Stockpiles of investment capital and strong interest in refinancing fueled a feverish demand for loans in 2003 as lenders countered tight profit margins by stepping up production. The resulting deluge of deals increased loan volumes for most participants in NREI's annual Lender Survey, none more so than Bank of America, which climbed a notch to secure the No. 1 spot in the direct lender category.

The banking behemoth financed a whopping $29.6 billion in 2003, up $10.7 billion from 2002. GMAC Commercial Holding Corp. took the No. 2 spot on the ranking of direct lenders at $22.5 billion, while Wachovia came in third at $21 billion. In the financial intermediary category, Holiday Fenoglio Fowler arranged $16.2 billion in loans to stay at the No. 2 spot behind Bank of America's $44.4 billion.

Eugene J. Godbold, president of commercial real estate banking at Bank of America, attributes his bank's sharp increase in direct lending last year to a focus on the nation's busiest markets, including Southern California, South Florida, Washington, D.C., and New York. Rather than search for mega-deals, the bank aims for a target range. “Our sweet spot really is $5 million to $200 million in a single transaction,” he says.

A Flurry of Deals

The lending environment in 2003 was a stark contrast to the previous year when weak real estate fundamentals and an anemic economic recovery tempered lending volumes. Although real estate fundamentals continued to deteriorate in 2003, a more rapid decrease in interest rates reduced debt costs and boosted cash flow for most properties, says Bill Green, managing director and head of Wachovia's real estate capital markets group. “Every dollar of income was worth more than it had ever been in my career,” Green says.

Mortgage bankers originated a total of $37.9 billion in commercial loans in the fourth quarter alone, according to the Mortgage Bankers Association. Volume for the year totaled $116 billion — the first time that number has broken $100 billion, says Doug Duncan, senior vice president and chief economist for the Washington, D.C.-based organization.

Unable to differentiate themselves by pricing, lenders began competing to offer the most attractive loan structures. Scott McMullin, executive managing director at Holiday Fenoglio Fowler, calls the phenomenon “offering flexibility in non-economic terms.” Lenders got creative in order to win business, adding prepayment options, fixed rates on interim-term loans and options to resize loans at a later date.

“The fourth quarter of 2003 was as close as you can get to an absolute frenzy in the commercial real estate lending environment,” says Ed Padilla, CEO of Bloomington, Minn.-based NorthMarq Capital Inc.

Hot to Hotter in 2004

Wachovia's Green says lending activity will be more aggressive in 2004, in part because compressed profit margins are motivating lenders to do more deals. Which product type is the most appetizing? Godbold says retail has been a favorite with lenders for several years, particularly the traditional grocery- or drugstore-anchored strip center in the suburbs. Although he sees activity in grocery-anchored centers slowing slightly in 2004, Godbold expects retail to remain a hot lending category.

Rising interest rates will cool mortgage refinancing activity slightly, but good opportunities remain, says Duncan of the MBA. Hotel occupancy is beginning to improve with increased business travel, and apartments will improve over the next year and a half as rising interest rates slow the migration to homeownership. The first-quarter apartment vacancy rate registered 6.2%, reports Torto Wheaton.

Large loans have increasingly focused on fixed-rate financing, though a handful of investors are still opting for floating-rate loans near LIBOR (London InterBank Offered Rate), the benchmark for short-term lending. In mid-April, the one-year LIBOR rate was pegged at 1.53%.

The volume of business among mortgage bankers this year is already outpacing 2003 levels. Holiday Fenoglio Fowler arranged a handful of loans in 2003 at or above the $300 million mark, but surpassed that ceiling this year with two $500 million loans and one of the best quarters in the company's history.

NorthMarq and Philadelphia-based Legg Mason Real Estate Services, which merged in November, originated $7.5 billion last year. The company had projected $7 billion this year, assuming the market wouldn't sustain last year's activity level. But NorthMarq's Padilla says a stellar first quarter has improved his outlook for 2004.

“Incredible activity seems to be continuing, and we are well ahead of last year's pace at this point,” Padilla says. “Our current production for the year, even with a slowdown, will likely exceed $8 billion.”

NREI's Top 40: The Biggest Lenders and Intermediaries

THE FOLLOWING RANKINGS are based on responses to NREI's Top Lender Survey questionnaire and reflect total dollars financed or arranged in commercial real estate during the 2003 calendar year.

Listings are presented in three parts. The first listing includes firms financing direct loans, credit lines, CMBS lending and other forms of direct investment to the industry. The second listing ranks financial intermediaries, including mortgage brokers and financial firms that arranged or facilitated transactions during 2003. In instances where companies utilized their own balance sheet to close loans, or a line of credit to warehouse loans prior to securitization or sale in the secondary market, that volume was not considered production on an intermediary basis. For example, conduit lending and agency lending constituted direct lending for the purposes of this survey. The third listing includes government-sponsored enterprises Fannie Mae and Freddie Mac.

While NREI made every attempt to ensure the final survey was comprehensive, some companies chose not to participate.

Direct Lenders

1. Bank of America/Banc of America Securities LLC
100 North Tryon St.
Charlotte, NC 28255
E-mail:
commercialrealestate@bankofamerica.com
Web site: www.bofa.com
Officers: Eugene J. Godbold, President, Commercial Real Estate Banking; 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 2003: $29.6 billion

2. GMAC Commercial Mortgage Corp.
200 Witmer Rd.
Horsham, PA 19044
Phone: (215) 328-4622

Officers: Robert D. Feller, CEO; Scot B. Barker, President/COO; Thomas P. MacManus, President, North American Operations; Barry Alan Moore, EVP
Financed in 2003: $22.5 billion

3. Wachovia
301 South College St.
Charlotte, NC 28288
Phone: (704) 383-6315
Fax: (704) 374-6345
E-mail:
brett.smith@wachovia.com
Web site: www.wachovia.com
Officers: Bill Green, Managing Director; Mike Slocum, EVP; Brett Smith, Managing Director; Jim Pierpoint, VP
Financed in 2003: $21 billion

4. Morgan Stanley
1221 Avenue of the Americas
New York, NY 10020
Phone: (212) 762-6601
Fax: (212) 507-4139
E-mail:
james.flaum@morganstanley.com
Officers: John Westerfield, Managing Director; James Flaum, Managing Director; Steven Stern, Managing Director
Financed in 2003: $12 billion

5. KeyBank Real Estate Capital
127 Public Square
Cleveland, OH 44114
Phone: (888) KEY-2221

Officers: George E. Emmons Jr., EVP/National Manager; John E. Case, EVP/National Sales Manager; E.J. Burke, EVP/Director Commercial Mortgage Lending; Laurie Masters, VP/Marketing Director
Financed in 2003: $11.8 billion

6. Lehman Brothers
399 Park Ave., 8th floor
New York, NY 10022
Phone: (212) 526-7000

Officers: Ken Cohen, Managing Director
Financed in 2003: $9.6 billion

7. CSFB/Column Financial
3414 Peachtree Rd.
Atlanta, GA 30326
Phone: (404) 239-5300
Fax: (404) 239-0419
Web site:
www.columnfinancial.com
Officers: Robert Brennan, Managing Director; Kieran Quinn, Chairman; Greg Golden, President
Financed in 2003: $8.4 billion

8. Prudential Mortgage Capital Co.
100 Mulberry St., 8GC4
Newark, NJ 07102
Phone: (888) 263-6800
Fax: (973) 367-8210
E-mail:
pru_mortgage_capital@prudential.com
Web site: www.prudential.com/mortgagecapital
Officers: David A. Twardock, President; Ann Hambly, President, Prudential Asset Resource; David M. Durning, Managing Director, Originations; Amy E. Rubin, Director, Marketing
Financed in 2003: $5.6 billion

9. CIBC World Markets
622 Third Ave., 8th Floor
New York, NY 10017
Phone: (212) 667-5601
Fax: (212) 667-5600
E-mail:
michael.higgins@us.cibc.com
Web site: www.cibcwm.com/ref
Officers: Michael Higgins, Managing Director; Barrie Wood, Managing Director
Financed in 2003: $5.5 billion

10. Goldman, Sachs & Co.
85 Broad St.
New York, NY 10004
Phone: (212) 902-1000
Fax: (212) 902-3000
Financed in 2003: $4.8 billion

11. RBS Greenwich
600 Steamboar Rd.
Greenwich, CT 06830
Phone: (203) 618-2230
Fax: (203) 618-2052
E-mail:
Mark.Finerman@GCM.com
Web site: www.gcm.com
Officers: Mark Finerman, Managing Director/Head of Real Estate Finance; Charles Rosenzweig, Managing Director; Dave Murdoch, Managing Director; Wayne Brandt, Managing Director
Financed in 2003: $4.5 billion

11. UBS
1285 Avenue of the Americas
New York, NY 10019
Phone: (212) 713-2000
Web site:
www.ubs.com
Officers: Ronald Garner, Managing Director; Ahmed Alali, Managing Director; Peter Smith, Managing Director
Financed in 2003: $4.5 billion

13. 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.bearcommercialmortgage.com
Officers: J. Christopher Hoeffel, Sr. Managing Director; Jeffrey Taschler, Sr. Managing Director
Financed in 2003: $4.3 billion

14. TIAA-CREF
730 Third Ave.
New York, NY 10017
Phone: (212) 490-9000
Fax: (212) 916-6005

Officers: Herbert Allison, Chairman/President/CEO; John Somers, EVP, TIAA Investments; Joseph Luik, Sr. Managing Director, Marketing & Real Estate; Brian Browdie, Executive Director, Corporate Communications
Financed in 2003: $3.6 billion

15. Berkshire Mortgage Finance
One Beacon St., Suite 1400
Boston, MA 02108
Phone: (877) 526-3562
Fax: (617) 556-1507
E-mail:
Contactus@bmfloan.com
Web site: www.berkshiremortgage.com
Officers: Peter Donovan, CEO; Ron Halpern, COO/President
Financed in 2003: $3.5 billion

15. LaSalle Bank
135 S. LaSalle St.
Chicago, IL 60603
Phone: (312) 904-2000
Fax: (312) 904-0900
Web site:
www.lasallebank.com
Officers: Greg Spevok, Real Estate Capital Markets; Breck Hanson, Commercial Real Estate
Financed in 2003: $3.5 billion

17. National City Bank
1900 East 9th St.
Cleveland, OH 44114
Phone: (216) 222-2000
Fax: (216) 222-9650

Officers: Kenneth M. Goetz, EVP, Business Line Manager, Investment Real Estate Division
Financed in 2003: $3.4 billion

18. PNC Real Estate Finance
249 Fifth Ave.
Pittsburgh, PA 15228
Phone: (877) 762-4332
Fax: (412) 705-2010
E-mail:
realestateinfo@pnc.com
Web site: www.pncrealestatefinance.com
Officers: Andrew Siwulec, President; William Lashbrook, SVP, Portfolio Management; Jeff Johnson, SVP, Conduit Lending; Rick Steiner, Marketing Manager
Financed in 2003: $3 billion

19. AEGON USA Realty Advisors Inc.
4333 Edgewood Rd. NE
Cedar Rapids, IA 52499
Phone: (319) 398-8888
Fax: (319) 369-2283
Web site:
www.aegonrealty.com
Officers: David Blankenship, President; Steven J. Myers, SVP; Chuck Johnson, Sr. Director
Financed in 2003: $2.7 billion

20. Fremont Investment & Loan
175 North Riverview Dr.
Anaheim, CA 92808
Phone: (714) 283-6500
Fax: (714) 283-7262
E-mail:
mschafer@fmtinv.com
Web site: www.1800fremont.com
Officers: Marray L. Zoota, President/CEO; Gwyneth E. Colburn, EVP; Thomas C. Whitesell, SVP; Maura K. Schafer, VP
Financed in 2003: $2.5 billion

21. 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
Officers: Howard Levine, President/CEO; Tim White, EVP/COO; Holli Leon, EVP, Production; Arthur Nissman, VP, Corporate Communications
Financed in 2003: $2.3 billion

21. Deutsche Bank Mortgage Capital LLC
60 Wall St.
New York, NY 10005
Phone: (888) 953-DBMC
Fax: (212) 797-4664
E-mail:
ken.dickey@db.com
Web site: www.dbmortgagecapital.com
Officers: Lawrence Brown, President/CEO; Ken Dickey, Managing Director
Financed in 2003: $2.3 billion

23. iStar Financial Inc.
1114 Avenue of the Americas
New York, NY
Phone: (212) 930-9400

Officers: Jay Sugarman, Chairman/CEO; Catherine D. Rice, CFO; Jeffrey R. Digel, EVP, Co-Head Investments; Andrew C. Richardson, EVP, Capital Markets
Financed in 2003: $2.2 billion

24. CharterMac
625 Madison Ave.
New York, NY 10022
Phone: (212) 317-5700
Fax: (212) 751-3550
Web site:
www.chartermac.com
Officers: Stuart Boesky, CEO; Marc Schnitzer, President
Financed in 2003: $2 billion

25. Corus Bank N.A.
3959 North Lincoln Ave.
Chicago, IL 60613
Phone: (773) 549-7100
Fax: (773) 832-3540
Web site:
www.corusbank.com
Officers: Robert J. Glickman, President/CEO; Michael G. Stein, EVP; Lori B. Neiman, VP
Financed in 2003: $1.8 billion

25. APF
6 East 43rd St.
New York, NY 10017
Phone: (212) 850-4200
Fax: (212) 850-4216
E-mail:
tschissler@apflending.com
Web site: www.apflending.com
Officers: Alan Wiener, Chairman; Arthur Habighorst, President; Thomas A. Schissler, SVP/National Sales Director; Jack Krayson, VP
Financed in 2003: $1.8 billion

27. Wells Fargo Commercial Mortgage Group
45 Fremont St., 9th floor
San Francisco, CA 94163
Phone: (415) 396-6616
Fax: (415) 975-7813
E-mail:
cmgmarketing@wellsfargo.com
Web site: www.wellsfargo.com/cmg
Officers: Jim McDevitt, SVP; John Fay, SVP; Julie Wegner, VP
Financed in 2003: $1.7 billion

27. David L.Babson & Co. Inc. (member MassMutual)
2100 Tower Square, 1500 Main St
Springfield, MA 01115
Phone: (413) 226-1000
Web site:
www.dlbabson.com
Officers: Stuart Reese, President/CEO; Ken Hargreaves, Managing Director
Financed in 2003: $1.7 billion

29. GE Real Estate
292 Long Ridge Rd.
Stamford, CT 06927
Phone: (888) GE-FIRST
Fax: (203) 357-4475
E-mail:
ge1@allianceteleservices.com
Web site: www.gerealestate.com
Officers: Michael Pralle, President/CEO; Joe Parsons, SVP, North America Equity; Dan Smith, SVP, North America Debt; Sheila Welsh, SVP, Marketing
Financed in 2003: $1.6 billion

29. Archon Financial LP
600 East Las Colinas Blvd., Suite 450
Irving, TX 75039
Phone: (800) 710-7616
Fax: (972) 830-7698
E-mail:
info@archongroup.com
Web site: www.archonfinancial.com
Officers: Roddy O'Neal, Co-CEO; Jim Conway, Co-CEO; Joseph M. Osborne, COO; Benjamin A. Glatzer, Marketing Director
Financed in 2003: $1.6 billion

29. MMA Financial
33 N. Garden Ave., Suite 1200
Clearwater, FL 33755
Phone: (800) 237-9946
Fax: (727) 443-6067
E-mail:
investments@mmafin.com
Web site: www.MMAfin.com
Officers: Mark Joseph, Chairman of the Board/CEO; Michael Falcone, President/COO
Financed in 2003: $1.6 billion

29. Red Capital Group
Two Miranova Place
Columbus, OH 43215
Phone: (800) 837-5100
Fax: (614) 857-1660
E-mail:
financing@redcapitalgroup.com
Web site: www.redcapitalgroup.com
Officers: David L. Goodman, Sr. Managing Director; Mark C. Beisler, Sr. Managing Director; Kenneth H. Bowen, Sr. Managing Director; Linda L. Mackov, Managing Director, Business Development
Financed in 2003: $1.6 billion

33. Reilly Mortgage Group Inc.
2010 Corporate Ridge, Suite 1000
McLean, VA 22102
Phone: (703) 760-4700
E-mail:
lamarseats@reilly.com
Web site: www.reilly.com
Officers: Thomas Szydlowski, President/CEO; Michael Aquilino, EVP; Lamar Seats, SVP; Cindy Babek, Director of Marketing
Financed in 2003: $1.5 billion

34. Sumitomo Mitsui Banking Corp.
277 Park Ave.
New York, NY 10172
Phone: (212) 224-4165
Fax: (212) 224-4887
E-mail:
jonathan.peiper@smbcgroup.com
Web site: www.smbcgroup.com
Officers: William Karl, SVP; Keith Connolly, VP; Charles Sullivan, VP
Financed in 2003: $1.2 billion

35. Arbor Commercial Mortgage LLC
333 Earle Ovington Blvd., 9th Floor
Uniondale, NY 11553
Phone: (516) 832-8002
Fax: (516) 832-8045
Web site:
www.TheArborNet.com
Officers: Ronald Gaither, COO; Fred Weber, EVP, Managing Director Structural Finance; John Caulfield, SVP, Capital Markets/National Sales Manager
Financed in 2003: $1.1 billion

35. CDC Mortgage Capital
9 W. 57th St., 36th Floor
New York, NY 10019
Phone: (212) 891-5700
Fax: (212) 891-5777
Web site:
www.cdcmc.com
Officers: Scott Zucker, Head of Origination; Tony Jaffe, Managing Director
Financed in 2003: $1.1 billion

37. Collateral Mortgage Capital LLC
524 Lorna Square
Birmingham, AL 35223
Phone: (205) 978-1840
Fax: (205) 978-1852
E-mail:
loans@collateral.com
Web site: www.collateral.com
Officers: David A. Roberts, President/CEO; Thomas J. Turner, III, Chairman; H.E. (Ted) Schmidt, III, Executive Managing Director; Patricia Muse, AVP/Director of Marketing
Financed in 2003: $972.7 million

38. GE Healthcare Financial Services
500 West Monroe
Chicago, IL 60661
Phone: (800) 598-6201
Fax: (312) 441-7705
E-mail:
william.roberson@ge.com
Web site: www.GEHealthcareFinance.com
Officers: Rick Wolfert, President/CEO; Darren Alcus, General Manager, Commercial Finance; Will Roberson, SVP, Medical Properties; Randy Waring, Managing Director, Marketing
Financed in 2003: $897 million

39. Capri Capital Finance LLC
1655 N. Fort Myer Dr., 13th Floor
Arlington, VA 22209
Phone: (703) 243-5100
Fax: (703) 525-4323
E-mail:
mduggal@capricapital.com
Web site: www.capricapital.com
Officers: Daryl J. Carter, Co-Chairman/CEO; Quintin E. Primo III, Co-Chairman/CEO; Donald J. Meyer, President/Chief Lending Officer
Financed in 2003: $855.3 million

40. Imperial Capital Bank
888 Prospect St., Suite 110
La Jolla, CA 92037
Phone: (858) 551-0511
Fax: (858) 551-0625
E-mail:
ktobin@itlacapital.com
Web site: www.imperialcapitalbank.com
Officers: George W. Haligowski, President/CEO/Chairman; Norval Bruce, Chief Credit Officer; William Callam, Managing Director, Production; Kristi Tobin, AVP, Director of Marketing
Financed in 2003: $823.1 million

Financial Intermediaries

1. Bank of America/Banc of America Securities LLC
100 North Tryon St.
Charlotte, NC 28255
E-mail:
commercialrealestate@bankofamerica.com
Web site: www.bofa.com
Officers: Eugene J. Godbold, President, Commercial Real Estate Banking; 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
Arranged in 2003: $44.4 billion

2. Holliday Fenoglio Fowler LP
2000 Post Oak Blvd., Suite 2000
Houston, TX 77056
Phone: (713) 852-3500
Fax: (713) 527-8725
E-mail:
mmoren@hfflp.com
Web site: www.hfflp.com
Officers: John H. Pelusi, Jr., Executive Managing Director/Managing Member; Mark D. Gibson, Executive Managing Director; Myra F. Moren, Director, Marketing & Research
Arranged in 2003: $16.2 billion

3. L.J. Melody & Co.
5847 San Felipe, Suite 4400
Houston, TX 77057
Phone: (713) 787-1900
Fax: (713) 787.1998
E-mail:
info@ljmelody.com
Web site: www.ljmelody.com
Officers: Brian Stoffers, Executive Managing Director/COO; Mike Melody, Executive Managing Director; Tom Melody, Executive Managing Director; Jennifer Mazzaferro Uschold, Marketing Manager
Arranged in 2003: $11 billion

4. Meridian Capital Group LLC
1 Battery Park Plaza
New York, NY 10004
Phone: (800) 769-3325
Fax: (212) 612-0100
Web site:
www.meridiancapital.com
Officers: Ralph Herzka, President/CEO; Aaron Birnbaum, EVP; Jim Reichek, COO
Arranged in 2003: $9.1 billion

5. NorthMarq Capital Inc.
3500 American Blvd. West, Suite 500
Bloomington, MN 55431
Phone: (952) 356-0100
Fax: (952) 356-0088
E-mail:
dscovill@northmarq.com
Web site: www.northmarq.com
Officers: Edward Padilla, CEO; Craig Butchenhart, President; Tim O'Connor, EVP; Mike Myers, COO
Arranged in 2003: $6 billion

6. GMAC Commercial Mortgage Corp.
200 Witmer Rd.
Horsham, PA 19044
Phone: (215) 328-4622

Officers: Robert D. Feller, CEO; Scot B. Barker, President/COO; Thomas P. MacManus, President, North American Operations; Barry Alan Moore, EVP
Arranged in 2003: $4 billion

7. iCap Realty Advisors
100 North Riverside Plaza, Suite 2300
Chicago, IL 60606
Phone: (312) 258-iCap (4227)
Fax: (312) 258-4222
E-mail:
rberman@iCapRealty.com
Web site: www.iCapRealty.com
Officers: Ross A. Berman, President/COO; Michael Welty, Chairman/Board of Managers
Arranged in 2003: $3.6 billion

8. 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
Officers: Frank Schmitz, Head of Real Estate Equity Group; Todd Everett, Head of Real Estate Fixed Income Group; Steve Graves, Head of Production & Asset Management; Richard Hibbs, Executive Director
Arranged in 2003: $3.3 billion

9. Sonnenblick Goldman Co.
712 Fifth Ave.
New York, NY 10019
Phone: (312) 841-9229
Fax: (312) 262-4224
E-mail:
aoliver@sonngold.com
Web site: www.sonngold.com
Officers: Steven Kohn, President; Andrew Oliver, Managing Director/Principal
Arranged in 2003: $3.2 billion

10. Cohen Financial
Two N. LaSalle St., Suite 800
Chicago, IL 60602
Phone: (312) 346-5680
Fax: (312) 346-6669
Web site:
www.cohenfinancial.com
Officers: Jack M. Cohen, CEO; Frank Scavone, COO; Bill Wein, Managing Director, Capital Markets; Joe Vitek, Brand Manager, Marketing
Arranged in 2003: $2.9 billion

11. Secured Capital
11150 Santa Monica Blvd., Suite 1400
Los Angeles, CA 90025
Phone: (310) 477-9600
Fax: (310) 477-3436
E-mail:
dstout@securedcapital.com
Web site: www.securedcapital.com
Officers: D. Michael Van Konyenburg, Chairman/CEO; Charles P. Toppino, EVP/Principal; Carl Rieger, COO
Arranged in 2003: $2.6 billion

12. GE Real Estate
292 Long Ridge Rd.
Stamford, CT 06927
Phone: (888) GE-FIRST
Fax: (203) 357-4475
E-mail:
ge1@allianceteleservices.com
Web site: www.gerealestate.com
Officers: Michael Pralle, President/CEO; Joe Parsons, SVP, North America Equity; Dan Smith, SVP, North America Debt; Sheila Welsh, SVP, Marketing
Arranged in 2003: $2.1 billion

13. The Ackman-Ziff Real Estate Group LLC
110 East 42nd St.
New York, NY 10017
Phone: (212) 697-3333
Fax: (212) 286-4033
E-mail:
info@ackmanziff.com
Web site: www.ackmanziff.com
Officers: Lawrence D. Ackman, Chairman; Simon Ziff, President; Russel Schildkraut, Partner
Arranged in 2003: $1.8 billion

14. Wachovia
301 South College St.
Charlotte, NC 28288
Phone: (704) 383-6315
Fax: (704) 374-6345
E-mail:
brett.smith@wachovia.com
Web site: www.wachovia.com
Officers: Bill Green, Managing Director; Mike Slocum, EVP; Brett Smith, Managing Director; Jim Pierpoint, VP
Arranged in 2003: $1.7 billion

15. The Singer & Bassuk Organization
767 Third Ave.
New York, NY 10017
Phone: (212) 371-2277
E-mail:
scottsinger@singerbassuk.com
Web site: www.singerbassuk.com
Officers: Andrew J. Singer, Chairman/CEO; Scott A. Singer, EVP
Arranged in 2003: $1.6 billion

16. Credit Lyonnais
1301 6th Ave.
New York, NY 10019
Phone: (212) 261-7854
Fax: (212) 261-3830
E-mail:
jim.fitzgerald@clamericas.com
Officers: James Fitzgerald, SVP; Mary Guzman, VP
Arranged in 2003: $1.5 billion

16. Inland Mortgage Corp.
2901 Butterfield Rd.
Oak Brook, IL 60523
Phone: (630) 218-8000
Fax: (630) 218-4961
Web site:
www.inlandmtg.com
Officers: Raymond E. Petersen, President; Leslie Lundin, SVP
Arranged in 2003: $1.5 billion

16. Draper and Kramer Inc.
33 W. Monroe St.
Chicago, IL 60603
Phone: (312) 580-6553
Fax: (312) 346-6531
E-mail:
barryb@draperandkramer.com
Web site: www.draperandkramer.com
Officers: Douglas Kramer, Chairman; Forrest Bailey, President/CEO; Bill Barry, SVP
Arranged in 2003: $1.5 billion

19. Collateral Mortgage Capital LLC
524 Lorna Square
Birmingham, AL 35223
Phone: (205) 978-1840
Fax: (205) 978-1852
E-mail:
loans@collateral.com
Web site: www.collateral.com
Officers: David A. Roberts, President/CEO; Thomas J. Turner, III, Chairman; H.E. (Ted) Schmidt, III, Executive Managing Director; Patricia Muse, AVP/Director of Marketing
Arranged in 2003: $1.2 billion

20. Capstone Realty Advisors LLC
1120 Chester Ave., Suite 300
Cleveland, OH 44147
Phone: (216) 902-8500
Fax: (216) 902-8501
E-mail:
drogan@capstone-realty.com
Web site: www.capstone-realty.com
Officers: James Doyle, President; Ned Huffman, CEO; Deborah Rogan, COO
Arranged in 2003: $1 billion

21. Quantum First Capital
8235 Douglas Ave., Suite 910
Dallas, TX 75225
Phone: (214) 346-0200
Fax: (214) 346-0244
E-mail:
quantum@qfclp.com
Web site: www.qfclp.com
Officers: Stuart Wernick, President; Hunter McGrath, VP
Arranged in 2003: $722.5 million

22. Dwinn-Shaffer & Co.
30 West Monroe St., Suite 1610
Chicago, IL 60603
Phone: (312) 346-9191
Fax: (312) 346-2613
Web site:
www.dwinn.com
Officers: Leonard E. “Bud” Wineburgh, President; Joel Levin, CFO; Lance Mayster, EVP
Arranged in 2003: $602.9 million

23. Marcus & Millichap Capital Corp.
19800 MacArthur Blvd., Suite 150
Irvine, CA 92612
Phone: (949) 851-3030
Fax: (949) 851-4345
E-mail:
sbladen@marcusmillichap.com
Web site: www.mmcapcorp.com
Officers: William Hughes, SVP; Greg Miskovsky, Divisional Loan Manager; Rick Hayward, Sr. Loan Officer; Michelle Cocagne, VP, Corporate Communications
Arranged in 2003: $600 million

24. Dominion Healthcare Financial Corp.
11355 West Olympic Blvd., Suite 210
Los Angeles, CA 90064
Phone: (310) 477-3041
Fax: (310) 477-1601
E-mail:
paul@dominfin.com
Web site: www.dominfin.com
Officers: Paul S. Horvitz, President; Keith A. Olson, EVP; Loren N. Thall, VP
Arranged in 2003: $575 million

25. Glaser Financial Group Inc.
2177 Youngman Ave.
St. Paul, MN 55116
Phone: (651) 644-7694
Fax: (651) 644-0923
Web site:
www.glaser.com
Officers: David Williams, CEO; Kevin Filter, President; Matthew Whitlock, VP
Arranged in 2003: $549.7 million

26. PNC Real Estate Finance
249 Fifth Ave.
Pittsburgh, PA 15228
Phone: (877) 762-4332
Fax: (412) 705-2010
E-mail:
realestateinfo@pnc.com
Web site: www.pncrealestatefinance.com
Officers: Andrew Siwulec, President; William Lashbrook, SVP, Portfolio Management; Jeff Johnson, SVP, Conduit Lending; Rick Steiner, Marketing Manager
Arranged in 2003: $544 million

27. Heitman
191 North Wacker Dr., Suite 2500
Chicago, IL 60606
Phone: (312) 855-5700
Fax: (312) 855-0459
Web site:
www.heitman.com
Officers: Jerry Claeys, Chairman; Maury Tognarelli, President/CEO; Stu Isen, Managing Director; Lewis Ingall, EVP
Arranged in 2003: $513 million

28. Bernard Financial Group
28300 Franklin Rd.
Southfield, MI 48034
Phone: (248) 799-9200
Fax: (248) 799-9208

Officers: Dennis S. Bernard, President
Arranged in 2003: $376.1 million

29. Metropolitan Capital Advisors Ltd.
18111 Preston Rd., Suite 100
Dallas, TX 75252
Phone: (972) 267-0600
Fax: (972) 267-0606
E-mail:
gjohnson@metcapital.com
Web site: www.metcapital.com
Officers: Scott R. Lynn, Director/Principal
Arranged in 2003: $375 million

30. AFC Realty Capital Inc.
111 West 57th St., Suite 520
New York, NY 10019
Phone: (212) 245-2050
Fax: (212) 245-0022
E-mail:
caponi@afcrealtycapital.com
Web site: www.afcrealtycapital.com
Officers: Arthur Fefferman, President; Michael Sonnabend, Executive Director; Joseph Fatony, Sr. Managing Director; Peter Berk, President, AFC Hotel Finance Group
Arranged in 2003: $300 million

31. Arko Investments Inc.
155 N. Harbor Dr., Suite 1202
Chicago, IL 60601
Phone: (312) 540-1580
Fax: (312) 540-1584
E-mail:
arkoinv@aol.com
Officers: Allan Koretz, Managing Partner; Bob Koretz, Managing Partner
Arranged in 2003: $250 million

32. Commercial Mortgage Capital
333 Littleton Rd., Suite 204
Parsippany, NJ 07054
Phone: (973) 316-8999
Fax: (973) 316-0199
E-mail:
mscott@cmccorp.com
Web site: www.cmccorp.com
Officers: Mark M. Scott, President; Ginni Bukowski, VP
Arranged in 2003: $221 million

33. Dockerty Romer & Co.
70 SE 4th Ave.
Delray Beach, FL 33483
Phone: (561) 330-8000
Fax: (561) 330-8001
E-mail:
drc@dockertyromer.com
Officers: Robert J. Dockerty, Principal; Craig B. Romer, Principal
Arranged in 2003: $215 million

33. PRC Partners Realty Capital LLC
1302 Dove St., Suite 720
Newport Beach, Calif. 92660
Phone: (949) 851-1954
Fax: (949) 851-1819
E-mail:
jhunter@prcpartners.com
Web: www.prcpartners.com
Officers: Jay Hunter, Managing Director; David Young, Managing Director
Arranged in 2003: $215 million

35. APC Realty Advisors
650 Fifth Ave.
New York, NY 10019
Phone: (212) 397-2000
Fax: (212) 397-0494
E-mail:
email@apcrealty.com
Officers: Richard H. Mosse, President/CEO; Caroline Mosse, SVP; Stuart Lederer, Managing Director
Arranged in 2003: $210 million

36. U.S. Realty Advisors LLC
1370 Avenue of the Americas
New York, NY 10019
Phone: (212) 581-4540
Fax: (212) 581-4950
E-mail:
pbennett@usrealtyadvisors.com
Web site: www.usrealtyadvisors.com
Officers: Richard Ader, Chairman; David Silvers, Vice Chairman; Laurie Hawkes, President
Arranged in 2003: $200 million

37. Monroe & Giordano LLC
777 S. Harbour Island Blvd., Suite 140
Tampa, FL 33602
Phone: (813) 229-5055
Fax: (813) 229-5363
E-mail:
cmonroe@monroe-giordano.com
Web site: www.Monroe-Giordano.com
Officers: Cary Monroe, President; Mike Giordano, EVP; Glenda Rice, Director of Loan Processing
Arranged in 2003: $108 million

38. Reilly Mortgage Group Inc.
2010 Corporate Ridge, Suite 1000
McLean, VA 22102
Phone: (703) 760-4700
E-mail:
lamarseats@reilly.com
Web site: www.reilly.com
Officers: Thomas Szydlowski, President/CEO; Michael Aquilino, EVP; Lamar Seats, SVP; Cindy Babek, Director of Marketing
Arranged in 2003: $77 million

39. Investment Realty Company LC
1635 NE Loop 410, Suite 910
San Antonio, TX 78209
Phone: (210) 828-9261
Fax: (210) 828-8797
E-mail:
info@investmentrealty.com
Web site: www.investmentrealty.com
Officers: Barbara S. Condos, President; Stephen A. Raub, VP; Alex Condos, Director of Mortgage Banking; Donald A. Willoughby, VP
Arranged in 2003: $50 million

40. First American Realty Associates LLC
195 Fairfield Ave., Suite 1-C
West Caldwell, N.J. 07006
Phone: (973) 618-9026
Fax: (973) 618-9126
E-mail:
Firstamerrealty@aol.com
Officers: Joseph S. Epstein, President
Arranged in 2003: $37 million

Government-Sponsored Enterprises

Fannie Mae
3900 Wisconsin Ave. NW
Washington, D.C. 20009
Phone: (800) 732-6643
Fax: (301) 280-2049
Web site:
www.fanniemae.com
Officers: Ken Bacon, SVP; Richard Lawch, SVP
Arranged in 2003: $36 billion

Freddie Mac
8100 Jones Branch Drive
McLean, VA 22102
Phone: (703) 714-2650
Fax: (703) 714-4004
Web site:
www.FreddieMac.com
Officers: Adrian B. Corbiere, SVP, Multifamily Division Head; Robert Y. Tsien, SVP, Multifamily Loan Production
Arranged in 2003: $22.6 billion