Fitch Ratings Affirms MSDW 280 Park Avenue Trust 2001-XL280

NEW YORK--(BUSINESS WIRE)--Aug. 5, 2003--Morgan Stanley Dean Witter (MSDW) 280 Park Avenue Trust commercial mortgage pass-through certificates, series 2001-XL280, are affirmed by Fitch Ratings as follows:

-- $29.4 million class A-1 'AAA';

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-- $56.3 million class A-2 'AAA';

-- $73 million class A-2F 'AAA';

-- $263.6 million interest-only class X-1 'AAA';

-- $31 million class B 'AA';

-- $31 million class C 'A';

-- $8 million class D 'A-';

-- $23 million class E 'BBB';

-- $11.8 million class F 'BBB'.

The certificates evidence interest in a trust fund consisting primarily of a single fixed-rate mortgage with an unpaid principal balance of $263.6 million secured by a fee interest on 280 Park Avenue, a 1.2 million square foot (sf) Class 'A' office building consisting of two contiguous towers, a 31 story East Tower built in 1961, and a 43-story West Tower built in 1968, located in Midtown Manhattan between East 48th and East 49th Streets.

Fitch affirms the transaction due to the stable occupancy and net cash flow (NCF) of the collateral.

Fitch analyzed net cash flow (NCF) based on borrower reported financial statements. Fitch's NCF, which was adjusted for vacancy, non-cash items and normalized capital expenditures, was approximately $35.3 million at trailing twelve months (TTM) ended June 2003 compared to $32.6 million at issuance. The corresponding debt service coverage ratios, based on a refinancing constant of 9% and the actual current loan balance is 1.47 times (x) at TTM 2003, compared to 1.34x at issuance. The corresponding Fitch loan to value ratio based on a 8.25% capitalization rate is 62.3% at TTM June 2003, compared to 68.2% at issuance.

Fitch will continue to monitor this transaction as surveillance is ongoing.