The following rankings were originally published in the May issue of NREI. They 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. A second listing includes government-sponsored enterprises Fannie Mae and Freddie Mac. A third 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.

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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
Alan Wiener, Chairman; Arthur Habighorst, President; Thomas A. Schissler, SVP/National Sales Director; Jack Krayson, VP
Financed in 2003: $1.8 billion