.714%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "THE EDGE AT MIDDELTON",
      "address": "",
      "city": "ABERDEEN",
      "state": "MD",
      "zip": "21001",
      "units": 237,
      "originalAmount": 53465400,
      "rate": 2.83,
      "originationDate": "2021-08-24",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ELLIS HOSPITAL",
      "address": "",
      "city": "SCHENECTADY",
      "state": "NY",
      "zip": "12308",
      "units": 438,
      "originalAmount": 47342500,
      "rate": 2.83,
      "originationDate": "2022-01-20",
      "pmmsBenchmark": 3.445,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "ARGENTO AT OAKLAND SPRINGS APARTMENTS",
      "address": "",
      "city": "MADISON",
      "state": "AL",
      "zip": "35756",
      "units": 262,
      "originalAmount": 44109200,
      "rate": 2.83,
      "originationDate": "2021-03-25",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SOUTHGATE TOWERS",
      "address": "",
      "city": "BATON ROUGE",
      "state": "LA",
      "zip": "70808",
      "units": 316,
      "originalAmount": 38274900,
      "rate": 2.83,
      "originationDate": "2012-12-20",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "SILVER SPRINGS APARTMENTS",
      "address": "",
      "city": "AUSTIN",
      "state": "TX",
      "zip": "78753",
      "units": 360,
      "originalAmount": 30302000,
      "rate": 2.83,
      "originationDate": "2013-07-31",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.83% is 1.54 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "HEIWA TERRACE",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60640",
      "units": 203,
      "originalAmount": 28500000,
      "rate": 2.83,
      "originationDate": "2021-03-11",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "LANDMARK AT COURTYARD VILLAS",
      "address": "",
      "city": "MESQUITE",
      "state": "TX",
      "zip": "75150",
      "units": 256,
      "originalAmount": 26923600,
      "rate": 2.83,
      "originationDate": "2018-05-16",
      "pmmsBenchmark": 4.586,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.83% is 1.76 pts below the 2018-05 market avg of 4.586%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "CENTERVILLE MANOR",
      "address": "",
      "city": "VIRGINIA BEACH",
      "state": "VA",
      "zip": "23464",
      "units": 180,
      "originalAmount": 22144700,
      "rate": 2.83,
      "originationDate": "2016-04-18",
      "pmmsBenchmark": 3.605,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.83% is 0.77 pts below the 2016-04 market avg of 3.605%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "PLACE ONE APARTMENTS",
      "address": "",
      "city": "RICHMOND",
      "state": "VA",
      "zip": "23228",
      "units": 114,
      "originalAmount": 20062000,
      "rate": 2.83,
      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "TUTTLE'S GROVE II",
      "address": "",
      "city": "DUBLIN",
      "state": "OH",
      "zip": "43016",
      "units": 297,
      "originalAmount": 17414400,
      "rate": 2.83,
      "originationDate": "2013-02-28",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BLUFFS LANDING SENIOR VILLAGE",
      "address": "",
      "city": "ROUND ROCK",
      "state": "TX",
      "zip": "78665",
      "units": 144,
      "originalAmount": 17245900,
      "rate": 2.83,
      "originationDate": "2022-02-24",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.83% is 0.93 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "AARON MANOR REHABILITATION AND NURSING CENTER",
      "address": "",
      "city": "FAIRPORT",
      "state": "NY",
      "zip": "14450",
      "units": 220,
      "originalAmount": 17232900,
      "rate": 2.83,
      "originationDate": "2020-04-29",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BELMONT PARK APTS",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21207",
      "units": 156,
      "originalAmount": 15840000,
      "rate": 2.83,
      "originationDate": "2017-12-28",
      "pmmsBenchmark": 3.95,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.83% is 1.12 pts below the 2017-12 market avg of 3.95%"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "EVERGREEN FOUNTAINS",
      "address": "",
      "city": "SPOKANE VALLEY",
      "state": "WA",
      "zip": "99216",
      "units": 105,
      "originalAmount": 15529800,
      "rate": 2.83,
      "originationDate": "2016-02-16",
      "pmmsBenchmark": 3.66,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.83% is 0.83 pts below the 2016-02 market avg of 3.66%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "ARBOR PARK VILLAGE PHASE II",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44115",
      "units": 206,
      "originalAmount": 15500000,
      "rate": 2.83,
      "originationDate": "2014-03-27",
      "pmmsBenchmark": 4.343,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.83% is 1.51 pts below the 2014-03 market avg of 4.343%"
      ],
      "holder": "ROSE COMMUNITY CAPITAL, LLC"
    },
    {
      "property": "ARBOR COURT",
      "address": "",
      "city": "FARGO",
      "state": "ND",
      "zip": "58104",
      "units": 150,
      "originalAmount": 15125600,
      "rate": 2.83,
      "originationDate": "2020-06-30",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "LEGACY AT BRUNSWICK",
      "address": "",
      "city": "BRUNSWICK",
      "state": "GA",
      "zip": "31525",
      "units": 168,
      "originalAmount": 14560000,
      "rate": 2.83,
      "originationDate": "2020-12-22",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "WATERFORD COMMONS",
      "address": "",
      "city": "ROSEMOUNT",
      "state": "MN",
      "zip": "55068",
      "units": 108,
      "originalAmount": 14501000,
      "rate": 2.83,
      "originationDate": "2013-08-13",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.83% is 1.63 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "ALDEN ESTATES OF SHOREWOOD",
      "address": "",
      "city": "SHOREWOOD",
      "state": "IL",
      "zip": "60404",
      "units": 142,
      "originalAmount": 14366500,
      "rate": 2.83,
      "originationDate": "2013-08-29",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.83% is 1.63 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "BRADBURY PLACE (fka DUNHAGAN APARTMENTS)",
      "address": "",
      "city": "GREENVILLE",
      "state": "NC",
      "zip": "27858",
      "units": 96,
      "originalAmount": 12073900,
      "rate": 2.83,
      "originationDate": "2020-11-19",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "THE VISTAS APARTMENTS",
      "address": "",
      "city": "MARBLE FALLS",
      "state": "TX",
      "zip": "78654",
      "units": 124,
      "originalAmount": 9429800,
      "rate": 2.83,
      "originationDate": "2020-07-14",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "COMMUNITY SKILLED NSNG FACILTY",
      "address": "",
      "city": "STAMFORD",
      "state": "NY",
      "zip": "12167",
      "units": 122,
      "originalAmount": 8810900,
      "rate": 2.83,
      "originationDate": "2013-02-27",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "REDWOOD NORWALK",
      "address": "",
      "city": "NORWALK",
      "state": "OH",
      "zip": "44857",
      "units": 110,
      "originalAmount": 8785100,
      "rate": 2.83,
      "originationDate": "2021-01-26",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WHISPERING OAKS",
      "address": "",
      "city": "TAMPA",
      "state": "FL",
      "zip": "33610",
      "units": 236,
      "originalAmount": 8596500,
      "rate": 2.83,
      "originationDate": "2015-12-03",
      "pmmsBenchmark": 3.964,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.83% is 1.13 pts below the 2015-12 market avg of 3.964%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "THE AVENUE APARTMENTS",
      "address": "",
      "city": "NEDERLAND",
      "state": "TX",
      "zip": "77627",
      "units": 128,
      "originalAmount": 8227600,
      "rate": 2.83,
      "originationDate": "2011-05-31",
      "pmmsBenchmark": 4.637,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.83% is 1.81 pts below the 2011-05 market avg of 4.637%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "AUTUMN GROVE CARE CENTER",
      "address": "",
      "city": "HARRISVILLE",
      "state": "PA",
      "zip": "16038",
      "units": 103,
      "originalAmount": 5754300,
      "rate": 2.83,
      "originationDate": "2012-12-20",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "PINE FOREST HOMES",
      "address": "",
      "city": "GAINESVILLE",
      "state": "FL",
      "zip": "32609",
      "units": 131,
      "originalAmount": 5703500,
      "rate": 2.83,
      "originationDate": "2010-12-09",
      "pmmsBenchmark": 4.714,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.83% is 1.88 pts below the 2010-12 market avg of 4.714%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "VILLAGE COOPERATIVE OF CLINTON",
      "address": "",
      "city": "CLINTON",
      "state": "IA",
      "zip": "52732",
      "units": 44,
      "originalAmount": 5695000,
      "rate": 2.83,
      "originationDate": "2018-04-30",
      "pmmsBenchmark": 4.467,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.83% is 1.64 pts below the 2018-04 market avg of 4.467%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "DUNCAN-HAYMOUNT REHAB & NURSING CENTER",
      "address": "",
      "city": "FAYETTEVILLE",
      "state": "NC",
      "zip": "28303",
      "units": 120,
      "originalAmount": 5544700,
      "rate": 2.83,
      "originationDate": "2014-09-10",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.83% is 1.33 pts below the 2014-09 market avg of 4.162%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "Englewood East",
      "address": "",
      "city": "SALEM",
      "state": "OR",
      "zip": "97301",
      "units": 50,
      "originalAmount": 5208000,
      "rate": 2.83,
      "originationDate": "2021-07-15",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "APPLEWOOD POINTE COOP MAPLE GROVE",
      "address": "",
      "city": "MAPLE GROVE",
      "state": "MN",
      "zip": "55369",
      "units": 74,
      "originalAmount": 5154400,
      "rate": 2.83,
      "originationDate": "2022-04-27",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.83% is 2.15 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "PROVIDENCE PL",
      "address": "",
      "city": "MT JULIET",
      "state": "TN",
      "zip": "37122",
      "units": 68,
      "originalAmount": 4944400,
      "rate": 2.83,
      "originationDate": "2012-10-31",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "DEER LODGE CARE AND REHABILITATION CENTER",
      "address": "",
      "city": "DEER LODGE",
      "state": "MT",
      "zip": "59722",
      "units": 60,
      "originalAmount": 4440000,
      "rate": 2.83,
      "originationDate": "2014-01-21",
      "pmmsBenchmark": 4.432,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.83% is 1.60 pts below the 2014-01 market avg of 4.432%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "MULTI ETHNIC SENIOR CITIZEN HI",
      "address": "",
      "city": "SALT LAKE CITY",
      "state": "UT",
      "zip": "84101",
      "units": 142,
      "originalAmount": 4000000,
      "rate": 2.83,
      "originationDate": "2007-04-27",
      "pmmsBenchmark": 6.18,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.83% is 3.35 pts below the 2007-04 market avg of 6.18%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WILLOW GLEN SOUTH II",
      "address": "",
      "city": "BEECH GROVE",
      "state": "IN",
      "zip": "46107",
      "units": 220,
      "originalAmount": 3950000,
      "rate": 2.83,
      "originationDate": "2012-06-26",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.83% is 0.84 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "RIVER BEND APARTMENTS",
      "address": "",
      "city": "YOUNGTOWN",
      "state": "AZ",
      "zip": "85363",
      "units": 63,
      "originalAmount": 1060500,
      "rate": 2.83,
      "originationDate": "2013-02-20",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ELMWOOD HILLS HEALTHCARE CENTER",
      "address": "",
      "city": "BLACKWOOD",
      "state": "NJ",
      "zip": "08012",
      "units": 612,
      "originalAmount": 79500000,
      "rate": 2.84,
      "originationDate": "2019-09-06",
      "pmmsBenchmark": 3.605,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.84% is 0.77 pts below the 2019-09 market avg of 3.605%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "RESIDENCES AT 150 BAGLEY",
      "address": "",
      "city": "DETROIT",
      "state": "MI",
      "zip": "48226",
      "units": 148,
      "originalAmount": 42312400,
      "rate": 2.84,
      "originationDate": "2022-03-10",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.84% is 1.33 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "TILLMAN COVE APARTMENTS",
      "address": "",
      "city": "MEMPHIS",
      "state": "TN",
      "zip": "38112",
      "units": 219,
      "originalAmount": 29668700,
      "rate": 2.84,
      "originationDate": "2021-11-10",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "WOODS OF BRITTON APARTMENTS",
      "address": "",
      "city": "FISHERS",
      "state": "IN",
      "zip": "46038",
      "units": 521,
      "originalAmount": 29000000,
      "rate": 2.84,
      "originationDate": "2012-11-30",
      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "PORTNER FLATS",
      "address": "",
      "city": "WASHINGTON",
      "state": "DC",
      "zip": "20009",
      "units": 96,
      "originalAmount": 24000000,
      "rate": 2.84,
      "originationDate": "2021-01-21",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ROSE COMMUNITY CAPITAL, LLC"
    },
    {
      "property": "LAKES OF WINDSOR",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46237",
      "units": 440,
      "originalAmount": 24000000,
      "rate": 2.84,
      "originationDate": "2012-11-30",
      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "PINE COMMONS",
      "address": "",
      "city": "BROCKTON",
      "state": "MA",
      "zip": "02301",
      "units": 168,
      "originalAmount": 23241200,
      "rate": 2.84,
      "originationDate": "2022-04-14",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.84% is 2.14 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "CATALINA VILLAGE APARTMENTS",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77021",
      "units": 288,
      "originalAmount": 20584000,
      "rate": 2.84,
      "originationDate": "2016-10-31",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "VILLAS AT HAMILTON",
      "address": "",
      "city": "NOVATO",
      "state": "CA",
      "zip": "94949",
      "units": 128,
      "originalAmount": 20553500,
      "rate": 2.84,
      "originationDate": "2018-02-27",
      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.84% is 1.49 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "Sutton Place Apartments",
      "address": "",
      "city": "Amherst",
      "state": "NY",
      "zip": "14228",
      "units": 246,
      "originalAmount": 20000000,
      "rate": 2.84,
      "originationDate": "2019-11-26",
      "pmmsBenchmark": 3.695,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.84% is 0.85 pts below the 2019-11 market avg of 3.695%"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "LAKESIDE SQUARE APARTMENTS",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60640",
      "units": 310,
      "originalAmount": 15700000,
      "rate": 2.84,
      "originationDate": "2022-02-23",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.84% is 0.92 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "WESTWARD HO APARTMENTS",
      "address": "",
      "city": "PHOENIX",
      "state": "AZ",
      "zip": "85004",
      "units": 289,
      "originalAmount": 14138600,
      "rate": 2.84,
      "originationDate": "2021-04-22",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "NORTHEAST REHAB HOSPITAL PORTSMOUTH",
      "address": "",
      "city": "PORTSMOUTH",
      "state": "NH",
      "zip": "03801",
      "units": 33,
      "originalAmount": 13950000,
      "rate": 2.84,
      "originationDate": "2010-04-21",
      "pmmsBenchmark": 5.098,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.84% is 2.26 pts below the 2010-04 market avg of 5.098%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "WINDSOR OAKS",
      "address": "",
      "city": "FORT WAYNE",
      "state": "IN",
      "zip": "46835",
      "units": 264,
      "originalAmount": 13000000,
      "rate": 2.84,
      "originationDate": "2012-11-30",
      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "MARY GRAN NURSING CENTER",
      "address": "",
      "city": "CLINTON",
      "state": "NC",
      "zip": "28328",
      "units": 242,
      "originalAmount": 12023200,
      "rate": 2.84,
      "originationDate": "2012-04-30",
      "pmmsBenchmark": 3.91,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.84% is 1.07 pts below the 2012-04 market avg of 3.91%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "PINE GROVE APTS",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60613",
      "units": 126,
      "originalAmount": 11472400,
      "rate": 2.84,
      "originationDate": "2012-11-29",
      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "TURTLE CREEK APARTMENTS",
      "address": "",
      "city": "BEVERLY",
      "state": "MA",
      "zip": "01915",
      "units": 110,
      "originalAmount": 9758000,
      "rate": 2.84,
      "originationDate": "2021-02-19",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WINDSOR NURSING AND REHABILITATION CENTER OF CORPUS CHRISTI",
      "address": "",
      "city": "CORPUS CHRISTI",
      "state": "TX",
      "zip": "78404",
      "units": 180,
      "originalAmount": 9704000,
      "rate": 2.84,
      "originationDate": "2019-11-07",
      "pmmsBenchmark": 3.695,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.84% is 0.85 pts below the 2019-11 market avg of 3.695%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE ALLENDALE",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21229",
      "units": 164,
      "originalAmount": 9247400,
      "rate": 2.84,
      "originationDate": "2020-12-29",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "NORTHPARK VILLAGE VILLAGE PHASE II",
      "address": "",
      "city": "WICHITA FALLS",
      "state": "TX",
      "zip": "76305",
      "units": 116,
      "originalAmount": 7644800,
      "rate": 2.84,
      "originationDate": "2020-07-20",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "EDEN HOMES GROUP",
      "address": "",
      "city": "BETHESDA",
      "state": "MD",
      "zip": "20817",
      "units": 32,
      "originalAmount": 5730800,
      "rate": 2.84,
      "originationDate": "2014-12-16",
      "pmmsBenchmark": 3.864,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.84% is 1.02 pts below the 2014-12 market avg of 3.864%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "NORTHPARK VILLAGE PHASE I",
      "address": "",
      "city": "WICHITA FALLS",
      "state": "TX",
      "zip": "76305",
      "units": 100,
      "originalAmount": 5613200,
      "rate": 2.84,
      "originationDate": "2020-07-20",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "LAUREL PALMS APARTMENTS",
      "address": "",
      "city": "PERRIS",
      "state": "CA",
      "zip": "92570",
      "units": 120,
      "originalAmount": 5535900,
      "rate": 2.84,
      "originationDate": "2015-07-31",
      "pmmsBenchmark": 4.046,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.84% is 1.21 pts below the 2015-07 market avg of 4.046%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "THOMAS SQUARE APARTMENTS",
      "address": "",
      "city": "GRIMES",
      "state": "IA",
      "zip": "50111",
      "units": 50,
      "originalAmount": 2216900,
      "rate": 2.84,
      "originationDate": "2013-12-23",
      "pmmsBenchmark": 4.457,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.84% is 1.62 pts below the 2013-12 market avg of 4.457%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "BATON ROUGE GENERAL MED CNTR",
      "address": "",
      "city": "BATON ROUGE",
      "state": "LA",
      "zip": "70809",
      "units": 448,
      "originalAmount": 198000000,
      "rate": 2.85,
      "originationDate": "2004-12-08",
      "pmmsBenchmark": 5.752,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 2.90 pts below the 2004-12 market avg of 5.752%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "PLATFORM 3750",
      "address": "",
      "city": "MIAMI",
      "state": "FL",
      "zip": "33133",
      "units": 191,
      "originalAmount": 60470000,
      "rate": 2.85,
      "originationDate": "2021-01-21",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "1825 WEST LAWRENCE",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60640",
      "units": 167,
      "originalAmount": 51814100,
      "rate": 2.85,
      "originationDate": "2021-05-12",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ABBERLY COMMONS",
      "address": "",
      "city": "CHARLOTTE",
      "state": "NC",
      "zip": "28215",
      "units": 287,
      "originalAmount": 47439100,
      "rate": 2.85,
      "originationDate": "2021-10-26",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "TOPSIDE 333 APARTMENTS (fka TOPSIDE ROAD)",
      "address": "",
      "city": "LOUISVILLE",
      "state": "TN",
      "zip": "37777",
      "units": 216,
      "originalAmount": 38482000,
      "rate": 2.85,
      "originationDate": "2021-12-17",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "THE SUMMIT AT WALNUT CREEK",
      "address": "",
      "city": "ALVARADO",
      "state": "TX",
      "zip": "76009",
      "units": 204,
      "originalAmount": 32154600,
      "rate": 2.85,
      "originationDate": "2021-11-17",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ESTEBAN PARK APARTMENTS",
      "address": "",
      "city": "PHOENIX",
      "state": "AZ",
      "zip": "85040",
      "units": 204,
      "originalAmount": 30000000,
      "rate": 2.85,
      "originationDate": "2020-04-30",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "CALYPSO BAY APARTMENTS",
      "address": "",
      "city": "GRETNA",
      "state": "LA",
      "zip": "70056",
      "units": 280,
      "originalAmount": 28978400,
      "rate": 2.85,
      "originationDate": "2020-04-30",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "ALGONQUIN SQUARE",
      "address": "",
      "city": "Algonquin",
      "state": "IL",
      "zip": "60102",
      "units": 220,
      "originalAmount": 27323200,
      "rate": 2.85,
      "originationDate": "2021-06-29",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "COMPLETE CARE AT PASSAIC COUNTY",
      "address": "",
      "city": "PATERSON",
      "state": "NJ",
      "zip": "07514",
      "units": 279,
      "originalAmount": 26960000,
      "rate": 2.85,
      "originationDate": "2019-08-22",
      "pmmsBenchmark": 3.616,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 0.77 pts below the 2019-08 market avg of 3.616%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ANATOLE AT WESTINGHOUSE",
      "address": "",
      "city": "GEORGETOWN",
      "state": "TX",
      "zip": "78626",
      "units": 250,
      "originalAmount": 24351300,
      "rate": 2.85,
      "originationDate": "2020-11-23",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "THE COMMONS ON MARICE",
      "address": "",
      "city": "EAGAN",
      "state": "MN",
      "zip": "55121",
      "units": 147,
      "originalAmount": 23226200,
      "rate": 2.85,
      "originationDate": "2015-04-29",
      "pmmsBenchmark": 3.672,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 0.82 pts below the 2015-04 market avg of 3.672%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "WILLOW TREE GROVE",
      "address": "",
      "city": "BOTHELL",
      "state": "WA",
      "zip": "98021",
      "units": 181,
      "originalAmount": 22595800,
      "rate": 2.85,
      "originationDate": "2020-06-24",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "HARBOR SHORES APARTMENTS PHASE II",
      "address": "",
      "city": "MONTGOMERY",
      "state": "TX",
      "zip": "77356",
      "units": 140,
      "originalAmount": 20922800,
      "rate": 2.85,
      "originationDate": "2021-12-16",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "SOMERSET WOODS REHABILITATION & NURSING CENTER",
      "address": "",
      "city": "SOMERSET",
      "state": "NJ",
      "zip": "08873",
      "units": 242,
      "originalAmount": 20696000,
      "rate": 2.85,
      "originationDate": "2020-01-30",
      "pmmsBenchmark": 3.624,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 0.77 pts below the 2020-01 market avg of 3.624%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "THE OVERLOOK APARTMENTS",
      "address": "",
      "city": "PALESTINE",
      "state": "TX",
      "zip": "75801",
      "units": 152,
      "originalAmount": 20242700,
      "rate": 2.85,
      "originationDate": "2021-02-16",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "GREYSTONE AT THE WOODLANDS",
      "address": "",
      "city": "COLUMBUS",
      "state": "GA",
      "zip": "31904",
      "units": 253,
      "originalAmount": 19832000,
      "rate": 2.85,
      "originationDate": "2016-07-29",
      "pmmsBenchmark": 3.44,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE LAKES OF GREENBRIER",
      "address": "",
      "city": "CHESAPEAKE",
      "state": "VA",
      "zip": "23320",
      "units": 204,
      "originalAmount": 17520000,
      "rate": 2.85,
      "originationDate": "2015-04-16",
      "pmmsBenchmark": 3.672,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 0.82 pts below the 2015-04 market avg of 3.672%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "VIOLET CROSSING APARTMENTS",
      "address": "",
      "city": "BOULDER",
      "state": "CO",
      "zip": "80304",
      "units": 98,
      "originalAmount": 17397000,
      "rate": 2.85,
      "originationDate": "2013-07-02",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 1.52 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "RIVERS EDGE APARTMENTS",
      "address": "",
      "city": "OTSEGO",
      "state": "MN",
      "zip": "55330",
      "units": 98,
      "originalAmount": 16489300,
      "rate": 2.85,
      "originationDate": "2022-05-16",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 2.38 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "BENNETT RIDGE APRTMENTS",
      "address": "",
      "city": "OKLAHOMA CITY",
      "state": "OK",
      "zip": "73132",
      "units": 304,
      "originalAmount": 16000000,
      "rate": 2.85,
      "originationDate": "2020-11-30",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "BAY BREEZE APARTMENTS",
      "address": "",
      "city": "HENDERSON",
      "state": "NV",
      "zip": "89014",
      "units": 224,
      "originalAmount": 16000000,
      "rate": 2.85,
      "originationDate": "2020-05-29",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "WEST PARK @ DOWNTOWN",
      "address": "",
      "city": "TYLER",
      "state": "TX",
      "zip": "75702",
      "units": 112,
      "originalAmount": 15403100,
      "rate": 2.85,
      "originationDate": "2021-03-11",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "3060 DAUPHINE",
      "address": "",
      "city": "NEW ORLEANS",
      "state": "LA",
      "zip": "70117",
      "units": 58,
      "originalAmount": 15359400,
      "rate": 2.85,
      "originationDate": "2021-03-15",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ARBOURS AT VILLA RICA APARTMENTS",
      "address": "",
      "city": "VILLA RICA",
      "state": "GA",
      "zip": "30180",
      "units": 192,
      "originalAmount": 15275000,
      "rate": 2.85,
      "originationDate": "2022-01-19",
      "pmmsBenchmark": 3.445,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "SYCAMORE HILLS BY THE BAY",
      "address": "",
      "city": "HERCULES",
      "state": "CA",
      "zip": "94547",
      "units": 97,
      "originalAmount": 14540200,
      "rate": 2.85,
      "originationDate": "2017-12-14",
      "pmmsBenchmark": 3.95,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 1.10 pts below the 2017-12 market avg of 3.95%"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "THE MEADOWS OF CAMBRIDGE III",
      "address": "",
      "city": "CAMBRIDGE ROAD",
      "state": "MD",
      "zip": "21613",
      "units": 90,
      "originalAmount": 14372000,
      "rate": 2.85,
      "originationDate": "2021-04-16",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "RESIDENCES AT GATEWAY VILLAGE PH II",
      "address": "",
      "city": "DENISON",
      "state": "TX",
      "zip": "75020",
      "units": 96,
      "originalAmount": 13742300,
      "rate": 2.85,
      "originationDate": "2020-11-17",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE RESIDENCES AT CARRONADE",
      "address": "",
      "city": "PERRYSBURG",
      "state": "OH",
      "zip": "43551",
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      "originalAmount": 13710600,
      "rate": 2.85,
      "originationDate": "2010-09-10",
      "pmmsBenchmark": 4.346,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 1.50 pts below the 2010-09 market avg of 4.346%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WESTWOOD PKWY APARTMENTS",
      "address": "",
      "city": "ST CLOUD",
      "state": "MN",
      "zip": "56303",
      "units": 179,
      "originalAmount": 13432000,
      "rate": 2.85,
      "originationDate": "2011-09-30",
      "pmmsBenchmark": 4.106,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 1.26 pts below the 2011-09 market avg of 4.106%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "VILLAGE POINTE APARTMENTS",
      "address": "",
      "city": "HAWTHORNE",
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      "zip": "90250",
      "units": 186,
      "originalAmount": 13119100,
      "rate": 2.85,
      "originationDate": "2013-06-27",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 1.22 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "PRESERVE AT ROCK SPRINGS II",
      "address": "",
      "city": "ROCK SPRINGS",
      "state": "WY",
      "zip": "82901",
      "units": 112,
      "originalAmount": 13029900,
      "rate": 2.85,
      "originationDate": "2014-04-24",
      "pmmsBenchmark": 4.338,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 1.49 pts below the 2014-04 market avg of 4.338%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "STUDIO POINTE - LANKERSHIM",
      "address": "",
      "city": "NORTH HOLLYWOOD",
      "state": "CA",
      "zip": "91605",
      "units": 171,
      "originalAmount": 12259700,
      "rate": 2.85,
      "originationDate": "2013-06-27",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 1.22 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "SAGE CREST",
      "address": "",
      "city": "AURORA",
      "state": "IL",
      "zip": "60506",
      "units": 102,
      "originalAmount": 11450000,
      "rate": 2.85,
      "originationDate": "2020-08-28",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "VALENCIA PARK",
      "address": "",
      "city": "BATON ROUGE",
      "state": "LA",
      "zip": "70802",
      "units": 122,
      "originalAmount": 11290600,
      "rate": 2.85,
      "originationDate": "2020-10-29",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "TERRACE SENIOR",
      "address": "",
      "city": "ROCKFORD",
      "state": "IL",
      "zip": "61103",
      "units": 128,
      "originalAmount": 11112000,
      "rate": 2.85,
      "originationDate": "2022-03-31",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 1.32 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "THE GLEN AT BELVIDERE",
      "address": "",
      "city": "BELVIDERE",
      "state": "IL",
      "zip": "61008",
      "units": 155,
      "originalAmount": 10875000,
      "rate": 2.85,
      "originationDate": "2015-09-30",
      "pmmsBenchmark": 3.89,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 1.04 pts below the 2015-09 market avg of 3.89%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CHAPEL GROVE INN",
      "address": "",
      "city": "HEATH",
      "state": "OH",
      "zip": "43056",
      "units": 99,
      "originalAmount": 10530000,
      "rate": 2.85,
      "originationDate": "2014-02-27",
      "pmmsBenchmark": 4.303,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 1.45 pts below the 2014-02 market avg of 4.303%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "RESIDENCES AT CARRONADE II",
      "address": "",
      "city": "PERRYSBURG",
      "state": "OH",
      "zip": "43551",
      "units": 108,
      "originalAmount": 10503500,
      "rate": 2.85,
      "originationDate": "2014-10-16",
      "pmmsBenchmark": 4.036,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 1.19 pts below the 2014-10 market avg of 4.036%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "MB HEALTHCARE LAUREL MANOR HEALTHCARE & REHAB",
      "address": "",
      "city": "STRATFORD",
      "state": "NJ",
      "zip": "08084",
      "units": 153,
      "originalAmount": 9800000,
      "rate": 2.85,
      "originationDate": "2019-12-30",
      "pmmsBenchmark": 3.72,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 0.87 pts below the 2019-12 market avg of 3.72%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "GRANT LANDING APARTMENTS",
      "address": "",
      "city": "ENTERPRISE",
      "state": "AL",
      "zip": "36330",
      "units": 96,
      "originalAmount": 9718300,
      "rate": 2.85,
      "originationDate": "2021-02-17",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "MILFORD HEALTH AND REHAB CENTER",
      "address": "",
      "city": "MILFORD",
      "state": "CT",
      "zip": "06460",
      "units": 187,
      "originalAmount": 9384800,
      "rate": 2.85,
      "originationDate": "2020-09-30",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "VILLA SPRINGFIELD REHABILITATION AND HEALTHCARE CENTER",
      "address": "",
      "city": "SPRINGFIELD",
      "state": "OH",
      "zip": "45503",
      "units": 175,
      "originalAmount": 9361400,
      "rate": 2.85,
      "originationDate": "2020-12-03",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "VILLA GEORGETOWN REHABILITATION AND HEALTHCARE CENTER",
      "address": "",
      "city": "GEORGETOWN",
      "state": "OH",
      "zip": "45121",
      "units": 138,
      "originalAmount": 9355100,
      "rate": 2.85,
      "originationDate": "2020-12-03",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "SAN JOSE APARTMENTS",
      "address": "",
      "city": "Winter Park",
      "state": "FL",
      "zip": "32792",
      "units": 121,
      "originalAmount": 8702500,
      "rate": 2.85,
      "originationDate": "2019-12-04",
      "pmmsBenchmark": 3.72,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 0.87 pts below the 2019-12 market avg of 3.72%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "QUAIL CREST MEMORY CARE",
      "address": "",
      "city": "EUGENE",
      "state": "OR",
      "zip": "97404",
      "units": 50,
      "originalAmount": 8336000,
      "rate": 2.85,
      "originationDate": "2021-08-31",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "BNAI BRITH COVENANT HOUSE",
      "address": "",
      "city": "PEORIA",
      "state": "IL",
      "zip": "61605",
      "units": 200,
      "originalAmount": 8320000,
      "rate": 2.85,
      "originationDate": "2013-12-19",
      "pmmsBenchmark": 4.457,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 1.61 pts below the 2013-12 market avg of 4.457%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "CRYSTAL LAKE APARTMENTS",
      "address": "",
      "city": "CORVALLIS",
      "state": "OR",
      "zip": "97333",
      "units": 98,
      "originalAmount": 8228000,
      "rate": 2.85,
      "originationDate": "2021-04-30",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "KEYSTONE RIDGE APARTMENTS",
      "address": "",
      "city": "PUYALLUP",
      "state": "WA",
      "zip": "98374",
      "units": 91,
      "originalAmount": 8023700,
      "rate": 2.85,
      "originationDate": "2015-09-09",
      "pmmsBenchmark": 3.89,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 1.04 pts below the 2015-09 market avg of 3.89%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "SPRINGFIELD SUPPORTIVE LIVING CENTER",
      "address": "",
      "city": "SPRINGFIELD",
      "state": "IL",
      "zip": "62703",
      "units": 230,
      "originalAmount": 7740000,
      "rate": 2.85,
      "originationDate": "2018-07-26",
      "pmmsBenchmark": 4.527,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 1.68 pts below the 2018-07 market avg of 4.527%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "PARK AT WOODWIND LAKES",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77040",
      "units": 144,
      "originalAmount": 7645700,
      "rate": 2.85,
      "originationDate": "2013-01-31",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "LIBERTY COMMONS NURSING & REHAB CENTER OF ALAMANCE",
      "address": "",
      "city": "BURLINGTON",
      "state": "NC",
      "zip": "27215",
      "units": 109,
      "originalAmount": 7357200,
      "rate": 2.85,
      "originationDate": "2014-12-10",
      "pmmsBenchmark": 3.864,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 1.01 pts below the 2014-12 market avg of 3.864%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "BOWMAN ESTATES OF DANVILLE",
      "address": "",
      "city": "DANVILLE",
      "state": "IL",
      "zip": "61832",
      "units": 76,
      "originalAmount": 7210000,
      "rate": 2.85,
      "originationDate": "2022-03-30",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 1.32 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CAPSTONE AT BARTON CHAPEL (TRINITY MANOR)",
      "address": "",
      "city": "AUGUSTA",
      "state": "GA",
      "zip": "30906",
      "units": 100,
      "originalAmount": 7020000,
      "rate": 2.85,
      "originationDate": "2021-12-15",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "CADBURY COMMONS",
      "address": "",
      "city": "CAMBRIDGE",
      "state": "MA",
      "zip": "02140",
      "units": 74,
      "originalAmount": 7012900,
      "rate": 2.85,
      "originationDate": "2021-04-28",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "VALLEY PINES",
      "address": "",
      "city": "MEDFORD",
      "state": "OR",
      "zip": "97504",
      "units": 120,
      "originalAmount": 6882200,
      "rate": 2.85,
      "originationDate": "2017-12-20",
      "pmmsBenchmark": 3.95,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 1.10 pts below the 2017-12 market avg of 3.95%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "YAHARA LANDING APARTMENT",
      "address": "",
      "city": "MADISON",
      "state": "WI",
      "zip": "53704",
      "units": 72,
      "originalAmount": 6704000,
      "rate": 2.85,
      "originationDate": "2022-03-30",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 1.32 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "JACKSON CROSSING AT WAKEFIELD",
      "address": "",
      "city": "ENTERPRISE",
      "state": "AL",
      "zip": "36220",
      "units": 112,
      "originalAmount": 6520600,
      "rate": 2.85,
      "originationDate": "2012-08-27",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 0.75 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "OAK MANOR / OAK VILLAGE APTS",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78217",
      "units": 229,
      "originalAmount": 6300000,
      "rate": 2.85,
      "originationDate": "2010-04-07",
      "pmmsBenchmark": 5.098,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 2.25 pts below the 2010-04 market avg of 5.098%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "WOODRUFF VILLAGE APARTMENTS",
      "address": "",
      "city": "TOLEDO",
      "state": "OH",
      "zip": "43604",
      "units": 96,
      "originalAmount": 5800000,
      "rate": 2.85,
      "originationDate": "2017-05-12",
      "pmmsBenchmark": 4.01,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 1.16 pts below the 2017-05 market avg of 4.01%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "SOUTHERN MONTGOMERY COUNTY APARTMENTS",
      "address": "",
      "city": "CENTERVILLE",
      "state": "OH",
      "zip": "45458",
      "units": 163,
      "originalAmount": 5400000,
      "rate": 2.85,
      "originationDate": "2021-09-30",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "GUARDIAN ANGEL HOMES OF HERMISTON",
      "address": "",
      "city": "HERMISTON",
      "state": "OR",
      "zip": "97838",
      "units": 128,
      "originalAmount": 5379700,
      "rate": 2.85,
      "originationDate": "2018-04-17",
      "pmmsBenchmark": 4.467,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 1.62 pts below the 2018-04 market avg of 4.467%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "TRINITY VILLAS",
      "address": "",
      "city": "OCALA",
      "state": "FL",
      "zip": "34470",
      "units": 162,
      "originalAmount": 5327600,
      "rate": 2.85,
      "originationDate": "2006-06-21",
      "pmmsBenchmark": 6.682,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 3.83 pts below the 2006-06 market avg of 6.682%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BELOIT HEALTH & REHABLITATION CENTER",
      "address": "",
      "city": "BELOIT",
      "state": "WI",
      "zip": "53511",
      "units": 128,
      "originalAmount": 5304700,
      "rate": 2.85,
      "originationDate": "2011-11-16",
      "pmmsBenchmark": 3.993,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 1.14 pts below the 2011-11 market avg of 3.993%"
      ],
      "holder": "ZIEGLER FINANCING CORP"
    },
    {
      "property": "SOUTHSIDE MANOR",
      "address": "",
      "city": "PEORIA",
      "state": "IL",
      "zip": "61605",
      "units": 100,
      "originalAmount": 5215000,
      "rate": 2.85,
      "originationDate": "2013-11-15",
      "pmmsBenchmark": 4.255,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 1.40 pts below the 2013-11 market avg of 4.255%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "PARK PLAZA APARTMENTS",
      "address": "",
      "city": "LINCOLN PARK",
      "state": "MI",
      "zip": "48146",
      "units": 200,
      "originalAmount": 4918100,
      "rate": 2.85,
      "originationDate": "2013-01-29",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "RIVERSIDE GLEN APARTMENTS",
      "address": "",
      "city": "ROCKFORD",
      "state": "IL",
      "zip": "61103",
      "units": 120,
      "originalAmount": 4808000,
      "rate": 2.85,
      "originationDate": "2017-04-11",
      "pmmsBenchmark": 4.045,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 1.19 pts below the 2017-04 market avg of 4.045%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SNYDER-GOODLIFE SENIOR LIVING AND MEMORY CARE",
      "address": "",
      "city": "SNYDER",
      "state": "TX",
      "zip": "79549",
      "units": 45,
      "originalAmount": 4641500,
      "rate": 2.85,
      "originationDate": "2021-09-20",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "HAMPTON WOODS APTS",
      "address": "",
      "city": "ATLANTA",
      "state": "GA",
      "zip": "30071",
      "units": 140,
      "originalAmount": 4640000,
      "rate": 2.85,
      "originationDate": "2005-09-21",
      "pmmsBenchmark": 5.774,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 2.92 pts below the 2005-09 market avg of 5.774%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "KIRKLAND ANNEX",
      "address": "",
      "city": "PORTLAND",
      "state": "OR",
      "zip": "97206",
      "units": 50,
      "originalAmount": 4598100,
      "rate": 2.85,
      "originationDate": "2022-03-31",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 1.32 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "MATTHEW HENSON APTS",
      "address": "",
      "city": "PHOENIX",
      "state": "AZ",
      "zip": "85003",
      "units": 198,
      "originalAmount": 4558500,
      "rate": 2.85,
      "originationDate": "2012-05-29",
      "pmmsBenchmark": 3.798,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 0.95 pts below the 2012-05 market avg of 3.798%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "PROVIDENCE PLACE OF SENATOBIA",
      "address": "",
      "city": "SENATOBIA",
      "state": "MS",
      "zip": "38668",
      "units": 80,
      "originalAmount": 4409100,
      "rate": 2.85,
      "originationDate": "2020-09-17",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "LOUISANA HOUSE APARTMENTS",
      "address": "",
      "city": "PERRYSBURG",
      "state": "OH",
      "zip": "43551",
      "units": 132,
      "originalAmount": 4231400,
      "rate": 2.85,
      "originationDate": "2011-08-04",
      "pmmsBenchmark": 4.27,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 1.42 pts below the 2011-08 market avg of 4.27%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "WYATT HOUSE RETIREMENT CENTER",
      "address": "",
      "city": "BAINBRIDGE ISLAND",
      "state": "WA",
      "zip": "98110",
      "units": 45,
      "originalAmount": 4167000,
      "rate": 2.85,
      "originationDate": "2012-06-28",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 0.82 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "BLUE LAKE VILLAS  PHAS II",
      "address": "",
      "city": "WAXAHACHIE",
      "state": "TX",
      "zip": "75165",
      "units": 70,
      "originalAmount": 4095900,
      "rate": 2.85,
      "originationDate": "2012-05-30",
      "pmmsBenchmark": 3.798,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 0.95 pts below the 2012-05 market avg of 3.798%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "VILLAGE COOP OF FAIRMONT",
      "address": "",
      "city": "FAIRMONT",
      "state": "MN",
      "zip": "56031",
      "units": 36,
      "originalAmount": 4069000,
      "rate": 2.85,
      "originationDate": "2012-11-29",
      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "SUMMERHILL APARTMENTS",
      "address": "",
      "city": "MIDDLETOWN",
      "state": "CT",
      "zip": "06457",
      "units": 105,
      "originalAmount": 3965200,
      "rate": 2.85,
      "originationDate": "2022-05-25",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 2.38 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CUMMINGS MILL",
      "address": "",
      "city": "SOUTH BERWICK",
      "state": "ME",
      "zip": "03908",
      "units": 48,
      "originalAmount": 3938500,
      "rate": 2.85,
      "originationDate": "2012-08-31",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 0.75 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE GABLES ASSISTED LIVING",
      "address": "",
      "city": "BLACKFOOT",
      "state": "ID",
      "zip": "83221",
      "units": 48,
      "originalAmount": 3890000,
      "rate": 2.85,
      "originationDate": "2015-11-20",
      "pmmsBenchmark": 3.942,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 1.09 pts below the 2015-11 market avg of 3.942%"
      ],
      "holder": "BLUEPRINT REAL ESTATE CAPITAL"
    },
    {
      "property": "THE RIVIERA APARTMENTS",
      "address": "",
      "city": "CORVALLIS",
      "state": "OR",
      "zip": "97330",
      "units": 53,
      "originalAmount": 3754700,
      "rate": 2.85,
      "originationDate": "2021-04-30",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "BRADLEY HOUSE",
      "address": "",
      "city": "BAY CITY",
      "state": "MI",
      "zip": "48708",
      "units": 180,
      "originalAmount": 3680100,
      "rate": 2.85,
      "originationDate": "2013-01-29",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "TRAILS AT CARMEL CREEK",
      "address": "",
      "city": "HUTTO",
      "state": "TX",
      "zip": "78634",
      "units": 61,
      "originalAmount": 3663200,
      "rate": 2.85,
      "originationDate": "2017-01-30",
      "pmmsBenchmark": 4.15,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 1.30 pts below the 2017-01 market avg of 4.15%"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "BERKELEY NURSING AND REHABILITATION CENTER",
      "address": "",
      "city": "OAK PARK",
      "state": "IL",
      "zip": "60302",
      "units": 72,
      "originalAmount": 3614600,
      "rate": 2.85,
      "originationDate": "2012-08-24",
      "pmmsBenchmark": 3.602,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 0.75 pts below the 2012-08 market avg of 3.602%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "ROSE POINTE ROSEMONT",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90026",
      "units": 44,
      "originalAmount": 3597200,
      "rate": 2.85,
      "originationDate": "2013-06-27",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 1.22 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "West Salem Apartments",
      "address": "",
      "city": "Salem",
      "state": "OR",
      "zip": "97304",
      "units": 64,
      "originalAmount": 3111900,
      "rate": 2.85,
      "originationDate": "2021-04-30",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "EAST BROAD APARTMENTS",
      "address": "",
      "city": "SAVANNAH",
      "state": "GA",
      "zip": "31401",
      "units": 36,
      "originalAmount": 2758500,
      "rate": 2.85,
      "originationDate": "2012-12-12",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "LONGFELLOW ARMS APARTMENTS",
      "address": "",
      "city": "WASHINGTON",
      "state": "DC",
      "zip": "20011",
      "units": 30,
      "originalAmount": 2734300,
      "rate": 2.85,
      "originationDate": "2022-06-28",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 2.67 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "PACIFIC APARTMENTS",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90066",
      "units": 32,
      "originalAmount": 2500000,
      "rate": 2.85,
      "originationDate": "2012-10-31",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "SUN WEST MORTGAGE CO INC"
    },
    {
      "property": "BRIDLEWOOD VILLAGE APARTMENTS",
      "address": "",
      "city": "COLUMBUS",
      "state": "OH",
      "zip": "43207",
      "units": 70,
      "originalAmount": 2400000,
      "rate": 2.85,
      "originationDate": "2018-11-15",
      "pmmsBenchmark": 4.866,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 2.02 pts below the 2018-11 market avg of 4.866%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "LARRABEE HEIGHTS APARTMENTS",
      "address": "",
      "city": "WESTBROOK",
      "state": "ME",
      "zip": "04092",
      "units": 36,
      "originalAmount": 2114000,
      "rate": 2.85,
      "originationDate": "2013-06-20",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.85% is 1.22 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "STYGLER COMMONS",
      "address": "",
      "city": "GAHANNA",
      "state": "OH",
      "zip": "43230",
      "units": 64,
      "originalAmount": 1928000,
      "rate": 2.85,
      "originationDate": "2016-10-31",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ADAMS HOUSE AND AT HOME WITH FRIENDS",
      "address": "",
      "city": "TAMPA",
      "state": "FL",
      "zip": "33629",
      "units": 34,
      "originalAmount": 1804300,
      "rate": 2.85,
      "originationDate": "2013-01-30",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MONROE AVE APTS",
      "address": "",
      "city": "BIRMINGHAM",
      "state": "AL",
      "zip": "35211",
      "units": 76,
      "originalAmount": 499100,
      "rate": 2.85,
      "originationDate": "2012-09-27",
      "pmmsBenchmark": 3.498,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ISLAND ASSISTED LIVING",
      "address": "",
      "city": "HEMPSTEAD",
      "state": "NY",
      "zip": "11550",
      "units": 112,
      "originalAmount": 42718300,
      "rate": 2.86,
      "originationDate": "2022-04-07",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.86% is 2.12 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE RESIDENCE AT TIMBER PINES",
      "address": "",
      "city": "SPRING HILL",
      "state": "FL",
      "zip": "34606",
      "units": 416,
      "originalAmount": 27598000,
      "rate": 2.86,
      "originationDate": "2016-10-31",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "MEMPHIS TOWERS APARTMENTS",
      "address": "",
      "city": "MEMPHIS",
      "state": "TN",
      "zip": "38104",
      "units": 296,
      "originalAmount": 27265300,
      "rate": 2.86,
      "originationDate": "2020-12-21",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "VESTAL PARK REHABILITATION & NURSING CENTER",
      "address": "",
      "city": "VESTAL",
      "state": "NY",
      "zip": "13850",
      "units": 236,
      "originalAmount": 26628800,
      "rate": 2.86,
      "originationDate": "2017-07-31",
      "pmmsBenchmark": 3.967,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.86% is 1.11 pts below the 2017-07 market avg of 3.967%"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "WILDHORSE RIDGE",
      "address": "",
      "city": "DENVER",
      "state": "CO",
      "zip": "80249",
      "units": 119,
      "originalAmount": 25205500,
      "rate": 2.86,
      "originationDate": "2022-02-28",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.86% is 0.90 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "RIDGEWOOD APARTMENTS",
      "address": "",
      "city": "AMARILLO",
      "state": "TX",
      "zip": "79119",
      "units": 240,
      "originalAmount": 21265400,
      "rate": 2.86,
      "originationDate": "2021-07-22",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "FOX HOLLOW APARTMENTS",
      "address": "",
      "city": "ORLANDO",
      "state": "FL",
      "zip": "32812",
      "units": 155,
      "originalAmount": 16581000,
      "rate": 2.86,
      "originationDate": "2020-03-26",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "STANDARD DAIRY",
      "address": "",
      "city": "PORTLAND",
      "state": "OR",
      "zip": "97212",
      "units": 64,
      "originalAmount": 12240000,
      "rate": 2.86,
      "originationDate": "2020-07-30",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "MCCORMICK PLACE",
      "address": "",
      "city": "FORT WAYNE",
      "state": "IN",
      "zip": "46803",
      "units": 94,
      "originalAmount": 8175000,
      "rate": 2.86,
      "originationDate": "2020-08-26",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "HAMILTON TOWNHOMES APARTMENTS",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21206",
      "units": 42,
      "originalAmount": 7836200,
      "rate": 2.86,
      "originationDate": "2021-01-22",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "CONCEPTS PRAIRIE HOUSE ASSISTED LIVING & MC",
      "address": "",
      "city": "LA PINE",
      "state": "OR",
      "zip": "97739",
      "units": 127,
      "originalAmount": 7242000,
      "rate": 2.86,
      "originationDate": "2019-07-23",
      "pmmsBenchmark": 3.765,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.86% is 0.91 pts below the 2019-07 market avg of 3.765%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "VILLA DEL SOL",
      "address": "",
      "city": "KANSAS CITY",
      "state": "MO",
      "zip": "64108",
      "units": 120,
      "originalAmount": 6944000,
      "rate": 2.86,
      "originationDate": "2022-04-05",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.86% is 2.12 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "YOUNG HOUSE",
      "address": "",
      "city": "NEW BEDFORD",
      "state": "MA",
      "zip": "02745",
      "units": 44,
      "originalAmount": 6079200,
      "rate": 2.86,
      "originationDate": "2022-05-24",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.86% is 2.37 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LYNGBLOMSTEN APARTMENTS",
      "address": "",
      "city": "ST. PAUL",
      "state": "MN",
      "zip": "55108",
      "units": 105,
      "originalAmount": 4562700,
      "rate": 2.86,
      "originationDate": "2013-06-27",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.86% is 1.21 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "CONCEPTS- JUNIPER HOUSE ASSISTED LIVING",
      "address": "",
      "city": "PENDLETON",
      "state": "OR",
      "zip": "97801",
      "units": 79,
      "originalAmount": 3632600,
      "rate": 2.86,
      "originationDate": "2019-07-23",
      "pmmsBenchmark": 3.765,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.86% is 0.91 pts below the 2019-07 market avg of 3.765%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "CONCEPTS- ADAMS HOUSE ASSISTED LIVING",
      "address": "",
      "city": "MYRTLE CREEK",
      "state": "OR",
      "zip": "97457",
      "units": 68,
      "originalAmount": 2388000,
      "rate": 2.86,
      "originationDate": "2019-07-23",
      "pmmsBenchmark": 3.765,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.86% is 0.91 pts below the 2019-07 market avg of 3.765%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "OAK PARK",
      "address": "",
      "city": "CINCINNATI",
      "state": "OH",
      "zip": "45215",
      "units": 71,
      "originalAmount": 2369800,
      "rate": 2.86,
      "originationDate": "2013-02-27",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CONCEPTS WILLOW PLACE ASSISTED LIVING",
      "address": "",
      "city": "NEWBERG",
      "state": "OR",
      "zip": "97132",
      "units": 56,
      "originalAmount": 2310300,
      "rate": 2.86,
      "originationDate": "2019-07-23",
      "pmmsBenchmark": 3.765,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.86% is 0.91 pts below the 2019-07 market avg of 3.765%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "HANOVER FLATS",
      "address": "",
      "city": "BENNINGTON",
      "state": "NE",
      "zip": "68007",
      "units": 205,
      "originalAmount": 28949900,
      "rate": 2.862,
      "originationDate": "2022-03-25",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.862% is 1.31 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "HUGO APARTMENTS",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60654",
      "units": 227,
      "originalAmount": 74990000,
      "rate": 2.87,
      "originationDate": "2021-11-18",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "MALLARD LAKE APARTMENTS",
      "address": "",
      "city": "WHEELING",
      "state": "IL",
      "zip": "60090",
      "units": 481,
      "originalAmount": 55046300,
      "rate": 2.87,
      "originationDate": "2021-10-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "ARGENTO AT KELLSWATER BRIDGE (fka ROGERS LAKE RD)",
      "address": "",
      "city": "KANNAPOLIS",
      "state": "NC",
      "zip": "28081",
      "units": 270,
      "originalAmount": 41624800,
      "rate": 2.87,
      "originationDate": "2020-12-23",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CENTRAL PARK ESTATES",
      "address": "",
      "city": "NOVI",
      "state": "MI",
      "zip": "48374",
      "units": 254,
      "originalAmount": 34500000,
      "rate": 2.87,
      "originationDate": "2021-06-22",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "MOUNTAIN CREEK PLAZA APARTMENTS",
      "address": "",
      "city": "WAYNESVILLE",
      "state": "NC",
      "zip": "28786",
      "units": 202,
      "originalAmount": 32878000,
      "rate": 2.87,
      "originationDate": "2021-10-19",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "TRAIL RIDGE AT WOODLAND PARK",
      "address": "",
      "city": "WOODLAND PARK",
      "state": "CO",
      "zip": "80863",
      "units": 168,
      "originalAmount": 32000000,
      "rate": 2.87,
      "originationDate": "2020-05-20",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "VERONA SENIOR CITIZENS APARTMENTS",
      "address": "",
      "city": "VERONA",
      "state": "NJ",
      "zip": "07044",
      "units": 160,
      "originalAmount": 24000000,
      "rate": 2.87,
      "originationDate": "2019-10-29",
      "pmmsBenchmark": 3.688,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.87% is 0.82 pts below the 2019-10 market avg of 3.688%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE GROVE TOWNHOMES",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21227",
      "units": 102,
      "originalAmount": 22882800,
      "rate": 2.87,
      "originationDate": "2022-07-28",
      "pmmsBenchmark": 5.412,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.87% is 2.54 pts below the 2022-07 market avg of 5.412%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "CUMBERLAND CROSSING APARTMENTS",
      "address": "",
      "city": "FISHERS",
      "state": "IN",
      "zip": "46037",
      "units": 232,
      "originalAmount": 15894000,
      "rate": 2.87,
      "originationDate": "2019-12-18",
      "pmmsBenchmark": 3.72,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.87% is 0.85 pts below the 2019-12 market avg of 3.72%"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "THE RETREAT AT CARTERET PLACE",
      "address": "",
      "city": "MOREHEAD CITY",
      "state": "NC",
      "zip": "28557",
      "units": 63,
      "originalAmount": 12898200,
      "rate": 2.87,
      "originationDate": "2021-04-14",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "STONEHEDGE HEALTH AND REHAB CT",
      "address": "",
      "city": "ROME",
      "state": "NY",
      "zip": "13440",
      "units": 160,
      "originalAmount": 11619500,
      "rate": 2.87,
      "originationDate": "2012-06-27",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.87% is 0.80 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "Lakeshore Village I",
      "address": "",
      "city": "Howell",
      "state": "MI",
      "zip": "48843",
      "units": 144,
      "originalAmount": 10750000,
      "rate": 2.87,
      "originationDate": "2017-03-15",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.87% is 1.33 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "COLONY RETIREMENT HOMES III",
      "address": "",
      "city": "WORCESTER",
      "state": "MA",
      "zip": "01605",
      "units": 100,
      "originalAmount": 9863000,
      "rate": 2.87,
      "originationDate": "2021-12-22",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WINDCHIME OF MARIN",
      "address": "",
      "city": "KENTFIELD",
      "state": "CA",
      "zip": "94904",
      "units": 55,
      "originalAmount": 8691900,
      "rate": 2.87,
      "originationDate": "2012-05-30",
      "pmmsBenchmark": 3.798,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.87% is 0.93 pts below the 2012-05 market avg of 3.798%"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "EKO PARK APARTMENTS",
      "address": "",
      "city": "SPRINGFIELD",
      "state": "MO",
      "zip": "65807",
      "units": 114,
      "originalAmount": 8513200,
      "rate": 2.87,
      "originationDate": "2012-06-12",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.87% is 0.80 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "LIFE CARE CENTER OF PUNTA GORDA",
      "address": "",
      "city": "PUNTA GORDA",
      "state": "FL",
      "zip": "33950",
      "units": 165,
      "originalAmount": 7696800,
      "rate": 2.87,
      "originationDate": "2011-12-28",
      "pmmsBenchmark": 3.958,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.87% is 1.09 pts below the 2011-12 market avg of 3.958%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "REGENCY AT THE PARK",
      "address": "",
      "city": "COLLEGE PLACE",
      "state": "WA",
      "zip": "99324",
      "units": 106,
      "originalAmount": 7177700,
      "rate": 2.87,
      "originationDate": "2012-06-28",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.87% is 0.80 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CLATSOP RETIREMENT VILLAGE",
      "address": "",
      "city": "ASTORIA",
      "state": "OR",
      "zip": "97103",
      "units": 74,
      "originalAmount": 6670100,
      "rate": 2.87,
      "originationDate": "2013-06-25",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.87% is 1.20 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WESTCHESTER HOUSE",
      "address": "",
      "city": "CHESTERFIELD",
      "state": "MO",
      "zip": "63017",
      "units": 158,
      "originalAmount": 6024800,
      "rate": 2.87,
      "originationDate": "2003-08-05",
      "pmmsBenchmark": 6.264,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.87% is 3.39 pts below the 2003-08 market avg of 6.264%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "TENFIFTEEN APARTMENTS",
      "address": "",
      "city": "SALT LAKE CITY",
      "state": "UT",
      "zip": "84104",
      "units": 54,
      "originalAmount": 4802000,
      "rate": 2.87,
      "originationDate": "2021-12-15",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "LINDENWOOD APARTMENTS",
      "address": "",
      "city": "CAPE GIRARDEAU",
      "state": "MO",
      "zip": "63701",
      "units": 67,
      "originalAmount": 4276400,
      "rate": 2.87,
      "originationDate": "2022-03-28",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.87% is 1.30 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "OAK GROVE SENIOR LIVING FACILIT",
      "address": "",
      "city": "HATTIESBURG",
      "state": "MS",
      "zip": "39402",
      "units": 45,
      "originalAmount": 3852900,
      "rate": 2.87,
      "originationDate": "2012-10-30",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "WEST HICKORY HAVEN NURSING HOM",
      "address": "",
      "city": "MILFORD TOWNSHIP",
      "state": "MI",
      "zip": "48380",
      "units": 101,
      "originalAmount": 3430300,
      "rate": 2.87,
      "originationDate": "2012-12-21",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "LIFE CARE CENTER OF THE WILLOW",
      "address": "",
      "city": "VALPARAISO",
      "state": "IN",
      "zip": "46383",
      "units": 100,
      "originalAmount": 3412200,
      "rate": 2.87,
      "originationDate": "2011-03-18",
      "pmmsBenchmark": 4.836,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.87% is 1.97 pts below the 2011-03 market avg of 4.836%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "EVERGREEN NURSING HOME",
      "address": "",
      "city": "ALAMOSA",
      "state": "CO",
      "zip": "81101",
      "units": 60,
      "originalAmount": 2942900,
      "rate": 2.87,
      "originationDate": "2011-06-24",
      "pmmsBenchmark": 4.51,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.87% is 1.64 pts below the 2011-06 market avg of 4.51%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "HERITAGE HEALTH CARE",
      "address": "",
      "city": "WEST LAFAYETTE",
      "state": "IN",
      "zip": "47906",
      "units": 127,
      "originalAmount": 2297400,
      "rate": 2.87,
      "originationDate": "2003-01-30",
      "pmmsBenchmark": 5.916,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.87% is 3.05 pts below the 2003-01 market avg of 5.916%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "MAPLE VILLAGE",
      "address": "",
      "city": "RUTLAND",
      "state": "VT",
      "zip": "05701",
      "units": 36,
      "originalAmount": 2266800,
      "rate": 2.87,
      "originationDate": "2012-06-29",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.87% is 0.80 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "VILLAGE MANOR",
      "address": "",
      "city": "PITTSFORD",
      "state": "VT",
      "zip": "05763",
      "units": 31,
      "originalAmount": 2070200,
      "rate": 2.87,
      "originationDate": "2012-06-29",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.87% is 0.80 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "The Bonifant",
      "address": "",
      "city": "Silver Spring",
      "state": "MD",
      "zip": "20910",
      "units": 149,
      "originalAmount": 14418100,
      "rate": 2.875,
      "originationDate": "2021-06-29",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "WHEELING TOWN CENTER",
      "address": "",
      "city": "WHEELING",
      "state": "IL",
      "zip": "60090",
      "units": 301,
      "originalAmount": 70201700,
      "rate": 2.88,
      "originationDate": "2017-06-06",
      "pmmsBenchmark": 3.904,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.88% is 1.02 pts below the 2017-06 market avg of 3.904%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WYLDER SQUARE",
      "address": "",
      "city": "CARROLLTON",
      "state": "TX",
      "zip": "75007",
      "units": 372,
      "originalAmount": 60611700,
      "rate": 2.88,
      "originationDate": "2021-04-26",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "CARDINAL 95 APARTMENTS",
      "address": "",
      "city": "GLENDALE",
      "state": "AZ",
      "zip": "85305",
      "units": 198,
      "originalAmount": 49880200,
      "rate": 2.88,
      "originationDate": "2022-02-25",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.88% is 0.88 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SANTA ANA TOWERS",
      "address": "",
      "city": "SANTA ANA",
      "state": "CA",
      "zip": "92701",
      "units": 199,
      "originalAmount": 47400000,
      "rate": 2.88,
      "originationDate": "2020-04-16",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "SUMMERHOUSE APARTMENTS",
      "address": "",
      "city": "VIRGINIA BEACH",
      "state": "VA",
      "zip": "23451",
      "units": 178,
      "originalAmount": 45213500,
      "rate": 2.88,
      "originationDate": "2017-05-31",
      "pmmsBenchmark": 4.01,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.88% is 1.13 pts below the 2017-05 market avg of 4.01%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "SYCAMORE AT CHRISTENBURY",
      "address": "",
      "city": "CONCORD",
      "state": "NC",
      "zip": "28027",
      "units": 275,
      "originalAmount": 44990500,
      "rate": 2.88,
      "originationDate": "2020-12-30",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SUTHERLAND II",
      "address": "",
      "city": "GRAND PRAIRIE",
      "state": "TX",
      "zip": "75052",
      "units": 265,
      "originalAmount": 43608700,
      "rate": 2.88,
      "originationDate": "2022-02-18",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.88% is 0.88 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "RESIDENCES AT MIDTOWN",
      "address": "",
      "city": "WILMINGTON",
      "state": "DE",
      "zip": "19801",
      "units": 200,
      "originalAmount": 36549800,
      "rate": 2.88,
      "originationDate": "2020-06-29",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ASPEN HILLS",
      "address": "",
      "city": "COMMERCE CITY",
      "state": "CO",
      "zip": "80022",
      "units": 180,
      "originalAmount": 34378500,
      "rate": 2.88,
      "originationDate": "2020-12-08",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SEASONS ON RIVERDALE",
      "address": "",
      "city": "SOUTH OGDEN",
      "state": "UT",
      "zip": "84405",
      "units": 180,
      "originalAmount": 33701000,
      "rate": 2.88,
      "originationDate": "2022-02-17",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.88% is 0.88 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "BONNEVILLE MORTGAGE COMPANY"
    },
    {
      "property": "OVERLOOK AT RIVERSIDE APARTMENTS",
      "address": "",
      "city": "FALLING WATERS",
      "state": "WV",
      "zip": "25419",
      "units": 156,
      "originalAmount": 25553100,
      "rate": 2.88,
      "originationDate": "2021-01-29",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKELEY POINT CAPITAL LLC"
    },
    {
      "property": "THE LOFTS AT SEIGLE POINT",
      "address": "",
      "city": "CHARLOTTE",
      "state": "NC",
      "zip": "28204",
      "units": 190,
      "originalAmount": 22809700,
      "rate": 2.88,
      "originationDate": "2012-12-20",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "GEER VILLAGE",
      "address": "",
      "city": "CANAAN",
      "state": "CT",
      "zip": "06018",
      "units": 482,
      "originalAmount": 21946900,
      "rate": 2.88,
      "originationDate": "2021-01-28",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "RESERVE AT WHITE OAK",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77091",
      "units": 339,
      "originalAmount": 20720000,
      "rate": 2.88,
      "originationDate": "2018-01-23",
      "pmmsBenchmark": 4.033,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.88% is 1.15 pts below the 2018-01 market avg of 4.033%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "Dauphin Gate",
      "address": "",
      "city": "Mobile",
      "state": "AL",
      "zip": "36606",
      "units": 223,
      "originalAmount": 18900000,
      "rate": 2.88,
      "originationDate": "2017-03-30",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.88% is 1.32 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "PADDINGTON SQUARE",
      "address": "",
      "city": "SILVER SPRING",
      "state": "MD",
      "zip": "20901",
      "units": 166,
      "originalAmount": 18665800,
      "rate": 2.88,
      "originationDate": "2022-02-24",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.88% is 0.88 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "COLONIAL CROSSING APARTMENTS PHASE II",
      "address": "",
      "city": "BELTON",
      "state": "TX",
      "zip": "76513",
      "units": 132,
      "originalAmount": 18334100,
      "rate": 2.88,
      "originationDate": "2022-02-28",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.88% is 0.88 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "MIDDLEWOOD SENIOR CITIZEN PARK",
      "address": "",
      "city": "NANUET",
      "state": "NY",
      "zip": "10954",
      "units": 107,
      "originalAmount": 18080000,
      "rate": 2.88,
      "originationDate": "2022-04-26",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.88% is 2.10 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "TOWNHOMES AT TWENTY01",
      "address": "",
      "city": "CORPUS CHRISTI",
      "state": "TX",
      "zip": "78412",
      "units": 126,
      "originalAmount": 17824800,
      "rate": 2.88,
      "originationDate": "2020-12-29",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "EDEN COMMONS APARTMENTS",
      "address": "",
      "city": "EDEN PRAIRIE",
      "state": "MN",
      "zip": "55344",
      "units": 196,
      "originalAmount": 17600000,
      "rate": 2.88,
      "originationDate": "2013-06-28",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.88% is 1.19 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "ALDEN COURT NURSING CARE AND REHABILITATION CENTER",
      "address": "",
      "city": "FAIRHAVEN",
      "state": "MA",
      "zip": "02719",
      "units": 221,
      "originalAmount": 16483000,
      "rate": 2.88,
      "originationDate": "2020-05-29",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "GRANDIN HOUSE APARTMENTS",
      "address": "",
      "city": "CINCINNATI",
      "state": "OH",
      "zip": "45208",
      "units": 140,
      "originalAmount": 16400000,
      "rate": 2.88,
      "originationDate": "2015-05-29",
      "pmmsBenchmark": 3.84,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.88% is 0.96 pts below the 2015-05 market avg of 3.84%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "KHA RAD I",
      "address": "",
      "city": "KOKOMO",
      "state": "IN",
      "zip": "46902",
      "units": 335,
      "originalAmount": 15364300,
      "rate": 2.88,
      "originationDate": "2021-10-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "THE ENCLAVE AT MIRA LAGOS PHASE II",
      "address": "",
      "city": "GRAND PRAIRIE",
      "state": "TX",
      "zip": "75054",
      "units": 112,
      "originalAmount": 15079600,
      "rate": 2.88,
      "originationDate": "2017-02-09",
      "pmmsBenchmark": 4.168,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.88% is 1.29 pts below the 2017-02 market avg of 4.168%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "PARK HILL APARTMENTS",
      "address": "",
      "city": "LEXINGTON",
      "state": "KY",
      "zip": "40517",
      "units": 192,
      "originalAmount": 12791300,
      "rate": 2.88,
      "originationDate": "2022-05-05",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.88% is 2.35 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "Westcott Terrace Apartments",
      "address": "",
      "city": "WEST WARWICK",
      "state": "RI",
      "zip": "02893",
      "units": 156,
      "originalAmount": 11742600,
      "rate": 2.88,
      "originationDate": "2021-07-16",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "THE BAY AT EASTVIEW HEALTH AND REHABILITATION",
      "address": "",
      "city": "ANTIGO",
      "state": "WI",
      "zip": "54409",
      "units": 168,
      "originalAmount": 10560000,
      "rate": 2.88,
      "originationDate": "2021-03-31",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE BAY AT BURLINGTON HEALTH AND REHABILITATION",
      "address": "",
      "city": "BURLINGTON",
      "state": "WI",
      "zip": "53105",
      "units": 202,
      "originalAmount": 10320000,
      "rate": 2.88,
      "originationDate": "2021-03-31",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "AVALON CARE CTR IN FEDERAL WAY",
      "address": "",
      "city": "FEDERAL WAY",
      "state": "WA",
      "zip": "98003",
      "units": 120,
      "originalAmount": 9348700,
      "rate": 2.88,
      "originationDate": "2013-08-29",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.88% is 1.58 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "SUGAR LAND HEALTH CARE CENTER",
      "address": "",
      "city": "SUGAR LAND",
      "state": "TX",
      "zip": "77478",
      "units": 150,
      "originalAmount": 9157900,
      "rate": 2.88,
      "originationDate": "2012-12-12",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "KATHERINE HEALTHCARE",
      "address": "",
      "city": "SALINAS",
      "state": "CA",
      "zip": "93901",
      "units": 80,
      "originalAmount": 6604000,
      "rate": 2.88,
      "originationDate": "2020-06-18",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE BAY AT NORTHRIDGE HEALTH AND REHABILITATION",
      "address": "",
      "city": "MANITOWOC",
      "state": "WI",
      "zip": "54220",
      "units": 135,
      "originalAmount": 6160000,
      "rate": 2.88,
      "originationDate": "2021-03-31",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SUTTERS MILL APARTMENTS",
      "address": "",
      "city": "KNOXVILLE",
      "state": "TN",
      "zip": "37909",
      "units": 252,
      "originalAmount": 5436400,
      "rate": 2.88,
      "originationDate": "2014-09-23",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.88% is 1.28 pts below the 2014-09 market avg of 4.162%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "THE VILLAGE AT MORSE FARM",
      "address": "",
      "city": "CARLINVILLE",
      "state": "IL",
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      "originalAmount": 5236000,
      "rate": 2.88,
      "originationDate": "2013-06-26",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.88% is 1.19 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "NEW CHATEAU APARTMENT HOMES",
      "address": "",
      "city": "MARRERO",
      "state": "LA",
      "zip": "70072",
      "units": 98,
      "originalAmount": 5140000,
      "rate": 2.88,
      "originationDate": "2015-03-30",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.88% is 0.89 pts below the 2015-03 market avg of 3.77%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE BAY AT WATERS EDGE HEALTH AND REHABILITATION",
      "address": "",
      "city": "KENOSHA",
      "state": "WI",
      "zip": "53140",
      "units": 198,
      "originalAmount": 4960000,
      "rate": 2.88,
      "originationDate": "2021-03-31",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE BAY AT SHERIDAN HEALTH AND REHABILITATION",
      "address": "",
      "city": "KENOSHA",
      "state": "WI",
      "zip": "53143",
      "units": 133,
      "originalAmount": 4320000,
      "rate": 2.88,
      "originationDate": "2021-03-31",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE CEDARS",
      "address": "",
      "city": "HOBBS",
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      "originationDate": "2013-02-28",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WESLEY COURT",
      "address": "",
      "city": "BOILING SPRINGS",
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      "zip": "29316",
      "units": 122,
      "originalAmount": 3036000,
      "rate": 2.88,
      "originationDate": "2016-09-30",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "NORTHWEST POINTE",
      "address": "",
      "city": "BOISE",
      "state": "ID",
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      "units": 77,
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      "rate": 2.88,
      "originationDate": "2013-02-21",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LOVE FUNDING CORPORATION"
    },
    {
      "property": "THE GATES AT CORAL BAY",
      "address": "",
      "city": "WAVELAND",
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      "zip": "39576",
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      "originalAmount": 2496800,
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      "originationDate": "2013-01-17",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "DAVIS PARK AND STEWART AVENUE APARTMENTS",
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      "city": "BOISE",
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      "units": 57,
      "originalAmount": 2136000,
      "rate": 2.88,
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      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "MAY RIVER VILLAGE PHASE II",
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      "city": "BLUFFTON",
      "state": "SC",
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      "rate": 2.88,
      "originationDate": "2017-01-31",
      "pmmsBenchmark": 4.15,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.88% is 1.27 pts below the 2017-01 market avg of 4.15%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "CHARLES E. HADDOCK MANOR",
      "address": "",
      "city": "BALCH SPRINGS",
      "state": "TX",
      "zip": "75180",
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      "rate": 2.88,
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      "pmmsBenchmark": 6.036,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.88% is 3.16 pts below the 2008-05 market avg of 6.036%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "VILLAGE SOUTH APARTMENTS",
      "address": "",
      "city": "EATON",
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      "originalAmount": 1368000,
      "rate": 2.88,
      "originationDate": "2016-11-16",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.88% is 0.89 pts below the 2016-11 market avg of 3.77%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "27  ELEVEN APARTMENTS",
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      "city": "AUSTIN",
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      "units": 321,
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      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "The Pavilion at Queens for Rehab & Nursing",
      "address": "",
      "city": "Flushing",
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      "pmmsBenchmark": 4.01,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
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        "Rate 2.89% is 1.12 pts below the 2017-05 market avg of 4.01%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "GATEWAY AT CHARLOTTE PARK",
      "address": "",
      "city": "CHARLOTTE",
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      "originalAmount": 56042100,
      "rate": 2.89,
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      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "AURA AT HARBOR VIEW (FKA POINTE AT HARBOR VIEW)",
      "address": "",
      "city": "SUFFOLK",
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      "originalAmount": 50169700,
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      "originationDate": "2020-07-21",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CAPITOL HILL TOWER",
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      "city": "WASHINGTON",
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      "units": 344,
      "originalAmount": 46946200,
      "rate": 2.89,
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      "pmmsBenchmark": 3.805,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.89% is 0.92 pts below the 2017-09 market avg of 3.805%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "DECKER STATION APARTMENTS",
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      "city": "WEST VALLEY",
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      "pmmsBenchmark": 3.445,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "ENVI",
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      "city": "MINNEAPOLIS",
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      "rate": 2.89,
      "originationDate": "2017-12-15",
      "pmmsBenchmark": 3.95,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.89% is 1.06 pts below the 2017-12 market avg of 3.95%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "THE POINTE AT NEPTUNE",
      "address": "",
      "city": "NEPTUNE",
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      "zip": "07753",
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      "rate": 2.89,
      "originationDate": "2020-10-29",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "EUCLID HILL VILLA",
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      "originationDate": "2020-04-30",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "NEWRY MILL APARTMENTS",
      "address": "",
      "city": "SENECA",
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      "units": 197,
      "originalAmount": 36196400,
      "rate": 2.89,
      "originationDate": "2021-02-11",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SANTA BARBARA LUXURY APARTMENTS",
      "address": "",
      "city": "RIALTO",
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      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.89% is 2.09 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "MANCHAC LAKE APARTMENTS",
      "address": "",
      "city": "PRAIRIEVILLE",
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      "units": 272,
      "originalAmount": 30801700,
      "rate": 2.89,
      "originationDate": "2020-10-29",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "TRACE ON THE PARKWAY",
      "address": "",
      "city": "EDWARDSVILLE",
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      "zip": "62025",
      "units": 114,
      "originalAmount": 30640000,
      "rate": 2.89,
      "originationDate": "2022-05-19",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.89% is 2.34 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "LEGACY AT MANCHESTER VILLAGE APTS",
      "address": "",
      "city": "ROCK HILL",
      "state": "SC",
      "zip": "29730",
      "units": 288,
      "originalAmount": 28232400,
      "rate": 2.89,
      "originationDate": "2018-05-18",
      "pmmsBenchmark": 4.586,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.89% is 1.70 pts below the 2018-05 market avg of 4.586%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "CLAIBOURNE CROSSING",
      "address": "",
      "city": "LOUISVILLE",
      "state": "KY",
      "zip": "40245",
      "units": 242,
      "originalAmount": 28179500,
      "rate": 2.89,
      "originationDate": "2012-09-28",
      "pmmsBenchmark": 3.498,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKELEY POINT CAPITAL LLC"
    },
    {
      "property": "THE ENCLAVE AT KILLEEN",
      "address": "",
      "city": "KILLEEN",
      "state": "TX",
      "zip": "76542",
      "units": 216,
      "originalAmount": 28033800,
      "rate": 2.89,
      "originationDate": "2021-07-29",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SUNSET BAY APARTMENTS",
      "address": "",
      "city": "CUTLER BAY",
      "state": "FL",
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      "units": 308,
      "originalAmount": 25620000,
      "rate": 2.89,
      "originationDate": "2016-10-13",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "KENMORE PLAZA",
      "address": "",
      "city": "CHICAGO",
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      "zip": "60640",
      "units": 324,
      "originalAmount": 23297000,
      "rate": 2.89,
      "originationDate": "2015-08-26",
      "pmmsBenchmark": 3.905,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.89% is 1.01 pts below the 2015-08 market avg of 3.905%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "PENINSULA NURSING & REHABILITATION CENTER",
      "address": "",
      "city": "FAR ROCKAWAY",
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      "zip": "11691",
      "units": 200,
      "originalAmount": 22959000,
      "rate": 2.89,
      "originationDate": "2016-12-22",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.89% is 1.31 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "WELLINGTON POINTE APT",
      "address": "",
      "city": "SMYRNA",
      "state": "GA",
      "zip": "30080",
      "units": 399,
      "originalAmount": 21569600,
      "rate": 2.89,
      "originationDate": "2012-09-27",
      "pmmsBenchmark": 3.498,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "VILLAGE AT WESTLAKE PHASE II",
      "address": "",
      "city": "RICHMOND",
      "state": "VA",
      "zip": "23225",
      "units": 120,
      "originalAmount": 21194300,
      "rate": 2.89,
      "originationDate": "2021-10-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE ALEXA LUXURY APARTMENTS",
      "address": "",
      "city": "CORPUS CHRISTI",
      "state": "TX",
      "zip": "78412",
      "units": 80,
      "originalAmount": 18641800,
      "rate": 2.89,
      "originationDate": "2021-03-16",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "AMBER UNION",
      "address": "",
      "city": "FALCON HEIGHTS",
      "state": "MN",
      "zip": "55108",
      "units": 125,
      "originalAmount": 18375000,
      "rate": 2.89,
      "originationDate": "2021-07-08",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "HARBOR VISTA AT CRAWFORD ST APTS",
      "address": "",
      "city": "PORTSMOUTH",
      "state": "VA",
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      "units": 264,
      "originalAmount": 17231600,
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      "originationDate": "2021-02-24",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE PALOMAR",
      "address": "",
      "city": "TYLER",
      "state": "TX",
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      "units": 216,
      "originalAmount": 17025300,
      "rate": 2.89,
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      "pmmsBenchmark": 3.498,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "CLAYPOOLE COURTS",
      "address": "",
      "city": "WASHINGTON",
      "state": "DC",
      "zip": "20009",
      "units": 123,
      "originalAmount": 13000000,
      "rate": 2.89,
      "originationDate": "2015-03-31",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.89% is 0.88 pts below the 2015-03 market avg of 3.77%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "REGENCY APARTMENTS",
      "address": "",
      "city": "MISHAWAKA",
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      "zip": "46545",
      "units": 132,
      "originalAmount": 11120000,
      "rate": 2.89,
      "originationDate": "2022-04-27",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.89% is 2.09 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "Trilogy-Prairie Lakes Health Campus",
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      "city": "Noblesville",
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      "zip": "46060",
      "units": 194,
      "originalAmount": 9600700,
      "rate": 2.89,
      "originationDate": "2017-04-27",
      "pmmsBenchmark": 4.045,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.89% is 1.15 pts below the 2017-04 market avg of 4.045%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "TRINITY GARDENS",
      "address": "",
      "city": "GREENSBORO",
      "state": "NC",
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      "units": 152,
      "originalAmount": 9052600,
      "rate": 2.89,
      "originationDate": "2015-06-19",
      "pmmsBenchmark": 3.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.89% is 1.09 pts below the 2015-06 market avg of 3.982%"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "HARBORVIEW HEALTH SYSTEMS OF THOMASTON",
      "address": "",
      "city": "THOMASTON",
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      "originationDate": "2018-08-29",
      "pmmsBenchmark": 4.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.89% is 1.66 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "ELMWOOD VILLAS APARTMENTS",
      "address": "",
      "city": "MARYSVILLE",
      "state": "OH",
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      "units": 110,
      "originalAmount": 8416000,
      "rate": 2.89,
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      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "GREENARCH DEVELOPMENT",
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      "city": "TULSA",
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      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
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        "Rate 2.89% is 0.78 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "OCTOBER HOMES",
      "address": "",
      "city": "MADISON",
      "state": "TN",
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      "originalAmount": 8366700,
      "rate": 2.89,
      "originationDate": "2020-05-19",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HARBORVIEW HEALTH SYSTEMS OF JESUP",
      "address": "",
      "city": "JESUP",
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      "originalAmount": 8344000,
      "rate": 2.89,
      "originationDate": "2018-08-29",
      "pmmsBenchmark": 4.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.89% is 1.66 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "WEST PARK VILLAGE",
      "address": "",
      "city": "BILLINGS",
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      "originalAmount": 8270000,
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      "pmmsBenchmark": 3.982,
      "belowMarket": true,
      "historicLowEra": false,
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      "redReasons": [
        "Rate 2.89% is 1.09 pts below the 2015-06 market avg of 3.982%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "E.A. HAWSE NURSING AND REHABILITATION CENTER",
      "address": "",
      "city": "BAKER",
      "state": "WV",
      "zip": "26801",
      "units": 32,
      "originalAmount": 8189900,
      "rate": 2.89,
      "originationDate": "2021-11-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "CARDON-BELL TRACE HEALTH AND LIVING CENTER",
      "address": "",
      "city": "BLOOMINGTON",
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      "zip": "47408",
      "units": 80,
      "originalAmount": 7907000,
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      "originationDate": "2014-02-20",
      "pmmsBenchmark": 4.303,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.89% is 1.41 pts below the 2014-02 market avg of 4.303%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "PIN OAK MANOR",
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      "originationDate": "2020-04-30",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "THE 951",
      "address": "",
      "city": "BOISE",
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      "rate": 2.89,
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      "pmmsBenchmark": 2.765,
      "belowMarket": false,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "GOLDEN RING APARTMENTS",
      "address": "",
      "city": "BALTIMORE",
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      "units": 154,
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      "belowMarket": true,
      "historicLowEra": false,
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        "Rate 2.89% is 1.26 pts below the 2017-01 market avg of 4.15%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "Trilogy-St. Mary Healthcare Center",
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      "rate": 2.89,
      "originationDate": "2017-04-27",
      "pmmsBenchmark": 4.045,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.89% is 1.15 pts below the 2017-04 market avg of 4.045%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "SOUTHWOOD NURSING RETIREMENT CENTER",
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      "city": "CLINTON",
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      "units": 100,
      "originalAmount": 5630700,
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      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "WISTERIA GARDENS",
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      "city": "PEARL",
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      "originationDate": "2021-08-20",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "PARK VIEW AT SOUTH PANTOPS",
      "address": "",
      "city": "CHARLOTTESVILLE",
      "state": "VA",
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      "units": 90,
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      "rate": 2.89,
      "originationDate": "2013-02-26",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "THE WATERFORD AT WILLIAMSBURG",
      "address": "",
      "city": "LINCOLN",
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      "rate": 2.89,
      "originationDate": "2013-02-25",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CRANBROOK SENIOR TOWER",
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      "city": "ANN ARBOR",
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      "zip": "48103",
      "units": 202,
      "originalAmount": 17341100,
      "rate": 2.895,
      "originationDate": "2016-12-13",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.895% is 1.30 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "ASPIRE 11 APARTMENTS",
      "address": "",
      "city": "TACOMA",
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      "units": 289,
      "originalAmount": 67800100,
      "rate": 2.9,
      "originationDate": "2022-02-18",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 0.86 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SADDLE CREEK APARTMENTS",
      "address": "",
      "city": "NOVI",
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      "zip": "48375",
      "units": 400,
      "originalAmount": 57120000,
      "rate": 2.9,
      "originationDate": "2019-11-26",
      "pmmsBenchmark": 3.695,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 0.79 pts below the 2019-11 market avg of 3.695%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE DISTRICT IN LITLE ELM",
      "address": "",
      "city": "LITTLE ELM",
      "state": "TX",
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      "units": 324,
      "originalAmount": 49840600,
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      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ST. CABRINI NURSING HOME",
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      "city": "DOBBS FERRY",
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      "zip": "10522",
      "units": 304,
      "originalAmount": 47207000,
      "rate": 2.9,
      "originationDate": "2017-03-27",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.30 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "NOMA (Tulsa Route 66)",
      "address": "",
      "city": "TULSA",
      "state": "OK",
      "zip": "74104",
      "units": 256,
      "originalAmount": 47145000,
      "rate": 2.9,
      "originationDate": "2021-10-27",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CHEYENNE CROSSINGS APARTMENTS",
      "address": "",
      "city": "COLORADO SPRINGS",
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      "zip": "80906",
      "units": 220,
      "originalAmount": 42232000,
      "rate": 2.9,
      "originationDate": "2020-04-09",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "LYNN CREEK APARTMENTS",
      "address": "",
      "city": "GRAND PRAIRIE",
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      "zip": "75052",
      "units": 278,
      "originalAmount": 41546300,
      "rate": 2.9,
      "originationDate": "2020-12-21",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "100 LABOR STREET",
      "address": "",
      "city": "SAN ANTONIO",
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      "zip": "78212",
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      "originalAmount": 40525900,
      "rate": 2.9,
      "originationDate": "2020-11-30",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LA SIENNA APARTMENTS",
      "address": "",
      "city": "EDINBURG",
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      "zip": "78541",
      "units": 288,
      "originalAmount": 33690200,
      "rate": 2.9,
      "originationDate": "2021-03-15",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "PARAGON PLACE AT BEAR CLAW WAY",
      "address": "",
      "city": "MIDDLETON",
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      "zip": "53562",
      "units": 158,
      "originalAmount": 28536800,
      "rate": 2.9,
      "originationDate": "2022-03-30",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.27 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "THE APARTMENTS AT WESTPORT COMMONS",
      "address": "",
      "city": "KANSAS CITY",
      "state": "MO",
      "zip": "64114",
      "units": 138,
      "originalAmount": 27196100,
      "rate": 2.9,
      "originationDate": "2022-03-31",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.27 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "COLEMAN HOUSE",
      "address": "",
      "city": "NEWTON",
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      "zip": "02459",
      "units": 146,
      "originalAmount": 25830000,
      "rate": 2.9,
      "originationDate": "2020-10-23",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CENTRAL ASSISTED LIVING",
      "address": "",
      "city": "FAR ROCKAWAY",
      "state": "NY",
      "zip": "11691",
      "units": 281,
      "originalAmount": 25710900,
      "rate": 2.9,
      "originationDate": "2017-10-26",
      "pmmsBenchmark": 3.895,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.00 pts below the 2017-10 market avg of 3.895%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "CAVE MILL PHASE II",
      "address": "",
      "city": "BOWLING GREEN",
      "state": "KY",
      "zip": "42104",
      "units": 184,
      "originalAmount": 25629900,
      "rate": 2.9,
      "originationDate": "2021-01-28",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "CATALON AT LAGO MAR APARTMENTS",
      "address": "",
      "city": "TEXAS CITY",
      "state": "TX",
      "zip": "77518",
      "units": 230,
      "originalAmount": 25300000,
      "rate": 2.9,
      "originationDate": "2016-01-27",
      "pmmsBenchmark": 3.873,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 0.97 pts below the 2016-01 market avg of 3.873%"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "HIDDEN COVE APARTMENTS",
      "address": "",
      "city": "LAYTON",
      "state": "UT",
      "zip": "84041",
      "units": 144,
      "originalAmount": 25254200,
      "rate": 2.9,
      "originationDate": "2020-04-09",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ASHLEIGH AT LANSDOWNE",
      "address": "",
      "city": "LEESBURG",
      "state": "VA",
      "zip": "20176",
      "units": 115,
      "originalAmount": 23445100,
      "rate": 2.9,
      "originationDate": "2015-05-27",
      "pmmsBenchmark": 3.84,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 0.94 pts below the 2015-05 market avg of 3.84%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PINE RIDGE BUILDING G & H",
      "address": "",
      "city": "WILLOUGHBY HILLS",
      "state": "OH",
      "zip": "44094",
      "units": 596,
      "originalAmount": 21658000,
      "rate": 2.9,
      "originationDate": "2012-04-10",
      "pmmsBenchmark": 3.91,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.01 pts below the 2012-04 market avg of 3.91%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "Sunny Garden Apartments",
      "address": "",
      "city": "LA PUENTE",
      "state": "CA",
      "zip": "91746",
      "units": 95,
      "originalAmount": 21000000,
      "rate": 2.9,
      "originationDate": "2021-06-21",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ROSE COMMUNITY CAPITAL, LLC"
    },
    {
      "property": "TWIN RIVERS SENIORS APARTMENTS",
      "address": "",
      "city": "RICHARDSON",
      "state": "TX",
      "zip": "75081",
      "units": 156,
      "originalAmount": 18600000,
      "rate": 2.9,
      "originationDate": "2017-06-23",
      "pmmsBenchmark": 3.904,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.00 pts below the 2017-06 market avg of 3.904%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "MOUNTAIN VIEW APTS",
      "address": "",
      "city": "BOX ELDER",
      "state": "SD",
      "zip": "57719",
      "units": 180,
      "originalAmount": 16390000,
      "rate": 2.9,
      "originationDate": "2017-08-29",
      "pmmsBenchmark": 3.88,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 0.98 pts below the 2017-08 market avg of 3.88%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "CHATEAU VALLEY CENTER",
      "address": "",
      "city": "RENTON",
      "state": "WA",
      "zip": "98055",
      "units": 126,
      "originalAmount": 15983600,
      "rate": 2.9,
      "originationDate": "2021-05-20",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "CONTINUING HEALTHCARE OF NILES",
      "address": "",
      "city": "NILES",
      "state": "OH",
      "zip": "44446",
      "units": 136,
      "originalAmount": 15920000,
      "rate": 2.9,
      "originationDate": "2018-07-11",
      "pmmsBenchmark": 4.527,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.63 pts below the 2018-07 market avg of 4.527%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "LEGACY AT WALTON BLUEGRASS",
      "address": "",
      "city": "ALPHARETTA",
      "state": "GA",
      "zip": "30005",
      "units": 100,
      "originalAmount": 14950000,
      "rate": 2.9,
      "originationDate": "2019-10-29",
      "pmmsBenchmark": 3.688,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 0.79 pts below the 2019-10 market avg of 3.688%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "DALEVILLE TOWN CENTER",
      "address": "",
      "city": "DALEVILLE",
      "state": "VA",
      "zip": "24083",
      "units": 120,
      "originalAmount": 13957900,
      "rate": 2.9,
      "originationDate": "2012-12-06",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CARL MACKLEY HOUSES",
      "address": "",
      "city": "PHILADELPHIA",
      "state": "PA",
      "zip": "19124",
      "units": 184,
      "originalAmount": 13800000,
      "rate": 2.9,
      "originationDate": "2021-04-01",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "POST WOODS",
      "address": "",
      "city": "REYNOLDSBURG",
      "state": "OH",
      "zip": "43068",
      "units": 180,
      "originalAmount": 12217200,
      "rate": 2.9,
      "originationDate": "2022-03-23",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.27 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "COLLEGE VILLAS  SR. APTS",
      "address": "",
      "city": "HENDERSON",
      "state": "NV",
      "zip": "89015",
      "units": 226,
      "originalAmount": 12000000,
      "rate": 2.9,
      "originationDate": "2011-01-21",
      "pmmsBenchmark": 4.755,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.85 pts below the 2011-01 market avg of 4.755%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "COURTYARD VILLAGE WEST APARTMENTS",
      "address": "",
      "city": "NORTH AURORA",
      "state": "IL",
      "zip": "60542",
      "units": 216,
      "originalAmount": 11500000,
      "rate": 2.9,
      "originationDate": "2016-11-18",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 0.87 pts below the 2016-11 market avg of 3.77%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "BLAIR HOUSE OF TEWKSBURY",
      "address": "",
      "city": "TEWKSBURY",
      "state": "MA",
      "zip": "01826",
      "units": 166,
      "originalAmount": 11489300,
      "rate": 2.9,
      "originationDate": "2012-03-21",
      "pmmsBenchmark": 3.954,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.05 pts below the 2012-03 market avg of 3.954%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "SOUTH CITY IV",
      "address": "",
      "city": "MEMPHIS",
      "state": "TN",
      "zip": "38126",
      "units": 138,
      "originalAmount": 10897800,
      "rate": 2.9,
      "originationDate": "2021-02-22",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SOVEREIGN PANHANDLE2-CRESTVIEW REHAB CENTER",
      "address": "",
      "city": "CRESTVIEW",
      "state": "FL",
      "zip": "32539",
      "units": 132,
      "originalAmount": 10814900,
      "rate": 2.9,
      "originationDate": "2013-06-26",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.17 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MARY QUEEN AND MOTHER",
      "address": "",
      "city": "SHREWSBURY",
      "state": "MO",
      "zip": "63119",
      "units": 230,
      "originalAmount": 10785700,
      "rate": 2.9,
      "originationDate": "2011-11-22",
      "pmmsBenchmark": 3.993,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.09 pts below the 2011-11 market avg of 3.993%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "DELLWAY VILLA APARTMENTS",
      "address": "",
      "city": "NASHVILLE",
      "state": "TN",
      "zip": "37207",
      "units": 244,
      "originalAmount": 10540000,
      "rate": 2.9,
      "originationDate": "2010-12-15",
      "pmmsBenchmark": 4.714,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.81 pts below the 2010-12 market avg of 4.714%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "SUMMER LAKE APARTMENTS PHASE II",
      "address": "",
      "city": "SMITHS STATION",
      "state": "AL",
      "zip": "36877",
      "units": 72,
      "originalAmount": 10437300,
      "rate": 2.9,
      "originationDate": "2021-03-03",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "THE IDEAL",
      "address": "",
      "city": "MADISON",
      "state": "WI",
      "zip": "53715",
      "units": 57,
      "originalAmount": 9920000,
      "rate": 2.9,
      "originationDate": "2017-11-30",
      "pmmsBenchmark": 3.922,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.02 pts below the 2017-11 market avg of 3.922%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "BAKER PLACE II",
      "address": "",
      "city": "FREDERICK",
      "state": "MD",
      "zip": "21702",
      "units": 96,
      "originalAmount": 9500000,
      "rate": 2.9,
      "originationDate": "2015-06-24",
      "pmmsBenchmark": 3.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.08 pts below the 2015-06 market avg of 3.982%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "HENRY GREENE APTS",
      "address": "",
      "city": "LOUISVILLE",
      "state": "KY",
      "zip": "40203",
      "units": 125,
      "originalAmount": 9385400,
      "rate": 2.9,
      "originationDate": "2018-08-10",
      "pmmsBenchmark": 4.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.65 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "THE MONROE",
      "address": "",
      "city": "LAFAYETTE",
      "state": "LA",
      "zip": "70501",
      "units": 70,
      "originalAmount": 9247200,
      "rate": 2.9,
      "originationDate": "2022-02-28",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 0.86 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "LAKELAND REHABILITATION & HEALTH CARE CENTER",
      "address": "",
      "city": "EFFINGHAM",
      "state": "IL",
      "zip": "62401",
      "units": 141,
      "originalAmount": 9050000,
      "rate": 2.9,
      "originationDate": "2017-06-28",
      "pmmsBenchmark": 3.904,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.00 pts below the 2017-06 market avg of 3.904%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "GLENBROOK MANOR",
      "address": "",
      "city": "STAMFORD",
      "state": "CT",
      "zip": "06902",
      "units": 44,
      "originalAmount": 9027200,
      "rate": 2.9,
      "originationDate": "2020-09-08",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "ROYAL PALM GARDENS",
      "address": "",
      "city": "HOMESTEAD",
      "state": "FL",
      "zip": "33030",
      "units": 145,
      "originalAmount": 8787400,
      "rate": 2.9,
      "originationDate": "2017-01-24",
      "pmmsBenchmark": 4.15,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.25 pts below the 2017-01 market avg of 4.15%"
      ],
      "holder": "FIRST HOUSING DEV CORP OF FL"
    },
    {
      "property": "DURGIN PLACES",
      "address": "",
      "city": "KITTERY",
      "state": "ME",
      "zip": "03904",
      "units": 81,
      "originalAmount": 8786900,
      "rate": 2.9,
      "originationDate": "2016-01-19",
      "pmmsBenchmark": 3.873,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 0.97 pts below the 2016-01 market avg of 3.873%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "UNIVERSITY GARDENS",
      "address": "",
      "city": "SILVER SPRING",
      "state": "MD",
      "zip": "20901",
      "units": 92,
      "originalAmount": 8714700,
      "rate": 2.9,
      "originationDate": "2022-06-14",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 2.62 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "COLLEGE SQUARE APARTMENTS",
      "address": "",
      "city": "DAVIE",
      "state": "FL",
      "zip": "33314",
      "units": 64,
      "originalAmount": 8515100,
      "rate": 2.9,
      "originationDate": "2021-02-26",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "Sheridan Apartments",
      "address": "",
      "city": "Chicago",
      "state": "IL",
      "zip": "60626",
      "units": 81,
      "originalAmount": 8300000,
      "rate": 2.9,
      "originationDate": "2017-05-31",
      "pmmsBenchmark": 4.01,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.11 pts below the 2017-05 market avg of 4.01%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "Big Bend Woods Healthcare Center",
      "address": "",
      "city": "Valley Park",
      "state": "MO",
      "zip": "63088",
      "units": 102,
      "originalAmount": 8202000,
      "rate": 2.9,
      "originationDate": "2017-06-02",
      "pmmsBenchmark": 3.904,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.00 pts below the 2017-06 market avg of 3.904%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "TYLERS RIDGE AT SANDHILLS PHASE II",
      "address": "",
      "city": "SOUTHERN PINES",
      "state": "NC",
      "zip": "28387",
      "units": 72,
      "originalAmount": 8184800,
      "rate": 2.9,
      "originationDate": "2017-04-13",
      "pmmsBenchmark": 4.045,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.15 pts below the 2017-04 market avg of 4.045%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "CAREFREE COTTAGES OF MAPLEWOOD 1 & 2",
      "address": "",
      "city": "MAPLEWOOD",
      "state": "MN",
      "zip": "55109",
      "units": 106,
      "originalAmount": 7776500,
      "rate": 2.9,
      "originationDate": "2016-10-31",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "BLAIR HOUSE OF NEW BEDFORD",
      "address": "",
      "city": "NEW BEDFORD",
      "state": "MA",
      "zip": "02740",
      "units": 135,
      "originalAmount": 7724700,
      "rate": 2.9,
      "originationDate": "2012-03-21",
      "pmmsBenchmark": 3.954,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.05 pts below the 2012-03 market avg of 3.954%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "JACKSON PARK PLACE APT",
      "address": "",
      "city": "ST. LOUIS",
      "state": "MO",
      "zip": "63106",
      "units": 141,
      "originalAmount": 7650000,
      "rate": 2.9,
      "originationDate": "2005-07-21",
      "pmmsBenchmark": 5.695,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 2.80 pts below the 2005-07 market avg of 5.695%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "BRIARCLIFF HEALTH CENTER",
      "address": "",
      "city": "TYLER",
      "state": "TX",
      "zip": "75701",
      "units": 230,
      "originalAmount": 7176000,
      "rate": 2.9,
      "originationDate": "2016-10-31",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "FIRST AMERICAN CAPITAL GROUP C"
    },
    {
      "property": "WILLOW BEND",
      "address": "",
      "city": "HILLIARD",
      "state": "OH",
      "zip": "43026",
      "units": 92,
      "originalAmount": 6798100,
      "rate": 2.9,
      "originationDate": "2022-03-23",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.27 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "CRESCENT VILLAGE",
      "address": "",
      "city": "CINCINNATI",
      "state": "OH",
      "zip": "45246",
      "units": 90,
      "originalAmount": 6789000,
      "rate": 2.9,
      "originationDate": "2022-03-23",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.27 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ROSEVILLE SENIORS",
      "address": "",
      "city": "ROSEVILLE",
      "state": "MN",
      "zip": "55113",
      "units": 127,
      "originalAmount": 6720000,
      "rate": 2.9,
      "originationDate": "2020-04-29",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "GABRIEL COURT",
      "address": "",
      "city": "WATERTOWN",
      "state": "NY",
      "zip": "13601",
      "units": 120,
      "originalAmount": 6688600,
      "rate": 2.9,
      "originationDate": "2010-06-29",
      "pmmsBenchmark": 4.737,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.84 pts below the 2010-06 market avg of 4.737%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "PINZONE TOWERS APARTMENTS",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44116",
      "units": 100,
      "originalAmount": 6500000,
      "rate": 2.9,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "FRIENDS SETTLEMENT",
      "address": "",
      "city": "PHILADELPHIA",
      "state": "NY",
      "zip": "13673",
      "units": 150,
      "originalAmount": 6385700,
      "rate": 2.9,
      "originationDate": "2011-01-11",
      "pmmsBenchmark": 4.755,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.85 pts below the 2011-01 market avg of 4.755%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE SUITES AT CONTINUING HEALTHCARE OF NILES",
      "address": "",
      "city": "NILES",
      "state": "OH",
      "zip": "44446",
      "units": 136,
      "originalAmount": 6080000,
      "rate": 2.9,
      "originationDate": "2018-07-12",
      "pmmsBenchmark": 4.527,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.63 pts below the 2018-07 market avg of 4.527%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "CRYSTAL PINES HEALTH CARE CTR",
      "address": "",
      "city": "CRYSTAL LAKE",
      "state": "IL",
      "zip": "60014",
      "units": 114,
      "originalAmount": 6035000,
      "rate": 2.9,
      "originationDate": "2010-10-28",
      "pmmsBenchmark": 4.225,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.32 pts below the 2010-10 market avg of 4.225%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "PANORAMA POINTE COTTAGES",
      "address": "",
      "city": "WESTMINSTER",
      "state": "CO",
      "zip": "80030",
      "units": 50,
      "originalAmount": 5867000,
      "rate": 2.9,
      "originationDate": "2012-12-27",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "SANTA MARIA TOWERS",
      "address": "",
      "city": "BUFFALO",
      "state": "NY",
      "zip": "14213",
      "units": 115,
      "originalAmount": 5842400,
      "rate": 2.9,
      "originationDate": "2015-02-24",
      "pmmsBenchmark": 3.71,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 0.81 pts below the 2015-02 market avg of 3.71%"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "BLAIRE HOUSE OF MILFORD",
      "address": "",
      "city": "MILFORD",
      "state": "MA",
      "zip": "01757",
      "units": 73,
      "originalAmount": 5487400,
      "rate": 2.9,
      "originationDate": "2012-02-21",
      "pmmsBenchmark": 3.89,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 0.99 pts below the 2012-02 market avg of 3.89%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "LOFTS AT SHIPLOCK WATCH",
      "address": "",
      "city": "RICHMOND",
      "state": "VA",
      "zip": "23223",
      "units": 51,
      "originalAmount": 5454400,
      "rate": 2.9,
      "originationDate": "2020-11-24",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "REDWOOD BRUNSWICK (PLUM CREEK)",
      "address": "",
      "city": "BRUNSWICK",
      "state": "OH",
      "zip": "44212",
      "units": 50,
      "originalAmount": 5450500,
      "rate": 2.9,
      "originationDate": "2021-08-30",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BARLINVIS APARTMENTS",
      "address": "",
      "city": "ATLANTIC CITY",
      "state": "NJ",
      "zip": "08401",
      "units": 68,
      "originalAmount": 4806500,
      "rate": 2.9,
      "originationDate": "2020-04-20",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CHANDLER HEALTH CENTER",
      "address": "",
      "city": "CHANDLER",
      "state": "TX",
      "zip": "75758",
      "units": 90,
      "originalAmount": 4768000,
      "rate": 2.9,
      "originationDate": "2016-10-31",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "FIRST AMERICAN CAPITAL GROUP C"
    },
    {
      "property": "THE WOODS OF GLEN HILL MANOR",
      "address": "",
      "city": "LOUISVILLE",
      "state": "KY",
      "zip": "40272",
      "units": 108,
      "originalAmount": 4724700,
      "rate": 2.9,
      "originationDate": "2016-11-29",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 0.87 pts below the 2016-11 market avg of 3.77%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HIGHLAND NURSING & REHAB CTR",
      "address": "",
      "city": "KANSAS CITY",
      "state": "MO",
      "zip": "64131",
      "units": 162,
      "originalAmount": 4462500,
      "rate": 2.9,
      "originationDate": "2011-09-29",
      "pmmsBenchmark": 4.106,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.21 pts below the 2011-09 market avg of 4.106%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "HELEN S. BROWN TOWER",
      "address": "",
      "city": "EAST CLEVELAND",
      "state": "OH",
      "zip": "44112",
      "units": 64,
      "originalAmount": 4425000,
      "rate": 2.9,
      "originationDate": "2013-02-25",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "AHEPA 310 APARTMENTS",
      "address": "",
      "city": "MOBILE",
      "state": "AL",
      "zip": "36695",
      "units": 96,
      "originalAmount": 4299800,
      "rate": 2.9,
      "originationDate": "2013-08-29",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.56 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SOVERIEGN PANHANDLE2-FORT WALTON REHAB CENTER",
      "address": "",
      "city": "FORT WALTON BEACH",
      "state": "FL",
      "zip": "32547",
      "units": 120,
      "originalAmount": 4184900,
      "rate": 2.9,
      "originationDate": "2013-06-26",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.17 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WELLINGTON ARMS II",
      "address": "",
      "city": "FLORISSANT",
      "state": "MO",
      "zip": "63033",
      "units": 98,
      "originalAmount": 4160000,
      "rate": 2.9,
      "originationDate": "2016-10-26",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "CROSSROADS AT PINE BLUFF",
      "address": "",
      "city": "PINE BLUFF",
      "state": "AR",
      "zip": "71601",
      "units": 65,
      "originalAmount": 4010100,
      "rate": 2.9,
      "originationDate": "2021-05-17",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "CLIFTON VILLAGE SOUTH TOWNHOME",
      "address": "",
      "city": "CLIFTON",
      "state": "CO",
      "zip": "81520",
      "units": 119,
      "originalAmount": 3982100,
      "rate": 2.9,
      "originationDate": "2012-06-28",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 0.77 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "TIMON TOWERS",
      "address": "",
      "city": "BUFFALO",
      "state": "NY",
      "zip": "14209",
      "units": 125,
      "originalAmount": 3901400,
      "rate": 2.9,
      "originationDate": "2015-02-24",
      "pmmsBenchmark": 3.71,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 0.81 pts below the 2015-02 market avg of 3.71%"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "HOLSTON HOMES",
      "address": "",
      "city": "ROGERSVILLE",
      "state": "TN",
      "zip": "37857",
      "units": 102,
      "originalAmount": 3835500,
      "rate": 2.9,
      "originationDate": "2015-03-24",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 0.87 pts below the 2015-03 market avg of 3.77%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "COULTERVILLE REHABILITATION & HEALTH CARE CENTER",
      "address": "",
      "city": "COULTERVILLE",
      "state": "IL",
      "zip": "62237",
      "units": 71,
      "originalAmount": 3760000,
      "rate": 2.9,
      "originationDate": "2017-01-31",
      "pmmsBenchmark": 4.15,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.25 pts below the 2017-01 market avg of 4.15%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "WATERS EDGE APARTMENTS",
      "address": "",
      "city": "WHITEWATER",
      "state": "WI",
      "zip": "53190",
      "units": 48,
      "originalAmount": 3500000,
      "rate": 2.9,
      "originationDate": "2011-08-11",
      "pmmsBenchmark": 4.27,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.37 pts below the 2011-08 market avg of 4.27%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ELLIOTT RESIDENCE",
      "address": "",
      "city": "SUBLIMITY",
      "state": "OR",
      "zip": "97385",
      "units": 50,
      "originalAmount": 3420000,
      "rate": 2.9,
      "originationDate": "2007-05-30",
      "pmmsBenchmark": 6.262,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 3.36 pts below the 2007-05 market avg of 6.262%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "EVANSTON SENIOR REDEVELOPMENT",
      "address": "",
      "city": "EVANSTON",
      "state": "IL",
      "zip": "60201",
      "units": 201,
      "originalAmount": 3400000,
      "rate": 2.9,
      "originationDate": "2020-09-30",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "VICTORY ROAD APARTMENTS",
      "address": "",
      "city": "LYNN",
      "state": "MA",
      "zip": "01902",
      "units": 40,
      "originalAmount": 3387900,
      "rate": 2.9,
      "originationDate": "2021-08-23",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WELLINGTON ARMS III APARTMENTS",
      "address": "",
      "city": "FLORISSANT",
      "state": "MO",
      "zip": "63033",
      "units": 76,
      "originalAmount": 3120000,
      "rate": 2.9,
      "originationDate": "2016-10-26",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "ASHLEY AUBURN POINTE II",
      "address": "",
      "city": "ATLANTA",
      "state": "GA",
      "zip": "30303",
      "units": 150,
      "originalAmount": 3000000,
      "rate": 2.9,
      "originationDate": "2012-12-18",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "FLOYD LIGHT APARTMENTS",
      "address": "",
      "city": "PORTLAND",
      "state": "OR",
      "zip": "97216",
      "units": 51,
      "originalAmount": 2800000,
      "rate": 2.9,
      "originationDate": "2012-06-28",
      "pmmsBenchmark": 3.675,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 0.77 pts below the 2012-06 market avg of 3.675%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "DEEP RIVER ESTATES",
      "address": "",
      "city": "COPENHAGEN",
      "state": "NY",
      "zip": "13626",
      "units": 75,
      "originalAmount": 2537700,
      "rate": 2.9,
      "originationDate": "2011-04-21",
      "pmmsBenchmark": 4.84,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.94 pts below the 2011-04 market avg of 4.84%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "FAIR OAKS REHABILITATION & HEALTH CARE CENTER",
      "address": "",
      "city": "SOUTH BELOIT",
      "state": "IL",
      "zip": "61080",
      "units": 78,
      "originalAmount": 2480000,
      "rate": 2.9,
      "originationDate": "2011-07-27",
      "pmmsBenchmark": 4.545,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.65 pts below the 2011-07 market avg of 4.545%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "COWETA APARTMENTS",
      "address": "",
      "city": "COWETA",
      "state": "OK",
      "zip": "74429",
      "units": 60,
      "originalAmount": 2285000,
      "rate": 2.9,
      "originationDate": "2012-12-20",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CONSTITUTION COURT",
      "address": "",
      "city": "GOUVERNEUR",
      "state": "NY",
      "zip": "13642",
      "units": 75,
      "originalAmount": 2224000,
      "rate": 2.9,
      "originationDate": "2011-04-21",
      "pmmsBenchmark": 4.84,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.94 pts below the 2011-04 market avg of 4.84%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ST MARK PLACE",
      "address": "",
      "city": "MILWAUKEE",
      "state": "WI",
      "zip": "53205",
      "units": 50,
      "originalAmount": 2215000,
      "rate": 2.9,
      "originationDate": "2009-07-21",
      "pmmsBenchmark": 5.222,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 2.32 pts below the 2009-07 market avg of 5.222%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HILLSBORO REHAB & HEALTH CARE CENTER",
      "address": "",
      "city": "HILLSBORO",
      "state": "IL",
      "zip": "62049",
      "units": 110,
      "originalAmount": 2160000,
      "rate": 2.9,
      "originationDate": "2010-12-23",
      "pmmsBenchmark": 4.714,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.81 pts below the 2010-12 market avg of 4.714%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "LIGHTHOUSE VILLAGE",
      "address": "",
      "city": "CHEBOYGAN",
      "state": "MI",
      "zip": "49721",
      "units": 48,
      "originalAmount": 2031274,
      "rate": 2.9,
      "originationDate": "2002-10-31",
      "pmmsBenchmark": 6.112,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 3.21 pts below the 2002-10 market avg of 6.112%"
      ],
      "holder": "MICHIGAN STATE HOUSING DEV AUT"
    },
    {
      "property": "BLUMEYER PHASE III",
      "address": "",
      "city": "ST LOUIS",
      "state": "MO",
      "zip": "63106",
      "units": 94,
      "originalAmount": 2022800,
      "rate": 2.9,
      "originationDate": "2012-10-30",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "NEW LIFE MANOR APARTMENTS",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46201",
      "units": 48,
      "originalAmount": 1531400,
      "rate": 2.9,
      "originationDate": "2016-10-31",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "BROOKS MANOR",
      "address": "",
      "city": "CHARLESTON",
      "state": "WV",
      "zip": "25301",
      "units": 57,
      "originalAmount": 1239200,
      "rate": 2.9,
      "originationDate": "2022-02-28",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 0.86 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HILLTOP MANOR",
      "address": "",
      "city": "SEATTLE",
      "state": "WA",
      "zip": "98122",
      "units": 35,
      "originalAmount": 1171300,
      "rate": 2.9,
      "originationDate": "2015-03-19",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 0.87 pts below the 2015-03 market avg of 3.77%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "COMMUNITY HOUSE-SPRING MANOR",
      "address": "",
      "city": "SEATTLE",
      "state": "WA",
      "zip": "98122",
      "units": 57,
      "originalAmount": 1136800,
      "rate": 2.9,
      "originationDate": "2015-03-19",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 0.87 pts below the 2015-03 market avg of 3.77%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "OAKWOOD APARTMENTS",
      "address": "",
      "city": "ONAMIA",
      "state": "MN",
      "zip": "56329",
      "units": 33,
      "originalAmount": 1049800,
      "rate": 2.9,
      "originationDate": "2013-06-20",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.17 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE MEADOWS",
      "address": "",
      "city": "CEDAR RAPIDS",
      "state": "IA",
      "zip": "52403",
      "units": 66,
      "originalAmount": 987000,
      "rate": 2.9,
      "originationDate": "2012-11-15",
      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "JEFFERSON PARK APTS",
      "address": "",
      "city": "ST GEORGE",
      "state": "UT",
      "zip": "84770",
      "units": 50,
      "originalAmount": 968300,
      "rate": 2.9,
      "originationDate": "2012-12-14",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HUMBOLDT BUILDING",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60647",
      "units": 29,
      "originalAmount": 950000,
      "rate": 2.9,
      "originationDate": "2012-12-05",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "GOLDEN HORIZON APARTMENTS",
      "address": "",
      "city": "CALUMET",
      "state": "MI",
      "zip": "49913",
      "units": 16,
      "originalAmount": 707600,
      "rate": 2.9,
      "originationDate": "2013-12-17",
      "pmmsBenchmark": 4.457,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.9% is 1.56 pts below the 2013-12 market avg of 4.457%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "Washington Landing Apartments",
      "address": "",
      "city": "CHARLES TOWN",
      "state": "WV",
      "zip": "25414",
      "units": 196,
      "originalAmount": 44391000,
      "rate": 2.91,
      "originationDate": "2021-06-30",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SUNNYBROOK POINTE APARTMENT HOMES",
      "address": "",
      "city": "RALEIGH",
      "state": "NC",
      "zip": "27610",
      "units": 180,
      "originalAmount": 21950700,
      "rate": 2.91,
      "originationDate": "2021-11-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "NEWPORT HARBOUR APTS.",
      "address": "",
      "city": "NEWPORT NEWS",
      "state": "VA",
      "zip": "23607",
      "units": 200,
      "originalAmount": 20769000,
      "rate": 2.91,
      "originationDate": "2019-06-26",
      "pmmsBenchmark": 3.803,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.91% is 0.89 pts below the 2019-06 market avg of 3.803%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "PLEASANT HOMES",
      "address": "",
      "city": "SEAT PLEASANT",
      "state": "MD",
      "zip": "20743",
      "units": 287,
      "originalAmount": 17928000,
      "rate": 2.91,
      "originationDate": "2017-01-23",
      "pmmsBenchmark": 4.15,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.91% is 1.24 pts below the 2017-01 market avg of 4.15%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "THE INN AT BEAR TRAIL",
      "address": "",
      "city": "LEWIS CENTER",
      "state": "OH",
      "zip": "43035",
      "units": 194,
      "originalAmount": 16132200,
      "rate": 2.91,
      "originationDate": "2020-04-16",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE FOUNTAINS AT MEADOW WOOD",
      "address": "",
      "city": "CLARKSVILLE",
      "state": "TN",
      "zip": "37040",
      "units": 184,
      "originalAmount": 14832900,
      "rate": 2.91,
      "originationDate": "2020-05-28",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "MEADOWS AT CHEYENNE MOUNTAIN",
      "address": "",
      "city": "COLORADO SPRINGS",
      "state": "CO",
      "zip": "80906",
      "units": 240,
      "originalAmount": 14170000,
      "rate": 2.91,
      "originationDate": "2011-12-29",
      "pmmsBenchmark": 3.958,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.91% is 1.05 pts below the 2011-12 market avg of 3.958%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "GOLDEN RULE PLAZA",
      "address": "",
      "city": "WASHINGTON",
      "state": "DC",
      "zip": "20001",
      "units": 119,
      "originalAmount": 8290200,
      "rate": 2.91,
      "originationDate": "2016-12-02",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.91% is 1.29 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "WINTERGREEN SENIOR APTS",
      "address": "",
      "city": "DESOTO",
      "state": "TX",
      "zip": "75115",
      "units": 180,
      "originalAmount": 8272000,
      "rate": 2.91,
      "originationDate": "2013-08-27",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.91% is 1.55 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "ARBOR VIEW APARTMENTS",
      "address": "",
      "city": "ANAHEIM",
      "state": "CA",
      "zip": "92804",
      "units": 46,
      "originalAmount": 7886100,
      "rate": 2.91,
      "originationDate": "2020-05-20",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "WARREN PLACE SENIOR APARTMENTS",
      "address": "",
      "city": "COCKEYSVILLE",
      "state": "MD",
      "zip": "21030",
      "units": 121,
      "originalAmount": 6455700,
      "rate": 2.91,
      "originationDate": "2015-10-30",
      "pmmsBenchmark": 3.796,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.91% is 0.89 pts below the 2015-10 market avg of 3.796%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "MILES-ELMARGE APARTMENTS",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44105",
      "units": 140,
      "originalAmount": 3915300,
      "rate": 2.91,
      "originationDate": "2022-05-24",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.91% is 2.32 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SPRINGRIDGE APARTMENTS",
      "address": "",
      "city": "PHENIX CITY",
      "state": "AL",
      "zip": "36867",
      "units": 40,
      "originalAmount": 1538000,
      "rate": 2.91,
      "originationDate": "2022-08-17",
      "pmmsBenchmark": 5.223,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.91% is 2.31 pts below the 2022-08 market avg of 5.223%"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "MALCOLM TOWERS",
      "address": "",
      "city": "FORT LEE",
      "state": "NJ",
      "zip": "07024",
      "units": 226,
      "originalAmount": 42500000,
      "rate": 2.92,
      "originationDate": "2020-04-28",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WRINGLEYVILLE NORTH APARTMENTS",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60613",
      "units": 120,
      "originalAmount": 35432700,
      "rate": 2.92,
      "originationDate": "2020-07-31",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "PARK HILL 4000 APARTMENTS",
      "address": "",
      "city": "DENVER",
      "state": "CO",
      "zip": "80216",
      "units": 168,
      "originalAmount": 33983700,
      "rate": 2.92,
      "originationDate": "2020-02-27",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "TANAGER CREEK TOWNHOMES",
      "address": "",
      "city": "EDEN PRAIRIE",
      "state": "MN",
      "zip": "55346",
      "units": 185,
      "originalAmount": 27917300,
      "rate": 2.92,
      "originationDate": "2020-11-24",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "FIRECLAY AFFORDABLE APARTMENTS",
      "address": "",
      "city": "MURRAY",
      "state": "UT",
      "zip": "84107",
      "units": 268,
      "originalAmount": 26978300,
      "rate": 2.92,
      "originationDate": "2011-12-02",
      "pmmsBenchmark": 3.958,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.92% is 1.04 pts below the 2011-12 market avg of 3.958%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "ALAMEDA CENTER FOR REHABILITATION & HEALTHCARE",
      "address": "",
      "city": "PERTH AMBOY",
      "state": "NJ",
      "zip": "08861",
      "units": 380,
      "originalAmount": 26816000,
      "rate": 2.92,
      "originationDate": "2019-07-30",
      "pmmsBenchmark": 3.765,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.92% is 0.85 pts below the 2019-07 market avg of 3.765%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "EAGLE HARBOR WEST",
      "address": "",
      "city": "CARROLLTON",
      "state": "VA",
      "zip": "23314",
      "units": 208,
      "originalAmount": 26194900,
      "rate": 2.92,
      "originationDate": "2021-02-24",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "FOX FOREST TOWNHOMES",
      "address": "",
      "city": "PLYMOUTH",
      "state": "MN",
      "zip": "55441",
      "units": 160,
      "originalAmount": 24365400,
      "rate": 2.92,
      "originationDate": "2020-11-24",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "HADLEY WEST",
      "address": "",
      "city": "HAVERHILL",
      "state": "MA",
      "zip": "01832",
      "units": 183,
      "originalAmount": 19840000,
      "rate": 2.92,
      "originationDate": "2015-04-20",
      "pmmsBenchmark": 3.672,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.92% is 0.75 pts below the 2015-04 market avg of 3.672%"
      ],
      "holder": "BERKELEY POINT CAPITAL LLC"
    },
    {
      "property": "CHURCHILL DOWNS APARTMENTS",
      "address": "",
      "city": "PULLMAN",
      "state": "WA",
      "zip": "99163",
      "units": 203,
      "originalAmount": 15892000,
      "rate": 2.92,
      "originationDate": "2013-02-27",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "VILLAGE ON MAIN RESIDENCES",
      "address": "",
      "city": "BOUNTIFUL",
      "state": "UT",
      "zip": "84010",
      "units": 96,
      "originalAmount": 10224400,
      "rate": 2.92,
      "originationDate": "2020-04-29",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "X-CALIBER CAPITAL LLC"
    },
    {
      "property": "VILLAGE ON MAIN SENIORS",
      "address": "",
      "city": "BOUNTIFUL",
      "state": "UT",
      "zip": "84010",
      "units": 96,
      "originalAmount": 9422500,
      "rate": 2.92,
      "originationDate": "2020-04-29",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "X-CALIBER CAPITAL LLC"
    },
    {
      "property": "HAMPTON HOMES",
      "address": "",
      "city": "GREENSBORO",
      "state": "NC",
      "zip": "27406",
      "units": 287,
      "originalAmount": 8880000,
      "rate": 2.92,
      "originationDate": "2015-06-15",
      "pmmsBenchmark": 3.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.92% is 1.06 pts below the 2015-06 market avg of 3.982%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "Pontiac Supportive Living",
      "address": "",
      "city": "Pontiac",
      "state": "IL",
      "zip": "61764",
      "units": 120,
      "originalAmount": 7600000,
      "rate": 2.92,
      "originationDate": "2019-11-21",
      "pmmsBenchmark": 3.695,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.92% is 0.77 pts below the 2019-11 market avg of 3.695%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "APARTMENTS AT 1899 GAYLORD",
      "address": "",
      "city": "DENVER",
      "state": "CO",
      "zip": "80206",
      "units": 61,
      "originalAmount": 7590700,
      "rate": 2.92,
      "originationDate": "2012-01-06",
      "pmmsBenchmark": 3.915,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.92% is 1.00 pts below the 2012-01 market avg of 3.915%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SEHRGOSHA-CLEMMONS VILLAGE I & II",
      "address": "",
      "city": "CLEMMONS",
      "state": "NC",
      "zip": "27012",
      "units": 205,
      "originalAmount": 7251300,
      "rate": 2.92,
      "originationDate": "2017-09-07",
      "pmmsBenchmark": 3.805,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.92% is 0.89 pts below the 2017-09 market avg of 3.805%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BRIDGER POINTE APARTMENTS",
      "address": "",
      "city": "NORTH LOGAN",
      "state": "UT",
      "zip": "84341",
      "units": 113,
      "originalAmount": 6745600,
      "rate": 2.92,
      "originationDate": "2020-04-30",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "X-CALIBER CAPITAL LLC"
    },
    {
      "property": "LEGACY HOUSE OF OGDEN",
      "address": "",
      "city": "WASHINGTON TERRACE",
      "state": "UT",
      "zip": "84405",
      "units": 169,
      "originalAmount": 6603300,
      "rate": 2.92,
      "originationDate": "2020-08-13",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "MORRIS SENIOR LIVING",
      "address": "",
      "city": "MORRIS",
      "state": "IL",
      "zip": "60450",
      "units": 76,
      "originalAmount": 6560000,
      "rate": 2.92,
      "originationDate": "2014-06-10",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.92% is 1.24 pts below the 2014-06 market avg of 4.162%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "BEREA LAKE TOWERS",
      "address": "",
      "city": "BEREA",
      "state": "OH",
      "zip": "44017",
      "units": 188,
      "originalAmount": 5079500,
      "rate": 2.92,
      "originationDate": "2016-12-19",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.92% is 1.28 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "THE GARDENS OF STATESVILLE",
      "address": "",
      "city": "STATESVILLE",
      "state": "NC",
      "zip": "28625",
      "units": 124,
      "originalAmount": 4703200,
      "rate": 2.92,
      "originationDate": "2017-09-07",
      "pmmsBenchmark": 3.805,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.92% is 0.89 pts below the 2017-09 market avg of 3.805%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PARK PLACE II",
      "address": "",
      "city": "BIRMINGHAM",
      "state": "AL",
      "zip": "35205",
      "units": 198,
      "originalAmount": 4442000,
      "rate": 2.92,
      "originationDate": "2013-07-31",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.92% is 1.45 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "GATEWAY PLAZA",
      "address": "",
      "city": "GREENSBORO",
      "state": "NC",
      "zip": "27401",
      "units": 221,
      "originalAmount": 4236000,
      "rate": 2.92,
      "originationDate": "2015-11-30",
      "pmmsBenchmark": 3.942,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.92% is 1.02 pts below the 2015-11 market avg of 3.942%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "EMERALD GARDENS OF GREENWOOD",
      "address": "",
      "city": "GREENWOOD",
      "state": "SC",
      "zip": "29646",
      "units": 53,
      "originalAmount": 2982900,
      "rate": 2.92,
      "originationDate": "2014-06-10",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.92% is 1.24 pts below the 2014-06 market avg of 4.162%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HICKORY TRAILS",
      "address": "",
      "city": "GREENSBORO",
      "state": "NC",
      "zip": "27407",
      "units": 127,
      "originalAmount": 2811500,
      "rate": 2.92,
      "originationDate": "2015-11-30",
      "pmmsBenchmark": 3.942,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.92% is 1.02 pts below the 2015-11 market avg of 3.942%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HALL TOWERS",
      "address": "",
      "city": "GREENSBORO",
      "state": "NC",
      "zip": "27405",
      "units": 156,
      "originalAmount": 2590000,
      "rate": 2.92,
      "originationDate": "2015-11-30",
      "pmmsBenchmark": 3.942,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.92% is 1.02 pts below the 2015-11 market avg of 3.942%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PRIDE GARDEN APARTMENTS",
      "address": "",
      "city": "FLORA",
      "state": "MS",
      "zip": "39111",
      "units": 76,
      "originalAmount": 2350000,
      "rate": 2.92,
      "originationDate": "2014-02-21",
      "pmmsBenchmark": 4.303,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.92% is 1.38 pts below the 2014-02 market avg of 4.303%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "Autumn Park Apartments-Chariton",
      "address": "",
      "city": "CHARITON",
      "state": "IA",
      "zip": "50049",
      "units": 58,
      "originalAmount": 2000000,
      "rate": 2.92,
      "originationDate": "2021-06-21",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "HOPKINS CENTER FOR REHABILITATION AND HEALTHCARE",
      "address": "",
      "city": "BROOKLYN",
      "state": "NY",
      "zip": "11217",
      "units": 448,
      "originalAmount": 58380000,
      "rate": 2.93,
      "originationDate": "2020-04-29",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "STATEN ISLAND CARE CENTER",
      "address": "",
      "city": "STATEN ISLAND",
      "state": "NY",
      "zip": "10301",
      "units": 188,
      "originalAmount": 40494800,
      "rate": 2.93,
      "originationDate": "2022-02-24",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.93% is 0.83 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "FIRST AMERICAN CAPITAL GROUP C"
    },
    {
      "property": "BRIGHAM RIDGE APARTMENTS",
      "address": "",
      "city": "GREENSBORO",
      "state": "NC",
      "zip": "27409",
      "units": 264,
      "originalAmount": 33035300,
      "rate": 2.93,
      "originationDate": "2021-01-19",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "THE GIBSON",
      "address": "",
      "city": "GRAND PRAIRIE",
      "state": "TX",
      "zip": "75051",
      "units": 199,
      "originalAmount": 32349600,
      "rate": 2.93,
      "originationDate": "2021-12-15",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "TIMBERGATE TOWNHOMES",
      "address": "",
      "city": "CORPUS CHRISTI",
      "state": "TX",
      "zip": "78411",
      "units": 150,
      "originalAmount": 29516900,
      "rate": 2.93,
      "originationDate": "2021-05-06",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "TOWER AT SPEER",
      "address": "",
      "city": "DENVER",
      "state": "CO",
      "zip": "80204",
      "units": 172,
      "originalAmount": 28707000,
      "rate": 2.93,
      "originationDate": "2018-11-20",
      "pmmsBenchmark": 4.866,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.93% is 1.94 pts below the 2018-11 market avg of 4.866%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "STONEBRIDGE COMMUNITY OF MARYLAND HEIGHTS",
      "address": "",
      "city": "MARYLAND HEIGHTS",
      "state": "MO",
      "zip": "63043",
      "units": 223,
      "originalAmount": 23490000,
      "rate": 2.93,
      "originationDate": "2010-06-04",
      "pmmsBenchmark": 4.737,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.93% is 1.81 pts below the 2010-06 market avg of 4.737%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "HILLCREST COTTAGES",
      "address": "",
      "city": "PAPILLION",
      "state": "NE",
      "zip": "68133",
      "units": 138,
      "originalAmount": 23373600,
      "rate": 2.93,
      "originationDate": "2018-03-27",
      "pmmsBenchmark": 4.444,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.93% is 1.51 pts below the 2018-03 market avg of 4.444%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "TRUMBULL CENTRE",
      "address": "",
      "city": "HARTFORD",
      "state": "CT",
      "zip": "06103",
      "units": 100,
      "originalAmount": 20517400,
      "rate": 2.93,
      "originationDate": "2014-03-28",
      "pmmsBenchmark": 4.343,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.93% is 1.41 pts below the 2014-03 market avg of 4.343%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "BEDFORD TOWERS",
      "address": "",
      "city": "NEW BEDFORD",
      "state": "MA",
      "zip": "02740",
      "units": 157,
      "originalAmount": 19920000,
      "rate": 2.93,
      "originationDate": "2020-05-20",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "GROVE PARK APARTMENTS",
      "address": "",
      "city": "COLUMBUS",
      "state": "GA",
      "zip": "31904",
      "units": 204,
      "originalAmount": 17400000,
      "rate": 2.93,
      "originationDate": "2016-03-31",
      "pmmsBenchmark": 3.694,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.93% is 0.76 pts below the 2016-03 market avg of 3.694%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "THE GIBSON APARTMENTS",
      "address": "",
      "city": "BOISE",
      "state": "ID",
      "zip": "83702",
      "units": 81,
      "originalAmount": 14901100,
      "rate": 2.93,
      "originationDate": "2021-07-29",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "FAIRMONT OAKS APARTMENTS",
      "address": "",
      "city": "LA PORTE",
      "state": "TX",
      "zip": "77571",
      "units": 188,
      "originalAmount": 14696900,
      "rate": 2.93,
      "originationDate": "2018-06-27",
      "pmmsBenchmark": 4.57,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.93% is 1.64 pts below the 2018-06 market avg of 4.57%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "COLUMBIA GREENS APARTMENTS",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77067",
      "units": 232,
      "originalAmount": 14433900,
      "rate": 2.93,
      "originationDate": "2018-06-27",
      "pmmsBenchmark": 4.57,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.93% is 1.64 pts below the 2018-06 market avg of 4.57%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "ILUMINA APARTMENTS",
      "address": "",
      "city": "SEATTLE",
      "state": "WA",
      "zip": "98102",
      "units": 110,
      "originalAmount": 14378700,
      "rate": 2.93,
      "originationDate": "2015-07-30",
      "pmmsBenchmark": 4.046,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.93% is 1.12 pts below the 2015-07 market avg of 4.046%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "SUNSET BAY APARTMENTS",
      "address": "",
      "city": "Cutler Bay",
      "state": "FL",
      "zip": "33190",
      "units": 308,
      "originalAmount": 13800000,
      "rate": 2.93,
      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "BRIGHTON PARK APTS",
      "address": "",
      "city": "SALEM",
      "state": "OR",
      "zip": "97305",
      "units": 226,
      "originalAmount": 13112900,
      "rate": 2.93,
      "originationDate": "2021-04-30",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "LIBERTY PINES APARTMENTS",
      "address": "",
      "city": "WRENTHAM",
      "state": "MA",
      "zip": "02093",
      "units": 58,
      "originalAmount": 10240000,
      "rate": 2.93,
      "originationDate": "2022-04-28",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.93% is 2.05 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WHITE PINE OF FRIDLEY",
      "address": "",
      "city": "FRIDLEY",
      "state": "MN",
      "zip": "55432",
      "units": 118,
      "originalAmount": 10149200,
      "rate": 2.93,
      "originationDate": "2016-11-30",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.93% is 0.84 pts below the 2016-11 market avg of 3.77%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "STERLING PARK SENIOR COMMUNITY",
      "address": "",
      "city": "WAITE PARK",
      "state": "MN",
      "zip": "56387",
      "units": 170,
      "originalAmount": 10144200,
      "rate": 2.93,
      "originationDate": "2013-06-07",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.93% is 1.14 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BEEGLY OAKS CENTER FOR REHABILITATION AND HEALING",
      "address": "",
      "city": "BOARDMAN",
      "state": "OH",
      "zip": "44512",
      "units": 205,
      "originalAmount": 9976900,
      "rate": 2.93,
      "originationDate": "2020-02-27",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "KEYSTONE POINTE NURSING AND REHABILITATION",
      "address": "",
      "city": "LAGRANGE",
      "state": "OH",
      "zip": "44050",
      "units": 221,
      "originalAmount": 9902700,
      "rate": 2.93,
      "originationDate": "2020-05-26",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CIBOLO CREEK",
      "address": "",
      "city": "BOERNE",
      "state": "TX",
      "zip": "78006",
      "units": 194,
      "originalAmount": 9738700,
      "rate": 2.93,
      "originationDate": "2020-04-29",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SAYBROOK LANDING NURSING HOME",
      "address": "",
      "city": "ASHTABULA",
      "state": "OH",
      "zip": "44004",
      "units": 198,
      "originalAmount": 9691600,
      "rate": 2.93,
      "originationDate": "2020-05-26",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HAMMACK CREEK APARTMENTS",
      "address": "",
      "city": "KENNEDALE",
      "state": "TX",
      "zip": "76060",
      "units": 112,
      "originalAmount": 9100000,
      "rate": 2.93,
      "originationDate": "2021-01-26",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "SPRING GROVE APARTMENTS (fka TAMASSEE APARTMENTS)",
      "address": "",
      "city": "ROME",
      "state": "GA",
      "zip": "30165",
      "units": 80,
      "originalAmount": 9000000,
      "rate": 2.93,
      "originationDate": "2021-06-16",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "MERCER COUNTY AFFORDABLE HOUSING",
      "address": "",
      "city": "SHARON",
      "state": "PA",
      "zip": "16146",
      "units": 536,
      "originalAmount": 8801400,
      "rate": 2.93,
      "originationDate": "2016-11-29",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.93% is 0.84 pts below the 2016-11 market avg of 3.77%"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "CLAIBORNE AND HUGHES HEALTH CENTER",
      "address": "",
      "city": "FRANKLIN",
      "state": "TN",
      "zip": "37064",
      "units": 208,
      "originalAmount": 8744000,
      "rate": 2.93,
      "originationDate": "2020-02-27",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "HENNIS CARE CENTER OF BOLIVAR",
      "address": "",
      "city": "BOLIVAR",
      "state": "OH",
      "zip": "44612",
      "units": 99,
      "originalAmount": 6211000,
      "rate": 2.93,
      "originationDate": "2013-02-27",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE WENTWORTH",
      "address": "",
      "city": "LOWELL",
      "state": "MA",
      "zip": "01852",
      "units": 40,
      "originalAmount": 5720000,
      "rate": 2.93,
      "originationDate": "2022-04-28",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.93% is 2.05 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ARBOURS AT LAFAYETTE APARTMENTS",
      "address": "",
      "city": "LAFAYETTE",
      "state": "LA",
      "zip": "70506",
      "units": 84,
      "originalAmount": 5660000,
      "rate": 2.93,
      "originationDate": "2021-04-16",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "HENNIS CARE CENTER OF DOVER",
      "address": "",
      "city": "DOVER",
      "state": "OH",
      "zip": "44622",
      "units": 147,
      "originalAmount": 5526800,
      "rate": 2.93,
      "originationDate": "2013-02-27",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WOODLYN HEIGHTS HEALTCARE CENTER",
      "address": "",
      "city": "INVER GROVE HEIGHTS",
      "state": "MN",
      "zip": "55077",
      "units": 105,
      "originalAmount": 5496000,
      "rate": 2.93,
      "originationDate": "2013-06-07",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.93% is 1.14 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SHELL ROCK HEALTHCARE CENTER",
      "address": "",
      "city": "SHELL ROCK",
      "state": "IA",
      "zip": "50670",
      "units": 104,
      "originalAmount": 5155100,
      "rate": 2.93,
      "originationDate": "2013-06-07",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.93% is 1.14 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MABEL HEALTHCARE CENTER",
      "address": "",
      "city": "MABEL",
      "state": "MN",
      "zip": "55954",
      "units": 73,
      "originalAmount": 5040000,
      "rate": 2.93,
      "originationDate": "2013-06-07",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.93% is 1.14 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PINEVIEW APARTMENTS",
      "address": "",
      "city": "ESSEXVILLE",
      "state": "MI",
      "zip": "48732",
      "units": 139,
      "originalAmount": 4433800,
      "rate": 2.93,
      "originationDate": "2022-05-13",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.93% is 2.30 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "REDWOOD WOOSTER (MILLTOWN VILLA) II",
      "address": "",
      "city": "WOOSTER",
      "state": "OH",
      "zip": "44691",
      "units": 56,
      "originalAmount": 4119500,
      "rate": 2.93,
      "originationDate": "2021-07-27",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE ALTENHEIM COMMUNITY",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46237",
      "units": 160,
      "originalAmount": 3675000,
      "rate": 2.93,
      "originationDate": "2015-08-17",
      "pmmsBenchmark": 3.905,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.93% is 0.97 pts below the 2015-08 market avg of 3.905%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "FAULKTON HEALTHCARE CENTER",
      "address": "",
      "city": "FAULKTON",
      "state": "SD",
      "zip": "57438",
      "units": 64,
      "originalAmount": 3520000,
      "rate": 2.93,
      "originationDate": "2013-06-07",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.93% is 1.14 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE GREENLEAF",
      "address": "",
      "city": "MINNEAPOLIS",
      "state": "MN",
      "zip": "53408",
      "units": 63,
      "originalAmount": 3250000,
      "rate": 2.93,
      "originationDate": "2021-01-06",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MINNESOTA HOUSING FINANCE AGEN"
    },
    {
      "property": "SEHRGOSHA-THE LITTLE FLOWER ASSISTED LIVING",
      "address": "",
      "city": "CHARLOTTE",
      "state": "NC",
      "zip": "28227",
      "units": 72,
      "originalAmount": 2759400,
      "rate": 2.93,
      "originationDate": "2016-10-05",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "KARLSTAD HEALTHCARE CENTER",
      "address": "",
      "city": "KARLSTAD",
      "state": "MN",
      "zip": "56732",
      "units": 57,
      "originalAmount": 2560000,
      "rate": 2.93,
      "originationDate": "2013-06-07",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.93% is 1.14 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BETHEL HOUSING COMPLEX",
      "address": "",
      "city": "ALBANY",
      "state": "GA",
      "zip": "31705",
      "units": 98,
      "originalAmount": 2546700,
      "rate": 2.93,
      "originationDate": "2015-09-15",
      "pmmsBenchmark": 3.89,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.93% is 0.96 pts below the 2015-09 market avg of 3.89%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "PONTIAC TOWNHOUSES COOPERATIVE",
      "address": "",
      "city": "PONTIAC",
      "state": "MI",
      "zip": "48342",
      "units": 65,
      "originalAmount": 2502500,
      "rate": 2.93,
      "originationDate": "2020-06-17",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "TRACY HEALTHCARE CENTER",
      "address": "",
      "city": "TRACY",
      "state": "MN",
      "zip": "56175",
      "units": 61,
      "originalAmount": 2480000,
      "rate": 2.93,
      "originationDate": "2013-06-07",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.93% is 1.14 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GRANITE FALLS",
      "address": "",
      "city": "ROLESVILLE",
      "state": "NC",
      "zip": "27571",
      "units": 72,
      "originalAmount": 1987800,
      "rate": 2.93,
      "originationDate": "2020-07-20",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "GRAND MEADOW HEALTHCARE CENTER",
      "address": "",
      "city": "GRAND MEADOW",
      "state": "MN",
      "zip": "55936",
      "units": 71,
      "originalAmount": 1920000,
      "rate": 2.93,
      "originationDate": "2013-06-07",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.93% is 1.14 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ATLANTA HANDICAPPED MANOR",
      "address": "",
      "city": "ATLANTA",
      "state": "GA",
      "zip": "30331",
      "units": 24,
      "originalAmount": 1785000,
      "rate": 2.93,
      "originationDate": "2009-03-19",
      "pmmsBenchmark": 5.002,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.93% is 2.07 pts below the 2009-03 market avg of 5.002%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "MCGUIRE COURT APARTMENTS",
      "address": "",
      "city": "SEATTLE",
      "state": "WA",
      "zip": "98125",
      "units": 55,
      "originalAmount": 1659500,
      "rate": 2.93,
      "originationDate": "2020-07-30",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "BURTON PLACE APARTMENTS",
      "address": "",
      "city": "MONROE",
      "state": "LA",
      "zip": "71201",
      "units": 32,
      "originalAmount": 1602000,
      "rate": 2.93,
      "originationDate": "2020-07-28",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "ABERDEEN HEALTH & REHAB",
      "address": "",
      "city": "ABERDEEN",
      "state": "SD",
      "zip": "57401",
      "units": 90,
      "originalAmount": 1440000,
      "rate": 2.93,
      "originationDate": "2013-06-07",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.93% is 1.14 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "DERBYTOWNE APARTMENTS",
      "address": "",
      "city": "LEXINGTON",
      "state": "KY",
      "zip": "40509",
      "units": 64,
      "originalAmount": 1173900,
      "rate": 2.93,
      "originationDate": "2012-05-23",
      "pmmsBenchmark": 3.798,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.93% is 0.87 pts below the 2012-05 market avg of 3.798%"
      ],
      "holder": "X-CALIBER CAPITAL LLC"
    },
    {
      "property": "LAKE ANDES HEALTH CARE CENTER",
      "address": "",
      "city": "LAKE ANDES",
      "state": "SD",
      "zip": "57356",
      "units": 42,
      "originalAmount": 1120000,
      "rate": 2.93,
      "originationDate": "2013-06-07",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.93% is 1.14 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MEDICAL UNV HOSP AUTH PHASE I",
      "address": "",
      "city": "CHARLESTON",
      "state": "SC",
      "zip": "29425",
      "units": 150,
      "originalAmount": 401158000,
      "rate": 2.94,
      "originationDate": "2004-12-22",
      "pmmsBenchmark": 5.752,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.94% is 2.81 pts below the 2004-12 market avg of 5.752%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "HARTMANN PLANTATION",
      "address": "",
      "city": "LEBANON",
      "state": "TN",
      "zip": "37090",
      "units": 360,
      "originalAmount": 60014000,
      "rate": 2.94,
      "originationDate": "2022-06-23",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.94% is 2.58 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE YARDS",
      "address": "",
      "city": "KANSAS CITY",
      "state": "MO",
      "zip": "64102",
      "units": 230,
      "originalAmount": 46880000,
      "rate": 2.94,
      "originationDate": "2022-04-27",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.94% is 2.04 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "VINTAGE 1857 (fka VINTAGE CENTURY FARMS)",
      "address": "",
      "city": "ANTIOCH",
      "state": "TN",
      "zip": "37013",
      "units": 217,
      "originalAmount": 42094900,
      "rate": 2.94,
      "originationDate": "2020-12-23",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "THE APARTMENTS CREEKSTONE VILLAGE PHASE II",
      "address": "",
      "city": "PASADENA",
      "state": "MD",
      "zip": "21122",
      "units": 156,
      "originalAmount": 32974000,
      "rate": 2.94,
      "originationDate": "2021-07-27",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLUMBIANATIONAL REAL ESTATE F"
    },
    {
      "property": "HALTON PARK APTS",
      "address": "",
      "city": "CHARLOTTE",
      "state": "NC",
      "zip": "28262",
      "units": 312,
      "originalAmount": 31760000,
      "rate": 2.94,
      "originationDate": "2018-04-26",
      "pmmsBenchmark": 4.467,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.94% is 1.53 pts below the 2018-04 market avg of 4.467%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "MARTINE CENTER FOR REHABILITATION AND NURSING",
      "address": "",
      "city": "WHITE PLAINS",
      "state": "NY",
      "zip": "10606",
      "units": 127,
      "originalAmount": 26223500,
      "rate": 2.94,
      "originationDate": "2022-02-25",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.94% is 0.82 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "TYVOLA CENTRE APARTMENTS",
      "address": "",
      "city": "CHARLOTTE",
      "state": "NC",
      "zip": "28217",
      "units": 404,
      "originalAmount": 25134200,
      "rate": 2.94,
      "originationDate": "2020-03-30",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SEASONS AT APPLE VALLEY",
      "address": "",
      "city": "APPLE VALLEY",
      "state": "MN",
      "zip": "55124",
      "units": 134,
      "originalAmount": 21708000,
      "rate": 2.94,
      "originationDate": "2013-06-20",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.94% is 1.13 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "NEXUS AT GRAY'S LANDING APARTMENTS",
      "address": "",
      "city": "DES MOINES",
      "state": "IA",
      "zip": "50307",
      "units": 142,
      "originalAmount": 21383000,
      "rate": 2.94,
      "originationDate": "2016-08-22",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "ARISTACARE AT MEADOW SPRINGS",
      "address": "",
      "city": "PLYMOUTH MEETING",
      "state": "PA",
      "zip": "19462",
      "units": 153,
      "originalAmount": 20080000,
      "rate": 2.94,
      "originationDate": "2016-11-15",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.94% is 0.83 pts below the 2016-11 market avg of 3.77%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "LOCKHART FARMS APARTMENTS",
      "address": "",
      "city": "LOCKHART",
      "state": "TX",
      "zip": "78644",
      "units": 120,
      "originalAmount": 18100000,
      "rate": 2.94,
      "originationDate": "2021-12-22",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SPLIT ROCK REHABILITATION & HEALTH CARE CENTER",
      "address": "",
      "city": "BRONX",
      "state": "NY",
      "zip": "10466",
      "units": 240,
      "originalAmount": 16932900,
      "rate": 2.94,
      "originationDate": "2013-11-26",
      "pmmsBenchmark": 4.255,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.94% is 1.31 pts below the 2013-11 market avg of 4.255%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "PARK TOWER",
      "address": "",
      "city": "JOLIET",
      "state": "IL",
      "zip": "60436",
      "units": 134,
      "originalAmount": 16290000,
      "rate": 2.94,
      "originationDate": "2020-04-28",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "CADIA REHABILITATION SILVERSIDE",
      "address": "",
      "city": "WILMINGTON",
      "state": "DE",
      "zip": "19810",
      "units": 120,
      "originalAmount": 14780300,
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        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "NORTHTOWN VILLAGE APTS",
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      "city": "SPRING LAKE PARK",
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      "historicLowEra": false,
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        "Rate 2.94% is 2.04 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "THE RESERVE AT STONEY CREEK II",
      "address": "",
      "city": "PASADENA",
      "state": "MD",
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      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "LIFE CARE 29 CENTER OF OCALA & THE BRIDGE",
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      "belowMarket": false,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "SPRING HILLS MORRISTOWN ASSISTED LIVING COMMUNITY",
      "address": "",
      "city": "MORRISTOWN",
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        "Rate 2.94% is 2.04 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "Century Care-Scottish Pines Rehab & Nursing Ctr",
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      "city": "Laurinburg",
      "state": "NC",
      "zip": "28352",
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      "pmmsBenchmark": 4.045,
      "belowMarket": true,
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        "Rate 2.94% is 1.10 pts below the 2017-04 market avg of 4.045%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "SETTLEMENT CANYON",
      "address": "",
      "city": "TOOELE",
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      "units": 85,
      "originalAmount": 9138900,
      "rate": 2.94,
      "originationDate": "2020-04-28",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "HAMDEN REHABILITATION & HEALTH CARE CTR",
      "address": "",
      "city": "HAMDEN",
      "state": "CT",
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      "units": 231,
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      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.94% is 1.89 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LIFE CARE 29-CENTER OF ATTLEBORO",
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        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "LIFE CARE CENTER OF NORTH SHOR",
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      "city": "LYNN",
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      "belowMarket": false,
      "historicLowEra": true,
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        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
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    },
    {
      "property": "VILLAGES OF REDFORD COTTAGES",
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "LIFE CARE 29-CENTER OF ALTAMONTE SPRINGS",
      "address": "",
      "city": "ALTAMONTE SPRINGS",
      "state": "FL",
      "zip": "32701",
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      "originalAmount": 7345500,
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      "belowMarket": false,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "ALTERCARE LANFAIR",
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      "city": "LANCASTER",
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      "zip": "43130",
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      "originalAmount": 6824500,
      "rate": 2.94,
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      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "VETERANS TERRACE APARTMENTS PHASE I",
      "address": "",
      "city": "EAST HARTFORD",
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      "originalAmount": 6572800,
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      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "LIFE CARE 29-CENTER OF WILBRAHAM",
      "address": "",
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      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "LAKEVIEW TERRACE",
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      "belowMarket": false,
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        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "ALTERCARE CANAL WINCHESTER",
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      "city": "CANAL WINCHESTER",
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ALTERRCARE POST-ACUTE",
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      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SHAKERTOWN APARTMENTS",
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      "city": "CANTON",
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      "originalAmount": 6216000,
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      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "ALTERCARE NAVARRE",
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      "city": "NAVARRE",
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      "originalAmount": 5994200,
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      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ALTERCARE NOBLES POND",
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      "originalAmount": 5910700,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ALTERCARE ALLIANCE",
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      "city": "ALLIANCE",
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ALTERCARE LOUISVILLE",
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      "zip": "44641",
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      "originalAmount": 4707000,
      "rate": 2.94,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE LEAVES OF WINNSBORO",
      "address": "",
      "city": "WINNSBORO",
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      "zip": "75494",
      "units": 64,
      "originalAmount": 4665000,
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      "originationDate": "2016-07-21",
      "pmmsBenchmark": 3.44,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "LEGACY CAPITAL MORTGAGE LLC"
    },
    {
      "property": "EVERGREEN HOUSE HEALTH CTR",
      "address": "",
      "city": "EAST PROVIDENCE",
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      "zip": "02914",
      "units": 160,
      "originalAmount": 3978300,
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      "originationDate": "2013-02-27",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "Altercare Hartville",
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      "originalAmount": 2956200,
      "rate": 2.94,
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      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SWIFTHAVEN COMMUNITY ASSISTED LIVING",
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      "zip": "53534",
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      "originalAmount": 2760000,
      "rate": 2.94,
      "originationDate": "2015-11-18",
      "pmmsBenchmark": 3.942,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.94% is 1.00 pts below the 2015-11 market avg of 3.942%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "ALTERCARE MAJORA LANE",
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      "city": "MILLERSBURG",
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      "units": 178,
      "originalAmount": 2602200,
      "rate": 2.94,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "LA COLONNADE APTS",
      "address": "",
      "city": "SOUTHGATE",
      "state": "MI",
      "zip": "48195",
      "units": 118,
      "originalAmount": 2500000,
      "rate": 2.94,
      "originationDate": "2013-01-15",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "NORTHPOINT CAPITAL LLC"
    },
    {
      "property": "COLONY TERRACE I",
      "address": "",
      "city": "ZANESVILLE",
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      "units": 97,
      "originalAmount": 2359700,
      "rate": 2.94,
      "originationDate": "2012-12-27",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MATTHEWS COURT",
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      "originalAmount": 1989300,
      "rate": 2.94,
      "originationDate": "2020-10-02",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "ALTERCARE COUNTRY LAWN",
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      "city": "NAVARRE",
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      "originalAmount": 1867500,
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      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ELIZABETH SETON PEDRIATIC CENTER",
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      "city": "YONKERS",
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      "units": 169,
      "originalAmount": 100000000,
      "rate": 2.95,
      "originationDate": "2010-05-10",
      "pmmsBenchmark": 4.888,
      "belowMarket": true,
      "historicLowEra": false,
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      "redReasons": [
        "Rate 2.95% is 1.94 pts below the 2010-05 market avg of 4.888%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "BROADVUE APARTMENTS",
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      "city": "OKLAHOMA CITY",
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      "units": 323,
      "originalAmount": 62655900,
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      "originationDate": "2022-02-10",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 0.81 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MCKNIGHT PLACE ASSISTED LIVING & MEMORY CARE",
      "address": "",
      "city": "ST LOUIS",
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      "zip": "63124",
      "units": 135,
      "originalAmount": 58012200,
      "rate": 2.95,
      "originationDate": "2021-08-30",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "MOUNT BAKER STATION SOUTH",
      "address": "",
      "city": "SEATTLE",
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      "zip": "98114",
      "units": 194,
      "originalAmount": 47894300,
      "rate": 2.95,
      "originationDate": "2022-10-25",
      "pmmsBenchmark": 6.9,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 3.95 pts below the 2022-10 market avg of 6.9%"
      ],
      "holder": "FIRST AMERICAN CAPITAL GROUP C"
    },
    {
      "property": "HIDDEN BROOK APARTMENTS",
      "address": "",
      "city": "NEW BEDFORD",
      "state": "MA",
      "zip": "02740",
      "units": 226,
      "originalAmount": 47200000,
      "rate": 2.95,
      "originationDate": "2020-06-24",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "125 LOWRY",
      "address": "",
      "city": "MINNEAPOLIS",
      "state": "MN",
      "zip": "55418",
      "units": 209,
      "originalAmount": 46808700,
      "rate": 2.95,
      "originationDate": "2021-12-29",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "BEACON HILL APARTMENTS",
      "address": "",
      "city": "AUBURN HILLS",
      "state": "MI",
      "zip": "48362",
      "units": 624,
      "originalAmount": 45000000,
      "rate": 2.95,
      "originationDate": "2020-03-10",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHPOINT CAPITAL LLC"
    },
    {
      "property": "PRAIRIE MODERN",
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      "city": "GRAND PRAIRIE",
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      "zip": "75051",
      "units": 272,
      "originalAmount": 44999900,
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      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 0.81 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "FOXLAND CROSSING",
      "address": "",
      "city": "GALLATIN",
      "state": "TN",
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      "originalAmount": 43992000,
      "rate": 2.95,
      "originationDate": "2020-10-20",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "JERBIGAN GARDENS (FKA WINDSOR COVE)",
      "address": "",
      "city": "ORLANDO",
      "state": "FL",
      "zip": "32808",
      "units": 256,
      "originalAmount": 43400000,
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      "originationDate": "2020-08-04",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ASPIRE AT DEL VALLE",
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      "city": "DEL VALLE",
      "state": "TX",
      "zip": "78617",
      "units": 293,
      "originalAmount": 43217200,
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      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "FIRESIDE PARK APTS.",
      "address": "",
      "city": "ROCKVILLE",
      "state": "MD",
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      "originationDate": "2020-06-30",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "BRAODWAY LOFTS",
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      "city": "SAN ANTONIO",
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      "zip": "78215",
      "units": 307,
      "originalAmount": 41755700,
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      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 2.57 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "NORTH PARK APARTMENTS",
      "address": "",
      "city": "LUBBOCK",
      "state": "TX",
      "zip": "79416",
      "units": 296,
      "originalAmount": 41051300,
      "rate": 2.95,
      "originationDate": "2020-12-14",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "EAGLEWOOD LOFTS PHASE I",
      "address": "",
      "city": "NORTH SALT LAKE",
      "state": "UT",
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      "units": 214,
      "originalAmount": 40660000,
      "rate": 2.95,
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      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BONNEVILLE MORTGAGE COMPANY"
    },
    {
      "property": "STEELYARD APARTMENTS",
      "address": "",
      "city": "OKLAHOMA CITY",
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      "zip": "73104",
      "units": 250,
      "originalAmount": 39491800,
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      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ASTER HOUSE APARTMENTS",
      "address": "",
      "city": "EAGAN",
      "state": "MN",
      "zip": "55122",
      "units": 204,
      "originalAmount": 38450000,
      "rate": 2.95,
      "originationDate": "2020-12-22",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "LONGWOOD APTS",
      "address": "",
      "city": "BOSTON",
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      "zip": "02120",
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      "originationDate": "2017-12-11",
      "pmmsBenchmark": 3.95,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.00 pts below the 2017-12 market avg of 3.95%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "VILLAGE AT WAXAHACHIE APARTMENTS",
      "address": "",
      "city": "WAXAHACHIE",
      "state": "TX",
      "zip": "75165",
      "units": 225,
      "originalAmount": 33198200,
      "rate": 2.95,
      "originationDate": "2022-01-14",
      "pmmsBenchmark": 3.445,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LEGACY CAPITAL MORTGAGE LLC"
    },
    {
      "property": "DUCHARME PLACE",
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      "city": "DETROIT",
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      "originalAmount": 30451900,
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      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "LANDINGS AT LAKE ZURICH",
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      "city": "LAKE ZURICH",
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      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 0.82 pts below the 2016-11 market avg of 3.77%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "PLAZA APARTMENTS",
      "address": "",
      "city": "BROOKLYN",
      "state": "NY",
      "zip": "11225",
      "units": 76,
      "originalAmount": 27448000,
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      "pmmsBenchmark": 3.72,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 0.77 pts below the 2019-12 market avg of 3.72%"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "TOWERS EAST APTS.",
      "address": "",
      "city": "GREENVILLE",
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      "originalAmount": 23975800,
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      "pmmsBenchmark": 4.467,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.52 pts below the 2018-04 market avg of 4.467%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "3343 MEMORIAL",
      "address": "",
      "city": "MURFREESBORO",
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      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "VILLAS AT CRYSTAL LAKE",
      "address": "",
      "city": "SWANSEA",
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      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 0.77 pts below the 2019-12 market avg of 3.72%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "MAINSTREET VILLAGE APARTMENTS",
      "address": "",
      "city": "NOVI",
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      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GREYSTONE SERVICING COMPANY LL"
    },
    {
      "property": "SAN SOUCI REHABILITATION & NURSING CENTER",
      "address": "",
      "city": "YONKERS",
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      "zip": "10703",
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      "pmmsBenchmark": 4.467,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.52 pts below the 2018-04 market avg of 4.467%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "MARVEL 29 FKA ST. JOHN'S IVANHOE APARTMENTS",
      "address": "",
      "city": "PORTLAND",
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      "originalAmount": 21404000,
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      "originationDate": "2016-08-31",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
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      "red": true,
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        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "TANGLEWOOD LAKE APARTMENTS",
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      "city": "ELIZABETH CITY",
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      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "DAKOTA RIDGE I AND II",
      "address": "",
      "city": "INDIANAPOLIS",
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      "zip": "46217",
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      "originalAmount": 18720000,
      "rate": 2.95,
      "originationDate": "2015-05-27",
      "pmmsBenchmark": 3.84,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 0.89 pts below the 2015-05 market avg of 3.84%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "ONE 51 PLACE",
      "address": "",
      "city": "ALACHUA",
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      "units": 312,
      "originalAmount": 18700000,
      "rate": 2.95,
      "originationDate": "2015-05-28",
      "pmmsBenchmark": 3.84,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 0.89 pts below the 2015-05 market avg of 3.84%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "VILLAGE COOPERATIVE OF CHATFIELD",
      "address": "",
      "city": "LITTLETON",
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      "units": 55,
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      "rate": 2.95,
      "originationDate": "2022-06-15",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 2.57 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "59 EVERGREEN APARTMENTS",
      "address": "",
      "city": "GLENDALE",
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      "units": 96,
      "originalAmount": 18593900,
      "rate": 2.95,
      "originationDate": "2021-05-20",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "FOX RIDGE CHENAL",
      "address": "",
      "city": "LITTLE ROCK",
      "state": "AR",
      "zip": "72223",
      "units": 98,
      "originalAmount": 18192100,
      "rate": 2.95,
      "originationDate": "2014-04-15",
      "pmmsBenchmark": 4.338,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.39 pts below the 2014-04 market avg of 4.338%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LITTLE NECK CARE CENTER",
      "address": "",
      "city": "LITTLE NECK",
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      "zip": "11362",
      "units": 120,
      "originalAmount": 17840000,
      "rate": 2.95,
      "originationDate": "2018-01-24",
      "pmmsBenchmark": 4.033,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.08 pts below the 2018-01 market avg of 4.033%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "CAVE MILL APARTMENTS",
      "address": "",
      "city": "BOWLING GREEN",
      "state": "KY",
      "zip": "42104",
      "units": 223,
      "originalAmount": 17719500,
      "rate": 2.95,
      "originationDate": "2011-08-17",
      "pmmsBenchmark": 4.27,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.32 pts below the 2011-08 market avg of 4.27%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "VILLAGE COOPERATIVE OF CENTURY HILLS",
      "address": "",
      "city": "NORTH RICHLAND HILLS",
      "state": "TX",
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      "units": 55,
      "originalAmount": 17676700,
      "rate": 2.95,
      "originationDate": "2022-05-12",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 2.28 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "CANYON CROSSING AT RIVERWALK",
      "address": "",
      "city": "MIDVALE",
      "state": "UT",
      "zip": "84047",
      "units": 180,
      "originalAmount": 17600000,
      "rate": 2.95,
      "originationDate": "2016-10-27",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "BOYNTON BEACH NURSING & REHAB",
      "address": "",
      "city": "BOYNTON BEACH",
      "state": "FL",
      "zip": "33436",
      "units": 168,
      "originalAmount": 17411900,
      "rate": 2.95,
      "originationDate": "2014-06-27",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.21 pts below the 2014-06 market avg of 4.162%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CAROLINA HEIGHTS",
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      "city": "VALLEJO",
      "state": "CA",
      "zip": "94590",
      "units": 152,
      "originalAmount": 16600000,
      "rate": 2.95,
      "originationDate": "2016-12-21",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.25 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PHEASANT RUN",
      "address": "",
      "city": "HARLEYSVILLE",
      "state": "PA",
      "zip": "19438",
      "units": 142,
      "originalAmount": 15760000,
      "rate": 2.95,
      "originationDate": "2020-04-22",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "BOULDERS AT PRESCOTT",
      "address": "",
      "city": "PRESCOTT",
      "state": "AZ",
      "zip": "86301",
      "units": 88,
      "originalAmount": 15093400,
      "rate": 2.95,
      "originationDate": "2015-02-17",
      "pmmsBenchmark": 3.71,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 0.76 pts below the 2015-02 market avg of 3.71%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BRANDON WALK",
      "address": "",
      "city": "GARLAND",
      "state": "TX",
      "zip": "75040",
      "units": 94,
      "originalAmount": 14160000,
      "rate": 2.95,
      "originationDate": "2017-07-26",
      "pmmsBenchmark": 3.967,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.02 pts below the 2017-07 market avg of 3.967%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "MAEFAIR HEALTH CARE CENTER",
      "address": "",
      "city": "TRUMBULL",
      "state": "CT",
      "zip": "06611",
      "units": 214,
      "originalAmount": 14038500,
      "rate": 2.95,
      "originationDate": "2020-12-30",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SUNLAND COUNTRY APARTMENTS",
      "address": "",
      "city": "HARLINGEN",
      "state": "TX",
      "zip": "78552",
      "units": 166,
      "originalAmount": 14000000,
      "rate": 2.95,
      "originationDate": "2021-07-22",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WALNUT GROVE APARTMENTS",
      "address": "",
      "city": "SEGUIN",
      "state": "TX",
      "zip": "78155",
      "units": 116,
      "originalAmount": 13920000,
      "rate": 2.95,
      "originationDate": "2020-03-30",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "AMERICAN TOBACCO BUILDING APTS.",
      "address": "",
      "city": "RICHMOND",
      "state": "VA",
      "zip": "23223",
      "units": 153,
      "originalAmount": 13410200,
      "rate": 2.95,
      "originationDate": "2016-11-28",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 0.82 pts below the 2016-11 market avg of 3.77%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WOODS ROSE TOWNHOMES",
      "address": "",
      "city": "SOUTH OGDEN",
      "state": "UT",
      "zip": "84403",
      "units": 49,
      "originalAmount": 13112700,
      "rate": 2.95,
      "originationDate": "2022-04-29",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 2.03 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "MALLARD CREEK APARTMENTS",
      "address": "",
      "city": "GOLDEN VALLEY",
      "state": "MN",
      "zip": "55427",
      "units": 122,
      "originalAmount": 13084800,
      "rate": 2.95,
      "originationDate": "2013-06-28",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.12 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "THE RETREAT AT HENDERSON LAKES",
      "address": "",
      "city": "SAVANNAH",
      "state": "GA",
      "zip": "31419",
      "units": 204,
      "originalAmount": 13054100,
      "rate": 2.95,
      "originationDate": "2020-05-22",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "THE WOODLANDS OF ARNOLD",
      "address": "",
      "city": "ARNOLD",
      "state": "MO",
      "zip": "63010",
      "units": 279,
      "originalAmount": 12893300,
      "rate": 2.95,
      "originationDate": "2020-04-29",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "WILL MEMORIAL HOSPITAL",
      "address": "",
      "city": "WASHINGTON",
      "state": "GA",
      "zip": "30673",
      "units": 50,
      "originalAmount": 12873700,
      "rate": 2.95,
      "originationDate": "2009-08-12",
      "pmmsBenchmark": 5.192,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 2.24 pts below the 2009-08 market avg of 5.192%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HUNTER'S CREEK NURSING & REHAB",
      "address": "",
      "city": "ORLANDO",
      "state": "FL",
      "zip": "32837",
      "units": 116,
      "originalAmount": 12826400,
      "rate": 2.95,
      "originationDate": "2014-06-27",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.21 pts below the 2014-06 market avg of 4.162%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "LITCHFIELD WOODS HEALTH CARE CENTER",
      "address": "",
      "city": "TORRINGTON",
      "state": "CT",
      "zip": "06790",
      "units": 248,
      "originalAmount": 12652300,
      "rate": 2.95,
      "originationDate": "2020-12-30",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "PORT ORANGE NURSING & REHAB",
      "address": "",
      "city": "PORT ORANGE",
      "state": "FL",
      "zip": "32127",
      "units": 120,
      "originalAmount": 12592100,
      "rate": 2.95,
      "originationDate": "2014-06-27",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.21 pts below the 2014-06 market avg of 4.162%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "PALLADIUM GARLAND SENIOR LIVING",
      "address": "",
      "city": "GARLAND",
      "state": "TX",
      "zip": "75040",
      "units": 122,
      "originalAmount": 12040000,
      "rate": 2.95,
      "originationDate": "2021-01-11",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "HITONE LOFTS",
      "address": "",
      "city": "WICHITA",
      "state": "KS",
      "zip": "67202",
      "units": 72,
      "originalAmount": 12026400,
      "rate": 2.95,
      "originationDate": "2022-01-25",
      "pmmsBenchmark": 3.445,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "MEDWAY COUNTRY MANOR SKILLED NURSING & REHAB",
      "address": "",
      "city": "MEDWAY",
      "state": "MA",
      "zip": "02053",
      "units": 120,
      "originalAmount": 11440000,
      "rate": 2.95,
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      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.25 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "FIRST AMERICAN CAPITAL GROUP C"
    },
    {
      "property": "BONIFAY NURSING & REHAB CENTER",
      "address": "",
      "city": "BONIFAY",
      "state": "FL",
      "zip": "32425",
      "units": 180,
      "originalAmount": 11367500,
      "rate": 2.95,
      "originationDate": "2014-06-27",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.21 pts below the 2014-06 market avg of 4.162%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ROYAL OAKS NURSING & REHAB CENTER",
      "address": "",
      "city": "TITUSVILLE",
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      "zip": "32780",
      "units": 120,
      "originalAmount": 11348200,
      "rate": 2.95,
      "originationDate": "2014-06-27",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.21 pts below the 2014-06 market avg of 4.162%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "FOX RIDGE NORTH LITTLE ROCK",
      "address": "",
      "city": "NORTH LITTLE ROCK",
      "state": "AR",
      "zip": "72116",
      "units": 73,
      "originalAmount": 11287900,
      "rate": 2.95,
      "originationDate": "2014-04-15",
      "pmmsBenchmark": 4.338,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.39 pts below the 2014-04 market avg of 4.338%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PALM CITY NURSING & REHAB CENTER",
      "address": "",
      "city": "PALM CITY",
      "state": "FL",
      "zip": "34990",
      "units": 120,
      "originalAmount": 11002300,
      "rate": 2.95,
      "originationDate": "2014-06-27",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.21 pts below the 2014-06 market avg of 4.162%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "Three Palms Apartments",
      "address": "",
      "city": "EL PASO",
      "state": "TX",
      "zip": "79938",
      "units": 184,
      "originalAmount": 10567300,
      "rate": 2.95,
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      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "MOULTRIE CREEK NURSING & REHAB",
      "address": "",
      "city": "ST. AUGUSTINE",
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      "zip": "32086",
      "units": 120,
      "originalAmount": 10449200,
      "rate": 2.95,
      "originationDate": "2014-06-27",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.21 pts below the 2014-06 market avg of 4.162%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "BIRCHWOOD REST HOME",
      "address": "",
      "city": "EAST NORTHPORT",
      "state": "NY",
      "zip": "11731",
      "units": 148,
      "originalAmount": 10372300,
      "rate": 2.95,
      "originationDate": "2018-04-30",
      "pmmsBenchmark": 4.467,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.52 pts below the 2018-04 market avg of 4.467%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "THE REMINGTON",
      "address": "",
      "city": "ATLANTA",
      "state": "GA",
      "zip": "30318",
      "units": 160,
      "originalAmount": 10350000,
      "rate": 2.95,
      "originationDate": "2021-03-31",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "STILL MEADOW VILLAGE",
      "address": "",
      "city": "WILMINGTON",
      "state": "NC",
      "zip": "28412",
      "units": 180,
      "originalAmount": 10105900,
      "rate": 2.95,
      "originationDate": "2010-09-30",
      "pmmsBenchmark": 4.346,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.40 pts below the 2010-09 market avg of 4.346%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SANTA ANITA CONV HOSP & RET CN",
      "address": "",
      "city": "ARCADIA",
      "state": "CA",
      "zip": "91007",
      "units": 541,
      "originalAmount": 10068400,
      "rate": 2.95,
      "originationDate": "2014-03-28",
      "pmmsBenchmark": 4.343,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.39 pts below the 2014-03 market avg of 4.343%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "Phoenix Row",
      "address": "",
      "city": "HAVERHILL",
      "state": "MA",
      "zip": "01835",
      "units": 97,
      "originalAmount": 9840000,
      "rate": 2.95,
      "originationDate": "2021-06-29",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "RIVER RIDGE LIVING CENTER",
      "address": "",
      "city": "AMSTERDAM",
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      "zip": "12010",
      "units": 120,
      "originalAmount": 9790200,
      "rate": 2.95,
      "originationDate": "2014-12-03",
      "pmmsBenchmark": 3.864,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 0.91 pts below the 2014-12 market avg of 3.864%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "STATIONSIDE VILLAGE APTS",
      "address": "",
      "city": "KENOSHA",
      "state": "WI",
      "zip": "53140",
      "units": 151,
      "originalAmount": 9768000,
      "rate": 2.95,
      "originationDate": "2017-11-30",
      "pmmsBenchmark": 3.922,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 0.97 pts below the 2017-11 market avg of 3.922%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "EDGEWOOD MANOR OF LUCAS I",
      "address": "",
      "city": "LUCASVILLE",
      "state": "OH",
      "zip": "45648",
      "units": 49,
      "originalAmount": 9760000,
      "rate": 2.95,
      "originationDate": "2022-02-24",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 0.81 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "CRYSTAL CREEK ASSISTED LIVING",
      "address": "",
      "city": "CANTON",
      "state": "MI",
      "zip": "48187",
      "units": 80,
      "originalAmount": 9631000,
      "rate": 2.95,
      "originationDate": "2014-01-16",
      "pmmsBenchmark": 4.432,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.48 pts below the 2014-01 market avg of 4.432%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "CROSBY PLACE",
      "address": "",
      "city": "SAINT PAUL",
      "state": "MN",
      "zip": "55116",
      "units": 73,
      "originalAmount": 9528000,
      "rate": 2.95,
      "originationDate": "2015-03-23",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 0.82 pts below the 2015-03 market avg of 3.77%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "WATER'S EDGE APARTMENTS",
      "address": "",
      "city": "LAKE VILLA",
      "state": "IL",
      "zip": "60046",
      "units": 108,
      "originalAmount": 9520000,
      "rate": 2.95,
      "originationDate": "2016-11-30",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 0.82 pts below the 2016-11 market avg of 3.77%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WOODCRAFT SQUARE",
      "address": "",
      "city": "MONROE",
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      "zip": "48161",
      "units": 208,
      "originalAmount": 9440000,
      "rate": 2.95,
      "originationDate": "2020-04-23",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WOODBRIDGE AT PARKWAY VILLAGE",
      "address": "",
      "city": "FAIRBURN",
      "state": "GA",
      "zip": "30213",
      "units": 150,
      "originalAmount": 9131900,
      "rate": 2.95,
      "originationDate": "2017-06-29",
      "pmmsBenchmark": 3.904,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 0.95 pts below the 2017-06 market avg of 3.904%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "JACKSONVILLE NURSING & REHAB",
      "address": "",
      "city": "JACKSONVILLE",
      "state": "FL",
      "zip": "32218",
      "units": 163,
      "originalAmount": 9016500,
      "rate": 2.95,
      "originationDate": "2014-06-27",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.21 pts below the 2014-06 market avg of 4.162%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "GARDEN OAKS TOWER APARTMENTS",
      "address": "",
      "city": "NEW ORLEANS",
      "state": "LA",
      "zip": "70114",
      "units": 99,
      "originalAmount": 9000000,
      "rate": 2.95,
      "originationDate": "2011-11-02",
      "pmmsBenchmark": 3.993,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.04 pts below the 2011-11 market avg of 3.993%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "TIFFANY HALL NURSING & REHAB",
      "address": "",
      "city": "PORT ST. LUCIE",
      "state": "FL",
      "zip": "34952",
      "units": 120,
      "originalAmount": 8978900,
      "rate": 2.95,
      "originationDate": "2014-06-27",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.21 pts below the 2014-06 market avg of 4.162%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "BRADEN RIVER CARE CENTER",
      "address": "",
      "city": "BRADENTON",
      "state": "FL",
      "zip": "34208",
      "units": 193,
      "originalAmount": 8976000,
      "rate": 2.95,
      "originationDate": "2014-04-29",
      "pmmsBenchmark": 4.338,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.39 pts below the 2014-04 market avg of 4.338%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "COPPERMINE VILLAGE APARTMENTS",
      "address": "",
      "city": "BRISTOL",
      "state": "CT",
      "zip": "06010",
      "units": 176,
      "originalAmount": 8969400,
      "rate": 2.95,
      "originationDate": "2021-05-19",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "TELEGRAPH CROSSING",
      "address": "",
      "city": "ST LOUIS",
      "state": "MO",
      "zip": "63129",
      "units": 200,
      "originalAmount": 8755000,
      "rate": 2.95,
      "originationDate": "2020-08-31",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "SHADY LAWN NURSING HOME",
      "address": "",
      "city": "DALTON",
      "state": "OH",
      "zip": "44618",
      "units": 210,
      "originalAmount": 8513100,
      "rate": 2.95,
      "originationDate": "2016-09-29",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "H20 APARTMENTS",
      "address": "",
      "city": "SEATTLE",
      "state": "WA",
      "zip": "98119",
      "units": 45,
      "originalAmount": 8418200,
      "rate": 2.95,
      "originationDate": "2020-09-29",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "ORANGE CITY NURSING & REHAB",
      "address": "",
      "city": "DEBARY",
      "state": "FL",
      "zip": "32713",
      "units": 120,
      "originalAmount": 8104100,
      "rate": 2.95,
      "originationDate": "2014-06-27",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.21 pts below the 2014-06 market avg of 4.162%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "KATCHINA APARTMENTS",
      "address": "",
      "city": "CHANDLER",
      "state": "AZ",
      "zip": "85224",
      "units": 152,
      "originalAmount": 7695600,
      "rate": 2.95,
      "originationDate": "2013-08-01",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.51 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "MACCLENNY NURSING & REHAB",
      "address": "",
      "city": "MACCLENNY",
      "state": "FL",
      "zip": "32063",
      "units": 120,
      "originalAmount": 7584200,
      "rate": 2.95,
      "originationDate": "2014-06-27",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.21 pts below the 2014-06 market avg of 4.162%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "EDGEWOOD MANOR OF LUCASVILLE II",
      "address": "",
      "city": "LUCASVILLE",
      "state": "OH",
      "zip": "45648",
      "units": 60,
      "originalAmount": 7360000,
      "rate": 2.95,
      "originationDate": "2022-02-24",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 0.81 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "RENAISSANCE ON HENDERSON",
      "address": "",
      "city": "MARIETTA",
      "state": "GA",
      "zip": "30064",
      "units": 151,
      "originalAmount": 7270000,
      "rate": 2.95,
      "originationDate": "2012-09-20",
      "pmmsBenchmark": 3.498,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "JACKSON HILLS APARTMENTS",
      "address": "",
      "city": "JACKSON",
      "state": "CA",
      "zip": "95462",
      "units": 86,
      "originalAmount": 7095000,
      "rate": 2.95,
      "originationDate": "2010-12-17",
      "pmmsBenchmark": 4.714,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.76 pts below the 2010-12 market avg of 4.714%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "RIVER WEST PHASE IV",
      "address": "",
      "city": "TULSA",
      "state": "OK",
      "zip": "74107",
      "units": 65,
      "originalAmount": 6750000,
      "rate": 2.95,
      "originationDate": "2022-01-25",
      "pmmsBenchmark": 3.445,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "CEDAR REDEVELOPMENT PHASE III",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44115",
      "units": 75,
      "originalAmount": 6427300,
      "rate": 2.95,
      "originationDate": "2020-11-05",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HAMILTON APARTMENTS",
      "address": "",
      "city": "LAREDO",
      "state": "TX",
      "zip": "78040",
      "units": 165,
      "originalAmount": 6375500,
      "rate": 2.95,
      "originationDate": "2016-11-17",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 0.82 pts below the 2016-11 market avg of 3.77%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "KENTON NURSING & REHABILITATION CENTER",
      "address": "",
      "city": "KENTON",
      "state": "OH",
      "zip": "43326",
      "units": 64,
      "originalAmount": 6320000,
      "rate": 2.95,
      "originationDate": "2022-02-24",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 0.81 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "HERITAGE CONVALESCENT CENTER",
      "address": "",
      "city": "AMARILLO",
      "state": "TX",
      "zip": "79106",
      "units": 116,
      "originalAmount": 6207000,
      "rate": 2.95,
      "originationDate": "2016-10-11",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ROLLING HILLS CARE CENTER",
      "address": "",
      "city": "LEBANON",
      "state": "NJ",
      "zip": "08833",
      "units": 67,
      "originalAmount": 6172700,
      "rate": 2.95,
      "originationDate": "2016-09-29",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "PACIFIC TOWER APARTMENTS",
      "address": "",
      "city": "PORTLAND",
      "state": "OR",
      "zip": "97209",
      "units": 156,
      "originalAmount": 6080000,
      "rate": 2.95,
      "originationDate": "2013-09-30",
      "pmmsBenchmark": 4.49,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.54 pts below the 2013-09 market avg of 4.49%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "THE GARDENS AT CALVARY",
      "address": "",
      "city": "COLUMBUS",
      "state": "GA",
      "zip": "31909",
      "units": 100,
      "originalAmount": 5985300,
      "rate": 2.95,
      "originationDate": "2012-05-31",
      "pmmsBenchmark": 3.798,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 0.85 pts below the 2012-05 market avg of 3.798%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CHRISTIAN HOMES2 WASHINGTON VILLAGE ESTATES",
      "address": "",
      "city": "WASHINGTON",
      "state": "IL",
      "zip": "61571",
      "units": 68,
      "originalAmount": 5840000,
      "rate": 2.95,
      "originationDate": "2013-09-20",
      "pmmsBenchmark": 4.49,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.54 pts below the 2013-09 market avg of 4.49%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "OAKRIDGE VILLAGE",
      "address": "",
      "city": "ANTIOCH",
      "state": "IL",
      "zip": "60002",
      "units": 90,
      "originalAmount": 5809400,
      "rate": 2.95,
      "originationDate": "2020-04-21",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "ATLANTIC SHORES NURSING & REHAB",
      "address": "",
      "city": "MELBOURNE",
      "state": "FL",
      "zip": "32901",
      "units": 120,
      "originalAmount": 5775800,
      "rate": 2.95,
      "originationDate": "2014-06-27",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.21 pts below the 2014-06 market avg of 4.162%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "HILLCREST RETIREMENT VILLAGE",
      "address": "",
      "city": "ROUND LAKE BEACH",
      "state": "IL",
      "zip": "60073",
      "units": 144,
      "originalAmount": 5671200,
      "rate": 2.95,
      "originationDate": "2014-12-19",
      "pmmsBenchmark": 3.864,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 0.91 pts below the 2014-12 market avg of 3.864%"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "RUE DU LAC APARTMENTS",
      "address": "",
      "city": "LAFAYETTE",
      "state": "LA",
      "zip": "70501",
      "units": 140,
      "originalAmount": 5562000,
      "rate": 2.95,
      "originationDate": "2015-11-13",
      "pmmsBenchmark": 3.942,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 0.99 pts below the 2015-11 market avg of 3.942%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "METRO WEST NURSING & REHAB CENTER",
      "address": "",
      "city": "ORLANDO",
      "state": "FL",
      "zip": "32835",
      "units": 120,
      "originalAmount": 5529600,
      "rate": 2.95,
      "originationDate": "2014-06-27",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.21 pts below the 2014-06 market avg of 4.162%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "PROVIDENCE PCC OF SENATOBIA",
      "address": "",
      "city": "SENATOBIA",
      "state": "MS",
      "zip": "38669",
      "units": 130,
      "originalAmount": 5417700,
      "rate": 2.95,
      "originationDate": "2020-08-14",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "Kelly Miller Smith Towers",
      "address": "",
      "city": "Nashville",
      "state": "TN",
      "zip": "37218",
      "units": 108,
      "originalAmount": 5355900,
      "rate": 2.95,
      "originationDate": "2017-05-15",
      "pmmsBenchmark": 4.01,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.06 pts below the 2017-05 market avg of 4.01%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "WRIGHT REHABILITATION & HEALTHCARE CENTER",
      "address": "",
      "city": "FAIRBORN",
      "state": "OH",
      "zip": "45324",
      "units": 154,
      "originalAmount": 5237100,
      "rate": 2.95,
      "originationDate": "2021-04-21",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "MARION NORTH SUPPORTIVE LIVING FACILITY",
      "address": "",
      "city": "MARION",
      "state": "IL",
      "zip": "62959",
      "units": 50,
      "originalAmount": 5125100,
      "rate": 2.95,
      "originationDate": "2022-03-16",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.22 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "DALLAS MANOR APARTMENTS",
      "address": "",
      "city": "Dallas",
      "state": "GA",
      "zip": "30132",
      "units": 40,
      "originalAmount": 4970000,
      "rate": 2.95,
      "originationDate": "2021-06-16",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "VILLA CIERA APARTMENTS",
      "address": "",
      "city": "KENOSHA",
      "state": "WI",
      "zip": "53140",
      "units": 71,
      "originalAmount": 4950000,
      "rate": 2.95,
      "originationDate": "2017-01-19",
      "pmmsBenchmark": 4.15,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.20 pts below the 2017-01 market avg of 4.15%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "HERITAGE AT DEER CREEK",
      "address": "",
      "city": "NEW BERLIN",
      "state": "WI",
      "zip": "53151",
      "units": 82,
      "originalAmount": 4820400,
      "rate": 2.95,
      "originationDate": "2010-08-12",
      "pmmsBenchmark": 4.428,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.48 pts below the 2010-08 market avg of 4.428%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "CHRISTIAN HOMES2-WABASH ESTATES",
      "address": "",
      "city": "CARMI",
      "state": "IL",
      "zip": "62821",
      "units": 98,
      "originalAmount": 4800000,
      "rate": 2.95,
      "originationDate": "2013-09-20",
      "pmmsBenchmark": 4.49,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.54 pts below the 2013-09 market avg of 4.49%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MAPLE WOODS MANOR",
      "address": "",
      "city": "CLIO",
      "state": "MI",
      "zip": "48420",
      "units": 151,
      "originalAmount": 4783100,
      "rate": 2.95,
      "originationDate": "2010-12-21",
      "pmmsBenchmark": 4.714,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.76 pts below the 2010-12 market avg of 4.714%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "WINDWOOD APARTMENTS",
      "address": "",
      "city": "COTATI",
      "state": "CA",
      "zip": "94931",
      "units": 28,
      "originalAmount": 4580000,
      "rate": 2.95,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "DOLAN RESIDENTIAL CARE",
      "address": "",
      "city": "ST. LOUIS",
      "state": "MO",
      "zip": "63141",
      "units": 41,
      "originalAmount": 4534500,
      "rate": 2.95,
      "originationDate": "2014-08-07",
      "pmmsBenchmark": 4.115,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.17 pts below the 2014-08 market avg of 4.115%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "LANIER MANOR",
      "address": "",
      "city": "JACKSONVILLE",
      "state": "FL",
      "zip": "32226",
      "units": 120,
      "originalAmount": 4314500,
      "rate": 2.95,
      "originationDate": "2014-04-29",
      "pmmsBenchmark": 4.338,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.39 pts below the 2014-04 market avg of 4.338%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "BRISTOL COURT APARTMENTS",
      "address": "",
      "city": "MOUNT MORRIS",
      "state": "MI",
      "zip": "48458",
      "units": 144,
      "originalAmount": 4285000,
      "rate": 2.95,
      "originationDate": "2020-04-30",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "MULBERRY COURT",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21201",
      "units": 62,
      "originalAmount": 4251600,
      "rate": 2.95,
      "originationDate": "2021-11-17",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "WESTON ARBORS",
      "address": "",
      "city": "WESTON",
      "state": "WV",
      "zip": "26452",
      "units": 121,
      "originalAmount": 4160000,
      "rate": 2.95,
      "originationDate": "2013-07-26",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.42 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "STAUNTON VA ALF'S",
      "address": "",
      "city": "STAUNTON",
      "state": "VA",
      "zip": "24401",
      "units": 57,
      "originalAmount": 4100000,
      "rate": 2.95,
      "originationDate": "2013-07-23",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.42 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "MEADOW VIEW APARTMENTS",
      "address": "",
      "city": "BLUE ISLAND",
      "state": "IL",
      "zip": "60406",
      "units": 96,
      "originalAmount": 4050000,
      "rate": 2.95,
      "originationDate": "2015-11-30",
      "pmmsBenchmark": 3.942,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 0.99 pts below the 2015-11 market avg of 3.942%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "VILLAGE AT NOGALITOS",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78211",
      "units": 78,
      "originalAmount": 4042500,
      "rate": 2.95,
      "originationDate": "2020-07-30",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "DEACONES-ZANE CENTER",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44109",
      "units": 70,
      "originalAmount": 3598200,
      "rate": 2.95,
      "originationDate": "2012-11-05",
      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CURTIS PARK PHASE TWO",
      "address": "",
      "city": "DENVER",
      "state": "CO",
      "zip": "80205",
      "units": 125,
      "originalAmount": 3377400,
      "rate": 2.95,
      "originationDate": "2013-09-23",
      "pmmsBenchmark": 4.49,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 1.54 pts below the 2013-09 market avg of 4.49%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CASITAS LOS OLMOS",
      "address": "",
      "city": "RAYMONDVILLE",
      "state": "TX",
      "zip": "78580",
      "units": 80,
      "originalAmount": 2525000,
      "rate": 2.95,
      "originationDate": "2015-11-19",
      "pmmsBenchmark": 3.942,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 0.99 pts below the 2015-11 market avg of 3.942%"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "CASA CASTAÑER HOUSING FOR ELDERLY",
      "address": "",
      "city": "LARES",
      "state": "PR",
      "zip": "00631",
      "units": 63,
      "originalAmount": 2442300,
      "rate": 2.95,
      "originationDate": "2013-01-22",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "SPRING MEADOWS APARTMENTS",
      "address": "",
      "city": "SPRINGDALE",
      "state": "AR",
      "zip": "72762",
      "units": 82,
      "originalAmount": 2430000,
      "rate": 2.95,
      "originationDate": "2007-06-28",
      "pmmsBenchmark": 6.658,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 3.71 pts below the 2007-06 market avg of 6.658%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SOUTH HAVEN WOODS",
      "address": "",
      "city": "BEDFORD",
      "state": "OH",
      "zip": "44146",
      "units": 60,
      "originalAmount": 2262500,
      "rate": 2.95,
      "originationDate": "2008-09-22",
      "pmmsBenchmark": 6.037,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 3.09 pts below the 2008-09 market avg of 6.037%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "MERIDIAN APARTMENTS",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46205",
      "units": 49,
      "originalAmount": 2066000,
      "rate": 2.95,
      "originationDate": "2016-11-30",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 0.82 pts below the 2016-11 market avg of 3.77%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "CHRISTIAN MANOR",
      "address": "",
      "city": "MUSKEGON",
      "state": "MI",
      "zip": "49442",
      "units": 42,
      "originalAmount": 1844000,
      "rate": 2.95,
      "originationDate": "2006-08-10",
      "pmmsBenchmark": 6.524,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 3.57 pts below the 2006-08 market avg of 6.524%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ASPEN CARE ASSISTED LIVING HOME",
      "address": "",
      "city": "TUCSON",
      "state": "AZ",
      "zip": "85704",
      "units": 60,
      "originalAmount": 1788400,
      "rate": 2.95,
      "originationDate": "2021-05-21",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CHURCHILL MORTGAGE INVESTMENT"
    },
    {
      "property": "DON L WEST TEAMSTER MANOR",
      "address": "",
      "city": "BIRMINGHAM",
      "state": "AL",
      "zip": "35212",
      "units": 30,
      "originalAmount": 1524200,
      "rate": 2.95,
      "originationDate": "2008-05-21",
      "pmmsBenchmark": 6.036,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.95% is 3.09 pts below the 2008-05 market avg of 6.036%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "STONE BRIDGE APARTMENTS",
      "address": "",
      "city": "UNIONTOWN",
      "state": "OH",
      "zip": "44685",
      "units": 36,
      "originalAmount": 1360000,
      "rate": 2.95,
      "originationDate": "2013-02-20",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PAVILIONS APT",
      "address": "",
      "city": "CHARLOTTESVILLE",
      "state": "VA",
      "zip": "22902",
      "units": 10,
      "originalAmount": 747200,
      "rate": 2.95,
      "originationDate": "2012-09-25",
      "pmmsBenchmark": 3.498,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CORONADO GARDENS COOPERATIVE",
      "address": "",
      "city": "LANSING",
      "state": "MI",
      "zip": "48906",
      "units": 64,
      "originalAmount": 730000,
      "rate": 2.95,
      "originationDate": "2012-10-23",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "RANCHO DE LUNA APARTMENTSCHORAN",
      "address": "",
      "city": "ROBSTOWN",
      "state": "TX",
      "zip": "78380",
      "units": 76,
      "originalAmount": 5600000,
      "rate": 2.955,
      "originationDate": "2022-04-13",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.955% is 2.03 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "COLORADO WEST HEALTHCARE SYSTEM",
      "address": "",
      "city": "GRAND JUNCTION",
      "state": "CO",
      "zip": "81505",
      "units": 60,
      "originalAmount": 84589800,
      "rate": 2.958,
      "originationDate": "2020-03-23",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "ENGLEWOOD HOSP & MED CTR",
      "address": "",
      "city": "ENGLEWOOD",
      "state": "NJ",
      "zip": "07631",
      "units": 531,
      "originalAmount": 94020000,
      "rate": 2.96,
      "originationDate": "2002-11-27",
      "pmmsBenchmark": 6.068,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.96% is 3.11 pts below the 2002-11 market avg of 6.068%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "BELMONT TOWERS",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60657",
      "units": 277,
      "originalAmount": 65715800,
      "rate": 2.96,
      "originationDate": "2016-08-31",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "LYRIC AT THE MERC",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78249",
      "units": 300,
      "originalAmount": 46103200,
      "rate": 2.96,
      "originationDate": "2022-04-14",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.96% is 2.02 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "13TH & WADSWORTH",
      "address": "",
      "city": "LAKEWOOD",
      "state": "CO",
      "zip": "80214",
      "units": 151,
      "originalAmount": 40202500,
      "rate": 2.96,
      "originationDate": "2022-03-24",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.96% is 1.21 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SYCAMORE AT TYVOLA",
      "address": "",
      "city": "CHARLOTTE",
      "state": "NC",
      "zip": "28217",
      "units": 288,
      "originalAmount": 37669700,
      "rate": 2.96,
      "originationDate": "2020-12-23",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "WINDROSE APARTMENTS & BUNGALOWS",
      "address": "",
      "city": "PASADENA",
      "state": "CA",
      "zip": "91101",
      "units": 134,
      "originalAmount": 35721500,
      "rate": 2.96,
      "originationDate": "2016-09-30",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "MOORE'S LAKE APTS--PHASE II",
      "address": "",
      "city": "CHESTER",
      "state": "VA",
      "zip": "23831",
      "units": 185,
      "originalAmount": 27602100,
      "rate": 2.96,
      "originationDate": "2020-04-16",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE DRAPER",
      "address": "",
      "city": "GARLAND",
      "state": "TX",
      "zip": "75040",
      "units": 155,
      "originalAmount": 25416700,
      "rate": 2.96,
      "originationDate": "2022-04-27",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.96% is 2.02 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "ARISTACARE AT WHITING",
      "address": "",
      "city": "WHITING",
      "state": "NJ",
      "zip": "08759",
      "units": 180,
      "originalAmount": 18630800,
      "rate": 2.96,
      "originationDate": "2014-09-29",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.96% is 1.20 pts below the 2014-09 market avg of 4.162%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "Prairie View Apartments",
      "address": "",
      "city": "Cheyenne",
      "state": "WY",
      "zip": "82001",
      "units": 112,
      "originalAmount": 8000000,
      "rate": 2.96,
      "originationDate": "2017-04-25",
      "pmmsBenchmark": 4.045,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.96% is 1.08 pts below the 2017-04 market avg of 4.045%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "BUCKHANNON MANOR",
      "address": "",
      "city": "BUCKHANNON",
      "state": "WV",
      "zip": "26201",
      "units": 142,
      "originalAmount": 7880000,
      "rate": 2.96,
      "originationDate": "2021-08-13",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "TELACU TERRACE",
      "address": "",
      "city": "HAWTHORNE",
      "state": "CA",
      "zip": "90250",
      "units": 75,
      "originalAmount": 7371000,
      "rate": 2.96,
      "originationDate": "2015-12-22",
      "pmmsBenchmark": 3.964,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.96% is 1.00 pts below the 2015-12 market avg of 3.964%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MT OLYMPUS REHABILITATION CENTER",
      "address": "",
      "city": "SALT LAKE CITY",
      "state": "UT",
      "zip": "84109",
      "units": 54,
      "originalAmount": 7209300,
      "rate": 2.96,
      "originationDate": "2021-09-10",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "WOODLAKE APTS",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46260",
      "units": 250,
      "originalAmount": 6775000,
      "rate": 2.96,
      "originationDate": "2012-05-31",
      "pmmsBenchmark": 3.798,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.96% is 0.84 pts below the 2012-05 market avg of 3.798%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "CASA TELACU",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90022",
      "units": 75,
      "originalAmount": 6732000,
      "rate": 2.96,
      "originationDate": "2015-12-22",
      "pmmsBenchmark": 3.964,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.96% is 1.00 pts below the 2015-12 market avg of 3.964%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "TELACU SENIOR COURT",
      "address": "",
      "city": "BALDWIN PARK",
      "state": "CA",
      "zip": "91706",
      "units": 75,
      "originalAmount": 6525000,
      "rate": 2.96,
      "originationDate": "2016-01-22",
      "pmmsBenchmark": 3.873,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.96% is 0.91 pts below the 2016-01 market avg of 3.873%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "TELACU VILLA",
      "address": "",
      "city": "MORENO VALLEY",
      "state": "CA",
      "zip": "92553",
      "units": 75,
      "originalAmount": 6129000,
      "rate": 2.96,
      "originationDate": "2015-12-22",
      "pmmsBenchmark": 3.964,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.96% is 1.00 pts below the 2015-12 market avg of 3.964%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "TELACU MANOR",
      "address": "",
      "city": "COMMERCE",
      "state": "CA",
      "zip": "90040",
      "units": 75,
      "originalAmount": 5805000,
      "rate": 2.96,
      "originationDate": "2015-12-22",
      "pmmsBenchmark": 3.964,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.96% is 1.00 pts below the 2015-12 market avg of 3.964%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CASCADE AT ORCHARD PARK",
      "address": "",
      "city": "OREM",
      "state": "UT",
      "zip": "85057",
      "units": 33,
      "originalAmount": 4360400,
      "rate": 2.96,
      "originationDate": "2021-11-12",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "FOUR CORNERS REGIONAL CARE CENTER",
      "address": "",
      "city": "BLANDING",
      "state": "UT",
      "zip": "84511",
      "units": 54,
      "originalAmount": 4168300,
      "rate": 2.96,
      "originationDate": "2021-09-10",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "LAKE DELTON",
      "address": "",
      "city": "BARABOO",
      "state": "WI",
      "zip": "53913",
      "units": 32,
      "originalAmount": 4056000,
      "rate": 2.96,
      "originationDate": "2022-04-26",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.96% is 2.02 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "PARKDALE HEALTH AND REHAB",
      "address": "",
      "city": "PRICE",
      "state": "UT",
      "zip": "84501",
      "units": 28,
      "originalAmount": 3520000,
      "rate": 2.96,
      "originationDate": "2021-09-10",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "VATTIER PLACE APARTMENTS",
      "address": "",
      "city": "MANHATTAN",
      "state": "KS",
      "zip": "66502",
      "units": 37,
      "originalAmount": 2833300,
      "rate": 2.96,
      "originationDate": "2011-10-27",
      "pmmsBenchmark": 4.068,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.96% is 1.11 pts below the 2011-10 market avg of 4.068%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "RED CLIFFS HEALTH AND REHAB",
      "address": "",
      "city": "ST. GEORGE",
      "state": "UT",
      "zip": "84770",
      "units": 62,
      "originalAmount": 2352800,
      "rate": 2.96,
      "originationDate": "2021-09-10",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "VILLAGES AT CARVER PHASE II",
      "address": "",
      "city": "ATLANTA",
      "state": "GA",
      "zip": "30315",
      "units": 66,
      "originalAmount": 1690000,
      "rate": 2.96,
      "originationDate": "2002-12-23",
      "pmmsBenchmark": 6.048,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.96% is 3.09 pts below the 2002-12 market avg of 6.048%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "FAITH AND HOPE HOMES",
      "address": "",
      "city": "GRAND FORKS",
      "state": "ND",
      "zip": "58201",
      "units": 24,
      "originalAmount": 790600,
      "rate": 2.96,
      "originationDate": "2007-09-19",
      "pmmsBenchmark": 6.383,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.96% is 3.42 pts below the 2007-09 market avg of 6.383%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "MEXICO BEACH CROSSINGS",
      "address": "",
      "city": "MEXICO BEACH",
      "state": "FL",
      "zip": "32456",
      "units": 216,
      "originalAmount": 43529400,
      "rate": 2.97,
      "originationDate": "2022-01-18",
      "pmmsBenchmark": 3.445,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE LAUREL APARTMENTS",
      "address": "",
      "city": "ST LOUIS",
      "state": "MO",
      "zip": "63101",
      "units": 205,
      "originalAmount": 42814400,
      "rate": 2.97,
      "originationDate": "2020-04-24",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "THE VENUE AT MONTECILLO",
      "address": "",
      "city": "EL PASO",
      "state": "TX",
      "zip": "79912",
      "units": 290,
      "originalAmount": 36400000,
      "rate": 2.97,
      "originationDate": "2020-04-23",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE GROVES AT LAKE JULIANA",
      "address": "",
      "city": "AUBURNDALE",
      "state": "FL",
      "zip": "33823",
      "units": 240,
      "originalAmount": 35975000,
      "rate": 2.97,
      "originationDate": "2020-10-29",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "LACONIA NURSING HOME",
      "address": "",
      "city": "BRONX",
      "state": "NY",
      "zip": "10466",
      "units": 114,
      "originalAmount": 35560000,
      "rate": 2.97,
      "originationDate": "2022-04-14",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.97% is 2.01 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "DEER MEADOWS REHABILITATION CENTER",
      "address": "",
      "city": "PHILADELPHIA",
      "state": "PA",
      "zip": "19152",
      "units": 458,
      "originalAmount": 32920000,
      "rate": 2.97,
      "originationDate": "2016-09-01",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "PROSPER ELMS APARTMENTS",
      "address": "",
      "city": "PROSPER",
      "state": "TX",
      "zip": "75078",
      "units": 196,
      "originalAmount": 31358000,
      "rate": 2.97,
      "originationDate": "2021-05-13",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "RUSSELL COUNTY COMMUNITY HOSPITAL-223A7",
      "address": "",
      "city": "PHOENIX CITY",
      "state": "AL",
      "zip": "36867",
      "units": 70,
      "originalAmount": 30571000,
      "rate": 2.97,
      "originationDate": "2012-12-14",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "NORMANDIE I",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90044",
      "units": 81,
      "originalAmount": 29591600,
      "rate": 2.97,
      "originationDate": "2019-12-18",
      "pmmsBenchmark": 3.72,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.97% is 0.75 pts below the 2019-12 market avg of 3.72%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "TOWN BROOK HOUSE",
      "address": "",
      "city": "QUINCY",
      "state": "MA",
      "zip": "02169",
      "units": 151,
      "originalAmount": 28994000,
      "rate": 2.97,
      "originationDate": "2020-09-25",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "MIDDLETOWN APARTMENTS",
      "address": "",
      "city": "MIDDLETOWN",
      "state": "DE",
      "zip": "19709",
      "units": 300,
      "originalAmount": 28000000,
      "rate": 2.97,
      "originationDate": "2020-07-30",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "SUNNYSIDE MANOR",
      "address": "",
      "city": "MANASQUAN",
      "state": "NJ",
      "zip": "08736",
      "units": 152,
      "originalAmount": 26122000,
      "rate": 2.97,
      "originationDate": "2014-01-23",
      "pmmsBenchmark": 4.432,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.97% is 1.46 pts below the 2014-01 market avg of 4.432%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BELL RIPPY APARTMENTS",
      "address": "",
      "city": "GLENWOOD SPRINGS",
      "state": "CO",
      "zip": "81601",
      "units": 100,
      "originalAmount": 24952000,
      "rate": 2.97,
      "originationDate": "2021-07-28",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "NORMANDIE II",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90047",
      "units": 70,
      "originalAmount": 23910000,
      "rate": 2.97,
      "originationDate": "2019-12-18",
      "pmmsBenchmark": 3.72,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.97% is 0.75 pts below the 2019-12 market avg of 3.72%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "THE FLATS AT MACARTHUR",
      "address": "",
      "city": "LAWTON",
      "state": "OK",
      "zip": "73501",
      "units": 288,
      "originalAmount": 23779100,
      "rate": 2.97,
      "originationDate": "2021-03-31",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "THE CENTER AT NORTHRIDGE",
      "address": "",
      "city": "WESTMINSTER",
      "state": "CO",
      "zip": "80234",
      "units": 96,
      "originalAmount": 18536500,
      "rate": 2.97,
      "originationDate": "2021-11-17",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "THE PARK AT THREE OAKS",
      "address": "",
      "city": "WILMINGTON",
      "state": "NC",
      "zip": "28411",
      "units": 201,
      "originalAmount": 17764500,
      "rate": 2.97,
      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "AHC 5 - ADVANCED HEALTHCARE OF AURORA",
      "address": "",
      "city": "AURORA",
      "state": "CO",
      "zip": "80012",
      "units": 54,
      "originalAmount": 16963000,
      "rate": 2.97,
      "originationDate": "2016-12-16",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.97% is 1.23 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "AHC 5 - ADVANCED HEALTHCARE OF GLENDALE",
      "address": "",
      "city": "GLENDALE",
      "state": "AZ",
      "zip": "85306",
      "units": 54,
      "originalAmount": 13058000,
      "rate": 2.97,
      "originationDate": "2016-12-16",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.97% is 1.23 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "GREENSPRING OVERLOOK APARTMENTS AKA ROYAL OAKS APT",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21215",
      "units": 189,
      "originalAmount": 12500000,
      "rate": 2.97,
      "originationDate": "2020-07-24",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "ABBOTT APARTMENTS",
      "address": "",
      "city": "MINNEAPOLIS",
      "state": "MN",
      "zip": "55403",
      "units": 123,
      "originalAmount": 12400000,
      "rate": 2.97,
      "originationDate": "2012-11-08",
      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "AHC 5 - ADVANCED HEALTHCARE OF SCOTTSDALE",
      "address": "",
      "city": "SCOTTSDALE",
      "state": "AZ",
      "zip": "85258",
      "units": 38,
      "originalAmount": 11293600,
      "rate": 2.97,
      "originationDate": "2016-12-16",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.97% is 1.23 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WESTVIEW HEALTH CARE CENTER",
      "address": "",
      "city": "DAYVILLE",
      "state": "CT",
      "zip": "06241",
      "units": 61,
      "originalAmount": 10584000,
      "rate": 2.97,
      "originationDate": "2022-05-24",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.97% is 2.26 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SETON SQUARE NORTH",
      "address": "",
      "city": "COLUMBUS",
      "state": "OH",
      "zip": "43235",
      "units": 218,
      "originalAmount": 10380000,
      "rate": 2.97,
      "originationDate": "2021-03-30",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "AHC 5 - ADVANCED HEALTH CARE OF MESA",
      "address": "",
      "city": "MESA",
      "state": "AZ",
      "zip": "85205",
      "units": 38,
      "originalAmount": 9942200,
      "rate": 2.97,
      "originationDate": "2016-12-16",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.97% is 1.23 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "AHC 5 - ASPEN RIDGE TRANSITIONAL REHAB",
      "address": "",
      "city": "SALT LAKE CITY",
      "state": "UT",
      "zip": "84121",
      "units": 38,
      "originalAmount": 8639100,
      "rate": 2.97,
      "originationDate": "2016-12-16",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.97% is 1.23 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WILLOW LAKES Apartment homes",
      "address": "",
      "city": "Corcoran",
      "state": "CA",
      "zip": "93212",
      "units": 190,
      "originalAmount": 8100000,
      "rate": 2.97,
      "originationDate": "2017-05-16",
      "pmmsBenchmark": 4.01,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.97% is 1.04 pts below the 2017-05 market avg of 4.01%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "DERBY HEALTH & REHABILITATION CENTER",
      "address": "",
      "city": "DERBY",
      "state": "KS",
      "zip": "67037",
      "units": 74,
      "originalAmount": 6267900,
      "rate": 2.97,
      "originationDate": "2015-08-31",
      "pmmsBenchmark": 3.905,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.97% is 0.93 pts below the 2015-08 market avg of 3.905%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "PARK PLACE OF HARPER WOODS",
      "address": "",
      "city": "HARPER WOODS",
      "state": "MI",
      "zip": "48225",
      "units": 132,
      "originalAmount": 5843000,
      "rate": 2.97,
      "originationDate": "2012-09-20",
      "pmmsBenchmark": 3.498,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "LAKE RIDGE NURSING HOME",
      "address": "",
      "city": "NORTH RIDGEVILLE",
      "state": "OH",
      "zip": "44039",
      "units": 190,
      "originalAmount": 5755800,
      "rate": 2.97,
      "originationDate": "2009-07-29",
      "pmmsBenchmark": 5.222,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.97% is 2.25 pts below the 2009-07 market avg of 5.222%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "OAK PARK APARTMENTS",
      "address": "",
      "city": "BAKERSFIELD",
      "state": "CA",
      "zip": "93308",
      "units": 38,
      "originalAmount": 4622500,
      "rate": 2.97,
      "originationDate": "2016-10-31",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "INFINITY-CARBONDALE REHABILITATION & NURSING CENTER",
      "address": "",
      "city": "CARBONDALE",
      "state": "IL",
      "zip": "62901",
      "units": 131,
      "originalAmount": 4400000,
      "rate": 2.97,
      "originationDate": "2016-08-30",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "LAKESIDE TOWERS",
      "address": "",
      "city": "STERLING HEIGHTS",
      "state": "MI",
      "zip": "48313",
      "units": 115,
      "originalAmount": 4396600,
      "rate": 2.97,
      "originationDate": "2012-09-13",
      "pmmsBenchmark": 3.498,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "CROSSING I",
      "address": "",
      "city": "EVANSVILLE",
      "state": "IN",
      "zip": "47710",
      "units": 120,
      "originalAmount": 4000000,
      "rate": 2.97,
      "originationDate": "2014-09-30",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.97% is 1.19 pts below the 2014-09 market avg of 4.162%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SUMMERWOODS APARTMENTS",
      "address": "",
      "city": "MADERA",
      "state": "CA",
      "zip": "93637",
      "units": 65,
      "originalAmount": 3920000,
      "rate": 2.97,
      "originationDate": "2012-12-14",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "WESTGATER APTS",
      "address": "",
      "city": "MADERA",
      "state": "CA",
      "zip": "93637",
      "units": 75,
      "originalAmount": 3880000,
      "rate": 2.97,
      "originationDate": "2012-12-14",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "LANTIS II FALLS CITY CARE CENTER",
      "address": "",
      "city": "FALLS CITY",
      "state": "NE",
      "zip": "68355",
      "units": 119,
      "originalAmount": 3026600,
      "rate": 2.97,
      "originationDate": "2013-01-30",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "THE CROSSING APARTMENTS II",
      "address": "",
      "city": "EVANSVILLE",
      "state": "IN",
      "zip": "47710",
      "units": 80,
      "originalAmount": 2840000,
      "rate": 2.97,
      "originationDate": "2014-09-30",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.97% is 1.19 pts below the 2014-09 market avg of 4.162%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "LANTIS II MORNINGSIDE REHAB & CARE CENTER",
      "address": "",
      "city": "IDA GROVE",
      "state": "IA",
      "zip": "51445",
      "units": 64,
      "originalAmount": 2267900,
      "rate": 2.97,
      "originationDate": "2013-01-30",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "LANTIS II RED OAK REHAB & CARE CENTER",
      "address": "",
      "city": "RED OAK",
      "state": "IA",
      "zip": "51566",
      "units": 55,
      "originalAmount": 1030500,
      "rate": 2.97,
      "originationDate": "2013-01-30",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "TIMBER CREEK APTS FKA TRANQUILITY APARTMENTS",
      "address": "",
      "city": "CAMDEN",
      "state": "TN",
      "zip": "38320",
      "units": 44,
      "originalAmount": 1017300,
      "rate": 2.97,
      "originationDate": "2013-06-13",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.97% is 1.10 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "LAKE NONA GREENWAY APARTMENTS",
      "address": "",
      "city": "ORLANDO",
      "state": "FL",
      "zip": "32824",
      "units": 348,
      "originalAmount": 43461500,
      "rate": 2.98,
      "originationDate": "2016-09-29",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "Heritage Towers Apartments",
      "address": "",
      "city": "LEWISVILLE",
      "state": "TX",
      "zip": "75077",
      "units": 282,
      "originalAmount": 38702300,
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      "originationDate": "2021-06-21",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LEGACY CAPITAL MORTGAGE LLC"
    },
    {
      "property": "PAVILION AT LAKE EVE",
      "address": "",
      "city": "ORLANDO",
      "state": "FL",
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      "units": 264,
      "originalAmount": 38077800,
      "rate": 2.98,
      "originationDate": "2021-11-19",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "PARK LANE VILLAGE",
      "address": "",
      "city": "FARMINGTON",
      "state": "UT",
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      "units": 324,
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      "rate": 2.98,
      "originationDate": "2020-03-30",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "BETHANY MANOR",
      "address": "",
      "city": "KEYPORT",
      "state": "NJ",
      "zip": "07735",
      "units": 331,
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      "rate": 2.98,
      "originationDate": "2022-08-24",
      "pmmsBenchmark": 5.223,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.98% is 2.24 pts below the 2022-08 market avg of 5.223%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "GATEWAY WOODS APARTMENTS",
      "address": "",
      "city": "LITTLE ROCK",
      "state": "AR",
      "zip": "72210",
      "units": 249,
      "originalAmount": 34434400,
      "rate": 2.98,
      "originationDate": "2021-08-26",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PARE PROVENCE",
      "address": "",
      "city": "CREVE COEUR",
      "state": "MO",
      "zip": "63141",
      "units": 232,
      "originalAmount": 33111100,
      "rate": 2.98,
      "originationDate": "2020-02-27",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "LOFTS AT ALLEN RIDGE",
      "address": "",
      "city": "ABILENE",
      "state": "TX",
      "zip": "79601",
      "units": 241,
      "originalAmount": 31578500,
      "rate": 2.98,
      "originationDate": "2021-07-08",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BETHEL HEALTH & REAHABILITATION CENTER",
      "address": "",
      "city": "BETHEL",
      "state": "CT",
      "zip": "06801",
      "units": 343,
      "originalAmount": 26268700,
      "rate": 2.98,
      "originationDate": "2020-06-30",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "VILLAGE AT WESTLAKE APARTMENTS",
      "address": "",
      "city": "RICHMOND",
      "state": "VA",
      "zip": "23225",
      "units": 252,
      "originalAmount": 25889400,
      "rate": 2.98,
      "originationDate": "2020-11-30",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE ARBORS AT EAST VILLAGE",
      "address": "",
      "city": "CLAYTON",
      "state": "NC",
      "zip": "27527",
      "units": 192,
      "originalAmount": 25760000,
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      "originationDate": "2020-03-18",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CASTLEWOOD APARTMENTS",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77055",
      "units": 337,
      "originalAmount": 24320000,
      "rate": 2.98,
      "originationDate": "2020-03-31",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "GRANADA AND SIERRA POINTE APARTMENTS",
      "address": "",
      "city": "LAS VEGAS",
      "state": "NV",
      "zip": "89102",
      "units": 175,
      "originalAmount": 20440000,
      "rate": 2.98,
      "originationDate": "2020-08-20",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "ASHBROOK APTS",
      "address": "",
      "city": "VIRGINIA BEACH",
      "state": "VA",
      "zip": "23462",
      "units": 156,
      "originalAmount": 20000000,
      "rate": 2.98,
      "originationDate": "2020-03-31",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE GRAND AT DAY POINT",
      "address": "",
      "city": "GOLDSBORO",
      "state": "NC",
      "zip": "27530",
      "units": 160,
      "originalAmount": 19600000,
      "rate": 2.98,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "NAPLES MANOR TOWNHOMES",
      "address": "",
      "city": "SILVER SPRING",
      "state": "MD",
      "zip": "20905",
      "units": 64,
      "originalAmount": 17918000,
      "rate": 2.98,
      "originationDate": "2022-05-12",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.98% is 2.25 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "THE MARQUIS AT TUALATIN",
      "address": "",
      "city": "TUALATIN",
      "state": "OR",
      "zip": "97062",
      "units": 134,
      "originalAmount": 17912800,
      "rate": 2.98,
      "originationDate": "2012-12-12",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "Trilogy-Waterford Place Health Campus",
      "address": "",
      "city": "KOKOMO",
      "state": "IN",
      "zip": "46901",
      "units": 218,
      "originalAmount": 16160000,
      "rate": 2.98,
      "originationDate": "2017-05-12",
      "pmmsBenchmark": 4.01,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.98% is 1.03 pts below the 2017-05 market avg of 4.01%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PARK PLACE ASSISTED LIVING",
      "address": "",
      "city": "SEATTLE",
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      "zip": "98118",
      "units": 154,
      "originalAmount": 15865000,
      "rate": 2.98,
      "originationDate": "2012-05-31",
      "pmmsBenchmark": 3.798,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.98% is 0.82 pts below the 2012-05 market avg of 3.798%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "AKSARBEN ASSISTED LIVING",
      "address": "",
      "city": "OMAHA",
      "state": "NE",
      "zip": "68124",
      "units": 87,
      "originalAmount": 14512500,
      "rate": 2.98,
      "originationDate": "2014-03-13",
      "pmmsBenchmark": 4.343,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.98% is 1.36 pts below the 2014-03 market avg of 4.343%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "TOWN SQUARE AT VILLAGE GREEN",
      "address": "",
      "city": "GILROY",
      "state": "CA",
      "zip": "95020",
      "units": 76,
      "originalAmount": 12391900,
      "rate": 2.98,
      "originationDate": "2016-11-10",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.98% is 0.79 pts below the 2016-11 market avg of 3.77%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "ALDER RIDGE",
      "address": "",
      "city": "MILTON",
      "state": "WA",
      "zip": "98354",
      "units": 116,
      "originalAmount": 11280900,
      "rate": 2.98,
      "originationDate": "2012-12-21",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "SANTA ANNA APARTMENT HOMES",
      "address": "",
      "city": "WESLACO",
      "state": "TX",
      "zip": "78596",
      "units": 156,
      "originalAmount": 11101400,
      "rate": 2.98,
      "originationDate": "2019-07-25",
      "pmmsBenchmark": 3.765,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.98% is 0.79 pts below the 2019-07 market avg of 3.765%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "PRESIDENTIAL GARDENS & WESTWOOD VILLAGE",
      "address": "",
      "city": "NEW HAVEN",
      "state": "CT",
      "zip": "06511",
      "units": 111,
      "originalAmount": 10761200,
      "rate": 2.98,
      "originationDate": "2020-05-27",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "REDWOOD GREEN (EMERALD RIDGE) PHASE I",
      "address": "",
      "city": "UNIONTOWN",
      "state": "OH",
      "zip": "44685",
      "units": 102,
      "originalAmount": 10511300,
      "rate": 2.98,
      "originationDate": "2021-07-22",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "TENDER HEARTS ASSISTED LIVING",
      "address": "",
      "city": "GREEN BAY",
      "state": "WI",
      "zip": "54313",
      "units": 100,
      "originalAmount": 9089800,
      "rate": 2.98,
      "originationDate": "2021-01-14",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "MONTECITO APARTMENTS",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90028",
      "units": 116,
      "originalAmount": 9021000,
      "rate": 2.98,
      "originationDate": "2015-06-16",
      "pmmsBenchmark": 3.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.98% is 1.00 pts below the 2015-06 market avg of 3.982%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "THE TIMBERS APARTMENTS",
      "address": "",
      "city": "AUSTIN",
      "state": "TX",
      "zip": "78723",
      "units": 104,
      "originalAmount": 8895100,
      "rate": 2.98,
      "originationDate": "2021-10-29",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "REMINGTON MEDICAL RESORTS-SAN ANTONIO",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78229",
      "units": 60,
      "originalAmount": 8563800,
      "rate": 2.98,
      "originationDate": "2013-12-30",
      "pmmsBenchmark": 4.457,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.98% is 1.48 pts below the 2013-12 market avg of 4.457%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "RIVERWOODS AT TOLLGATE",
      "address": "",
      "city": "ABINGDON",
      "state": "MD",
      "zip": "21009",
      "units": 84,
      "originalAmount": 7983500,
      "rate": 2.98,
      "originationDate": "2020-07-02",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "MADONNA HOUSE AT BELMONT",
      "address": "",
      "city": "FREDERICKSBURG",
      "state": "VA",
      "zip": "22401",
      "units": 130,
      "originalAmount": 7686000,
      "rate": 2.98,
      "originationDate": "2016-08-26",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "JACKSONVILLE ASSISTED LIVING",
      "address": "",
      "city": "JACKSONVILLE",
      "state": "IL",
      "zip": "62650",
      "units": 182,
      "originalAmount": 7002000,
      "rate": 2.98,
      "originationDate": "2018-05-17",
      "pmmsBenchmark": 4.586,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.98% is 1.61 pts below the 2018-05 market avg of 4.586%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "AHI EZER PLAZA",
      "address": "",
      "city": "BROOKLYN",
      "state": "NY",
      "zip": "11223",
      "units": 50,
      "originalAmount": 6679100,
      "rate": 2.98,
      "originationDate": "2013-02-21",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "BRIARCREST NURSING CENTER",
      "address": "",
      "city": "BELL GARDENS",
      "state": "CA",
      "zip": "90201",
      "units": 135,
      "originalAmount": 6676900,
      "rate": 2.98,
      "originationDate": "2012-10-30",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "SPRINGBROOK ASSISTED LIVING",
      "address": "",
      "city": "ONALASKA",
      "state": "WI",
      "zip": "54650",
      "units": 100,
      "originalAmount": 6368300,
      "rate": 2.98,
      "originationDate": "2012-04-18",
      "pmmsBenchmark": 3.91,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.98% is 0.93 pts below the 2012-04 market avg of 3.91%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "CITYVIEW CARE CENTER",
      "address": "",
      "city": "FT. WORTH",
      "state": "TX",
      "zip": "76132",
      "units": 186,
      "originalAmount": 6209200,
      "rate": 2.98,
      "originationDate": "2013-09-25",
      "pmmsBenchmark": 4.49,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.98% is 1.51 pts below the 2013-09 market avg of 4.49%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "EMERALD POINTE APTS",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "91405",
      "units": 112,
      "originalAmount": 6096800,
      "rate": 2.98,
      "originationDate": "2012-05-25",
      "pmmsBenchmark": 3.798,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.98% is 0.82 pts below the 2012-05 market avg of 3.798%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "BAY HILL APARTMENTS",
      "address": "",
      "city": "TRAVERSE CITY",
      "state": "MI",
      "zip": "49684",
      "units": 72,
      "originalAmount": 5200000,
      "rate": 2.98,
      "originationDate": "2017-02-28",
      "pmmsBenchmark": 4.168,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.98% is 1.19 pts below the 2017-02 market avg of 4.168%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "FRANCIS SCOTT KEY APTS",
      "address": "",
      "city": "FREDERICK",
      "state": "MD",
      "zip": "21701",
      "units": 46,
      "originalAmount": 5121200,
      "rate": 2.98,
      "originationDate": "2012-04-26",
      "pmmsBenchmark": 3.91,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.98% is 0.93 pts below the 2012-04 market avg of 3.91%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "SUNSET APARTMENTS & VILLAS",
      "address": "",
      "city": "QUINCY",
      "state": "IL",
      "zip": "62301",
      "units": 109,
      "originalAmount": 5040000,
      "rate": 2.98,
      "originationDate": "2021-06-10",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "DIXIE COURT I APARTMENTS",
      "address": "",
      "city": "FT. LAUDERDALE",
      "state": "FL",
      "zip": "33311",
      "units": 122,
      "originalAmount": 4946200,
      "rate": 2.98,
      "originationDate": "2022-05-26",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.98% is 2.25 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "MARSHVIEW PLACE APARTMENTS",
      "address": "",
      "city": "WEST ROXBURY",
      "state": "MA",
      "zip": "02132",
      "units": 16,
      "originalAmount": 4865300,
      "rate": 2.98,
      "originationDate": "2020-05-28",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "GOSNOLD GROVE",
      "address": "",
      "city": "FALMOUTH",
      "state": "MA",
      "zip": "02536",
      "units": 33,
      "originalAmount": 4480000,
      "rate": 2.98,
      "originationDate": "2022-04-19",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.98% is 2.00 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "ALTERCARE MAYFIELD VILLAGE",
      "address": "",
      "city": "MAYFIELD VILLAGE",
      "state": "OH",
      "zip": "44143",
      "units": 36,
      "originalAmount": 4191200,
      "rate": 2.98,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "MARKET PLACE-SALINE APARTMENTS",
      "address": "",
      "city": "SALINA",
      "state": "KS",
      "zip": "67401",
      "units": 77,
      "originalAmount": 4029100,
      "rate": 2.98,
      "originationDate": "2020-03-26",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ST JUSTIN PLAZA APARTMENTS",
      "address": "",
      "city": "PITTSBURGH",
      "state": "PA",
      "zip": "15201",
      "units": 98,
      "originalAmount": 4024500,
      "rate": 2.98,
      "originationDate": "2006-12-13",
      "pmmsBenchmark": 6.135,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.98% is 3.15 pts below the 2006-12 market avg of 6.135%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "DUNCAN-BAYVIEW NURSING & REHAB CENTER",
      "address": "",
      "city": "NEW BERN",
      "state": "NC",
      "zip": "28560",
      "units": 72,
      "originalAmount": 3917500,
      "rate": 2.98,
      "originationDate": "2015-05-28",
      "pmmsBenchmark": 3.84,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.98% is 0.86 pts below the 2015-05 market avg of 3.84%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "BLUE RIDGE IN GEORGETOWN",
      "address": "",
      "city": "GEORGETOWN",
      "state": "SC",
      "zip": "29440",
      "units": 84,
      "originalAmount": 3736000,
      "rate": 2.98,
      "originationDate": "2016-09-29",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "CALCASIEU BUILDING THE",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78205",
      "units": 64,
      "originalAmount": 3318400,
      "rate": 2.98,
      "originationDate": "2018-08-28",
      "pmmsBenchmark": 4.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.98% is 1.57 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "MALLARD POND PHASE III",
      "address": "",
      "city": "HOWELL",
      "state": "MI",
      "zip": "48855",
      "units": 48,
      "originalAmount": 3286300,
      "rate": 2.98,
      "originationDate": "2012-12-19",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKELEY POINT CAPITAL LLC"
    },
    {
      "property": "MEADOW BROOK REHABILITATION AND NURSING",
      "address": "",
      "city": "SALT LAKE CITY",
      "state": "UT",
      "zip": "84115",
      "units": 15,
      "originalAmount": 2738900,
      "rate": 2.98,
      "originationDate": "2021-11-12",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "RIVERSIDE PARK HOMES",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44135",
      "units": 90,
      "originalAmount": 2694800,
      "rate": 2.98,
      "originationDate": "2020-05-28",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PRINCE EDWARD GRAVES HOMES",
      "address": "",
      "city": "GREENSBORO",
      "state": "NC",
      "zip": "27405",
      "units": 100,
      "originalAmount": 2675400,
      "rate": 2.98,
      "originationDate": "2011-10-21",
      "pmmsBenchmark": 4.068,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.98% is 1.09 pts below the 2011-10 market avg of 4.068%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ROBERT J THOMAS TERRACE APARTMENTS",
      "address": "",
      "city": "WESTLAND",
      "state": "MI",
      "zip": "48186",
      "units": 60,
      "originalAmount": 2515600,
      "rate": 2.98,
      "originationDate": "2015-12-10",
      "pmmsBenchmark": 3.964,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.98% is 0.98 pts below the 2015-12 market avg of 3.964%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "EAST PHILLIPS COMMONS",
      "address": "",
      "city": "MINNEAPOLIS",
      "state": "MN",
      "zip": "55407",
      "units": 34,
      "originalAmount": 2500000,
      "rate": 2.98,
      "originationDate": "2003-10-08",
      "pmmsBenchmark": 5.952,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.98% is 2.97 pts below the 2003-10 market avg of 5.952%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "WILLIAMSBURG ON THE LAKE MISHAWAKA II",
      "address": "",
      "city": "MISHAWAKA",
      "state": "IN",
      "zip": "46545",
      "units": 150,
      "originalAmount": 2490000,
      "rate": 2.98,
      "originationDate": "2012-03-30",
      "pmmsBenchmark": 3.954,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.98% is 0.97 pts below the 2012-03 market avg of 3.954%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "NORTH STREET APARTMENTS",
      "address": "",
      "city": "GENEVA",
      "state": "NY",
      "zip": "14456",
      "units": 50,
      "originalAmount": 2445000,
      "rate": 2.98,
      "originationDate": "2006-12-14",
      "pmmsBenchmark": 6.135,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.98% is 3.15 pts below the 2006-12 market avg of 6.135%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SAMARITAN VILLAGE",
      "address": "",
      "city": "CORVALLIS",
      "state": "OR",
      "zip": "97330",
      "units": 83,
      "originalAmount": 2330200,
      "rate": 2.98,
      "originationDate": "2014-09-30",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.98% is 1.18 pts below the 2014-09 market avg of 4.162%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "MAYFIELD MEMORIAL APARTMENTS",
      "address": "",
      "city": "CHARLOTTE",
      "state": "NC",
      "zip": "28269",
      "units": 60,
      "originalAmount": 2228100,
      "rate": 2.98,
      "originationDate": "2010-07-23",
      "pmmsBenchmark": 4.564,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.98% is 1.58 pts below the 2010-07 market avg of 4.564%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "LINCOLN GREEN",
      "address": "",
      "city": "COLUMBUS",
      "state": "OH",
      "zip": "43228",
      "units": 66,
      "originalAmount": 2175000,
      "rate": 2.98,
      "originationDate": "2013-10-23",
      "pmmsBenchmark": 4.192,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.98% is 1.21 pts below the 2013-10 market avg of 4.192%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WINSLOW ARMS APARTMENTS",
      "address": "",
      "city": "BAINBRIDGE ISLAND",
      "state": "WA",
      "zip": "98110",
      "units": 60,
      "originalAmount": 1984900,
      "rate": 2.98,
      "originationDate": "2020-08-12",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "EDINBURGH MANOR",
      "address": "",
      "city": "MCPHERSON",
      "state": "KS",
      "zip": "67460",
      "units": 35,
      "originalAmount": 1980000,
      "rate": 2.98,
      "originationDate": "2020-03-24",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "EAST MAIN STREET APTS",
      "address": "",
      "city": "WATERLOO",
      "state": "NY",
      "zip": "13165",
      "units": 40,
      "originalAmount": 1952900,
      "rate": 2.98,
      "originationDate": "2006-09-20",
      "pmmsBenchmark": 6.402,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.98% is 3.42 pts below the 2006-09 market avg of 6.402%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SOUTH SOUND VILLA",
      "address": "",
      "city": "LACEY",
      "state": "WA",
      "zip": "98503",
      "units": 70,
      "originalAmount": 1416600,
      "rate": 2.98,
      "originationDate": "2020-06-25",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "WINDRIDGE APARTMENTS",
      "address": "",
      "city": "ROXBORO",
      "state": "NC",
      "zip": "27573",
      "units": 60,
      "originalAmount": 1344000,
      "rate": 2.98,
      "originationDate": "2016-11-21",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.98% is 0.79 pts below the 2016-11 market avg of 3.77%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "PABST FARMS",
      "address": "",
      "city": "OCONOMOWOC",
      "state": "WI",
      "zip": "53066",
      "units": 302,
      "originalAmount": 61877000,
      "rate": 2.99,
      "originationDate": "2021-02-18",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "DEER SPRINGS APARTMENTS",
      "address": "",
      "city": "LAS VEGAS",
      "state": "NV",
      "zip": "89149",
      "units": 334,
      "originalAmount": 60986300,
      "rate": 2.99,
      "originationDate": "2022-02-10",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 0.77 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "1050 VAN BUREN",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60607",
      "units": 196,
      "originalAmount": 58444800,
      "rate": 2.99,
      "originationDate": "2022-04-05",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 1.99 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ARBORS AT BALTIMORE CROSSROADS",
      "address": "",
      "city": "MIDDLE RIVER",
      "state": "MD",
      "zip": "21220",
      "units": 365,
      "originalAmount": 55760400,
      "rate": 2.99,
      "originationDate": "2020-02-26",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "RAINBOW TERRACE APARTMENTS",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44104",
      "units": 468,
      "originalAmount": 49999000,
      "rate": 2.99,
      "originationDate": "2022-06-24",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 2.53 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "HIGHLAND RIDGE APARTMENTS",
      "address": "",
      "city": "LOCKPORT",
      "state": "IL",
      "zip": "60441",
      "units": 242,
      "originalAmount": 49811100,
      "rate": 2.99,
      "originationDate": "2022-04-26",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 1.99 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "AVONDALE PHASE II APARTMENTS",
      "address": "",
      "city": "VIRGINIA BEACH",
      "state": "VA",
      "zip": "23464",
      "units": 190,
      "originalAmount": 44665300,
      "rate": 2.99,
      "originationDate": "2022-03-23",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 1.18 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "NORIA APARTMENTS-PHASE I",
      "address": "",
      "city": "CHANDLER",
      "state": "AZ",
      "zip": "85286",
      "units": 237,
      "originalAmount": 42601200,
      "rate": 2.99,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "COUNTRY GLEN APARTMENTS",
      "address": "",
      "city": "GROTON",
      "state": "CT",
      "zip": "06340",
      "units": 324,
      "originalAmount": 38000000,
      "rate": 2.99,
      "originationDate": "2022-05-11",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 2.24 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "THE KNOLL AT STONE VIEW (FORMERLY KNOWN AS RUCKERVILLE) APTS",
      "address": "",
      "city": "RUCKERSVILLE",
      "state": "VA",
      "zip": "22968",
      "units": 212,
      "originalAmount": 37548800,
      "rate": 2.99,
      "originationDate": "2020-08-27",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "MARLOWE PLACE (FKA YARDS AT ARROWOOD STATION)",
      "address": "",
      "city": "CHARLOTTE",
      "state": "NC",
      "zip": "28273",
      "units": 245,
      "originalAmount": 36069200,
      "rate": 2.99,
      "originationDate": "2020-07-29",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE SERVICING COMPANY LL"
    },
    {
      "property": "201 TWENTY ONE APARTMENTS",
      "address": "",
      "city": "NORFOLK",
      "state": "VA",
      "zip": "23517",
      "units": 225,
      "originalAmount": 35702300,
      "rate": 2.99,
      "originationDate": "2021-08-10",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "INDEPENDENCE PLACE WEST FAYETTEVILLE",
      "address": "",
      "city": "FAYETTEVILLE",
      "state": "NC",
      "zip": "28303",
      "units": 300,
      "originalAmount": 34968000,
      "rate": 2.99,
      "originationDate": "2022-04-29",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 1.99 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "CLOVERLEAF APARTMENTS",
      "address": "",
      "city": "NATICK",
      "state": "MA",
      "zip": "01760",
      "units": 183,
      "originalAmount": 33051900,
      "rate": 2.99,
      "originationDate": "2021-04-26",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HARBOR HEGHTS APARTMENTS",
      "address": "",
      "city": "MYSTIC",
      "state": "CT",
      "zip": "06355",
      "units": 121,
      "originalAmount": 32480000,
      "rate": 2.99,
      "originationDate": "2022-04-25",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 1.99 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "QUALITY CENTER FOR REHABILITATION AND HEALING",
      "address": "",
      "city": "LEBANON",
      "state": "TN",
      "zip": "37087",
      "units": 143,
      "originalAmount": 32093000,
      "rate": 2.99,
      "originationDate": "2022-05-10",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 2.24 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "FIRST AMERICAN CAPITAL GROUP C"
    },
    {
      "property": "THE WATERTOWN APARTMENTS",
      "address": "",
      "city": "WAUWATOSA",
      "state": "WI",
      "zip": "53226",
      "units": 147,
      "originalAmount": 24495100,
      "rate": 2.99,
      "originationDate": "2021-07-26",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "PARC AT OPELIKA",
      "address": "",
      "city": "OPELIKA",
      "state": "AL",
      "zip": "36801",
      "units": 168,
      "originalAmount": 23016800,
      "rate": 2.99,
      "originationDate": "2021-01-26",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE VIEWS AT MARION",
      "address": "",
      "city": "MARION",
      "state": "IA",
      "zip": "52302",
      "units": 104,
      "originalAmount": 22267500,
      "rate": 2.99,
      "originationDate": "2022-05-31",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 2.24 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "OAK PARK VILLAGE",
      "address": "",
      "city": "ST. LOUIS PARK",
      "state": "MN",
      "zip": "55426",
      "units": 100,
      "originalAmount": 20700000,
      "rate": 2.99,
      "originationDate": "2020-05-20",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "MAYSLAKE CENTER II",
      "address": "",
      "city": "OAK BROOK",
      "state": "IL",
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      "units": 249,
      "originalAmount": 19276300,
      "rate": 2.99,
      "originationDate": "2022-02-24",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 0.77 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "WATERFORD PLACE APARTMENTS",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46227",
      "units": 260,
      "originalAmount": 19000000,
      "rate": 2.99,
      "originationDate": "2020-03-31",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "THE INDIGO (fka 641 MORRISON SPRINGS)",
      "address": "",
      "city": "CHATTANOOGA",
      "state": "TN",
      "zip": "37415",
      "units": 126,
      "originalAmount": 18754100,
      "rate": 2.99,
      "originationDate": "2022-02-10",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 0.77 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "MANOR AT WILLOWDALE",
      "address": "",
      "city": "FREDERICK",
      "state": "MD",
      "zip": "21702",
      "units": 279,
      "originalAmount": 18500000,
      "rate": 2.99,
      "originationDate": "2015-06-24",
      "pmmsBenchmark": 3.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 0.99 pts below the 2015-06 market avg of 3.982%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "SOULARD MARKET APT",
      "address": "",
      "city": "ST LOUIS",
      "state": "MO",
      "zip": "63104",
      "units": 132,
      "originalAmount": 18424200,
      "rate": 2.99,
      "originationDate": "2010-11-30",
      "pmmsBenchmark": 4.3,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 1.31 pts below the 2010-11 market avg of 4.3%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "CEDAR BROAD APARTMENTS",
      "address": "",
      "city": "RICHMOND",
      "state": "VA",
      "zip": "23223",
      "units": 204,
      "originalAmount": 18403600,
      "rate": 2.99,
      "originationDate": "2016-08-31",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "VILLAGE COOPERATIVE OF PUYALLUP",
      "address": "",
      "city": "PUYALLUP",
      "state": "WA",
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      "units": 57,
      "originalAmount": 18248900,
      "rate": 2.99,
      "originationDate": "2021-04-20",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "PALISADES AT PARIS MOUNTAIN",
      "address": "",
      "city": "GREENVILLE",
      "state": "SC",
      "zip": "29609",
      "units": 232,
      "originalAmount": 17820500,
      "rate": 2.99,
      "originationDate": "2020-03-30",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE GRAND REHABILITATION AND NURSING AT GREAT NECK",
      "address": "",
      "city": "GREAT NECK",
      "state": "NY",
      "zip": "11021",
      "units": 348,
      "originalAmount": 17349000,
      "rate": 2.99,
      "originationDate": "2021-02-24",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "OHMAN FAMILY LIVING AT BRIAR",
      "address": "",
      "city": "MIDDLEFIELD",
      "state": "OH",
      "zip": "44062",
      "units": 141,
      "originalAmount": 17312200,
      "rate": 2.99,
      "originationDate": "2021-11-30",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "CENTENNIAL VILLAGE APTS",
      "address": "",
      "city": "CAMDEN",
      "state": "NJ",
      "zip": "08105",
      "units": 200,
      "originalAmount": 17281900,
      "rate": 2.99,
      "originationDate": "2020-05-20",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "NEW VISTA POST-ACUTE CARE CENTER WEST LA",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90025",
      "units": 116,
      "originalAmount": 16800000,
      "rate": 2.99,
      "originationDate": "2014-12-17",
      "pmmsBenchmark": 3.864,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 0.87 pts below the 2014-12 market avg of 3.864%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "CHAUTAUQUA NURSING & REHABILITATION CENTER",
      "address": "",
      "city": "DUNKIRK",
      "state": "NY",
      "zip": "14048",
      "units": 216,
      "originalAmount": 16500000,
      "rate": 2.99,
      "originationDate": "2017-11-08",
      "pmmsBenchmark": 3.922,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 0.93 pts below the 2017-11 market avg of 3.922%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "PALLADIUM PORT ARANSAS",
      "address": "",
      "city": "PORT ARANSAS",
      "state": "TX",
      "zip": "78373",
      "units": 183,
      "originalAmount": 16250000,
      "rate": 2.99,
      "originationDate": "2020-06-26",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "APERION CARE WILMINGTON",
      "address": "",
      "city": "WILMINGTON",
      "state": "IL",
      "zip": "60481",
      "units": 59,
      "originalAmount": 16240000,
      "rate": 2.99,
      "originationDate": "2021-10-13",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "SOUTHDOWN PAVILION APARTMENTS",
      "address": "",
      "city": "HOUMA",
      "state": "LA",
      "zip": "70360",
      "units": 200,
      "originalAmount": 15922100,
      "rate": 2.99,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "RIVERWATCH I",
      "address": "",
      "city": "ELKRIDGE",
      "state": "MD",
      "zip": "21075",
      "units": 84,
      "originalAmount": 14126200,
      "rate": 2.99,
      "originationDate": "2020-07-31",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "LAKEWOOD SENIOR HEALTH CAMPUS",
      "address": "",
      "city": "LAKEWOOD",
      "state": "OH",
      "zip": "44107",
      "units": 251,
      "originalAmount": 13040000,
      "rate": 2.99,
      "originationDate": "2012-05-31",
      "pmmsBenchmark": 3.798,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 0.81 pts below the 2012-05 market avg of 3.798%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HARNESS FACTORY LOFTS",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46204",
      "units": 99,
      "originalAmount": 12966000,
      "rate": 2.99,
      "originationDate": "2012-05-30",
      "pmmsBenchmark": 3.798,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 0.81 pts below the 2012-05 market avg of 3.798%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "LARGO CENTER APARTMENTS",
      "address": "",
      "city": "UPPER MARLBORO",
      "state": "MD",
      "zip": "20774",
      "units": 100,
      "originalAmount": 12654500,
      "rate": 2.99,
      "originationDate": "2015-03-30",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 0.78 pts below the 2015-03 market avg of 3.77%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "MONTCLARE SENIOR RESIDENCES SLF OF LANWDALE",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60623",
      "units": 120,
      "originalAmount": 12300000,
      "rate": 2.99,
      "originationDate": "2016-01-13",
      "pmmsBenchmark": 3.873,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 0.88 pts below the 2016-01 market avg of 3.873%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "GREYSTONE AT MAPLE RIDGE",
      "address": "",
      "city": "COLUMBUS",
      "state": "GA",
      "zip": "31909",
      "units": 130,
      "originalAmount": 11440000,
      "rate": 2.99,
      "originationDate": "2016-07-29",
      "pmmsBenchmark": 3.44,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "RAMBLING OAKS COURTYARD",
      "address": "",
      "city": "HIGHLAND VILLAGE",
      "state": "TX",
      "zip": "75077",
      "units": 139,
      "originalAmount": 10872000,
      "rate": 2.99,
      "originationDate": "2012-12-05",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "NEW VISTA NURSING & REHABILITATION CENTER",
      "address": "",
      "city": "SUNLAND",
      "state": "CA",
      "zip": "91040",
      "units": 121,
      "originalAmount": 10800000,
      "rate": 2.99,
      "originationDate": "2014-08-21",
      "pmmsBenchmark": 4.115,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 1.13 pts below the 2014-08 market avg of 4.115%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "LA PRO II APARTMENTS",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90006",
      "units": 123,
      "originalAmount": 10710000,
      "rate": 2.99,
      "originationDate": "2016-09-20",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "BERKELEY POINT CAPITAL LLC"
    },
    {
      "property": "CROSSINGS AT AVERY GREEN PHASE I",
      "address": "",
      "city": "DUBLIN",
      "state": "OH",
      "zip": "43016",
      "units": 163,
      "originalAmount": 10475700,
      "rate": 2.99,
      "originationDate": "2021-06-21",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "APACHE MANOR",
      "address": "",
      "city": "TULSA",
      "state": "OK",
      "zip": "74115",
      "units": 160,
      "originalAmount": 10330800,
      "rate": 2.99,
      "originationDate": "2020-07-31",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "SOUTHGATE APARTMENTS",
      "address": "",
      "city": "BELLEVUE",
      "state": "NE",
      "zip": "68005",
      "units": 200,
      "originalAmount": 10312900,
      "rate": 2.99,
      "originationDate": "2012-12-21",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "SANDY PARK",
      "address": "",
      "city": "TULSA",
      "state": "OK",
      "zip": "74127",
      "units": 160,
      "originalAmount": 10285400,
      "rate": 2.99,
      "originationDate": "2020-07-31",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "PRESERVE TOWNHOMES",
      "address": "",
      "city": "SPRING LAKE",
      "state": "MI",
      "zip": "49456",
      "units": 42,
      "originalAmount": 10080000,
      "rate": 2.99,
      "originationDate": "2022-04-27",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 1.99 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "TIMBER RIDGE AT EUREKA",
      "address": "",
      "city": "EUREKA",
      "state": "CA",
      "zip": "95503",
      "units": 69,
      "originalAmount": 9922500,
      "rate": 2.99,
      "originationDate": "2022-02-28",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 0.77 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "WOODSIDE TERRACE APTS",
      "address": "",
      "city": "CANTON",
      "state": "OH",
      "zip": "44709",
      "units": 239,
      "originalAmount": 9873700,
      "rate": 2.99,
      "originationDate": "2016-11-29",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 0.78 pts below the 2016-11 market avg of 3.77%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "REVERA - ROCHESTER MANOR",
      "address": "",
      "city": "ROCHESTER",
      "state": "NH",
      "zip": "03867",
      "units": 104,
      "originalAmount": 9792000,
      "rate": 2.99,
      "originationDate": "2016-12-09",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 1.21 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SOUTHVIEW SENIOR LIVING",
      "address": "",
      "city": "WEST ST. PAUL",
      "state": "MN",
      "zip": "55118",
      "units": 91,
      "originalAmount": 8910000,
      "rate": 2.99,
      "originationDate": "2014-03-19",
      "pmmsBenchmark": 4.343,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 1.35 pts below the 2014-03 market avg of 4.343%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "HERITAGE WOODS OF BENTON",
      "address": "",
      "city": "BENTON",
      "state": "IL",
      "zip": "62718",
      "units": 256,
      "originalAmount": 8743100,
      "rate": 2.99,
      "originationDate": "2019-04-11",
      "pmmsBenchmark": 4.143,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 1.15 pts below the 2019-04 market avg of 4.143%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "WEST HOUSTON REHABILITATION AND HEALTHCARE CENTER",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77083",
      "units": 246,
      "originalAmount": 8383500,
      "rate": 2.99,
      "originationDate": "2020-04-30",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "KILDAHL PARK COOPERATIVE",
      "address": "",
      "city": "NORTHFIELD",
      "state": "MN",
      "zip": "55057",
      "units": 51,
      "originalAmount": 7308000,
      "rate": 2.99,
      "originationDate": "2013-01-30",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "Huntington Retirement",
      "address": "",
      "city": "Torrance",
      "state": "CA",
      "zip": "90503",
      "units": 203,
      "originalAmount": 7130000,
      "rate": 2.99,
      "originationDate": "2017-05-26",
      "pmmsBenchmark": 4.01,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 1.02 pts below the 2017-05 market avg of 4.01%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "GOLDEN AGE OF WELSH",
      "address": "",
      "city": "WELSH",
      "state": "LA",
      "zip": "70591",
      "units": 68,
      "originalAmount": 6970000,
      "rate": 2.99,
      "originationDate": "2021-12-30",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "10/APERION CARE BURBANK",
      "address": "",
      "city": "BURBANK",
      "state": "IL",
      "zip": "60459",
      "units": 24,
      "originalAmount": 6880000,
      "rate": 2.99,
      "originationDate": "2021-10-13",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CASA DORADA APARTMENTS",
      "address": "",
      "city": "DENVER",
      "state": "CO",
      "zip": "80204",
      "units": 72,
      "originalAmount": 6504500,
      "rate": 2.99,
      "originationDate": "2022-04-27",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 1.99 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "COUNTRY CROSSING APARTMENTS",
      "address": "",
      "city": "CLINTON",
      "state": "UT",
      "zip": "84015",
      "units": 60,
      "originalAmount": 5744000,
      "rate": 2.99,
      "originationDate": "2020-05-28",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "HERITAGE VILLA NURSING CENTER",
      "address": "",
      "city": "BARTLESVILLE",
      "state": "OK",
      "zip": "74006",
      "units": 89,
      "originalAmount": 5328000,
      "rate": 2.99,
      "originationDate": "2016-08-31",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "GARFIELD LOFTS",
      "address": "",
      "city": "DETROIT",
      "state": "MI",
      "zip": "48201",
      "units": 56,
      "originalAmount": 5195600,
      "rate": 2.99,
      "originationDate": "2021-02-17",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "THE TRADITIONS OF SHERMAN",
      "address": "",
      "city": "SHERMAN",
      "state": "TX",
      "zip": "75092",
      "units": 103,
      "originalAmount": 4645000,
      "rate": 2.99,
      "originationDate": "2019-02-14",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 1.38 pts below the 2019-02 market avg of 4.37%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "BRENTWOOD APTS",
      "address": "",
      "city": "CONWAY",
      "state": "AR",
      "zip": "72032",
      "units": 79,
      "originalAmount": 4440000,
      "rate": 2.99,
      "originationDate": "2014-01-10",
      "pmmsBenchmark": 4.432,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 1.44 pts below the 2014-01 market avg of 4.432%"
      ],
      "holder": "LOVE FUNDING CORPORATION"
    },
    {
      "property": "HAMILTON CREEK APARTMENTS",
      "address": "",
      "city": "NASHVILLE",
      "state": "TN",
      "zip": "37013",
      "units": 116,
      "originalAmount": 4274400,
      "rate": 2.99,
      "originationDate": "2012-10-30",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "RIDGEVIEW PLACE",
      "address": "",
      "city": "SAUK RAPIDS",
      "state": "MN",
      "zip": "56379",
      "units": 57,
      "originalAmount": 4190800,
      "rate": 2.99,
      "originationDate": "2013-06-07",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 1.08 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ALLEN OAKS NURSING AND REHAB CENTER",
      "address": "",
      "city": "OAKDALE",
      "state": "LA",
      "zip": "71463",
      "units": 91,
      "originalAmount": 4000000,
      "rate": 2.99,
      "originationDate": "2020-03-30",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "APERION CARE BRIDGEPORT",
      "address": "",
      "city": "BRIDGEPORT",
      "state": "IL",
      "zip": "62417",
      "units": null,
      "originalAmount": 3884100,
      "rate": 2.99,
      "originationDate": "2021-10-13",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "ROCK HILL HEALTH CARE",
      "address": "",
      "city": "ROCK HILL",
      "state": "SC",
      "zip": "29732",
      "units": 132,
      "originalAmount": 3679700,
      "rate": 2.99,
      "originationDate": "2013-06-20",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 1.08 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "APERION CARE LITCHFIELD",
      "address": "",
      "city": "LITCHFIELD",
      "state": "IL",
      "zip": "62056",
      "units": 33,
      "originalAmount": 3550400,
      "rate": 2.99,
      "originationDate": "2021-10-13",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "BLYTHE POST ACUTE",
      "address": "",
      "city": "BLYTHE",
      "state": "CA",
      "zip": "92225",
      "units": 48,
      "originalAmount": 3372900,
      "rate": 2.99,
      "originationDate": "2017-02-24",
      "pmmsBenchmark": 4.168,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 1.18 pts below the 2017-02 market avg of 4.168%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "EMPIRE BUILDING",
      "address": "",
      "city": "COLUMBUS",
      "state": "GA",
      "zip": "31901",
      "units": 31,
      "originalAmount": 3177700,
      "rate": 2.99,
      "originationDate": "2014-12-23",
      "pmmsBenchmark": 3.864,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 0.87 pts below the 2014-12 market avg of 3.864%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "DILLON HEALTHCARE",
      "address": "",
      "city": "DILLON",
      "state": "SC",
      "zip": "29536",
      "units": 84,
      "originalAmount": 2282800,
      "rate": 2.99,
      "originationDate": "2013-06-20",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 1.08 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ADAMSKI VILLAGE APARTMENTS",
      "address": "",
      "city": "BUFFALO",
      "state": "NY",
      "zip": "14206",
      "units": 50,
      "originalAmount": 2108600,
      "rate": 2.99,
      "originationDate": "2014-10-30",
      "pmmsBenchmark": 4.036,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 1.05 pts below the 2014-10 market avg of 4.036%"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "ST. LOUIS VILLAGE",
      "address": "",
      "city": "ST. LOUIS",
      "state": "MO",
      "zip": "63136",
      "units": 24,
      "originalAmount": 1749200,
      "rate": 2.99,
      "originationDate": "2008-06-06",
      "pmmsBenchmark": 6.32,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 3.33 pts below the 2008-06 market avg of 6.32%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "HERSHEY TOWERS B (AKA PANA TOWERS)",
      "address": "",
      "city": "PANA",
      "state": "IL",
      "zip": "62557",
      "units": 72,
      "originalAmount": 1537000,
      "rate": 2.99,
      "originationDate": "2013-12-20",
      "pmmsBenchmark": 4.457,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 2.99% is 1.47 pts below the 2013-12 market avg of 4.457%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "NOBLE SENIOR CITIZENS VILLAGE",
      "address": "",
      "city": "NOBLE",
      "state": "OK",
      "zip": "73068",
      "units": 26,
      "originalAmount": 855000,
      "rate": 2.99,
      "originationDate": "2012-11-08",
      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "AXIS AT LAKESHORE APARTMENTS",
      "address": "",
      "city": "BRIDGEWATER",
      "state": "MA",
      "zip": "02324",
      "units": 289,
      "originalAmount": 66199200,
      "rate": 3,
      "originationDate": "2020-07-16",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "UNI TOWER",
      "address": "",
      "city": "MIAMI",
      "state": "FL",
      "zip": "33132",
      "units": 252,
      "originalAmount": 61046600,
      "rate": 3,
      "originationDate": "2022-04-29",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 1.98 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "THE RESIDENCES AT SUGAR ALLEY",
      "address": "",
      "city": "SALT LAKE CITY",
      "state": "UT",
      "zip": "84106",
      "units": 193,
      "originalAmount": 60278800,
      "rate": 3,
      "originationDate": "2020-10-07",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "LINDEN CENTER FOR NURSING & REHABILITATION",
      "address": "",
      "city": "BROOKLYN",
      "state": "NY",
      "zip": "11207",
      "units": 280,
      "originalAmount": 40431400,
      "rate": 3,
      "originationDate": "2017-03-07",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 1.20 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "CANAAN PARISH",
      "address": "",
      "city": "NEW CANAAN",
      "state": "CT",
      "zip": "06840",
      "units": 100,
      "originalAmount": 34335200,
      "rate": 3,
      "originationDate": "2020-08-27",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE LOFTS AT 6C APARTMENTS",
      "address": "",
      "city": "BATON ROUGE",
      "state": "LA",
      "zip": "70602",
      "units": 142,
      "originalAmount": 30377100,
      "rate": 3,
      "originationDate": "2016-09-27",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "PALLADIUM GLENN HEIGHTS",
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      "pmmsBenchmark": 3.95,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
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        "Rate 3% is 0.95 pts below the 2017-12 market avg of 3.95%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "NEW HOPE PROPERTIES",
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      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "ENCLAVE AT BOX HILL PHASE II",
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      "city": "ABINGDON",
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      "originalAmount": 26660100,
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      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "THE BOULEVARD",
      "address": "",
      "city": "CORINTH",
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      "units": 193,
      "originalAmount": 24234000,
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      "pmmsBenchmark": 3.805,
      "belowMarket": true,
      "historicLowEra": false,
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      "redReasons": [
        "Rate 3% is 0.81 pts below the 2017-09 market avg of 3.805%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "VILLAGE COOPERATIVE OF SOUTH SOUND",
      "address": "",
      "city": "OLYMPIA",
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      "originalAmount": 22696200,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "HIGHGATE SENIOR LIVING",
      "address": "",
      "city": "BOZEMAN",
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      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "LONDON TOWNHOMES",
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      "units": 200,
      "originalAmount": 21894000,
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      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "DELMAR DIVINE APARTMENTS",
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      "city": "ST. LOUIS",
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      "zip": "63112",
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      "originalAmount": 21683200,
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      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "AMERICAN COOPERATIVE OF ANOKA",
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      "city": "ANOKA",
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      "originalAmount": 21663100,
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      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "REGENCY-WINDSOR NURSING & REHAB CENTER OF DUVAL",
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      "city": "AUSTIN",
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      "units": 206,
      "originalAmount": 19248000,
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      "pmmsBenchmark": 3.805,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 0.81 pts below the 2017-09 market avg of 3.805%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "COULEE MEDICAL CENTER",
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      "city": "GRAND COULEE",
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      "originalAmount": 18864200,
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      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ZIEGLER FINANCING CORP"
    },
    {
      "property": "CAPITAL VIEW APARTMENTS",
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      "belowMarket": true,
      "historicLowEra": false,
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        "Rate 3% is 1.98 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SPRING RIVER II APARTMENTS",
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      "city": "ROSWELL",
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      "units": 112,
      "originalAmount": 17070800,
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      "pmmsBenchmark": 3.083,
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      "historicLowEra": true,
      "red": true,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PIER 39 APARTMENTS",
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      "city": "INDIANAPOLIS",
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      "units": 202,
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      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "CYPRESS COVE APARTMENTS",
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      "city": "WILMINGTON",
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      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "Cambridge Square & Park Manor Townhome",
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      "city": "Dekalb",
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      "originalAmount": 16240000,
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      "originationDate": "2017-05-18",
      "pmmsBenchmark": 4.01,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 1.01 pts below the 2017-05 market avg of 4.01%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "RENEW AT NEIL LAKE",
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      "city": "EDEN PRAIRIE",
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      "originalAmount": 15209600,
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      "belowMarket": true,
      "historicLowEra": false,
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        "Rate 3% is 1.98 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE PINES AT BARNES CROSSING",
      "address": "",
      "city": "TUPELO",
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      "originalAmount": 13936500,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "REGENCY-KINGSVILLE NURSING & REHAB CENTER",
      "address": "",
      "city": "KINGSVILLE",
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      "units": 120,
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      "pmmsBenchmark": 3.805,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 0.81 pts below the 2017-09 market avg of 3.805%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "Hamilton Station",
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      "city": "Frederick",
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      "units": 80,
      "originalAmount": 13300000,
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      "originationDate": "2021-06-24",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DEPARTMENT HOUSING COMM DEV"
    },
    {
      "property": "ALMA VIA OF CAMARILLO",
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      "city": "CAMARILLO",
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      "originalAmount": 12416000,
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      "pmmsBenchmark": 3.798,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 0.80 pts below the 2012-05 market avg of 3.798%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "BEAUMONT WHITNEY PLACE",
      "address": "",
      "city": "WESTBOROUGH",
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      "zip": "01581",
      "units": 212,
      "originalAmount": 12287800,
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      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 1.07 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "REGENCY-CORPUS CHRISTI NURSING & REHAB CENTER",
      "address": "",
      "city": "CORPUS CHRISTI",
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      "zip": "78414",
      "units": 120,
      "originalAmount": 12128000,
      "rate": 3,
      "originationDate": "2017-09-27",
      "pmmsBenchmark": 3.805,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 0.81 pts below the 2017-09 market avg of 3.805%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "PROVIDENCE AT CASCADE APARTMENTS",
      "address": "",
      "city": "ATLANTA",
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      "zip": "30331",
      "units": 240,
      "originalAmount": 11900000,
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      "originationDate": "2012-12-26",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CAPSTONE AT KINSEY COVE",
      "address": "",
      "city": "DOTHAN",
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      "zip": "36303",
      "units": 212,
      "originalAmount": 11561900,
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      "originationDate": "2020-12-22",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "REGENCY-ELGIN NURSING & REHAB.CENTER",
      "address": "",
      "city": "ELGIN",
      "state": "TX",
      "zip": "78621",
      "units": 120,
      "originalAmount": 10946400,
      "rate": 3,
      "originationDate": "2017-09-27",
      "pmmsBenchmark": 3.805,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 0.81 pts below the 2017-09 market avg of 3.805%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "HEIGHTS ON CONGRESS  THE",
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      "city": "AUSTIN",
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      "zip": "78704",
      "units": 172,
      "originalAmount": 10600000,
      "rate": 3,
      "originationDate": "2017-11-16",
      "pmmsBenchmark": 3.922,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 0.92 pts below the 2017-11 market avg of 3.922%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MAGNOLIA PLACE OF GREENVILLE",
      "address": "",
      "city": "GREENVILLE",
      "state": "SC",
      "zip": "29607",
      "units": 120,
      "originalAmount": 9359800,
      "rate": 3,
      "originationDate": "2012-02-29",
      "pmmsBenchmark": 3.89,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 0.89 pts below the 2012-02 market avg of 3.89%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "SHAKER PARK GARDENS",
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      "city": "WARRENSVILLE HEIGHTS",
      "state": "OH",
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      "units": 151,
      "originalAmount": 8000000,
      "rate": 3,
      "originationDate": "2019-05-29",
      "pmmsBenchmark": 4.072,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 1.07 pts below the 2019-05 market avg of 4.072%"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "THE CASCADES AT RIVERWALK",
      "address": "",
      "city": "MIDVALE",
      "state": "UT",
      "zip": "84047",
      "units": 81,
      "originalAmount": 7764600,
      "rate": 3,
      "originationDate": "2021-12-20",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "LAMAR COURT ASSISTED LIVING COMMUNITY",
      "address": "",
      "city": "OVERLAND PARK",
      "state": "KS",
      "zip": "66209",
      "units": 86,
      "originalAmount": 7710000,
      "rate": 3,
      "originationDate": "2015-03-25",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 0.77 pts below the 2015-03 market avg of 3.77%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "HUNTERS EDGE",
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      "city": "FINDLAY",
      "state": "OH",
      "zip": "45840",
      "units": 76,
      "originalAmount": 7680000,
      "rate": 3,
      "originationDate": "2016-12-15",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 1.20 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CAPITOL GATEWAY SENIOR",
      "address": "",
      "city": "WASHINGTON",
      "state": "DC",
      "zip": "20019",
      "units": 151,
      "originalAmount": 7420000,
      "rate": 3,
      "originationDate": "2016-11-29",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 0.77 pts below the 2016-11 market avg of 3.77%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "IVY PARK APARTMENTS PHASE II",
      "address": "",
      "city": "BATON ROUGE",
      "state": "LA",
      "zip": "70817",
      "units": 60,
      "originalAmount": 7151100,
      "rate": 3,
      "originationDate": "2015-09-29",
      "pmmsBenchmark": 3.89,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 0.89 pts below the 2015-09 market avg of 3.89%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "THE RETREAT AT DRY CREEK FARMS PHASE. II",
      "address": "",
      "city": "GOODLETTSVILLE",
      "state": "TN",
      "zip": "37072",
      "units": 92,
      "originalAmount": 7100000,
      "rate": 3,
      "originationDate": "2012-09-11",
      "pmmsBenchmark": 3.498,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "PARC MOUNTAIN APTS",
      "address": "",
      "city": "SAN BERNARDINO",
      "state": "CA",
      "zip": "92410",
      "units": 140,
      "originalAmount": 6987300,
      "rate": 3,
      "originationDate": "2017-11-30",
      "pmmsBenchmark": 3.922,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 0.92 pts below the 2017-11 market avg of 3.922%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "BRIGHTLY SENIOR LIVING",
      "address": "",
      "city": "MASCOUTAH",
      "state": "IL",
      "zip": "62258",
      "units": 57,
      "originalAmount": 6962900,
      "rate": 3,
      "originationDate": "2022-06-29",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 2.52 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "DALLAS STEMMONS APARTMENTS",
      "address": "",
      "city": "DALLAS",
      "state": "TX",
      "zip": "75229",
      "units": 87,
      "originalAmount": 6722600,
      "rate": 3,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "Delmar Nursing and Rehabilitation",
      "address": "",
      "city": "Delmar",
      "state": "DE",
      "zip": "19940",
      "units": 49,
      "originalAmount": 6616000,
      "rate": 3,
      "originationDate": "2021-03-26",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "THE MAJESTIC APTS",
      "address": "",
      "city": "HAYWARD",
      "state": "CA",
      "zip": "94542",
      "units": 81,
      "originalAmount": 6257300,
      "rate": 3,
      "originationDate": "2013-06-25",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 1.07 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "Rolla Apartments",
      "address": "",
      "city": "Rolla",
      "state": "MO",
      "zip": "65401",
      "units": 150,
      "originalAmount": 5188300,
      "rate": 3,
      "originationDate": "2017-04-17",
      "pmmsBenchmark": 4.045,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 1.04 pts below the 2017-04 market avg of 4.045%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "LEVI TOWERS",
      "address": "",
      "city": "HOT SPRINGS",
      "state": "AR",
      "zip": "71901",
      "units": 102,
      "originalAmount": 5000000,
      "rate": 3,
      "originationDate": "2012-04-26",
      "pmmsBenchmark": 3.91,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 0.91 pts below the 2012-04 market avg of 3.91%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "REDWOOD ELYRIA (HIDDEN ACRES) PHASE 1",
      "address": "",
      "city": "ELYRIA",
      "state": "OH",
      "zip": "44035",
      "units": 73,
      "originalAmount": 4536400,
      "rate": 3,
      "originationDate": "2021-07-22",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MEADOWS COURTYARD",
      "address": "",
      "city": "OREGON CITY",
      "state": "OR",
      "zip": "97045",
      "units": 155,
      "originalAmount": 3877100,
      "rate": 3,
      "originationDate": "2020-11-30",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CHEVYBROOK ESTATES",
      "address": "",
      "city": "PARMA",
      "state": "OH",
      "zip": "44130",
      "units": 60,
      "originalAmount": 3700000,
      "rate": 3,
      "originationDate": "2021-06-30",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "MEL-MAR-GO APARTMENTS",
      "address": "",
      "city": "LIVE OAK",
      "state": "FL",
      "zip": "32064",
      "units": 70,
      "originalAmount": 3347300,
      "rate": 3,
      "originationDate": "2020-07-30",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "R.H.FLOYD MEMORIAL APARTMENTS",
      "address": "",
      "city": "SUMMERVILLE",
      "state": "GA",
      "zip": "30747",
      "units": 220,
      "originalAmount": 3261000,
      "rate": 3,
      "originationDate": "2016-09-30",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "INDIANA TOWNHOMES",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46202",
      "units": 44,
      "originalAmount": 3152000,
      "rate": 3,
      "originationDate": "2020-02-28",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "FLORENCE VIRTUE HOMES",
      "address": "",
      "city": "NEW HAVEN",
      "state": "CT",
      "zip": "06511",
      "units": 129,
      "originalAmount": 2877964,
      "rate": 3,
      "originationDate": "2003-09-30",
      "pmmsBenchmark": 6.147,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 3.15 pts below the 2003-09 market avg of 6.147%"
      ],
      "holder": "CONNECTICUT HOUSING FINANCE AU"
    },
    {
      "property": "ABBOTT COVE PHASE IV",
      "address": "",
      "city": "COLUMBUS",
      "state": "OH",
      "zip": "43215",
      "units": 64,
      "originalAmount": 2600000,
      "rate": 3,
      "originationDate": "2000-03-09",
      "pmmsBenchmark": 8.24,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 5.24 pts below the 2000-03 market avg of 8.24%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "SACRED HEART MANOR",
      "address": "",
      "city": "LORAIN",
      "state": "OH",
      "zip": "44055",
      "units": 51,
      "originalAmount": 2173700,
      "rate": 3,
      "originationDate": "2007-05-24",
      "pmmsBenchmark": 6.262,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 3.26 pts below the 2007-05 market avg of 6.262%"
      ],
      "holder": "ROSE COMMUNITY CAPITAL, LLC"
    },
    {
      "property": "MONROE APARTMENTS",
      "address": "",
      "city": "GREEN RIVER",
      "state": "WY",
      "zip": "82935",
      "units": 42,
      "originalAmount": 2112000,
      "rate": 3,
      "originationDate": "2011-07-19",
      "pmmsBenchmark": 4.545,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 1.54 pts below the 2011-07 market avg of 4.545%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "PARK TOWER",
      "address": "",
      "city": "CLINTON",
      "state": "IA",
      "zip": "52732",
      "units": 71,
      "originalAmount": 2000200,
      "rate": 3,
      "originationDate": "2006-11-20",
      "pmmsBenchmark": 6.24,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 3.24 pts below the 2006-11 market avg of 6.24%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "GEORGE MASON SQUARE APARTMENTS",
      "address": "",
      "city": "RICHMOND",
      "state": "VA",
      "zip": "23223",
      "units": 26,
      "originalAmount": 1980000,
      "rate": 3,
      "originationDate": "2022-05-13",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 2.23 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "EASTEND HOUSING DEVELOPM",
      "address": "",
      "city": "LEXINGTON",
      "state": "KY",
      "zip": "40508",
      "units": 52,
      "originalAmount": 1815700,
      "rate": 3,
      "originationDate": "1989-12-20",
      "pmmsBenchmark": 9.744,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 6.74 pts below the 1989-12 market avg of 9.744%"
      ],
      "holder": "KENTUCKY HOUSING CORPORATION"
    },
    {
      "property": "WESTWOODS",
      "address": "",
      "city": "FARMINGTON",
      "state": "CT",
      "zip": "06032",
      "units": 34,
      "originalAmount": 1750954,
      "rate": 3,
      "originationDate": "2001-09-28",
      "pmmsBenchmark": 6.817,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 3.82 pts below the 2001-09 market avg of 6.817%"
      ],
      "holder": "CONNECTICUT HOUSING FINANCE AU"
    },
    {
      "property": "LUTHER COMMUNITY",
      "address": "",
      "city": "BELLEFONTAINE",
      "state": "OH",
      "zip": "43311",
      "units": 35,
      "originalAmount": 1645300,
      "rate": 3,
      "originationDate": "2013-07-03",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 1.37 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SIERRA RIDGE APTS",
      "address": "",
      "city": "CARSON CITY",
      "state": "NV",
      "zip": "89706",
      "units": 42,
      "originalAmount": 1545000,
      "rate": 3,
      "originationDate": "2013-07-30",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 1.37 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "WESTVIEW MANOR",
      "address": "",
      "city": "HUNTINGTON",
      "state": "WV",
      "zip": "25701",
      "units": 101,
      "originalAmount": 1515000,
      "rate": 3,
      "originationDate": "2005-06-23",
      "pmmsBenchmark": 5.582,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 2.58 pts below the 2005-06 market avg of 5.582%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "LYONS MANOR",
      "address": "",
      "city": "CLINTON",
      "state": "IA",
      "zip": "52732",
      "units": 50,
      "originalAmount": 1514700,
      "rate": 3,
      "originationDate": "2006-11-20",
      "pmmsBenchmark": 6.24,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 3.24 pts below the 2006-11 market avg of 6.24%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "GREAT FALLS ASSISTED LIVING",
      "address": "",
      "city": "HERNDON",
      "state": "VA",
      "zip": "20170",
      "units": 62,
      "originalAmount": 1442400,
      "rate": 3,
      "originationDate": "2021-11-15",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "PICKERINGTON RUN",
      "address": "",
      "city": "PICKERINGTON",
      "state": "OH",
      "zip": "43147",
      "units": 20,
      "originalAmount": 1403800,
      "rate": 3,
      "originationDate": "2005-06-01",
      "pmmsBenchmark": 5.582,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 2.58 pts below the 2005-06 market avg of 5.582%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "GEORGIAN ARMS APTS",
      "address": "",
      "city": "ROME",
      "state": "NY",
      "zip": "13440",
      "units": 81,
      "originalAmount": 1297800,
      "rate": 3,
      "originationDate": "2012-12-19",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "HOMESTEAD VILLAGE",
      "address": "",
      "city": "BEATRICE",
      "state": "NE",
      "zip": "68310",
      "units": 62,
      "originalAmount": 1203000,
      "rate": 3,
      "originationDate": "2013-01-29",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ST. MARK COMMUNITY",
      "address": "",
      "city": "DAYTON",
      "state": "OH",
      "zip": "45410",
      "units": 20,
      "originalAmount": 1192100,
      "rate": 3,
      "originationDate": "2013-06-28",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 1.07 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WALTON PARK MANOR NORTH",
      "address": "",
      "city": "PONTIAC",
      "state": "MI",
      "zip": "48340",
      "units": 38,
      "originalAmount": 1146400,
      "rate": 3,
      "originationDate": "2013-08-22",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 1.46 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "VIRGINIA PLACE",
      "address": "",
      "city": "LEXINGTON",
      "state": "KY",
      "zip": "40502",
      "units": 56,
      "originalAmount": 985200,
      "rate": 3,
      "originationDate": "1994-05-17",
      "pmmsBenchmark": 8.598,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3% is 5.60 pts below the 1994-05 market avg of 8.598%"
      ],
      "holder": "KENTUCKY HOUSING CORPORATION"
    },
    {
      "property": "GIBSONVILLE VILLAGE APTS",
      "address": "",
      "city": "GIBSONVILLE",
      "state": "NC",
      "zip": "27249",
      "units": 20,
      "originalAmount": 434000,
      "rate": 3,
      "originationDate": "2012-10-31",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE RESERVE AT GLENBURNIE APTS",
      "address": "",
      "city": "NEW BERN",
      "state": "NC",
      "zip": "28562",
      "units": 312,
      "originalAmount": 24000000,
      "rate": 3.01,
      "originationDate": "2018-01-30",
      "pmmsBenchmark": 4.033,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.01% is 1.02 pts below the 2018-01 market avg of 4.033%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "THORNBERRY PARK APTS PHASE I & II",
      "address": "",
      "city": "WILSON",
      "state": "NC",
      "zip": "27896",
      "units": 264,
      "originalAmount": 21280000,
      "rate": 3.01,
      "originationDate": "2018-04-26",
      "pmmsBenchmark": 4.467,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.01% is 1.46 pts below the 2018-04 market avg of 4.467%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "THE LEGACY AT BERKELY PLACE",
      "address": "",
      "city": "GOLDSBORO",
      "state": "NC",
      "zip": "27534",
      "units": 264,
      "originalAmount": 21040000,
      "rate": 3.01,
      "originationDate": "2018-04-26",
      "pmmsBenchmark": 4.467,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.01% is 1.46 pts below the 2018-04 market avg of 4.467%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "SALISBURY VILLAGE APTS",
      "address": "",
      "city": "SALISBURY",
      "state": "NC",
      "zip": "28147",
      "units": 192,
      "originalAmount": 15680000,
      "rate": 3.01,
      "originationDate": "2018-04-26",
      "pmmsBenchmark": 4.467,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.01% is 1.46 pts below the 2018-04 market avg of 4.467%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "Pebblebend Apartments",
      "address": "",
      "city": "Odessa",
      "state": "TX",
      "zip": "79762",
      "units": 224,
      "originalAmount": 14536400,
      "rate": 3.01,
      "originationDate": "2017-06-30",
      "pmmsBenchmark": 3.904,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.01% is 0.89 pts below the 2017-06 market avg of 3.904%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "COVINGTON SKILLED NURSING AND REHABILITATION",
      "address": "",
      "city": "EAST PALESTINE",
      "state": "OH",
      "zip": "44413",
      "units": 65,
      "originalAmount": 10008500,
      "rate": 3.01,
      "originationDate": "2020-03-20",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ASTORIA SKILLED NURSING AND REHABILITATION",
      "address": "",
      "city": "CANTON",
      "state": "OH",
      "zip": "44708",
      "units": 150,
      "originalAmount": 8527900,
      "rate": 3.01,
      "originationDate": "2020-03-20",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SOUTH SHIPROCK HOMES",
      "address": "",
      "city": "SHIPROCK",
      "state": "NM",
      "zip": "87420",
      "units": 247,
      "originalAmount": 7000000,
      "rate": 3.01,
      "originationDate": "2020-09-23",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "AUBURN SKILLED NURSING AND REHABILITATION",
      "address": "",
      "city": "SALEM",
      "state": "OH",
      "zip": "44460",
      "units": 69,
      "originalAmount": 5510500,
      "rate": 3.01,
      "originationDate": "2020-03-20",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PHD APARTMENTS",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90006",
      "units": 84,
      "originalAmount": 5259900,
      "rate": 3.01,
      "originationDate": "2022-02-28",
      "pmmsBenchmark": 3.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.01% is 0.75 pts below the 2022-02 market avg of 3.763%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "JEFFERSON DAVIS APARTMENTS",
      "address": "",
      "city": "MONTGOMERY",
      "state": "AL",
      "zip": "36104",
      "units": 98,
      "originalAmount": 5200000,
      "rate": 3.01,
      "originationDate": "2016-07-27",
      "pmmsBenchmark": 3.44,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "COBBLESTONE APARTMENTS OF PARKWAY",
      "address": "",
      "city": "MILAN",
      "state": "IL",
      "zip": "61264",
      "units": 48,
      "originalAmount": 4323200,
      "rate": 3.01,
      "originationDate": "2015-12-03",
      "pmmsBenchmark": 3.964,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.01% is 0.95 pts below the 2015-12 market avg of 3.964%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "PINECREST APARTMENTS",
      "address": "",
      "city": "DARDENNE PRAIRIE",
      "state": "MO",
      "zip": "63368",
      "units": 64,
      "originalAmount": 4253500,
      "rate": 3.01,
      "originationDate": "2020-04-07",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "EAGLE PLACE APARTMENTS",
      "address": "",
      "city": "LAFAYETTE",
      "state": "CO",
      "zip": "80026",
      "units": 60,
      "originalAmount": 4150000,
      "rate": 3.01,
      "originationDate": "2012-10-30",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SHORELINE PLAZA NORTH APARTMENTS",
      "address": "",
      "city": "BOISE",
      "state": "ID",
      "zip": "83702",
      "units": 54,
      "originalAmount": 3565600,
      "rate": 3.01,
      "originationDate": "2016-11-17",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.01% is 0.76 pts below the 2016-11 market avg of 3.77%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "PRESTON PLACE",
      "address": "",
      "city": "SALT LAKE CITY",
      "state": "UT",
      "zip": "84106",
      "units": 65,
      "originalAmount": 3495800,
      "rate": 3.01,
      "originationDate": "2012-05-17",
      "pmmsBenchmark": 3.798,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.01% is 0.79 pts below the 2012-05 market avg of 3.798%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SHORELINE PLAZA APARTMENTS",
      "address": "",
      "city": "BOISE",
      "state": "ID",
      "zip": "83702",
      "units": 80,
      "originalAmount": 3352000,
      "rate": 3.01,
      "originationDate": "2016-11-17",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.01% is 0.76 pts below the 2016-11 market avg of 3.77%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "LIBERTY PARK APARTMENTS",
      "address": "",
      "city": "BOISE",
      "state": "ID",
      "zip": "83704",
      "units": 48,
      "originalAmount": 3110200,
      "rate": 3.01,
      "originationDate": "2016-11-17",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.01% is 0.76 pts below the 2016-11 market avg of 3.77%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "VINE TERRACE APARTMENTS",
      "address": "",
      "city": "BOISE",
      "state": "ID",
      "zip": "83703",
      "units": 35,
      "originalAmount": 2159000,
      "rate": 3.01,
      "originationDate": "2016-11-17",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.01% is 0.76 pts below the 2016-11 market avg of 3.77%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "NEZ PERCE APARTMENTS",
      "address": "",
      "city": "BOISE",
      "state": "ID",
      "zip": "83705",
      "units": 26,
      "originalAmount": 1284000,
      "rate": 3.01,
      "originationDate": "2016-11-17",
      "pmmsBenchmark": 3.77,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.01% is 0.76 pts below the 2016-11 market avg of 3.77%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "ORANGE VILAGE APARTMENTS",
      "address": "",
      "city": "HERMITAGE",
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      "zip": "16148",
      "units": 82,
      "originalAmount": 1125000,
      "rate": 3.01,
      "originationDate": "2014-07-30",
      "pmmsBenchmark": 4.13,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.01% is 1.12 pts below the 2014-07 market avg of 4.13%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "LANGDON SOUTH",
      "address": "",
      "city": "PLANO",
      "state": "TX",
      "zip": "75252",
      "units": 302,
      "originalAmount": 52425300,
      "rate": 3.02,
      "originationDate": "2022-01-27",
      "pmmsBenchmark": 3.445,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "LANGDON NORTH",
      "address": "",
      "city": "PLANO",
      "state": "TX",
      "zip": "75252",
      "units": 237,
      "originalAmount": 41091300,
      "rate": 3.02,
      "originationDate": "2022-01-27",
      "pmmsBenchmark": 3.445,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "UNION TOWERS",
      "address": "",
      "city": "WEYMOUTH",
      "state": "MA",
      "zip": "02188",
      "units": 199,
      "originalAmount": 35926400,
      "rate": 3.02,
      "originationDate": "2021-11-30",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LULLWATER AT MAPLE RIDGE APARTMENTS",
      "address": "",
      "city": "COLUMBUS",
      "state": "GA",
      "zip": "31909",
      "units": 392,
      "originalAmount": 31424300,
      "rate": 3.02,
      "originationDate": "2018-12-20",
      "pmmsBenchmark": 4.638,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.02% is 1.62 pts below the 2018-12 market avg of 4.638%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "ANDOVER COMMONS",
      "address": "",
      "city": "ANDOVER",
      "state": "MA",
      "zip": "01810",
      "units": 167,
      "originalAmount": 30773200,
      "rate": 3.02,
      "originationDate": "2021-02-19",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MORNINGSIDE COURT RISK SHARE",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60626",
      "units": 171,
      "originalAmount": 27600000,
      "rate": 3.02,
      "originationDate": "2021-06-01",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ILLINOIS HOUSING DEVELOPMENT A"
    },
    {
      "property": "SANDFORD HILDERANDT TOWER I&II",
      "address": "",
      "city": "SEATTLE",
      "state": "WA",
      "zip": "98133",
      "units": 372,
      "originalAmount": 27000000,
      "rate": 3.02,
      "originationDate": "2021-04-20",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "EAST LAKE FLATS APARTMENTS",
      "address": "",
      "city": "LINCOLN",
      "state": "NE",
      "zip": "68256",
      "units": 222,
      "originalAmount": 21228100,
      "rate": 3.02,
      "originationDate": "2014-11-21",
      "pmmsBenchmark": 3.998,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.02% is 0.98 pts below the 2014-11 market avg of 3.998%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "OVERLOOK POINTE APARTMENTS",
      "address": "",
      "city": "LAFAYETTE",
      "state": "IN",
      "zip": "47909",
      "units": 248,
      "originalAmount": 20000000,
      "rate": 3.02,
      "originationDate": "2022-03-31",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.02% is 1.15 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "SYLVAN HILLS SENIOR APARTMENTS",
      "address": "",
      "city": "ATLANTA",
      "state": "GA",
      "zip": "30310",
      "units": 183,
      "originalAmount": 14333900,
      "rate": 3.02,
      "originationDate": "2020-12-23",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "BROCKTON COMMONS",
      "address": "",
      "city": "BROCKTON",
      "state": "MA",
      "zip": "02301",
      "units": 139,
      "originalAmount": 14268400,
      "rate": 3.02,
      "originationDate": "2021-03-10",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ENCORE WAGGONER CREEK",
      "address": "",
      "city": "TEXARKANA",
      "state": "TX",
      "zip": "75503",
      "units": 168,
      "originalAmount": 12585900,
      "rate": 3.02,
      "originationDate": "2018-05-31",
      "pmmsBenchmark": 4.586,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.02% is 1.57 pts below the 2018-05 market avg of 4.586%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "MAYO 420 APARTMENTS",
      "address": "",
      "city": "TULSA",
      "state": "OK",
      "zip": "74103",
      "units": 67,
      "originalAmount": 12350000,
      "rate": 3.02,
      "originationDate": "2020-04-30",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "LIBERTY HEIGHTS",
      "address": "",
      "city": "LIBERTY",
      "state": "MO",
      "zip": "64068",
      "units": 144,
      "originalAmount": 9375400,
      "rate": 3.02,
      "originationDate": "2022-04-29",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.02% is 1.96 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GRAND BOULEVARD LOFTS",
      "address": "",
      "city": "KANSAS CITY",
      "state": "MO",
      "zip": "64106",
      "units": 134,
      "originalAmount": 8875000,
      "rate": 3.02,
      "originationDate": "2009-12-11",
      "pmmsBenchmark": 4.93,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.02% is 1.91 pts below the 2009-12 market avg of 4.93%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "UNIVERSITY LOFTS APARTMENTS",
      "address": "",
      "city": "MURFREESBORO",
      "state": "TN",
      "zip": "37130",
      "units": 114,
      "originalAmount": 8650400,
      "rate": 3.02,
      "originationDate": "2020-03-12",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "ST JOSEPH TERRACE APTS",
      "address": "",
      "city": "OMAHA",
      "state": "NE",
      "zip": "68108",
      "units": 102,
      "originalAmount": 7425000,
      "rate": 3.02,
      "originationDate": "2011-08-26",
      "pmmsBenchmark": 4.27,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.02% is 1.25 pts below the 2011-08 market avg of 4.27%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "REGENCY RIVERWOOD SENIOR LIVING",
      "address": "",
      "city": "ROME",
      "state": "GA",
      "zip": "30165",
      "units": 150,
      "originalAmount": 6693500,
      "rate": 3.02,
      "originationDate": "2017-09-20",
      "pmmsBenchmark": 3.805,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.02% is 0.79 pts below the 2017-09 market avg of 3.805%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "DUNCAN WHISPERING PINES NURSING & REHAB CENTER",
      "address": "",
      "city": "FAYETTEVILLE",
      "state": "NC",
      "zip": "28301",
      "units": 88,
      "originalAmount": 6225700,
      "rate": 3.02,
      "originationDate": "2015-05-28",
      "pmmsBenchmark": 3.84,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.02% is 0.82 pts below the 2015-05 market avg of 3.84%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "LIBERTY VIEW",
      "address": "",
      "city": "LIBERTY",
      "state": "MO",
      "zip": "64068",
      "units": 92,
      "originalAmount": 5950000,
      "rate": 3.02,
      "originationDate": "2022-04-29",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.02% is 1.96 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HACIENDA DEL SOL APARTMENTS",
      "address": "",
      "city": "SAN BENITO",
      "state": "TX",
      "zip": "78586",
      "units": 152,
      "originalAmount": 4758900,
      "rate": 3.02,
      "originationDate": "2013-10-23",
      "pmmsBenchmark": 4.192,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.02% is 1.17 pts below the 2013-10 market avg of 4.192%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "ATRIUM COURT",
      "address": "",
      "city": "PASADENA",
      "state": "CA",
      "zip": "91106",
      "units": 24,
      "originalAmount": 4524100,
      "rate": 3.02,
      "originationDate": "2012-03-21",
      "pmmsBenchmark": 3.954,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.02% is 0.93 pts below the 2012-03 market avg of 3.954%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HUFFMAN HOLLOW APARTMENTS",
      "address": "",
      "city": "HUFFMAN",
      "state": "TX",
      "zip": "77336",
      "units": 76,
      "originalAmount": 4120000,
      "rate": 3.02,
      "originationDate": "2016-10-28",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "SOUTH CONGRESS APARTMENTS",
      "address": "",
      "city": "AUSTIN",
      "state": "TX",
      "zip": "78745",
      "units": 348,
      "originalAmount": 60119600,
      "rate": 3.03,
      "originationDate": "2021-04-02",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "DORSEY CENTER APARTMENTS",
      "address": "",
      "city": "ELKRIDGE",
      "state": "MD",
      "zip": "21075",
      "units": 210,
      "originalAmount": 59390100,
      "rate": 3.03,
      "originationDate": "2022-03-30",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.03% is 1.14 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "2131 GRAF",
      "address": "",
      "city": "BOZEMAN",
      "state": "MT",
      "zip": "59718",
      "units": 195,
      "originalAmount": 50979700,
      "rate": 3.03,
      "originationDate": "2022-03-18",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.03% is 1.14 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "FOUNDRY LOFTS",
      "address": "",
      "city": "Washington",
      "state": "DC",
      "zip": "20003",
      "units": 170,
      "originalAmount": 48717900,
      "rate": 3.03,
      "originationDate": "2016-12-20",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.03% is 1.17 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "THE GREENE APTS AT LAKEWOOD RANCH",
      "address": "",
      "city": "BRADENTON",
      "state": "FL",
      "zip": "34202",
      "units": 300,
      "originalAmount": 48542400,
      "rate": 3.03,
      "originationDate": "2018-08-15",
      "pmmsBenchmark": 4.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.03% is 1.52 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "WALTON RIVERWOOD",
      "address": "",
      "city": "ATLANTA",
      "state": "GA",
      "zip": "30339",
      "units": 315,
      "originalAmount": 48500000,
      "rate": 3.03,
      "originationDate": "2017-08-31",
      "pmmsBenchmark": 3.88,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.03% is 0.85 pts below the 2017-08 market avg of 3.88%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "HILLSTONE RESIDENCES AT CANYON TRAILS",
      "address": "",
      "city": "GOODYEAR",
      "state": "AZ",
      "zip": "85338",
      "units": 240,
      "originalAmount": 44265400,
      "rate": 3.03,
      "originationDate": "2020-10-14",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "MERIDIAN AT BROAD STREET MARKET PH I AND II",
      "address": "",
      "city": "FUQUAY-VARINA",
      "state": "NC",
      "zip": "27526",
      "units": 328,
      "originalAmount": 39820400,
      "rate": 3.03,
      "originationDate": "2022-04-27",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.03% is 1.95 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "PACKARD LOFTS",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90015",
      "units": 116,
      "originalAmount": 37832100,
      "rate": 3.03,
      "originationDate": "2018-08-17",
      "pmmsBenchmark": 4.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.03% is 1.52 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "AMITY HEIGHTS APARTMENTS",
      "address": "",
      "city": "BRIDGETON",
      "state": "NJ",
      "zip": "08302",
      "units": 196,
      "originalAmount": 30214200,
      "rate": 3.03,
      "originationDate": "2022-07-28",
      "pmmsBenchmark": 5.412,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.03% is 2.38 pts below the 2022-07 market avg of 5.412%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE LAWSON OF KNIGHTDALE",
      "address": "",
      "city": "KNIGHTDALE",
      "state": "NC",
      "zip": "27545",
      "units": 101,
      "originalAmount": 21960300,
      "rate": 3.03,
      "originationDate": "2021-09-17",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "HICKORY RIDGE PLACE",
      "address": "",
      "city": "COLUMBIA",
      "state": "MD",
      "zip": "21004",
      "units": 108,
      "originalAmount": 20700000,
      "rate": 3.03,
      "originationDate": "2020-12-11",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DEPARTMENT HOUSING COMM DEV"
    },
    {
      "property": "VICTORY APARTMENTS",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60622",
      "units": 107,
      "originalAmount": 20050000,
      "rate": 3.03,
      "originationDate": "2020-07-16",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "CAMBRIDGE MANOR APARTMENTS",
      "address": "",
      "city": "CHESAPEAKE",
      "state": "VA",
      "zip": "23325",
      "units": 480,
      "originalAmount": 16190000,
      "rate": 3.03,
      "originationDate": "2014-03-27",
      "pmmsBenchmark": 4.343,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.03% is 1.31 pts below the 2014-03 market avg of 4.343%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "WOODBRIDGE APARTMENTS",
      "address": "",
      "city": "LIVONIA",
      "state": "MI",
      "zip": "48152",
      "units": 176,
      "originalAmount": 15200000,
      "rate": 3.03,
      "originationDate": "2020-02-27",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WARREN HAVEN REHAB AND NURSING CENTER",
      "address": "",
      "city": "OXFORD",
      "state": "NJ",
      "zip": "07863",
      "units": 135,
      "originalAmount": 14224000,
      "rate": 3.03,
      "originationDate": "2018-11-30",
      "pmmsBenchmark": 4.866,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.03% is 1.84 pts below the 2018-11 market avg of 4.866%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "RUNK AND PRATT ADULT CARE OF LYNCHBURG",
      "address": "",
      "city": "LYNCHBURG",
      "state": "VA",
      "zip": "24502",
      "units": 131,
      "originalAmount": 13168000,
      "rate": 3.03,
      "originationDate": "2021-02-18",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "DISTRICT AT MILLER HILL",
      "address": "",
      "city": "DULUTH",
      "state": "MN",
      "zip": "55811",
      "units": 72,
      "originalAmount": 11400000,
      "rate": 3.03,
      "originationDate": "2017-03-29",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.03% is 1.17 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "EDGEWOOD GROUP",
      "address": "",
      "city": "MERRILLVILLE",
      "state": "IN",
      "zip": "46410",
      "units": 190,
      "originalAmount": 10761000,
      "rate": 3.03,
      "originationDate": "2016-10-17",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "REDWOOD (ARBORS OF OLMSTED)",
      "address": "",
      "city": "OLMSTED TOWNSHIP",
      "state": "OH",
      "zip": "44138",
      "units": 120,
      "originalAmount": 10002300,
      "rate": 3.03,
      "originationDate": "2021-06-24",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "OAKS ON LINCOLN",
      "address": "",
      "city": "OAK PARK",
      "state": "MI",
      "zip": "48237",
      "units": 121,
      "originalAmount": 9820200,
      "rate": 3.03,
      "originationDate": "2021-07-22",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "FESTUS GARDENS",
      "address": "",
      "city": "FESTUS",
      "state": "MO",
      "zip": "63028",
      "units": 160,
      "originalAmount": 9720000,
      "rate": 3.03,
      "originationDate": "2022-04-28",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.03% is 1.95 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "CLINTON HEALTHCARE",
      "address": "",
      "city": "CLINTON",
      "state": "MS",
      "zip": "39056",
      "units": 121,
      "originalAmount": 9301000,
      "rate": 3.03,
      "originationDate": "2016-12-21",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.03% is 1.17 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "DWIGHT GARDEN",
      "address": "",
      "city": "NEW HAVEN",
      "state": "CT",
      "zip": "06511",
      "units": 80,
      "originalAmount": 9129700,
      "rate": 3.03,
      "originationDate": "2022-08-31",
      "pmmsBenchmark": 5.223,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.03% is 2.19 pts below the 2022-08 market avg of 5.223%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CASSSELMAN HOUSE",
      "address": "",
      "city": "NEWTON",
      "state": "MA",
      "zip": "02459",
      "units": 43,
      "originalAmount": 8085800,
      "rate": 3.03,
      "originationDate": "2020-05-20",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "ADVANCED HEALTH CARE OF LAS VEGAS",
      "address": "",
      "city": "LAS VEGAS",
      "state": "NV",
      "zip": "89118",
      "units": 38,
      "originalAmount": 5940200,
      "rate": 3.03,
      "originationDate": "2014-09-24",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.03% is 1.13 pts below the 2014-09 market avg of 4.162%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "HIDDEN ACRES PHASE II",
      "address": "",
      "city": "ELYRIA",
      "state": "OH",
      "zip": "44035",
      "units": 68,
      "originalAmount": 4720000,
      "rate": 3.03,
      "originationDate": "2016-12-15",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.03% is 1.17 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HIDDEN PONDS",
      "address": "",
      "city": "APPLE VALLEY",
      "state": "MN",
      "zip": "55124",
      "units": 84,
      "originalAmount": 4430000,
      "rate": 3.03,
      "originationDate": "2013-07-31",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.03% is 1.34 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "PALMETTO POINTE TOWNHOMES",
      "address": "",
      "city": "SUMTER",
      "state": "SC",
      "zip": "29150",
      "units": 144,
      "originalAmount": 4314300,
      "rate": 3.03,
      "originationDate": "2012-09-25",
      "pmmsBenchmark": 3.498,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "GREENHOUSE VILLAGE APARTMENTS",
      "address": "",
      "city": "CYPRESS",
      "state": "TX",
      "zip": "77433",
      "units": 140,
      "originalAmount": 3998900,
      "rate": 3.03,
      "originationDate": "2013-06-18",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.03% is 1.04 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HENRIETTA LACKS VILLAGE III",
      "address": "",
      "city": "DUNDALK",
      "state": "MD",
      "zip": "21222",
      "units": 36,
      "originalAmount": 3415000,
      "rate": 3.03,
      "originationDate": "2020-12-10",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DEPARTMENT HOUSING COMM DEV"
    },
    {
      "property": "CEDAR HILL HEALTH CARE CTR",
      "address": "",
      "city": "WINDSOR",
      "state": "VT",
      "zip": "05089",
      "units": 54,
      "originalAmount": 2547000,
      "rate": 3.03,
      "originationDate": "2014-04-29",
      "pmmsBenchmark": 4.338,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.03% is 1.31 pts below the 2014-04 market avg of 4.338%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "DOGWOOD ESTATES",
      "address": "",
      "city": "JONESBORO",
      "state": "AR",
      "zip": "72404",
      "units": 48,
      "originalAmount": 2465000,
      "rate": 3.03,
      "originationDate": "2010-04-22",
      "pmmsBenchmark": 5.098,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.03% is 2.07 pts below the 2010-04 market avg of 5.098%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "SHAWL II",
      "address": "",
      "city": "MONTAGUE",
      "state": "MI",
      "zip": "49437",
      "units": 25,
      "originalAmount": 1232700,
      "rate": 3.03,
      "originationDate": "2007-12-12",
      "pmmsBenchmark": 6.095,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.03% is 3.06 pts below the 2007-12 market avg of 6.095%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MERCY APARTMENTS",
      "address": "",
      "city": "AUBURN",
      "state": "NY",
      "zip": "13021",
      "units": 40,
      "originalAmount": 2589900,
      "rate": 3.035,
      "originationDate": "2013-02-27",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "PROVIDENCE HOUSE APARTMENTS",
      "address": "",
      "city": "SYRACUSE",
      "state": "NY",
      "zip": "13204",
      "units": 101,
      "originalAmount": 2316100,
      "rate": 3.035,
      "originationDate": "2013-02-27",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "THE PRESIDIO",
      "address": "",
      "city": "CHARLOTTESVILLE",
      "state": "VA",
      "zip": "22911",
      "units": 250,
      "originalAmount": 54558900,
      "rate": 3.04,
      "originationDate": "2020-10-08",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "APPLE VILLAGE",
      "address": "",
      "city": "BEVERLY",
      "state": "MA",
      "zip": "01915",
      "units": 232,
      "originalAmount": 45000000,
      "rate": 3.04,
      "originationDate": "2022-05-24",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.04% is 2.19 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MEZZO APT HOME",
      "address": "",
      "city": "VIRGINIA BEACH",
      "state": "VA",
      "zip": "23464",
      "units": 282,
      "originalAmount": 43460800,
      "rate": 3.04,
      "originationDate": "2017-11-21",
      "pmmsBenchmark": 3.922,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.04% is 0.88 pts below the 2017-11 market avg of 3.922%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "GABLES AT TROY",
      "address": "",
      "city": "TROY",
      "state": "MI",
      "zip": "48083",
      "units": 544,
      "originalAmount": 35469000,
      "rate": 3.04,
      "originationDate": "2021-09-29",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "Palladium Simpson Stuart",
      "address": "",
      "city": "DALLAS",
      "state": "TX",
      "zip": "75241",
      "units": 270,
      "originalAmount": 35100000,
      "rate": 3.04,
      "originationDate": "2021-06-25",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "ENCORE AT MANCHESTER",
      "address": "",
      "city": "NOVI",
      "state": "MI",
      "zip": "48377",
      "units": 172,
      "originalAmount": 33310800,
      "rate": 3.04,
      "originationDate": "2021-11-17",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "OLD MONROVIA",
      "address": "",
      "city": "HUNTSVILLE",
      "state": "AL",
      "zip": "35806",
      "units": 198,
      "originalAmount": 27860800,
      "rate": 3.04,
      "originationDate": "2022-03-10",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.04% is 1.13 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "ONE UNIVERSITY SENIOR",
      "address": "",
      "city": "FAIRFAX",
      "state": "VA",
      "zip": "22030",
      "units": 120,
      "originalAmount": 22836500,
      "rate": 3.04,
      "originationDate": "2021-12-15",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "ONE UNIVERSITY FAMILY",
      "address": "",
      "city": "FAIRFAX",
      "state": "VA",
      "zip": "22030",
      "units": 120,
      "originalAmount": 18702300,
      "rate": 3.04,
      "originationDate": "2021-12-15",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "MORRISTOWN MANOR",
      "address": "",
      "city": "MORRISTOWN",
      "state": "IN",
      "zip": "46161",
      "units": 192,
      "originalAmount": 12974100,
      "rate": 3.04,
      "originationDate": "2019-06-25",
      "pmmsBenchmark": 3.803,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.04% is 0.76 pts below the 2019-06 market avg of 3.803%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LEGACY AT SUMMERCHASE",
      "address": "",
      "city": "PRATTVILLE",
      "state": "AL",
      "zip": "36066",
      "units": 152,
      "originalAmount": 12750000,
      "rate": 3.04,
      "originationDate": "2020-03-31",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "VILLAS AT PARK WEST",
      "address": "",
      "city": "PUEBLO",
      "state": "CO",
      "zip": "81008",
      "units": 148,
      "originalAmount": 10968400,
      "rate": 3.04,
      "originationDate": "2013-02-27",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "THE VIEWS",
      "address": "",
      "city": "CEDAR RAPIDS",
      "state": "IA",
      "zip": "52405",
      "units": 100,
      "originalAmount": 10369500,
      "rate": 3.04,
      "originationDate": "2015-05-07",
      "pmmsBenchmark": 3.84,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.04% is 0.80 pts below the 2015-05 market avg of 3.84%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "WESLEY GRACELAND GARDENS APARTMENTS",
      "address": "",
      "city": "MEMPHIS",
      "state": "TN",
      "zip": "38116",
      "units": 214,
      "originalAmount": 7560000,
      "rate": 3.04,
      "originationDate": "2016-08-25",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "CARMI MANOR REHABILITATION AND NURSING CENTER",
      "address": "",
      "city": "CAMI",
      "state": "IL",
      "zip": "62821",
      "units": 42,
      "originalAmount": 6880000,
      "rate": 3.04,
      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "LAKERIDGE APARTMENTS",
      "address": "",
      "city": "TEXARKANA",
      "state": "TX",
      "zip": "75501",
      "units": 112,
      "originalAmount": 5449500,
      "rate": 3.04,
      "originationDate": "2020-03-25",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "METROPOLITAN GARDEN APTS",
      "address": "",
      "city": "RENO",
      "state": "NV",
      "zip": "89512",
      "units": 83,
      "originalAmount": 5430600,
      "rate": 3.04,
      "originationDate": "2017-11-29",
      "pmmsBenchmark": 3.922,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.04% is 0.88 pts below the 2017-11 market avg of 3.922%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "COMMERCE GARDENS",
      "address": "",
      "city": "HUTCHINSON",
      "state": "KS",
      "zip": "67501",
      "units": 96,
      "originalAmount": 4892100,
      "rate": 3.04,
      "originationDate": "2015-05-27",
      "pmmsBenchmark": 3.84,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.04% is 0.80 pts below the 2015-05 market avg of 3.84%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "THE RIDGE APARTMENTS",
      "address": "",
      "city": "LINCOLN CITY",
      "state": "OR",
      "zip": "97367",
      "units": 80,
      "originalAmount": 3369300,
      "rate": 3.04,
      "originationDate": "2016-09-23",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "TOWER APARTMENTS",
      "address": "",
      "city": "WATERTOWN",
      "state": "SD",
      "zip": "57201",
      "units": 51,
      "originalAmount": 1454000,
      "rate": 3.04,
      "originationDate": "2015-06-29",
      "pmmsBenchmark": 3.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.04% is 0.94 pts below the 2015-06 market avg of 3.982%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "MAIMONIDES MEDICAL CENTER",
      "address": "",
      "city": "BROOKLYN",
      "state": "NY",
      "zip": "11219",
      "units": 711,
      "originalAmount": 141202000,
      "rate": 3.05,
      "originationDate": "2020-08-01",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DORMITORY AUTHORITY STATE OF N"
    },
    {
      "property": "THE CITIZEN",
      "address": "",
      "city": "SALT LAKE CITY",
      "state": "UT",
      "zip": "84111",
      "units": 264,
      "originalAmount": 61104000,
      "rate": 3.05,
      "originationDate": "2021-07-26",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "MONARCH AT WAUGH CHAPEL",
      "address": "",
      "city": "GAMBRILLS",
      "state": "MD",
      "zip": "21054",
      "units": 246,
      "originalAmount": 60605900,
      "rate": 3.05,
      "originationDate": "2017-08-09",
      "pmmsBenchmark": 3.88,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 0.83 pts below the 2017-08 market avg of 3.88%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "NEPTUNE TOWERS",
      "address": "",
      "city": "LYNN",
      "state": "MA",
      "zip": "01905",
      "units": 334,
      "originalAmount": 51200000,
      "rate": 3.05,
      "originationDate": "2018-08-10",
      "pmmsBenchmark": 4.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 1.50 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "WALTON FAYETTEVILLE",
      "address": "",
      "city": "FAYETTEVILLE",
      "state": "GA",
      "zip": "30214",
      "units": 270,
      "originalAmount": 44698200,
      "rate": 3.05,
      "originationDate": "2021-06-16",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "BROOKSIDE MULTICARE NURSING CENTER",
      "address": "",
      "city": "SMITHTOWN",
      "state": "NY",
      "zip": "11787",
      "units": 353,
      "originalAmount": 43560000,
      "rate": 3.05,
      "originationDate": "2018-01-24",
      "pmmsBenchmark": 4.033,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 0.98 pts below the 2018-01 market avg of 4.033%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE ROWAN",
      "address": "",
      "city": "EAGAN",
      "state": "MN",
      "zip": "55122",
      "units": 172,
      "originalAmount": 42557800,
      "rate": 3.05,
      "originationDate": "2020-08-27",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "BLAKE ESTATES I",
      "address": "",
      "city": "BOSTON",
      "state": "MA",
      "zip": "02136",
      "units": 175,
      "originalAmount": 41483100,
      "rate": 3.05,
      "originationDate": "2016-09-19",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LA SERENA AT THE HEIGHTS",
      "address": "",
      "city": "HENDERSON",
      "state": "NV",
      "zip": "89052",
      "units": 360,
      "originalAmount": 39443200,
      "rate": 3.05,
      "originationDate": "2020-12-17",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "THE LANEY (fka AUGUSTA GREENWAY)",
      "address": "",
      "city": "AUGUSTA",
      "state": "GA",
      "zip": "30909",
      "units": 230,
      "originalAmount": 38530600,
      "rate": 3.05,
      "originationDate": "2021-03-04",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "RIVER VUE APARTMENTS",
      "address": "",
      "city": "PITTSBURGH",
      "state": "PA",
      "zip": "51212",
      "units": 218,
      "originalAmount": 36358700,
      "rate": 3.05,
      "originationDate": "2020-12-29",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WATERSTONE APARTMENTS",
      "address": "",
      "city": "MESA",
      "state": "AZ",
      "zip": "85202",
      "units": 269,
      "originalAmount": 35576000,
      "rate": 3.05,
      "originationDate": "2021-02-24",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "COUNTRY CLUB LAKES",
      "address": "",
      "city": "COCONUT CREEK",
      "state": "FL",
      "zip": "33073",
      "units": 198,
      "originalAmount": 33207600,
      "rate": 3.05,
      "originationDate": "2022-06-14",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 2.47 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "Biltmore at the Park",
      "address": "",
      "city": "PFLUGERVILLE",
      "state": "TX",
      "zip": "78660",
      "units": 254,
      "originalAmount": 33003200,
      "rate": 3.05,
      "originationDate": "2021-06-29",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WINCHESTER PLACE APARTMENTS",
      "address": "",
      "city": "FAIRVIEW HEIGHTS",
      "state": "IL",
      "zip": "62208",
      "units": 312,
      "originalAmount": 31760000,
      "rate": 3.05,
      "originationDate": "2022-06-16",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 2.47 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "TESORA APARTMENTS",
      "address": "",
      "city": "LAS VEGAS",
      "state": "NV",
      "zip": "89148",
      "units": 231,
      "originalAmount": 30628900,
      "rate": 3.05,
      "originationDate": "2020-11-24",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "THE LOFTS AT HAWKS RIDGE",
      "address": "",
      "city": "BELOIT",
      "state": "WI",
      "zip": "53511",
      "units": 214,
      "originalAmount": 29008600,
      "rate": 3.05,
      "originationDate": "2022-05-19",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 2.18 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LEGACY POINTE APARTMENTS PH II",
      "address": "",
      "city": "KNOXVILLE",
      "state": "TN",
      "zip": "37921",
      "units": 218,
      "originalAmount": 28032700,
      "rate": 3.05,
      "originationDate": "2021-04-19",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "PARK SOUTHERN APTS.",
      "address": "",
      "city": "WASHINGTON",
      "state": "DC",
      "zip": "20032",
      "units": 358,
      "originalAmount": 27800000,
      "rate": 3.05,
      "originationDate": "2020-06-18",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "RESIDENCE AT SAN MARCOS",
      "address": "",
      "city": "SAN MARCOS",
      "state": "TX",
      "zip": "78666",
      "units": 240,
      "originalAmount": 26761800,
      "rate": 3.05,
      "originationDate": "2021-04-28",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "FOOTHILL ACRES",
      "address": "",
      "city": "HILLSBOROUGH",
      "state": "NJ",
      "zip": "08844",
      "units": 200,
      "originalAmount": 24642000,
      "rate": 3.05,
      "originationDate": "2014-06-26",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 1.11 pts below the 2014-06 market avg of 4.162%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "ASTORIA AT HOPE MILLS",
      "address": "",
      "city": "HOPE MILLS",
      "state": "NC",
      "zip": "28348",
      "units": 272,
      "originalAmount": 24160000,
      "rate": 3.05,
      "originationDate": "2020-02-28",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "REFLECTIONS OF WEST CREEK",
      "address": "",
      "city": "HENRICO",
      "state": "VA",
      "zip": "23233",
      "units": 290,
      "originalAmount": 24017000,
      "rate": 3.05,
      "originationDate": "2012-12-27",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE PRESERVE AT CARTERET PLACE",
      "address": "",
      "city": "MOREHEAD CITY",
      "state": "NC",
      "zip": "28557",
      "units": 168,
      "originalAmount": 23419000,
      "rate": 3.05,
      "originationDate": "2021-04-30",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "Cascade Legacy-Warren Barr North Shore",
      "address": "",
      "city": "Highland Park",
      "state": "IL",
      "zip": "60035",
      "units": 266,
      "originalAmount": 22254100,
      "rate": 3.05,
      "originationDate": "2018-12-27",
      "pmmsBenchmark": 4.638,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 1.59 pts below the 2018-12 market avg of 4.638%"
      ],
      "holder": "FIRST AMERICAN CAPITAL GROUP C"
    },
    {
      "property": "SOUTHGATE APARTMENTS",
      "address": "",
      "city": "ROCKLEDGE",
      "state": "FL",
      "zip": "32955",
      "units": 195,
      "originalAmount": 21839900,
      "rate": 3.05,
      "originationDate": "2022-05-10",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 2.18 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "LIFE CARE CENTER OF CHEYENNE",
      "address": "",
      "city": "CHEYENNE",
      "state": "WY",
      "zip": "82009",
      "units": 248,
      "originalAmount": 20704000,
      "rate": 3.05,
      "originationDate": "2018-08-14",
      "pmmsBenchmark": 4.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 1.50 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "BLAKE ESTATES II",
      "address": "",
      "city": "BOSTON",
      "state": "MA",
      "zip": "02136",
      "units": 88,
      "originalAmount": 20640000,
      "rate": 3.05,
      "originationDate": "2016-09-19",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GINGER RIDGE APARTMENTS",
      "address": "",
      "city": "CALUMET CITY",
      "state": "IL",
      "zip": "60409",
      "units": 469,
      "originalAmount": 20000000,
      "rate": 3.05,
      "originationDate": "2016-08-10",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "ROSE COMMUNITY CAPITAL, LLC"
    },
    {
      "property": "REGENCY-RIO GRANDE CITY NURSING & REHAB CENTER",
      "address": "",
      "city": "RIO GRANDE CITY",
      "state": "TX",
      "zip": "78580",
      "units": 120,
      "originalAmount": 19600000,
      "rate": 3.05,
      "originationDate": "2017-11-16",
      "pmmsBenchmark": 3.922,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 0.87 pts below the 2017-11 market avg of 3.922%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "LAGUNA AT ARROWHEAD RANCH",
      "address": "",
      "city": "GLENDALE",
      "state": "AZ",
      "zip": "85308",
      "units": 160,
      "originalAmount": 18700000,
      "rate": 3.05,
      "originationDate": "2017-10-31",
      "pmmsBenchmark": 3.895,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 0.85 pts below the 2017-10 market avg of 3.895%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "87TH STREET  ODESSA HFC",
      "address": "",
      "city": "ODESSA",
      "state": "TX",
      "zip": "79768",
      "units": 181,
      "originalAmount": 18345000,
      "rate": 3.05,
      "originationDate": "2016-12-02",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 1.15 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "LAKESIDE VILLAS II",
      "address": "",
      "city": "BATON ROUGE",
      "state": "LA",
      "zip": "70816",
      "units": 144,
      "originalAmount": 17699200,
      "rate": 3.05,
      "originationDate": "2017-02-16",
      "pmmsBenchmark": 4.168,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 1.12 pts below the 2017-02 market avg of 4.168%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "DEERCREST APARTMENTS",
      "address": "",
      "city": "ANTIOCH",
      "state": "IL",
      "zip": "60002",
      "units": 64,
      "originalAmount": 16554600,
      "rate": 3.05,
      "originationDate": "2020-08-31",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "ESSEX TOWERS",
      "address": "",
      "city": "LAWRENCE",
      "state": "MA",
      "zip": "01840",
      "units": 198,
      "originalAmount": 15840000,
      "rate": 3.05,
      "originationDate": "2016-09-27",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "LIFE CARE CENTER OF VALPARAISO",
      "address": "",
      "city": "VALPARAISO",
      "state": "IN",
      "zip": "46385",
      "units": 110,
      "originalAmount": 15176000,
      "rate": 3.05,
      "originationDate": "2018-06-13",
      "pmmsBenchmark": 4.57,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 1.52 pts below the 2018-06 market avg of 4.57%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "BONNE VIEW",
      "address": "",
      "city": "PORT ARTHUR",
      "state": "TX",
      "zip": "77640",
      "units": 110,
      "originalAmount": 14480000,
      "rate": 3.05,
      "originationDate": "2022-04-28",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 1.93 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "COPPERWOOD APARTMENTS",
      "address": "",
      "city": "ELKO",
      "state": "NV",
      "zip": "89801",
      "units": 108,
      "originalAmount": 14088000,
      "rate": 3.05,
      "originationDate": "2022-06-21",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 2.47 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "MAYBROOK HILLS REHABILITATION & HEALTHCARE",
      "address": "",
      "city": "ALTOONA",
      "state": "PA",
      "zip": "16602",
      "units": 254,
      "originalAmount": 13981400,
      "rate": 3.05,
      "originationDate": "2018-10-30",
      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 1.78 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "LIFE CARE CENTER OF GREELEY",
      "address": "",
      "city": "GREELEY",
      "state": "CO",
      "zip": "80634",
      "units": 171,
      "originalAmount": 13344000,
      "rate": 3.05,
      "originationDate": "2018-08-14",
      "pmmsBenchmark": 4.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 1.50 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "REGENCY- PEARSALL NURSING & REHAB CENTER",
      "address": "",
      "city": "PEARSALL",
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      "zip": "78061",
      "units": 148,
      "originalAmount": 12792000,
      "rate": 3.05,
      "originationDate": "2017-11-16",
      "pmmsBenchmark": 3.922,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 0.87 pts below the 2017-11 market avg of 3.922%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "IVY HILL APARTMENTS",
      "address": "",
      "city": "CAMDEN",
      "state": "NJ",
      "zip": "08104",
      "units": 123,
      "originalAmount": 12466800,
      "rate": 3.05,
      "originationDate": "2022-04-28",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 1.93 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE MANOR AT JERSEY VILLAGE",
      "address": "",
      "city": "JERSEY VILLAGE",
      "state": "TX",
      "zip": "77065",
      "units": 200,
      "originalAmount": 11757700,
      "rate": 3.05,
      "originationDate": "2022-04-28",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 1.93 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "FRANKLIN MANOR SOUTH",
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      "city": "COLUMBUS",
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      "zip": "43223",
      "units": 176,
      "originalAmount": 11500000,
      "rate": 3.05,
      "originationDate": "2021-08-26",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "OAK FOREST",
      "address": "",
      "city": "SCOTTDALE",
      "state": "GA",
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      "units": 150,
      "originalAmount": 11043600,
      "rate": 3.05,
      "originationDate": "2021-05-20",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "VILLAS AT BOSTON HEIGHTS",
      "address": "",
      "city": "BENBROOK",
      "state": "TX",
      "zip": "76116",
      "units": 144,
      "originalAmount": 10800000,
      "rate": 3.05,
      "originationDate": "2016-10-25",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "FAIRVIEW OAKS",
      "address": "",
      "city": "FAIRVIEW",
      "state": "OR",
      "zip": "97024",
      "units": 328,
      "originalAmount": 10623900,
      "rate": 3.05,
      "originationDate": "2020-05-28",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "THE ASHLEY",
      "address": "",
      "city": "COLUMBIA",
      "state": "TN",
      "zip": "38401",
      "units": 97,
      "originalAmount": 10092900,
      "rate": 3.05,
      "originationDate": "2022-05-19",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 2.18 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "NEW MEADOWS",
      "address": "",
      "city": "MIDDLETOWN",
      "state": "CT",
      "zip": "06457",
      "units": 191,
      "originalAmount": 9740400,
      "rate": 3.05,
      "originationDate": "2016-12-14",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 1.15 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PAUL LAURENCE DUNBAR SENIOR COMPLEX",
      "address": "",
      "city": "WEST PALM BEACH",
      "state": "FL",
      "zip": "33407",
      "units": 99,
      "originalAmount": 9732900,
      "rate": 3.05,
      "originationDate": "2021-04-22",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "BEECHER TERRACE III",
      "address": "",
      "city": "LOUISVILLE",
      "state": "KY",
      "zip": "40203",
      "units": 185,
      "originalAmount": 9392000,
      "rate": 3.05,
      "originationDate": "2020-08-31",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BINNALL HOUSE",
      "address": "",
      "city": "GARDNER",
      "state": "MA",
      "zip": "01440",
      "units": 134,
      "originalAmount": 9250000,
      "rate": 3.05,
      "originationDate": "2016-12-22",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 1.15 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "WOODBURY APARTMENTS",
      "address": "",
      "city": "MIDDLETOWN",
      "state": "CT",
      "zip": "06457",
      "units": 188,
      "originalAmount": 9006400,
      "rate": 3.05,
      "originationDate": "2016-12-14",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 1.15 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LAKEVIEW NURSING AND REHAB CEN",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "62226",
      "units": 178,
      "originalAmount": 8953100,
      "rate": 3.05,
      "originationDate": "2014-11-26",
      "pmmsBenchmark": 3.998,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 0.95 pts below the 2014-11 market avg of 3.998%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "SAN DIMAS RETIREMENT CENTER",
      "address": "",
      "city": "SAN DIMAS",
      "state": "CA",
      "zip": "91773",
      "units": 258,
      "originalAmount": 8834100,
      "rate": 3.05,
      "originationDate": "2013-06-18",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 1.02 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "INN AT SHARONBROOKE",
      "address": "",
      "city": "NEWARK",
      "state": "OH",
      "zip": "43055",
      "units": 116,
      "originalAmount": 8513400,
      "rate": 3.05,
      "originationDate": "2012-11-29",
      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WARREN PARK HEALTH & LIVING CENTER",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60645",
      "units": 127,
      "originalAmount": 8400000,
      "rate": 3.05,
      "originationDate": "2017-11-30",
      "pmmsBenchmark": 3.922,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 0.87 pts below the 2017-11 market avg of 3.922%"
      ],
      "holder": "FIRST AMERICAN CAPITAL GROUP C"
    },
    {
      "property": "KENYON POINTE APTS",
      "address": "",
      "city": "TUSTIN",
      "state": "CA",
      "zip": "92780",
      "units": 71,
      "originalAmount": 8098600,
      "rate": 3.05,
      "originationDate": "2016-12-29",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 1.15 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "Eastbrooke Apartments",
      "address": "",
      "city": "Warren",
      "state": "MI",
      "zip": "48093",
      "units": 176,
      "originalAmount": 7920000,
      "rate": 3.05,
      "originationDate": "2017-05-03",
      "pmmsBenchmark": 4.01,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 0.96 pts below the 2017-05 market avg of 4.01%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "BERKSHIRE OCONOMOWOC APARTMENTS",
      "address": "",
      "city": "OCONOMOWOC",
      "state": "WI",
      "zip": "53066",
      "units": 85,
      "originalAmount": 7911100,
      "rate": 3.05,
      "originationDate": "2020-02-18",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "GREEN VALLEY NURSING & REHABILITATION CENTER",
      "address": "",
      "city": "ST. LOUIS",
      "state": "MO",
      "zip": "63138",
      "units": 150,
      "originalAmount": 7600000,
      "rate": 3.05,
      "originationDate": "2013-06-05",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 1.02 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "SAND DUNES APARTMENTS",
      "address": "",
      "city": "PANAMA CITY BEACH",
      "state": "FL",
      "zip": "32407",
      "units": 104,
      "originalAmount": 7540000,
      "rate": 3.05,
      "originationDate": "2011-12-07",
      "pmmsBenchmark": 3.958,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 0.91 pts below the 2011-12 market avg of 3.958%"
      ],
      "holder": "FIRST HOUSING DEV CORP OF FL"
    },
    {
      "property": "CHANNING PHILIPS HOMES",
      "address": "",
      "city": "WASHINGTON",
      "state": "DC",
      "zip": "20001",
      "units": 56,
      "originalAmount": 7427800,
      "rate": 3.05,
      "originationDate": "2022-03-30",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 1.12 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "FOUNTAINS ASSISTED LIVING",
      "address": "",
      "city": "BETTENDORF",
      "state": "IA",
      "zip": "52722",
      "units": 68,
      "originalAmount": 7360000,
      "rate": 3.05,
      "originationDate": "2012-02-29",
      "pmmsBenchmark": 3.89,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 0.84 pts below the 2012-02 market avg of 3.89%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "JJ HENDERSON SENIOR APARTMENTS",
      "address": "",
      "city": "DURHAM",
      "state": "NC",
      "zip": "27701",
      "units": 178,
      "originalAmount": 7200000,
      "rate": 3.05,
      "originationDate": "2020-12-31",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "TERRACE PINES APARTMENTS",
      "address": "",
      "city": "COLLEGE STATION",
      "state": "TX",
      "zip": "77840",
      "units": 100,
      "originalAmount": 7025800,
      "rate": 3.05,
      "originationDate": "2022-05-20",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 2.18 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "PROVIDENCE PLACE OF HAZLETON",
      "address": "",
      "city": "DRUMS",
      "state": "PA",
      "zip": "18222",
      "units": 138,
      "originalAmount": 6952800,
      "rate": 3.05,
      "originationDate": "2011-06-30",
      "pmmsBenchmark": 4.51,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 1.46 pts below the 2011-06 market avg of 4.51%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "FRANKLIN MANOR NORTH",
      "address": "",
      "city": "COLUMBUS",
      "state": "OH",
      "zip": "43223",
      "units": 96,
      "originalAmount": 6460000,
      "rate": 3.05,
      "originationDate": "2021-08-26",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GORMAN TOWERS",
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      "city": "FORT SMITH",
      "state": "AR",
      "zip": "72904",
      "units": 150,
      "originalAmount": 6375000,
      "rate": 3.05,
      "originationDate": "2002-05-10",
      "pmmsBenchmark": 6.806,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 3.76 pts below the 2002-05 market avg of 6.806%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "BRIGHTONDALE ASSISTED LIVING APARTMENTS",
      "address": "",
      "city": "NEW BRIGHTON",
      "state": "MN",
      "zip": "55112",
      "units": 153,
      "originalAmount": 6092000,
      "rate": 3.05,
      "originationDate": "2016-08-23",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "UNIHEALTH POST-ACUTE CURE-AIKEN",
      "address": "",
      "city": "AIKEN",
      "state": "SC",
      "zip": "29802",
      "units": 176,
      "originalAmount": 5967200,
      "rate": 3.05,
      "originationDate": "2011-02-23",
      "pmmsBenchmark": 4.952,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 1.90 pts below the 2011-02 market avg of 4.952%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "CITADEL CARE CENTER-ELGIN",
      "address": "",
      "city": "ELGIN",
      "state": "IL",
      "zip": "60123",
      "units": 88,
      "originalAmount": 5966500,
      "rate": 3.05,
      "originationDate": "2018-09-26",
      "pmmsBenchmark": 4.628,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 1.58 pts below the 2018-09 market avg of 4.628%"
      ],
      "holder": "FIRST AMERICAN CAPITAL GROUP C"
    },
    {
      "property": "77 ON THE PARK",
      "address": "",
      "city": "SCOTTSDALE",
      "state": "AZ",
      "zip": "85257",
      "units": 22,
      "originalAmount": 5600000,
      "rate": 3.05,
      "originationDate": "2020-03-30",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "WESTWOOD PLAZA",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90064",
      "units": 67,
      "originalAmount": 5522300,
      "rate": 3.05,
      "originationDate": "2012-12-07",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "STRATHMORE APARTMENTS",
      "address": "",
      "city": "DETROIT",
      "state": "MI",
      "zip": "48201",
      "units": 129,
      "originalAmount": 5400000,
      "rate": 3.05,
      "originationDate": "2014-12-16",
      "pmmsBenchmark": 3.864,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 0.81 pts below the 2014-12 market avg of 3.864%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "3RD CENTRAL APARTMENTS",
      "address": "",
      "city": "GRESHAM",
      "state": "OR",
      "zip": "97030",
      "units": 39,
      "originalAmount": 5350400,
      "rate": 3.05,
      "originationDate": "2020-04-28",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "THE OAKS AT PEAKE",
      "address": "",
      "city": "MACON",
      "state": "GA",
      "zip": "31220",
      "units": 122,
      "originalAmount": 5198700,
      "rate": 3.05,
      "originationDate": "2011-01-24",
      "pmmsBenchmark": 4.755,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 1.71 pts below the 2011-01 market avg of 4.755%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "ARBOR OAKS TERRACE MEMORY CARE RESIDENCE",
      "address": "",
      "city": "NEWBERG",
      "state": "OR",
      "zip": "97132",
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      "originalAmount": 5009100,
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      "originationDate": "2021-05-24",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MIDDLETOWN APARTMENTS",
      "address": "",
      "city": "ORANGE PARK",
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      "zip": "32073",
      "units": 100,
      "originalAmount": 5000000,
      "rate": 3.05,
      "originationDate": "2019-06-25",
      "pmmsBenchmark": 3.803,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 0.75 pts below the 2019-06 market avg of 3.803%"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "UNIHEALTH POST-ACUTE CARE AUSTELL",
      "address": "",
      "city": "AUSTELL",
      "state": "GA",
      "zip": "30106",
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      "originalAmount": 4999200,
      "rate": 3.05,
      "originationDate": "2011-01-24",
      "pmmsBenchmark": 4.755,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 1.71 pts below the 2011-01 market avg of 4.755%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "PINE MEADOWS APARTMENTS",
      "address": "",
      "city": "GAINESVILLE",
      "state": "FL",
      "zip": "32607",
      "units": 78,
      "originalAmount": 4870000,
      "rate": 3.05,
      "originationDate": "2011-12-07",
      "pmmsBenchmark": 3.958,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 0.91 pts below the 2011-12 market avg of 3.958%"
      ],
      "holder": "FIRST HOUSING DEV CORP OF FL"
    },
    {
      "property": "COLONY RETIREMENT HOME IV",
      "address": "",
      "city": "WORCESTER",
      "state": "MA",
      "zip": "01606",
      "units": 70,
      "originalAmount": 4551600,
      "rate": 3.05,
      "originationDate": "2016-10-28",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "BERKELEY POINT CAPITAL LLC"
    },
    {
      "property": "ISLANDER MHP",
      "address": "",
      "city": "BAINBRIDGE ISLAND",
      "state": "WA",
      "zip": "98110",
      "units": 50,
      "originalAmount": 4330600,
      "rate": 3.05,
      "originationDate": "2013-06-12",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 1.02 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ROCKWOOD STATION",
      "address": "",
      "city": "PORTLAND",
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      "zip": "97233",
      "units": 195,
      "originalAmount": 4292100,
      "rate": 3.05,
      "originationDate": "2020-05-28",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "HEIGHTS MANOR",
      "address": "",
      "city": "EAST LIVERPOOL",
      "state": "OH",
      "zip": "43920",
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      "originalAmount": 3464000,
      "rate": 3.05,
      "originationDate": "2015-12-16",
      "pmmsBenchmark": 3.964,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 0.91 pts below the 2015-12 market avg of 3.964%"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "MAGNOLIA MANOR OF GREENVILLE",
      "address": "",
      "city": "GREENVILLE",
      "state": "SC",
      "zip": "29601",
      "units": 99,
      "originalAmount": 3399400,
      "rate": 3.05,
      "originationDate": "2012-02-29",
      "pmmsBenchmark": 3.89,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 0.84 pts below the 2012-02 market avg of 3.89%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "SPRING HILL APARTMENTS",
      "address": "",
      "city": "AKRON",
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      "zip": "44307",
      "units": 70,
      "originalAmount": 2600000,
      "rate": 3.05,
      "originationDate": "2015-05-15",
      "pmmsBenchmark": 3.84,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 0.79 pts below the 2015-05 market avg of 3.84%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GODFREY HEALTHCARE & REHABILITATION CENTER",
      "address": "",
      "city": "GODFREY",
      "state": "IL",
      "zip": "62035",
      "units": 68,
      "originalAmount": 2540800,
      "rate": 3.05,
      "originationDate": "2014-11-25",
      "pmmsBenchmark": 3.998,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 0.95 pts below the 2014-11 market avg of 3.998%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "MCARTHUR PARK PHASE II",
      "address": "",
      "city": "FAYETTEVILLE",
      "state": "NC",
      "zip": "28311",
      "units": 80,
      "originalAmount": 2195000,
      "rate": 3.05,
      "originationDate": "2020-11-24",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "MID-TOWN APTS",
      "address": "",
      "city": "FORT SMITH",
      "state": "AR",
      "zip": "72901",
      "units": 136,
      "originalAmount": 2053200,
      "rate": 3.05,
      "originationDate": "2012-03-14",
      "pmmsBenchmark": 3.954,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 0.90 pts below the 2012-03 market avg of 3.954%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "STONECREST HEALTHCARE",
      "address": "",
      "city": "VIBURNUM",
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      "zip": "65566",
      "units": 60,
      "originalAmount": 1870000,
      "rate": 3.05,
      "originationDate": "2012-10-30",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "HICKORY RIDGE APARTMENTS",
      "address": "",
      "city": "WHITES CREEK",
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      "zip": "37189",
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      "originalAmount": 1144900,
      "rate": 3.05,
      "originationDate": "2014-03-25",
      "pmmsBenchmark": 4.343,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 1.29 pts below the 2014-03 market avg of 4.343%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CARRIAGE HSE OF RICHMOND",
      "address": "",
      "city": "RICHMOND",
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      "zip": "47374",
      "units": 106,
      "originalAmount": 680600,
      "rate": 3.05,
      "originationDate": "2012-03-28",
      "pmmsBenchmark": 3.954,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.05% is 0.90 pts below the 2012-03 market avg of 3.954%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "One Preston Station",
      "address": "",
      "city": "CELINA",
      "state": "TX",
      "zip": "75009",
      "units": 240,
      "originalAmount": 33381500,
      "rate": 3.06,
      "originationDate": "2021-07-15",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LEGACY CAPITAL MORTGAGE LLC"
    },
    {
      "property": "HUNTER'S CREEK APARTMENTS",
      "address": "",
      "city": "DENTON",
      "state": "TX",
      "zip": "76210",
      "units": 214,
      "originalAmount": 29877100,
      "rate": 3.06,
      "originationDate": "2020-09-29",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "BROADMOOR APARTMENTS",
      "address": "",
      "city": "PASCO",
      "state": "WA",
      "zip": "99301",
      "units": 252,
      "originalAmount": 25000000,
      "rate": 3.06,
      "originationDate": "2020-03-26",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "CITY LIGHTS II-A",
      "address": "",
      "city": "ATLANTA",
      "state": "GA",
      "zip": "30308",
      "units": 123,
      "originalAmount": 21500000,
      "rate": 3.06,
      "originationDate": "2020-09-22",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "CAMELLIA TRACE AT MOUNTAIN VIEW -A7",
      "address": "",
      "city": "MARYVILLE",
      "state": "TN",
      "zip": "37801",
      "units": 220,
      "originalAmount": 13776000,
      "rate": 3.06,
      "originationDate": "2012-09-25",
      "pmmsBenchmark": 3.498,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "MERIDIAN-WINDSOR POST-ACUTE HCC MODESTO",
      "address": "",
      "city": "MODESTO",
      "state": "CA",
      "zip": "95350",
      "units": 258,
      "originalAmount": 13560000,
      "rate": 3.06,
      "originationDate": "2018-11-02",
      "pmmsBenchmark": 4.866,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.06% is 1.81 pts below the 2018-11 market avg of 4.866%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "THE FLATS AT EUTAW PLACE",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21217",
      "units": 62,
      "originalAmount": 11711600,
      "rate": 3.06,
      "originationDate": "2018-02-13",
      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.06% is 1.27 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "LAKEVIEW COURT",
      "address": "",
      "city": "NOBLESVILLE",
      "state": "IN",
      "zip": "46060",
      "units": 212,
      "originalAmount": 11435000,
      "rate": 3.06,
      "originationDate": "2021-07-29",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "PINE HARBOR ASSISTED LIVING",
      "address": "",
      "city": "PLATTSBURGH",
      "state": "NY",
      "zip": "12903",
      "units": 60,
      "originalAmount": 7467000,
      "rate": 3.06,
      "originationDate": "2013-11-07",
      "pmmsBenchmark": 4.255,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.06% is 1.19 pts below the 2013-11 market avg of 4.255%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BELLA VISTA APARTMENTS",
      "address": "",
      "city": "GAINESVILLE",
      "state": "TX",
      "zip": "76240",
      "units": 144,
      "originalAmount": 7052400,
      "rate": 3.06,
      "originationDate": "2018-08-30",
      "pmmsBenchmark": 4.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.06% is 1.49 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "COUNTRYHOUSE OF GRAND ISLAND",
      "address": "",
      "city": "GRAND ISLAND",
      "state": "NE",
      "zip": "68003",
      "units": 54,
      "originalAmount": 4130000,
      "rate": 3.06,
      "originationDate": "2016-09-29",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE CLOCK TOWER BUILDING",
      "address": "",
      "city": "SAN RAFAEL",
      "state": "CA",
      "zip": "94901",
      "units": 30,
      "originalAmount": 4123200,
      "rate": 3.06,
      "originationDate": "2012-11-28",
      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "WASHINGTON PLAZA APTS",
      "address": "",
      "city": "FAYETTEVILLE",
      "state": "AR",
      "zip": "72703",
      "units": 128,
      "originalAmount": 3470000,
      "rate": 3.06,
      "originationDate": "2018-05-31",
      "pmmsBenchmark": 4.586,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.06% is 1.53 pts below the 2018-05 market avg of 4.586%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "GATE MANOR APARTMENTS",
      "address": "",
      "city": "CLINTON",
      "state": "TN",
      "zip": "37716",
      "units": 80,
      "originalAmount": 3400000,
      "rate": 3.06,
      "originationDate": "2016-07-28",
      "pmmsBenchmark": 3.44,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "JOHN SALE MANOR",
      "address": "",
      "city": "XENIA",
      "state": "OH",
      "zip": "45385",
      "units": 118,
      "originalAmount": 3360000,
      "rate": 3.06,
      "originationDate": "2015-05-21",
      "pmmsBenchmark": 3.84,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.06% is 0.78 pts below the 2015-05 market avg of 3.84%"
      ],
      "holder": "ROSE COMMUNITY CAPITAL, LLC"
    },
    {
      "property": "PRUITTHEALTH - COVINGTON",
      "address": "",
      "city": "COVINGTON",
      "state": "GA",
      "zip": "30014",
      "units": 106,
      "originalAmount": 3296500,
      "rate": 3.06,
      "originationDate": "2020-02-27",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "TREMONT PLACE",
      "address": "",
      "city": "WESTMINSTER",
      "state": "MD",
      "zip": "21157",
      "units": 82,
      "originalAmount": 3280000,
      "rate": 3.06,
      "originationDate": "2021-11-18",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DEPARTMENT HOUSING COMM DEV"
    },
    {
      "property": "OVERLAND TOWERS APARTMENTS",
      "address": "",
      "city": "OVERLAND PARK",
      "state": "KS",
      "zip": "66212",
      "units": 126,
      "originalAmount": 3171000,
      "rate": 3.06,
      "originationDate": "2012-11-27",
      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "JAMES J MILLET TEAMSTER VILLAG",
      "address": "",
      "city": "WORCESTER",
      "state": "MA",
      "zip": "01606",
      "units": 24,
      "originalAmount": 2442100,
      "rate": 3.06,
      "originationDate": "2008-04-17",
      "pmmsBenchmark": 5.918,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.06% is 2.86 pts below the 2008-04 market avg of 5.918%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "AUTUMN CREST APARTMENTS",
      "address": "",
      "city": "KANNAPOLIS",
      "state": "NC",
      "zip": "28083",
      "units": 87,
      "originalAmount": 2410900,
      "rate": 3.06,
      "originationDate": "2016-08-31",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "TEAMSTER MANOR OF MINNEAPOLIS",
      "address": "",
      "city": "MINNEAPOLIS",
      "state": "MN",
      "zip": "55413",
      "units": 24,
      "originalAmount": 1263000,
      "rate": 3.06,
      "originationDate": "2008-03-25",
      "pmmsBenchmark": 5.97,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.06% is 2.91 pts below the 2008-03 market avg of 5.97%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "COMMUNITY MEMORIAL HEALTH SYSTEM",
      "address": "",
      "city": "VENTURA",
      "state": "CA",
      "zip": "93003",
      "units": 275,
      "originalAmount": 366170500,
      "rate": 3.07,
      "originationDate": "2021-05-13",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "VINTAGE BURKITT STATION",
      "address": "",
      "city": "ANTIOCH",
      "state": "TN",
      "zip": "37013",
      "units": 244,
      "originalAmount": 32543300,
      "rate": 3.07,
      "originationDate": "2020-05-27",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "PARC WEST APARTMENTS",
      "address": "",
      "city": "LAS VEGAS",
      "state": "NV",
      "zip": "89145",
      "units": 249,
      "originalAmount": 19976900,
      "rate": 3.07,
      "originationDate": "2016-09-27",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "HERITAGE WOODS OF NOBLESVILLE",
      "address": "",
      "city": "NOBLESVILLE",
      "state": "IN",
      "zip": "46060",
      "units": 248,
      "originalAmount": 19895000,
      "rate": 3.07,
      "originationDate": "2018-02-22",
      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.07% is 1.26 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE METROPOLITAN OF BALTIMORE",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21239",
      "units": 254,
      "originalAmount": 19541000,
      "rate": 3.07,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "TREVORS RUN APARTMENTS",
      "address": "",
      "city": "HERNDON",
      "state": "VA",
      "zip": "20171",
      "units": 170,
      "originalAmount": 19120500,
      "rate": 3.07,
      "originationDate": "2020-11-30",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "BRENT PLACE APARTMENTS",
      "address": "",
      "city": "ALEXANDRIA",
      "state": "VA",
      "zip": "22304",
      "units": 207,
      "originalAmount": 15950600,
      "rate": 3.07,
      "originationDate": "2019-04-25",
      "pmmsBenchmark": 4.143,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.07% is 1.07 pts below the 2019-04 market avg of 4.143%"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "WOODYARD STATION SENIOR APARTMENTS",
      "address": "",
      "city": "CLINTON",
      "state": "MD",
      "zip": "20735",
      "units": 112,
      "originalAmount": 15500000,
      "rate": 3.07,
      "originationDate": "2021-11-18",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DEPARTMENT HOUSING COMM DEV"
    },
    {
      "property": "ESKATON LODGE GRANITE BAY",
      "address": "",
      "city": "GRANITE BAY",
      "state": "CA",
      "zip": "95746",
      "units": 105,
      "originalAmount": 13677500,
      "rate": 3.07,
      "originationDate": "2015-06-10",
      "pmmsBenchmark": 3.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.07% is 0.91 pts below the 2015-06 market avg of 3.982%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BOWERS LANDING APARTMENTS",
      "address": "",
      "city": "MERRIMACK",
      "state": "NH",
      "zip": "03054",
      "units": 104,
      "originalAmount": 10228300,
      "rate": 3.07,
      "originationDate": "2009-10-30",
      "pmmsBenchmark": 4.952,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.07% is 1.88 pts below the 2009-10 market avg of 4.952%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ANNA DUPREE TERRACE",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77034",
      "units": 151,
      "originalAmount": 8881400,
      "rate": 3.07,
      "originationDate": "2018-12-19",
      "pmmsBenchmark": 4.638,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.07% is 1.57 pts below the 2018-12 market avg of 4.638%"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "OAK POINT TOWNHOMES",
      "address": "",
      "city": "ST. ROBERT",
      "state": "MO",
      "zip": "65584",
      "units": 136,
      "originalAmount": 7760000,
      "rate": 3.07,
      "originationDate": "2020-04-07",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "SHARMAR",
      "address": "",
      "city": "PUEBLO",
      "state": "CO",
      "zip": "81004",
      "units": 144,
      "originalAmount": 7437800,
      "rate": 3.07,
      "originationDate": "2012-09-28",
      "pmmsBenchmark": 3.498,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "PINERIDGE APARTMENTS",
      "address": "",
      "city": "WALKER",
      "state": "MI",
      "zip": "49534",
      "units": 147,
      "originalAmount": 6960000,
      "rate": 3.07,
      "originationDate": "2016-09-30",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "LIVINGSTON PARK APARTMENTS",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44120",
      "units": 195,
      "originalAmount": 5900000,
      "rate": 3.07,
      "originationDate": "2010-06-29",
      "pmmsBenchmark": 4.737,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.07% is 1.67 pts below the 2010-06 market avg of 4.737%"
      ],
      "holder": "ROSE COMMUNITY CAPITAL, LLC"
    },
    {
      "property": "ALTOONA APARTMENTS",
      "address": "",
      "city": "ALTOONA",
      "state": "IA",
      "zip": "50009",
      "units": 68,
      "originalAmount": 4928000,
      "rate": 3.07,
      "originationDate": "2017-08-30",
      "pmmsBenchmark": 3.88,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.07% is 0.81 pts below the 2017-08 market avg of 3.88%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "FROSTBURG HEIGHTS APARTMENTS",
      "address": "",
      "city": "FROSTBURG",
      "state": "MD",
      "zip": "21532",
      "units": 110,
      "originalAmount": 3440000,
      "rate": 3.07,
      "originationDate": "2016-12-29",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.07% is 1.13 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "MEADOWS APARTMENTS",
      "address": "",
      "city": "CROWLEY",
      "state": "LA",
      "zip": "70527",
      "units": 72,
      "originalAmount": 2460000,
      "rate": 3.07,
      "originationDate": "2020-11-23",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "26 CHERRY STREET APARTMENTS",
      "address": "",
      "city": "GRAND RAPIDS",
      "state": "MI",
      "zip": "49503",
      "units": 45,
      "originalAmount": 1575000,
      "rate": 3.07,
      "originationDate": "2012-12-20",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "205 SOUTH DIVISION AVENUE APARTMENTS",
      "address": "",
      "city": "GRAND RAPIDS",
      "state": "MI",
      "zip": "49503",
      "units": 38,
      "originalAmount": 1450000,
      "rate": 3.07,
      "originationDate": "2012-12-20",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "CO-OP CITY",
      "address": "",
      "city": "BRONX",
      "state": "NY",
      "zip": "10475",
      "units": 1537,
      "originalAmount": 621500000,
      "rate": 3.08,
      "originationDate": "2022-04-27",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.08% is 1.90 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "TAMPA WOODS APARTMENTS",
      "address": "",
      "city": "TAMPA",
      "state": "FL",
      "zip": "33634",
      "units": 444,
      "originalAmount": 47344000,
      "rate": 3.08,
      "originationDate": "2017-03-30",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.08% is 1.12 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ENCLAVE AT BOX HILL",
      "address": "",
      "city": "ABINGDON",
      "state": "MD",
      "zip": "21009",
      "units": 240,
      "originalAmount": 39999000,
      "rate": 3.08,
      "originationDate": "2020-03-31",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "EXCHANGE PLACE APARTMENTS",
      "address": "",
      "city": "WICHITA",
      "state": "KS",
      "zip": "67202",
      "units": 230,
      "originalAmount": 34615700,
      "rate": 3.08,
      "originationDate": "2015-05-12",
      "pmmsBenchmark": 3.84,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.08% is 0.76 pts below the 2015-05 market avg of 3.84%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "LAKESHORE VILLAS",
      "address": "",
      "city": "HUMBLE",
      "state": "TX",
      "zip": "77346",
      "units": 312,
      "originalAmount": 27920000,
      "rate": 3.08,
      "originationDate": "2018-06-18",
      "pmmsBenchmark": 4.57,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.08% is 1.49 pts below the 2018-06 market avg of 4.57%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "OLDE TOWNE TOWNHOMES",
      "address": "",
      "city": "ELKHORN",
      "state": "NE",
      "zip": "68022",
      "units": 101,
      "originalAmount": 26109000,
      "rate": 3.08,
      "originationDate": "2021-03-02",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "GEORGETOWN COMMONS APARTMENTS",
      "address": "",
      "city": "CLINTON TOWNSHIP",
      "state": "MI",
      "zip": "48035",
      "units": 360,
      "originalAmount": 22056000,
      "rate": 3.08,
      "originationDate": "2020-02-27",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "PEPPERTREE",
      "address": "",
      "city": "WILDWOOD",
      "state": "FL",
      "zip": "34785",
      "units": 300,
      "originalAmount": 21078900,
      "rate": 3.08,
      "originationDate": "2015-06-23",
      "pmmsBenchmark": 3.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.08% is 0.90 pts below the 2015-06 market avg of 3.982%"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "BAKER SCHOOL APTS",
      "address": "",
      "city": "DENVER",
      "state": "CO",
      "zip": "80221",
      "units": 142,
      "originalAmount": 19162500,
      "rate": 3.08,
      "originationDate": "2017-11-16",
      "pmmsBenchmark": 3.922,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.08% is 0.84 pts below the 2017-11 market avg of 3.922%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "VANTAGE POINTE HOMES AT BALSAM MOUNTAIN",
      "address": "",
      "city": "WAYNESVILLE",
      "state": "NC",
      "zip": "28786",
      "units": 160,
      "originalAmount": 17680000,
      "rate": 3.08,
      "originationDate": "2020-03-30",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "MAGNOLIA AT MESQUITE CREEK",
      "address": "",
      "city": "MESQUITE",
      "state": "TX",
      "zip": "75149",
      "units": 252,
      "originalAmount": 16046700,
      "rate": 3.08,
      "originationDate": "2017-01-09",
      "pmmsBenchmark": 4.15,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.08% is 1.07 pts below the 2017-01 market avg of 4.15%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "OAKVIEW APTS",
      "address": "",
      "city": "WINDSOR MILL",
      "state": "MD",
      "zip": "21244",
      "units": 149,
      "originalAmount": 15120000,
      "rate": 3.08,
      "originationDate": "2017-12-28",
      "pmmsBenchmark": 3.95,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.08% is 0.87 pts below the 2017-12 market avg of 3.95%"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "GROVE OF FOX VALLEY",
      "address": "",
      "city": "AURORA",
      "state": "IL",
      "zip": "60505",
      "units": 253,
      "originalAmount": 14895100,
      "rate": 3.08,
      "originationDate": "2020-04-13",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "TIMBERS AT THE PARK APTS",
      "address": "",
      "city": "TERRELL",
      "state": "TX",
      "zip": "75160",
      "units": 144,
      "originalAmount": 14400000,
      "rate": 3.08,
      "originationDate": "2018-06-27",
      "pmmsBenchmark": 4.57,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.08% is 1.49 pts below the 2018-06 market avg of 4.57%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "HUNTINGTON GARDENS",
      "address": "",
      "city": "ALEXANDRIA",
      "state": "VA",
      "zip": "22303",
      "units": 113,
      "originalAmount": 12850000,
      "rate": 3.08,
      "originationDate": "2016-09-27",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "PROVIDENCE COURT",
      "address": "",
      "city": "COLUMBIA",
      "state": "MO",
      "zip": "65203",
      "units": 220,
      "originalAmount": 12484300,
      "rate": 3.08,
      "originationDate": "2020-06-29",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "VICTORIAN APARTMENTS",
      "address": "",
      "city": "VICTORVILLE",
      "state": "CA",
      "zip": "92393",
      "units": 124,
      "originalAmount": 11950000,
      "rate": 3.08,
      "originationDate": "2016-08-26",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ROSEMONT GARDEN 4",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21216",
      "units": 131,
      "originalAmount": 10995000,
      "rate": 3.08,
      "originationDate": "2021-05-13",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "REGENCY JACKSON",
      "address": "",
      "city": "JACKSON",
      "state": "TN",
      "zip": "38305",
      "units": 139,
      "originalAmount": 10016000,
      "rate": 3.08,
      "originationDate": "2021-04-21",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "BOULEVARD MANOR NURSING & REHAB",
      "address": "",
      "city": "BOYNTON BEACH",
      "state": "FL",
      "zip": "33435",
      "units": 167,
      "originalAmount": 9191400,
      "rate": 3.08,
      "originationDate": "2014-06-27",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.08% is 1.08 pts below the 2014-06 market avg of 4.162%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "STONEY RUN",
      "address": "",
      "city": "BRUNSWICK",
      "state": "OH",
      "zip": "44212",
      "units": 106,
      "originalAmount": 8880000,
      "rate": 3.08,
      "originationDate": "2017-03-08",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.08% is 1.12 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE MEMORY CARE RESIDENCES AT COTTAGE GROVE",
      "address": "",
      "city": "NORTH CHILI",
      "state": "NY",
      "zip": "14514",
      "units": 48,
      "originalAmount": 7378000,
      "rate": 3.08,
      "originationDate": "2022-03-31",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.08% is 1.09 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "THE RESIDENCES AT 4000 INGERSOLL",
      "address": "",
      "city": "DES MOINES",
      "state": "IA",
      "zip": "50312",
      "units": 25,
      "originalAmount": 6708000,
      "rate": 3.08,
      "originationDate": "2022-03-30",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.08% is 1.09 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "MADISON HEIGHTS",
      "address": "",
      "city": "EVANS",
      "state": "GA",
      "zip": "30809",
      "units": 92,
      "originalAmount": 6149600,
      "rate": 3.08,
      "originationDate": "2020-03-30",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "RIVER GRAND SENIOR LIVING",
      "address": "",
      "city": "GRAND RAPIDS",
      "state": "MN",
      "zip": "55744",
      "units": 122,
      "originalAmount": 5676250,
      "rate": 3.08,
      "originationDate": "2016-12-02",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.08% is 1.12 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ALTERCARE OF CUYAHOGA FALLS",
      "address": "",
      "city": "CUYAHOGA FALLS",
      "state": "OH",
      "zip": "44221",
      "units": 56,
      "originalAmount": 4532100,
      "rate": 3.08,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE STRAUS APTS",
      "address": "",
      "city": "ST PAUL",
      "state": "MN",
      "zip": "55101",
      "units": 49,
      "originalAmount": 4250000,
      "rate": 3.08,
      "originationDate": "2002-12-27",
      "pmmsBenchmark": 6.048,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.08% is 2.97 pts below the 2002-12 market avg of 6.048%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "ROSEMONT GARDEN 9",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21216",
      "units": 68,
      "originalAmount": 3342800,
      "rate": 3.08,
      "originationDate": "2021-05-13",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "COURTHOUSE APTS",
      "address": "",
      "city": "MARTINSBURG",
      "state": "WV",
      "zip": "25404",
      "units": 85,
      "originalAmount": 3320000,
      "rate": 3.08,
      "originationDate": "2017-05-19",
      "pmmsBenchmark": 4.01,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.08% is 0.93 pts below the 2017-05 market avg of 4.01%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ALTERCARE OF BIG RAPIDS",
      "address": "",
      "city": "BIG RAPIDS",
      "state": "MI",
      "zip": "49307",
      "units": 53,
      "originalAmount": 3063300,
      "rate": 3.08,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "MEXIA GARDENS",
      "address": "",
      "city": "MEXIA",
      "state": "TX",
      "zip": "76667",
      "units": 80,
      "originalAmount": 2100000,
      "rate": 3.08,
      "originationDate": "2011-10-12",
      "pmmsBenchmark": 4.068,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.08% is 0.99 pts below the 2011-10 market avg of 4.068%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BEVERLY MANOR APARTMENTS",
      "address": "",
      "city": "BEVERLY",
      "state": "WV",
      "zip": "25302",
      "units": 80,
      "originalAmount": 1195000,
      "rate": 3.08,
      "originationDate": "2011-08-25",
      "pmmsBenchmark": 4.27,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.08% is 1.19 pts below the 2011-08 market avg of 4.27%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "THE VERONA",
      "address": "",
      "city": "DALLAS",
      "state": "TX",
      "zip": "75240",
      "units": 273,
      "originalAmount": 42990000,
      "rate": 3.09,
      "originationDate": "2017-12-13",
      "pmmsBenchmark": 3.95,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.09% is 0.86 pts below the 2017-12 market avg of 3.95%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "THE WINTERFIELD AT MIDLOTHIAN",
      "address": "",
      "city": "MIDLOTHIAN",
      "state": "VA",
      "zip": "23113",
      "units": 238,
      "originalAmount": 32608300,
      "rate": 3.09,
      "originationDate": "2021-09-29",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKELEY POINT CAPITAL LLC"
    },
    {
      "property": "MEMORY CARE LIVING",
      "address": "",
      "city": "RAMSEY",
      "state": "NJ",
      "zip": "07446",
      "units": 430,
      "originalAmount": 28384000,
      "rate": 3.09,
      "originationDate": "2016-10-18",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CREEKVIEW CROSSING",
      "address": "",
      "city": "SHERWOOD",
      "state": "OR",
      "zip": "97140",
      "units": 183,
      "originalAmount": 27892600,
      "rate": 3.09,
      "originationDate": "2020-05-29",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "MERRITT HERITAGE",
      "address": "",
      "city": "GEORGETOWN",
      "state": "TX",
      "zip": "78633",
      "units": 244,
      "originalAmount": 27400000,
      "rate": 3.09,
      "originationDate": "2017-10-02",
      "pmmsBenchmark": 3.895,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.09% is 0.81 pts below the 2017-10 market avg of 3.895%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "OHMAN FAMILY LIVING AT HOLLY",
      "address": "",
      "city": "NEWBURY",
      "state": "OH",
      "zip": "44065",
      "units": 72,
      "originalAmount": 23704500,
      "rate": 3.09,
      "originationDate": "2021-11-30",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "ENCORE TOWNHOMES II",
      "address": "",
      "city": "UTICA",
      "state": "MI",
      "zip": "48315",
      "units": 126,
      "originalAmount": 22464300,
      "rate": 3.09,
      "originationDate": "2020-10-30",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "VILLAS AT LAKE SMART",
      "address": "",
      "city": "WINTER HAVEN",
      "state": "FL",
      "zip": "33881",
      "units": 220,
      "originalAmount": 15229000,
      "rate": 3.09,
      "originationDate": "2020-02-26",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "HAVERHILL PLACE",
      "address": "",
      "city": "TYLER",
      "state": "TX",
      "zip": "75707",
      "units": 112,
      "originalAmount": 11645000,
      "rate": 3.09,
      "originationDate": "2017-10-30",
      "pmmsBenchmark": 3.895,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.09% is 0.81 pts below the 2017-10 market avg of 3.895%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "THE ROSE",
      "address": "",
      "city": "PORTLAND",
      "state": "OR",
      "zip": "97220",
      "units": 90,
      "originalAmount": 10900000,
      "rate": 3.09,
      "originationDate": "2020-07-08",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "GRACE LIVING CENTER BROOKWOOD",
      "address": "",
      "city": "OKLAHOMA CITY",
      "state": "OK",
      "zip": "73139",
      "units": 125,
      "originalAmount": 9557900,
      "rate": 3.09,
      "originationDate": "2017-03-22",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.09% is 1.11 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ST JOSEPHS HOME",
      "address": "",
      "city": "OGDENSBURG",
      "state": "NY",
      "zip": "13669",
      "units": 82,
      "originalAmount": 9409300,
      "rate": 3.09,
      "originationDate": "2012-04-30",
      "pmmsBenchmark": 3.91,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.09% is 0.82 pts below the 2012-04 market avg of 3.91%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "TERRACINA GRAND II",
      "address": "",
      "city": "NAPLES",
      "state": "FL",
      "zip": "34104",
      "units": 60,
      "originalAmount": 8841000,
      "rate": 3.09,
      "originationDate": "2013-12-05",
      "pmmsBenchmark": 4.457,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.09% is 1.37 pts below the 2013-12 market avg of 4.457%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "WOODSTONE VILLAGE APARTMENTS",
      "address": "",
      "city": "ZION",
      "state": "IL",
      "zip": "60099",
      "units": 266,
      "originalAmount": 8293200,
      "rate": 3.09,
      "originationDate": "2020-02-14",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "LAUREL LAKES SENIOR HOUSING",
      "address": "",
      "city": "LAUREL",
      "state": "MD",
      "zip": "20707",
      "units": 125,
      "originalAmount": 8250000,
      "rate": 3.09,
      "originationDate": "2016-12-15",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.09% is 1.11 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "BERKELEY POINT CAPITAL LLC"
    },
    {
      "property": "MARQUIS CENTENNIAL",
      "address": "",
      "city": "PORTLAND",
      "state": "OR",
      "zip": "97233",
      "units": 80,
      "originalAmount": 7940500,
      "rate": 3.09,
      "originationDate": "2015-05-08",
      "pmmsBenchmark": 3.84,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.09% is 0.75 pts below the 2015-05 market avg of 3.84%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "HERITAGE HOUSE",
      "address": "",
      "city": "INDEPENDENCE",
      "state": "MO",
      "zip": "64050",
      "units": 166,
      "originalAmount": 7385600,
      "rate": 3.09,
      "originationDate": "2016-12-08",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.09% is 1.11 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE GROVE",
      "address": "",
      "city": "ONTARIO",
      "state": "CA",
      "zip": "91762",
      "units": 101,
      "originalAmount": 6850000,
      "rate": 3.09,
      "originationDate": "2015-08-27",
      "pmmsBenchmark": 3.905,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.09% is 0.81 pts below the 2015-08 market avg of 3.905%"
      ],
      "holder": "ROSE COMMUNITY CAPITAL, LLC"
    },
    {
      "property": "AHEPA 421 APARTMENTS",
      "address": "",
      "city": "NORTH MIAMI",
      "state": "FL",
      "zip": "33161",
      "units": 80,
      "originalAmount": 6084000,
      "rate": 3.09,
      "originationDate": "2020-04-14",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HERITAGE HEALTHCARE OF WALTERBORO",
      "address": "",
      "city": "WALTERBORO",
      "state": "SC",
      "zip": "29488",
      "units": 132,
      "originalAmount": 5679400,
      "rate": 3.09,
      "originationDate": "2011-02-23",
      "pmmsBenchmark": 4.952,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.09% is 1.86 pts below the 2011-02 market avg of 4.952%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "LOFTS AT NEW AMSTERDAM",
      "address": "",
      "city": "DETROIT",
      "state": "MI",
      "zip": "48202",
      "units": 50,
      "originalAmount": 5512000,
      "rate": 3.09,
      "originationDate": "2021-04-15",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "MARQUIS FOREST GROVE",
      "address": "",
      "city": "FOREST GROVE",
      "state": "OR",
      "zip": "97116",
      "units": 63,
      "originalAmount": 5258300,
      "rate": 3.09,
      "originationDate": "2015-05-08",
      "pmmsBenchmark": 3.84,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.09% is 0.75 pts below the 2015-05 market avg of 3.84%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "MAGNOLIA MANOR OF COLUMBIA",
      "address": "",
      "city": "COLUMBIA",
      "state": "SC",
      "zip": "29223",
      "units": 88,
      "originalAmount": 4859000,
      "rate": 3.09,
      "originationDate": "2012-03-29",
      "pmmsBenchmark": 3.954,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.09% is 0.86 pts below the 2012-03 market avg of 3.954%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "TWO RIVERS HEALTHCARE-NEUSE CAMPUS",
      "address": "",
      "city": "NEW BERN",
      "state": "NC",
      "zip": "28560",
      "units": 110,
      "originalAmount": 4844600,
      "rate": 3.09,
      "originationDate": "2011-01-24",
      "pmmsBenchmark": 4.755,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.09% is 1.67 pts below the 2011-01 market avg of 4.755%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "GARDENS AT FRIENDSWOOD LAKES APARTMENTS",
      "address": "",
      "city": "FRIENDSWOOD",
      "state": "TX",
      "zip": "77546",
      "units": 114,
      "originalAmount": 4500000,
      "rate": 3.09,
      "originationDate": "2016-12-20",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.09% is 1.11 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "REDWOOD VERMILION",
      "address": "",
      "city": "VERMILION",
      "state": "OH",
      "zip": "44089",
      "units": 54,
      "originalAmount": 3979200,
      "rate": 3.09,
      "originationDate": "2020-06-25",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ANNE MARIA NURSING HOME",
      "address": "",
      "city": "NORTH AUGUSTA",
      "state": "SC",
      "zip": "29841",
      "units": 132,
      "originalAmount": 3943400,
      "rate": 3.09,
      "originationDate": "2012-04-24",
      "pmmsBenchmark": 3.91,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.09% is 0.82 pts below the 2012-04 market avg of 3.91%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "HERITAGE HEALTHCARE OF ELKIN",
      "address": "",
      "city": "ELKIN",
      "state": "NC",
      "zip": "28621",
      "units": 100,
      "originalAmount": 3663000,
      "rate": 3.09,
      "originationDate": "2011-01-24",
      "pmmsBenchmark": 4.755,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.09% is 1.67 pts below the 2011-01 market avg of 4.755%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "UNIHEALTH POST ACUTE CARE LOW COUNTRY",
      "address": "",
      "city": "ESTILL",
      "state": "NC",
      "zip": "29918",
      "units": 104,
      "originalAmount": 3579800,
      "rate": 3.09,
      "originationDate": "2010-07-30",
      "pmmsBenchmark": 4.564,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.09% is 1.47 pts below the 2010-07 market avg of 4.564%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "TWO RIVERS HEALTHCARE-TRENT CAMPUS",
      "address": "",
      "city": "NEW BERN",
      "state": "NC",
      "zip": "28560",
      "units": 116,
      "originalAmount": 3560000,
      "rate": 3.09,
      "originationDate": "2011-01-24",
      "pmmsBenchmark": 4.755,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.09% is 1.67 pts below the 2011-01 market avg of 4.755%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "PORTLAND PLAZA",
      "address": "",
      "city": "LOUISVILLE",
      "state": "KY",
      "zip": "40212",
      "units": 71,
      "originalAmount": 3230900,
      "rate": 3.09,
      "originationDate": "2017-10-30",
      "pmmsBenchmark": 3.895,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.09% is 0.81 pts below the 2017-10 market avg of 3.895%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "CALIFORNIA SQUARE II APTS",
      "address": "",
      "city": "LOUISVILLE",
      "state": "KY",
      "zip": "40212",
      "units": 48,
      "originalAmount": 2785400,
      "rate": 3.09,
      "originationDate": "2017-10-30",
      "pmmsBenchmark": 3.895,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.09% is 0.81 pts below the 2017-10 market avg of 3.895%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "VALLEJO CARE CENTER",
      "address": "",
      "city": "VALLEJO",
      "state": "CA",
      "zip": "94589",
      "units": 121,
      "originalAmount": 2732800,
      "rate": 3.09,
      "originationDate": "2012-03-28",
      "pmmsBenchmark": 3.954,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.09% is 0.86 pts below the 2012-03 market avg of 3.954%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "LORD HOWE ESTATES",
      "address": "",
      "city": "TICONDEROGA",
      "state": "NY",
      "zip": "12883",
      "units": 40,
      "originalAmount": 1700000,
      "rate": 3.09,
      "originationDate": "2009-12-21",
      "pmmsBenchmark": 4.93,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.09% is 1.84 pts below the 2009-12 market avg of 4.93%"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "PARKLANE APTS",
      "address": "",
      "city": "DANVILLE",
      "state": "AR",
      "zip": "72833",
      "units": 54,
      "originalAmount": 1062500,
      "rate": 3.09,
      "originationDate": "2010-11-30",
      "pmmsBenchmark": 4.3,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.09% is 1.21 pts below the 2010-11 market avg of 4.3%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "THREE LIGHT TOWER",
      "address": "",
      "city": "KANSAS CITY",
      "state": "MO",
      "zip": "64106",
      "units": 288,
      "originalAmount": 109125500,
      "rate": 3.1,
      "originationDate": "2021-10-20",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "CIRCLE PARK LIHTC",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60607",
      "units": 418,
      "originalAmount": 83000000,
      "rate": 3.1,
      "originationDate": "2021-01-28",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ILLINOIS HOUSING DEVELOPMENT A"
    },
    {
      "property": "LITTLE ITALY RESTORATION APARTMENTS",
      "address": "",
      "city": "NEW YORK",
      "state": "NY",
      "zip": "10012",
      "units": 153,
      "originalAmount": 74000000,
      "rate": 3.1,
      "originationDate": "2020-02-26",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ONSLOW COUNTY HOSPITAL AUTHORI",
      "address": "",
      "city": "JACKSONVILLE",
      "state": "NC",
      "zip": "28540",
      "units": 162,
      "originalAmount": 55127000,
      "rate": 3.1,
      "originationDate": "2006-08-10",
      "pmmsBenchmark": 6.524,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 3.42 pts below the 2006-08 market avg of 6.524%"
      ],
      "holder": "THE BANK OF NEW YORK MELLON"
    },
    {
      "property": "METRO NORTH CROSSING APARTMENTS",
      "address": "",
      "city": "KANSAS CITY",
      "state": "MO",
      "zip": "64155",
      "units": 249,
      "originalAmount": 53537700,
      "rate": 3.1,
      "originationDate": "2020-07-22",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "HILL EAST",
      "address": "",
      "city": "WASHINGTON",
      "state": "DC",
      "zip": "20003",
      "units": 100,
      "originalAmount": 52550000,
      "rate": 3.1,
      "originationDate": "2023-12-15",
      "pmmsBenchmark": 6.815,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 3.72 pts below the 2023-12 market avg of 6.815%"
      ],
      "holder": "D C HOUSING FINANCE AGENCY"
    },
    {
      "property": "CIDERMILL VILLAGE",
      "address": "",
      "city": "ROCHESTER HILLS",
      "state": "MI",
      "zip": "48307",
      "units": 339,
      "originalAmount": 46105900,
      "rate": 3.1,
      "originationDate": "2012-04-24",
      "pmmsBenchmark": 3.91,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 0.81 pts below the 2012-04 market avg of 3.91%"
      ],
      "holder": "GREYSTONE SERVICING COMPANY LL"
    },
    {
      "property": "MILLE MIGLIA FKA CONROE APARTMENTS",
      "address": "",
      "city": "CONROE",
      "state": "TX",
      "zip": "77301",
      "units": 324,
      "originalAmount": 43379200,
      "rate": 3.1,
      "originationDate": "2020-11-05",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE MEADOWS APARTMENTS",
      "address": "",
      "city": "SUNNYVALE",
      "state": "CA",
      "zip": "94065",
      "units": 336,
      "originalAmount": 42500000,
      "rate": 3.1,
      "originationDate": "2013-07-26",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 1.27 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "CASCADES AT ONION CREEK",
      "address": "",
      "city": "AUSTIN",
      "state": "TX",
      "zip": "78747",
      "units": 264,
      "originalAmount": 36800000,
      "rate": 3.1,
      "originationDate": "2020-08-11",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ABACUS WEST",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78253",
      "units": 272,
      "originalAmount": 36044800,
      "rate": 3.1,
      "originationDate": "2020-12-18",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "BROMPTON HOUSE PHASE II",
      "address": "",
      "city": "ELKRIDGE",
      "state": "MD",
      "zip": "21075",
      "units": 193,
      "originalAmount": 35955300,
      "rate": 3.1,
      "originationDate": "2021-04-28",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLUMBIANATIONAL REAL ESTATE F"
    },
    {
      "property": "1111 BLALOCK",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77055",
      "units": 316,
      "originalAmount": 35937800,
      "rate": 3.1,
      "originationDate": "2018-02-22",
      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 1.23 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "TRAILSIDE VILLAGE APARTMENTS",
      "address": "",
      "city": "EVERETT",
      "state": "WA",
      "zip": "98208",
      "units": 250,
      "originalAmount": 34083400,
      "rate": 3.1,
      "originationDate": "2017-03-30",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 1.10 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "Midtown Station Apartments",
      "address": "",
      "city": "COLLEGE STATION",
      "state": "TX",
      "zip": "77845",
      "units": 264,
      "originalAmount": 33311900,
      "rate": 3.1,
      "originationDate": "2021-06-30",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CABRILLO APARTMENTS",
      "address": "",
      "city": "LAS VEGAS",
      "state": "NV",
      "zip": "89113",
      "units": 242,
      "originalAmount": 30187800,
      "rate": 3.1,
      "originationDate": "2021-02-26",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "RIVERDALE STATION (EAST)",
      "address": "",
      "city": "COON RAPIDS",
      "state": "MN",
      "zip": "55433",
      "units": 180,
      "originalAmount": 28590000,
      "rate": 3.1,
      "originationDate": "2018-10-01",
      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 1.73 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "WALNUT CREEK APARTMENTS",
      "address": "",
      "city": "SANTA ROSA",
      "state": "CA",
      "zip": "95401",
      "units": 143,
      "originalAmount": 28408000,
      "rate": 3.1,
      "originationDate": "2020-03-19",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "1111 LIGHT STREET APARTMENTS",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21230",
      "units": 93,
      "originalAmount": 27671200,
      "rate": 3.1,
      "originationDate": "2020-03-31",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "SUMMER HIGHLANDS",
      "address": "",
      "city": "BETHESDA",
      "state": "MD",
      "zip": "20816",
      "units": 125,
      "originalAmount": 25920000,
      "rate": 3.1,
      "originationDate": "2018-03-29",
      "pmmsBenchmark": 4.444,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 1.34 pts below the 2018-03 market avg of 4.444%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "CARRIAGE HOMES ON THE LAKE PHASE II APARTMENTS",
      "address": "",
      "city": "GARLAND",
      "state": "TX",
      "zip": "75040",
      "units": 184,
      "originalAmount": 25008000,
      "rate": 3.1,
      "originationDate": "2021-02-23",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "APPLE RIDGE APARTMENTS",
      "address": "",
      "city": "Livonia",
      "state": "MI",
      "zip": "48152",
      "units": 272,
      "originalAmount": 24950000,
      "rate": 3.1,
      "originationDate": "2019-02-27",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 1.27 pts below the 2019-02 market avg of 4.37%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WESTBROOKS TOWERS",
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      "state": "TN",
      "zip": "37130",
      "units": 230,
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      "originationDate": "2018-09-21",
      "pmmsBenchmark": 4.628,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 1.53 pts below the 2018-09 market avg of 4.628%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "SPRINGFIELD GARDENS APARTMENTS",
      "address": "",
      "city": "SPRINGFIELD",
      "state": "VA",
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      "units": 220,
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      "rate": 3.1,
      "originationDate": "2016-08-26",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MERIDIAN AT FAIRFIELD PARK APARTMENTS",
      "address": "",
      "city": "WILMINGTON",
      "state": "NC",
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      "units": 241,
      "originalAmount": 23174500,
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      "originationDate": "2020-04-29",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "HUNTINGTON GARDESN APARTMENTS",
      "address": "",
      "city": "HUNTINGTON BEACH",
      "state": "CA",
      "zip": "92646",
      "units": 185,
      "originalAmount": 22753000,
      "rate": 3.1,
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      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "LEISURE CHATEAU REHABILITATION",
      "address": "",
      "city": "LAKEWOOD",
      "state": "NJ",
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      "units": 242,
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      "originationDate": "2013-02-06",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "SENIOR CARE - WOODBURY SENIOR LIVING",
      "address": "",
      "city": "WOODBURY",
      "state": "MN",
      "zip": "55125",
      "units": 321,
      "originalAmount": 20433600,
      "rate": 3.1,
      "originationDate": "2016-08-19",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "ANSON APARTMENTS  PHASE II",
      "address": "",
      "city": "WHITESTOWN",
      "state": "IN",
      "zip": "46075",
      "units": 213,
      "originalAmount": 20175000,
      "rate": 3.1,
      "originationDate": "2016-08-31",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "COUNTRY CLUB VILLAS PHASE I",
      "address": "",
      "city": "HIALEAH",
      "state": "FL",
      "zip": "33015",
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      "originalAmount": 20000000,
      "rate": 3.1,
      "originationDate": "2022-03-29",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 1.07 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE CENTER AT LINCOLN",
      "address": "",
      "city": "PARKER",
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      "originationDate": "2021-12-09",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "COUNTRY MEADOWS OF BETHLEHEM",
      "address": "",
      "city": "BETHLEHEM",
      "state": "PA",
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      "pmmsBenchmark": 4.13,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 1.03 pts below the 2014-07 market avg of 4.13%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MYSTIC MEADOWS REHAB & NURSING CENTER",
      "address": "",
      "city": "LITTLE EGG HARBOR TOWNSHIP",
      "state": "NJ",
      "zip": "08087",
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      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 1.23 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "VILLAGE EAST APTS",
      "address": "",
      "city": "STOCKTON",
      "state": "CA",
      "zip": "95205",
      "units": 189,
      "originalAmount": 15930000,
      "rate": 3.1,
      "originationDate": "2016-10-20",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SONOMA HILLS PLACE APARTMENTS",
      "address": "",
      "city": "LAS VEGAS",
      "state": "NV",
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      "pmmsBenchmark": 6.598,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 3.50 pts below the 2006-05 market avg of 6.598%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "SENIOR CARE - PROVIDENCE PLACE",
      "address": "",
      "city": "MINNEAPOLIS",
      "state": "MN",
      "zip": "55407",
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      "originalAmount": 15561600,
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      "originationDate": "2016-08-19",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "BAY POINTE APTS",
      "address": "",
      "city": "OREGON",
      "state": "OH",
      "zip": "43616",
      "units": 114,
      "originalAmount": 13880000,
      "rate": 3.1,
      "originationDate": "2017-10-24",
      "pmmsBenchmark": 3.895,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 0.79 pts below the 2017-10 market avg of 3.895%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "KENT VILLAGE",
      "address": "",
      "city": "SCITUATE",
      "state": "MA",
      "zip": "02066",
      "units": 64,
      "originalAmount": 13250000,
      "rate": 3.1,
      "originationDate": "2020-04-22",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "COMMUNITY HOMES I & II",
      "address": "",
      "city": "FARGO",
      "state": "ND",
      "zip": "58103",
      "units": 187,
      "originalAmount": 12750000,
      "rate": 3.1,
      "originationDate": "2018-09-14",
      "pmmsBenchmark": 4.628,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 1.53 pts below the 2018-09 market avg of 4.628%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "STERN- AUTUMN LAKE HEALTHCARE AT ALICE MANOR",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21211",
      "units": 157,
      "originalAmount": 12327000,
      "rate": 3.1,
      "originationDate": "2019-01-14",
      "pmmsBenchmark": 4.464,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 1.36 pts below the 2019-01 market avg of 4.464%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "WEDGEWOOD-BRIGGS GRDNS APTS",
      "address": "",
      "city": "COLUMBUS",
      "state": "OH",
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      "units": 649,
      "originalAmount": 11700900,
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      "originationDate": "2012-02-29",
      "pmmsBenchmark": 3.89,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 0.79 pts below the 2012-02 market avg of 3.89%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "WHEATFIELDS SENIOR LIVING COMMUNITY",
      "address": "",
      "city": "CLOVIS",
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      "zip": "88101",
      "units": 101,
      "originalAmount": 11280000,
      "rate": 3.1,
      "originationDate": "2022-04-28",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 1.88 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "MURPHY-THE LAURELS OF ATHENS",
      "address": "",
      "city": "ATHENS",
      "state": "OH",
      "zip": "45701",
      "units": 111,
      "originalAmount": 11040000,
      "rate": 3.1,
      "originationDate": "2016-08-17",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "Village Cooperative of Crow Creek",
      "address": "",
      "city": "DAVENPORT",
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      "zip": "52807",
      "units": 61,
      "originalAmount": 10725000,
      "rate": 3.1,
      "originationDate": "2021-06-28",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "REGENCY APARTMENTS",
      "address": "",
      "city": "BETTENDORF",
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      "zip": "52722",
      "units": 184,
      "originalAmount": 9932400,
      "rate": 3.1,
      "originationDate": "2021-01-29",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "SAXE APARTMENTS",
      "address": "",
      "city": "SEATTLE",
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      "zip": "98115",
      "units": 32,
      "originalAmount": 9576100,
      "rate": 3.1,
      "originationDate": "2020-05-21",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE VILLAGE AT ARBORWOOD",
      "address": "",
      "city": "GRANGER",
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      "units": 120,
      "originalAmount": 9559000,
      "rate": 3.1,
      "originationDate": "2007-06-14",
      "pmmsBenchmark": 6.658,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 3.56 pts below the 2007-06 market avg of 6.658%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "WESTPARK VILLAGE APARTMENTS",
      "address": "",
      "city": "GREELEY",
      "state": "CO",
      "zip": "80634",
      "units": 192,
      "originalAmount": 8500000,
      "rate": 3.1,
      "originationDate": "2013-07-18",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 1.27 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "ACHIEVE REHABILITATION",
      "address": "",
      "city": "LIBERTY",
      "state": "NY",
      "zip": "12754",
      "units": 140,
      "originalAmount": 7905000,
      "rate": 3.1,
      "originationDate": "2012-04-26",
      "pmmsBenchmark": 3.91,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 0.81 pts below the 2012-04 market avg of 3.91%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "BUCKINGHAM SQUARE APARTMENTS",
      "address": "",
      "city": "TROY",
      "state": "MI",
      "zip": "48084",
      "units": 146,
      "originalAmount": 7750000,
      "rate": 3.1,
      "originationDate": "2013-07-09",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 1.27 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "PINE HILL ESTATES",
      "address": "",
      "city": "SHREVEPORT",
      "state": "LA",
      "zip": "71107",
      "units": 110,
      "originalAmount": 7624800,
      "rate": 3.1,
      "originationDate": "2020-04-29",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "CHESTERFIELD GARDENS APTS",
      "address": "",
      "city": "CHESTERFIELD",
      "state": "VA",
      "zip": "23836",
      "units": 105,
      "originalAmount": 7281900,
      "rate": 3.1,
      "originationDate": "2013-02-27",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "PRESBYTERIAN HOME QUITMAN",
      "address": "",
      "city": "QUITMAN",
      "state": "GA",
      "zip": "31643",
      "units": 204,
      "originalAmount": 7064700,
      "rate": 3.1,
      "originationDate": "2014-08-20",
      "pmmsBenchmark": 4.115,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 1.02 pts below the 2014-08 market avg of 4.115%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "LEGACY PARKE",
      "address": "",
      "city": "CHARLOTTE",
      "state": "MI",
      "zip": "48813",
      "units": 124,
      "originalAmount": 7018600,
      "rate": 3.1,
      "originationDate": "2016-09-22",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "SENIOR CARE - BIRCHWOOD SENIOR LIVING",
      "address": "",
      "city": "FOREST LAKE",
      "state": "MN",
      "zip": "55025",
      "units": 156,
      "originalAmount": 6900000,
      "rate": 3.1,
      "originationDate": "2016-08-19",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "MT ZION PLEASANT VIEW PLAZA",
      "address": "",
      "city": "HAMMOND",
      "state": "IN",
      "zip": "46320",
      "units": 128,
      "originalAmount": 6475000,
      "rate": 3.1,
      "originationDate": "2007-07-12",
      "pmmsBenchmark": 6.695,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 3.60 pts below the 2007-07 market avg of 6.695%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "MOSBY HEIGHTS APARTMENTS",
      "address": "",
      "city": "HARRISONBURG",
      "state": "VA",
      "zip": "22801",
      "units": 112,
      "originalAmount": 6350000,
      "rate": 3.1,
      "originationDate": "2022-05-17",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 2.13 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "SUMMIT RIDGE LUXURY APARTMENTS",
      "address": "",
      "city": "DULUTH",
      "state": "MN",
      "zip": "55811",
      "units": 69,
      "originalAmount": 6350000,
      "rate": 3.1,
      "originationDate": "2010-08-12",
      "pmmsBenchmark": 4.428,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 1.33 pts below the 2010-08 market avg of 4.428%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "ST ANTHONY MILLS APARTMENTS",
      "address": "",
      "city": "MINNEAPOLIS",
      "state": "MN",
      "zip": "55415",
      "units": 93,
      "originalAmount": 6120000,
      "rate": 3.1,
      "originationDate": "2013-02-22",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "CRYSTAL HOUSE",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90017",
      "units": 101,
      "originalAmount": 5953300,
      "rate": 3.1,
      "originationDate": "2005-07-20",
      "pmmsBenchmark": 5.695,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 2.60 pts below the 2005-07 market avg of 5.695%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "SKYRISE APARTMENTS",
      "address": "",
      "city": "KALAMAZOO",
      "state": "MI",
      "zip": "49007",
      "units": 204,
      "originalAmount": 5920000,
      "rate": 3.1,
      "originationDate": "2013-07-16",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 1.27 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "IVYWOOD PARK APARTMENTS",
      "address": "",
      "city": "SMYRNA",
      "state": "GA",
      "zip": "30080",
      "units": 106,
      "originalAmount": 5903100,
      "rate": 3.1,
      "originationDate": "2013-01-29",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LEISURE ACRES",
      "address": "",
      "city": "WASHINGTON",
      "state": "IL",
      "zip": "61571",
      "units": 148,
      "originalAmount": 5800000,
      "rate": 3.1,
      "originationDate": "2014-11-25",
      "pmmsBenchmark": 3.998,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 0.90 pts below the 2014-11 market avg of 3.998%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "VIP MANOR",
      "address": "",
      "city": "WOOD RIVER",
      "state": "IL",
      "zip": "62095",
      "units": 106,
      "originalAmount": 5687800,
      "rate": 3.1,
      "originationDate": "2014-11-25",
      "pmmsBenchmark": 3.998,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 0.90 pts below the 2014-11 market avg of 3.998%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "FARMINGTON PLACE APARTMENTS",
      "address": "",
      "city": "FARMINGTON",
      "state": "MI",
      "zip": "48336",
      "units": 153,
      "originalAmount": 5520000,
      "rate": 3.1,
      "originationDate": "2014-08-12",
      "pmmsBenchmark": 4.115,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 1.02 pts below the 2014-08 market avg of 4.115%"
      ],
      "holder": "ROSE COMMUNITY CAPITAL, LLC"
    },
    {
      "property": "DOUGLAS GLEN GRDNS",
      "address": "",
      "city": "WASHINGTON",
      "state": "DC",
      "zip": "20020",
      "units": 152,
      "originalAmount": 5496000,
      "rate": 3.1,
      "originationDate": "2012-03-29",
      "pmmsBenchmark": 3.954,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 0.85 pts below the 2012-03 market avg of 3.954%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "PEAKS OF DAWSONVILLE",
      "address": "",
      "city": "DAWSONVILLE",
      "state": "GA",
      "zip": "30534",
      "units": 80,
      "originalAmount": 5400000,
      "rate": 3.1,
      "originationDate": "2021-09-22",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "CHELSEA AT FIVE POINTS APARTMENTS",
      "address": "",
      "city": "SAVANNAH",
      "state": "GA",
      "zip": "31404",
      "units": 136,
      "originalAmount": 5384000,
      "rate": 3.1,
      "originationDate": "2016-12-21",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 1.10 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "COLOROW CARE CENTER",
      "address": "",
      "city": "OLATHE",
      "state": "CO",
      "zip": "81425",
      "units": 75,
      "originalAmount": 5092500,
      "rate": 3.1,
      "originationDate": "2013-01-17",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "DUDLEY OAKS APARTMENTS",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90007",
      "units": 20,
      "originalAmount": 5065200,
      "rate": 3.1,
      "originationDate": "2017-02-23",
      "pmmsBenchmark": 4.168,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 1.07 pts below the 2017-02 market avg of 4.168%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "CASCADE MEADOWS APT",
      "address": "",
      "city": "MILWAUKIE",
      "state": "OR",
      "zip": "97222",
      "units": 62,
      "originalAmount": 4476100,
      "rate": 3.1,
      "originationDate": "2018-08-28",
      "pmmsBenchmark": 4.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 1.45 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "DEER PARK APTS",
      "address": "",
      "city": "GREENVILLE",
      "state": "TX",
      "zip": "75402",
      "units": 92,
      "originalAmount": 4461500,
      "rate": 3.1,
      "originationDate": "2011-10-28",
      "pmmsBenchmark": 4.068,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 0.97 pts below the 2011-10 market avg of 4.068%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "SANTA FE PLAZA",
      "address": "",
      "city": "PORTERVILLE",
      "state": "CA",
      "zip": "93257",
      "units": 105,
      "originalAmount": 4422300,
      "rate": 3.1,
      "originationDate": "2007-08-20",
      "pmmsBenchmark": 6.572,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 3.47 pts below the 2007-08 market avg of 6.572%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "GOLDEN HORIZONS ASSISTED LIVING CROSSLAKE",
      "address": "",
      "city": "CROSS LAKE",
      "state": "MN",
      "zip": "56442",
      "units": 70,
      "originalAmount": 4149800,
      "rate": 3.1,
      "originationDate": "2020-03-03",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "WYNDHAM RESIDENCE",
      "address": "",
      "city": "ARROYO GRANDE",
      "state": "CA",
      "zip": "93420",
      "units": 58,
      "originalAmount": 4084100,
      "rate": 3.1,
      "originationDate": "2010-06-29",
      "pmmsBenchmark": 4.737,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 1.64 pts below the 2010-06 market avg of 4.737%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "SPRING MANOR SENIOR APARTMENTS",
      "address": "",
      "city": "PORTAGE",
      "state": "MI",
      "zip": "49024",
      "units": 107,
      "originalAmount": 3873800,
      "rate": 3.1,
      "originationDate": "2022-03-30",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 1.07 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "BERKELEY POINT CAPITAL LLC"
    },
    {
      "property": "LIMEWOOD APARTMENTS",
      "address": "",
      "city": "BATTLE CREEK",
      "state": "MI",
      "zip": "49017",
      "units": 132,
      "originalAmount": 3760000,
      "rate": 3.1,
      "originationDate": "2016-09-30",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "MATTOON HEALTHCARE AND REHAB CENTER",
      "address": "",
      "city": "MATTOON",
      "state": "IL",
      "zip": "61938",
      "units": 123,
      "originalAmount": 3661200,
      "rate": 3.1,
      "originationDate": "2013-08-13",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 1.36 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "COUNTRY GARDENS ASSISTED LIVING COMMUNITY",
      "address": "",
      "city": "MUSKOGEE",
      "state": "OK",
      "zip": "74403",
      "units": 96,
      "originalAmount": 3520000,
      "rate": 3.1,
      "originationDate": "2017-11-29",
      "pmmsBenchmark": 3.922,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 0.82 pts below the 2017-11 market avg of 3.922%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "GOLDEN HORIZONS ASSISTED LIVING IDA GROVE",
      "address": "",
      "city": "IDA GROVE",
      "state": "IA",
      "zip": "51445",
      "units": 54,
      "originalAmount": 3304800,
      "rate": 3.1,
      "originationDate": "2020-03-03",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "SWEETBRIAR PLACE APARTMENTS",
      "address": "",
      "city": "PITTSBURGH",
      "state": "PA",
      "zip": "15211",
      "units": 56,
      "originalAmount": 3007700,
      "rate": 3.1,
      "originationDate": "2007-06-18",
      "pmmsBenchmark": 6.658,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 3.56 pts below the 2007-06 market avg of 6.658%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "MONTCLAIR APARTMENTS",
      "address": "",
      "city": "CHARLOTTE",
      "state": "NC",
      "zip": "28226",
      "units": 40,
      "originalAmount": 2880000,
      "rate": 3.1,
      "originationDate": "2020-05-29",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "WOODMERE APARTMENTS",
      "address": "",
      "city": "BUFFALO",
      "state": "MN",
      "zip": "55313",
      "units": 54,
      "originalAmount": 2846400,
      "rate": 3.1,
      "originationDate": "2021-06-30",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "X-CALIBER CAPITAL LLC"
    },
    {
      "property": "SYSTEMS UNLIMITED",
      "address": "",
      "city": "IOWA CITY",
      "state": "IA",
      "zip": "52240",
      "units": 78,
      "originalAmount": 2731200,
      "rate": 3.1,
      "originationDate": "2011-06-23",
      "pmmsBenchmark": 4.51,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 1.41 pts below the 2011-06 market avg of 4.51%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "COLUMBIA ESTATES",
      "address": "",
      "city": "ATLANTA",
      "state": "GA",
      "zip": "30318",
      "units": 124,
      "originalAmount": 2561000,
      "rate": 3.1,
      "originationDate": "2013-06-21",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 0.97 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "PINE RIDGE APARTMENTS",
      "address": "",
      "city": "GREENVILLE",
      "state": "SC",
      "zip": "29611",
      "units": 48,
      "originalAmount": 2400000,
      "rate": 3.1,
      "originationDate": "2020-05-29",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "CAMBRIDGE APARTMENTS",
      "address": "",
      "city": "GREENWOOD",
      "state": "SC",
      "zip": "29646",
      "units": 62,
      "originalAmount": 2320000,
      "rate": 3.1,
      "originationDate": "2020-05-29",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "LYONS MANOR",
      "address": "",
      "city": "LYONS",
      "state": "NY",
      "zip": "14489",
      "units": 39,
      "originalAmount": 2304000,
      "rate": 3.1,
      "originationDate": "2013-06-11",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 0.97 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "OUR MOTHER OF GOOD COUNSEL APARTMENTS",
      "address": "",
      "city": "BLASDELL",
      "state": "NY",
      "zip": "14219",
      "units": 40,
      "originalAmount": 2212000,
      "rate": 3.1,
      "originationDate": "2017-02-15",
      "pmmsBenchmark": 4.168,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 1.07 pts below the 2017-02 market avg of 4.168%"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "WESTVIEW NURSING HOME",
      "address": "",
      "city": "CENTER",
      "state": "MO",
      "zip": "63436",
      "units": 60,
      "originalAmount": 2210000,
      "rate": 3.1,
      "originationDate": "2012-10-30",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "WESTGATE TOWNHOMES",
      "address": "",
      "city": "NEW PRAGUE",
      "state": "MN",
      "zip": "56071",
      "units": 37,
      "originalAmount": 1974400,
      "rate": 3.1,
      "originationDate": "2021-06-30",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "X-CALIBER CAPITAL LLC"
    },
    {
      "property": "CARRIAGE HOUSE OF LAPORTE",
      "address": "",
      "city": "LA PORTE",
      "state": "IN",
      "zip": "46350",
      "units": 100,
      "originalAmount": 1911200,
      "rate": 3.1,
      "originationDate": "2003-04-30",
      "pmmsBenchmark": 5.813,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 2.71 pts below the 2003-04 market avg of 5.813%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "CRESTVIEW TERRACE APARTMENTS",
      "address": "",
      "city": "WARSAW",
      "state": "NY",
      "zip": "14569",
      "units": 36,
      "originalAmount": 1899000,
      "rate": 3.1,
      "originationDate": "2013-06-11",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 0.97 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SPRINGTREE APARTMENTS",
      "address": "",
      "city": "PORTLAND",
      "state": "OR",
      "zip": "97233",
      "units": 72,
      "originalAmount": 1800000,
      "rate": 3.1,
      "originationDate": "2020-10-30",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "LAFAYETTE PLAZA",
      "address": "",
      "city": "ST. PAUL",
      "state": "MN",
      "zip": "55101",
      "units": 36,
      "originalAmount": 1735000,
      "rate": 3.1,
      "originationDate": "2016-10-28",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "CENTENNIAL APTS-(LUVERNE)",
      "address": "",
      "city": "LUVERNE",
      "state": "MN",
      "zip": "56156",
      "units": 54,
      "originalAmount": 1560700,
      "rate": 3.1,
      "originationDate": "2021-06-30",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "X-CALIBER CAPITAL LLC"
    },
    {
      "property": "THE CUNNINGHAM",
      "address": "",
      "city": "ROBBINSDALE",
      "state": "MN",
      "zip": "55422",
      "units": 25,
      "originalAmount": 1560400,
      "rate": 3.1,
      "originationDate": "2016-09-30",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "MARIAN HOUSING CENTER",
      "address": "",
      "city": "RACINE",
      "state": "WI",
      "zip": "53405",
      "units": 40,
      "originalAmount": 1551000,
      "rate": 3.1,
      "originationDate": "2005-05-17",
      "pmmsBenchmark": 5.72,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 2.62 pts below the 2005-05 market avg of 5.72%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "COLONY MANOR APARTMENTS",
      "address": "",
      "city": "WINSTON-SALEM",
      "state": "NC",
      "zip": "27106",
      "units": 28,
      "originalAmount": 1440000,
      "rate": 3.1,
      "originationDate": "2020-05-29",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "CROSSWINDS GREEN I APARTMENTS",
      "address": "",
      "city": "HOPE MILLS",
      "state": "NC",
      "zip": "28348",
      "units": 48,
      "originalAmount": 1398900,
      "rate": 3.1,
      "originationDate": "2021-01-25",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "ACADEMY ARMS APARTMENTS",
      "address": "",
      "city": "ONEONTA",
      "state": "NY",
      "zip": "13820",
      "units": 28,
      "originalAmount": 1145500,
      "rate": 3.1,
      "originationDate": "2014-09-17",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.1% is 1.06 pts below the 2014-09 market avg of 4.162%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CATALPA VILLAGE",
      "address": "",
      "city": "BLOOMINGTON",
      "state": "MN",
      "zip": "55420",
      "units": 24,
      "originalAmount": 1143000,
      "rate": 3.1,
      "originationDate": "2016-09-30",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "EDGEWOOD APARTMENTS",
      "address": "",
      "city": "LITCHFIELD",
      "state": "MN",
      "zip": "55355",
      "units": 30,
      "originalAmount": 1051600,
      "rate": 3.1,
      "originationDate": "2021-06-30",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "X-CALIBER CAPITAL LLC"
    },
    {
      "property": "APPLEWOOD POINTE COOP OF APPLE VALLEY",
      "address": "",
      "city": "APPLE VALLEY",
      "state": "MN",
      "zip": "55124",
      "units": 98,
      "originalAmount": 29602600,
      "rate": 3.11,
      "originationDate": "2022-05-17",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.11% is 2.12 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "GREYSTONE FALLS APARTMENTS",
      "address": "",
      "city": "COLUMBUS",
      "state": "GA",
      "zip": "31904",
      "units": 214,
      "originalAmount": 20224500,
      "rate": 3.11,
      "originationDate": "2010-04-29",
      "pmmsBenchmark": 5.098,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.11% is 1.99 pts below the 2010-04 market avg of 5.098%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "MERRIVISTA",
      "address": "",
      "city": "HAVERHILL",
      "state": "MA",
      "zip": "01830",
      "units": 150,
      "originalAmount": 20207000,
      "rate": 3.11,
      "originationDate": "2021-10-06",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BLUESTONE APARTMENTS",
      "address": "",
      "city": "GREENFIELD",
      "state": "IN",
      "zip": "46140",
      "units": 208,
      "originalAmount": 19360000,
      "rate": 3.11,
      "originationDate": "2020-03-31",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "Cascades of Tucson",
      "address": "",
      "city": "TUCSON",
      "state": "AZ",
      "zip": "85710",
      "units": 208,
      "originalAmount": 16125300,
      "rate": 3.11,
      "originationDate": "2021-05-28",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "Stone Run East",
      "address": "",
      "city": "WEYMOUTH",
      "state": "MA",
      "zip": "02189",
      "units": 137,
      "originalAmount": 15768100,
      "rate": 3.11,
      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "YORKTOWN CONTINENTAL APARTMENTS",
      "address": "",
      "city": "EDINA",
      "state": "MN",
      "zip": "55435",
      "units": 264,
      "originalAmount": 15716700,
      "rate": 3.11,
      "originationDate": "2020-06-29",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "VILLAGE COOPERATIVE OF FORT COLLINS",
      "address": "",
      "city": "FORT COLLINS",
      "state": "CO",
      "zip": "80525",
      "units": 52,
      "originalAmount": 11686300,
      "rate": 3.11,
      "originationDate": "2017-08-24",
      "pmmsBenchmark": 3.88,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.11% is 0.77 pts below the 2017-08 market avg of 3.88%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "PINE BLUFF",
      "address": "",
      "city": "PINE BLUFF",
      "state": "AR",
      "zip": "71602",
      "units": 253,
      "originalAmount": 7055400,
      "rate": 3.11,
      "originationDate": "2017-11-30",
      "pmmsBenchmark": 3.922,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.11% is 0.81 pts below the 2017-11 market avg of 3.922%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "CLARK EAST TOWER APARTMENTS",
      "address": "",
      "city": "YPSILANTI",
      "state": "MI",
      "zip": "48198",
      "units": 200,
      "originalAmount": 6313500,
      "rate": 3.11,
      "originationDate": "2022-04-28",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.11% is 1.87 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WILLIAM POINTE",
      "address": "",
      "city": "PERRY",
      "state": "IA",
      "zip": "50220",
      "units": 88,
      "originalAmount": 4760000,
      "rate": 3.11,
      "originationDate": "2019-04-05",
      "pmmsBenchmark": 4.143,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.11% is 1.03 pts below the 2019-04 market avg of 4.143%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "THE COLONY",
      "address": "",
      "city": "PELICAN RAPIDS",
      "state": "MN",
      "zip": "56572",
      "units": 36,
      "originalAmount": 3485000,
      "rate": 3.11,
      "originationDate": "2022-05-17",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.11% is 2.12 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GRAPHIC ARTS LOFTS",
      "address": "",
      "city": "DETROIT",
      "state": "MI",
      "zip": "48202",
      "units": 38,
      "originalAmount": 3257000,
      "rate": 3.11,
      "originationDate": "2021-06-29",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "RIVER MANOR APARTMENTS",
      "address": "",
      "city": "OSCEOLA",
      "state": "AR",
      "zip": "72370",
      "units": 70,
      "originalAmount": 2300000,
      "rate": 3.11,
      "originationDate": "2016-07-28",
      "pmmsBenchmark": 3.44,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "THE TOWERS AT FOUR LAKES",
      "address": "",
      "city": "LISLE",
      "state": "IL",
      "zip": "60532",
      "units": 478,
      "originalAmount": 44487300,
      "rate": 3.12,
      "originationDate": "2018-03-29",
      "pmmsBenchmark": 4.444,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.12% is 1.32 pts below the 2018-03 market avg of 4.444%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CONCORD HOUSES",
      "address": "",
      "city": "BOSTON",
      "state": "MA",
      "zip": "02118",
      "units": 182,
      "originalAmount": 43287900,
      "rate": 3.12,
      "originationDate": "2021-12-22",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SAVIN HILL APTS",
      "address": "",
      "city": "DORCHESTER",
      "state": "MA",
      "zip": "02125",
      "units": 132,
      "originalAmount": 30000000,
      "rate": 3.12,
      "originationDate": "2017-10-18",
      "pmmsBenchmark": 3.895,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.12% is 0.77 pts below the 2017-10 market avg of 3.895%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "CAR BARN APARTMENTS",
      "address": "",
      "city": "NEW BEDFORD",
      "state": "MA",
      "zip": "02740",
      "units": 114,
      "originalAmount": 22000000,
      "rate": 3.12,
      "originationDate": "2020-05-21",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CENTER CITY CROSSING",
      "address": "",
      "city": "GASTONIA",
      "state": "NC",
      "zip": "28052",
      "units": 90,
      "originalAmount": 21183400,
      "rate": 3.12,
      "originationDate": "2022-03-08",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.12% is 1.05 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "PEMBROKE VILLAS APTS",
      "address": "",
      "city": "PEMBROKE PARK",
      "state": "FL",
      "zip": "33023",
      "units": 180,
      "originalAmount": 20226900,
      "rate": 3.12,
      "originationDate": "2017-12-06",
      "pmmsBenchmark": 3.95,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.12% is 0.83 pts below the 2017-12 market avg of 3.95%"
      ],
      "holder": "FIRST HOUSING DEV CORP OF FL"
    },
    {
      "property": "ENCORE AT DEERHILL",
      "address": "",
      "city": "CLARKSTON",
      "state": "MI",
      "zip": "48346",
      "units": 92,
      "originalAmount": 20153500,
      "rate": 3.12,
      "originationDate": "2021-08-27",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "RAMBLEWOOD II APTS",
      "address": "",
      "city": "HOLBROOK",
      "state": "MA",
      "zip": "02343",
      "units": 138,
      "originalAmount": 17533500,
      "rate": 3.12,
      "originationDate": "2017-10-18",
      "pmmsBenchmark": 3.895,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.12% is 0.77 pts below the 2017-10 market avg of 3.895%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "QUEEN ANNE'S GATE PHASE 1 APTS",
      "address": "",
      "city": "WEYMOUTH",
      "state": "MA",
      "zip": "02189",
      "units": 150,
      "originalAmount": 16216700,
      "rate": 3.12,
      "originationDate": "2017-10-18",
      "pmmsBenchmark": 3.895,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.12% is 0.77 pts below the 2017-10 market avg of 3.895%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "QUEEN ANNE'S GATE PHASE II APTS",
      "address": "",
      "city": "WEYMOUTH",
      "state": "MA",
      "zip": "02189",
      "units": 108,
      "originalAmount": 12162000,
      "rate": 3.12,
      "originationDate": "2017-10-18",
      "pmmsBenchmark": 3.895,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.12% is 0.77 pts below the 2017-10 market avg of 3.895%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "VILLAGE COOPERATIVE OF LONGMONT",
      "address": "",
      "city": "LONGMONT",
      "state": "CO",
      "zip": "80504",
      "units": 52,
      "originalAmount": 11479000,
      "rate": 3.12,
      "originationDate": "2018-10-17",
      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.12% is 1.71 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "HAWK POINTE APARTMENTS",
      "address": "",
      "city": "BISMARCK",
      "state": "ND",
      "zip": "58503",
      "units": 167,
      "originalAmount": 11135000,
      "rate": 3.12,
      "originationDate": "2011-07-18",
      "pmmsBenchmark": 4.545,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.12% is 1.42 pts below the 2011-07 market avg of 4.545%"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "ELDERWOOD ASSISTED LIVING AT PENFIELD",
      "address": "",
      "city": "PENFIELD",
      "state": "NY",
      "zip": "14526",
      "units": 151,
      "originalAmount": 9767900,
      "rate": 3.12,
      "originationDate": "2014-05-28",
      "pmmsBenchmark": 4.192,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.12% is 1.07 pts below the 2014-05 market avg of 4.192%"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "PARK EDEN",
      "address": "",
      "city": "CINCINNATI",
      "state": "OH",
      "zip": "45206",
      "units": 176,
      "originalAmount": 8422000,
      "rate": 3.12,
      "originationDate": "2020-08-20",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BERKELEY",
      "address": "",
      "city": "MARTINSBURG",
      "state": "WV",
      "zip": "25401",
      "units": 132,
      "originalAmount": 7433600,
      "rate": 3.12,
      "originationDate": "2007-04-04",
      "pmmsBenchmark": 6.18,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.12% is 3.06 pts below the 2007-04 market avg of 6.18%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "KIRON AT AUBREY",
      "address": "",
      "city": "AUBREY",
      "state": "TX",
      "zip": "76227",
      "units": 150,
      "originalAmount": 7050000,
      "rate": 3.12,
      "originationDate": "2014-05-28",
      "pmmsBenchmark": 4.192,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.12% is 1.07 pts below the 2014-05 market avg of 4.192%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "CENTRAL TOWERS APTS",
      "address": "",
      "city": "DETROIT",
      "state": "MI",
      "zip": "48209",
      "units": 232,
      "originalAmount": 7017300,
      "rate": 3.12,
      "originationDate": "2018-01-24",
      "pmmsBenchmark": 4.033,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.12% is 0.91 pts below the 2018-01 market avg of 4.033%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "PINECREST",
      "address": "",
      "city": "CINCINNATI",
      "state": "OH",
      "zip": "45205",
      "units": 190,
      "originalAmount": 7000000,
      "rate": 3.12,
      "originationDate": "2020-06-30",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "IVY GREEN AT THE SHOALS APARTMENT HOMES",
      "address": "",
      "city": "FLORENCE",
      "state": "AL",
      "zip": "35630",
      "units": 152,
      "originalAmount": 6342900,
      "rate": 3.12,
      "originationDate": "2018-11-14",
      "pmmsBenchmark": 4.866,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.12% is 1.75 pts below the 2018-11 market avg of 4.866%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "HOME AT TAYLORS POINTE",
      "address": "",
      "city": "CINCINNATI",
      "state": "OH",
      "zip": "45251",
      "units": 92,
      "originalAmount": 5920000,
      "rate": 3.12,
      "originationDate": "2012-04-20",
      "pmmsBenchmark": 3.91,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.12% is 0.79 pts below the 2012-04 market avg of 3.91%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "TLMANAGEMENT30-SOUTHEAST NURSING & REH CENTER BSC",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78222",
      "units": 116,
      "originalAmount": 4840000,
      "rate": 3.12,
      "originationDate": "2013-06-27",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.12% is 0.95 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "PLUM CREEK I",
      "address": "",
      "city": "BRUNSWICK",
      "state": "OH",
      "zip": "44212",
      "units": 54,
      "originalAmount": 4720000,
      "rate": 3.12,
      "originationDate": "2016-12-15",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.12% is 1.08 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "FREEPORT APARTMENTS",
      "address": "",
      "city": "FREEPORT",
      "state": "TX",
      "zip": "77541",
      "units": 86,
      "originalAmount": 3880000,
      "rate": 3.12,
      "originationDate": "2022-05-17",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.12% is 2.11 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "LUTHER SENIOR CENTER",
      "address": "",
      "city": "RICHLAND",
      "state": "WA",
      "zip": "99354",
      "units": 72,
      "originalAmount": 3392000,
      "rate": 3.12,
      "originationDate": "2016-07-26",
      "pmmsBenchmark": 3.44,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "HUNTINGTON COURT",
      "address": "",
      "city": "HAMILTON",
      "state": "OH",
      "zip": "45011",
      "units": 96,
      "originalAmount": 2202000,
      "rate": 3.12,
      "originationDate": "2012-04-20",
      "pmmsBenchmark": 3.91,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.12% is 0.79 pts below the 2012-04 market avg of 3.91%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WYCHE APTS",
      "address": "",
      "city": "TALLULAH",
      "state": "LA",
      "zip": "71282",
      "units": 60,
      "originalAmount": 2196600,
      "rate": 3.12,
      "originationDate": "2018-04-24",
      "pmmsBenchmark": 4.467,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.12% is 1.35 pts below the 2018-04 market avg of 4.467%"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "LUTHER GROVE",
      "address": "",
      "city": "TOLEDO",
      "state": "OH",
      "zip": "43605",
      "units": 51,
      "originalAmount": 2041100,
      "rate": 3.12,
      "originationDate": "2007-02-15",
      "pmmsBenchmark": 6.285,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.12% is 3.17 pts below the 2007-02 market avg of 6.285%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LUTHER CREST",
      "address": "",
      "city": "TOLEDO",
      "state": "OH",
      "zip": "43615",
      "units": 71,
      "originalAmount": 2035600,
      "rate": 3.12,
      "originationDate": "2007-02-15",
      "pmmsBenchmark": 6.285,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.12% is 3.17 pts below the 2007-02 market avg of 6.285%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LUTHER MEADOW",
      "address": "",
      "city": "GIBSONBURG",
      "state": "OH",
      "zip": "43431",
      "units": 45,
      "originalAmount": 1629400,
      "rate": 3.12,
      "originationDate": "2007-02-15",
      "pmmsBenchmark": 6.285,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.12% is 3.17 pts below the 2007-02 market avg of 6.285%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ELAN AT TERRA BELLA APTS",
      "address": "",
      "city": "COVINGTON",
      "state": "LA",
      "zip": "70433",
      "units": 178,
      "originalAmount": 26172500,
      "rate": 3.125,
      "originationDate": "2018-05-24",
      "pmmsBenchmark": 4.586,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.125% is 1.46 pts below the 2018-05 market avg of 4.586%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "SUNNEN STATION PHASE II",
      "address": "",
      "city": "MAPLEWOOD",
      "state": "MO",
      "zip": "63143",
      "units": 121,
      "originalAmount": 25853100,
      "rate": 3.125,
      "originationDate": "2021-02-18",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "THE LODGE AT OLD TRAIL",
      "address": "",
      "city": "CROZET",
      "state": "VA",
      "zip": "22932",
      "units": 291,
      "originalAmount": 18906700,
      "rate": 3.125,
      "originationDate": "2020-09-30",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "X-CALIBER CAPITAL LLC"
    },
    {
      "property": "GRAND OAK",
      "address": "",
      "city": "EVANSVILLE",
      "state": "IN",
      "zip": "47715",
      "units": 373,
      "originalAmount": 12897300,
      "rate": 3.125,
      "originationDate": "2018-03-21",
      "pmmsBenchmark": 4.444,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.125% is 1.32 pts below the 2018-03 market avg of 4.444%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "TRINITY MANOR",
      "address": "",
      "city": "SAN DIEGO",
      "state": "CA",
      "zip": "92103",
      "units": 100,
      "originalAmount": 5227400,
      "rate": 3.125,
      "originationDate": "2015-06-30",
      "pmmsBenchmark": 3.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.125% is 0.86 pts below the 2015-06 market avg of 3.982%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "APPLEWOOD APARTMENTS",
      "address": "",
      "city": "PAOLA",
      "state": "KS",
      "zip": "66071",
      "units": 48,
      "originalAmount": 4054400,
      "rate": 3.125,
      "originationDate": "2021-05-06",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "THE RESERVE AT RIVINGTON",
      "address": "",
      "city": "CHESTER",
      "state": "VA",
      "zip": "23831",
      "units": 276,
      "originalAmount": 55554000,
      "rate": 3.13,
      "originationDate": "2022-07-19",
      "pmmsBenchmark": 5.412,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.13% is 2.28 pts below the 2022-07 market avg of 5.412%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "FUTURA @ NONA COVE",
      "address": "",
      "city": "ORLANDO",
      "state": "FL",
      "zip": "32832",
      "units": 260,
      "originalAmount": 52522400,
      "rate": 3.13,
      "originationDate": "2020-11-05",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "HAWTHORNE VILLAGE APARTMENTS",
      "address": "",
      "city": "PORT ORANGE",
      "state": "FL",
      "zip": "32129",
      "units": 378,
      "originalAmount": 36812000,
      "rate": 3.13,
      "originationDate": "2016-07-25",
      "pmmsBenchmark": 3.44,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "WALTON BLUEGRASS",
      "address": "",
      "city": "ALPHARETTA",
      "state": "GA",
      "zip": "30005",
      "units": 200,
      "originalAmount": 35700000,
      "rate": 3.13,
      "originationDate": "2020-04-29",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "THE RESERVE AT STONE PORT PHASE I",
      "address": "",
      "city": "HARRISONBURG",
      "state": "VA",
      "zip": "22801",
      "units": 168,
      "originalAmount": 34247100,
      "rate": 3.13,
      "originationDate": "2022-08-30",
      "pmmsBenchmark": 5.223,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.13% is 2.09 pts below the 2022-08 market avg of 5.223%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "5TH AVENUE RESIDENCES",
      "address": "",
      "city": "ST. PETERSBURG",
      "state": "FL",
      "zip": "33705",
      "units": 132,
      "originalAmount": 22462200,
      "rate": 3.13,
      "originationDate": "2018-07-25",
      "pmmsBenchmark": 4.527,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.13% is 1.40 pts below the 2018-07 market avg of 4.527%"
      ],
      "holder": "FIRST HOUSING DEV CORP OF FL"
    },
    {
      "property": "ORCHARD CROSSING APARTMENTS",
      "address": "",
      "city": "COLUMBIA",
      "state": "MD",
      "zip": "21075",
      "units": 187,
      "originalAmount": 19000000,
      "rate": 3.13,
      "originationDate": "2016-09-16",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "COLUMBIANATIONAL REAL ESTATE F"
    },
    {
      "property": "CHELSEA SENIOR COMMUNITY",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77091",
      "units": 150,
      "originalAmount": 11609400,
      "rate": 3.13,
      "originationDate": "2022-05-31",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.13% is 2.10 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "EASTERN CREEK APARTMENTS",
      "address": "",
      "city": "MEMPHIS",
      "state": "TN",
      "zip": "38128",
      "units": 226,
      "originalAmount": 10650000,
      "rate": 3.13,
      "originationDate": "2017-07-13",
      "pmmsBenchmark": 3.967,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.13% is 0.84 pts below the 2017-07 market avg of 3.967%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "PALLADIUM VVENUS",
      "address": "",
      "city": "VENUS",
      "state": "TX",
      "zip": "76084",
      "units": 120,
      "originalAmount": 8646241,
      "rate": 3.13,
      "originationDate": "2020-06-03",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "MAPLEWOOD APARTMENTS",
      "address": "",
      "city": "FRESNO",
      "state": "CA",
      "zip": "93720",
      "units": 100,
      "originalAmount": 8375200,
      "rate": 3.13,
      "originationDate": "2020-03-31",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "FAIRMONT ARBORS",
      "address": "",
      "city": "FAIRMONT",
      "state": "WV",
      "zip": "26554",
      "units": 119,
      "originalAmount": 8096000,
      "rate": 3.13,
      "originationDate": "2022-05-13",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.13% is 2.10 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "PINEVIEW APARTMENTS",
      "address": "",
      "city": "BAKERSFIELD",
      "state": "CA",
      "zip": "93308",
      "units": 110,
      "originalAmount": 7691100,
      "rate": 3.13,
      "originationDate": "2020-03-31",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE BLUFFS SENIOR COMMUNITY",
      "address": "",
      "city": "HOUGHTON",
      "state": "MI",
      "zip": "49931",
      "units": 83,
      "originalAmount": 7380000,
      "rate": 3.13,
      "originationDate": "2022-03-30",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.13% is 1.04 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "VIUM CAPITAL MORTGAGE LLC"
    },
    {
      "property": "THE PARK AT VILLAGE GREEN APTS",
      "address": "",
      "city": "CHESTER",
      "state": "VA",
      "zip": "23831",
      "units": 65,
      "originalAmount": 7120000,
      "rate": 3.13,
      "originationDate": "2018-02-26",
      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.13% is 1.20 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "Colina Vista Apartments",
      "address": "",
      "city": "CARLSBAD",
      "state": "NM",
      "zip": "88220",
      "units": 76,
      "originalAmount": 6826700,
      "rate": 3.13,
      "originationDate": "2021-06-24",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "RIDGEVIEW AND BRIARCLIFFE AT S",
      "address": "",
      "city": "CLIFTON FORGE",
      "state": "VA",
      "zip": "24422",
      "units": 140,
      "originalAmount": 5982800,
      "rate": 3.13,
      "originationDate": "2006-08-24",
      "pmmsBenchmark": 6.524,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.13% is 3.39 pts below the 2006-08 market avg of 6.524%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ALDERWOOD APARTMENTS",
      "address": "",
      "city": "LEMOORE",
      "state": "CA",
      "zip": "93245",
      "units": 80,
      "originalAmount": 5815600,
      "rate": 3.13,
      "originationDate": "2020-03-31",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "RIDGELAND HEIGHTS APARTMENTS",
      "address": "",
      "city": "HOLLAND",
      "state": "MI",
      "zip": "49423",
      "units": 144,
      "originalAmount": 5269200,
      "rate": 3.13,
      "originationDate": "2016-08-30",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "BERKELEY POINT CAPITAL LLC"
    },
    {
      "property": "LYONS COURT",
      "address": "",
      "city": "ST PAUL",
      "state": "MN",
      "zip": "55101",
      "units": 60,
      "originalAmount": 4680000,
      "rate": 3.13,
      "originationDate": "2004-04-13",
      "pmmsBenchmark": 5.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.13% is 2.70 pts below the 2004-04 market avg of 5.83%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "LAKEVIEW PLACE",
      "address": "",
      "city": "LAKELAND",
      "state": "FL",
      "zip": "33801",
      "units": 104,
      "originalAmount": 4136800,
      "rate": 3.13,
      "originationDate": "2006-05-18",
      "pmmsBenchmark": 6.598,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.13% is 3.47 pts below the 2006-05 market avg of 6.598%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MAPLE LAWN APARTMENTS",
      "address": "",
      "city": "FITCHBURG",
      "state": "WI",
      "zip": "53713",
      "units": 81,
      "originalAmount": 3994000,
      "rate": 3.13,
      "originationDate": "2013-06-05",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.13% is 0.94 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "KIDRON APARTMENTS HICKORY HOMES",
      "address": "",
      "city": "NORTH NEWTON",
      "state": "KS",
      "zip": "67117",
      "units": 105,
      "originalAmount": 3910500,
      "rate": 3.13,
      "originationDate": "2014-10-21",
      "pmmsBenchmark": 4.036,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.13% is 0.91 pts below the 2014-10 market avg of 4.036%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MANHATTAN PLACE",
      "address": "",
      "city": "TAMPA",
      "state": "FL",
      "zip": "33811",
      "units": 74,
      "originalAmount": 3226100,
      "rate": 3.13,
      "originationDate": "2006-05-18",
      "pmmsBenchmark": 6.598,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.13% is 3.47 pts below the 2006-05 market avg of 6.598%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HUNTER VILLAGE ASSISTED LIVING",
      "address": "",
      "city": "HUNTERSVILLE",
      "state": "NC",
      "zip": "28078",
      "units": 68,
      "originalAmount": 2670900,
      "rate": 3.13,
      "originationDate": "2012-04-30",
      "pmmsBenchmark": 3.91,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.13% is 0.78 pts below the 2012-04 market avg of 3.91%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SALONY HOUSE",
      "address": "",
      "city": "REISTERSTOWN",
      "state": "MD",
      "zip": "21136",
      "units": 60,
      "originalAmount": 2521700,
      "rate": 3.13,
      "originationDate": "2022-05-24",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.13% is 2.10 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "VERMONT TOWERS",
      "address": "",
      "city": "LAWRENCE",
      "state": "KS",
      "zip": "66044",
      "units": 60,
      "originalAmount": 1656900,
      "rate": 3.13,
      "originationDate": "2018-08-22",
      "pmmsBenchmark": 4.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.13% is 1.42 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "ARBOURS AT SHOEMAKER",
      "address": "",
      "city": "DEFUNIAK SPRINGS",
      "state": "FL",
      "zip": "32433",
      "units": 80,
      "originalAmount": 1155000,
      "rate": 3.13,
      "originationDate": "2020-03-25",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "VINTAGE FORT MILL",
      "address": "",
      "city": "FORT MILL",
      "state": "SC",
      "zip": "29708",
      "units": 232,
      "originalAmount": 50263400,
      "rate": 3.14,
      "originationDate": "2022-04-26",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.14% is 1.84 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "BICENTENNIAL TOWERS",
      "address": "",
      "city": "DETROIT",
      "state": "MI",
      "zip": "48201",
      "units": 300,
      "originalAmount": 47040000,
      "rate": 3.14,
      "originationDate": "2020-02-27",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "THE VILLAGE AT BROOKLINE",
      "address": "",
      "city": "BROOKLINE",
      "state": "MA",
      "zip": "02445",
      "units": 191,
      "originalAmount": 41000000,
      "rate": 3.14,
      "originationDate": "2016-08-22",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "THE LEGENDS AT BERRY SENIOR",
      "address": "",
      "city": "ST PAUL",
      "state": "MN",
      "zip": "55114",
      "units": 241,
      "originalAmount": 33966000,
      "rate": 3.14,
      "originationDate": "2018-06-11",
      "pmmsBenchmark": 4.57,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.14% is 1.43 pts below the 2018-06 market avg of 4.57%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "ROCKINGHAM GLEN",
      "address": "",
      "city": "BOSTON",
      "state": "MA",
      "zip": "02132",
      "units": 143,
      "originalAmount": 27639200,
      "rate": 3.14,
      "originationDate": "2016-10-04",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "VILLAGE AT WALLER",
      "address": "",
      "city": "WALLER",
      "state": "TX",
      "zip": "77484",
      "units": 118,
      "originalAmount": 26978700,
      "rate": 3.14,
      "originationDate": "2021-09-22",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GREENBRIER APARTMENTS",
      "address": "",
      "city": "ANN ARBOR",
      "state": "MI",
      "zip": "48105",
      "units": 500,
      "originalAmount": 19500000,
      "rate": 3.14,
      "originationDate": "2013-07-09",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.14% is 1.23 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CAMPBELL COURT APARTMENTS",
      "address": "",
      "city": "ROANOKE",
      "state": "VA",
      "zip": "24011",
      "units": 90,
      "originalAmount": 15920500,
      "rate": 3.14,
      "originationDate": "2022-04-07",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.14% is 1.84 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SETTLERS RANCH",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77089",
      "units": 240,
      "originalAmount": 15607600,
      "rate": 3.14,
      "originationDate": "2015-09-30",
      "pmmsBenchmark": 3.89,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.14% is 0.75 pts below the 2015-09 market avg of 3.89%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "BREWERY ROW APARTMENTS",
      "address": "",
      "city": "PHILADELPHIA",
      "state": "PA",
      "zip": "19121",
      "units": 63,
      "originalAmount": 13096000,
      "rate": 3.14,
      "originationDate": "2022-05-10",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.14% is 2.09 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "KENT STREET APARTMENTS",
      "address": "",
      "city": "BROOKLINE",
      "state": "MA",
      "zip": "02445",
      "units": 116,
      "originalAmount": 12000000,
      "rate": 3.14,
      "originationDate": "2016-08-22",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "CARING PLACE - WESTERN RETIREMENT VILLAGE",
      "address": "",
      "city": "CINCINNATI",
      "state": "OH",
      "zip": "45233",
      "units": 212,
      "originalAmount": 11162500,
      "rate": 3.14,
      "originationDate": "2016-08-16",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "TAUNTON WOODS APARTMENTS",
      "address": "",
      "city": "TAUNTON",
      "state": "MA",
      "zip": "02780",
      "units": 120,
      "originalAmount": 9417200,
      "rate": 3.14,
      "originationDate": "2020-03-18",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GREENBROOK APARTMENTS PHASE I",
      "address": "",
      "city": "GREENFIELD",
      "state": "WI",
      "zip": "53220",
      "units": 174,
      "originalAmount": 8756200,
      "rate": 3.14,
      "originationDate": "2018-12-20",
      "pmmsBenchmark": 4.638,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.14% is 1.50 pts below the 2018-12 market avg of 4.638%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "CARECORE WILLOWOOD CARE CENTER OF BRUNSWICK",
      "address": "",
      "city": "BRUNSWICK",
      "state": "OH",
      "zip": "44212",
      "units": 168,
      "originalAmount": 7881900,
      "rate": 3.14,
      "originationDate": "2020-09-18",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "CROSSINGS AT HESPERIA",
      "address": "",
      "city": "HESPERIA",
      "state": "CA",
      "zip": "92345",
      "units": 108,
      "originalAmount": 6900000,
      "rate": 3.14,
      "originationDate": "2015-07-29",
      "pmmsBenchmark": 4.046,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.14% is 0.91 pts below the 2015-07 market avg of 4.046%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CARING PLACE - OAK TREE TERRACE",
      "address": "",
      "city": "KETTERING",
      "state": "OH",
      "zip": "45440",
      "units": 95,
      "originalAmount": 6560000,
      "rate": 3.14,
      "originationDate": "2016-08-16",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PINE VALLEY APARTMENTS",
      "address": "",
      "city": "ANN ARBOR",
      "state": "MI",
      "zip": "48104",
      "units": 164,
      "originalAmount": 6500000,
      "rate": 3.14,
      "originationDate": "2013-07-09",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.14% is 1.23 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "BETH EDEN APARTMENTS",
      "address": "",
      "city": "OAKLAND",
      "state": "CA",
      "zip": "94607",
      "units": 54,
      "originalAmount": 5811200,
      "rate": 3.14,
      "originationDate": "2016-09-20",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "Pines Senior Apartments",
      "address": "",
      "city": "Spokane Valley",
      "state": "WA",
      "zip": "99206",
      "units": 102,
      "originalAmount": 4840000,
      "rate": 3.14,
      "originationDate": "2017-04-26",
      "pmmsBenchmark": 4.045,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.14% is 0.90 pts below the 2017-04 market avg of 4.045%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "SUNSET HEIGHTS",
      "address": "",
      "city": "ROCK ISLAND",
      "state": "IL",
      "zip": "61201",
      "units": 141,
      "originalAmount": 4487200,
      "rate": 3.14,
      "originationDate": "2017-12-15",
      "pmmsBenchmark": 3.95,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.14% is 0.81 pts below the 2017-12 market avg of 3.95%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "ROYAL GARDENS APTS KITTRIDGE",
      "address": "",
      "city": "VAN NUYS",
      "state": "CA",
      "zip": "91405",
      "units": 59,
      "originalAmount": 4224000,
      "rate": 3.14,
      "originationDate": "2006-01-17",
      "pmmsBenchmark": 6.145,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.14% is 3.00 pts below the 2006-01 market avg of 6.145%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "UNIHEALTH POST-ACUTE CARE-SANTA ROSA",
      "address": "",
      "city": "MILTON",
      "state": "FL",
      "zip": "32570",
      "units": 120,
      "originalAmount": 4131400,
      "rate": 3.14,
      "originationDate": "2011-01-24",
      "pmmsBenchmark": 4.755,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.14% is 1.61 pts below the 2011-01 market avg of 4.755%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "VILLAS AT EMERALD PARK",
      "address": "",
      "city": "GRETNA",
      "state": "LA",
      "zip": "70056",
      "units": 69,
      "originalAmount": 3952500,
      "rate": 3.14,
      "originationDate": "2018-08-29",
      "pmmsBenchmark": 4.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.14% is 1.41 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "CHURCHILL MORTGAGE INVESTMENT"
    },
    {
      "property": "CASTELO APARTMENTS",
      "address": "",
      "city": "MCALLEN",
      "state": "TX",
      "zip": "78503",
      "units": 72,
      "originalAmount": 3740000,
      "rate": 3.14,
      "originationDate": "2016-09-09",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "BERKELEY POINT CAPITAL LLC"
    },
    {
      "property": "4FORTY NORTH APARTMENTS",
      "address": "",
      "city": "Tallahassee",
      "state": "FL",
      "zip": "32301",
      "units": 248,
      "originalAmount": 56026700,
      "rate": 3.15,
      "originationDate": "2021-06-29",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "The Hill Residential",
      "address": "",
      "city": "LOS ALAMOS",
      "state": "NM",
      "zip": "87544",
      "units": 149,
      "originalAmount": 43799200,
      "rate": 3.15,
      "originationDate": "2021-06-16",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "TOWN CENTER VILLAS",
      "address": "",
      "city": "EL CENTRO",
      "state": "CA",
      "zip": "92243",
      "units": 240,
      "originalAmount": 41051200,
      "rate": 3.15,
      "originationDate": "2022-04-01",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.15% is 1.83 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "THE COMMON",
      "address": "",
      "city": "PHOENIX",
      "state": "AZ",
      "zip": "85018",
      "units": 130,
      "originalAmount": 40527400,
      "rate": 3.15,
      "originationDate": "2020-10-14",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "SHREWSBURY COMMONS",
      "address": "",
      "city": "SHREWSBURY",
      "state": "MA",
      "zip": "01545",
      "units": 384,
      "originalAmount": 40524500,
      "rate": 3.15,
      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "ASPIRE AT THE HILL",
      "address": "",
      "city": "FREDERICKSBURG",
      "state": "VA",
      "zip": "22408",
      "units": 147,
      "originalAmount": 34930770,
      "rate": 3.15,
      "originationDate": "2022-06-15",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.15% is 2.37 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "ASPIRE AT GREENBRIER",
      "address": "",
      "city": "CHESAPEAKE",
      "state": "VA",
      "zip": "23320",
      "units": 142,
      "originalAmount": 31862400,
      "rate": 3.15,
      "originationDate": "2022-05-16",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.15% is 2.08 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "MEADOWBROOK CARE CENTER",
      "address": "",
      "city": "FREEPORT",
      "state": "NY",
      "zip": "11520",
      "units": 156,
      "originalAmount": 30497300,
      "rate": 3.15,
      "originationDate": "2022-03-29",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.15% is 1.02 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "THE LANTANA",
      "address": "",
      "city": "SAN MARCOS",
      "state": "TX",
      "zip": "78666",
      "units": 216,
      "originalAmount": 29958500,
      "rate": 3.15,
      "originationDate": "2021-08-27",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "Parkway 25 Apartments",
      "address": "",
      "city": "ST. LOUIS PARK",
      "state": "MN",
      "zip": "55416",
      "units": 112,
      "originalAmount": 29089000,
      "rate": 3.15,
      "originationDate": "2017-05-23",
      "pmmsBenchmark": 4.01,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.15% is 0.86 pts below the 2017-05 market avg of 4.01%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "MIDDLETOWN PARK REHABILITATION & HEALTHCARE CENTER",
      "address": "",
      "city": "MIDDLETOWN",
      "state": "NY",
      "zip": "10940",
      "units": 250,
      "originalAmount": 24240000,
      "rate": 3.15,
      "originationDate": "2016-08-16",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "GREYSTOME VISTA APARTMENTS",
      "address": "",
      "city": "KNOXVILLE",
      "state": "TN",
      "zip": "37932",
      "units": 156,
      "originalAmount": 22512000,
      "rate": 3.15,
      "originationDate": "2020-02-27",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "DEER CREEK TOWNHOMES",
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      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "THE LUKE APTS OF WILDEWOOD PHASE I",
      "address": "",
      "city": "CALIFORNIA",
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      "originationDate": "2020-02-27",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLUMBIANATIONAL REAL ESTATE F"
    },
    {
      "property": "WATERS AT MAGNOLIA BAY",
      "address": "",
      "city": "SUMMERVILLE",
      "state": "SC",
      "zip": "29483",
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      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ABINGTON OF GLENVIEW NURSING",
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      "city": "GLENVIEW",
      "state": "IL",
      "zip": "60025",
      "units": 220,
      "originalAmount": 21200000,
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      "originationDate": "2018-11-29",
      "pmmsBenchmark": 4.866,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.15% is 1.72 pts below the 2018-11 market avg of 4.866%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "ANDALUSIAN GATE APARTMENTS",
      "address": "",
      "city": "DALLAS",
      "state": "TX",
      "zip": "75287",
      "units": 296,
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      "rate": 3.15,
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      "pmmsBenchmark": 4.457,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.15% is 1.31 pts below the 2013-12 market avg of 4.457%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "SIR WALTER APARTMENTS",
      "address": "",
      "city": "RALEIGH",
      "state": "NC",
      "zip": "27601",
      "units": 161,
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      "rate": 3.15,
      "originationDate": "2018-12-27",
      "pmmsBenchmark": 4.638,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
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        "Rate 3.15% is 1.49 pts below the 2018-12 market avg of 4.638%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "COLONIAL CROSSING APARTMENTS",
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      "city": "BELTON",
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      "zip": "76513",
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      "originalAmount": 19230100,
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      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "STONEBRIDGE APTS",
      "address": "",
      "city": "CHESAPEAKE",
      "state": "VA",
      "zip": "23321",
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      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "VILLA SANTA FE APARTMENTS",
      "address": "",
      "city": "SANTA BARBARA",
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      "zip": "93109",
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      "pmmsBenchmark": 4.07,
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      "historicLowEra": false,
      "red": true,
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        "Rate 3.15% is 0.92 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "HAMILTON CONTINUING CARE",
      "address": "",
      "city": "HAMILTON",
      "state": "NJ",
      "zip": "08690",
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      "historicLowEra": true,
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        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SILVER OAK APARTMENTS",
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      "pmmsBenchmark": 4.172,
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      "historicLowEra": false,
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        "Rate 3.15% is 1.02 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "PEARL STREET PARK",
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      "belowMarket": true,
      "historicLowEra": false,
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        "Rate 3.15% is 0.90 pts below the 2017-04 market avg of 4.045%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ELEVATE CARE NORTH BRANCH",
      "address": "",
      "city": "NILES",
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      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "FIRST AMERICAN CAPITAL GROUP C"
    },
    {
      "property": "TLC ASTORIA HEALTH & REHAB CENTER",
      "address": "",
      "city": "WINTER HAVEN",
      "state": "FL",
      "zip": "33884",
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      "pmmsBenchmark": 3.982,
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      "historicLowEra": false,
      "red": true,
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        "Rate 3.15% is 0.83 pts below the 2015-06 market avg of 3.982%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BURNHAM HEALTHCARE CENTER",
      "address": "",
      "city": "BURNHAM",
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      "pmmsBenchmark": 4.456,
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      "historicLowEra": false,
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        "Rate 3.15% is 1.31 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "CARRIAGE HILL EAST APTS",
      "address": "",
      "city": "EAST LANSING",
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      "historicLowEra": false,
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        "Rate 3.15% is 1.40 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "HERITAGE WOODS OF MINOOKA",
      "address": "",
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      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BRETHREN CARE VILLAGE",
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      "city": "ASHLAND",
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      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
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        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "EAGLEBROOK APARTMENTS",
      "address": "",
      "city": "FARGO",
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      "zip": "58104",
      "units": 150,
      "originalAmount": 13090000,
      "rate": 3.15,
      "originationDate": "2020-06-23",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "BERKSHIRE PLACE",
      "address": "",
      "city": "PITTSFIELD",
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      "zip": "01201",
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      "originationDate": "2018-02-13",
      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
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        "Rate 3.15% is 1.18 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SHERWOOD CROSSING",
      "address": "",
      "city": "MECHANICSVILLE",
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      "rate": 3.15,
      "originationDate": "2017-07-31",
      "pmmsBenchmark": 3.967,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
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        "Rate 3.15% is 0.82 pts below the 2017-07 market avg of 3.967%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "PULLMAN WHEELWORKS",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
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      "pmmsBenchmark": 3.958,
      "belowMarket": true,
      "historicLowEra": false,
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        "Rate 3.15% is 0.81 pts below the 2011-12 market avg of 3.958%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "RIVERBEND APTS.",
      "address": "",
      "city": "GLOUCESTER",
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      "zip": "23061",
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      "originationDate": "2018-10-25",
      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.15% is 1.68 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "HEARTSWORTH SENIOR LIVING",
      "address": "",
      "city": "VINITA",
      "state": "OK",
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      "units": 277,
      "originalAmount": 7628000,
      "rate": 3.15,
      "originationDate": "2019-04-24",
      "pmmsBenchmark": 4.143,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.15% is 0.99 pts below the 2019-04 market avg of 4.143%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "WESTFIELD REHABILITATION AND HEALTH CARE CENTER",
      "address": "",
      "city": "SANFORD",
      "state": "NC",
      "zip": "27330",
      "units": 83,
      "originalAmount": 7488000,
      "rate": 3.15,
      "originationDate": "2014-03-26",
      "pmmsBenchmark": 4.343,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.15% is 1.19 pts below the 2014-03 market avg of 4.343%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "CASAS DEL RIO- VILLA HERMOSA",
      "address": "",
      "city": "DEL RIO",
      "state": "TX",
      "zip": "78840",
      "units": 170,
      "originalAmount": 7000000,
      "rate": 3.15,
      "originationDate": "2017-06-27",
      "pmmsBenchmark": 3.904,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.15% is 0.75 pts below the 2017-06 market avg of 3.904%"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "PARK GRAND APARTMENTS",
      "address": "",
      "city": "POMONA",
      "state": "CA",
      "zip": "91766",
      "units": 62,
      "originalAmount": 5934500,
      "rate": 3.15,
      "originationDate": "2016-07-14",
      "pmmsBenchmark": 3.44,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "REALIFE COOPERATIVE OF MOUNDS",
      "address": "",
      "city": "MOUNDS VIEW",
      "state": "MN",
      "zip": "55112",
      "units": 74,
      "originalAmount": 5348700,
      "rate": 3.15,
      "originationDate": "2012-12-28",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "COLUMBIA SENIOR RESIDENCE",
      "address": "",
      "city": "ATLANTA",
      "state": "GA",
      "zip": "30312",
      "units": 122,
      "originalAmount": 5193100,
      "rate": 3.15,
      "originationDate": "2012-10-30",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "COUNTRY GARDEN ESTATES I & II",
      "address": "",
      "city": "MOORE",
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      "zip": "29369",
      "units": 100,
      "originalAmount": 4691500,
      "rate": 3.15,
      "originationDate": "2020-03-18",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "WOOLWORTH APARTMENTS",
      "address": "",
      "city": "OMAHA",
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      "zip": "68124",
      "units": 50,
      "originalAmount": 4231000,
      "rate": 3.15,
      "originationDate": "2020-04-29",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "STELLA ARMS",
      "address": "",
      "city": "MANCHESTER",
      "state": "NH",
      "zip": "03104",
      "units": 66,
      "originalAmount": 4109000,
      "rate": 3.15,
      "originationDate": "2012-09-12",
      "pmmsBenchmark": 3.498,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "NOWLIN HALL",
      "address": "",
      "city": "KANSAS CITY",
      "state": "MO",
      "zip": "64127",
      "units": 163,
      "originalAmount": 3747500,
      "rate": 3.15,
      "originationDate": "2014-06-30",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.15% is 1.01 pts below the 2014-06 market avg of 4.162%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "HERITAGE MANOR",
      "address": "",
      "city": "PINE BLUFF",
      "state": "AR",
      "zip": "71603",
      "units": 124,
      "originalAmount": 3591400,
      "rate": 3.15,
      "originationDate": "2009-09-28",
      "pmmsBenchmark": 5.058,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.15% is 1.91 pts below the 2009-09 market avg of 5.058%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "VAN NESS TERRACE",
      "address": "",
      "city": "ROXBURY",
      "state": "MA",
      "zip": "02119",
      "units": 50,
      "originalAmount": 3522700,
      "rate": 3.15,
      "originationDate": "2020-03-18",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ST GEORGE VILLA APARTMENTS",
      "address": "",
      "city": "ST GEORGE",
      "state": "UT",
      "zip": "84770",
      "units": 40,
      "originalAmount": 3422800,
      "rate": 3.15,
      "originationDate": "2020-03-31",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "ARTHUR ROBINSON I AND II",
      "address": "",
      "city": "ORANGE",
      "state": "TX",
      "zip": "77630",
      "units": 112,
      "originalAmount": 3340000,
      "rate": 3.15,
      "originationDate": "2011-07-29",
      "pmmsBenchmark": 4.545,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.15% is 1.40 pts below the 2011-07 market avg of 4.545%"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "TRAMORE SENIOR APARTMENTS",
      "address": "",
      "city": "MERIDIAN",
      "state": "ID",
      "zip": "83642",
      "units": 72,
      "originalAmount": 3184500,
      "rate": 3.15,
      "originationDate": "2019-03-13",
      "pmmsBenchmark": 4.265,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.15% is 1.11 pts below the 2019-03 market avg of 4.265%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MAJESTIC APARTMENTS",
      "address": "",
      "city": "LOWELL",
      "state": "MA",
      "zip": "01854",
      "units": 34,
      "originalAmount": 2565000,
      "rate": 3.15,
      "originationDate": "2021-03-12",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "PROVIDNCE PLAZA I & II",
      "address": "",
      "city": "THOMASVILLE",
      "state": "GA",
      "zip": "31792",
      "units": 90,
      "originalAmount": 2175200,
      "rate": 3.15,
      "originationDate": "2012-11-15",
      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "VIKING TERRACE APARTMENTS",
      "address": "",
      "city": "WORTHINGTON",
      "state": "MN",
      "zip": "56187",
      "units": 60,
      "originalAmount": 2155000,
      "rate": 3.15,
      "originationDate": "2021-03-29",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "X-CALIBER CAPITAL LLC"
    },
    {
      "property": "RIVERSIDE MANOR APARTMENTS",
      "address": "",
      "city": "TORONTO",
      "state": "OH",
      "zip": "43964",
      "units": 61,
      "originalAmount": 2025000,
      "rate": 3.15,
      "originationDate": "2018-11-20",
      "pmmsBenchmark": 4.866,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.15% is 1.72 pts below the 2018-11 market avg of 4.866%"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "LEMARS APARTMENTS",
      "address": "",
      "city": "LE MARS",
      "state": "IA",
      "zip": "51031",
      "units": 31,
      "originalAmount": 1784600,
      "rate": 3.15,
      "originationDate": "2020-05-07",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "CUNNINGHAM MANOR APARTMENTS",
      "address": "",
      "city": "BROWNSVILLE",
      "state": "TX",
      "zip": "78521",
      "units": 104,
      "originalAmount": 1600000,
      "rate": 3.15,
      "originationDate": "2013-06-26",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.15% is 0.92 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "KINGSVILLE LULAC MANOR",
      "address": "",
      "city": "KINGSVILLE",
      "state": "TX",
      "zip": "78363",
      "units": 88,
      "originalAmount": 1600000,
      "rate": 3.15,
      "originationDate": "2013-06-26",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.15% is 0.92 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "GEE CORBETT VILLAGE",
      "address": "",
      "city": "WILSON",
      "state": "NC",
      "zip": "27893",
      "units": 38,
      "originalAmount": 1520000,
      "rate": 3.15,
      "originationDate": "2007-10-11",
      "pmmsBenchmark": 6.375,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.15% is 3.23 pts below the 2007-10 market avg of 6.375%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "DESOTO SQUARE APARTMENTS",
      "address": "",
      "city": "HAYESVILLE",
      "state": "NC",
      "zip": "28904",
      "units": 32,
      "originalAmount": 1215600,
      "rate": 3.15,
      "originationDate": "2008-05-14",
      "pmmsBenchmark": 6.036,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.15% is 2.89 pts below the 2008-05 market avg of 6.036%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "PRESIDENTIAL ESTATES I",
      "address": "",
      "city": "MADISON",
      "state": "IN",
      "zip": "47520",
      "units": 96,
      "originalAmount": 680000,
      "rate": 3.15,
      "originationDate": "2005-07-29",
      "pmmsBenchmark": 5.695,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.15% is 2.55 pts below the 2005-07 market avg of 5.695%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "COPPER CREEK APARTMENTS",
      "address": "",
      "city": "LAS VEGAS",
      "state": "NV",
      "zip": "89123",
      "units": 612,
      "originalAmount": 74990000,
      "rate": 3.16,
      "originationDate": "2020-02-27",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "Royal Adah Arms",
      "address": "",
      "city": "San Francisco",
      "state": "CA",
      "zip": "94115",
      "units": 142,
      "originalAmount": 49000000,
      "rate": 3.16,
      "originationDate": "2021-06-02",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "AFFINITY AT PUYALLUP",
      "address": "",
      "city": "PUYALLUP",
      "state": "WA",
      "zip": "98374",
      "units": 168,
      "originalAmount": 33573900,
      "rate": 3.16,
      "originationDate": "2018-08-29",
      "pmmsBenchmark": 4.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.16% is 1.39 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "HAWTHORNE GROVES APARTMENTS",
      "address": "",
      "city": "ORLANDO",
      "state": "FL",
      "zip": "32835",
      "units": 328,
      "originalAmount": 32811900,
      "rate": 3.16,
      "originationDate": "2016-09-20",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "THE IVY CLUB",
      "address": "",
      "city": "LANDOVER",
      "state": "MD",
      "zip": "20785",
      "units": 283,
      "originalAmount": 26503600,
      "rate": 3.16,
      "originationDate": "2020-12-21",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "WHITE MARSH POINTE AT EAGLE LANDING",
      "address": "",
      "city": "SUFFOLK",
      "state": "VA",
      "zip": "23434",
      "units": 206,
      "originalAmount": 24023400,
      "rate": 3.16,
      "originationDate": "2020-10-23",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "ISSAC LAUFER - OASIS REHABILITATION & NURSING",
      "address": "",
      "city": "CENTER MORICHES",
      "state": "NY",
      "zip": "11934",
      "units": 156,
      "originalAmount": 21000200,
      "rate": 3.16,
      "originationDate": "2018-12-19",
      "pmmsBenchmark": 4.638,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.16% is 1.48 pts below the 2018-12 market avg of 4.638%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "COLUMBIA BLUFFS",
      "address": "",
      "city": "COLUMBIA",
      "state": "IL",
      "zip": "62236",
      "units": 120,
      "originalAmount": 17948700,
      "rate": 3.16,
      "originationDate": "2022-06-22",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.16% is 2.36 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "VILLAGE COOPERATIVE OF GREELEY",
      "address": "",
      "city": "GREELEY",
      "state": "CO",
      "zip": "80634",
      "units": 52,
      "originalAmount": 10350000,
      "rate": 3.16,
      "originationDate": "2018-12-18",
      "pmmsBenchmark": 4.638,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.16% is 1.48 pts below the 2018-12 market avg of 4.638%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "THE MEADOWS APARTMENTS",
      "address": "",
      "city": "BAKERSFIELD",
      "state": "CA",
      "zip": "93308",
      "units": 134,
      "originalAmount": 9603900,
      "rate": 3.16,
      "originationDate": "2020-03-31",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WEST RIVER FALLS ESTATES",
      "address": "",
      "city": "THIEF RIVER FALLS",
      "state": "MN",
      "zip": "56701",
      "units": 104,
      "originalAmount": 8520000,
      "rate": 3.16,
      "originationDate": "2020-03-18",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PANCRATIA HALL LOFTS",
      "address": "",
      "city": "DENVER",
      "state": "CO",
      "zip": "80236",
      "units": 72,
      "originalAmount": 7800000,
      "rate": 3.16,
      "originationDate": "2023-05-24",
      "pmmsBenchmark": 6.425,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.16% is 3.26 pts below the 2023-05 market avg of 6.425%"
      ],
      "holder": "COLORADO HOUSING AND FINANCE A"
    },
    {
      "property": "SILAS POINTE APARTMENTS",
      "address": "",
      "city": "NORTH ST. PAUL",
      "state": "MN",
      "zip": "55109",
      "units": 76,
      "originalAmount": 3638800,
      "rate": 3.16,
      "originationDate": "2015-06-30",
      "pmmsBenchmark": 3.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.16% is 0.82 pts below the 2015-06 market avg of 3.982%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "METROPOLITAN GARDENS",
      "address": "",
      "city": "BIRMINGHAM",
      "state": "AL",
      "zip": "35203",
      "units": 197,
      "originalAmount": 3360000,
      "rate": 3.16,
      "originationDate": "2013-08-30",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.16% is 1.30 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "PINE GROVE APARTMENTS",
      "address": "",
      "city": "TAUNTON",
      "state": "MA",
      "zip": "02780",
      "units": 72,
      "originalAmount": 2900000,
      "rate": 3.16,
      "originationDate": "2016-10-25",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "BROOKHOLLOW APARTMENTS",
      "address": "",
      "city": "KERRVILLE",
      "state": "TX",
      "zip": "78028",
      "units": 60,
      "originalAmount": 2775000,
      "rate": 3.16,
      "originationDate": "2016-10-14",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BERKELEY PLACE",
      "address": "",
      "city": "LAWRENCE",
      "state": "MA",
      "zip": "01841",
      "units": 38,
      "originalAmount": 1497000,
      "rate": 3.16,
      "originationDate": "2016-08-25",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "LIBERTY BOULEVARD APARTMENTS",
      "address": "",
      "city": "SALT LAKE CITY",
      "state": "UT",
      "zip": "84102",
      "units": 266,
      "originalAmount": 39345500,
      "rate": 3.17,
      "originationDate": "2020-06-30",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "RESIDENCES AT BOLAND PLACE APARTMENTS",
      "address": "",
      "city": "RICHMOND HEIGHTS",
      "state": "MO",
      "zip": "63117",
      "units": 187,
      "originalAmount": 37706300,
      "rate": 3.17,
      "originationDate": "2018-12-18",
      "pmmsBenchmark": 4.638,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.17% is 1.47 pts below the 2018-12 market avg of 4.638%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "THE RESERVE AT CARRINGTON PLACE (PH I & II)",
      "address": "",
      "city": "FAYETTEVILLE",
      "state": "NC",
      "zip": "28314",
      "units": 456,
      "originalAmount": 29835000,
      "rate": 3.17,
      "originationDate": "2018-04-26",
      "pmmsBenchmark": 4.467,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.17% is 1.30 pts below the 2018-04 market avg of 4.467%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "EAST LAKE FLATS  PHASE II",
      "address": "",
      "city": "LINCOLN",
      "state": "NE",
      "zip": "68526",
      "units": 253,
      "originalAmount": 27964300,
      "rate": 3.17,
      "originationDate": "2019-05-29",
      "pmmsBenchmark": 4.072,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.17% is 0.90 pts below the 2019-05 market avg of 4.072%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "SNOWDEN CREEK",
      "address": "",
      "city": "ELDERSBURG",
      "state": "MD",
      "zip": "21784",
      "units": 109,
      "originalAmount": 21350400,
      "rate": 3.17,
      "originationDate": "2018-08-30",
      "pmmsBenchmark": 4.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.17% is 1.38 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "NORMANDY  ASSISTED LIVING",
      "address": "",
      "city": "ROCKY RIVER",
      "state": "OH",
      "zip": "44116",
      "units": 80,
      "originalAmount": 17363800,
      "rate": 3.17,
      "originationDate": "2021-12-22",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "THE RESIDENCE AT EDINBURG II",
      "address": "",
      "city": "EDINBURG",
      "state": "TX",
      "zip": "78540",
      "units": 108,
      "originalAmount": 9807200,
      "rate": 3.17,
      "originationDate": "2020-05-28",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "PARK 216 PHASE II",
      "address": "",
      "city": "SUFFOLK",
      "state": "VA",
      "zip": "23435",
      "units": 50,
      "originalAmount": 9280000,
      "rate": 3.17,
      "originationDate": "2022-05-16",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.17% is 2.06 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SPRINGS ROAD & HEARTWOOD AVENUE HEALTHCARE",
      "address": "",
      "city": "VALLEJO",
      "state": "CA",
      "zip": "94591",
      "units": 177,
      "originalAmount": 9220000,
      "rate": 3.17,
      "originationDate": "2018-12-17",
      "pmmsBenchmark": 4.638,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.17% is 1.47 pts below the 2018-12 market avg of 4.638%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "PASO FINO APARTMENTS",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78254",
      "units": 160,
      "originalAmount": 7424300,
      "rate": 3.17,
      "originationDate": "2018-10-31",
      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.17% is 1.66 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "AVENUE AT SYCAMORE PARK",
      "address": "",
      "city": "FORT WORTH",
      "state": "TX",
      "zip": "76105",
      "units": 108,
      "originalAmount": 7250000,
      "rate": 3.17,
      "originationDate": "2022-06-07",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.17% is 2.35 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "REDWOOD CUYAHOGA FALLS (MANCHESTER)",
      "address": "",
      "city": "CUYAHOGA FALLS",
      "state": "OH",
      "zip": "44221",
      "units": 54,
      "originalAmount": 6175200,
      "rate": 3.17,
      "originationDate": "2021-06-23",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE RESISDENCES AT ELIOT COMMONS",
      "address": "",
      "city": "ELIOT",
      "state": "NH",
      "zip": "03903",
      "units": 36,
      "originalAmount": 5913900,
      "rate": 3.17,
      "originationDate": "2021-04-28",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ALTERCARE-SUMMIT ACRES",
      "address": "",
      "city": "CALDWELL",
      "state": "OH",
      "zip": "43724",
      "units": 167,
      "originalAmount": 5417700,
      "rate": 3.17,
      "originationDate": "2016-08-10",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "TRINITY MANOR",
      "address": "",
      "city": "MIDDLETOWN",
      "state": "OH",
      "zip": "45042",
      "units": 91,
      "originalAmount": 3490000,
      "rate": 3.17,
      "originationDate": "2006-06-30",
      "pmmsBenchmark": 6.682,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.17% is 3.51 pts below the 2006-06 market avg of 6.682%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WINNIPEG APARTMENTS",
      "address": "",
      "city": "ST PAUL",
      "state": "MN",
      "zip": "55117",
      "units": 56,
      "originalAmount": 2950000,
      "rate": 3.17,
      "originationDate": "2007-12-05",
      "pmmsBenchmark": 6.095,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.17% is 2.92 pts below the 2007-12 market avg of 6.095%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "GRANDVIEW PLACE APARTMENTS",
      "address": "",
      "city": "MISSOULA",
      "state": "MT",
      "zip": "59803",
      "units": 48,
      "originalAmount": 2817000,
      "rate": 3.17,
      "originationDate": "2016-09-15",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "BISHOP LUDDEN APARTMENTS",
      "address": "",
      "city": "SYRACUSE",
      "state": "NY",
      "zip": "13219",
      "units": 50,
      "originalAmount": 2201700,
      "rate": 3.17,
      "originationDate": "2012-09-26",
      "pmmsBenchmark": 3.498,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "DELAWARE VILLAGE APARTMENTS",
      "address": "",
      "city": "DELAWARE",
      "state": "OH",
      "zip": "43015",
      "units": 40,
      "originalAmount": 2190000,
      "rate": 3.17,
      "originationDate": "2022-04-26",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.17% is 1.81 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "LAKE VIEW TOWERS",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60640",
      "units": 500,
      "originalAmount": 66390000,
      "rate": 3.18,
      "originationDate": "2019-03-28",
      "pmmsBenchmark": 4.265,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.18% is 1.08 pts below the 2019-03 market avg of 4.265%"
      ],
      "holder": "X-CALIBER CAPITAL LLC"
    },
    {
      "property": "ALAQUA AT FRISCO",
      "address": "",
      "city": "FRISCO",
      "state": "TX",
      "zip": "75034",
      "units": 308,
      "originalAmount": 57560400,
      "rate": 3.18,
      "originationDate": "2021-11-30",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "KATY APARTMENTS",
      "address": "",
      "city": "KATY",
      "state": "TX",
      "zip": "77493",
      "units": 324,
      "originalAmount": 48065200,
      "rate": 3.18,
      "originationDate": "2020-06-11",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "BAYBERRY APARTMENTS",
      "address": "",
      "city": "NEW BEDFORD",
      "state": "MA",
      "zip": "02740",
      "units": 186,
      "originalAmount": 41489000,
      "rate": 3.18,
      "originationDate": "2020-02-19",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "Crosswood Apartments",
      "address": "",
      "city": "EUGENE",
      "state": "OR",
      "zip": "97403",
      "units": 127,
      "originalAmount": 29976400,
      "rate": 3.18,
      "originationDate": "2021-07-13",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "VINTAGE ALCOA (fka BUNGALOW LOFTS)",
      "address": "",
      "city": "ALCOA",
      "state": "TN",
      "zip": "37801",
      "units": 192,
      "originalAmount": 29740600,
      "rate": 3.18,
      "originationDate": "2020-08-24",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "THE EDGE APARTMENTS",
      "address": "",
      "city": "LUBBOCK",
      "state": "TX",
      "zip": "79415",
      "units": 205,
      "originalAmount": 20396500,
      "rate": 3.18,
      "originationDate": "2016-08-16",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CASEY ACRES APTS",
      "address": "",
      "city": "WESTFIELD",
      "state": "IN",
      "zip": "46074",
      "units": 252,
      "originalAmount": 18926000,
      "rate": 3.18,
      "originationDate": "2017-07-31",
      "pmmsBenchmark": 3.967,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.18% is 0.79 pts below the 2017-07 market avg of 3.967%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "LEDGEWOOD VILLAGE",
      "address": "",
      "city": "ASHEVILLE",
      "state": "NC",
      "zip": "28803",
      "units": 180,
      "originalAmount": 18320000,
      "rate": 3.18,
      "originationDate": "2018-06-26",
      "pmmsBenchmark": 4.57,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.18% is 1.39 pts below the 2018-06 market avg of 4.57%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "THE ARBORS",
      "address": "",
      "city": "OAK CREEK",
      "state": "WI",
      "zip": "53154",
      "units": 140,
      "originalAmount": 16128000,
      "rate": 3.18,
      "originationDate": "2015-07-17",
      "pmmsBenchmark": 4.046,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.18% is 0.87 pts below the 2015-07 market avg of 4.046%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "VILLAGE GREEN APARTMENTS",
      "address": "",
      "city": "RHINEBECK",
      "state": "NY",
      "zip": "12572",
      "units": 144,
      "originalAmount": 15736600,
      "rate": 3.18,
      "originationDate": "2018-11-15",
      "pmmsBenchmark": 4.866,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.18% is 1.69 pts below the 2018-11 market avg of 4.866%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "BAYVIEW TOWER APARTMENTS",
      "address": "",
      "city": "MUSKEGON",
      "state": "MI",
      "zip": "49442",
      "units": 201,
      "originalAmount": 14018600,
      "rate": 3.18,
      "originationDate": "2013-06-28",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.18% is 0.89 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "HIGHLAND CROSSING SQUARE APARTMENTS",
      "address": "",
      "city": "DENVER",
      "state": "CO",
      "zip": "80231",
      "units": 184,
      "originalAmount": 13719700,
      "rate": 3.18,
      "originationDate": "2015-06-11",
      "pmmsBenchmark": 3.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.18% is 0.80 pts below the 2015-06 market avg of 3.982%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CHAMPION HOMES ON THE LAKE",
      "address": "",
      "city": "LAKE DALLAS",
      "state": "TX",
      "zip": "75065",
      "units": 140,
      "originalAmount": 13710200,
      "rate": 3.18,
      "originationDate": "2014-05-29",
      "pmmsBenchmark": 4.192,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.18% is 1.01 pts below the 2014-05 market avg of 4.192%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "OCEANSIDE ESTATES APARTMENTS",
      "address": "",
      "city": "PINELLAS PARK",
      "state": "FL",
      "zip": "33782",
      "units": 104,
      "originalAmount": 10246500,
      "rate": 3.18,
      "originationDate": "2018-12-11",
      "pmmsBenchmark": 4.638,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.18% is 1.46 pts below the 2018-12 market avg of 4.638%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "VILLAS AT PARK WEST APTS II",
      "address": "",
      "city": "PUEBLO",
      "state": "CO",
      "zip": "81003",
      "units": 112,
      "originalAmount": 9907200,
      "rate": 3.18,
      "originationDate": "2013-02-27",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "NEWBERRY LOFTS ON 6TH",
      "address": "",
      "city": "CINCINNATI",
      "state": "OH",
      "zip": "45202",
      "units": 62,
      "originalAmount": 7680000,
      "rate": 3.18,
      "originationDate": "2022-04-28",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.18% is 1.80 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "FUTURECARE COLDSPRING",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21214",
      "units": 120,
      "originalAmount": 7369300,
      "rate": 3.18,
      "originationDate": "2013-07-18",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.18% is 1.19 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "RIVERWALK SENIOR RESIDENCES",
      "address": "",
      "city": "LYONS",
      "state": "IL",
      "zip": "60534",
      "units": 120,
      "originalAmount": 7275000,
      "rate": 3.18,
      "originationDate": "2022-03-24",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.18% is 0.99 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "EASTLAKE WOODS",
      "address": "",
      "city": "COLUMBUS",
      "state": "IN",
      "zip": "47201",
      "units": 186,
      "originalAmount": 6475000,
      "rate": 3.18,
      "originationDate": "2010-12-15",
      "pmmsBenchmark": 4.714,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.18% is 1.53 pts below the 2010-12 market avg of 4.714%"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "EAST TERRACE COOPERATIVE",
      "address": "",
      "city": "CAMBRIDGE",
      "state": "MN",
      "zip": "55008",
      "units": 38,
      "originalAmount": 4912600,
      "rate": 3.18,
      "originationDate": "2013-01-31",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "200 CENTER STREET APARTMENTS",
      "address": "",
      "city": "RENO",
      "state": "NV",
      "zip": "89501",
      "units": 24,
      "originalAmount": 4720000,
      "rate": 3.18,
      "originationDate": "2022-04-27",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.18% is 1.80 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "GREYSTONE SERVICING COMPANY LL"
    },
    {
      "property": "Ranch Way Townhomes",
      "address": "",
      "city": "Lawrence",
      "state": "KS",
      "zip": "66047",
      "units": 54,
      "originalAmount": 4462000,
      "rate": 3.18,
      "originationDate": "2017-04-26",
      "pmmsBenchmark": 4.045,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.18% is 0.86 pts below the 2017-04 market avg of 4.045%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "LGERIATRICS2-HOLYHILL NURSING HOME",
      "address": "",
      "city": "SULPHUR",
      "state": "LA",
      "zip": "70663",
      "units": 120,
      "originalAmount": 4209000,
      "rate": 3.18,
      "originationDate": "2013-06-25",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.18% is 0.89 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "POINDEXTER PHASE II A",
      "address": "",
      "city": "COLUMBUS",
      "state": "OH",
      "zip": "43203",
      "units": 87,
      "originalAmount": 3549000,
      "rate": 3.18,
      "originationDate": "2015-12-18",
      "pmmsBenchmark": 3.964,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.18% is 0.78 pts below the 2015-12 market avg of 3.964%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GERIATRIC2-ROSEWOOD",
      "address": "",
      "city": "LAKE CHARLES",
      "state": "LA",
      "zip": "70601",
      "units": 150,
      "originalAmount": 3505700,
      "rate": 3.18,
      "originationDate": "2013-06-25",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.18% is 0.89 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "WEST INDIAN HILLS TOWNHOMES",
      "address": "",
      "city": "TOPEKA",
      "state": "KS",
      "zip": "66614",
      "units": 36,
      "originalAmount": 3256000,
      "rate": 3.18,
      "originationDate": "2018-06-28",
      "pmmsBenchmark": 4.57,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.18% is 1.39 pts below the 2018-06 market avg of 4.57%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "MOUNT ZION HEIGHTS",
      "address": "",
      "city": "SEATTLE",
      "state": "WA",
      "zip": "98122",
      "units": 64,
      "originalAmount": 3104800,
      "rate": 3.18,
      "originationDate": "2011-03-21",
      "pmmsBenchmark": 4.836,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.18% is 1.66 pts below the 2011-03 market avg of 4.836%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "PUTNAM HOWE VILLAGE",
      "address": "",
      "city": "BELPRE",
      "state": "OH",
      "zip": "45714",
      "units": 51,
      "originalAmount": 3084000,
      "rate": 3.18,
      "originationDate": "2015-07-07",
      "pmmsBenchmark": 4.046,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.18% is 0.87 pts below the 2015-07 market avg of 4.046%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ELEVATE AT SOUTHWEST STATION",
      "address": "",
      "city": "EDEN PRAIRIE",
      "state": "MN",
      "zip": "55344",
      "units": 222,
      "originalAmount": 49760000,
      "rate": 3.19,
      "originationDate": "2018-02-28",
      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.19% is 1.14 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "6TH AND MAIN",
      "address": "",
      "city": "SALT LAKE CITY",
      "state": "UT",
      "zip": "84111",
      "units": 170,
      "originalAmount": 45264400,
      "rate": 3.19,
      "originationDate": "2020-05-20",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "KIN ON GREEN",
      "address": "",
      "city": "PHILADELPHIA",
      "state": "PA",
      "zip": "19125",
      "units": 108,
      "originalAmount": 44995000,
      "rate": 3.19,
      "originationDate": "2021-07-30",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "STAR RANCH APARTMENTS",
      "address": "",
      "city": "HUTTO",
      "state": "TX",
      "zip": "78634",
      "units": 252,
      "originalAmount": 41042800,
      "rate": 3.19,
      "originationDate": "2022-05-10",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.19% is 2.04 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "VUE@CRC APTS",
      "address": "",
      "city": "BLACKSBURG",
      "state": "VA",
      "zip": "24060",
      "units": 206,
      "originalAmount": 40724800,
      "rate": 3.19,
      "originationDate": "2020-08-06",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WILLINA RANCH APARTMENTS",
      "address": "",
      "city": "BOTHELL",
      "state": "WA",
      "zip": "98011",
      "units": 175,
      "originalAmount": 36170900,
      "rate": 3.19,
      "originationDate": "2020-08-27",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "THE CHOICES AT HOLLAND WINDSOR",
      "address": "",
      "city": "VIRGINIA BEACH",
      "state": "VA",
      "zip": "23452",
      "units": 252,
      "originalAmount": 33250000,
      "rate": 3.19,
      "originationDate": "2016-07-19",
      "pmmsBenchmark": 3.44,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "GREYSTONE SERVICING COMPANY LL"
    },
    {
      "property": "The Grove at Valhalla Rehabilitation & Nursing Ctr",
      "address": "",
      "city": "Valhalla",
      "state": "NY",
      "zip": "10595",
      "units": 248,
      "originalAmount": 27748100,
      "rate": 3.19,
      "originationDate": "2019-03-05",
      "pmmsBenchmark": 4.265,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.19% is 1.07 pts below the 2019-03 market avg of 4.265%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "MEADOWVIEW REHAB & NURSING CENTER",
      "address": "",
      "city": "PHILADELPHIA",
      "state": "PA",
      "zip": "19128",
      "units": 358,
      "originalAmount": 24500200,
      "rate": 3.19,
      "originationDate": "2018-11-15",
      "pmmsBenchmark": 4.866,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.19% is 1.68 pts below the 2018-11 market avg of 4.866%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "HAMLET WEST APTS",
      "address": "",
      "city": "WOODLAWN",
      "state": "MD",
      "zip": "21207",
      "units": 263,
      "originalAmount": 23360000,
      "rate": 3.19,
      "originationDate": "2017-12-18",
      "pmmsBenchmark": 3.95,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.19% is 0.76 pts below the 2017-12 market avg of 3.95%"
      ],
      "holder": "COLUMBIANATIONAL REAL ESTATE F"
    },
    {
      "property": "SUMMER RIDGE AKA BELLE HAVEN APARTMENTS",
      "address": "",
      "city": "LANDOVER",
      "state": "MD",
      "zip": "20785",
      "units": 276,
      "originalAmount": 22400000,
      "rate": 3.19,
      "originationDate": "2017-02-28",
      "pmmsBenchmark": 4.168,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.19% is 0.98 pts below the 2017-02 market avg of 4.168%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "SAND LAKE POINTE APARTMENT HOMES",
      "address": "",
      "city": "ORLANDO",
      "state": "FL",
      "zip": "32809",
      "units": 312,
      "originalAmount": 20000000,
      "rate": 3.19,
      "originationDate": "2017-07-31",
      "pmmsBenchmark": 3.967,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.19% is 0.78 pts below the 2017-07 market avg of 3.967%"
      ],
      "holder": "BERKELEY POINT CAPITAL LLC"
    },
    {
      "property": "WALTONWOOD AT MAIN",
      "address": "",
      "city": "ROCHESTER",
      "state": "MI",
      "zip": "48309",
      "units": 114,
      "originalAmount": 18476700,
      "rate": 3.19,
      "originationDate": "2012-12-21",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GREYSTONE SERVICING COMPANY LL"
    },
    {
      "property": "CADILLAC LOFTS",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78215",
      "units": 152,
      "originalAmount": 18022700,
      "rate": 3.19,
      "originationDate": "2018-11-29",
      "pmmsBenchmark": 4.866,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.19% is 1.68 pts below the 2018-11 market avg of 4.866%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "MILLBERRY APTS",
      "address": "",
      "city": "ST PAUL",
      "state": "MN",
      "zip": "55114",
      "units": 121,
      "originalAmount": 17016000,
      "rate": 3.19,
      "originationDate": "2018-06-11",
      "pmmsBenchmark": 4.57,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.19% is 1.38 pts below the 2018-06 market avg of 4.57%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "HANH RAD Group 4 fka Fairmont-Ruoppolo",
      "address": "",
      "city": "NEW HAVEN",
      "state": "CT",
      "zip": "06513",
      "units": 201,
      "originalAmount": 15432600,
      "rate": 3.19,
      "originationDate": "2021-03-11",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "HALE KEWALO APTS",
      "address": "",
      "city": "HONOLULU",
      "state": "HI",
      "zip": "96814",
      "units": 128,
      "originalAmount": 13900000,
      "rate": 3.19,
      "originationDate": "2017-12-06",
      "pmmsBenchmark": 3.95,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.19% is 0.76 pts below the 2017-12 market avg of 3.95%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "SUMMIT PLACE ALF",
      "address": "",
      "city": "EDEN PRAIRIE",
      "state": "MN",
      "zip": "55344",
      "units": 95,
      "originalAmount": 13888000,
      "rate": 3.19,
      "originationDate": "2013-02-27",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "THE BRITTANY'S APARTMENTS AND TOWNHOMES",
      "address": "",
      "city": "ROCHESTER",
      "state": "MN",
      "zip": "55901",
      "units": 98,
      "originalAmount": 12200000,
      "rate": 3.19,
      "originationDate": "2020-02-26",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "HILLCREST APARTMENTS",
      "address": "",
      "city": "MCHENRY",
      "state": "IL",
      "zip": "60050",
      "units": 88,
      "originalAmount": 11300000,
      "rate": 3.19,
      "originationDate": "2016-10-26",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "FORT MYERS REHABILITATION & NURSING CENTER",
      "address": "",
      "city": "FORT MYERS",
      "state": "FL",
      "zip": "33907",
      "units": 120,
      "originalAmount": 10570000,
      "rate": 3.19,
      "originationDate": "2018-05-09",
      "pmmsBenchmark": 4.586,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.19% is 1.40 pts below the 2018-05 market avg of 4.586%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "BROOKSIDE HEALTHCARE & REHABILITATION CENTER",
      "address": "",
      "city": "ROSLYN",
      "state": "PA",
      "zip": "19001",
      "units": 120,
      "originalAmount": 9929600,
      "rate": 3.19,
      "originationDate": "2014-02-27",
      "pmmsBenchmark": 4.303,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.19% is 1.11 pts below the 2014-02 market avg of 4.303%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "CASA SANTA MARIA",
      "address": "",
      "city": "BUENA PARK",
      "state": "CA",
      "zip": "90621",
      "units": 100,
      "originalAmount": 9828800,
      "rate": 3.19,
      "originationDate": "2017-02-27",
      "pmmsBenchmark": 4.168,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.19% is 0.98 pts below the 2017-02 market avg of 4.168%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "QUAKER HEIGHTS",
      "address": "",
      "city": "WAYNESVILLE",
      "state": "OH",
      "zip": "45068",
      "units": 128,
      "originalAmount": 8256000,
      "rate": 3.19,
      "originationDate": "2011-11-22",
      "pmmsBenchmark": 3.993,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.19% is 0.80 pts below the 2011-11 market avg of 3.993%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "REDWOOD PICKERINGTON (WATERSTONE LAND",
      "address": "",
      "city": "PICKERINGTON",
      "state": "OH",
      "zip": "43147",
      "units": 55,
      "originalAmount": 6832300,
      "rate": 3.19,
      "originationDate": "2021-01-26",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CONTINUING HEALTHCARE OF MILAN",
      "address": "",
      "city": "MILAN",
      "state": "OH",
      "zip": "44846",
      "units": 92,
      "originalAmount": 6400000,
      "rate": 3.19,
      "originationDate": "2018-07-10",
      "pmmsBenchmark": 4.527,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.19% is 1.34 pts below the 2018-07 market avg of 4.527%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "EIGHTY PARRISH STREET APTS",
      "address": "",
      "city": "CANANDAIGUA",
      "state": "NY",
      "zip": "14424",
      "units": 131,
      "originalAmount": 6062500,
      "rate": 3.19,
      "originationDate": "2008-01-10",
      "pmmsBenchmark": 5.758,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.19% is 2.57 pts below the 2008-01 market avg of 5.758%"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "RIVERVIEW RETIREMENT CENTER",
      "address": "",
      "city": "PORTSMOUTH",
      "state": "OH",
      "zip": "45662",
      "units": 106,
      "originalAmount": 5200000,
      "rate": 3.19,
      "originationDate": "2015-11-24",
      "pmmsBenchmark": 3.942,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.19% is 0.75 pts below the 2015-11 market avg of 3.942%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "VILLA AT MT PLEASANT",
      "address": "",
      "city": "MT PLEASANT",
      "state": "TX",
      "zip": "75455",
      "units": 85,
      "originalAmount": 3751600,
      "rate": 3.19,
      "originationDate": "2013-06-27",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.19% is 0.88 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "VILLAGE OF MATTERHORN",
      "address": "",
      "city": "DULUTH",
      "state": "MN",
      "zip": "55811",
      "units": 96,
      "originalAmount": 3275000,
      "rate": 3.19,
      "originationDate": "2015-12-15",
      "pmmsBenchmark": 3.964,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.19% is 0.77 pts below the 2015-12 market avg of 3.964%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "CAMBRIDGE SQUARE OF RICHMOND",
      "address": "",
      "city": "RICHMOND",
      "state": "IN",
      "zip": "47374",
      "units": 150,
      "originalAmount": 2288300,
      "rate": 3.19,
      "originationDate": "2003-06-30",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.19% is 2.04 pts below the 2003-06 market avg of 5.23%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "MORNING STAR APARTMENTS",
      "address": "",
      "city": "WHARTON",
      "state": "TX",
      "zip": "77488",
      "units": 40,
      "originalAmount": 1913800,
      "rate": 3.19,
      "originationDate": "2015-06-09",
      "pmmsBenchmark": 3.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.19% is 0.79 pts below the 2015-06 market avg of 3.982%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SECREST VILLAGE",
      "address": "",
      "city": "WOOSTER",
      "state": "OH",
      "zip": "44691",
      "units": 45,
      "originalAmount": 1813400,
      "rate": 3.19,
      "originationDate": "2006-07-19",
      "pmmsBenchmark": 6.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.19% is 3.57 pts below the 2006-07 market avg of 6.763%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GRACE WEST APARTMENTS",
      "address": "",
      "city": "NEWARK",
      "state": "NJ",
      "zip": "07108",
      "units": 429,
      "originalAmount": 64000000,
      "rate": 3.2,
      "originationDate": "2018-10-11",
      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.2% is 1.63 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "ROSE COMMUNITY CAPITAL, LLC"
    },
    {
      "property": "COMMONS AT SYLVAN HIGHLANDS",
      "address": "",
      "city": "PORTLAND",
      "state": "OR",
      "zip": "97225",
      "units": 287,
      "originalAmount": 63640300,
      "rate": 3.2,
      "originationDate": "2022-07-28",
      "pmmsBenchmark": 5.412,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.2% is 2.21 pts below the 2022-07 market avg of 5.412%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "THE DRAKESTONE",
      "address": "",
      "city": "DALLAS",
      "state": "TX",
      "zip": "75202",
      "units": 183,
      "originalAmount": 55956000,
      "rate": 3.2,
      "originationDate": "2022-01-28",
      "pmmsBenchmark": 3.445,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SOUTH FLORES LOFTS",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78204",
      "units": 292,
      "originalAmount": 44248900,
      "rate": 3.2,
      "originationDate": "2020-09-03",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ONE LEYTE PLACE",
      "address": "",
      "city": "CINCINNATI",
      "state": "OH",
      "zip": "45202",
      "units": 267,
      "originalAmount": 36400000,
      "rate": 3.2,
      "originationDate": "2016-07-01",
      "pmmsBenchmark": 3.44,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "BLUE HERON LAKES APTS",
      "address": "",
      "city": "BRADENTON",
      "state": "FL",
      "zip": "34208",
      "units": 192,
      "originalAmount": 30934700,
      "rate": 3.2,
      "originationDate": "2018-05-30",
      "pmmsBenchmark": 4.586,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.2% is 1.39 pts below the 2018-05 market avg of 4.586%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "ELKRIDGE ESTATES OF ROLAND PARK",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21210",
      "units": 286,
      "originalAmount": 29908100,
      "rate": 3.2,
      "originationDate": "2020-03-31",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "CARRIAGE HILL APARTMENTS PHASE II",
      "address": "",
      "city": "CHARLOTTESVILLE",
      "state": "VA",
      "zip": "22911",
      "units": 140,
      "originalAmount": 28680300,
      "rate": 3.2,
      "originationDate": "2022-06-29",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.2% is 2.32 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "WHEATON PLACE APTS",
      "address": "",
      "city": "SILVER SPRING",
      "state": "MD",
      "zip": "20902",
      "units": 182,
      "originalAmount": 25174800,
      "rate": 3.2,
      "originationDate": "2020-03-31",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "IMMANUEL CAMPUS OF CARE",
      "address": "",
      "city": "PEORIA",
      "state": "AZ",
      "zip": "85345",
      "units": 422,
      "originalAmount": 23654900,
      "rate": 3.2,
      "originationDate": "2021-04-28",
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      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "RIDGE AT PERRY BEND APARTMENTS",
      "address": "",
      "city": "EASLEY",
      "state": "SC",
      "zip": "29640",
      "units": 240,
      "originalAmount": 23328800,
      "rate": 3.2,
      "originationDate": "2016-12-28",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.2% is 1.00 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "SHAFER GRACE APARTMENTS",
      "address": "",
      "city": "RICHMOND",
      "state": "VA",
      "zip": "23284",
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      "originalAmount": 22039000,
      "rate": 3.2,
      "originationDate": "2013-06-27",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.2% is 0.87 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "INTERNATIONAL NURSING & REHAB CENTER",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
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      "originalAmount": 21348000,
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      "pmmsBenchmark": 4.036,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.2% is 0.84 pts below the 2014-10 market avg of 4.036%"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "Greystone Summit Apartments",
      "address": "",
      "city": "Columbus",
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      "zip": "31909",
      "units": 220,
      "originalAmount": 20707000,
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      "originationDate": "2017-03-30",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
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        "Rate 3.2% is 1.00 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "Willow Lakes",
      "address": "",
      "city": "Lombard",
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      "zip": "60148",
      "units": 405,
      "originalAmount": 20000000,
      "rate": 3.2,
      "originationDate": "2017-05-19",
      "pmmsBenchmark": 4.01,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.2% is 0.81 pts below the 2017-05 market avg of 4.01%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "EAGLE LANDING APARTMENTS",
      "address": "",
      "city": "BEND",
      "state": "OR",
      "zip": "97702",
      "units": 132,
      "originalAmount": 19074800,
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      "originationDate": "2020-06-19",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "THE GUILFORD HOUSE",
      "address": "",
      "city": "GUILFORD",
      "state": "CT",
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      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SOUTHWOOD HILLS PHASE III",
      "address": "",
      "city": "BELTON",
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      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.2% is 0.97 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "ZVAGO COOPERATIVE AT LONG LAKE",
      "address": "",
      "city": "LONG LAKE",
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      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.2% is 2.03 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "CORN HILL LANDING APARTMENTS",
      "address": "",
      "city": "ROCHESTER",
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      "zip": "14608",
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      "pmmsBenchmark": 3.498,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GREYSTONE SERVICING COMPANY LL"
    },
    {
      "property": "OGDEN MANOR",
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      "city": "NAPERVILLE",
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      "pmmsBenchmark": 3.95,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
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        "Rate 3.2% is 0.75 pts below the 2017-12 market avg of 3.95%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "THE MILL AT MCCULLOUGH",
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      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "AVANTARA PARK RIDGE",
      "address": "",
      "city": "PARK RIDGE",
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      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "AMFM - GREENBRIER HEALTH CARE CENTER",
      "address": "",
      "city": "LEWISBURG",
      "state": "WV",
      "zip": "24901",
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      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "ASH TREE APTS.",
      "address": "",
      "city": "CHARLOTTESVILLE",
      "state": "VA",
      "zip": "22903",
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      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.2% is 1.63 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "COLONIAL POINT APTS",
      "address": "",
      "city": "WAKEFIELD",
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      "zip": "01880",
      "units": 177,
      "originalAmount": 11400000,
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      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.2% is 0.87 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BLACKSTONE STATION & UNION",
      "address": "",
      "city": "OMAHA",
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      "units": 90,
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      "rate": 3.2,
      "originationDate": "2020-03-25",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "BRYTE GARDENS APARTMENTS",
      "address": "",
      "city": "WEST SACRAMENTO",
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      "zip": "95605",
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      "originalAmount": 9705200,
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      "pmmsBenchmark": 4.638,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
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        "Rate 3.2% is 1.44 pts below the 2018-12 market avg of 4.638%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "CAMBRIDGE SQUARE APTS",
      "address": "",
      "city": "CHARLOTTESVILLE",
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      "zip": "22903",
      "units": 93,
      "originalAmount": 9679600,
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      "originationDate": "2018-10-17",
      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.2% is 1.63 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SUMMIT POINTE SENIOR LIVING COMMUNITY",
      "address": "",
      "city": "MARION",
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      "zip": "52302",
      "units": 101,
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      "rate": 3.2,
      "originationDate": "2012-03-30",
      "pmmsBenchmark": 3.954,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.2% is 0.75 pts below the 2012-03 market avg of 3.954%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "FOXWOOD PLACE",
      "address": "",
      "city": "LOCKPORT",
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      "zip": "14094",
      "units": 164,
      "originalAmount": 9128000,
      "rate": 3.2,
      "originationDate": "2022-05-27",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.2% is 2.03 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "Juliette Fowler Residences",
      "address": "",
      "city": "DALLAS",
      "state": "TX",
      "zip": "75214",
      "units": 144,
      "originalAmount": 8645000,
      "rate": 3.2,
      "originationDate": "2021-06-22",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PRESTON SQUARE APTS",
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      "city": "CHARLOTTESVILLE",
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      "zip": "22903",
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      "originalAmount": 8560000,
      "rate": 3.2,
      "originationDate": "2018-10-17",
      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.2% is 1.63 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WOODS EDGE",
      "address": "",
      "city": "CHARLOTTESVILLE",
      "state": "VA",
      "zip": "22901",
      "units": 97,
      "originalAmount": 8000000,
      "rate": 3.2,
      "originationDate": "2017-07-13",
      "pmmsBenchmark": 3.967,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.2% is 0.77 pts below the 2017-07 market avg of 3.967%"
      ],
      "holder": "GREYSTONE SERVICING COMPANY LL"
    },
    {
      "property": "STONEGATE VILLA HEALTH AND REHABILITATION",
      "address": "",
      "city": "CROSSETT",
      "state": "AR",
      "zip": "71635",
      "units": 70,
      "originalAmount": 7848000,
      "rate": 3.2,
      "originationDate": "2014-06-26",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.2% is 0.96 pts below the 2014-06 market avg of 4.162%"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "HOMESTEAD OAKS",
      "address": "",
      "city": "AUSTIN",
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      "zip": "78749",
      "units": 140,
      "originalAmount": 7033200,
      "rate": 3.2,
      "originationDate": "2014-08-14",
      "pmmsBenchmark": 4.115,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.2% is 0.92 pts below the 2014-08 market avg of 4.115%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "THE HERITAGE OF RALEIGH",
      "address": "",
      "city": "RALEIGH",
      "state": "NC",
      "zip": "27603",
      "units": 150,
      "originalAmount": 6974100,
      "rate": 3.2,
      "originationDate": "2013-06-20",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.2% is 0.87 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "PARKHAVEN RETIREMENT & ASSISTED LIVING COMMUNITY",
      "address": "",
      "city": "MANHATTAN",
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      "zip": "59741",
      "units": 116,
      "originalAmount": 6175000,
      "rate": 3.2,
      "originationDate": "2018-08-07",
      "pmmsBenchmark": 4.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.2% is 1.35 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "GLENWOOD HEALTH AND REHABILITATION",
      "address": "",
      "city": "GLENWOOD",
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      "zip": "71943",
      "units": 80,
      "originalAmount": 5888000,
      "rate": 3.2,
      "originationDate": "2014-06-26",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.2% is 0.96 pts below the 2014-06 market avg of 4.162%"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "SUMMER BREEZE APARTMENTS",
      "address": "",
      "city": "NORTH HILLS",
      "state": "CA",
      "zip": "91343",
      "units": 81,
      "originalAmount": 5838200,
      "rate": 3.2,
      "originationDate": "2015-12-17",
      "pmmsBenchmark": 3.964,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.2% is 0.76 pts below the 2015-12 market avg of 3.964%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "WEST WOODS OF NILES",
      "address": "",
      "city": "NILES",
      "state": "MI",
      "zip": "49120",
      "units": 121,
      "originalAmount": 5779500,
      "rate": 3.2,
      "originationDate": "2014-02-25",
      "pmmsBenchmark": 4.303,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.2% is 1.10 pts below the 2014-02 market avg of 4.303%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "CROSS CREEK APARTMENTS",
      "address": "",
      "city": "TEMPERANCE",
      "state": "MI",
      "zip": "48182",
      "units": 136,
      "originalAmount": 5704000,
      "rate": 3.2,
      "originationDate": "2016-10-20",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "REGENCY APTS",
      "address": "",
      "city": "CARSON CITY",
      "state": "NV",
      "zip": "89706",
      "units": 79,
      "originalAmount": 5418500,
      "rate": 3.2,
      "originationDate": "2017-12-28",
      "pmmsBenchmark": 3.95,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.2% is 0.75 pts below the 2017-12 market avg of 3.95%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "SPAULDING PLACE COOPERATIVE",
      "address": "",
      "city": "BLACK RIVER FALLS",
      "state": "WI",
      "zip": "54615",
      "units": 27,
      "originalAmount": 4830000,
      "rate": 3.2,
      "originationDate": "2021-01-28",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "SEYMOUR HOLLANDER APARTMENTS",
      "address": "",
      "city": "BRIDGEPORT",
      "state": "CT",
      "zip": "06604",
      "units": 86,
      "originalAmount": 4619100,
      "rate": 3.2,
      "originationDate": "2012-03-30",
      "pmmsBenchmark": 3.954,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.2% is 0.75 pts below the 2012-03 market avg of 3.954%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "GARTEN HAUS",
      "address": "",
      "city": "LEAVENWORTH",
      "state": "WA",
      "zip": "98826",
      "units": 40,
      "originalAmount": 4535000,
      "rate": 3.2,
      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "WATERVILLE RESIDENTIAL CARE CENTER",
      "address": "",
      "city": "WATERVILLE",
      "state": "NY",
      "zip": "13480",
      "units": 92,
      "originalAmount": 4323000,
      "rate": 3.2,
      "originationDate": "2018-06-14",
      "pmmsBenchmark": 4.57,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.2% is 1.37 pts below the 2018-06 market avg of 4.57%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "COLONIAL SQUARE APARTMENTS",
      "address": "",
      "city": "YANKTON",
      "state": "SD",
      "zip": "57078",
      "units": 42,
      "originalAmount": 2475000,
      "rate": 3.2,
      "originationDate": "2020-09-18",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "ALGOOD MANOR",
      "address": "",
      "city": "COOKEVILLE",
      "state": "TN",
      "zip": "38501",
      "units": 59,
      "originalAmount": 1849400,
      "rate": 3.2,
      "originationDate": "2013-07-16",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.2% is 1.17 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CUMBERLAND PLACE APARTMENTS",
      "address": "",
      "city": "WINCHESTER",
      "state": "TN",
      "zip": "37398",
      "units": 75,
      "originalAmount": 1580800,
      "rate": 3.2,
      "originationDate": "2013-07-16",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.2% is 1.17 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "BLANTON GREEN I APARTMENTS",
      "address": "",
      "city": "FAYETTEVILLE",
      "state": "NC",
      "zip": "28303",
      "units": 48,
      "originalAmount": 1432900,
      "rate": 3.2,
      "originationDate": "2021-03-11",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "LIVINGTON MANOR APARTMENTS",
      "address": "",
      "city": "DENHAM SPRINGS",
      "state": "LA",
      "zip": "70726",
      "units": 45,
      "originalAmount": 1356800,
      "rate": 3.2,
      "originationDate": "2013-06-20",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.2% is 0.87 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "THE GROVES AT MILE BRANCH APARTMENTS",
      "address": "",
      "city": "COVINGTON",
      "state": "LA",
      "zip": "70433",
      "units": 94,
      "originalAmount": 1304000,
      "rate": 3.2,
      "originationDate": "2016-07-29",
      "pmmsBenchmark": 3.44,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "WATERS EDGE TOWNHOMES",
      "address": "",
      "city": "WATERTOWN",
      "state": "MN",
      "zip": "55388",
      "units": 30,
      "originalAmount": 754600,
      "rate": 3.2,
      "originationDate": "2012-03-30",
      "pmmsBenchmark": 3.954,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.2% is 0.75 pts below the 2012-03 market avg of 3.954%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "WILLOW MANOR AT FAIRLAND",
      "address": "",
      "city": "SILVER SPRING",
      "state": "MD",
      "zip": "20904",
      "units": 121,
      "originalAmount": 16613200,
      "rate": 3.208,
      "originationDate": "2018-11-30",
      "pmmsBenchmark": 4.866,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.208% is 1.66 pts below the 2018-11 market avg of 4.866%"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "HUDSON VIEW PARK APARTMENTS",
      "address": "",
      "city": "BEACON",
      "state": "NY",
      "zip": "12508",
      "units": 510,
      "originalAmount": 61452000,
      "rate": 3.21,
      "originationDate": "2018-12-21",
      "pmmsBenchmark": 4.638,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.21% is 1.43 pts below the 2018-12 market avg of 4.638%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "BELLANOVA AT JUBILEE PARK",
      "address": "",
      "city": "ORLANDO",
      "state": "FL",
      "zip": "32822",
      "units": 312,
      "originalAmount": 52502500,
      "rate": 3.21,
      "originationDate": "2021-02-25",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "BLUE HERON CREEK APARTMENTS",
      "address": "",
      "city": "BRADENTON",
      "state": "FL",
      "zip": "34208",
      "units": 264,
      "originalAmount": 28819000,
      "rate": 3.21,
      "originationDate": "2014-10-20",
      "pmmsBenchmark": 4.036,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.21% is 0.83 pts below the 2014-10 market avg of 4.036%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "GOLDEN GATE REHAB. & HEALTH CARE CENTER",
      "address": "",
      "city": "STATEN ISLAND",
      "state": "NY",
      "zip": "10314",
      "units": 228,
      "originalAmount": 20659400,
      "rate": 3.21,
      "originationDate": "2018-06-29",
      "pmmsBenchmark": 4.57,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.21% is 1.36 pts below the 2018-06 market avg of 4.57%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "MARTEL PARK",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90046",
      "units": 72,
      "originalAmount": 15225000,
      "rate": 3.21,
      "originationDate": "2018-02-13",
      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.21% is 1.12 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "ENCLAVE AT BUCKHORN",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78258",
      "units": 240,
      "originalAmount": 13649200,
      "rate": 3.21,
      "originationDate": "2013-01-28",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "TREETOP LODGE APTS",
      "address": "",
      "city": "OVERLAND PARK",
      "state": "KS",
      "zip": "66214",
      "units": 150,
      "originalAmount": 11152000,
      "rate": 3.21,
      "originationDate": "2017-04-05",
      "pmmsBenchmark": 4.045,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.21% is 0.83 pts below the 2017-04 market avg of 4.045%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "CENTER MANAGEMENT-BISHOP McCARTHY CTR FOR REHAB",
      "address": "",
      "city": "VINELAND",
      "state": "NJ",
      "zip": "08360",
      "units": 258,
      "originalAmount": 10840000,
      "rate": 3.21,
      "originationDate": "2019-03-28",
      "pmmsBenchmark": 4.265,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.21% is 1.05 pts below the 2019-03 market avg of 4.265%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "INTERNATIONAL TOWERS",
      "address": "",
      "city": "YOUNGSTOWN",
      "state": "OH",
      "zip": "44503",
      "units": 173,
      "originalAmount": 7430000,
      "rate": 3.21,
      "originationDate": "2016-10-26",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "OAKVIEW TERRACE",
      "address": "",
      "city": "NEW PORT RICHEY",
      "state": "FL",
      "zip": "34653",
      "units": 132,
      "originalAmount": 6745100,
      "rate": 3.21,
      "originationDate": "2010-05-27",
      "pmmsBenchmark": 4.888,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.21% is 1.68 pts below the 2010-05 market avg of 4.888%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "NORTH POST COMMONS",
      "address": "",
      "city": "ABERDEEN",
      "state": "MD",
      "zip": "21001",
      "units": 120,
      "originalAmount": 4639800,
      "rate": 3.21,
      "originationDate": "2013-02-27",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "LANGMAN APARTMENTS",
      "address": "",
      "city": "MILAN",
      "state": "IL",
      "zip": "61264",
      "units": 100,
      "originalAmount": 2972000,
      "rate": 3.21,
      "originationDate": "2020-06-17",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "CONTINENTAL HOMES APARTMENTS",
      "address": "",
      "city": "GRAND FORKS",
      "state": "ND",
      "zip": "58201",
      "units": 64,
      "originalAmount": 746100,
      "rate": 3.21,
      "originationDate": "2005-10-12",
      "pmmsBenchmark": 6.065,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.21% is 2.86 pts below the 2005-10 market avg of 6.065%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "METRO LOFTS",
      "address": "",
      "city": "ST. LOUIS",
      "state": "MO",
      "zip": "63108",
      "units": 212,
      "originalAmount": 48800000,
      "rate": 3.22,
      "originationDate": "2018-12-14",
      "pmmsBenchmark": 4.638,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.22% is 1.42 pts below the 2018-12 market avg of 4.638%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "AFFINITY AT ARLINGTON",
      "address": "",
      "city": "ARLINGTON",
      "state": "WA",
      "zip": "98223",
      "units": 170,
      "originalAmount": 33777000,
      "rate": 3.22,
      "originationDate": "2019-05-09",
      "pmmsBenchmark": 4.072,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.22% is 0.85 pts below the 2019-05 market avg of 4.072%"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "FENNO HOUSE",
      "address": "",
      "city": "QUINCY",
      "state": "MA",
      "zip": "02170",
      "units": 152,
      "originalAmount": 19978000,
      "rate": 3.22,
      "originationDate": "2020-09-30",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "FOREST MEADOWS APARTMENTS",
      "address": "",
      "city": "FLAGSTAFF",
      "state": "AZ",
      "zip": "86001",
      "units": 132,
      "originalAmount": 19741600,
      "rate": 3.22,
      "originationDate": "2020-06-29",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "PORTOFINO AT CHAMPIONS GATE",
      "address": "",
      "city": "CHAMPIONS GATE",
      "state": "FL",
      "zip": "33896",
      "units": 121,
      "originalAmount": 18028300,
      "rate": 3.22,
      "originationDate": "2020-09-29",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "LIBERTY LANDING APTS.",
      "address": "",
      "city": "WEST JORDAN",
      "state": "UT",
      "zip": "84084",
      "units": 216,
      "originalAmount": 18013000,
      "rate": 3.22,
      "originationDate": "2017-04-26",
      "pmmsBenchmark": 4.045,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.22% is 0.82 pts below the 2017-04 market avg of 4.045%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "THE LAKES AT WESTVIEW II APARTMENTS",
      "address": "",
      "city": "CONROE",
      "state": "TX",
      "zip": "77304",
      "units": 228,
      "originalAmount": 16522400,
      "rate": 3.22,
      "originationDate": "2016-08-31",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "FIRST AMERICAN CAPITAL GROUP C"
    },
    {
      "property": "LEBANON VILLAGE",
      "address": "",
      "city": "LEBANON",
      "state": "PA",
      "zip": "17046",
      "units": 200,
      "originalAmount": 15600000,
      "rate": 3.22,
      "originationDate": "2012-12-27",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "REGENCY - WINDSOR ATRIUM",
      "address": "",
      "city": "HARLINGEN",
      "state": "TX",
      "zip": "78550",
      "units": 120,
      "originalAmount": 15352000,
      "rate": 3.22,
      "originationDate": "2017-03-22",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.22% is 0.98 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "THE RETREAT AT GARDEN LAKE",
      "address": "",
      "city": "GARDEN CITY",
      "state": "GA",
      "zip": "31408",
      "units": 210,
      "originalAmount": 13500000,
      "rate": 3.22,
      "originationDate": "2020-04-10",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "KINGS COUNTY SENIOR RESIDENCE",
      "address": "",
      "city": "BROOKLYN",
      "state": "NY",
      "zip": "11203",
      "units": 173,
      "originalAmount": 13145000,
      "rate": 3.22,
      "originationDate": "2005-06-30",
      "pmmsBenchmark": 5.582,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.22% is 2.36 pts below the 2005-06 market avg of 5.582%"
      ],
      "holder": "WACHOVIA MULTIFAMILY CAPITAL I"
    },
    {
      "property": "PALMER SQUARE APARTMENTS",
      "address": "",
      "city": "STAMFORD",
      "state": "CT",
      "zip": "06902",
      "units": 76,
      "originalAmount": 12796100,
      "rate": 3.22,
      "originationDate": "2020-09-29",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "CORAL WOOD COURT APARTMENTS",
      "address": "",
      "city": "RESEDA",
      "state": "CA",
      "zip": "91335",
      "units": 106,
      "originalAmount": 12684400,
      "rate": 3.22,
      "originationDate": "2013-06-28",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.22% is 0.85 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "TANGLEWOOD APARTMENTS",
      "address": "",
      "city": "SILVER SPRING",
      "state": "MD",
      "zip": "20910",
      "units": 132,
      "originalAmount": 12510000,
      "rate": 3.22,
      "originationDate": "2015-06-05",
      "pmmsBenchmark": 3.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.22% is 0.76 pts below the 2015-06 market avg of 3.982%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "WOODLANDS SENIOR LIVING OF WATERVILLE",
      "address": "",
      "city": "WATERVILLE",
      "state": "ME",
      "zip": "04902",
      "units": 227,
      "originalAmount": 12076400,
      "rate": 3.22,
      "originationDate": "2017-03-28",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.22% is 0.98 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "OSCEOLA HEIGHTS",
      "address": "",
      "city": "OSCEOLA",
      "state": "IA",
      "zip": "50213",
      "units": 170,
      "originalAmount": 11498600,
      "rate": 3.22,
      "originationDate": "2020-03-25",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "ORANGEWOOD COURT APARTMENTS",
      "address": "",
      "city": "SHERMAN OAKS",
      "state": "CA",
      "zip": "91403",
      "units": 92,
      "originalAmount": 8982500,
      "rate": 3.22,
      "originationDate": "2013-06-28",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.22% is 0.85 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "WOODLANDS SENIOR LIVING OF BREWER",
      "address": "",
      "city": "BREWER",
      "state": "ME",
      "zip": "04412",
      "units": 169,
      "originalAmount": 8200700,
      "rate": 3.22,
      "originationDate": "2017-03-28",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.22% is 0.98 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PRESIDIO GATE APARTMENTS",
      "address": "",
      "city": "SAN FRANCISCO",
      "state": "CA",
      "zip": "94123",
      "units": 55,
      "originalAmount": 5680000,
      "rate": 3.22,
      "originationDate": "2013-06-11",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.22% is 0.85 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "ZIEGLER FINANCING CORP"
    },
    {
      "property": "SHELTON GARDENS",
      "address": "",
      "city": "CINCINNATI",
      "state": "OH",
      "zip": "45225",
      "units": 137,
      "originalAmount": 5600000,
      "rate": 3.22,
      "originationDate": "2020-05-13",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "VILLAGE OAKS",
      "address": "",
      "city": "VICTORVILLE",
      "state": "CA",
      "zip": "92392",
      "units": 116,
      "originalAmount": 5265000,
      "rate": 3.22,
      "originationDate": "2017-04-21",
      "pmmsBenchmark": 4.045,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.22% is 0.82 pts below the 2017-04 market avg of 4.045%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "NORTHFIELD VILLAGE RETIREMENT",
      "address": "",
      "city": "NORTHFIELD",
      "state": "OH",
      "zip": "44067",
      "units": 75,
      "originalAmount": 5008200,
      "rate": 3.22,
      "originationDate": "2013-02-19",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "WASHINGTON SQUARE PLAZA",
      "address": "",
      "city": "NEWARK",
      "state": "OH",
      "zip": "43055",
      "units": 103,
      "originalAmount": 3852800,
      "rate": 3.22,
      "originationDate": "2016-07-08",
      "pmmsBenchmark": 3.44,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ANNA'S GROVE",
      "address": "",
      "city": "MADRID",
      "state": "IA",
      "zip": "50156",
      "units": 54,
      "originalAmount": 3655000,
      "rate": 3.22,
      "originationDate": "2020-02-14",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "THE AMBER ASSISTED LIVING",
      "address": "",
      "city": "CLATSKANIE",
      "state": "OR",
      "zip": "97016",
      "units": 32,
      "originalAmount": 2060400,
      "rate": 3.22,
      "originationDate": "2013-07-18",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.22% is 1.15 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "BLUEPRINT REAL ESTATE CAPITAL"
    },
    {
      "property": "PLAZA 44 APARTMENTS",
      "address": "",
      "city": "LYNNWOOD",
      "state": "WA",
      "zip": "98036",
      "units": 40,
      "originalAmount": 1431800,
      "rate": 3.22,
      "originationDate": "2020-04-28",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "BOSTON REHAB",
      "address": "",
      "city": "BOSTON",
      "state": "MA",
      "zip": "02115",
      "units": 144,
      "originalAmount": 33000000,
      "rate": 3.225,
      "originationDate": "2018-01-23",
      "pmmsBenchmark": 4.033,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.225% is 0.81 pts below the 2018-01 market avg of 4.033%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "POOKS HILLS HIGH RISE",
      "address": "",
      "city": "BETHESDA",
      "state": "MD",
      "zip": "20814",
      "units": 189,
      "originalAmount": 18200000,
      "rate": 3.225,
      "originationDate": "2012-12-17",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "HOC-MORTGAGE FINANCE PROGRAM"
    },
    {
      "property": "BROOKHILL APTS",
      "address": "",
      "city": "CHARLOTTESVILLE",
      "state": "VA",
      "zip": "22911",
      "units": 316,
      "originalAmount": 57232000,
      "rate": 3.23,
      "originationDate": "2019-01-31",
      "pmmsBenchmark": 4.464,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.23% is 1.23 pts below the 2019-01 market avg of 4.464%"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "SETTLER'S GATE APTS",
      "address": "",
      "city": "ALLEN",
      "state": "TX",
      "zip": "75013",
      "units": 432,
      "originalAmount": 49000000,
      "rate": 3.23,
      "originationDate": "2017-04-26",
      "pmmsBenchmark": 4.045,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.23% is 0.81 pts below the 2017-04 market avg of 4.045%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CABANA CLUB APARTMENTS",
      "address": "",
      "city": "CUTLER BAY",
      "state": "FL",
      "zip": "33157",
      "units": 335,
      "originalAmount": 38900000,
      "rate": 3.23,
      "originationDate": "2020-06-16",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "FEDERAL NATIONAL MORTGAGE ASSN"
    },
    {
      "property": "RIDGE AT ROLLING HILLS",
      "address": "",
      "city": "EASLEY",
      "state": "SC",
      "zip": "29640",
      "units": 240,
      "originalAmount": 33760900,
      "rate": 3.23,
      "originationDate": "2022-03-14",
      "pmmsBenchmark": 4.172,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.23% is 0.94 pts below the 2022-03 market avg of 4.172%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "SKYLINE COMMONS",
      "address": "",
      "city": "DRACUT",
      "state": "MA",
      "zip": "01826",
      "units": 240,
      "originalAmount": 33477200,
      "rate": 3.23,
      "originationDate": "2021-05-27",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "HEARTLAND VIEW APARTMENTS",
      "address": "",
      "city": "WENTZVILLE",
      "state": "MO",
      "zip": "63385",
      "units": 201,
      "originalAmount": 31735600,
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      "originationDate": "2021-08-30",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "ORCHARD PARK AT BALLENGER RUN",
      "address": "",
      "city": "FREDERICK",
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      "zip": "21703",
      "units": 210,
      "originalAmount": 30607000,
      "rate": 3.23,
      "originationDate": "2018-08-07",
      "pmmsBenchmark": 4.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.23% is 1.32 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "COUNCIL TOWERS SENIOR APARTMENT HOMES",
      "address": "",
      "city": "MIAMI BEACH",
      "state": "FL",
      "zip": "33139",
      "units": 250,
      "originalAmount": 30000000,
      "rate": 3.23,
      "originationDate": "2020-06-04",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE SERVICING COMPANY LL"
    },
    {
      "property": "MAIN STREET APARTMENTS",
      "address": "",
      "city": "OAK RIDGE",
      "state": "TN",
      "zip": "37830",
      "units": 226,
      "originalAmount": 29608900,
      "rate": 3.23,
      "originationDate": "2020-05-14",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "ALDERS AT CROSS CREEK RANCH",
      "address": "",
      "city": "FULSHEAR",
      "state": "TX",
      "zip": "77441",
      "units": 172,
      "originalAmount": 28518400,
      "rate": 3.23,
      "originationDate": "2021-05-20",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "CHARLESTON RIDGE APARTMENTS",
      "address": "",
      "city": "MECHANICSVILLE",
      "state": "VA",
      "zip": "23116",
      "units": 137,
      "originalAmount": 18265600,
      "rate": 3.23,
      "originationDate": "2020-07-28",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "GOOD SHEPHERD ECUMENICAL RETIREMENT CENTER",
      "address": "",
      "city": "LITTLE ROCK",
      "state": "AR",
      "zip": "72205",
      "units": 200,
      "originalAmount": 17850900,
      "rate": 3.23,
      "originationDate": "2021-04-21",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "WOODS OF CASTLETON",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46256",
      "units": 260,
      "originalAmount": 17465000,
      "rate": 3.23,
      "originationDate": "2017-02-22",
      "pmmsBenchmark": 4.168,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.23% is 0.94 pts below the 2017-02 market avg of 4.168%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "Village Cooperative of Grand Junction",
      "address": "",
      "city": "GRAND JUNCTION",
      "state": "CO",
      "zip": "81506",
      "units": 62,
      "originalAmount": 15911600,
      "rate": 3.23,
      "originationDate": "2021-06-25",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "GARDEN DISTRICT",
      "address": "",
      "city": "STATESBORO",
      "state": "GA",
      "zip": "30458",
      "units": 234,
      "originalAmount": 14375000,
      "rate": 3.23,
      "originationDate": "2012-11-30",
      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "SOUTHERN HORIZON",
      "address": "",
      "city": "DES MOINES",
      "state": "IA",
      "zip": "50320",
      "units": 132,
      "originalAmount": 12193400,
      "rate": 3.23,
      "originationDate": "2019-05-29",
      "pmmsBenchmark": 4.072,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.23% is 0.84 pts below the 2019-05 market avg of 4.072%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "EASTWOOD VILLAGE APARTMENTS",
      "address": "",
      "city": "ASHEVILLE",
      "state": "NC",
      "zip": "28803",
      "units": 140,
      "originalAmount": 10391200,
      "rate": 3.23,
      "originationDate": "2010-07-23",
      "pmmsBenchmark": 4.564,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.23% is 1.33 pts below the 2010-07 market avg of 4.564%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "HANOVER WOODS",
      "address": "",
      "city": "HANOVER",
      "state": "MA",
      "zip": "02339",
      "units": 60,
      "originalAmount": 7280000,
      "rate": 3.23,
      "originationDate": "2016-08-17",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LINCOLN ESTATE",
      "address": "",
      "city": "BONDURANT",
      "state": "IA",
      "zip": "50035",
      "units": 77,
      "originalAmount": 6080000,
      "rate": 3.23,
      "originationDate": "2019-04-05",
      "pmmsBenchmark": 4.143,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.23% is 0.91 pts below the 2019-04 market avg of 4.143%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "SPRINGBROOK ASSISTED LIVING",
      "address": "",
      "city": "ONALASKA",
      "state": "WI",
      "zip": "54650",
      "units": 100,
      "originalAmount": 5206671,
      "rate": 3.23,
      "originationDate": "2014-08-27",
      "pmmsBenchmark": 4.115,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.23% is 0.89 pts below the 2014-08 market avg of 4.115%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "MAGOFFIN PARK VILLAS",
      "address": "",
      "city": "EL PASO",
      "state": "TX",
      "zip": "79901",
      "units": 91,
      "originalAmount": 5182200,
      "rate": 3.23,
      "originationDate": "2010-08-20",
      "pmmsBenchmark": 4.428,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.23% is 1.20 pts below the 2010-08 market avg of 4.428%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ROCK SPRING STATION",
      "address": "",
      "city": "FOREST HILL",
      "state": "MD",
      "zip": "21050",
      "units": 54,
      "originalAmount": 4800000,
      "rate": 3.23,
      "originationDate": "2018-08-27",
      "pmmsBenchmark": 4.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.23% is 1.32 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "OAKRIDGE ASSISTED LIVING FACILITY",
      "address": "",
      "city": "MAYO",
      "state": "FL",
      "zip": "32066",
      "units": 33,
      "originalAmount": 3378900,
      "rate": 3.23,
      "originationDate": "2022-05-12",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.23% is 2.00 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "Brookfield Assisted Living",
      "address": "",
      "city": "BELLA VISTA",
      "state": "AR",
      "zip": "72715",
      "units": 34,
      "originalAmount": 3367000,
      "rate": 3.23,
      "originationDate": "2011-06-29",
      "pmmsBenchmark": 4.51,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.23% is 1.28 pts below the 2011-06 market avg of 4.51%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "BROAD RIVER HOMES",
      "address": "",
      "city": "NORWALK",
      "state": "CT",
      "zip": "06850",
      "units": 49,
      "originalAmount": 2500000,
      "rate": 3.23,
      "originationDate": "2005-01-21",
      "pmmsBenchmark": 5.71,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.23% is 2.48 pts below the 2005-01 market avg of 5.71%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "COVENANT HOMES",
      "address": "",
      "city": "ROCKY MOUNT",
      "state": "NC",
      "zip": "27804",
      "units": 100,
      "originalAmount": 2494500,
      "rate": 3.23,
      "originationDate": "2013-01-17",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "RISING OAKS ASSISTED LIVING",
      "address": "",
      "city": "LIVE OAK",
      "state": "FL",
      "zip": "32064",
      "units": 33,
      "originalAmount": 2399300,
      "rate": 3.23,
      "originationDate": "2022-05-12",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.23% is 2.00 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CENTREVILLE COMMONS",
      "address": "",
      "city": "LEWISTON",
      "state": "ME",
      "zip": "04240",
      "units": 96,
      "originalAmount": 2154300,
      "rate": 3.23,
      "originationDate": "2016-10-31",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MEADOWS I APTS",
      "address": "",
      "city": "ELBURN",
      "state": "IL",
      "zip": "60119",
      "units": 52,
      "originalAmount": 2000000,
      "rate": 3.23,
      "originationDate": "2013-07-18",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.23% is 1.14 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "Menorah West",
      "address": "",
      "city": "St. Louis Park",
      "state": "MN",
      "zip": "55426",
      "units": 45,
      "originalAmount": 1978700,
      "rate": 3.23,
      "originationDate": "2017-03-30",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.23% is 0.97 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "WENDELL APARTMENTS",
      "address": "",
      "city": "SIKESTON",
      "state": "MO",
      "zip": "63801",
      "units": 76,
      "originalAmount": 1970000,
      "rate": 3.23,
      "originationDate": "2017-03-30",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.23% is 0.97 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "CEDAR APARTMENTS",
      "address": "",
      "city": "BOONE",
      "state": "IA",
      "zip": "50036",
      "units": 30,
      "originalAmount": 1699500,
      "rate": 3.23,
      "originationDate": "2019-04-05",
      "pmmsBenchmark": 4.143,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.23% is 0.91 pts below the 2019-04 market avg of 4.143%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "HOMEWOOD LODGE ASSISTED LIVING FACILITY",
      "address": "",
      "city": "MAYO",
      "state": "FL",
      "zip": "32066",
      "units": 20,
      "originalAmount": 1243200,
      "rate": 3.23,
      "originationDate": "2022-05-12",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.23% is 2.00 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "MEDICAL UNIVERSITY HOSPITAL AUTHORITY/MUSC HEALTH",
      "address": "",
      "city": "CHARLESTON",
      "state": "SC",
      "zip": "29425",
      "units": 1527,
      "originalAmount": 79682500,
      "rate": 3.235,
      "originationDate": "2022-04-07",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.235% is 1.75 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "The 8801",
      "address": "",
      "city": "LINCOLN",
      "state": "NE",
      "zip": "68505",
      "units": 271,
      "originalAmount": 37340200,
      "rate": 3.24,
      "originationDate": "2021-06-28",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "VENICIA APARTMENTS",
      "address": "",
      "city": "LAS VEGAS",
      "state": "NV",
      "zip": "89147",
      "units": 269,
      "originalAmount": 32800000,
      "rate": 3.24,
      "originationDate": "2016-07-28",
      "pmmsBenchmark": 3.44,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "ALBEMARLE LANDING APARTMENTS",
      "address": "",
      "city": "CHARLOTTE",
      "state": "NC",
      "zip": "28212",
      "units": 128,
      "originalAmount": 19506200,
      "rate": 3.24,
      "originationDate": "2022-04-13",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.24% is 1.74 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "SUNSET RIDGE APARTMENTS",
      "address": "",
      "city": "WEST JORDAN",
      "state": "UT",
      "zip": "84081",
      "units": 240,
      "originalAmount": 17000000,
      "rate": 3.24,
      "originationDate": "2018-10-30",
      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.24% is 1.59 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "HERITAGE RIDGE RETIREMENT COMMUNITY",
      "address": "",
      "city": "BELLEVUE",
      "state": "NE",
      "zip": "68005",
      "units": 146,
      "originalAmount": 15670900,
      "rate": 3.24,
      "originationDate": "2022-04-28",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.24% is 1.74 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "BLUEPRINT REAL ESTATE CAPITAL"
    },
    {
      "property": "THE GREENHOUSE",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21201",
      "units": 88,
      "originalAmount": 12560000,
      "rate": 3.24,
      "originationDate": "2018-03-22",
      "pmmsBenchmark": 4.444,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.24% is 1.20 pts below the 2018-03 market avg of 4.444%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "PARK TOWER APARTMENTS",
      "address": "",
      "city": "MADISON",
      "state": "WI",
      "zip": "53705",
      "units": 139,
      "originalAmount": 10936000,
      "rate": 3.24,
      "originationDate": "2022-06-21",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.24% is 2.28 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "HOMESTEAD MANOR REHABILITATION & NURSING CENTER",
      "address": "",
      "city": "HOMESTEAD",
      "state": "FL",
      "zip": "33030",
      "units": 88,
      "originalAmount": 8790900,
      "rate": 3.24,
      "originationDate": "2018-06-12",
      "pmmsBenchmark": 4.57,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.24% is 1.33 pts below the 2018-06 market avg of 4.57%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "PINE HEIGHTS BRATTLEBORO CTR FOR NURSING & REHAB",
      "address": "",
      "city": "BRATTLEBORO",
      "state": "VT",
      "zip": "05301",
      "units": 80,
      "originalAmount": 5127500,
      "rate": 3.24,
      "originationDate": "2015-07-09",
      "pmmsBenchmark": 4.046,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.24% is 0.81 pts below the 2015-07 market avg of 4.046%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "BILL MITCHELL VILLAGE",
      "address": "",
      "city": "HEATH",
      "state": "OH",
      "zip": "43056",
      "units": 90,
      "originalAmount": 4342400,
      "rate": 3.24,
      "originationDate": "2020-02-26",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WINSLOW MANOR",
      "address": "",
      "city": "BAINBRIDGE ISLAND",
      "state": "WA",
      "zip": "98110",
      "units": 39,
      "originalAmount": 3167000,
      "rate": 3.24,
      "originationDate": "2020-04-21",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "JOHNNY JOHN COMMONS",
      "address": "",
      "city": "NEWARK",
      "state": "OH",
      "zip": "43055",
      "units": 40,
      "originalAmount": 2078400,
      "rate": 3.24,
      "originationDate": "2020-02-26",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CORALVILLE SENIOR RESIDENCES",
      "address": "",
      "city": "CORALVILLE",
      "state": "IA",
      "zip": "52241",
      "units": 57,
      "originalAmount": 2000000,
      "rate": 3.24,
      "originationDate": "2013-06-28",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.24% is 0.83 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "ALPHA RENAISSANCE APARTMENTS",
      "address": "",
      "city": "MEMPHIS",
      "state": "TN",
      "zip": "38106",
      "units": 80,
      "originalAmount": 1466200,
      "rate": 3.24,
      "originationDate": "2016-12-06",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.24% is 0.96 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "ST. ELMO",
      "address": "",
      "city": "AUSTIN",
      "state": "TX",
      "zip": "78745",
      "units": 387,
      "originalAmount": 74597200,
      "rate": 3.25,
      "originationDate": "2020-05-29",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "WOODLAND STATION APARTMENTS",
      "address": "",
      "city": "NEWTON",
      "state": "MA",
      "zip": "02466",
      "units": 180,
      "originalAmount": 57574200,
      "rate": 3.25,
      "originationDate": "2021-04-21",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "AVIVA GOODYEAR",
      "address": "",
      "city": "GOODYEAR",
      "state": "AZ",
      "zip": "85395",
      "units": 288,
      "originalAmount": 55106500,
      "rate": 3.25,
      "originationDate": "2020-09-03",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "ELDORADO SPRING APARTMENTS",
      "address": "",
      "city": "COLORADO SPRINGS",
      "state": "CO",
      "zip": "80906",
      "units": 236,
      "originalAmount": 53740100,
      "rate": 3.25,
      "originationDate": "2021-07-23",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ELIZABETH HOUSE III APARTMENTS",
      "address": "",
      "city": "SILVER SPRING",
      "state": "MD",
      "zip": "20910",
      "units": 267,
      "originalAmount": 51420000,
      "rate": 3.25,
      "originationDate": "2025-06-25",
      "pmmsBenchmark": 6.817,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 3.57 pts below the 2025-06 market avg of 6.817%"
      ],
      "holder": "HOC-MORTGAGE FINANCE PROGRAM"
    },
    {
      "property": "CITRON APTS",
      "address": "",
      "city": "SILVER SPRING",
      "state": "MD",
      "zip": "20910",
      "units": 222,
      "originalAmount": 49169000,
      "rate": 3.25,
      "originationDate": "2018-04-26",
      "pmmsBenchmark": 4.467,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 1.22 pts below the 2018-04 market avg of 4.467%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "Skymark Apartments",
      "address": "",
      "city": "Denver",
      "state": "CO",
      "zip": "80231",
      "units": 190,
      "originalAmount": 46019000,
      "rate": 3.25,
      "originationDate": "2017-04-21",
      "pmmsBenchmark": 4.045,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 0.79 pts below the 2017-04 market avg of 4.045%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "INTEGRA TRAILS",
      "address": "",
      "city": "COCOA",
      "state": "FL",
      "zip": "32926",
      "units": 249,
      "originalAmount": 42960700,
      "rate": 3.25,
      "originationDate": "2021-05-25",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "TUSCANY APARTMENTS",
      "address": "",
      "city": "SAN BERNARDINO",
      "state": "CA",
      "zip": "92404",
      "units": 328,
      "originalAmount": 41128100,
      "rate": 3.25,
      "originationDate": "2022-05-19",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 1.98 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "CULEBRA COMMONS",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78253",
      "units": 327,
      "originalAmount": 41010400,
      "rate": 3.25,
      "originationDate": "2020-05-29",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "RAILWAY FLATS",
      "address": "",
      "city": "LOVELAND",
      "state": "CO",
      "zip": "80538",
      "units": 240,
      "originalAmount": 39207600,
      "rate": 3.25,
      "originationDate": "2018-08-21",
      "pmmsBenchmark": 4.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 1.30 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "SOUTH ROAD APARTMENTS",
      "address": "",
      "city": "BAYTOWN",
      "state": "TX",
      "zip": "77521",
      "units": 238,
      "originalAmount": 39017900,
      "rate": 3.25,
      "originationDate": "2021-05-12",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "UNION STREET HOUSES",
      "address": "",
      "city": "BROOKLYN",
      "state": "NY",
      "zip": "11213",
      "units": 119,
      "originalAmount": 36688900,
      "rate": 3.25,
      "originationDate": "2020-02-24",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GREYHOUND PARK APARTMENTS",
      "address": "",
      "city": "COMMERCE CITY",
      "state": "CO",
      "zip": "80022",
      "units": 223,
      "originalAmount": 34000000,
      "rate": 3.25,
      "originationDate": "2020-11-20",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLORADO HOUSING AND FINANCE A"
    },
    {
      "property": "ELLIOT AT PECAN  THE",
      "address": "",
      "city": "PFLUGERVILLE",
      "state": "TX",
      "zip": "78660",
      "units": 272,
      "originalAmount": 33803300,
      "rate": 3.25,
      "originationDate": "2018-10-25",
      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 1.58 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "KIMBALL COURT III",
      "address": "",
      "city": "WOBURN",
      "state": "MA",
      "zip": "01801",
      "units": 167,
      "originalAmount": 31147600,
      "rate": 3.25,
      "originationDate": "2020-04-23",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "KNOX COMMUNITY HOSPITAL",
      "address": "",
      "city": "MOUNT VERNON",
      "state": "OH",
      "zip": "43050",
      "units": 99,
      "originalAmount": 30691500,
      "rate": 3.25,
      "originationDate": "2020-12-18",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "DC HEIGHTS",
      "address": "",
      "city": "CHANDLER",
      "state": "AZ",
      "zip": "85224",
      "units": 157,
      "originalAmount": 29339100,
      "rate": 3.25,
      "originationDate": "2020-09-22",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "DIVISION STREET STATION",
      "address": "",
      "city": "PORTLAND",
      "state": "OR",
      "zip": "97206",
      "units": 126,
      "originalAmount": 29248300,
      "rate": 3.25,
      "originationDate": "2022-07-22",
      "pmmsBenchmark": 5.412,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 2.16 pts below the 2022-07 market avg of 5.412%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "ST. ANDREWS PLACE APARTMENTS",
      "address": "",
      "city": "MURFREESBORO",
      "state": "TN",
      "zip": "37128",
      "units": 248,
      "originalAmount": 28800000,
      "rate": 3.25,
      "originationDate": "2020-02-20",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CROSS TIMBERS APARTMENT HOMES",
      "address": "",
      "city": "GREENVILLE",
      "state": "TX",
      "zip": "75402",
      "units": 216,
      "originalAmount": 28021900,
      "rate": 3.25,
      "originationDate": "2021-08-17",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LEGACY CAPITAL MORTGAGE LLC"
    },
    {
      "property": "CRAWFORD SQUARE APTS",
      "address": "",
      "city": "PITTSBURGH",
      "state": "PA",
      "zip": "15219",
      "units": 347,
      "originalAmount": 27198000,
      "rate": 3.25,
      "originationDate": "2018-06-06",
      "pmmsBenchmark": 4.57,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 1.32 pts below the 2018-06 market avg of 4.57%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "BELLA PALAZZO",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77077",
      "units": 242,
      "originalAmount": 26555500,
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      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "BAUER PARK APARTMENTS  LP",
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      "city": "MONTGOMERY",
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      "zip": "20853",
      "units": 142,
      "originalAmount": 25665000,
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      "originationDate": "2020-08-25",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HOC-MORTGAGE FINANCE PROGRAM"
    },
    {
      "property": "HENSON CREEK MANOR APARTMENTS",
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      "city": "FORT WASHINGTON",
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      "zip": "20744",
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      "belowMarket": false,
      "historicLowEra": true,
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        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "VENUE AT WERNER PARK APTS",
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      "city": "PAPILLION",
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      "historicLowEra": false,
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        "Rate 3.25% is 1.30 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "COLLEGE COURTS OF NORA",
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      "city": "INDIANAPOLIS",
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      "pmmsBenchmark": 4.01,
      "belowMarket": true,
      "historicLowEra": false,
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        "Rate 3.25% is 0.76 pts below the 2017-05 market avg of 4.01%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "HEBREW HOME2-PONCE PLAZA NURSING & REHAB.",
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      "city": "MIAMI",
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      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
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        "Rate 3.25% is 0.82 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "BRANDY STATION APARTMENTS",
      "address": "",
      "city": "ODESSA",
      "state": "TX",
      "zip": "97030",
      "units": 262,
      "originalAmount": 18560000,
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      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "CLEME MANOR APARTMENTS",
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      "city": "HOUSTON",
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      "units": 284,
      "originalAmount": 18542700,
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      "belowMarket": false,
      "historicLowEra": true,
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      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "BAKER HEIGHTS",
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      "city": "EVERETT",
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "EQUITABLE LOFTS",
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      "city": "DES MOINES",
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        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "OAKS OF WOODLAWN APTS",
      "address": "",
      "city": "ALEXANDRIA",
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        "Rate 3.25% is 1.08 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "REDWOOD VALLEY CITY",
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      "city": "VALLEY CITY",
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      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "Blair High Residences",
      "address": "",
      "city": "Omaha",
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      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 0.79 pts below the 2017-04 market avg of 4.045%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "NORWICH SUB-ACUTE AND NURSING",
      "address": "",
      "city": "NORWICH",
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      "originalAmount": 16327600,
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      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 1.73 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE MILLENIUM APARTMENTS",
      "address": "",
      "city": "MCKINNEY",
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      "originalAmount": 11917000,
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      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
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        "Rate 3.25% is 1.09 pts below the 2014-03 market avg of 4.343%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "TWIN ARBORS APARTMENTS",
      "address": "",
      "city": "PLYMOUTH",
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      "pmmsBenchmark": 4.168,
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      "historicLowEra": false,
      "red": true,
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        "Rate 3.25% is 0.92 pts below the 2017-02 market avg of 4.168%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "NORTH WILLOW APARTMENTS",
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      "city": "INDIANAPOLIS",
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      "originalAmount": 11562600,
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      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "VILLAGE COOPERATIVE OF VERONA HILLS",
      "address": "",
      "city": "KANSAS CITY",
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      "originalAmount": 10871000,
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      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "SOUTH SIDE APARTMENTS",
      "address": "",
      "city": "PITTSBURGH",
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      "zip": "15203",
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      "originalAmount": 10624200,
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      "historicLowEra": false,
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      "redReasons": [
        "Rate 3.25% is 1.78 pts below the 2010-01 market avg of 5.03%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "HATTIESBURG HEALTH & REHAB CENTER",
      "address": "",
      "city": "HATTIESBURG",
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      "zip": "39401",
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      "originalAmount": 10320000,
      "rate": 3.25,
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      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
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        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "RIVERVIEW PLACE APARTMENTS",
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      "city": "CEDAR RAPIDS",
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      "rate": 3.25,
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      "pmmsBenchmark": 4.866,
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      "historicLowEra": false,
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      "redReasons": [
        "Rate 3.25% is 1.62 pts below the 2018-11 market avg of 4.866%"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "MEADOW BLOSSOM",
      "address": "",
      "city": "ELKHORN",
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      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
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      "redReasons": [
        "Rate 3.25% is 1.73 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "GATEWAY PLACE APARTMENTS",
      "address": "",
      "city": "KERNERSVILLE",
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      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 1.01 pts below the 2019-03 market avg of 4.265%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "HEBREW HOMES2-ARCH PLAZA NURSING & REHAB.",
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      "city": "NORTH MIAMI",
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      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 0.82 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "LIBERTY BEND APARTMENTS",
      "address": "",
      "city": "SANDY",
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      "originalAmount": 9201600,
      "rate": 3.25,
      "originationDate": "2017-04-26",
      "pmmsBenchmark": 4.045,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 0.79 pts below the 2017-04 market avg of 4.045%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "CROOKED CREEK I",
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      "city": "KANSAS CITY",
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      "units": 176,
      "originalAmount": 8930500,
      "rate": 3.25,
      "originationDate": "2019-04-12",
      "pmmsBenchmark": 4.143,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 0.89 pts below the 2019-04 market avg of 4.143%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "CENTRALIA MANOR",
      "address": "",
      "city": "CENTRALIA",
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      "units": 120,
      "originalAmount": 8626000,
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      "originationDate": "2011-06-29",
      "pmmsBenchmark": 4.51,
      "belowMarket": true,
      "historicLowEra": false,
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      "redReasons": [
        "Rate 3.25% is 1.26 pts below the 2011-06 market avg of 4.51%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "NEW LONDON SUB ACUTE AND NURSING",
      "address": "",
      "city": "WATERFORD",
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      "originalAmount": 8488700,
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      "originationDate": "2022-04-27",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 1.73 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "LEONARD LOUIS - LANDMARK OF FRIDLEY",
      "address": "",
      "city": "FRIDLEY",
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      "zip": "55432",
      "units": 138,
      "originalAmount": 8206000,
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      "originationDate": "2018-10-09",
      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 1.58 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WATERS AT BERRYHILL (FKA STONEY CREEK APARTMENTS)",
      "address": "",
      "city": "COLUMBIA",
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      "zip": "29731",
      "units": 180,
      "originalAmount": 7939000,
      "rate": 3.25,
      "originationDate": "2016-12-08",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 0.95 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "ASBURY OF KANKAKEE",
      "address": "",
      "city": "KANKAKEE",
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      "zip": "60901",
      "units": 172,
      "originalAmount": 7377600,
      "rate": 3.25,
      "originationDate": "2020-04-30",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "THE PAVILION REHABILITATION & NURSING CENTER",
      "address": "",
      "city": "HYANNIS",
      "state": "MA",
      "zip": "02601",
      "units": 124,
      "originalAmount": 7266600,
      "rate": 3.25,
      "originationDate": "2020-12-23",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "ST CLARE PORTFOLIO",
      "address": "",
      "city": "MILWAUKEE",
      "state": "WI",
      "zip": "53215",
      "units": 48,
      "originalAmount": 6886400,
      "rate": 3.25,
      "originationDate": "2013-07-29",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 1.12 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "MEADOWS ON FAIRVIEW",
      "address": "",
      "city": "WYOMING",
      "state": "MN",
      "zip": "55092",
      "units": 59,
      "originalAmount": 6865300,
      "rate": 3.25,
      "originationDate": "2003-07-08",
      "pmmsBenchmark": 5.633,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 2.38 pts below the 2003-07 market avg of 5.633%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "WHITEHALL LANDING APARTMENTS",
      "address": "",
      "city": "ATHENS",
      "state": "GA",
      "zip": "30605",
      "units": 68,
      "originalAmount": 6684100,
      "rate": 3.25,
      "originationDate": "2020-02-27",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "RICE STREET FLATS",
      "address": "",
      "city": "ST. PAUL",
      "state": "MN",
      "zip": "55117",
      "units": 41,
      "originalAmount": 6380000,
      "rate": 3.25,
      "originationDate": "2020-05-20",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "PRESERVATION SQUARE PHASE I",
      "address": "",
      "city": "ST. LOUIS",
      "state": "MO",
      "zip": "63101",
      "units": 131,
      "originalAmount": 6333000,
      "rate": 3.25,
      "originationDate": "2020-06-30",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "HERITAGE WOODS OF MT. VERNON",
      "address": "",
      "city": "MT. VERNON",
      "state": "IL",
      "zip": "62864",
      "units": 66,
      "originalAmount": 6320000,
      "rate": 3.25,
      "originationDate": "2011-07-29",
      "pmmsBenchmark": 4.545,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 1.29 pts below the 2011-07 market avg of 4.545%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "FAIRHILLS APARTMENTS",
      "address": "",
      "city": "RICHMOND",
      "state": "VA",
      "zip": "23223",
      "units": 222,
      "originalAmount": 6200000,
      "rate": 3.25,
      "originationDate": "2010-06-23",
      "pmmsBenchmark": 4.737,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 1.49 pts below the 2010-06 market avg of 4.737%"
      ],
      "holder": "DEUTSCHE BANK BERKSHIRE MORTGA"
    },
    {
      "property": "OAKTON BEACH APTS",
      "address": "",
      "city": "PEWAUKEE",
      "state": "WI",
      "zip": "53072",
      "units": 66,
      "originalAmount": 6160000,
      "rate": 3.25,
      "originationDate": "2018-02-01",
      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 1.08 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "TEMPLE CITY HEALTHCARE",
      "address": "",
      "city": "TEMPLE CITY",
      "state": "CA",
      "zip": "91780",
      "units": 59,
      "originalAmount": 6090500,
      "rate": 3.25,
      "originationDate": "2016-12-21",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 0.95 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "STEEPLES ON WASHINGTON",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46222",
      "units": 144,
      "originalAmount": 5600000,
      "rate": 3.25,
      "originationDate": "2017-03-29",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 0.95 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "MANCHESTER KNOLLS",
      "address": "",
      "city": "NORTH CHICAGO",
      "state": "IL",
      "zip": "60064",
      "units": 180,
      "originalAmount": 5362500,
      "rate": 3.25,
      "originationDate": "2016-10-27",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "HOLLAND HOMES",
      "address": "",
      "city": "WINSTON-SALEM",
      "state": "NC",
      "zip": "27419",
      "units": 114,
      "originalAmount": 5280000,
      "rate": 3.25,
      "originationDate": "2011-06-16",
      "pmmsBenchmark": 4.51,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 1.26 pts below the 2011-06 market avg of 4.51%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "HERITAGE PARK APTS PHASE ONE",
      "address": "",
      "city": "FREDERICKSBURG",
      "state": "VA",
      "zip": "22401",
      "units": 100,
      "originalAmount": 5137700,
      "rate": 3.25,
      "originationDate": "2013-07-31",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 1.12 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "AUGUSTA MANOR",
      "address": "",
      "city": "AUGUSTA",
      "state": "GA",
      "zip": "30906",
      "units": 100,
      "originalAmount": 4860000,
      "rate": 3.25,
      "originationDate": "2018-02-22",
      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 1.08 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "HERITAGE PARK APTS II",
      "address": "",
      "city": "FREDERICKSBURG",
      "state": "VA",
      "zip": "22401",
      "units": 102,
      "originalAmount": 4588300,
      "rate": 3.25,
      "originationDate": "2013-07-31",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 1.12 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "ST. FRANCIS REHABILITATION AND NURSING CENTER",
      "address": "",
      "city": "WORCESTER",
      "state": "MA",
      "zip": "01604",
      "units": 231,
      "originalAmount": 4191300,
      "rate": 3.25,
      "originationDate": "2020-12-23",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "IVY HALL NURSING HOME",
      "address": "",
      "city": "ELIZABETHTON",
      "state": "TN",
      "zip": "37643",
      "units": 100,
      "originalAmount": 4107300,
      "rate": 3.25,
      "originationDate": "2003-04-29",
      "pmmsBenchmark": 5.813,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 2.56 pts below the 2003-04 market avg of 5.813%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "SUNRISE APTS",
      "address": "",
      "city": "WEST ALLIS",
      "state": "WI",
      "zip": "53227",
      "units": 176,
      "originalAmount": 4080000,
      "rate": 3.25,
      "originationDate": "2013-08-26",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 1.21 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "Oakshire Village at Centennial Park",
      "address": "",
      "city": "Oak Creek",
      "state": "WI",
      "zip": "53154",
      "units": 40,
      "originalAmount": 4080000,
      "rate": 3.25,
      "originationDate": "2017-05-31",
      "pmmsBenchmark": 4.01,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 0.76 pts below the 2017-05 market avg of 4.01%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "BLAIRWOOD APTS OF LOUISVILLE",
      "address": "",
      "city": "LOUISVILLE",
      "state": "KY",
      "zip": "40222",
      "units": 150,
      "originalAmount": 3875000,
      "rate": 3.25,
      "originationDate": "2013-07-31",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 1.12 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "BELLAGIO TERRACE APARTMENTS",
      "address": "",
      "city": "WICHITA FALLS",
      "state": "TX",
      "zip": "76302",
      "units": 50,
      "originalAmount": 3556900,
      "rate": 3.25,
      "originationDate": "2012-12-04",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "COTTAGES AT UCO",
      "address": "",
      "city": "EDMOND",
      "state": "OK",
      "zip": "73034",
      "units": 50,
      "originalAmount": 3440000,
      "rate": 3.25,
      "originationDate": "2018-01-11",
      "pmmsBenchmark": 4.033,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 0.78 pts below the 2018-01 market avg of 4.033%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WESTRIDGE APARTMENT",
      "address": "",
      "city": "HARLAN",
      "state": "IA",
      "zip": "51537",
      "units": 65,
      "originalAmount": 3396000,
      "rate": 3.25,
      "originationDate": "2022-04-14",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 1.73 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "HYDER ELDERLY APARTMENTS",
      "address": "",
      "city": "JEFFERSON CITY",
      "state": "MO",
      "zip": "65109",
      "units": 116,
      "originalAmount": 3206400,
      "rate": 3.25,
      "originationDate": "2018-06-15",
      "pmmsBenchmark": 4.57,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 1.32 pts below the 2018-06 market avg of 4.57%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "CONWAY TOWERS",
      "address": "",
      "city": "CONWAY",
      "state": "PA",
      "zip": "15027",
      "units": 85,
      "originalAmount": 2791200,
      "rate": 3.25,
      "originationDate": "2011-05-18",
      "pmmsBenchmark": 4.637,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 1.39 pts below the 2011-05 market avg of 4.637%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HICKORY WOODS APARTMENTS",
      "address": "",
      "city": "WESTLAND",
      "state": "MI",
      "zip": "48185",
      "units": 146,
      "originalAmount": 2706000,
      "rate": 3.25,
      "originationDate": "2016-09-22",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "SHELBY WOODS",
      "address": "",
      "city": "COLUMBIANA",
      "state": "AL",
      "zip": "35051",
      "units": 53,
      "originalAmount": 2480000,
      "rate": 3.25,
      "originationDate": "2014-04-23",
      "pmmsBenchmark": 4.338,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 1.09 pts below the 2014-04 market avg of 4.338%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "LEWISBURG MANOR",
      "address": "",
      "city": "LEWISBURG",
      "state": "WV",
      "zip": "24901",
      "units": 103,
      "originalAmount": 2356900,
      "rate": 3.25,
      "originationDate": "2013-11-18",
      "pmmsBenchmark": 4.255,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 1.00 pts below the 2013-11 market avg of 4.255%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "MAPLE VILLAGE II",
      "address": "",
      "city": "MAPLE GROVE",
      "state": "MN",
      "zip": "55311",
      "units": 48,
      "originalAmount": 2350000,
      "rate": 3.25,
      "originationDate": "2022-05-12",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 1.98 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "MINNESOTA HOUSING FINANCE AGEN"
    },
    {
      "property": "DURHAM HOSIERY MILL",
      "address": "",
      "city": "DURHAM",
      "state": "NC",
      "zip": "27701",
      "units": 151,
      "originalAmount": 2274700,
      "rate": 3.25,
      "originationDate": "2013-07-11",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 1.12 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SOUTH HOUSTON VISTA APARTMENTS",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77017",
      "units": 46,
      "originalAmount": 1872900,
      "rate": 3.25,
      "originationDate": "2006-11-29",
      "pmmsBenchmark": 6.24,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 2.99 pts below the 2006-11 market avg of 6.24%"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "HILLSIDE APARTMENTS",
      "address": "",
      "city": "MT VERNON",
      "state": "OH",
      "zip": "43050",
      "units": 45,
      "originalAmount": 1809500,
      "rate": 3.25,
      "originationDate": "2007-12-12",
      "pmmsBenchmark": 6.095,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 2.84 pts below the 2007-12 market avg of 6.095%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "PARKVIEW APARTMENTS",
      "address": "",
      "city": "MONROE",
      "state": "LA",
      "zip": "71202",
      "units": 225,
      "originalAmount": 1807000,
      "rate": 3.25,
      "originationDate": "2004-01-30",
      "pmmsBenchmark": 5.713,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 2.46 pts below the 2004-01 market avg of 5.713%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "OLD FARM VILLAGE APTS",
      "address": "",
      "city": "CHRISTIANSBURG",
      "state": "VA",
      "zip": "24073",
      "units": 84,
      "originalAmount": 1717600,
      "rate": 3.25,
      "originationDate": "2013-09-18",
      "pmmsBenchmark": 4.49,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 1.24 pts below the 2013-09 market avg of 4.49%"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "BROOKE VILLAGE SENIOR HOUSING",
      "address": "",
      "city": "OKLAHOMA CITY",
      "state": "OK",
      "zip": "76159",
      "units": 40,
      "originalAmount": 1474000,
      "rate": 3.25,
      "originationDate": "2017-02-16",
      "pmmsBenchmark": 4.168,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 0.92 pts below the 2017-02 market avg of 4.168%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "TRISHELL APARTMENTS",
      "address": "",
      "city": "MONROE",
      "state": "LA",
      "zip": "71202",
      "units": 90,
      "originalAmount": 1432600,
      "rate": 3.25,
      "originationDate": "2004-06-29",
      "pmmsBenchmark": 6.287,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 3.04 pts below the 2004-06 market avg of 6.287%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "BROWNSTONE",
      "address": "",
      "city": "ST.PAUL",
      "state": "MN",
      "zip": "55104",
      "units": 35,
      "originalAmount": 1425000,
      "rate": 3.25,
      "originationDate": "2021-08-05",
      "pmmsBenchmark": 2.843,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MINNESOTA HOUSING FINANCE AGEN"
    },
    {
      "property": "SISSON MANOR APARTMENTS",
      "address": "",
      "city": "OWENSBORO",
      "state": "KY",
      "zip": "42303",
      "units": 48,
      "originalAmount": 1380000,
      "rate": 3.25,
      "originationDate": "2020-08-28",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "THE VERANDA AT COLLEGETOWN",
      "address": "",
      "city": "ATLANTA",
      "state": "GA",
      "zip": "30310",
      "units": 100,
      "originalAmount": 1362100,
      "rate": 3.25,
      "originationDate": "2013-06-07",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 0.82 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SIMEANNA III",
      "address": "",
      "city": "OSHKOSH",
      "state": "WI",
      "zip": "54901",
      "units": 77,
      "originalAmount": 1288600,
      "rate": 3.25,
      "originationDate": "2012-09-11",
      "pmmsBenchmark": 3.498,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "DILLSBORO VILLAGE",
      "address": "",
      "city": "DILLSBORO",
      "state": "IN",
      "zip": "47018",
      "units": 40,
      "originalAmount": 1000000,
      "rate": 3.25,
      "originationDate": "2006-04-28",
      "pmmsBenchmark": 6.508,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 3.26 pts below the 2006-04 market avg of 6.508%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "WILLIAMSBURGH SQUARE",
      "address": "",
      "city": "CELINA",
      "state": "OH",
      "zip": "45822",
      "units": 71,
      "originalAmount": 751600,
      "rate": 3.25,
      "originationDate": "2002-05-23",
      "pmmsBenchmark": 6.806,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 3.56 pts below the 2002-05 market avg of 6.806%"
      ],
      "holder": "X-CALIBER CAPITAL LLC"
    },
    {
      "property": "PINEVIEW APARTMENTS",
      "address": "",
      "city": "HOUGHTON",
      "state": "MI",
      "zip": "49931",
      "units": 11,
      "originalAmount": 549800,
      "rate": 3.25,
      "originationDate": "2013-12-17",
      "pmmsBenchmark": 4.457,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 1.21 pts below the 2013-12 market avg of 4.457%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "HAWKINS APTS",
      "address": "",
      "city": "OKOLONA",
      "state": "MS",
      "zip": "38860",
      "units": 42,
      "originalAmount": 515000,
      "rate": 3.25,
      "originationDate": "2010-02-25",
      "pmmsBenchmark": 4.99,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.25% is 1.74 pts below the 2010-02 market avg of 4.99%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "PINECREEK APTS",
      "address": "",
      "city": "STANTON",
      "state": "KY",
      "zip": "40380",
      "units": 32,
      "originalAmount": 462500,
      "rate": 3.25,
      "originationDate": "2012-11-01",
      "pmmsBenchmark": 3.352,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "X-CALIBER CAPITAL LLC"
    },
    {
      "property": "JFK CROSSING",
      "address": "",
      "city": "BROOKLINE",
      "state": "MA",
      "zip": "02446",
      "units": 25,
      "originalAmount": 14700000,
      "rate": 3.26,
      "originationDate": "2020-08-19",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MASSACHUSETTS HOUSING PARTNERS"
    },
    {
      "property": "LYTLE5 SPRINGFIELD PLACE",
      "address": "",
      "city": "PETALUMA",
      "state": "CA",
      "zip": "94954",
      "units": 87,
      "originalAmount": 12221500,
      "rate": 3.26,
      "originationDate": "2013-07-25",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.26% is 1.11 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "451-455 East 116th Street",
      "address": "",
      "city": "New York",
      "state": "NY",
      "zip": "10029",
      "units": 53,
      "originalAmount": 9647800,
      "rate": 3.26,
      "originationDate": "2021-06-30",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "LINDEN FLATS",
      "address": "",
      "city": "MINNEAPOLIS",
      "state": "MN",
      "zip": "55410",
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      "originalAmount": 8365400,
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      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.26% is 1.97 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "NORTHMARQ FINANCE LLC"
    },
    {
      "property": "PARK VIEW AT COLDSPRING",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21209",
      "units": 100,
      "originalAmount": 7083700,
      "rate": 3.26,
      "originationDate": "2020-02-04",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "DUDLEY TERRACE",
      "address": "",
      "city": "BOSTON",
      "state": "MA",
      "zip": "02125",
      "units": 56,
      "originalAmount": 5300000,
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      "originationDate": "2022-08-23",
      "pmmsBenchmark": 5.223,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.26% is 1.96 pts below the 2022-08 market avg of 5.223%"
      ],
      "holder": "MASSACHUSETTS HOUSING PARTNERS"
    },
    {
      "property": "COLLEGE SQUARE APARTMENTS",
      "address": "",
      "city": "GREENDALE",
      "state": "WI",
      "zip": "53129",
      "units": 70,
      "originalAmount": 3018600,
      "rate": 3.26,
      "originationDate": "2017-03-16",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.26% is 0.94 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "PECAN PLACE APARTMENTS",
      "address": "",
      "city": "BONHAM",
      "state": "TX",
      "zip": "75418",
      "units": 40,
      "originalAmount": 2079300,
      "rate": 3.26,
      "originationDate": "2020-03-16",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "RICHLAND APARTMENTS",
      "address": "",
      "city": "RAYVILLE",
      "state": "LA",
      "zip": "71269",
      "units": 60,
      "originalAmount": 1863800,
      "rate": 3.26,
      "originationDate": "2018-12-11",
      "pmmsBenchmark": 4.638,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.26% is 1.38 pts below the 2018-12 market avg of 4.638%"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "REMINGTON ROW",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21211",
      "units": 108,
      "originalAmount": 28000000,
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      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.265% is 2.26 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "BRANDYWYNE VILLAGE",
      "address": "",
      "city": "EAST BOSTON",
      "state": "MA",
      "zip": "02128",
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      "originalAmount": 69750000,
      "rate": 3.27,
      "originationDate": "2018-01-30",
      "pmmsBenchmark": 4.033,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.27% is 0.76 pts below the 2018-01 market avg of 4.033%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE GRASSDALE AT MANOR",
      "address": "",
      "city": "MANOR",
      "state": "TX",
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      "originalAmount": 40754800,
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      "originationDate": "2020-06-25",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "CHARLESTOWNE AT GRAND PARK VILLAGE",
      "address": "",
      "city": "WESTFIELD",
      "state": "IN",
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      "originalAmount": 38661300,
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      "originationDate": "2020-04-23",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "FOUNTAIN VALLEY SENIOR LIVING",
      "address": "",
      "city": "FOUNTAIN VALLEY",
      "state": "CA",
      "zip": "92708",
      "units": 304,
      "originalAmount": 36000000,
      "rate": 3.27,
      "originationDate": "2018-11-29",
      "pmmsBenchmark": 4.866,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.27% is 1.60 pts below the 2018-11 market avg of 4.866%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BRIDGEVIEW APARTMENTS",
      "address": "",
      "city": "CLEVELAND",
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      "originalAmount": 28152700,
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      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "BETHANY TERRACE (BELLA TERRA & THE WELLSHIRE AT MORTON GROVE)",
      "address": "",
      "city": "MORTON GROVE",
      "state": "IL",
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      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "PARK AT 38THIRTY",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78229",
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      "originalAmount": 21159900,
      "rate": 3.27,
      "originationDate": "2020-06-24",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "MOUNT PLEASANT APARTMENTS",
      "address": "",
      "city": "BOSTON",
      "state": "MA",
      "zip": "02119",
      "units": 98,
      "originalAmount": 17750000,
      "rate": 3.27,
      "originationDate": "2021-02-24",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "RIVER PARK APARTMENTS",
      "address": "",
      "city": "MCCOMB",
      "state": "MS",
      "zip": "39648",
      "units": 192,
      "originalAmount": 16932100,
      "rate": 3.27,
      "originationDate": "2020-04-22",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "REGENCY-PORT LAVACA NURSING & REHAB. CENTER",
      "address": "",
      "city": "PORT LAVACA",
      "state": "TX",
      "zip": "77979",
      "units": 144,
      "originalAmount": 16920000,
      "rate": 3.27,
      "originationDate": "2018-02-28",
      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.27% is 1.06 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "WELLBRIDGE OF NOVI",
      "address": "",
      "city": "NOVI",
      "state": "MI",
      "zip": "48374",
      "units": 190,
      "originalAmount": 14960000,
      "rate": 3.27,
      "originationDate": "2020-03-30",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "GERMANTOWN PLANTATION SENIOR LIVING COMMUNITY",
      "address": "",
      "city": "MEMPHIS",
      "state": "TN",
      "zip": "37138",
      "units": 258,
      "originalAmount": 12228300,
      "rate": 3.27,
      "originationDate": "2020-02-27",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "REGENCY-CUERO NURSING & REHAB. CENTER",
      "address": "",
      "city": "CUERO",
      "state": "TX",
      "zip": "77954",
      "units": 120,
      "originalAmount": 12104000,
      "rate": 3.27,
      "originationDate": "2018-02-28",
      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.27% is 1.06 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "REGENCY-SOUTHBROOKE MANOR NURSING & REHAB CTR.",
      "address": "",
      "city": "EDNA",
      "state": "TX",
      "zip": "77957",
      "units": 120,
      "originalAmount": 11960000,
      "rate": 3.27,
      "originationDate": "2018-02-28",
      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.27% is 1.06 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "REGENCY-BRENHAM NURSING & REHAB CENTER",
      "address": "",
      "city": "BRENHAM",
      "state": "TX",
      "zip": "77833",
      "units": 128,
      "originalAmount": 11504000,
      "rate": 3.27,
      "originationDate": "2018-02-28",
      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.27% is 1.06 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "REGENCY-WHARTON NURSING & REHAB. CENTER",
      "address": "",
      "city": "WHARTON",
      "state": "TX",
      "zip": "77488",
      "units": 120,
      "originalAmount": 10464000,
      "rate": 3.27,
      "originationDate": "2018-02-28",
      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.27% is 1.06 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "REGENCY-HERITAGE PARK REHAB & NURSING CTR",
      "address": "",
      "city": "AUSTIN",
      "state": "TX",
      "zip": "78722",
      "units": 201,
      "originalAmount": 10456000,
      "rate": 3.27,
      "originationDate": "2018-02-28",
      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.27% is 1.06 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "REGENCY-STEVENS NURSING & REHAB OF HALLETTSVILLE",
      "address": "",
      "city": "HALLETTSVILLE",
      "state": "TX",
      "zip": "77964",
      "units": 120,
      "originalAmount": 8352000,
      "rate": 3.27,
      "originationDate": "2018-02-28",
      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.27% is 1.06 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "PINEVIEW EXTENDED CARE CENTER",
      "address": "",
      "city": "CLINTON",
      "state": "MD",
      "zip": "20743",
      "units": 192,
      "originalAmount": 7225300,
      "rate": 3.27,
      "originationDate": "2005-04-28",
      "pmmsBenchmark": 5.855,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.27% is 2.59 pts below the 2005-04 market avg of 5.855%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "GENERAL SHEPARD APARTMENTS",
      "address": "",
      "city": "WESTFIELD",
      "state": "MA",
      "zip": "01085",
      "units": 107,
      "originalAmount": 6040000,
      "rate": 3.27,
      "originationDate": "2015-07-22",
      "pmmsBenchmark": 4.046,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.27% is 0.78 pts below the 2015-07 market avg of 4.046%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ABINGTON ARMS APARTMENT",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44106",
      "units": 152,
      "originalAmount": 5900000,
      "rate": 3.27,
      "originationDate": "2017-02-08",
      "pmmsBenchmark": 4.168,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.27% is 0.90 pts below the 2017-02 market avg of 4.168%"
      ],
      "holder": "ROSE COMMUNITY CAPITAL, LLC"
    },
    {
      "property": "ELDERCARE OF BEMIDJI CAMPUS",
      "address": "",
      "city": "BEMIDJI",
      "state": "MN",
      "zip": "56601",
      "units": 179,
      "originalAmount": 5875000,
      "rate": 3.27,
      "originationDate": "2013-02-28",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "Cedar Village of Arlington Heights",
      "address": "",
      "city": "Arlington Heights",
      "state": "IL",
      "zip": "60005",
      "units": 80,
      "originalAmount": 4965700,
      "rate": 3.27,
      "originationDate": "2017-04-28",
      "pmmsBenchmark": 4.045,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.27% is 0.77 pts below the 2017-04 market avg of 4.045%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "SETON HAVEN",
      "address": "",
      "city": "MONTGOMERY",
      "state": "AL",
      "zip": "36109",
      "units": 101,
      "originalAmount": 4230000,
      "rate": 3.27,
      "originationDate": "2020-03-05",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "LAKE BROADWAY TOWNHOMES",
      "address": "",
      "city": "COLUMBIA",
      "state": "MO",
      "zip": "65203",
      "units": 58,
      "originalAmount": 4178900,
      "rate": 3.27,
      "originationDate": "2020-04-28",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "UNMH HOSPITAL TOWER",
      "address": "",
      "city": "ALBUQUERQUE",
      "state": "NM",
      "zip": "87106",
      "units": 555,
      "originalAmount": 320000000,
      "rate": 3.275,
      "originationDate": "2021-09-09",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "AVIANA AT TUSCANY",
      "address": "",
      "city": "RENO",
      "state": "NV",
      "zip": "89523",
      "units": 304,
      "originalAmount": 36031200,
      "rate": 3.28,
      "originationDate": "2017-03-22",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.28% is 0.92 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "FIVE 15 ON THE PARK",
      "address": "",
      "city": "MINNEAPOLIS",
      "state": "MN",
      "zip": "55454",
      "units": 259,
      "originalAmount": 33400000,
      "rate": 3.28,
      "originationDate": "2014-05-01",
      "pmmsBenchmark": 4.192,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.28% is 0.91 pts below the 2014-05 market avg of 4.192%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "POLARIS PLACE APARTMENTS",
      "address": "",
      "city": "COLUMBUS",
      "state": "OH",
      "zip": "43240",
      "units": 224,
      "originalAmount": 27951600,
      "rate": 3.28,
      "originationDate": "2022-05-11",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.28% is 1.95 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "MEARS PARK PLACE APARTMENTS",
      "address": "",
      "city": "ST. PAUL",
      "state": "MN",
      "zip": "55101",
      "units": 298,
      "originalAmount": 24963000,
      "rate": 3.28,
      "originationDate": "2013-06-28",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.28% is 0.79 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "THE RESERVES AT GREEN VALLEY RANCH",
      "address": "",
      "city": "DENVER",
      "state": "CO",
      "zip": "80249",
      "units": 144,
      "originalAmount": 20275000,
      "rate": 3.28,
      "originationDate": "2021-03-25",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLORADO HOUSING AND FINANCE A"
    },
    {
      "property": "RIDGE PARC APARTMENTS",
      "address": "",
      "city": "DALLAS",
      "state": "TX",
      "zip": "75236",
      "units": 248,
      "originalAmount": 15243000,
      "rate": 3.28,
      "originationDate": "2012-12-20",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "NORTHLAKE FARMS",
      "address": "",
      "city": "GURNEE",
      "state": "IL",
      "zip": "60031",
      "units": 222,
      "originalAmount": 14774600,
      "rate": 3.28,
      "originationDate": "2016-08-31",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "MONON PLACE I",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46220",
      "units": 136,
      "originalAmount": 12880000,
      "rate": 3.28,
      "originationDate": "2016-09-30",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "ELM COURT",
      "address": "",
      "city": "PRINCETON",
      "state": "NJ",
      "zip": "08450",
      "units": 89,
      "originalAmount": 8480000,
      "rate": 3.28,
      "originationDate": "2016-09-22",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "COMMUNITY BANK"
    },
    {
      "property": "EMERALD PARK VILLAS",
      "address": "",
      "city": "GREEN BAY",
      "state": "WI",
      "zip": "54302",
      "units": 126,
      "originalAmount": 8250000,
      "rate": 3.28,
      "originationDate": "2018-08-30",
      "pmmsBenchmark": 4.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.28% is 1.27 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "X-CALIBER CAPITAL LLC"
    },
    {
      "property": "ARMITAGE COMMONS",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60647",
      "units": 104,
      "originalAmount": 7883000,
      "rate": 3.28,
      "originationDate": "2018-05-31",
      "pmmsBenchmark": 4.586,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.28% is 1.31 pts below the 2018-05 market avg of 4.586%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "THE TERRACE AT ARBORETUM",
      "address": "",
      "city": "SUGAR LAND",
      "state": "TX",
      "zip": "77498",
      "units": 112,
      "originalAmount": 6380000,
      "rate": 3.28,
      "originationDate": "2022-04-20",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.28% is 1.70 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "STAFFORD POINTE APARTMENTS",
      "address": "",
      "city": "PLAINFIELD",
      "state": "IN",
      "zip": "46168",
      "units": 226,
      "originalAmount": 6275000,
      "rate": 3.28,
      "originationDate": "2011-05-31",
      "pmmsBenchmark": 4.637,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.28% is 1.36 pts below the 2011-05 market avg of 4.637%"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "WATERS OF SCOTTSBURG",
      "address": "",
      "city": "SCOTTSBURG",
      "state": "IN",
      "zip": "47170",
      "units": 95,
      "originalAmount": 4408800,
      "rate": 3.28,
      "originationDate": "2017-03-22",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.28% is 0.92 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "FIRST AMERICAN CAPITAL GROUP C"
    },
    {
      "property": "HIGHLAND OAKS APARTMENTS",
      "address": "",
      "city": "MARBLE FALLS",
      "state": "TX",
      "zip": "78654",
      "units": 76,
      "originalAmount": 4330800,
      "rate": 3.28,
      "originationDate": "2020-04-14",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "STAFFORD POINTE II",
      "address": "",
      "city": "PLAINFIELD",
      "state": "IN",
      "zip": "46168",
      "units": 152,
      "originalAmount": 3950000,
      "rate": 3.28,
      "originationDate": "2011-05-31",
      "pmmsBenchmark": 4.637,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.28% is 1.36 pts below the 2011-05 market avg of 4.637%"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "JERSET RIDGE PLACE",
      "address": "",
      "city": "DAVENPORT",
      "state": "IA",
      "zip": "52807",
      "units": 62,
      "originalAmount": 3371200,
      "rate": 3.28,
      "originationDate": "2013-07-30",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.28% is 1.09 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "COUNTRY VIEW APARTMENTS",
      "address": "",
      "city": "SAVAGE",
      "state": "MN",
      "zip": "55378",
      "units": 58,
      "originalAmount": 3057000,
      "rate": 3.28,
      "originationDate": "2013-06-21",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.28% is 0.79 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "MADISON MANOR",
      "address": "",
      "city": "MADISON HEIGHTS",
      "state": "MI",
      "zip": "48071",
      "units": 81,
      "originalAmount": 2552500,
      "rate": 3.28,
      "originationDate": "2018-11-27",
      "pmmsBenchmark": 4.866,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.28% is 1.59 pts below the 2018-11 market avg of 4.866%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "DUNWOODIE PLACE APARTMENTS",
      "address": "",
      "city": "ORLANDO",
      "state": "FL",
      "zip": "32839",
      "units": 172,
      "originalAmount": 21110000,
      "rate": 3.285,
      "originationDate": "2021-11-30",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "FEDERAL NATIONAL MORTGAGE ASSN"
    },
    {
      "property": "ROCKPOINT APTS",
      "address": "",
      "city": "BLUFFDALE",
      "state": "UT",
      "zip": "84065",
      "units": 251,
      "originalAmount": 45539300,
      "rate": 3.29,
      "originationDate": "2018-03-22",
      "pmmsBenchmark": 4.444,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.29% is 1.15 pts below the 2018-03 market avg of 4.444%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "THE CLIFFS",
      "address": "",
      "city": "McKINNEY",
      "state": "TX",
      "zip": "75071",
      "units": 300,
      "originalAmount": 39400200,
      "rate": 3.29,
      "originationDate": "2018-09-17",
      "pmmsBenchmark": 4.628,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.29% is 1.34 pts below the 2018-09 market avg of 4.628%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WILLOW KEY APARTMENTS",
      "address": "",
      "city": "ORLANDO",
      "state": "FL",
      "zip": "32811",
      "units": 384,
      "originalAmount": 30420000,
      "rate": 3.29,
      "originationDate": "2019-04-01",
      "pmmsBenchmark": 4.143,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.29% is 0.85 pts below the 2019-04 market avg of 4.143%"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "OXFORD AT TECH RIDGE",
      "address": "",
      "city": "AUSTIN",
      "state": "TX",
      "zip": "78753",
      "units": 256,
      "originalAmount": 23850000,
      "rate": 3.29,
      "originationDate": "2020-04-22",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "CARILLON NURSING & REHABILITATION CENTER",
      "address": "",
      "city": "HUNTINGTON",
      "state": "NY",
      "zip": "11743",
      "units": 315,
      "originalAmount": 16032500,
      "rate": 3.29,
      "originationDate": "2018-07-25",
      "pmmsBenchmark": 4.527,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.29% is 1.24 pts below the 2018-07 market avg of 4.527%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "CREED CANYON APARTMENTS",
      "address": "",
      "city": "SHERMAN",
      "state": "TX",
      "zip": "75092",
      "units": 176,
      "originalAmount": 14283600,
      "rate": 3.29,
      "originationDate": "2020-09-29",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "MURPHYS LANDING",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46217",
      "units": 200,
      "originalAmount": 12800000,
      "rate": 3.29,
      "originationDate": "2018-02-28",
      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.29% is 1.04 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "BLACKHAWK APARTMENT HOMES",
      "address": "",
      "city": "SPRING HILL",
      "state": "KS",
      "zip": "66083",
      "units": 124,
      "originalAmount": 11387300,
      "rate": 3.29,
      "originationDate": "2022-05-19",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.29% is 1.94 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "St. Thomas Square & Worthington Townhouses",
      "address": "",
      "city": "Tulsa",
      "state": "OK",
      "zip": "74136",
      "units": 206,
      "originalAmount": 8750000,
      "rate": 3.29,
      "originationDate": "2017-04-21",
      "pmmsBenchmark": 4.045,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.29% is 0.75 pts below the 2017-04 market avg of 4.045%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "OLYMPIC POINTE I & II",
      "address": "",
      "city": "PORT ORCHARD",
      "state": "WA",
      "zip": "98336",
      "units": 76,
      "originalAmount": 8658400,
      "rate": 3.29,
      "originationDate": "2022-05-23",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.29% is 1.94 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BRIA OF GENEVA",
      "address": "",
      "city": "GENEVA",
      "state": "IL",
      "zip": "60134",
      "units": 101,
      "originalAmount": 8310000,
      "rate": 3.29,
      "originationDate": "2016-09-30",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "ARIEL GLEN AND HEALY HEIGHTS",
      "address": "",
      "city": "BEND",
      "state": "OR",
      "zip": "97702",
      "units": 140,
      "originalAmount": 7411500,
      "rate": 3.29,
      "originationDate": "2013-12-19",
      "pmmsBenchmark": 4.457,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.29% is 1.17 pts below the 2013-12 market avg of 4.457%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "NOBLE TOWERS",
      "address": "",
      "city": "PITTSBURGH",
      "state": "PA",
      "zip": "15205",
      "units": 133,
      "originalAmount": 6200000,
      "rate": 3.29,
      "originationDate": "2022-05-13",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.29% is 1.94 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "CASA DEL SOL",
      "address": "",
      "city": "HANFORD",
      "state": "CA",
      "zip": "93230",
      "units": 81,
      "originalAmount": 4567900,
      "rate": 3.29,
      "originationDate": "2017-03-29",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.29% is 0.91 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CASS PLAZA",
      "address": "",
      "city": "LOGANSPORT",
      "state": "IN",
      "zip": "46947",
      "units": 82,
      "originalAmount": 3627000,
      "rate": 3.29,
      "originationDate": "2018-02-23",
      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.29% is 1.04 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "STOCKBRIDGE APARTMENTS",
      "address": "",
      "city": "GRAND RAPIDS",
      "state": "MI",
      "zip": "49504",
      "units": 64,
      "originalAmount": 3454900,
      "rate": 3.29,
      "originationDate": "2018-10-23",
      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.29% is 1.54 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "HOGAR CRISTO REY",
      "address": "",
      "city": "CAGUAS",
      "state": "PR",
      "zip": "00725",
      "units": 72,
      "originalAmount": 2684800,
      "rate": 3.29,
      "originationDate": "2016-12-13",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.29% is 0.91 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "COUNTY VIEW APARTMENTS",
      "address": "",
      "city": "ADAMS",
      "state": "NY",
      "zip": "13605",
      "units": 51,
      "originalAmount": 2266900,
      "rate": 3.29,
      "originationDate": "2011-06-30",
      "pmmsBenchmark": 4.51,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.29% is 1.22 pts below the 2011-06 market avg of 4.51%"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "FREDERICK HOUSE",
      "address": "",
      "city": "STEPHENS CITY",
      "state": "VA",
      "zip": "22655",
      "units": 47,
      "originalAmount": 2046400,
      "rate": 3.29,
      "originationDate": "2018-09-14",
      "pmmsBenchmark": 4.628,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.29% is 1.34 pts below the 2018-09 market avg of 4.628%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE COUTURE",
      "address": "",
      "city": "MILWAUKEE",
      "state": "WI",
      "zip": "53292",
      "units": 322,
      "originalAmount": 104745000,
      "rate": 3.3,
      "originationDate": "2021-04-30",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "NEW ORLEANS EAST HOSPITAL",
      "address": "",
      "city": "NEW ORLEANS",
      "state": "LA",
      "zip": "70127",
      "units": 50,
      "originalAmount": 95710500,
      "rate": 3.3,
      "originationDate": "2020-07-30",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "2040 MARKET",
      "address": "",
      "city": "PHILADELPHIA",
      "state": "PA",
      "zip": "19103",
      "units": 282,
      "originalAmount": 74999900,
      "rate": 3.3,
      "originationDate": "2018-04-30",
      "pmmsBenchmark": 4.467,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 1.17 pts below the 2018-04 market avg of 4.467%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE PRESERVE AT BALLANTYNE COMMONS",
      "address": "",
      "city": "CHARLOTTE",
      "state": "NC",
      "zip": "28277",
      "units": 270,
      "originalAmount": 41176000,
      "rate": 3.3,
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      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 1.07 pts below the 2019-02 market avg of 4.37%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "SOPHIA SQUARE",
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      "city": "CARMEL",
      "state": "IN",
      "zip": "46032",
      "units": 215,
      "originalAmount": 39981100,
      "rate": 3.3,
      "originationDate": "2019-03-26",
      "pmmsBenchmark": 4.265,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 0.96 pts below the 2019-03 market avg of 4.265%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "THE KENSINGTON",
      "address": "",
      "city": "WHITE PLAINS",
      "state": "NY",
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      "units": 105,
      "originalAmount": 36867700,
      "rate": 3.3,
      "originationDate": "2009-12-18",
      "pmmsBenchmark": 4.93,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 1.63 pts below the 2009-12 market avg of 4.93%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "UNITED ODD FELLOWS & REBEKAH",
      "address": "",
      "city": "BRONX",
      "state": "NY",
      "zip": "10462",
      "units": 213,
      "originalAmount": 36676100,
      "rate": 3.3,
      "originationDate": "2013-11-26",
      "pmmsBenchmark": 4.255,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 0.96 pts below the 2013-11 market avg of 4.255%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "The villages at Roll Hill",
      "address": "",
      "city": "Cincinnati",
      "state": "OH",
      "zip": "45225",
      "units": 703,
      "originalAmount": 31666000,
      "rate": 3.3,
      "originationDate": "2017-03-28",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 0.90 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CLIFFORD MANOR",
      "address": "",
      "city": "WATSONVILLE",
      "state": "CA",
      "zip": "95076",
      "units": 100,
      "originalAmount": 26250000,
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      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "DOLCE VITA AT GRANBURY",
      "address": "",
      "city": "GRANBURY",
      "state": "TX",
      "zip": "76048",
      "units": 145,
      "originalAmount": 24741300,
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      "pmmsBenchmark": 3.162,
      "belowMarket": false,
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      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "EMLI AT LIBERTY CROSSING",
      "address": "",
      "city": "WILMER",
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      "units": 240,
      "originalAmount": 22300000,
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      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "STONEBRIDGE APARTMENTS HOMES",
      "address": "",
      "city": "LUFKIN",
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      "zip": "75901",
      "units": 168,
      "originalAmount": 19504700,
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      "originationDate": "2020-08-31",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ELEVATE AT JORDAN CREEK",
      "address": "",
      "city": "WEST DES MOINES",
      "state": "IA",
      "zip": "50266",
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      "pmmsBenchmark": 4.57,
      "belowMarket": true,
      "historicLowEra": false,
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        "Rate 3.3% is 1.27 pts below the 2018-06 market avg of 4.57%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "PARKSIDE TOWNS",
      "address": "",
      "city": "RICHARDSON",
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      "zip": "75080",
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      "originalAmount": 17000000,
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      "originationDate": "2012-10-04",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "BEDFORDD VILLAGE MANOR AT RIDDLE BROOK",
      "address": "",
      "city": "BEDFORD",
      "state": "NH",
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      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEW HAMPSHIRE HOUSING FIN AUTH"
    },
    {
      "property": "PARK VISTA RETIREMENT & ASSISTED LIVING COMMUNITY",
      "address": "",
      "city": "PORT ORCHARD",
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      "zip": "98366",
      "units": 247,
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      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 1.03 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "REGENCY - EDINBURG NURSING & REHABILITATION CENTER",
      "address": "",
      "city": "EDINBURG",
      "state": "TX",
      "zip": "78539",
      "units": 120,
      "originalAmount": 14232000,
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      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 0.90 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "SOUTH CENTRAL VILLAGE OF CLARKSVILLE",
      "address": "",
      "city": "CLARKSVILLE",
      "state": "TN",
      "zip": "37043",
      "units": 134,
      "originalAmount": 13915700,
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      "originationDate": "2018-03-19",
      "pmmsBenchmark": 4.444,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 1.14 pts below the 2018-03 market avg of 4.444%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "THE SAVOY AT LAKE CITY SENIOR LIVING",
      "address": "",
      "city": "SEATTLE",
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      "units": 80,
      "originalAmount": 13544300,
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      "originationDate": "2020-06-29",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "REGENCY - HARLINGEN NURSING & REHABILITATION CTR",
      "address": "",
      "city": "HARLINGEN",
      "state": "TX",
      "zip": "78550",
      "units": 120,
      "originalAmount": 12840000,
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      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 0.90 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "THE FOUNTAINS OF WEST COUNTY",
      "address": "",
      "city": "ELLISVILLE",
      "state": "MO",
      "zip": "63011",
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      "originalAmount": 12302500,
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      "originationDate": "2022-05-26",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 1.93 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SORENSEN APTS",
      "address": "",
      "city": "OMAHA",
      "state": "NE",
      "zip": "68111",
      "units": 120,
      "originalAmount": 12120000,
      "rate": 3.3,
      "originationDate": "2018-03-29",
      "pmmsBenchmark": 4.444,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 1.14 pts below the 2018-03 market avg of 4.444%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "WILLOW GARDENS",
      "address": "",
      "city": "NEW ROCHELLE",
      "state": "NY",
      "zip": "10805",
      "units": 51,
      "originalAmount": 12080000,
      "rate": 3.3,
      "originationDate": "2014-09-23",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 0.86 pts below the 2014-09 market avg of 4.162%"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "BROADMOOR PLANTATION APTS",
      "address": "",
      "city": "BATON ROUGE",
      "state": "LA",
      "zip": "70815",
      "units": 301,
      "originalAmount": 11797200,
      "rate": 3.3,
      "originationDate": "2018-08-23",
      "pmmsBenchmark": 4.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 1.25 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "THE LEGACY OF ST MICHAEL",
      "address": "",
      "city": "ST MICHAEL",
      "state": "MN",
      "zip": "55376",
      "units": 190,
      "originalAmount": 11737900,
      "rate": 3.3,
      "originationDate": "2018-06-19",
      "pmmsBenchmark": 4.57,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 1.27 pts below the 2018-06 market avg of 4.57%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WOODHILL STATION WEST",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44104",
      "units": 120,
      "originalAmount": 11566000,
      "rate": 3.3,
      "originationDate": "2022-06-23",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 2.22 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HARRIMAN GARDENS",
      "address": "",
      "city": "HARRIMAN",
      "state": "TN",
      "zip": "37748",
      "units": 136,
      "originalAmount": 11100000,
      "rate": 3.3,
      "originationDate": "2016-10-19",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "0Somersworth RAD",
      "address": "",
      "city": "Somersworth",
      "state": "NH",
      "zip": "03878",
      "units": 169,
      "originalAmount": 10000000,
      "rate": 3.3,
      "originationDate": "2024-07-10",
      "pmmsBenchmark": 6.848,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 3.55 pts below the 2024-07 market avg of 6.848%"
      ],
      "holder": "NEW HAMPSHIRE HOUSING FIN AUTH"
    },
    {
      "property": "AIRPARK APARTMENTS AKA CORRIGAN SQUARE",
      "address": "",
      "city": "GAITHERSBURG",
      "state": "MD",
      "zip": "20879",
      "units": 108,
      "originalAmount": 9695700,
      "rate": 3.3,
      "originationDate": "2017-01-26",
      "pmmsBenchmark": 4.15,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 0.85 pts below the 2017-01 market avg of 4.15%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "WILLIAM PENN MANOR",
      "address": "",
      "city": "WHITTIER",
      "state": "CA",
      "zip": "90602",
      "units": 75,
      "originalAmount": 9100000,
      "rate": 3.3,
      "originationDate": "2014-07-24",
      "pmmsBenchmark": 4.13,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 0.83 pts below the 2014-07 market avg of 4.13%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "MERRIMACK VALLEY APARTMENTS",
      "address": "",
      "city": "METHUEN",
      "state": "MA",
      "zip": "01844",
      "units": 60,
      "originalAmount": 7920000,
      "rate": 3.3,
      "originationDate": "2020-03-30",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "SUMMERHILL ASSISTED LIVING",
      "address": "",
      "city": "PETERBOROUGH",
      "state": "NH",
      "zip": "03458",
      "units": 67,
      "originalAmount": 7792200,
      "rate": 3.3,
      "originationDate": "2014-03-28",
      "pmmsBenchmark": 4.343,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 1.04 pts below the 2014-03 market avg of 4.343%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "WELLINGTON SQUARE SENIOR APARTMENTS",
      "address": "",
      "city": "SHREVEPORT",
      "state": "LA",
      "zip": "71109",
      "units": 170,
      "originalAmount": 7637100,
      "rate": 3.3,
      "originationDate": "2016-12-21",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 0.90 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "SOMERSET PLACE APARTMENTS",
      "address": "",
      "city": "SEYMOUR",
      "state": "IN",
      "zip": "47274",
      "units": 106,
      "originalAmount": 6913900,
      "rate": 3.3,
      "originationDate": "2014-08-29",
      "pmmsBenchmark": 4.115,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 0.82 pts below the 2014-08 market avg of 4.115%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "BAGDAD WOOD",
      "address": "",
      "city": "DURHAM",
      "state": "NH",
      "zip": "03824",
      "units": 66,
      "originalAmount": 6795000,
      "rate": 3.3,
      "originationDate": "2020-12-28",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEW HAMPSHIRE HOUSING FIN AUTH"
    },
    {
      "property": "GREENSBURG CARE CENTER",
      "address": "",
      "city": "GREENSBURG",
      "state": "PA",
      "zip": "15601",
      "units": 120,
      "originalAmount": 6298000,
      "rate": 3.3,
      "originationDate": "2010-12-08",
      "pmmsBenchmark": 4.714,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 1.41 pts below the 2010-12 market avg of 4.714%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "INGERSOLL SQUARE PHASE III",
      "address": "",
      "city": "DES MOINES",
      "state": "IA",
      "zip": "50309",
      "units": 47,
      "originalAmount": 5993700,
      "rate": 3.3,
      "originationDate": "2018-10-31",
      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 1.53 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "TROPANGA TERRACE",
      "address": "",
      "city": "CANOGA PARK",
      "state": "CA",
      "zip": "91304",
      "units": 112,
      "originalAmount": 5884700,
      "rate": 3.3,
      "originationDate": "2013-07-23",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 1.07 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "VILLA SIERRA APARTMENTS",
      "address": "",
      "city": "PALMDALE",
      "state": "CA",
      "zip": "93550",
      "units": 108,
      "originalAmount": 5467800,
      "rate": 3.3,
      "originationDate": "2011-10-31",
      "pmmsBenchmark": 4.068,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 0.77 pts below the 2011-10 market avg of 4.068%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "HAMMER LANE APARTMENTS",
      "address": "",
      "city": "STOCKTON",
      "state": "CA",
      "zip": "95210",
      "units": 130,
      "originalAmount": 5440000,
      "rate": 3.3,
      "originationDate": "2017-03-30",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 0.90 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "SUN RAY CONVALESCENT CENTER",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "90019",
      "units": 99,
      "originalAmount": 5149000,
      "rate": 3.3,
      "originationDate": "2013-06-28",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 0.77 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "BISHOP MOORE APARTMENTS",
      "address": "",
      "city": "HIGHLAND PARK",
      "state": "MI",
      "zip": "48203",
      "units": 103,
      "originalAmount": 5114100,
      "rate": 3.3,
      "originationDate": "2011-02-10",
      "pmmsBenchmark": 4.952,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 1.65 pts below the 2011-02 market avg of 4.952%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "FAIRINGTON APTS OF FORT WAYNE",
      "address": "",
      "city": "FORT WAYNE",
      "state": "IN",
      "zip": "46825",
      "units": 201,
      "originalAmount": 4600000,
      "rate": 3.3,
      "originationDate": "2014-07-31",
      "pmmsBenchmark": 4.13,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 0.83 pts below the 2014-07 market avg of 4.13%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "SAN JOSE GARDENS",
      "address": "",
      "city": "SAN JOSE",
      "state": "CA",
      "zip": "95101",
      "units": 176,
      "originalAmount": 4421000,
      "rate": 3.3,
      "originationDate": "1995-07-21",
      "pmmsBenchmark": 7.607,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 4.31 pts below the 1995-07 market avg of 7.607%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "WINDY HILL KEY APTS",
      "address": "",
      "city": "ROANOKE",
      "state": "VA",
      "zip": "24018",
      "units": 140,
      "originalAmount": 4390800,
      "rate": 3.3,
      "originationDate": "2018-02-28",
      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 1.03 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "FAIR OAKS POINTE APARTMENTS",
      "address": "",
      "city": "PASADENA",
      "state": "CA",
      "zip": "91103",
      "units": 40,
      "originalAmount": 4390300,
      "rate": 3.3,
      "originationDate": "2011-10-31",
      "pmmsBenchmark": 4.068,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 0.77 pts below the 2011-10 market avg of 4.068%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "LATHROP ELDERLY APARTMENTS",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60608",
      "units": 92,
      "originalAmount": 4125000,
      "rate": 3.3,
      "originationDate": "2005-09-30",
      "pmmsBenchmark": 5.774,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 2.47 pts below the 2005-09 market avg of 5.774%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "RINALDI CONVALESCENT HOSPITAL",
      "address": "",
      "city": "LOS ANGELES",
      "state": "CA",
      "zip": "91344",
      "units": 99,
      "originalAmount": 3643600,
      "rate": 3.3,
      "originationDate": "2013-06-28",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 0.77 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "CASITAS CARE CENTER",
      "address": "",
      "city": "GRANADA HILLS",
      "state": "CA",
      "zip": "91344",
      "units": 99,
      "originalAmount": 3643600,
      "rate": 3.3,
      "originationDate": "2013-06-28",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 0.77 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "SHADOW OAKS RESIDENTIAL CARE F",
      "address": "",
      "city": "AIKEN",
      "state": "SC",
      "zip": "29801",
      "units": 56,
      "originalAmount": 3297600,
      "rate": 3.3,
      "originationDate": "1997-11-24",
      "pmmsBenchmark": 7.205,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
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        "Rate 3.3% is 3.91 pts below the 1997-11 market avg of 7.205%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "FRIARS COURT PHASE II",
      "address": "",
      "city": "HUDSON",
      "state": "NH",
      "zip": "03051",
      "units": 34,
      "originalAmount": 3095000,
      "rate": 3.3,
      "originationDate": "2020-12-28",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEW HAMPSHIRE HOUSING FIN AUTH"
    },
    {
      "property": "ONTARIO HEALTHCARE CENTER",
      "address": "",
      "city": "ONTARIO",
      "state": "CA",
      "zip": "91761",
      "units": 59,
      "originalAmount": 2732700,
      "rate": 3.3,
      "originationDate": "2013-06-28",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 0.77 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "FRIENDSHIP MANOR",
      "address": "",
      "city": "BUFFALO",
      "state": "NY",
      "zip": "14204",
      "units": 50,
      "originalAmount": 2727500,
      "rate": 3.3,
      "originationDate": "2016-12-29",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 0.90 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "EMILIC HOUSE",
      "address": "",
      "city": "PORTLAND",
      "state": "OR",
      "zip": "97213",
      "units": 41,
      "originalAmount": 2366100,
      "rate": 3.3,
      "originationDate": "2006-08-08",
      "pmmsBenchmark": 6.524,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 3.22 pts below the 2006-08 market avg of 6.524%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "TIMBERLINE TERRACE APARTMENTS",
      "address": "",
      "city": "QUINCY",
      "state": "IL",
      "zip": "62305",
      "units": 57,
      "originalAmount": 1861500,
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      "originationDate": "2017-03-23",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
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        "Rate 3.3% is 0.90 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "COLONIAL CLUB APARTMENTS",
      "address": "",
      "city": "LAKEWOOD",
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      "zip": "44107",
      "units": 108,
      "originalAmount": 1828000,
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      "originationDate": "2013-06-28",
      "pmmsBenchmark": 4.07,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 0.77 pts below the 2013-06 market avg of 4.07%"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "MAYFAIR APARTMENTS II",
      "address": "",
      "city": "MACON",
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      "zip": "39341",
      "units": 62,
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      "originationDate": "2021-03-24",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "MINNESOTA PLACE",
      "address": "",
      "city": "ST. PAUL",
      "state": "MN",
      "zip": "55101",
      "units": 77,
      "originalAmount": 1385000,
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      "originationDate": "2020-08-13",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MINNESOTA HOUSING FINANCE AGEN"
    },
    {
      "property": "CADE COURTYARD SENIOR APARTMENTS",
      "address": "",
      "city": "JACKSON",
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      "zip": "39213",
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      "originalAmount": 1345400,
      "rate": 3.3,
      "originationDate": "2017-03-24",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 0.90 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "MCKENDREE MANOR",
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      "city": "FREDERICKSBURG",
      "state": "VA",
      "zip": "22406",
      "units": 23,
      "originalAmount": 1174200,
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      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 1.53 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "GREBE VILLAGE",
      "address": "",
      "city": "CHEBOYGAN",
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      "zip": "49721",
      "units": 25,
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      "originationDate": "2006-09-12",
      "pmmsBenchmark": 6.402,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.3% is 3.10 pts below the 2006-09 market avg of 6.402%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WATERMARK AT THE GROVE",
      "address": "",
      "city": "ELGIN",
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      "zip": "60118",
      "units": 282,
      "originalAmount": 60508000,
      "rate": 3.31,
      "originationDate": "2018-04-25",
      "pmmsBenchmark": 4.467,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.31% is 1.16 pts below the 2018-04 market avg of 4.467%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "NORTHRIDGE COOP HOMES",
      "address": "",
      "city": "SAN FRANCISCO",
      "state": "CA",
      "zip": "94124",
      "units": 300,
      "originalAmount": 39882800,
      "rate": 3.31,
      "originationDate": "2021-02-24",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "MAJESTIC PARC APARTMENTS",
      "address": "",
      "city": "DENTON",
      "state": "TX",
      "zip": "76209",
      "units": 217,
      "originalAmount": 25848900,
      "rate": 3.31,
      "originationDate": "2021-10-27",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "SWALLOWTAIL FLATS - PHASE III",
      "address": "",
      "city": "COLUMBUS",
      "state": "GA",
      "zip": "31909",
      "units": 158,
      "originalAmount": 24189400,
      "rate": 3.31,
      "originationDate": "2020-04-30",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "LYTLE5 FAIRWINDS WEST HILLS",
      "address": "",
      "city": "WEST HILLS",
      "state": "CA",
      "zip": "91304",
      "units": 114,
      "originalAmount": 21338900,
      "rate": 3.31,
      "originationDate": "2013-07-23",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.31% is 1.06 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "TRILOGY - SHELBY CROSSING HEALTH CAMPUS",
      "address": "",
      "city": "SHELBY TOWNSHIP",
      "state": "MI",
      "zip": "48315",
      "units": 240,
      "originalAmount": 18160000,
      "rate": 3.31,
      "originationDate": "2018-08-01",
      "pmmsBenchmark": 4.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.31% is 1.24 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "TRILOGY - THE WILLOWS AT EAST LANSING",
      "address": "",
      "city": "EAST LANSING",
      "state": "MI",
      "zip": "48823",
      "units": 253,
      "originalAmount": 17280000,
      "rate": 3.31,
      "originationDate": "2018-08-01",
      "pmmsBenchmark": 4.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.31% is 1.24 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "OPP HEALTH AND REHABILITATION",
      "address": "",
      "city": "OPP",
      "state": "AL",
      "zip": "36467",
      "units": 133,
      "originalAmount": 15640000,
      "rate": 3.31,
      "originationDate": "2022-05-18",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.31% is 1.92 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "TRILOGY THE LAKES AT MONCLOVA",
      "address": "",
      "city": "MAUMEE",
      "state": "OH",
      "zip": "43537",
      "units": 189,
      "originalAmount": 13280000,
      "rate": 3.31,
      "originationDate": "2018-09-11",
      "pmmsBenchmark": 4.628,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.31% is 1.32 pts below the 2018-09 market avg of 4.628%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "TRILOGY-THE WILLOWS AT HAMBURG",
      "address": "",
      "city": "LEXINGTON",
      "state": "KY",
      "zip": "40509",
      "units": 236,
      "originalAmount": 12160000,
      "rate": 3.31,
      "originationDate": "2018-09-11",
      "pmmsBenchmark": 4.628,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.31% is 1.32 pts below the 2018-09 market avg of 4.628%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "LUVERNE HEALTH AND REHABILITATION  LLC",
      "address": "",
      "city": "LUVERNE",
      "state": "AL",
      "zip": "36049",
      "units": 79,
      "originalAmount": 11800000,
      "rate": 3.31,
      "originationDate": "2022-05-18",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.31% is 1.92 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "TRILOGY - ASPEN PLACE HEALTH CAMPUS",
      "address": "",
      "city": "GREENSBURG",
      "state": "IN",
      "zip": "47240",
      "units": 136,
      "originalAmount": 10000000,
      "rate": 3.31,
      "originationDate": "2018-08-01",
      "pmmsBenchmark": 4.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.31% is 1.24 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "PHEASANT HILL",
      "address": "",
      "city": "HARRISBURG",
      "state": "PA",
      "zip": "17110",
      "units": 172,
      "originalAmount": 9440000,
      "rate": 3.31,
      "originationDate": "2016-08-04",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "TRILOGY-WOODMONT HEALTH CAMPUS",
      "address": "",
      "city": "BOONVILLE",
      "state": "IN",
      "zip": "47601",
      "units": 132,
      "originalAmount": 8240000,
      "rate": 3.31,
      "originationDate": "2018-09-11",
      "pmmsBenchmark": 4.628,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.31% is 1.32 pts below the 2018-09 market avg of 4.628%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "TRILOGY - THE WILLOWS AT OKEMOS",
      "address": "",
      "city": "OKEMOS",
      "state": "MI",
      "zip": "48864",
      "units": 165,
      "originalAmount": 7920000,
      "rate": 3.31,
      "originationDate": "2018-08-01",
      "pmmsBenchmark": 4.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.31% is 1.24 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "TRILOGY - VILLAGE GREEN HEALTHCARE CENTER",
      "address": "",
      "city": "GREENVILLE",
      "state": "OH",
      "zip": "45331",
      "units": 120,
      "originalAmount": 7360000,
      "rate": 3.31,
      "originationDate": "2018-08-01",
      "pmmsBenchmark": 4.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.31% is 1.24 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "WOODLAWN I AND II  AND WINDSOR TERRACE",
      "address": "",
      "city": "CHATTANOOGA",
      "state": "TN",
      "zip": "37406",
      "units": 163,
      "originalAmount": 7047000,
      "rate": 3.31,
      "originationDate": "2016-12-06",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.31% is 0.89 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "CLYBURN AT STAPLETON",
      "address": "",
      "city": "DENVER",
      "state": "CO",
      "zip": "80207",
      "units": 100,
      "originalAmount": 6765000,
      "rate": 3.31,
      "originationDate": "2002-08-20",
      "pmmsBenchmark": 6.29,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.31% is 2.98 pts below the 2002-08 market avg of 6.29%"
      ],
      "holder": "GREYSTONE SERVICING COMPANY LL"
    },
    {
      "property": "GEORGIANA HEALTH AND REHABILITATION  LLC",
      "address": "",
      "city": "GEORGIANA",
      "state": "AL",
      "zip": "36033",
      "units": 54,
      "originalAmount": 6304000,
      "rate": 3.31,
      "originationDate": "2022-05-18",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.31% is 1.92 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "LOOMIS COURTS APARTMENTS",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60608",
      "units": 124,
      "originalAmount": 6035000,
      "rate": 3.31,
      "originationDate": "2005-09-30",
      "pmmsBenchmark": 5.774,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.31% is 2.46 pts below the 2005-09 market avg of 5.774%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "TRILOGY-THORTON TERRACE HEALTH CAMPUS",
      "address": "",
      "city": "HANOVER",
      "state": "IN",
      "zip": "47243",
      "units": 136,
      "originalAmount": 5840000,
      "rate": 3.31,
      "originationDate": "2018-09-11",
      "pmmsBenchmark": 4.628,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.31% is 1.32 pts below the 2018-09 market avg of 4.628%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "LINEVILLE HEALTH AND REHABILITATION  LLC",
      "address": "",
      "city": "LINEVILLE",
      "state": "AL",
      "zip": "36266",
      "units": 54,
      "originalAmount": 5680000,
      "rate": 3.31,
      "originationDate": "2022-05-18",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.31% is 1.92 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "GRACE APARTMENTS",
      "address": "",
      "city": "BOSTON",
      "state": "MA",
      "zip": "02128",
      "units": 42,
      "originalAmount": 5000000,
      "rate": 3.31,
      "originationDate": "2024-12-20",
      "pmmsBenchmark": 6.715,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.31% is 3.40 pts below the 2024-12 market avg of 6.715%"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "TRILOGY THE OAKS AT BETHESDA",
      "address": "",
      "city": "ZANESVILLE",
      "state": "OH",
      "zip": "43701",
      "units": 92,
      "originalAmount": 4800000,
      "rate": 3.31,
      "originationDate": "2018-09-11",
      "pmmsBenchmark": 4.628,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.31% is 1.32 pts below the 2018-09 market avg of 4.628%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "SPRINGBROOK APARTMENTS",
      "address": "",
      "city": "CLEVELAND",
      "state": "TN",
      "zip": "37311",
      "units": 97,
      "originalAmount": 4410000,
      "rate": 3.31,
      "originationDate": "2016-12-06",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.31% is 0.89 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "HARRISON CT FAMILY HOUSING",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60612",
      "units": 123,
      "originalAmount": 3850000,
      "rate": 3.31,
      "originationDate": "2005-09-30",
      "pmmsBenchmark": 5.774,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.31% is 2.46 pts below the 2005-09 market avg of 5.774%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "MOUNDVILLE HEALTH AND REHABILITATION  LLC",
      "address": "",
      "city": "MOUNDVILLE",
      "state": "AL",
      "zip": "35474",
      "units": 42,
      "originalAmount": 3600000,
      "rate": 3.31,
      "originationDate": "2022-05-18",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.31% is 1.92 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "RESIDENCES AT GRAYSON HEIGHTS",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78208",
      "units": 281,
      "originalAmount": 51106900,
      "rate": 3.32,
      "originationDate": "2022-05-04",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.32% is 1.91 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE SUMMIT AT OLD TRAIL APTS",
      "address": "",
      "city": "CROZET",
      "state": "VA",
      "zip": "22932",
      "units": 190,
      "originalAmount": 35150500,
      "rate": 3.32,
      "originationDate": "2018-03-29",
      "pmmsBenchmark": 4.444,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.32% is 1.12 pts below the 2018-03 market avg of 4.444%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "TWELVE 501 APARTMENT HOMES",
      "address": "",
      "city": "BURNSVILLE",
      "state": "MN",
      "zip": "55337",
      "units": 336,
      "originalAmount": 34960000,
      "rate": 3.32,
      "originationDate": "2020-08-27",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CITY HEIGHTS APARTMENT HOMES",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46227",
      "units": 200,
      "originalAmount": 29000000,
      "rate": 3.32,
      "originationDate": "2023-05-25",
      "pmmsBenchmark": 6.425,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.32% is 3.10 pts below the 2023-05 market avg of 6.425%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "POINTE BAYPOINTE REHAB AND SKILLED CARE CENT",
      "address": "",
      "city": "BROCKTON",
      "state": "MA",
      "zip": "02301",
      "units": 253,
      "originalAmount": 18451500,
      "rate": 3.32,
      "originationDate": "2020-12-29",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "EASTPOINTE REHAB AND SKILLED CARE CENTER",
      "address": "",
      "city": "CHELSEA",
      "state": "MA",
      "zip": "02150",
      "units": 302,
      "originalAmount": 17170700,
      "rate": 3.32,
      "originationDate": "2020-12-29",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "LAKELAND PLACE",
      "address": "",
      "city": "WAYNE",
      "state": "MI",
      "zip": "48238",
      "units": 193,
      "originalAmount": 16400000,
      "rate": 3.32,
      "originationDate": "2022-07-12",
      "pmmsBenchmark": 5.412,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.32% is 2.09 pts below the 2022-07 market avg of 5.412%"
      ],
      "holder": "ROSE COMMUNITY CAPITAL, LLC"
    },
    {
      "property": "WALKER WOODS APTS",
      "address": "",
      "city": "VERO BEACH",
      "state": "FL",
      "zip": "32966",
      "units": 208,
      "originalAmount": 14461200,
      "rate": 3.32,
      "originationDate": "2016-07-29",
      "pmmsBenchmark": 3.44,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SOUTHPOINTE REHABILITATION AND SKILLED CARE CENTER",
      "address": "",
      "city": "FALL RIVER",
      "state": "MA",
      "zip": "02721",
      "units": 227,
      "originalAmount": 11577600,
      "rate": 3.32,
      "originationDate": "2020-12-29",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "PALMER GREEN ESTATES",
      "address": "",
      "city": "PALMER",
      "state": "MA",
      "zip": "01069",
      "units": 156,
      "originalAmount": 11509000,
      "rate": 3.32,
      "originationDate": "2018-04-04",
      "pmmsBenchmark": 4.467,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.32% is 1.15 pts below the 2018-04 market avg of 4.467%"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "LAKEVIEW AT VICTORIA PARK",
      "address": "",
      "city": "WALDORF",
      "state": "MD",
      "zip": "20603",
      "units": 108,
      "originalAmount": 11471700,
      "rate": 3.32,
      "originationDate": "2018-11-20",
      "pmmsBenchmark": 4.866,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.32% is 1.55 pts below the 2018-11 market avg of 4.866%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "UNITY HOUSING APARTMENTS",
      "address": "",
      "city": "FAIRMONT",
      "state": "WV",
      "zip": "26554",
      "units": 293,
      "originalAmount": 11000000,
      "rate": 3.32,
      "originationDate": "2020-10-26",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "SANTA MARIA APARTMENTS I & II",
      "address": "",
      "city": "HAZELWOOD",
      "state": "MO",
      "zip": "63042",
      "units": 202,
      "originalAmount": 8746500,
      "rate": 3.32,
      "originationDate": "2013-02-26",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "HEARTHSTONE CROSSING APTS",
      "address": "",
      "city": "BELTON",
      "state": "MO",
      "zip": "64012",
      "units": 100,
      "originalAmount": 6902100,
      "rate": 3.32,
      "originationDate": "2017-03-30",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.32% is 0.88 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "NATHANIEL HAWTHORNE APARTMENTS",
      "address": "",
      "city": "UNIVERSITY CITY",
      "state": "MO",
      "zip": "63130",
      "units": 47,
      "originalAmount": 6425800,
      "rate": 3.32,
      "originationDate": "2018-12-12",
      "pmmsBenchmark": 4.638,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.32% is 1.32 pts below the 2018-12 market avg of 4.638%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "WINFIELD ESTATES",
      "address": "",
      "city": "TEXARKANA",
      "state": "TX",
      "zip": "75201",
      "units": 156,
      "originalAmount": 5587500,
      "rate": 3.32,
      "originationDate": "2018-02-28",
      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.32% is 1.01 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "FAIRVIEW APARTMENTS",
      "address": "",
      "city": "RISING SUN",
      "state": "MD",
      "zip": "21911",
      "units": 75,
      "originalAmount": 5540000,
      "rate": 3.32,
      "originationDate": "2020-10-21",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DEPARTMENT HOUSING COMM DEV"
    },
    {
      "property": "PALM GROVE APARTMENTS",
      "address": "",
      "city": "LOMPOC",
      "state": "CA",
      "zip": "93436",
      "units": 40,
      "originalAmount": 4925700,
      "rate": 3.32,
      "originationDate": "2022-06-17",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.32% is 2.20 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "INDIANA MANOR TOWNHOMES",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60653",
      "units": 65,
      "originalAmount": 3300000,
      "rate": 3.32,
      "originationDate": "2002-10-17",
      "pmmsBenchmark": 6.112,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.32% is 2.79 pts below the 2002-10 market avg of 6.112%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "STONELEIGH APARTMENTS",
      "address": "",
      "city": "CANASTOTA",
      "state": "NY",
      "zip": "12032",
      "units": 101,
      "originalAmount": 2997000,
      "rate": 3.32,
      "originationDate": "2009-02-26",
      "pmmsBenchmark": 5.13,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.32% is 1.81 pts below the 2009-02 market avg of 5.13%"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "THE VILLAS AT WHITEHALL",
      "address": "",
      "city": "ELKTON",
      "state": "MD",
      "zip": "21921",
      "units": 71,
      "originalAmount": 2880000,
      "rate": 3.32,
      "originationDate": "2020-10-21",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DEPARTMENT HOUSING COMM DEV"
    },
    {
      "property": "PARKWAY RANCH II APARTMENTS",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77088",
      "units": 45,
      "originalAmount": 2575000,
      "rate": 3.32,
      "originationDate": "2017-02-28",
      "pmmsBenchmark": 4.168,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.32% is 0.85 pts below the 2017-02 market avg of 4.168%"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "BATAVIA VILLAGE APARTMENTS",
      "address": "",
      "city": "BATAVIA",
      "state": "OH",
      "zip": "45103",
      "units": 50,
      "originalAmount": 2500000,
      "rate": 3.32,
      "originationDate": "2017-03-02",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.32% is 0.88 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "UNION HOSPITAL  INC",
      "address": "",
      "city": "TERRE HAUTE",
      "state": "IN",
      "zip": "47804",
      "units": 342,
      "originalAmount": 266600300,
      "rate": 3.33,
      "originationDate": "2016-08-31",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "LEQUARTIER @ ROUZAN",
      "address": "",
      "city": "BATON ROUGE",
      "state": "LA",
      "zip": "70808",
      "units": 277,
      "originalAmount": 57709800,
      "rate": 3.33,
      "originationDate": "2022-06-02",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.33% is 2.19 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "SALT CREEK ASSISTED LIVING",
      "address": "",
      "city": "LINCOLN",
      "state": "NE",
      "zip": "68504",
      "units": 87,
      "originalAmount": 25725000,
      "rate": 3.33,
      "originationDate": "2022-05-24",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.33% is 1.90 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "BROOKWOOD SENIOR APTS",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78245",
      "units": 197,
      "originalAmount": 24310000,
      "rate": 3.33,
      "originationDate": "2018-05-30",
      "pmmsBenchmark": 4.586,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.33% is 1.26 pts below the 2018-05 market avg of 4.586%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "MOON MEADOWS",
      "address": "",
      "city": "RAPID CITY",
      "state": "SD",
      "zip": "57702",
      "units": 160,
      "originalAmount": 24165300,
      "rate": 3.33,
      "originationDate": "2018-02-28",
      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.33% is 1.00 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "SAVANNA LANDING APARTMENTS",
      "address": "",
      "city": "TULSA",
      "state": "OK",
      "zip": "74105",
      "units": 336,
      "originalAmount": 23418000,
      "rate": 3.33,
      "originationDate": "2016-08-17",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "SUMMIT AT EASTWYCK AKA EAST",
      "address": "",
      "city": "RENSSELAER",
      "state": "NY",
      "zip": "12144",
      "units": 144,
      "originalAmount": 20372300,
      "rate": 3.33,
      "originationDate": "2020-02-28",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "ISSAC LAUFER - NORTH WESTCHESTER RESTORATIVE",
      "address": "",
      "city": "MOHEGAN LAKE",
      "state": "NY",
      "zip": "10547",
      "units": 120,
      "originalAmount": 19740000,
      "rate": 3.33,
      "originationDate": "2018-10-30",
      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.33% is 1.50 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "CASCADE LEGACY - THE GROVE AT THE LAKE",
      "address": "",
      "city": "ZION",
      "state": "IL",
      "zip": "60099",
      "units": 315,
      "originalAmount": 18736000,
      "rate": 3.33,
      "originationDate": "2019-02-13",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.33% is 1.04 pts below the 2019-02 market avg of 4.37%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "ISSAC LAUFER - LYNBROOK RESTORATIVE THERAPY",
      "address": "",
      "city": "LYNBROOK",
      "state": "NY",
      "zip": "11563",
      "units": 152,
      "originalAmount": 18599900,
      "rate": 3.33,
      "originationDate": "2018-10-30",
      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.33% is 1.50 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "CREEKSIDE APTS",
      "address": "",
      "city": "CATHEDRAL CITY",
      "state": "CA",
      "zip": "92234",
      "units": 185,
      "originalAmount": 15904300,
      "rate": 3.33,
      "originationDate": "2018-02-15",
      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.33% is 1.00 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "AVERY BROOKE",
      "address": "",
      "city": "DUBLIN",
      "state": "OH",
      "zip": "43016",
      "units": 165,
      "originalAmount": 15657100,
      "rate": 3.33,
      "originationDate": "2020-05-29",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "SOLSTICE APARTMENTS",
      "address": "",
      "city": "HAYWARD",
      "state": "CA",
      "zip": "94544",
      "units": 37,
      "originalAmount": 12688800,
      "rate": 3.33,
      "originationDate": "2018-06-20",
      "pmmsBenchmark": 4.57,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.33% is 1.24 pts below the 2018-06 market avg of 4.57%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "PARK HEIGHTS APARTMENTS",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21215",
      "units": 100,
      "originalAmount": 11920000,
      "rate": 3.33,
      "originationDate": "2016-12-28",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.33% is 0.87 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "TURTLE CREEK APARTMENTS",
      "address": "",
      "city": "BRANSON",
      "state": "MO",
      "zip": "65616",
      "units": 194,
      "originalAmount": 11786500,
      "rate": 3.33,
      "originationDate": "2020-05-28",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "KEYSTONE LANDING APARTMENTS",
      "address": "",
      "city": "MEMPHIS",
      "state": "TN",
      "zip": "38128",
      "units": 150,
      "originalAmount": 10565600,
      "rate": 3.33,
      "originationDate": "2018-07-19",
      "pmmsBenchmark": 4.527,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.33% is 1.20 pts below the 2018-07 market avg of 4.527%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "PENDLETON PLACE APARTMENTS",
      "address": "",
      "city": "MEMPHIS",
      "state": "TN",
      "zip": "38114",
      "units": 120,
      "originalAmount": 10092000,
      "rate": 3.33,
      "originationDate": "2018-07-19",
      "pmmsBenchmark": 4.527,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.33% is 1.20 pts below the 2018-07 market avg of 4.527%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "POINT ROYALE APARTMENTS",
      "address": "",
      "city": "VICTORIA",
      "state": "TX",
      "zip": "77904",
      "units": 120,
      "originalAmount": 9874500,
      "rate": 3.33,
      "originationDate": "2011-06-02",
      "pmmsBenchmark": 4.51,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.33% is 1.18 pts below the 2011-06 market avg of 4.51%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "SILVERSTONE PLACE",
      "address": "",
      "city": "ROLLA",
      "state": "MO",
      "zip": "65401",
      "units": 188,
      "originalAmount": 9368700,
      "rate": 3.33,
      "originationDate": "2018-10-24",
      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.33% is 1.50 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "OAKDALE HEIGHTS OF REDDING",
      "address": "",
      "city": "REDDING",
      "state": "CA",
      "zip": "96003",
      "units": 195,
      "originalAmount": 8349800,
      "rate": 3.33,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "BRIDGES SQUARE APARTMENTS",
      "address": "",
      "city": "ANOKA",
      "state": "MN",
      "zip": "55303",
      "units": 101,
      "originalAmount": 7927900,
      "rate": 3.33,
      "originationDate": "2017-02-10",
      "pmmsBenchmark": 4.168,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.33% is 0.84 pts below the 2017-02 market avg of 4.168%"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "WESTERN HILLS APARTMENTS",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78227",
      "units": 148,
      "originalAmount": 7020000,
      "rate": 3.33,
      "originationDate": "2020-06-25",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "EDISON GREEN",
      "address": "",
      "city": "BOSTON",
      "state": "MA",
      "zip": "02125",
      "units": 95,
      "originalAmount": 6657000,
      "rate": 3.33,
      "originationDate": "2012-12-13",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "SIERRA OAKS OF REDDING",
      "address": "",
      "city": "REDDING",
      "state": "CA",
      "zip": "96003",
      "units": 283,
      "originalAmount": 6400000,
      "rate": 3.33,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "GREENLEAF APARTMENTS",
      "address": "",
      "city": "HAYWARD",
      "state": "CA",
      "zip": "94544",
      "units": 22,
      "originalAmount": 6078200,
      "rate": 3.33,
      "originationDate": "2018-06-20",
      "pmmsBenchmark": 4.57,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.33% is 1.24 pts below the 2018-06 market avg of 4.57%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "DeLORENZO TOWERS",
      "address": "",
      "city": "BRISTOL",
      "state": "CT",
      "zip": "06010",
      "units": 90,
      "originalAmount": 5760000,
      "rate": 3.33,
      "originationDate": "2016-07-29",
      "pmmsBenchmark": 3.44,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "ZIEGLER FINANCING CORP"
    },
    {
      "property": "STERLING COMMONS",
      "address": "",
      "city": "STERLING HEIGHTS",
      "state": "MI",
      "zip": "48313",
      "units": 72,
      "originalAmount": 3843900,
      "rate": 3.33,
      "originationDate": "2020-03-26",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "BUENA VISTA",
      "address": "",
      "city": "LOVINGTON",
      "state": "NM",
      "zip": "88260",
      "units": 24,
      "originalAmount": 1387200,
      "rate": 3.33,
      "originationDate": "2017-03-09",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.33% is 0.87 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ARAVILLA AT SARASOTA",
      "address": "",
      "city": "SARASOTA",
      "state": "FL",
      "zip": "34231",
      "units": 192,
      "originalAmount": 29200000,
      "rate": 3.34,
      "originationDate": "2023-08-30",
      "pmmsBenchmark": 7.072,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.34% is 3.73 pts below the 2023-08 market avg of 7.072%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "HERITAGE WOODS OF PLAINFIELD",
      "address": "",
      "city": "PLAINFIELD",
      "state": "IL",
      "zip": "60544",
      "units": 108,
      "originalAmount": 12200000,
      "rate": 3.34,
      "originationDate": "2010-09-30",
      "pmmsBenchmark": 4.346,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.34% is 1.01 pts below the 2010-09 market avg of 4.346%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "THE GROVE OF LA GRANGE PARK",
      "address": "",
      "city": "LA GRANGE PARK",
      "state": "IL",
      "zip": "60526",
      "units": 173,
      "originalAmount": 12160000,
      "rate": 3.34,
      "originationDate": "2021-04-28",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "SOUNDVIEW APTS",
      "address": "",
      "city": "NEW ROCHELLE",
      "state": "NY",
      "zip": "10805",
      "units": 136,
      "originalAmount": 11450000,
      "rate": 3.34,
      "originationDate": "2018-04-18",
      "pmmsBenchmark": 4.467,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.34% is 1.13 pts below the 2018-04 market avg of 4.467%"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "OXFORD MANOR",
      "address": "",
      "city": "WASHINGTON",
      "state": "DC",
      "zip": "20020",
      "units": 226,
      "originalAmount": 9877700,
      "rate": 3.34,
      "originationDate": "2013-09-25",
      "pmmsBenchmark": 4.49,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.34% is 1.15 pts below the 2013-09 market avg of 4.49%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "RIVER VIEW HOUSE",
      "address": "",
      "city": "LAKE WORTH",
      "state": "FL",
      "zip": "33461",
      "units": 160,
      "originalAmount": 9823000,
      "rate": 3.34,
      "originationDate": "2019-01-11",
      "pmmsBenchmark": 4.464,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.34% is 1.12 pts below the 2019-01 market avg of 4.464%"
      ],
      "holder": "FIRST HOUSING DEV CORP OF FL"
    },
    {
      "property": "CORTINA D ARROYO GRANDE",
      "address": "",
      "city": "ARROYO GRANDE",
      "state": "CA",
      "zip": "93420",
      "units": 109,
      "originalAmount": 7900200,
      "rate": 3.34,
      "originationDate": "2018-04-17",
      "pmmsBenchmark": 4.467,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.34% is 1.13 pts below the 2018-04 market avg of 4.467%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GELLEY-REGENCY HEALTHCARE & REHABILITATION",
      "address": "",
      "city": "WILMINGTON",
      "state": "DE",
      "zip": "19806",
      "units": 100,
      "originalAmount": 7318500,
      "rate": 3.34,
      "originationDate": "2017-01-26",
      "pmmsBenchmark": 4.15,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.34% is 0.81 pts below the 2017-01 market avg of 4.15%"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "WOODBRIDGE APARTMENTS",
      "address": "",
      "city": "KANSAS CITY",
      "state": "MO",
      "zip": "64111",
      "units": 115,
      "originalAmount": 6700000,
      "rate": 3.34,
      "originationDate": "2018-05-15",
      "pmmsBenchmark": 4.586,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.34% is 1.25 pts below the 2018-05 market avg of 4.586%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "COURTLAND RIDGE APARTMENTS",
      "address": "",
      "city": "ST. CHARLES",
      "state": "MO",
      "zip": "63301",
      "units": 124,
      "originalAmount": 5736400,
      "rate": 3.34,
      "originationDate": "2013-02-28",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "DINUBA HEALTHCARE",
      "address": "",
      "city": "DINUBA",
      "state": "CA",
      "zip": "93618",
      "units": 94,
      "originalAmount": 5548600,
      "rate": 3.34,
      "originationDate": "2016-12-21",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.34% is 0.86 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "EPISCOPAL PLACE APARTMENTS",
      "address": "",
      "city": "BIRMINGHAM",
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      "zip": "35205",
      "units": 100,
      "originalAmount": 5070000,
      "rate": 3.34,
      "originationDate": "2020-05-14",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ELEVEN PARKSIDE",
      "address": "",
      "city": "WASHINGTON",
      "state": "DC",
      "zip": "20019",
      "units": 196,
      "originalAmount": 50335000,
      "rate": 3.35,
      "originationDate": "2020-04-21",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "Harbor Hill",
      "address": "",
      "city": "ROCKWALL",
      "state": "TX",
      "zip": "75032",
      "units": 265,
      "originalAmount": 45791600,
      "rate": 3.35,
      "originationDate": "2021-06-16",
      "pmmsBenchmark": 2.975,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MOSBY CAROLINA FOREST",
      "address": "",
      "city": "MYRTLE BEACH",
      "state": "SC",
      "zip": "29579",
      "units": 332,
      "originalAmount": 43932000,
      "rate": 3.35,
      "originationDate": "2018-05-18",
      "pmmsBenchmark": 4.586,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 1.24 pts below the 2018-05 market avg of 4.586%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "FARMERS MARKET HARVEST LOFTS",
      "address": "",
      "city": "DALLAS",
      "state": "TX",
      "zip": "75201",
      "units": 240,
      "originalAmount": 35423900,
      "rate": 3.35,
      "originationDate": "2020-02-26",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "LINK APARTMENTS LINDEN",
      "address": "",
      "city": "CHAPEL HILL",
      "state": "NC",
      "zip": "27514",
      "units": 215,
      "originalAmount": 34176200,
      "rate": 3.35,
      "originationDate": "2018-10-18",
      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 1.48 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "OXFORD AT SANTA CLARA APARTMENTS",
      "address": "",
      "city": "PFLUGERVILLE",
      "state": "TX",
      "zip": "78660",
      "units": 300,
      "originalAmount": 30605500,
      "rate": 3.35,
      "originationDate": "2021-01-28",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "VISTA COLINA APARTMENTS",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78255",
      "units": 208,
      "originalAmount": 29196900,
      "rate": 3.35,
      "originationDate": "2020-06-26",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "FOREST PINES APTS",
      "address": "",
      "city": "BRYAN",
      "state": "TX",
      "zip": "77803",
      "units": 240,
      "originalAmount": 26948100,
      "rate": 3.35,
      "originationDate": "2018-04-17",
      "pmmsBenchmark": 4.467,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 1.12 pts below the 2018-04 market avg of 4.467%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WILLOW CREEK APARTMENTS",
      "address": "",
      "city": "TOMBALL",
      "state": "TX",
      "zip": "77375",
      "units": 228,
      "originalAmount": 20448500,
      "rate": 3.35,
      "originationDate": "2020-03-30",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "CEDAR POINTE REHAB.",
      "address": "",
      "city": "CICERO",
      "state": "IL",
      "zip": "60804",
      "units": 441,
      "originalAmount": 19631300,
      "rate": 3.35,
      "originationDate": "2013-07-25",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 1.02 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "ROMNEY MEADOWS APARTMENTS HOMES",
      "address": "",
      "city": "LAFAYETTE",
      "state": "IN",
      "zip": "47909",
      "units": 326,
      "originalAmount": 19410300,
      "rate": 3.35,
      "originationDate": "2020-02-24",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "HIGHPOINT TOWN SQUARE APTS",
      "address": "",
      "city": "ROMEOVILLE",
      "state": "IL",
      "zip": "60446",
      "units": 72,
      "originalAmount": 16092900,
      "rate": 3.35,
      "originationDate": "2018-04-12",
      "pmmsBenchmark": 4.467,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 1.12 pts below the 2018-04 market avg of 4.467%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "TRINITY APARTMENTS",
      "address": "",
      "city": "MINNEAPOLIS",
      "state": "MN",
      "zip": "55406",
      "units": 120,
      "originalAmount": 15940000,
      "rate": 3.35,
      "originationDate": "2020-03-18",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "ANDOVER PLACE APARTMENTS",
      "address": "",
      "city": "LAS VEGAS",
      "state": "NV",
      "zip": "89119",
      "units": 308,
      "originalAmount": 15840000,
      "rate": 3.35,
      "originationDate": "2006-05-31",
      "pmmsBenchmark": 6.598,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 3.25 pts below the 2006-05 market avg of 6.598%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "PARKSIDE VILLAGE",
      "address": "",
      "city": "WESTERVILLE",
      "state": "OH",
      "zip": "43082",
      "units": 270,
      "originalAmount": 15820000,
      "rate": 3.35,
      "originationDate": "2016-12-16",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 0.85 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "THE GRISWOLD",
      "address": "",
      "city": "DETROIT",
      "state": "MI",
      "zip": "48226",
      "units": 80,
      "originalAmount": 15491000,
      "rate": 3.35,
      "originationDate": "2020-04-16",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "LAS PALOMAS APARTMENTS",
      "address": "",
      "city": "LAS VEGAS",
      "state": "NV",
      "zip": "89121",
      "units": 272,
      "originalAmount": 15200000,
      "rate": 3.35,
      "originationDate": "2006-05-31",
      "pmmsBenchmark": 6.598,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 3.25 pts below the 2006-05 market avg of 6.598%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "WALLER CREEKSIDE APARTMENTS ON 51ST",
      "address": "",
      "city": "AUSTIN",
      "state": "TX",
      "zip": "78751",
      "units": 139,
      "originalAmount": 14755300,
      "rate": 3.35,
      "originationDate": "2012-10-18",
      "pmmsBenchmark": 3.383,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "STONEY CREEK APARTMENTS",
      "address": "",
      "city": "WHITSETT",
      "state": "NC",
      "zip": "27377",
      "units": 144,
      "originalAmount": 14651000,
      "rate": 3.35,
      "originationDate": "2016-12-29",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 0.85 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "LAKEPOINT WICHITA NURSING & REHAB. CENTER",
      "address": "",
      "city": "WICHITA",
      "state": "KS",
      "zip": "67203",
      "units": 253,
      "originalAmount": 13200000,
      "rate": 3.35,
      "originationDate": "2012-12-19",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "WATERS AT LONGCREEK (FKA ASHTON AT LONGCREEK)",
      "address": "",
      "city": "COLUMBIA",
      "state": "SC",
      "zip": "29210",
      "units": 220,
      "originalAmount": 12785000,
      "rate": 3.35,
      "originationDate": "2016-12-08",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 0.85 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "THE SKYLARK",
      "address": "",
      "city": "SAVANNAH",
      "state": "GA",
      "zip": "31401",
      "units": 62,
      "originalAmount": 12104500,
      "rate": 3.35,
      "originationDate": "2022-01-26",
      "pmmsBenchmark": 3.445,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "LOFTS BY THE LAKE AT APALACHE MILL",
      "address": "",
      "city": "GREER",
      "state": "SC",
      "zip": "29651",
      "units": 97,
      "originalAmount": 10774900,
      "rate": 3.35,
      "originationDate": "2021-03-25",
      "pmmsBenchmark": 3.083,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "MANAYUNK GARDEN APARTMENTS",
      "address": "",
      "city": "PHILADELPHIA",
      "state": "PA",
      "zip": "19128",
      "units": 108,
      "originalAmount": 10466900,
      "rate": 3.35,
      "originationDate": "2020-09-29",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "VOORHEES PEDIATRIC FACILITY",
      "address": "",
      "city": "VOORHEES",
      "state": "NJ",
      "zip": "08043",
      "units": 119,
      "originalAmount": 10129000,
      "rate": 3.35,
      "originationDate": "2014-03-20",
      "pmmsBenchmark": 4.343,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 0.99 pts below the 2014-03 market avg of 4.343%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "MIDDLEFIELD OAKS",
      "address": "",
      "city": "COTTAGE GROVE",
      "state": "OR",
      "zip": "97424",
      "units": 98,
      "originalAmount": 9126500,
      "rate": 3.35,
      "originationDate": "2014-09-29",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 0.81 pts below the 2014-09 market avg of 4.162%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "THE VILLAGE AT PINE VALLEY",
      "address": "",
      "city": "FORT WAYNE",
      "state": "IN",
      "zip": "46825",
      "units": 84,
      "originalAmount": 9120000,
      "rate": 3.35,
      "originationDate": "2016-07-19",
      "pmmsBenchmark": 3.44,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "FLATS AT FIVE MILE CREEK",
      "address": "",
      "city": "DALLAS",
      "state": "TX",
      "zip": "75216",
      "units": 152,
      "originalAmount": 7850300,
      "rate": 3.35,
      "originationDate": "2001-10-30",
      "pmmsBenchmark": 6.617,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 3.27 pts below the 2001-10 market avg of 6.617%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "FRIENDSHIP HOUSE OF LOUISVILLE",
      "address": "",
      "city": "LOUISVILLE",
      "state": "KY",
      "zip": "40203",
      "units": 186,
      "originalAmount": 7586000,
      "rate": 3.35,
      "originationDate": "2018-06-22",
      "pmmsBenchmark": 4.57,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 1.22 pts below the 2018-06 market avg of 4.57%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "POST OAK STATION APARTMENTS",
      "address": "",
      "city": "COLUMBUS",
      "state": "OH",
      "zip": "43228",
      "units": 148,
      "originalAmount": 7300000,
      "rate": 3.35,
      "originationDate": "2022-06-14",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 2.17 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BRIA OF CAHOKIA",
      "address": "",
      "city": "CAHOKIA",
      "state": "IL",
      "zip": "62206",
      "units": 133,
      "originalAmount": 6705000,
      "rate": 3.35,
      "originationDate": "2016-09-29",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "LIGHTHOUSE POINT APTS",
      "address": "",
      "city": "RACINE",
      "state": "WI",
      "zip": "53402",
      "units": 118,
      "originalAmount": 6238200,
      "rate": 3.35,
      "originationDate": "2003-12-15",
      "pmmsBenchmark": 5.876,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 2.53 pts below the 2003-12 market avg of 5.876%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "FAIRFIELD CREEK ESTATES",
      "address": "",
      "city": "CYPRESS",
      "state": "TX",
      "zip": "77433",
      "units": 140,
      "originalAmount": 6200000,
      "rate": 3.35,
      "originationDate": "2018-04-26",
      "pmmsBenchmark": 4.467,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 1.12 pts below the 2018-04 market avg of 4.467%"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "LYNWOOD MANOR HEALTHCARE CENTER",
      "address": "",
      "city": "ADRIAN",
      "state": "MI",
      "zip": "49221",
      "units": 84,
      "originalAmount": 5866100,
      "rate": 3.35,
      "originationDate": "2017-01-25",
      "pmmsBenchmark": 4.15,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 0.80 pts below the 2017-01 market avg of 4.15%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "WALNUT VILLAGE APARTMENTS",
      "address": "",
      "city": "COOKEVILLE",
      "state": "TN",
      "zip": "38501",
      "units": 80,
      "originalAmount": 5849000,
      "rate": 3.35,
      "originationDate": "2019-04-05",
      "pmmsBenchmark": 4.143,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 0.79 pts below the 2019-04 market avg of 4.143%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "NORTHLINE APARTMRNTS HOMES  LP",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77076",
      "units": 172,
      "originalAmount": 5825900,
      "rate": 3.35,
      "originationDate": "2013-09-30",
      "pmmsBenchmark": 4.49,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 1.14 pts below the 2013-09 market avg of 4.49%"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "MIRACLE HILL NURSING AND CONVA",
      "address": "",
      "city": "TALLAHASSEE",
      "state": "FL",
      "zip": "32304",
      "units": 120,
      "originalAmount": 5807700,
      "rate": 3.35,
      "originationDate": "2006-11-28",
      "pmmsBenchmark": 6.24,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 2.89 pts below the 2006-11 market avg of 6.24%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "SILVER OAKS AT WATERFRONT",
      "address": "",
      "city": "AURORA",
      "state": "IL",
      "zip": "60504",
      "units": 97,
      "originalAmount": 5697300,
      "rate": 3.35,
      "originationDate": "2017-02-07",
      "pmmsBenchmark": 4.168,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 0.82 pts below the 2017-02 market avg of 4.168%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "SILER YARD",
      "address": "",
      "city": "SANTA FE",
      "state": "NM",
      "zip": "87506",
      "units": 65,
      "originalAmount": 5400000,
      "rate": 3.35,
      "originationDate": "2020-06-23",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "SOUTH ACRES RANCH I",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77047",
      "units": 81,
      "originalAmount": 5350000,
      "rate": 3.35,
      "originationDate": "2018-05-31",
      "pmmsBenchmark": 4.586,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 1.24 pts below the 2018-05 market avg of 4.586%"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "CENTENNIAL MANOR APARTMENTS",
      "address": "",
      "city": "SIOUX CITY",
      "state": "IA",
      "zip": "51103",
      "units": 80,
      "originalAmount": 5048000,
      "rate": 3.35,
      "originationDate": "2020-02-19",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "OAKMAN TOWNHOMES",
      "address": "",
      "city": "DETROIT",
      "state": "MI",
      "zip": "48328",
      "units": 72,
      "originalAmount": 4700000,
      "rate": 3.35,
      "originationDate": "2016-12-13",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 0.85 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "CROWNE HEALTH CARE5-FORT PAYNE",
      "address": "",
      "city": "FORT PAYNE",
      "state": "AL",
      "zip": "35967",
      "units": 123,
      "originalAmount": 4454000,
      "rate": 3.35,
      "originationDate": "2013-08-28",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 1.11 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SUNDANCE MEADOWS",
      "address": "",
      "city": "BROWNSVILLE",
      "state": "TX",
      "zip": "78536",
      "units": 132,
      "originalAmount": 4300000,
      "rate": 3.35,
      "originationDate": "2016-09-26",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "3900 WEHRMAN APARTMENTS",
      "address": "",
      "city": "SCHILLER PARK",
      "state": "IL",
      "zip": "60176",
      "units": 20,
      "originalAmount": 4239700,
      "rate": 3.35,
      "originationDate": "2022-06-14",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 2.17 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "THE VIEW AT SUGERLOAF (TANGLEWOOD HEIGHT)",
      "address": "",
      "city": "LAWRENCEVILLE",
      "state": "GA",
      "zip": "30043",
      "units": 130,
      "originalAmount": 4163700,
      "rate": 3.35,
      "originationDate": "2020-05-29",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "ROYAL GARDENS APARTMENTS",
      "address": "",
      "city": "BROCKPORT",
      "state": "NY",
      "zip": "14420",
      "units": 75,
      "originalAmount": 3922000,
      "rate": 3.35,
      "originationDate": "2011-06-30",
      "pmmsBenchmark": 4.51,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 1.16 pts below the 2011-06 market avg of 4.51%"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "UNIVERSITY PLACE APARTMENTS",
      "address": "",
      "city": "WINSTON-SALEM",
      "state": "NC",
      "zip": "27101",
      "units": 97,
      "originalAmount": 3895500,
      "rate": 3.35,
      "originationDate": "2006-12-20",
      "pmmsBenchmark": 6.135,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 2.78 pts below the 2006-12 market avg of 6.135%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "RAINTREE TOWER APARTMENTS",
      "address": "",
      "city": "BEAUMONT",
      "state": "TX",
      "zip": "77706",
      "units": 150,
      "originalAmount": 3870000,
      "rate": 3.35,
      "originationDate": "2007-04-26",
      "pmmsBenchmark": 6.18,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 2.83 pts below the 2007-04 market avg of 6.18%"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "HUTCHISON HOUSE APARTMENTS",
      "address": "",
      "city": "ISSAQUAH",
      "state": "WA",
      "zip": "98027",
      "units": 90,
      "originalAmount": 3815000,
      "rate": 3.35,
      "originationDate": "2016-08-26",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "COLUMBIANATIONAL REAL ESTATE F"
    },
    {
      "property": "ST JOSEPHS TOWERS",
      "address": "",
      "city": "SOUTH BEND",
      "state": "IN",
      "zip": "46601",
      "units": 84,
      "originalAmount": 3755300,
      "rate": 3.35,
      "originationDate": "2006-06-30",
      "pmmsBenchmark": 6.682,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 3.33 pts below the 2006-06 market avg of 6.682%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CROWNE HC5-MADISON MANOR NURSING HOME",
      "address": "",
      "city": "MADISON",
      "state": "AL",
      "zip": "35758",
      "units": 75,
      "originalAmount": 3733400,
      "rate": 3.35,
      "originationDate": "2013-08-28",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 1.11 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THOMAS PLACE AT BETTENDORF",
      "address": "",
      "city": "BETTENDORF",
      "state": "IA",
      "zip": "52722",
      "units": 116,
      "originalAmount": 3531400,
      "rate": 3.35,
      "originationDate": "2017-03-23",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 0.85 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "PITCHER HILL APARTMENTS",
      "address": "",
      "city": "NORTH SYRACUSE",
      "state": "NY",
      "zip": "13212",
      "units": 101,
      "originalAmount": 3480000,
      "rate": 3.35,
      "originationDate": "2011-03-14",
      "pmmsBenchmark": 4.836,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 1.49 pts below the 2011-03 market avg of 4.836%"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "CROWNE HC5-JACKSON HEALTH CARE FACILITY",
      "address": "",
      "city": "JACKSON",
      "state": "AL",
      "zip": "36545",
      "units": 91,
      "originalAmount": 3393800,
      "rate": 3.35,
      "originationDate": "2013-08-28",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 1.11 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ESSEX SENIOR RENTALS",
      "address": "",
      "city": "WAUNAKEE",
      "state": "WI",
      "zip": "53597",
      "units": 72,
      "originalAmount": 2962300,
      "rate": 3.35,
      "originationDate": "2016-07-25",
      "pmmsBenchmark": 3.44,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "7500 MADISON FOREST PARK",
      "address": "",
      "city": "PARK FOREST",
      "state": "IL",
      "zip": "60130",
      "units": 26,
      "originalAmount": 2606600,
      "rate": 3.35,
      "originationDate": "2022-06-14",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 2.17 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "CROWNE HC5-WOODHAVEN MANOR NURSING HOME",
      "address": "",
      "city": "DEMOPOLIS",
      "state": "AL",
      "zip": "36732",
      "units": 73,
      "originalAmount": 2551600,
      "rate": 3.35,
      "originationDate": "2013-08-28",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 1.11 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "CROWNE HC5-PARKWOOD HEALTH CARE",
      "address": "",
      "city": "PHENIX CITY",
      "state": "AL",
      "zip": "36867",
      "units": 74,
      "originalAmount": 2388000,
      "rate": 3.35,
      "originationDate": "2013-08-28",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 1.11 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "MT. PLEASANT PLACE",
      "address": "",
      "city": "LANCASTER",
      "state": "OH",
      "zip": "43130",
      "units": 52,
      "originalAmount": 2340000,
      "rate": 3.35,
      "originationDate": "2013-08-22",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 1.11 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "RIVER RUN APARTMENTS",
      "address": "",
      "city": "MACOMB",
      "state": "IL",
      "zip": "61455",
      "units": 100,
      "originalAmount": 2210000,
      "rate": 3.35,
      "originationDate": "2016-07-19",
      "pmmsBenchmark": 3.44,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "STONE HOUSE PLACE",
      "address": "",
      "city": "BRIDGEPORT",
      "state": "OH",
      "zip": "43912",
      "units": 52,
      "originalAmount": 1934700,
      "rate": 3.35,
      "originationDate": "2013-08-22",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 1.11 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "REDFIELD VILLAGE APARTMENTS",
      "address": "",
      "city": "FAYETTEVILLE",
      "state": "NY",
      "zip": "13066",
      "units": 50,
      "originalAmount": 1890000,
      "rate": 3.35,
      "originationDate": "2011-08-25",
      "pmmsBenchmark": 4.27,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 0.92 pts below the 2011-08 market avg of 4.27%"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "MILL POINT PLACE APARTMENTS",
      "address": "",
      "city": "SPRING LAKE",
      "state": "MI",
      "zip": "49456",
      "units": 24,
      "originalAmount": 1714600,
      "rate": 3.35,
      "originationDate": "2016-10-19",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CASTLE ST. JOHN APARTMENTS",
      "address": "",
      "city": "SAINT JOHNS",
      "state": "MI",
      "zip": "48879",
      "units": 30,
      "originalAmount": 1619700,
      "rate": 3.35,
      "originationDate": "2016-10-19",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HIGHLAND HAVEN",
      "address": "",
      "city": "HIGHLAND",
      "state": "MI",
      "zip": "48356",
      "units": 32,
      "originalAmount": 1562300,
      "rate": 3.35,
      "originationDate": "2006-05-31",
      "pmmsBenchmark": 6.598,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 3.25 pts below the 2006-05 market avg of 6.598%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "NORTH ARKANSAS SR. HOUSING OF BULL SHOALS AND GRAVETEE",
      "address": "",
      "city": "BULL SHOALS",
      "state": "AR",
      "zip": "72619",
      "units": 40,
      "originalAmount": 1481400,
      "rate": 3.35,
      "originationDate": "2012-12-04",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "SPRING VALLEY APARTMENTS",
      "address": "",
      "city": "CASPIAN",
      "state": "MI",
      "zip": "49915",
      "units": 31,
      "originalAmount": 1174500,
      "rate": 3.35,
      "originationDate": "2007-04-17",
      "pmmsBenchmark": 6.18,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 2.83 pts below the 2007-04 market avg of 6.18%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "VANTAGE POINT",
      "address": "",
      "city": "WELLINGTON",
      "state": "KS",
      "zip": "67152",
      "units": 55,
      "originalAmount": 538800,
      "rate": 3.35,
      "originationDate": "2002-09-24",
      "pmmsBenchmark": 6.092,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 2.74 pts below the 2002-09 market avg of 6.092%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "FULTON CHATEAU",
      "address": "",
      "city": "CINCINNATI",
      "state": "OH",
      "zip": "45206",
      "units": 26,
      "originalAmount": 375800,
      "rate": 3.35,
      "originationDate": "2008-02-26",
      "pmmsBenchmark": 5.918,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.35% is 2.57 pts below the 2008-02 market avg of 5.918%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HUNTINGTON POINTE APARTMENTS",
      "address": "",
      "city": "NEWPORT NEWS",
      "state": "VA",
      "zip": "23608",
      "units": 176,
      "originalAmount": 36633100,
      "rate": 3.36,
      "originationDate": "2022-04-21",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.36% is 1.62 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "ZION TOWERS",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21201",
      "units": 211,
      "originalAmount": 32750000,
      "rate": 3.36,
      "originationDate": "2018-03-29",
      "pmmsBenchmark": 4.444,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.36% is 1.08 pts below the 2018-03 market avg of 4.444%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "THE VIEW AT MILL RUN II",
      "address": "",
      "city": "OWINGS MILLS",
      "state": "MD",
      "zip": "21117",
      "units": 157,
      "originalAmount": 28574200,
      "rate": 3.36,
      "originationDate": "2018-10-25",
      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.36% is 1.47 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "APPLEWOOD POINTE COOP OF MAPLE GROVE",
      "address": "",
      "city": "MAPLE GROVE",
      "state": "MN",
      "zip": "55369",
      "units": 102,
      "originalAmount": 21748700,
      "rate": 3.36,
      "originationDate": "2018-08-29",
      "pmmsBenchmark": 4.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.36% is 1.19 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "GLC - CLAREMORE",
      "address": "",
      "city": "CLAREMORE",
      "state": "OK",
      "zip": "74017",
      "units": 266,
      "originalAmount": 10521100,
      "rate": 3.36,
      "originationDate": "2018-11-28",
      "pmmsBenchmark": 4.866,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.36% is 1.51 pts below the 2018-11 market avg of 4.866%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BENSONS CORNER APARTMENTS",
      "address": "",
      "city": "FALLSTON",
      "state": "MD",
      "zip": "21047",
      "units": 56,
      "originalAmount": 5450000,
      "rate": 3.36,
      "originationDate": "2020-04-14",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "VIA ELEGANTE AT SIERRA VISTA",
      "address": "",
      "city": "HEREFORD",
      "state": "AZ",
      "zip": "85615",
      "units": 103,
      "originalAmount": 5355400,
      "rate": 3.36,
      "originationDate": "2018-05-08",
      "pmmsBenchmark": 4.586,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.36% is 1.23 pts below the 2018-05 market avg of 4.586%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "JB MILAM APTS",
      "address": "",
      "city": "CLAREMORE",
      "state": "OK",
      "zip": "74017",
      "units": 102,
      "originalAmount": 3800000,
      "rate": 3.36,
      "originationDate": "2017-03-15",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.36% is 0.84 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MARION TOWERS II",
      "address": "",
      "city": "MARION",
      "state": "OH",
      "zip": "43302",
      "units": 45,
      "originalAmount": 2662000,
      "rate": 3.36,
      "originationDate": "2006-09-21",
      "pmmsBenchmark": 6.402,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.36% is 3.04 pts below the 2006-09 market avg of 6.402%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PARK VIEW TERRACE APARTMENTS",
      "address": "",
      "city": "WEATHERFORD",
      "state": "TX",
      "zip": "76086",
      "units": 76,
      "originalAmount": 1971000,
      "rate": 3.36,
      "originationDate": "2007-04-24",
      "pmmsBenchmark": 6.18,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.36% is 2.82 pts below the 2007-04 market avg of 6.18%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BAYCHESTER MURPHY HOUSES",
      "address": "",
      "city": "NEW YORK",
      "state": "NY",
      "zip": "10466",
      "units": 720,
      "originalAmount": 135460000,
      "rate": 3.37,
      "originationDate": "2021-01-14",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEW YORK CITY HOUS DEV CORP"
    },
    {
      "property": "THE MARQ APARTMENTS",
      "address": "",
      "city": "VIRGINIA BEACH",
      "state": "VA",
      "zip": "23462",
      "units": 264,
      "originalAmount": 38251800,
      "rate": 3.37,
      "originationDate": "2021-02-24",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "Oak Hill Brackenridge",
      "address": "",
      "city": "Pittsburgh",
      "state": "PA",
      "zip": "15219",
      "units": 140,
      "originalAmount": 31215100,
      "rate": 3.37,
      "originationDate": "2020-02-13",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "THE TREES APARTMENTS",
      "address": "",
      "city": "DAVIS",
      "state": "CA",
      "zip": "95616",
      "units": 111,
      "originalAmount": 18628800,
      "rate": 3.37,
      "originationDate": "2020-10-21",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "OLD TOWN ON THE MOON",
      "address": "",
      "city": "CARMEL",
      "state": "IN",
      "zip": "46032",
      "units": 91,
      "originalAmount": 11000000,
      "rate": 3.37,
      "originationDate": "2011-01-31",
      "pmmsBenchmark": 4.755,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.37% is 1.38 pts below the 2011-01 market avg of 4.755%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "VILLAGE SQUARE APARTMENTS",
      "address": "",
      "city": "BROOMFIELD",
      "state": "CO",
      "zip": "80020",
      "units": 108,
      "originalAmount": 10888000,
      "rate": 3.37,
      "originationDate": "2020-02-27",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "DICKEY HILL APTS",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21207",
      "units": 204,
      "originalAmount": 8800000,
      "rate": 3.37,
      "originationDate": "2010-06-29",
      "pmmsBenchmark": 4.737,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.37% is 1.37 pts below the 2010-06 market avg of 4.737%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "WESTMINSTER VILLAGE APARTMENTS",
      "address": "",
      "city": "LEXINGTON",
      "state": "KY",
      "zip": "40504",
      "units": 132,
      "originalAmount": 7061000,
      "rate": 3.37,
      "originationDate": "2019-03-22",
      "pmmsBenchmark": 4.265,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.37% is 0.89 pts below the 2019-03 market avg of 4.265%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "Aigburth Vale Senior Apartments",
      "address": "",
      "city": "Towson",
      "state": "MD",
      "zip": "21286",
      "units": 70,
      "originalAmount": 4550000,
      "rate": 3.37,
      "originationDate": "2017-01-31",
      "pmmsBenchmark": 4.15,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.37% is 0.78 pts below the 2017-01 market avg of 4.15%"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "STRYKER HOMES APARTMENTS",
      "address": "",
      "city": "AUBURN",
      "state": "NY",
      "zip": "13021",
      "units": 103,
      "originalAmount": 3663900,
      "rate": 3.37,
      "originationDate": "2017-03-30",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.37% is 0.83 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "CARTER HOUSE DOWLING PARK",
      "address": "",
      "city": "LIVE OAK",
      "state": "FL",
      "zip": "32060",
      "units": 100,
      "originalAmount": 3258000,
      "rate": 3.37,
      "originationDate": "2008-10-23",
      "pmmsBenchmark": 6.2,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.37% is 2.83 pts below the 2008-10 market avg of 6.2%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BARTLETT STATION BUILDING A 4%",
      "address": "",
      "city": "ROXBURY",
      "state": "MA",
      "zip": "02119",
      "units": 16,
      "originalAmount": 3210000,
      "rate": 3.37,
      "originationDate": "2023-10-31",
      "pmmsBenchmark": 7.62,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.37% is 4.25 pts below the 2023-10 market avg of 7.62%"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "LAKEVIEW PLACE",
      "address": "",
      "city": "DANVILLE",
      "state": "IN",
      "zip": "46122",
      "units": 50,
      "originalAmount": 1675800,
      "rate": 3.37,
      "originationDate": "2006-01-30",
      "pmmsBenchmark": 6.145,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.37% is 2.77 pts below the 2006-01 market avg of 6.145%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "COMSTOCK TOWER APARTMENTS",
      "address": "",
      "city": "KALAMAZOO",
      "state": "MI",
      "zip": "49048",
      "units": 104,
      "originalAmount": 3085500,
      "rate": 3.375,
      "originationDate": "2013-09-17",
      "pmmsBenchmark": 4.49,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.375% is 1.12 pts below the 2013-09 market avg of 4.49%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "AMERICAN RIVER BEHAVIORAL CTN",
      "address": "",
      "city": "CARMICHAEL",
      "state": "CA",
      "zip": "95608",
      "units": 44,
      "originalAmount": 2646800,
      "rate": 3.375,
      "originationDate": "2013-08-26",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.375% is 1.08 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "WEYMOUTH COMMONS",
      "address": "",
      "city": "WEYMOUTH",
      "state": "MA",
      "zip": "02188",
      "units": 365,
      "originalAmount": 49386000,
      "rate": 3.38,
      "originationDate": "2019-03-29",
      "pmmsBenchmark": 4.265,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.38% is 0.88 pts below the 2019-03 market avg of 4.265%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "BROOKSIDE II APARTMENTS",
      "address": "",
      "city": "LA PALMA",
      "state": "CA",
      "zip": "90623",
      "units": 264,
      "originalAmount": 44272000,
      "rate": 3.38,
      "originationDate": "2018-10-30",
      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.38% is 1.45 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "THE AVENTINE ASHEVILLE",
      "address": "",
      "city": "ASHEVILLE",
      "state": "NC",
      "zip": "28803",
      "units": 312,
      "originalAmount": 32594600,
      "rate": 3.38,
      "originationDate": "2013-08-15",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.38% is 1.08 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CONVERSE MILL LOFTS",
      "address": "",
      "city": "SPARTANBURG",
      "state": "SC",
      "zip": "29329",
      "units": 173,
      "originalAmount": 31334600,
      "rate": 3.38,
      "originationDate": "2021-04-21",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "CHALET LIVING AND REHAB",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60626",
      "units": 306,
      "originalAmount": 24640000,
      "rate": 3.38,
      "originationDate": "2021-04-28",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "KODAK CROSSING",
      "address": "",
      "city": "KODAK",
      "state": "TN",
      "zip": "37764",
      "units": 192,
      "originalAmount": 21086700,
      "rate": 3.38,
      "originationDate": "2019-04-04",
      "pmmsBenchmark": 4.143,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.38% is 0.76 pts below the 2019-04 market avg of 4.143%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "THE GROVE OF EVANSTON",
      "address": "",
      "city": "EVANSTON",
      "state": "IL",
      "zip": "60202",
      "units": 178,
      "originalAmount": 18880000,
      "rate": 3.38,
      "originationDate": "2021-04-28",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "RIVER VIEW ON THE APPOMATTOX HEALTH & REHAB",
      "address": "",
      "city": "HOPEWELL",
      "state": "VA",
      "zip": "23860",
      "units": 67,
      "originalAmount": 14720000,
      "rate": 3.38,
      "originationDate": "2022-07-08",
      "pmmsBenchmark": 5.412,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.38% is 2.03 pts below the 2022-07 market avg of 5.412%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "CREEKSIDE COMMONS & MARSHALL SQ. APT",
      "address": "",
      "city": "WAPPINGERS FALLS",
      "state": "NY",
      "zip": "12590",
      "units": 71,
      "originalAmount": 12384000,
      "rate": 3.38,
      "originationDate": "2022-06-30",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.38% is 2.14 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "TRINITY PLACE (FKA TRINITY HILLS VILLAGE)",
      "address": "",
      "city": "NASHVILLE",
      "state": "TN",
      "zip": "37207",
      "units": 100,
      "originalAmount": 12352000,
      "rate": 3.38,
      "originationDate": "2018-12-07",
      "pmmsBenchmark": 4.638,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.38% is 1.26 pts below the 2018-12 market avg of 4.638%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "LEXINGTON RIDGE APARTMENTS",
      "address": "",
      "city": "LINCOLN",
      "state": "NE",
      "zip": "68505",
      "units": 216,
      "originalAmount": 12000000,
      "rate": 3.38,
      "originationDate": "2013-02-27",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CHASE HOUSE",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21201",
      "units": 189,
      "originalAmount": 11970000,
      "rate": 3.38,
      "originationDate": "2016-12-29",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.38% is 0.82 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "SUN TERRACE - HERMISTON",
      "address": "",
      "city": "HERMISTON",
      "state": "OR",
      "zip": "97838",
      "units": 162,
      "originalAmount": 10635600,
      "rate": 3.38,
      "originationDate": "2017-02-28",
      "pmmsBenchmark": 4.168,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.38% is 0.79 pts below the 2017-02 market avg of 4.168%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "PROVIDENCE PLACE APARTMENTS",
      "address": "",
      "city": "SALT LAKE CITY",
      "state": "UT",
      "zip": "84111",
      "units": 125,
      "originalAmount": 9790000,
      "rate": 3.38,
      "originationDate": "2010-12-15",
      "pmmsBenchmark": 4.714,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.38% is 1.33 pts below the 2010-12 market avg of 4.714%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HERITAGE VILLAGE APTS",
      "address": "",
      "city": "TOLEDO",
      "state": "OH",
      "zip": "43604",
      "units": 250,
      "originalAmount": 9000000,
      "rate": 3.38,
      "originationDate": "2016-09-29",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "ROSE COMMUNITY CAPITAL, LLC"
    },
    {
      "property": "GREENWAY PATIO TOWNHOMES",
      "address": "",
      "city": "DENTON",
      "state": "TX",
      "zip": "76207",
      "units": 74,
      "originalAmount": 8080000,
      "rate": 3.38,
      "originationDate": "2020-08-27",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ALLISONVILLE MEADOWS ASSISTED LIVING",
      "address": "",
      "city": "FISHERS",
      "state": "IN",
      "zip": "46038",
      "units": 178,
      "originalAmount": 8011300,
      "rate": 3.38,
      "originationDate": "2017-03-29",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.38% is 0.82 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "ROCK SPRING APARTMENTS",
      "address": "",
      "city": "SMYRNA",
      "state": "TN",
      "zip": "37167",
      "units": 92,
      "originalAmount": 7594800,
      "rate": 3.38,
      "originationDate": "2018-10-02",
      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.38% is 1.45 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "HOMES AT GATEWAY VILLAGE",
      "address": "",
      "city": "SALISBURY",
      "state": "MD",
      "zip": "21080",
      "units": 156,
      "originalAmount": 6750000,
      "rate": 3.38,
      "originationDate": "2021-11-18",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DEPARTMENT HOUSING COMM DEV"
    },
    {
      "property": "ROSE GARDENS",
      "address": "",
      "city": "MIDDLETOWN",
      "state": "CT",
      "zip": "06457",
      "units": 120,
      "originalAmount": 6461500,
      "rate": 3.38,
      "originationDate": "2017-02-16",
      "pmmsBenchmark": 4.168,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.38% is 0.79 pts below the 2017-02 market avg of 4.168%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ARBORS BY THE BAY",
      "address": "",
      "city": "DAPHNE",
      "state": "AL",
      "zip": "36526",
      "units": 150,
      "originalAmount": 5965600,
      "rate": 3.38,
      "originationDate": "2013-08-19",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.38% is 1.08 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CRESTWOOD PARK I",
      "address": "",
      "city": "MERIDEN",
      "state": "CT",
      "zip": "06451",
      "units": 100,
      "originalAmount": 5394200,
      "rate": 3.38,
      "originationDate": "2017-01-19",
      "pmmsBenchmark": 4.15,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.38% is 0.77 pts below the 2017-01 market avg of 4.15%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "OAKLAND GARDENS",
      "address": "",
      "city": "MERIDEN",
      "state": "CT",
      "zip": "06451",
      "units": 80,
      "originalAmount": 4538700,
      "rate": 3.38,
      "originationDate": "2017-01-25",
      "pmmsBenchmark": 4.15,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.38% is 0.77 pts below the 2017-01 market avg of 4.15%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BROOKMEADOW APARTMENTS",
      "address": "",
      "city": "CHESTERTOWN",
      "state": "MD",
      "zip": "21620",
      "units": 67,
      "originalAmount": 2660000,
      "rate": 3.38,
      "originationDate": "2021-11-18",
      "pmmsBenchmark": 3.067,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DEPARTMENT HOUSING COMM DEV"
    },
    {
      "property": "PLUM CREEK ACRES",
      "address": "",
      "city": "PLUM",
      "state": "PA",
      "zip": "15239",
      "units": 36,
      "originalAmount": 2190000,
      "rate": 3.38,
      "originationDate": "2006-12-11",
      "pmmsBenchmark": 6.135,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.38% is 2.75 pts below the 2006-12 market avg of 6.135%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "LA COLONIA APARTMENTS",
      "address": "",
      "city": "TOPEKA",
      "state": "KS",
      "zip": "66616",
      "units": 56,
      "originalAmount": 1950000,
      "rate": 3.38,
      "originationDate": "2007-05-17",
      "pmmsBenchmark": 6.262,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.38% is 2.88 pts below the 2007-05 market avg of 6.262%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "OAKWOOD APARTMENTS",
      "address": "",
      "city": "LEESVILLE",
      "state": "LA",
      "zip": "71446",
      "units": 28,
      "originalAmount": 617400,
      "rate": 3.38,
      "originationDate": "2016-08-25",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "TIMBERLAKE APARTMENTS",
      "address": "",
      "city": "SARASOTA",
      "state": "FL",
      "zip": "34243",
      "units": 261,
      "originalAmount": 33660300,
      "rate": 3.39,
      "originationDate": "2022-05-26",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.39% is 1.84 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE RETREAT AT SEALY",
      "address": "",
      "city": "SEALY",
      "state": "TX",
      "zip": "77474",
      "units": 196,
      "originalAmount": 23800700,
      "rate": 3.39,
      "originationDate": "2020-04-29",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "BLUFFTON PARK APARTMENTS",
      "address": "",
      "city": "BLUFFTON",
      "state": "SC",
      "zip": "29901",
      "units": 110,
      "originalAmount": 19950200,
      "rate": 3.39,
      "originationDate": "2018-11-27",
      "pmmsBenchmark": 4.866,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.39% is 1.48 pts below the 2018-11 market avg of 4.866%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "METRO PLACE APTS",
      "address": "",
      "city": "LANSING",
      "state": "MI",
      "zip": "48933",
      "units": 145,
      "originalAmount": 17002100,
      "rate": 3.39,
      "originationDate": "2018-08-16",
      "pmmsBenchmark": 4.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.39% is 1.16 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "GREYSTONE SERVICING COMPANY LL"
    },
    {
      "property": "EXTENDICARE21-ARBORS AT NEW CASTLE",
      "address": "",
      "city": "NEW CASTLE",
      "state": "DE",
      "zip": "19720",
      "units": 120,
      "originalAmount": 13155600,
      "rate": 3.39,
      "originationDate": "2011-08-31",
      "pmmsBenchmark": 4.27,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.39% is 0.88 pts below the 2011-08 market avg of 4.27%"
      ],
      "holder": "ZIEGLER FINANCING CORP"
    },
    {
      "property": "AUBURN HEIGHTS APARTMENTS",
      "address": "",
      "city": "BAKERSFIELD",
      "state": "CA",
      "zip": "93306",
      "units": 160,
      "originalAmount": 10638000,
      "rate": 3.39,
      "originationDate": "2014-09-11",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.39% is 0.77 pts below the 2014-09 market avg of 4.162%"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "THE WATERS OF COVINGTON",
      "address": "",
      "city": "COVINGTON",
      "state": "IN",
      "zip": "47932",
      "units": 119,
      "originalAmount": 8865400,
      "rate": 3.39,
      "originationDate": "2013-07-30",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.39% is 0.98 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "THE WATER OF DILLSBORO ROSE MA",
      "address": "",
      "city": "DILLSBORO",
      "state": "IN",
      "zip": "47018",
      "units": 123,
      "originalAmount": 8772000,
      "rate": 3.39,
      "originationDate": "2013-07-30",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.39% is 0.98 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "WARREN PLAZA APARTMENTS",
      "address": "",
      "city": "DETROIT",
      "state": "MI",
      "zip": "48201",
      "units": 198,
      "originalAmount": 8439300,
      "rate": 3.39,
      "originationDate": "2019-03-11",
      "pmmsBenchmark": 4.265,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.39% is 0.87 pts below the 2019-03 market avg of 4.265%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ROGERSON HOUSE",
      "address": "",
      "city": "BOSTON",
      "state": "MA",
      "zip": "02130",
      "units": 40,
      "originalAmount": 8085700,
      "rate": 3.39,
      "originationDate": "2022-05-26",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.39% is 1.84 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "LA RISA APARTMENTS",
      "address": "",
      "city": "SAN ANTONIO",
      "state": "TX",
      "zip": "78201",
      "units": 237,
      "originalAmount": 7660800,
      "rate": 3.39,
      "originationDate": "2016-10-24",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "FOREST COVE APARTMENTS PHASE II",
      "address": "",
      "city": "CHATTANOOGA",
      "state": "TN",
      "zip": "37421",
      "units": 72,
      "originalAmount": 7575000,
      "rate": 3.39,
      "originationDate": "2020-12-30",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE WATERS OF GREENCASTLE",
      "address": "",
      "city": "GREENCASTLE",
      "state": "IN",
      "zip": "46135",
      "units": 100,
      "originalAmount": 6579800,
      "rate": 3.39,
      "originationDate": "2013-07-30",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.39% is 0.98 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "MOUNT NITTANY RESIDENCES",
      "address": "",
      "city": "STATE COLLEGE",
      "state": "PA",
      "zip": "16801",
      "units": 151,
      "originalAmount": 5338000,
      "rate": 3.39,
      "originationDate": "2006-10-19",
      "pmmsBenchmark": 6.357,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.39% is 2.97 pts below the 2006-10 market avg of 6.357%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "FRENCHTOWN PLACE",
      "address": "",
      "city": "MONROE",
      "state": "MI",
      "zip": "48162",
      "units": 151,
      "originalAmount": 5041900,
      "rate": 3.39,
      "originationDate": "2017-03-07",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.39% is 0.81 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "ROSE COMMUNITY CAPITAL, LLC"
    },
    {
      "property": "NEW COMMUNITY PLACE APARTMENTS",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44104",
      "units": 147,
      "originalAmount": 4500000,
      "rate": 3.39,
      "originationDate": "2013-10-31",
      "pmmsBenchmark": 4.192,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.39% is 0.80 pts below the 2013-10 market avg of 4.192%"
      ],
      "holder": "ROSE COMMUNITY CAPITAL, LLC"
    },
    {
      "property": "THE WATERS OF RISING SUN",
      "address": "",
      "city": "RISING SUN",
      "state": "IN",
      "zip": "47040",
      "units": 58,
      "originalAmount": 4221600,
      "rate": 3.39,
      "originationDate": "2013-07-30",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.39% is 0.98 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "THE WATERS OF BATESVILLE",
      "address": "",
      "city": "BATESVILLE",
      "state": "IN",
      "zip": "47006",
      "units": 86,
      "originalAmount": 3180300,
      "rate": 3.39,
      "originationDate": "2013-07-30",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.39% is 0.98 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "SILVER LAKE RETIREMENT COMM",
      "address": "",
      "city": "SEALY",
      "state": "TX",
      "zip": "77474",
      "units": 91,
      "originalAmount": 2586100,
      "rate": 3.39,
      "originationDate": "2013-07-31",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.39% is 0.98 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "COUNTRY MANOR",
      "address": "",
      "city": "DUNCANSVILLE",
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      "zip": "16635",
      "units": 50,
      "originalAmount": 2565000,
      "rate": 3.39,
      "originationDate": "2006-10-11",
      "pmmsBenchmark": 6.357,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.39% is 2.97 pts below the 2006-10 market avg of 6.357%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "BLAIR TOWER",
      "address": "",
      "city": "ALTOONA",
      "state": "PA",
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      "units": 100,
      "originalAmount": 2435000,
      "rate": 3.39,
      "originationDate": "2006-10-11",
      "pmmsBenchmark": 6.357,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.39% is 2.97 pts below the 2006-10 market avg of 6.357%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "ANN TUBBS ESTATES",
      "address": "",
      "city": "MEDINA",
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      "zip": "44246",
      "units": 40,
      "originalAmount": 1961200,
      "rate": 3.39,
      "originationDate": "2006-09-20",
      "pmmsBenchmark": 6.402,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.39% is 3.01 pts below the 2006-09 market avg of 6.402%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "COUNTRY PLACE APARTMENTS",
      "address": "",
      "city": "COLUMBIA",
      "state": "KY",
      "zip": "42728",
      "units": 56,
      "originalAmount": 1600000,
      "rate": 3.39,
      "originationDate": "2017-02-27",
      "pmmsBenchmark": 4.168,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.39% is 0.78 pts below the 2017-02 market avg of 4.168%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LAKE PARK TOWNHOME APARTMENTS",
      "address": "",
      "city": "PEARLAND",
      "state": "TX",
      "zip": "77584",
      "units": 247,
      "originalAmount": 41920200,
      "rate": 3.4,
      "originationDate": "2016-10-27",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "NEW HAVEN PLAZA",
      "address": "",
      "city": "FAR ROCKAWAY",
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      "zip": "11691",
      "units": 343,
      "originalAmount": 33975500,
      "rate": 3.4,
      "originationDate": "2021-05-25",
      "pmmsBenchmark": 2.963,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SPRING TREE APARTMENTS",
      "address": "",
      "city": "CHINO",
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      "units": 150,
      "originalAmount": 27600000,
      "rate": 3.4,
      "originationDate": "2020-02-27",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "CLEARFIELD STATION APARTMENTS",
      "address": "",
      "city": "CLEARFIELD",
      "state": "UT",
      "zip": "84015",
      "units": 216,
      "originalAmount": 27354000,
      "rate": 3.4,
      "originationDate": "2020-09-30",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "UPTON PHASE II",
      "address": "",
      "city": "ROCKVILLE",
      "state": "MD",
      "zip": "20850",
      "units": 150,
      "originalAmount": 27000000,
      "rate": 3.4,
      "originationDate": "2023-03-03",
      "pmmsBenchmark": 6.544,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 3.14 pts below the 2023-03 market avg of 6.544%"
      ],
      "holder": "HOC-MORTGAGE FINANCE PROGRAM"
    },
    {
      "property": "35 CLUB APTS",
      "address": "",
      "city": "EUGENE",
      "state": "OR",
      "zip": "97401",
      "units": 110,
      "originalAmount": 26548100,
      "rate": 3.4,
      "originationDate": "2018-07-12",
      "pmmsBenchmark": 4.527,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 1.13 pts below the 2018-07 market avg of 4.527%"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "INTERURBAN APARTMENTS HOMES",
      "address": "",
      "city": "BILLINGS",
      "state": "MT",
      "zip": "59106",
      "units": 216,
      "originalAmount": 24392400,
      "rate": 3.4,
      "originationDate": "2020-04-30",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "CLARE GARDENS",
      "address": "",
      "city": "DENVER",
      "state": "CO",
      "zip": "80212",
      "units": 128,
      "originalAmount": 23800000,
      "rate": 3.4,
      "originationDate": "2023-09-01",
      "pmmsBenchmark": 7.2,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 3.80 pts below the 2023-09 market avg of 7.2%"
      ],
      "holder": "COLORADO HOUSING AND FINANCE A"
    },
    {
      "property": "EVERGREENS AT LAUREL",
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      "city": "LAUREL",
      "state": "MD",
      "zip": "20708",
      "units": 198,
      "originalAmount": 21963800,
      "rate": 3.4,
      "originationDate": "2020-03-31",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "ALBANY IDA NORTH",
      "address": "",
      "city": "ALBANY",
      "state": "NY",
      "zip": "12207",
      "units": 384,
      "originalAmount": 21465000,
      "rate": 3.4,
      "originationDate": "2024-05-30",
      "pmmsBenchmark": 7.06,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 3.66 pts below the 2024-05 market avg of 7.06%"
      ],
      "holder": "NEW YORK STATE HSG FIN AGCY"
    },
    {
      "property": "LAKELAND HEALTH CARE CENTER",
      "address": "",
      "city": "HASKELL",
      "state": "NJ",
      "zip": "07420",
      "units": 201,
      "originalAmount": 18401300,
      "rate": 3.4,
      "originationDate": "2017-01-25",
      "pmmsBenchmark": 4.15,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 0.75 pts below the 2017-01 market avg of 4.15%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "FLATS AT THE DISTRICT",
      "address": "",
      "city": "SOUTH JORDAN",
      "state": "UT",
      "zip": "84065",
      "units": 120,
      "originalAmount": 18080200,
      "rate": 3.4,
      "originationDate": "2018-02-27",
      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 0.93 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "INFINITY-SOUTH POINT NURSING & REHAB CENTER",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60643",
      "units": 228,
      "originalAmount": 17332100,
      "rate": 3.4,
      "originationDate": "2014-06-26",
      "pmmsBenchmark": 4.162,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 0.76 pts below the 2014-06 market avg of 4.162%"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "WEST SUBURBAN NURSING AND REHABILITATION",
      "address": "",
      "city": "BLOOMINGDALE",
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      "zip": "60108",
      "units": 259,
      "originalAmount": 14450000,
      "rate": 3.4,
      "originationDate": "2013-11-26",
      "pmmsBenchmark": 4.255,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 0.85 pts below the 2013-11 market avg of 4.255%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "Forest Ridge Apartments",
      "address": "",
      "city": "Fort Mill",
      "state": "SC",
      "zip": "29715",
      "units": 136,
      "originalAmount": 13500000,
      "rate": 3.4,
      "originationDate": "2017-03-16",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 0.80 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "WESTWOOD APARTMENTS",
      "address": "",
      "city": "STAMFORD",
      "state": "CT",
      "zip": "06902",
      "units": 95,
      "originalAmount": 13233600,
      "rate": 3.4,
      "originationDate": "2020-09-29",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "CROSS HEALTHCARE IDAHO SCATTERED SITE",
      "address": "",
      "city": "IDAHO FALLS",
      "state": "ID",
      "zip": "83401",
      "units": 187,
      "originalAmount": 12224200,
      "rate": 3.4,
      "originationDate": "2018-03-26",
      "pmmsBenchmark": 4.444,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 1.04 pts below the 2018-03 market avg of 4.444%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "COOPERMILL MANOR",
      "address": "",
      "city": "ZANESVILLE",
      "state": "OH",
      "zip": "43701",
      "units": 324,
      "originalAmount": 12030100,
      "rate": 3.4,
      "originationDate": "2020-07-10",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "LUTHER TERRACE APARTMENTS",
      "address": "",
      "city": "CHICAGO",
      "state": "IL",
      "zip": "60615",
      "units": 315,
      "originalAmount": 11593900,
      "rate": 3.4,
      "originationDate": "2017-03-31",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 0.80 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "ZVAGO COOPERATIVE AT ST. ANTHONY PARK",
      "address": "",
      "city": "ST. PAUL",
      "state": "MN",
      "zip": "55108",
      "units": 51,
      "originalAmount": 11152100,
      "rate": 3.4,
      "originationDate": "2022-06-21",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 2.12 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "Crosby Plaza",
      "address": "",
      "city": "Crosby",
      "state": "TX",
      "zip": "77532",
      "units": 86,
      "originalAmount": 9775000,
      "rate": 3.4,
      "originationDate": "2018-06-27",
      "pmmsBenchmark": 4.57,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 1.17 pts below the 2018-06 market avg of 4.57%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE WATERS OF CLIFTY FALLS",
      "address": "",
      "city": "MADISON",
      "state": "IN",
      "zip": "47250",
      "units": 138,
      "originalAmount": 8967400,
      "rate": 3.4,
      "originationDate": "2013-07-30",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 0.97 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "THE WATERS OF MARTINSVILLE",
      "address": "",
      "city": "MARTINSVILLE",
      "state": "IN",
      "zip": "46151",
      "units": 103,
      "originalAmount": 8653000,
      "rate": 3.4,
      "originationDate": "2013-07-30",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 0.97 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "CRYSTAL LAKE APARTMENTS",
      "address": "",
      "city": "HOLLYWOOD",
      "state": "FL",
      "zip": "33020",
      "units": 380,
      "originalAmount": 8624000,
      "rate": 3.4,
      "originationDate": "2016-09-28",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "BENSON ESTATES",
      "address": "",
      "city": "RENTON",
      "state": "WA",
      "zip": "98055",
      "units": 43,
      "originalAmount": 7201400,
      "rate": 3.4,
      "originationDate": "2022-06-09",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 2.12 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "MARKET SQUARE APARTMENTS",
      "address": "",
      "city": "POTTSVILLE",
      "state": "PA",
      "zip": "17901",
      "units": 120,
      "originalAmount": 6680000,
      "rate": 3.4,
      "originationDate": "2022-06-30",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 2.12 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "CITY PARC AT PINES",
      "address": "",
      "city": "ST LOUIS",
      "state": "MO",
      "zip": "63103",
      "units": 149,
      "originalAmount": 6150000,
      "rate": 3.4,
      "originationDate": "2018-02-20",
      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 0.93 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "THE WATERS OF INDIANAPOLIS",
      "address": "",
      "city": "INDIANAPOLIS",
      "state": "IN",
      "zip": "46227",
      "units": 81,
      "originalAmount": 6058800,
      "rate": 3.4,
      "originationDate": "2013-07-30",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 0.97 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "CHERRY RIDGE APARTMENTS",
      "address": "",
      "city": "COEUR D'ALENE",
      "state": "ID",
      "zip": "83814",
      "units": 72,
      "originalAmount": 5981300,
      "rate": 3.4,
      "originationDate": "2022-05-24",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 1.83 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "CROWN AND EAGLE APARTMENTS",
      "address": "",
      "city": "UXBRIDGE",
      "state": "MA",
      "zip": "01529",
      "units": 80,
      "originalAmount": 5773100,
      "rate": 3.4,
      "originationDate": "2006-08-22",
      "pmmsBenchmark": 6.524,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 3.12 pts below the 2006-08 market avg of 6.524%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "HILLSIDE GARDENS",
      "address": "",
      "city": "MERIDEN",
      "state": "CT",
      "zip": "06450",
      "units": 100,
      "originalAmount": 5568300,
      "rate": 3.4,
      "originationDate": "2017-02-16",
      "pmmsBenchmark": 4.168,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 0.77 pts below the 2017-02 market avg of 4.168%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "VILLA MIRAMAR APARTMENTS",
      "address": "",
      "city": "PONCE",
      "state": "PR",
      "zip": "00728",
      "units": 96,
      "originalAmount": 5111700,
      "rate": 3.4,
      "originationDate": "2017-02-03",
      "pmmsBenchmark": 4.168,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 0.77 pts below the 2017-02 market avg of 4.168%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "TRANSCENDENT HEALTHCARE OF BOONVILLE",
      "address": "",
      "city": "BOONVILLE",
      "state": "IN",
      "zip": "47601",
      "units": 88,
      "originalAmount": 4680000,
      "rate": 3.4,
      "originationDate": "2012-12-27",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "TRANCENSDENT HEALTHCARE OF OWENSVILLE",
      "address": "",
      "city": "OWENSVILLE",
      "state": "IN",
      "zip": "47665",
      "units": 68,
      "originalAmount": 4320000,
      "rate": 3.4,
      "originationDate": "2012-12-27",
      "pmmsBenchmark": 3.345,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "LOCKHART SPRINGS APARTMENT",
      "address": "",
      "city": "LOCKHART",
      "state": "TX",
      "zip": "78644",
      "units": 48,
      "originalAmount": 4138500,
      "rate": 3.4,
      "originationDate": "2018-10-31",
      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 1.43 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE WOODLANDS APARTMENT HOMES",
      "address": "",
      "city": "FLORENCE",
      "state": "AL",
      "zip": "35630",
      "units": 105,
      "originalAmount": 4079400,
      "rate": 3.4,
      "originationDate": "2018-10-04",
      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 1.43 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "LBB HOUSING",
      "address": "",
      "city": "BOSTON",
      "state": "MA",
      "zip": "02126",
      "units": 103,
      "originalAmount": 4000000,
      "rate": 3.4,
      "originationDate": "2013-12-19",
      "pmmsBenchmark": 4.457,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 1.06 pts below the 2013-12 market avg of 4.457%"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "MARLOW MANOR ASSISTED LIVING FACILITY",
      "address": "",
      "city": "ANCHORAGE",
      "state": "AK",
      "zip": "99504",
      "units": 96,
      "originalAmount": 4000000,
      "rate": 3.4,
      "originationDate": "2021-02-24",
      "pmmsBenchmark": 2.81,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "501 EASTERN",
      "address": "",
      "city": "GRAND RAPIDS",
      "state": "MI",
      "zip": "49503",
      "units": 65,
      "originalAmount": 3755200,
      "rate": 3.4,
      "originationDate": "2018-10-23",
      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 1.43 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "MIDLAND STATES BANK"
    },
    {
      "property": "SANTA MARIA APARTMENTS",
      "address": "",
      "city": "SAN GERMAN",
      "state": "PR",
      "zip": "00683",
      "units": 86,
      "originalAmount": 3682600,
      "rate": 3.4,
      "originationDate": "2017-02-02",
      "pmmsBenchmark": 4.168,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 0.77 pts below the 2017-02 market avg of 4.168%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "CRESTWOOD BEHAVIORIAL HLTH CTR",
      "address": "",
      "city": "SAN JOSE",
      "state": "CA",
      "zip": "95128",
      "units": 174,
      "originalAmount": 2892500,
      "rate": 3.4,
      "originationDate": "2003-06-25",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 1.83 pts below the 2003-06 market avg of 5.23%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "BETHEL POINTE HEALTH AND REHAB",
      "address": "",
      "city": "MUNCIE",
      "state": "IN",
      "zip": "47304",
      "units": 114,
      "originalAmount": 2821900,
      "rate": 3.4,
      "originationDate": "2020-11-12",
      "pmmsBenchmark": 2.765,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "FOREVER YOUNG SENIOR LIVING",
      "address": "",
      "city": "TOMBALL",
      "state": "TX",
      "zip": "77375",
      "units": 32,
      "originalAmount": 2554100,
      "rate": 3.4,
      "originationDate": "2017-03-16",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 0.80 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "REDDING CARE CENTER",
      "address": "",
      "city": "REDDING",
      "state": "CA",
      "zip": "95814",
      "units": 113,
      "originalAmount": 2422700,
      "rate": 3.4,
      "originationDate": "2009-05-13",
      "pmmsBenchmark": 4.857,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 1.46 pts below the 2009-05 market avg of 4.857%"
      ],
      "holder": "CAPITAL FUNDING LLC"
    },
    {
      "property": "PORTAGE LAKES KIWANIS TOWERS",
      "address": "",
      "city": "COVENTRY",
      "state": "OH",
      "zip": "44319",
      "units": 45,
      "originalAmount": 2306800,
      "rate": 3.4,
      "originationDate": "2007-01-18",
      "pmmsBenchmark": 6.218,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 2.82 pts below the 2007-01 market avg of 6.218%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "SHARLO TERRACE II APARTMENTS",
      "address": "",
      "city": "BATON ROUGE",
      "state": "LA",
      "zip": "70820",
      "units": 90,
      "originalAmount": 2082500,
      "rate": 3.4,
      "originationDate": "2011-07-27",
      "pmmsBenchmark": 4.545,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 1.15 pts below the 2011-07 market avg of 4.545%"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "GREENWOOD VILLAGE",
      "address": "",
      "city": "HILLSDALE",
      "state": "MI",
      "zip": "49242",
      "units": 48,
      "originalAmount": 1995461,
      "rate": 3.4,
      "originationDate": "2002-05-31",
      "pmmsBenchmark": 6.806,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 3.41 pts below the 2002-05 market avg of 6.806%"
      ],
      "holder": "MICHIGAN STATE HOUSING DEV AUT"
    },
    {
      "property": "HATILLO DEL CORAZON",
      "address": "",
      "city": "HATILLO",
      "state": "PR",
      "zip": "00659",
      "units": 64,
      "originalAmount": 1964900,
      "rate": 3.4,
      "originationDate": "2017-02-03",
      "pmmsBenchmark": 4.168,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 0.77 pts below the 2017-02 market avg of 4.168%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "OAKRIDGE APARTMENTS",
      "address": "",
      "city": "ROCHESTER",
      "state": "MN",
      "zip": "55906",
      "units": 26,
      "originalAmount": 1896300,
      "rate": 3.4,
      "originationDate": "2020-05-29",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "LONGVIEW APARTMENTS",
      "address": "",
      "city": "FAYETTEVILLE",
      "state": "NC",
      "zip": "28311",
      "units": 48,
      "originalAmount": 1402100,
      "rate": 3.4,
      "originationDate": "2020-02-19",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "ARROWHEAD ESTATES PHASE II",
      "address": "",
      "city": "PERU",
      "state": "IN",
      "zip": "46234",
      "units": 44,
      "originalAmount": 664900,
      "rate": 3.4,
      "originationDate": "2003-09-30",
      "pmmsBenchmark": 6.147,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.4% is 2.75 pts below the 2003-09 market avg of 6.147%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "MELVILLE TOWERS APARTMENTS",
      "address": "",
      "city": "NEW BEDFORD",
      "state": "MA",
      "zip": "02740",
      "units": 327,
      "originalAmount": 42720000,
      "rate": 3.41,
      "originationDate": "2020-02-19",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "NEW RIVIERA NURSING & REHAB CT",
      "address": "",
      "city": "CORAL GABLES",
      "state": "FL",
      "zip": "33146",
      "units": 223,
      "originalAmount": 31500000,
      "rate": 3.41,
      "originationDate": "2008-11-13",
      "pmmsBenchmark": 6.087,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.41% is 2.68 pts below the 2008-11 market avg of 6.087%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "SEVEN PALMS APTS",
      "address": "",
      "city": "PUNTA GORDA",
      "state": "FL",
      "zip": "33950",
      "units": 336,
      "originalAmount": 22655200,
      "rate": 3.41,
      "originationDate": "2018-02-28",
      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.41% is 0.92 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "ATALINA APARTMENTS",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77099",
      "units": 432,
      "originalAmount": 21120000,
      "rate": 3.41,
      "originationDate": "2019-03-19",
      "pmmsBenchmark": 4.265,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.41% is 0.85 pts below the 2019-03 market avg of 4.265%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "INDIAN SPRINGS APARTMENTS",
      "address": "",
      "city": "BROKEN ARROW",
      "state": "OK",
      "zip": "74011",
      "units": 261,
      "originalAmount": 18261000,
      "rate": 3.41,
      "originationDate": "2016-08-30",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "NLR RAD FAMILY HOMES",
      "address": "",
      "city": "NORTH LITTLE ROCK",
      "state": "AR",
      "zip": "72214",
      "units": 243,
      "originalAmount": 17475800,
      "rate": 3.41,
      "originationDate": "2020-02-18",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "PRAIRIE MEADOWS TOWNHOMES",
      "address": "",
      "city": "EDEN PRAIRIE",
      "state": "MN",
      "zip": "55344",
      "units": 168,
      "originalAmount": 13600000,
      "rate": 3.41,
      "originationDate": "2017-03-17",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.41% is 0.79 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "DOGWOOD ESTATES APARTMENTS II",
      "address": "",
      "city": "JONESBORO",
      "state": "AR",
      "zip": "72404",
      "units": 42,
      "originalAmount": 3144600,
      "rate": 3.41,
      "originationDate": "2011-08-31",
      "pmmsBenchmark": 4.27,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.41% is 0.86 pts below the 2011-08 market avg of 4.27%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "HILLTOP TOWERS",
      "address": "",
      "city": "MARION",
      "state": "IN",
      "zip": "46952",
      "units": 98,
      "originalAmount": 2570000,
      "rate": 3.41,
      "originationDate": "2022-05-19",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.41% is 1.82 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SHOMA VILLAGE APARTMENTS",
      "address": "",
      "city": "HIALEAH",
      "state": "FL",
      "zip": "33010",
      "units": 304,
      "originalAmount": 67211400,
      "rate": 3.42,
      "originationDate": "2020-07-15",
      "pmmsBenchmark": 3.016,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "LIBERTY STREET (FKA CITY APARTMENTS)",
      "address": "",
      "city": "SPARTANBURG",
      "state": "SC",
      "zip": "29302",
      "units": 208,
      "originalAmount": 34840900,
      "rate": 3.42,
      "originationDate": "2020-05-06",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "REGIONS BANK"
    },
    {
      "property": "CANYONS AT 45 WEST",
      "address": "",
      "city": "AMARILLO",
      "state": "TX",
      "zip": "79109",
      "units": 328,
      "originalAmount": 24665000,
      "rate": 3.42,
      "originationDate": "2018-04-12",
      "pmmsBenchmark": 4.467,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.42% is 1.05 pts below the 2018-04 market avg of 4.467%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "PARK PLACE SENIOR LIVING",
      "address": "",
      "city": "FORT WAYNE",
      "state": "IN",
      "zip": "46845",
      "units": 140,
      "originalAmount": 14157000,
      "rate": 3.42,
      "originationDate": "2013-10-30",
      "pmmsBenchmark": 4.192,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.42% is 0.77 pts below the 2013-10 market avg of 4.192%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MALCOLM KENNER APARTMENTS",
      "address": "",
      "city": "KENNER",
      "state": "LA",
      "zip": "70062",
      "units": 66,
      "originalAmount": 9624800,
      "rate": 3.42,
      "originationDate": "2022-06-07",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.42% is 2.10 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "CLAYSVILLE LANDING 11",
      "address": "",
      "city": "ELIZABETHTOWN",
      "state": "KY",
      "zip": "42701",
      "units": 120,
      "originalAmount": 9256500,
      "rate": 3.42,
      "originationDate": "2013-07-29",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.42% is 0.95 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "KENMORE COMMONS",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44106",
      "units": 102,
      "originalAmount": 4300000,
      "rate": 3.42,
      "originationDate": "2020-03-12",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BELLWETHER ENTERPRISE REAL EST"
    },
    {
      "property": "EASEHOUSE APARTMENTS",
      "address": "",
      "city": "AUBURN",
      "state": "AL",
      "zip": "36830",
      "units": 100,
      "originalAmount": 4072700,
      "rate": 3.42,
      "originationDate": "2020-03-18",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "Hotel Wooten",
      "address": "",
      "city": "Abilene",
      "state": "TX",
      "zip": "79601",
      "units": 55,
      "originalAmount": 3649100,
      "rate": 3.42,
      "originationDate": "2017-03-30",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.42% is 0.78 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WOODS EDGE APARTMENTS",
      "address": "",
      "city": "LEWES",
      "state": "DE",
      "zip": "19958",
      "units": 40,
      "originalAmount": 3640000,
      "rate": 3.42,
      "originationDate": "2016-10-12",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "GRAMERCY CLUB AT GREENHAVEN",
      "address": "",
      "city": "BURNSVILLE",
      "state": "MN",
      "zip": "55337",
      "units": 50,
      "originalAmount": 3061000,
      "rate": 3.42,
      "originationDate": "2013-07-25",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.42% is 0.95 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "PARKVIEW PLACE",
      "address": "",
      "city": "HUNTSVILLE",
      "state": "TX",
      "zip": "77340",
      "units": 41,
      "originalAmount": 2227100,
      "rate": 3.42,
      "originationDate": "2006-10-24",
      "pmmsBenchmark": 6.357,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.42% is 2.94 pts below the 2006-10 market avg of 6.357%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GOOD SHEPHERD VILLA",
      "address": "",
      "city": "ASHLAND",
      "state": "OH",
      "zip": "44805",
      "units": 41,
      "originalAmount": 1739600,
      "rate": 3.42,
      "originationDate": "2010-06-23",
      "pmmsBenchmark": 4.737,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.42% is 1.32 pts below the 2010-06 market avg of 4.737%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BROADWAY STREET SUPPORTIVE HOUSING",
      "address": "",
      "city": "LOWELL",
      "state": "MA",
      "zip": "01854",
      "units": 29,
      "originalAmount": 2300000,
      "rate": 3.427,
      "originationDate": "2021-09-13",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MASSACHUSETTS HOUSING PARTNERS"
    },
    {
      "property": "DOMAIN AT KIRBY",
      "address": "",
      "city": "HOUSTON",
      "state": "TX",
      "zip": "77054",
      "units": 293,
      "originalAmount": 50018400,
      "rate": 3.43,
      "originationDate": "2016-12-22",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.43% is 0.77 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "OVERLOOK AT AVALON",
      "address": "",
      "city": "FREDERICK",
      "state": "MD",
      "zip": "21702",
      "units": 114,
      "originalAmount": 19002700,
      "rate": 3.43,
      "originationDate": "2022-05-25",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.43% is 1.80 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "REGENCY - EBONY LAKE NURSING & REHABILITATION CENTER",
      "address": "",
      "city": "BROWNSVILLE",
      "state": "TX",
      "zip": "78520",
      "units": 115,
      "originalAmount": 12416000,
      "rate": 3.43,
      "originationDate": "2016-12-15",
      "pmmsBenchmark": 4.198,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.43% is 0.77 pts below the 2016-12 market avg of 4.198%"
      ],
      "holder": "KEYBANK NATIONAL ASSOCIATION"
    },
    {
      "property": "MILL CREEK APARTMENTS",
      "address": "",
      "city": "SAN BERNARDINO",
      "state": "CA",
      "zip": "92404",
      "units": 160,
      "originalAmount": 11385300,
      "rate": 3.43,
      "originationDate": "2020-04-28",
      "pmmsBenchmark": 3.306,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "Altercare Western Reserve",
      "address": "",
      "city": "STOW",
      "state": "OH",
      "zip": "44224",
      "units": 60,
      "originalAmount": 11260000,
      "rate": 3.43,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "ST. JAMES TERRACE",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21217",
      "units": 151,
      "originalAmount": 11000000,
      "rate": 3.43,
      "originationDate": "2016-10-06",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "TRAILBRIDGE TOWNHOMES",
      "address": "",
      "city": "MIDDLETOWN",
      "state": "OH",
      "zip": "45044",
      "units": 111,
      "originalAmount": 9120000,
      "rate": 3.43,
      "originationDate": "2022-06-29",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.43% is 2.09 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "CANTON HARBOR NURSING HOME",
      "address": "",
      "city": "BALTIMORE",
      "state": "MD",
      "zip": "21224",
      "units": 160,
      "originalAmount": 9116900,
      "rate": 3.43,
      "originationDate": "2009-12-29",
      "pmmsBenchmark": 4.93,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.43% is 1.50 pts below the 2009-12 market avg of 4.93%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "BRIARWOOD APARTMENTS",
      "address": "",
      "city": "MADISON",
      "state": "WI",
      "zip": "53704",
      "units": 136,
      "originalAmount": 9035800,
      "rate": 3.43,
      "originationDate": "2022-07-19",
      "pmmsBenchmark": 5.412,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.43% is 1.98 pts below the 2022-07 market avg of 5.412%"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "St. Bernardine Plaza",
      "address": "",
      "city": "San Bernardino",
      "state": "CA",
      "zip": "92401",
      "units": 150,
      "originalAmount": 7500000,
      "rate": 3.43,
      "originationDate": "2017-03-30",
      "pmmsBenchmark": 4.196,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.43% is 0.77 pts below the 2017-03 market avg of 4.196%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "BENETWOOD APARTMENTS",
      "address": "",
      "city": "ERIE",
      "state": "PA",
      "zip": "16421",
      "units": 76,
      "originalAmount": 3380000,
      "rate": 3.43,
      "originationDate": "2006-07-06",
      "pmmsBenchmark": 6.763,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.43% is 3.33 pts below the 2006-07 market avg of 6.763%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "UNITED HEBREW GERIATRIC CENTER",
      "address": "",
      "city": "NEW ROCHELLE",
      "state": "NY",
      "zip": "10805",
      "units": 296,
      "originalAmount": 49456000,
      "rate": 3.44,
      "originationDate": "2007-01-30",
      "pmmsBenchmark": 6.218,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.44% is 2.78 pts below the 2007-01 market avg of 6.218%"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "WILLOWBEND APARTMENTS PHASE II",
      "address": "",
      "city": "HUMBLE",
      "state": "TX",
      "zip": "77338",
      "units": 228,
      "originalAmount": 24431200,
      "rate": 3.44,
      "originationDate": "2018-07-26",
      "pmmsBenchmark": 4.527,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.44% is 1.09 pts below the 2018-07 market avg of 4.527%"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "REATE WEST APARTMENTS",
      "address": "",
      "city": "AZLE",
      "state": "TX",
      "zip": "76020",
      "units": 224,
      "originalAmount": 24126900,
      "rate": 3.44,
      "originationDate": "2020-09-29",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "SPRINGS APTS",
      "address": "",
      "city": "BALCH SPRINGS",
      "state": "TX",
      "zip": "75180",
      "units": 221,
      "originalAmount": 20710400,
      "rate": 3.44,
      "originationDate": "2018-05-15",
      "pmmsBenchmark": 4.586,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.44% is 1.15 pts below the 2018-05 market avg of 4.586%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "DALEVILLE TOWN CENTER APTS PHASE II",
      "address": "",
      "city": "DALEVILLE",
      "state": "VA",
      "zip": "24083",
      "units": 95,
      "originalAmount": 12477600,
      "rate": 3.44,
      "originationDate": "2018-08-23",
      "pmmsBenchmark": 4.55,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.44% is 1.11 pts below the 2018-08 market avg of 4.55%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "EXECUTIVE HOUSE APARTMENTS",
      "address": "",
      "city": "LANSDALE",
      "state": "PA",
      "zip": "19446",
      "units": 100,
      "originalAmount": 10608000,
      "rate": 3.44,
      "originationDate": "2020-09-29",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "GLENDALE PLACE CARE CENTER",
      "address": "",
      "city": "CINCINNATI",
      "state": "OH",
      "zip": "45215",
      "units": 200,
      "originalAmount": 9981400,
      "rate": 3.44,
      "originationDate": "2020-02-25",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "TAYLORS FARMS APARTMENTS",
      "address": "",
      "city": "DALLAS",
      "state": "TX",
      "zip": "75211",
      "units": 160,
      "originalAmount": 7917900,
      "rate": 3.44,
      "originationDate": "2010-11-10",
      "pmmsBenchmark": 4.3,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.44% is 0.86 pts below the 2010-11 market avg of 4.3%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "VILLA MARIA RETIREMENT COMMUNITY",
      "address": "",
      "city": "GRAND RAPIDS",
      "state": "MI",
      "zip": "49504",
      "units": 180,
      "originalAmount": 7022400,
      "rate": 3.44,
      "originationDate": "2013-07-25",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.44% is 0.93 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "WARREN VILLAGE",
      "address": "",
      "city": "WARREN",
      "state": "MI",
      "zip": "48092",
      "units": 48,
      "originalAmount": 2120000,
      "rate": 3.44,
      "originationDate": "2018-03-28",
      "pmmsBenchmark": 4.444,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.44% is 1.00 pts below the 2018-03 market avg of 4.444%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "JEWEL AT WHISPERING OAKS",
      "address": "",
      "city": "SWANSEA",
      "state": "IL",
      "zip": "62226",
      "units": 240,
      "originalAmount": 42360500,
      "rate": 3.45,
      "originationDate": "2022-08-30",
      "pmmsBenchmark": 5.223,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.45% is 1.77 pts below the 2022-08 market avg of 5.223%"
      ],
      "holder": "GERSHMAN INVESTMENT CORP"
    },
    {
      "property": "CASA BELLA ON WESTSHORE",
      "address": "",
      "city": "TAMPA",
      "state": "FL",
      "zip": "33616",
      "units": 250,
      "originalAmount": 42244200,
      "rate": 3.45,
      "originationDate": "2013-09-30",
      "pmmsBenchmark": 4.49,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.45% is 1.04 pts below the 2013-09 market avg of 4.49%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "MERIDIAN AT TEN-TEN",
      "address": "",
      "city": "APEX",
      "state": "NC",
      "zip": "27539",
      "units": 272,
      "originalAmount": 38161400,
      "rate": 3.45,
      "originationDate": "2018-03-21",
      "pmmsBenchmark": 4.444,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.45% is 0.99 pts below the 2018-03 market avg of 4.444%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "MOONLIGHT GARDEN APARTMENTS",
      "address": "",
      "city": "AUSTIN",
      "state": "TX",
      "zip": "78744",
      "units": 264,
      "originalAmount": 37664900,
      "rate": 3.45,
      "originationDate": "2020-05-21",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE JEWEL",
      "address": "",
      "city": "O'FALLON",
      "state": "MO",
      "zip": "63366",
      "units": 240,
      "originalAmount": 34152400,
      "rate": 3.45,
      "originationDate": "2020-03-12",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "GRANITE MILL",
      "address": "",
      "city": "HAW RIVER",
      "state": "NC",
      "zip": "27258",
      "units": 175,
      "originalAmount": 23856700,
      "rate": 3.45,
      "originationDate": "2021-12-16",
      "pmmsBenchmark": 3.098,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "THE TIMBERS OF CASS COUNTY",
      "address": "",
      "city": "DOWAGIAC",
      "state": "MI",
      "zip": "49047",
      "units": 65,
      "originalAmount": 16360000,
      "rate": 3.45,
      "originationDate": "2022-05-18",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.45% is 1.78 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BLOSSOM NURSING AND REHABILITATION CENTER",
      "address": "",
      "city": "SALEM",
      "state": "OH",
      "zip": "44460",
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      "originalAmount": 14400000,
      "rate": 3.45,
      "originationDate": "2022-05-18",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.45% is 1.78 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HORIZON VILLAGE APTS",
      "address": "",
      "city": "ZION",
      "state": "IL",
      "zip": "60099",
      "units": 276,
      "originalAmount": 13157800,
      "rate": 3.45,
      "originationDate": "2011-08-19",
      "pmmsBenchmark": 4.27,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.45% is 0.82 pts below the 2011-08 market avg of 4.27%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "AUSTINBURG NURSING & REHAB CENTER",
      "address": "",
      "city": "AUSTINBURG",
      "state": "OH",
      "zip": "44010",
      "units": 105,
      "originalAmount": 13080000,
      "rate": 3.45,
      "originationDate": "2022-05-18",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.45% is 1.78 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CHRISTOPHER HOMES",
      "address": "",
      "city": "SEARCY",
      "state": "AR",
      "zip": "72143",
      "units": 414,
      "originalAmount": 13010600,
      "rate": 3.45,
      "originationDate": "2008-01-30",
      "pmmsBenchmark": 5.758,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.45% is 2.31 pts below the 2008-01 market avg of 5.758%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "ENCORE TOWNHOMES I",
      "address": "",
      "city": "UTICA",
      "state": "MI",
      "zip": "48315",
      "units": 80,
      "originalAmount": 12851600,
      "rate": 3.45,
      "originationDate": "2020-03-26",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "WELLINGTON PLACE",
      "address": "",
      "city": "NORTH OLMSTED",
      "state": "OH",
      "zip": "44070",
      "units": 148,
      "originalAmount": 11601900,
      "rate": 3.45,
      "originationDate": "2011-08-30",
      "pmmsBenchmark": 4.27,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.45% is 0.82 pts below the 2011-08 market avg of 4.27%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ST.BARNABAS HOUSING FOR THE ELDERLY",
      "address": "",
      "city": "BRONX",
      "state": "NY",
      "zip": "10457",
      "units": 91,
      "originalAmount": 10129100,
      "rate": 3.45,
      "originationDate": "2013-08-20",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.45% is 1.01 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "GWINNETT CHRISTIAN TERRACE",
      "address": "",
      "city": "LILBURN",
      "state": "GA",
      "zip": "30047",
      "units": 125,
      "originalAmount": 9554200,
      "rate": 3.45,
      "originationDate": "2022-05-24",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.45% is 1.78 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "MILL POND APTS",
      "address": "",
      "city": "CHARLOTTE",
      "state": "NC",
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      "units": 168,
      "originalAmount": 9127500,
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      "originationDate": "2018-03-29",
      "pmmsBenchmark": 4.444,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.45% is 0.99 pts below the 2018-03 market avg of 4.444%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "MARSHALL NURSING AND REHABILITATION COMMUNITY",
      "address": "",
      "city": "MARSHALL",
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      "originalAmount": 8944000,
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      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.45% is 1.78 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "FREDERIC NURSING & REHAB COMMUNITY",
      "address": "",
      "city": "FREDERIC",
      "state": "WI",
      "zip": "54837",
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      "originalAmount": 8520000,
      "rate": 3.45,
      "originationDate": "2022-05-18",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.45% is 1.78 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "WATTERSON LAKEVIEW",
      "address": "",
      "city": "LOUISVILLE",
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      "zip": "40215",
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      "originalAmount": 7760800,
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      "originationDate": "2016-07-28",
      "pmmsBenchmark": 3.44,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "ATHENA - NORTHBRIDGE HEALTH CARE CENTER",
      "address": "",
      "city": "BRIDGEPORT",
      "state": "CT",
      "zip": "06606",
      "units": 223,
      "originalAmount": 7696000,
      "rate": 3.45,
      "originationDate": "2020-02-27",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "J O BLANTON HOUSE",
      "address": "",
      "city": "LOUISVILLE",
      "state": "KY",
      "zip": "40203",
      "units": 256,
      "originalAmount": 7300000,
      "rate": 3.45,
      "originationDate": "2018-10-19",
      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.45% is 1.38 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "HIGHBROOK TOWNHOMES",
      "address": "",
      "city": "HUDSONVILLE",
      "state": "MI",
      "zip": "49426",
      "units": 62,
      "originalAmount": 7280000,
      "rate": 3.45,
      "originationDate": "2018-02-22",
      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.45% is 0.88 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "HERITAGE NURSING AND REHAB COMMUNITY",
      "address": "",
      "city": "ZEELAND",
      "state": "MI",
      "zip": "49464",
      "units": 27,
      "originalAmount": 6720000,
      "rate": 3.45,
      "originationDate": "2022-05-18",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.45% is 1.78 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MENNOWOOD RETIREMENT COMMUNTY",
      "address": "",
      "city": "NEWPORT NEWS",
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      "zip": "23602",
      "units": 95,
      "originalAmount": 6240000,
      "rate": 3.45,
      "originationDate": "2010-09-30",
      "pmmsBenchmark": 4.346,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.45% is 0.90 pts below the 2010-09 market avg of 4.346%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "REIDS VALLEY VIEW MANOR",
      "address": "",
      "city": "CINCINNATI",
      "state": "OH",
      "zip": "45225",
      "units": 114,
      "originalAmount": 5750000,
      "rate": 3.45,
      "originationDate": "2020-02-26",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "PHALEN SENIOR APARTMENTS",
      "address": "",
      "city": "ST PAUL",
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      "zip": "55413",
      "units": 73,
      "originalAmount": 5650000,
      "rate": 3.45,
      "originationDate": "2005-02-09",
      "pmmsBenchmark": 5.628,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.45% is 2.18 pts below the 2005-02 market avg of 5.628%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "FEDERATION HOMES",
      "address": "",
      "city": "BLOOMFIELD",
      "state": "CT",
      "zip": "06002",
      "units": 101,
      "originalAmount": 5584800,
      "rate": 3.45,
      "originationDate": "2006-06-20",
      "pmmsBenchmark": 6.682,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.45% is 3.23 pts below the 2006-06 market avg of 6.682%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "LINCOLN HAVEN NURSING & REHAB COMMUNITY",
      "address": "",
      "city": "LINCOLN",
      "state": "MI",
      "zip": "48742",
      "units": 27,
      "originalAmount": 5080000,
      "rate": 3.45,
      "originationDate": "2022-05-18",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.45% is 1.78 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BENJAMIN RIVER DEER RUN APARTMENTS",
      "address": "",
      "city": "SEDGWICK",
      "state": "ME",
      "zip": "04676",
      "units": 40,
      "originalAmount": 3610800,
      "rate": 3.45,
      "originationDate": "2013-01-17",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "REIDSVILLE RIDGE APARTMENTS",
      "address": "",
      "city": "REIDSVILLE",
      "state": "NC",
      "zip": "27320",
      "units": 72,
      "originalAmount": 2905000,
      "rate": 3.45,
      "originationDate": "2016-10-31",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "WEATHERLY RIDGE II",
      "address": "",
      "city": "ANTIOCH",
      "state": "TN",
      "zip": "37013",
      "units": 48,
      "originalAmount": 2634000,
      "rate": 3.45,
      "originationDate": "2011-08-18",
      "pmmsBenchmark": 4.27,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.45% is 0.82 pts below the 2011-08 market avg of 4.27%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "HICKORY HILL RETIREMENT COMMUNITY",
      "address": "",
      "city": "BURKEVILLE",
      "state": "VA",
      "zip": "23922",
      "units": 75,
      "originalAmount": 2564700,
      "rate": 3.45,
      "originationDate": "2013-12-19",
      "pmmsBenchmark": 4.457,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.45% is 1.01 pts below the 2013-12 market avg of 4.457%"
      ],
      "holder": "BLUEPRINT REAL ESTATE CAPITAL"
    },
    {
      "property": "ROE VILLAGE",
      "address": "",
      "city": "HAMPDEN",
      "state": "ME",
      "zip": "04444",
      "units": 30,
      "originalAmount": 1977600,
      "rate": 3.45,
      "originationDate": "2013-01-17",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "THE GLENS",
      "address": "",
      "city": "ROCK HILL",
      "state": "SC",
      "zip": "29730",
      "units": 88,
      "originalAmount": 1696800,
      "rate": 3.45,
      "originationDate": "2007-04-30",
      "pmmsBenchmark": 6.18,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.45% is 2.73 pts below the 2007-04 market avg of 6.18%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "APPLETREE APTS.",
      "address": "",
      "city": "FAIR HAVEN",
      "state": "VT",
      "zip": "05743",
      "units": 40,
      "originalAmount": 1600000,
      "rate": 3.45,
      "originationDate": "2020-10-07",
      "pmmsBenchmark": 2.834,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "VERMONT HOUSING FINANCE AGENCY"
    },
    {
      "property": "PERSISTENCE",
      "address": "",
      "city": "NEWBURGH",
      "state": "ME",
      "zip": "04444",
      "units": 20,
      "originalAmount": 1599200,
      "rate": 3.45,
      "originationDate": "2013-01-17",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "EL ESTERO SENIOR APTS",
      "address": "",
      "city": "MONTEREY",
      "state": "CA",
      "zip": "93940",
      "units": 26,
      "originalAmount": 1489000,
      "rate": 3.45,
      "originationDate": "2008-02-27",
      "pmmsBenchmark": 5.918,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.45% is 2.47 pts below the 2008-02 market avg of 5.918%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "GOLFVIEW APARTMENTS",
      "address": "",
      "city": "HOPE MILLS",
      "state": "NC",
      "zip": "28348",
      "units": 48,
      "originalAmount": 1372700,
      "rate": 3.45,
      "originationDate": "2020-02-20",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "REALIFE COOPERATIVE OF OWATONNA",
      "address": "",
      "city": "OWATONNA",
      "state": "MN",
      "zip": "55060",
      "units": 32,
      "originalAmount": 1019500,
      "rate": 3.45,
      "originationDate": "2013-01-30",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "HOMESTEAD PLACE",
      "address": "",
      "city": "GRAND FORKS",
      "state": "ND",
      "zip": "58201",
      "units": 50,
      "originalAmount": 844100,
      "rate": 3.45,
      "originationDate": "2011-02-25",
      "pmmsBenchmark": 4.952,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.45% is 1.50 pts below the 2011-02 market avg of 4.952%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "LINCOLN VILLAGE COOP PHASE THR",
      "address": "",
      "city": "COLUMBUS",
      "state": "IN",
      "zip": "47203",
      "units": 56,
      "originalAmount": 800000,
      "rate": 3.45,
      "originationDate": "2004-08-31",
      "pmmsBenchmark": 5.867,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.45% is 2.42 pts below the 2004-08 market avg of 5.867%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "LINCOLN VILLAGE COOP PHASE I",
      "address": "",
      "city": "COLUMBUS",
      "state": "IN",
      "zip": "47203",
      "units": 50,
      "originalAmount": 692000,
      "rate": 3.45,
      "originationDate": "2004-08-31",
      "pmmsBenchmark": 5.867,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.45% is 2.42 pts below the 2004-08 market avg of 5.867%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "LINCOLN VILLAGE COOP PHASE II",
      "address": "",
      "city": "COLUMBUS",
      "state": "IN",
      "zip": "47203",
      "units": 50,
      "originalAmount": 619000,
      "rate": 3.45,
      "originationDate": "2004-08-31",
      "pmmsBenchmark": 5.867,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.45% is 2.42 pts below the 2004-08 market avg of 5.867%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "CIDER MILL APTS",
      "address": "",
      "city": "MONTGOMERY VILLAGE",
      "state": "MD",
      "zip": "20886",
      "units": 864,
      "originalAmount": 125000000,
      "rate": 3.453,
      "originationDate": "2018-06-21",
      "pmmsBenchmark": 4.57,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.453% is 1.12 pts below the 2018-06 market avg of 4.57%"
      ],
      "holder": "HOC-MORTGAGE FINANCE PROGRAM"
    },
    {
      "property": "SUMMERVIEW APARTMENT",
      "address": "",
      "city": "MODESTO",
      "state": "CA",
      "zip": "95356",
      "units": 136,
      "originalAmount": 30987000,
      "rate": 3.46,
      "originationDate": "2022-05-20",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.46% is 1.77 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "COLONNADE AT EASTERN SHORE",
      "address": "",
      "city": "DAPHNE",
      "state": "AL",
      "zip": "36526",
      "units": 240,
      "originalAmount": 26840700,
      "rate": 3.46,
      "originationDate": "2020-03-25",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "LUCIAN MANOR",
      "address": "",
      "city": "CHICO",
      "state": "CA",
      "zip": "95926",
      "units": 38,
      "originalAmount": 1313600,
      "rate": 3.46,
      "originationDate": "2020-06-30",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "HARPER CAPITAL PARTNERS, LLC"
    },
    {
      "property": "ASQAH COOPERATIVE",
      "address": "",
      "city": "NORTH KINGSTOWN",
      "state": "RI",
      "zip": "02852",
      "units": 96,
      "originalAmount": 1277600,
      "rate": 3.46,
      "originationDate": "2016-07-26",
      "pmmsBenchmark": 3.44,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "NOHO TAMPA APARTMENTS",
      "address": "",
      "city": "TAMPA",
      "state": "FL",
      "zip": "33606",
      "units": 198,
      "originalAmount": 42352000,
      "rate": 3.47,
      "originationDate": "2020-06-10",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "FIRST HOUSING DEV CORP OF FL"
    },
    {
      "property": "BABCOCK APARTMENTS",
      "address": "",
      "city": "COLUMBIA",
      "state": "SC",
      "zip": "29201",
      "units": 208,
      "originalAmount": 39006300,
      "rate": 3.47,
      "originationDate": "2020-12-09",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "RIO VISTA APARTMENTS",
      "address": "",
      "city": "SAN YSIDRO",
      "state": "CA",
      "zip": "92123",
      "units": 161,
      "originalAmount": 20753200,
      "rate": 3.47,
      "originationDate": "2020-03-27",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "GENERAL CHAUNCEY M. HOOPER TOWERS",
      "address": "",
      "city": "NEW YORK",
      "state": "NY",
      "zip": "10037",
      "units": 76,
      "originalAmount": 11541600,
      "rate": 3.47,
      "originationDate": "2018-02-26",
      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.47% is 0.86 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE LAKES AT WESTVIEW I APARTMENTS",
      "address": "",
      "city": "CONROE",
      "state": "TX",
      "zip": "77304",
      "units": 128,
      "originalAmount": 8566600,
      "rate": 3.47,
      "originationDate": "2016-08-31",
      "pmmsBenchmark": 3.435,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "FIRST AMERICAN CAPITAL GROUP C"
    },
    {
      "property": "PRAIRIE MEADOWS SENIOR LIVING",
      "address": "",
      "city": "KASSON",
      "state": "MN",
      "zip": "55994",
      "units": 132,
      "originalAmount": 8400000,
      "rate": 3.47,
      "originationDate": "2021-04-29",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "PLUM RIDGE",
      "address": "",
      "city": "KLAMATH FALLS",
      "state": "OR",
      "zip": "97601",
      "units": 157,
      "originalAmount": 6647400,
      "rate": 3.47,
      "originationDate": "2018-10-01",
      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.47% is 1.36 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "RIVERVIEW HOMES",
      "address": "",
      "city": "PITTSFIELD",
      "state": "MA",
      "zip": "02101",
      "units": 120,
      "originalAmount": 4169000,
      "rate": 3.47,
      "originationDate": "2018-03-26",
      "pmmsBenchmark": 4.444,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.47% is 0.97 pts below the 2018-03 market avg of 4.444%"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "GWYNNE VILLAGE APARTMENTS",
      "address": "",
      "city": "URBANA",
      "state": "OH",
      "zip": "43078",
      "units": 38,
      "originalAmount": 1800000,
      "rate": 3.47,
      "originationDate": "2022-06-07",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.47% is 2.05 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "TOOMBS COUNTY HOSPITAL AUTHORITY",
      "address": "",
      "city": "VIDALIA",
      "state": "GA",
      "zip": "30474",
      "units": 57,
      "originalAmount": 74435000,
      "rate": 3.48,
      "originationDate": "2016-07-21",
      "pmmsBenchmark": 3.44,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "COASTAL CLUB APARTMENTS",
      "address": "",
      "city": "BRUNSWICK",
      "state": "GA",
      "zip": "31520",
      "units": 240,
      "originalAmount": 44160000,
      "rate": 3.48,
      "originationDate": "2022-05-24",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.48% is 1.75 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "TOSCANA APARTMENT HOMES",
      "address": "",
      "city": "GREENVILLE",
      "state": "SC",
      "zip": "29615",
      "units": 172,
      "originalAmount": 23473200,
      "rate": 3.48,
      "originationDate": "2022-06-28",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.48% is 2.04 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "COOPERWOOD SENIOR LIVING",
      "address": "",
      "city": "FLOWOOD",
      "state": "MS",
      "zip": "39232",
      "units": 174,
      "originalAmount": 19931625,
      "rate": 3.48,
      "originationDate": "2020-03-25",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CENTENNIAL MORTGAGE INC"
    },
    {
      "property": "HARMONY MILLS FALLSVIEW",
      "address": "",
      "city": "COHOES",
      "state": "NY",
      "zip": "12047",
      "units": 135,
      "originalAmount": 19874500,
      "rate": 3.48,
      "originationDate": "2021-07-22",
      "pmmsBenchmark": 2.868,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "WILLOW SPRINGS REHABILITATION & HEALTHCARE CENTER",
      "address": "",
      "city": "BRICK",
      "state": "NJ",
      "zip": "08724",
      "units": 256,
      "originalAmount": 17344800,
      "rate": 3.48,
      "originationDate": "2019-03-28",
      "pmmsBenchmark": 4.265,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.48% is 0.78 pts below the 2019-03 market avg of 4.265%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "STONY BROOK COURT",
      "address": "",
      "city": "SHARON",
      "state": "MA",
      "zip": "02067",
      "units": 99,
      "originalAmount": 16849300,
      "rate": 3.48,
      "originationDate": "2022-06-28",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.48% is 2.04 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "ASCENSION MANOR APTS",
      "address": "",
      "city": "PHILADELPHIA",
      "state": "PA",
      "zip": "19123",
      "units": 281,
      "originalAmount": 15351000,
      "rate": 3.48,
      "originationDate": "2010-08-16",
      "pmmsBenchmark": 4.428,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.48% is 0.95 pts below the 2010-08 market avg of 4.428%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "HAMPTON PLACE APARTMENTS",
      "address": "",
      "city": "PERRY",
      "state": "GA",
      "zip": "31069",
      "units": 150,
      "originalAmount": 12122200,
      "rate": 3.48,
      "originationDate": "2022-06-29",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.48% is 2.04 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "CATOCTIN VIEW APTS.",
      "address": "",
      "city": "FREDERICK",
      "state": "MD",
      "zip": "21701",
      "units": 76,
      "originalAmount": 10315000,
      "rate": 3.48,
      "originationDate": "2020-06-30",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "CITY HALL SQUARE APARTMENTS",
      "address": "",
      "city": "MILWAUKEE",
      "state": "WI",
      "zip": "53202",
      "units": 136,
      "originalAmount": 10120000,
      "rate": 3.48,
      "originationDate": "2013-08-13",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.48% is 0.98 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "NORTHPOINT CAPITAL LLC"
    },
    {
      "property": "COLLEGE PARK TOWNHOMES",
      "address": "",
      "city": "GILLETTE",
      "state": "WY",
      "zip": "82718",
      "units": 72,
      "originalAmount": 9736800,
      "rate": 3.48,
      "originationDate": "2020-05-29",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "UNION ARCADE",
      "address": "",
      "city": "DAVENPORT",
      "state": "IA",
      "zip": "52801",
      "units": 68,
      "originalAmount": 7020700,
      "rate": 3.48,
      "originationDate": "2020-05-18",
      "pmmsBenchmark": 3.232,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "MOMENCE MEADOWS NURSING CTR",
      "address": "",
      "city": "MOMENCE",
      "state": "IL",
      "zip": "60954",
      "units": 140,
      "originalAmount": 6360700,
      "rate": 3.48,
      "originationDate": "2013-08-28",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.48% is 0.98 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "TAFT HOMES 4% RAD",
      "address": "",
      "city": "PEORIA",
      "state": "IL",
      "zip": "61603",
      "units": 60,
      "originalAmount": 5195000,
      "rate": 3.48,
      "originationDate": "2024-12-19",
      "pmmsBenchmark": 6.715,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.48% is 3.23 pts below the 2024-12 market avg of 6.715%"
      ],
      "holder": "ILLINOIS HOUSING DEVELOPMENT A"
    },
    {
      "property": "MISSION GARDEN APARTMENT",
      "address": "",
      "city": "SAN JUAN BAUTISTA",
      "state": "CA",
      "zip": "95045",
      "units": 43,
      "originalAmount": 4770100,
      "rate": 3.48,
      "originationDate": "2020-02-27",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "THERESA MAXIS APARTMENTS",
      "address": "",
      "city": "DETROIT",
      "state": "MI",
      "zip": "48221",
      "units": 80,
      "originalAmount": 3826600,
      "rate": 3.48,
      "originationDate": "2006-10-24",
      "pmmsBenchmark": 6.357,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.48% is 2.88 pts below the 2006-10 market avg of 6.357%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WOODVIEW APARTMENTS",
      "address": "",
      "city": "NEWAYGO",
      "state": "MI",
      "zip": "49337",
      "units": 66,
      "originalAmount": 2758000,
      "rate": 3.48,
      "originationDate": "2006-10-24",
      "pmmsBenchmark": 6.357,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.48% is 2.88 pts below the 2006-10 market avg of 6.357%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "HERITAGE PLACE APARTMENTS",
      "address": "",
      "city": "LAKE ORION",
      "state": "MI",
      "zip": "48362",
      "units": 58,
      "originalAmount": 2249900,
      "rate": 3.48,
      "originationDate": "2006-05-31",
      "pmmsBenchmark": 6.598,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.48% is 3.12 pts below the 2006-05 market avg of 6.598%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "DAMASCUS GARDENS",
      "address": "",
      "city": "DAMASCUS",
      "state": "MD",
      "zip": "20872",
      "units": 104,
      "originalAmount": 1636300,
      "rate": 3.48,
      "originationDate": "2016-10-31",
      "pmmsBenchmark": 3.47,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "COMMONS OF SAXONBURG",
      "address": "",
      "city": "SAXONBURG",
      "state": "PA",
      "zip": "16056",
      "units": 26,
      "originalAmount": 1338000,
      "rate": 3.48,
      "originationDate": "2007-06-18",
      "pmmsBenchmark": 6.658,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.48% is 3.18 pts below the 2007-06 market avg of 6.658%"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "OAKLAWN APARTMENTS INC",
      "address": "",
      "city": "ELKHART",
      "state": "IN",
      "zip": "46517",
      "units": 22,
      "originalAmount": 964900,
      "rate": 3.48,
      "originationDate": "2007-03-28",
      "pmmsBenchmark": 6.156,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.48% is 2.68 pts below the 2007-03 market avg of 6.156%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "KIKU CROSSING",
      "address": "",
      "city": "SAM MATEO",
      "state": "CA",
      "zip": "94401",
      "units": 225,
      "originalAmount": 69035400,
      "rate": 3.49,
      "originationDate": "2025-05-30",
      "pmmsBenchmark": 6.816,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.49% is 3.33 pts below the 2025-05 market avg of 6.816%"
      ],
      "holder": "CALIFORNIA HOUSING FINANCE"
    },
    {
      "property": "METRO 59",
      "address": "",
      "city": "AURORA",
      "state": "IL",
      "zip": "60504",
      "units": 232,
      "originalAmount": 52437300,
      "rate": 3.49,
      "originationDate": "2020-03-24",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "PINNACLE HEIGHTS",
      "address": "",
      "city": "ROGERS",
      "state": "AR",
      "zip": "72758",
      "units": 295,
      "originalAmount": 44263900,
      "rate": 3.49,
      "originationDate": "2018-12-18",
      "pmmsBenchmark": 4.638,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.49% is 1.15 pts below the 2018-12 market avg of 4.638%"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "WHISPER APARTMENTS",
      "address": "",
      "city": "SAN MARCOS",
      "state": "TX",
      "zip": "78666",
      "units": 264,
      "originalAmount": 44080100,
      "rate": 3.49,
      "originationDate": "2022-04-25",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.49% is 1.49 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "BREEZES DEL MAR 2A-2D",
      "address": "",
      "city": "VENICE",
      "state": "CA",
      "zip": "90291",
      "units": 113,
      "originalAmount": 43095700,
      "rate": 3.49,
      "originationDate": "2020-09-22",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "THE ROSEBERRY",
      "address": "",
      "city": "COLUMBIA",
      "state": "SC",
      "zip": "29223",
      "units": 285,
      "originalAmount": 38372600,
      "rate": 3.49,
      "originationDate": "2022-06-29",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.49% is 2.03 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "CITY VIEW PARK",
      "address": "",
      "city": "LOUISVILLE",
      "state": "KY",
      "zip": "40203",
      "units": 503,
      "originalAmount": 34250000,
      "rate": 3.49,
      "originationDate": "2020-02-07",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "AGM FINANCIAL SERVICES INC"
    },
    {
      "property": "ZENITH",
      "address": "",
      "city": "DULUTH",
      "state": "MN",
      "zip": "55802",
      "units": 122,
      "originalAmount": 26430800,
      "rate": 3.49,
      "originationDate": "2022-04-28",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.49% is 1.49 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "BREEZES DEL MAR 1A-1D",
      "address": "",
      "city": "VENICE",
      "state": "CA",
      "zip": "90291",
      "units": 62,
      "originalAmount": 23440000,
      "rate": 3.49,
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      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "BREEZES DEL MAR 3A-3D",
      "address": "",
      "city": "VENICE",
      "state": "CA",
      "zip": "90291",
      "units": 38,
      "originalAmount": 18502000,
      "rate": 3.49,
      "originationDate": "2020-09-22",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "Parc Central",
      "address": "",
      "city": "Vancouver",
      "state": "WA",
      "zip": "98661",
      "units": 151,
      "originalAmount": 17331800,
      "rate": 3.49,
      "originationDate": "2019-02-21",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.49% is 0.88 pts below the 2019-02 market avg of 4.37%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "BREEZES DEL MAR 4A-4C",
      "address": "",
      "city": "VENICE",
      "state": "CA",
      "zip": "90291",
      "units": 33,
      "originalAmount": 14494300,
      "rate": 3.49,
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      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "ROCKHILL APARTMENTS",
      "address": "",
      "city": "MCKINNEY",
      "state": "TX",
      "zip": "75070",
      "units": 60,
      "originalAmount": 10658700,
      "rate": 3.49,
      "originationDate": "2020-02-04",
      "pmmsBenchmark": 3.465,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "CARRINGTON POINT APARTMENTS",
      "address": "",
      "city": "DOUGLASVILLE",
      "state": "GA",
      "zip": "30135",
      "units": 175,
      "originalAmount": 8956700,
      "rate": 3.49,
      "originationDate": "2013-07-31",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.49% is 0.88 pts below the 2013-07 market avg of 4.37%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "THE ZIMMER APARTMENTS",
      "address": "",
      "city": "GRESHAM",
      "state": "OR",
      "zip": "97080",
      "units": 85,
      "originalAmount": 8847900,
      "rate": 3.49,
      "originationDate": "2019-03-21",
      "pmmsBenchmark": 4.265,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.49% is 0.77 pts below the 2019-03 market avg of 4.265%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "VILLAS DE MAYAQUEZ",
      "address": "",
      "city": "MAYAQUEZ",
      "state": "PR",
      "zip": "00680",
      "units": 164,
      "originalAmount": 6624000,
      "rate": 3.49,
      "originationDate": "2016-07-07",
      "pmmsBenchmark": 3.44,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "LACON REHAB AND NURSING",
      "address": "",
      "city": "LACON",
      "state": "IL",
      "zip": "61540",
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      "originalAmount": 6215800,
      "rate": 3.49,
      "originationDate": "2022-04-29",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.49% is 1.49 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "NEW CENTER CITY",
      "address": "",
      "city": "NEWARK",
      "state": "NJ",
      "zip": "07102",
      "units": 49,
      "originalAmount": 4050400,
      "rate": 3.49,
      "originationDate": "2021-09-23",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "SANTA FE APTS",
      "address": "",
      "city": "COMPTON",
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      "zip": "90221",
      "units": 57,
      "originalAmount": 3801800,
      "rate": 3.49,
      "originationDate": "2018-03-07",
      "pmmsBenchmark": 4.444,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.49% is 0.95 pts below the 2018-03 market avg of 4.444%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "BROCKERHOOF HOUSE",
      "address": "",
      "city": "BELLEFONTE",
      "state": "PA",
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      "units": 33,
      "originalAmount": 2394300,
      "rate": 3.49,
      "originationDate": "2010-12-16",
      "pmmsBenchmark": 4.714,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.49% is 1.22 pts below the 2010-12 market avg of 4.714%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "CAMBRIDGE ESTATE",
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      "city": "LAWTON",
      "state": "OK",
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      "units": 61,
      "originalAmount": 1980000,
      "rate": 3.49,
      "originationDate": "2022-05-31",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.49% is 1.74 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "MERCHANTS CAPITAL SERVICING LL"
    },
    {
      "property": "TOWER TERRACE TOWNHOMES",
      "address": "",
      "city": "CAMBRIDGE",
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      "zip": "55008",
      "units": 32,
      "originalAmount": 1638000,
      "rate": 3.49,
      "originationDate": "2020-03-30",
      "pmmsBenchmark": 3.45,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "MINNESOTA HOUSING FINANCE AGEN"
    },
    {
      "property": "FIRST MEADOWBROOK CO-OP",
      "address": "",
      "city": "HAMDEN",
      "state": "CT",
      "zip": "06518",
      "units": 120,
      "originalAmount": 1200000,
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      "originationDate": "2006-12-21",
      "pmmsBenchmark": 6.135,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.49% is 2.64 pts below the 2006-12 market avg of 6.135%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "THE REMY PHASE II",
      "address": "",
      "city": "LANHAM",
      "state": "MD",
      "zip": "20706",
      "units": 268,
      "originalAmount": 59196700,
      "rate": 3.5,
      "originationDate": "2020-08-04",
      "pmmsBenchmark": 2.935,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "COLUMBIANATIONAL REAL ESTATE F"
    },
    {
      "property": "MIDTOWN POINTE APTS",
      "address": "",
      "city": "ROYAL OAK",
      "state": "MI",
      "zip": "48073",
      "units": 186,
      "originalAmount": 35142000,
      "rate": 3.5,
      "originationDate": "2018-07-24",
      "pmmsBenchmark": 4.527,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 1.03 pts below the 2018-07 market avg of 4.527%"
      ],
      "holder": "ARBOR AGENCY LENDING, LLC"
    },
    {
      "property": "ARTISTRY AT EDGESTONE",
      "address": "",
      "city": "FRISCO",
      "state": "TX",
      "zip": "75034",
      "units": 188,
      "originalAmount": 31922800,
      "rate": 3.5,
      "originationDate": "2018-12-19",
      "pmmsBenchmark": 4.638,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 1.14 pts below the 2018-12 market avg of 4.638%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "THE DUKE VICTORIA",
      "address": "",
      "city": "VICTORIA",
      "state": "TX",
      "zip": "77904",
      "units": 252,
      "originalAmount": 27440000,
      "rate": 3.5,
      "originationDate": "2020-12-22",
      "pmmsBenchmark": 2.684,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "WOMAN'S MILL ASSISTED LIVING AND MEMORY CARE",
      "address": "",
      "city": "FREDERICK",
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      "zip": "21701",
      "units": 168,
      "originalAmount": 26918100,
      "rate": 3.5,
      "originationDate": "2021-04-27",
      "pmmsBenchmark": 3.06,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "M AND T REALTY CAPITAL CORPORA"
    },
    {
      "property": "STRATFORD MILL",
      "address": "",
      "city": "ST. AUGUSTINE",
      "state": "FL",
      "zip": "32084",
      "units": 240,
      "originalAmount": 25881300,
      "rate": 3.5,
      "originationDate": "2018-02-28",
      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 0.83 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "GREYSTONE FUNDING COMPANY LLC"
    },
    {
      "property": "GREAT FALLS ASSISTED LIVING",
      "address": "",
      "city": "HERNDON",
      "state": "VA",
      "zip": "20170",
      "units": 126,
      "originalAmount": 22128200,
      "rate": 3.5,
      "originationDate": "2018-10-18",
      "pmmsBenchmark": 4.83,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 1.33 pts below the 2018-10 market avg of 4.83%"
      ],
      "holder": "CENTURY HEALTH & HOUSING CAPIT"
    },
    {
      "property": "CAMINO AL NORTE",
      "address": "",
      "city": "NORTH LAS VEGAS",
      "state": "NV",
      "zip": "89031",
      "units": 146,
      "originalAmount": 21100000,
      "rate": 3.5,
      "originationDate": "2019-03-29",
      "pmmsBenchmark": 4.265,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 0.76 pts below the 2019-03 market avg of 4.265%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "BRONSTEIN REDEVELOPMENT 4%",
      "address": "",
      "city": "NASHUA",
      "state": "NH",
      "zip": "03060",
      "units": 166,
      "originalAmount": 20000000,
      "rate": 3.5,
      "originationDate": "2021-09-24",
      "pmmsBenchmark": 2.9,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEW HAMPSHIRE HOUSING FIN AUTH"
    },
    {
      "property": "OAK PARK SENIOR LIVING",
      "address": "",
      "city": "STILLWATER",
      "state": "MN",
      "zip": "55082",
      "units": 300,
      "originalAmount": 19780000,
      "rate": 3.5,
      "originationDate": "2018-07-30",
      "pmmsBenchmark": 4.527,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 1.03 pts below the 2018-07 market avg of 4.527%"
      ],
      "holder": "COLLIERS MORTGAGE LLC"
    },
    {
      "property": "BRIA OF WESTMONT",
      "address": "",
      "city": "WESTMONT",
      "state": "IL",
      "zip": "60559",
      "units": 86,
      "originalAmount": 18120000,
      "rate": 3.5,
      "originationDate": "2022-10-31",
      "pmmsBenchmark": 6.9,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 3.40 pts below the 2022-10 market avg of 6.9%"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "CANTIBURY POINTE",
      "address": "",
      "city": "LUBBOCK",
      "state": "TX",
      "zip": "79415",
      "units": 144,
      "originalAmount": 18000000,
      "rate": 3.5,
      "originationDate": "2023-10-17",
      "pmmsBenchmark": 7.62,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 4.12 pts below the 2023-10 market avg of 7.62%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "WELLBRIDGE OF ROMEO",
      "address": "",
      "city": "ROMEO",
      "state": "MI",
      "zip": "48065",
      "units": 228,
      "originalAmount": 17141000,
      "rate": 3.5,
      "originationDate": "2021-01-28",
      "pmmsBenchmark": 2.735,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "THE WAVERLY APARTMENTS",
      "address": "",
      "city": "RALEIGH",
      "state": "NC",
      "zip": "27610",
      "units": 192,
      "originalAmount": 16612200,
      "rate": 3.5,
      "originationDate": "2019-02-15",
      "pmmsBenchmark": 4.37,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 0.87 pts below the 2019-02 market avg of 4.37%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "BANCROFT DIXWELL APARTMENTS",
      "address": "",
      "city": "BOSTON",
      "state": "MA",
      "zip": "02119",
      "units": 78,
      "originalAmount": 16583000,
      "rate": 3.5,
      "originationDate": "2024-08-15",
      "pmmsBenchmark": 6.5,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 3.00 pts below the 2024-08 market avg of 6.5%"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "FENWAY MANOR APTS",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44106",
      "units": 143,
      "originalAmount": 16119100,
      "rate": 3.5,
      "originationDate": "2018-03-15",
      "pmmsBenchmark": 4.444,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 0.94 pts below the 2018-03 market avg of 4.444%"
      ],
      "holder": "ROSE COMMUNITY CAPITAL, LLC"
    },
    {
      "property": "WALDEN POND APARTMENTS",
      "address": "",
      "city": "COLUMBUS",
      "state": "GA",
      "zip": "31909",
      "units": 236,
      "originalAmount": 16029100,
      "rate": 3.5,
      "originationDate": "2014-02-04",
      "pmmsBenchmark": 4.303,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 0.80 pts below the 2014-02 market avg of 4.303%"
      ],
      "holder": "CAPITAL ONE NA"
    },
    {
      "property": "THE ORCHARDS",
      "address": "",
      "city": "AURORA",
      "state": "CO",
      "zip": "80016",
      "units": 240,
      "originalAmount": 15193300,
      "rate": 3.5,
      "originationDate": "2011-07-28",
      "pmmsBenchmark": 4.545,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 1.04 pts below the 2011-07 market avg of 4.545%"
      ],
      "holder": "GREYSTONE SERVICING COMPANY LL"
    },
    {
      "property": "AMHERST OAKS APARTMENTS",
      "address": "",
      "city": "DALLAS",
      "state": "TX",
      "zip": "75244",
      "units": 134,
      "originalAmount": 13153300,
      "rate": 3.5,
      "originationDate": "2022-05-19",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 1.73 pts below the 2022-05 market avg of 5.23%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "HAWTHORNE INN OF DANVILLE",
      "address": "",
      "city": "DANVILLE",
      "state": "IL",
      "zip": "61832",
      "units": 140,
      "originalAmount": 12627000,
      "rate": 3.5,
      "originationDate": "2013-02-26",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "CAMBRIDGE REALTY CAPITAL IL"
    },
    {
      "property": "CATHEDRAL SQUARE APTS I",
      "address": "",
      "city": "PROVIDENCE",
      "state": "RI",
      "zip": "02903",
      "units": 100,
      "originalAmount": 11790000,
      "rate": 3.5,
      "originationDate": "2018-02-14",
      "pmmsBenchmark": 4.33,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 0.83 pts below the 2018-02 market avg of 4.33%"
      ],
      "holder": "RHODE ISLAND HSG MTGE FIN CORP"
    },
    {
      "property": "EASTBROOK HEALTHCARE CENTER",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44112",
      "units": 63,
      "originalAmount": 11440500,
      "rate": 3.5,
      "originationDate": "2022-04-14",
      "pmmsBenchmark": 4.982,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 1.48 pts below the 2022-04 market avg of 4.982%"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "DW SUNDANCE APARTMENTS",
      "address": "",
      "city": "DODGE CITY",
      "state": "KS",
      "zip": "67801",
      "units": 145,
      "originalAmount": 8800000,
      "rate": 3.5,
      "originationDate": "2022-06-03",
      "pmmsBenchmark": 5.522,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 2.02 pts below the 2022-06 market avg of 5.522%"
      ],
      "holder": "CBRE HMF INC"
    },
    {
      "property": "UNIT B OF GOLDA MEIR HOUSE CONDOMINIUM AKA MEIR HOUSE EXPANSION",
      "address": "",
      "city": "NEWTON",
      "state": "MA",
      "zip": "02466",
      "units": 68,
      "originalAmount": 7997419,
      "rate": 3.5,
      "originationDate": "2024-09-26",
      "pmmsBenchmark": 6.18,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 2.68 pts below the 2024-09 market avg of 6.18%"
      ],
      "holder": "MASSHOUSING"
    },
    {
      "property": "LAURELWOOD CARE CENTER",
      "address": "",
      "city": "JOHNSTOWN",
      "state": "PA",
      "zip": "15905",
      "units": 220,
      "originalAmount": 7828000,
      "rate": 3.5,
      "originationDate": "2011-08-31",
      "pmmsBenchmark": 4.27,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 0.77 pts below the 2011-08 market avg of 4.27%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "MT. BAKER CARE CENTER",
      "address": "",
      "city": "BELLINGHAM",
      "state": "WA",
      "zip": "98225",
      "units": 104,
      "originalAmount": 7495900,
      "rate": 3.5,
      "originationDate": "2013-01-31",
      "pmmsBenchmark": 3.414,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "HURON APARTMENTS",
      "address": "",
      "city": "CLEVELAND",
      "state": "OH",
      "zip": "44113",
      "units": 70,
      "originalAmount": 7125000,
      "rate": 3.5,
      "originationDate": "1998-06-19",
      "pmmsBenchmark": 6.998,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 3.50 pts below the 1998-06 market avg of 6.998%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "The Manor at Seagoville",
      "address": "",
      "city": "Seagoville",
      "state": "TX",
      "zip": "75159",
      "units": 46,
      "originalAmount": 6971300,
      "rate": 3.5,
      "originationDate": "2009-03-04",
      "pmmsBenchmark": 5.002,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 1.50 pts below the 2009-03 market avg of 5.002%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "SAYRE PERSONAL CARE CENTER",
      "address": "",
      "city": "SAYRE",
      "state": "PA",
      "zip": "18840",
      "units": 50,
      "originalAmount": 6831400,
      "rate": 3.5,
      "originationDate": "2020-09-17",
      "pmmsBenchmark": 2.89,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "NEWPOINT REAL ESTATE CAPITAL L"
    },
    {
      "property": "UNIVERSITY AND DALE APTS",
      "address": "",
      "city": "ST PAUL",
      "state": "MN",
      "zip": "55104",
      "units": 98,
      "originalAmount": 6300000,
      "rate": 3.5,
      "originationDate": "2005-03-10",
      "pmmsBenchmark": 5.928,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 2.43 pts below the 2005-03 market avg of 5.928%"
      ],
      "holder": "JLL REAL ESTATE CAPITAL, LLC"
    },
    {
      "property": "LEGACY MEMORY CARE",
      "address": "",
      "city": "FALMOUTH",
      "state": "ME",
      "zip": "04105",
      "units": 48,
      "originalAmount": 5486200,
      "rate": 3.5,
      "originationDate": "2018-11-21",
      "pmmsBenchmark": 4.866,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 1.37 pts below the 2018-11 market avg of 4.866%"
      ],
      "holder": "PGIM REAL ESTATE AGENCY FINANC"
    },
    {
      "property": "DELTA MANOR",
      "address": "",
      "city": "DETROIT",
      "state": "MI",
      "zip": "48207",
      "units": 100,
      "originalAmount": 5286600,
      "rate": 3.5,
      "originationDate": "2007-12-19",
      "pmmsBenchmark": 6.095,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 2.59 pts below the 2007-12 market avg of 6.095%"
      ],
      "holder": "GRANDBRIDGE REAL ESTATE CAPITA"
    },
    {
      "property": "PINE CREEK ESTATES",
      "address": "",
      "city": "MEDFORD",
      "state": "OR",
      "zip": "97501",
      "units": 72,
      "originalAmount": 5089100,
      "rate": 3.5,
      "originationDate": "2018-09-26",
      "pmmsBenchmark": 4.628,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 1.13 pts below the 2018-09 market avg of 4.628%"
      ],
      "holder": "DWIGHT CAPITAL LLC"
    },
    {
      "property": "HEARTWOOD TERRACE",
      "address": "",
      "city": "TROY",
      "state": "NY",
      "zip": "12180",
      "units": 86,
      "originalAmount": 4440300,
      "rate": 3.5,
      "originationDate": "2013-12-30",
      "pmmsBenchmark": 4.457,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 0.96 pts below the 2013-12 market avg of 4.457%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "LAKE PEPIN",
      "address": "",
      "city": "LAKE CITY",
      "state": "MN",
      "zip": "55041",
      "units": 61,
      "originalAmount": 3956700,
      "rate": 3.5,
      "originationDate": "2013-08-07",
      "pmmsBenchmark": 4.456,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 0.96 pts below the 2013-08 market avg of 4.456%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "COUNTRYSIDE TOWNHOUSES",
      "address": "",
      "city": "FAIRMONT",
      "state": "MN",
      "zip": "56301",
      "units": 71,
      "originalAmount": 3771000,
      "rate": 3.5,
      "originationDate": "2024-02-07",
      "pmmsBenchmark": 6.776,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 3.28 pts below the 2024-02 market avg of 6.776%"
      ],
      "holder": "MINNESOTA HOUSING FINANCE AGEN"
    },
    {
      "property": "OAKWOOD MANOR NURSING HOME",
      "address": "",
      "city": "VIDOR",
      "state": "TX",
      "zip": "77662",
      "units": 100,
      "originalAmount": 3559100,
      "rate": 3.5,
      "originationDate": "2005-04-19",
      "pmmsBenchmark": 5.855,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 2.36 pts below the 2005-04 market avg of 5.855%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "EDISON",
      "address": "",
      "city": "ROSEVILLE",
      "state": "MN",
      "zip": "55113",
      "units": 59,
      "originalAmount": 3535000,
      "rate": 3.5,
      "originationDate": "2022-08-16",
      "pmmsBenchmark": 5.223,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 1.72 pts below the 2022-08 market avg of 5.223%"
      ],
      "holder": "MINNESOTA HOUSING FINANCE AGEN"
    },
    {
      "property": "PINEKNOLL APARTMENTS",
      "address": "",
      "city": "OAK HILL",
      "state": "WV",
      "zip": "25901",
      "units": 104,
      "originalAmount": 3428100,
      "rate": 3.5,
      "originationDate": "2013-09-19",
      "pmmsBenchmark": 4.49,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 0.99 pts below the 2013-09 market avg of 4.49%"
      ],
      "holder": "WALKER AND DUNLOP LLC"
    },
    {
      "property": "JUNIFER HILL VILLAGE",
      "address": "",
      "city": "STORRS MANSFIELD",
      "state": "CT",
      "zip": "06268",
      "units": 100,
      "originalAmount": 3362300,
      "rate": 3.5,
      "originationDate": "2005-09-29",
      "pmmsBenchmark": 5.774,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 2.27 pts below the 2005-09 market avg of 5.774%"
      ],
      "holder": "WELLS FARGO BANK NA"
    },
    {
      "property": "WOODBRIDGE ESTATES PHASE V",
      "address": "",
      "city": "DETROIT",
      "state": "MI",
      "zip": "48201",
      "units": 70,
      "originalAmount": 3267400,
      "rate": 3.5,
      "originationDate": "2013-02-27",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "HERON COVE II APARTMENTS",
      "address": "",
      "city": "ENTERPRISE",
      "state": "AL",
      "zip": "36330",
      "units": 88,
      "originalAmount": 3150000,
      "rate": 3.5,
      "originationDate": "2016-09-26",
      "pmmsBenchmark": 3.46,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2016-07..2016-10, market floor ~3.44%)"
      ],
      "holder": "HIGHLAND COMMERCIAL MORTGAGE L"
    },
    {
      "property": "CHERRY RIDGE APARTMENTS",
      "address": "",
      "city": "MANKATO",
      "state": "MN",
      "zip": "56001",
      "units": 83,
      "originalAmount": 3081000,
      "rate": 3.5,
      "originationDate": "2022-07-27",
      "pmmsBenchmark": 5.412,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 1.91 pts below the 2022-07 market avg of 5.412%"
      ],
      "holder": "MINNESOTA HOUSING FINANCE AGEN"
    },
    {
      "property": "RICHFIELD APTS OF FORT WAYNE",
      "address": "",
      "city": "FORT WAYNE",
      "state": "IN",
      "zip": "46815",
      "units": 120,
      "originalAmount": 2981000,
      "rate": 3.5,
      "originationDate": "2003-12-31",
      "pmmsBenchmark": 5.876,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 2.38 pts below the 2003-12 market avg of 5.876%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "VILLA MARIA",
      "address": "",
      "city": "BIRMINGHAM",
      "state": "AL",
      "zip": "35206",
      "units": 64,
      "originalAmount": 2849000,
      "rate": 3.5,
      "originationDate": "2020-06-17",
      "pmmsBenchmark": 3.162,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2020-02..2022-01, market floor ~2.68%)"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WOODVILLE HEALTH AND REHAB CTR",
      "address": "",
      "city": "WOODVILLE",
      "state": "TX",
      "zip": "75979",
      "units": 89,
      "originalAmount": 2728100,
      "rate": 3.5,
      "originationDate": "2006-09-27",
      "pmmsBenchmark": 6.402,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 2.90 pts below the 2006-09 market avg of 6.402%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "DUCHOW WAY APTS",
      "address": "",
      "city": "FOLSOM",
      "state": "CA",
      "zip": "95630",
      "units": 81,
      "originalAmount": 2338872,
      "rate": 3.5,
      "originationDate": "2000-03-16",
      "pmmsBenchmark": 8.24,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 4.74 pts below the 2000-03 market avg of 8.24%"
      ],
      "holder": "CALIFORNIA HOUSING FINANCE"
    },
    {
      "property": "SAGE TOWER APTS",
      "address": "",
      "city": "BILLINGS",
      "state": "MT",
      "zip": "59101",
      "units": 81,
      "originalAmount": 2328700,
      "rate": 3.5,
      "originationDate": "2018-03-27",
      "pmmsBenchmark": 4.444,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 0.94 pts below the 2018-03 market avg of 4.444%"
      ],
      "holder": "LUMENT REAL ESTATE CAPITAL, LL"
    },
    {
      "property": "RENAISSANCE CARE CENTER",
      "address": "",
      "city": "GAINESVILLE",
      "state": "TX",
      "zip": "76240",
      "units": 87,
      "originalAmount": 2065300,
      "rate": 3.5,
      "originationDate": "2005-04-19",
      "pmmsBenchmark": 5.855,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 2.36 pts below the 2005-04 market avg of 5.855%"
      ],
      "holder": "BERKADIA COMMERCIAL MORTGAGE L"
    },
    {
      "property": "WOODBRIDGE ESTATES PHAVE IV",
      "address": "",
      "city": "DETROIT",
      "state": "MI",
      "zip": "48201",
      "units": 51,
      "originalAmount": 2037200,
      "rate": 3.5,
      "originationDate": "2013-02-27",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "CAMBRIDGE SQUARE OF LAPORTE",
      "address": "",
      "city": "LA PORTE",
      "state": "IN",
      "zip": "46350",
      "units": 134,
      "originalAmount": 2004400,
      "rate": 3.5,
      "originationDate": "2003-06-30",
      "pmmsBenchmark": 5.23,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 1.73 pts below the 2003-06 market avg of 5.23%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "CAMBRIDGE SQUARE OF BEDFORD",
      "address": "",
      "city": "BEDFORD",
      "state": "IN",
      "zip": "47421",
      "units": 135,
      "originalAmount": 1989100,
      "rate": 3.5,
      "originationDate": "2003-05-30",
      "pmmsBenchmark": 5.484,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 1.98 pts below the 2003-05 market avg of 5.484%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "CAMBRIDGE SQUARE OF BEECH GROV",
      "address": "",
      "city": "BEECH GROVE",
      "state": "IN",
      "zip": "46107",
      "units": 126,
      "originalAmount": 1875100,
      "rate": 3.5,
      "originationDate": "2003-05-30",
      "pmmsBenchmark": 5.484,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 1.98 pts below the 2003-05 market avg of 5.484%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "NORTHWOOD APARTMENTS",
      "address": "",
      "city": "FRANKLIN",
      "state": "IN",
      "zip": "46131",
      "units": 146,
      "originalAmount": 1839300,
      "rate": 3.5,
      "originationDate": "2003-09-30",
      "pmmsBenchmark": 6.147,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 2.65 pts below the 2003-09 market avg of 6.147%"
      ],
      "holder": "MERCHANTS CAPITAL CORP."
    },
    {
      "property": "ST LUCAS RIVERSIDE APARTMENTS",
      "address": "",
      "city": "FARIBAULT",
      "state": "MN",
      "zip": "55431",
      "units": 30,
      "originalAmount": 1827000,
      "rate": 3.5,
      "originationDate": "2022-07-14",
      "pmmsBenchmark": 5.412,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 1.91 pts below the 2022-07 market avg of 5.412%"
      ],
      "holder": "MINNESOTA HOUSING FINANCE AGEN"
    },
    {
      "property": "STONELEAF AT DALHART",
      "address": "",
      "city": "DALHART",
      "state": "TX",
      "zip": "79022",
      "units": 76,
      "originalAmount": 1571000,
      "rate": 3.5,
      "originationDate": "2014-01-23",
      "pmmsBenchmark": 4.432,
      "belowMarket": true,
      "historicLowEra": false,
      "red": true,
      "redReasons": [
        "Rate 3.5% is 0.93 pts below the 2014-01 market avg of 4.432%"
      ],
      "holder": "DAVIS-PENN MORTGAGE CO"
    },
    {
      "property": "WOODBRIDGE ESTATES PHASE III",
      "address": "",
      "city": "DETROIT",
      "state": "MI",
      "zip": "48201",
      "units": 42,
      "originalAmount": 1543300,
      "rate": 3.5,
      "originationDate": "2013-02-27",
      "pmmsBenchmark": 3.532,
      "belowMarket": false,
      "historicLowEra": true,
      "red": true,
      "redReasons": [
        "Originated in a historic rock-bottom-rate window (2012-09..2013-02, market floor ~3.35%)"
      ],
      "holder": "PNC BANK, NATIONAL ASSOCIATION"
    },
    {
      "property": "PRAIRIE VIEW",
      "address": "",
      "city": "LONG PRAIRIE",
      "state": "MN",
      "zip": "56347",
      "units": 47,
      "originalAmount": 1380200,
      "rate": 3.5,
      "originationDate": "2007-07-30",
      "pmmsBenchmark": 6.695,
      "belowMarket": true,
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    {
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    {
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    },
    {
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    {
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        "Rate 3.5% is 0.87 pts below the 2013-07 market avg of 4.37%"
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    {
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    {
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    {
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    {
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    {
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    {
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    {
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    {
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    {
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    },
    {
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    {
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    {
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    {
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    {
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    {
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    {
      "property": "JAVELIN2-VILLAGES OF ST. PETERS",
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    },
    {
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      "pmmsBenchmark": 3.602,
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    {
      "property": "CAMBRIDGE HOUSE OF O'FALLON",
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      "pmmsBenchmark": 3.616,
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    {
      "property": "ATTMAN2-CHERRYWOOD NURSING HOME",
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