New York, August 21, 2014 -- Moody's Investors Service (Moody's) was informed that RAR2-222 Broadway Owner SPE, LLC, a Delaware limited liability company ("Proposed Borrower") will acquire and assume the 222 Broadway Loan from 222 Broadway Owner LLC, a Delaware limited liability company ("Current Borrower"). RREEF America REIT II, Inc. ("RREEF II"), a Maryland corporation ("Proposed Guarantor"), will become a new Guarantor/Indemnitor, replacing BCSP VI US Investments LP and L&L Holding Company, LLC ("L&LHC"), a Delaware limited liability company, will remain a Guarantor/Indemnitor for the non-recourse carve outs and environmental indemnities. As a result of the transaction, the current interest of L&LHC will decrease. In connection with the sale, L&LHC will become the replacement property manager. The proposed (1) sale of the subject property and the assumption of the subject loan by an affiliate of RREEF II; 2) the replacement of the BCSP VI Guarantor/Indemnitor by RREEF II; and 3) the change of property manager to L&LHC will become effective upon satisfaction of the conditions set forth in the governing documents.

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