AFTER ORIGINATING $19.3 BILLION in real estate loans in 2001 and claiming the No. 2 spot on NREI's Top Financial Intermediaries survey, GMAC Commercial Mortgage Corp. is not resting on its laurels.

“Year to date, our overall financing is up 11% from 2001,” declares David E. Creamer, chairman of Horsham, Pa.-based GMAC Commercial Mortgage Corp.

At a time when the economy is lagging and commercial vacancy rates are rising nationwide, Creamer attributes his firm's growth to acquisitions, low interest rates, improved customer service and the maturity of the commercial mortgage-backed securities (CMBS) market, which now accounts for about one-third of GMAC's business.

“There were a lot of skeptics about CMBS in the early 1990s, but the discipline of rating agencies has really helped maintain the quality of CMBS,” Creamer says. “There was a substantial slowdown in the CMBS market in 1998, but we have recovered since then. I see that trend continuing.”

CMBS volume in the U.S. was estimated to be $70 billion industry-wide in 2001. To capitalize on the growth of securitization, the company last year launched Realpoint, a Web-based resource for tracking and trading CMBS. GMAC also plans to continue forging key acquisitions and strategic partnerships. “We have a number of acquisitions in the works right now,” Creamer says.

In 2001, GMAC acquired Keystone Mortgage Partners, which specializes in originating and servicing life insurance company mortgages. The firm also purchased Carey Kramer Co.-North Florida, a full-service commercial real estate financial services firm. GMAC's Affordable Housing Division and Newman Financial Services Inc. also acquired Paramount Financial Group, a real estate investment company specializing in financing for affordable housing.

The firm's acquisitions went beyond U.S. borders in 2001. Its parent company, Philadelphia-based GMAC Commercial Holding Corp., acquired UCB Healthcare Services Co. Ltd., a Great Britain-based servicer of nursing home loans, and forged a strategic alliance with Groupe Bazin, one of the oldest property management firms in France.

The company's international presence today extends to Japan, Ireland, France, Canada and Great Britain. These acquisitions helped GMAC to substantially grow its loan origination and servicing portfolio. In 2001, GMAC originated $19.3 billion in financing, up from $14.7 billion in 2000, a 31% increase. The firm's servicing portfolio today stands at over $150 billion, up from $134 billion in 2001 and $124 billion in 2000.

In 2001, the multifamily sector accounted for 36% of all loan origination by GMAC. The next two busiest sectors in terms of loans arranged were office at 17% and retail at 15%.

The company also is one of the leading approved lenders and servicers for Federal Housing Authority, Fannie Mae and Freddie Mac loan programs. A broad menu of financial products — ranging from construction loans to tax-exempt bonds to securitization of commercial mortgages — has helped the firm as well. And so has the firm's ability to offer loans of all sizes.

For example, GMAC recently arranged a second mortgage of $1.4 million for a 56-unit apartment complex in Kent, Wash. But it also provided $65 million in interim financing for The Sheraton World Resort, a 619,277 sq. ft. hotel in Orlando, Fla.

Last year, the firm also provided a $250 million construction loan to the One Liberty Street office tower in Boston and a total of $115 million to three malls in Oregon, Missouri and Kentucky. In 2000, GMAC arranged a $1.3 billion construction loan for the massive AOL Time Warner headquarters at Manhattan's Columbus Circle — the largest construction loan in New York City's history.

Top 25 Financial Intermediaries

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 Exec.; Ron D. Sturzenegger, Managing Director Real Estate & Lodging Invest. Banking; George G. Ellison, Managing Director Global Structured Finance; Linda M. Westphal, VP
Arranged in 2001: $33.4 billion

2 GMAC Commercial Mortgage Corp.
200 Witmer Rd., Horsham, PA 19044
Phone: 215-328-4622
Fax: 215-328-1976
Web site: www.gmaccm.com
Officers: David E. Creamer, Chairman; Charles E. Dunleavy Jr., Vice Chairman; Robert D. Feller, President
Arranged in 2001: $19.3 billion
Lending goal for 2002: $25 billion

3 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
Arranged in 2001: $15.2 billion
Financed by Region:
Northeast: $4.4 billion
Southeast: $3.8 billion
Southwest: $3.5 billion
West: $3.5 billion
Lending goal for 2002: $4.0 billion

4 Holliday Fenoglio Fowler LP
One Lincoln Park, 8401 N. Central Expressway
Suite 400, Dallas, TX 75225
Phone: (214) 265-0880
Fax: (214) 265-1686
E-Mail: mgibson@hfflp.com
Web site: www.hfflp.com
Officers: Mark D. Gibson, Exec. Managing Director; Joe B. (Jody) Thornton, Jr., Exec. Managing Director; John H. Pelusi, Jr., Exec. Managing Director; John P. Fowler, Exec. Managing Director; Melissa J. Browne, Exec. Director
Arranged in 2001: $11.6 billion
Financed by Region:
Northeast: $3.6 billion
Southeast: $1.7 billion

5 L.J. Melody & Co.
5847 San Felipe, Suite 4400
Houston, TX 77057
Phone: (713) 787-1900
Fax: (713) 787-1998
Web site: www.ljmelody.com
Officers: Brian Stoffers, Exec. Managing Director/COO; Tom Melody, Exec. Managing Director; Mike Melody, Exec. Managing Director; Tom Fish, Managing Director; Myra Moren, VP
Arranged in 2001: $8 billion

6 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
Arranged in 2001: $4.1 billion
Lending goal for 2002: $10.0 billion

7 NorthMarq Capital Inc.
3500 W. 80th St., Suite 500
Bloomington, MN 55431
Phone: (952) 356-0101
E-Mail: epadilla@northmarq.com
Web site: www.northmarq.com
Officers: Edward Padilla, President/CEO; Mike Myers, SVP/CAO
Arranged in 2001: $3.9 billion
Financed by Region:
Midwest: $716.6 million
Southwest: $1.3 billiion
West: $1.9 billion
Lending goal for 2002: $4.2 billion

8 Cohen Financial
2 N. LaSalle St., Suite 800
Chicago, IL 60602
Phone: (312) 346-5680
Fax: (312) 346-6669
Web site: www.cohenfinancial.com
Officers: Jack M. Cohen, CEO; Bruce R. Cohen, Chief Investment Officer; Tom Jaekel, Managing Director; Steven J. Spater, Director Brand Management
Arranged in 2001: $2.49 billion
Financed by Region:
Northeast: $150.7 million
Southeast: $208.1 million
Midwest: $647 million
Southwest: $226.3 million
West: $1.3 billion
Lending goal for 2002: $300 million

9 iCap Realty Advisors
77 W. Wacker Dr., Suite 4150
Chicago, IL 60601
Phone: (312) 673-4227
Fax: (312) 553-0767
E-Mail: rberman@icaprealty.com
Web site: www.icaprealty.com
Officers: Ross A. Berman, President/COO; James Houlihan, Chairman
Arranged in 2001: $2.45 billion
Financed by Region:
Northeast: $1.4 billion
Southeast: $183.5 million
Midwest: $11.6 million
Southwest: $818.9 million
West: $64.7 million
Lending goal for 2002: $2.5 billion

10 Legg Mason Real Estate Services
1735 Market St., 12th Floor
Philadelphia, PA 19103
Phone: (215) 496-3000
Fax: (215) 496-3005
Web site: www.lmres.com
Officers: Walter D'Alessio, Chairman/CEO; R. Craig Butchenhart, President, Mortgage Banking & Investment Services Group; Timothy F. O'Connor, Exec. VP; Eugene J. Veneziale, Exec. VP/COO
Arranged in 2001: $2.1 billion
Financed by Region:
Northeast: $1.5 billion
Southeast: $615.6 million
Lending goal for 2002: $2.5 billion

10 Principal Capital Real Estate Investors LLC
801 Grand Avenue
Des Moines, IA 50392
Phone: (800) 533-1390
Fax: (515) 235-9700
E-Mail: geistler.deann@principal.com
Web site: www.principalcapital.com
Officers: Julia Lawler, President, Equity Group; Pat Walter, President, Debt Group; Steve Graves, COO; Richard Hibbs, Exec. Director, Institutional Marketing
Arranged in 2001: $2.1 billion
Financed by Region:
Northeast: $759 million
Southeast: $346.2 million
Midwest: $215.8 million
Southwest: $96.8 million
West: $694.9 million
Lending goal for 2002: $2.8 billion

12 Reilly Mortgage Group
2000 Corporate Ridge, Suite 925
McLean, VA 22102
Phone: (703) 760-4700
Fax: (703) 760-4750
Web site: www.reilly.com
Officers: Terry Havens, Chairman/CEO; Michael Aquilino, Exec. VP
Arranged in 2001: $1.3 billion
Financed by Region:
Northeast: $130.7 million
Southeast: $938.1 million
Midwest: $216 million
Southwest: $12.5 million
West: $50 million
Lending goal for 2002: $1.7 billion

12 Sonnenblick-Goldman Co.
712 Fifth Ave.
New York, NY 10019
Phone: (212) 841-9216
Fax: (212) 262-4224
E-mail: skohn@sonngold.com
Web site: www.sonngold.com
Officers: Steven A. Kohn, President
Arranged in 2001: $1.3 billion
Financed by region:
Northeast: $1.2 billion
Southeast: $39 million
Southwest: $110 million

12 Wachovia Securities
301 S. College
Charlotte, NC 28288
Phone: (704) 383-6315
E-Mail: brett.smith@wachovia.com
Web site: www.wachovia.com
Officers: Ben Williams, Managing Director, Real Estate & Financial Services; Bill Green, Managing Director, Real Estate Capital Markets; Brett Smith, Managing Director, Mortgage Origination & Placement; Jim Pierpoint, VP/Corporate Communications
Arranged in 2001: $1.3 billion

15 The Ackman-Ziff Real Estate Group LLC
110 E. 42nd St., Suite 1401
New York, NY 10017
Phone: (212) 697-3333
Fax: (212) 286-4033
Web site: simon@ackmanziff.com
Web site: www.ackmanziff.com
Officers: Lawrence D. Ackman, Chairman; Simon Ziff, President
Arranged in 2001: $1.2 billion
Financed by Region:
Northeast: $930 million
Southeast: $73 million
Midwest: $77 million
West: $85 million
International: $27 million
Lending goal for 2002: $1 billion

16 The Singer & Bassuk Organization
767 Third Ave., 28th Floor
New York, NY 10017
Phone: (212) 371-2277
Fax: (212) 371-6610
E-Mail: scottsinger@singerbassuk.com
Web site: www.singerbassuk.com
Officers: Andrew J. Singer, Chairman/CEO; Scott A. Singer, Exec. VP
Arranged in 2001: $1.05 billion
Financed by Region:
Northeast: $1.05 billion
Lending goal for 2002: $2 billion

17 Johnson Capital Group
18500 Von Karman, Suite 500 Irvine, CA 92612-0504
Phone: (949) 660-1999
Fax: (949) 660-1998
E-Mail: guyjohnson@johnsoncap.com
Web site: johnsoncapital.com
Officers: Guy K. Johnson, President; Gary R. Bechtel, Managing Director; Gregory West, SVP; Amos Smith, SVP
Arranged in 2001: $1 billion
Financed by Region:
Northeast: $22 million
Midwest: $192.8 million
Southwest: $614.7 million
West: $185.6 million
Lending goal for 2002: $2 billion

18 Draper and Kramer Inc.
33 W. Monroe St., Chicago, IL 60603
Phone: (312) 346-8600
Fax: (312) 346-6531
Officers: Forrest Bailey, President/CEO; Todd Schultz, CFO; Bill Barry, SVP
Arranged in 2001: $983 million
Financed by Region:
Northeast: $50 million
Southeast: $75 million
Midwest: $658 million
Southwest: $80 million
West: $120 million
Lending goal for 2002: $1 billion

19 Collateral Mortgage Capital LLC
524 Lorna Square
Birmingham, AL 35223
Phone: (205) 978-1840
Fax: (205) 978-1852
E-Mail: loans@collateral.com
Web site: www.collateral.com
Officers: David A. Roberts, President/CEO; Thomas J. Turner, Chairman; Patricia Muse, Asst. VP/Director of Marketing
Arranged in 2001: $862 million
Financed by Region:
Northeast: $31.5 million
Southeast: $290.6 million
Midwest: $239.7 million
Southwest: $184.2 million
West: $115.7 million
Lending goal for 2002: $1 billion

20 Dwinn-Shaffer & Co.
55 W. Monroe St., Suite 990
Chicago, IL 60603
Phone: (312) 346-9191
Fax: (312) 346-2613
Web site: www.dwinn.com
Officers: Leonard “Bud” Wineburgh, President; Joel Levin, Exec. VP
Arranged in 2001: $662.2 million
Lending goal for 2002: $650 million

21 Partners Realty Capital
4685 MacArthur Ct., Suite 422
Newport Beach, CA 92660
Phone: (949) 851-1954
Fax: (949) 851-1819
E-Mail: pfruchbom@prcpartners.com
Web site: www.prcpartners.com
Officers: Paul Fruchbom, Managing Member; Roger Williams, Managing Director; Norma Fierro, Corporate Communications
Arranged in 2001: $610 million
Lending goal for 2002: $600 million

22 APC Realty Advisors
650 Fifth Avenue
New York, NY 10019
Phone: (212) 397-2000
Fax: (212) 397-0494
E-Mail: email@apcrealty.com
Officers: Richard H. Mosse, President/CEO; Anthony Orso, Managing Director; Caroline Mosse, SVP
Arranged in 2001: $519 million
Financed by Region:
Northeast: $247 million
Midwest: $155 million
International: $117 million
Lending goal for 2002: $750 million

23 Secured Capital Corp.
11150 Santa Monica Blvd., Suite 1400
Los Angeles, CA 90025
Phone: (310) 477-9600
Fax: (310) 477-3436
Web site: www.securedcapital.com
Officers: Stephen A. Roth, Chairman; D. Michael Van Konynenburg, President/CEO; Carl Wm. Reiger, Jr., COO
Arranged in 2001: $506 million
Financed by Region:
Northeast: $31 million
West: $475.3 million
Lending goal for 2002: $1 billion

24 Dominion Healthcare Financial Corp.
11355 W. Olympic Blvd., Suite 210
Los Angeles, CA 90064
Phone: (310) 477-3041
Fax: (310) 477-1601
E-Mail: paulh@dominfin.com
Web site: www.dominfin.com
Officers: Paul S. Horvitz, President; Keith A. Olson, VP
Arranged in 2001: $475 million
Financed by Region:
Northeast: $120 million
Southeast: $75 million
Midwest: $25 million
Southwest: $50 million
West: $205 million
Lending goal for 2002: $600 million

25 Sumitomo Mitsui Banking Corp.
277 Park Ave.
New York, NY 10172
Phone: (212) 224-4165
Fax: (212) 224-4504
E-Mail: jonathan_peiper@smbcgroup.com
Web site: smbcgroup.com
Officers: William Karl, SVP; Charles Sullivan, VP; Keith Connolly, VP
Arranged in 2001: $350 million
Financed by Region:
Southeast: $30 million
Midwest: $15 million
West: $140 million
International: $165 million
Lending goal for 2002: $850 million