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1 Take the express to capital. The shortest distance to capital is straight talk. Acquisition Financing $24 Million Senior Loan Single Family For-Rent Portfolio Georgia Acquisition Financing $15 Million Senior Loan Hospitality Florida Acquisition Financing $28 Million Senior Loan Mixed Use Office/Telco Missouri Note Acquisition Financing $15 Million Senior Loan Condominium New York Acquisition Financing $35 Million Senior Loan Industrial Texas In today s commercial real estate market, we know how to clear the way for an opportunity. We can deliver flexible financing solutions for virtually any project. We bring lending power, a solid balance sheet, industry expertise, and an impressively efficient loan process. If you re ready to expand, acquire, recapitalize, or pursue opportunities, give us a call. We re just the ticket. Chris Kelly, Managing Director, Commercial Real Estate , [email protected] For more information, visit

2 14 Loans Post 1.2% Quarterly Gain Returns on commercial mortgages reached 1.15% in the third quarter, an improvement on the 0.74% return in the previous three months, according to the Giliberto-Levy Commercial Mortgage Performance Index. Loan income remained little changed at 1.34%, compared with 1.32% in the second quarter and identical to the firstquarter figure. But net returns improved significantly because loan valuations declined by just 19 bp compared with a 58-bp slide from April through June. Spreads, on average, moved up by about 10 bp during the quarter. Most of that increase was seen on retail and apartment loans, which accounted for 57% of new lending activity. Office and industrial spreads, meanwhile, were essentially flat. Loan losses declined to 120 bp for the period, a modest improvement over the 130 bp level seen over the trailing 12 months. We think this trend is likely to continue because collateral values are generally stable to improving, and many problem loans have now been through restructuring or foreclosure, said investment manager Michael Giliberto, who compiles the index along with mortgage banker John Levy. While loan returns often are affected by changes in the 10-year Treasury yield, that wasn t a factor in the third quarter since that benchmark yield was nearly the same on Sept. 30, at 1.65%, verses 1.67% on June 30. Loan originations captured by the index plunged to $4.8 See RETURNS on Page 15 Mortgage-Performance Comparison Return Return Return 3Q mo. Duration (%) (%) (years) Mortgages All commercial Office mortgages Multi-family mortgages Retail mortgages Industrial mortgages CMBS Investment-grade Corporates Barclays Capital Bond Index Triple-B (duration adjusted) Treasurys (5-7 year) Sources: Giliberto-Levy and Barclays Giliberto-Levy Performance Index Year-over-year percent change -5 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q ND ANNUAL Securitization Finance Summit NOVEMBER 28 th, 2012 NEW YORK KEY TOPICS THAT WILL BE COVERED: What is Securitization and why is it frequently misunderstood Dodd Frank-Act and ongoing financial reforms Risk Retention Proposal and QRM Improving market transparency for derivatives Economic Collapse Financial Stability Oversight Council and its Implications Asset-Backed Securities and their evolution Housing Sector CMBS sector RMBS investing ABCP VISIT US TODAY AT PE Investing in Real Estate Opportunities Are on the Horizon From a Market on the Mend Chaired by David Valger, Principal DVO Real Estate FULL-DAY CONFERENCE Wednesday, December 5, :00am - 5:00pm New York City Contact Mara Kane to confirm your attendance at , ext 0 or her at [email protected]

3 15 Special-Servicing Rate Dips Again The special-servicing rate among securitized commercial mortgages resumed its gradual decline last month. The percentage of commercial MBS loans in the hands of special servicers finished October at 12.66%, down from 12.82% in September, according to Trepp. The latest tally found 3,711 mortgages in that category, down from 3,828 a month earlier, and the aggregate balance fell by $1.1 billion to $71.3 billion, the lowest level since the end of With some bumps along the way, the dollar value of loans in special servicing has been trending lower since September 2010, when it hit a peak of $89.9 billion. The percentage rate has edged down more slowly because the CMBS universe also has been shrinking. The only loan of more than $100 million that was added to Trepp s index in October was a $144.1 million senior mortgage on a hotel portfolio. It was originated in late 2006 for California State Teachers, a Morgan Stanley fund and Pyramid Advisors and was included in a $1.4 billion transaction (Morgan Stanley Capital I Inc., 2007-XLF). The note, with an original balance of $152 million, was part of a $295 million debt package on seven full-service hotels totaling 2,357 rooms in six states. The loan had a two-year term and three single-year extension options. It was restructured in 2009, and last October it was extended for an additional year. The mortgage was transferred to special servicing days before that extension ran out last month. At the time, the borrower was current on payments and seeking a fifth extension. Large Loans Recently Transferred to Special Servicing Breakdown of CMBS Servicing As of Oct. 31 Portion of Loan Type Share of Share of In Special Special All CMBS Balance Servicing Servicing Loans Collateral ($Mil.) (%) (%) (%) Office $21, Retail 15, Multi-family 11, Hotel 10, Industrial 4, Other 6, TOTAL 71, % 15% 12% 9% 6% 3% 0% CMBS Loans in Special Servicing Balance as percentage of all U.S. CMBS loans 12/07 12/08 12/09 12/10 12/11 Source: Trepp Current Sent to Balance Loan Maturity Special ($Mil.) Type Date Date Servicer Status Securitization HRO hotel portfolio $144.1 Floating 10/5/06 10/9/11 10/4/12 Current MSC 07-XLF 17 Battery Place North, New York (Office) 53.0 Fixed 10/29/04 11/11/09 9/24/12 Current WBCMT 05-C16 Marriott, Overland Park, Kan Fixed 8/7/07 8/15/14 9/27/12 Current JPMCC 07-LDP12 Laurel Springs Apartments portfolio, High Point, N.C Fixed 3/1/07 3/11/17 9/18/ days late CSMS 07-C2 New Jersey industrial/office portfolio 39.7 Fixed 1/25/07 2/11/17 9/14/12 Current WBCMT 07-C30 Sandpiper Apartments, Las Vegas 31.9 Fixed 6/30/05 7/11/15 10/1/12 Current LBUBS 05-C5 Equitable Building, St. Louis (Office) 29.1 Fixed 2/15/07 3/1/17 9/14/12 Current MSC 07-IQ14 Carriage Club Apartments, Mooresville, N.C Fixed 3/1/07 3/11/17 9/18/12 Current CSMS 07-C2 200 South Tryon, Charlotte (Office) 20.0 Fixed 4/17/07 5/11/17 9/27/ days late WBCMT 07-C31 Beauregard Square, Alexandria, Va. (Mixed-use) 15.0 Fixed 3/13/07 4/5/17 9/7/12 In foreclosure MSC 07-IQ14 Source: Trepp Returns... From Page 14 billion in the third quarter from nearly $9.9 billion in the earlier period, although some loans that closed late in the quarter may have been omitted. The proportion of new loans that are interest-only for their full term swooned to 10% in the third quarter, from 34.5% in the previous three-month period. And those loans, on average, had smaller balances than those with full or partial amortization reversing a recent trend. Other assets bested commercial mortgages in performance during the period. Barclays reported a 3.83% return for its corporate bond index, while investment-grade commercial MBS posted an impressive 3.91% gain. The Giliberto-Levy index, produced and distributed by London-based IPD, tracks $191.7 billion of fixed-rate commercial mortgages with an average coupon of 5.8% and an average maturity of 5.6 years.

4 16 Loans... From Page 1 about half of the units. The loan is likely to attract interest from investors interested in taking over the unsold condos. Offers for both pools are due late next week. Bank of Scotland is looking to complete the sales by yearend. The loans represent nearly all of Bank of Scotland s remaining U.S. loan book, according to a source familiar with the matter. The bank has stopped writing mortgages in the U.S. The pool of performing mortgages has a weighted average loan-to-value ratio of roughly 65%. The weighted average remaining term is 20 months, and the weighted average coupon is about 3.75%. Two-thirds of the underlying properties, by loan balance, are in or around New York, Washington, Boston, Los Angeles and Chicago. The largest loan in the pool is a $68 million participation interest in a $309 million mortgage on the 1,000-room Hilton Orlando Bonnet Creek, near Walt Disney World Resort. The hotel is owned by a partnership between GEM Realty of Chicago, Farallon Capital of San Francisco and Blackstone of New BB-UBS Trust, 2012-SHOW York. Other large loans in the pool include: A $59 million participation interest in a $179 million loan on the W New York-Downtown Hotel & Residences, at 123 Washington Street in Lower Manhattan. The 58-story property, which encompasses 217 hotel rooms and 223 condominium units, is owned by New York developer Joseph Moinian. A $40 million participation interest in a $250 million loan on the 796,000-square-foot office building at 75 State Street in Boston. The property, which includes 25,000 sf of retail space and a 235-space garage, is owned by Brookfield Office Properties of New York. Bank of Scotland and its parent, HBOS, were absorbed by Lloyds in January 2009 as part of a British governmentbrokered effort to prevent them from collapsing amid the global financial crisis. Two months later, Lloyds ceded partial ownership of its operations to the government. Lloyds has been selling much of its commercial-mortgage portfolio globally. Pricing date: Nov. 1 Closing date: Nov. 6 Amount: $835 million Seller/borrower: General Growth Properties Lead managers: Barclays, UBS Co-managers: Bank of America, Drexel Hamilton Master servicer: Wells Fargo Special servicer: Wells Fargo Trustee: U.S. Bank Certificate administrator: Wells Fargo Offering type: Rule 144A Property types: Retail (100%). Concentrations: Nevada (100%). Loan contributors: Barclays (50%) and UBS (50%). Notes: Barclays and UBS securitized an $835 million loan to General Growth Properties on Fashion Show Mall in Las Vegas. Barclays and UBS originated the 12-year, interest-only loan on a 50/50 basis in October. The 4% mortgage is collateralized by 836,000 sf at the 1.9 million-sf property. The collateral was appraised at $1.44 million. General Growth used most of the proceeds to retire $613 million of debt that was securitized via two transactions: Banc of America Inc., and CMA code: Amount Rating Rating Rating Subord. Coupon Dollar Yield Maturity Avg. Life Spread Class ($Mil.) (Moody's) (S&P) (Kroll) (%) (%) Price (%) (Date) (Years) (bp) Note Type A Aaa AAA AAA /5/ S+115 Fixed B Aa2 AA AA /5/ S+160 Fixed C A2 A A /5/ S+195 Fixed D Baa2 A- BBB /5/ S+240 Fixed E Baa3 BBB- BBB /5/ S+285 Fixed X-A(IO) * Aaa AAA AAA 11/5/36 Fixed X-B(IO) * Aa2 AA AAA 11/5/36 Fixed *Notional amount

5 17 Motel 6 Trust, 2012-MTL6 Pricing date: Nov. 2 Closing date: Nov. 13 Amount: $1,050.0 million Seller/borrower: Blackstone Group Lead managers: J.P. Morgan, Deutsche Bank Co-manager: Citigroup Master servicer: KeyCorp Special servicer: KeyCorp Trustee: Wells Fargo Certificate administrator: Wells Fargo Offering type: Rule 144A Property types: Hotel (100%). Concentrations: California (35.7%) and Texas (13.5%). Loan contributors: J.P. Morgan (45%), Deutsche (45%) and Citi (10%). Notes: J.P. Morgan, Deutsche and Citigroup teamed up to securitize the senior $1.05 billion portion of a $1.37 billion interest-only debt package they originated on Oct. 1 for a Blackstone fund on 517 Motel 6 hotels. Blackstone Real Estate Partners 7 used the loan proceeds to help finance its $1.8 billion buyout of the Motel 6 chain from Paris-based Accor. The fixed-rate senior portion of the debt package has a five-year term and a 5.1% coupon. The $318 million subordinate portion, which was placed with numerous investors, is divided into two pieces: a $118 million floating-rate senior mezzanine tranche with a coupon of Libor plus 760 bp and a three-year term, which can be extended by two years; and a $200 million fixed-rate junior mezzanine tranche with a 10% coupon and a five-year term. Blackstone invested $611.8 million of equity in the buyout, including reserves and closing costs. CMA code: Amount Rating Rating Rating Subord. Coupon Dollar Yield Maturity Avg. Life Spread Class ($Mil.) (S&P) (Fitch) (MStar) (%) (%) Price (%) (Date) (Years) (bp) Note Type A AAA AAA AAA /5/ S+125 Fixed A AAA AAA AAA /5/ S+115 Fixed B AA- AA- AA /5/ S+195 Fixed C A- A- A /5/ S+235 Fixed D BBB- BBB- BBB /5/ S+300 Fixed E BB+ BB+ BBB /5/ S+350 Fixed XA-1(IO) * AAA AAA AAA /5/25 T+160 Fixed XA-2(IO) * AAA AAA AAA 10/5/25 Fixed XB-1(IO) * BB+ BB+ AAA /5/25 T+275 Fixed XB-2(IO) * BB+ BB+ AAA 10/5/25 Fixed *Notional amount

6 18 COMM Mortgage Trust, 2012-CCRE4 Pricing date: Nov. 2 Closing date: Nov. 13 Amount: $1,111.0 million Deutsche Bank, Seller/borrower: Cantor Fitzgerald, KeyBank Lead managers: Deutsche Bank, Cantor Fitzgerald KeyBank, Co-managers: CastleOak Securities, RBS Master servicer: Wells Fargo Special servicers: Torchlight Loan Services, Midland Loan Services Operating advisor: Park Bridge Lender Services Trustee: U.S. Bank Certificate administrator: Wells Fargo Offering type: SEC-registered Property types: Retail (40.6%), office (24.5%), mixed-use (14.6%), hotel (12%), industrial (4.7%), self-storage (2.8%), multi-family (0.4%) and other (0.4%). Concentrations: New York (23%) and California (22.7%). Loan contributors: Deutsche (48.3%), Cantor (38.6%) and KeyBank (13.1%). Largest loans: A $125 million senior portion of a $200 million loan to Eric Hadar and Stanley Cayre on the 355,000-sf Prince Building in Manhattan; a $120 million senior portion of a $210 million loan to Wilmorite on the 1.4 million-sf Eastview Mall and Eastview Commons power center in Victor, N.Y.; a $73 million loan to James Schlesinger of Talisman Cos., Jakob Brodt and Brigita Zaidman on the 376,000-sf Fashion Outlets of Las Vegas retail center in Primm, Nev.; a $60 million loan to Joseph Paul on the 216,000-sf Synopsys Tech Center in Sunnyvale, Calif.; a $58.8 loan to DivcoWest Properties on Buildings B and D, encompassing 600,000 sf, of the Concord Plaza office complex in Concord, Calif.; a $45.9 million loan to TMI Hospitality on 10 hotels, encompassing 717 rooms, in six states; a $40.1 million loan to Keystone Property on the 248,000-sf Dadeland Office Park in Miami; a $39.9 million senior portion of a $114.7 million loan to Mayflower Realty on the 1 million-sf Emerald Square Mall in North Attleboro, Mass.; a $35 million loan to Mohannad Malas on four stand-alone Lowe s Home Centers, encompassing 524,000 sf, in Georgia; and a $33.9 million loan to Gladstone Commercial on four office and three industrial properties, encompassing 531,000 sf, in six states. B-Piece buyer: CBRE Capital. Notes: Deutsche, Cantor and KeyBank teamed up to securitize commercial mortgages that they had originated. CMA code: Amount Rating Rating Rating Subord. Coupon Dollar Yield Maturity Avg. Life Spread Class ($Mil.) (Moody's) (S&P) (Fitch) (%) (%) Price (%) (Date) (Years) (bp) Note Type A Aaa AAA AAA /15/ S+25 Fixed A Aaa AAA AAA /15/ S+45 Fixed A-SB Aaa AAA AAA /15/ S+73 Fixed A Aaa AAA AAA /15/ S+83 Fixed A-M Aaa AAA AAA /15/ S+122 Fixed B Aa3 AA- AA /15/ S+167 Fixed C A3 A- A /15/ S+240 Fixed D Baa3 BBB- BBB /15/ S+485 Fixed E Ba2 BB BB /15/ Fixed F B2 B+ B /15/ Fixed G NR NR NR /15/ Fixed X-A(IO) * Aaa AAA AAA /15/45 Fixed X-B(IO) * Ba3 NR NR /15/45 Fixed *Notional amount

7 Join us in Miami this January... CRE FINANCE COUNCIL January ConferenCe 2013 L O E w s MIAMI BE ACh ho t E L January 14-16, 2013 South Beach, MiaM i, Florida January 2013 Conference Co-Chairs: Richard Jones, Partner, Dechert LLP Mark McCool, Executive Vice President, Berkadia LLC Gregory Michaud, Senior Vice President & Head of Real Estate Finance, ING Investment Management Michael Nash, Senior Managing Director, Blackstone Register Today

8 20 Freddie Mac Structured Pass-Through Certificates, K-711 FREMF Mortgage Trust, 2012-K711 Pricing date: Nov. 8 Closing date: Nov. 20 Amount: $1,379.7 million Seller/borrower: Freddie Mac Lead managers: Wells Fargo, Morgan Stanley Bank of America, Co-managers: Barclays, Deutsche Bank, Guggenheim Securities Master servicer: Wells Fargo Special servicer: Wells Fargo Trustee: U.S. Bank Certificate administrator: U.S. Bank Offering type: Fannie/Freddie/Ginnie Property types: Multi-family (100%). Concentrations: Florida (21.4%), California (12.5%) and Washington (10.1%). Loan originators: CBRE (31.5%), HSBC (12.7%), Berkadia (12.6%), Walker & Dunlop (9.5%), HFF (6%), Prudential (5%), Wells Fargo (4.5%), NorthMarq Capital (3.6%), PNC (2.5%), Magna Bank (2.4%), Beech Street Capital (2.3%), KeyCorp (2.1%), CWCapital (1.5%), Berkeley Point Capital (1.4%), Jones Lang LaSalle (1.2%), M&T Realty (0.6%) and Oak Grove (0.5%). Largest loans: A $66.8 million loan on the 558-unit Canyon Creek Apartments in Bothell, Wash.; a $62.6 million loan on the 294-unit Hudson Park North in Yonkers, N.Y.; a $60.5 million loan on the 576-unit Lincoln Meadows in Schaumburg, Ill.; a $47.2 million loan on the 450-unit Seramonte Apartments in New Haven, Conn.; and a $40.5 million loan on the 448-unit Gardens East Apartments in Palm Beach Gardens, Fla. B-Piece buyer: RiverBanc. Notes: Freddie securitized 76 fixed-rate multi-family mortgages originated by 17 of its pre-approved lenders. Freddie guaranteed Classes A-1 and A-2 and floated them via a Freddie shelf. Classes B-D, which are unguaranteed, were placed privately. CMA code: and Amount Rating Rating Subord. Coupon Dollar Yield Maturity Avg. Life Spread Class ($Mil.) (Fitch) (Kroll) (%) (%) Price (%) (Date) (Years) (bp) Note Type A AAA AAA /25/ S+20 Fixed A-2 1, AAA AAA /25/ S+31 Fixed B A- A /25/ Fixed C BBB BBB /25/ Fixed D NR NR /25/ Fixed X-1(IO) 1, * AAA AAA 8/25/ Fixed X-2A(IO) 1, * AAA AAA 8/25/ Fixed X-2B(IO) * NR AAA 8/25/ Fixed X-3(IO) * NR NR 8/25/ Fixed *Notional amount

9 21 NorthStar Mortgage Trust, Pricing date: Oct. 26 Property types: Retail (33.6%), mixed-use (19.2%), hotel (17%), office (16.6%) and multi-family (13.6%). Closing date: Nov. 20 Concentrations: California (25.1%), Virginia (20.8%), New Jersey (17.2%), Texas Amount: $ million (11.5%) and Colorado (10.1%). Loan contributors: NorthStar (100%). Seller/borrower: NorthStar Realty Finance Largest loans: A $73 million loan to Coventry Real Estate on the Buena Park Mall and Lead manager: Citigroup the Buena Park Place power center, encompassing 741,000 sf, in Buena Park, Calif.; a $60.4 million loan to Jack Morris and Joseph Marino on Towne Place at Garden UBS, State Park, a 336,000-sf retail and office complex in Cherry Hill, N.J.; a $43.3 million Co-managers: Barclays, loan to Parmenter Realty Partners on the 486,000-sf SunTrust Center office complex and the adjacent 132,000-sf Mutual Building in Richmond, Va.; a $35.5 million loan to Deutsche Bank Windsor Capital on the 357,000-sf Citadel Crossing power center in Colorado Springs, Master servicer: Wells Fargo Colo.; a $29.8 million loan to LTD Management on four hotels, encompassing 510 Special servicer: NorthStar rooms, in Virginia; the $20.7 million senior portion of a $33.8 million loan to Gerald Sapp on the 192-room Embassy Suites in Kennesaw, Ga.; and a $20 million loan to Trust advisor: Situs Holding Barry Nussbaum on three Houston apartment properties encompassing 1,014 units. Notes: NorthStar Realty Finance securitized 14 floating-rate loans, totaling $351.4 Trustee: U.S. Bank million, that it and an affiliated nontraded REIT, NorthStar Real Estate Income, originated on transitional properties in 2011 and The transaction is the first with Certificate administrator: U.S. Bank such collateral since the market crash. The loans have a weighted average coupon of Offering type: Rule 144A Libor plus 534 bp, with individual spreads ranging from 259 bp to 750 bp. The bonds have a weighted average coupon of Libor plus 163 bp. The transaction s weighted average loan-to-value ratio is 70.7%. NorthStar and its REIT retained Classes E-G and the interest-only strips. NorthStar said it expects to earn a yield of about 20% on the equity it has invested. See article in Oct. 19 issue. CMA code: Amount Rating Rating Subord. Coupon Dollar Maturity Avg. Life Spread Class ($Mil.) (Moody s) (S&P) (%) (%) Price (Date) (Years) (bp) Note Type A Aaa AAA L /25/ L+125 Floating B Aa2 AA L /25/ L+175 Floating C A2 A L /25/ L+225 Floating D Baa3 BBB L /25/ L+435 Floating E Ba2 BB /25/ Floating F B2 B /25/ Floating G NR NR /25/ Floating X-WAC(IO) * Baa3 BBB- 8/25/29 Floating X-LF(IO) * NR NR 8/25/29 Floating *Notional amount

10 xxx November 9, MARKET MONITOR il.) WORLDWIDE CMBS Year-to-date volume ($Bil.) US Non-US TOTAL J F M A M J J A S O N D US CMBS MONTHLY ISSUANCE ($Bil.) S O N D J F M A M J J A S O N LOAN SPREADS ASKING SPREADS OVER TREASURYS 10-year loans with 50-59% LTV Month 11/2 Earlier Office Retail Multi-family Industrial Source: Trepp REIT BOND ISSUANCE ASKING OFFICE SPREADS UNSECURED NOTES, MTNs, ($Bil.) MONTHLY ISSUANCE ($Bil.) SPREADS J F M A M J J A S O N D CMBS TOTAL RETURNS CMBS INDEX Total Return (%) Avg. Month Year Since As of 11/7 Life to Date to Date 1/1/97 Inv.-grade AAA AA A BBB M J J A S O N Data points for all charts can be found in The Marketplace section of CMAlert.com Source: Barclays S O N D J F M A M J J A S O N CMBS SPREADS NEW-ISSUE SPREAD OVER SWAPS 10-Year AAA Spread (bp) New Issue Fixed Rate Avg. Week 52-wk (Conduit) Life 11/7 Earlier Avg. AAA S+53 S+94 S+50 S AA 10.0 S+194 S A 10.0 S+260 S BBB 10.0 S+427 S Spread (bp) Legacy Fixed Rate Avg. Week 52-wk (Conduit) Life 11/7 Earlier Avg. AAA M J J A S O N S+93 S+146 S+97 S AA 10.0 S+1,638 S+1,630 +1,947 A 10.0 S+2,247 S+2,237 +2,561 BBB 10.0 S+3,914 S+3,895 +4,193 Dollar Price Week 52-wk Markit CMBX 5 11/7 Earlier Avg. AAA AA A BBB BB Sources: Trepp, Markit Rating Amount Spread CDS 11/2 Maturity (M/S) ($Mil.) (bp) (bp) Kimco 10/19 Baa1/BBB+ 300 T Simon Property 3/22 A3/A- 600 T Equity Residential 12/21 Baa1/BBB+ 1,000 T Prologis 3/20 Baa2/BBB- 540 T AvalonBay 9/22 Baa1/BBB+ 450 T Duke Realty 6/22 Baa2/BBB- 300 T Boston Properties 2/23 Baa2/A- 1,000 T Health Care Property 8/22 Baa2/BBB 300 T Regency Centers 4/21 Baa2/BBB 250 T+147 Liquid REIT Average Baa1/BBB+ 527 T Source: Wells Fargo

11 23 THE GRAPEVINE... From Page 1 high-yield mortgage program that, among other things, invested in mezzanine loans and syndicated portions of debt the insurer originated. MetLife recently reshuffled some of its real estate management ranks as it carved out a third-party asset-management business. McIntyre previously was head of syndications for KeyBank and held executive positions at GE Capital Real Estate and UBS. Managing director Thomas Deane has left Wells Fargo after taking a buyout package. There s no word on his plans. Based in Charlotte, Deane ran a dispositions unit within the bank s special-situations group that handles foreclosed properties, note sales, joint ventures, and other transactions involving commercial real estate assets. The team also consults on loan workouts and strategies for resolving troubled assets. Deane was working for Wachovia when Wells took it over in He had joined Wachovia in 2003 and served as a senior executive in a number of commercial real estate areas, including special servicing. Scott Moore has joined CBRE as senior vice president and head of FHA loan production for multi-family and healthcare properties. He s in Columbus, Ohio, but will relocate to Denver within a year. Moore previously was a managing member at Columbus-based Red Mortgage Capital, where he brokered FHA loans on healthcare properties. He also had stints at Ziegler Financing and Lancaster Pollard Mortgage. Miles Borden joined law firm Seyfarth Shaw late last month as a partner in the firm s real estate department. Borden moved to the firm s New York office from his post as a partner at Troutman Sanders. At Seyfarth, Borden represents lenders and borrowers on transactions that include acquisitions, dispositions, joint ventures and mortgage financing. He reports to real estate group chair Paul Mattingly. Prime Finance is looking for an executive to work on structuring, negotiating and closing loans. Candidates should have a legal background, including at least five years of experience in closing mortgages on commercial properties. The recruit would work at the fund shop s New York headquarters and report to principal Jon Brayshaw. Raj Mehta joined loan-software firm CJC Technologies of New York last month as director of client development. He focuses on expanding the client base for the firm s origination and assetmanagement software. Clients include securitization shops, agency lenders, credit unions and service-providers. Mehta formerly worked at J.P. Morgan and Credit Suisse. Situs owns a stake in CJC, which is based in Franklin, Tenn. Starwood Property is looking for an analyst with 2-3 years of experience to join its credit and underwriting team in Los Angeles. Duties include modeling property and loan cashflows, analyzing profit and loss statements, reviewing due-diligence materials, conducting market research and preparing presentations. Applicants may contact Tessie Massa at [email protected]. TO SUBSCRIBE YES! Sign me up for a one-year subscription to Alert at a cost of $4,097. I understand I can cancel at any time and receive a full refund for the unused portion of my 46-issue subscription. DELIVERY (check one): q . q Mail. PAYMENT (check one): q Check enclosed, payable to Commercial Mortgage Alert. q Bill me. q American Express. q Mastercard. q Visa. Account #: Exp. date: Name: Company: Address: City/ST/Zip: Phone: Signature: MAIL TO: Alert 5 Marine View Plaza #400 FAX: Hoboken NJ CALL: COMMERCIAL MORTGAGE Telephone: Fax: [email protected] Donna Knipp Managing Editor [email protected] Bob Mura Senior Writer [email protected] Richard Quinn Senior Writer [email protected] Chad Weihrauch Senior Writer [email protected] Andrew Albert Publisher [email protected] Daniel Cowles General Manager [email protected] Thomas J. Ferris Editor [email protected] T.J. Foderaro Deputy Editor [email protected] Ben Lebowitz Deputy Editor [email protected] Dan Murphy Deputy Editor [email protected] Michelle Lebowitz Operations Director [email protected] Evan Grauer Database Director [email protected] Mary E. Romano Advertising Director [email protected] Josh Albert Advertising Manager [email protected] Joy Renee Selnick Layout Editor [email protected] Barbara Eannace Marketing Director [email protected] JoAnn Tassie Customer Service [email protected] Alert (ISSN: ), Copyright 2012, is published weekly by Harrison Scott Publications Inc., 5 Marine View Plaza, Suite 400, Hoboken, NJ It is a violation of federal law to photocopy or distribute any part of this publication (either inside or outside your company) without first obtaining permission from Alert. We routinely monitor forwarding of the publication by employing -tracking technology such as ReadNotify.com. Subscription rate: $4,097 per year. Information on advertising and group subscriptions is available upon request.

12 COMMERCIAL REAL ESTATE INVESTMENTS SPECIAL SERVICING ADVISORY Talmage thanks our speakers and clients who participated in our 2012 Credit Conference. Your insights, contributions and ideas made the conference a great success. Thanks also to our clients and partners for making 2012 one of our most successful years. TALMAGE 2012 CREDIT CONFERENCE AGENDA The Election & The Economy - Perspectives from Kevin Warsh Distinguished Visiting Fellow at the Hoover Institution and Lecturer at the Graduate School of Business, Stanford University The Owner s Perspective Jeffrey Kelter - CEO, KTR Capital Partners David Simon - Chairman & CEO, Simon Property Group Barry Sternlicht - Chairman & CEO, Starwood Capital Group Debt Investing and Lending Strategies Post Financial Crisis Tobin Cobb - Co-CEO, LNR Property Boyd Fellows - President, Starwood Property Trust James Flaum - Managing Director, Morgan Stanley Michael Nash - Senior Managing Director, The Blackstone Group Unintended Consequences - Thoughts on the Economy, Ed Conard Author of the New York Times best-selling book Unintended Consequences and former Bain Capital Partner The LP Perspective - Opportunities in a New World Nori Lietz - CEO, Areté Capital Isabelle Scemama - Head of Commercial Real Estate Finance, AXA Real Estate David Sherman - President & CIO, Metropolitan Real Estate Equity Management The Last Word - Industry Leaders Share Thoughts on the Market Michael Ashner - Chairman & CEO, Winthrop Realty Trust Barry Blattman - Ron Kravit - Senior Managing Director, Cerberus Capital Management Talmage manages $1.7 billion in commercial real estate debt assets across the country and operates a robust large loan Special Servicing platform. Since 2003, we have made in excess of $10 billion of investments, acted as the Special Servicer on over $10 billion of transactions and advised on over $30 billion of loan restructurings and modifications. Talmage, LLC 430 Park Avenue New York, New York talmagellc.com