NREI presents 9th Annual Top Lender Survey New York-based Lehman Brothers retains its No. 1 direct lender ranking in this year's survey, but barely, with $13.4 billion financed during calendar year 1999, down from $29 billion the previous year. Horsham, Pa.-based GMAC Commercial Mortgage Corp. jumped from No. 5 to No. 2 in the 2000 survey with $13 billion financed in '99.

Meanwhile, Charlotte, N.C.-based Bank of America led financial intermediaries with $37.1 million in loans arranged. These rankings are based on responses from individual firms to our questionnaire, and reflect total dollars financed or arranged in commercial real estate industry during 1999.

The listings are in two parts. The first listing includes firms financing direct loans, credit lines, CMBS lending and other forms of more direct investment to the industry. The second listing ranks financial intermediaries, including mortgage brokers and financial firms that arranged or facilitated transactions in 1999. Definitions of direct lender vs. financial intermediary were provided to each respondent.

1. Lehman Brothers 3 World Financial Center

New York, NY 10285

Phone: (212) 526-7000

Web site: www.lehman.com

Officers:

Mng. Dir., Michael Mazzei; Mng. Dir., Mark Walsh

Financed 1999: $13,400,000,000

Financed by Region:

International: $600,000,000

2. GMAC Commercial Mortgage Corp. 650 Dresher Road, P.O. Box 1015

Horsham, PA 19044

Phone: (215) 328-1942

Fax: (215) 328-1976

Web site: www.gmac.com

Officers:

Chmn./CEO, David E. Creamer; Pres./COO, Charles E. Dunleavy Jr.; EVP, Harold W. Purcell; SVP, Scott Rombach

Financed 1999: $13,000,000,000

3. Bank of America 100 N. Tryon St.

Charlotte, NC 28255

Phone: (704) 386-5000

Fax: (704) 388-0098

Web site: www.bankofamerica.com

Officers:

Mng. Dir, Bill Hodges; Mng. Dir. (Commercial), Mike Buchanan; Mng. Dir. (Mid Atlantic), Ron Curtis; Mng. Dir. (Southeast), Bob Johnson; Mng. Dir. (West), Hal Greene; Mng. Dir. (Northwest), Pat McDonough; Mng. Dir. (Midwest), Michael Mihelbergel; Mng. Dir. (Southwest), Karl Zavitkovsky; Mng. Dir. (Conduit), Carmela Anderson; Mng. Dir. (Structured Debt), Don Benningfield; Mng. Dir. (Structured Debt), Reinhard Schneider

Financed 1999: $9,300,000,000

Financed by Region:

Southeast: $1,300,000,000

Midwest: $6,000,000,000

Southwest: $1,000,000,000

West: $2,000,000,000

4. Freddie Mac 8100 Jones Branch Drive, Mail Stop B47

McLean, VA 22102

Phone: (703) 714-2650

Fax: (703) 714-3387

Officers:

SVP, Adrian Corbiere; VP, H.L.Van Varick; VP, Mitchell Kiffe; Regional Dir., Christopher Hooke; Regional Dir., Richard Martinez; Regional Dir., James Metzger; Regional Dir., Michael McRoberts; Mktg., Sabine Wilson

Financed 1999: $7,162,169,651

Financed by Region:

Northeast: $1,033,702,500

Southeast: $2,427,041,284

Midwest: $1,009,199,987

West: $2,692,225,880

5. Wachovia Bank 191 Peachtree St. NW

Atlanta, GA 30303

Phone: 404-332-4116

Fax: (404) 332-1450

Web site: www.wachovia.com

Officers:

Chmn./CEO, Bud Baker; Pres./COO, G. Prendergast; SVP, Group Exec., Mark W. Midkiff

Financed 1999: $6,000,000,000

Financed by Region:

Southeast: $6,000,000,000

6. KeyBank National Assoc. 127 Public Square

Cleveland, OH 44114

Phone: (216) 689-3574

Fax: (216) 689-3566

Officers:

Chmn./CEO, Robert W. Gillespie; Pres./COO, Henry L. Meyer; Mng. Dir., Bill Trefethen; EVP/Nat'l Exec., George Emmons; Mng. Dir., John Shrewsberry; EVP/Chief Mktg. Officer, Karen Haefling

Financed 1999: $5,900,000,000

Financed by Region:

Northeast: $1,050,000,000

Midwest: $2,050,000,000

Southwest: $1,175,000,000

West: $1,625,000,000

7. Morgan Stanley Dean Witter 1585 Broadway

New York, NY 10036-8293

Phone: (212) 761-4700

Fax: (212) 761-0509

Web site: www.msdw.com

Officers:

Mng. Dir., Owen Thomas; Mng. Dir., John Westerfield; Principal, Arvind Bajaj; Dir., Kevin Midwinter

Financed 1999: $5,000,000,000

8. First Union Securities First Union Real Estate Capital Markets, 301 S. College St., DC-6

Charlotte, NC 282880166

Phone: (888) 217-9084

Fax: (704) 374-6345

E-mail:

firstname.lastname@capmark.funb.com

Web site: www.firstunion.com

Officers:

Mng. Dir., Client Mgmt./Product Delivery, Steve Jones; Mng. Dir., Commercial Real Estate Finance, Barry Reiner; Dir., Nat. Accts., Brett Smith; VP, Hillary Cooper

Financed 1999: $4,800,000,000

9. TIAA-CREF 730 Third Ave.

New York, NY 10017

Phone: (212) 916-4144

Fax: (212) 916-6005

E-mail: jthomson@tiaa-cref.org

Officers:

Chmn., John Biggs; Vice Chmn./CIO, Martin Liebowitz; Sr. Mng. Dir., Joseph Luik; Pres. Relations Officer, Claire Sheahan

Financed 1999: $4,623,800,000

Financed by Region:

Northeast: $1,212,400,000

Southeast: $815,700,000

Midwest: $534,400,000

Southwest: $409,700,000

West: $1,604,000,000

International: $47,600,000

10. PNC Bank One PNC Plaza

Pittsburgh, PA 15222

Phone: (412) 762-7947

Fax: (412) 705-1645

Officers:

EVP, Real Estate Banking, Mike Hannon

Financed 1999: $4,300,000,000

Financed by Region:

Northeast: $2,405,000,000

Southeast: $624,000,000

Midwest: $659,000,000

Southwest: $201,000,000

West: $408,000,000

11. AEGON USA Realty Advisors Inc. 4333 Edgewood Road NE

Cedar Rapids, IA 52499

Phone: (319) 398-7939

Fax: (319) 369-2218

Officers:

Pres., David Blankenship; SVP, Mortgage Loans, Steve Myers

Financed 1999: $3,000,000,000

11. Prudential Mortgage Capital Co. 100 Mulberry St.

Newark, NJ 07102

Phone: (973) 802-7500

Web site: www.prudential.com

Officers:

Pres., David Twardock; Mng. Dir., Capital Markets Loan Programs, Shane Tucker; Mng. Dir., Securitization Programs, Martin Lanigan; Mng. Dir., General Account Portfolio, David Stewart; Mng. Dir., Mortgage Asset. Mgmt., Paul Egan; Mng. Dir., Central Region, David Durning; Mng. Dir., Western Region, Paige Hood; Mng. Dir., Eastern Region, Thor Orndahl

Financed 1999: $3,000,000,000

Financed by Region:

Northeast: $1,300,000,000

Midwest: $980,000,000

West: $810,000,000

13. Goldman, Sachs & Co. 85 Broad St., 23rd Floor

New York, NY 10004

Phone: (212) 902-5900

Fax: (212) 346-3594

Web site: www.gs.com

Officers:

Mng. Dir., Sheridan Schechner; Mng. Dir., Mark Weiss

Financed 1999: $2,775,300,000

14. Finova Capital 19900 MacArthur Boulevard, Ste. 1100

Irvine, CA 92612

Phone: (949) 442-8040

Fax: (949) 622-3468

E-mail: elohnes@finova.com

Web site: www.finova.com

Officers:

SVP, William G. Campbell; Mng. Dir., Jeff Tomei; Mktg. Dir., Ed Lohnes

Financed 1999: $2,600,000,000

15. Chase Manhattan Bank - Chase Commercial Mortgage 380 Madison Ave., 10th Floor

New York, NY 10017

Phone: (800) 276-0035

Fax: (212) 622-3553

Web site: www.chase.com/ccmbc

Officers:

Mng. Dir., Head of Production, Rochelle R. Dobbs

Financed 1999: $2,500,000,000

16. J. P. Morgan Mortgage Capital Inc. 400 Perimeter Center Tr., Ste. 575

Atlanta, GA 30346

Phone: (770) 351-8300

Fax: (770) 351-8399

Officers:

Pres./CEO, Lamar Kelly; Nat'l. Dir., Production, Brien Wloch; VP, Paul Geyer; Mktg. Dir., Lisa Malone

Financed 1999: $2,486,297,153

Financed by Region:

Northeast: $565,973,937

Southeast: $530,915,119

Midwest: $520,773,054

Southwest: $342,520,585

West: $526,114,458

17. Column Financial Inc. 3414 Peachtree Road, NE, Ste. 1140

Atlanta, GA 30326

Phone: (404) 239-5300

Fax: (404) 239-0419

Web site: www.columnfinancial.com

Officers:

Pres./CEO, Kieran P. Quinn; Mng. Dir., Steve Kantor

Financed 1999: $2,300,000,000

17. The WMF Group 1593 Spring Hill Road, Ste. 400

Vienna, VA 22182

Phone: (703) 610-1400

Fax: (703) 610-1449

Web site: www.wmfg.com

Officers:

Chmn./CEO, Shekar Narasimhan; Pres./COO, Chuck Cremens

Financed 1999: $2,300,000,000

19. Paine Webber Real Estate Securities Inc. 1285 Ave. of the Americas, 38th Fl.

New York, NY 10019

Phone: (212) 713-2000

Fax: (212) 713-3006

E-mail: dacohen@painewebber.com

Officers:

Mng. Dir., Co-head, R.E., Jack Taylor; Mng. Dir., Ron J. Wechsler; VP, David A. Cohen; VP, Kellogg C. Gaines; Asst. VP, Scott M. Stein; Analyst, James J. Ruggiero

Financed 1999: $2,100,000,000

20. Banc One Capital Funding Corp. 150 E. Gay St., 22nd Floor, OH1-1222

Columbus, OH 43215

Phone: (800) 837-5100

Fax: (614) 217-0104

E-mail: bocfcfinancing@bocc.com

Web site: www.bocfc.com

Officers:

Chmn., William E. Roberts; Pres., David L. Goodman; VP, Linda L. Mackov; Dir., Kenneth H. Bowen

Financed 1999: $2,087,404,724

21. National City Corp. 1900 E. Ninth St.

Cleveland, OH 44114

Phone: (216) 575-2332

Fax: (216) 575-9650

Officers:

EVP, Kenneth M. Goetz

Financed 1999: $2,000,000,000

21. Berkshire Mortgage Finance One Beacon St., 14th floor

Boston, MA 02108

Phone: (617) 523-0066

Fax: (617) 556-1507

Web site: www.berkshiremortgage.com

Officers:

CEO, Peter F. Donovan; Pres., Ronald F. Halpern; Pres., Bethesda Div., William D. Comings Jr.; Sr. VP, Originations, Thomas C. Szydlawski; Sr. VP, Origination, Scott G. Suttle; PR/Media Coord., Kathryn M. Perry

Financed 1999: $2,000,000,000

Financed by Region:

Northeast: $672,000,000

Southeast: $354,000,000

Midwest: $146,000,000

Southwest: $372,000,000

West: $419,000,000

21. CIBC World Markets 1 World Financial Center

New York, NY 12081

Phone: (888) 411-2422

Fax: (212) 571-4714

Web site: www.cibcwm.com/ref

Officers:

Mng. Dir., Michael Higgins; Mng. Dir., Barrie Wood; Exec. Dir., James Baranello

Financed 1999: $2,000,000,000

24. Heller Financial Inc. 500 W. Monroe St.

Chicago, IL 60661

Phone: (888) 800-1218

Fax: (312) 441-7050

Web site: www.hellerfinancial.com

Officers:

Group Pres., John Petrovski; Mng. Dir., Structured Business, Craig Andreen; Mng. Dir., Fixed Rate Business, Rob Kukuilka; Mng. Dir., Specialty Business, Mike Rowan; VP, Mktg. Dir., Heller Realty Estate Finance, Joanne Kim

Financed 1999: $1,640,000,000

25. David L. Babson & Co. Inc. A Member of MassMutual

1295 State St.

Springfield, MA 01111

Phone: (800) 643-7343

Fax: (413) 744-7788

Web site: www.dlbabson.com

Officers:

Pres./CEO, Stuart Reese; Exec Dir., Ken Hargreaves

Financed 1999: $1,551,332,000

Financed by Region:

Northeast: $111,500,000

Southeast: $271,555,000

Midwest: $450,778,000

Southwest: $210,865,000

West: $506,634,000

26. Reilly Mortgage Group 2000 Corporate Ridge, Ste. 925

McLean, VA 22102

Phone: (703) 760-4700

Fax: (703) 760-4750

E-mail: marketing@reilly.com

Web site: www.reilly.com

Officers:

Chmn./CEO, Terry Havens; SVP, Production, Patrick Kinlan; Mktg. Dir., Donald Kirkpatrick

Financed 1999: $1,500,000,000

26. Deutsche Banc Mortgage Capital LLC 31 West 52nd St., 10th Floor

New York, NY 10019

Phone: (888) 953-3262

Fax: (212) 469-8976

Officers:

CEO/Pres., Lawrence A. Brown; EVP/COO, Kenneth B. Dickey; VP, Mtkg., Melanie Santiago

Financed 1999: $1,500,000,000

28. ARCS Commercial Mortgage Co. LP 26901 Agoura Road, Ste. 200

Calabasas Hills, CA 91301

Phone: (818) 880-3300

Fax: (818) 676-3200

Web site: www.askarcs.com

Officers:

Pres./CEO, Howard Levine; EVP, Timothy L. White; VP, Production Mgmt., Holli Leon; VP, Corp. Comm., Arthur Nissman

Financed 1999: $1,491,110,000

Financed by Region:

Northeast: $205,423,000

Southeast: $334,260,000

Midwest: $289,127,000

Southwest: $198,850,000

West: $463,450,000

29. Bear, Stearns & Co. 245 Park Ave.

New York, NY 10167

Phone: (212) 272-6104

Fax: (212) 272-7047

E-mail: gspevok@bear.com

Web site: www.bearstearns.com

Officers:

Mng. Dir., J. Christopher Hoeffel; Mng. Dir., Barry Schumacher; Sr. Mng. Dir., James Reichek; Dir. Originations, Gregory J. Spevok

Financed 1999: $1,300,000,000

Financed by Region:

Northeast: $275,000,000

Southeast: $200,000,000

Midwest: $200,000,000

Southwest: $125,000,000

West: $500,000,000

30. Archon Financial 600 East Las Colinas Blvd., Ste. 800

Irving, TX 75039

Phone: (972) 501-3900

Fax: (972) 830-7698

Web site: www.archonfinancial.com

Officers:

Pres./CEO, Mitchell Sabshon; COO, Wes Moffett; Dir., Mktg., Bernadette P. Williams; Nat'l. Production Mgr., Roddy O'Neal

Financed 1999: $1,200,000,000

31. American Property Financing 6 East 43rd St.

New York, NY 10017

Phone: (212) 850-4200

Fax: (212) 850-4216

E-mail: info@apfmultifamily.com

Web site: www.apfmultifamily.com

Officers:

Chmn., Alan Wiener; Pres., Arthur Habighorst; Sr. EVP, Neil Cullen; Dir. Mktg., Heather Allen

Financed 1999: $1,000,000,000

Financed by Region:

Northeast: $600,000,000

Southeast: $100,000,000

Midwest: $100,000,000

Southwest: $100,000,000

West: $100,000,000

32. APF Midwest LLC d/b/a American Property Financing 14225 Dayton Circle, Ste. 8

Omaha, NE 68137

Phone: (402) 894-1018

Fax: (402) 894-0402

Officers:

Pres., J. Neil Hammitt; SVP, Brian L. Bidne

Financed 1999: $900,000,000

33. WMF NY Urban 780 Third Ave.

New York, NY 10017

Phone: (212) 527-7100

Fax: (212) 527-7111

Officers:

VP, John Lama; VP, Chris Lama

Financed 1999: $800,000,000

Financed by Region:

Northeast: $250,000,000

Southeast: $100,000,000

Midwest: $100,000,000

Southwest: $100,000,000

West: $250,000,000

34. Midland Loan Services Inc. 210 W. 10th St.

Kansas City, MO 64105

Phone: (816) 435-5000

Fax: (816) 435-2326

E-mail: tmazzetti@midlandls.com

Web site: www.midlandls.com

Officers:

CEO, Doug Danforth;EVP, Bus. Dev., Stacey Berger; EVP/COO, R.E. Lending, Jeff Johnson; EVP, Bus. Dev., Timothy Mazzetti

Financed 1999: $800,000,000

Financed by Region:

Northeast: $200,000,000

Southeast: $58,000,000

Midwest: $150,000,000

Southwest: $185,000,000

West: $200,000,000

International: $7,000,000

34. Wells Fargo Bank, Commerical Mortgage Origination 45 Fremont St., 9th Floor

San Francisco, CA 94105

Phone: (888) 777-0067

Fax: (415) 975-7813

Web site: www.wellsfargo.com/com/cmo

Officers:

EVP & Division Mgr., Ed Blakey; SVP & National Originations Mgr., Jim McDevitt; VP & Dir. of Mktg., Julie Forsythe

Financed 1999: $800,000,000

36. Boston American Financial Group Inc. 9 Greenwich Office Park

Greenwich, CT 06831

Phone: (203) 869-3334

Fax: (203) 869-4968

Web site: www.bafg.com

Officers:

Pres./Co-Founder, William Cavagnaro; Principal/Co-Founder, Steve Berger; Mng. Dir., John W. Palmer; Mktg. Dir., Darlene B. Lee

Financed 1999: $750,000,000

36. Fleet Boston Financial 75 State St.

Boston, MA 02109

Phone: (617) 346-2874

Fax: (617) 346-3220

E-mail: ronald_m_lubin@fleet.com

Officers:

SVP, Peg Mulcahy; SVP, Jamie Keough; VP, Aron Levine Financed 1999: $750,000,000

Financed by Region:

Northeast: $250,000,000

Southeast: $150,000,000

Midwest: $100,000,000

Southwest: $150,000,000

West: $100,000,000

38. Bankers Mutual 7575 Irvine Center Drive

Irvine, CA 92618

Phone: (949) 754-6300

Fax: (949) 754-6303

E-mail: bankersmutual@bankersmutual.com

Web site: www.bankersmutual.com

Officers:

Pres./CEO, Trent D. Brooks;EVP/Production Mgr., Bryan L. Frazier

Financed 1999: $700,000,000

Financed by Region:

West: $700,000,000

38. Capital Lease Funding 110 Maiden Lane, Floor 36

New York, NY 10005

Phone: (212) 217-6300

Fax: (212) 217-6301

E-mail: maureen@caplease.com

Web site: www.caplease.com

Officers:

Pres./CEO, William R. Pollert; SVP/General Counsel, Paul McDowell; SVP, Sales & Mktg., Steven L. Maloy; VP, Nat'l. Accts., William F. Paylor

Financed 1999: $700,000,000

Financed by Region:

Northeast: $185,000,000

Southeast: $200,000,000

Midwest: $150,000,000

Southwest: $95,000,000

West: $70,000,000

40. Midland Mortgage Investment Corp. 33 North Garden Ave., Ste. 1200

Clearwater, FL 33755-6601

Phone: (727) 461-4801

Fax: (727) 443-6067

Officers:

Chmn./CEO, Robert J. Banks; Pres./COO, Keith J. Gloeckl; SVP/National Mktg. Dir., Don R. Reynolds

Financed 1999: $576,500,000

Financed by Region:

Northeast: $201,000,000

Southeast: $179,000,000

Midwest: $49,800,000

Southwest: $39,400,000

West: $107,300,000

41. Corus Bank 3959 N. Lincoln Ave.

Chicago, IL 60613

Phone: (773) 832-3533

Fax: (773) 832-3540

Officers:

Pres./CEO, Robert J. Glickman; EVP/CFO, Timothy H. Taylor; EVP, Michael G. Stein; VP, Susan M. Zecca

Financed 1999: $550,000,000

Financed by Region:

Northeast: $100,000,000

Southeast: $50,000,000

Midwest: $250,000,000

Southwest: $50,000,000

West: $100,000,000

42. LaSalle Bank 135 S. LaSalle St.

Chicago, IL 60603

Phone: (312) 904-4027

Fax: (312) 904-0900

E-mail: robert.walter@abnamro.com

Officers:

SVP, Robert J. Walter; VP, Charles Krawitz; VP, James Donigan; VP, Randy Martin

Financed 1999: $425,000,000

Financed by Region:

Northeast: $30,000,000

Southeast: $50,000,000

Midwest: $300,000,000

Southwest: $15,000,000

West: $30,000,000

43. Imperial Capital Bank 500 N. Brand, 23rd floor

Glendale, CA 91203

Phone: (877) 392-2052

Fax: (877) 392-2062

E-mail: ktobin@imperialcaptalbank.com

Web site: www.imperialcapitalbank.com

Officers:

CEO/Chmn., George Haligowski; Pres./COO, Sheryl Morehead; District Mgr., Renee Mancoff; Dir. of Mktg., Kristi Tobin

Financed 1999: $350,000,000

Financed by Region:

Northeast: $25,000,000

Southeast: $25,000,000

Midwest: $25,000,000

Southwest: $50,000,000

West: $125,000,000

44. Northland/Marquette Capital Group Inc. 3500 W. 80th St., Ste. 500

Minneapolis, MN 55431

Phone: (612) 356-0100

Fax: (612) 356-0099

E-mail: mail@mqcapital.com

Officers:

Pres./CEO, Edward Padilla; SVP/Dir., Capital Mkts., Lawrence Stephenson; SVP/Chief Administrative Officer, Michael J. Myers

Financed 1999: $292,104,657

Financed by Region:

Midwest: $170,599,657

Southwest: $57,425,000

West: $64,080,000

45. Malone Mortgage Co. 8214 Westchester, Suite 606

Dallas, TX 75225

Phone: (214) 696-0386

Fax: (214) 696-5162

E-mail: jpardue@malonemtg.com

Web site: www.malonemtg.com

Officers:

Pres., Bernard P. "Bud" Malone; CEO, Michael Levitt; EVP, Jonnie Pardue

Financed 1999: $250,000,000

45. American Commercial Capital 5963 La Place Court, Ste. 300

Carlsbad, CA 92008

Phone: (760) 918-2700

Fax: (760) 918-2727

E-mail: furstein@accapital.com

Web site: www.accapital.com

Officers:

Mng. Dir., Dean Dakolias; Mng. Dir., Rick Noble

Financed 1999: $250,000,000

45. Parallel Capital LLC 380 Madison Ave.

New York, NY 10017

Phone: (212) 972-7600

Fax: (212) 972-2773

E-mail: info@parallelcapital.com

Web site: www.parallelcapital.com

Officers:

Pres., Kenneth Schechter; EVP, Robert S. Schneiderman

Financed 1999: $250,000,000

48. The Community Preservation Corp. 5 W. 37th St.

New York, NY 10018

Phone: (212) 869-5300

Fax: (212) 719-9374

E-mail: jgreene@communityp.com

Web site: www.communityp.com

Officers:

Pres./CEO, Michael D. Lappin; EVP, John McCarthy; SVP, Jack Greene; Dir., Comm., Brenda Ratliff

Financed 1999: $249,121,376

Financed by Region:

Northeast: $249,121,376

49. PW Funding Inc. 200 Old Country Road, Ste. 580

Mineola, NY 11501

Phone: (516) 663-5671

Fax: (516) 873-0080

Web site: www.pwfunding.com

Officers:

Pres./CEO, Raymond J. Reisert; Mng. Dir., William Hyman; Mng. Dir., Richard A. Ulrich; Mng. Dir., Robert J. Walsh

Financed 1999: $225,000,000

Financed by Region:

Northeast: $5,000,000

Southeast: $40,000,000

Midwest: $10,000,000

Southwest: $50,000,000

West: $120,000,000

50. Cohen Financial 2 N. LaSalle St.

Chicago, IL 60628

Phone: (312) 346-5680

Fax: (312) 346-6669

E-mail: chicago@cohenfinancial.com

Web site: www.cohenfinancial.com

Officers:

CEO, Jack M. Cohen; CIO, Bruce R. Cohen; Mng. Dir., Capital Market, Donald J. Meyer; Dir., Brand Mgmt., Steven J. Spayer

Financed 1999: $213,000,000

Financed by Region:

Northeast: $23,000,000

Southeast: $31,250,000

Midwest: $91,250,000

Southwest: $4,500,000

West: $63,000,000

Editor's Note: Every effort is made to ensure this survey is as comprehensive as possible. However, the following major direct lenders did not return forms by our deadline:

AIG Global Real Estate One Chase Manhattan Plaza

57th Floor

New York, NY 10005

(212) 504-5243

AMRESCO Commercial Finance Inc. - Real Estate Structured Finance 700 N. Pearl St., Ste 2400

Dallas, TX 75201

(214) 953-7923

Bonneville Mortgage Co. 349 South 200 E, Ste. 440

Salt Lake City, UT 84111

(801) 323-1000

Boston Financial 101 Arch St.

Boston, MA 02110

(617) 439-3911

Capri Capital 1655 N. Fort Myer Dr., Ste. 1300

Arlington, VA 22209

(703) 243-5100

Collateral Mortgage Ltd. 524 Lorna Square

Birmingham, AL 35216

(205) 978-1844

Continental Wingate Capital 63 Kendrick St.

Needham, MA 02494

(800) 332-0372

Credit RE Mortgage Capital LLC 625 Madison Ave. 9th Fl.

New York, NY 10022

(212) 421-5580

Credit Suisse First Boston 11 Madison Ave.

New York, NY 10010

(212) 325-4348

Donaldson, Lufkin & Jenrette 277 Park Ave.

9th floor

New York, NY 10172

(212) 892-2458

Dynex Commercial Inc. 10900 Nuckols Road, Third Floor

Glen Allen, VA 23060

(804) 217-6100

Fremont Investment & Loan 2020 Santa Monica Blvd.

Ste. 600

Santa Monica, CA 90404

(310) 264-7435

GE Capital Real Estate 292 Long Ridge Road

Stamford, CT 06927

(888) 433-4778

HypoVereinsbank Real Estate Lending 150 East 42nd St.

New York, NY 10017

(212) 672-5361

M&T Bank, NYC Division 350 Park Ave.

New York, NY 10022

(212) 350-2500

MONY Life Insurance Co. 1740 Broadway

New York, NY 10019

(212) 708-2000

National Realty Funding 911 Main, Ste. 1400

Kansas City,, MO 64105

(816) 221-8800

Newport Mortgage CO. LP 8411 Preston Road, Ste. 680

Dallas, TX 75225

(214) 750-0909

NorthWestern Mutual Life Insurance Co. 720 E. Wisconsin Ave.

Milwaukee, WI 53202

(414) 299-7315

Orix USA 1177 Avenue of the Americas

10th floor

New York, NY 10036

(212) 739-1640

The Patrician Financial Company 4550 Montgomery Lane

Suite 1150

Bethesda, MD 20814-3344

(301) 718-2000

The Union Labor Life Insurance Co. 111 Massachusetts Ave., NW

Washington, DC 20001-1461

(202) 682-8786

Towle Financial Services 330 Second Ave. S., Ste. 800

Minneapolis, MN 55401

(612) 347-9310

Washington Mutual 1203 Third Ave.

Seattle, WA 98101

(206) 490-0511