Fitch Report

Structured Finance
Commercial Mortgage / U.S.A.

Bear Stearns Commerical Mortgage Securities Trust 2007-PWR18
Focus Performance Report
Inside This Report Capital Structure

Page Original Current Recovery
Transaction Summary 1 Balance Balance Original Current Rating Estimate Original Current
Key Performance Characteristics 1 Classa ($ Mil.) ($ Mil.) Rating Rating Outlook (%) CE (%) CE (%)
Transaction Overview 2
A-1 74.9 AAA PIF 30.00
Top 15 Loans Summary 3
A-2 291.9 260.4 AAA AAA Stable 30.00 29.20
DRA/Colonial Office Portfolio 5
GGP Portfolio 7 A-3 269.7 269.7 AAA AAA Stable 30.00 29.20
Solo Cup Industrial Portfolio 8 A-AB 131.9 131.9 AAA AAA Stable 30.00 29.20
Hunters Branch I & II 9 A-4 710.0 710.0 AAA AAA Stable 30.00 29.20
Marriott House Westchase 10 A-1A 272.4 266.9 AAA AAA Stable 30.00 29.20
Southlake Mall 11
Norfolk Marriott 12 a
The remaining classes within the trust are listed on page 2.
11 MetroTech Center 13
Park Avenue Apartments 14
Marketplace at Four Corners 15 This report summarizes key credit characteristics of the Bear Stearns Commercial Mortgage
Dulaney Center I & II 16 Securities Trust, Series 2007-PWR18 transaction, following Fitch Ratings most recent full
Battlefield Shopping Center 17
AG Industrial Portfolio 18 transaction review conducted in February 2012. The report has been updated to reflect the
Claremont Apartments 19
Trumbull Marriott 20
most recently reported performance information available through the Jan. 13, 2012 remittance
Additional Specially Serviced Loans 21 date.
Historical Rating Actions 21
Addendum and Definitions 22
Key Performance Characteristics
Increased Loss Expectation: Fitch modeled losses of 12.2% of the original pool balance,
including losses already realized to date. This is an increase from 10.3% modeled at Fitchs
prior rating action in April 2011.
Increased Loans of Concern: As of the Jan. 13, 2012 distribution date, 19 loans (9.3%) were
in special servicing, including one loan (2.7%) in the top 15. An additional 39 loans (24.6%) that
were not specially serviced as of Jan. 13, 2012 are Fitch loans of concern. The performing
loans of concern include six loans in the top 15 (12.8%).
Moderate Near-Term Maturities: The transaction faces moderate near-term maturity risk.
Twelve loans (7.6%) are scheduled to mature in 2012, two loans (7.5%) in 2013, five loans
(13.8%) in 2014, one loan (1.7%) in 2015, and five loans (2%) in 2016. All but one remaining
loan matures in 2017 (152 loans representing 67.3% of the pool).
Related Research
Bear Stearns Commercial Mortgage
Securities Trust 2007-PWR18,
Dec. 4, 2007
Analysts
Amy Gan
+1 212 908-9143
amy.gan@fitchratings.com
www.fitchratings.com March 20, 2012

Structured Finance
Capital Structure (continued)
Original Current Recovery
Balance Balance Original Current Rating Estimate Original Current
b
Class ($ Mil.) ($ Mil.) Rating Rating Outlook/ (%) CE (%) CE (%)
A-M 211.6 211.6 AAA AAA Stable 20.00 18.38
AM-A 38.9 38.9 AAA AAA Stable 20.00 18.38
A-J 182.5 182.5 AAA CCC 100 11.38 9.05
AJ-A 33.6 33.6 AAA CCC 40 11.38 9.05
X-1 AAA WD
X-2 AAA WD
B 25.0 25.0 AA+ CCC 0 10.38 7.96
C 25.0 25.0 AA CCC 0 9.38 6.88
D 18.8 18.8 AA CCC 0 8.63 6.07
E 25.0 25.0 A+ CC 0 7.63 4.99
F 18.8 18.8 A CC 0 6.88 4.18
G 25.0 25.0 A C 0 5.88 3.10
H 21.9 21.9 BBB+ C 0 5.00 2.15
J 18.8 18.8 BBB C 0 4.25 1.34
K 25.0 25.0 BBB C 0 3.25 0.26
L 9.4 5.9 BB+ D 0 2.88 0.00
M 9.4 BB D 0 2.50 0.00
N 9.4 BB D 0 2.13 0.00
O 6.3 B D 0 1.75 0.00
P 3.1 B D 0 1.63 0.00
Q 3.1 B+ D 0 1.88 0.00
S 40.7 NR NR 0.00 0.00
b
Interest shortfalls are occurring on classes N and Q. NR Not rated.
Transaction Overview
(As of Jan. 13, 2012)
Transaction Size ($ Mil.) 2,315.0

Number of Loans 176
Full Interest Only (% of Total) 25.5
Partial Interest Only (% of Total) 7.1
Weighted Average Coupon (%) 6.2258
Weighted Average NOI DSCR (x)

Issuance (As of Dec. 27, 2007) Most Recent Servicer-Reporteda
On the Entire Pool 1.36 On the Entire Pool 1.25
Top 15 Loans 1.42 Top 15 Loans 1.41
a
Based on a rollup of each loans NOI for the most recent YE, YTD, or TTM period available, as reported by the servicer.
Related Criteria
Surveillance Methodology for U.S.
Fixed-Rate CMBS Transactions,
Dec. 21, 2011
Global Structured Finance Rating
Criteria, Aug. 4, 2011
Bear Stearns Commerical Mortgage Securities Trust 2007-PWR18 2

March 20, 2012
Structured Finance
Property Type Breakdown

(As of Jan. 13, 2012)
Fitch Loans of Concern (%)

a
Property Type % by Property Type WA DSCR (x) Specially Servicedb Nonspecially Servicedb
Retail 33.8 1.33 1.1 13.6
Office 23.4 1.22 2.3 0.8
Multifamily 11.3 1.17 2.2 1.9
Hotel 12.3 0.95 3.5 5.2
Industrial 11.1 1.15 0.2 0.5
Self-Storage 1.6 1.54 0.3
Other 1.9 1.36
Mixed Use 3.5 0.99 2.2
Mobile Home Park 1.3 1.45
Total/WA 100.0 1.25 9.3 24.5
a
Most recent servicer-reported year-end or TTM NOI DSCR. bAs a percentage of the pool.
Largest State Concentrations 31% of Maturities are Within the Next Five
Years
(%)
14 (%)
14
12
12
10
10
8
8
6
6
4 4
2 2
0 0
TX CA FL VA IL 2012 2013 2014 2015 2016

March 20, 2012
Structured Finance
Top 15 Loans Summary
(Loans highlighted in beige represent Fitch loans of concern. Loans highlighted in blue represent specially serviced loans and Fitch loans of concern)
Current Modeled
Property Name/ Property Loan Amt. Loan Per % of Maturity Occupancy DSCR Fitch Loss Modeled
Location Type ($ Mil.) SF/Unit ($) Pool Date (%)a (x)b LTV (%)c Type Loss (%)
DRA/Colonial Office Portfoliod Office 247.3 143 10.7 7/1/2014 83.6 1.33 105.7 Maturity 5
Various
GGP Portfolio Retail 150.9 126 6.5 5/1/2017 95.5 2.10 65.5 None 0
Various
Solo Cup/ Industrial/ 93.9 27 4.1 8/1/2017 100.0 1.57 71.0 None 0
Dallas, TX Warehouse
Office 88.0 224 3.8 10/1/2017 99.0 1.82 86.2 Maturity 0
Hunters Branch I & II
Fairfax, VA
Marriott Houston Westchase Hotel 76.8 128,030 3.3 11/1/2017 62.5 1.11 144.6 Term 31
Houston, TX
Southlake Malle Retail 68.5 137 3.0 12/5/2019 91.0 1.03 141.3 Term 29
Morrow, GA
Norfolk Marriott Hotel 62.0 153,086 2.7 2/1/2013 67.1 1.01 133.4 Term 25
Norfolk, VA
Office 61.0 234 2.6 10/5/2017 100.0 1.23 96.3 Maturity 0
11 MetroTech Center
Brooklyn, NY
Park Avenue Apartments Mixed Use 47.0 345,588 2.0 8/1/2014 96.0 0.99 133.8 Term 25
Brooklyn, NY
Retail 45.0 94 1.9 11/1/2017 95.8 0.83 130.6 Term 23
Marketplace at Four Corners
Bainbridge, OH
Office 40.0 130 1.7 12/1/2017 87.0 1.52 97.0 Maturity 0
Dulaney Center I & II
Towson, MD
Battlefield Shopping Center Retail 38.9 123 1.7 9/5/2015 90.6 1.49 115.1 Term 13
Leesburg, VA
Industrial/ 38.4 53 1.7 6/1/2017 100.0 1.77 77.0 None 0
AG Industrial Portfolio Warehouse
Various
Claremont Apartments Multifamily 30.5 125,485 1.3 12/1/2017 92.0 0.87 108.9 Term 8
Exton, PA
Trumbull Marriott Hotel 29.2 90,515 1.3 9/1/2017 62.4 1.12 118.6 Maturity 16
Trumbull, CT
Total/WA 1,117.4 48.3 1.41 103.34

a
Most recent available, per rent rolls and/or servicer reporting. bBased on NOI for the most recent YE, YTD, or TTM available, as reported by the servicer. cBased on a
stressed NOI amount capitalized at a stressed Fitch rate; may not exactly correspond to the modeled loss percentage in the case of loans assigned a less than 100%
probability of default. dAlso secures two other pari passu companion loans totaling $494.6 million that was securitized in the MLMT 2007-C1 trust and BS 2007-PWR17
trust. eAlso secures another pari passu companion loan totaling $29.4 million that was held outside this trust.

March 20, 2012
Structured Finance
DRA/Colonial Office Portfolio

Fitch expects that the loan could default Loan Collateral: The interest-only loan is secured by 19 office and retail properties that
at maturity, as it did not pass Fitchs comprise approximately 5.2 million sf and are located across six MSAs: Atlanta (one property);
refinance test, and modeled losses of Austin, TX (one); Birmingham, AL (seven); Charlotte, NC (one); Orlando, FL (six); and Tampa,
approximately 5%.
FL (three).
Declining Performance: The portfolio benefits from significant tenant diversity, with
approximately 500 tenants as of the June 2011 rent roll. Occupancies across the portfolio
ranged from 66.7%100% as of the same date. At the property level, three properties have
been leased up to greater occupancy than at issuance, 14 properties have shown occupancy
declines (ranging from 2%27% of each respective propertys NRA), and the occupancies at
two properties have remained unchanged since issuance. At the portfolio level, total occupancy
was 83.6% as of June 30, 2011, compared with 93.9% at issuance. As of second-quarter 2011,
the servicer-reported NOI DSCR was 1.33x, compared with 1.63x underwritten at issuance.
Lease rollover risk is high over the remaining loan term. Per the June 30, 2011 rent roll, leases
representing 19.6% of the property are scheduled to expire in 2012, 6.7% in 2013, and 8.6% in
2014.
Loan Status: The loan has been current since issuance.
Market Information: According to Grubb & Ellis, the nationwide vacancy rate for office
properties reached 17.3% in the second quarter of 2011, after dropping 40 bps. Grubb & Ellis
also reports that a balanced market for office vacancy rates should be in the 12%14% range.
Sponsor: The loan sponsors since issuance are DRA G&I Fund VI and Colonial Properties
Trust.

March 20, 2012
Structured Finance
DRA/Colonial Office Portfolio
Debt Stack
Amount ($ Mil.) Loan psf ($)

A-1 Note 247.3 142
A-2 Note 247.3 142
A-3 Notea 247.3 142
Total 741.9
a
Only the A-3 note is included in the trust.
Property Information
Underwritten NOI DSCR Issuance (x) 1.63 NOI DSCR 2Q11 Servicer Reported (x) 1.33
Portfolio Occupancy (%) 83.6 Interest Rate (%) 5.610
Loan Maturity 7/1/14
Classa Various
% of
Occupancy Occupancy Individual
Property at Issuance as of Property
Property Name Location Size (sf) (%) 6/30/11 (%) Largest Tenant NRA Lease Expiration
Heathrow International
Business Center Lake Mary, FL 835,201 85 81 Symantec Corporation 21.5 7/31/121/31/17
Research Office Park Austin, TX 357,689 100 95 Charles Schwab Inc. 75.4 3/31/22
CC at Town Park Lake Mary, FL 458,259 98 88 Pershing, LLC 19.8 10/31/16-6/30/20
Colonial Place I & II Tampa, FL 371,473 97 72 Blue Cross & Blue Shield 14.7 12/31/15
CC at Colonnade Birmingham, AL 419,387 100 89 Inifinity Insurance Company 36.7 3/31/16
Peachtree Street Atlanta, GA 309,625 92 85 Swift, Currie, McGhee & Heirs, LLP 21.8 6/30/1312/31/15
CP Town Park Combined Lake Mary, FL 237,191 96 81 Publix 22.2 2/28/29
Concourse Center Tampa, FL 294,369 100 72 HealthPlan Services, Inc. 31.2 3/31/18
CC at Town Park 600 Lake Mary, FL 199,585 100 100 Fiserv, Inc. 99.2 7/31/12
Riverchase Center Birmingham, AL 306,143 94 80 BioHorizons Implant Systems, Inc. 14.5 11/30/14
International Office Park Birmingham, AL 210,984 99 79 Command Alkon, Inc. 21.2 7/31/19
Colonial Center at Bayside Clearwater, FL 212,882 99 67 Baycare Health Systems, Inc. 28.5 12/31/16
Colonial Center at Blue Lake Birmingham, AL 166,590 99 67 Gaines Wolter & Kinney PC 9.8 8/31/18
Shops at Colonnade Retail Birmingham, AL 125,462 98 79 Gold's Gym 24.0 4/30/16
Colonial Plaza Birmingham, AL 170,850 85 96 Alabama Gas Corporation 35.5 11/30/15
Esplanade Charlotte, NC 202,817 82 80 GMAC Mortgage, LLC 21.2 4/30/127/31/12
Maitland Office Building Maitland, FL 155,730 77 81 Progressive Casualty Insurance Co. 22.3 9/30/16
HIBC 1000 Building Lake Mary, FL 87,066 100 100 Sungard Public Sector Inc. 100.0 6/30/16
One Independence Plaza Birmingham, AL 106,216 91 98 Birmingham Gastroenterology Assn. 17.1 5/31/15
Total/WA 5,227,519 94 83
a
As reported by Fitch at issuance

March 20, 2012
Structured Finance
GGP Portfolio
Fitch expects the loan will pay off in full Loan Collateral: The interest-only loan is secured by two regional shopping malls.
at maturity. Marketplace Shopping Center, located in Champaign, IL, is a 796,718-sf center anchored by
Sears (rated B+ by Fitch), Bergners The Bon Ton Stores, Inc, (rated B by Fitch), Macys
(rated BBB by Fitch), JCPenney (rated BBB by Fitch), and Kohls (rated BBB+ by Fitch).
Columbia Mall, located in Columbia, MO, is a 399,211-sf center that is anchored by Sears, JC
Penney, Target (rated A by Fitch), and Dillards Inc. (rated B by Fitch).
Modified Loan: The combined occupancy as of Sept. 30, 2011 was 95.5%, compared to 99%
at year-end 2010. The servicer-reported combined DSCR as of third-quarter 2011 was 2.10x,
compared to 2.14x at year-end 2010.
Performing Under Modified Terms: The loan was in special servicing due to GGPs April
2009 bankruptcy filling and was returned to the master servicer in May 2010 as a corrected
loan. The maturity date has been extended approximately four years, to May 2017 from
February 2013.
Sponsor: The sponsor is General Growth Properties, Inc. (GGP).
GGP Portfolio
Debt Stack

A Note 150.9 126
B Note 39.4 159
Total 190.3
Underwritten NOI DSCR Issuance (x) 2.29 Servicer-Reported NOI DSCR 3Q11 (x) 2.10
Property Occupancy (%) 95.5 Interest Rate (%) 6.1620
Loan Maturity 5/1/17
Classa B
Property Occupancy at Occupancy as of % of Individual Lease

Property Name Location Size (sf) Issuance (%) 9/30/2011 (%) Largest Tenant Property NRA Expiration
Marketplace Shopping Center Champaign, IL 796,718 97.4 97.0 Bergners 19.4 2/1/17
Columbia Mall Columbia, MO 399,211 97.0 97.1 J.C. Penney 33.7 10/8/35
Total/WA 97.3 97.0
a
As reported by Fitch at issuance.

March 20, 2012
Structured Finance
Solo Cup Industrial Portfolio

Fitch expects the loan will pay off in full Loan Collateral: The collateral consists of a portfolio of six warehouse/distribution industrial
at maturity. centers located in Texas, Illinois, Maryland, and Georgia.
Single Tenancy: The properties are occupied by the single tenant, Solo Cup (rated B by
Fitch), under a single lease that expires in June 2027. Servicer-reported year-end 2010 DSCR
was 1.57x, compared to 1.76x at year-end 2009.
Loan Status: The loan is performing on a stable basis.
Market Information: According to Reis, as of year-end 2011, the U.S. nationwide

warehouse/distribution market had a vacancy rate of 13.1% with an average asking rent rate of
$4.65 per sf.
Sponsor: The sponsors are iStar Financial and Angelo, Gordon & Co.
Solo Cup Industrial Portfolio
Debt Stack

Whole Loan 93.9 27
Underwritten NOI DSCR Issuance (x) 1.39 Servicer-Reported NOI DSCR YE10 (x) 1.57
Market Occupancy (%)a 86.9 Loan Maturity 8/1/17
Classb Various
% of Property NRA Lease

Property Name NRA (sf) Largest Tenant As of 12/31/10 Expiration
Solo Cup Dallas, TX 1,220,000 Solo Cup Operating Corporation 100.0 6/30/27
Solo Cup Chicago, IL 820,000 Solo Cup Operating Corporation 100.0 6/30/27
Solo Cup Federalsburg, MD 405,000 Solo Cup Operating Corporation 100.0 6/30/27
Solo Cup Conyers, GA 367,000 Solo Cup Operating Corporation 100.0 6/30/27
Solo Cup Augusta, GA 364,000 Solo Cup Operating Corporation 100.0 6/30/27
Solo Cup Urbana, IL 269,000 Solo Cup Operating Corporation 100.0 6/30/27
Total/WA 3,445,000 100.0
a
According to Reis, as of fourth-quarter 2011. bAs reported by Fitch at issuance.

March 20, 2012
Structured Finance

Fitch expects that the loan could default Loan Collateral: The interest-only loan is secured by two 12-story office buildings totaling
at maturity, as it did not pass Fitchs 393,159 sf, located in Fairfax, VA, approximately 14 miles west of Washington, D.C.
refinance test, but no losses were
modeled. Strong Performance: The occupancy at March 2011 was 99%, the same level as year-end
2010 but improved from 94% as of year-end 2009. First-quarter 2011 servicer-reported DSCR
was 1,82x, compared to 1.68x at year-end 2010 and 1.42x at year-end 2009.
Loan Status: The loan remains current on debt service.
Market Information: According to Reis, as of fourth-quarter 2011, the suburban Virginia office
market had a 14.7% vacancy rate and an average asking rent of $31.86 psf; the Fairfax County
submarket had a vacancy rate of 16% and an average asking rent rate of $25.41 psf.
Sponsor: The sponsor is Foulger-Pratt, a Washington D.C. area developer founded in 1963.
Debt Stack
Amount Loan
($ Mil.) psf ($)
Whole Loan 88.0 224
Submarket Occupancy (%)a 84.0 Classb A
Top Three Tenants NRA (%) Lease Expiration

ICF International 73.3 12/31/22
Odin, Feldman, Pittelman 10.4 10/31/12
Pyramid Systems 3.2 9/30/14
a b
According to Reis, as of fourth-quarter 2011. As reported by Fitch at issuance.

March 20, 2012
Structured Finance
Marriott Houston Westchase

Fitch considers the loan to have a Loan Collateral: The collateral is a 600-key full-service Marriott in Houston, TX.
higher probability of defaulting during the
Performance Below Expectations: The servicer-reported first-quarter 2011 DSCR was 1.11x,
term. Fitch modeled losses of
approximately 31%. compared to 1.05x at year-end 2010. As of Sept. 30, 2011 STR report, the property
underperformed its competitive set in terms of occupancy but outperformed in terms of ADR
and RevPAR. However, the propertys occupancy, ADR, and RevPAR remain below the levels
at issuance.
Fitch Loan of Concern: The loan remains current on debt service and is with the master
servicer.
Market Information: According to the STAR report, as of Sept. 20, 2011, the Houston luxury
hotel market had a 67.1% occupancy rate and an average daily rate of $131.99. The Katy
Freeway West submarket had a 65.4% occupancy rate and an average daily rate of $122.75.
Sponsor: The sponsors are GE Asset Management and Pyramid Advisors, LLC.
Marriott Houston Westchase
Debt Stack
Amount Loan per
($ Mil.) Key ($)
Whole Loan 76.8 128,030
Loan Maturity 11/1/17 Interest Rate (%) 6.5100
Classa A
Most Recent Performanceb Issuance Performancec

Occupancy (%) 62.5 Occupancy (%) 66.3
ADR ($) 118.73 ADR ($) 128.30
RevPAR ($) 74.24 RevPAR ($) 85.07
Comparables Performanceb
Occupancy (%) 62.8
ADR ($) 106.70
RevPAR ($) 67.00
a
As reported by Fitch at issuance. According to Smith Travel Research for the TTM ended Sept. 30, 2011. cAs reported
b
by Fitch at issuance.

March 20, 2012
Structured Finance
Southlake Mall
Fitch considers the loan to have a Loan Collateral: The collateral is a one million-sf regional mall centrally located in Morrow, GA,
higher probability of defaulting during the approximately 15 miles from downtown Atlanta. The mall is anchored by Macys (rated BBB
term and modeled losses of by Fitch) and Sears (rated B+ by Fitch). There are two dark anchor spaces formerly occupied
approximately 29%.
by Macys and JCPenney that are not part of the collateral.
Fitch Loan of Concern: The occupancy as of Sept. 30, 2011 was 91%, compared to 90.1% at
year-end 2010. The servicer-reported DSCR as of third-quarter 2011 was 1.03x, compared to
1.09x at year-end 2010.
Modified Loan: The loan was in special servicing due to GGPs April 2009 bankruptcy filling
and was returned to the master servicer in February 2010 as a corrected loan. The maturity
date has been extended approximately two years, to December 2019 from December 2017.
The loan remains current on debt service.
Market Information: According to Reis, as of fourth-quarter 2011, the Atlanta retail market had
a 14.4% vacancy rate and an average asking rent rate of $22.03 per sf.
Sponsor: The sponsor is GGP.
Southlake Mall
Debt Stack
Amount Loan
($ Mil.) psf ($)
A-1 Notea 68.5 137
A-2 Note 29.4 137
Total 97.9
a
Only the A-1 note is included in the trust.
Classb B

Finish Line 4.2 1/31/13
Express 3.8 1/31/2012c
Limited 3.7 2/1/15
a
According to Reis, as of fourth-quarter 2011. bAs reported by Fitch at issuance. cPer the servicer, a new three-year lease
is out for tenant execution.

March 20, 2012
Structured Finance
Norfolk Marriott
Fitch considers the loan to have a Loan Collateral: The interest-only loan is secured by a 405-room full-service Marriott hotel
higher probability of defaulting during the located in the heart of downtown Norfolk, VA.
term due to weak property performance.
Fitch modeled losses of approximately Performance Update: The latest servicer-reported DSCR as of Nov. 30, 2011 was 1.01x,
25%. compared to 1.04x at year-end 2010. As of the Nov. 30, 2011 STR report, the property
outperformed its competitive set in terms of occupancy, ADR, and RevPAR. However, the
propertys occupancy, ADR, and RevPAR remain below the levels at issuance.
Loan Modification Recently Approved: The loan was transferred to the special servicer in
September 2010 due to weaknesses in the propertys performance. The borrowers request for
a loan modification has been approved, and documentation is in process. The loan will split into
a $46.5 million A note and a $15.5 million B note, and the interest rate will reduce to 4.5% from
6.41%.
Market Information: According to the STAR report, as of Nov. 30, 2011, the Norfolk-Virginia
Beach luxury hotel market had a 64.1% occupancy rate and an average daily rate of $118.07.
The Norfolk/ Portsmouth submarket had a 65.7% occupancy rate and an average daily rate of
$99.50.
Sponsor: The sponsors are Investcorp Properties and The Procaccianti Group.
Norfolk Marriott
Debt Stack
Amount Loan per
($ Mil.) Key ($)
Whole Loan 62.0 153,086
Underwritten NCF DSCR Issuance (x) 1.45 Servicer-Reported NOI DSCR YTD Nov. 30, 2011 (x) 1.01
Classa B+
Most Recent Performanceb Issuance Performancea

ADR ($) 111.25 ADR ($) 128.70
RevPAR ($) 74.25 RevPAR ($) 100.60
Occupancy (%) 58.8
ADR ($) 92.95
RevPAR ($) 54.68
a b
As reported by Fitch at issuance. According to Smith Travel Research for the TTM ended Nov. 30, 2011.

March 20, 2012
Structured Finance
11 Metro Tech Center

Fitch expects that the loan could default Loan Collateral: The interest-only loan is secured by a 216,000-sf office property located in
at maturity, as it did not pass Fitchs the center of downtown Brooklyn, NY, part of Brooklyns class A office complex, the MetroTech
refinance test, but no losses were Center corporate campus.
modeled.
Performance Meets Expectation: The property is 100% leased to the city of New York (Fitch
rated GO bonds at AA) under two leases that expire in February 2020, approximately 2.5
years beyond the anticipated repayment date (ARD) of the loan. The leases have a 10-year
extension option with a notice required in 2018. The servicer-reported third-quarter 2011 DSCR
was 1.23x, compared to 1.43x at year-end 2010.
Loan Status: The loan is performing.
Market Information: According to Reis, as of fourth-quarter 2011, the New York metro office
market had a 10.5% vacancy rate and an average asking rent of $56.95 per sf; the CBA
Brooklyn submarket had a vacancy rate of 9% and an average asking rent of $31.36 per sf.
Sponsor: The sponsor is Forest City Ratner Companies (FCRC), an affiliate of Forest City
Enterprises (FCE).
11 MetroTech Center
Debt Stack
Amount Loan
($ Mil.) psf ($)
Whole Loan 61.0 234
Submarket Occupancy (%)a 91.0 Classb A
Sole Tenant NRA (%) Lease Expiration

The City of New York 100.0 2/29/20
a b

March 20, 2012
Structured Finance
Park Avenue Apartments

Fitch considers the loan to have a Loan Collateral: Loan collateral is secured by a mixed-use property located in Brooklyn, NY,
higher probability of defaulting during the comprised of 123 residential and 11 commercial units.
term and modeled losses of
approximately 25%. Declining Performance With Debt Service Coverage Ratio Below 1.00x: The occupancy at
June 2011 was 96%, the same level as year-end 2010 but improved from 86% as of year-end
2009. Second-quarter 2011 servicer-reported DSCR was 0.99x, compared to 1.00x at year-end
2010 and 1.03x at year-end 2009. The decline in DSCR was primarily due to the increase in
operating expenses, including property insurance, utilities, and repair and maintenance. The
property is subject to New York City rent control regulations.
Fitch Loan of Concern: Fitch is concerned with the poor performance of the property and the
high rollover risk related to the commercial units. Except for two vacant spaces, all the
remaining leases roll within the next 12 months. The loan remains current on debt service and
is with the master servicer.
Market Information: According to Reis, as of fourth-quarter 2011, the New York metro
apartment market had a 2.4% vacancy rate and an average asking rent rate of $2,953 per unit;
the Kings County submarket had the same vacancy rate and an average asking rent rate of
$1,608 per unit.
Sponsor: The sponsor is Aleksander Goldin.
Park Avenue Apartments
Debt Stack
Amount Loan
($ Mil.) psf ($)
Whole Loan 47.0 345,588
Submarket Occupancy (%)a 97.6 Classb B
Top Three Commercial Tenants NRA (%) Lease Expiration

Park Avenue Health Club, LLC 39.2 2/28/14
Fresh Fanatic 25.5 9/30/12
Arias Veloz & Son Corp. 8.1 1/31/12c
a
According to Reis, as of fourth-quarter 2011. bAs reported by Fitch at issuance. cUpdated lease renewal information is
not available.

March 20, 2012
Structured Finance

Fitch considers the loan to have a Loan Collateral: The collateral is a 478,000-sf retail center in Bainbridge, OH, an eastern
higher probability of defaulting during the Cleveland suburb.
term and modeled losses of
approximately 23%. Modified Loan With Debt Service Coverage Ratio Below 1.00x: The occupancy at year-end
2011 was 95.8%, increased from 91% at year-end 2010. The sevicer-reported DSCR as of July
31, 2011 was 0.87x, compared to 1.01x at year-end 2008 (the latest available year-end
information).
Fitch Loan of Concern: The loan was transferred to the special servicer in June 2009 due to
payment default and the bankruptcy of the sponsor. The property had been negatively affected
by major tenants vacating the property, including Linens n Things and Dollar USA. The loan
was returned to the master servicer as a corrected loan in June 2011. Modified terms include
the changes to reserve and accrued interest collection. Occupancy has improved, as several
new tenants signed leases to occupy the vacated space. The loan remains current on debt
service.
Market Information: According to Reis, as of fourth-quarter 2011, the Cleveland metro retail
market had a 15.6% vacancy rate and an average asking rent rate of $15.60 per sf; the
Eastern suburb submarket had a vacancy rate of 11.5% and an average asking rent rate of
$18.38 per sf.
Sponsor: The sponsor is John McGill.
Debt Stack
Amount Loan
($ Mil.) psf ($)
Whole Loan 45.0 94
Underwritten NCF DSCR Issuance (x) 1.15 Servicer-Reported NOI DSCR YTD July 30, 2011 (x) 0.83
Submarket Occupancy (%)a 88.5 Classb B+

Wal-Mart 29.6 12/31/22
Kohls 18.1 1/31/22
Dicks Sporting Goods 10.5 1/31/18
a b

March 20, 2012
Structured Finance

Fitch expects that the loan could default Loan Collateral: The collateral is a 307,660-sf office property located in Towson, MD.
at maturity, as it did not pass Fitchs
refinance test, but no losses were
Moderate Near-Term Lease Rollover Risk: The occupancy at September 2011 was 87%,
modeled. slightly decreased from 88% at year-end 2010 but significantly declined from 96% at year-end
2009. The decreased in occupancy was primarily due to Verizon (8.6% of NRA), which vacated
its space in September 2010 upon lease expiration. The servicer-reported DSCR as of third-
quarter 2011 was 1.52x, compared to 163x at year-end 2010 and 143x at year-end 2009.
Leases representing 14% of the property are scheduled to expire in 2013, 12.7% in 2014, and
10.4% in 2015.
Market Information: According to Reis, as of fourth-quarter 2011, the Baltimore office market
had a 17.5% vacancy rate and an average asking rent rate of $23.31 per sf; the Towson suburb
submarket had a vacancy rate of 16.1% and an average asking rent rate of $22.04 per sf.
Sponsor: The sponsor is Guardian Realty Fund II, LLC, a Maryland-based REIT.
Debt Stack
Amount Loan
($ Mil.) psf ($)
Whole Loan 40.0 130
Submarket Occupancy (%)a 83.9 Classb B-

Hodes, Ulman, Pressin, Katz d 11.0 8/31/15
Whitney, Bailey, Cox, Magnan 8.9 8/31/16
Roadnet Technologies 8.6 8/31/2011c
a
According to Reis, as of fourth-quarter 2011. bAs reported by Fitch at issuance. cPer the servicer, Roadnet Technologies
currently still occupies its space on the fourth floor and is paying rent. The company is waiting to relocate to the fifth floor.
Once the relocation is completed, lease terms will be updated.

March 20, 2012
Structured Finance
Battlefield Shopping Center

Fitch considers the loan to have a Loan Collateral: The collateral is a 316,569-sf power center in Leesburg, VA.
higher probability of defaulting during the
term and modeled losses of Significant Near-Term Lease Rollover Risk: The occupancy as of year-end 2010 was 91%,
approximately 13%. compared to 98% at year-end 2009. The decrease in occupancy was due to Golds Gym (7% of
NRA), which vacated its space in February 2010 after filing for bankruptcy. The servicer-
reported DSCR as of year-end 2010 was 1.49x, compared to 1.60x at year-end 2009. Leases
representing 14.3% of the property are scheduled to expire in 2012 and 27.7% in 2013.
Loan Status: The loan is current on debt service.
Market Information: According to Reis, as of fourth-quarter 2011, the suburban Virginia retail
market had a 6.7% vacancy rate and an average asking rent rate of $27.63 per sf; the Loudoun
County suburb submarket had a vacancy rate of 9.1% and an average asking rent rate of
$25.89/sf.
Sponsor: The sponsors are Kimco Realty & Prudential Business Co.
Battlefield Shopping Center
Debt Stack
Amount Loan
($ Mil.) psf ($)
Whole Loan 38.9 123
Submarket Occupancy (%)a 90.9 Classb B-

Shoppers Food 20.0 2/28/15
Stein Mart 11.7 11/30/16
Ross Dress for Less 8.2 1/31/13
a b

March 20, 2012
Structured Finance
AG Industrial Portfolio
Fitch expects the loan will pay off in full Loan Collateral: The collateral is a three-property, 726,228-sf industrial portfolio located in
at maturity. Elizabeth, NJ, Anaheim, CA, and Atlanta, GA.
Single Tenancy: The properties are 100% occupied by Sunny Delight Beverage Co., a leading
producer of juice-based drinks in North America and Western Europe, on a long term lease that
expires in May 2022. The servicer-reported DSCR as of year-end 2010 was 1.77x, compared
to 1.89x at year-end 2009.
Market Information: According to the Reis report, as of year-end 2011, the U.S. nationwide
warehouse/distribution market had a vacancy rate of 13.1% with an average asking rent rate of
$4.65 per sf.
Sponsor: The sponsor is AG Net Lease Corp LP, a subsidiary of Angelo, Gordon, & Co.
AG Industrial Portfolio
Debt Stack

A-Note 38.4 53
B-Note 5.1 60
Total 43.5
Market Occupancya 86.9 Loan Maturity 6/1/17
Classb B
% of Property NRA Lease

Property Name NRA (sf) Largest Tenant as of 12/31/10 Expiration
10 Corn Road 295,000 Sunny Delight Beverages Co. 100.0 5/31/22
1230 North Tustin Avenue 172,076 Sunny Delight Beverages Co. 100.0 5/31/22
7000 and 7050 LaGrange Road 259,152 Sunny Delight Beverages Co. 100.0 5/31/22
Total/WA 726,228 100.0
a

March 20, 2012
Structured Finance
Claremont Apartments
Fitch considers the loan to have a Loan Collateral: The collateral is a 243-unit garden-style multifamily property located in Exton,
higher probability of defaulting during the PA.
term due to weak property performance.
Fitch modeled losses of approximately Debt Service Coverage Ratio Below 1.0x: The occupancy as of year-end 2010 was 92%,
8%. compared to 93% at year-end 2009. The servicer-reported DSCR as of year-end 2010 was
0.89x, compared to 1.0x at year-end 2009. The decrease in DSCR was primarily due to
increased operating expenses, including professional fee and advertising and marketing
expenses.
servicer.
Market Information: According to Reis, as of fourth-quarter 2011, the Philadelphia multifamily

market had a 4.3% vacancy rate and an average asking rent rate of $1,061 per unit; the
Central Chester submarket had a vacancy rate of 2.8% and an average asking rent rate of
$1,251 per unit.
Sponsor: The sponsor is The Hanking Group.
Claremont Apartments
Debt Stack
Amount Loan Per
($ Mil.) Unit ($)
Whole Loan 30.5 125,485
Submarket Occupancy (%)a 97.2 Classb B
Unit Mix ($) Average Rent per unit ($)

Studios 0 Property 1,560
One Bedrooms 52 Marketa 1,251
Two Bedrooms 191
Three Bedrooms 0
Four Bedrooms 0
Total 243
a

March 20, 2012
Structured Finance
Trumbull Marriott
Fitch expects that the loan could default Loan Collateral: The collateral is a 323-room, full-service Marriott hotel located in Trumbull,
at maturity, as it did not pass Fitchs CT.
refinance test. Fitch modeled losses of
approximately 16%. Performance Below Expectations: The latest servicer-reported DSCR as of Nov. 30, 2011
was 1.12x, compared to 1.03x at year-end 2010. As of the Oct. 30, 2011 STAR report, the
property outperformed its competitive set in terms of ADR and RevPAR but underperformed in
terms of occupancy. However, the propertys occupancy, ADR, and RevPAR remain below the
levels at issuance.
servicer.
Market Information: According to the STAR report, as of Oct. 31, 2011, the Connecticut area
luxury hotel market had a 61.6% occupancy rate and an average daily rate of $131.56. The
Stanford/Danbury submarket had a 66.3% occupancy rate and an average daily rate of
$123.58.
Sponsor: The sponsor is Terrapin Limited Holdings, LLC
Trumbull Marriott
Debt Stack
Amount Loan per
($ Mil.) Key ($)
Whole Loan 29.2 90,515
Classa B
Most Recent Reported Performanceb Issuance Performancea

ADR ($) 126.31 ADR ($) 142.28
RevPAR ($) 79.62 RevPAR ($) 92.48
Occupancy (%) 64.4
ADR ($) 107.98
RevPAR ($) 69.54
a
As reported by Fitch at issuance. bAccording to Smith Travel Research for the TTM ended Oct. 30, 2011.

March 20, 2012
Structured Finance
Additional Specially Serviced Loansa

(As of Jan. 13, 2012)
Property Type No. of SS Loans % Pool
Retail 4 1.1
Office 7 2.3
Multifamiy 4 2.2
Hotel 2 0.8
Industrial 1 0.2
a
Includes all specially serviced (SS) loans outside the pools top
15 concentration.
Historical Rating Actions

2/6/12 Fitch Affirms Super Senior Classes of BSCMS 2007-PWR18
1/17/12 Fitch Downgrades 40 Bonds in 25 U.S. CMBS Transactions
10/6/11 Fitch Downgrades 34 Bonds in 18 U.S. CMBS Transactions
4/27/11 Fitch Downgrades BSCMS 2007-PWR18; Assigns Outlooks
9/1/09 Fitch Downgrades BSCMS 2007-PWR18; Assigns Outlooks
6/18/09 Fitch Places 17 Classes of BSCMS 2007-PWR18 on Negative Watch
4/21/09 Fitch Revises Outlook to Negative on 20 U.S. CMBS Deals after GGP Bankruptcy
10/15/08 Fitch Ratings Affirms BSCMS 2007-PWR18; Assigns Outlooks

March 20, 2012
Structured Finance
Addendum
Fitch Loans of Concern Represent those loans with performance deterioration, including loans with a DSCR below 1.0x, those with
significant declines in occupancy (both actual and expected), and those that rely on debt service reserves to keep the loan current.
Debt stacks reflect updated balances to the extent that Fitch was able to obtain them from the master servicer. In the event that
updated balances on additional debt cannot be obtained, Fitch assumes that B notes have amortized concurrently with the related
A notes (unless an event of default has occurred), while the balances of additional subordinate or mezzanine financing are reported as
of issuance. Fitch generally does not have a reliable source for tracking the sale and/or repayment of subordinate or mezzanine
financing held outside of the trust.
Fitch Data Sources:

Trepp General data feed that compiles servicer and trustee reports.
Master Servicers Operating statement analysis reports (OSARS), loan-level rent rolls, and commentary related to their
discussions with borrowers.
Special Servicers Provide property specific information related to leasing, valuations, and potential workout plans.
Multiple market sources, including but not limited to Property & Portfolio Research (PPR), Reis, Smith Travel Research, and
regional real estate brokerage firms, provide information on market and submarket real estate fundamentals.
Trustees Monthly remittance reports and monthly investor reporting packages (IRPs).
Issuers Transaction- and loan-level documents, offering materials, data tapes, asset summaries, net cash flow analyses,
appraisals, and other third-party reports.
Definitions
ADR Average daily rate. CBD Central business district. CMBS Commercial mortgage-backed securities. CTL Credit tenant
lease. dba Doing business as. DSCR Debt service coverage ratio. FF&E Furniture, fixtures, and equipment.
GLA Gross leasable area. IO Interest only. LOC Letter of credit. LTV Loan-to-value ratio. MHC Manufactured housing
community. MSA Metropolitan statistical area. NCF Net cash flow. N.A. Not available/applicable. NNN Triple net. NOI Net
operating income. NR Not rated. NRA Net rentable area. Occ. Occupancy. PILOT Payment in lieu of taxes. PPR Property &
Portfolio Research. psf Per square foot. REIT Real estate investment trust. RevPAR Revenue per available room. sf Square
feet. Sq. Ft. Square foot. TBD To be determined. TIC Tenants in common. TTM Trailing 12 months. WA Weighted average.
WAC Weighted average coupon. YE Year end. x Times.

March 20, 2012
Structured Finance
The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been
compensated for the provision of the ratings.
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE
LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE
TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCYS PUBLIC WEB SITE AT
WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM
THIS SITE AT ALL TIMES. FITCHS CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE
FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM
THE CODE OF CONDUCT SECTION OF THIS SITE.
Copyright 2012 by Fitch, Inc., Fitch Ratings Ltd. and its subsidiaries. One State Street Plaza, NY, NY 10004.Telephone:
1-800-753-4824, (212) 908-0500. Fax: (212) 480-4435. Reproduction or retransmission in whole or in part is prohibited except
by permission. All rights reserved. In issuing and maintaining its ratings, Fitch relies on factual information it receives from
issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the
factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that
information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction.
The manner of Fitchs factual investigation and the scope of the third-party verification it obtains will vary depending on the
nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered
and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the
issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures
letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the
availability of independent and competent third-party verification sources with respect to the particular security or in the
particular jurisdiction of the issuer, and a variety of other factors. Users of Fitchs ratings should understand that neither an
enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection
with a rating will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the
information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings Fitch must rely
on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal
and tax matters. Further, ratings are inherently forward-looking and embody assumptions and predictions about future events
that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings can be affected by
future events or conditions that were not anticipated at the time a rating was issued or affirmed.
The information in this report is provided as is without any representation or warranty of any kind. A Fitch rating is an opinion
as to the creditworthiness of a security. This opinion is based on established criteria and methodologies that Fitch is
continuously evaluating and updating. Therefore, ratings are the collective work product of Fitch and no individual, or group of
individuals, is solely responsible for a rating. The rating does not address the risk of loss due to risks other than credit risk,
unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared
authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein.
The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for
the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the
securities. Ratings may be changed or withdrawn at anytime for any reason in the sole discretion of Fitch. Fitch does not
provide investment advice of any sort. Ratings are not a recommendation to buy, sell, or hold any security. Ratings do not
comment on the adequacy of market price, the suitability of any security for a particular investor, or the tax-exempt nature or
taxability of payments made in respect to any security. Fitch receives fees from issuers, insurers, guarantors, other obligors,
and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency
equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or
guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to
US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall
not constitute a consent by Fitch to use its name as an expert in connection with any registration statement filed under the
United States securities laws, the Financial Services and Markets Act of 2000 of Great Britain, or the securities laws of any
particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to
electronic subscribers up to three days earlier than to print subscribers.

March 20, 2012

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Structured Finance

Commercial Mortgage / U.S.A.

Inside This Report Capital Structure

www.fitchratings.com March 20, 2012

Transaction Size ($ Mil.) 2,315.0

Weighted Average NOI DSCR (x)

Bear Stearns Commerical Mortgage Securities Trust 2007-PWR18 2

Property Type Breakdown

Fitch Loans of Concern (%)

Bear Stearns Commerical Mortgage Securities Trust 2007-PWR18 3

Total/WA 1,117.4 48.3 1.41 103.34

Bear Stearns Commerical Mortgage Securities Trust 2007-PWR18 4

DRA/Colonial Office Portfolio

Loan Status: The loan has been current since issuance.

Bear Stearns Commerical Mortgage Securities Trust 2007-PWR18 5

DRA/Colonial Office Portfolio

Amount ($ Mil.) Loan psf ($)

Bear Stearns Commerical Mortgage Securities Trust 2007-PWR18 6

Sponsor: The sponsor is General Growth Properties, Inc. (GGP).

Amount ($ Mil.) Loan psf ($)

Property Occupancy at Occupancy as of % of Individual Lease

Bear Stearns Commerical Mortgage Securities Trust 2007-PWR18 7

Solo Cup Industrial Portfolio

Loan Status: The loan is performing on a stable basis.

Market Information: According to Reis, as of year-end 2011, the U.S. nationwide

Solo Cup Industrial Portfolio

Amount ($ Mil.) Loan psf ($)

% of Property NRA Lease

Bear Stearns Commerical Mortgage Securities Trust 2007-PWR18 8

Hunters Branch I & II

Loan Status: The loan remains current on debt service.

Hunters Branch I & II

Top Three Tenants NRA (%) Lease Expiration

Bear Stearns Commerical Mortgage Securities Trust 2007-PWR18 9

Marriott Houston Westchase

Marriott Houston Westchase

Most Recent Performanceb Issuance Performancec

Bear Stearns Commerical Mortgage Securities Trust 2007-PWR18 10

Sponsor: The sponsor is GGP.

Top Three Tenants NRA (%) Lease Expiration

Bear Stearns Commerical Mortgage Securities Trust 2007-PWR18 11

Most Recent Performanceb Issuance Performancea

Bear Stearns Commerical Mortgage Securities Trust 2007-PWR18 12

11 Metro Tech Center

Loan Status: The loan is performing.

Sole Tenant NRA (%) Lease Expiration

Bear Stearns Commerical Mortgage Securities Trust 2007-PWR18 13

Park Avenue Apartments

Sponsor: The sponsor is Aleksander Goldin.

Park Avenue Apartments

Top Three Commercial Tenants NRA (%) Lease Expiration

Bear Stearns Commerical Mortgage Securities Trust 2007-PWR18 14

Marketplace at Four Corners

Sponsor: The sponsor is John McGill.

Marketplace at Four Corners

Top Three Tenants NRA (%) Lease Expiration

Bear Stearns Commerical Mortgage Securities Trust 2007-PWR18 15

Dulaney Center I & II

Loan Status: The loan is performing.

Dulaney Center I & II

Top Three Tenants NRA (%) Lease Expiration

Bear Stearns Commerical Mortgage Securities Trust 2007-PWR18 16

Battlefield Shopping Center