The following rankings were originally published in the May issue of NREI. The 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 2004 calendar year. Listings are presented in two parts. The first listing includes firms financing direct loans, credit lines, CMBS lending and other forms of direct investments to the industry. The second listing ranks financial intermediaries, including mortgage brokers and financial firms that arranged or facilitated transactions during 2004.

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.

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

*Indicates tie

1. Bank of America/Banc of America Securities LLC
100 N. Tryon St.
Charlotte, NC 28255
E-mail:
commercialrealestate@bankofamerica.com
Website: www.bofa.com
Officers: Eugene J. Godbold, President, Commercial Real Estate Banking; Ron D. Sturzenegger, Managing Director & Group Head, Real Estate & Lodging Investment Banking; George G. Ellison, Managing Director, Group Head of ASIG Finance & Origination Financed in 2004: $58.6 billion

2. Wachovia
301 S. College, NC0171
Charlotte, NC 28288
Phone: (704) 383-6315
Fax: (704) 374-6345
E-mail:
brett.smith@wachovia.com
Website: www.wachovia.com
Officers: Bill Green, Managing Director/Head of Real Estate Capital Markets; Glenn Eubanks, EVP/Head of Real Estate Financial Services; Brett Smith, Managing Director/Head of Mortgage Origination & Placement; Jim Pierpoint, VP
Financed in 2004: $46.8 billion

3. KeyBank Real Estate Capital
127 Public Square
Cleveland, OH 44114
Phone: (888) 539-2222
Fax: (216) 689-5462
Website:
www.key.com/realestatecapital
Officers: George E. Emmons Jr., EVP, Group Head; John E. Case, EVP, National Sales Manager; E.J. Burke, EVP, Commercial Mortgage Lending; Laurie Masters, VP, Marketing
Financed in 2004: $18.8 billion

4. GMAC Commercial Mortgage Corp.
200 Witmer Rd.
Horsham, PA 19044
Phone: (800) 446-2226
Fax: (215) 328-1976
Website:
www.gmaccm.com
Officers: Robert D. Feller, CEO; Scot B. Barker, President/COO; Thomas P. MacManus, President/CEO, North American Operations; Colleen Plummer, SVP/Managing Director, Communications & Marketing
Financed in 2004: $17.1 billion

5. Lehman Brothers
399 Park Ave.
New York, NY 10022
Phone: (212) 526-5191
E-mail:
kcohen@lehman.com
Officers: Mark Walsh, Managing Director; Kenneth Cohen, Managing Director; Brett Ersoff, Managing Director
Financed in 2004: $16.5 billion

6. CSFB/Column Financial Inc.
3414 Peachtree Rd
Atlanta, GA 30326
Phone: (404) 239-5300
Fax: (404) 261-5879
E-mail:
kieran.quinn@colfin.com
Website: www.columnfinancial.com
Officers: Robert P. Brennan, Global Head of Real Estate Finance; Kieran P. Quinn, Chairman, Column Financial Inc.; Gregory R. Golden, President, Column Financial Inc.
Financed in 2004: $12.5 billion

7. LaSalle Bank
135 S. LaSalle St.
Chicago, IL 60603
Phone: (312) 904-2000
Website:
www.lasallebank.com
Officers: Norman R. Bobins, President/CEO; M. Hill Hammock, Chairman/COO; John Newman, President, Specialty Banking; Mark Nystuen, Chief Marketing Officer
Financed in 2004: $11.5 billion

8. 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
Website: www.morganstanley.com
Officers: John Westerfield, Managing Director; James Flaum, Managing Director; Steven Stern, Managing Director
Financed in 2004: $11.1 billion

9. Washington Mutual
1201 Third Ave.
Seattle, WA 98101
Phone: (866) 353-3742
Website:
www.wamu.com
Officers: Craig Chapman, President, Commercial Group; Al Brooks, EVP/Chief Lending Officer; Robin Bolz, EVP; Dianne Larsen, EVP
Financed in 2004: $9.9 billion

10. GE Commercial Finance Real Estate
292 Long Ridge Rd.
Stamford, CT 06927
Phone: (888) GE-FIRST
Fax: (203) 357-4475
E-mail:
elead_gere.usa@ge.com
Website: www.gerealestate.com
Officers: Michael E. Pralle, President/CEO; Joseph Parsons, President, North America Equity; Daniel Smith, SVP, North America Debt; Jonathan Kern, Chief Investment Officer
Financed in 2004: $8.1 billion

11. Prudential Mortgage Capital Co.*
100 Mulberry St., 8GC4
Newark, NJ 07045
Phone: (888) 263-6800
Fax: (973) 367-8210
E-mail:
pru_mortgage_capital@prudential.com
Website: www.prudential.com/mortgagecapital
Officers: David Twardock, President; David Durning, Managing Director, Originations; Amy Rubin, Director, Marketing
Financed in 2004: $8 billion

11. Deutsche Bank*
60 Wall St.
New York, NY 10005
Phone: (212) 250-2500
Fax: (212) 797-4490
Website:
www.dbmortgagecapital.com
Officers: Jon Vaccaro, Managing Director, Global Head of Commercial Real Estate; Eric Schwartz, Managing Director, Large Loan Originations; Kenneth Dickey, Managing Director, Conduit Loan Originations; Elizabeth Sandler, Managing Director/COO, Commercial Real Estate
Financed in 2004: $8 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
Website: www.bearcommercialmortgage.com
Officers: J. Christopher Hoeffel, Senior Managing Director; Randy Reiff, Senior Managing Director
Financed in 2004: $6.7 billion

14. RBS Greenwich Capital
600 Steamboat Rd.
Greenwich, CT 06830
Phone: (203) 618-2230
Fax: (203) 618-2052
Website:
www.gcm.com
Officers: Chuck Rosenzweig, Managing Director; Dave Murdoch, Managing Director; Wayne Brandt, Managing Director; Peter Ward, Head of Corporate Communications
Financed in 2004: $6.5 billion

15. CIBC World Markets
300 Madison Ave., 8th Floor
New York, NY 10017
Phone: (212) 667-5601
Fax: (212) 667-5600
E-mail:
michael.higgins@us.cibc.com
Website: www.cibcwm/ref
Officers: Michael Higgins, Managing Director; Barrie Wood, Managing Director; John Sawyers, Executive Director
Financed in 2004: $5.6 billion

16. National City
1900 E. 9th St., 15th Floor
Cleveland, OH 44114
Phone: (216) 222-2332
Fax: (216) 222-9650

Officers: Kenneth M. Goetz, EVP/Business Line Manager
Financed in 2004: $5.1 billion

17. TIAA-CREF
730 3rd Ave.
New York City, NY 10017
Phone: (212) 490-9000
Fax: (212) 916-6005
Website:
www.tiaa-cref.org
Officers: Herbert M. Allison, Chairman/President/CEO; Elizabeth Monrad, EVP/CFO
Financed in 2004: $4.6 billion

18. UBS
1285 Avenue of the Americas
New York, NY 10019
Phone: (212) 713-2000
Fax: (212) 713-2099
Website:
www.ubs.com
Officers: Ron Garner, Managing Director; Ahmed Alali, Managing Director; Peter Smith, Managing Director
Financed in 2004: $4.5 billion

19. PNC Real Estate Finance
249 Fifth Ave.
Pittsburgh, PA 15243
Phone: (877) PNC-IDEA
Fax: (412) 705-2010
E-mail:
realestateinfo@pncrealestatefinance.com
Website: www.pncrealestatefinance.com
Officers: Hugh Frater, EVP; Marc McAndrew, SVP; Jeff Johnson, SVP; Scott Bassin, COO
Financed in 2004: $4 billion

20. American Property Financing
6 E. 43rd St.
New York, NY 10017
Phone: (212) 850-4200
Fax: (212) 850-4216
E-mail:
tschissler@apflending.com
Website: www.apflending.com
Officers: Alan Wiener, Chairman; Art Habighorst, President; Thomas Schissler, EVP/National Sales Director; Jack Krayson, Director, Marketing Services
Financed in 2004: $2.9 billion

21. iStar Financial Inc.
1114 Avenue of the Americas
New York, NY 10036
Phone: 212-930-9400
Fax: 212-930-9494
Website:
www.istarfinancial.com
Officers: Jay Sugarman, Chairman and CEO; Jay Nydick, President; Jeffrey R. Digel, EVP, Investments; Roger M. Cozzi, EVP, Investments
Financed in 2004: $2.78 billion

22. Fremont Investment & Loan*
2727 E. Imperial Hwy.
Brea, CA 92821
Phone: (714) 961-5000
Fax: (714) 961-7509
E-mail:
mschafer@fmtinv.com
Website: www.1800fremont.com
Officers: Murray L. Zoota, President/CEO; Gwyneth E. Colburn, EVP, Commercial Real Estate; Tom Whitesell, SVP, Commercial Real Estate; Maura Schafer, VP, Marketing
Financed in 2004: $2.7 billion

22. CharterMac*
625 Madison Ave.
New York, NY 10022
Phone: (212) 317-5700
Fax: (212) 751-3559
Website:
www.chartermac.com
Officers: Stuart Boesky, CEO; Marc Schnitzer, President
Financed in 2004: $2.7 billion

24. AEGON USA Realty Advisors
4333 Edgewood Rd. NE
Cedar Rapids, IA 52499
Phone: (319) 398-8888
Fax: (319) 369-2283
Website:
www.aegonrealty.com
Officers: David Blankenship, President; Steven J. Myers, SVP; Chuck Johnson, Senior Director
Financed in 2004: $2.6 billion

25. IXIS Real Estate Capital Inc.
9 W. 57th St., 36th Floor
New York, NY 10019
Phone: (212) 891-5700
Fax: (212) 891-5777
E-mail:
realestate@ixiscm.com
Website: www.ixisrealestatecapital.com
Officers: Brook Payner, Head of Real Estate Finance; Scott Zucker, Head of Originations; Janine Shagoury, Corporate Communications
Financed in 2004: $2.5 billion