Self-Contained Appraisal Report Prepared For

238 Pages·2010·4.12 MB·English

MONTEGO BAY APARTMENTS
1050 Whitney Ranch Drive
Henderson, Clark County, Nevada 89014
CBRE File No. 10-275LV-0216
Client Reference No. M030257848
Self-Contained

Appraisal Report

Prepared For:

Ms. Cynthia A. DeBenedetto, MAI
Commercial Appraisal Manager
LNR PARTNERS, INC.
1601 Washington Avenue Suite 700
Miami Beach, Florida 33139
VALUATION & ADVISORY SERVICES

© 2010 CB Richard Ellis, Inc.
VALUATION & ADVISORY SERVICES

3993 Howard Hughes Parkway, Suite 720
Las Vegas, NV 89169

T [phone]
F [phone]

www.cbre.com

June 24, 2010

Ms. Cynthia A. DeBenedetto, MAI
Commercial Appraisal Manager
LNR PARTNERS, INC.
1601 Washington Avenue Suite 700
Miami Beach, Florida 33139

RE: Appraisal of Montego Bay Apartments
1050 Whitney Ranch Drive
Henderson, Clark County, Nevada 89014
CBRE File No 10-275LV-0216
Client Reference No M030257848

Dear Mr. Mai:
At your request and authorization, CB Richard Ellis (CBRE) has prepared an appraisal of the market

value of the referenced property. Our analysis is presented in the following Self-Contained Appraisal

Report.
The subject is a 420 -unit garden-style apartment property built in two phases, phase I was built in
1989 and phase II was constructed in 1992 for an average year built of 1990. The improvements
are situated on a 23.230-acre site in Henderson, Clark County, Nevada. Currently, the facility is
86.2% occupied in good overall condition. The subject is more fully described, legally and physically
within the enclosed report.
Based on the analysis contained in the following report, the market value of the subject is concluded
as follows:
MARKET VALUE CONCLUSION
Appraisal Premise Interest Appraised Date of Value Value Conclusion
As Is Fee Simple Estate June 4, 2010 $30,500,000
Prospective As Stabilized Fee Simple Estate September 4, 2010 $30,900,000
Compiled by CBRE

Data, information, and calculations leading to the value conclusion are incorporated in the report
following this letter. The report, in its entirety, including all assumptions and limiting conditions, is an
integral part of, and inseparable from, this letter.

© 2010 CB Richard Ellis, Inc.
Ms. Cynthia A. DeBenedetto, MAI
June 24, 2010
Page 2

The following appraisal sets forth the most pertinent data gathered, the techniques employed, and the
reasoning leading to the opinion of value. The analyses, opinions and conclusions were developed
based on, and this report has been prepared in conformance with, our interpretation of the guidelines
and recommendations set forth in the Uniform Standards of Professional Appraisal Practice (USPAP),
the requirements of the Code of Professional Ethics and Standards of Professional Appraisal Practice
of the Appraisal Institute. It also conforms to the Financial Institutions Reform, Recovery, and
Enforcement Act of 1989 (FIRREA) and Title XI Regulations.
The report is prepared for LNR Partners, Inc. (“LNR”), on behalf of Wells Fargo Bank, N.A. as
successor to LaSalle Bank National Association, as Trustee for the registered holders of COMM 2006-
C8 Commercial Mortgage Pass-Through Certificates (The Trust) and is intended for the exclusive use
of LNR, the Trustee, their consultants and attorneys. The contents of the appraisals and the value
estimate should not be revealed to any other than LNR, or the Trustee, or their attorneys. This report
may also be relied upon by any purchaser or assignee of the Property Note in determining whether to
acquire the Property Note or an interest herein (which may include securities which are secured all or
in part by the Property Note). In addition, this report may be relied upon by any rating agency
involved in rating securities secured by, or representing an interest in, the Property Note and any
investors purchasing securities issued by a trust with an ownership interest, either directly or indirectly,
in the Property Note. This report may be used in connection with the materials offering for sale of the
Property Note, or an interest in the Property Note, and in presentations to any rating agency.
CBRE hereby expressly grants to Client the right to copy this report and distribute it to other parties in
the transaction for which this report has been prepared, including employees of Client, other lenders
in the transaction, and the borrower, if any. It has been a pleasure to assist you in this assignment. If

you have any questions concerning the analysis, or if CBRE can be of further service, please contact
us.

© 2010 CB Richard Ellis, Inc.
Ms. Cynthia A. DeBenedetto, MAI
June 24, 2010
Page 3

If you have any questions concerning the analysis, or if CBRE can be of further service, please contact
us.

Respectfully submitted,

CBRE - VALUATION & ADVISORY SERVICES

Kyle Roper R. Clay Carson
Senior Appraiser Managing Director
NV Certified General Appraiser #A.0007363-CG NV Certified General Appraiser #A.0003310-CG
Phone: [phone] Phone: [phone]
Fax: [phone] Fax: [phone]
Email: [email protected] Email: [email protected]

Steven E. Evans, MAI
Vice President
NV Certified General Appraiser #A.0005911-CG
Phone: [phone]

Fax: [phone]
Email: [email protected]

© 2010 CB Richard Ellis, Inc.
MONTEGO BAY APARTMENTS | CERTIFICATION OF THE APPRAISAL
CERTIFICATION OF THE APPRAISAL
We certify to the best of our knowledge and belief:
1. The statements of fact contained in this report are true and correct.
2. The reported analyses, opinions, and conclusions are limited only by the reported assumptions
and limiting conditions and are our personal, impartial and unbiased professional analyses,
opinions, and conclusions.
3. We have no present or prospective interest in or bias with respect to the property that is the subject
of this report and have no personal interest in or bias with respect to the parties involved with this
assignment.
4. Our engagement in this assignment was not contingent upon developing or reporting
predetermined results.
5. Our compensation for completing this assignment is not contingent upon the development or
reporting of a predetermined value or direction in value that favors the cause of the client, the
amount of the value opinion, the attainment of a stipulated result, or the occurrence of a
subsequent event directly related to the intended use of this appraisal.
6. This appraisal assignment was not based upon a requested minimum valuation, a specific
valuation, or the approval of a loan.
7. Our analyses, opinions, and conclusions were developed, and this report has been prepared, in
conformity with the Uniform Standards of Professional Appraisal Practice, as well as the
requirements of the State of Nevada.
8. The reported analyses, opinions, and conclusions were developed, and this report has been
prepared, in conformity with the requirements of the Code of Professional Ethics and Standards of
Professional Appraisal Practice of the Appraisal Institute.
9. The use of this report is subject to the requirements of the Appraisal Institute relating to review by
its duly authorized representatives.

10. As of the date of this report, Steve Evans, MAI has completed the continuing education program
of the Appraisal Institute.
11. Kyle Roper has and R. Clay Carson and Steve Evans, MAI have not made a personal inspection of
the property that is the subject of this report.
12. No one provided significant real property appraisal assistance to the persons signing this report.
13. Valuation & Advisory Services operates as an independent economic entity within CBRE. Although
employees of other CBRE divisions may be contacted as a part of our routine market research
investigations, absolute client confidentiality and privacy were maintained at all times with regard
to this assignment without conflict of interest.
i

© 2010 CB Richard Ellis, Inc.
MONTEGO BAY APARTMENTS | CERTIFICATION OF THE APPRAISAL

14. Kyle Roper, R. Clay Carson, and Steve Evans, have not provided real estate related services on
this property in the three years prior to accepting this assignment.

Kyle Roper R. Clay Carson
NV Certified General Appraiser #A.0007363-CG NV Certified General Appraiser #A.0003310-CG

Steven E. Evans, MAI
Nevada Certified General Appraiser #A. 0005911

ii

© 2010 CB Richard Ellis, Inc.
MONTEGO BAY APARTMENTS | SUBJECT PHOTOGRAPHS
SUBJECT PHOTOGRAPHS

AERIAL VIEW

iii

© 2010 CB Richard Ellis, Inc.
MONTEGO BAY APARTMENTS | SUBJECT PHOTOGRAPHS

TYPICAL VIEW OF THE SUBJECT

TYPICAL VIEW OF THE SUBJECT
iv

© 2010 CB Richard Ellis, Inc.
MONTEGO BAY APARTMENTS | SUBJECT PHOTOGRAPHS

VIEW OF THE PARKING AREA

VIEW OF SUBJECT ENTRANCE
v

© 2010 CB Richard Ellis, Inc.
MONTEGO BAY APARTMENTS | SUBJECT PHOTOGRAPHS

VIEW OF A TYPICAL APARTMENT INTERIOR – Living Room

VIEW OF A TYPICAL APARTMENT INTERIOR – Kitchen
vi

© 2010 CB Richard Ellis, Inc.