DBRS Releases Performance Update for GMAC 2003-FL-A

Dominion Bond Rating Service (“DBRS”) has today released its performance update report for GMAC Commercial Mortgage Asset Corp. Mortgage Pass-Through Certificates, Series 2003-FL-A (“GMAC 2003-FL-A”).

DBRS notes that there have been changes since the transaction closed in September 2003. Ten of the 11 loans have paid off in full since issuance with only Penrith Apartments remaining in the pool. The loan is interest-only and the trust portion is further supported by a US$1,250,000 B-note. The loan is secured by a 332-unit apartment complex located approximately five miles south of the Durham CBD. The property performance has declined since issuance due to an increase in vacancy and the concessions offered. As of March 1, 2005, the property is 86.1% occupied. Based on year-to-date Q3 2004 financials and a stressed debt service, the whole loan debt service coverage ratio is 1.16 times (x). The loan benefits from a low loan per unit of Cdn$21,084 on the whole loan and Cdn$17,319 for the trust assets. DBRS shadow rates this loan A (low).

DBRS’s performance update provides the latest analytical detail on the transaction, within the confines of the latest financial information, including performance information on the remaining loan. A full analysis of this loan is included in the performance update. DBRS will update this report accordingly as more information becomes available.