The Top Direct Lenders & Intermediaries rankings were first published in April 2002 and are based on responses to NREI's Top Lender Survey questionnaire. The Top Direct Lenders listing reflects total dollars financed during the 2001 calendar year and includes firms financing direct loans, credit lines, CMBS lending and other forms of more direct investment to the industry. The second survey ranks financial intermediaries, including mortgage brokers and financial firms that arranged or facilitated transactions during 2001.

1. Bank of America/Banc of America Securities LLC
100 N. Tryon St.
Charlotte, NC 28255
Phone: (704) 386-2278
Fax: (704) 387-1710
Web site: www.bankofamerica.com

Officers:
Eugene J. Godbold, Jr., Real Estate Banking Executive; Ron D. Sturzenegger, Managing Director Real Estate & Lodging Invest. Banking; George G. Ellison, Managing Director Global Structured Finance; Linda M. Westphal, VP

Financed in 2001: $21.6 billion

2. Lehman Brothers
745 Seventh Avenue
New York, NY 10019
Phone: (212) 526-5191
E-mail: kcohen@lehman.com

Officers:
Richard S. Fuld, Jr., Chairman/ CEO; Joseph M. Gregory, Managing Director/CEO; Kenneth Cohen, Managing Director

Financed in 2001: $8.2 billion
Lending goal for 2002: $10.0 billion

3. Credit Suisse First Boston
(Totals include lending volume of Column Financial)

11 Madison Ave.
New York, NY 10010
Phone: (212) 325-2000
E-mail: info@cbre.com

Officers:
Steve Kantor, Managing Director/CSFB; Robert Brennan, Managing Director/ CSFB; Kieran P. Quinn, President/Column; Darrell Moore, CFO/Column

Financed in 2001: $6.4 billion

4. Goldman, Sachs & Co.
85 Broad St.
New York, NY 10004
Phone: (212) 902-1000
Fax: (212) 902-3000
Web site: www.gs.com

Officers:
Mark Weiss, Managing Director; Dan Sparks, Managing Director; Jeff Fastov, Managing Director; Mark Buono, VP

Financed in 2001: $5.7 billion
Financed by Region:
Northeast: $2.9 billion
Southeast: $532.2 million
Southwest: $428.7 million
West: $1.9 billion
5. UBS Warburg
1285 Avenue of the Americas
New York, NY 10019
Phone: (212) 713-8844
Fax: (212) 713-2099

Officers:
Brian Harris, Managing Director; Peter Smith, Exec. Director; Marc Warren, Exec. Director

Financed in 2001: $4.8 billion
Financed by Region:
Northeast: $2.4 billion
Southeast: $500 million
Midwest: $500 million
Southwest: $400 million
West: $1 billion
Lending goal for 2002: $5 billion

6. Prudential Mortgage Capital Co.
100 Mulberry St., G-4, 8th Floor
Newark, NJ 07102
Phone: (888) 263-6800
Fax: (973) 367-8210
E-mail: pru_mortgage-capital@prudential.com
Web site: www.prudential.com

Officers:
David Twardock, President; David Durning, ManagingDirector/Originations; Amy Rubin, Director, Marketing & Promotions

Financed in 2001: $4.6 billion

7. Morgan Stanley
1585 Broadway
New York, NY 10036
Phone: (212) 761-6282
Fax: (212) 761-3289
E-mail: fred.harmeyer@morganstanley.com

Officers:
John Westerfield, Managing Director; James Flaum, Managing Director; Fred Harmeyer, Exec. Director

Financed in 2001: $4.2 billion
Lending goal for 2002: $4.5 billion

8. Wachovia Securities
301 S. College
Charlotte, NC 28288
Phone: (704) 383-6315
Fax: (202) 452-1882
E-mail: brett.smith@wachovia.com
Web site: www.wachovia.com

Officers:
Ben Williams, Managing Director, Real Estate & Finance Services; Bill Green, Managing Director, Real Estate Capital Markets; Brett Smith, Managing Director, Mortgage Origination & Placement; Jim Pierpoint, VP/Corporate Communications

Financed in 2001: $4.1 billion

9. TIAA-CREF
730 Third Ave.
New York, NY 10017
Phone: (212) 916-4476
Fax: (212) 916-6005
Web site: www.lincolnproperty.com

Officers:
John H. Biggs, Chairman, President/CEO; Martin L. Leibowitz, Vice Chairman/Chief Investment Officer; Joseph W. Luik, Senior Managing Director, Mortgage & Real Estate; Claire Sheahan, External Affairs Officer

Financed in 2001: $3.7 billion
Lending goal for 2002: $3.3 billion

10. Berkshire Mortgage Finance
One Beacon St., 14th Floor
Boston, MA 02108
Phone: (617) 523-0066
Fax: (617) 556-1507
Web site: contactus@bmfloan.com

Officers:
Peter Donovan, CEO; Ron Halpern, President/COO; Bryan L. Frazier, President, Irvine; Tom Szydlowski, President, Boston; Scott Suttle, President, Bethesda

Financed in 2001: $3.5 billion
Financed by Region:
Northeast: $750 million
Southeast: $327 million
Midwest: $940 million
Southwest: $208 million
West: $1.3 billion
Lending goal for 2002: $2.9 billion

11. ARCS Commercial Mortgage Co. LP
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

Officers:
Howard Levine, CEO; Tim White, COO; Holli Leon, SVP Production; Arthur Nissman, VP, Corporate Communications

Financed in 2001: $3.3 billion
Financed by Region:
Northeast: $530 million
Southeast: $450 million
Midwest: $220 million
Southwest: $370 million
West: $1.7 billion

12. PNC Real Estate Finance
249 Fifth Ave., 19th Floor
Pittsburgh, PA 15222
Phone: (800) 253-0005
Fax: (412) 768-5297
E-mail: realestateinfo@pnc.com
Web site: www.pncrealestatefinance.com

Officers:
Andy Siwulec, President; Susanne Andres, Marketing Manager

Financed in 2001: $3.2 billion
Lending goal for 2002: $3.0 billion

13. National City Corp.
1900 E Ninth St.
Cleveland, OH 44114
Phone: (216) 222-2332
Fax: (216) 222-9650

Officers:
Kenneth M. Goetz, Exec. VP/Business Line Manager

Financed in 2001: $2.9 billion

14. Bear, Stearns & Co. Inc.
383 Madison Ave.
New York, NY 10179
Phone: (212) 272-7918
Fax: (212) 272-7047
E-mail: choeffel@bear.com
Web site: www.bearstearns.com

Officers:
J. Christopher Hoeffel, Senior Managing Director; Jeff Taschler, Managing Director

Financed in 2001: $2.8 billion
Financed by Region:
Northeast: $1.1 billion
Southeast: $317 million
Midwest: $374 million
Southwest: $324 million
West: $698 million
Lending goal for 2002: $3.6 billion

15. Lend Lease Real Estate Investments
700 N. Pearl St., Suite 2400
Dallas, TX 75201
Phone: (214) 953-7923
Fax: (214) 953-7703
Web site: www.lendleaserei.com

Officers:
Donnie M. Skidmore, President; Edward L. Hurley, Managing Principal; Boyd Johnson, Principal, Debt Advisory Group; Frank Creamer, Managing Principal

Financed in 2001: $2.4 billion

16. Key Commercial Real Estate
127 Public Square
Cleveland, OH 44114
Phone: (888) KEY-2221
E-mail: george_emmons@keybank.com
Web site: www.key.com/cre

Officers:
George Emmons, Exec. VP/National Manager; Kristine Cerny, Chief Administrative Officer/SVP; John Case, Sr. Managing Director/Key Commercial Mortgage; Laurie Masters, Marketing Manager/VP

Financed in 2001: $2 billion
Financed by Region:
Northeast: $263 million
Southeast: $407 million
Midwest: $435 million
Southwest: $417 million
West: $528 million
Lending goal for 2002: $2.7 billion

17. GE Capital Real Estate
292 Long Ridge Rd.
Stamford, CT 06927
Phone: (888) GE-FIRST
Fax: (203) 357-4475
Web site: www.gecapitalrealestate.com

Officers:
Michael E. Pralle, President/CEO; Dan Smith, Managing Director, Principal Capital Group, North America; Joan Lavis, SVP Marketing

Financed in 2001: $1.9 billion
Financed by Region:
Northeast: $231.5 million
Southeast: $560.3 million
Midwest: $96.8 million
Southwest: $424.8 million
West: $575.6 million
Lending goal for 2002: $2.3 billion

18. Red Capital Group
150 E. Gay St., 22nd Floor
Columbus, OH 43215
Phone: (800) 837-5100
Fax: (614) 857-1660
E-mail: financing@redcapitalgroup.com
Web site: www.redcapitalgroup.com

Officers:
Wm. E. Roberts, Chairman/CEO, Red Capital Group; David L. Goodman, Chairman/CEO, Red Mortgage Capital, Inc.; Linda L. Machov, Director

Financed in 2001: $1.8 billion

19. Credit Lyonnais
1301 Sixth Ave.
New York, NY 10019
Phone: (212) 261-7854
Fax: (212) 261-3830
E-mail: jim.fitzgerald@clamericas.com

Officers:
J. R. Fitzgerald, SVP; Ron Krolick, Managing Director; Jack Confusione, First VP

Financed in 2001: $1.4 billion
Financed by Region:
Northeast: $800 million
Southeast: $200 million
West: $400 million
International: $1 billion
Lending goal for 2002: $2 billion

20. Fremont Investment & Loan
175 N. Riverview Dr.
Anaheim, CA 92808
Phone: (714) 283-6500
Fax: (714) 283-6555
Web site: www.1800fremont.com

Officers:
Thomas Whitesell, SVP

Financed in 2001: $1.35 billion
Financed by Region:
Northeast: $360 million
Southeast: $100 million
Midwest: $160 million
Southwest: $85 million
West: $645 million

21. Capri Capital LP
1655 N. Fort Myer Dr.
Arlington, VA 22209
Phone: (703) 243-5100
Fax: (703) 525-4323
E-mail: info@capricapital.com
Web site: www.capricap.com

Officers:
Daryl J. Carter, Co-Chairman; Quintin E. Primo, Co-Chairman; Patrick J. Colliton, Exec. VP; Robert L. Moore, Jr., Vice Chairman

Financed in 2001: $1.3 billion
Lending goal for 2002: $1.2 billion

21. Wells Fargo Commercial Mortgage Group
45 Fremont St., 9th Floor
San Francisco, CA 94163
Phone: (415) 396-6616
Fax: (415) 975-7813
Web site: www.wellsfargo/cmg.com

Officers:
Ed Blakey, Exec. VP/ Managing Director; Jim McDevitt, SVP, Origination Manager; Julie Forsythe, VP/ Director of Marketing

Financed in 2001: $1.3 billion
Financed by Region:
Northeast: $95.4 million
Southeast: $69.9 million
Midwest: $136.7 million
Southwest: $134.6 million
West: $855.5 million

23. American Property Financing
6 E. 43rd St.
New York, NY 10017
Phone: (212) 850-4200
Fax: (212) 850-4216
Web site: www.apfmultifamily.com

Officers:
Alan Wiener, Chairman; Art Habighorst, President

Financed in 2001: $1.2 billion

23. iStar Financial Inc.
1114 Avenue of the Americas
New York, NY 10036
Phone: (212) 930-9400
Fax: (212) 930-9455
E-mail: customers@istarfinancial.com
Web site: www.istarfinancial.com

Officers:
Jay Sugarman, Chairman/CEO; Spencer B. Haber, President/CFO; Jeffrey R. Digel, Exec. VP/Investments; Roger M. Cozzi, Exec. VP/Investments; Andrew C. Richardson, SVP/Capital Markets; Lianne A. Merchant, VP/Marketing

Financed in 2001: $1.2 billion
Financed by Region:
Northeast: $271.5 million
Southeast: $279 million
Midwest: $147.7 million
Southwest: $312.1 million
West: $223.2 million

25. CDC Mortgage Capital Inc.
9 West 57th Street
New York, NY 10019
Phone: (212) 891-5700
Fax: (212) 891-5777
Web site: www.cdcmc.com

Officers:
Brook Payner, Managing Director; Scott Zucker, Managing Director; Agna Brayshaw, Advertising and Marketing Coordinator

Financed in 2001: $1 billion
Financed by Region:
Northeast: $350 million
Southeast: $250 million
Midwest: $200 million
West: $200 million