DBRS, Inc. (DBRS Morningstar) confirmed the ratings on 35 loans at AA (sf) on 28 properties, reflective of the transactions' overall stable performances.

All trends are Stable. All loans were made by John Hancock Insurance, a subsidiary of Manulife Financial Corporation (rated 'A' with a Positive trend by DBRS Morningstar). The ratings have been removed from Under Review with Developing Implications, where they were placed on November 14, 2019.

On March 1, 2020, DBRS Morningstar finalized its 'North American Single-Asset/Single-Borrower Ratings Methodology' (the NA SASB Methodology), which presents the criteria for which ratings are assigned to and/or monitored for North American single-asset/single-borrower (NA SASB) transactions, large concentrated pools, rake certificates, ground lease transactions, and credit tenant lease transactions. For further information on the NA SASB Methodology, please see the press release dated March 1, 2020, on the DBRS Morningstar website at www.dbrsmorningstar.com.

The subject rating actions are the result of the application of the NA SASB Methodology in conjunction with the 'North American CMBS Surveillance Methodology,' as applicable. Qualitative adjustments were not made to the final loan-to-value (LTV) sizing benchmarks used for this rating analysis.

The 35 loans are secured by first mortgages on 28 co-operative apartment properties located in New York; New Jersey; Connecticut; and Washington, D.C. The AA (sf) rating reflects (1) the stability of debt payments provided by the co-operative structure of ownership, in which share owners are highly incentivized to meet their share of the loan payments to protect their ownership interest in the co-operative; (2) a low LTV ratio; and (3) each property's strong location within a major metropolitan area.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.

All ratings are subject to surveillance, which could result in ratings being upgraded, downgraded, placed under review, confirmed, or discontinued by DBRS Morningstar.

Notes:

All figures are in U.S. dollars unless otherwise noted.

The principal methodologies are the North American Single-Asset/Single-Borrower Ratings Methodology and North American CMBS Surveillance Methodology, which can be found on www.dbrsmorningstar.com under Methodologies & Criteria. For a list of the structured-finance-related methodologies that may be used during the rating process, please see the DBRS Morningstar Global Structured Finance Related Methodologies document, which can be found on www.dbrsmorningstar.com in the Commentary tab under Regulatory Affairs. Please note that not every related methodology listed under a principal structured finance asset class methodology may be used to rate or monitor an individual structured finance or debt obligation.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

For more information regarding structured finance rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/358308.

The rated entity or its related entities did not participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

DBRS, Inc.

140 Broadway, 43rd Floor

New York, NY 10005 USA

Tel. +1 212 806-3277

Ratings

160 West End Avenue Owners Corporation

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

06-May-20	5.03% Mortgage Loan Due January 1, 2044	Confirmed	AA (sf)	Stb	US

200 East 84th Street Owners Corporation

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

06-May-20	6.04% Mortgage Loan Due January 8, 2036	Confirmed	AA (sf)	Stb	US

200 East 84th Street Owners Corporation (Add On)

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

06-May-20	6.04% Mortgage Loan Due January 8, 2036	Confirmed	AA (sf)	Stb	US

205 West End Avenue Owners Corporation

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

06-May-20	3.85% Mortgage Loan Due August 1, 2043	Confirmed	AA (sf)	Stb	US
06-May-20	4.45% Mortgage Loan Due August 1, 2043	Confirmed	AA (sf)	Stb	US

305 East 40th Owners Corp.

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

06-May-20	4.01% Mortgage Loan Due January 1, 2028	Confirmed	AA (sf)	Stb	US

345 East 56th Street Owners, Inc.

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

06-May-20	4.15% Mortgage Loan Due January 2, 2037	Confirmed	AA (sf)	Stb	US

61 West 62 Owners Corp.

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

06-May-20	4.35% Mortgage Loan Due November 1, 2027	Confirmed	AA (sf)	Stb	US

71st Street - Lexington Corporation

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

06-May-20	4.22% Mortgage Loan Due January 8, 2047	Confirmed	AA (sf)	Stb	US

87th Street Owners Corp.

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

06-May-20	3.47% Mortgage Loan Due December 1, 2027	Confirmed	AA (sf)	Stb	US

Broadmoor Cooperative Apartments Inc.

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

06-May-20	4.5% Mortgage Loan Due August 1, 2032	Confirmed	AA (sf)	Stb	US

Celtic Park Owners, Inc.

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

06-May-20	4.17% Mortgage Loan Due September 1, 2038	Confirmed	AA (sf)	Stb	US

Claridge House Cooperative Inc.

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

06-May-20	3.94% Mortgage Loan Due August 1, 2037	Confirmed	AA (sf)	Stb	US

Coliseum Tenants Corporation

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

06-May-20	3.29% Mortgage Loan Due September 1, 2022	Confirmed	AA (sf)	Stb	US

Cryder Point Owners Corp.

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

06-May-20	4.44% Mortgage Loan Due September 1, 2043	Confirmed	AA (sf)	Stb	US
06-May-20	5.22% Mortgage Loan Due September 1, 2043	Confirmed	AA (sf)	Stb	US

Ellivkroy Realty Corp.

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

06-May-20	3.59% Mortgage Loan Due October 1, 2027	Confirmed	AA (sf)	Stb	US
06-May-20	4.82% Mortgage Loan Due October 1, 2027	Confirmed	AA (sf)	Stb	US

Fordham Hill Owners Corporation

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

06-May-20	4.33% Mortgage Loan Due December 1, 2038	Confirmed	AA (sf)	Stb	US

Fountainhead Owners Corporation

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

06-May-20	4.50% Mortgage Loan Due September 1, 2028	Confirmed	AA (sf)	Stb	US

Georgetown Mews Owners Corp.

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

06-May-20	3.80% Mortgage Loan Due November 1, 2023	Confirmed	AA (sf)	Stb	US
06-May-20	5.75% Mortgage Loan Due November 1, 2023	Confirmed	AA (sf)	Stb	US

Kensington House Owners Corp.

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

06-May-20	4.41% Mortgage Loan Due January 5, 2043	Confirmed	AA (sf)	Stb	US

Margate Tenants Corporation

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

06-May-20	7.14% Mortgage Loan Due January 3, 2027	Confirmed	AA (sf)	Stb	US

North Shore Towers Apartments Incorporated

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

06-May-20	3.13% Mortgage Loan Due December 1, 2022	Confirmed	AA (sf)	Stb	US

Park Royal Owners, Inc.

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

06-May-20	4.13% Mortgage Loan Due July 1, 2037	Confirmed	AA (sf)	Stb	US

Putnam Park Apartments, Inc.

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

06-May-20	3.93% Mortgage Loan Due January 10, 2042	Confirmed	AA (sf)	Stb	US

Putnam Park Apartments, Inc. (Add On)

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

06-May-20	5.27% Mortgage Loan Due January 10, 2042	Confirmed	AA (sf)	Stb	US

Scarborough Manor Owners Corp.

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

06-May-20	3.57% Mortgage Loan Due February 1, 2028	Confirmed	AA (sf)	Stb	US
06-May-20	5.51% Mortgage Loan Due February 1, 2028	Confirmed	AA (sf)	Stb	US

Victoria Owners Corp.

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

06-May-20	4.73% Mortgage Loan Due July 1, 2021	Confirmed	AA (sf)	Stb	US

Water's Edge Habitat, Inc.

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

06-May-20	5.05% Mortgage Loan Due January 1, 2044	Confirmed	AA (sf)	Stb	US

Watergate South Inc.

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

06-May-20	3.45% Mortgage Loan Due February 1, 2030	Confirmed	AA (sf)	Stb	US

Watergate West Inc.

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

06-May-20	4.06% Mortgage Loan Due October 1, 2039	Confirmed	AA (sf)	Stb	US

Windsor Owners Corp.

Date Issued	Debt Rated	Action	Rating	Trend	Issued

i

US = USA Issued, NRSRO

CA = Canada Issued, NRSRO

EU = EU Issued, NRSRO

E = EU endorsed

Unsolicited Participating With Access

Unsolicited Participating Without Access

Unsolicited Non-Participating

06-May-20	3.93% Mortgage Loan Due June 1, 2045	Confirmed	AA (sf)	Stb	US

ALL DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.

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