Editor's Note: We are pleased to present our fourth annual Top Real Estate Lender Survey, ranking the most active lenders and intermediaries based an loans arranged and/or committed in 1995. Due to an error in compiling the original ranking, which appeals in our 1996 SourceBook, the following ranking includes several companies not found in the original. Due to space, only the top 25 firms are listed here. Copies of the entire Lender Survey can be purchased from the Argus Direct Marketing Department at (770) 618-0381.

GOLDMAN, SACHS & CO. 1 85 Broad St., New York, NY 10004 212 902-1000 Contacts: Michael D. Fascitelli, Ptr. Amt. Arranged/Committed in '95: $11,000,000,000

NOMURA SECURITIES INTERNATIONAL 2 Two World Financial Center, New York, NY 10281 212 667-9388; FAX: 212 667-1014 Contacts: Ethan Penner, Pres.; EVPs: Boyd Fellows, Brian Pilcher; VPs/mortgage Lending (commercial): Ray Anthony, Kathy Corton; Robert Wilson, VP Mktg./Corp. Comm. Amt. Arranged/Committed in '95: $6,000,000,000 Commitment by Region: Midwest: $1,000,000,000 Northeast: $2,000,000,000 Southeast: $750,000,000 Southwest: $750,000,000 West: $1,500,000,000 Lending Goal '95; >$6,000,000,000 Projects Financed '95: Westin Hotels, multiple locations Crescent Real Estate Equities, multiple locations Kauffman Real Estate, New York First Industrial Realty Trust, multiple locations Franchise Finance Corp. of America, multiple locations

THE PRUDENTIAL INSURANCE CO. OF AMERICA 3

751 Broad St., 15 Plaza, Newark, NJ 07102 201 802-9207; FAX: 201 802-3128 Regs./Branches: Atlanta, Boston, Chicago, Dallas and Houston, Parsippany and Short Hills, Los Angeles and San Francisco, Washington, D.C. Contacts: Frank MacDougal, Chmn./CEO, The Prudential Realty Group; Claude Zinggrabe, Chmn./CEO, Prudential Real Estate Investors; Mng. Dirs./The Prudential Realty Group: Jeff Danker; Dave Stewart Amt, Arranged/Committed in '95: $2,500,000,000

HOLLIDAY FENOGLIO DOCKERTY & GIBSON, INC. 4 5956 Sherry Ln., Ste. 1301, Dallas, TX 75225 214 265-0880; FAX: 214 265-1686 Regs./Branches: Houston, Boca Raton, Orlando, Atlanta, Buffalo and Manhattan Contacts: Mark D. Gibson, Pres.; Joe B. Thornton Jr., EVP; VPs/Mortgage Lending (Commercial): M. Landon, D. Bryson, T, Armstrong, J. Hevey, M. Carlton, T. Goodson, T. Jordan, G. Seitz Amt. Arranged/Committed in '95: $1,670,000,000 Major Projects Financed '95: Greenspoint Office Complex, Houston, TX Dell Computer Corp., Austin, TX Citywalk, Cityscape & Waterford Apts., Houston, TX The Fountains Shopping Ctr., Plantation, FL GE Midwest Retail Portfolio, CO, IL, FL, TX Arboretum, Austin, TX

NEWMN AND ASSOCS., INC. 5 1801 California St., Ste. 3700, Denver, CO 80202 303 293.8500; FAX: 303 296-6804 Regs./Branches: Jacksonville; New Orleans; Washington, D.C.; Manhattan Beach and San Diego Contacts: Scot B. Barker, Pres.; David C. Smith, Exec. VP Amt. Arranged/Committed in '95: $1,125,000,000

NORTHWESTERN MUTUAL LIFE 6 720 E. Wisconsin Ave., Milwaukee, WI 53202 414 271-1444; FAX: 414 299-1557 Regs./Branches: Atlanta; Chicago, Miami; Tampa Washington, D.C.; Dallas and Houston; Memphis; Seattle; Los Angeles and San Francisco Contacts: Mason G. Ross, Sr. VP; VPs/Real Estate: Ralph A. Pelton, Eugene R. Skaggs, Carson D. Keyes, Donald O'Dell Amt. Arranged/Committed in '95: $1,100,000,000 Lending Goal '96: $1,500,000,000

EQUITABLE REAL ESTATE INVESTMENT MGT., INC. 7 1150 Lake Hearn Dr., N.E., Ste. 400, Atlanta, GA 30342-1522 404 848-8652; FAX: 404 848-8910 Regs./Branches: Boston; Chicago; Dallas; Denver; Honolulu; San Francisco, Irvine and Sacramento; New York City; Philadelphia; Seattle; St. Louis and Washington, D.C. Contacts: George R. Puskar, Chmn./CEO; Douglas Tibbetts, Pres.; Sr. Exec. VPs: Paul Dolinov, Edward Smith Amt. Arranged/Committed in '95: $1,092,000,000 Lending Goal '96: $1,000,000,000

L.J. MELODY & CO. 8 5847 San Felipe, Ste. 4400, Houston, TX 77057 713 787-1900; FAX: 713 787-1998 Regs./Branches: Phoenix, Los Angeles and Newport Beach, Denver, Dallas and Austin Contacts: Lawrence J. Melody, Chmn.; Steven H. Hammer, Pres./CA Affiliate; John M. Bradley, Exec. VP; Michael J. Melody, Exec. VP/CA Affiliate; VPs/commercial Mortgage Lending: Thomas J. Melody, Holly D. Campbell, Julian E. Blum; Margaret D. Williams, Dir./Research & Mktg. Amt. Arranged/Committed in '95: $1,085,000,000 Lending Goal '96: $1,000,000,000 Major Projects Financed '95: One Shell Plaza, Houston, TX Hulen Mall, Ft. Worth, TX Meadows Mall, Las Vegas, NY Belmont Apts., Houston, TX Paradise Valley Mall, Phoenix, AZ La Regencia Apts., San Diego, CA

NORTHLAND FiNANCIAL CO. 9 12935 N. Outer 40 Dr., Ste. 201, St. Louis, MO 63141 314 523-2100; FAX: 314 576-3735 Regs./Branches: Denver, Kansas City, Los Angeles, Minneapolis/St. Paul, Phoenix and San Francisco Contacts: R. Michael O'Brien J., Pres./CEO; Richard M. Stevenson, Exec. VP Amt. Arranged/Committed in '95: $652,622,600 Commitment by Region: Midwest: $287,925,659 Southwest: $32,078,000 West: $332,618,941 Lending Goal '96: $1,000,000,000 Major Projects Financed '95: Northland Exec. Office Ctr., Bloomington, MN North Campus I, St. Louis, MO Middlefield, Mountain View, CA Bowles Crossing, Denver, CO Neodata, Denver, CO Maryville Ill, St. Louis, MO

LEGG MASON REAL ESTATE SERVICES 10 1735 Market St., 12th Fl., Philadelphia, PA 19103 215 496-3000; FAX: 215 496,3077 Regs./Branches: Harrisburg, PA; Baltimore, Washington, D.C., Charlotte and Raleigh, Atlanta, Orlando, Tampa, Jacksonville, Miami and Boca Raton Contacts: Walter D'Alessio, Pres./CEO; Eugene J. Veneziale, Exec. VP/COO; R. Craig Butchenhart, Exec. VP/Mortgage Lending (Commercial) Amt. Arranged/Committed in '95: $633,777,120 Commitment by Region: Northeast: $278,754,746 Southeast: $355,0022,374 Major Projects Financed '95: Briarcrest Apts., Hershey, PA Peach Festival Shopping Ctr., Macon, GA 1800 G St. Office, Washington, D.C. Winners Circle Apts., Parkland, FL Marsh Landing Apts., Ponte Vedra Beach, FL Citation Club Apts., Sarasota, FL

DORM & WILSON, INC. 11 One N. Lexington Ave., 5th Fl., White Plains, NY 10601 914 949-9520; FAX: 914 949-0533 Regs./Branches: Jericho, NY and New York City Contacts: Ronald F. Poe, Chmn./CEO; Raymond E. Smith, Sr. Exec. VP; Whitney Wilcox, VP/Mortgage Lending (Commercial) Amt. Arranged/Committed in '95: $575,000,000 Commitment by Region: Northeast: $575,000,000 Lending Goal '96: $750,000,000 Major Projects Financed '95: Crossgates Mall, Albany, NY Jericho I&II Office Plaza, Jericho, NY 425 Park Ave., New York City Tops Hqtrs., Amherst, NY 463 Seventh Ave., New York City Putnam Green Apts., Greenwich, CT

CONTINENTAL WINGATE MORTGAGE GROUP 12 75 Central St., Boston, MA 02109 800 332-0372; FAX: 617 482-2333 Regs./Branches: Overland Park, KS; Bedfrd, NH; Farmington Hills, MI; Hialeah and Jacksonville; Philadelphia; South Jordan, UT; Chatham, NJ; Sacramento, San Francisco, Burlinghame and Los Angeles; Scottsdale; Norwalk; San Antonio and Houston; Fairfield, CT; Vancouver, WA; Denver; Chicago; Cincinnati, Cleveland and Columbus; Washington, D.C.; Atlanta; Huntsville, AL; Syracuse, NY and Ednina, MN Contacts: Michael D. Berman, Pres.; Todd Schuster, Chmn.; Mark Hall, Sr. VP, Dir./Originations Amt. Arranged/Committed in '95: $511,000,000 Commitment by Region: Midwest: $61,000,000 Northeast; $115,000,000 Southeast: $175,000,000 Southwest: $40,000,000 West: $120,000,000 Lending Goal '96: $400,000,000 Major Projects Financed '95: Crosspointe Apts., Wayneview Nursing Home, Wayneview, NJ Vegas Twrs. Apts., Las Vegas, NV Capitol Park Apts., Washington, D.C. Princeton Club Apts., Willowwood at Salisbury, Salisbury, MA

WASHINGTON MORTGAGE FINANCIAL GROUP 13 1593 Spring Hill Rd., Vienna, VA 22182 800 284-3579; FAX: 703 821-0354 Regs./Branches: Edison, NJ; Sherman Oaks and San Diego Contacts: Shekar Narasimhan, Pres.; Exec. VPs: Doug Moritz, Lending; Clarke Welburn, Credit Policy; Howard Perkins, Fin. & Admin.; Kathy Buchanan, VP/Mktg. & Corp. Comm. Amt. Arranged/Committed in '95: $500,000,000 Commitment by Region: Midwest: $60,000,000

ALPHABETICAL

1995

LENDERS

American

AMI

Aztec

Berkshire

Cohen

Continental

Dorman

Equitable

Goldman,

Holliday

Insignia

Legg

L.J.

Midland

Mewman

Nomura

Northland

Northwestern

ORIX

Frank

Stockton,

TRI

TCW

The

Washington

(*)est: $200,000,000 West: $95,000,000 Lending Goal '96: $750,000,000 Major Projects Financed ayette Sq., Mobile, AL Shadow RidgNew York, NY Colony Club Apts., Bedford, OH Vi Arbor, MI

AMERICAN REALTY & FINANCIAL, INC. 14 2001 Centella, Newport Beach, CA 92660 714 642-5200; FAX: 714 646-2060 Contacts: Steve Berger, Pres.; Scot Matteson, EVP/Ptr. Amt. Arranged/Committed in '95: $460,000,000 Commitment by Region: Midwest: $200,000,000 Northeast: $80,000,000 Southeast: $20,000,000 Southwest: $40,000,000 West:120,000,000 Lending Goal '96: $800,000,000

TCW REALTY ADVISORS 15 865 S. Figueroa St., Ste. 3500, Los Angeles, CA 90017 213 683-4200; FAX: 213 683-4201 Regs./Branches; Boston Contacts: Vincent F. Martin Jr., Mng. Ptr.; Sr. Ptrs.: Stanton Zarrow Esq., COO/General Counsel; Richard Pink, Dir./Acquis.; Bruce L. Ludwig, Dir./Mktg. Amt. Arranged/Committed in '95: $433,211,757 Commitment by Region: Midwest: $31,022,249 Northeast: $216,098,829 Southwest: $66,805,352 West: $119,285,326 Lending Goal '96: $50,000,000

AMI CAPITAL INC. 16 7200 Wisconsin Ave., Ste.. 200, Bethesda, MD 20814 301 654-0033; FAX: 301 951-3234 Regs./Branches: Atlanta and San Francisco Contacts: Michael D. Sullivan, Pres.; Neil P. Cullen, Exec. VP; David E. Queen, Sr. VP Amt. Arranged/Committed in '95: $375,000,000 Commitment by Region: Midwest: $70,075,000 Northeast: $65,000,000 Southeast: $93,000,000 Southwest: $102,000,000 West: $44,025,000 Lending Goal '96: $500,000,000 Major Projects Financed '95: The Excelsior, Hackensack, NJ Carlton Arms, Tampa, FL Orchard Pk., Ellicott City, MD

AMRESCO CAPITAL CORP. 17 6303 Blue Lagoon Dr., Miami, FL 33126 305 264-4310; FAX: 305 264-5355 Contacts: Larry E. Silvester, Pres.; David E. Schmidt, VP/Mortgage Lending (Commercial) Amt. Arranged/Committed in '95; $350,000,000 Lending Goal '96: $100,000,000

STOCKTON, LUEDEMANN, FRENCH & WEST 18 One Riverway, Ste. 2400, Houston, TX 77056 713 622-6300; FAX: 713 622-3439 Regs./Branches: Dallas Contacts: Kenneth F.E. Stockton, Pres.; EVPs: William F. Luedemann, Kerry R. French, Daniel B. West; VPs: P. John Burke Jr., Rene Paul Joubert, Robert H. West. Amt. Arranged/Committed in '95: $336,000,000 Committment by Region: Southeast: $12,250,000 Southwest: $300,250,000 West: $23,500,000 Lending Goal '96: $500,000,000 Major Projects Financed '95: Crescent Apts., Houston, TX Sedona Springs Apts., Austin, TX Spire Off. Bldg. Portfolio, Dallas, TX

INSIGNIA MORTGAGE & INVESTMENT CO. 19 100 Ashford Ctr. N., Ste. 440, Atlanta, GA 30338 404 393-1134; FAX: 404 698-6622 Regs./Branches: Coral Springs, FL; Fairfax, VA; Greenville, Orlando, Richmond, Charlotte, Nashville and Washington, DC Contacts: John M. Beam Jr., Pres.; SVPs: Kin Heyward, Jim Garner, Don Marshall; VPs: Dave Kiser, Steve Berry, Tony Licwinko, Ed Schulze, George Carleton, Leigh Watters, Dave Stuart, Catherine Fathke, Lisa Gibson Amt. Arranged/Committed in '95: $300,000,000 Commitment by Region; Midwest: $11,000,000 Southeast: $289,000,000 Lending Goal '96: $300,000,000 Major Projects Financed '95: Mid-America REIT, Southeast/Midwest Paragon REIT, Southeast

BERKSHIRE MORTGAGE FINANCE 20 470 Atlantic Ave., Boston, MA 02210 617 423-2233; FAX: 617 556-1507 Regs./Branches: Atlanta; Chicago; Philadelphia; Boca Raton; Dallas; Los Angeles; Bellevue; San Francisco; Lakeville, Gloucester and Boston Contacts: Peter F. Donovan, Pres.; Ronald F. Halpern, Exec. VP; VPs/Mortgage Lending (Commercial): Kurt H. Reimann, Conduit; Donald E. Brais, Fannie Mae; Maryann Merigan, VP/Mktg. & Corp. Comm. Amt. Arranged/Committed in '95: $267,945,919 Commitment by Region: Midwest: $60,839,000 Northeast: $33,169,919 Southeast: $44,630,000 Southwest: $89,652,000 West: $39,655,000 Lending Goal '96: $400,000,000 Major Projects Financed '95: The Pointe, Silver Springs, MD Oasis at Springtree, Sunrise, FL

ORIX USA CORPORATION 21(*) 780 Third Ave., 48th Floor, New York, NY 10017 212 418-8300; FAX: 212 418-8308 Regs./Branches: New York; Atlanta; Chicago; Los Angeles; San Francisco Contacts: David A. Woolsey, EVP./Real Estate Finance Group; VPs: Tom Berkenkamp, Jim Martin, Hiroyuki Sakai, Kerry Skinner; Jim Thompson, VP./Mortgage Capital Markets Group Amt. Arranged/Committed in '95: $260,000,000 Lending Goal '96: $300,000,000 Major Projects Financed '95: Radisson Hotel & Suites, Chicago Laguana Village Shopping Center, Phoenix

TRI FINANCIAL CORP. 21(*) 100 Pine St., 23rd Fl., San Francisco, CA 94111-5102 415 989-9000; FAX: 415 989-0329 Regs./Branches; Denver, CO; E. Milton, MA; Houston, TX; Indianapolis, IN; Lexington, KY; Seattle, WA; Lyndhurst, NJ; Nashville, TN; Phoenix and Tucson, AZ; Rochester, NY; Los Angeles and Sacramento, CA Contacts: John Sweazey, Pres.; James Reid Jr., EVP; Mark Ragsdale, VPP/Multifamily; Holly Hubbell, Mktg. Dir. Amt. Arranged/Committed in '95: $260,000,000 Commitment by Region: Midwest: $60,000,000 Northeast: $10,000,000 Southeast: $14,000,000 Southwest: $16,000,000 West: $160,000,000 Lending Goal '96: $300,000,000 Major Projects Financed '95: Hidden Village, Baltimore, MD St. Mary's Woods, Portland, OR Crescent Pk., San Francisco, CA

MIDLAND MORTGAGE INVESTMENT CORP. 22 601 Cleveland St., Ste. 930, Clearwater, FL 34615 813 461-4801; FAX: 813 443-6067 Regs./Branches: Dallas, TX; Detroit, MI and Sacramento, CA Contacts: Robert J. Banks, Pres.; Ray F. Mathis, EVP; Frank M. Baldasare, VP/Mortgage Lending (Commercial); Don Reynolds, VP/Mktg & Corp. Comm. Amt. Arranged/Committed in '95: $250,000,000 Commitment by Region: Midwest: $50,000,000 Northeast: $5,000,000 Southeast: $70,000,000 Southwest: $50,000,000 Lending Goal '96: $300,000,000 Major Projects Financed '95: Elliot Pointe, Tempe, AZ Woodbury Pk., Bradenton, FL Maplewood, Fresno, CA

COHEN FINANCIAL Two North LaSalle St., Ste. 800. Chicago, IL 60602 312 346-5680; FAX. 312 346-6669 Contacts: Jack M. Cohen, Pres.; Principals: Michael A. Cohen, Joel D. Simmons, Steven L. Roth; Bruce R. Cohen, Mng. Dir./Merchant Banking Unit; Terrence B. Connors, Dir./Acquis. (Acord Ind. Realty Venture); Margaret Smith Echols, Dir./Loan Admin. Amt. Arranged/Committed in '95: $249,212,138 Commitment by Region: Midwest: $245,012,138 Southeast: $2,200,000 Southwest: $2,000,000 Lending Goal '96. $350,000,000 Major Projects Financed '95: Fordham Glen Apts., Glendale Heights, IL Pavillion at Mequon, Mequon, WI

AZTEC GROUP INC. 24 2665 S. Bayshore Dr., Miami, FL 33133 305 854-5000; FAX: 305 854-9795 Contacts: Ezra Katz, Pres.; SVPs: Chris Johannsen, Thomas Duncan Amt. Arranged/Committed in '95: $225,000,000 Lending Goal '96: $350,000,000 Major Projects Financed '95: Miracle Ctr., Miami, FL Seacoast Twrs., Miami Bch., FL

FRANK S. PHILLIPS MORTGAGE CORP. 6106 MacArthur Blvd., Ste. 108, Bethesda, MD 20816 301 229-9000; FAX: 301 229-3019 Regs./Branches: Richmond, VA and Timonium, MD Contacts: Richard K. Juergens Jr., Pres.; C. Stephen Shaw, Jr. EVP., John R. Sieber Jr., VP; Daniel S. Shiff, Asst. VP Amt. Arranged/Committed in '95: $208,531,000 Commitment by Region: Northeast: $105,031,000 Southeast: $103,500,000 Lending Goal '96: $250,000,000