Real Estate Finance MeMbeRship - Crittenden Research, Inc.


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Real Estate Finance MembershipCRITTENDENCRITTENDENThe Crittenden nancingThe The The n Realon Research,Research,Inc. Inc. Real Estate Financing P.O.P.O.Box Box635107635107 San DiegoSan DiegoCA 92163CA 92163 421-3483Vol.Vol.45, No.45, No.12 12JuneJune17, 201917, 2019BUSTLINGBUSTLINGBANKBANKLENDERSLENDERSYou’ll find coverage on all property and finance types.The Crittenden Report also provides detailed informationon what the biggest players in the industry are looking todo next, putting you a step ahead of your competition.With a membership, you’ll receive two issues eachmonth (excluding holiday bye weeks).In a six-month membership, you’ll receive a total of 12issues. In an annual membership, you’ll receive a total of24 issues.Reports can be delivered either via mail or emailed PDF.(Pictured to the right and on the next page: Sample pages of the Finance Report)For use of original recipient only. It is illegal to forward or otherwise distribute without permission.The Crittenden Report: Real Estate Financing gives youthe inside scoop to important changes in the industry toprepare you for your next deal. Each issue of Crittenden’sflagship report analyzes market changes and what thatmeans for the future of commercial real estate financing. For use of original recipient only. It is illegal to forward or otherwise distribute without permission.Thank you for your interest in our Real Estate EFERENCES) )BANKBANKMorganStanleyMorganStanleyVOLUMEVOLUME 10B 10BDETAILSDETAILSAlreadyfunded 4.5Byear; 75M- 1B loansAlreadyfunded 4.5Bthisthisyear; 75M- 1B loansfor olios;floating-ratenon-recourseloansa tha maxof 65%,mezzloansup80%to 80%LTV;nationwideLTVLTVof 65%,mezzloansup toLTV;nationwideAssociatedBankAssociatedBank 2B 2B Alreadyfundedyear; 10M loansAlreadyfunded 1B 1Bthisthisyear; 10M loansfor hanfive-yearterms;marketswithinthe thebank’sfootprintfootprintBankOZKBankOZK 1.9B 1.9B 5M- 650M 5M- 650Mloansloans( 70M( sedon seniorsecuredcommercialestateloanson gthosecollateralizedby condos,multifamily,includingthosecollateralizedby ,lot developmenthotels,industrial,office,retail,lot splusplusa aspread,typicaloriginationof 1%vary,spread,typicaloriginationfeesfeesof 1%but butmaymayvary,up1%;to 1%;to 36-monthterms;typicallyexitexitfeesfeesup to12- 12to arantees;majormarketsBankof theWestBankof theWest 1.6B 1.6BAlreadyfundedone-thirdof projectionsyear;Alreadyfundedone-thirdof projectionsthisthisyear; 15Mloansfor multifamily,retail,office,industrial, 15Mloansfor ,storage;primarilyof of theMississippiRiverfollowclientsto otherstatesMississippiRiverbut butwillwillfollowclientsto otherstatesHomeStreetBankHomeStreetBank 1.5B 1.5B 2M- 20Mloansprimarilyfor multifamilyFannie 2M- 20Mloansprimarilyfor multifamilyFanniewholesaleportfolioloans,as wellas retail,MaeMaeandandwholesaleportfolioloans,as wellas retail,office,industrial,MHC;up80%to 80%leverage,althoughoffice,industrial,MHC;up toleverage,althoughdealsin majormarketsoftenat 60%-65%;dealsin majormarketsoftenmaxmaxat 60%-65%;lowlowto tomid-4%for multifamily,to uppermid-4%ratesratesfor multifamily,mid-midto upper4% 4%for forotherassets;as lowas 1.15xfor multifamily,otherassets;DSCDSCas lowas 1.15xfor multifamily,1.25xfor otherdeals;partialrecourse;1.25xfor rogramnationwide,portfolioloansin inWA,WA,OR,OR,CA,CA,ID, ID,NV,NV,AZ,AZ,CO,CO,UT,UT,TX,TX,HI HIOpusBankOpusBank 1.3B 1.3BAlreadyfunded 400Myear; 1M- 20MloansAlreadyfunded 400Mthisthisyear; 1M- 20Mloansfor ;up75%to 75%for multifamily,up70%to 70%storage;up toLTVLTVfor multifamily,up tofor otherassets;up10-yearto 10-yearfixed-rateterms;LTVLTVfor otherassets;up land,Ore.,Phoenix,NorthernandandSouthernCA CAWashingtonTrustWashingtonTrust 300M 300M 1M- 30Mloansfor propertyall propertytypes,caution 1M- 30Mloansfor o 70%towardspecspecandandground-upconstruction;up toleverage;1.30x ;prefersseven-yearunderleverage;DSCDSC1.30x ;prefersseven-yearandandunderterms,go10to years10 yearsin somecases;Englandterms,willwillgo toin somecases;NewNewEnglandQuotationQuotationnot permitted.not permitted.MaterialMaterialmay maynot benotreproducedbe reproducedin wholein wholeor in orpartin partin anyin formany formwhatsoever.whatsoever.CopyrightCopyright 2019 2019CrittendenCrittendenResearchResearchInc. Inc.1

Real Estate Finance Membership The CrittendenThe CrittendenReportReportPage 4PagePage33The Crittenden Report LENDERS SHOP FOR milylendinglendingwillwillgrowgrowas theas iquidandandlenderslendersscramblescrambleto toget getmoneymoneyout outthe familymultifamilyspacespaceis well-positionedis well-positionedduedueto strongto stronginvestmentinvestmentactivityactivityandanda vasta vastimprovementimprovementin liquidityin liquiditythisthiscycle,cycle,dueduein largein largepartpartto agencyto atthatpreviouslypreviouslyhavehavenot notfocusedfocusedon small-balanceon terthe thearena.arena.LookLookfor foragencyagencylenderslendersandandbanksbanksto beto bemostmostthe ecentlyrecentlyrefocusedrefocusedon itson SBLits tsharesharethe thepastpastfewfewyearsyearsto Freddieto FreddieMac.Mac.CountCounton Fannieon Fannieto beto verybe veryaggressiveaggressiveon pricingon ledbackbackslightlyslightlyas theyas theyare areaheadaheadof ofallocationsallocationsfor forthe theyear.year.ThisThisleavesleavesroomroomfor forotherotherlenderslendersto grabto borrowers will see available capital from banks, life companies and conduits. High-quality sponsorsthat invest in best-in-class assets with compelling locations in markets with strong job growth will havetheir choice of non-recourse capital at historically low interest rates. Lenders seek properties occupied bythe highest quality retailers deemed internet-proof such as grocery, pharmacies and restaurants, which arepredicted to thrive. Anticipate greater emphasis on capital partners underwriting the intrinsic value of realestate. Lenders will dig a bit deeper to determine if the property is in a strong location for that specifictenant and if that tenant has a continued uptrend in sales. There is a large market for lenders that arefocused on shorter term transitional assets. Sponsors will need to become savvier and bring in multipletranches of mezzanine, preferred equity and JV equity capital.BorrowersBorrowerswillwillsee seemoremorefavorablefavorabletermstermsas lendersas rgeMSAsMSAswillwillbenefitbenefitfromfromthe illsee seeup toup75%to 75%to 80%to 80%leverage.leverage.RatesRateswillwillbe inbethein thelowlow4% 4%to 5%to 5%rangerangefixedfixedfor forfivefiveto 10to years.10 years.CountCounton aroundon around1% artstartat 1.15xat 1.15xto 1.20x.DebtDebtyieldyieldwillwillstartstartat aroundat around6% 6%for forthe t-onlyInterest-onlyperiodsperiodswillwillbe availablebe availablebasedbasedon leverageon leverageandandDSCDSCratios.ratios.Borrowers will see 60% to 75% leverage. Investors and developers that seek higher leverage need to turntoward alternative sources of capital and be willing to pay higher interest rates and origination fees. Fixedrates will be around 4% to 4.75%. Floating rates will start at 175 basis points over Libor. Debt yield willbe in the 8% to 9% range. Higher quality properties will gain 7.5% to 8% debt yield. Count on debt yieldto be greater than 9% as the quality of the property, market and sponsorship dips. DSC will be around1.25x to 1.50x. Depending on the quality of the asset and the result of the property condition assessment,the payments can be amortized over 20, 25 or 30 years. In certain cases, interest-only is possible for one ortwo years; if leverage is less than 60%, full-term interest-only can be negotiated.BanksBankssuchsuchas Wellsas nk,InlandInlandBankBank& Borrowerswillwillsee ingchargingoriginationoriginationfeesfeesof ofup 1%.BanksBankswillwilltargettargetClassClassB B andandB propertiesB propertieswithwithfivefiveto 70to units.70 units.LifeLifecompaniescompaniessuchsuchas llwilltargettargetnewernewerClassClassA complexes.A andandcontinuecontinueto offerto offersteepsteepdiscountsdiscountsfor pertiespropertieswithwithfivefiveto 50to units50 unitsandandassetsassetsthatthathavehavea percentagea percentageof unitsof annieFannieto beto morebe morecompetitivecompetitivein tertiaryin tertiarymarketsmarketsduringduringthe thesecondsecondhalfhalfof theof pitaltargetstargetspropertiespropertiesof allof agesall countsfor forpropertiespropertieswithwithfivefiveto to50 units.50 units.LeverageLeveragewillwillbe inbethein the55%55%to 80%to 80%range.range.RatesRateswillwillbe inbethein the4.25%4.25%to 5.25%to 5.25%range.range.DSCDSCwillwillbe 1.20xbe 1.20xto ve-fiveto 50-unitto 50-unitClassClassB andB andC propertiesC propertieslocatedlocatedin marketsin marketsoutsideoutsideof theof roximityproximityto transportationto transportationas thisas thisis isoftenoftenimportantimportantto theseto e activebe activein thein adddealsdealswithwitha focusa focuson outdatedon outdatedsupplysupplywherewherevaluevaluecancanbe created.LoansLoansstartstartat 2Mat 2Mandandleverageleveragewillwillbe inbethein the65%65%to 75%to 75%range.range.RatesRateswillwillbe inbethein the7% 7%to 8%to 8%rangerangefor fordealsdealsin Californiain Californiaandand8% 8%to 9%to 9%outsideoutsidethe riversdriverssuchsuchas CBDsas CBDsor universities.or emanddemanddynamicsdynamicsin thein gforward.forward.ExcessExcessdemanddemandhas hascreatedcreatedopportunitiesopportunitiesfor fordevelopmentdevelopmentin thisin smallon ingduringthe ,theytheyhavehavenot notexperiencedexperiencedas muchas muchvolatilityvolatilityoveroverthe thelastlastfewfewyears.years.For use of original recipient only. It is illegal to forward or otherwise distribute without permission.For use of original recipient only. It is illegal to forward or otherwise distribute without permission.For use of original recipient only. It is illegal to forward or otherwise distribute without anks such as BofA, Wells Fargo, Chase, TIAA Bank, TD Bank, Citizens Bank, SunTrust, AssociatedBank, Bank OZK, Bank of the West, MUFG Union Bank, HomeStreet Bank, Opus Bank, TexasCapital Bank and Washington Trust will fund retail deals. Fidelity Bank and Inland Bank & Trustwill target credit-tenant retail. Borrowers will see 50% to 65% leverage.Life companies such as Principal Real Estate Investors, PGIM Real Estate Finance, MetLife, JohnHancock, Protective Life, Pacific Life, PPM America, Guardian Life, CUNA Mutual, RiverSourceand Security National Commercial Capital will be active. Borrowers will see 65% leverage from lifecompanies. Floating rates will start at Libor-plus 175 to 200 basis points. Life companies will look forgrocery-anchored centers where the grocer is among the top three chains in the market.Conduits such as Morgan Stanley, Deutsche Bank, Citi, UBS, LoanCore Capital, Rialto Capital,Barclays, Starwood Mortgage Capital, StanCorp, Natixis, Guggenheim Commercial Real EstateFinance, KeyBank and Basis Investment Group will also pick up retail market share. Conduits will handout 75% leverage. Borrowers will see Swap-plus 220 to 250 basis point rates.Lenders will focus on the tenant mix, longevity and strength of leases. Expect lenders to target 1,500-s.f. to500,000-s.f. properties, as those under 1,000 s.f. are harder to re-tenant. Lenders will seek necessity retailincluding grocery, drug stores, dry cleaners, medical and nail salons. Some lenders that turned up theirnoses at restaurant tenants suddenly love restaurants because they attract shoppers and create an experiencethat online retailers cannot duplicate. There has been a sharp decline in appetite for big-box retail over thelast few years, which will continue especially in tertiary markets such as rural parts of the Midwest.However, there are many tenants that available to fill these vacant big boxes such as grocers, gyms, etc.Look for an increase in bridge and alternative financing to fund these types of renovations.ClassClassB andB andC properties,C ousing,housing,willwillbe targeted.LookLookfor fora majora illwillseekseek1980s1980sor olderor herewherevaluevaluecancanbe created.PropertiesPropertieswithwithfivefiveto 150to 150unitsunitswillwillbe desired.Keep an eye out for an increase demand for special-purpose retailers, as most of these sites are somewhate-commerce resistant. There seems to be more of a focus on the health of the tenants. Just having agrocery store with average sales may not be enough to convince lenders anymore. Lenders prefer to seethree years of 85% occupancy and higher. If it is a value-add play, lenders will weigh in on how realisticthe pro forma is. Deals in low-growth markets with weak sponsorship and functionally obsolete propertieswill struggle to find access to low-cost, non-recourse capital and will need to settle for lower leverage andfull alldealsdealsin majorin majormetros,metros,as wellas wellas secondaryas rtiesPropertiesin inmarketsmarketswithwitha perceiveda perceivedhousinghousingshortageshortagesuchsuchas Denver,as lsee seethe andeconomiceconomicgrowthgrowthwillwillalsoalsobe willwillalsoalsosee seea lota oflotactivity.of activity.AreasAreaswithwitheconomiceconomicor crimeor crimeissuesissueswillwillbe toughbe toughto finance.High-growth downtown markets and crowded suburban cities will be desired, with the top 25 to 50 MSAsgetting the most attention. Coastal cities will always remain favorable. The best markets that show strongemployment trends and job growth continue to lead the way such as Texas, Florida, Georgia, Tennesseeand the Carolinas. Deals in declining secondary and tertiary markets will be much harder to finance withquality lenders because of the perceived late cycle. Borrowers may be subject to lower leverage or somerecourse to act as credit enhancements.OverOverthe thelastlastdecade,decade,the ymarketmarkethas hasbecomebecomemoremoreformal,formal,as moreas moreinvestorsinvestorsandanda diversitya diversityof lendersof lendershavehaveenteredenteredthe aAsresult,a result,the theamountamountof liquidityof liquidityin thein themarketmarkethas dthe thedemanddemandfor ingshouldshouldcontinuecontinueto increase.Quotationnot permitted.Materialnotreproducedbe reproducedin wholein inpartin formany formwhatsoever.Copyright 2019CrittendenResearchQuotationnot permitted.Materialmay maynot bein wholeor in orpartanywhatsoever.Copyright 2019CrittendenResearchInc. Inc.Quotation not permitted. Material may not be reproduced in whole or in part in any form whatsoever. Copyright 2019 Crittenden Research Inc.2

Real Estate Finance MembershipThe Crittenden Directory:Real Estate FinancingThe Crittenden Directory: Real Estate Financing puts youin direct contact with today’s biggest commercial real estateplayers.A membership offers complete access to our online directorywhich includes real estate lenders, investors, and buyers. Contactinformation includes titles, phone numbers, and email addresses.Money360Ladera Ranch, CAMoney360, IncorporatedBridge Lender,Hard Money,Private LenderTOTAL ASSETS:ESTIMATED MORTGAGE PORTFOLIO: 600MPRODUCTIONTOTALSDOLLARVOL2017 358M2016 150M# OFLOANSSUBMISSION FACTSMinimum Loan: 1MMaximum Loan: 20MYROTCERIDELPMSAGNITSILPreferred DSC: 1.05Preferred LTV: 75%Typical Rates: 7.50%-9.50%Typical Amort: Interest OnlyTypical Fee: 2%Typical Loan Length: 17- to 36-month termsRecourse Required:Broker Submission: NoTERRITORYNationwideTYPE(S) OF FINANCINGAcquisition,Bridge Loan,First Mortgage,Fixed-Rate Mortgage,Hard MoneyPROPERTY TYPE(S)Affordable Housing,Flex Buildings,Healthcare,Hotel,Industrial Building/Warehouse,Manufactured Home Communities,Mixed Use,Multifamily,Office,R&D/Bio Science,Retail,Retail(Anchored),Retail (Single Tenant),Retail (Triple Net Leased),Self Storage,Senior Housing,Special Purpose Properties,Student nwideGary BechtelPresident999 Corporate Drive Suite 110 Ladera Ranch CA 92694(949) 525-9311garybechtel@money360.comWest RegionKen GaitanRegional Director-Western999 Corporate Drive Suite 110 Ladera Ranch CA 92694(714) 292-6604kengaitan@money360.comWestern RegionMatt RogersRegional Director-West999 Corporate Drive Suite 110 Ladera Ranch CA 92694(714) 504-8500mattrogers@money360.comNorthwest RegionDavid ChristensenRegional Director-Northwest999 Corporate Drive Suite 110 Ladera Ranch CA 92694(415) 686-9117davidchristensen@money360.comNotheast RegionKen WoodRegional Director-Northeast999 Corporate Drive Suite 110 Ladera Ranch CA 92694(203) 858-7652kenwood@money360.comMidwest RegionStratos AthanassiadesRegional Director-Midwest999 Corporate Drive Suite 110 Ladera Ranch CA 92694(630) 240-1048stratos@money360.comMidwest RegionTom BelsantiRegional Director-Midwest999 Corporate Drive Suite 110 Ladera Ranch CA 92694(773) 562-3790tombelsanti@money360.comMountain RegionFred BarrowRegional Director-Mountain999 Corporate Drive Suite 110 Ladera Ranch CA 92694(719) 661-1108fredbarrow@money360.comSouthwest RegionNicolas JansRegional Director-Southwest999 Corporate Drive Suite 110 Ladera Ranch CA 92694(214) 514-6470nicolasjans@money360.comSouthwest Region(Picturedabove and on the next page: Sample pages of the Crittenden Directory: RealMark HuntonRegional Director-SouthwestEstateFinancing.Fullinformation has been removed from the sample packet.999 CorporateDrive Suite 110 LaderaRanchcontactCA 92694(602) 881-1515Paidsubscribershaveaccesstofull view)markhunton@money360.com3

Real Estate Finance MembershipNewNew YorkYork LifeLifeWells FargoNewNew YorkYork LifeLife RealReal EstateEstate InvestorsInvestorsNew York, NYNew York, NYNewNew YorkYork LifeLife InsuranceInsurance Co.Co.LifeLife CompanyCompanyWells Fargo Bank, NASan Francisco, CAWells Fargo & Co.Bank,SBALenderWells FargoTOTALTOTAL ASSETS:ASSETS:TOTALASSETS:Wells FargoBank, NAESTIMATEDESTIMATED MORTGAGEMORTGAGE PORTFOLIO:PORTFOLIO:ESTIMATEDMORTGAGE PORTFOLIO:Bank,SBA VOLVOL20192019 6B 6B20182018 7B 7BMinimumMinimum Loan:Loan: 25M 25MMaximumMaximum Loan:Loan: 250M 250MTypicalRates:Typical Rates:TypicalTypical Amort:Amort:RecourseRecourse onwide## OFOFLOANSLOANSTOTAL ASSETS:PRODUCTIONTOTALSDOLLARVOL2017 7BPRODUCTIONTOTALSDOLLARVOL# OFLOANSESTIMATED MORTGAGE ON FACTSFACTSSan Francisco, CAWells Fargo & Co.PreferredPreferred DSC:DSC: 1.351.35PreferredPreferred LTV:LTV: 65%65%TypicalFee:Typical Fee:TypicalTypical LoanLoan Length:Length:BrokerBroker Submission:Submission: YesYesTYPE(S)TYPE(S) OFOF FINANCINGFINANCINGYROTCERIDELPMSAGNITSLIMinimum Loan: 1MMaximum Loan:Preferred DSC:Preferred LTV: %Typical Fee:Typical Rates:TypicalAmort: FACTS Typical Loan Length: Seven to 25 d:Minimum Loan: 1MPreferredDSC:Maximum Loan:Preferred LTV: %TERRITORYTypical Rates:NationwideTypical Amort:Recourse Required:Typical Fee:Typical Loan Length: Seven to 25 yearsBroker Submission: YesTYPE(S) OF FINANCINGCommercialLines of Credit,Construction Loan,Fixed-Rate Mortgage,Lines of Credit,SBATERRITORYNon-RecourseCommercial Real Estate MortgagesNationwideBridgeBridge /Perm,Fixed-Rate Mortgage,ForwardMortgage,Forward CommitmentCommitmentFloatingFloating RateRatePROPERTYTYPE(S) OF TYPE(S)FINANCINGPROPERTYPROPERTY TYPE(S)TYPE(S)NOTESIndustrialIndustrial Building/Warehouse,MixedBuilding/Warehouse,Mixed e,Retail# OFLOANS2017 ixed ,Self StorageCommercial Lines ofCredit,Construction Loan,Fixed-RateMortgage,Lines of HomeCredit,SBANon-Recourse Commercial Real Estate MortgagesPROPERTY TYPE(S)Condominium,Gas Station,Hotel,Industrial Building/Warehouse,Manufactured Home Communities,Mixed NOTESNOTESPreferredPreferred LTV:LTV: 55%55% -- ww.nylim.comEricEric BecherBecherSeniorSenior DirectorDirector5151 MadisonMadison Ave.Ave. SuiteSuite 906906 NewNew YorkYork NYNY 1001010010(212)576-6483(212) 576-6483eric becher@nylinvestors.comeric becher@nylinvestors.comRobRob BoydBoydSeniorSenior DirectorDirector11001100 AbernathyAbernathy RoadRoad N.E.N.E. SuiteSuite 12251225 AtlantaAtlanta GAGA 3032830328(770)395-2322(770) 395-2322robert boyd iv@nylinvestors.comrobert boyd iv@nylinvestors.comMIDWESTMIDWESTJohnJohn HowardHowardSeniorSenior DirectorDirector303303 W.W. MadisonMadison St.St. SuiteSuite 20502050 ChicagoChicago ILIL 6060660606(312)(312) 977-2610977-2610john howard@nylinvestors.comjohn lie CassinghamCassinghamSeniorSenior DirectorDirector49754975 PrestonPreston ParkPark Blvd.Blvd. SuiteSuite 750750 PlanoPlano TXTX 7509375093(972)(972) 867-6450867-6450leslie cassingham@nylinvestors.comleslie cassingham@nylinvestors.comKirkKirk KnissKnissSeniorSenior DirectorDirectorOneOne FrontFront St.St. SuiteSuite 550550 SanSan FranciscoFrancisco CACA 9411194111(415)362-2633(415) .comMichael PfaffVP301 S. College St. 12th Floor Charlotte NC sfargo.comVPBrendan BurkeVPReal Estate Capital Markets301 S. College St. 12th Floor Charlotte NC sfargo.comVPChristina LangrallVPReal Estate Capital Markets http://www.wellsfargo.com301 S. College St. 12th Floor Charlotte NC all@wellsfargo.comVPReal Estate Capital Markets301 S.BrinkmanCollege St. 12th Floor Charlotte NC 28202Chip(704) 374-3250VPmichael.d.pfaff@wellsfargo.comRealEstate Capital Markets301 S. College St. 12th Floor Charlotte NC 28202(704)374-6104Chip Brinkmanchip.brinkman@wellsfargo.comVPReal Estate Capital Markets301 S.College St. 12th Floor Charlotte NC 28202JonMartin(704) 715-9238ManagingDirector/Head of Large Loansbrendan.p.burke@wellsfargo.comRealEstate Capital Markets301 S. College St. 12th Floor Charlotte NC 28202(704)715-0571Jon Martinjon.martin@wellsfargo.comManaging Director/Head of Large LoansReal Estate Capital MarketsFL/CAROLINAS/VA/GA/TN301 S.TinkeyCollege St. 12th Floor Charlotte NC 28202John(704) 410-1915ManagingDirector/Head of te Capital Markets301S.CollegeSt. 12th Floor Charlotte NC 28202FL/CAROLINAS/VA/GA/TN(704)John 715-9959Tinkeyjohn.r.tinkey@wellsfargo.comManaging Director/Head of SoutheastReal Estate Capital MarketsMidwest301WalkerS. College St. 12th Floor Charlotte NC 28202AJ(704) 374-6104Loan ealEstate Capital Markets10S. Wacker Drive 32nd Floor Chicago IL 60606Midwest(312)345-7665AJ Walkerandrew.j.walker@wellsfargo.comDirector-Small Loan ContactReal Estate Capital Markets301 S. CollegeSt. 12th Floor Charlotte NC 28202DuaneHastings(704) ealEstate Capital Markets1445 Ross Ave. 48th Floor Dallas TX sfargo.comManaging DirectorReal Estate Capital Markets10 S. Wacker Drive 32nd Floor Chicago IL 60606Northeast(312) mVP-SmallLoan ContactReal Estate Capital Markets150E. 42nd St. 38th Floor New York NY erty@wellsfargo.comVP-Small Loan ContactReal Estate Capital Markets1445 Ross Ave. 48th Floor Dallas TX 75202(469) ctor-MD/DEReal Estate Capital Markets150 E. 42nd St. 38th Floor New York NY 10017(212)Daryl al Estate Capital Markets301 S.College St. 12th Floor Charlotte NC 28202JonAlbertell(704) 715-9959ManagingDirector/Head of Northeast, al Estate Capital Markets15042nd St. 38th Floor New York NY ead of Northeast, al Estate Capital MarketsNY/NJ150 E.42nd St. 38th Floor New York NY 10017JoeTufariello(212) fargo.comRealEstate Capital Markets150E.42ndSt. 38th Floor New York NY 10017NY/NJ(212)214-7588Joe Tufariellojoseph.tufariello@wellsfargo.c

Banks such as BofA, Wells Fargo, Chase, TIAA Bank, TD Bank, Citizens Bank, SunTrust, Associated Bank, Bank OZK, Bank of the West, MUFG Union Bank, HomeStreet Bank, Opus Bank, Texas Capital Bank and Washington Trust will fund retail deals. Fidelity Bank and Inland Bank & Trust will target cred