Commercial/Multifamily Mortgage Originations Down 80% from Q4 2007 in MBA Survey

SAN DIEGO, CA - - Commercial and multifamily mortgage loan originations dropped in the fourth quarter, according to the Mortgage Bankers Association's (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.

Fourth quarter originations were 80 percent lower than during the same period last year. The year-over-year decrease was seen across all property types and investor groups.

"Commercial and multifamily mortgage lending slowed to a trickle in the fourth quarter," said Jamie Woodwell, (top right photo) Vice President of Commercial Real Estate Research at the Mortgage Bankers Association.

"Origination levels in the fourth quarter were 80 percent below last year's fourth quarter, and originations for all of 2008 were down approximately 60 percent from 2007 levels. Between the worsening economy and the continued credit crunch, lenders are extremely cautious about lending and borrowers are likely to hold onto the assets and the loans they already have."

Decreases in total commercial/multifamily mortgage originations continued to be led by a drop in commercial mortgage-backed security (CMBS) conduit loans and loans for commercial bank portfolios. These numbers show the impact of the recent credit crunch and other market disruptions.

FOURTH QUARTER 2008 80 PERCENT LOWER THAN FOURTH QUARTER 2007

The decrease in commercial/multifamily lending activity during the fourth quarter was driven by decreases in originations for all property types.

When compared to the fourth quarter of 2007, the overall 80 percent decrease included a 99 percent decrease in loans for hotel properties, an 82 percent decrease in loans for retail properties, a 76 percent decrease in loans for industrial properties, a 72 percent decrease in loans for office properties, a 62 percent decrease in multifamily property loans, and a 47 decrease in health care property loans.

Among investor types, conduits for CMBS saw a significant decrease of 98 percent compared to last year's fourth quarter.

There was also an 86 percent decrease in loans for commercial bank portfolios, a 73 percent decrease in loans for life insurance companies, and the dollar volume of loans for Government Sponsored Enterprises (or GSEs - Fannie Mae and Freddie Mac) saw a decrease of 15 percent.

FOURTH QUARTER 2008 11 PERCENT LOWER THAN THIRD QUARTER 2008

Fourth quarter 2008 mortgage originations were 53 percent lower than originations in the third quarter of 2008.

Among investor types, loans for life insurance companies saw a decrease in loan volume of 73 percent compared to the third quarter of 2008, loans for conduits for CMBS saw a decrease in loan volume of 60 percent compared to the third quarter of 2008, commercial banks decreased by 43 percent during the same time span, and GSEs volume decreased 21 percent from the third quarter 2008 to fourth quarter 2008.

Compared to the third quarter of 2008, fourth quarter originations for retail properties saw a 75 percent decrease.

There was a 68 percent decrease for industrial properties, a 66 percent decrease for hotel properties, a 63 percent decrease for office properties, a 35 percent decrease for health care properties, and a 33 percent decrease for multifamily properties.

CONTACT: Jason Vasquez, (202) 557-2950, jvasquez@mortgagebankers.org

Post Properties Announces Annual Meeting Date and Quarterly Dividends

ATLANTA, GA, (Business Wire) -- Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, announces that its 2009 Annual Meeting of Shareholders will be held on June 9, 2009 in Atlanta, Georgia.

The record date for determining shareholders entitled to notice of and to vote at the Annual Meeting is April 15, 2009.

(Dave Stockert, top right photo, is chairman of Post Properties)

Post also announced quarterly dividends on its common stock of $0.20 per share for the first quarter of 2009. The Company’s annual dividend rate is $0.80 per common share. The dividend is payable on April 15, 2009 to all common stock shareholders of record as of March 31, 2009.

Post also announced regular quarterly dividends for its 8.5 percent Series A Cumulative Redeemable Preferred Stock and its 7 5/8 percent Series B Cumulative Redeemable Preferred Stock.

On its 8.5 percent Series A Cumulative Redeemable Preferred Stock, Post declared a regular quarterly dividend of $1.0625 per share for the first quarter. The dividend is payable on March 31, 2009 to all Series A preferred stock shareholders of record as of March 15, 2009.

On its 7 5/8 percent Series B Cumulative Redeemable Preferred Stock, Post declared a regular quarterly dividend of $0.47656 per share for the first quarter. The dividend is payable on March 31, 2009 to all Series B preferred stock shareholders of record as of March 15, 2009.

Contact: Post Properties, Inc., Dave Stockert, 404-846-5000

Singapore and Kuwait Report Billions Lost in Sovereign Wealth Funds

WASHINGTON, DC--The Voice of America reports Singapore and Kuwait are reporting billions of dollars in losses to their sovereign wealth funds in the latest symptom of the global economic crisis.

The Singapore state investment firm Temasek Holdings says the value of its investments plunged about 31 percent to $81 billion between March and November of last year.

Temasek has invested heavily in troubled banking companies, including U.S.-based Merrill Lynch and Britain's Barclays.

(The Kuwait Towers in Kuwait City, top right photo)

Kuwait's sovereign wealth fund also has taken a big hit from the credit crisis.

A Kuwaiti lawmaker, Walid al-Tabtabai, says the oil-rich country has lost about $31 billion of its estimated $300-billion fund. Lawmakers say the loss happened last year between March 31 and December 31. They spoke Tuesday after a briefing by the Kuwait Investment Authority.

A sovereign wealth fund is a government-run investment fund that can be used to stabilize a country's budget, support economic and social development, or push a political agenda.

The funds are made up of stocks, bonds, real estate or other financial instruments funded by foreign exchange assets. More than two dozen countries hold trillions of dollars in assets in such funds.

(Singapore skyline, bottom left photo)

Many have invested in U.S. banks and financial institutions, but the recent economic crisis has made some investors nervous.China's sovereign wealth fund announced in December that it did not dare to invest more in Western financial institutions because of their governments' uncertain policies.

VOA states some information for this report was provided by AFP and AP

The Voice of America, which first went on the air in 1942, is a multimedia international broadcasting service funded by the U.S. Government through the Broadcasting Board of Governors. VOA broadcasts approximately 1,500 hours of news, information, educational, and cultural programming every week to an estimated worldwide audience of 134 million people.

Grubb & Ellis's Bach Predicts Soft Market for Next Several Months

SANTA ANA, CA--Grubb & Ellis Co. senior vice president and chief economist, notes in his periodic market reports:

The current recession, which began in December 2007, is in its 14th month, making it the third longest of the 12 postwar recessions.

If it extends past April, a near certainty, it will surpass the 16-month recessions that began in July 1981 and November 1973, making it the longest since the 43-month contraction from 1929 to 1933.

Thus far in the current recession, the labor market has shed 3.6 million payroll jobs, including 598,000 in January alone. This is a decline of 2.6 percent from the peak, slightly more than the 2.4 percent decline during the comparable period of the 1981-82 recession, with which the current downturn is most often compared.

(Payroll Job Losses Current Versus 1981-82 Recession Chart, middle left image.)

However, the January unemployment rate of 7.6 percent remains well below the peak of 10.8 percent registered in November and December of 1982.

The labor market lags the broader economy, which is unlikely to recover until the housing market stabilizes, lenders and investors can measure the full extent of their losses, and credit begins flowing again. That will be a gradual, halting process.

Commercial real estate leasing activity, which lags the labor market, is in effect a double lagging indicator of the broader economy, meaning that conditions will be soft for the next couple of years.

Source: BLS, NBER, Grubb & Ellis

For more information or to speak with Bob Bach, please contact Janice McDill at 312.698.6707.

Marcus & Millichap Sells Historic Apartment Building in Chicago for $8.05M

CHICAGO, IL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of The Farcroft, (top right photo) an 86-unit mid-rise apartment building in Chicago.

The sales price of $8.05 million represented $93,605 per unit. The cap rate was 5.63 percent.

Eric Bell, a senior vice president investments and a senior director of Marcus & Millichap’s National Multi Housing Group in Chicago, represented the seller, a private partnership.

Doug Fisher of Essex Realty (middle left photo) represented the buyer, a Chicago-based operator.

“This investment was a prime candidate for condominium conversion due to its excellent location and condition,” says Bell. “Given the changes in the market, the property will undergo further renovation and continue to operate as an apartment building.”

Designed by noted regional architect Charles Wheeler Nicol and built in 1928, the 13-floor property is located at 1337 West Fargo Ave. in Chicago’s Rogers Park neighborhood.

The Farcroft is comprised of two studio apartments, 72 four-room, one-bedroom/one-bath units and 12 five-room, two-bedroom/one-bath units. Capital improvements to the building include a new elevator, tuckpointing, a five-year facade restoration, replacement of nearly all the windows and a new boiler.

Press Contact: Stacey CorsoCommunications Department(925) 953-1716

Concord Hospitality Secures $13.4M Loan for Ninth Pittsburgh Property

Company Continues to Secure Financing Despite Down Economy

PITTSBURGH/RALEIGH-DURHAM, N.C.-Concord Hospitality Enterprises, one of the nation’s top ranked hotel developer/owner/operators, has secured a $13.4 million loan to build a 124-room Courtyard by Marriott in Pittsburgh, Pa.

S&T Bank financed the loan. It is the seventh of Concord’s nine properties in Pittsburgh to be financed by the institution.

(Top right photo is a Courtyard by Marriott in The Woodlands, TX, related only be physical design, to this transaction.)

“The economy and hotel industry are in a downturn that is expected to begin rebounding in 2010, just as this hotel is projected to open,” said Keith McGraw, a Pittsburgh-based partner of Concord.

“Regardless of where we are in the economic cycle, management is the most critical component in the success of a hotel, and Concord has compiled an impressive track record over its 24-year history.

"Their management strategy and execution consistently produce hotels that perform at their maximum revenue potential and outperform their competitive set.

"As a result, we have been able to continue our long-standing relationship with S&T Bank and secure financing during one of the most difficult economic environments in decades.”

The Courtyard by Marriott Settlers Ridge will be the company’s ninth property in the Pittsburgh area, and will be the only hotel in city’s newly planned Settlers Ridge retail development. The property, just under construction, is expected to open in the spring of 2010, in conjunction with the opening of the Settlers Ridge development.

“Our ability to obtain financing even while credit markets are tight will allow us to continue our development program in 2009,” said Mark G. Laport, (middle left photo) president and CEO of Concord Hospitality.

“As a result, we remain on target to double the size of our portfolio to more than 100 owned and managed properties.” Concord currently has 11 new-build hotels aggregating nearly 1,358 rooms under construction. This is the largest amount of new hotel development under way at one time in the company’s 24-year history.

Laport noted that operational excellence will be what sustains the hospitality industry through this downturn.

“Meticulous management of top- and bottom-line revenues, costs and guest and associate satisfaction will be the difference between profit and loss. Pre-opening is one of the most important phases of developing a hotel, and we are putting a top-notch team in place to operate the property.

“We believe there are solid opportunities to develop hotels in all phases of the economy,” he added. “There are certain advantages to being a contrarian, if you have the expertise and the funding to back it up.”

About Concord Hospitality

Concord Hospitality Enterprises Company, an award-winning hotel management and development company based in Raleigh-Durham, N.C., manages 51 hotels and with more than 6,400 guest rooms in 13 states and two Canadian providences, under such well-known brands as Renaissance, Marriott, Courtyard by Marriott, Residence Inn by Marriott, Fairfield Inn and Suites by Marriott, SpringHill Suites by Marriott, and Hampton Inn and Suites, and an independent boutique hotel.

Formed in 1985, the company was recently listed as one of the top management companies in the nation by independent sources. Concord properties are some of the most awarded hotels in the country, having won nearly 30 honors in the past two years alone. For more information, visit http://www.concordhotels.com/.

Contact: Melanie Boyer, Jerry Daly, Daly Public Relations, (703) 435-6293.

Cousins Properties Reports Results for Quarter Ended Dec. 31, 2008

ATLANTA, GA--Cousins Properties Incorporated (NYSE:CUZ) reported its results of operations for the three months and year ended December 31, 2008.

All per share amounts are reported on a diluted basis; basic per share data is included in the Condensed Consolidated Statements of Income accompanying this release.

Funds from Operations Available to Common Stockholders (“FFO”) was $10.2 million, or $0.20 per share, for the fourth quarter of 2008 compared with FFO of $7.3 million, or $0.14 per share, for the fourth quarter of 2007.

FFO was $61.0 million, or $1.18 per share, for the year ended December 31, 2008 compared to $48.4 million, or $0.92 per share, for the same period in 2007.

For the fourth quarter of 2008, the Company generated a Net Loss Available to Common Stockholders (“Net Loss Available”) of $4.1 million, or $0.08 per share, as compared to Net Loss Available of $5.0 million, or $0.10 per share, for the fourth quarter of 2007.

For the year ended December 31, 2008, the Company generated Net Income Available to Common Stockholders (“Net Income Available”) of $7.6 million, or $0.15 per share, compared with Net Income Available of $17.7 million, or $0.33 per share, for the same period in 2007.

For a complete copy of the company's news release and financials, please contact

James A. Fleming, (top right photo) 404-407-1150, Executive Vice President and Chief Financial Officer, jimfleming@cousinsproperties.com or

Cameron Golden, 404-407-1984, Director of Investor Relations and Corporate Communications, camerongolden@cousinsproperties.com

Grubb & Ellis Brokers 3 Leases Totaling 153,326 SF in Texas

ENGlobal Expansions in Houston and Beaumont Total 133,326 SF

HOUSTON, TX – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announces that Robert Bantly and Scott Fikes with the Houston office negotiated two leases totaling 133,326 square feet on behalf of ENGlobal Corporation (NASDAQ: ENG), a leading provider of engineering and professional services to the midstream and downstream sectors of the energy industry.

Terms of the transactions were not disclosed.

The first lease was for a new 52,518-square-foot engineering and administration building located at 3155 Executive Blvd. in Beaumont’s Executive Business Plaza.

The facility, which was built to suit by Clay Development and Construction, is on the same site and replaces the building destroyed by Hurricane Rita in September 2005.

The company, which is currently in the process of moving into the new building, now occupies a total of 134,274 square feet in Beaumont.

The second lease was for 80,808 square feet of fabrication space to support ENGlobal’s automation segment. The new industrial space is located at 225 Portwall St. in Portwall Distribution Center II (top right photo) and represents an expansion for the firm, which is moving from 62,641 square feet at a nearby location.

The company’s automation group is slated to relocate to its new space in March 2009. The property owner, The Carson Companies, was represented internally by Dan Zoch.

“We are pleased to announce the expansions of our engineering and automation locations,” said ENGlobal’s Chairman and Chief Executive Officer William A. Coskey, P.E. (middle right photo)

“The moves are necessary to support the company’s growth and its need for improved facilities. The Beaumont location illustrates our commitment to employees and clients in and around the Golden Triangle area, while our Houston-based automation group required a larger and more efficient fabrication facility due to increased backlog.”

Bantly and Fikes have represented ENGlobal since 2006. Since that time, Grubb & Ellis has completed numerous assignments for the company around the country.

EaglePicher Medical Power Takes 20,000 SF at Jupiter Service Center in Plano, TX

DALLAS, TX – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has secured a 20,000-square-foot lease at Jupiter Service Center, (bottom right photo) a four-building office and R&D park in the Dallas suburb of Plano.

EaglePicher Medical Power LLC, a company that manufactures medical device batteries, leased the space at 1009 Jupiter Road, bringing the occupancy of the center to 100 percent. Built in 1999, the approximately 125,000-square-foot center is situated on roughly nine acres of land within close proximity to State Routes 190, 5 and 544, as well as Interstate 75.

“EaglePicher is a high quality tenant expected to occupy the space on a long-term basis,” said Russ Johnson, (bottom left photo) senior vice president of Grubb & Ellis’ Dallas office. “The company is in the medical field, a growing industry that made them particularly attractive to our client.”

Kathy Permenter, managing director of Agency Leasing, also of Grubb & Ellis’ Dallas office, joined Johnson in the representation of the property’s landlord, Kodiak Capital Partners LLC. David Ellis, director of technology marketing and redevelopment for the Plano Economic Council, played a key role in attracting the tenant to the property.

Contact: Damon Elder, Phone: 714.975.2659. Email: damon.elder@grubb-ellis.com

MBA ALERT: $171B of Non-bank Commercial/Multifamily Mortgages Maturing in 2009

Significant Differences by Investor Group

SAN DIEGO, CA) - The Mortgage Bankers Association (MBA) has released the results of its new Commercial Real Estate/Multifamily Survey of Loan Maturity Volumes that reports $171 billion of commercial/multifamily mortgages held by non-bank lenders and investors will mature in 2009.

According to the survey, the volume of loans maturing varies considerably by the type of investor holding the loan.

Short-term floating-rate mortgages in commercial mortgage-backed securities (CMBS) and mortgages held by credit companies, warehouse facilities and other investors are more likely to mature in 2009 and 2010 than are fixed-rate CMBS mortgages, mortgages held by life insurance companies or multifamily mortgages held or guaranteed by Fannie Mae, Freddie Mac or FHA. $120 billion of non-bank commercial/multifamily mortgages are scheduled to mature 2010.

"Substantial concerns have been raised about the volume of mortgages maturing in the face of the current credit crunch," said Jamie Woodwell, (top right photo) MBA's Vice President of Commercial Real Estate Research.

"This study shows that while the dollar volume of maturing non-bank mortgages represents only one-tenth of the total outstanding balance, it is not evenly spread across investor and lender groups.

"While some parts of that system - such as floating-rate CMBS and credit companies, warehouse facilities and other investors - face a significant volume of near-term loan maturities, others - including fixed-rate conduit CMBS, life insurance companies, Fannie Mae, Freddie Mac and FHA - do not."

"Across all these investor groups, commercial/multifamily lenders and servicers have a wide variety of tools to help them deal with maturing mortgages, which should mitigate - but not eliminate - the impact of maturities in 2009," added Woodwell.

"To the degree mortgages are extended into out years, however, there is an increased consequence should the markets not be functioning in 2010, 2011 or beyond."

MBA's survey on commercial/multifamily loan maturities collected information on the maturity dates of more than $1.7 trillion in outstanding mortgages, including $1.55 trillion of non-bank commercial/multifamily holdings.

Investor groups' maturity schedules are generally designed to their match liabilities, and most investor groups have considerable discretion in how they deal with loans that may not be able to immediately refinance at maturity.

Of the total non-bank holdings of commercial/multifamily mortgages coming due in 2009, 52.8 percent is in CMBS, CDOs or other ABS, and an additional 33.6 percent is held by credit companies, warehouse facilities or other investors.

Only 9.8 percent of the non-bank mortgages maturing in 2009 are held by life insurance companies, and 3.8 percent are held or guaranteed by Fannie Mae, Freddie Mac or FHA.

Even within an individual investor group there are significant variations.

It is important to note that a significant share of CMBS loans maturing in the next two years are floating-rate loans, which tend to have larger balances and to be shorter-term in nature.

According to data from RBS Greenwich Capital, $31 billion of the current balance of CMBS loans maturing in 2009 is in floating rate loans.

These floating-rate loans tend to have extension options built into them, and according to RBS, only $1.9 billion of the floating rate loans maturing in 2009 have exhausted these options.

An additional $19 billion of the balance is fixed-rate loans in conduit/fusion CMBS deals.

The CMBS, CDO and other ABS loans categorized in the MBA report also includes B-notes, privately-issued CMBS, mezzanine and other loans that are related to the CMBS market but may not be a part of a publicly issued commercial mortgage-backed security.

CONTACT: Jason Vasquez(202) 557-2950 jvasquez@mortgagebankers.org

GVA Advantis Announces Strategic Alliance With Urban Realty Advisors

ORLANDO, FL, Feb. 9, 2009 – GVA Advantis, a real estate services firm based in Washington, DC with 16 offices throughout the southern United States, announces a strategic alliance with Urban Realty Advisors, a Washington-based firm known for its expertise in development services and project management.

Urban Realty Advisors (URA) will provide development services as part of the GVA Advantis group of companies, adding to GVA Advantis’ diverse and significant service lines.

URA will provide development, project and construction management from conceptual planning through final occupancy for third-party clients.

Additionally, it will provide advisory and consulting expertise to include due diligence, feasibility analyses, asset valuation and asset management for single properties and diverse real estate portfolios.

Joining the GVA Advantis family as Principals of URA are William Herman (middle left photo) and Eric May (middle right photo).

Herman is a seasoned real estate executive in the Washington, DC region with over 28 years of experience, having co-founded Concord Partners in 1995 and Urban Realty Advisors in 2004.

During his career, Herman has been involved in over 10 million square feet of development including office, hotel and multifamily projects.

May co-founded URA with Herman and has been involved in numerous development projects and consulting assignments both locally and nationally over the last 12 years.

“GVA Advantis continues to expand its capabilities and add new product areas that strengthen our clients’ businesses. By offering development services, we have truly become a full-service real estate firm,” said Rich Pogue, (top right photo) CEO of GVA Advantis.

“Bill Herman and Eric May are talented development professionals with an exceptional track record, and our clients will benefit from their time-tested approach in an ever evolving market.”

Lisa Bailey, (bottom left photo) senior director of office and industrial services in GVA Advantis’ Orlando office, said, “This is an exciting move forward in the redevelopment of our company since its recapitalization last year.

"It is another great stride in our ability to provide our clients the most comprehensive services in a market where every advantage we can offer is a plus.”

Media Contact: Shelli Browning, 255 South Orange Avenue, Suite 750, Orlando, FL 32801. PH 407.999.4775. sbrowning@gvaadvantis.com

Hilton to Announce New Lifestyle Brand at 2009 International Hotel Investment Forum (IHIF)

BERLIN, Feb. 9, 2009 /PRNewswire/ -- The Hilton Family of Hotels will unveil Project Global21, a global lifestyle brand which complements its existing luxury brands, on 10 March 2009 at the International Hotel Investment Forum held 9-11 March.

The brand reveal will take place at a press conference at 11:15 and conclude with an evening reception at a Berlin landmark to be announced.

"We are so pleased that the Hilton Hotels Corporation has chosen IHIF as the location for their exciting brand reveal. IHIF has long been known as the place where new initiatives are launched, and this positively re-enforces that position," says Jon Leibowitz, (middle left photo) EVP of Questex Media Group, organisers of IHIF.

"We believe this will hold great global appeal for our attendees.

"Project Global21 reaffirms the Hilton Family of Hotels' commitment to the expansion and development of the luxury and lifestyle brands.

The brand will primarily target local influencers, tech-savvy individuals with a global vision and a high disposable income or those just looking for a sensuous retreat. It will offer guests modern convenience, unparalleled personalization, a smart design and will be committed to innovation."

"Project Global21 is a junction where business meets pleasure forever redefining how guests stay and play.

"Our hotels will be born modern through smart design, cultural character and sensitive service delivery-- ever enhancing how guests live now and how guest will live in the future," said Ross Klein, (top right photo) global head, luxury & lifestyle brands, Hilton Family of Hotels.

"Together, with the Hilton Prestige Portfolio, Project Global21 will add to the balance of global connectivity with local destination flavor, offering travelers a wealth of authentic and unique experiences around the globe."

As organisers of top conferences for the hotel and investment industry, Bench Events is a growing entity that currently hosts hotel investment conferences in Berlin, Dubai and Moscow in partnership with other leading providers.

Jonathan Worsley, (bottom right photo) chairman of Bench Events is one of the organizers and founders of the International Hotel Investment Forum held each year in Berlin.

CONTACT:

Michelle Mitchell, +1-216-706-3733, mmitchell@questex.com,

or Christina Harrison, +1-216-706-3770, charrison@questex.com

Web Site: http://www.berlinconference.com/

NAI Realvest negotiates long-term, 8,000-SF office lease in Maitland Colonnades

MAITLAND, FL– NAI Realvest has negotiated a new long-term office lease agreement for suite 300 with 7,997 square feet at Maitland Colonnades, (top right photo) 2301 Lucien Way in Maitland.

Paul P. Partyka, (bottom left photo) managing partner at NAI Realvest, negotiated the lease agreement representing the tenant, Neel-Schaffer, Inc., a multi-disciplined engineering and planning firm headquartered in Jackson, Miss., relocating to Maitland.

“Neel-Schaffer continues to maintain a strong presence in Central Florida with the move to its new Maitland location,” Partyka said.

The landlord is CRP–Colonnades, LLC of Maitland.

For more information contact:

Paul P. Partyka, Managing Partner, NAI Realvest 407-875-9989 mailto:glivingston@realvest.com;

Janice Paiano, Director of Marketing, NAI Realvest, 407-875-9989, jpaiano@realvest.com

Beth Payan or Larry Vershel, Larry Vershel Communications, Inc., 407-644-4142

Wachovia, PNC/Midland, Capmark and Wells Fargo Lead National Rankings of Commercial/Multifamily Servicing Volumes

SAN DIEGO, CA (Feb. 8, 2009) - The Mortgage Bankers Association (MBA) today released its annual ranking of commercial and multifamily loan servicers as of the end of 2008 during MBA's Commercial Real Estate (CREF) Convention.

On top of the list of firms is Wachovia Securities with $412.9 billion in U.S. master and primary servicing, followed by PNC Real Estate/Midland Loan Services with $310.3 billion, Capmark Finance, Inc. with $260.9 billion and Wells Fargo with $182.6 billion.

(Wachovia Corporate Center, Charlotte, NC, top right photo)

Specific breakouts included in the report:

Total U.S. Master and Primary Servicing Volume
U.S. Commercial Mortgage-backed Securities (CMBS), Collateralized Debt Obligations (CDOs) and Other Asset-Backed Securities (ABS) Master and Primary Servicing Volume
U.S. Life Company Servicing Volume
Fannie Mae and Freddie Mac Servicing Volume
Federal Housing Administration (FHA) Servicing Volume
U.S. Commercial Banks and Savings Institution Volume
U.S. Credit Company, Pension Funds, REITs, and Investment Funds Volume
U.S. Warehouse Volume
U.S. Other Investor Volume
U.S. CMBS Named Special Servicing Volume
Total Non-U.S. Master and Primary Servicing Volume

A primary servicer is generally responsible for collecting loan payments from borrowers, performing property inspections and other property-related activities.

A master servicer typically serves in a fiduciary capacity and is generally responsible for collecting cash and data from primary servicers and then providing that cash and data, through trustees, to investors.

Unless otherwise noted, MBA tabulations that combine different roles do not double-count loans for which a single servicer performs multiple roles.

Wachovia, PNC/Midland, Capmark, and Wells Fargo are the largest master and primary servicers of commercial/multifamily loans in U.S. CMBS, CDO and other ABS; GEMSA Loan Services, PNC/Midland, Prudential Asset Resources, and Northwestern Mutual are the largest servicers for life companies; PNC/Midland, Wachovia, Capmark, and Deutsche Bank are the largest Fannie Mae/Freddie Mac servicers.

Wachovia ranks as the top master and primary servicer of commercial bank and savings institution loans; GEMSA the top credit company, pension funds, REITs, and investment funds servicer; PNC/Midland the top FHA and Ginnie Mae servicer; Wachovia the top for mortgages in warehouse facilities; and Capmark the top for other investor type loans.

MBA also asked firms to provide information about CMBS loans on which they are the "named special servicer" - that is, where the firm stands ready to service the loan should special problems develop, such as delinquency.

The leading named special servicers were LNR Partners, CWCapital & CWCapital Asset Management, Centerline Servicing Inc and PNC/Midland.

(Wells Fargo Tower, Minneapolis, bottom left photo)

The MBA survey also collected servicing volumes for loans on commercial/multifamily properties located outside the United States. Capmark ranks as the largest master and primary servicer of non-U.S. commercial/multifamily mortgages, followed by Hatfield Philips International, Deutsche Bank and GEMSA Loan Services.

CONTACT: Jason Vasquez, (202) 557-2950, jvasquez@mortgagebankers.org