Exhibit 34.7



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Report of Independent Registered Public
Accounting Firm





The Board of Directors and Shareholder

KeyCorp Real Estate Capital Markets, Inc.



We have examined management’s assertion, included in
the accompanying Management’s Assertion on Compliance with Regulation AB Criteria, that KeyCorp Real Estate Capital Markets,
Inc. (the Company) complied with the servicing criteria set forth in Item 1122 (d) of the Securities and Exchange Commission’s
Regulation AB for the commercial real estate mortgage loans platform (the Platform) as of and for the year ended December 31, 2011,
and except for Item 1122 (d)(3)(i), 1122 (d)(3)(ii), 1122 (d)(3)(iii) and 1122 (d)(3)(iv), which the Company has determined are
not applicable to the activities performed by them with respect to the servicing platform covered by this report. Refer to Attachment
A of management’s assertion for the asset backed transactions covered by this platform. Management is responsible for the
Company’s compliance with those servicing criteria. Our responsibility is to express an opinion on management’s assertion
about the Company’s compliance with the servicing criteria based on our examination.



Our examination was conducted in accordance with attestation
standards established by the American Institute of Certified Public Accountants, as adopted by the Public Company Accounting Oversight
Board (United States) and, accordingly, included examining, on a test basis, evidence about the Company’s compliance with
the applicable servicing criteria and performing such other procedures as we considered necessary in the circumstances. Our examination
included testing of less than all of the individual asset backed transactions and securities that comprise the platform, testing
of less than all of the servicing activities related to the Platform and determining whether the Company processed those selected
transactions and performed those selected activities in compliance with the servicing criteria. Furthermore, our procedures were
limited to the selected transactions and servicing activities performed by the Company during the period covered by this report.
Our procedures were not designed to determine whether errors may have occurred either prior to or subsequent to our tests that
may have affected the balances or amounts calculated or reported by the Company during the period covered by this report for the
selected transactions or any other transactions. Although the Company is responsible for assessing compliance with Sections 1122
(d)(1)(ii) and 1122 (d)(1)(iii) of Regulation AB, there were no servicing activities performed by the Company during the year ended
December 31, 2011 that required these servicing criteria to be complied with. We believe that our examination provides a reasonable
basis for our opinion. Our examination does not provide a legal determination on the Company’s compliance with the servicing
criteria.



In our opinion, management’s assertion that the Company
complied with the aforementioned servicing criteria as of and for the year ended December 31, 2011 for the commercial real estate
mortgage loans platform is fairly stated, in all material respects.



/s/ Ernst & Young LLP



February 27, 2012





A member firm of Ernst &
Young Global Limited











KeyCorp Real Estate Capital Markets, Inc.

Management’s Assertion of Compliance with Regulation
AB Criteria

For the period of January 1 through December 31, 2011

Attachment A



|Commercial Mortgage Pass |  | CSFBCM 2003-C4    |  | JPMC 2010-K6      
|------------------------ |  | ----------------- |  | ------------------
|Through Certificates     |  | CSFBCM 2003-C5    |  | JPMCC 2005-LDP4   
|AMRS-RM1                 |  | CSFBCM 2004-C1    |  | JPMCC 2011-C3     
|ASC 1997-D5              |  | CSFBCM 2004-C2    |  | JPMCC 2011-C5     
|BACM 2000-2              |  | CSFBMSC 2004-C5   |  | JPMCC 2011-K14    
|BACM 2003-2              |  | CSFBMSC 2004-C4   |  | JPMCC 2011-K702   
|BACM 2005-3              |  | CSFBMSC 2005-C2   |  | KEY 2000-C1       
|BACM 2005-5              |  | CSFBMSC 2005-C4   |  | KEY 2007-SL1      
|BACM 2006-1              |  | CSFBMSC 2005-C6   |  | LBCMT 2007 C3     
|BACM 2008-1              |  | CSFBMSC 2006-C1   |  | LBCMT 98-C1       
|BACM 2010-K7             |  | CSMC 2008-C1      |  | LBUBS 2000-C4     
|BALL 2005-MIB1           |  | CSMSC 2006 C5     |  | LBUBS 2006 C7     
|BALL 2007 BMB1           |  | CSMSC 2006-C4     |  | LBUBS 2007 C1     
|BALL 2007 BMB1 SS        |  | CSMSC 2006-TFL1   |  | LBUBS 2007 C2     
|BAMLCM 2011 K704         |  | CSMSC 2007 C2     |  | LBUBS 2007-C6     
|BAMLCM 2011-K13          |  | CSMSC 2007 C3     |  | LBUBS 2007-C7     
|BAMLCM 2011-KAIV         |  | CSMSC 2007 C4     |  | Lehman LLF 2007 C5
|BOA 2001-PB1             |  | CSMSC 2007 C5     |  | Maiden Lane 2008-1
|BOA 2002-2               |  | DLJ 1997-CF2      |  | MCFI 1998-MC2     
|BOA 2002-PB2             |  | DLJ 1998-CF1      |  | MLCFC 2006-2      
|BOA 2003-1               |  | DLJ 1998-CF2      |  | MLCFC 2007-5      
|BS 1998-C1               |  | DLJ 2000-CKP1     |  | MLCFC 2007-8      
|BS 1999-C1               |  | DLJ 98CF2         |  | MLCFC 2007-9      
|BS 2002-TOP8             |  | DMARC 1998-C1     |  | MLFT 2006-1       
|CBA MEZZ 2004 C1         |  | DMARC 2009-K4     |  | MLMI 1999-C1      
|CD 2007 CD5              |  | DMARC 2011-K11    |  | MLMT 2003-KEY1    
|CGCMT 2007-FL3           |  | DMARC 2011-K16    |  | MLMT 2004 MKB1    
|CHASE 1997-C2            |  | Exmoor 2008-1     |  | MLMT 2004-KEY2    
|CHASE 1998-1             |  | FULBBA 1998-C2    |  | MLMT 2005 CKI1    
|COMM 1999-C1             |  | GCCF 2004-GG1     |  | MLMT 2005 LC1     
|COMM 2000-C1             |  | GE 2003-C2        |  | MLMT 2005 MKB2    
|COMM 2007-C9             |  | GECCMC 2002-3     |  | MLMT 2007 C1      
|CS 2006 TFL2             |  | GECCMC 2003-C1    |  | MLMT 2008 C1      
|CS 2006 TFL2 SAVA        |  | GECMC 2007-C1     |  | MS 2007-XLF9      
|CS 2007 TFL1             |  | GFT 1998-C1       |  | MSC 1999-CAM1     
|CS 2007 TFL2             |  | GMAC 2002-C3      |  | MSC 2007 IQ16     
|CSFB 1998-C1             |  | GMAC 2003-C1      |  | MSCI 1998 WF2     
|CSFB 2001-CK1            |  | GMACC 2003-C2     |  | MSCI 1999 WF1     
|CSFB 2001-CK3            |  | GS 2007 GG11      |  | MSCI 2008 TOP29   
|CSFB 2001-CK6            |  | GSMCII 2004-IQ7   |  | MSCI 2011-K701    
|CSFB 2001-CKN5           |  | GSMSC 2010-K8     |  | MSCII 2003-IQ6    
|CSFB 2001-FL2            |  | GSMSCII 2003-C1   |  | MSCII 2004-IQ8    
|CSFB 2002-CKN2           |  | GSMSCII 2004-GG2  |  | MSCII 2005-IQ9    
|CSFB 2002-CKP1           |  | JP Morgan 2002-C3 |  | MSDWCI 2002-IQ2   
|CSFB 2002-CKS4           |  | JPM 2000-C9       |  | MSDWCI 2002-IQ3   
|CSFB 2002-CP3            |  | JPM 2007 CIBC20   |  | NB FNMA 1995 M2   
|CSFB 2003-C3             |  | JPM 2009-IWST     |  | NB FNMA 1996-M5   
|CSFB 2003-CK2            |  | JPM 2010-CNTR     |  |                   
|CSFB 2006 OMA            |  | JPM 2011-K10      |  |                   



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KRECM-Management’sAssertionRegAB

AttachmentA-Continued



|Commercial Mortgage Pass   |  | FNMA DUS CMA A_360         |  | Blackrock Granite Prop Fun
|-------------------------- |  | -------------------------- |  | --------------------------
|Through Certificates cont. |  | FNMA MBS/DUS 1             |  | Brascan Structured Notes  
|                           |  | FNMA MBS/DUS 2             |  | BRE/CW Portfolio LLC      
|NL 1999-1                  |  | FNMA Negotiated MBS        |  | BREF One LLC              
|NL 1999-2                  |  | FNMA-Cash DUS              |  | Brookdale Funding Co Inc  
|NL 1999-SL                 |  | FNMA-DUS PFP MBS FX        |  | BVF-II Enclave Lender     
|PMAC 1999-C1               |  | FHLMC - 45 Day LNS         |  | Cadim Note Inc.           
|PSSFC 1998 C-1             |  | FHLMC - Others             |  | Capital Trust Inc         
|PSSFC 1999 C-2             |  | FHLMC - Credit Facility    |  | Capmark Bank              
|PSSFC 1999 NRF-1           |  | FHLMC Others - ARM         |  | Carbon Capital II-B LLC   
|SBMS 2000-C2               |  | Freddie Mac CRE            |  | Carver Federal Savings    
|SBMS 2002-Key2             |  | Freddie Mac CRE ARM        |  | CFG Mezz Loan Acq Co      
|UBS CCMT 2011 C1           |  | Ginnie Mae                 |  | Chase Manhattan Bank      
|WBCMT 2006-C27             |  | GINNIE MAE - USDA          |  | CIM 9901 La Cienega LP    
|WBCMT 2007 C30             |  | GNMA I                     |  | CitiCorp North America    
|Wells 2003-PWR1            |  |                            |  | Columbia Pacific Mgmt     
|Wells 2003-TOP9            |  | Fund                       |  | Columbian Life            
|WFCMS 2011-K12             |  | HMI Fund                   |  | Columbus Nova             
|WFCMS 2011K15              |  |                            |  | Community Central Bank    
|WFCMS 2011-K703            |  | Life/Pension               |  | Community Federal Savings 
|WMCMS 2003-C1              |  | Colorado County            |  | CP III Rincon Towers Inc  
|WMCMS 2005-C1              |  | Country Life               |  | CreXus Investment Corp    
|WMCMS 2006-SL1             |  | Country Life CTL           |  | Cypress Real Estate Adv   
|WMCMS 2007-SL2             |  | John Hancock               |  | DebtX                     
|WMCMS 2007-SL3             |  | PPM America                |  | Dekabank Deutsche Girozent
|WMGMT 2001-1               |  | RGA RE                     |  | Deutsche Genossenschafts  
|WVMT 2011-SBC2             |  | RGA RE US Mortality        |  | Deutsche Hypothekenbank   
|                           |  | RGA Security Life of Denve |  | DiamondRock Allerton Owner
|Conduit                    |  | RGA Timberlake             |  | Dime Savings Bank         
|Barclays Fixed             |  | SA06                       |  | DLJ Real Estate Capital   
|Barclays Floaters          |  | SA45                       |  | Domain Capital Advisors   
|CBA Mezz Cap               |  |                            |  | Dusseldorfer Hypotheken   
|Citigroup WH Fixed         |  | Small CMD                  |  | Eastern Development       
|Citigroup WH Floaters      |  | Bank of Internet USA       |  | Emigrant Realty Finance   
|COLUMN LARGE WH            |  |                            |  | Esquire Mezzanine Finance 
|CSFB Interim               |  | Third Party                |  | FCP Georgian Towers, LLC  
|DBS WH                     |  | 116 Huntington Mezz Hold   |  | FDIC                      
|First Union                |  | 280P Mezz Holdings         |  | First Federal SB of IA    
|GACC WH                    |  | Admiral Insurance Company  |  | First Trust National Asn 2
|LEHMAN WH KBC BK           |  | Aegon                      |  | Five Mile Capital         
|ORIX WH                    |  | AFL-CIO                    |  | Five Mile Capital DAL     
|ORIX WH CHICAGO            |  | AIB Debt Management LLC    |  | Flagstar Bank FSB         
|                           |  | AIG                        |  | Flatbush Federal Savings  
|CDO                        |  | Allstate Life Ins Co       |  | GACC-Kennedy Wilson 2010  
|Highland Park CDO I        |  | American Bank              |  | GACC-KennedyWilson 2011   
|HMI I-CRE CDO 2007-1       |  | Anchor Bank                |  | GACC-Spring Asset Fnd CDO 
|                           |  | ARC Debt 5B LLC            |  | GE Business Financial Serv
|Agency                     |  | Ashford Hospitality        |  | GE Capital Corp           
|Fannie Mae Negotiated Sold |  | Baker Land Company         |  | General Electric          
|FNMA - Direct Bond         |  | Bank Leumi USA             |  | Gerlach & CO              
|FNMA - DMBS                |  | Bank of America            |  | Gerlach & CO              
|FNMA - DUS                 |  | Bank of St. Augustine      |  | Gerlach & CO              
|FNMA - DUS ARM             |  | Barclays Capital REF Inc   |  | Global Industrial Leasing 
|FNMA - MBS                 |  | Bayerische Landesbank      |  | Goldman Sachs Mtg Co      
|FNMA - MBS A/360           |  | Berkley Insurance          |  | Goldome 1986-2 Trust      
|FNMA - Struct. Cash Facil. |  | Blackrock Financial Mgmt   |  | Granite Properties Inc.   



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KRECM-Management’sAssertionRegAB

AttachmentA-Continued



|Greenwich                  |  | Morgan Stanley Mtge Corp  
|-------------------------- |  | --------------------------
|Third Party cont.          |  | Munchener Hypothekenbank  
|                           |  | Norddeutsche Landesbank   
|Guardian Life Insurance Co |  | Northeast Community Bank  
|Guggenheim                 |  | ONEX Real Estate          
|HAL SF Portfolio LP Prime  |  | Oxford Properties         
|HAL SF Portfolio LP Trophy |  | Pacific Life Insurance Co 
|Heritage Bank              |  | Pacifica Equity Partners  
|Hermes Capital, LLC        |  | Pembrook Capital Mgmt LLC 
|Hermitage Management LLC   |  | Pembrook Community Inv    
|Highgate Holdings, Inc.    |  | Petra                     
|HIMCO                      |  | Playa Chame B.V.          
|Horizon Bank               |  | PPF Industrial Lender     
|Housing Development Corp   |  | Principal Life Ins Co     
|Hypo                       |  | Prinsbank                 
|Imperial Capital Bank      |  | Prudential Ins Co of Amer 
|ING Real Estate Finance    |  | PWC Lehman                
|Investcorp International   |  | Quadra Realty Inc.        
|IStar Asset Services       |  | Rabun County Bank         
|JER US Debt Finance Co CS  |  | Rockville Office Venture  
|John Hancock Mutual Life   |  | RXR 450 Lex Mezz Holder JV
|JP Morgan Chase Bank       |  | SAAR Landesbank           
|JP Morgan Chase fka WAMU   |  | Savanna Fund              
|JPMorgan Chase             |  | Shorenstein Realty Inv Nin
|KBS Debt Holdings LLC      |  | SL Green KC               
|KeyBank Boston Office      |  | Sorin Master Fund, Inc    
|Landesbank Baden Wurttembe |  | Sorin Real Estate CDO IV  
|Landesbank Baden-Wurttem   |  | SRI Nine Debt Holdings LLC
|Landesbank Hessen          |  | Starwood Capital Group    
|LaSalle Bank Nat Assoc     |  | State Bank of Texas       
|LBCMT 2007 C3 NonTrust     |  | State of Wash Investment  
|LBUBS 07C1 Non-Trust       |  | Stone Tower Credit Funding
|LEHMAN WH SOV BK           |  | Swedbank                  
|LEM Funding                |  | Teachers                  
|Lennar                     |  | The First State Bank      
|Lotus Watervliet Fund 3    |  | Times Square PT Third Mezz
|LRP Landesbank Rheinland   |  | TMAC                      
|LSREF Summer Loan Asset Tr |  | Trimont REA for CWCapital 
|LSREF Summer REO Trust 09  |  | Trimont REA for Lehman    
|LSREF2 Clipper II, LLC     |  | TS7-F Grantor Trust       
|LSREF2 Clipper III, LLC    |  | U.S. Bank, N.A            
|LSREF2 Clipper Trust 2010  |  | Velocity Comm Capital     
|LSREF2 Nova Investment     |  | VNO T-Hotel Loan, LLC     
|LSREF2 Nova Investment III |  | Vornado Realty Trust      
|LSREF2 Nova Investments II |  | Walton Seattle Mezz Hold  
|LSREF2 Nova Trust 2010     |  | Washington Holdings       
|Macquarie Bank Limited     |  | Waterfall Victoria Master 
|McIntosh State Bank        |  | Wells Fargo Bank          
|Merrill Lynch Mtge Lending |  | WHG Loan Investors LLC    
|MetLife                    |  | WMF/Huntoon Paige         
|Midland for CCSFER and PC  |  | Woodward Capital          
|Midland National Bank      |  | WP Carey & Co             
|Midtown Acquisitions L.P.  |  | WSF MTGL8, LLC            
|Monumental Life Ins Co.    |  | Yellow Brick Real Estate  
|MONY Life Insurance Co     |  | Zions First National Bank 
|MONY Realty Capital, Inc   |  |                           



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