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					                                                 GE Commercial Mortgage Corporation, Series 2005-C1
                                                 (GECC05C1)
                                                                                                                             Report Date: May 2011 (Data as of May 2011)


 MORNINGSTAR ANALYST                                                        ROLE                     COMPANY
 Primary | David Putro | 267.960.0533                                       Master Servicer          GEMSA Loan Services
 david.putro@morningstar.com                                                Special Servicer         Lennar Partners, Inc.
 Backup | Mark Williams | 267-960-6027                                      Trustee                  Bank of America Merrill Lynch (LaSalle)
 Mark.Williams@morningstar.com


 DEAL TYPE:                            Fusion                                CUTOFF DATE:                        2/17/2005
 CURRENT BALANCE:                      $1,249,516,106                        CUTOFF BALANCE:                     $1,856,394,150
 CURRENT # OF LOANS:                   101                                   CUTOFF # OF LOANS:                  127
 CURRENT DSCR:                         1.49                                  CUTOFF DSCR:                        1.66
 CURRENT LTV:                          65.36                                 CUTOFF LTV:                         69.72




                                                                    e
                             SNAPSHOT                                      HIGH RISK LOANS                               # OF LOANS               BALANCE     % OF DEAL
CURRENT MONTH             # OF LOANS                BALANCE    % OF DEAL
Total Delinquency                 5             $118,881,640     9.51 %    HRL-1                                                  10           $78,359,691        6.27 %
Total Special Servicing           6             $134,549,898    10.77 %    HRL-2                                                   1            $8,835,030        0.71 %
DSCRs above 1.25                 56             $777,651,070    62.24 %    HRL-3                                                   6        $134,549,898         10.77 %
DSCRs above 1.50
DSCRs below 1.10
DSCRs below 1.00
Defeasance
Partial Term I/O Loans
Full Term I/O Loans
Servicer Watchlist
Morningstar Watchlist
                                 37
                                 21
                                 16
                                  7
                                  0
                                  3
                                 19
                                 26
                                                $531,125,361
                                                $214,394,181
                                                $169,661,866
                                                 $71,388,854
                                                         $0
                                                $179,345,000
                                                $159,896,629
                                                $301,977,772
                                                                  pl
                                                                42.51 %
                                                                17.16 %
                                                                13.58 %
                                                                 5.71 %
                                                                 0.00 %
                                                                14.35 %
                                                                12.80 %
                                                                24.17 %
                                                                           Total


                                                                           LOSS SUMMARY

                                                                           Total Forecasted Losses
                                                                           Forecasted Losses from SS Loans
                                                                           Value Deficiency from non-SS Loans
                                                                           Expected Losses from non-SS Loans
                                                                                                                                  17


                                                                                                                         # OF LOANS

                                                                                                                                  23
                                                                                                                                   5
                                                                                                                                  18
                                                                                                                                  18
                                                                                                                                            $221,744,619


                                                                                                                                                  AMOUNT

                                                                                                                                               $71,682,996
                                                                                                                                               $64,549,255
                                                                                                                                               $22,594,614
                                                                                                                                                $7,133,741
                                                                                                                                                                 17.75 %


                                                                                                                                                              % OF DEAL

                                                                                                                                                                  5.74 %
                                                                                                                                                                  5.17 %
                                                                                                                                                                  1.81 %
                                                                                                                                                                  0.57 %
                     am
                                                                           Historical Losses                                      10            $9,623,668        0.52 %




Opinion
We maintain our outlooks across all classes this month. After a 2010 marked by a sharp increase in realized losses, the first four
months of 2011 have seen just a single loan liquidate at a minimal loss. In addition, interest shortfalls have progressed up the deal
structure to affect classes J through P. As a result, we hold classes B through P at 'underperform'.

Classes A1A through AAB remain at 'outperform'. Amortization and prepayments have reduced the deal balance by 33% and the
senior classes enjoy significantly improved credit support from issuance. Class AJ could face a small decrease in credit support, but is
well protected from near-term losses. Consequently, we maintain an outlook of 'perform' on this class. Most of the pool is stable with
S


56 loans (62% of the pool) operating at a DSCR of 1.25 or better including 43% above a 1.50 coverage. The credit for these classes is
bolstered by seven loans (6% of the pool) that have defeased.

We continue to monitor the resolution of the Washington Mutual Buildings loan. The collateral was originally 100% occupied by
Washington Mutual Bank which was seized by regulators in 2008. The leases were rejected and the servicer foreclosed on the loan. In
November 2010, the servicer reported that the assets were sold and a principal curtailment of $3.1 million was passed through to
bondholders. Outstanding advances were also repaid. The servicer has not passed through any losses and has retained the
remainder of the sales proceeds. This could be due to ongoing litigation with the borrower. The loan reverted to full recourse after the
tenant vacated and the servicer obtained a judgment in favor of the trust for $42.8 million. If this judgment is upheld on appeal, the loss
forecast could be considerably less. However, we cannot forecast the outcome and the pool could ultimately realize significant losses if
the lawsuit is unsuccessful. The loss potential is up to $37 million.

Six loans (11% of the pool) are specially-serviced with a total of $64.59 million in forecasted losses from five loans. The largest
forecasted loss is from the aforementioned Washington Mutual Buildings loan. We are also monitoring the default of Foothill Plaza,
secured by a 208,862-sf office complex in Orange County, CA. The borrower was unable to refinance the loan at maturity and is
seeking an extension and modification. We are forecasting a loss of up to $7.0 million if this loan is liquidated.

Four loans (6% of the pool) have matured, all of which are specially-serviced. In several cases, the property values are less than the
outstanding balance. However, even in cases where the loans are paid off successfully, there could be a small loss due to special

                                                                                   Page 1 of 32
                                               GE Commercial Mortgage Corporation, Series 2005-C1
                                               (GECC05C1)
                                                                                                                               Report Date: May 2011 (Data as of May 2011)


servicing fees. Five loans (8% of the pool) will mature in the next 12 months. One of those loans is watchlisted and could default at
maturity.

The master servicer's watchlist contains 19 loans totaling $160 million (13% of the pool). We are monitoring 26 loans on the
Morningstar watchlist (24% of the pool). Eighteen of these loans have value deficiencies totaling $22.6 million. After applying a
probability of default, we have included $7.1 million in expected losses in our overall forecast.

There are few other risks in the pool with the biggest concern being six partial-IO loans that began amortizing in 2010 and could begin
showing decreased cash flows as 2011 financials are reported.



Class Structure




                                                                  e
                                                                 ORIGINAL       CURRENT     FORECASTED                                       FORECASTED
        MSTAR    MORNINGSTAR ORIGINAL           CURRENT          TRANCHE        TRANCHE        TRANCHE     ORIGINAL CURRENT FORECASTED         % CHANGE        SUB. TRANCHE
TRANCHE RATING   OUTLOOK     F/S/M              F/S/M            BALANCE        BALANCE        BALANCE          C/S      C/S        C/S            IN C/S   LOSS (%) LOSS (%)
A1      NR       Collapsed      AAA/AAA/NA      NR/NR/NA       $75,842,000            $0             $0       20.00     0.00          0.00         0.00 %     0.00 %    0.00 %
A2      AAA      Outperform     AAA/AAA/NA      AAA/AAA/NA    $419,280,000   $170,460,618    $44,739,378      20.00    25.94         23.99       19.95 %     22.12 %    0.00 %
A1A     AAA      Outperform     AAA/AAA/NA      AAA/AAA/NA    $146,374,000    $69,967,762    $69,967,762      20.00    25.94         23.99       19.95 %     22.12 %    0.00 %
A3      AAA      Outperform     AAA/AAA/NA      AAA/AAA/NA    $155,000,000   $155,000,000   $155,000,000      20.00    25.94         23.99       19.95 %     22.12 %    0.00 %

A4
A5
AAB
AJ
B
C
D
        AAA
        AAA
        AAA
        AAA
        A+
        A-
        BBB-
                 Outperform
                 Outperform
                 Outperform
                 Perform
                 Underperform
                 Underperform
                 Underperform
                                AAA/AAA/NA
                                AAA/AAA/NA
                                AAA/AAA/NA
                                AAA/AAA/NA
                                AA/AA/NA
                                AA-/AA-/NA
                                A/A/NA
                                                AAA/AAA/NA
                                                AAA/AAA/NA
                                                AAA/AAA/NA
                                                AAA/AA-/NA
                                                AA/A-/NA
                                                A/BBB+/NA
                                                BBB/BBB-/NA
                                                                pl
                                                               $36,781,000
                                                              $457,852,000
                                                               $48,230,000
                                                              $110,916,000
                                                               $41,855,000
                                                               $16,742,000
                                                               $27,206,000
                                                                              $36,781,000
                                                                             $457,852,000
                                                                              $35,371,000
                                                                             $110,916,000
                                                                              $41,855,000
                                                                              $16,742,000
                                                                              $27,206,000
                                                                                             $36,781,000
                                                                                            $457,852,000
                                                                                             $35,371,000
                                                                                            $110,916,000
                                                                                             $41,855,000
                                                                                             $16,742,000
                                                                                             $27,206,000
                                                                                                              20.00
                                                                                                              20.00
                                                                                                              20.00
                                                                                                              13.38
                                                                                                              10.88
                                                                                                               9.88
                                                                                                               8.25
                                                                                                                       25.94
                                                                                                                       25.94
                                                                                                                       25.94
                                                                                                                       17.06
                                                                                                                       13.71
                                                                                                                       12.37
                                                                                                                       10.19
                                                                                                                                     23.99
                                                                                                                                     23.99
                                                                                                                                     23.99
                                                                                                                                     13.45
                                                                                                                                      9.47
                                                                                                                                      7.88
                                                                                                                                      5.29
                                                                                                                                                 19.95 %
                                                                                                                                                 19.95 %
                                                                                                                                                 19.95 %
                                                                                                                                                   0.52 %
                                                                                                                                                 -12.96 %
                                                                                                                                                 -20.24 %
                                                                                                                                                 -35.88 %
                                                                                                                                                             22.12 %
                                                                                                                                                             22.12 %
                                                                                                                                                             22.12 %
                                                                                                                                                             33.63 %
                                                                                                                                                             41.84 %
                                                                                                                                                             46.38 %
                                                                                                                                                             56.28 %
                                                                                                                                                                        0.00 %
                                                                                                                                                                        0.00 %
                                                                                                                                                                        0.00 %
                                                                                                                                                                        0.00 %
                                                                                                                                                                        0.00 %
                                                                                                                                                                        0.00 %
                                                                                                                                                                        0.00 %
                 am
E       BB+      Underperform   A-/A-/NA        BBB-/BB+/NA    $14,649,000    $14,649,000    $14,649,000       7.38     9.02          3.90       -47.15 %    63.60 %    0.00 %
F       B-       Underperform   BBB+/BBB+/NA BB/B/NA           $23,020,000    $23,020,000    $23,020,000       6.00     7.18          1.71       -71.50 %    79.92 %    0.00 %
G       CCC-     Underperform   BBB/BBB/NA      B-/CCC+/NA     $14,649,000    $14,649,000    $14,649,000       5.13     6.01          0.32       -93.76 %    95.52 %    0.00 %
H       D        Underperform   BBB-/BBB-/NA    CCC/D/NA       $25,113,000    $25,113,000     $3,363,729       3.63     4.00          0.00      -100.00 %   100.00 %   86.61 %
J       D        Underperform   BB+/BB+/NA      CC/D/NA         $4,186,000     $4,186,000            $0        3.38     3.66          0.00      -100.00 %   100.00 % 100.00 %
K       D        Underperform   BB/BB/NA        C/D/NA          $8,371,000     $8,371,000            $0        2.88     2.99          0.00      -100.00 %   100.00 % 100.00 %
L       D        Underperform   BB-/BB-/NA      C/D/NA         $10,464,000    $10,464,000            $0        2.25     2.15          0.00      -100.00 %   100.00 % 100.00 %
M       D        Underperform   B+/B+/NA        C/D/NA          $2,092,000     $2,092,000            $0        2.13     1.99          0.00      -100.00 %   100.00 % 100.00 %
N       D        Underperform   B/B/NA          C/D/NA          $6,279,000     $6,279,000            $0        1.75     1.48          0.00      -100.00 %   100.00 % 100.00 %
O       D        Underperform   B-/B-/NA        C/D/NA          $4,185,000     $4,185,000            $0        1.50     1.15          0.00      -100.00 %   100.00 % 100.00 %
P       NR       Underperform   NR/NR/NA        NR/NR/NA       $25,113,523    $14,356,725            $0        0.00     0.00          0.00         0.00 %     0.00 % 100.00 %
S


Ratings Activity / Commentary
       In April 2011, Fitch downgraded classes G through O.
       In February 2011, Morningstar lowered its letter ratings on classes B through F.
       In December 2010, S&P downgraded classes F through K.
       In September 2010, Morningstar downgraded six classes.
       In June 2010, S&P downgraded eight classes.
       In June 2010, Morningstar lowered its ratings on three classes.
       In March 2010, Morningstar lowered its ratings on seven classes.
       In December 2009, Morningstar lowered its ratings on seven classes.
       In December 2009, Fitch downgraded 12 classes.
       In August 2009, S&P lowered its ratings on 14 classes and affirmed its ratings on eight others.
       In June 2009, S&P placed five additional classes on ratings watch negative.
       In April 2009, S&P placed 11 classes on ratings watch negative.
       March 2009, Fitch affirmed all rated classes.




                                                                                Page 2 of 32
                                                      GE Commercial Mortgage Corporation, Series 2005-C1
                                                      (GECC05C1)
                                                                                                                                                           Report Date: May 2011 (Data as of May 2011)


Deal Summary
PROPERTY TYPE                        COUNT         % OF DEAL        STATE                                     COUNT        % OF DEAL        MSA                                          COUNT % OF DEAL

Retail                          32         37.38 %                  California                           22           19.63 %               Chicago, IL                                         4      9.81 %
Office                          16         32.16 %                  Illinois                             5             9.97 %               Los Angeles, CA                                     4      8.54 %
Multi-family                    20         14.42 %                  Virginia                             4             7.03 %               Detroit, MI                                         1      6.89 %
Other                           24          8.42 %                  Michigan                             1             6.89 %               Washington, DC                                      2      6.50 %
Hotel                            1          1.08 %                  New York                             7             5.94 %               Las Vegas, NV                                       3      5.02 %
Industrial                       1          0.83 %                  Texas                                10            5.23 %               Orange County, CA                                   7      5.00 %
Healthcare                       0          0.00 %                  Nevada                               3             5.02 %               Honolulu, HI                                        1      4.46 %
Defeased                         7          5.71 %                  Defeased                             7             5.71 %               Defeased                                            7      5.71 %




                                                                                  e
DELINQUENCY STATUS          COUNT                   BALANCE         % OF DEAL       DEAL TYPE AVG             DSCR                          COUNT                BALANCE       % OF DEAL        VINTAGE AVG

Current                              89     $1,059,245,611             84.77 %               85.41 %          < 1.0                               16        $169,661,866          13.58 %             12.77 %
30 Days                              0                     $0           0.00 %                0.86 %          1.00 To 1.10                          6        $51,410,332           4.11 %              5.47 %
60 Days                              0                     $0           0.00 %                  0.71 %        1.11 To 1.25                        16        $179,403,984          14.36 %             11.93 %
90 Days                              0                     $0           0.00 %                  3.98 %        1.26 To 1.50                        19        $246,525,709          19.73 %             24.38 %
Foreclosure
REO
S/S
Defeased




PAYMENT TYPE                COUNT
                                     2
                                     3
                                     6
                                     7
                                                 $50,527,604
                                                 $68,354,036
                                             $134,549,898
                                                 $71,388,854




                                                    BALANCE
                                                                        4.04 %
                                                                        5.47 %
                                                                       10.77 %
                                                                        5.71 %




                                                                    % OF DEAL
                                                                                pl            2.52 %
                                                                                              1.86 %
                                                                                             13.15 %
                                                                                              0.00 %




                                                                                        VINTAGE AVG
                                                                                                              1.51 To 2.00
                                                                                                              > 2.00
                                                                                                              CTL
                                                                                                              unknown
                                                                                                              Defeased


                                                                                                              ORIGINATOR
                                                                                                                                                  24
                                                                                                                                                  13




                                                                                                                                          # OF LOANS
                                                                                                                                                    0
                                                                                                                                                    0
                                                                                                                                                    7
                                                                                                                                                            $382,614,426
                                                                                                                                                            $148,510,935




                                                                                                                                                             $71,388,854
                                                                                                                                                                         $0
                                                                                                                                                                         $0




                                                                                                                                                                    BALANCE
                                                                                                                                                                                  30.62 %
                                                                                                                                                                                  11.89 %
                                                                                                                                                                                   0.00 %
                                                                                                                                                                                   0.00 %
                                                                                                                                                                                   5.71 %


                                                                                                                                                                                       % OF DEAL
                                                                                                                                                                                                      27.20 %
                                                                                                                                                                                                      13.36 %
                                                                                                                                                                                                       1.43 %
                                                                                                                                                                                                       0.00 %
                                                                                                                                                                                                       3.48 %
                     am
Partial I-O                          0                     $0           0.00 %                1.64 %          Bank of America                       14       $279,867,306               22.40 %
Full Term I-O                        3       $179,345,000              14.35 %               20.70 %          GACC                                  13       $278,660,968               22.30 %
Amortizing                           91      $998,782,252              79.93 %               74.19 %          GE CAPITAL                            74       $690,987,832               55.30 %
Defeased                             7           $71,388,854            5.71 %                3.48 %


                                                      DEFEASED          DEFEASED        INTEREST RATE                    COUNT        % OF DEAL          CALL PROTECTION                COUNT       % OF DEAL
LOAN MATURITY           COUNT        % OF DEAL
                                                         COUNT          % OF DEAL
Matured                    4              6.39 %                0              0.00 %   < 6.5                                93           92.26 %        Lockout                            0          0.00 %
1 To 12                    5              7.70 %                0              0.00 %   6.50 To 7.00                             1         2.02 %        Defeasance                        80         71.61 %
13 To 24                   0              0.00 %                0              0.00 %   7.01 To 7.50                             0         0.00 %        Yield Maint                        8          4.94 %
25 To 48                  83          72.49 %                   7              5.71 %   7.51 To 8.00                             0         0.00 %        Prepay Penalty                     0          0.00 %
49 To 60                   0              0.00 %                0              0.00 %   8.01 To 8.50                             0         0.00 %        Open                               6         17.74 %
61 To 120                  2              7.72 %                0              0.00 %   > 8.50                                   0         0.00 %        Defeased                           7          5.71 %
S


120 To 300                 0              0.00 %                0              0.00 %   unknown                                  0         0.00 %
> 300                      0              0.00 %                0              0.00 %   Defeased                                 7         5.71 %
Unknown                    0              0.00 %                0              0.00 %




Trend Analysis
                                            CURRENT MONTH                          1-MONTH PRIOR (APRIL 2011)                   2-MONTH PRIOR (MARCH 2011)               3-MONTH PRIOR (FEBRUARY 2011)
                                        # OF                          % OF           # OF                          % OF            # OF                        % OF             # OF                      % OF
CURRENT MONTH: MAY 2011                            TOTAL                                        TOTAL                                         TOTAL                                        TOTAL
                                      LOANS                           DEAL         LOANS                           DEAL          LOANS                         DEAL           LOANS                       DEAL
Delinquency                                5 $118,881,640            9.51 %             5 $118,977,054            9.51 %              6 $130,174,956         10.12 %               6 $130,309,782       10.11 %

Special Servicing                            6 $134,549,898         10.77 %              6 $134,683,628          10.76 %              7 $145,917,229         11.34 %               7 $146,094,916       11.34 %

DSCR above 1.25                             56 $777,651,070         62.24 %             54 $753,599,133          60.23 %             54 $760,498,602         59.11 %              55 $764,022,706       59.29 %

DSCR below 1.10                             21 $214,394,181         17.16 %             20 $210,491,876          16.82 %             22 $228,930,181         17.79 %              23 $236,141,475       18.33 %

Defeasance                                   7 $71,388,854           5.71 %              7 $71,515,499            5.72 %              8 $94,111,767             7.32 %             8 $94,305,955         7.32 %

Servicer Watchlist                          19 $159,896,629         12.80 %             19 $158,355,443          12.66 %             21 $169,082,915         13.14 %              22 $176,227,156       13.68 %

Morningstar Watchlist                       26 $301,977,772         24.17 %             26 $305,690,760          24.43 %             28 $322,971,978         25.10 %              29 $330,305,576       25.63 %

SS Expected Losses                           5 $64,549,255           5.17 %              5 $64,935,050            5.19 %              6 $66,557,305             5.17 %             6 $67,885,483         5.27 %

Non SS Expected Losses                      18     $7,133,741        0.57 %             17   $7,498,118           0.60 %             18     $7,595,493          0.59 %            18     $8,102,235      0.63 %

High Risk Loans                             17 $221,744,619         17.75 %             18 $212,131,749          16.95 %             19 $223,488,982         17.37 %              20 $240,275,099       18.65 %




                                                                                                 Page 3 of 32
                                                        GE Commercial Mortgage Corporation, Series 2005-C1
                                                        (GECC05C1)
                                                                                                                                                                 Report Date: May 2011 (Data as of May 2011)


                                              CURRENT MONTH                            1-MONTH PRIOR (APRIL 2011)                  2-MONTH PRIOR (MARCH 2011)                 3-MONTH PRIOR (FEBRUARY 2011)
                                        # OF                              % OF               # OF                          % OF        # OF                            % OF            # OF                             % OF
CURRENT MONTH: MAY 2011                                 TOTAL                                               TOTAL                                   TOTAL                                             TOTAL
                                      LOANS                               DEAL             LOANS                           DEAL      LOANS                             DEAL          LOANS                              DEAL




Loans with Expiring I/O Payments: Next 12-months
No loans meet these criteria.



Shadow Ratings
                                                                               AT-ISSURANCE                                                   CURRENT
ID              NAME                                MSTAR             MOODY'S              FITCH        S&P            MSTAR             MOODY'S FITCH              S&P                         BALANCE % OF DEAL
1.000           Lakeside Mall                       -                 -                    BBB-         BBB-           -             -              -               -                        $86,090,263            6.89 %




                                                                                    e
4.000           Ward Centers                        -                 -                    BBB-         -              -             -              -               -                        $55,689,585            4.46 %
12.000          Buckhead Station                    -                 -                    AA-          A              -             -              -               -                        $25,291,867            2.02 %
                Shopping Center




Additional Debt
ID
1.000
9.000
29.000
            NAME
            Lakeside Mall
            Washington Mutual Buildings
            Hope Square Professional
            Building
                                                                  $86,090,263
                                                                  $39,048,494
                                                                  $17,653,936
                                                                                  pl
                                                                               TRUST
                                                                                DEBT
                                                                                                    PARI PASSU
                                                                                                          DEBT
                                                                                                    $86,090,263
                                                                                                                $0
                                                                                                                $0
                                                                                                                      DEALS WITH PARI
                                                                                                                      PASSU DEBT
                                                                                                                      COM05LP5
                                                                                                                      -
                                                                                                                      -
                                                                                                                                                          SUBORD.
                                                                                                                                                             DEBT




                                                                                                                                                        $1,175,000
                                                                                                                                                                  $0
                                                                                                                                                                  $0
                                                                                                                                                                                         MEZZ
                                                                                                                                                                                         DEBT


                                                                                                                                                                               $13,000,000
                                                                                                                                                                                               -


                                                                                                                                                                                               -
                                                                                                                                                                                                         WHOLE-LOAN
                                                                                                                                                                                                                BAL.
                                                                                                                                                                                                        $172,180,526
                                                                                                                                                                                                         $52,048,494
                                                                                                                                                                                                         $18,828,936
                  am
Single Tenant Exposure
PROP.                                                                                  PROP                   CURRENT             % OF    LARGEST                                        LEASE            MATURITY
ID        PROPERTY NAME                   CITY                    STATE                TYPE                   BALANCE             DEAL    TENANT                              % GLA      EXPIRATION       DATE
9-P1      Plummer Street BuildingsLos Angeles                     CA                   Office               $39,048,494       3.13 %      Washington Mutual                62.18 %       6/18/2015         5/1/2015
26        23RD & MADISON                  Seattle                 WA                   Retail               $18,078,812       1.45 %      Safeway Stores                   88.50 %       10/29/2029        1/1/2015
27        CLAY SHOPPING      Clay                                 NY                   Retail               $17,527,688       1.40 %      Raymour & Flanigan               55.17 %       9/30/2019         12/1/2014
          CENTER - SYRACUSE                                                                                                               F
43        PAVILLION AT RANCHORancho Mirage                        CA                   Retail               $13,714,370       1.10 %      Vons                             51.41 %       12/31/2017        12/1/2014
          MIRAGE
48        SKYTOP PAVILION    Cincinnati                           OH                   Retail               $13,345,000       1.07 %      Biggs                            51.29 %       2/28/2020         12/1/2014
45        SHOPS AT           Winsted                              CT                   Retail               $12,348,869       0.99 %      Stop & Shop                      50.35 %       9/30/2019         12/1/2014
          LEDGEBROOK
57        CARPINTERIA BLUFFS Carpinteria                          CA                   Office                $9,109,182       0.73 %      Venoco, Inc                    100.00 %        12/12/2019        1/1/2015
S


67        KOHL'S BELTON                   Belton                  MO                   Retail                $7,222,527       0.58 %      Kohl's Department St           100.00 %        1/31/2025         1/1/2015
77        CVS CENTER                      Galveston               TX                   Retail                $5,646,171       0.45 %      CVS Drug Store                   76.75 %       7/31/2024         12/1/2014
81        EAGLE ROCK                      Los Angeles             CA                   Retail                $5,579,115       0.45 %      Walgreen Company                 69.67 %       8/31/2079         1/1/2015
          SHOPPING CENTER
88        HEALTH TEAM                     Bothell                 WA                   Other                 $4,508,210       0.36 %      Children's Hospital              64.41 %       10/31/2012        1/1/2015
          NORTHWEST
          BUILDING
91        PLAZA DE LAS                    Houston                 TX                   Retail                $4,070,953       0.33 %      Jack In The Box -                75.96 %       10/3/2024         9/1/2014
          AMERICAS                                                                                                                        Foodmaker
Total     12                              -                       -                    -                $150,199,392         12.02 %      -                                          -   -                 -




Twelve-month Maturity Risk
                                                                                                                                                                                           WL
PROS.      LOAN                      PROP        # OF                                       CURRENT    % OF   MR MR DSCR                    MR          MSTAR MSTAR MATURITY        LOAN   OR                       HRL
LOAN ID    NAME                      TYPE       PROP CITY                 STATE             BALANCE    DEAL DSCR AS OF                     NCF          VALUE   LTV DATE     COUPON STATUS SS                       SCORE
3.000      Potomac Tower             Office         1 Arlington           VA               $75,000,000 6.00 %    2.47 12/31/2010    $8,897,716               -          - 1/1/2012           4.72 C            -

11.000     Foothill Plaza            Office         1 Foothill Ranch CA                    $29,877,795 2.39 %    0.78 12/31/2009    $1,670,484    $25,400,000 117.63 2/1/2010                5.53 FC           SS   3

25.000     Oak Park Office Center Office            1 Houston             TX               $20,649,809 1.65 %    0.71 12/31/2010    $1,036,059    $15,800,000 130.69 12/1/2010               5.31 FC           SS   3

36.000     Southfork Pointe Retail   Retail         1 Las Vegas           NV               $16,000,000 1.28 %    0.51 6/30/2010      $198,135      $7,700,000 207.79 1/1/2010                4.74 REO          SS   3
           Center




                                                                                                        Page 4 of 32
                                                        GE Commercial Mortgage Corporation, Series 2005-C1
                                                        (GECC05C1)
                                                                                                                                                          Report Date: May 2011 (Data as of May 2011)

                                                                                                                                                                                  WL
PROS.          LOAN                      PROP      # OF                           CURRENT        % OF   MR MR DSCR                  MR         MSTAR MSTAR MATURITY        LOAN   OR                    HRL
LOAN ID        NAME                      TYPE     PROP CITY             STATE     BALANCE        DEAL DSCR AS OF                   NCF         VALUE   LTV DATE     COUPON STATUS SS                    SCORE
43.000         Heritage on the River     Multi-        1 Jacksonville   FL       $13,305,542 1.06 %    -0.03 3/31/2010          ($7,554)    $8,100,000 164.27 11/1/2009          4.67 REO          SS   3
                                         family
56.000         Taj Mahal                 Office        1 Laguna Hills   CA        $9,901,961 0.79 %       1.53 12/31/2010     $1,141,128              -        - 10/1/2011       5.40 C            -

79.000         Burlington Self Storage - Other         1 Oakland Park FL          $5,764,688 0.46 %       1.80 12/31/2010      $787,768               -        - 1/1/2012        5.60 C            -
               Oakland Park
113.000        3998 Inland Empire        Office        1 Ontario        CA        $2,760,777 0.22 %       1.09 12/31/2010      $226,058     $2,500,000 110.43 1/1/2012           5.44 C            WL   1
               Boulevard
114.000        Mr. Van Gard              Other         1 Monroe         WA        $2,731,302 0.22 %       1.77 12/31/2010      $373,654               -        - 1/1/2012        5.76 C            -

-              Totals                    -             9 -              -       $175,991,873 14.08 %      1.50 -             $14,323,447   $59,500,000     68.35 -               5.02 -            -




Maturity Risk Commentary
Call protection is moderate. Currently 72% of loans have defesance provisions. Eight loans (5% of the pool) are subject to yield
maintenance while six loans (18%) are now open to prepay. Seven loans (6% of the pool) are defeased.




                                                                                  e
Four loans (7% of the pool) have matured, all of which are specially-serviced. Five loans (8%) will mature in the next 12 months. The
Taj Mahal loan that matures in October 2011 should be able to pay off as we have computed loan-to-value ratios of 61% to
71%. However, we caution that no refinance can be assumed with certainty. 3998 Inland Empire Boulevard is on the watchlist for low
DSCR and may not be able to pay off.


Historical Losses
PROSPECTUS
LOAN ID

53.000
73.000
                           PROPERTY NAME

                           Gates of West Bay
                           Village at Harrison Creek Apartments
                                                                                pl           PROPERTY
                                                                                             TYPE

                                                                                             MF
                                                                                             MF
                                                                                                                   DATE OF LOSS

                                                                                                                   4/5/2011
                                                                                                                   12/23/2010
                                                                                                                                                   BALANCE
                                                                                                                                               BEFORE LOSS

                                                                                                                                               $10,692,042
                                                                                                                                                $6,522,723
                                                                                                                                                                        REALIZED LOSS

                                                                                                                                                                               $121,301
                                                                                                                                                                             $4,699,317
                                                                                                                                                                                                        LOSS
                                                                                                                                                                                                   SEVERITY %

                                                                                                                                                                                                            1.13
                                                                                                                                                                                                        72.05
                        am
103.000                    Shiloh Crossing Shopping Center                                   RT                    7/19/2010                    $3,439,786                   $1,662,718                 48.34
117.000                    Court Plaza Office Building                                       OF                    7/12/2010                    $2,538,682                     $704,711                 27.76
105.000                    Hunter's Way Apartments                                           MF                    4/6/2010                     $3,492,086                   $1,131,466                 32.40
5.000                      63 Madison Avenue                                                 OF                    2/4/2010                    $60,000,000                     $622,451                     1.04
28.000                     Canyon Creek Business Center                                      IN                    1/25/2010                   $17,737,921                     $184,919                     1.04
101.000                    Village at Southern Crossing                                      MF                    1/12/2010                    $3,897,580                      $39,685                     1.02
21.000                     Folly Hill Apartments                                             MF                    1/5/2010                    $22,243,745                     $230,002                     1.03
23.000                     River Place                                                       RT                    11/2/2009                   $22,425,000                     $227,099                     1.01
Totals                     -                                                                 -                     -                          $152,989,566                   $9,623,668                 18.68




Most Recent Loss - Commentary
S


The pool has sustained losses of $9.6 million. For some of the losses, matured loans were unable to pay off and were transferred to
the special servicer. Those losses represent the special servicer's 1% workout fee plus associated expenses.

Liquidations increased in frequency and severity during 2010 before leveling off during the first quarter of 2011. The only liquidation in
2011 occurred in April when the $10.7 million Gates of West Bay loan took a $121,000 loss (1% severity).


Top 10 MSA Vs. Property Type Risk Analysis
                                                      CURRENT SNAPSHOT                                                      WTC AVG. CONCENTRATION OF DEAL
MSA                                    # OF LOANS % OF DEAL             DSCR       LTV              MF                 RT         OF             IN              HT            HC            OT
Chicago, IL                                       4     9.81 %          1.42     64.69           0.00 %        2.53 %         7.28 %        0.00 %          0.00 %          0.00 %        0.00 %
Los Angeles, CA                                   4     8.54 %          1.78     67.75           0.00 %        0.45 %         7.47 %        0.00 %          0.00 %          0.00 %        0.63 %
Detroit, MI                                       1     6.89 %          1.99     56.40           0.00 %        6.89 %         0.00 %        0.00 %          0.00 %          0.00 %        0.00 %
Washington, DC                                    2     6.50 %          2.44     68.52           0.00 %        0.00 %         6.00 %        0.00 %          0.00 %          0.00 %        0.50 %
Las Vegas, NV                                     3     5.02 %          0.97     74.79           3.54 %        1.28 %         0.00 %        0.00 %          0.00 %          0.00 %        0.20 %
Orange County, CA                                 7     5.00 %          1.34     67.15           0.00 %        0.61 %         3.18 %        0.00 %          0.00 %          0.00 %        1.21 %
Honolulu, HI                                      1     4.46 %          1.97     56.80           0.00 %        4.46 %         0.00 %        0.00 %          0.00 %          0.00 %        0.00 %
Houston, TX                                       7     3.44 %          1.11     68.22           0.31 %        0.78 %         1.65 %        0.00 %          0.00 %          0.00 %        0.70 %
Riverside-San Bernardino,                         6     3.30 %          1.33     67.35           0.00 %        1.10 %         1.63 %        0.00 %          0.00 %          0.00 %        0.57 %



                                                                                                 Page 5 of 32
                                               GE Commercial Mortgage Corporation, Series 2005-C1
                                               (GECC05C1)
                                                                                                                        Report Date: May 2011 (Data as of May 2011)


                                             CURRENT SNAPSHOT                                     WTC AVG. CONCENTRATION OF DEAL
MSA                           # OF LOANS % OF DEAL      DSCR          LTV       MF        RT            OF         IN            HT       HC           OT
CA
Seattle, WA                             4      3.10 %    1.36        63.55   0.00 %    1.45 %       0.00 %    0.00 %      1.08 %      0.00 %      0.58 %


                                    Strong                Very Good             Good                 Fair                 Weak




Defeasance
ID            ASSET NAME                                 MATURITY DATE                           BALANCE         % OF DEAL
22.000        Springfield Crown Plaza and Holiday Inn    9/1/2014                           $20,031,234              1.60 %
              Express
35.000        Abbott's Square                            1/1/2015                           $15,755,813              1.26 %




                                                                  e
41.000        Alderwood Towne Center                     7/1/2014                           $14,489,652              1.16 %
78.000        Cambridge Square Apartments                12/1/2014                              $6,443,572           0.52 %
83.000        The Provinces Shopping Center              8/1/2014                               $5,908,265           0.47 %
88.000        4530 Ming Avenue                           12/1/2014                              $4,785,586           0.38 %
99.000        Marin Self Storage                         2/1/2015                               $3,974,732           0.32 %
% of Pool




Additional Deal Commentary                                      pl                          $71,388,854              5.71 %




         Geographically the collateral is well diversified with only California (20%) comprising over 10% of the pool.
         By property type the collateral is concentrated in retail (37%) and office (32%).
                  am
         Only 12% of the loans in the pool are secured by loans with a tenant that has a GLA percentage of 50% or more, and only 3%
         of the loans in the pool are occupied by a single tenant.
         Seven assets (6% of pool) are fully defeased.
         All partial interest-only loans have begun to amortize. The pool has three full-term interest-only loans (14% of the pool).




Monthly Changes
DELINQUENCY DEGRADATIONS
DATE              DEAL ID            LOAN ID            NAME                                                 BALANCE          UPDATED STATUS PREVIOUS STATUS
S


DELINQUENCY IMPROVEMENTS
DATE              DEAL ID            LOAN ID            NAME                                                 BALANCE          UPDATED STATUS PREVIOUS STATUS



WATCHLIST ADDITIONS (SERVICER)
DATE              DEAL ID            LOAN ID            NAME                                                 BALANCE



WATCHLIST DELETIONS (SERVICER)
DATE              DEAL ID            LOAN ID            NAME                                                 BALANCE



SPECIALLY SERVICED ADDITIONS
DATE              DEAL ID            LOAN ID            NAME                                                 BALANCE



SPECIALLY SERVICED DELETIONS
DATE              DEAL ID            LOAN ID            NAME                                                 BALANCE



PAYOFFS


                                                                             Page 6 of 32
                                                  GE Commercial Mortgage Corporation, Series 2005-C1
                                                  (GECC05C1)
                                                                                                                                  Report Date: May 2011 (Data as of May 2011)


DATE             DEAL ID              LOAN ID              NAME                                                        BALANCE           DEFEASANCE INDICATOR



LIQUIDATIONS
DATE             DEAL ID              LOAN ID              NAME                                                        BALANCE                                   REALIZED LOSS



DEFEASED LOANS
DATE             DEAL ID              LOAN ID              NAME                                                        BALANCE




Top 10 Non-Defeased Loans




                                                                     e
The ten largest loans in the pool account for 43% of the pool balance. Two of the loans are specially serviced.

Two loans, Lakeside Mall and Ward Centers, were returned to the master servicer without a loss. We note that the seventh-largest

specially-serviced for maturity default.



Top 10 Asset Details
PROSPECTUS
ID                 ASSET NAME
                                                                   pl
loan, Washington Mutual Buildings (3% of the pool), is classified as REO (although no collateral remains) and Foothill Plaza (2%) is




                                                                  CURRENT
                                                                  BALANCE
                                                                              % OF
                                                                              DEAL    CITY              STATE
                                                                                                                  PROPERTY
                                                                                                                  TYPE
                                                                                                                                        SQ.FT.
                                                                                                                                        UNITS
                                                                                                                                                   YEAR
                                                                                                                                                   BUILT
                                                                                                                                                                      BALANCE
                                                                                                                                                                     SQFT-UNIT
                                                                                                                                                                                      MSTAR
                                                                                                                                                                                      WL
                                                                                                                                                                                      OR SS
                 am
2.000              401 North Michigan Avenue                   $91,000,000   7.28 %   Chicago           IL        OF                   735,260     1963                  $124         -
1.000              Lakeside Mall                               $86,090,263   6.89 %   Sterling Heights MI         RT                   643,375     1976                  $134         -
3.000              Potomac Tower                               $75,000,000   6.00 %   Arlington         VA        OF                   236,887     1989                  $317         -
4.000              Ward Centers                                $55,689,585   4.46 %   Honolulu          HI        RT                   270,961     1981                  $206         -
6.000              The Atrium at Continental Park              $54,317,835   4.35 %   El Segundo        CA        OF                   283,699     2002                  $191         -
8.000              Savannah Apartments                         $44,228,848   3.54 %   Las Vegas         NV        MF                      472      1999               $93,705         -
9.000              Washington Mutual Buildings                 $39,048,494   3.13 %   Various           CA        OF                   257,336     Various               $152         SS
10.000             Candlewood Plaza - Danbury                  $33,656,060   2.69 %   Brookfield        CT        RT                   211,396     1972                  $159         -
11.000             Foothill Plaza                              $29,877,795   2.39 %   Foothill Ranch    CA        OF                   208,862     2001                  $143         SS
12.000             Buckhead Station Shopping Center            $25,291,867   2.02 %   Atlanta           GA        RT                   233,930     1995                  $108         -
                   Totals                                     $534,200,747 42.75 %    -                 -         -                          -     -                          -       -
S


PROSPECTUS ID       ASSET NAME                                                            UW OCC %           UW DSCR                                    UW NOI                    UW NCF
2.000               401 North Michigan Avenue                                                   87.00        1.82(NCF)                            $9,702,701                $8,895,207
1.000               Lakeside Mall                                                               92.00        1.93(NCF)                           $22,912,536               $22,312,736
3.000               Potomac Tower                                                            100.00          2.04(NCF)                            $7,309,127                $7,309,127
4.000               Ward Centers                                                                99.00        1.78(NCF)                            $7,074,414                $6,677,269
6.000               The Atrium at Continental Park                                              82.00        1.16(NCF)                            $4,941,513                $4,403,573
8.000               Savannah Apartments                                                         97.00        1.21(NCF)                            $3,879,268                $3,781,268
9.000               Washington Mutual Buildings                                              100.00          1.61(NCF)                            $1,423,790                $3,133,837
10.000              Candlewood Plaza - Danbury                                                  95.00        1.25(NCF)                            $3,424,920                $3,234,761
11.000              Foothill Plaza                                                              85.00        1.29(NCF)                            $3,057,588                $2,747,274
12.000              Buckhead Station Shopping Center                                         100.00          1.48(NCF)                            $3,782,343                $3,609,102


                                                                                                    NCF                                                                                   NCF
PROSPECTUS                           P1 FS            P1 P1                                         VAR. MR FS             MR MR                                                          VAR.
ID              ASSET NAME           DATE          OCC % DSCR                P1 NOI       P1 NCF      % DATE             OCC % DSCR                      MR NOI          MR NCF             %
2.000           401 North Michigan   12/31/2009    97.00 % 2.45(NCF)    $12,822,651   $12,015,157   35 % 9/30/2010       97.00 % 1.45(NCF)             $5,950,844      $5,345,223         -20 %
                Avenue
1.000           Lakeside Mall        12/31/2009    92.00 % 1.62(NCF)    $18,358,147   $18,126,762   -19 % -                      - -                             -                -           -
3.000           Potomac Tower        12/31/2010 100.00 % 2.47(NCF)       $8,901,297    $8,897,716   22 % -                       - -                             -                -           -




                                                                                Page 7 of 32
                                                  GE Commercial Mortgage Corporation, Series 2005-C1
                                                  (GECC05C1)
                                                                                                                                             Report Date: May 2011 (Data as of May 2011)

                                                                                                              NCF                                                                                NCF
PROSPECTUS                           P1 FS            P1 P1                                                   VAR. MR FS             MR MR                                                       VAR.
ID              ASSET NAME           DATE          OCC % DSCR                      P1 NOI           P1 NCF      % DATE             OCC % DSCR                     MR NOI            MR NCF         %
4.000           Ward Centers         12/31/2009    99.00 % 2.56(NCF)           $7,989,739      $7,592,230     14 % 9/30/2010       97.00 % 1.97(NCF)            $5,856,204        $5,558,072     11 %
6.000           The Atrium at        10/31/2010    87.00 % 1.55(NCF)           $6,453,783      $5,915,843     34 % -                      - -                            -                 -         -
                Continental Park
8.000           Savannah             12/31/2009    93.00 % 1.26(NCF)           $4,050,270      $3,952,270      5 % 9/30/2010       93.00 % 1.16(NCF)            $2,792,844        $2,719,314     -4 %
                Apartments
9.000           Washington Mutual    12/31/2008 100.00 % 2.09(NCF)             $5,802,236      $5,802,236     85 % -                       - -                              -              -            -
                Buildings
10.000          Candlewood Plaza -   12/31/2009    98.00 % 1.53(NCF)           $4,162,420      $3,972,260     23 % 9/30/2010      100.00 % 1.33(NCF)            $2,732,605        $2,589,986      7%
                Danbury
11.000          Foothill Plaza       12/31/2009    84.00 % 0.78(NCF)           $1,980,798      $1,670,484     -39 % -                      - -                              -              -            -

12.000          Buckhead Station     12/31/2010 100.00 % 1.85(NCF)             $4,711,480      $4,538,238     26 % -                       - -                              -              -            -
                Shopping Center


                                                                                                                                              MSTAR
PROSPECTUS                                          MATURITY                                                                       INSPECTION MARKET                 MSTAR MARKET
ID              ASSET NAME                          DATE          U/W LTV       IO TERM         IO PERIOD         RESERVES         RATING     RANK                   OUTLOOK




                                                                     e
2.000           401 North Michigan Avenue           1/1/2015           65.20    Full Term      44                   $107,045       G                 Average       Outlook [2011]: Stable
                                                                                                                                                                   Outlook [2012]: Up
1.000           Lakeside Mall                       6/1/2016           63.80    Amortizing     -                            $0     G                 Below Average Outlook [2011]: Up Outlook
                                                                                                                                                                   [2012]: Up
3.000           Potomac Tower                       1/1/2012           69.40    Full Term      8                             -     G                 Above Average Outlook [2011]: Stable
                                                                                                                                                                   Outlook [2012]: Up
4.000           Ward Centers                        1/1/2014           64.10    Amortizing     -                             -     G                 Above Average Outlook [2011]: Down
                                                                                                                                                                   Outlook [2012]: Up
6.000

8.000

9.000

10.000

11.000

12.000
                The Atrium at Continental Park

                Savannah Apartments

                Washington Mutual Buildings

                Candlewood Plaza - Danbury

                Foothill Plaza

                Buckhead Station Shopping Center
                                                    2/1/2015

                                                    1/1/2015

                                                    5/1/2015

                                                    1/1/2015

                                                    2/1/2010

                                                    9/1/2013
                                                                   pl  78.40

                                                                       78.50

                                                                       69.30

                                                                       77.00

                                                                       76.20

                                                                       49.70
                                                                                Amortizing

                                                                                Amortizing

                                                                                Amortizing

                                                                                Amortizing

                                                                                Amortizing

                                                                                Amortizing
                                                                                               0

                                                                                               0

                                                                                               -

                                                                                               -

                                                                                               0

                                                                                               -
                                                                                                                    $482,912

                                                                                                                     $65,850



                                                                                                                    $779,150

                                                                                                                    $480,531

                                                                                                                    $380,904
                                                                                                                            $0
                                                                                                                                   G

                                                                                                                                   G

                                                                                                                                   -

                                                                                                                                   G

                                                                                                                                   G

                                                                                                                                   G
                                                                                                                                                     Average

                                                                                                                                                     Below Average Outlook [2011]: Up Outlook

                                                                                                                                                     Average

                                                                                                                                                     Average
                                                                                                                                                                   Outlook [2011]: Down
                                                                                                                                                                   Outlook [2012]: Up

                                                                                                                                                                   [2012]: Up
                                                                                                                                                                   Outlook [2011]: Down
                                                                                                                                                                   Outlook [2012]: Up
                                                                                                                                                                   Outlook [2011]: Down
                                                                                                                                                                   Outlook [2012]: Stable
                                                                                                                                                     Below Average Outlook [2011]: Up Outlook
                                                                                                                                                                   [2012]: Up
                                                                                                                                                     Below Average Outlook [2011]: Stable
                                                                                                                                                                   Outlook [2012]: Up
                 am
Top 10 Lease Rollover Risk
Lease rollover is a moderate concern throughout the top ten remaining loans, although the servicer's lease review data has become a
bit stale. Rollover concerns on individual loans are included in the loan writeups.



Top 10 Tenant Expirations
                                                                                                                                         TENANT AREA           TENANT LEASE
PROSPECTUS ID    PROPERTY NAME                                          TENANT NAME                                                    LEASED (SQ.FT.)         EXP. DATE                       % GLA
3.000            POTOMAC TOWERS                                         Friedman Billings Ra                                                 18,083.00         11/30/2014                      7.63 %
S


4.000            WARD CENTER                                            Consolidated Enterta                                                 86,676.00         5/31/2016                      31.99 %
4.000            WARD CENTER                                            Buca Di Beppo                                                            9,500.00      1/31/2012                       3.51 %
6.000            THE ATRIUM AT CONTINENTAL PARK                         Intelligent Beauty,                                                  14,306.00         11/30/2015                      5.04 %
9.000            Plummer Street Buildings                               Washington Mutual                                                   160,000.00         6/18/2015                  100.00 %
9.000            Oakdale Avenue Building                                Washington Mutual                                                    97,336.00         6/18/2015                  100.00 %
10.000           CANDLEWOOD PLAZA - DANBURY                             T J Maxx                                                             25,892.00         1/31/2014                      12.25 %
11.000           FOOTHILL PLAZA                                         Skilled Healthcare G                                                 21,483.00         6/30/2013                      10.29 %

Source - Servicer Reported CMSA Property File




Top 10 Aggregate Tenant Rollover
PROSPECTUS ID    LOAN NAME                                      REVIEW DATE                 % EXP 1-12 M.     % EXP 13-24 M.     % EXP 25-36 M.       % EXP 37-48 M.            % EXP TOTAL
2.000            401 North Michigan Avenue                      03/10/2010                           4.00 %             1.00 %             7.00 %              13.00 %              25.00 %
1.000            Lakeside Mall                                  06/22/2010                          18.00 %             7.00 %             5.00 %               8.00 %              38.00 %
3.000            Potomac Tower                                  03/11/2010                           3.00 %          24.00 %               0.00 %              57.00 %              84.00 %
4.000            Ward Centers                                   05/19/2010                           7.00 %             0.00 %             0.00 %               0.00 %               7.00 %
6.000            The Atrium at Continental Park                 01/06/2011                          13.00 %             8.00 %             7.00 %              12.00 %              40.00 %




                                                                                       Page 8 of 32
                                                 GE Commercial Mortgage Corporation, Series 2005-C1
                                                 (GECC05C1)
                                                                                                                                            Report Date: May 2011 (Data as of May 2011)


PROSPECTUS ID     LOAN NAME                                      REVIEW DATE             % EXP 1-12 M.    % EXP 13-24 M.     % EXP 25-36 M.       % EXP 37-48 M.      % EXP TOTAL
9.000             Washington Mutual Buildings                    03/30/2009                           -                 -                    -                    -                 -
10.000            Candlewood Plaza - Danbury                     04/08/2010                     3.00 %           14.00 %              21.00 %               0.00 %           38.00 %
11.000            Foothill Plaza                                 03/29/2010                   26.00 %             1.00 %              23.00 %               0.00 %           50.00 %
12.000            Buckhead Station Shopping Center               03/22/2010                   37.00 %             1.00 %               0.00 %               4.00 %           42.00 %

Source - Servicer Reported CMSA Property File




Top Ten Loan Highlights

401 North Michigan Avenue
                     LaSalle Bank National
                    Association, Zeller-401




                                                                       e
Borrower           Property, L.L.C., LHR-401         Appraised Value     $139,500,000          Asset Type                   Office           Location                    Chicago, IL
                   Michigan Avenue, LLC, Z-
                              140
C/O Balance                 $91,000,000              Mortgage Rate              5.31           # Properties                   1              Year Built                       1963
Current Balance             $91,000,000              Mortgage Type             Fixed           Size                      735,260             Annual Debt Service         $4,898,751
% of Deal


 FISCAL YEAR
 Most Recent
 Prec Yr
 2nd Prec Yr
 Issuance
                        DATE
                                7.28




                        9/30/2010
                        12/31/2009
                        12/31/2008
                        12/31/2004
                                                     Maturity


                                                REVENUE
                                           $15,260,430
                                           $25,283,434
                                           $23,884,455
                                           $21,604,620
                                                                     pl
                                                                   EXPENSE
                                                                 $9,309,586
                                                                $12,460,783
                                                                $11,084,953
                                                                $11,901,919
                                                                              1/1/2015         $/SQFT-UNIT


                                                                                               NOI
                                                                                        $5,950,844
                                                                                       $12,822,651
                                                                                       $12,799,502
                                                                                        $9,702,701
                                                                                                                   NCF
                                                                                                           $5,345,223
                                                                                                          $12,015,157
                                                                                                          $11,992,008
                                                                                                           $8,895,207
                                                                                                                         $123.77


                                                                                                                                     MTHS
                                                                                                                                        9
                                                                                                                                       12
                                                                                                                                       12
                                                                                                                                       12
                                                                                                                                             Payment Status


                                                                                                                                               DSCR (NOI)
                                                                                                                                                     1.62
                                                                                                                                                     2.61
                                                                                                                                                     2.60
                                                                                                                                                     1.98
                                                                                                                                                               DSCR (NCF)
                                                                                                                                                                      1.45
                                                                                                                                                                      2.45
                                                                                                                                                                      2.44
                                                                                                                                                                      1.82
                                                                                                                                                                             Current


                                                                                                                                                                                   % OCC.
                                                                                                                                                                                 97.00 %
                                                                                                                                                                                 97.00 %
                                                                                                                                                                                 97.00 %
                                                                                                                                                                                 87.00 %
                  am
                                                          RESERVE BALANCE        BEGINNING RESERVE                                                   RESERVE           ENDING RESERVE
TAPE DATE               RESERVE TYPE                                                                         RESERVE DEPOSITS
                                                           AT CONTRIBUTION                 BALANCE                                             DISBURSEMENTS                  BALANCE
May 2011                Replacement Reserve                               $0                   $59,348                      $17,830                            $0                $77,177
May 2011                Repair Reserve                                    $0                   $29,862                           $6                            $0                $29,868



 TENANT NAME                                                                             LEASE EXP.                            SQ. FT.                                % OF GLA
 Smith Bucklin                                                                           12/31/2017                           76,324                                   10.38 %
 IHDA                                                                                    7/31/2016                            52,802                                    7.18 %
 University Of Chicag                                                                    5/31/2017                            41,850                                    5.69 %
 Total                                                                                                                       170,976                                   23.25 %




401 North Michigan Avenue, the largest loan in the pool, is secured by a 735,260-sf office building in the Chicago CBD. The 10-year,
S


interest only, fixed-rate loan bears interest at 5.31% and matures in January 2015. The property was built in 1963 and the borrower
completed $8.2 million in renovations to the building. In addition to the office space, which is leased to 58 tenants, the collateral
includes a three-level parking garage with 251 parking spaces.

The sponsor of the loan is Zeller Realty, which is a real estate investment, acquisition, management and development company. RAIT
Financial Trust owned a preferred equity position that it sold in October 2010 to an undisclosed buyer.

The three largest tenants occupy 23% of the building’s GLA. The largest tenant occupies about 10% of the GLA. The second and third
largest tenants occupy 7% and 6% of the GLA, respectively. None of the largest leases expire before 2016.




Lakeside Mall

Borrower          Lakeside Mall Property LLC         Appraised Value     $156,000,000          Asset Type                   Retail           Location                    Detroit, MI
C/O Balance                 $97,255,523              Mortgage Rate              4.28           # Properties                   1              Year Built                       1976
Current Balance             $86,090,263              Mortgage Type             Fixed           Size                      643,375             Annual Debt Service         $5,776,264
% of Deal                       6.89                 Maturity                 6/1/2016         $/SQFT-UNIT               $133.81             Payment Status                  Current



                                                                                       Page 9 of 32
                                                 GE Commercial Mortgage Corporation, Series 2005-C1
                                                 (GECC05C1)
                                                                                                                                   Report Date: May 2011 (Data as of May 2011)



 FISCAL YEAR          DATE                     REVENUE           EXPENSE               NOI                 NCF           MTHS         DSCR (NOI)    DSCR (NCF)         % OCC.
 Most Recent
 Prec Yr              12/31/2009            $26,474,686        $8,116,539       $18,358,147         $18,126,762               12            2.02           1.62       92.00 %
 2nd Prec Yr          12/31/2008            $27,682,194        $8,705,211       $18,976,983         $18,745,598               12            1.64           1.62       94.00 %
 Issuance             12/31/2004            $31,479,045        $8,566,509       $22,912,536         $22,312,736               12            1.93           1.93       92.00 %



                                                          RESERVE BALANCE    BEGINNING RESERVE                                              RESERVE         ENDING RESERVE
TAPE DATE             RESERVE TYPE                                                                    RESERVE DEPOSITS
                                                           AT CONTRIBUTION             BALANCE                                        DISBURSEMENTS                BALANCE
March 2011            Other                                                                    $0                       $0                          $0                     $0



 TENANT NAME                                                                      LEASE EXP.                          SQ. FT.                              % OF GLA
 Sears                                                                            3/2/2026                          311,541                                 48.42 %
 J C Penney                                                                       3/2/2026                          224,791                                 34.94 %




                                                                    e
 Macy's                                                                           3/2/2026                          206,196                                 32.05 %
 Total                                                                                                              742,528                                100.00 %




                                                                  pl
Lakeside Mall is the second-largest loan in the pool. The whole loan balance of has been split into two equal pari-passu notes; the
other note is part of COM05L15. The five-year, fixed-rate loan bears interest at 4.28%, amortizes on a 30-year schedule and matures
in December 2009. Lakeside Mall is secured by 643,375 sf of a 1,478,375 sf regional mall in Sterling Heights, MI, 22 miles north of the
Detroit CBD. The total leverage of the mortgaged space was $299/sf at issuance. The property was built in 1976 and has undergone
several renovations with the most recent in 2001. As of year end 2008, the DSCR and occupancy were 1.62 and 94%. The 2009
performance was very similar at 1.62 with 92% occupancy.
                    am
The table below shows the anchor and major in-line tenants. All percentages below are based on the total square footage of the mall
rather than the collateral square footage. All of the anchors own their stores and pad sites, except for Macy's Men and Home which
own the store only and pays ground rent to the borrower.

                                  Anchor Tenants
       Tenant                SF       % of Total SF Morningstar Credit Rating
        Sears            303,000        20.50%                  BB
       Macy's            206,000        13.90%                  BB+
     J.C. Penney         204,000        13.80%                 BBB-
    Lord & Taylor        122,000         8.30%                  NR
Macy's Men & Home 115,300                7.80%                  BB+
S


        Totals           950,300        64.30%


                                                    Major In-Line Tenants
                       Tenant                             SF    % of Total SF Morningstar Credit Rating Lease Expiration
               For Your Entertainment                 26,790         1.80%               NR                   1/31/2009*
                      Express                         14,522         1.00%               NR                       1/31/2014
     Steve & Barry's University Sportswear                       VACATED
                 Abercrombie & Fitch                  11,372         0.80%               NR                       1/31/2015
               New York & Company                     10,642         0.70%               NR                       1/31/2012
                  Victoria's Secret                   10,107         0.70%               BB+                      1/31/2015
                  Charlotte Russe                      9,277         0.60%               NR                       1/31/2013
                      The Gap                                    VACATED
                       Totals                         82,710         5.60%


*The servicer has not updated the lease status; the tenant remains in occupancy


                                                                                Page 10 of 32
                                                GE Commercial Mortgage Corporation, Series 2005-C1
                                                (GECC05C1)
                                                                                                                                  Report Date: May 2011 (Data as of May 2011)


The loan’s sponsor is General Growth Properties, a publicly-traded real estate investment trust specializing in regional shopping malls.
GGP filed for chapter 11 bankruptcy protection and included this loan in the bankruptcy filing. The loan was transferred to the special-
servicer in April 2009.

The borrowing entity has emerged from bankruptcy. The maturity date was extended to June 2016. The borrower will pay "catch-up"
amortization for the period that the loan was in bankruptcy. In addition, the loan will resume amortization according to a 30-year
schedule. In January 2013, the loan begins paying amortization according to a 25-year schedule. In January 2016, the loan will
amortize according to a 20-year schedule.

In May 2010, the Bankruptcy Court approved General Growth's proposal to accept financing from Brookfield Asset Management,
Fairholme Capital Management and Pershing Square Capital Management in exchange for warrants to buy stock in the company after
it is reorganized under Chapter 11.




                                                                   e
GGP has emerged from bankruptcy protection. It is important to note that this loan may be subject to a 1% workout fee when it pays
off.

Potomac Tower
                   BFP Potomac Tower Co.
Borrower

C/O Balance
Current Balance
% of Deal


 FISCAL YEAR
 Most Recent
                    DATE
                           LLC
                         $75,000,000
                         $75,000,000
                             6.00
                                                 Appraised Value

                                                 Mortgage Rate
                                                 Mortgage Type
                                                 Maturity


                                           REVENUE
                                                                 pl$108,000,000




                                                              EXPENSE
                                                                           4.72
                                                                          Fixed
                                                                         1/1/2012
                                                                                          Asset Type

                                                                                          # Properties
                                                                                          Size
                                                                                          $/SQFT-UNIT


                                                                                         NOI             NCF
                                                                                                                Office

                                                                                                                   1
                                                                                                                236,887
                                                                                                                $316.61


                                                                                                                          MTHS
                                                                                                                                   Location

                                                                                                                                   Year Built
                                                                                                                                   Annual Debt Service
                                                                                                                                   Payment Status


                                                                                                                                     DSCR (NOI)
                                                                                                                                                           Washington, DC




                                                                                                                                                   DSCR (NCF)
                                                                                                                                                                  1989
                                                                                                                                                             $3,590,688
                                                                                                                                                                 Current


                                                                                                                                                                      % OCC.
                  am
 Prec Yr            12/31/2010          $12,851,248         $3,949,951            $8,901,297       $8,897,716               12             2.47          2.47       100.00 %
 2nd Prec Yr        12/31/2009          $12,519,274         $3,833,319            $8,685,955       $8,682,374               12             2.41          2.41       100.00 %
 Issuance           12/31/2004          $10,116,468         $2,807,341            $7,309,127       $7,309,127               12             2.04          2.04       100.00 %



 TENANT NAME                                                                        LEASE EXP.                      SQ. FT.                               % OF GLA
 Kimc Inc                                                                           4/30/2020                       18,599                                  7.85 %
 Friedman Billings Ra                                                               11/30/2014                      18,083                                  7.63 %
 PBC Rosslyn, LLC                                                                   1/7/2020                        17,925                                  7.57 %
 Total                                                                                                              54,607                                 23.05 %




The third largest loan in the pool is Potomac Tower. The seven-year, interest-only, loan bears interest at a fixed-rate of 4.72% and
matures in January 2012. The loan is secured by a 236,887-sf, 19-story office building built in 1989 in Arlington, VA. The property's
S


location gives it a clear view of the Washington, DC skyline.

Brookfield Financial Properties L.P. is the sponsor, which is an affiliate of Brookfield Office Property. The REIT owns 30 properties
in the Washington area totaling over seven million square feet.

The property has performed well with DSCRs above 2.00 since issuance. We believe that the loan will be successfully paid off at
maturity.

Ward Centers
                  Victoria Ward Center L.L.C.
Borrower               and Victoria Ward         Appraised Value    $40,000,000           Asset Type             Retail            Location                  Honolulu, HI
                  Entertainment Center L.L.C.
C/O Balance              $62,843,823             Mortgage Rate             4.33           # Properties             1               Year Built                     1981
Current Balance          $55,689,585             Mortgage Type            Fixed           Size                  270,961            Annual Debt Service       $3,755,447
% of Deal                    4.46                Maturity                1/1/2014         $/SQFT-UNIT           $205.53            Payment Status                Current



 FISCAL YEAR        DATE                   REVENUE            EXPENSE                    NOI             NCF              MTHS       DSCR (NOI)    DSCR (NCF)         % OCC.
 Most Recent        9/30/2010           $10,025,686         $4,169,482            $5,856,204       $5,558,072                 9            2.07           1.97       97.00 %



                                                                              Page 11 of 32
                                                       GE Commercial Mortgage Corporation, Series 2005-C1
                                                       (GECC05C1)
                                                                                                                                                         Report Date: May 2011 (Data as of May 2011)


 FISCAL YEAR              DATE                        REVENUE                  EXPENSE                      NOI                  NCF             MTHS        DSCR (NOI)      DSCR (NCF)            % OCC.
 Prec Yr                  12/31/2009                $12,453,739               $4,464,000           $7,989,739              $7,592,230               12             2.69             2.56          99.00 %
 2nd Prec Yr              12/31/2007                $15,015,961               $5,305,203           $9,710,758              $9,313,613               12             2.58             2.48          98.00 %
 Issuance                 12/31/2004                $11,590,895               $4,516,481           $7,074,414              $6,677,269               12             1.88             1.78          99.00 %



 TENANT NAME                                                                                           LEASE EXP.                             SQ. FT.                                % OF GLA
 Consolidated Enterta                                                                                  5/31/2016                           86,676                                     31.99 %
 Dave & Buster's                                                                                       10/31/2021                          44,194                                     16.31 %
 Buca Di Beppo                                                                                         1/31/2012                            9,500                                      3.51 %
 Total                                                                                                                                    140,370                                     51.80 %




The loan is secured by the fee interest in two anchored retail properties totaling 270,961 sf in Honolulu, HI. The subject is part of the




                                                                                  e
greater Victoria Ward Centers, which contain a total of 1.3 million sf. The subject was built in 1981 and renovated in 2002.

The loan has performed well over its life. When underwritten the loan had a DSCR and occupancy of 1.78 and 99%. This is in-line with
the year-end 2007 DSCR and occupancy of 2.48 and 98%. As of year end 2009, the DSCR was 2.56 with 99% occupancy. For the
period ending September 2010, the DSCR was 1.97 with a 97% occupancy.




                                                                                pl
The loan’s sponsor is General Growth Properties, a publicly-traded real estate investment trust specializing in regional shopping malls.
GGP filed for chapter 11 bankruptcy protection on April 16, 2009. This loan was included in the bankruptcy filing. The loan was
transferred to the special-servicer in April 2009.

The borrowing entity has emerged from bankruptcy. The maturity date was extended to January 2014. The borrower will pay "catch-
up" amortization for the period that the loan was in bankruptcy. In addition, the loan will resume amortization according to a 30-year
schedule. In January 2013, the loan begins paying amortization according to a 25-year schedule.
                      am
The loan was returned to the master servicer in June 2010. GGP emerged from bankruptcy in November 2010. This property remains
with GGP; however, part of the property that did not secure this loan, in particular, the developable land, has been transferred to the
new Howard Hughes Corporation. It is important to note that this loan may be subject to a 1% workout fee when it pays off.




Specially Serviced / Watchlist / High Risk Loan Summary
S


Summary                                                                                                  High Risk Loans Breakdown
                                        # OF LOANS                 BALANCE             % OF DEAL          HIGH RISK LOANS                         # OF LOANS                   BALANCE          % OF DEAL

Servicer Watchlist                              19           $159,896,629               12.80 %           HRL-1                                              10             $78,359,691            6.27 %
Morningstar Watchlist                           26           $301,977,772               24.17 %           HRL-2                                               1              $8,835,030            0.71 %
High Risk Loans                                 17           $221,744,619               17.75 %           HRL-3                                               6            $134,549,898          10.77 %




Specially Serviced Loans
PROSPECTUS                                      PROP                                       CURRENT       % OF MATURITY             TOTAL           MSTAR                         PRIN.     LOAN
ID         PROPERTY NAME                        TYPE     CITY             STATE            BALANCE       DEAL DATE              EXPOSURE           VALUE          LOSS         PREPAY      STATUS TIMING
9.000          Washington Mutual Buildings      OF       Various          California     $39,048,494    3.13 % 5/1/2015         $39,048,494     $3,300,000   $35,748,494     $3,300,000    REO      3-24

11.000         Foothill Plaza                   OF       Foothill Ranch   California     $29,877,795    2.39 % 2/1/2010         $32,267,063    $25,400,000    $6,867,063    $23,010,732    FC       6-18

25.000         Oak Park Office Center           OF       Houston          Texas          $20,649,809    1.65 % 12/1/2010        $20,785,307    $15,800,000    $4,985,307    $15,664,502    FC       6-18

36.000         Southfork Pointe Retail Center   RT       Las Vegas        Nevada         $16,000,000    1.28 % 1/1/2010         $16,770,129     $7,700,000    $9,070,129     $6,929,871    REO      6-18

33.000         Piper's Alley                    RT       Chicago          Illinois       $15,668,257    1.25 % 3/1/2015         $15,669,459    $22,000,000           $0             $0     C        -

43.000         Heritage on the River            MF       Jacksonville     Florida        $13,305,542    1.06 % 11/1/2009        $15,978,262     $8,100,000    $7,878,262     $5,427,280    REO      6-18

Totals         -                                -        -                -             $134,549,898   10.77 % -               $140,518,714    $82,300,000   $64,549,255    $54,332,386    -        -




                                                                                                 Page 12 of 32
                                               GE Commercial Mortgage Corporation, Series 2005-C1
                                               (GECC05C1)
                                                                                                                                             Report Date: May 2011 (Data as of May 2011)




Top 5 Non Specially Serviced High Risk Loans (By Balance)
PROSPECTUS                                                                        PROP.                                % OF             MSTAR      VALUE           EXPECTED       MATURITY
ID               LOAN NAME                 CITY                STATE              TYPE                   BALANCE       DEAL             VALUE DEFICIENCY               LOSS       DATE
26.000           23rd & Madison            Seattle             Washington         Retail            $18,078,812       1.45 %     $16,500,000 $1,578,812             $470,960      1/1/2015
34.000           The Preserves at San      Tallahassee         Florida            Multi-            $16,196,844       1.30 %     $17,500,000                 $0             $0    1/1/2015
                 Luis Apartments                                                  family
42.000           Links at Springdale       Springdale          Arkansas           Multi-            $13,426,834       1.07 %     $12,600,000         $826,834       $158,438      12/1/2014
                                                                                  family
59.000           Arlington Retail Centers Arlington            Texas              Retail                $8,835,030    0.71 %       $6,000,000 $2,835,030          $1,035,495      1/1/2015
63.000           Summer Chase              Little River        South Carolina Multi-                    $8,074,438    0.65 %       $5,400,000 $2,723,963            $620,328      2/1/2015
                 Apartments                                                   family



SS / WL / HRL – Additional Commentary




                                                                       e
Six loans (11% of the pool) are specially-serviced with a total of $64.59 million in forecasted losses from five loans.

The master servicer's watchlist contains 19 loans totaling $160 million (13% of the pool). We are monitoring 26 loans on the
Morningstar watchlist (24% of the pool). Eighteen of these loans have value deficiencies totaling $22.6 million. After applying a




                                                                     pl
probability of default, we have included $7.1 million in expected losses in our overall forecast.




Specially Serviced Loans
Washington Mutual Buildings: Specially-Serviced Loan
                  am
TRANSFER DATE:3/19/2009                    PROSPECTUS ID: 9.000                                BALANCE: $39,048,494                             % OF DEAL: 3.13

PROP. TYPE: Office                         SIZE: 257336                                        TOTAL EXPOSURE: $39,048,494                      STATUS: REO

CITY: Various                              STATE: California                                   MSA: Los Angeles, CA                             MARKET RANKING: Average
                                                                                                                                                MARKET OUTLOOK: Outlook [2011]:
YEAR BUILT: 1984                           MATURITY: 5/1/2015                                  APP. RED: $32,885,534
                                                                                                                                                Down Outlook [2012]: Up
ORIG. APP. VALUE:                          CURR. APP. VALUE: $15,800,000                       AS OF: 8/27/2009                                 $/SIZE: $152
                                                                                               VALUATION METHOD: Blended
ANN. DEBT SERV.: $0                        MSTAR VALUE: $3,300,000                                                                              MSTAR LOSS PROJ.: $35,748,494
                                                                                               Approach


Washington Mutual Buildings
 FISCAL YEAR         DATE                    REVENUE               EXPENSE                       NOI                  NCF           MTHS        DSCR (NOI)     DSCR (NCF)          % OCC.
 Most Recent
 Prec Yr             12/31/2008            $7,194,034             $1,391,798               $5,802,236         $5,802,236                12            2.09           2.09        100.00 %
S


 2nd Prec Yr         12/31/2007            $7,175,219             $1,385,432               $5,789,787         $5,789,787                12            2.08           2.08        100.00 %
 Issuance            12/31/2004            $1,870,094              $446,304                $1,423,790         $3,133,837                12            2.35           1.61        100.00 %



Washington Mutual Buildings
                                                           RESERVE BALANCE          BEGINNING RESERVE                                                 RESERVE          ENDING RESERVE
 TAPE DATE           RESERVE TYPE                                                                                 RESERVE DEPOSITS
                                                            AT CONTRIBUTION                   BALANCE                                           DISBURSEMENTS                 BALANCE
 November 2010       Other                                                   $0                  $514,793                          $0                  $514,793                        $0



 TENANT NAME                                                                                LEASE EXP.                           SQ. FT.                             % OF GLA
 Washington Mutual                                                                          6/18/2015                          160,000                                62.18 %
 Washington Mutual                                                                          6/18/2015                           97,336                                37.82 %
 Total                                                                                                                         257,336                               100.00 %



Multiple Properties
                                                                    PROPERTY                              YEAR       PROPERTY                             ALLOCATED     PROPERTY
 PROP ID #   PROPERTY NAME          CITY                  STATE                       SUB TYPE                                       APP. VALUE
                                                                    TYPE                                  BUILT           SIZE                              BALANCE     STATUS
             Plummer Street
 9-P1                               Los Angeles           CA        Office            Suburban            1984         160,000      $44,500,000          $27,364,692
             Buildings
 9-P2        Oakdale Avenue         Northridge            CA        Office            Suburban            1985          97,336      $19,000,000          $11,683,801



                                                                                      Page 13 of 32
                                        GE Commercial Mortgage Corporation, Series 2005-C1
                                        (GECC05C1)
                                                                                                                        Report Date: May 2011 (Data as of May 2011)


                                                          PROPERTY                       YEAR        PROPERTY                         ALLOCATED     PROPERTY
 PROP ID #   PROPERTY NAME     CITY            STATE                     SUB TYPE                                   APP. VALUE
                                                          TYPE                           BUILT            SIZE                          BALANCE     STATUS
             Building



 Loan Name                      Tape Date   Servicer Comment
 Washington Mutual Buildings    5/1/2011    New REO a/o 9/17/09 whereupon CB Richard Ellis was hired by LNR and took over the management and leasing on
                                            behalf of the Trust. The subject is a 2 story class B/B+ office building of 97,336 sf in Chatsworth, CA. Situated on 4.03
                                            acres (subject to ground lease exp. 5/39 w/2 5-yr options). 310 parking spaces. Built in 1985 and renovated in 1994. The
                                            property is 100% vacant since WAMU vacated the building in early 2009. No major deferred maintenance. Listed for sale
                                            with CBRE. Sale closed 4/21 at contract price of $3.45mm as scheduled. Proceeds to be applied to the loan balance.
                                            Plummer St. bldg under contract. Slae closed 10/15/10 at $7mm as is.



Morningstar Commentary / Loss Analysis
REO: The loan is secured by the leasehold interest in a building (totaling 97,336 sf) and the fee interest in two buildings totaling




                                                             e
160,000 sf. All of the buildings are Class B and were leased on a triple net basis to Washington Mutual. The buildings were built
between 1984 and 1985 in Chatsworth, CA, which is 30 miles northwest of downtown Los Angeles. The ground lease expires in May
2039 and has two five year extensions. The loan is subject to mezzanine financing of $13 million.

On September 26, 2008, the sole tenant of the collateral, Washington Mutual, was seized by the FDIC and the company's assets were




                                                           pl
subsequently bought by JP Morgan. Terms of the agreement with JP Morgan allowed the company to reject leases signed by WaMu.
JP Morgan rejected the lease effective March 23, 2009. The sponsor, NorthStar Realty Finance, advised that it would no longer keep
the loan current and will engage in a friendly foreclosure.

The property went to a foreclosure sale in September 2009 and became REO.

According to Commercial Real Estate Direct, the trust filed suit against the loan guarantor, NorthStar, alleging that the loan documents
provided for the loan to revert to full recourse against the borrower should the WaMu lease be terminated. The Los Angeles County
                  am
Superior Court ruled that the loan should indeed be full recourse against the borrower and entered a judgment for the full loan balance
of $42.8 million. NorthStar will appeal and has posted an appeal bond collateralized by $26 million of cash.

Update: A principal curtailment of $3.1 million was applied to the loan in November 2010. These funds may represent the proceeds
from the $3.5 million sale of Oakdale Avenue after expenses. The servicer also reported that the Plummer Street buildings were under
contract. A sale was concluded in October 2010 at a price of $7.0 million.

Approximately $3.3 million in advances were repaid on the loan. Including the curtailment, the exposure decreased from $46.7 million
to $39.3 million. The servicer has not clarified what funds were used to repay the advances. It is possible that the funds were
generated by the sale of the Plummer Street Buildings. We also believe that it is possible that some of the proceeds from the sale have
been retained by the servicer for ongoing legal costs. We can only surmise that the servicer is not passing losses through to the trust in
order to await a final judgment on the borrower's guaranty.
S


Loss Analysis: The total sale price for the assets was $10.1 million. This is well below the appraised value of the assets. $3.1 million
has already been applied to the loan balance. After the application of proceeds to advance repayment, there could be only $3.3 million
available for further principal repayment, some of which could be utilized for liquidation expenses. Our valuation above reflects this
possibility. The loss exposure on the loan could be as high as $37.0 million.

We believe that the judgment against the borrower could be a positive development for this loan. However, we caution that this is ruling
is subject to appeal. We cannot forecast how the appeals court will rule. Ultimate disposition of this case could potentially take months
or years. Given the uncertainty, we will maintain the loss forecast until we receive further information.




                                                                          Page 14 of 32
                                                   GE Commercial Mortgage Corporation, Series 2005-C1
                                                   (GECC05C1)
                                                                                                                                  Report Date: May 2011 (Data as of May 2011)


Foothill Plaza: Specially-Serviced Loan
TRANSFER DATE:2/8/2010                      PROSPECTUS ID: 11.000                      BALANCE: $29,877,795                          % OF DEAL: 2.39

PROP. TYPE: Office                          SIZE: 208862                               TOTAL EXPOSURE: $32,267,063                   STATUS: Foreclosure

CITY: Foothill Ranch                        STATE: California                          MSA: Orange County, CA                        MARKET RANKING: Below Average
                                                                                                                                     MARKET OUTLOOK: Outlook [2011]:
YEAR BUILT: 2001                            MATURITY: 2/1/2010                         APP. RED: $6,195,102
                                                                                                                                     Up Outlook [2012]: Up
ORIG. APP. VALUE: $41,000,000               CURR. APP. VALUE: $28,180,000              AS OF: 7/19/2010                              $/SIZE: $143

ANN. DEBT SERV.: $2,136,273                 MSTAR VALUE: $25,400,000                   VALUATION METHOD: Appraisal                   MSTAR LOSS PROJ.: $6,867,063


Foothill Plaza
 FISCAL YEAR           DATE                     REVENUE            EXPENSE                NOI              NCF             MTHS      DSCR (NOI)     DSCR (NCF)       % OCC.
 Most Recent




                                                                         e
 Prec Yr               12/31/2009           $4,180,712           $2,199,914       $1,980,798         $1,670,484              12            0.92           0.78       84.00 %
 2nd Prec Yr           12/31/2008           $5,339,606           $2,337,071       $3,002,535         $2,692,220              12            1.40           1.26       88.00 %
 Issuance              12/31/2004           $4,456,069           $1,398,480       $3,057,588         $2,747,274              12            1.43           1.29       85.00 %



Foothill Plaza
TAPE DATE

May 2011
May 2011
May 2011
May 2011



 TENANT NAME
                       RESERVE TYPE

                       Replacement Reserve
                       Letter of Credit (LOC)
                       Other
                       Other
                                                                       pl
                                                          RESERVE BALANCE
                                                           AT CONTRIBUTION
                                                                   $550,413
                                                                   $375,000
                                                                         $0
                                                                         $0
                                                                               BEGINNING RESERVE
                                                                                         BALANCE
                                                                                         $220,864




                                                                                    LEASE EXP.
                                                                                               $0
                                                                                         $259,649
                                                                                              $13
                                                                                                       RESERVE DEPOSITS

                                                                                                                       $2
                                                                                                                       $0
                                                                                                                       $2
                                                                                                                       $0



                                                                                                                     SQ. FT.
                                                                                                                                           RESERVE
                                                                                                                                     DISBURSEMENTS
                                                                                                                                                    $0
                                                                                                                                                    $0
                                                                                                                                                    $0
                                                                                                                                                    $0
                                                                                                                                                           ENDING RESERVE




                                                                                                                                                          % OF GLA
                                                                                                                                                                  BALANCE
                                                                                                                                                                   $220,866
                                                                                                                                                                         $0
                                                                                                                                                                   $259,651
                                                                                                                                                                        $13
                  am
 IBase T                                                                            8/31/2017                       27,191                                 13.02 %
 Skilled Healthcare G                                                               6/30/2013                       21,483                                 10.29 %
 Kaiser Aluminium & C                                                               1/19/2010                       17,022                                  8.15 %
 Total                                                                                                              65,696                                 31.46 %



 Loan Name                             Tape Date    Servicer Comment
 Foothill Plaza                        5/1/2011     NOD has been recorded. Discussing extension terms with the borrower.



Morningstar Commentary / Loss Analysis
Maturity Default / Foreclosure: The loan is secured by 208,862-sf, two-building office complex in Foothill Ranch, CA. The properties
were built in 2001 and sold in 2006 to CB Richard Ellis Investors for $62.3 million ($298/sf). This value implied a cap rate of 5.2% on
the 2006 year end net cash flow of $3.2 million.
S


As of year end 2009, the DSCR was 0.78 with 84% occupancy. The net cash flow for 2009 declined approximately 50% since the
acquisition in 2006. Performance has declined since the end of 2008 when the DSCR was 1.26 with 88% occupancy.

The loan matured in February 2010. The borrower was unable to arrange financing and requested an extension. As a result of the
maturity default, the loan was transferred to the special servicer in February 2010.

The servicer has not reported on the two tenants with expired leases; however, our research indicates that the tenants remain at the
property. A $375,000 letter of credit was presented by the lender which will allow for the payment of trust expenses in foreclosure.

The servicer is continuing with foreclosure proceedings while they are in discussions with the borrower about an extension.

Loss Analysis: A July 2010 appraisal, reported in January 2011, valued the property at $28.2 million. This implies a 5.9% cap rate on
the 2009 net cash flow. After a 10% deduction to account for liquidation costs, we valued the property at $25.4 million ($121/sf). Based
on the exposure, we are forecasting a loss of $6.0 million to $7.0 million if the loan is liquidated.




                                                                                 Page 15 of 32
                                                GE Commercial Mortgage Corporation, Series 2005-C1
                                                (GECC05C1)
                                                                                                                                  Report Date: May 2011 (Data as of May 2011)


Oak Park Office Center: Specially-Serviced Loan
TRANSFER DATE:4/26/2010                  PROSPECTUS ID: 25.000                        BALANCE: $20,649,809                           % OF DEAL: 1.65

PROP. TYPE: Office                       SIZE: 173400                                 TOTAL EXPOSURE: $20,785,307                    STATUS: Foreclosure

CITY: Houston                            STATE: Texas                                 MSA: Houston, TX                               MARKET RANKING: Above Average
                                                                                                                                     MARKET OUTLOOK: Outlook [2011]:
YEAR BUILT: 2002                         MATURITY: 12/1/2010                          APP. RED: $5,728,096
                                                                                                                                     Stable Outlook [2012]: Up
ORIG. APP. VALUE: $29,050,000            CURR. APP. VALUE: $17,600,000                AS OF: 11/10/2010                              $/SIZE: $119

ANN. DEBT SERV.: $1,454,302              MSTAR VALUE: $15,800,000                     VALUATION METHOD: Appraisal                    MSTAR LOSS PROJ.: $4,985,307


Oak Park Office Center
 FISCAL YEAR         DATE                  REVENUE              EXPENSE                  NOI                NCF         MTHS         DSCR (NOI)     DSCR (NCF)       % OCC.
 Most Recent




                                                                      e
 Prec Yr             12/31/2010           $2,238,250          $1,087,177         $1,151,073         $1,036,059               12            0.79           0.71     100.00 %
 2nd Prec Yr         12/31/2009           $3,552,892          $1,344,420         $2,208,472         $2,093,713               12            1.51           1.43     100.00 %
 Issuance            12/31/2004           $3,176,171          $1,181,572         $1,994,599         $1,879,585               12            1.37           1.29     100.00 %



Oak Park Office Center
TAPE DATE

May 2011
May 2011



 TENANT NAME
 Quest Diagnostics
 Total
                     RESERVE TYPE

                     Replacement Reserve
                     Other


                                                                    pl
                                                       RESERVE BALANCE
                                                        AT CONTRIBUTION
                                                                         $0
                                                                    $20,115
                                                                              BEGINNING RESERVE
                                                                                        BALANCE
                                                                                          $41,731
                                                                                         $492,508



                                                                                   LEASE EXP.
                                                                                   1/31/2014
                                                                                                       RESERVE DEPOSITS

                                                                                                                        $0
                                                                                                                        $4



                                                                                                                     SQ. FT.
                                                                                                                     43,212
                                                                                                                     43,212
                                                                                                                                           RESERVE
                                                                                                                                     DISBURSEMENTS
                                                                                                                                                    $0
                                                                                                                                                    $0
                                                                                                                                                           ENDING RESERVE




                                                                                                                                                          % OF GLA
                                                                                                                                                           24.92 %
                                                                                                                                                           24.92 %
                                                                                                                                                                  BALANCE
                                                                                                                                                                    $41,731
                                                                                                                                                                   $492,512
                  am
 Loan Name                          Tape Date    Servicer Comment
 Oak Park Office Center             5/1/2011     Loan was transferred on 4/26/10 for imminent default due to loss of major tenant Jacobs Engineering. Loan went into
                                                 monetary default in May 2010 and ultimately maturity default on 12/1/10. Property is a two-building, 2-story class A/B+
                                                 office property with 173,400 sf located in the Westchase submarket of Houston, TX. The property is currently 63.5%
                                                 occupied by one tenant (Quest Diagnostics). Negotiations with the TIC Borrowers have not led to acceptable alternative
                                                 and a foreclosure sale is scheduled for May 2011.



Morningstar Commentary / Loss Analysis
Foreclosure: The loan is secured by a 173,400-sf office property in Houston, TX, 15 miles west of the CBD. The loan is sponsored by
Triple Net Properties, LLC which was acquired by Grubb and Ellis in 2008. The loan matured in December 2010.

The property's largest tenant is Quest Diagnostics (rated 'BBB+' by Morningstar), which occupies 110,145-sf (64% of the GLA) under a
S


lease that expires in January 2014. The servicer data does not reflect all of Quest's space at the property.

As of year end 2009, the DSCR was 1.43 with reported occupancy of 100%. However, our research indicates that Jacobs Engineering
(25% of the GLA) vacated in 2009. In total, 63,255-sf may be available according to broker listings. Therefore, we believe that
occupancy may actually be 64%. For the six months ended June 2010, the DSCR was 0.56 with reported occupancy of 100%.
However, the broker's listing continues to show over 63,000 sf available for lease.

We believe that Quest's 2014 lease expiry could also be a concern to a potential lender. The servicer has not provided details of the
lease such as whether or not the tenant has renewal options. There have been loans that were unable to be refinanced due
to remaining lease terms of less than three years for the largest tenants. The loan did not pay off at its maturity date.

In April 2010, the loan was transferred to the special servicer for imminent default due to the loss of Jacobs Engineering which had
occupied 25% of the space. The servicer is moving toward foreclosure.

Loss Analysis: A November 2010 appraisal valued the property at $17.6 million. After a 10% deduction to account for liquidation
costs, we valued the property at $15.8 million ($91/sf). Based on the exposure, we are forecasting a loss of $5.5 million to $6.5
million if the loan is liquidated.




                                                                                Page 16 of 32
                                            GE Commercial Mortgage Corporation, Series 2005-C1
                                            (GECC05C1)
                                                                                                                             Report Date: May 2011 (Data as of May 2011)


Southfork Pointe Retail Center: Specially-Serviced Loan
TRANSFER DATE:6/15/2009                  PROSPECTUS ID: 36.000                     BALANCE: $16,000,000                         % OF DEAL: 1.28

PROP. TYPE: Retail                       SIZE: 66778                               TOTAL EXPOSURE: $16,770,129                  STATUS: REO

CITY: Las Vegas                          STATE: Nevada                             MSA: Las Vegas, NV                           MARKET RANKING: Below Average
                                                                                                                                MARKET OUTLOOK: Outlook [2011]:
YEAR BUILT: 2004                         MATURITY: 1/1/2010                        APP. RED: $9,450,794
                                                                                                                                Up Outlook [2012]: Up
ORIG. APP. VALUE: $20,200,000            CURR. APP. VALUE: $8,600,000              AS OF: 9/29/2010                             $/SIZE: $240

ANN. DEBT SERV.: $768,933                MSTAR VALUE: $7,700,000                   VALUATION METHOD: Appraisal                  MSTAR LOSS PROJ.: $9,070,129


Southfork Pointe Retail Center
 FISCAL YEAR         DATE                  REVENUE            EXPENSE                NOI                NCF        MTHS         DSCR (NOI)     DSCR (NCF)       % OCC.
 Most Recent         6/30/2010             $397,555           $156,112         $241,444          $198,135                6            0.62           0.51       73.00 %




                                                                     e
 Prec Yr             12/31/2009          $1,061,250           $328,951         $732,299          $645,682               12            0.95           0.83       77.00 %
 2nd Prec Yr         12/31/2008          $1,028,632           $317,442         $711,190          $624,573               12            0.92           0.81       78.00 %
 Issuance            12/31/2004          $1,686,110           $498,328        $1,187,782        $1,101,164              12            1.54           1.43       86.00 %



Southfork Pointe Retail Center
TAPE DATE

May 2011
May 2011
May 2011
May 2011



 TENANT NAME
                     RESERVE TYPE

                     Replacement Reserve
                     Other
                     Other
                     Other
                                                                   pl
                                                      RESERVE BALANCE
                                                       AT CONTRIBUTION
                                                                     $0
                                                               $205,011
                                                                     $0
                                                                 $8,910
                                                                          BEGINNING RESERVE
                                                                                    BALANCE
                                                                                       $6,786
                                                                                     $175,651
                                                                                      $20,000
                                                                                      $34,410



                                                                                LEASE EXP.
                                                                                                  RESERVE DEPOSITS

                                                                                                                   $0
                                                                                                                   $0
                                                                                                                   $0
                                                                                                                   $0



                                                                                                                SQ. FT.
                                                                                                                                      RESERVE
                                                                                                                                DISBURSEMENTS
                                                                                                                                         $6,786
                                                                                                                                       $175,651
                                                                                                                                        $20,000
                                                                                                                                        $34,410
                                                                                                                                                      ENDING RESERVE




                                                                                                                                                     % OF GLA
                                                                                                                                                             BALANCE
                                                                                                                                                                     $0
                                                                                                                                                                     $0
                                                                                                                                                                     $0
                                                                                                                                                                     $0
                    am
 Homegoods                                                                      7/31/2014                       25,220                                37.77 %
 Sola Salon                                                                     5/31/2016                        6,400                                 9.58 %
 Paradise Cantina                                                               3/31/2015                        4,508                                 6.75 %
 Total                                                                                                          36,128                                54.10 %



 Loan Name                          Tape Date   Servicer Comment
 Southfork Pointe Retail Center     5/1/2011    Asset is REO as of 8/31/10. The Equity Group has been retained for leasing and management.



Morningstar Commentary / Loss Analysis

REO: The loan is secured by a 66,778-sf anchored retail building in the Las Vegas suburb of Henderson, NV. The property was built in
2004 and is anchored by Home Goods (parent TJX rated 'A' by Morningstar) and shadow-anchored by Lowe's. The loan matured in
S


January 2010.

In 2007, the asset was sold to Eagle Group, LLC of Los Angeles for $22 million ($330/sf). Eagle assumed the existing loan. The sale
price implied a cap rate of 5.6% on the year end 2006 net cash flow.

As of year end 2009, the DSCR was 0.83 with 77% occupancy. For the year-end 2008 the DSCR, NCF and occupancy dropped
to 0.81, $624,573 and 78%. The annualized 2009 cash flow is approximately 50% of the year end 2006 net cash flow.

The loan was transferred to the special servicer in June 2009. The loan became REO in October 2010. We have received virtually no
new information from the servicer on this loan since it was transferred to the special servicer. A lease listing for the property suggests
that there is 24,000 sf (36% of the GLA) available for lease. Asking rents are $15 to $21/sf, triple-net.

Update: This property is listed on Auction.com. According to the site, the auction is expected to be conducted on line, with bidding starting on May
17 and ending on May 19. To qualify, prospective bidders must register and make a minimum deposit of $5,000. Auction.com does not provide
financing; therefore bidders are expected to be able to obtain their own financing. The minimum bid is $3.5 million.

Loss Analysis: The property was appraised for $10.4 million in July 2009, implying a 6.2% cap rate on the 2009 net cash flow. A
September 2010 appraisal valued the property at $8.6 million. After a 10% discount to account for liquidation costs, we valued the
asset at $7.7 million ($116/sf). Given the exposure, we are forecasting a loss of $9.0 million to $10.0 million. We note that the


                                                                             Page 17 of 32
                                                GE Commercial Mortgage Corporation, Series 2005-C1
                                                (GECC05C1)
                                                                                                                                   Report Date: May 2011 (Data as of May 2011)


starting bid for the property at auction is significantly lower than the value; however, without knowing how the minimum was determined,
we are not adjusting out loss forecast further at this point.


Piper's Alley: Specially-Serviced Loan
TRANSFER DATE:10/4/2005                  PROSPECTUS ID: 33.000                        BALANCE: $15,668,257                            % OF DEAL: 1.25

PROP. TYPE: Retail                       SIZE: 134418                                 TOTAL EXPOSURE: $15,669,459                     STATUS: Current

CITY: Chicago                            STATE: Illinois                              MSA: Chicago, IL                                MARKET RANKING: Below Average
                                                                                                                                      MARKET OUTLOOK: Outlook [2011]:
YEAR BUILT: 1890                         MATURITY: 3/1/2015                           APP. RED: $0
                                                                                                                                      Stable Outlook [2012]: Up
ORIG. APP. VALUE: $27,500,000            CURR. APP. VALUE: $27,500,000                AS OF: 9/1/2004                                 $/SIZE: $117
                                                                                      VALUATION METHOD: Income
ANN. DEBT SERV.: $1,339,359              MSTAR VALUE: $22,000,000                                                                     MSTAR LOSS PROJ.: $0
                                                                                      Approach




                                                                      e
Piper's Alley
 FISCAL YEAR         DATE                  REVENUE              EXPENSE                  NOI               NCF          MTHS          DSCR (NOI)     DSCR (NCF)       % OCC.
 Most Recent         9/30/2008           $3,066,686           $1,357,810         $1,708,876         $1,486,839                 9            1.70           1.48
 Prec Yr
 2nd Prec Yr
 Issuance



Piper's Alley
TAPE DATE

May 2011
May 2011
May 2011
                     12/31/2004




                     RESERVE TYPE

                     Replacement Reserve
                     Repair Reserve
                     Other
                                         $3,895,001




                                                                    pl
                                                              $1,765,905




                                                       RESERVE BALANCE
                                                        AT CONTRIBUTION
                                                                       $0
                                                                       $0
                                                                       $0
                                                                                 $2,129,096




                                                                             BEGINNING RESERVE
                                                                                       BALANCE
                                                                                         $28,916
                                                                                        $100,618
                                                                                        $101,852
                                                                                                    $1,833,047




                                                                                                      RESERVE DEPOSITS

                                                                                                                  $1,121
                                                                                                                      $4
                                                                                                                      $4
                                                                                                                           12               1.59




                                                                                                                                            RESERVE
                                                                                                                                      DISBURSEMENTS
                                                                                                                                                     $0
                                                                                                                                                     $0
                                                                                                                                                     $0
                                                                                                                                                           1.37       99.00 %




                                                                                                                                                            ENDING RESERVE
                                                                                                                                                                   BALANCE
                                                                                                                                                                     $30,037
                                                                                                                                                                    $100,622
                                                                                                                                                                    $101,856
                   am
 TENANT NAME                                                                       LEASE EXP.                        SQ. FT.                               % OF GLA
 Capital Fitness                                                                   10/31/2018                       34,000                                  25.29 %
 Second City                                                                       9/30/2013                        26,905                                  20.02 %
 Total                                                                                                              60,905                                  45.31 %



 Loan Name                          Tape Date    Servicer Comment
 Piper's Alley                      5/1/2011     Prior payment defaults have been cured, but now monitoring litigation between general partner, and another partner, over
                                                 control of the borrower. Judge has issued a ruling for money damages against the existing partner (McLean) but paries
                                                 still ltigating for control of borrower.



Morningstar Commentary / Loss Analysis
S


Current: The loan is secured by a 134,418-sf retail center in Chicago, five miles north of the CBD. The property was built in 1890 but
has been renovated extensively as an upscale retail/entertainment center. The largest tenants are Capitol City Fitness (34,000 sf; 25%
of NRA) and Second City, a renowned comedy theater, (26,900 sf; 20% of NRA). The loan transferred to special servicing for 60-day
delinquency with no prior warning in October 2005. The reason for the transfer was a dispute between principals of the borrower.

Financial information is limited. The most recent information is for the nine-month period ended September 2008 when the DSCR and
net cash flow were 1.48 and $1.49 million respectively. Occupancy was not reported. For the nine months ended September 30, 2006
the loan had a DSCR of 1.48 (NCF was $1.9 million) and no occupancy was listed.

The principals of the borrower were local developer Daniel McLean and partner Thomas Tully. In 2006, Tully filed a lawsuit against
McLean alleging that McLean had diverted funds from the property to use for personal expenses as well as costs related to other
projects. In January 2009, a Chicago judge ruled in Tully's favor, awarding damages of $4.2 million. In October 2009, the judgment
became final with an award of $4.5 million. In early 2010, a Chicago judge ordered McLean to sell his home in order to satisfy a
judgment against him from Wrightwood Capital as well as the Tully judgment.

In an interview in early 2009, Tully reported that investors had offered $30 million for the property; however, Tully intends to hold the
asset.


                                                                               Page 18 of 32
                                            GE Commercial Mortgage Corporation, Series 2005-C1
                                            (GECC05C1)
                                                                                                                             Report Date: May 2011 (Data as of May 2011)


Update: The servicer has stated that the loan would be returned to the master servicer; however, this has not occurred as the special
servicer continues to monitor the ongoing litigation between the partners.

Loss Forecast: Based on the prior offer as well as a valuation in which we apply a 9% cap rate to the annualized 2009 net cash flow,
we have concluded that the value of this property is likely to be greater than the outstanding loan balance.


Heritage on the River: Specially-Serviced Loan
TRANSFER DATE:2/12/2009                  PROSPECTUS ID: 43.000                     BALANCE: $13,305,542                         % OF DEAL: 1.06

PROP. TYPE: Multi-family                 SIZE: 301                                 TOTAL EXPOSURE: $15,978,262                  STATUS: REO

CITY: Jacksonville                       STATE: Florida                            MSA: Jacksonville, FL                        MARKET RANKING: Below Average
                                                                                                                                MARKET OUTLOOK: Outlook [2011]:
YEAR BUILT: 1973                         MATURITY: 11/1/2009                       APP. RED: $7,264,661
                                                                                                                                Up Outlook [2012]: Up




                                                                     e
ORIG. APP. VALUE: $18,810,000            CURR. APP. VALUE: $9,000,000              AS OF: 6/24/2010                             $/SIZE: $44,204

ANN. DEBT SERV.: $928,755                MSTAR VALUE: $8,100,000                   VALUATION METHOD: Appraisal                  MSTAR LOSS PROJ.: $7,878,262


Heritage on the River
 FISCAL YEAR
 Most Recent
 Prec Yr
 2nd Prec Yr
 Issuance



Heritage on the River
                     DATE
                     3/31/2010
                     12/31/2007
                     12/31/2006
                     12/31/2004
                                           REVENUE
                                          $448,263
                                         $2,273,861
                                         $2,477,263
                                         $2,360,549

                                                                   pl
                                                               EXPENSE
                                                              $435,340
                                                            $1,273,252
                                                            $1,191,135
                                                            $1,004,739




                                                      RESERVE BALANCE
                                                                                      NOI
                                                                                 $12,923
                                                                              $1,000,609
                                                                              $1,286,128
                                                                              $1,355,810




                                                                           BEGINNING RESERVE
                                                                                                        NCF
                                                                                                    ($7,554)
                                                                                                   $918,701
                                                                                                 $1,204,216
                                                                                                 $1,273,902
                                                                                                                    MTHS
                                                                                                                         3
                                                                                                                        12
                                                                                                                        12
                                                                                                                        12
                                                                                                                                DSCR (NOI)
                                                                                                                                      0.05
                                                                                                                                      1.07
                                                                                                                                      1.38
                                                                                                                                      1.46




                                                                                                                                      RESERVE
                                                                                                                                              DSCR (NCF)
                                                                                                                                                    -0.03
                                                                                                                                                     0.98
                                                                                                                                                     1.29
                                                                                                                                                     1.37
                                                                                                                                                                % OCC.
                                                                                                                                                               74.00 %
                                                                                                                                                               89.00 %
                                                                                                                                                               96.00 %
                                                                                                                                                               97.00 %




                                                                                                                                                      ENDING RESERVE
                     am
TAPE DATE            RESERVE TYPE                                                                  RESERVE DEPOSITS
                                                       AT CONTRIBUTION               BALANCE                                    DISBURSEMENTS                BALANCE
May 2011             Replacement Reserve                             $0                     $0                     $0                         $0                     $0



 Loan Name                          Tape Date   Servicer Comment
 Heritage on the River              5/1/2011    Foreclosure proceedings were completed and Title was taken to the Property on October 22, 2009. McKinley has been
                                                engaged as the Property Manager. Property listed for sale with Walchle Lear Multifamily Advisors.



Morningstar Commentary / Loss Analysis
REO: The loan is secured by a 301-unit multifamily complex in Jacksonville, FL. The subject was built in 1992.

The DSCR and net cash flow for the nine months ending September 2008 were 0.50 and $354,000. Occupancy was 74%. For the 12
months ended December 31, 2007 the DSCR was 0.98 with net cash flow of $919,000. Occupancy was 89%.
S


The decline in occupancy is due to weak market conditions and new construction. The borrower is offering two months free rent as
concessions. The loan was transferred to the special servicer in February 2009.

Summary judgment in the foreclosure was granted in September 2009. The asset became REO in October 2009 and the servicer
appointed a property manager. No further updates have been provided by the servicer since the foreclosure.

Loss Analysis: An appraisal from May 2009 valued the property at $10.1 million. A June 2010 appraisal valued the property at $9.0
million. After deducting 10% for liquidation costs and deterioration of the market, we value the asset at $8.1 million ($27,000/unit).
Based on the exposure, we are forecasting a loss of $7.0 million to $8.0 million.




Morningstar Watchlisted Loans


                                                                             Page 19 of 32
                                              GE Commercial Mortgage Corporation, Series 2005-C1
                                              (GECC05C1)
                                                                                                                                Report Date: May 2011 (Data as of May 2011)


 23rd & Madison: Morningstar WL Loan - Added: 8/16/2010
SIZE: 54027                       PROSPECTUS ID: 26.000              BALANCE: $18,078,812             % OF DEAL: 1.45                           $/SIZE: $335

PROP. TYPE: Retail                CITY: Seattle                      STATE: Washington                MSA: Seattle, WA                          YEAR BUILT: 2004
                                  MARKET OUTLOOK: Outlook         MARKET RANKING: Above
MATURITY: 1/1/2015                                                                                    SERV. WL ADD DATE: 10/5/2010              SERV. WL CODE: 1E,4B
                                  [2011]: Down Outlook [2012]: Up Average
ORIG. APP. VALUE:                 CURR. APP. VALUE:
                                                                  AS OF: 12/1/2004                    ANN. DEBT SERV.: $1,344,343               STATUS: Current
$25,200,000                       $25,200,000
                                                                  VALUATION METHOD: Income            VALUATION DEFICIENCY:                     MSTAR LOSS PROJ.:
HRL SCORE: 1                      MSTAR VALUE: $16,500,000
                                                                  Approach                            $1,578,812                                $470,960

 FISCAL YEAR         DATE                    REVENUE             EXPENSE                 NOI              NCF          MTHS        DSCR (NOI)     DSCR (NCF)        % OCC.
 Most Recent         9/30/2010             $1,073,628           $193,530          $880,098            $866,249              9            0.87           0.85       97.00 %
 Prec Yr             12/31/2009            $1,820,761           $267,809         $1,552,952         $1,534,486             12            1.15           1.14       97.00 %
 2nd Prec Yr         12/31/2008            $1,957,018           $264,496         $1,692,522         $1,674,056             12            1.25           1.24      100.00 %
 Issuance            12/31/2004            $2,294,149           $600,828         $1,693,321         $1,674,855             12            1.26           1.25      100.00 %




                                                                       e
                                                        RESERVE BALANCE      BEGINNING RESERVE                                           RESERVE          ENDING RESERVE
TAPE DATE            RESERVE TYPE                                                                    RESERVE DEPOSITS
                                                         AT CONTRIBUTION               BALANCE                                     DISBURSEMENTS                 BALANCE
May 2011             Other                                             $0                 $27,191                     $1                          $0               $27,192
May 2011             Other                                             $0                 $20,886                     $1                          $0               $20,887
May 2011



 TENANT NAME
 Safeway Stores
 Total



 Loan Name
                     Other




                                     Tape Date    Servicer Comment
                                                                     pl$0                $145,242



                                                                                  LEASE EXP.
                                                                                  10/29/2029
                                                                                                                      $0



                                                                                                                    SQ. FT.
                                                                                                                    47,813
                                                                                                                    47,813
                                                                                                                                                  $0



                                                                                                                                                         % OF GLA
                                                                                                                                                          88.50 %
                                                                                                                                                          88.50 %
                                                                                                                                                                  $145,242
                  am
 23rd & Madison                      5/1/2011     The 5/27/10 inspection rated property in good condition. YTD 9/30/10 NCF DSCR was 0.86x ant 88.5% occy; YE
                                                  12/31/09 was 1.14x at 97.2% occy. Anchor tenant, Safeway (88.5% NRA) is currently the only tenant. Approximately
                                                  5,000sf is vac and is being marketed. A marketing plan was requested but not yet received. A Starbuck's lease
                                                  termination fee of $145,000 was collected by BA and deposited into a Rollover account.



Morningstar Commentary
Low DSCR: The loan is secured by a 54,027-sf ground floor retail space at a 242-unit apartment building in the Capitol Hill
neighborhood of Seattle. The apartments are not part of the collateral. The property was built in 2004.

At issuance, the property was anchored by a Safeway supermarket with Starbucks Coffee also at the property. Two other units were
leased by an affiliate of the sponsor, but not occupied. In 2009, Starbucks terminated its lease and vacated. In addition, the leases on
the units rented to the sponsor expired. The sponsor did not renew the leases, leaving Safeway as the sole tenant (89% of the GLA).
S


The lease termination fee from Starbucks was collected and deposited into a lease rollover reserve.

The DSCR as of year end 2009 was 1.14 with 97% occupancy. For the nine months ended September 2010, the servicer reported a
DSCR of 0.85 with 97% occupancy.

We consider this loan a moderate risk. Our analysis suggests that the property value is less than the outstanding loan balance.


 Commerce Centre: Morningstar WL Loan - Added: 1/19/2010
SIZE: 157497                      PROSPECTUS ID: 31.000              BALANCE: $16,367,880             % OF DEAL: 1.31                           $/SIZE: $104

PROP. TYPE: Office                CITY: Pikesville                   STATE: Maryland                  MSA: Baltimore, MD                        YEAR BUILT: 1984
                                  MARKET OUTLOOK: Outlook
                                                                     MARKET RANKING: Above
MATURITY: 1/1/2015                [2011]: Stable Outlook [2012]:                                      SERV. WL ADD DATE: 1/4/2011               SERV. WL CODE: 1E,4B
                                                                     Average
                                  Up
ORIG. APP. VALUE:                 CURR. APP. VALUE:
                                                                     AS OF: 11/24/2004                ANN. DEBT SERV.: $1,245,482               STATUS: Current
$23,000,000                       $23,000,000
                                                                     VALUATION METHOD: Income
HRL SCORE: 0                      MSTAR VALUE: $17,600,000                                            VALUATION DEFICIENCY: $0                  MSTAR LOSS PROJ.: $0
                                                                     Approach

 FISCAL YEAR         DATE                    REVENUE             EXPENSE                 NOI              NCF          MTHS        DSCR (NOI)     DSCR (NCF)        % OCC.




                                                                               Page 20 of 32
                                             GE Commercial Mortgage Corporation, Series 2005-C1
                                             (GECC05C1)
                                                                                                                                    Report Date: May 2011 (Data as of May 2011)


 FISCAL YEAR        DATE                   REVENUE              EXPENSE                   NOI                 NCF          MTHS        DSCR (NOI)     DSCR (NCF)        % OCC.
 Most Recent        9/30/2010            $2,088,559           $1,060,731          $1,027,828            $908,137                9            1.10           0.97        86.00 %
 Prec Yr            12/31/2009           $2,953,291           $1,282,686          $1,670,605          $1,511,017               12            1.34           1.21        89.00 %
 2nd Prec Yr        12/31/2008           $2,982,997           $1,296,903          $1,686,094          $1,526,506               12            1.35           1.22        92.00 %
 Issuance           12/31/2004           $2,778,184             $978,237          $1,799,947          $1,640,359               12            1.45           1.32        97.00 %



                                                      RESERVE BALANCE         BEGINNING RESERVE                                              RESERVE          ENDING RESERVE
TAPE DATE           RESERVE TYPE                                                                        RESERVE DEPOSITS
                                                       AT CONTRIBUTION                  BALANCE                                        DISBURSEMENTS                 BALANCE
May 2011            Other                                           $34,152                $49,830                  $17,055                           $0                $66,885



 TENANT NAME                                                                        LEASE EXP.                          SQ. FT.                              % OF GLA
 Lou Ville, Llc                                                                     12/31/2014                          17,200                                10.92 %
 Morgan Stanley                                                                     2/28/2012                           13,930                                 8.85 %
 Service Coordination                                                               6/30/2015                            4,537                                 2.88 %




                                                                    e
 Total                                                                                                                  35,667                                22.65 %



 Loan Name                           Tape Date   Servicer Comment
 Commerce Centre                     5/1/2011    Property is not performing since 2010Q2 due to low occupancy. Property is 84% occupied as of 03/15/2011. Few
                                                 prospects for the vacant space however nothing finalized yet. Concessions are in the form of free rent. Promotion is




Morningstar Commentary
                                                                  pl
                                                 through cold c alling, email blest. Asking rent is $19.75 psf, which is inline with the market. Market is soft but improving.
                                                 Expenses are normal. Per REIS, in 2010Q4 the asking rent is $18.12 with vacancy rate of 14.2% respectively in the
                                                 submarket West/ Northwest Baltimore.




Low DSCR: The loan is secured by a 157,497-sf office property in Pikesville, MD, ten miles northwest of the Baltimore CBD. The
property was built in 1984.
                  am
As of year end 2009, the DSCR was 1.21 with 89% occupancy. For the nine months ended September 2010, the DSCR was 0.97 with
86% occupancy.

Based on the recent performance, we consider the loan to be a moderate default risk. Our analysis suggests that the property value is
greater than the outstanding loan balance.



 Laguna Creek Apartments: Morningstar WL Loan - Added: 12/15/2009
SIZE: 160                        PROSPECTUS ID: 50.000                BALANCE: $11,908,761               % OF DEAL: 0.95                            $/SIZE: $74,430

PROP. TYPE: Multi-family         CITY: Elk Grove                      STATE: California                  MSA: Sacramento, CA                        YEAR BUILT: 2004
                                 MARKET OUTLOOK: Outlook
                                                                      MARKET RANKING: Below
MATURITY: 1/1/2015               [2011]: Stable Outlook [2012]:                                          SERV. WL ADD DATE: 10/5/2010               SERV. WL CODE: 1F
S


                                                                      Average
                                 Up
ORIG. APP. VALUE:                CURR. APP. VALUE:
                                                                      AS OF: 11/22/2004                  ANN. DEBT SERV.: $837,442                  STATUS: Current
$22,500,000                      $22,500,000
                                                                      VALUATION METHOD: Income           VALUATION DEFICIENCY:                      MSTAR LOSS PROJ.:
HRL SCORE: 0                     MSTAR VALUE: $11,000,000
                                                                      Approach                           $977,355                                   $183,283


 FISCAL YEAR        DATE                   REVENUE              EXPENSE                   NOI                 NCF          MTHS        DSCR (NOI)     DSCR (NCF)        % OCC.
 Most Recent
 Prec Yr            12/31/2010           $1,918,690            $950,240            $968,450            $936,450                12            1.15           1.11        89.00 %
 2nd Prec Yr        12/31/2009           $1,905,108            $989,604            $915,504            $883,504                12            1.09           1.05        86.00 %
 Issuance           12/31/2004           $2,054,014            $720,701           $1,333,313          $1,301,313               12            1.59           1.55        92.00 %



                                                      RESERVE BALANCE         BEGINNING RESERVE                                              RESERVE          ENDING RESERVE
TAPE DATE           RESERVE TYPE                                                                        RESERVE DEPOSITS
                                                       AT CONTRIBUTION                  BALANCE                                        DISBURSEMENTS                 BALANCE
May 2011            Replacement Reserve                                 $0                 $97,746                        $4                          $0                $97,750



 Loan Name                           Tape Date   Servicer Comment
 Laguna Creek Apartments             5/1/2011    The 9/3/10 inspection rated property in good condition. Improvement noted at YE 12/31/10 with an NCF DSCR of 1.12x
                                                 at 94.4% occy. YTD 9/30/10 NCF DSCR was 1.07x at 93% occy. While improved, the NCF DSCR remains below
                                                 threshold due to below normal Base Rents. Due to YE 10 DSCR increase, the loan is relieved of 1E at this time.




                                                                                Page 21 of 32
                                               GE Commercial Mortgage Corporation, Series 2005-C1
                                               (GECC05C1)
                                                                                                                                 Report Date: May 2011 (Data as of May 2011)


Morningstar Commentary
Low DSCR: This loan is secured by a 160-unit multi-family property in Elk Grove, CA. The property was built in 2004.

The DSCR and net cash flow for the 12 months ended December 31, 2008 were 1.12 and $939,000. Occupancy was 93%. As of year
end 2009, the DSCR was 1.05. Occupancy was 86%. At year end 2010, the DSCR was 1.11 with 89% occupancy.

The Sacramento multi-family market has been under a great deal of stress since the housing crisis. Home prices have fallen by more
than 50% in some areas which has made homeownership more affordable than renting.

Based on the low DSCR and weak market, we consider this a moderate near term default risk. A Morningstar analysis of the collateral
suggests there is value deficiency.




                                                                          e
 Arlington Retail Centers: Morningstar WL Loan - Added: 12/15/2009
SIZE: 64832                        PROSPECTUS ID: 59.000                BALANCE: $8,835,030             % OF DEAL: 0.71                          $/SIZE: $136

PROP. TYPE: Retail                 CITY: Arlington                      STATE: Texas                    MSA: Dallas-Fort Worth, TX               YEAR BUILT: 1970
                                   MARKET OUTLOOK: Outlook
                                                                        MARKET RANKING: Above
MATURITY: 1/1/2015

ORIG. APP. VALUE:
$11,750,000
HRL SCORE: 2


 FISCAL YEAR
 Most Recent
 Prec Yr
                      DATE
                      9/30/2010
                      12/31/2009
                                   [2011]: Stable Outlook [2012]:
                                   Up
                                   CURR. APP. VALUE:
                                   $11,750,000
                                   MSTAR VALUE: $6,000,000


                                             REVENUE
                                              $682,297
                                              $938,630
                                                                        pl
                                                                        Average

                                                                        AS OF: 9/20/2004
                                                                        VALUATION METHOD: Income
                                                                        Approach

                                                                   EXPENSE
                                                                   $263,848
                                                                   $365,509
                                                                                           NOI
                                                                                    $418,449
                                                                                    $573,121
                                                                                                        SERV. WL ADD DATE: 10/5/2010


                                                                                                        ANN. DEBT SERV.: $643,442
                                                                                                        VALUATION DEFICIENCY:
                                                                                                        $2,835,030

                                                                                                            NCF
                                                                                                       $377,983
                                                                                                       $519,166
                                                                                                                        MTHS
                                                                                                                             9
                                                                                                                            12
                                                                                                                                    DSCR (NOI)
                                                                                                                                          0.86
                                                                                                                                          0.89
                                                                                                                                                 SERV. WL CODE: 1E,4B


                                                                                                                                                 STATUS: Current
                                                                                                                                                 MSTAR LOSS PROJ.:
                                                                                                                                                 $1,035,495

                                                                                                                                                   DSCR (NCF)
                                                                                                                                                         0.78
                                                                                                                                                         0.80
                                                                                                                                                                     % OCC.


                                                                                                                                                                     67.00 %
                   am
 2nd Prec Yr          12/31/2008              $992,013             $347,141         $644,872           $590,917             12            1.00           0.91        72.00 %
 Issuance             12/31/2004            $1,132,775             $233,941         $898,834           $844,879             12            1.40           1.31        69.00 %



                                                          RESERVE BALANCE      BEGINNING RESERVE                                          RESERVE          ENDING RESERVE
TAPE DATE             RESERVE TYPE                                                                     RESERVE DEPOSITS
                                                           AT CONTRIBUTION               BALANCE                                    DISBURSEMENTS                 BALANCE
May 2011              Replacement Reserve                                 $0               $32,560                 $1,026                          $0                $33,586
May 2011              Other                                               $0               $10,680                 $8,576                          $0                $19,256



 TENANT NAME                                                                        LEASE EXP.                       SQ. FT.                              % OF GLA
 Event Center                                                                       12/30/1899                       18,363                                28.32 %
 Walgreen Company                                                                   2/28/2079                        14,560                                22.46 %
 Spin Cycle                                                                         9/30/2013                         4,685                                 7.23 %
 Total                                                                                                               37,608                                58.01 %
S


 Loan Name                            Tape Date      Servicer Comment
 Arlington Retail Centers             5/1/2011       The 9/13/10 inspection rated property in fair condition. YTD 9/30/10 NCF DSCR was 0.78x at 67.4% occy; YE 12/31/09
                                                     NCF DSCR was 0.81x at 63.5% occy. Lender approved two new leases AT&T (3500 sf, 5 yrs @ $25 psf, currently in free
                                                     rent, and Eddie Dean's (3,963 sf, 5 yrs, $15 psf). Bwr is still targeting a higher-end restaurant tenant.



Morningstar Commentary

Low DSCR / Occupancy: The collateral is a total of five buildings comprising a total of 64,832-sf of retail space located in Arlington,
TX, 22 miles east of Dallas. The subject was built in 1970 and renovated in 2003. The loan had a high initial LTV of 80%. The original
appraisal value was $11.8 million, suggesting a cap rate of 7.2% on the underwritten cash flow. As of 2009, the cash flow was 40%
below issuance.

Since issuance, the property has struggled with occupancy. At issuance, the property had a DSCR and occupancy of 1.31 and
69%. As of year-end 2008, the DSCR, NCF and occupancy were 0.91, $590,917 and 72%. As of year end 2009, the DSCR was 0.80
with 67% occupancy. For the nine months ended September 2010, the DSCR was 0.78 with 68% occupancy.

Per the servicer, the Dollar Store tenant has requested a 50% decrease in base rent. This was approved along with the right to cancel
the lease with 30 days notice. The servicer has approved two additional leases totaling nearly 7,500 sf, although there are free rent


                                                                                 Page 22 of 32
                                              GE Commercial Mortgage Corporation, Series 2005-C1
                                              (GECC05C1)
                                                                                                                               Report Date: May 2011 (Data as of May 2011)


periods included. The borrower is reportedly still targeting a high-end restaurant tenant.

This loan is considered a high risk. The high initial LTV, weak performance and drop in occupancy are all of concern. A Morningstar
analysis of the collateral suggests there is value deficiency.


 Summer Chase Apartments: Morningstar WL Loan - Added: 12/15/2009
SIZE: 168                         PROSPECTUS ID: 63.000              BALANCE: $8,074,438              % OF DEAL: 0.65                          $/SIZE: $48,062
                                                                                                      MSA: Myrtle Beach-Conway-North
PROP. TYPE: Multi-family          CITY: Little River                 STATE: South Carolina                                                     YEAR BUILT: 2001
                                                                                                      Myrtle Beach, SC
MATURITY: 2/1/2015                MARKET OUTLOOK:                    MARKET RANKING:                  SERV. WL ADD DATE: 5/5/2009              SERV. WL CODE: 1E
ORIG. APP. VALUE:                 CURR. APP. VALUE:
                                                                     AS OF: 9/3/2004                  ANN. DEBT SERV.: $596,728                STATUS: Current
$11,160,000                       $11,160,000
                                                                     VALUATION METHOD: Income         VALUATION DEFICIENCY:                    MSTAR LOSS PROJ.:
HRL SCORE: 1                      MSTAR VALUE: $5,400,000




                                                                   e
                                                                     Approach                         $2,723,963                               $620,328

 FISCAL YEAR         DATE                    REVENUE            EXPENSE                  NOI              NCF          MTHS       DSCR (NOI)     DSCR (NCF)       % OCC.
 Most Recent
 Prec Yr             12/31/2010            $1,133,386           $475,082          $658,304           $616,304             12            1.10           1.03       73.00 %
 2nd Prec Yr         12/31/2009            $1,033,731           $579,054          $454,677           $412,677             12            0.76           0.69       71.00 %
 Issuance



TAPE DATE

May 2011



 Loan Name
                     12/31/2004



                     RESERVE TYPE

                     Replacement Reserve
                                           $1,304,060




                                      Tape Date
                                                                 pl
                                                                $530,871



                                                        RESERVE BALANCE
                                                         AT CONTRIBUTION




                                                  Servicer Comment
                                                                       $0
                                                                                  $773,189



                                                                            BEGINNING RESERVE
                                                                                      BALANCE
                                                                                         $46,593
                                                                                                     $731,189



                                                                                                     RESERVE DEPOSITS

                                                                                                                 $3,500
                                                                                                                          12            1.30



                                                                                                                                        RESERVE
                                                                                                                                  DISBURSEMENTS
                                                                                                                                          $21,592
                                                                                                                                                       1.23       91.00 %



                                                                                                                                                         ENDING RESERVE
                                                                                                                                                                BALANCE
                                                                                                                                                                  $28,501
                 am
 Summer Chase Apartments              5/1/2011    Drop in DSCR due to decline in Rental income due to recession. Property is 79.76% occupied as of 04/18/2011, with 3
                                                  units ready to lease in. Concessions are offered in terms of free rents. Promotion done through advertising agency ,
                                                  webpora tals. Rent for 1BDR is $695-$710 and for 2 BDR $795-$810. Market is soft due to economis condition. No new
                                                  competition in the area. Expenses are normal. Turnaround time is 3 days.



Morningstar Commentary
Low DSCR / Occupancy: The loan is secured by a 168-unit multi-family property located in Little River, SC, 25 miles northeast of
Myrtle Beach. The property was built in 2001.

For the year end 2007 the DSCR and occupancy were 1.28 and 91%. For the year end 2008 the DSCR and occupancy are 1.01 and
85%. As of year end 2009, the DSCR was 0.69 with 71% occupancy. At year end 2010, the DSCR was 1.03with 73% occupancy. The
property offers concessions of up to two months free with a 12-month lease.
S


Little River is a coastal town that is heavily dependent on tourism. The downturn in tourism has resulted in high unemployment on the
coast. In December, the Sun Cruz casino filed for bankruptcy and shut down which cost the area additional jobs. The casino may have
re-opened under new owners.

With weak cash flow and low occupancy, we consider this a moderate near term default risk. A Morningstar analysis of the collateral
suggests there is value deficiency.


 Park Center Commons: Morningstar WL Loan - Added: 12/17/2010
SIZE: 67480                       PROSPECTUS ID: 66.000              BALANCE: $7,531,246              % OF DEAL: 0.60                          $/SIZE: $112

PROP. TYPE: Retail                CITY: Ocala                        STATE: Florida                   MSA: Ocala, FL                           YEAR BUILT: 1995

MATURITY: 2/1/2015                MARKET OUTLOOK:                    MARKET RANKING:                  SERV. WL ADD DATE:                       SERV. WL CODE:
ORIG. APP. VALUE:                 CURR. APP. VALUE:
                                                                     AS OF: 10/20/2004                ANN. DEBT SERV.: $558,142                STATUS: Current
$10,400,000                       $10,400,000
                                                                     VALUATION METHOD: Income         VALUATION DEFICIENCY:                    MSTAR LOSS PROJ.:
HRL SCORE: 0                      MSTAR VALUE: $5,600,000
                                                                     Approach                         $1,977,569                               $494,392


 FISCAL YEAR         DATE                    REVENUE            EXPENSE                  NOI              NCF          MTHS       DSCR (NOI)     DSCR (NCF)       % OCC.
 Most Recent



                                                                               Page 23 of 32
                                                   GE Commercial Mortgage Corporation, Series 2005-C1
                                                   (GECC05C1)
                                                                                                                                Report Date: May 2011 (Data as of May 2011)


 FISCAL YEAR            DATE                   REVENUE             EXPENSE                  NOI            NCF         MTHS        DSCR (NOI)     DSCR (NCF)        % OCC.
 Prec Yr                12/31/2010           $1,028,191            $234,820         $793,371           $737,434            12            1.42           1.32       92.00 %
 2nd Prec Yr            12/31/2009           $1,007,387            $273,880         $733,507           $677,570            12            1.31           1.21      100.00 %
 Issuance               12/31/2004             $990,010            $230,924         $759,085           $703,148            12            1.36           1.26      100.00 %



                                                           RESERVE BALANCE      BEGINNING RESERVE                                        RESERVE          ENDING RESERVE
TAPE DATE               RESERVE TYPE                                                                   RESERVE DEPOSITS
                                                            AT CONTRIBUTION               BALANCE                                  DISBURSEMENTS                 BALANCE
May 2011                Replacement Reserve                                $0                $30,895                  $0                          $0               $30,895
May 2011                Other                                          $1,670               $100,000                  $0                          $0              $100,000



 TENANT NAME                                                                        LEASE EXP.                      SQ. FT.                              % OF GLA
 PetsMart                                                                           1/31/2012                       25,710                                38.10 %
 Barnes & Noble                                                                     1/31/2011                       17,796                                26.37 %
 Chuck E. Cheese                                                                    2/28/2015                       11,700                                17.34 %




                                                                         e
 Total                                                                                                              55,206                                81.81 %



Morningstar Commentary
Lease Rollover: The loan is secured by a 67,480-sf anchored retail property in Ocala, FL. The property was built in 1995 and is
anchored by a PetSmart (38% of the GLA).




                                                                       pl
As of year end 2009, the DSCR was 1.21 with 100% occupancy. As of year end 2010, the DSCR was 1.32 with 92% occupancy.

The second-largest tenant, Barnes & Noble (26% of the GLA) has a lease that expired in January 2011. The store closed in 2008 after
Barnes & Noble opened at a new lifestyle center in the neighborhood. The property appears to have had seasonal tenants occupying
the space. Once the lease expires, the cash flow will fall below breakeven.
                   am
Based on the vacancy, we consider the loan to be a moderate default risk. Our analysis suggests that the property value will be less
than the outstanding loan balance.


 1 East Main Street: Morningstar WL Loan - Added: 9/15/2010
SIZE: 62177                          PROSPECTUS ID: 81.000              BALANCE: $5,658,653             % OF DEAL: 0.45                         $/SIZE: $91

PROP. TYPE: Office                   CITY: Bay Shore                    STATE: New York                 MSA: Nassau-Suffolk, NY                 YEAR BUILT: 1969
                                     MARKET OUTLOOK: Outlook
MATURITY: 1/1/2015                   [2011]: Stable Outlook [2012]:     MARKET RANKING: Average         SERV. WL ADD DATE: 10/5/2010            SERV. WL CODE: 1E,4B,4D
                                     Up
ORIG. APP. VALUE:                    CURR. APP. VALUE:
                                                                        AS OF: 10/20/2004               ANN. DEBT SERV.: $427,041               STATUS: Current
$7,800,000                           $7,800,000
                                                                        VALUATION METHOD: Income        VALUATION DEFICIENCY:                   MSTAR LOSS PROJ.:
HRL SCORE: 1                         MSTAR VALUE: $2,700,000
S


                                                                        Approach                        $2,958,653                              $1,084,849

 FISCAL YEAR            DATE                   REVENUE             EXPENSE                  NOI            NCF         MTHS        DSCR (NOI)     DSCR (NCF)        % OCC.
 Most Recent            9/30/2010               $726,979           $393,007         $333,972           $259,169             9            1.04           0.80        88.00 %
 Prec Yr                12/31/2009            $1,084,277           $494,528         $589,749           $490,012            12            1.38           1.14        98.00 %
 2nd Prec Yr            12/31/2008            $1,230,303           $570,591         $659,712           $559,975            12            1.54           1.31
 Issuance               12/31/2004            $1,040,871           $403,739         $637,132           $537,395            12            1.49           1.26        99.00 %



                                                           RESERVE BALANCE      BEGINNING RESERVE                                        RESERVE          ENDING RESERVE
TAPE DATE               RESERVE TYPE                                                                   RESERVE DEPOSITS
                                                            AT CONTRIBUTION               BALANCE                                  DISBURSEMENTS                 BALANCE
May 2011                Replacement Reserve                               $0                 $10,365              $1,037                          $0                $11,402
May 2011                Other                                             $0                 $78,736              $8,337                          $0                $87,073
May 2011                Other                                             $0                      $4                  $0                          $0                     $4



 TENANT NAME                                                                        LEASE EXP.                      SQ. FT.                              % OF GLA
 University Services                                                                6/30/2011                        5,030                                 8.09 %
 Catholic Charities C                                                               12/31/2011                       4,030                                 6.48 %
 Total                                                                                                               9,060                                14.57 %



 Loan Name                             Tape Date    Servicer Comment




                                                                                  Page 24 of 32
                                                 GE Commercial Mortgage Corporation, Series 2005-C1
                                                 (GECC05C1)
                                                                                                                                    Report Date: May 2011 (Data as of May 2011)


 Loan Name                           Tape Date    Servicer Comment
 1 East Main Street                  5/1/2011     YTD 9/30/10 NCF DSCR was 0.81x at 88.6% occy; YE 2009 was 1.15x at 87.9% occy. Based on annualized YTD 9/30/10
                                                  figures, NCF dropped 35.7% from UW and 29.5% from PYE, attributed to continued below normal EGI, combined with
                                                  TOE increases of 29.8% from UW and 6% from PYE. Compared to PYE, notably higher exps are a 49.7% incr in R&M,
                                                  and 135.1% incr in Prof Fees. Rollover of SG Med Sch still working for total area of 40,500 sf, at increased rent of about
                                                  $4 psf, which bwr believes will cover cost of TI's.



Morningstar Commentary
Occupancy: The loan is secured by a 62,177-sf office property in Bay Shore, NY. The property was built in 1969.

As of year end 2008, the DSCR was 1.31 with unreported occupancy. As of year end 2009, the DSCR was 1.15 with a reported 98%
occupancy. For the nine months ended September 2010, the DSCR was 0.80 with 88% occupancy.

The loan is watchlisted as the largest tenant, St. George University School of Medicine, occupies 58% of the GLA under a lease




                                                                       e
expiring in June 2011. It appears that this tenant has already vacated as the broker shows 40,000 sf available now. That would
suggest a 36% occupancy.

Based on the tenant concerns, we consider the loan to be a moderate to high default risk. Our analysis suggests that the property
value would be less than the loan balance if the vacant space is not filled.


 Dayco Crossing: Morningstar WL Loan - Added: 1/19/2010
SIZE: 44320

PROP. TYPE: Retail

MATURITY: 1/1/2015
ORIG. APP. VALUE:
                                   PROSPECTUS ID: 106.000

                                   CITY: Dayton

                                   MARKET OUTLOOK:
                                   CURR. APP. VALUE:
                                                                     pl
                                                                      BALANCE: $3,398,146

                                                                      STATE: Tennessee

                                                                      MARKET RANKING:
                                                                                                          % OF DEAL: 0.27

                                                                                                          MSA: National

                                                                                                          SERV. WL ADD DATE: 6/4/2010
                                                                                                                                                    $/SIZE: $77

                                                                                                                                                    YEAR BUILT: 2004

                                                                                                                                                    SERV. WL CODE: 1E,4B
                  am
                                                                      AS OF: 1/1/2005                     ANN. DEBT SERV.: $255,505                 STATUS: Current
$4,775,000                         $4,775,000
                                                                      VALUATION METHOD: Income            VALUATION DEFICIENCY:                     MSTAR LOSS PROJ.:
HRL SCORE: 0                       MSTAR VALUE: $2,750,000
                                                                      Approach                            $669,353                                  $163,068

 FISCAL YEAR          DATE                   REVENUE              EXPENSE                  NOI                NCF          MTHS        DSCR (NOI)     DSCR (NCF)        % OCC.
 Most Recent
 Prec Yr              12/31/2010             $343,742             $74,891            $268,850            $234,110              12            1.05           0.91
 2nd Prec Yr          12/31/2009             $348,119             $67,388            $280,731            $246,035              12            1.09           0.96
 Issuance             12/31/2004             $491,660            $104,403            $387,257            $352,561              12            1.52           1.38        94.00 %



                                                        RESERVE BALANCE        BEGINNING RESERVE                                             RESERVE          ENDING RESERVE
TAPE DATE             RESERVE TYPE                                                                       RESERVE DEPOSITS
                                                         AT CONTRIBUTION                 BALANCE                                       DISBURSEMENTS                 BALANCE
May 2011              Replacement Reserve                            $1,110                 $41,625                       $0                          $0                $41,625
May 2011              Other                                          $4,680                 $87,553                       $0                          $0                $87,553
S


 TENANT NAME                                                                         LEASE EXP.                         SQ. FT.                              % OF GLA
 Goody's                                                                             9/1/2019                           17,520                                39.53 %
 Rent-A-Center                                                                       1/31/2015                           4,200                                 9.48 %
 Cato                                                                                1/31/2011                           3,600                                 8.12 %
 Total                                                                                                                  25,320                                57.13 %



 Loan Name                           Tape Date    Servicer Comment
 Dayco Crossing                      5/1/2011     Property has not been performing well since 2009 Q3 due to drop in occupancy as Goodys (17520 sft- 41% of GLA)
                                                  vacated. Property is 96.39% as of 03/15/2011.Prospective tenants are there for1600 sft however nothing finalized yet. TI
                                                  is offer ed as incentive to lease the space. Average asking rent is $13 psf+ NNN, which is inline with the market. Market is
                                                  below average due to slowdown in economy. No new competition in the area. Marketing is done generally through
                                                  billboards. Ex penses are little less due to cost of living being low.



Morningstar Commentary
Low DSCR: The loan is secured by a 44,320-sf retail property in Dayton, TN, 40 miles northeast of Chattanooga. The property was
built in 2004.

As of year end 2008, the DSCR was 1.47 with unreported occupancy. At year end 2010, the DSCR was 0.91.


                                                                                  Page 25 of 32
                                             GE Commercial Mortgage Corporation, Series 2005-C1
                                             (GECC05C1)
                                                                                                                                Report Date: May 2011 (Data as of May 2011)


The largest tenant, Goody's vacated in 2009 after its parent company filed for bankruptcy. Stage Stores acquired the Goody's
trademark and the location. This location was opened in late 2009 as a Peebles clothing store. In our opinion, the replacement of the
bankrupt tenant will be a significant boost to efforts to retain the existing in-line tenants. However, the tenant is paying significantly less
than Goody's.

Based on the lease rollover, we consider the loan to be a moderate default risk. Our analysis suggests that the property value is less
than the outstanding loan balance.



 Madison Heights: Morningstar WL Loan - Added: 1/19/2010
SIZE: 17120                       PROSPECTUS ID: 125.000               BALANCE: $2,106,126            % OF DEAL: 0.17                           $/SIZE: $123

PROP. TYPE: Retail                CITY: Madison Heights                STATE: Virginia                MSA: Lynchburg, VA                        YEAR BUILT: 2004




                                                                      e
MATURITY: 2/1/2015                MARKET OUTLOOK:                      MARKET RANKING:                SERV. WL ADD DATE: 3/4/2010               SERV. WL CODE: 1E,4B
ORIG. APP. VALUE:                 CURR. APP. VALUE:
                                                                       AS OF: 2/1/2005                ANN. DEBT SERV.: $156,667                 STATUS: Current
$2,960,000                        $2,960,000
                                                                       VALUATION METHOD: Income       VALUATION DEFICIENCY:                     MSTAR LOSS PROJ.:
HRL SCORE: 1                      MSTAR VALUE: $1,000,000
                                                                       Approach                       $1,106,126                                $359,867

 FISCAL YEAR
 Most Recent
 Prec Yr
 2nd Prec Yr
 Issuance



TAPE DATE
                     DATE


                     12/31/2010
                     12/31/2009
                     12/31/2004



                     RESERVE TYPE
                                            REVENUE


                                            $202,492
                                            $250,339
                                            $297,113
                                                                    pl
                                                                EXPENSE


                                                                    $56,070
                                                                    $48,749
                                                                    $53,926



                                                       RESERVE BALANCE
                                                        AT CONTRIBUTION
                                                                                         NOI


                                                                                    $146,422
                                                                                    $201,590
                                                                                    $243,187



                                                                               BEGINNING RESERVE
                                                                                         BALANCE
                                                                                                          NCF


                                                                                                     $129,099
                                                                                                     $184,267
                                                                                                     $225,864



                                                                                                      RESERVE DEPOSITS
                                                                                                                       MTHS


                                                                                                                           12
                                                                                                                           12
                                                                                                                           12
                                                                                                                                   DSCR (NOI)


                                                                                                                                         0.93
                                                                                                                                         1.28
                                                                                                                                         1.55



                                                                                                                                         RESERVE
                                                                                                                                   DISBURSEMENTS
                                                                                                                                                  DSCR (NCF)


                                                                                                                                                        0.82
                                                                                                                                                        1.17
                                                                                                                                                        1.44
                                                                                                                                                                    % OCC.


                                                                                                                                                                   50.00 %
                                                                                                                                                                   82.00 %
                                                                                                                                                                  100.00 %



                                                                                                                                                          ENDING RESERVE
                                                                                                                                                                 BALANCE
                   am
May 2011             Replacement Reserve                               $215               $10,513                     $0                          $0                $10,513
May 2011             Other                                             $417               $20,461                     $0                          $0                $20,461



 TENANT NAME                                                                        LEASE EXP.                      SQ. FT.                              % OF GLA
 Dollar Tree, Inc                                                                   7/31/2020                        8,480                                49.53 %
 Hometown Rentals Of                                                                12/31/2015                       3,040                                17.76 %
 Radio Shack                                                                        1/31/2015                        2,400                                14.02 %
 Total                                                                                                              13,920                                81.31 %



 Loan Name                           Tape Date   Servicer Comment
 Madison Heights                     5/1/2011    Property is not performing well since 2009Q3 due to declinein occupancy as tenant Movie Gallery- 3840, sft ( 22% of
                                                 GLA) went bankrupt and vacated the space. Property is 100% occupied as of 04/28/2011. No concessions ohas been
                                                 offered. Aski ng rent is $15-$21 psf , which is inline with the market. No new competition in the area. Expenses are
                                                 normal.
S


Morningstar Commentary
Low DSCR / Occupancy: The loan is secured by a 17,120-sf retail property in Madison Heights, VA, outside Lynchburg. The property
was built in 2004.

As of year end 2008, the DSCR was 1.18 with 100% occupancy. As of year end 2009, the DSCR was 1.17 with 82% occupancy. For
the 12-month period ending December 31, 2010, the DSCR, occupancy and NCF were 0.82, 50% and $129,098, respectively.

Occupancy decreased to 50% after the departure of Movie Gallery. Little Caesar's and Advance America both renewed their leases
although the Advance America renewal was only through 2011.

Based on the poor performance, we consider the loan to be a high default risk. Our analysis suggests that the property value is less
than the outstanding loan balance.




                                                                                 Page 26 of 32
                                             GE Commercial Mortgage Corporation, Series 2005-C1
                                             (GECC05C1)
                                                                                                    Report Date: May 2011 (Data as of May 2011)



Ratings / Outlook Changes
Ratings Changes
TRANCHE   DESCRIPTION
B         2/2011 - Morningstar rating changed for B from AA- to A+
C         2/2011 - Morningstar rating changed for C from A to A-
D         2/2011 - Morningstar rating changed for D from BBB to BBB-
E         2/2011 - Morningstar rating changed for E from BBB- to BB+
F         2/2011 - Morningstar rating changed for F from B to B-
B         9/2010 - Morningstar rating changed for B from AA to AA-
C         9/2010 - Morningstar rating changed for C from AA- to A
D         9/2010 - Morningstar rating changed for D from A- to BBB




                                                                     e
E         9/2010 - Morningstar rating changed for E from BBB to BBB-
F         9/2010 - Morningstar rating changed for F from BB+ to B
G         9/2010 - Morningstar rating changed for G from B- to CCC-
G         6/2010 - Morningstar rating changed for G from B+ to B-
H         6/2010 - Morningstar rating changed for H from CCC- to D
J




B
          6/2010 - Morningstar rating changed for J from CCC- to D




Outlook Changes
TRANCHE   DESCRIPTION
                                                                   pl
          11/2010 - Morningstar Outlook for tranche B changed from Perform to Underperform.
                 am
C         6/2010 - Morningstar Outlook for tranche C changed from Perform to Underperform.



Rating Agency Actions Summary


This transaction is rated by Standard & Poor’s and Fitch.

April 14, 2011: Fitch downgraded eight classes as follows:

Tranche G from BB to B-
Tranche H from B- to CCC
Tranche J from B- to CC
S


Tranche K from B- to C
Tranche L from CCC to C
Tranche M from CCC to C
Tranche N from CCC to C
Tranche O from CCC to C

February 1, 2011: Morningstar reviewed the assigned ratings within this transaction due to a recent Morningstar Outlook change and /
or a material change in loss forecast. The outlook and / or letter rating changes for each respective tranche were mostly related to
material changes in the underlying credit performance for the collateral loans resulting in increased or decreased value deficiency (VD)
and expected losses from Morningstar identified High Risk Loans (HRLs), including specially-serviced or defaulted loans.
Altogether, five classes were affected in this deal.

December 21, 2010: Standard & Poor's downgraded five classes as follows:

Class F to B (sf) from BB (sf)
Class G to CCC+ (sf) from B (sf)
Class H to D (sf) from CCC+ (sf)
Class J to D (sf) from CCC- (sf)
Class K to D (sf) from CCC- (sf)

                                                                            Page 27 of 32
                                      GE Commercial Mortgage Corporation, Series 2005-C1
                                      (GECC05C1)
                                                                                                     Report Date: May 2011 (Data as of May 2011)


September 21, 2010: Morningstar reviewed the assigned ratings within this transaction due to a recent Morningstar Outlook change
and / or a material change in loss forecast. The outlook and / or letter rating changes for each respective tranche were mostly related
to material changes in the underlying credit performance for the collateral loans resulting in increased or decreased value deficiency
(VD) and expected losses from Morningstar identified High Risk Loans (HRLs), including specially-serviced or defaulted loans.
Altogether, six classes were affected in this deal.

June 30, 2010: Morningstar reviewed the assigned ratings within this transaction due to a recent Morningstar Outlook change and / or
a material change in loss forecast. The outlook and / or letter rating changes for each respective tranche were mostly related to
material changes in the underlying credit performance for the collateral loans resulting in increased value deficiency (VD) and expected
losses from Morningstar identified High Risk Loans (HRLs), including specially-serviced or defaulted loans. Altogether, three classes
were affected in this deal.

June 30, 2010: Standard & Poor's downgraded eight classes:




                                                       e
Class G from BB- to B
Class H from B+ to CCC+
Class J from B to CCC-
Class K from B- to CCC-
Class L from B- to D
Class M from CCC+ to D
Class N from CCC to D
Class O from CCC- to D

                                                     pl
March 26, 2010: Morningstar reviewed the assigned ratings within this transaction due to a recent Morningstar Outlook change and /
or a material change in loss forecast. The outlook and / or letter rating changes for each respective tranche were directly related to
material changes in the underlying credit performance for the collateral loans resulting in increased value deficiency (VD) and expected
               am
losses from Morningstar identified High Risk Loans (HRLs), including specially-serviced or defaulted loans. Altogether, seven classes
were affected in this deal.

December 29, 2009: Morningstar conducted a review of the 226 CMBS deals and respective tranches that experienced a Morningstar
Outlook change in the months of September, October and November 2009. As a result of these changes and their affect on underlying
forecasted credit support levels, Morningstar downgraded its ratings assigned to seven tranches in this deal.

December 11, 2009: Fitch downgraded 12 classes as follows:

Class C to 'A/LS5' from 'AA-'; Outlook Stable;
Class D to 'BBB/LS5' from 'A'; Outlook Stable;
Class E to 'BBB-/LS5' from 'A-'; Outlook Stable;
S


Class F to 'BB/LS5' from 'BBB+'; Outlook Stable;
Class G to 'BB/LS5' from 'BBB'; Outlook Stable;
Class H to 'B-/LS5' from 'BBB-'; Outlook Negative;
Class J to 'B-/LS5' from 'BB+'; Outlook Negative;
Class K to 'B-/LS5' from 'BB'; Outlook Negative;
Class L to 'CCC/RR6' from 'BB-';
Class M to 'CCC/RR6' from 'B+';
Class N to 'CCC/RR6' from 'B';
Class O to 'CCC/RR6' from 'B-'.

August 6, 2009: S&P lowered its ratings on 14 classes and affirmed eight others as follows:

Class A-J to AA- from AAA/Watch Neg
Class B to A- from AA/Watch Neg
Class C to BBB+ from AA-/Watch Neg
Class D to BBB- from A/Watch Neg
Class E to BB+ from A-/Watch Neg
Class F to BB from BBB+/Watch Neg
Class G to BB- from BBB/Watch Neg
Class H to B+ from BBB-/Watch Neg

                                                                Page 28 of 32
                                      GE Commercial Mortgage Corporation, Series 2005-C1
                                      (GECC05C1)
                                                                                                   Report Date: May 2011 (Data as of May 2011)


Class J to B from BB+/Watch Neg
Class K to B- from BB/Watch Neg
Class L to B- from B+/Watch Neg
Class M to CCC+ from B/Watch Neg
Class N to CCC from B-/Watch Neg
Class O to CCC- from CCC+/Watch Neg

Ratings Affirmed

Class A-5 at AAA and added AAA/Watch Neg
Class A-1A at AAA and added AAA/Watch Neg
Class A-2 at AAA
Class A-3 at AAA




                                                      e
Class A-4 at AAA
Class A-AB at AAA
Class X-C at AAA
Class X-P at AAA




                                                    pl
June 26, 2009: S&P placed an additional five classes (A-1A through C) on ratings watch negative.

April 7, 2009: S&P placed 11 classes (D through O) on ratings watch negative.

March 13, 2009: Fitch affirmed all rated classes.
               am
S




                                                              Page 29 of 32
                                          GE Commercial Mortgage Corporation, Series 2005-C1
                                          (GECC05C1)
                                                                                                                    Report Date: May 2011 (Data as of May 2011)




Definitions

Morningstar relies on the information identified on Appendix A and other information as may be expressly identified in this report in determining ratings
and performing surveillance on the credit ratings. The analysis contained herein is based on such information. For a further description of Morningstar’s
rating and surveillance process as a non-selected agency, see Morningstar Analysis and Considerations at http://ratingagency.morningstar.com . Unless
the analysis, data, information, reports, and analogous items in this report are identified as generated by Morningstar, such analysis, data, information,
reports and analogous items are from third party sources of information which may include servicer reports or trustee reports, as applicable.

Upon taking into account the factors enumerated herein, the Morningstar surveillance model described at http://ratingagency.morningstar.com,
including the “Morningstar Analysis and Considerations” link on this website, produces information critical to determining and monitoring the credit
ratings, determining rating outlooks and analyzing whether upgrades or downgrades are warranted for any particular class of securities on an ongoing
basis.

Morningstar High Risk Loans (HRLs) and Projected Losses




                                                              e
      Morningstar has developed a quantitative method of identifying High Risk Loans. The method is based on six key loan metrics: DSCR, LTV,
      Occupancy, Term to Maturity, MSA, and Tenant Rollover Percent within the next twelve (12) months. Using our historical CMBS database dating
      back to 1999, we have created statistical models which assign a probability of default and a risk score to all loans in our database. An HRL score
      of 3 is assigned to loans of the highest level of risk, while a score of 1 is assigned to loans of a lower level of risk.
      Morningstar Projected Losses are calculated by using a loan’s total exposure, Morningstar estimated value, and Morningstar estimated
      probability of default. If the total exposure is greater than the value, the loan is considered to have "Value Deficiency". The value deficiency of a
      loan times the probability of default yields the Morningstar Projected Loss.




                                                            pl
      Loans that have been transferred to the Special Servicer are differentiated from Morningstar High Risk Loans as they are considered an
      immediate risk to the deal. Special Serviced loans are assigned a probability of default of 100%, and typically will incur a loss within two years.
      High Risk Loans are assigned an estimated probability of default based on historical CMBS data. If the loan defaults, the expected timeframe for
      a loss is approximately two to five years.
      Morningstar employs a multi-step approach for estimating losses at the pool level. First, our analysts estimate expected losses on individual loans
      of concern. To create this list of loans of concern, we start with all currently distressed loans, that is, loans that are delinquent, in foreclosure,
      Real Estate Owned or Specially Serviced, as well as loans issued to borrowers in bankruptcy. We also flag loans backed by properties where
      updated financial reporting or servicers’ reports indicate potential problems (i.e. significant cash flow decreases since issuance, significant drops
      in occupancy, material deferred maintenance, a pending loss of a significant tenant, or bankruptcy of a major tenant). We supplement this list with
      all loans that have exhibited a material adverse change over the month regardless of performance status. Last, on an ad hoc basis, our analysts
                 am
      may consider news, other events, and random shocks, if deemed reliable and actually known by Morningstar, that might affect the value of
      properties or loans.

Probability of Default
      All loans identified by the processes above are generally individually analyzed by a Morningstar analyst on a monthly basis. We assume that all
      loans currently distressed will be liquidated, while loans flagged as having a potential for default are treated as having a probability of progressing
      to liquidation, with the probability based on the loan’s characteristics and the actual rates of default we have observed over the years for loans
      with these characteristics.
      Morningstar utilizes the information enumerated herein and a linear probability model to calculate a point estimate for the probability of default for
      a given loan. Each loan is categorized as one of the following property types: office, multi-family, industrial, hotel, retail, healthcare and other.
      This categorization is done to account for the variation of loan characteristics across property types.
      Each loan is then labeled internally based on whether or not it is in default. For purposes of the preceding sentence, Morningstar defines a loan
      as in default if that particular loan is 30-days or more past due (outside of the loan grace period), or if the loan has been transferred to the special
      servicer. The debt service coverage ratio (DSCR) for each loan is then placed into a bucket with a defined range. Each bucket contains at least
      20 loans and is specific to each property type. The natural logs of the DSCRs within each bucket are then regressed against their corresponding
S


      binary responses, i.e. whether or not that particular loan was in default.

Class Structure
      For each CMBS transaction under review, Morningstar has replicated the underlying credit support and bond payment waterfall structure. Upon
      completion of our credit risk analysis at the loan and property-level across a given transaction, the Forecasted Tranche Balance, Forecasted
      Credit Support, Forecasted % Change in Credit Support, Subordination Loss % and Tranche Loss % are derived by applying Morningstar’s Total
      Forecasted Losses to the structure, as well as the Forecasted Principal Recoveries from Specially-Serviced (SS) and Defeased Loans.
      Morningstar’s Total Forecasted Losses are applied in reverse sequential order to the classes of certificates, including Forecasted Losses from
      Specially-Serviced Loans (which are assigned a 100% probability of default) and Expected Losses from non-SS High Risk Loans (after the
      application of an estimated probability of default).
      Forecasted Recoveries are applied in sequential order to the classes of certificates, including Forecasted Recoveries from Specially-Serviced
      Loans and Forecasted Recoveries from Defeased Loan collateral. As a conservative measure, we do not apply any prepayments related to
      Morningstar High Risk loans for which there is an Expected Loss / Value Deficiency.


Morningstar Rating Outlooks for CMBS tranches
      Definitions and descriptions of Morningstar Rating Outlooks may be found in “Morningstar Definitions and Descriptions of CMBS (i) Letter-Grade
      Credit Ratings, (ii) Rating Outlooks and (iii) Surveillance” at http://ratingagency.morningstar.com.


Appendix A


This report and the ratings noted herein are (i) subject to the descriptions and definitions of credit ratings found at http://ratingagency.morningstar.com,


                                                                         Page 30 of 32
                                            GE Commercial Mortgage Corporation, Series 2005-C1
                                            (GECC05C1)
                                                                                                                        Report Date: May 2011 (Data as of May 2011)

(ii) subject to any related ratings letters and qualifications and caveats specified in any pre-sale report, in either case, if applicable, (iii) solely based on
information identified as subject to review herein and to the extent provided to Morningstar by the servicer or trustee (either directly or through such
entity’s website and/or an arranger website, if applicable) through monthly IRP reports and remittance reports on or prior to the last day of the month
enumerated on the first page hereof and (iv) subject to qualifications, limitations and parameters on ratings enumerated herein. Morningstar’s ability to
continually monitor this transaction is contingent on Morningstar’s continued timely receipt of certain information and data regarding the collateral and
transaction.

Note: If any key information is deemed to be missing / deficient / inadequate, the underlying ratings and analysis herein are deemed to be limited and
may be adversely impacted or subject to withdrawal if such information is not received on a timely basis (or when received, contains information
negatively impacting the ratings).

The ratings and ongoing surveillance and monitoring provided herein is on a subscriber pay basis. As a non-selected agency on the transaction, our
access to information, properties and parties may be more limited than a selected agency on a transaction. For further information related to
Morningstar’s role as a non-selected agency on a transaction, please see http://ratingagency.morningstar.com. The ratings and ongoing surveillance
and monitoring of such ratings are based on the following information: (i) the current Commercial Real Estate Finance Council standardized investor
reporting package (CREC IRP) and (ii) to the extent necessary to Morningstar’s analysis and available to Morningstar, information from third party data
suppliers of market data, rents, cap rates and other similar items. Morningstar will not be requested to provide no downgrade letters and therefore,
Morningstar will generally not have the opportunity to review post-issuance amendments or changes to transaction documents.




                                                                e
Such ratings and related analysis are (i) based on a limited scope of review of certain information described herein, (ii) subject to any contract you may
have with Morningstar and terms of use therein, and (iii) should be evaluated by recipient based on the scope of review, information received and
reviewed, the qualifications, limitations and parameters enumerated herein and in conjunction with Morningstar’s ratings definitions and related
descriptions and policies enumerated at http://ratingagency.morningstar.com. For the avoidance of doubt, unless set forth herein and/or in accordance
with Morningstar’s policies and procedures, Morningstar did not, for purposes of this report: (i) conduct site visits of any properties, (ii) conduct any legal




                                                              pl
review, (iii) review any underlying loan documentation or transaction documentation, (iv) engage in discussions with arranger and/or any person or
entity obligated to make payments under any loan or (v) review any third party reports.

This report and any ratings are an opinion and do not constitute an offer to sell or a solicitation of an offer to buy any securities, and may not be used or
circulated in connection with any such offer or solicitation. Morningstar publishes its current Form NRSRO and exhibits thereto at
http://ratingagency.morningstar.com. Morningstar maintains internal policies and procedures to manage conflicts which may include payment structures
for ratings.

Appendix B
                 am
The ratings provided in this report address the likelihood of the timely receipt of distributions of interest by certificateholders to which they are entitled
and, the ultimate distribution of principal by the Rated Final Distribution Date.

The ratings are based solely on the scope of review enumerated in this report and the information related thereto provided to Morningstar as of the date
hereof or as expressly enumerated herein which we believe to be reliable. Unless otherwise specified in accordance with Morningstar’s policies and
procedures, Morningstar does not audit or verify the truth or accuracy of any such information.

These ratings are not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time by Morningstar. In
addition, these ratings do not address: (a) the likelihood, timing, or frequency of prepayments (both voluntary and involuntary) and its impact on interest
payments or the degree to which such prepayments might differ from those originally anticipated, (b) the possibility that a certificateholder might suffer a
lower than anticipated yield, (c) the likelihood of receipt of prepayment charges, assumption fees, prepayment premiums, prepayment fees or penalties,
default interest or post-anticipated repayment date additional interest, (d) the likelihood of experiencing prepayment interest shortfalls, an assessment
of whether or to what extent the interest payable on any class of securities may be reduced in connection with any prepayment interest shortfalls, or of
receiving compensating interest payments, (e) the tax treatment of the certificates or effect of taxes on the payments received, (f) the likelihood or
willingness of the parties to the respective documents to meet their contractual obligations or the likelihood or willingness of any party or court to
enforce, or hold enforceable, the documents in whole or in part, (g) an assessment of the yield to maturity that investors may experience, or (h) other
S


non-credit risks, including, without limitation, market risks or liquidity.

Morningstar’s ratings take into consideration certain credit risks and the extent to which the payment stream of the collateral is adequate to make
payments required under the certificates based on information identified as subject to review herein and to the extent provided to Morningstar for this
transaction as of the date hereof. However, as noted above, the ratings do not represent an assessment of the likelihood, timing or frequency of
principal prepayments (both voluntary and involuntary) by mortgagors, or the degree to which such prepayments might differ from those originally
anticipated. In general, the ratings address credit risk and not prepayment risk. In addition, the ratings do not represent an assessment of the yield to
maturity that investors may experience.

While Morningstar may issue ratings solely on asset backed securities, Morningstar does not (i) issue short-term ratings, or (ii) rate, assess or review
corporate entities, credit support providers, seller(s), guarantors, servicers, trustees, certain accounts or investments, insurers, liquidity providers,
hedge providers or other similar entities or items. Therefore, Morningstar's ratings and analysis do not take into consideration such characteristics of the
transaction referenced in (i) and (ii) of the preceding sentence. In addition, the ratings do not take into consideration an assessment of the arranger(s),
originator(s) and/or prior holder(s) of the loan(s) included in the respective transaction. Additionally, for the avoidance of doubt, Morningstar does not
rate obligors, managers or issuers.]

As provided herein, surveillance analysis and ratings are solely provided to Morningstar subscribers on a subscription basis. In conjunction with
evaluating any Morningstar ratings, please also see “Ratings Analysis and Considerations” and “Morningstar Definitions and Descriptions of CMBS (i)
Letter-Grade Credit Ratings, (ii) Rating Outlooks and (iii) Surveillance” at http://ratingagency.morningstar.com.




                                                                            Page 31 of 32
                                                 GE Commercial Mortgage Corporation, Series 2005-C1
                                                 (GECC05C1)
                                                                                                                                     Report Date: May 2011 (Data as of May 2011)




Copyright © 2011 Morningstar LLC ("Morningstar"). Morningstar and/or its third party licensors have exclusive proprietary rights in the data or information provided
herein. This data/information may only be used internally for business purposes and shall not be used for any unlawful or unauthorized purposes. Dissemination,
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MORNINGSTAR GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF ACCURACY, TIMELINESS, COMPLETENESS,
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information contained herein is subject to termination in the event any agreement with a third party of information or software is terminated.

Analytic services provided by Morningstar are the result of separate activities designed to preserve the independence and objectivity of ratings opinions. The credit
ratings and observations contained herein are solely statements of opinion and not statements of fact or recommendations to purchase, hold, or sell any securities or
make any other investment decisions. Accordingly, any user of the information contained herein should not rely on any credit rating or other opinion contained herein in
making any investment decision. Ratings are based on information received by Morningstar’s Surveillance Group. Other divisions of Morningstar may have information
that is not available to Morningstar’s Surveillance Group. Morningstar has established policies and procedures to maintain the confidentiality of non-public information




                                                                       e
received during the ratings process.

In addition, any person or entity in receipt of this report (“Recipient”) is deemed to agree and acknowledge the following:

(a) any information described in this report that is provided by third parties (collectively, “Third Party Information”) and used by Morningstar to determine and/or provide
any ratings or analysis, is: (i) the sole responsibility of the third party provider of such information (ii) not endorsed or recommended by Morningstar, (iii) not verified by
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                                                                     pl
Information may be outdated, unreliable or inaccurate and Morningstar has no obligation to update, correct or verify any Third Party Information;

(b) any ratings, analysis related thereto and/or this report is (i) solely for informational purposes, (ii) for use only by the Recipient of this report and may not be used or
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regulations, including, without limitation, the First Amendment of the Constitution of the United States of America and (v) not guaranteed to be accurate, complete or
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