With the correction in the CMBS market seemilngly over, lending institutions again seem anxious to loosen their purse strings.

The turmoil in the CMBS market in the fall of 1998 had a major impact on Shopping Center World's second annual ranking of the Top Retail Lenders. Many lenders that were holding loans to be securitized were caught off guard by a quick change in investor interest brought on by international economic woes.

The short-lived crisis forced cutbacks in aggregate loan amounts for several lenders and spelled trouble for others unable to sell the loans at prices high enough to meet the low margins they had set. But lenders able to find the correct balance between aggressiveness and conservatism in their underwriting were able to hang on and even thrive.

SCW's rankings reveal significant change. Some firms fell out of the rankings, others fell out of the lending business altogether, while still others merged and now operate under new names, such as Atlanta-based J.P. Morgan Mortgage Capital Inc., formerly Dover House Capital LLC.

Even when the names did not change, the numbers often did, as many lenders were far more conservative in their lending than originally planned. Although New York-based Lehman Brothers retained its position as the top direct retail lender, its total lending amount of $5 billion remained the same as 1997, and significantly less than its 1998 goal of $7.5 billion.

Eleven of the 17 direct lenders that reappeared in this year's ranking originated a smaller retail loan amount in 1998 than projected. This trend was likely a good strategy considering the fate of San Francisco-based Nomura Capital. One of the most aggressive commercial real estate lenders in early 1998, Nomura exited the business due to its exposure to the volatility in world financial markets.

Even with the loss of last year's second largest direct lender, Nomura, the ranking indicates that the larger companies have continued to consolidate. This year the top 10 direct lenders accounted for approximately $21.1 billion in loans, compared with last year when the top 10 accounted for only $16.7 billion.

Credit Suisse First Boston took Nomura's 2nd-place position this year and closed the gap considerably on Lehman Brothers, doubling its lending total from $2 billion to $4 billion.

Honors for the biggest climb in the rankings among direct lenders goes to Nations-Banc Montgomery Securities LLC, which moved from 11th place last year to 3rd place because of its merger with Bank of America Corp., the name under which it now operates. The lender increased its loan amount from $750 million to $2.3 billion.

The two largest newcomers to the ranking are New York-based TIAA (with $1.98 billion) and Horsham, Pa.-based GMAC Commercial Mortgage, ($1.39 billion), which placed 4th and 7th respectively.

Intermediaries Another newcomer to SCW's lender rankings, Holliday Fenoglio Fowler L.P., leads the Top 10 Intermediaries list with more than $2.48 billion in loans arranged. Houston-based L.J. Melody & Co., last year's 3rd-ranked firm, moved into 2nd place this year by arranging loans in excess of $2.29 billion. Last year's leader, USA Funding,is now 3rd, having arranged $830 million in loans during 1998.

Like the direct lenders, the intermediary lenders lost a major player last year as Daiwa Real Estate Finance Corp., New York, cut back its retail lending business. Daiwa had ranked 4th last year with $570 million in arranged loans.

Minneapolis-based Northland Financial Co., now under the name Northland/Marquette Capital Group Inc., moved from 6th to 4th in the new rankings as it increased its lending total from $250 million to $663 million.

1. Lehman Brothers

200 Vesey St,.

3 World Financial Center

New York, NY 10285

Phone: (212) 526-7000.

Fax: (212) 526-3738

Amt. Committed/Retail: $5 billion

Officers: Brett I. Ersoff, senior vice president; Larry Kravetz, senior vice president; Mark Walsh, managing director; Michael J. DeMarco, senior vice president; Michael J. Mazzei, managing director; Raymond C. Mikulich, managing director

Major Projects Financed 1998: Bayside Marketplace, Miami, FL, Amount: $63,000,000; Fashion Fair Mall, Fresno, CA, Amount: $69,000,000; Fashion Valley Mall, San Diego, CA, Amount: $225,000,000; Ontario Mills, Ontario, CA, Amount: $145,000,000; Rosedale Shopping Center, Rosedale, MN, Amount: N/A; Woodland Hills Mall, Tulsa, OK, Amount: $90,000,000

2. Credit Suisse First Boston

11 Madison Ave.

New York, NY 10010

Phone: (212) 325-3515

Fax: (212) 325-8185

Website: csfb.com

Amt. Committed/Retail: $4 billion

Officers: Andy Stone, managing director; Bill Adamski, managing director; Mike Finerman, managing director

Offices: National and global

Major Projects Financed 1998: 5520 Santa Monica, Los Angeles, CA, Amount: $2,000,000; Brandywine Town Center, Wilmington, DE, Amount: $23,000,000; Grand Union, Valatie, NY, Amount: $19,000,000; Kmart, Puerto Rico, Amount: $104,000,000; Pearl Highlands, Pearl City, HI, Amount: $50,000,000; Village Crossing, Skokie, IL, Amount: $30,000,000

Amt. Arranged/Committed by Region:

Midwest: $400,000,000

Northeast: $1,000,000,000

Southeast: $800,000,000

Southwest: $800,000,000

West: $1,000,000,000

Lending Goal 1999: $3.5 billion

3. Bank of America Corp./NationsBanc Montgomery Securities LLC

100 N. Tryoon St.,

Charlotte, NC 28255

Phone: (704) 388-1132

Fax: (704) 388-0098

Website: www.bankamerica.com

Amt. Committed/Retail: $2.3 billion

Officers: Bill Hodges, managing director, real estate; Mike Buchanan, managing director, real estate banking; Mike Malone, managing director, real estate investment banking ; William D. Simmerville, Jr., head of retail office and industrial program

Offices: Albuquerque, NM; Atlanta, GA; Austin, TX; Bakersfield, CA; Baltimore, MD; Boca Raton, FL; Boise, ID; Charleston, SC; Charlotte, NC; Chicago, IL; Columbia, SC; Dallas, TX; Denver, CO; Des Moines, IA; El Paso, TX; Ft. Lauderdale, FL; Greensboro, NC; Houston, TX; Irvine, CA; Jacksonville, FL; Kansas City, KS; Kansas City, MO; Las Vegas, NV; Little Rock, AK; Los Angeles, CA; McLean, VA; Miami, FL; Minneapolis, MN; New York, NY; Norfolk, VA; Oklahoma City, OK; Orange County, CA; Orlando, FL; Phoenix, AZ; Portland, OR; Raleigh, NC; Richmond, VA; San Antonio, TX; San Diego, CA; San Francisco, CA; San Jose, CA; Seattle, WA; Spokane, WA; St. Louis, MO; St. Petersburg, FL; Tampa, FL; Tulsa, OK; Wichita, KS

Major Projects Financed 1998: Corridor Marketplace, Laurel, MD, Amount: $32,887,200; Flagler Park Plaza, Miami, FL, Amount: $30,000,000; Granada Hills Town Center, Los Angeles, CA, Amount: $27,732,649; International Home Furnishing Center, High Point, NC, Amount: $75,000,000; Summit Shopping Center, Birmingham, AL, Amount: $51,000,000

Amt. Arranged/Committed by Region:

Midwest: $153,600,000

Northeast: $157,000,000

Southeast: $841,500,000

Southwest: $281,900,000

West: $275,700,000

Lending Goal 1999: $1.5 billion

4. TIAA

730 Third Ave.

New York, NY 10017

Phone: (212) 916-4144

Fax: (212) 916-6005

Amt. Committed/Retail: $1.98 billion

Officers: Alice Connell, managing director; James Easler, managing director; Joseph Luik, senior managing director; Kathleen Nelson, managing director; Kevin Riordan, managing director; Phillip DiGennaro, managing director; Thomas Garbutt, managing director

Major Projects Financed 1998: Altamonte Mall, Orlando, FL, Amount: $125,000,000; Cielo Vista Mall, El Paso, TX, Amount: $66,000,000; Coral Ridge, Iowa City, IA, Amount: $82,000,000; Hanes Mall, Winston-Salem, NC, Amount: $123,000,000; Mall of Georgia, Atlanta, GA, Amount: $100,000,000; Southcenter, Seattle, WA, Amount: $95,000,000; Spring Hill Mall, Chicago, IL, Amount: $92,000,000

Amt. Arranged/Committed by Region:

Midwest: $924,723,525

Northeast: $40,850,000

Southeast: $591,570,779

Southwest: $113,000,000

West: $311,050,000

Lending Goal 1999: $2 billion

5*. First Union

301 South College St. SC-6

Charlotte, NC 28288-0166

Phone: (888) 217-9084

Fax: (704) 374-6345

Website: www.firstunion.com

Amt. Committed/Retail: $1.8 billion

Officers: Bill Whalen, regional sales manager, San Francisco; Brett Smith, director national accounts, Carolinas; Chris Troutman, regional sales manager, McLean, VA; Clay Wright, regional sales manager, Southwest; David Hall, regional sales manager, Midwest; Gary Butts, regional sales manager, Georgia; Ian Williams, regional sales manager, Los Angeles; Keith Wells, regional sales manager, Richmond, VA.; Mark Osgood, regional sales manager, Irvine, CA.; Robin Carr, regional sales manager, Florida.; Ron Shapiro, regional sales manager, NJ; Rory Hertzog, regional sales manager, Pennsylvania and Delaware; Tim Hallock, regional sales manager, Connecticut and New York

Offices: Atlanta, GA; Boca Raton, FL; Charlotte, NC; Houston, TX; Irvine, CA; Jacksonville, FL; Los Angeles, CA; McLean, VA; Orlando, FL; Philadelphia, PA; Richmond, VA; Rosemont, IL; San Francisco, CA; Stamford, CT; Union, NJ

Major Projects Financed 1998: Cabin John Shopping Center, Potomac, MD, Amount: $25,000,000; Inland Empire Center, Fontana, CA, Amount: $21,525,000; Manor Shopping Center, Lancaster, PA, Amount: $15,200,000; Monroe Mall, Monroe, AL, Amount: $15,800,000; Panama City Square, Panama City, FL, Amount: $13,360,000; Phillips Place, Charlotte, NC, Amount: $25,350,000; Valley East Plaza, Mesa, AZ, Amount: $10,300,000

Lending Goal 1999: $2.5 billion

5*.Wells Fargo Bank

555 Montgomery St., 17th floor

San Francisco, CA 94111

Phone: (888) 777-0067

Fax: (415)362-8364

Website: www.wellsfargo.com

Amt. Committed/Retail:

$1.8 billion

Officers: Jerry Blakey, senior vice president; Jim McDevit, vice president and regional origination manager

Offices: Los Angeles, CA; Irvine, CA; San Diego, CA; San Francisco, CA; Fair Oaks, CA; Denver, Co; Chicago, IL; Houston, TX; Dallas, TX; Atlanta, GA; Washington, D.C.; Minneapolis, MN

Amt. Arranged/Committed by Region:

Midwest: $100,100,000

Northeast: $30,100,000

Southeast: $73,100,000

Southwest: $280,100,000

West: $855,000,000

Lending Goal 1999: $3 billion

7. GMAC Commercial Mortgage

650 Dresher Road

Horsham, PA 19044-8015

Phone: (215) 328-4622

Fax: (215) 328-1976

Website: www.gmaccm.com

Amt. Committed/Retail:

$1.39 billion

Officers: Charles E. Dunleavy, Jr., executive vice president; David E. Creamer, president; Hal Purcell, vice president mortgage lending (retail); Scott Rombach, vice president marketing/corporate communications.

Offices: Atlanta, GA; Birmingham, AL; Boston, MA; Bridgewater, VA; Chicago, IL; Dallas, TX; Denver, CO; Des Moines, IA; Detroit, MI; Evanston, WY; Grand Rapids, MI; Houston, TX; Indianapolis, IN; Jacksonville, FL; Kansas City, KS; Louisville, KY; Marion, IN; Miami, FL; Milwaukee, WI; Minneapolis, MN; New York, NY; Newport Beach, CA; Omaha, NE; Orlando, FL; Pasadena, CA; Philadelphia, PA; Phoenix, AZ; Portland, OR; Red Bank, NJ; Richmond, VA; Rochester, NY; Sacramento, CA; San Diego, CA; San Francisco, CA; Seattle, WA; St. Louis, MO; Tampa, FL; Tokyo; Torrance, CA; Virginia Beach, VA; Washington, D.C.; West Hartford, CT

Major Projects Financed 1998: Aquia Town Center, Aquia, VA, Amount: $15,225,000; Eastwood Village Shopping Center, Des Moines, IA, Amount: $6,500,000; Marketplace at River Park, Fresno, CA, Amount: $25,500,000; Richland Crossing Shopping Center, Richland, PA, Amount: $20,100,000; Salt Pond Plaza, Narragansett, RI, Amount: $15,700,000; The Citadel, City of Commerce, CA, Amount: $28,000,000

Lending Goal 1999: $2 billion

8. CIBC World Markets

1 World Financial Center

New York, NY 10281

Phone: (888) 411-CIBC

Faz: (212) 571-4714

Amt. Committed/Retail: $1.3 billion

Officers: Andrew Kleinberg, executive director; Anthony Tuffy, managing director; Barrie Wood, managing director; Michael Higgins, managing director

Offices: Atlanta, GA; Chicago, IL; Dallas, TX; Los Angeles, CA

Major Projects Financed 1998: Chelsea Market, New York, NY, Amount: $50,000,000; Landmark Center, Boston, MA, Amount: $85,000,000; Orange City Mills, Orange, CA, Amount: $25,000,000; Oviedo Marketplace, Orlando, FL, Amount: $76,000,000; Palisades Power Center, W. Nyack, NY, Amount: $390,000,000; Westland Mall, Johnstown, PA, Amount: $57,170,000

Lending Goal 1999: $2.5 billion

9. KeyBank National Association

127 Public Square

Cleveland, OH 44144

Phone: (216) 689-3574

Fax: (216) 689-3566

Website: www.key.com/cre

Amt. Committed/Retail: $1.26 billion

Officers: George E. Emmons Jr., executive vice president and national executive; Norman Nichols Jr., senior vice president and eastern regional manager; Randall Stickler, senior vice president, manager of Key Commercial Mortgage; Renee Rush Csuhran, senior vice president, Midwest regional manager ; Robert MacDonald, vice president, business development director; Robert W. Gillespie, Chairman/CEO; Roberta Fuhr, senior vice president, western regional manager

Offices: Albany, NY; Anchorage, AK; Ann Arbor, MI; Boston, MA; Buffalo, NY; Chicago, IL; Cincinnati, OH; Cleveland, OH; Columbus, OH; Dallas, TX; Denver, CO; Fort Collins, CO; Indianapolis, IN; Las Vegas, NV; Los Angeles, CA; Portland, OR; Salt Lake City, UT; San Francisco, CA; Seattle, WA; Syracuse, NY; Vancouver, WA; Washington, DC; White Plains, NY

Major Projects Financed 1998: Baldwin Commons, Auburn Hills, MI, Amount: $39,900,000; CVS, construction financing for 12 projects in Midwest, Amount: $26,000,000; Gardiner Manor Mall, West Bayshore, NY, Amount: $36,520,000; Gustine Company, construction financing for power center, Washington, PA, Amount: $27,000,000; OfficeMax, construction financing for six stores, various states, Amount: $15,000,000; Palladium at City Place, West Palm Beach, FL, Amount: $105,000,000; Puente Hills Mall, City of Industry, CA, Amount: $80,000,000; Rite Aid, construction financing for 19 stores in Midwest, Amount: $35,000,000

Amt. Arranged/Committed by Region:

Midwest: $580,000,000

Northeast: $415,000,000

West: $175,000,000

Lending Goal 1999: $7.2 billion

10. Goldman, Sachs & Co.

85 Broad St., 23rd Floor

New York, NY 10004

Phone: (212)902-5900

Fax: (212) 346-3595

Website: www.gs.com

Amt. Committed/Retail: $1.11 billion

Officers: Jeff Fastov, vice president and COO, CMBS Effort; Mark Tercek, managing director and head of real estate investment banking; Mark Weiss, managing director, marketing; P. Sheridan Schechner, managing director and head of CMBS effort

Offices: Atlanta, GA; Chicago, IL; Dallas, TX; Los Angeles, CA

Major Projects Financed 1998: Factory Stores, Hershey, PA, Amount: $25,600,000; Green Acres Mall, Valley Stream, NY, Amount: $160,000,000; Merchandise Mart, Chicago, IL, Amount: $250,000,000; Pier 39, San Francisco, CA, Amount: N/A; Showcase Mall, Las Vegas, NV, Amount: $79,500,000; Westport Plaza, St. Louis, MO, Amount: $7,500,000

Amt. Arranged/Committed by Region:

Midwest: $257,500,000

Northeast: $207,800,000

Southwest: $196,500,000

Lending Goal 1999: $1.2 billion

11. Fleet Bank

75 State St.,

Boston, MA 02109

Phone: (346-2874

Fax: (617) 346-3220

Website: www.fleet.com

Amt. Committed/Retail: $1 billion

Officers: Aron Levine, relationship manager; Peg Mulcahy, senior relationship manager; Tom Harold, relationship manager

Offices: nationwide

12. GE Capital Real Estate

292 Long Ridge Road

Stamford, CT 06927

Phone: (888) 433-4778

Fax: (312) 781-7840

Website: www.gecapitalrealestate.com

Amt. Committed/Retail: $780 million

Officers: Kathy Cassidy, senior vice president of capital markets; Paul Borghard, senior vice president of lending and investing; Peter Dubner, senior vice president of marketing; Ron Pressman, president

Offices: Atlanta, GA; Boca Raton, FL; Boston, MA; Charlotte, NC; Chicago, IL; Cincinnati, OH; Dallas, TX; Denver, CO; Frankfurt, Germany; Houston, TX; Irvine, CA; London, England; Los Angeles, CA; Madrid, Spain; Mexico City, Mexico; New York, NY; Overland Park, KS; Paris, France; Philadelphia, PA; Phoenix, AZ; San Francisco, CA; Seattle, WA; Stockholm, Sweden; Sydney, Australia; Tokyo, Japan; Toronto, Canada.; Vienna, Austria; Washington, DC

13. FINOVA Realty Capital

19900 MacArthur Blvd. Ste. 1100

Irvine, CA 92612

AMT. Committed/Retail: $750 Million

Officers: Bill Campbell, managing director/structured finance; Dave Rogers, managing director/capital markets; Dianne Katscher, managing director/portfolio lending; Don Campbell, managing director/equity program; Jeff Tomei, managing director/direct lending CMBS program; R.J. Brandes, executive managing director; Robert Brunswick, managing director/originations and marketing

Offices: Annapolis, MD; Atlanta, GA; Austin, TX; Boston, MA; Chicago, IL; Cleveland, OH; Dallas, TX; Denver, CO; Ft. Lauderdale, FL; Hartford, CT; Jacksonville, FL; Las Vegas, NV; Los Angeles, CA; Minneapolis, MN; Mt. Laurel, NJ; Nashville, TN; New York, NY; Philadelphia, PA; Phoenix, AZ; Portland, OR; Salt Lake City, UT; San Diego, CA; San Francisco, CA; Seattle, WA; Tampa, FL; Walnut Creek, CA

Amt. Arranged/Committed by Region:

Midwest: $160,000,000

Northeast: $73,000,000

Southeast: $117,000,000

Southwest: $10,000,000

West: $390,000,000

Lending Goal 1999: $3.5 billion

14. Capital Lease Funding L.P.

110 Maiden Lane, 36th Floor

New York, NY 10005

Phone: (212) 217-6300

Fax: (212) 217-6301

Website: www.caplease.com

Amt. Committed/Retail: $450 million

Officers: Edwin J. Glickman, executive vice president; Paul H. McDowell, senior vice president/general counsel; Steven L. Maloy, senior vice president/sales and marketing; William R. Pollert, president/CEO

Offices: Scottsdale, AZ

Amt. Arranged/Committed by Region:

Midwest: $150,000,000

Northeast: $185,000,000

Southeast: $200,000,000

Southwest: $95,000,000

West: $75,000,000

Lending Goal 1999: $900 million

15. Bear, Stearns & Co. Inc.

245 Park Ave.

New York, NY 10167

Phone: (212) 272-6104

Fax: (212) 272-7047

Website: www.bear.com

Amt. Committed/Retail: $447 million

Officers: Barry Schumacher, managing director; Gregory J. Spevok, director of originations; J. Christopher Hoeffel, managing director; Ralph Rose, managing director

Offices: Chicago, IL; Los Angeles, CA

Major Projects Financed 1998: Airport Thruway Plaza, Columbus, GA, Amount: $5,800,000; Hancock Plaza, Phoenix, AZ, Amount: $4,505,000; Kingsbury Square, Kingstown, MA, Amount: $5,000,000; South Bay Marketplace, San Diego, CA, Amount: $11,600,000; The Arbor Plaza, Saginaw, MI, Amount: $2,200,000; Timonium Crossing Shopping Center, Timonium, MD, Amount: $5,600,000

Amt. Arranged/Committed by Region:

Midwest: $53,600,000

Northeast: $134,100,000

Southeast: $80,500,000

Southwest: $54,000,000

West: $124,800,000

Lending Goal 1999: $1.8 billion

16. TransAtlantic Capital Co.

21 W. 52nd St., 10019

Phone: (888) 90-TRANS

Fax: (212) 469-8976

Website: www.transcap.com

Amt. Committed/Retail: $366 million

Officers: Dean L. Britton, managing director and COO; Drew Anderman, senior vice president (New York); Hal Steele, senior vice president (San Francisco); James Howard, managing director and CFO; Louis Mirando, managing director and CEO; Thomas Borow, senior vice president (Chicago)

Offices: Chicago, IL; San Francisco, CA

Major Projects Financed 1998: Best Buy Plaza, Pembroke Pines, FL, Amount: $11,925,000; Cal Oaks Plaza, Murietta, CA, Amount: $13,900,000; Charleston Commons Shopping Center, Las Vegas, NV, Amount: $23,350,000; Richmond Mall, Richmond, KY, Amount: $16,000,000; Takoma/Langley, Takoma Park, MD, Amount: $11,250,000; Trainer Shopping Center, various communities, PA, Amount: $17,275,000

Amt. Arranged/Committed by Region:

Midwest: $61,000,000

Northeast: $68,000,000

Southeast: $34,000,000

Southwest: $8,000,000

West: $116,000,000

17. J.P. Morgan Mortgage Capital Inc.

400 Perimeter Center Terrace, Suite 575

Atlanta, GA 30346

Phone: (770) 351-8300

Fax: (770) 351-8389

ebsite: www.jpmorgan.com/mortgage

Amt. Committed/Retail: $270 million

Officers: Lamar C. Kelly, Jr., president and CEO

Offices: Boston, MA; Charlotte, NC; Chicago, IL; Dallas, TX; Denver, CO; Grand Rapids, MI; Los Angeles, CA; New York, NY; San Francisco, CA; Washington, DC

Amt. Arranged/Committed by Region:

Midwest: $76,000,000

Northeast: $18,000,000

Southeast: $81,000,000

Southwest: $16,000,000

West: $79,000,000

18.* Falcon Financial LLC

2015 W. Main Street

Stamford, CT 06902

Phone: (203) 967-0000

Fax: (203) 967-1717

Website: www.falconfinancial.com

Amt. Committed/Retail: $200 million

Officers: David A. Karp, COO; Ronald Greenspan, executive vice president, marketing

Offices: San Diego, CA

Lending Goal 1999: $300 million

18.*Paine Webber Real Estate Securities, Inc.

1285 Ave. of the Americas, 19th Floor

New York, NY 10019

Phone: (212) 713-9461

Fax: (212) 713-3006

Amt. Committed/Retail: $200 million

Officers: David A. Cohen, vice president; Jerome Ellis, vice president; John Taylor, managing director commercial real estate (debt); Kellogg C. Gaines, vice president; Ron J. Wechsler, managing director conduit

Lending Goal 1999: $2 billion

20. Northland/Marquette Capital Group, Inc.

3500 w. 80th St., Suite 500

Minneapolis, MN 55431

Phone: (612) 356-0100

Fax: (612) 356-0099

Amt. Committed/Retail: $177 million

Officers: Edward Padilla, executive vice president, regional manager; Richard M. Stevenson, president/CEO

Offices: Chicago, IL; Dallas, TX; Denver, CO; Houston, TX; Kansas City, MO; Los Angeles, CA; Minneapolis, MN; Phoenix, AZ; St. Louis, MO; San Diego, CA; San Francisco, CA

Major Projects Financed 1998: Fullerton University Shopping Center, Fullerton, CA, Amount: $8,200,000; Hollister Point Centre, Houston, TX, Amount: $7,700,000; Market Place, St. Louis, MO, Amount: $11,000,000; Randall Park Mall, N. Randall, OH, Amount: $35,000,000; Valley Square, Lewisville, TX, Amount: $6,600,000; Village Center at Rose, Placentia, CA, Amount: $11,750,000; Webrenberg Theatres, St. Louis, MO, Amount: $32,000,000

Amt. Arranged/Committed by Region:

Midwest: $320,000,000

Southwest: $186,000,000

West: $334,000,000

Lending Goal 1999: $1 billion

21. Midland Loan Services Inc.

210 W. 10th Street.

Kansas City, MO 64105

Phone: (816- 435-5000

Fax: (816) 435-2326

Website: www.midlandls.com

Amt. Committed/Retail: $141 million

Officers: Alan Atterbury, president/CEO; Lee Bergman, executive vice president/COO; Steve Miller, senior vice president, mortgage lending; Tim Mazzetti, senior vice president, marketing

Offices: Atlanta, GA; East Brunswick, NJ; Kansas City, MO; Philadelphia, PA; Phoenix, AZ; Pittsburgh, PA; Washington, D.C.

Amt. Arranged/Committed by Region:

Midwest: $30,000,000

Northeast: $30,000,000

Southeast: $14,000,000

Southwest: $20,000,000

West: $40,000,000

Lending Goal 1999: $1.5 billion

22. First Security Commercial Mortgage

150 S. Wacker Drive

Chicago, IL 60606

Phone: (312) 425-9300

Fax: (312) 425-9366

Website: www.midlandls.com

Amt. Committed/Retail: $141 million

Officers: Alan Atterbury, president/CEO; Lee Bergman, executive vice president/COO; Steve Miller, senior vice president, mortgage lending; Tim Mazzetti, senior vice president, marketing

Offices: Atlanta, GA; East Brunswick, NJ; Kansas City, MO; Philadelphia, PA; Phoenix, AZ; Pittsburgh, PA; Washington, D.C.

Amt. Arranged/Committed by Region:

Midwest: $30,000,000

Northeast: $30,000,000

Southeast: $14,000,000

Southwest: $20,000,000

West: $40,000,000

Lending Goal 1999: $1.5 billion

24. Llama Capital Mortgage Co.

301 Clematis St., Suite 3000

West Palm Beach, FL 33401

Phone: (561) 832-8480

Fax: (561) 655-3202

Amt. Committed/Retail:

$108 million

Officers: Jordan Paul, president; Christian Bezick, managing director; Richard Bosworth, managing director

Offices: Boston, MA

Major Projects Financed 1998:

335 Washington St., Woburn, MA, Amount: $5,300,000; 901 Broadway, Saugus, MA, Amount: $5,000,000; Souderton Square Shopping Center, Souderton, PA, Amount: $3,000,000; Stop & Shop, Attleboro, MA, Amount: $10,600,000; Wichita Square Shopping Center, Wichita Falls, TX, Amount: $4,125,000

Amt. Arranged/Committed by Region:

Midwest: $4,100,000

Northeast: $71,595,000

Southeast: $3,415,000

Southwest: $15,713,000

West: $13,384,000

25. Continental Wingate Capital

63 Kendrick St.

Needham, MA 02494

Phone: (800) 332-0372

Fax: (781) 707- 9399

Website: www.cwcapital.com

Amt. Committed/Retail: $95 million

Officers: Michael Berman, president; Steve Walker, vice president mortgage lending

(Retail); Todd Schuster, CEO

Offices: Atlanta, GA; Columbia, MD; Ft. Lauderdale, FL; Los Angeles, CA; New

Orleans, LA; Phoenix, AZ; Portland, OR;

San Francisco, CA; Seattle, WA

Major Projects Financed 1998: 942 Hyde Park Ave, Boston, MA, Amount: $4,400,000; Parsons Village Shopping Center, Seffner, FL, Amount: $2,860,000; Peachtree Center Shopping Center, Atlanta, GA, Amount: $8,000,000; Raymour & Flanagan, Quakertown, PA, Amount: $2,700,000; Sunset Plaza Shopping Center, Lutz, FL, Amount: $5,800,000

Lending Goal 1999: $200 million

10 Top Intermediaries 1. Holliday Fenoglio Fowler, L.P.

8750 NOrth Central Expressway, Suite 950

Dallas, TX 75231

Phone: (214) 265-0880

Fax: (214) 265-1686

Website: www.hollidayfenoglio.com

Amt. Arranged/Retail: $2.48 billion

Officers: Joe B. Thornton, Jr., executive managing partner; John H. Pelusi, executive managing partner; John P. Fowler, executive managing partner; Mark D. Gibson, executive managing partner

Offices: Albany, NY; Atlanta, GA; Boca Raton, FL; Boston, MA; Buffalo, NY; Century City, CA; Dallas, TX; Edison, NJ; Hartford, CT; Houston, TX; Indianapolis, IN; Lexington, KY; Louisville, KY; Merrillville, IN; Miami, FL; New York, NY; Newport Beach, CA; Orlando, FL; Pittsburgh, PA; Portland, OR; Rochester, NY; Saddlebrook, NJ; San Diego, CA; Westport, CT

Major Projects Financed 1998: Hudson Valley Mall, Kingston, NY, Amount: $58,600,000; Oxmoor Center, Louisville, KY, Amount: $40,000,000; Providence Place, Providence, RI, Amount: $65,000,000; Rye Ridge Shopping Center, Rye, NY, Amount: $38,000,000; University Mall, Burlington, VT, Amount: $42,000,000

Amt. Arranged/Committed by Region:

Midwest: $256,790,000

Northeast: $1,092,376,000

Southeast: $281,480,608

Southwest: $696,774,823

West: $155,175,000

2. L. J. Melody & Co.

5847 San Felipe, Suite 4400

Houston, TX 77057

Phone: (713) 787-1900

Fax: (713) 1998

Website: www.ljmelody.com

Amt.Arranged/Retail:

$2.29 billion

Officers: Brian F. Stoffers, executive vice president; Lawrence J. Melody, president

Offices: Atlanta, GA; Austin, TX; Bethesda, MD; Charlotte, NC; Chicago, IL; Dallas, TX; Denver, CO; Houston, TX; Los Angeles, CA; Miami, FL; New York, NY; Newport, CA; Oakland, CA; Orlando, FL; Phoenix, AZ; Pittsburgh, PA; Portland, OR; Sacramento, CA; San Diego, CA; San Francisco, CA; Seattle, WA; Tampa, FL; Teaneck, NJ

Major Projects Financed 1998: Foothills Fashion Mall, Ft. Collins, CO, Amount: $49,000,000; Hawaii Kai Center, Honolulu, HI, Amount: $14,400,000; Meyerland Plaza, Houston, TX, Amount: $62,000,000; Pillsbury Center, Minneapolis, MN, Amount: $95,000,000; The Mall at Greenhills, Nashville, TN, Amount: $65,000,000; Westchester Power Center, Yonkers, NY, Amount: $51,000,000

3. USA Funding Inc.

108 W. Carmel Drive

Carmel, IN 46032

Phone: (317) 818-9999

Fax: (317) 818-9995

Website: www.usafunding.com

Amt. Arranged/Retail: $830 million

Officers: Michael D. Surber, president

Lending Goal 1999: $1.2 billion

4. Northland/Marquette Capital Group, Inc.

3500 W. 80th St. Suite 500

Minneapolis, MN 55431

Phone: (612) 356-0100

Fax: (612) 356-0099

Amt. Arranged/Retail: $663 million

Officers: Edward Padilla, executive vice president, regional manager; Richard M. Stevenson, president/CEO

Offices: Chicago, IL; Dallas, TX; Denver, CO; Houston, TX; Kansas City, MO; Los Angeles, CA; Minneapolis, MN; Phoenix, AZ; Saint Louis, MO; San Diego, CA; San Francisco, CA

Major Projects Financed 1998: Fullerton University Shopping Center, Fullerton, CA, Amount: $8,200,000; Hollister Point Centre, Houston, TX, Amount: $7,700,000; Market Place, St. Louis, MO, Amount: $11,000,000; Randall Park Mall, N. Randall, OH, Amount: $35,000,000; Valley Square, Lewisville, TX, Amount: $6,600,000; Village Center at Rose, Placentia, CA, Amount: $11,750,000; Webrenberg Theatres, St. Louis, MO, Amount: $32,000,000

Amt. Arranged/Committed by Region:

Midwest: $320,000,000

Southwest: $186,000,000

West: $334,000,000

Lending Goal 1999: $1 billion

5. Ackman-Ziff Real Estate Group LLC

110 E, 42nd Street

New York, NY 10017

Phone: (212) 697-3333

Fax: (212) 682-8927

Website: www.ackmanziff.com

Amt. Arranged/Retail: $430 million

Officers: Lawrence Ackman, chairman; Simon Ziff, president

Offices: Chicago, IL

Major Projects Financed 1998: 30 Arch Street, Boston, MA, Amount: $30,000,000; Caldor/Shop Rite, Neptune, NJ, Amount: $16,000,000; Iowa Mall Portfolio, IA, Amount: $72,000,000; MacArthur Portfolio, New York, NY, Amount: $25,000,000; Mall Del Norte, Laredo, TX, Amount: $57,000,000; Texas Mall Portfolio, Abilene, TX, Amount: $43,800,000

Amt. Arranged/Committed by Region:

Midwest: $107,500,000

Northeast: $129,000,000

Southeast: $21,500,000

Southwest: $129,000,000

West: $43,000,000

Lending Goal 1999: $500 million

6. Sonnenblick-Goldman Co.

712 Fifth Ave.

New York, NY 10019

Phone: (212) 841-9200

Fax: (212) 262-4224

Website: www.sonngold.com

Amt. Arranged/Retail:

$400 million

Officers: Andrew Oliver, managing director (retail); John Bralower, president; Kim Moffitt, director of marketing; Paul M. Stern, managing director

Offices: Denver, CO; Hong Kong; Los Angeles, CA; Miami, FL; San Francisco, CA; Singapore;Washington, D.C.

Major Projects Financed 1998:Bridgemarket, New York, NY, Amount: $18,000,000; Kips Bay, New York, NY, Amount: $50,000,000; Pier 39, San Francisco, CA, Amount: $116,000,000

Amt. Arranged/Committed by Region:

Midwest: $25,000,000

Northeast: $175,000,000

Southeast: $50,000,000

West: $150,000,000

Lending Goal 1999: $1 billion

7. Johnson Capital Group Inc.

18500 Von Karman Ave., Suite 500

Irvine, CA 92612

Phone: (949) 660-1999

Fax: (949) 660-1999

Fax: (949) 660-1998

Website: www.johnsoncapital.com

Amt. Arranged/Retail: $329 million

Officers: Guy K. Johnson, president; Dana Ostenson, senior vice president; Larry Beech, senior vice president; Karl Owens, senior vice president; Gregory J. West, senior vice president; Amos Smith, senior vice president; Richard Caterina, senior vice president; Kevin Burkhalter, senior vice president

Offices: Los Angeles, CA; Phoenix, AZ; Salt Lake City, UT; San Diego, CA

Major Projects Financed 1998: Kmart Portfolio, UT, Amount: $14,500,000; Ocean Ranch and Laguna Heights, Dana Point, CA, Amount: $32,500,000; Scottsdale Horizon, Scottsdale, AZ, Amount: $8,500,000; Sumerlin Gateway, Las Vegas, NV, Amount: $19,000,000; Valencia Marketplace I and II, Valencia, CA, Amount: $83,050,000; Village Fair North, Paradise Valley, AZ, Amount: $12,500,000; Westlake Village, Westlake, CA, Amount: $39,000,000

Amt. Arranged/Committed by Region:

West/Southwest: $329 million

Lending Goal 1999: $1.2 billion

8. Capital Network Advisors Inc.

26302 La Paz Road, Suite 215

Mission Viejo, CA 92691

Phone: (949) 830-3635

Fax: (949) 830-2948

Amt. Arranged/Retail: $100 million

Officers: William Dugan, president

Major Projects Financed 1998: Best Plaza, Ventura, CA, Amount: $4,000,000; Gateway Plaza, San Diego, CA, Amount: $5,700,000; Grass Valley Center, Grass Valley, CA, Amount: $9,000,000; Laguna Hills Plaza, Laguna Hills, CA, Amount: $8,575,000; Pahrump Valley Junction, Pahrump, NV, Amount: $12,900,000; Village At The Oaks, Bakersfield, CA, Amount: $4,050,000; Woodward Pavillions Center, Fresno, CA, Amount: $4,150,000

Amt. Arranged/Committed by Region:

West: $100,000,000

Lending Goal 1999: $150 million

9. David Cronheim Mortgage Corp.

205 Main St.

Chatham, NJ 07928

Phone: (973) 635-6800

Fax: (973) 635-6091

Website: www.cronheimmort.com

Amt. Arranged/Retail: $99.25 million

Officers: Andrew Stewart, executive managing director; Charles Dodge, president

Offices: Stamford, CT

Major Projects Financed 1998:Denver Shopping Center portfolio, CO, MO, KS and MD, Amount: $67,200,000; Palmer Center, New Rochelle, NY, Amount: $17,143,000; Westridge Square Shopping Center, Frederick, MD, Amount: $19,200,000

Amt. Arranged/Committed by Region:

Midwest: $5,200,000

Northeast: $94,054,000

Lending Goal 1999: $50 million

10. Aztec Group Inc.

2665 S. Bayshore Drive, Penthouse 2A

Miami, FL 33133

Phone: (305) 854-7342

Fax: (305) 854-9795

Amt. Arranged/Retail: $72 million

Officers: Christian Johannsen, senior vice president; Ezra Katz, chairman and CEO; Lang Baumgarten, managing director; Tom Duncan, president and COO

Major Projects Financed 1998: Aventura Commons, Aventura, FL, Amount: $14,500,000; Best Buy Plaza, Pembroke Pines, FL, Amount: $11,925,000; Brandsmart, Miami, FL, Amount: $9,300,000; Marketfair, Fayetteville, NC, Amount: $7,800,000; Saglo Portfolio, Miami and Ft. Lauderdale, FL, Amount: $13,000,000; Vista Shopping Center, Miami, FL, Amount: $9,700,000

Amt. Arranged/Committed by Region:

Midwest: $5,700,000

Southeast: $66,300,000