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THURSDAY APRIL 26

::. Mike Riccio Senior Managing Director Co-Head National Production CBRE Capital Markets. Real Estate Finance Association . The 2012 Capital Stack. THURSDAY APRIL 26. Panelists: . ::. Jim Lagasse Vice President Cornerstone Real Estate Advisers. ::. Greg Marks Senior VP-Director

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THURSDAY APRIL 26

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  1. :: Mike Riccio Senior Managing Director Co-Head National Production CBRE Capital Markets Real Estate Finance Association The 2012 Capital Stack THURSDAY APRIL 26 Panelists: :: Jim Lagasse Vice President Cornerstone Real Estate Advisers :: Greg Marks Senior VP-Director RAIT Financial Trust :: Zach Calinoff Director UBS Securities, LLC Moderated By:
  2. COMMERCIAL REAL ESTATE BROKERS
  3. Vacancy & Availability *estimated Source: CBRE Econometric Advisors
  4. Total Market Sales Benchmark Source: Real Capital Analytics
  5. 2009 2007 2012 Today Loan Breakout Capital Stack Evolution From 2007 2012 Source: Mortgage Bankers Association, CBRE EA
  6. Financing Returns to Normalized 2005 Numbers
  7. Debt Yield (Lender Cap Rate) NOI Loan = DY
  8. LTV’s
  9. Mezz Loans/ Pref. Equity
  10. I/O
  11. Sponsorship: Offshore?
  12. CMBS- Back?
  13. Overbuilding Apts?
  14. Development: Office, Industrial, Retail?
  15. Loan Rates: Where to?
  16. Loan Pricing Matrix
  17. Recourse
  18. Obama
  19. Questions?? Thank You!
  20. Who’s Lending & Where? Major Metro Secondary Tertiary CMBS Financial Gov’t Agency Insurance In’tl Bank Nat’l Bank Reg’l/Local Bank PVT/Other
  21. Who is Lending? Are Lenders Making $$$? Source: CBRE Econometric Advisors, Q4 2011
  22. Substantial Loan Maturities Will Occur Source: CBRE Investors, Foresight Analytics 4Q 2010 Update
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