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DEBT & EQUITY CAPITAL MARKETS

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DEBT & EQUITY CAPITAL MARKETS Powered By Docstoc
					DEBT & EQUITY
C A P I TA L M A R K E T S G R O U P
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NEW YORK, NY                  ATLANTA, GA               BOSTON, MA             LOS ANGELES, CA         SAN DIEGO, CA             SAN FRANCISCO, CA         WASHINGTON, DC
1290 Avenue of the Americas   55 Ivan Allen Jr Blvd.    125 Summer Street      601 S Figueroa Street   4435 Eastgate Mall        One Maritime Plaza        1717 Pennsylvania Avenue, NW
8th Floor                     Suite 700                 Suite 1500             Suite 4700              Suite 200                 Suite 900                 Suite 500
New York, NY 10104            Atlanta, GA 30308         Boston, MA 02110       Los Angeles, CA 90017   San Diego, CA 92121       San Francisco, CA 94111   Washington, DC 20006
T 212 841 9200                T 404 875 1000            T 617 330 6966         T 213 955 5100          T 858 452 6500            T 415 397 1700            T 202 467 0600
F 212 262 4224                F 617 395 6870            F 617 330 9499         F 213 627 0020          F 858 452 3206            F 415 397 0933            F 202 296 1050

H Cushman & Wakefield Sonnenblick Goldman Offices      • Major Cushman & Wakefield Offices
TA B L E O F C O N T E N T S

I.    CUSHMAN & WAKEFIELD SONNENBLICK GOLDMAN
      Our Company
      Our Experience
      Our Services
      Our Clients

II.   FINANCE ADVISORY
      Senior & Subordinate Financing
      Acquisition Financing
      Construction Financing
      Portfolio Financing & Advisory

III. EQUITY ADVISORY
     Programmatic Equity Raising
     Joint Venture Equity Transactions

IV. GLOBAL HOSPITALITY GROUP OVERVIEW

V.    LOAN SALE ADVISORY SERVICES

VI. HEALTHCARE ADVISORY

VII. DEBT AND EQUITY CAPITAL MARKETS GROUP
     Scope of Services
     Our Professionals
     Our Values
C U S H M A N & WA K E F I E L D S O N N E N B L I C K G O L D M A N



Our Company
•   Cushman & Wakefield Sonnenblick Goldman is one of the world's premier real estate investment banking firms.
•   The company provides a full range of real estate financial services, including arranging debt and equity financing,
    recapitalizations, loan sales, advisory services for all property types, and hotel investment sales.
•   Headquartered in New York City, the firm has additional offices in Atlanta, Boston, Chicago, Los Angeles,
    San Francisco, and Washington DC.



Our Debt & Equity Capital Markets Business and Our Lodging Business
•   Cushman & Wakefield Sonnenblick Goldman's Debt and Equity Capital Markets Group is one of the leading
    advisors to the real estate industry.
•   The Global Hospitality Group is a leading global advisor to the lodging industry.




    Forum
          Real Estate




    2006 Finance Deal of the Year for the                                              2005 Deal of the Year for
    financing of 485 Lexington Avenue                                                  the sale of the Essex House




                                                                                                                          2
Our Experience
•   Demonstrated track record of maximizing value and transaction terms.
•   Completed over $20 billion in transactions since 2005.
•   Proven track record sourcing unique international equity, including investors based in Europe, Asia, and the Middle East.




[
Our Team


    Expertise in underwriting and
    executing complex, structured
    transactions. Our finance
    capabilities help to maximize
    asset value.
                                    Team approach to managing
                                    assignments, with senior
                                    management “hands on”
                                    service.
                                                                With an average of over 20 years
                                                                experience per professional (with
                                                                many of our professionals having
                                                                prior experience as owners,
                                                                developers, lenders, advisors and
                                                                lawyers), our team is highly skilled
                                                                                                       Unsurpassed process management
                                                                                                       that combines real estate knowledge,
                                                                                                       capital market relationships, and
                                                                                                       research capability.
                                                                                                                                           [
                                                                in every facet of the industry.




3
Our Services


Cushman & Wakefield Sonnenblick Goldman is recognized for the breadth of its capital markets relationships. Founded more than
a century ago, the firm specializes in raising debt and equity for its clients’ real estate investments.


As the capital markets have grown in size and complexity, both domestically and internationally, Cushman & Wakefield Sonnenblick
Goldman has adapted to ensure that it continues to deliver the state-of-the-art financing and equity structuring advice for which
the firm has always been known. We have opened new offices to better serve clients in regional markets around the nation, as well
as working to maintain our extraordinary relationships with offshore lenders and investors.




            SENIOR AND
     SUBORDINATE FINANCING             ACQUISITION FINANCING            CONSTRUCTION FINANCING             PORTFOLIO FINANCING




        590 Madison Avenue              388 & 399 Greenwich Street             Harbor House                 Denihan Hotel Portfolio
           New York, NY                       New York, NY                     Key West, FL                     New York, NY




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We understand that capital is the lifeblood of the real estate industry and that our clients rely on us to procure the best
possible financing structures for their investments. That means every transaction must be customized to meet the needs of the
client and the unique characteristics of the project being financed. So, whether we are arranging the refinancing of a fully-leased
office building, acquisition financing for a multi-family portfolio, construction financing for a hotel, joint venture financing for a
retail condominium or a programmatic equity investment for a skilled nursing operator, our team of professionals will invest the
time and effort to understand the needs of every client and the special requirements of every project.




                               EQUITY RAISING AND                                                                    SKILLED NURSING
    JOINT VENTURE EQUITY    PROGRAMMATIC VENTURES                   HOTEL SALES             LOAN SALE ADVISORY        AND HEALTHCARE




        1880 Broadway       Clarett Capital, Chelsea House   Sanibel Harbour Resort & Spa          Borders         Spring Creek Rehabilitation
         New York, NY                New York, NY                    Fort Myers, FL           Multiple Locations     and Healthcare Center
                                                                                                                         Harrisburg, PA




5
Our Clients – The Key To Our Business

Cushman & Wakefield Sonnenblick Goldman has represented a broad array of domestic and international clients from
entrepreneurs to major public enterprises.




                                                                                                                   6
F I N A N C E A DV I S O RY

Cushman & Wakefield Sonnenblick Goldman has unrivaled experience assisting
clients in raising debt capital. With more than $14 billion of transactions
completed in the past three years, the firm can assist in arranging highly structured
financings utilizing senior and subordinate/mezzanine components, as well
as traditional acquisition and renovation financing, construction financing, and
permanent financing for all property types.
S E L E C T E D S E N I O R & S U B O R D I N AT E F I N A N C I N G



   485 Lexington Avenue                  Suburban Square                Overland Park                  Galleria Palms            Ledgemont Center
        New York, NY                       Ardmore, PA                  Trade Center                    Apartments                 Lexington, MA
                                                                       Overland Park, KS               Tempe, Arizona




 Proceeds: $450 million          Proceeds:   $100 million      Proceeds: $56 million           Proceeds: $25.3 million       Proceeds:   $73 million

 Type:      Office               Type:       Retail            Type:       Office              Type:       Apartment         Type:       Office

 Date:      January 2007         Date:       April 2009        Date:       February 2007       Date:       June 2008         Date:       December 2006

 Size:      914,807 Sq. Ft.      Size:       360,040 Sq. Ft.   Size:       651,648 Sq. Ft.     Size:       568 Units         Size:       202,500 Sq. Ft.

 Borrower: SL Green Realty       Borrower: Kimco Realty        Borrower: Rubicon               Borrowers: Heitman/LA Fire    Borrower: The Beal
                                           Corporation                   Investments, LLC                 & Police Pension             Companies
                                                                                                          System

 Lenders:   Wachovia,            Lender:     M&T Bank          Lender:     Nomura Securities   Lender:     Fannie Mae DUS    Lenders:    Anglo-Irish and
            Credit Suisse, and                                                                                                           Angelo Gordon
            Morgan Stanley




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C A S E S T U D I E S – S E N I O R & S U B O R D I N AT E F I N A N C I N G


Watermark, Cambridge, MA                                                                                  Permanent Financing

                                                                                                                                            Proceeds         $90,000,000

                                                                                                                                            Date             March 2007

                                                                                                                                            No. Units        321

                                                                                                                                            Borrowers        Principal Real Estate
                                                                                                                                                             Investors and
                                                                                                                                                             Twining Properties

                                                                                                                                            Lender           MetLife

                                                                                                                                            Type of Loan     Fixed Rate




Asset Overview                                            Transaction Overview

Watermark is a high quality, technologically advanced     Cushman & Wakefield Sonnenblick Goldman, acting as             Previously, Cushman & Wakefield Sonnenblick Goldman
residential building that was completed in May 2006 and   the exclusive advisor to Principal Real Estate Investors and   had arranged the joint venture with Principal Real Estate
is located within the 10 acre Kendall Square mixed-use    Twining Properties, successfully arranged the $90 million      Investors on behalf of Twining Properties at close to
development in Cambridge, MA.                             fixed rate permanent financing for the new property            100% of development costs.
                                                          with Met Life.
Watermark is adjacent to the Massachusetts Institute of
Technology and the Charles River and a block and a half   Due to a highly competitive marketing process, Met Life
from the Kendall Square "T" train station.                and a few other bidders did not require an interest reserve
                                                          or guarantees during the lease-up period when the debt
                                                          service coverage ratio was < 0.5.


9
590 Madison Avenue, New York, NY                                                                           Permanent Financing

                                                                                                                                 Proceeds       $350,000,000

                                                                                                                                 Date           January 2007

                                                                                                                                 Size           1,004,515 Sq. Ft.

                                                                                                                                 Borrower       State Teachers Retirement
                                                                                                                                                System of Ohio

                                                                                                                                 Lender         Goldman Sachs
                                                                                                                                                Commercial Mortgage

                                                                                                                                 Type of Loan   Fixed Rate




Asset Overview                                              Transaction Overview

590 Madison Avenue, one of New York City's iconic office    Cushman & Wakefield Sonnenblick Goldman, acting as
buildings, is located on the west side of Madison Avenue    the exclusive advisor to State Teachers Retirement System
between East 56th Street and East 57th Street. Formerly     of Ohio, successfully arranged the $350 million fixed rate
known as the IBM Building, the 42-story building contains   mortgage for 590 Madison Avenue with Goldman Sachs
1,004,515 square feet of rentable area, including 39        Commercial Mortgage.
floors of office space, retail on the ground floor, lower
level and mezzanine level, and a 73-car executive parking   The interest rate was below “break even”for the lender.
facility. The property was designed by world-renowned       In addition, highly favorable and quite unusual non-
architect Edward Larrabee Barnes and constructed in 1981    economic terms were negotiated with the lender, including
by IBM for its own occupancy.                               items related to insurance, tax escrows, CapEx requirements,
                                                            and guarantees.

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S E L E C T E D AC QU I S I T I O N F I N A N C I N G T R A N S AC T I O N S



            100 & 120                 The Mayflower Retail         Stratford Square Mall         GM Proving Grounds                   16 Court Street
         White Plains Road               Condominium                  Bloomingdale, IL           Maricopa County, AZ                   Brooklyn, NY
          Tarrytown, NY                   New York, NY




 Proceeds:     $28 million         Proceeds:   $60 million       Proceeds: $75 million        Proceeds: $160 million          Proceeds:   $110.3 million

 Type:         Office              Type:       Retail            Type:     Regional Mall      Type:      Land                 Type:       Office

 Date:         October 2008        Date:       January 2006      Date:     January 2005       Date:      December 2006        Date:       October 2007

 Size:         209,739 Sq. Ft.     Size:       83,269 Sq. Ft.    Size:     866,000 Sq. Ft.    Size:      3,200 Acres          Size:       320,793 Sq. Ft.

 Borrowers: Juster                 Borrowers: Madison Capital    Borrower: Feldman Equities   Borrower: DMB Associates        Borrower: The City
            Development                       and Fortress                                                                              Investment Fund
            Company                           Investment Group                                                                          and SL Green


 Lender:       Guardian Life       Lender:     Barclays Real     Lender:   EuroHypo           Lenders:   Bank USA and         Lender:     Anglo-Irish
               Insurance Company               Estate Capital                                            San Diego National
               of America




11
C A S E S T U D I E S – AC QU I S I T I O N F I N A N C I N G


Leeds Park Industrial and Office Complex, Charleston, SC                                             Acquisition Financing

                                                                                                                             Proceeds       $45,875,000

                                                                                                                             Date           November 2007

                                                                                                                             Size           886,902 Sq. Ft.

                                                                                                                             Borrower       Glastonbury Capital, LLC

                                                                                                                             Lender         UBS Real Estate Securities, Inc

                                                                                                                             Type of Loan   Fixed Rate




Asset Overview                                          Transaction Overview

Leeds Park Industrial and Office Complex is comprised   Cushman & Wakefield Sonnenblick Goldman arranged
of 886,902 square feet situated on 79 acres in a        $45,875,000 of first mortgage financing for the
premier section of Charleston, South Carolina. The      acquisition of Leeds Park Industrial and Office Complex.
property was 96% leased at the time of acquisition
and could accommodate an additional 204,000 square      The initial funding was $42.5 million with an additional
feet of future development.                             $3.375 million of additional proceeds available for
                                                        the construction of the first 102,000 square foot
                                                        phase of expansion space that will begin construction
                                                        upon preleasing.



                                                                                                                                                                     12
388 & 390 Greenwich Street, New York, NY                                                             Acquisition Financing

                                                                                                                                       Proceeds         $600,000,000

                                                                                                                                       Date             December 2007

                                                                                                                                       Size             2,634,670 Sq. Ft.

                                                                                                                                       Borrowers        SL Green Realty Corp.
                                                                                                                                                        and SITQ Immobilier

                                                                                                                                       Lender           Westdeutsche
                                                                                                                                                        ImmobilienBank AG and
                                                                                                                                                        PB Capital

                                                                                                                                       Type of Loan     Floating




Asset Overview                                                                                                      Transaction Overview

Standing prominently on the Hudson River, the 40-story    390 Greenwich Street contains 764,918 square feet         Cushman & Wakefield Sonnenblick Goldman, acting as
1,869,752-square foot 388 Greenwich Street serves as      and houses Citigroup's Global Trading Headquarters.       the exclusive advisor to a joint venture of SL Green Realty
the headquarters of Citigroup's Markets & Banking         Featuring a fully redundant data center, the 10-story     Corp. and SITQ Immobilier, successfully arranged
business, Corporate Technology, and Global Wealth         building is one of the most sophisticated and efficient   $600,000,000 of senior mortgage financing for the joint
Management Group. Built in 1989, this majestic tower is   trading centers ever built.                               venture's purchase of 388 & 390 Greenwich Street.
one of the finest office buildings in Lower Manhattan.
Floors are bathed in natural light and the expansive
windows offer spectacular views with those over the
Hudson River permanently protected.



13
William Morris Agency Office Portfolio, Beverly Hills, CA                                                Acquisition Financing

                                                                                                                                           Proceeds        $93,000,000

                                                                                                                                           Date            September 2008

                                                                                                                                           Size            182,649 Sq. Ft.

                                                                                                                                           Borrowers       Cape Horn Group and
                                                                                                                                                           Lincoln Property Company

                                                                                                                                           Lender          UBS and Brickman & Associates

                                                                                                                                           Type of Loan    Floating Rate




Asset Overview                                                                                                           Transaction Overview

The William Morris Agency Portfolio is comprised of three     The William Morris Agency, a world famous talent agency    Cushman & Wakefield Sonnenblick Goldman, acting as
premier office buildings totaling 182,649 SF located in the   who represents many of today’s biggest names in            advisor to a joint venture consisting of Cape Horn Group
heart of Beverly Hills within one block of the renowned       entertainment and sports, was the seller. The new owners   and Lincoln Property Company, arranged $78 million
intersection of Wilshire Boulevard and Rodeo Drive.           have entered into a short-term sale-leaseback arrange-     of floating-rate senior financing and $15 million of
The portfolio consists of a 70,842 rentable SF multi-tenant   ment with the William Morris Agency, who is expanding      floating-rate mezzanine financing for the acquisition of
building on Rodeo Drive and two buildings totaling            and relocating to a new, larger headquarters in the        the William Morris Agency office portfolio in Beverly
111,807 SF on El Camino Drive, which have served as the       Golden Triangle, scheduled to be completed in 2010.        Hills, CA. The debt for the transaction was provided
global headquarters for William Morris Agency for over                                                                   by Switzerland-based UBS and New York City-based
three decades.                                                                                                           Brickman & Associates.



                                                                                                                                                                                    14
Hyatt Siesta Key, Siesta Key, FL                                                    Acquisition and Construction Financing

                                                                                                                                               Proceeds        $28,000,000 – Acquisition
                                                                                                                                 5                             $57,000,000 – Construction

                                                                                                                                               Date            June 2007 – Acquisition
                                                                                                                                                               March 2008 – Construction

                                                                                                                                               Size            3.64 Acres

                                                                                                                                               Borrowers       Triton Companies and
                                                                                                                                                               The Carlyle Group

                                                                                                                                               Lender          iStar Financial – Acquisition
                                                                                                                                                               CapitalSource – Construction

                                                                                                                                               Type of Loan    Floating Rate




Asset Overview                                                     Transaction Overview

Hyatt Siesta Key is a fractional-use condominium project in        Cushman & Wakefield Sonnenblick Goldman was retained              Subsequently, upon the finalization of design
Siesta Key, FL. The 3.64 acre resort site is ideally located on    by Triton Companies to arrange all aspects of the project’s       and development plans, Cushman & Wakefield
Crescent Beach which feeds into the Gulf of Mexico and is          capitalization, including land acquisition financing, joint       Sonnenblick Goldman arranged $57million in senior
within minutes of Downtown Sarasota.                               venture equity for the developer and construction                 construction financing.
                                                                   financing for the Hyatt Siesta Key development.
The project, upon the demolition of the current structure
on the site, will include new construction of a six-story build-
                                                                   For the initial land acquisition, Cushman & Wakefield
ing consisting of 44 units on the four upper floors above
                                                                   Sonnenblick Goldman simultaneously arranged an $8
two levels of parking. Hyatt Siesta Key will feature numerous
                                                                   million joint equity investment from The Carlyle Group
amenities including a pool, beach cabanas, exercise
                                                                   with the $28 million acquisition loan from iStar Financial.
facilities and spa, a small movie theater, billiard room, and
club room bar.
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S E L E C T E D C O N S T RU C T I O N F I N A N C I N G



         Panorama North                 Gateway Grand               397 West 12th Street               Elysian Hotel &                    Mortgage
           Las Vegas, NV                Condominium                     New York, NY                  Private Residences               Lenders Network
                                        Ocean City, MD                                                    Chicago, IL                   Wallingford, CT




 Proceeds: $208 million         Proceeds:   $201 million         Proceeds: $27 million        Proceeds: $204 million           Proceeds: $51 million

 Type:       Residential        Type:       Residential          Type:     Residential        Type:        Hotel-Condominium   Type:        Office

 Date:       June 2006          Date:       March 2006           Date:     May 2007           Date:        August 2006         Date:        December 2006

 Size:       381 Units          Size:       196 Units            Size:     5 Units            Size:        239 Units           Size:        300,000 Sq. Ft.

 Borrower: Hallier Properties   Borrowers: Trammell Crow,        Borrower: Tamarkin           Borrower: Elysian Hotels         Borrower: Workstage
                                           Bayview 45, and                 Company                      & Resorts
                                           Carlyle Group

 Lender:     iStar Financial    Lender:     Fremont Investment   Lender:   Bank of New York   Lender:      Hypo Real Estate    Lender:      Key Bank
                                            and Loan                                                       Capital




                                                                                                                                                              16
C A S E S T U D I E S – C O N S T RU C T I O N F I N A N C I N G


Liberty Center, Arlington, VA                                                                              Construction Financing

                                                                                                                                            Proceeds        $255,000,000

                                                                                                                                            Date            2005

                                                                                                                                            Size            1,000,000 Sq. Ft.

                                                                                                                                            Borrowers       Fred Schnider Co., Clark Realty
                                                                                                                                                            and The Shooshan Co.

                                                                                                                                            Lender          PNC Bank and
                                                                                                                                                            Fremont Investment & Loan

                                                                                                                                            Type of Loan    Floating




Asset Overview                                                  Transaction Overview

Liberty Center is a 1-million-square-foot mixed-use devel-      Cushman & Wakefield Sonnenblick Goldman was                 The team successfully raised 99% of the required cash
opment occupying one full city block in the heart of the        exclusively retained to arrange non-recourse construction   for $255 million in developments using only a first-
Ballston submarket in Arlington, Virginia. It consists of two   financing for one of the office buildings and the           trust mortgage by arguing imputed land equity. A full
mid-rise office buildings totaling approximately 520,000        apartment and condominium phase. Challenges included        market-rate development fee was paid on each phase.
gross square feet, a 20-story luxury high-rise apartment        arranging non-recourse debt for a speculative office        The completion guaranty was capped for the residential
building containing 235 units, and a 21-story luxury            development, arranging apartment financing in a market      development and ran to a funded entity rather than a
high-rise condominium building containing 234 units.            that heavily favored condominium financing and having       personal guaranty.
                                                                the completion guaranty run to an entity.




17
Harbor House, Key West, FL                                                                              Construction Financing

                                                                                                                                 Proceeds       $60,000,000

                                                                                                                                 Date           July 2007

                                                                                                                                 No. Units      32 Townhomes

                                                                                                                                 Borrowers      Cortex Development Group
                                                                                                                                                Luxury Hotel, LLC

                                                                                                                                 Lender         M & I Bank

                                                                                                                                 Type of Loan   Floating Rate




Asset Overview                                               Transaction Overview

The Harbor House development is comprised of three           Cushman & Wakefield Sonnenblick Goldman was
adjacent parcels totaling 1.9 acres located on the north-    retained by Cortex Development Group to secure
western portion of Key West overlooking the tranquil         $60 million land and construction financing for the
Key West Harbor and adjacent to Old Town Key West.           development project.

The planned development is fully entitled and will feature   The financing included proceeds for a very unique set
32 luxury townhomes in what may be the best location         of entitlements that could not be used for this property.
in Key West.                                                 The facility was structured to allow for a partial pay
                                                             down at the time a receiver site for the entitlements
                                                             was identified.


                                                                                                                                                                       18
 Montage Beverly Hills, Beverly Hills, CA                                                                Construction Financing

                                                                                                                                            Proceeds        $225,000,000

                                                                                                                                            Date            November 2006

                                                                                                                                            No. Units       201 Guestrooms and
                                                                                                                                                            20 Penthouse Residences

                                                                                                                                            Borrowers       Beverly Hills
                                                                                                                                                            Luxury Hotel, LLC

                                                                                                                                            Lender          HSH Nordbank AG

                                                                                                                                            Type of Loan    Floating




 Asset Overview                                             Transaction Overview

 Located in the heart of Beverly Hills “Golden Triangle,”   Cushman & Wakefield Sonnenblick Goldman arranged               Wakefield Sonnenblick Goldman generating significant
 the $300 million Montage Beverly Hills Hotel, Spa and      $225 million of construction debt financing for the project.   interest from construction lenders.
 Residences was developed in cooperation with the City of
 Beverly Hills.                                             The Montage is one of the leading urban hotels on the          This project is the second property to carry the
                                                            West Coast.                                                    Montage brand and survived a long approval process,
 The development includes a 201-room hotel branded and                                                                     vigorous planning and zoning reviews, and difficult
 operated by Montage Hotels & Resorts, two restaurants,     The combination of strong sponsorship and brand, robust        legal challenges including a public referendum. Despite
 luxury spa, retail space and 20 penthouse residences.      fundamentals in Beverly Hills, high profile development in     these obstacles, Cushman & Wakefield Sonnenblick
                                                            the “Golden Triangle” of Beverly Hills, and high demand for    Goldman executed this transaction on an accelerated
                                                            the limited number of residences resulted in Cushman &         execution schedule.


19
S E L E C T E D P O RT F O L I O F I N A N C I N G & A DV I S O RY



          North Troy                 Great Lakes                    Aurora Medical                   Rockwood Ross                 Prisma Properties
        Corporate Park            REIT Privatization                Office Portfolio              Residential Portfolio                 Portfolio
           Troy, MI            Midwest, Multiple Locations     Wisconsin, Multiple Locations   Suburban Maryland & Virginia    National, Multiple Locations




Proceeds: $90 million          Proceeds:   $193 million        Proceeds:   $50 million         Proceeds:   $346 million        Proceeds: $32.9 million

Type:      Office              Type:       18-Property         Type:       Medical Office      Type:       Residential         Type:     Industrial
                                           Office Portfolio

Date:      August 2006         Date:       July 2005           Date:       December 2006       Date:       January 2007        Date:     September 2008

Size:      209,297 Sq. Ft.     Size:       2,600,000 Sq. Ft.   Size:       226,046 Sq. Ft.     Size:       2,509 Units         Size:     13 Properties

Borrowers: SL Green Realty &   Borrower: Transwestern          Borrower: Zeller Realty Group   Borrowers: Rockwood Capital &   Borrower: Prisma Properties
           Gale Investment               Investment                                                       Ross Development
           Company                       Company                                                          and Investment

Lender:    Anglo-Irish Bank    Lenders:    ING   &   Aegon     Lender:     Goldman Sachs       Lender:     Hypo Real Estate    Lender:   GE and
                                                                                                           Capital                       regional banks




                                                                                                                                                              20
C A S E S T U D I E S – P O RT F O L I O F I N A N C I N G & A DV I S O RY


Rockwood Ross Residential Portfolio, Suburban Maryland and Virginia
                                                                                                                      Proceeds       $346,000,000

                                                                                                                      Date           January 2007

                                                                                                                      No. Units      2,509

                                                                                                                      Borrowers      Rockwood Capital and Ross
                                                                                                                                     Development & Investment

                                                                                                                      Lender         Hypo Real Estate Capital

                                                                                                                      Type of Loan   Fixed Rate




Asset Overview                                             Transaction Overview

The Rockwood Ross residential portfolio is comprised of    Cushman & Wakefield Sonnenblick Goldman, acting as
seven well-positioned apartment complexes in Prince        exclusive advisor to Rockwood Capital and Ross
George’s County, Maryland and Alexandria, Virginia.        Development & Investment, arranged an initial funding of
                                                           $300 million fixed rate financing and future floating
The Rockwood Ross joint venture acquired five of the       rate fundings up to $46 million for planned capital
properties in several transactions between May 2005 and    expenditures or earn-out.
March 2006, and acquired the two other properties during
the fourth quarter of 2006.




21
Denihan Hospitality Group, New York, NY                                                         Corporate Recapitalization

                                                                                                                                      Proceeds        $600,000,000

                                                                                                                                      Date            July 2007

                                                                                                                                      Keys            1,579

                                                                                                                                      Borrower        Denihan Hospitality Group

                                                                                                                     Lender           Lender          Confidential

                                                                                                                                      Type of Loan    Floating Rate




Portfolio Overview                                       Transaction Overview

The Denihan Hospitality Group portfolio is comprised     Cushman & Wakefield Sonnenblick Goldman, acting          Due to a highly competitive marketing process, Cushman
of six well-positioned New York assets, with a strong    as the exclusive advisor to DHG, successfully arranged   & Wakefield Sonnenblick Goldman created strong
national following.                                      the $600 million floating-rate recapitalization of the   interest from the global lending community resulting in a
                                                         portfolio with a European capital source who was not     transaction that exceeded our clients expectations.
Core assets of the DHG portfolio currently include the   an active hotel lender.
Affinia Dumont, Affinia 50, Affinia Gardens, Affinia                                                              Cushman & Wakefield Sonnenblick Goldman also served
Manhattan, and The Benjamin, its luxury brand, which     The transaction enabled DHG to expedite its national     as exclusive advisor to DHG for its $530 million
DHG will own and manage with plans of expanding          expansion through both acquisitions and managment        corporate recapitalization in 2005. The 2007 transaction
both brands to key markets throughout the nation.        contracts.                                               resulted in higher proceeds at a significantly reduced
                                                                                                                  spread over LIBOR.


                                                                                                                                                                              22
WBBD Portfolio, Various East Coast Markets                                                              Acquisition Financing

                                                                                                                                Proceeds       $240,000,000

                                                                                                                                Date           April 2008

                                                                                                                                Size           3,720,000 Sq. Ft.

                                                                                                                                Borrower       Gramercy Capital Corporation

                                                                                                                                Lender         PB Capital Corporation

                                                                                                                                Type of Loan   Floating Rate




Asset Overview                                                Transaction Overview

The portfolio, approximately 95% net leased to Wachovia       Cushman & Wakefield Sonnenblick Goldman, acting as
Bank, N.A., is comprised of office buildings, operations      exclusive advisor to Gramercy Capital Corporation,
centers, and bank branches. Properties range in size from     arranged financing for the 48 property portfolio
5,000 square feet to nearly 500,000 square feet and are       comprised of approximately 3.7 million square feet.
concentrated in nine states along the east coast of the       The portfolio was financed in connection with Gramercy
United States, extending from Connecticut to Florida.         Capital Corporation’s acquisition of American Financial
The portfolio’s broad distribution among asset type and       Realty. PB Capital Corporation provided the $240 million
markets makes it resistant to individual market down turns.   LIBOR based facility.




23
S E L E C T E D F I N A N C E A DV I S O RY T R A N S AC T I O N S

PROPERTY                                                 AMOUNT                         PROPERTY                                                    AMOUNT                     PROPERTY                                                     AMOUNT

World Trade Center                   $763,000,000                                       Phoenix Mixed-Use                    $96,400,000                                       510 Sixth Avenue                                          $46,000,000
River Place II                        700,000,000                                       PacWest Center                        96,000,000                                       261 West 28th Street                                       46,000,000
1515 Broadway (2005)                  625,000,000                                       650 Sixth Avenue                      95,000,000                                       Leeds Park                                                 45,875,000
388 & 390 Greenwich Street            600,000,000                                       “A” Jersey City Condominiums          93,000,000                                       Panoramic View                                             45,000,000
485 Lexington Avenue (2007)           450,000,000                                       William Morris Agency Building        93,000,000                                       535 Madison Avenue                                         45,000,000
1515 Broadway (2004)                  425,000,000                                       Pacific Properties Portfolio          92,600,000                                       180 Madison Avenue                                         45,000,000
485 Lexington Avenue (2006)           390,000,000                                       Highland Park                         91,650,000                                       Clearwater House                                           44,000,000
590 Madison Avenue                    350,000,000                                       North Troy Corporate Park             90,000,000                                       Key Largo Site                                             41,000,000
Rockwood Ross Residential Portfolio 1 346,000,000                                       Watermark Residences                  90,000,000                                       Gold Bank Building                                         40,000,000
120 Broadway (2006)                   285,000,000                                       1250 Broadway                         85,000,000                                       200 West 57th Street                                       38,000,000
Liberty Center Mixed Use              255,000,000                                       Phoenix Condominiums                  85,000,000                                       Coventry Crossing Apartment                                37,349,520
WBBD Portfolio                        240,000,000                                       529 Fifth Avenue                      80,000,000                                       164-168 West 75th Street                                   35,900,000
120 Broadway (2005)                   230,000,000                                       Summer Villa & Summer Walk Apart.     78,000,000                                       673 First Avenue                                           35,000,000
Panorama                              208,000,000                                       Four Seasons Houston                  75,000,000                                       Prisma Properties                                          32,900,000
220 Central Park South                206,000,000                                       lO Piazza                             75,000,000                                       101 French Street                                          32,000,000
Gateway Grand Condos                  201,000,000                                       Fiesta Key                            75,000,000                                       Tower at Greystone                                         30,000,000
One Kendall Square                    180,000,000                                       Legmont Center                        73,000,000                                       Embassy Suites Memphis                                     29,500,000
100 Park Avenue                       175,000,000                                       120 Wall Street                       70,000,000                                       100 & 120 White Plains Road                                28,000,000
One Beacon Street                     170,000,000                                       Park Towers at Hughes Center          69,000,000                                       Hyatt Siesta Key (2007)                                    28,000,000
600 Third Avenue                      168,000,000                                       The Seville                           67,000,000                                       397 West 12th Street                                       27,000,000
River Place I                         165,000,000                                       Ledgemont Center (2006)               66,150,000                                       1604-1610 Broadway                                         27,000,000
535 Madison Avenue                    164,000,000                                       Chelsea Piers                         65,000,000                                       2131 & 2132 Wallace Ave                                    26,000,000
One State Street Plaza                160,000,000                                       Overland Park Trade Center            65,000,000                                       209-211 Hester Street                                      25,000,000
GM Proving Grounds                    160,000,000                                       Whiteface Lodge                       64,000,000                                       1544 Old Alabama Rd                                        22,500,000
Brooklyn Renaissance Plaza            154,000,000                                       Curtis Center                         63,300,000                                       157 Chambers Street                                        22,500,000
1500 Broadway                         150,000,000                                       Mayflower Retail Condominium          60,000,000                                       The Shops and Inn at National Hall                         21,040,000
Dulles South Residential Land         125,000,000                                       Morris Technology Center              60,000,000                                       Missouri Falls                                             20,000,000
711 Third Avenue                      120,000,000                                       Lamb’s Club                           60,000,000                                       Spring Creek Healthcare Center                             19,800,000
100 Park Avenue                       120,000,000                                       Harbor House                          60,000,000                                       Milwaukee Post Office Building                             15,000,000
Pier 39                               116,000,000                                       Hyatt Siesta Key (2008)               57,000,000                                       Conch Harbor                                               12,700,000
16 Court Street                       110,300,000                                       Mortgage Lenders Network Headquarters 51,000,000                                       AXA Building                                                8,150,000
Allegro Condos                        102,000,000                                       509 W. 38th Street                    49,000,000                                       Maine Office Building                                       7,200,000


1 Includes Park at Landmark (Alexandria, VA), Glen Oaks (Greenbelt, MD), Summerlyn Place (Laurel, MD), Cypress Creek (Hyattsville, MD), Cambridge Crossing (New Carrollton, MD), Sutton Walk (New Carrollton, MD), Lenox Court (New Carrollton, MD)




                                                                                                                                                                                                                                                      24
E QU I T Y A DV I S O RY

Cushman & Wakefield Sonnenblick Goldman is the leading advisor for raising equity
capital for real estate owners and investors. Our capital markets team has an
extensive track record of working with clients to arrange joint venture equity,
programmatic equity investments, and entity-level investment.
S E L E C T E D P RO G R A M M AT I C E QU I T Y R A I S I N G
Cushman & Wakefield Sonnenblick Goldman has arranged a variety of joint venture transactions, including programmatic equity
ventures for some of the nation’s top developers and owner/operators.



                                                                                                                        Madison Capital                 REDWOOD CAPITAL PARTNERS

 Arranged $150 million of equity         Arranged the following joint        Arranged $100 million of equity for   Arranged $90 million of equity       Arranged $50 million of equity of
 for a programmatic joint venture        ventures for L&L Holding Company:   a programmatic joint venture with     for programmatic joint venture       a programmatic joint venture with
 with Principal Real Estate Investors.                                       Prudential to develop rental and      with Prudential to invest in urban   MetLife Real Estate Investment
                                         • Park 80 West (Saddlebrook, NJ)
 Some of the transactions                                                    condominium projects in New York,     retail properties in Manhattan and   focused on core-plus and value-
 completed to date include:                $34 million                       Los Angeles, and Washington, D.C.     other major markets.                 added apartment projects through-
                                           joint venture equity,             Some of the deals completed thus                                           out the Midwestern United States.
 • 339–347 East 12th Street                from Zurich Global                                                      • Manhattan House
                                                                             far, for which Cushman & Wakefield                                         Redwood Capital Partners will be
   (New York)                              492,939 square feet                                                      (200 East 66th Street) – two
                                                                             Sonnenblick Goldman has arranged                                           MetLife's sole partner for Midwest
   $22.8 million                                                                                                    entire blockfronts of retail
                                         • Metropolitan Tower (New York)     debt and equity, include:                                                  multi-family acquisitions.
   71 units                                                                                                         space and one of the largest
                                           $120 million equity and                                                  single floor garages on the
                                                                             • Sky House (New York)                                                     The joint venture is currently in the
 • 266 Washington Avenue                   debt recapitalization,                                                   Upper East Side
                                                                              $34.2 million (mezzanine),                                                process of acquiring two apartment
   (Brooklyn)                              from Principal Life
                                                                              from ASB                             • 2400 Broadway –                    complexes totaling 1,114 units.
   $19.5 million                           245,000 square feet
                                                                              139 units                             8,920 square feet
   113 units
                                         The following joint ventures were   • Opus Condominiums (New York)        • 380-386 Broome Street –
 • West 122nd and 123rd Streets          arranged with L & L and GE Asset     $30.6 million (land loan and          Four retail units and 44
   Portfolio (New York)                  Management:                          equity), from Goldman Sachs           residential units
   $37 million
                                                                              64 units
   145 units                             • 2 Park Avenue (New York)                                                • 9 Christopher Street –
                                           855,000 square feet               • 220 Central Park South               Two retail units and 13
 • 2131 Wallace Avenue
                                                                              (New York)                            residential units
   (Bronx)
                                         • 600 Third Avenue (New York)        $206 million construction loan
   $35.5 million                                                                                                   • 55 & 61 Delancy Street –
                                           $224 million equity and            (Corus) and equity (Vornado),
   341 units                                                                                                        Seven retail units and
                                           debt recapitalization,             122 units
                                                                                                                    45 residential units
                                           513,000 square feet               • Chelsea House (New York)
 Arranged $ 23.3 million in joint
 venture equity from Henderson           • 195 Broadway (New York)            $22.6 million (mezzanine),
 Global Investors for the acquisition      1,052,000 square feet              from ASB
 of three apartment buildings                                                 64 units
 located at 210 – 230 West 107th         A $285 million programmatic joint   • Place 57 (New York)
 Street (New York), 180 units.           venture has been arranged with       $13.5 million (mezzanine),
                                         Prudential for a “value-add”         from Corus
                                         office investment platform.          68 units




                                                                                                                                                                                            26
S E L E C T E D J O I N T V E N T U R E E QU I T Y T R A N S AC T I O N S



        31 West 52nd Street            Stephens & Stephens                  Mayflower Retail              Westlake Plaza                      Greenvest LC
           New York, NY                  San Francisco, CA                   Condominium                Thousand Oaks, CA                     DC Metro Area
                                                                             New York, NY




     Proceeds: Confidential          Proceeds: $30 million          Proceeds: $18 million           Proceeds: $35 million           Proceeds:     $34.3 million

     Type:       Office              Type:       Industrial         Type:        Retail             Type:       Office              Type:         Residential Land

     Date:       August 2008         Date:       December 2005      Date:        January 2006       Date:       September 2006      Date:         October 2008

     Size:       776,849 Sq. Ft.     Size:       267, 933 Sq. Ft.   Size:        83,269 Sq. Ft.     Size:       461,000 Sq. Ft.     Size:         TBD

     Client:     Paramount           Client:     Stephens &         Client:      Madison Capital    Client:     Amstar Group        Client:       Greenvest LC
                 Group                           Stephens, LLC

     Investor:   corporate pension   Investor:   Urdang Partners    Investor:    Fortress           Investor:   Travelers           Investor:     Hedge Fund
                 trust advised by                                                Investment Group               Property Casualty
                 JP Morgan Asset                                                                                Corporation
                 Management




27
C A S E S T U D I E S – J O I N T V E N T U R E E QU I T Y F I N A N C I N G


Coventry Crossing Apartments, Glen Mills, PA                                                                Acquisition Equity

                                                                                                                                 Proceeds    $47,000,000

                                                                                                                                 Equity      $9,700,000

                                                                                                                                 Date        September 2007

                                                                                                                                 No. Units   244 Units

                                                                                                                                 Sponsor     Red Rocks Group

                                                                                                                                 Investor    Fortress Investment Group




Asset Overview                                             Transaction Overview

Coventry Crossing is a 244-unit, luxury rental apartment   Cushman & Wakefield Sonnenblick Goldman was retained
complex located in affluent Glen Mills, Delaware County,   by Red Rocks Group to arrange debt and equity financing for
Pennsylvania. The property consists of 25 buildings on     the acquisition of Coventry Crossing Apartments. Cushman
over 25 professionally landscaped acres.                   & Wakefield Sonnenblick Goldman simultaneously arranged
                                                           a $9.7 million joint equity investment from Fortress
Coventry Crossing features numerous amenities for          Investment Group with the $37.3 million acquisition loan
tenants, including a swimming pool, washer/dryers and      from Anglo-Irish. The sponsor also entered into a swap
wood burning fireplaces in each unit, and spacious floor   agreement whereby $33 million of the acquisition loan was
plans with balconies.                                      fixed for three years.




                                                                                                                                                                   28
Octagon Park, Roosevelt Island, New York, NY                                                                 Construction Equity

                                                                                                                                   Capitalization $170,000,000

                                                                                                                                   Equity        $145,000,000

                                                                                                                                   Date          November 2004

                                                                                                                                   No. Units     500

                                                                                                                                   Client        Becker & Becker Associates

                                                                                                                                   Investor      Multi-Employer Property Trust




Asset Overview                                                 Transaction Overview

Octagon Park is a 13-story rental development on the           Cushman & Wakefield Sonnenblick Goldman, acting as
northern end of Roosevelt Island, across from the Upper        the exclusive advisor to Becker & Becker Associates,
East Side of Manhattan. The property was developed on          arranged $145 million of construction equity for the
the site of a former New York City hospital that was           $170 million development of Octagon Park from Multi-
constructed in 1839. An eight-sided central structure is the   Employer Property Trust.
only portion of the hospital that remains standing, and it
was rehabilitated and incorporated as the lobby of the         The remaining $25 million was comprised of tax credit
new apartment building. The building was developed on a        equity, various grants, and net operating income during
5-acre site that is subleased through December 2068 from       the construction and lease-up periods.
the Roosevelt Island Operating Corporation.


29
St. Kitts Peninsula, Eastern Caribbean                                                                               Recapitalization

                                                                                                                                        Capitalization $500,000,000

                                                                                                                                        Equity        $42,000,000

                                                                                                                                        Date          August 2007

                                                                                                                                        Size          2,360 Acres

                                                                                                                                        Client        Auberge Firesky Limited

                                                                                                                                        Investor      Kiawah Development Partners




Site Overview                                                Transaction Overview

The St. Kitts Peninsula is a world-class, master-planned,    The Master Plan includes an international-class marina
self-contained luxury resort community encompassing          and a marina village with restaurants and retail stores; an
2,360 acres on the southeast peninsula of St. Kitts Island   18-hole Rees Jones golf course; several luxury resort
in the Eastern Caribbean. The St. Kitts Peninsula includes   hotels and associated villas, including a small, ultra-luxury
seven miles of coastline on both the Caribbean Sea and       Auberge Resort and villas and a Mandarin Oriental hotel
the Atlantic Ocean that is endowed with a natural            and villas; and approximately 880 resort residences – both
marina, three private coves, six white sand beaches, an      branded and un-branded.
inland lagoon and dramatic peaks.




                                                                                                                                                                                30
G LO B A L H O S PI TA L I T Y G RO U P

The Cushman & Wakefield Sonnenblick Goldman Global Hospitality Group is a
full-service hotel advisory practice. Our hotel industry expertise combined with our
strong relationships within the international lending and investment communities
provide us with a unique advantage in serving our clients. Our clients benefit
from our global team approach with daily attention and service from senior
management. Our hospitality group provides a full range of services, with a primary
focus on the following four areas of expertise:

1) Financing – Acquisition, refinancing and construction financing
2) Investment sales – Luxury, full service, limited service and resorts
3) Equity Structuring – Acquisition equity and asset recapitalization
4)   Advisory Services – Acquisition advisory, operator selection, note
     sales and opinions of value
S E L E C T E D H OT E L T R A N S AC T I O N S
Cushman & Wakefield Sonnenblick Goldman is the industry’s leading hospitality advisor with approximately $14 billion of recently
completed transactions. Selected recent hotel transactions are shown below.

    Time Square Hotel         Fairmont Washington DC           Surrey Hotel                    Ames Hotel                 Kimpton Hotel Palomar          Larco Canadian Hotel
       New York, NY                Washington, DC              New York, NY                    Boston, MA                     Philadelphia                     Portfolio
                                                                                                                             Philadelphia, PA               Various, Canada




Type:       Joint Venture     Type:     Refinancing    Type:      Renovation         Type:     Acquisition &             Type:       Redevelopment     Type:     Permanent
            Equity                                                Financing                    Construction Financing,               Financing                   Financing
                                                                                               Operator Selection,
                                                                                               Joint Venture Equity

Proceeds:   $60 million       Proceeds: Confidential   Proceeds: $77 million         Proceeds: $56 million debt          Proceeds:   $51 million       Proceeds: C$180 million
                                                                                               $10 million equity

Date:       February 2009     Date:     January 2009   Date:      June 2008          Date:     June 2008                 Date:       May 2008          Date:     December 2007

Keys:       334               Keys:     415            Keys:      132                Keys:     123                       Keys:       230               Keys:     1,724

Client:     Hampshire Hotel   Borrower: Cadbridge      Borrower: Denihan             Client:   Normandy Real             Borrowers: Kimpton Hotel &    Borrower: Larco Hospitality
            and Resorts                 Investors                Hospitality Group             Estate Partners                      Restaurant Group


Investor:   Middle East       Lender:   German Bank    Lender:    CIBC Global        Lender: UBS                         Lender:     Wachovia          Lender:   Pacific Life
            Capital Source                                        Markets            Operator: Morgans Hotel
                                                                                               Group




                                                                                                                                                                                 32
     Paramount Hotel                    Sanibel Harbour              Amangani Resort                     Austin Marriott                   Conrad Chicago                     Pan Pacific
       New York, NY                       Resort & Spa               Jackson Hole, WY                     at the Capitol                     Chicago, IL                   San Francisco, CA
                                         Fort Myers, FL                                                     Austin, TX




Type:      Acquisition &            Type:      Sale              Type:     Acquisition           Type:        Sale                 Type:      Joint Venture Equity,    Type:       Sale
           Renovation Financing,                                           Financing                                                          Acquisition
           Operator Selection                                                                                                                 Financing,
                                                                                                                                              Ultimate Sale

Proceeds: $200 million              Sale Price: $126 million     Proceeds: $16 million           Sale Price: $69 million           Proceeds: $23 million equity        Sale Price: $95 million
                                                                                                                                             $71 million debt
                                                                                                                                             $117 million sale

Date:      August 2007              Date:      August 2007       Date:     June 2007             Date:        January 2007         Date:      November 2006            Date:       April 2006

Keys:      600                      Keys:      347               Keys:     40                    Keys:        365                  Keys:      311                      Keys:       338

Borrowers: Westbrook Partners,      Seller:    Liberty Mutual    Borrower : Canyon Equity, LLC   Seller:      Apollo Real Estate   Clients:   Westbrook Partners,      Sellers:    Whitehall Real
           Walton Street Capital,              Insurance                                                                                      Walton Street Capital,               Estate Funds &
           Highgate Holdings                   Company                                                                                        Lodging Capital                      Oxford Lodging
                                                                                                                                              Partners,
                                                                                                                                              John Buck Company

Lender:    UBS Securities           Buyer:     Columbia Sussex   Lender:   Nomura                Buyer:       HEI Hotels &         Investor: Confidential              Buyer:      Ashford
                                               Corporation                                                    Resorts                                                              Hospitality



33
CASE STUDIES


Lexington Avenue Hotel, New York, NY
                                                                                                                                      Proceeds        $55,000,000

                                                                                                                                      Date            November 2008

                                                                                                                                      No. Keys        116

                                                                                                                                      Proceeds/Key $474,137

                                                                                                                                      Borrowers       44 Lexington Associates

                                                                                                                                      Lender          Pacific National Bank




Asset Overview                                               Transaction Overview

The 25-story Lexington Avenue Hotel will be located at       Cushman & Wakefield Sonnenblick Goldman served         The transaction was structured in the most challenging
the corner of Lexington Avenue and 48th Street.              as exclusive advisor to 44 Lexington Associates and    finance environment in recent history and closed in
The hotel will include 116 luxury suites, a food and         arranged construction financing for the ground-up      November 2008 with a lender who had not previously
beverage outlet, an executive boardroom, and a fitness       development of the Lexington Avenue Hotel. Marketing   funded a hotel construction deal in New York City.
center. The development will also include approximately      efforts focused on the project’s strong sponsorship,   Cushman & Wakefield Sonnenblick Goldman sourced
3,800 square feet of prime corner retail space on            irreplaceable location, and unique business plan.      this regional bank as a result of its long standing
Lexington Avenue, located on the lower and first floors of                                                          industry relationships.
the hotel.The hotel is planned to open in 2010 and Hersha
Hospitality Management will manage the property upon
its completion.


                                                                                                                                                                                34
 Fairmont Washington DC, Washington, DC                                                                                Refinancing

                                                                                                                                          Proceeds          Confidential

                                                                                                                                          Date              January 2009

                                                                                                                                          No. Keys          415

                                                                                                                                          Borrower          Cadbridge Investors

                                                                                                                                          Lender            German Bank




 Asset Overview                                                                                                         Transaction Overview

 The 415-key Fairmont Washington DC is located in the       The hotel is currently undergoing a renovation plan that    Cushman & Wakefield Sonnenblick Goldman served as
 heart of the Dupont Circle and Georgetown neighbor-        was funded as part of the financing which includes          exclusive advisor to Cadbridge Investors, a partnership
 hoods. The property is the area's premier hotel and        the renovation of guestrooms and enhancements to the        between Westmont Hospitality and Cadim, a division of
 preferred lodging and meetings facility for the area's     public areas.                                               Caisse de depot et placement du Quebec. The transac-
 largest companies, visiting royalty, heads-of-state, and                                                               tion was structured in the midst of the most challenging
 social dignitaries. The property features 29,000 square                                                                finance market in recent history. Cushman & Wakefield
 feet of meeting space, three food and beverage outlets,                                                                Sonnenblick Goldman was able to provide financing
 expansive fitness facility and a 95-space underground                                                                  from a German bank who had not previously led a hotel
 parking garage.                                                                                                        finance transaction, allowing our client to retire financing
                                                                                                                        that had matured.


35
Beverly Hilton, Beverly Hills, CA                                                                                     Refinancing

                                                                                                                                    Proceeds   $300,000,000

                                                                                                                                    Date       July 2006

                                                                                                                                    No. Keys   569

                                                                                                                                    Borrower   Oasis West Realty, LLC

                                                                                                                                    Lender     Credit Suisse




Asset Overview                                               Transaction Overview

The Beverly Hilton, located in the heart of Beverly Hills,   Cushman & Wakefield Sonnenblick Goldman, exclusively
is truly an iconic hotel at the center of the entertain-     retained by Oasis West Realty, arranged a non-recourse
ment industry. The 569-room hotel is situated on nine        $300 million refinancing for the world famous Beverly
acres of fee simple real estate at the prime intersection    Hills Hotel.
of Wilshire and Santa Monica Boulevards.
                                                             The combination of strong sponsorship, irreplaceable
The borrower acquired the hotel in the fourth quarter        location, and strong in-place cash flows resulted in
of 2003 and completed a comprehensive $80 million            Cushman & Wakefield Sonnenblick Goldman obtaining
renovation and repositioning.                                significant interest from the lending community.




                                                                                                                                                                        36
S E L E C T E D H OT E L F I N A N C E T R A N S AC T I O N S
Cushman & Wakefield Sonnenblick Goldman has completed approximately $8.7 billion of recent hotel acquisition finance,
refinancing and construction finance transactions.

RECENT HOTEL FINANCE TRANSACTIONS                     RECENT HOTEL FINANCE TRANSACTIONS                    RECENT HOTEL FINANCE TRANSACTIONS
Hotel                                      Amount     Hotel                                     Amount     Hotel                                        Amount

Affinia Hospitality Portfolio (2007)   $600,000,000   OHANA Waikiki Beachcomber, HI          $89,300,000   Marriott Bethesda, MD                     $44,000,000
Affinia Hospitality Portfolio (2005)    532,600,000   Westin O’Hare, IL                       86,100,000   Courtyard Midtown East, NY                 43,000,000
Morgans Hotel Group Portfolio           475,000,000   Renaissance on M Street, Washington, DC 84,000,000   Four Seasons, Vail, CO                     39,000,000
CHI Hotel Portfolio                     350,000,000   Sheraton Keauhou, HI                    82,000,000   Doubletree Bethesda, MD                    38,000,000
Palmer House Hilton, IL                 321,800,000   Wyland Waikiki Resort & Spa, HI         80,600,000   Rancho Encantado, Santa Fe, NM             38,000,000
Beverly Hilton, CA (2006)               300,000,000   Hyatt Bethesda, MD                      80,000,000   Hyatt Tampa, FL                            38,000,000
Paramount Hotel, New York, NY           200,000,000   Best Western President, NY              78,000,000   Dream Hotel, Miami Beach, FL               37,200,000
Montage Hotel Beverly Hills, CA         225,000,000   Surrey Hotel, NY                        77,500,000   Sarasota Hotel Portfolio                   35,600,000
Beverly Hilton, CA (2005)               200,000,000   Four Seasons Houston, TX                75,000,000   The Night Hotel, New York, NY              35,000,000
Hilton Garden Inn Times Square, NY      195,000,000   HEI Hospitality Portfolio               75,000,000   Doral Tesoro Hotel, Ft Worth, TX           35,000,000
Larco Candadian Portfolio               180,000,000   Lansdowne Resort, VA                    74,000,000   Shoreham Hotel, New York, NY               35,000,000
Dallas Adam’s Mark, TX                  180,000,000   Conrad Chicago, IL                      71,000,000   Marriott Crabtree Valley, Raleigh, NC      35,000,000
Four Seasons Resort, Vail, CO           175,000,000   The Days Hotel, New York, NY            65,000,000   Crowne Plaza United Nations, NY            34,000,000
Hampton Inn Times Sq. North, NY         165,000,000   The Hay-Adams, Washington, DC           65,000,000   Scottsdale Marriott, AZ                    33,500,000
JW Marriott Las Vegas Resort, NV        155,000,000   Holiday Inn SoHo, New York, NY          65,000,000   Westin Savannah, GA                        30,000,000
Hotel Washington, Washington, DC        140,000,000   Hyatt Regency Sacramento, CA            65,000,000   Embassy Suites, Memphis, TN                29,500,000
Rihga Royal New York, NY                135,000,000   Westin DFW Airport, Dallas, TX          61,000,000   Courtyard Tyson’s Corner, VA               26,400,000
Beverly Hilton, CA                      130,000,000   Crowne Plaza United Nations, NY         60,000,000   Marriott Austin, TX                        26,000,000
Procaccianti Group Portfolio            125,000,000   Lambs Club Hotel, New York, NY          60,000,000   Mansfield Hotel, New York, NY              25,000,000
Marriott Chicago, IL                    120,000,000   Fairmont Washington, DC                 55,000,000   Cypress Hotel, Cupertino, CA               24,500,000
Renaissance Ilikai, HI                  114,900,000   Lexington House, New York, NY           55,000,000   Courtyard Stamford, CT                     22,000,000
Le Meridien Beverly Hills, CA           114,500,000   Time Hotel, NY                          55,000,000   Joie de Vivre Portfolio, CA                22,000,000
Davidson Hotel Portfolio                110,000,000   Holiday Inn Express Manhattan, NY       55,000,000   Westin Atlanta Airport, GA                 22,000,000
Times Square Hotel, NY                  109,000,000   Hilton Embassy Row, Washington DC       50,000,000   Sheraton Houston, TX                       21,000,000
Dream Hotel, New York, NY               100,000,000   Rosewood Telluride, CO                  50,000,000   Courtyard Parsippany, NJ                   18,000,000
Holiday Inn SoHo, NY                    100,000,000   Quality Hotel Times Square, NY          48,375,000   Amangani Resort, Jackson, WY               16,360,000
Fairmont San Jose, CA                   100,000,000   Hotel Jerome, Aspen, CO                 48,000,000   Springhill Suites, Willow Grove, PA        13,250,000
Hyatt Sacramento, CA                    100,000,000   Ames Hotel, Boston, MA                  46,500,000   Holiday Inn National Airport, VA           11,600,000
Best Western President, NY               95,000,000   OHANA Waikiki Beachcomber, HI           46,200,000   Hampton Inn Dulles, VA                      8,000,000
Hilton Los Cabos, Mexico                 91,000,000   Hilton San Diego Gaslamp, CA            46,000,000   Total                                   8,723,285,000



37
S E L E C T E D H OT E L S A L E T R A N S AC T I O N S

SELECTED RECENT HOTEL SALE & EQUITY TRANSACTIONS                      SELECTED RECENT HOTEL SALE & EQUITY TRANSACTIONS
Property                                                 Sale Price   Property                                                Sale Price

Essex House, New York, NY                             $ 440,000,000   The Ritz-Carlton, Kansas City, MO                     $71,000,000
Westin St. Francis, San Francisco, CA                  243,000,000    Austin Marriott at the Capitol, TX                     69,250,000
Marriott Aruba Resort & Casino, Aruba                  237,000,000    New York LaGuardia Airport Marriott, NY                69,000,000
Park Central Hotel, New York, NY                       215,000,000    Doubletree National Airport Hotel, Arlington, VA       59,000,000
W Hotel Times Square, New York, NY                      200,000,000   Embassy Suites Lake Buena Vista, Orlando, FL           56,450,000
Buena Vista Palace, Orlando, FL                        160,000,000    Hyatt Savannah, Savannah, GA                           50,000,000
Hotel Pennsylvania, New York, NY                       160,000,000    Doral Tesoro Hotel and Golf Club, Fort Worth, TX       48,250,000
Holiday Inn SoHo, New York, NY                         130,000,000    Marriott Oak Brook, Oak Brook, IL                      46,350,000
485 Fifth Avenue, New York, NY                         130,000,000    Marriott Bethesda, Bethesda, MD                        46,000,000
The Ritz-Carlton Amelia Island, FL                     127,000,000    Washington Terrace Hotel, Washington, DC               44,250,000
Paramount Hotel, New York, NY                          126,500,000    Crowne Plaza O’Hare, Rosemont, IL                      39,000,000
Sanibel Harbour Resort & Spa, Ford Myers, Fl           126,000,000    Montauk Yacht Club Resort & Marina, NY                 34,250,000
Conrad Chicago Hotel, IL                               117,500,000    Crowne Plaza at the United Nations, New York, NY       34,000,000
Loews West Side Hotels, New York, NY                   116,000,000    Marriott Courtyard at LaGuardia, New York, NY          32,000,000
Four Seasons Toronto, Canada                           115,000,000    Westward Look Resort, Tucson, AZ                       27,000,000
Hotel Delmonico, New York, NY                          115,000,000    Embassy Suites Philadelphia Airport, PA                26,600,000
ANA Harbour Grand Hotel, Sydney, Australia             112,000,000    Sheraton JFK Hotel, Queens, NY                         22,000,000
Sheraton Hotel Portfolio, Various Locations            109,000,000    Danfords on the Sound, Port Jefferson, NY              20,500,000
The Tudor Hotel at the United Nations, New York, NY     109,000,000   Virginia Crossing Resort, Glen Allen, VA               18,000,000
Hyatt Regency Washington, DC                           108,600,000
Nikko Hotel, Sydney, Australia                         100,000,000
                                                                      Joint Venture/Equity Advisory
Pan Pacific Hotel, San Francisco, CA                     95,000,000
Marriott, Bethesda, MD                                   92,100,000   Universal Studios Resort, Orlando, FL               $150,000,000
San Juan Grand, Isla Verde, Puerto Rico                  92,000,000   Hampshire Hotels, New York, NY                        61,000,000
Hilton San Diego Gaslamp Quarter, San Diego, CA          85,000,000   Best Western President, New York, NY                  60,000,000
Empire Hotel, New York, NY                               80,000,000   Shaner Hotel Group                                    40,000,000
Rihga Royal Hotel Narita, Tokyo, Japan                   80,000,000   Ritz Carlton Highlands, Lake Tahoe, CA                40,000,000
Beekman Tower Hotel, New York, NY                        75,475,000   Conrad Chicago, IL                                    23,000,000
Sutton Hotel, New York, NY                               75,000,000   Hilton Guam Resort & Spa                              17,000,000
Algonquin Hotel, New York, NY                            74,000,000   Ames Hotel, Boston, MA                                10,000,000
Eastgate Tower Hotel, New York, NY                       72,500,000   Waikiki Beachcomber Hotel, HI                          6,000,000
Gerard Hotel, New York, NY                               72,000,000   aLoft Hotel, Tempe, AZ                                 5,640,000

                                                                      Recent Sale & Equity Transactions                  $5,415,215,000



                                                                                                                                      38
LOA N S A L E A DV I S O RY

Cushman & Wakefield Sonnenblick Goldman’s loan sale advisory team has been
active in the market for more than fifteen years and is among the most highly
regarded in the marketplace. The foundations for this business are the firm’s
sophisticated debt structuring capabilities, its comprehensive real estate market
research, and its unparalleled relationships with local and international investors
and lenders around the world.
C U S H M A N & WA K E F I E L D S O N N E N B L I C K G O L D M A N


Extensive Loan Sales Experience
     –   Over $50 billion in Loan Sale and Advisory experience dating back to 1995
     –   Comprehensive product, geographic and capital market coverage
     –   Ability to attract global financial and strategic investors
     –   Volume of deals ensures that pricing is based on current transactions and that offerings reach motivated buyers
         on a national and international basis
                –   Individual Loans and Large Portfolios
                –   Expertise in Structuring and Selling Participation Interests



Representative Loan Sale Clients




                                                                                                                           40
     W H Y C U S H M A N & WA K E F I E L D S O N N E N B L I C K G O L D M A N ?



              Longstanding Local                                                        Market Leader
             Investor Relationships                                               in Structured Transactions

      Cushman & Wakefield has capital markets,                               C&WSG is a leader in the structured finance
      leasing, valuation and management                                      market, with senior professionals that bring
      professionals located in more than 100                                 decades of banking, development and
      cities around the country, and maintains                               investment experience to bear. The firm
      active advisory relationships with the local                           is committed to developing innovative
      and regional commercial real estate                                    solutions to help commercial real estate
      owners, developers and lenders that lead                               owners and lenders achieve their acquisition,
      those markets.                                                         disposition, joint venture, financing and
                                                                             recapitalization goals.


                                                         Superior
                                                     Pricing & Better
                                                        Execution
       Broad National and International
                                                                                       Research & Analysis
          Capital Raising Capabilities

      C&WSG has a long history of advising                                    Outstanding deal execution begins with
      institutional investors and lenders from                                analysis and market intelligence. C&WSG
      Asia to Europe. The breadth and depth                                   is committed to employing sophisticated
      of C&WSG’s global relationships is unpar-                               valuation and analytical techniques,
      alleled.                                                                in combination with unrivaled market
                                                                              intelligence, to guide our multi-disciplinary
                                                                              transaction efforts.




41
C A S E S T U D I E S – LOA N S A L E A DV I S O RY S E RV I C E S

Major Life Insurance Company                                Insurance Company Loan Portfolio                           Midwest Multifamily, Detroit, MI




Overview          Client: Major Life Insurance Company      Overview                   Client: Insurance Company       Overview                                  Client: Bank

Client held eight performing loans secured by three         A large insurance company initiated a disposition          On behalf of an Investment Bank, C&WSG disposed
properties totaling $72.4 million.The properties included   program facilitated by C&WSG’s analysis and execution.     of a sub-performing loan secured by a 1,807 unit
a full-service hotel in Baltimore, a Class A flex-office    Thirty-seven Credit Tenant and Commercial Mortgage         multifamily property in a struggling Midwestern market.
park in Colorado Springs, and a Class A office building     Loans totaling $119 million were identified for the
in Tampa.                                                   program. The loans were stratified into eight different    Execution
                                                            pools comprising whole loans, participations and           C&WSG exceeded pricing expectations by utilizing a
Execution                                                   subordinated deals. The collateral for the loans was       targeted promotion that clearly demonstrated the
C&WSG successfully sold each of the senior mortgage         largely stand-alone retail properties located throughout   viability of the loan for potential buyers. C&WSG was
loans. The transaction, with over 80 potential              the United States. All of the assets were sold at a        able to match the right story with the right buyer.
purchasers comprising both debt and equity buyers,          par-plus execution.
generated 11 competitive bids. C&WSG maximized
competition by including borrowers and handling each        Execution
transaction individually.                                   C&WSG's ability to understand complicated structures
                                                            and communicate to investors resulted in premium
                                                            pricing. Eight different buyer groups were successful in
                                                            the sale, demonstrating the effectiveness of pooling
                                                            to reach disparate buyer groups. Proper pooling and
                                                            effective marketing created intense competition and
                                                            maximized proceeds.




                                                                                                                                                                                 42
Insurance Company Loan Portfolio                             Brighten Gardens Loan Portfolio                                Construction Mezzanine Loan




Overview        Client: Major Life Insurance Company         Overview             Client: Large Pension Fund Advisor        Overview                               Client: Ameriton

As the advisor to one of the nation's largest insurance      On behalf of a major pension fund advisor C&WSG sold a         C&W was engaged by Ameriton (Archstone-Smith) to
companies, C&WSG sold a portfolio of seven performing        loan sale portfolio consisting of 11 Brighton Gardens          sell several construction mezzanine loans. Cushman was
and non-performing loans. The portfolio totaled $81          located in California, Massachusetts, New Jersey, and          successful in selling three of the loans at par to
million in UPB and comprised both whole loans and            Connecticut. The portfolio totaled $198 million in UPB.        institutional clients. The $40MM in loans were secure
subordinated B-pieces. The collateral included 468,000                                                                      by second mortgages on 334 condo units in the
square feet of Midwest office properties, a 150 unit         Execution                                                      Washington DC area.
multifamily project in Texas and a 300 key hotel in          C&WSG aggressive marketing the portfolio generated 15
St. Louis.                                                   bidders. The team was able to exceed pricing expectations      Execution
                                                             by pitting local operators against the traditional loan sale   C&WSG successfully sold at par three of the the six
Execution                                                    buyer. The loans were strategically marketed to operators      mezzanine construction loans. One of the buyers, an
C&WSG teamed with Cushman & Wakefield equity                 as a critical mass to an “M&A” opportunity. Depth of the       institutional fund manager, purchased two of the loans,
brokers on the non-performing asset and operated on a        marketing and ability to drive the “M&A” opportunity were      while the other buyer was the developer who teamed
dual track (debt sale vs. equity sale) to sell the loan on   the keys to success in this transaction.                       with its existing senior lender to expand the first trust
a Chicago office building. The property was in the                                                                          facility higher in the capital stack to replace the
process of foreclosure and bankruptcy proceedings,                                                                          mezzanine lender.
which attracted equity buyers as well as loan buyers.
In addition, C&WSG developed a creative solution to
restructure three St. Louis office whole loans and sell
subordinated B-pieces. This approach enabled the
lender to return these loans to performing status and
free-up reserves applied against the loans. Two other
loans were sold as a whole loan execution using a more
traditional approach.

43
LOA N S A L E S – R E P R E S E N TAT I V E T R A N S AC T I O N S

TRANSACTION                           AMOUNT($)                      L O C AT I O N                            SIZE

SBA Loan Sale #2                       1,200,000,000                 Portfolio                         26,283 Loans
Midwest Portfolio Sale                   872,000,000                 Portfolio                              35 Loans
North and Central Portfolio Sale         850,000,000                 Portfolio                             155 Loans
SBA Loan Sale #6                         657,000,000                 Portfolio                         30,021 Loans
FDIC Break-ups                           655,000,000                 Portfolio                               16 Sales
MHLS 2007-1                              286,000,000                 Portfolio                              31 Loans
DC Office Building                       200,000,000                 Washington, DC                       500,000 sf
Brighton Gardens Portfolio               198,000,000                 Portfolio                            1,780 Beds
Americas Tower                           185,000,000                 New York, NY                       1,008,377 sf
One Park Avenue                          165,000,000                 New York, NY                         918,000 sf
Health Care Portfolio Sale               132,000,000                 Portfolio                              33 Loans
1700 Pacific                             120,000,000                 Dallas, TX                         1,340,000 sf
Royal & SunAlliance Portfolio            119,000,000                 Portfolio                              37 Loans
Dean Witter/Morgan Stanley               110,000,000                 Portfolio                                8 Loans
National Press Building                   90,000,000                 Washington, DC                       400,000 sf
Evening Star Building                     80,000,000                 Washington, DC                       218,000 sf
260 Franklin Street                       75,000,000                 Boston, MA                           349,000 sf
Eastwood Mall                             70,000,000                 Birmingham, AL                       600,000 sf
3-Star Hotel Note Portfolio               70,000,000                 Portfolio                       300 Guestrooms
Avatar Holding, LLC                       65,000,000                 Portfolio                                    N/A
Capital Crossing Bank                     57,000,000                 Portfolio                               29 Loans
Midwest Multifamily                       56,000,000                 Detroit, MI                         1,808 Units
K-Mart Portfolio                          50,000,000                 West Coast                           300,000 sf
Station Square                            40,000,000                 Silver Spring, MD                     486,000 sf
San Marcos & San Carlos Apts.             34,400,000                 Scottsdale, AZ                         304 Units
Major Life Insurance Loan Portfolio       22,700,000                 Trumbull, CT & Livingston, NJ        300,000 sf
IBM Office Complex                        20,700,000                 Southbury, CT                        840,000 sf
Sony Building                             18,000,000                 Woodcliff Lake, NJ                   123,000 sf
Oakmonte Apartments                       16,600,000                 Webster, NY                            256 Units
Philadelphia Nursing Homes                14,900,000                 Philadelphia, PA                       350 Beds
Kirkbride Center                          13,700,000                 Philadelphia, PA                     476,000 sf
Draper North Business Park                11,700,000                 Salt Lake City, UT                   178,231 sf
Jewelry Building                           8,000,000                 Houston, TX                          114,000 sf
Ormsby Station                             7,000,000                 Louisville, KY                         85,000 sf
Draper South Business Park                 6,000,000                 Salt Lake City, UT                   115,372 sf



                                                                                                                        44
H E A LT H C A R E A DV I S O RY

Cushman & Wakefield Sonnenblick Goldman provides financial expertise to most
sectors of healthcare including independent and assisted living communities,
skilled nursing facilities, continuing care retirement communities, surgical centers,
medical office buildings, and specialty care facilities. Our capital markets team has
an extensive track record of working with clients to arrange debt financing, joint
venture equity, programmatic equity investments, and entity level investments.
C A S E S T U D I E S – H E A LT H C A R E


101 French Street, New Brunswick, NJ                                                                    Permanent Financing

                                                                                                                                         Proceeds         $32,000,000

                                                                                                                                         Date             May 2007

                                                                                                                                         Size             126,000 Sq. Ft.

                                                                                                                                         Borrower         AST Development

                                                                                                                                         Lender           CTL Capital

                                                                                                                                         Type of Loan     Fixed Rate




Asset Overview                                                                                                         Transaction Overview

101 French Street is a medical office building development    Wood Johnson University Hospital's main campus.          Cushman & Wakefield Sonnenblick Goldman, acting as
located in downtown New Brunswick. The 10-story,              In addition to 101 French Street, AST's block-long       the exclusive advisor to an affiliate of AST Development
126,000-square-foot building is 100 percent pre-leased        development will consist of a second 10-story building   Corporation, successfully arranged the $32 million
to Robert Wood Johnson University Hospital and is             that will front Somerset Street, as well as a 12-level   permanent take-out loan for 101 French Street with CTL
scheduled to be completed during the third quarter of 2008.   parking garage that will connect the two buildings.      Capital, LLC.

AST Development Corporation was selected by the City of                                                                AST Development Corporation's development expertise,
New Brunswick as the designated developer of the entire                                                                combined with the tenant's strong credit, was a
block bounded by French, Plum, Prospect, and Somerset                                                                  significant inducement for several lenders to make
Streets, which is directly across Plum Street from Robert                                                              attractive proposals to provide the permanent financing
                                                                                                                       for this project.

                                                                                                                                                                                  46
Spring Creek Rehabilitation and Healthcare Center, Harrisburg, PA                                             Acquisition Financing & Permanent Financing

                                                                                                                                        Equity      $6,000,000

                                                                                                                                        Debt        $19,800,000

                                                                                                                                        Date        December 2006 & June 2007

                                                                                                                                        No. Units   404 beds

                                                                                                                                        Client      Continuum Care Holdings, Inc.

                                                                                                                                        Investor    Arch Street Capital Advisors, LLC

                                                                                                                                        Lender      KeyBank




Asset Overview                                                Transaction Overview

This 404-bed skilled nursing facility, which was previously   Cushman & Wakefield Sonnenblick Goldman, acting as       Six months after the acquisition, Cushman & Wakefield
owned and operated by Dauphin County, Pennsylvania,           exclusive advisor to Continuum Care Holdings, Inc.,      Sonnenblick Goldman successfully arranged a $19.8
consists of two connected buildings situated on 11            arranged $6 million of joint venture equity and $14      million floating rate mortgage for Spring Creek
acres just two miles from downtown Harrisburg. The south      million bridge debt financing for the $20 million        Rehabilitation and Healthcare Center. Continuum Care
building, built in 2003, contains four floors of 53 beds,     acquisition of the Spring Creek Rehabilitation and       holdings had already turned the property around from
totaling 212 beds. The McBride building, built in 1975,       Healthcare Center.                                       operating at a loss to profitability.
provides 192 beds situated on four floors. The property's
404 beds represent approximately 30% of the certified         The property had been operating at an approximate
nursing home beds in the county.                              $500,000 per month loss under the seller’s management,
                                                              but Continuum Care had plans to improve the property's
                                                              performance from its first day of ownership.

47
Hammes Company                                                      Recapitalization and Programmatic Joint Venture

                                                                                                                                         Capitalization      $300,000,000

                                                                                                                                         Date                Currently Marketing

                                                                                                                                         Size                1,100,000 Sq. Ft.

                                                                                                                                         Client              Hammes Company




Asset Overview                                             Transaction Overview

The portfolio contains 18 medical office buildings         Cushman & Wakefield Sonnenblick Goldman, acting as            Hammes Company, which provides strategic consulting,
comprising 1.1 million square feet, and is 100% occupied   exclusive advisor to the Hammes Company, is currently         management and ownership services in the healthcare
on a long-term basis by a credit rated tenant. The         marketing the recapitalization of the $300 million existing   sector has been involved with over 25 million square feet
portfolio is owned by the Hammes Company, one of the       portfolio and advising in the arrangement of a $200           of health care projects and owns and/or manages over 2.7
largest owner/operators in the healthcare real estate      million joint venture equity partner to co-invest in the      million square feet of healthcare/commercial real estate.
sector in the United States.                               acquisition of medical office and other healthcare real
                                                           estate assets throughout the United States.




                                                                                                                                                                                     48
DEBT AND EQUITY
CAPITAL MARKETS GROUP
As the premier financial advisor to the commercial real estate industry,
Cushman & Wakefield Sonnenblick Goldman delivers creative solutions tailored
to your needs. Whether you require debt financing, corporate recapitalization,
equity procurement or hotel sale advisory, our team of professionals is here to help
you achieve your objectives.
S C O PE O F S E RV I C E S


  PRE-MARKETING                  MARKETING                     NEGOTIATION                    DUE DILIGENCE & CLOSING


 Detailed review of all          Personal, senior-level        Knowledge of owner's           Supervise due diligence
 physical and financial issues   presentations to investors    objectives
                                                                                              Maintain time pressure
 Preparation of comprehensive    Attend and manage property    Thorough understanding of      on all parties
 marketing materials             and market tours              the bidders' underwriting
                                                                                              Eliminate or minimize
 Property and market             Create a competitive          Evaluate the qualifications    chance of buyer “re-trading”
 specific information            bidding environment           of each bidder
                                 where “competition                                           Work with attorneys to
 Aggressive, yet credible        beats negotiation”            Provide analysis of bids and   help resolve all open issues
 underwriting                                                  present recommendations
                                 Present the opportunity to                                   Participate in “open-item”
 Thorough pre-selection          lenders and secure strong     Assess bidders' credibility    conference calls to ensure
 of target investors             quotes to share with buyers   and ability to close           timely transaction closing
                                 and enhance sale proceeds

                                 Available at all times to
                                 answer questions



      ULTIMATE GOAL: MAXIMIZE PROCEEDS AND OPTIMIZE TRANSACTION TERMS FOR OUR CLIENT.




                                                                                                                             50
OUR PROFESSIONALS
                                                                                                                                      MANAGING DIRECTORS

     Name                     Title                         Office              Career                        Academics

     Steven A. Kohn           President                     New York, NY        Wexford Management            Bucknell University – BA
                                                                                Trafalgar House Real Estate
             P
     Douglas P. Hercher       Executive Managing Director       York
                                                            New York, NY        Lehman Brothers               Columbia University Graduate School of Business – MBA
                                                                                Jones Lang LaSalle            Colgate University – BA
     Dave Karson              Executive Managing Director   New York, NY        ZJ Roth Holdings              State University of New York at Albany – BA
                                                                                Meridian Equities
     Thomas P. McConnell      Executive Managing Director   New York, NY        Arthur Andersen               Cornell University School of Hotel Administration – MPS
                                                                                CBRE
     Robert B. Stiles         Executive Managing Director   San Francisco, CA   Horwath Asia Pacific          Cornell University School of Hotel Administration – BS
     Richard B. Swartz        Executive Managing Director   Boston, MA          APC Realty Advisors           Wharton School of the University of Pennsylvania – MBA
                                                                                Lazard Freres                 Cornell University – BA
                                                                                TCW Realty Advisors
     Phil Anderson            Senior Managing Director      Orlando, FL         CNL                           Georgia Institute of Technology - BS
                                                                                Hyatt Hotels
     Patrick Crandall         Senior Managing Director      Los Angeles, CA     CIBC                          California State University, Fullerton - BA
                                                                                iStar Financial/Fremont
                                                                                JE Robert
     Michael J. Ryan          Senior Managing Director      Atlanta, GA         MONY                          University of Wisconsin – BS
     Arthur I. Sonnenblick    Senior Managing Director      New York, NY        Sonnenblick-Goldman Company   Wharton School of the University of Pennsylvania – BS
                                                                                Lehman Brothers
     Mark J. Ehlinger         Managing Director             New York, NY        Deloitte & Touche             Wharton School of the University of Pennsylvania – MBA
                                                                                Fidelity Investments          University of Virginia – BA
     Alexander E. Hernandez   Managing Director             New York, NY        SpectraSite Holdings          Wharton School of the University of Pennsylvania – BS
     Jared H. Kelso           Managing Director             New York, NY        Pinnacle Advisory Group       Cornell University School of Hotel Administration – BS
                                                                                Marriott International
     Daniel B. MacDonnell     Managing Director             Los Angeles, CA     Bank of America Securities    University of Chicago – MBA
                                                                                Lehman Brothers               Williams College – BA
     David S. Schaiman        Managing Director             New York, NY        Sonnenblick-Goldman Company   Harvard Law School – JD
                                                                                Lehman Brothers               Wharton School of the University of Pennsylvania – BS




51
                                                                                                                                           DIRECTORS

     Name                     Title                Office              Career                       Academics

     Cristopher D. Abramson   Senior Director      Baltimore, MD       Preston Partners, Inc.       University of Wisconsin – BA
     Stephen E. O'Connor      Senior Director      Los Angeles, CA     HVS International            Cornell University School of Hotel Administration – MMH
                                                                                                    D t    th C ll
                                                                                                    Dartmouth College – BA

     Jay M. Wagner            Senior Director      Boston, MA          Pappas Enterprises           Columbia University – BS
                                                                       CIBC World Markets

     Brian Linnihan           Senior Director      Atlanta, GA         Opus Group                   University of St. Thomas – MBA
                                                                       Corporex                     Boston College – BS

     Dan Falvey               Director             New York, NY        Prism Hotels & Resorts       James Madison University – BS
                                                                       Cushman & Wakefield
     Kate Pelet               Director             New York, NY        ING Clarion Partners         Wharton School of the University of Pennsylvania – BS
     Mark Root                Director             San Francisco, CA   Wells Fargo                  Emory University Goizueta Business School – BBA
                                                                       SunTrust Robinson Humphrey

     Aaron W. Rosenzweig      Director             Boston, MA          Sovereign Bank               Boston University – MBA
                                                                                                    University of Massachusetts, Amherst – BA

            W.
     Ernest W Lee             Associate Director       York
                                                   New York, NY        Smith Barney – Citigroup     New York University – BS
                                                                       Global Markets

     Christopher T. Moyer     Associate Director   New York, NY        Manhattan Apartments         NYU Stern Undergraduate College – BS




52
                                                                                                              ASSOCIATES & ANALYSTS

     Name                 Title       Office            Career                               Academics

     Michael Henry        Associate   New York, NY                                           Boston College – BS
     Teresa Lam           Associate   New York, NY      HVS International                    New York University – BS
                                                        Denihan Hospitality G
                                                        D ih H      it lit Group

     Stephen P. Michels   Associate   Los Angeles, CA   The Marcus & Millichap Company       UCLA Anderson School of Management - MBA
                                                        Mesa West Capital                    Cornell University School of Hotel Administration – BS
                                                        Wynn Las Vegas
     Jeff Newbrough       Associate   Los Angeles, CA   Sonnenblick-Eichner Company          University of Southern California – MBA & MRED
                                                        Transwestern Multi Housing Capital   University of Southern California – BS
                                                        Latitude Management Real Estate
                                                        Investors
     Nicholas P. Signor   Associate   Baltimore, MD                                          Johns Hopkins University – MS
                                                                                             Villanova University – BS
     John Spreitzer       Associate   New York, NY                                           New York University Real Estate Institute – MS
                                                                                             University of Rhode Island – BS
     Sridhar Vankayala    Associate   New York, NY      J.P. Morgan                          Columbia University Graduate School of Business – MBA
                                                                                             University of Manchester – BEng
     Jeff T. Walker       Associate   Atlanta, GA       Capmark Finance Inc.                 George State University – MBA
                                                        J.P. Morgan Mortgage Capital         University of Georgia – BBA
     Larry Johnson        Analyst     Atlanta, GA       Cushman & Wakefield                  California State University San Bernardino - BBA

     Tida Lenoel          Analyst     New York, NY                                           Cornell University School of Hotel Administration – BS




53
O U R VA LU E S

These values govern all that we do:

• Our CLIENTS come first

• Our foremost standard of conduct is INTEGRITY

• Every employee is a TEAM member and contributes to our success

• Individually and collectively striving to achieve EXCELLENCE in everything we do

• Treating each other and our clients with RESPECT and DIGNITY

• CITIZENSHIP – A commitment to the communities in which we live and work

• Realize the value in actively recruiting, developing, and mentoring talented
  individuals of DIVERSE cultures and backgrounds

• PROFITABILITY – Drives our ability to invest, improve, and succeed

				
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Description: DEBT & EQUITY CAPITAL MARKETS