The Top Direct Lenders & Intermediaries rankings were originally published in May 2003 and are based on responses to NREI's Top Lender Survey questionnaire. The Top Direct Lenders listing reflects total dollars financed during the 2002 calendar year and includes firms financing direct loans, credit lines, CMBS lending and other forms of direct investment. The second survey, beginning on page 38, ranks financial intermediaries, including mortgage brokers and financial firms that arranged or facilitated transactions during 2002. Please note: in some cases, listings have been adjusted based on new information.

1. Wachovia
301 S. College St.
Charlotte, NC 28288
Phone: (704) 383-6315
Fax: (704) 374-6345
Web site:
www.wachovia.com
Bill Green, Managing Director/Head of Real Estate Capital Markets; Mike Slocum, EVP/Head of Real Estate Financial Services; Brett Smith, Managing Director/Head of Mortgage Origination & Placement; Jim Pierpoint, VP, Media Relations
Financed in 2002: $21.4 billion

2. Bank of America/Banc of America Securities LLC
100 N. Tryon St.
Charlotte, NC 28255
E-mail:
commercialrealestate@bankofamerica.com
Web site: www.bofa.com
Eugene J. Godbold, EVP/Head of Real Estate Group; Ron D. Sturzenegger, Managing Director/Group Head of Real Estate & Lodging Investment Banking; George G. Ellison, Managing Director/Group Head of Global Structured Finance/ABS & MBS Finance
Financed in 2002: $18.9 billion

3. GMAC Commercial Holding Corp.
200 Witmer Rd.
Horsham, PA 19044
Phone: (215) 328-4622
Fax: (215) 328-1976
Web site:
www.gmaccm.com
Robert D. Feller, CEO; Scot B. Barker, President/COO; Thomas P. MacManus, EVP; Barry Alan Moore, EVP
Financed in 2002: $16.3 billion

4. Lehman Brothers
399 Park Ave.
New York, NY 10022
Phone: (212) 526-5191
E-mail:
kcohen@lehman.com
Richard S. Fuld, Jr., Chairman/CEO; Joseph M. Gregory, Managing Director/Co-CAO; Kenneth Cohen, Managing Director
Financed in 2002: $9.5 billion

5. KeyBank Real Estate Capital
127 Public Square
Cleveland, OH 44114
Phone: (888) 529-2221
Fax: (216) 689-3590
Web site:
www.key.com/realestatecapital
George E. Emmons Jr., EVP, National Manager; John E. Case, EVP/COO; E.J. Burke, EVP/National Manager, Commercial Mortgage Group; Laurie Masters, VP/Marketing Manager
Financed in 2002: $9.4 billion

6. Credit Suisse First Boston/Column Financial
Eleven Madison Ave.
New York, NY 10010
Phone: (212) 538-2946
Fax: (212) 743-5527
E-mail:
robert.brennan@csfb.com
kquinn@colfin.com
Steven L. Kantor, Managing Director/Head of Global Real Estate; Robert P. Brennan, Managing Director/Head of U.S. Real Estate; Kieran P. Quinn, President, Column Financial
Financed in 2002: $6.5 billion

7. Morgan Stanley
1221 Avenue of the Americas
27th Floor
New York, NY 10020
Phone: (212) 762-6606
Fax: (212) 762-9492

John E. Westerfield, Managing Director; James E. Flaum, Managing Director; Steven S. Stern, Managing Director
Financed in 2002: $5.5 billion

7. CIBC World Markets
622 Third Ave.
New York, NY 10019
Phone: (212) 667-5601
Fax: (212) 667-5600

Michael Higgins, Managing Director; Barrie Wood, Managing Director
Financed in 2002: $5.5 billion

9. Prudential Mortgage Capital Co.
100 Mulberry St.
GC4 8th Floor
Newark, NJ 07102
Phone: (888) 263-6800
Fax: (973) 367-8210
E-mail:
pru_mortgage_capital@prudential.com
Web site: www.prudential.com/mortgagecapital
David Twardock, President; David Durning, Managing Director, Originations; Amy Rubin, Director, Marketing
Financed in 2002: $5 billion

9. UBS Warburg
1285 Avenue of the Americas
New York, NY 10019
Phone: (212) 713-2000
Web site:
www.ubs.com
Brian Harris, Managing Director; Peter Smith, Executive Director; Marc Warren, Executive Director
Financed in 2002: $5 billion

11. Goldman Sachs & Co.
85 Broad St.
New York, NY 10004
Phone: (212) 902-1000
Fax: (212) 902-3000

David Gutstadt, Business Unit Manager
Financed in 2002: $4 billion

12. GE Real Estate
292 Long Ridge Rd.
Stamford, CT 06927
Phone: (888) GE-FIRST
Fax: (203) 357-4475
E-mail:
gel@allianceteleservices.com
Web site: www.gerealestate.com
Michael Pralle, President/CEO; Stewart Koenigsberg, CFO; Dan Smith, SVP, North America Debt; Sheila Welsh, SVP, Marketing
Financed in 2002: $3.9 billion

13. Berkshire Mortgage Finance
One Beacon St., Suite 1400
Boston, MA 02108
Phone: (877) 526-3562
Fax: (617) 556-1507
E-mail:
jrobinson@bmfloan.com
Web site: www.berkshiremortgage.com
Peter Donovan, CEO; Ron Halpern, COO/President
Financed in 2002: $3.4 billion

13. TIAA-CREF
730 Third Ave.
New York, NY 10017
Phone: (212) 490-9000
Fax: (212) 916-6005
Web site:
www.tiaainvestments.org
Herbert M. Allison, Chairman/President/CEO; Martin L. Leibowitz, Vice Chairman/CIO; Joseph W. Luik, Sr. Managing Director; Claire M. Sheahan, External Affairs Officer
Financed in 2002: $3.4 billion

15. National City Bank
1900 E. Ninth St.
Cleveland, OH 44114
Phone: (216) 222-2000

Kenneth M. Goetz, EVP/Business Line Manager, Investment Real Estate Division
Financed in 2002: $3.04 billion

16. LaSalle Bank
135 S. LaSalle St.
Suite 1225
Chicago, IL 60603
Phone: (312) 904-2000
Fax: (312) 904-0900
Web site:
www.lasallebanks.com
Greg Spevok, Managing Director; Breck Hanson, EVP; Charles Krawitz, Director
Financed in 2002: $3 billion

17. RBS Greenwich Capital
600 Steamboat Rd.
Greenwich, CT 06830
Phone: (203) 618-2230
Fax: (203) 618-2052
E-mail:
finermm@gcm.com
Web site: www.gcm.com
Jay Levine, Co-CEO and Co-President; Ben Carpenter, Co-CEO and Co-President; Mark Finerman, Managing Director, Head of Real Estate Finance; Chuck Rosenzweig, Managing Director, East Coast; Wayne Brandt, Managing Director, West Coast; Dave Murdoch, Managing Director, Midwest
Financed in 2002: $2.7 billion

18. PNC Real Estate Finance
249 Fifth Ave.
Pittsburgh, PA 15222
Phone: (877) 762-4332
Fax: (412) 705-2010
E-mail:
realestateinfo@pnc.com
Web site: www.pncrealestatefinance.com
Andrew Siwulec, President; William Lashbrook, SVP, Portfolio Management; Jeff Johnson, SVP, Conduit Lending; Rick Steiner, Real Estate Finance Marketing Manager
Financed in 2002: $2.6 billion

19. ARCS Commercial Mortgage
26901 Agoura Rd., Suite 200
Calabasas Hills, CA 91301
Phone: (800) ASK-ARCS
Fax: (818) 880-3330
E-mail:
info@arcscommercial.com
Web site: www.askARCS.com
Howard Levine, President/CEO; Tim White, EVP/COO; Holli Leon, EVP, Production; Keeley Kirkendall, EVP
Financed in 2002: $2.3 billion

20. Bear Stearns Commercial Mortgage Inc.
383 Madison Ave.
New York, NY 10179
Phone: (212) 272-7918
Fax: (212) 272-7047
E-mail:
choeffel@bear.com
Web site: www.bearstearns.com
J. Christopher Hoeffel, Sr. Managing Director; Jeff Taschler, Sr. Managing Director
Financed in 2002: $2.2 billion

20. Principal Real Estate Investors
801 Grand Ave.
Des Moines, IA 50392
Phone: (800) 533-1390
Fax: (515) 362-0676
E-mail:
lastname.firstname@principal.com
Web site: www.principalglobal.com
Frank Schmitz, Head of Real Estate Equity Group; Pat Halter, Head of Real Estate Fixed Income Gap; Steve Graves, Managing Director, Head of Production and Asset Management; Richard Hibbs, EVP Director, Institutional Marketing
Financed in 2002: $2.2 billion

22. iStar Financial Inc.
1114 Avenue of the Americas
New York, NY 10036
Phone: (212) 930-9400
Fax: (212) 930-9494
E-mail:
customers@istarfinancial.com
Web site: www.istarfinancial.com
Jay Sugarman, Chairman/CEO; Catherine D. Rice, CFO; Jeffrey R. Digel, EVP, Investments; Roger M. Cozzi, EVP, Investments; Andrew C. Richardson, EVP, Capital Markets
Financed in 2002: $1.8 billion

23. Deutsche Bank Mortgage Capital LLC
60 Wall St.
New York, NY 10005
Phone: (888) 953-DBMC
Web site:
www.dbmortgagecapital.com
Lawrence Brown, President/CEO; Ken Dickey, Managing Director
Financed in 2002: $1.6 billion

24. Corus Bank N.A.
3959 N. Lincoln Ave.
Chicago, IL 60613
Phone: (800) 890-8837
Fax: (773) 832-3540
Web site:
www.corusbank.com
Robert Glickman, President/CEO; Michael Stein, EVP; Lori Neiman, VP
Financed in 2002: $1.5 billion

25. American Property Financing
6 E. 43rd St.
New York, NY 10017
Phone: (212) 850-4200
Fax: (212) 850-4216:
Web site:
www.apfmultifamily.com
Alan Wiener, Chairman; Art Habighorst, President; Thomas A. Schissler, SVP
Financed in 2002: $1.4 billion