National Real Estate Investor is pleased to present its fifth annual Top Real Estate Lender Survey, ranking the most active lenders and intermediaries in North America based on loans arranged and/or committed in 1995. Due to space, only the top 25 firms are listed here, but copies of the entire survey can be purchased from Intertec Direct Marketing Department at (770) 618-0381.

Information for this list was provided by companies who returned survey forms. While efforts were made to ensure that all appropriate lenders had an opportunity to participate in this ranking, if your company was not included and you feel it should be next year, please contact Barbara Katinsky, (700) 618-0160.

1 NOMURA ASSET CAPITAL CORPORATION

2 World Financial Ctr., Bldg. B, New York, NY

10281 212 667-1653; FAX: 212 667-1206 Regs./Branches: Chicago, IL; Los Angeles, CA Contacts; Ethan Penner, Pres., Co-chief

Operating Officers: Boyd Fellows, Brian Pilcher Amt. Arrange/Committed in 1995:

$4,000,000,000

2 L.J. MELODY & CO.

5847 San Felipe, Ste. 440, Houston, TX 77057 713 787-1900; FAX: 713 787-1998 Regs./Branches: Austin and Dallas, TX; Boston,

MA; Charlotte, NC; Chicago, IL; Denver, CO;

Hackensack, NJ; Los Angeles, Newport Beach,

Sacramento, San Diego, and San Francisco, CA;

Miami and Orlando, FL; New York, NY;

Phoenix, AZ; Portland, OR and Seattle, WA Contacts: Lawrence J. Melody, Pres. & CEO;

EVPs; Bill Frazer, Mike Melody, Tom Melody

and Brian Stoffers; SVPs/Lending Bruce

Anderson, Ron Cox, Robert Frank, Steve

Hammer, Hans Siebert and Bart Tabor Amt. Arranged/Committed in 1995:

$2,300,000,000

3 HOLLIDAY FENOGLIO, INC.

3003 W. Alabama, Houston, TX 77098 713 527-9646; FAX: 713 527-0254 Regs./Branches: Houston and Dallas, TX; Boca

Raton and Orlando, FL; Atlanta, GA; Buffalo

and New York, NY Contacts: John T. Fenoglio, Chmn. & CEO;

Mark D. Gibson, Pres.; Robert J. Dockerty,

Pres., Fla. Amt. Arranged/Committed in 1995;

$2,200,000,000 Commitment by Region:

Northeast: $220,300,000

Southeast: $480,400,000

Southwest: $1,498,300,000

4 NORTHWESTER MUTUAL LIFE INSURANCE CO.(*)

720 E. Wisconsin Ave., Milwaukee, WI 53202 414 299-7026; FAX: 414 299-1557 Regs./Branches: Atlanta, GA; Chicago, IL; Tampa

and Miami, FL; Milwaukee, WI; Washington,

DC; Dallas and Houston, TX; Memphis, TN;

Bellevue, WA; Los Angeles and San Francisco,

CA Contacts: VPs/Mortgage Lending (Commercial):

Carson Keyes (West) and Bob Ruess (East) Amt. Arranged/Committed in 1995:

$2,000,000,000

4 PRUDENTIAL CAPITAL GROUP(*)

100 Mulberry St., Newark, NJ 07102 201 802-7500; FAX: 201 802-2662 Regs./Branches: Atlanta; GA: Chicago and Lisle,

IL; San Francisco and Fresno, CA; Memphis,

TN and Orlando, FL Contacts: Matthew Chanin, Sr. Mng. Dir.; David

R. Stewart, Mng. Dir. Amt. Arranged/Committed in 1995;

$2,000,000,000

5 EQUITABLE REAL ESTATE INVESTMENT MGT., INC.

1150 Lake Hearn Dr., NE, Ste. 400, Atlanta, GA

30342 404 848-8652; FAX: 404 848-8910 Regs./Branches: Boston MA; Chicago, IL; Dallas,

TX; Irvine, CA; New York, NY; Philadelphia,

PA; Seattle, WA; San Francisco and

Sacramento, CA; Washington, DC and Paris Contacts: Douglas A. Tibbetts, Pres. & COO;

George Puskar, CEO; SVPs; Ed Smith and Paul

Dolinov Amt. Arranged/Committed in 1995:

$1,652,000,000 Lending Goal: $1,000,000,000

6 NEWMAN AND ASSOCS., INC.

1801 California St., Ste. 3700, Denver, CO

80202 303 293-8500; FAX: 303 296-6804 Regs./Branches: Jacksonville, FL; Manhattan

Beach and San Diego, CA; New Orleans, LA

and Washington, D.C. Contacts: Scot B. Barker, Pres.; David C. Smith,

EVP Amt. Arranged/Committed in 1995:

$1,650,388,000

7 HOME SAVINGS OF AMERICA - MULTIPLE FAMILY

4900 Rivergrade Rd., Bldg. 515D2, Irwindale, CA

91706 818 814-7343; FAX: 818 814-7387 Regs./Branches: Oakland and Pasadena, CA Contacts: Bruce Willison, Pres.; Bert Sharp,

VP/Mortgage Lending (Commercial); Claire

Smith, Loan Sales Administrator/Regional

Manager Amt. Arranged/Committed in 1995:

$1,500,000,000 Lending Goal: $1,500,000,000

Southwest: $1,100,000,000

8 NORTHLAND FINANCIAL CO.

12935 N. Forty Dr., St. Louis, MO 63141 314 523-2111; FAX: 314 576-3735 Regs./Branches: Denver, CO; Kansas City, Mo;

Los Angeles and San Francisco, CA;

Minneapolis, MN; and Phoenix, AZ Contacts: Richard M. Stevenson, Pres.; Edward

Padilla, EVP Amt. Arranged/Committed in 1995:

$1,383,000,000 Commitment by Region:

Midwest: $776,000,000

Southwest: $607,000,000 Lending Goal: $1,000,000,000

9 FOWLER GOEDECKE, ELLIS & O'CONNOR, INC.

225 Franklin St., Boston, MA 02110 617 338-0990; FAX: 617 338-2150 Regs/Branches: Albany, NY; Hartford and

Westport, CT Contacts: Peter L. Goedecke, John P. Fowler,

Frederic E. Wittmann and Ralph L. Ellis, Mng.

Dirs. Amt. Arranged/Committed in 1995:

$1,335,000,000 Commitment by Region:

Northeast: $1,335,000,000

10 LEGG MASON REAL ESTATE SERVICES

1735 Market St., 12th Fl., Philadelphia, PA

19103-7501 215 496-3000; FAX: 215 496-3077 Regs./Branches: Harrisburg, PA; Baltimore, MD;

Washington, DC; Charlotte, NC; Atlanta, GA;

Orlando, Jacksonville, Boca Raton and Tampa,

FL Contacts: Walter D'Alessio, Pres. & CEO; Eugene

J. Veneziale, EVP & COO; R. Craig

Butchenhart, EVP Amt. Arranged/Committed in 1995:

$1,046,088,545 Commitment by Region:

Northeast: $240,814,682

Southeast: $625,273,863 Lending Goal: $970,000,000

11 BANKERS MUTUAL

4695 Mac Arthur Court, Ste. 1100, Newport

Beach, CA 92660 714 851-9973; FAX: 714 752-7508 Regs./Branches: La Jolla and Walnut Creek, CA Contacts: Trent D. Brooks, Pres.; Bryan L. Frazier,

VP/Prod. Mgr. Amt. Arraged/Committed in 1995: $886,240,000 Commitment by Region:

Southwest: $886,240,000

12 WASHINGTON MORTGAGE FINANCIAL GROUP

1593 Spring Hill Rd., Vienna, VA 22182 800 284-3579; FAX: 703 610-1401 Regs./Branches: Edison, NJ; Atlanta, GA; Dallas,

TX; Seattle, WA; Denver, CO; Los Angeles

and San Diego, CA Contacts; Shekar Narasimhan, Pres.; EVPs: Doug

Moritz, Multifamily & Conventional; Howard

Perkins, Commercial Fin.; Kathy Buchanan,

VP/Mktg. Amt. Arranged/Committed in 1995: $805,000,000 Commitment by Region:

Midwest: $133,000,000

Northeast: $153,000,000

South: $357,000,000

West: $162,000,000

13 AMERICAN REALTY & FINANCIAL, INC.

2001 Centella Place, Newport Beach, CA 92660-3614 714 642-5200; FAX: 714 646-2060 Regs./Branches: Wichita, KS; Lake Tahoe, NV;

Aspen, CO and Greenwich, CT Contacts: Scot Matteson and Steve Berger, Ptrs. Amt. Arranged/Committed in 1995: $695,000,000 Commitment by Region:

Midwest: $240,000,000

Northeast: $110,000,000

Southeast: $40,000,000

Southwest: $75,000,000

West: $230,000,000

14 DORMAN & WILSON INC.

One North Lexington Ave., White Plains, NY

10601 914 949-0520; FAX: 914 949-4974 Regs./Branches: Parsippany, NJ; Jericho, New

York and Syracuse, NY Contacts: Ronald F. Poe, Chmn.; Raymond E.

Smith, Sr. EVP Amt. Arranged/Committed in 1995: $661,000,000 Commitment by Region:

Northeast: $661,000,000 Lending Goal: $830,000,000

15 PHOENIX NORTHEAST REALTY & DEV. CORP.

110 East 59th St., New York, NY 10022 212 688-5600; FAX: 212 688-6683 Contacts: Michael Lipstein, Pres., Evan Lipstein,

EVP; Keith R. Lipstein, VP/Mortgage Lending

(Commercial) Amt. Arranged/Committed in 1995: $600,000,000 Lending Goal: $1,000,000,000

16 SONNENBLICK-GOLDMAN CO.

445 Park Avenue, New York, NY 10022 212 980-7600; FAX: 212 230-0750 Regs./Branches: Los Angeles, CA Miami, FL Washington, DC Denver, CO Contacts: John I. Bralower, Pres. Amt. Arranged/Committed in 1995: $587,327,000 Commitment by Region:

Midwest: $106,500,000

Northeast: $301,825,000

Southeast: $7,050,000

Southwest: $131,952,000

West: $40,000,000 Lending Goal: $1,500,000,000

17 REMSEN PARTNERS LTD.

757 Third Ave., New York, NY 10017 212 838-1111; FAX: 212 838-9526 Regs./Branches: Denver, CO Contacts: William A. Teitelbaum, Chmn.;

Stewart Brown, EVP; SVPs: Keith J. Brennan,

Mortgage Lending (Commercial); Maury M.

Gordon, Dir./Mktg.; Lee Warshaw, Mortgage

Lending (Residential) Amt. Arranged/Committed in 1995: $570,000,000 Commitment by Region:

Midwest: $55,000,000

Northeast: $75,000,000

Southeast: $125,000,000

Southwest: $315,000,000

18 WELLS FARGO BANK-COMMERCIAL MTGE. ORIGINATION

555 Montgomery, 17th Fl., San Francisco, CA

94111 888 777-0067; FAX: 415 362-8364 Regs./Branches: Atlanta, GA; Northern-Southern

CA; Chicago, IL; Dallas, TX; Denver, CO;

Seattle, WA; Phoenix, AZ; Boston, MA;

Washington, DC Contacts: SVPs: Don Dormer, Div. Mgr. and

William Harvey, Western Reg. Mgr. VPs:

Steven Brown, Eastern Reg. Mgr. and James Mc

Devitt, Central Reg. Mgr. Amt. Arranged/Committed in 1995: $550,000,000

19 BERKSHIRE MORTGAGE FINANCE

470 Atlantic Ave., Boston, MA 02210 617 423-2233 Regs./Branches: Atlanta, GA; Boca Raton, FL;

Chicago, IL; Dallas, TX; Denver, CO; Seattle,

WA; Los Angeles and San Francisco, CA Contacts: Peter Donovan, Pres.; Ron Halpern,

EVP; SVPs: Thomas C. Szyblowski and

Maryann Merigan Amt. Arranged/Committed in 1995: $525,000,000 Commitment by Region:

Midwest: $263,436,900

Northeast: $242,124,371

Southeast: $429,385,478

Southwest: $295,644,119

West: $274,195,274

20 AEGON USA REALTY ADVISORS, INC.

4333 Edgewood Rd., NE, Cedar Rapids, IA 52403 319 398-8888; FAX: 319 369-2283 Contacts: David Blankeship, Pres.; Thomas L.

Nordstrom, SVP/Mortgage Lending

(Commercial Loans) Amt. Arranged/Committed in 1995: $510,000,000 Commitment by Region:

Midwest: $170,000,000

Northeast: $170,000,000

West: $170,000,000

21 LAZARD FRERES REAL ESTATE INVESTORS, LLC

30 Rockefeller Plaza, 63rd Fl., New York, NY

10020 212 632-6643; FAX: 212 332-5980 Contacts: Robert Freeman, Pres.; Anthony Meyer,

Chief Inv. Officer; Klaus Kretschmann, SVP;

Thomas Mulroy, VP/Mortgage Lending

(Commercial); Lorenzo Lorenzotti, Sr. Assoc. Amt. Arranged/Committed in 1995: $500,000,000 Commitment by Region:

Northeast: $250,000,000

Southwest: $250,000,000 Lending Goal; $250,000,000

22 COLUMN FINANCIAL, INC.

3414 Peachtree Rd. NE, Ste. 1140, Atlanta, GA

30326 404 239-5300; FAX: 404 239-0419 Regs./Branches: Dallas, TX; Norwalk, CT;

Chicago, IL and Irvine, CA Contacts: Kieran P. Quinn, Pres.; Daniel B.

Johnson, EVP Amt. Arranged/Committed in 1995: $482,690,000 Commitment by Region:

Midwest: $104,680,000

Northeast: $70,150,000

Southeast: $93,955,000

Southwest: $100,237,000

West: $113,668,000

23 CONTINENTAL WINGATE MORTGAGE GROUP

75 Central St., Boston, MA 02109 617 574-9000; FAX: 617 482-2333 Regs./Branches: Overland Park, KS; Southfield,

MI; Jacksonville and Ft. Lauderdale, FL; Wayne

and Philadelphia, PA; South Jordan, UT;

Chatham, NJ; Burlingame, Los Angeles and

San Francisco, CA; Scottsdale, AZ; Vancouver,

WA; Denver, CO; Chicago, IL; Cincinnati,

OH; Washington, D.C.; Atlanta, GA;

Huntsville, AL; Syracuse, NY; Edina, MN;

Herndon, VA; Houston and Dallas, TX Contacts: Todd Schuster, Chmn.; Michael D.

Berman, Pres.; Mark A. Hall, SVP &

Dir./Originations; Robin E. Donahue, Mktg.

Coord. Amt. Arranged/Committed in 1995: $472,000,000 Commitment by Region:

Midwest: $87,000,000

Northeast: $113,000,000

Southeast: $153,000,000

Southwest: $119,000,000 Lending Goals: $500,000,000

24 AMRESCO CAPITAL CORP.(*)

700 N. Pearl St., Ste. 2400 LB #342, Dallas, TX

75201 214 953-7747; FAX: 214 953-7977 Regs./Branches: Washington, DC and Miami, FL Contacts: Michael N. Maberry, Pres.; Edward

Hurley, VP/Agency Lending (Multifamily);

Mark Morganfield, VP/Mortgage Lending

(Commercial) Amt. Arraged/Committed in 1995: $420,000,000 Commitment by Region:

Midwest: $80,000,000

Northeast: $100,000,000

Southeast: $140,000,000

Southwest: $140,000,000

24 INSIGNIA MORTGAGE & INVESTMENT CO., INC.(*)

100 Ashford Ctr. N., Atlanta, GA 30338 770 393-1134; FAX: 770 698-6622 Regs./Branches: Nashville, TN; Orlando, FL;

Richmond, VA; Coral Springs, FL and Fairfax,

VA Contacts: John Beam Jr., Pres.; SVPs: Don

Marshall, Steve Berry, Kin Heyward and Jim

Garner; VPs: Tony Licwinko, Lisa Gibson and

Ed Schulze Amt. Arranged/Committed in 1995: $420,000,000 Commitment by Region:

Southeast: $240,000,000

25 CENTRE MORTGAGE CAPITAL L.L.C.

625 Madison Avenue, 9th Fl., New York, NY

10022 212 421-5580; FAX: 212 750-3639 Regs./Branches: Nationwide Amt. Arranged/Committed in 1995: $400,000,000 Commitment by Region:

Midwest: $100,000,000

Northeast: $100,000,000

Southeast: $100,000,000

Southwest: $100,000,000 Lending Goal: $900,000,000

Aegon USA Realty Advisors, Inc.20 American Realty & Financial, Inc. 13 Amresco Capital Corp.24(*) Bankers Mutual11 Berkshire Mortgage Finance19 CentRe Mortgage Capital, L.L.C.25 Column Financial, Inc. 22 Continental Wingate Mortgage Group23 Dorman & Wilson, Inc.14 Equitable Real Estate Investment Mgt., Inc.5 Fowler Goedecke, Ellis & O'Connor, Inc. 9 Holliday Fenoglio, Inc. 3 Home Savings7 Insignia Mortgage & Investment Co., Inc.24(*) Lazard Freres Real Estate Investors, LLC 21 Legg Mason Real Estate Services10 L.J. Melody & Co.2 Newman and Assocs., Inc. 6 Nomura Asset Capital 1 Northland Financial Co. 8 Northwestern Mutual Life Insurance Co. 4(*) Phoenix Northeast Realty & Dev. Corp.15 Prudential Capital Group 4(*) Remsen Partners, Ltd. 17 Sonnenblick-Goldman Company16 Washington Mortgage Financial Group 12 Wells Fargo Bank

(*) indicates a tie