DBRS Disc GMAC Comm Mtg Sec Cda S02-FL1 Cl B, C, D, Cnf X, E

Dominion Bond Rating Service (“DBRS”) has today discontinued the ratings of GMAC Commercial Mortgage Securities of Canada, Inc. Series 2002-FL1, Classes B, C, and D. DBRS has also confirmed Class X at AAA and Class E at BBB (low).

Sixteen loans have been paid off in full since issuance. Two loans, Bramalea Office Park and 121 Richmond, remain in the pool. Both loans have B-notes that act as loan specific credit enhancement for each loan, Cdn$1.4 million and Cdn$1.1 million, respectively.

Bramalea Office Park was originally secured by eight industrial buildings totaling over one million square feet. In March 2004 a large curtailment was received and paid the mortgage down from Cdn$27.4 million to Cdn$5.3 million releasing six of the eight properties at 117% of the allocated loan balances. The remaining properties are 1000 Clark Blvd. and 10 Woodslea Road. The 1000 Clark Blvd. property is 100% leased to Pierce Leahy Group through 2012. The 10 Woodslea Road property is also 100% leased to two tenants, Lennox Industries (85%) and Storopack Canada Inc. (15%).

121 Richmond is secured by an office property located at 121 Richmond Street West in downtown Toronto. The property is a 14-storey building with 72,871 square feet of net rentable space. As of the June 2005 rent roll, the property was 73.9% occupied. The lower occupancy is due to recent tenant rollover. The property benefits from a strong manager and leasing agent, Colliers International. The Class C Office, Financial Core Node market vacancy rate is 18.3%. The loan per square foot is reasonable at Cdn$70.47 overall and low at Cdn$55.44 for the trust balance.