Assets Radar Troubled Assets Radar

Troubled Assets Radar JANUARY 6,4, 2010

Mapping US Distress

c o n t e n t s Office The level of distress in commercial property grew Industrial steeply in November and was continuing to mount Retail as December drew to a close. A total of $13.4b in Overview ...... 1 Apartment properties tumbled into default, foreclosure or Distressed Assets ...... 2 Hotel bankruptcy, in November, and early data show that Dev Site another $11.2b has already been added in Decem- Distress by Niche & Market . . . .3 Other ber. That brings the total of outstanding distress Data Market Table ...... 4 to $170.6b, including just $20.6b in assets claimed by lenders as REO. In contrast, only an additional Troubled & REO Properties . .5-10 $20.1b in distressed situations have been resolved Methodology ...... 11 to date. Resolutions in the third and fourth quarter have been remarkably consistent on a monthly ba- Details on each asset are available with a sis, but have yet to exceed $2b in any single month subscription to RCA’s Troubled Asset Search this cycle, though that milestone is on the horizon. tool. Contact [email protected] for November and December’s additions to dis- more information. tress extend a spike that began in October and Bubbles are sized to relative could make the fourth quarter the second busiest distress values. of 2009 for new distress.

©2010 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision. http://www.rcanalytics.com 1 Troubled Assets Radar United States JANUARY 6, 2010

Distress Levels Climb Through November Both the offi ce and apartment markets were hit hard total outstanding distress in November, with $5.7b in offi ce and $4.7b in apart- billion ments falling into distress. One investment manager, $200 Tishman Speyer Properties, contributed major assets 180 in both sectors with its capitulation on $3b in debt for Stuyvesant Town-Peter Cooper Village in Manhattan 160 Resolved Lender REO as well as on a six-asset, $1.7b offi ce portfolio in Chi- 140 cago of former EOP assets acquired from Blackstone. New Trouble The retail property sector remains by far the 120 most deeply affected by distress, at nearly $40b, and 100 the continuing General Growth overhang weighs 80 heaviest on the regional mall subtype. Among retail niches, single-tenant and urban stores have been 60

the least affected. 40 For offi ce properties, with $31.8b in troubled assets, the problems are relatively evenly distributed between 20 CBD and suburban assets; distress is slightly larger in 0 CBD both in dollar volume and as a share of market. monthly changes to distress Again, single-tenant assets as well as the medical-offi ce $25 billion niche are largely unaffected. Distress in the industrial sector remains remark- 20 ably marginal at just $5.1b. Flex properties have been more affected by trouble than warehouse, but dis- 15 tress as a share of market volume is low across all industrial niches and subtypes. 10 In the hotel sector, distress is profound among casinos as a share of market, and is also visible in overall 5 combined hotel and casino distress of $32.7b; two-thirds of which is in hotels only. While distressed volume for 0 full-service properties is twice that of limited-service as- 2008 2009 sets, the scale of distress among limited-service hotels, -5 J F M A M J J A S O N D J F M A M J J A S O N D still pumped up by Extended Stay’s bankruptcy, is more than double the level for full-service assets. For apartments, with total distress of $30.8b, dis- The three most heavily distressed markets in the tressed volume is virtually even for garden apartments US remain Las Vegas, Detroit and Miami, with the and mid/high-rise assets. But the share of distress aggregated tertiary markets of the Western region a scaled to market size remains much higher in the strong fourth in the level of distress scaled to market latter subtype. In apartment niches such as student size. Aggregations of other tertiary markets in all US and senior housing, the volume of distress is very low regions bear a hefty burden of distress, while sec- Regional TAR reports for and the percentage of distress against market size ondary markets such as Cincinnati, San Antonio and the following 23 markets: remains in the mid single digits. Pittsburgh are also deeply troubled. The only other Atlanta; Broward; Central California; Not surprisingly, development sites refl ect a con- primary market in the top 15 most distressed markets Chicago; Dallas; DC Metro; Detroit; tinuing level of distress as investors and developers are is Houston, at No. 11. With its high overall volume, East Bay; Houston; Inland Empire; prevented by market circumstances from creating the Manhattan’s level of distress is higher than that in Los Angeles; Las Vegas; Manhattan; cash-fl owing assets they may have envisioned when any other gateway market, including Los Angeles, San Miami; NYC Boroughs & Long Island; acquiring land. More than $11b of development sites Francisco, Chicago or Boston. San Jose, Seattle and Orange County, CA; Orlando; have fallen into distress or been reclaimed by lenders. San Diego remain relatively free of troubled situations. Palm Beach; Phoenix; Sacramento; San Diego; San Francisco; Tampa

For other TAR reports visit: http://www.rcanalytics.com

©2010 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision. http://www.rcanalytics.com 2 Troubled Assets Radar United States JANUARY 6, 2010

united states overview Distress by Niche and Market

distress by niche all distress assets The graphs to the right both illus- in $ billions Volume Scaled to Market Activity trate the estimated dollar value of Volume Scaled to Size the distressed situations (bars) as retail Las Vegas Detroit Retail Total $39.6B well as the relative size of the dis- Miami tress compared to the size of each Strip Tertiary West market (diamonds). Market activ- Cincinnati Regional Mall Hartford ity is based on the total transac- Palm Beach Anchored Strip tion volume in each market from San Antonio Tertiary Northeast the past four years. Grocery Anchored Tertiary Mid-Atlantic Unanchored Strip Houston Cleveland Power/Life Center Pittsburgh Single Tenant Tertiary Southeast Central CA Urban/Store Front Tertiary Southwest Phoenix office Tertiary Midwest Ofﬁce Total $31.8B Inland Empire Jacksonville Suburban Broward CBD NYC Boros + L.I. Denver Single Tenant Richmond/Norfolk Orlando Medical Ofﬁce Stamford industrial Minneapolis Columbus Industrial Total $5.1B No NJ Dallas Warehouse Orange Co Flex Manhattan Indianapolis Single Tenant Los Angeles St Louis hotel Sacramento Hotel Total $22.9B Memphis Chicago Casino Total Boston Nashville Full-Service East Bay Limited Service Salt Lake City Tampa apartment Philadelphia San Francisco Apartment Total $30.8B Atlanta Garden DC Metro Raleigh/Durham Mid/Highrise Westchester Student Housing Kansas City Austin Senior Independent Charlotte Portland Low Income/Section 8 San Diego Seattle dev site San Jose Commercial Dev Site $11.5B

©2010 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision. http://www.rcanalytics.com 3 Troubled Assets Radar United States JANUARY 6, 2010

Distress by Current Known Distress Property Type Office Industrial Retail Apartment Hotel Development Other Total # # # # # # # # $ Mil. Prop $ Mil. Prop $ Mil. Prop $ Mil. Prop $ Mil. Prop $ Mil. Prop $ Mil. Prop $ Mil. Prop Baltimore $159.6 10 $30.3 3 $1,184.6 15 $311.9 8 $311.8 18 $160.8 6 $2,159.0 60 Mid-Atlantic DC 925.8 14 21.6 1 17.3 2 419.5 11 225.0 2 43.0 2 1,652.2 32 DC MD burbs 135.7 6 112.6 10 210.7 9 534.6 17 238.7 13 8.6 1 1,241.0 56 DC VA burbs 465.6 14 4.9 1 254.1 4 469.7 12 217.7 20 84.3 3 37.2 1 1,533.4 55 Philadelphia 279.8 14 75.5 4 325.1 18 333.0 9 129.3 14 67.7 2 1,210.4 61 Pittsburgh 130.8 8 6.4 1 129.2 9 31.0 4 77.7 8 54.0 3 429.1 33 So NJ 1.1 1 218.3 7 45.1 1 1,389.7 9 24.0 1 1,678.2 19 All Others 186.7 14 3.6 2 1,121.7 51 264.7 28 560.4 29 213.1 18 14.3 4 2,364.5 146 Mid-Atlantic $2,285.1 81 $254.9 22 $3,461.0 115 $2,409.4 90 $3,150.3 113 $655.4 36 $51.5 5 $12,267.7 462 Chicago 1,771.9 48 231.4 42 1,249.6 73 852.9 89 906.0 49 1,130.2 60 251.6 20 6,393.6 381 Midwest Cincinnati 60.8 5 26.0 4 617.8 21 61.3 4 199.8 14 128.8 3 1,094.4 51 Cleveland 74.1 8 6.9 1 547.1 23 19.5 2 107.2 15 11.1 1 0.9 1 766.8 51 Columbus 71.4 12 171.0 16 90.8 10 76.5 12 111.1 16 16.8 2 3.7 1 541.2 69 Detroit 817.4 24 146.8 22 749.3 35 175.9 17 1,024.0 32 39.2 2 2,952.5 132 Indianapolis 187.3 8 6.8 1 165.4 10 100.9 13 58.9 8 124.9 8 644.2 48 Kansas City 71.3 8 106.5 7 2.8 1 209.6 19 57.6 6 447.9 41 Milwaukee 67.5 6 84.1 9 22.4 5 29.8 3 125.0 8 328.7 31 Minneapolis 172.6 9 17.8 5 796.3 17 19.0 2 187.4 13 128.9 11 16.9 3 1,338.9 60 St Louis 98.7 7 22.7 3 321.1 15 61.3 8 213.6 15 400.0 1 2.2 1 1,119.6 50 All Others 332.1 39 79.1 7 1,719.1 101 298.0 31 487.8 69 289.6 24 103.6 13 3,309.4 284 Midwest $3,725.2 174 $708.4 101 $6,446.9 321 $1,690.6 184 $3,535.2 253 $2,412.8 124 $418.0 41 $18,937.1 1,198 Boston 2,284.0 18 179.4 19 550.5 20 363.9 13 278.9 31 520.3 8 21.0 2 4,198.0 111 Northeast Hartford 47.5 2 4.7 2 315.6 11 160.0 28 18.0 4 29.5 2 575.4 49 Long Island 249.4 6 28.0 3 391.3 18 29.2 4 43.5 3 7.5 1 748.8 35 Manhattan 4,649.4 43 125.8 3 138.5 9 5,719.4 94 1,136.5 10 727.7 22 57.6 2 12,555.0 183 No NJ 389.8 13 91.4 7 996.0 19 629.5 20 243.6 19 228.1 4 3.5 1 2,581.9 83 NYC Boroughs 421.1 5 232.4 20 558.6 14 372.1 51 86.4 4 217.6 25 10.2 1 1,898.3 120 Stamford 416.8 14 30.6 3 277.1 9 140.0 8 26.8 4 18.3 2 6.1 2 915.8 42 Westchester 26.6 4 243.8 12 40.5 1 56.5 4 38.1 2 4.8 1 410.3 24 All Others 180.4 18 43.4 10 1,153.3 62 179.1 23 468.4 38 347.8 11 6.9 5 2,379.3 167 Northeast $8,665.0 123 $735.6 67 $4,624.8 174 $7,633.9 242 $2,358.7 117 $2,127.5 76 $117.6 15 $26,263.0 814 Atlanta 459.4 32 218.8 24 1,148.6 88 1,164.0 93 387.5 41 423.0 29 39.0 7 3,840.2 314 Southeast Broward 400.0 14 49.6 9 376.7 18 650.0 48 164.9 14 408.6 34 75.8 10 2,125.6 147 Charlotte 70.8 3 255.4 9 195.5 11 53.0 7 229.4 10 804.1 40 Jacksonville 23.3 4 31.7 3 181.1 11 359.0 30 109.2 12 39.5 6 10.9 2 754.8 68 Miami 533.0 26 86.7 13 562.4 19 1,929.5 59 2,062.3 25 2,806.6 84 57.6 9 8,038.1 235 Nashville 9.5 4 21.1 5 103.6 12 290.6 18 79.9 11 126.5 9 631.2 59 Orlando 171.6 22 28.3 3 385.1 21 985.0 32 425.2 29 283.3 11 2.6 2 2,281.1 120 Palm Beach 266.5 13 44.8 7 457.5 20 814.7 22 147.5 8 554.8 31 13.4 3 2,299.2 104 SW Florida 45.1 4 28.9 7 235.9 15 412.2 17 74.9 10 383.7 25 112.6 4 1,293.2 82 Tampa 151.2 24 35.0 6 203.9 16 577.6 36 206.6 18 644.8 19 46.8 3 1,865.8 122 All Others 337.4 58 203.3 37 3,739.8 204 1,693.9 161 1,519.7 165 2,483.3 100 130.2 18 10,107.6 743 Southeast $2,467.7 204 $748.1 114 $7,650.0 433 $9,072.0 527 $5,230.8 340 $8,383.4 358 $488.9 58 $34,040.8 2,034 Austin 156.4 4 16.3 4 174.3 7 406.7 21 155.8 18 241.6 14 1,151.1 68 Southwest Dallas 1,842.9 40 103.9 10 1,215.7 57 643.7 60 559.9 35 355.7 40 65.2 6 4,787.0 248 Denver 984.5 19 32.3 8 657.8 25 542.2 22 234.5 18 81.3 8 14.9 5 2,547.5 105 Houston 2,433.2 19 27.8 3 1,123.6 72 1,205.8 87 198.6 23 51.7 12 8.4 3 5,049.0 219 Phoenix 603.8 39 180.4 34 771.8 84 1,750.4 119 1,063.5 36 1,460.4 96 731.5 23 6,561.9 431 San Antonio 39.4 3 30.4 1 695.4 7 144.2 11 20.1 3 343.6 9 13.5 1 1,286.5 35 All Others 130.8 13 125.6 18 1,332.1 72 493.9 65 692.3 52 561.5 27 440.4 59 3,776.8 306 Southwest $6,191.1 137 $516.7 78 $5,970.8 324 $5,186.9 385 $2,924.6 185 $3,095.8 206 $1,273.9 97 $25,159.8 1,412 Central CA 91.5 9 47.5 15 345.7 34 165.4 25 245.3 23 154.3 15 257.8 7 1,307.5 128 West East Bay 399.0 19 27.4 9 549.2 32 269.6 21 384.5 27 581.3 23 199.3 13 2,410.2 144 Hawaii 224.4 3 37.8 1 1,925.4 12 29.5 1 2,010.6 13 192.7 7 4,420.5 37 Inland Empire 255.4 22 137.2 25 951.0 48 297.4 22 272.8 20 340.9 30 58.0 8 2,312.8 175 Las Vegas 528.9 29 714.9 28 2,164.2 57 1,098.4 48 8,557.6 38 4,762.6 54 91.1 13 17,917.7 267 Los Angeles 2,807.2 84 579.5 81 1,210.6 86 1,018.6 87 1,058.1 37 955.3 44 142.0 24 7,771.3 443 Orange Co 1,356.9 24 74.5 11 588.4 25 8.0 2 413.5 14 689.0 15 50.6 9 3,180.8 100 Portland 159.0 17 73.7 6 247.8 7 61.8 2 107.5 9 24.1 5 6.7 2 680.7 48 Reno 27.6 5 2.8 1 24.0 4 110.7 6 68.3 4 198.0 4 10.3 1 441.6 25 Sacramento 138.3 16 29.9 9 424.7 25 205.0 23 480.2 26 251.5 17 70.5 7 1,600.0 123 San Diego 335.3 17 42.2 11 423.6 21 260.6 20 315.2 21 262.7 22 280.5 3 1,920.1 115 San Francisco 1,434.8 22 104.3 8 262.6 10 633.6 121 339.3 10 11.4 3 2,786.0 174 San Jose 57.1 8 112.7 18 58.1 9 118.9 7 138.5 12 236.9 5 3.4 1 725.5 60 Seattle 413.1 16 65.6 7 42.7 8 387.8 25 444.8 28 59.2 15 34.0 4 1,447.2 103 All Others 189.0 15 107.7 18 1,086.3 59 162.9 19 586.0 46 2,130.7 49 263.9 16 4,526.4 222 West $8,417.4 306 $2,157.7 248 $10,304.3 437 $4,828.1 429 $15,422.2 328 $10,850.5 308 $1,468.0 108 $53,448.2 2,164 * Some portfolio deals may not be allocatable to a single market.

©2010 Real Capital Analytics, Inc. All rights reserved. Data believed to be accurate but not guaranteed; subject to future revision. http://www.rcanalytics.com 4 Troubled Assets Radar United States JANUARY 6, 2010

Property information updated December 29, 2009 Troubled Asset Search Results 100Troubled results Download PDF & Download REO XL Properties 100 Recent Examples of Distress

Property Name Units Status Type/ Address Yr.Blt/Renov Owner Date Troubled Subtype Subtype City,State/Country # bldgs/flrs Lender Comments

Troubled Delinquent/Default; HTL Sheraton Four Points - O'Hare 295 units Investcorp Real Estate Last Traded Sep-06 ($27.3 Dec'09 Receivership, Admin, Full-Service Airport 1985 CMBS: Centerline Servicing mil); 1st mtg: $22.5 mil Special 10249 Irving Park Rd 7 flrs OBO BEAR 2006-TOP24 Schiller Park, IL/ US Troubled Maturing Loan; OFF Brandywine Office Bldg & 443,632 sf Barrow Street Fund JV JP Last refinanced Nov-02 Dec'09 Maturity Default/Past Office - CBD Garage 1970/2000 Morgan CMBS: Centerline ($75.6 mil); 1st mtg: $52.0 mil Due; Receivership, 1007 N Market St 1 bldg Servicing OBO Pru 2003-PWR1 Admin, Special Wilmington, DE/ US

Troubled Delinquent/Default; HTL Hilton St. Louis - Downtown 195 units American Property Last Traded Aug-07 ($34.9 Dec'09 Receivership, Admin, Full-Service 400 Olive St 1888/2005 Management Corp CMBS: mil); 1st mtg: $21.6 mil Special Saint Louis, MO/ US 1 bldg Centerline Servicing OBO CSFB 2007-C5 Troubled Maturity Default/Past RET Sangertown Square Mall 855,360 sf Pyramid CMBS: LNR Last refinanced Dec-99 Dec'09 Due; Receivership, Mall & Other Rte 5 & Rte 5A 1980/1998 Partners OBO LB-UBS 2000-C3 ($156.0 mil); 1st mtg: $62.1 Admin, Special New Hartford, NY/ US mil

Troubled Foreclosure Initiated; DEV 9400-9420 W Bay Harbor Dr 22,500 sf Millenium Development Last Traded Mar-05 ($4.5 mil); Dec'09 Deferred/Abandoned Residential 9400-9420 W Bay Harbor Dr Group US Century Bank 1st mtg: $7.5 mil Property Miami Beach, FL/ US Troubled Foreclosure Initiated; DVLP Bonita Grand Estates 1,429,204 sf RL Homes Great Florida Holding Dec-09 Dec'09 Auction/Trustees Residential 13220 Sw 208th St Bank Sale Scheduled Miami, FL/ US

Troubled Delinquent/Default; APT Lakeshore Club Apts 650 units Carlton Arms LWC LLC, Carlton Last refinanced Oct-04 Dec'09 Receivership, Admin, Garden 6900 Concord Dr 1969/2003 Arms EG LLC CMBS: J.E. Robert ($37.6 mil); 1st mtg: $28.0 mil Special Tampa, FL/ US 61 bldgs/2 flrs Companies OBO JPM 2004-C3 Troubled Delinquent/Default; APT Georgian Towers 890 units Stellar Management CMBS: Last refinanced Apr-07 Dec'09 Receivership, Admin, Mid/Highrise 8750 Georgia Ave 1969/2006 LNR Partners OBO CD 2007-CD5 ($226.7 mil); 1st mtg: $58.0 Special Silver Spring, MD/ US 2 bldgs/15 flrs mil

Troubled Delinquent/Default; OFF Stockdale Tower 176,144 sf Morgan Group Inc CMBS: Last refinanced Jul-04 ($30.7 Dec'09 Receivership, Admin, Office - Sub 5060 California Ave 1983/2002 LNR Partners OBO LB-UBS 2004- mil); 1st mtg: $24.0 mil Special Bakersfield, CA/ US C6 Troubled Delinquent/Default APT North Oaks of Broad Ripple 398 units Flaherty & Collins Properties Last Traded Dec-09 Dec'09 Garden 5018 Lemans Dr 2003 Indianapolis, IN/ US

Troubled Maturity Default/Past RET Galleria at Crystal Run 1,271,372 sf Pyramid CMBS: Spirit Last refinanced Feb-05; 1st Dec'09 Due; Receivership, Mall & Other 1 Galleria Dr Finance Corp OBO COMM 2005- mtg: $140.0 mil Admin, Special Middletown, NY/ US FL10 Troubled Maturity Default/Past HTL The Yarrow Resort Hotel & 181 units Hart Hotels Heller Financial Last Traded Jul-99; 1st mtg: Dec'09 Due; Full-Service Conference Center $10.0 mil Auction/Trustees 1800 Park Ave Sale Scheduled Park City, UT/ US

LenderREO Auction/Trustees HTL Silver Club Hotel & Casino 204 units Northern Nevada Asset Transfer Dec-09 ($2.5 mil) Dec'09 Sale Scheduled; Full-Service 1040 Victorian Ave Holdings LLC Delinquent/Default; Sparks, NV/ US Foreclosure Completed Troubled Delinquent/Default; OFF One Peachtree Pointe 143,825 sf One Peachtree Pointe Assoc Last refinanced Nov-01 Dec'09 Receivership, Admin, Office - CBD 1545 Peachtree St 1956/1992 LLC CMBS: Centerline ($50.0 mil); 1st mtg: $30.0 mil Special Atlanta, GA/ US 1 bldg Servicing OBO BofA 2001-3

LenderREO Owner/GP Bankrupt; HTL El Capitan Resort Casino 103 units Northern Nevada Asset Transfer Dec-09 ($4.0 mil) Dec'09 Delinquent/Default; Full-Service 540 F St Holdings LLC Auction/Trustees Hawthorne, NV/ US Sale Scheduled; Foreclosure Completed Troubled Delinquent/Default; RET Valparaiso Walk 143,143 sf IBT Group LLC CMBS: ING Last refinanced Jun-05 ($27.2 Dec'09 Receivership, Admin, Strip Silhavy Road And Laport Rd 2005 Clarion OBO Wachovia 2005- mil); 1st mtg: $20.8 mil Special Valparaiso, IN/ US C19

Troubled Foreclosure Initiated OFF 10300 N Central Expy 123,250 sf Rainier Metroplex Ptnrs LP Last Traded May-96 ©2010Dec'09 Real Capital Analytics, Inc. All rights reserved. DataOffice believed - Subto be accurate10300 but not N Centralguaranteed; Expy subject to future revision.1979 http://www.rcanalytics.com 5 Dallas, TX/ US 5 flrs

Troubled Delinquent/Default; RET Anaheim GardenWalk 390,000 sf Pacific Coast Capital Holding Jun-08; 1st mtg: Dec'09 Slow Lease-up/Sell- Mall & Other S Clementine St & W Katella 2008 Partners JV Anaheim $210.0 mil out Ave Development LLC CITIGROUP Anaheim, CA/ US GLOBAL MARKETS REALT

Troubled Foreclosure Initiated; RET 380 Towne Crossing 346,000 sf Weber & Co Compass Bank Holding Dec-09; 1st mtg: Dec'09 Auction/Trustees Mall & Other N Central Expressway And Us 2008 $25.0 mil Sale Scheduled Hwy 380 Mc Kinney, TX/ US

Restructured/ Slow Lease-up/Sell- OFF Times Tower 714,000 sf Five Mile Capital Banco Transfer Dec-09; 1st mtg: Extension out; Mezz Takeover Office - CBD 217-247 W 43rd St 1912 Inbursa $267.0 mil Dec'09 Complete New York, NY/ US 1 bldg/15 flrs

LenderREO Foreclosure IND fmr Polaroid Corp facility 130,000 sf Tremont Realty Capital Transfer Dec-09 Dec'09 Completed Warehouse 201 Burlington Rd 1979 Bedford, MA/ US 2 bldgs/2 flrs

Troubled Foreclosure Initiated; DEV Bridgeton Harbor Assemblage 29,326,377 sf Jupiter USA Ambit Funding Last Traded Jul-06 ($20.1 mil); Dec'09 Stalled/Incomplete Mixed 1002 B St 1st mtg: $16.0 mil New Bern, NC/ US

LenderREO Foreclosure DEV Us 10 Nw And Armstrong Blvd 8,145,720 sf Citizens State Bank Transfer Dec-09 Dec'09 Completed Mixed Nw Us 10 Nw And Armstrong Blvd Nw Anoka, MN/ US

Troubled Tenant Bankrupt; OFF Nortel Networks Building 177,264 sf Prudential RE Investors JV Last refinanced May-06 Dec'09 Delinquent/Default; Office - Sub 1500 Concord Terrace 1995 Prudential RE Investors CMBS: ($40.8 mil); 1st mtg: $26.5 mil Receivership, Admin, Fort Lauderdale, FL/ US LNR Partners OBO BofA 2006-2 Special

Troubled Delinquent/Default; OFF Park 80 West Plaza I&II 492,935 sf Zurich Structured Finance Last Traded Jul-05 ($138.0 Dec'09 Receivership, Admin, Office - Sub 250 Pehle Ave 1971/2003 Inc CMBS: LNR Partners OBO mil); 1st mtg: $100.0 mil Special Saddle Brook, NJ/ US 2 bldgs/6,10 LB-UBS 2005-C2 flrs

Troubled Receivership, Admin, HTL Hyatt Regency- Bethesda 390 units Meridian Group JV Rockwood Last refinanced Dec-06 Dec'09 Special Full-Service 1 Bethesda Metro Ctr 1985/2004 Capital CMBS: LNR Partners ($175.0 mil); 1st mtg: $140.0 Bethesda, MD/ US OBO GCCF 2007-GG9 mil

Troubled Stalled/Incomplete; DVLP The Rim 426,888 sf Thomas Enterprises Holding Dec-07; 1st mtg: Dec'09 Owner/GP Bankrupt Commercial La Cantera Pkwy And Fiesta Wachovia $125.0 mil Texas Dr San Antonio, TX/ US

Troubled Foreclosure Initiated APT Burlington Apartments 75 units MetroPlains Development Holding Dec-09 Dec'09 Mid/Highrise 206 N 3rd St 1911 LLC Fannie Mae Burlington, IA/ US

Troubled Foreclosure Initiated; DEV Westland Tract 2,395,800,000 Suncal Companies JV DE Last Traded Jun-07 ($250.0 Dec'09 Deferred/Abandoned I-40 And 98th St Nw sf Shaw Group Barclays Bank mil); 1st mtg: $220.0 mil Property Albuquerque, NM/ US

Troubled Maturing Loan; DEV Edgewater Office Condos 226,512 sf R D Sharma Branch Banking Last Traded May-06 ($2.6 mil); Dec'09 Stalled/Incomplete; 3775 Venture Dr & Trust 1st mtg: $3.5 mil Foreclosure Initiated Duluth, GA/ US

Troubled Receivership, Admin, HTL Riverwalk 322 units Zarco & Pardo PA CMBS: Last refinanced Jan-07 ($35.8 Dec'09 Special Full-Service 1515 Prudential Dr 1981 LNR Partners OBO GE 2007-C1 mil); 1st mtg: $26.0 mil Jacksonville, FL/ US 8 bldgs/5 flrs

Troubled Foreclosure Initiated; DEV 600 Milwaukee Ave 392,040 sf Hyun Kang Fifth Third Bank Last Traded Mar-08 ($8.0 mil); Dec'09 Owner/GP Bankrupt Commercial 600 Milwaukee Ave 1st mtg: $20.7 mil Glenview, IL/ US

Troubled Delinquent/Default; APT Scottsdale Manor 72 units Reflections 100 LLC iStar Holding Aug-07; 1st mtg: Dec'09 Foreclosure Initiated; Garden 4807 N Woodmere Fairway Financial $57.8 mil Auction/Trustees Scottsdale, AZ/ US Sale Scheduled

Troubled Foreclosure Initiated OFF Gwinnett Place Business 193,000 sf Gwinnett Place Office LLC Last Traded Mar-00 ($7.7 mil); Dec'09 Office - Sub 3761 Venture Dr 1985 GMAC Commercial 1st mtg: $5.4 mil Duluth, GA/ US Management Corporation Troubled Receivership, Admin, RET Regency Square Mall 1,390,000 sf General Growth Properties Last refinanced Jun-03; 1st Dec'09 Special Mall & Other 9501 Arlington Expy 1981 CMBS: ING Clarion OBO mtg: $93.8 mil Jacksonville, FL/ US Wachovia 2003-C7

Troubled Foreclosure Initiated; DVLP Uptown Worthington 4,356,000 sf O'Neill Properties Citizens Holding Dec-09; 1st mtg: Dec'09 Maturity Default/Past Mixed 45 Morehall Rd Bank $85.5 mil Due Malvern, PA/ US

Troubled Foreclosure Initiated APT Lindmont 304 units Lane Cos Last Traded Jun-05 ($29.2 mil) Dec'09 Garden 639 Lindbergh Way Ne 1955/2007 Atlanta, GA/ US

Troubled Foreclosure Initiated OFF One River Place (frm Powers 115,278 sf Trammell Crow Residential Last Traded May-07 ($29.3 Dec'09 Office - Sub Ferry Landing W) 1973/1993 (TCR) mil) 6425-6445 Powers Ferry Rd 2 bldgs/3 flrs Atlanta, GA/ US

LenderREO Foreclosure HTL Baymont Inn & Suites Delaware County Bank & Transfer Dec-09 Dec'09 Completed Limited Service 4240 International Gtwy 1989 Trust Columbus, OH/ US 2 flrs

Troubled Foreclosure Initiated; APT The Floridian 118 units Kady Group Holding Dec-09; 1st mtg: Dec'09 Maturity Default/Past Mid/Highrise 919-929 Florida Ave Nw $44.8 mil Due; Washington, DC/ US 2 bldgs/8 flrs Auction/Trustees Sale Scheduled

Troubled Foreclosure Initiated RET The Plaza 46,000 sf 163rd Street Plaza LLC Last Traded Feb-05 ($5.9 mil); Dec'09 Strip 1630 NE 163rd St 1989 Commercial Bank of Florida 1st mtg: $1.5 mil Miami, FL/ US 2 bldgs/2 flrs

Troubled Foreclosure Initiated HTL Fairwind Hotel & Suites 83 units Ocean Fairwind LLC Mellon Holding Dec-09; 1st mtg: Dec'09 Limited Service 1000-1030 Collins Ave 1936 United National Bank $24.0 mil Miami Beach, FL/ US 1 bldg

Troubled Foreclosure Initiated DVLP Frontier Lodge Resort 2,918,520 sf Frontier Lodge LLC First Holding Dec-09 Dec'09 Residential 777 N 3029th Rd Community Bank Utica, IL/ US

LenderREO Foreclosure DEV M Sole Phase 1 18,900 sf Washington Mutual Transfer Dec-09 Dec'09 Completed Residential 3257 Market St Riverside, CA/ US

Troubled Foreclosure Initiated DEV Alico Rd & Three Oaks Pky 4,602,114 sf McGarvey Development Last Traded Jun-05 ($32.0 Dec'09 Alico Rd & Three Oaks Pky Seller Financed mil); 1st mtg: $25.8 mil Fort Myers, FL/ US

Troubled Foreclosure Initiated IND Eastlinks Business Park 347,000 sf McGarvey Development Holding Dec-09 Dec'09 Flex Daniels Pkwy And Gateway Blvd 7 bldgs Fort Myers, FL/ US

Troubled Delinquent/Default; APT Brandywood 356 units Marc Edelstein CMBS: LNR Last Traded Jun-06 ($16.7 Dec'09 Foreclosure Initiated; Garden 2912 E Indian School Rd 1979 Partners OBO LB-UBS 2006-C6 mil); 1st mtg: $12.6 mil Auction/Trustees Phoenix, AZ/ US 2, 3 flrs Sale Scheduled

Troubled Delinquent/Default APT Empirian Park Row 390 units Empire Equity Group CMBS: Last refinanced Jun-06 ($51.5 Dec'09 Garden 15335 Park Row 2004 LNR Partners OBO BofA 2006-4 mil); 1st mtg: $38.6 mil Houston, TX/ US 38 bldgs

Troubled Delinquent/Default; OFF Pentagon Park 279,487 sf CMBS: LNR Partners OBO ML- Last refinanced Nov-06 Dec'09 Foreclosure Initiated Office - Sub 4940 West 77th St 1963/1970 CFC 2006-4 ($25.0 mil); 1st mtg: $18.5 mil Minneapolis, MN/ US

Troubled Foreclosure Initiated; DEV fmr Nursery 413,820 sf Edward & Betty Masi, Mario Last Traded Jun-04 ($1.8 mil); Dec'09 Deferred/Abandoned 1100 Boutwell Rd Spiliopoulos & Matt O'Connor 1st mtg: $2.9 mil Property Lake Worth, FL/ US BANKUNITED FSB

Troubled Maturing Loan; OFF 400 Madison Avenue 184,859 sf Macklowe Properties CMBS: Last refinanced Jan-05 Dec'09 Receivership, Admin, Office - CBD 400 Madison Ave 1929/1999 Midland Loan Services OBO MS ($100.0 mil); 1st mtg: $65.5 Special New York, NY/ US 1 bldg 2005-IQ9 mil

LenderREO Receivership, Admin, IND Northeast Business Campus 199,512 sf Bank of America Transfer Dec-09 ($6.8 mil) Dec'09 Special ; Foreclosure Flex 3592-3711 Corporate Dr 1981 Completed Columbus, OH/ US 6 bldgs/1,2 flrs

Troubled Foreclosure Initiated OFF 218-324 Royal Palm Way 50,426 sf Goldman Sachs Last refinanced Sep-07; 1st Dec'09 Office - Sub 218-324 Royal Palm Way 1960 mtg: $78.0 mil Palm Beach, FL/ US

Troubled Foreclosure Initiated RET Lawyers Square 54,705 sf Gulfside Development inc Last refinanced Jun-04 Dec'09 Strip 9229 Lawyers Rd 1985 Capmark Charlotte, NC/ US 1 flr Troubled Foreclosure Initiated; RET Marketfair 243,710 sf Gulfside Development inc Last refinanced Jun-04 Dec'09 Owner/GP Bankrupt Strip 1912 Skibo Rd 1986 Capmark Fayetteville, NC/ US

Troubled Delinquent/Default RET Triangle Square 191,000 sf Greenlaw Partners LLC ING Last Traded Sep-06 ($46.5 Dec'09 Strip 1870 Harbor Blvd 1992/2002 USA Annunity & Life Ins Co mil); 1st mtg: $24.0 mil Costa Mesa, CA/ US

Troubled Delinquent/Default; HTL Springhill Suites 234 units Moody National Cos CMBS: Last Traded Oct-06 ($50.2 Dec'09 Receivership, Admin, Full-Service 1800 Yale Ave 2001 CWCapital Asset Management mil); 1st mtg: $32.5 mil Special Seattle, WA/ US 1 bldg/10 flrs OBO COBALT 2006-C1

Troubled Delinquent/Default; APT 507 Sabine St 80 units CWS Capital Partners Holding Jul-08; 1st mtg: $16.4 Dec'09 Slow Lease-up/Sell- Mid/Highrise 507 Sabine St 2008 Compass Bank mil out Austin, TX/ US 10 flrs

Troubled Foreclosure Initiated; DVLP Star Riverside Phase I 174,240 sf Constellation Property Group Holding Dec-09; 1st mtg: Dec'09 Stalled/Incomplete; Residential 1300 E Riverside Dr Amegy Bank Na $38.0 mil Slow Lease-up/Sell- Austin, TX/ US out; Auction/Trustees Sale Scheduled

Troubled Auction/Trustees IND 1724 Holbrook St 30,000 sf Holbrook Building LLC RBC Last Traded Aug-05 ($0.7 mil); Dec'09 Sale Scheduled Warehouse 1724 Holbrook St 1952/1994 Centura 1st mtg: $0.6 mil Greensboro, NC/ US 4 bldgs

LenderREO Foreclosure HTL Holiday Inn 296 units Legg Mason Real Estate Transfer Dec-09 ($14.0 mil) Dec'09 Completed Limited Service 3003 N University Dr 1988 Fort Lauderdale, FL/ US 5 flrs

Troubled Foreclosure Initiated; OFF Civic Park Plaza 81,198 sf Streamline Properties Last Traded Sep-07; 1st mtg: Dec'09 Receivership, Admin, Office - Sub 1111 Civic Dr 1978 Fremont Bank $22.8 mil Special Walnut Creek, CA/ US 1 bldg/3 flrs

Troubled Owner/GP Bankrupt HTL The Artisan Hotel 105 units 325 Texvada Investments Holding Dec-08 Dec'09 Full-Service 325 N Kansas St 1964 LLC El Paso, TX/ US 2 bldgs/1 flr

Troubled Owner/GP Bankrupt APT Rosemary Village 416 units Fairfield Residential Last Traded Nov-03 ($23.0 Dec'09 Mid/Highrise 1901 E West Hwy 1954 mil) Silver Spring, MD/ US

Troubled Owner/GP Bankrupt APT Mountain View Village 252 units Fairfield Residential Last Traded Jun-03 ($15.4 mil) Dec'09 Garden 693 Urban Ct 1972 Golden, CO/ US 12 bldgs/3,13 flrs

Troubled Owner/GP Bankrupt APT Montreux 148 units Fairfield Residential Last Traded Nov-00 ($10.1 Dec'09 Garden 1450 Creekside Dr 1960 mil) Walnut Creek, CA/ US

Troubled Owner/GP Bankrupt APT Willow Creek 137 units Fairfield Residential Last Traded Apr-01 ($6.6 mil) Dec'09 Mid/Highrise 7900 Spiceberry Cir 1975 Gaithersburg, MD/ US

Troubled Owner/GP Bankrupt APT Northern Glen 168 units Fairfield Residential Last Traded Jun-01 ($10.5 mil) Dec'09 Mid/Highrise 1355 Roanoke Ave 1962 Riverhead, NY/ US

Troubled Owner/GP Bankrupt APT Falls Creek 308 units Fairfield Residential Last Traded Jan-01 ($23.5 mil) Dec'09 Garden US Hwy 210 & Haven Ave 1976 Rancho Cucamonga, CA/ US

Troubled Owner/GP Bankrupt APT Villa Verde 152 units Fairfield Residential Last Traded Feb-03 ($19.5 Dec'09 Garden 3180-3200 Loma Verde 1970 mil) San Jose, CA/ US

Troubled Owner/GP Bankrupt APT Tama Qua 126 units Fairfield Residential Last Traded Jun-02 ($6.7 mil) Dec'09 Garden 11844 26th Ave S 1967/1981 Seattle, WA/ US 3 flrs

Troubled Owner/GP Bankrupt APT Fishermans Landing 268 units Fairfield Residential Last Traded Feb-05 ($22.0 Dec'09 Garden 4854 Fishermans Dr 1985 mil); 1st mtg: $16.0 mil Pompano Beach, FL/ US 20 bldgs/2 flrs

Troubled Owner/GP Bankrupt APT Foxwood 414 units Fairfield Residential Last Traded Mar-05 ($27.0 Dec'09 Mid/Highrise 15 Fox Hall 1970/2005 mil) Newark, DE/ US 31 bldgs/4 flrs

Troubled Owner/GP Bankrupt APT Ashford Crossing 180 units Fairfield Residential Last Traded Dec-05 ($21.1 Dec'09 Garden 26 Yorkshire Ter 1971/2001 mil) Shrewsbury, MA/ US 15 bldgs/3 flrs

Troubled Owner/GP Bankrupt APT Steeplechase 156 units Fairfield Residential Last Traded Sep-05 ($15.0 Dec'09 Garden 5300 Steeplechase Dr 1988 FCOLUMN GUARANTEED L L C mil); 1st mtg: $11.8 mil Fredericksburg, VA/ US Troubled Owner/GP Bankrupt APT Arbor Hills 132 units Fairfield Residential Last Traded Apr-05 ($11.7 mil) Dec'09 Garden 363 Simmonsville Ave 1974 Johnston, RI/ US 4 bldgs/3 flrs

Troubled Owner/GP Bankrupt APT Forest Hill Gardens 276 units Fairfield Residential Last Traded Nov-05 ($21.8 Dec'09 Garden 6134-6164 Forest Hill Blvd 1973 Nationwide Life Insurance Co mil); 1st mtg: $16.9 mil West Palm Beach, FL/ US 2 flrs

Troubled Owner/GP Bankrupt APT Stoney Brook 180 units Fairfield Residential Last Traded Jul-05 ($18.7 mil) Dec'09 Garden 1776 Bicentennial Way 1976 North Providence, RI/ US

Troubled Owner/GP Bankrupt APT Fountain Plaza 224 units Fairfield Residential Fannie Last Traded Jun-05 ($28.9 Dec'09 Garden 1010 Power Ave 1986/1987 Mae mil); 1st mtg: $20.5 mil Pittsburg, CA/ US 2 flrs

Troubled Owner/GP Bankrupt APT Barrington Hills 188 units Fairfield Residential Last Traded Jun-05 ($27.4 mil) Dec'09 Garden 655 Tennyson Rd 1988 Hayward, CA/ US 3 flrs

Troubled Owner/GP Bankrupt APT Belmondo On The Delaware 196 units Fairfield Residential Last Traded Feb-06 ($27.6 Dec'09 Garden 1800 Kathy Dr 1979 Principal Life Insurance Co mil); 1st mtg: $23.2 mil Morrisville, PA/ US 2 flrs

Troubled Owner/GP Bankrupt APT Raintree 176 units Fairfield Residential City of Last Traded Jan-05 ($24.4 Dec'09 Garden 1034-1060 S Winchester Blvd 1977 San Jose mil); 1st mtg: $21.1 mil San Jose, CA/ US 2 flrs

Troubled Owner/GP Bankrupt APT Marquesa 468 units Fairfield Residential GMAC Last Traded Sep-05 ($95.0 Dec'09 Garden 145 SW 117th Ter 1999 Commercial Mortgage (GMACCM) mil); 1st mtg: $75.0 mil Hollywood, FL/ US 21 bldgs/3 flrs

Troubled Owner/GP Bankrupt APT Broadstone 350 units Fairfield Residential GMAC Last Traded May-05 ($29.0 Dec'09 Mid/Highrise 12 W Deer Park Rd 1965 Commercial Mortgage (GMACCM) mil); 1st mtg: $20.5 mil Gaithersburg, MD/ US 27 bldgs/4 flrs

Troubled Owner/GP Bankrupt APT Georgian Woods I II&III 570 units Fairfield Residential Last Traded Sep-05 ($67.2 Dec'09 Garden 2121 Shorefield Rd 1968 mil) Silver Spring, MD/ US 48 bldgs/3 flrs

Troubled Owner/GP Bankrupt APT Sheffield Greens 132 units Fairfield Residential Last Traded Oct-05 ($15.5 Dec'09 Garden 2780 N Texas St 1985 mil) Fairfield, CA/ US 10 bldgs/2 flrs

Troubled Owner/GP Bankrupt APT Regent at Bellevue Way 192 units Fairfield Residential Last Traded Sep-06 ($44.9 Dec'09 Garden 10600 NE 29th St 1973 CONNECTICUT GENERAL LIFE mil); 1st mtg: $35.0 mil Bellevue, WA/ US 16 bldgs/3 flrs INS

Troubled Owner/GP Bankrupt APT Mission Springs 306 units Fairfield Residential Last Traded Mar-06 ($28.9 Dec'09 Garden 1311 W Baseline Rd 1987 Nationwide Life Insurance Co mil); 1st mtg: $21.2 mil Tempe, AZ/ US 25 bldgs/2 flrs

Troubled Owner/GP Bankrupt APT Privado Park 352 units Fairfield Residential Wells Last Traded Nov-06 ($23.6 Dec'09 Garden 1840 W Emelita Ave 1983 Fargo Bank mil); 1st mtg: $22.0 mil Mesa, AZ/ US 2 flrs

Troubled Owner/GP Bankrupt APT Fletcher Hills Town & Country 138 units Fairfield Residential Last Traded Sep-06 ($19.5 Dec'09 Garden 2930 Fletcher Pkwy 1978 CONNECTICUT GENERAL LIFE mil); 1st mtg: $17.1 mil El Cajon, CA/ US 2 flrs INS

Troubled Owner/GP Bankrupt APT Vista Point 192 units Fairfield Residential Last Traded Jun-06 ($14.6 Dec'09 Garden 2940 E Broadway Rd 1986 Principal Life Insurance Co mil); 1st mtg: $12.5 mil Mesa, AZ/ US 2 flrs

Troubled Owner/GP Bankrupt APT Legacy Heights 384 units Fairfield Residential GE Last Traded Mar-06 ($36.1 Dec'09 Garden 2700 W 103rd Ave 1997 Capital mil); 1st mtg: $36.1 mil Denver, CO/ US 24 bldgs

Troubled Owner/GP Bankrupt APT Bay Tower 159 units Fairfield Residential Last Traded Aug-06 ($28.1 Dec'09 Mid/Highrise 1410 Columbia Rd 1973 mil); 1st mtg: $23.9 mil Boston, MA/ US 1 bldg/16 flrs

Troubled Owner/GP Bankrupt APT Waterview 203 units Fairfield Residential Last Traded Nov-05 ($25.8 Dec'09 Garden 2 Waterview Rd 1970/1997 mil) West Chester, PA/ US 19 bldgs

Troubled Owner/GP Bankrupt APT North Pointe Commons 320 units Fairfield Residential Last Traded Jun-06 ($26.7 Dec'09 Garden 2335 Broad St 2002 Capmark Financial Group mil); 1st mtg: $17.1 mil Durham, NC/ US

Troubled Owner/GP Bankrupt APT Springfield 216 units Fairfield Residential Last Traded Dec-05 ($27.3 Dec'09 Garden 100 Elena St 1989 mil) Fiskeville, RI/ US 9 bldgs/3 flrs

Troubled Owner/GP Bankrupt APT Hampton Hollow 240 units Fairfield Residential Last Traded Dec-05 ($27.8 Dec'09 Garden 3408 Hampton Hollow Dr 1987 Column Financial mil); 1st mtg: $19.4 mil Silver Spring, MD/ US 11 bldgs/3 flrs Troubled Asset Search Results

100 results Download PDF Download XL

Property Name Units Status Type/ Address Yr.Blt/Renov Owner Date Troubled Subtype Subtype City,State/Country # bldgs/flrs Lender Comments

Troubled Maturing Loan; OFF Brandywine Office Bldg & 443,632 sf Barrow Street Fund JV JP Last refinanced Nov-02 Dec'09 Maturity Default/Past Office - CBD Garage 1970/2000 Morgan CMBS: Centerline ($75.6 mil); 1st mtg: $52.0 mil Due; Receivership, 1007 N Market St 1 bldg Servicing OBO Pru 2003-PWR1 Admin, Special Wilmington, DE/ US

Troubled Maturity Default/Past RET Sangertown Square Mall 855,360 sf Pyramid CMBS: LNR Last refinanced Dec-99 Dec'09 Due; Receivership, Mall & Other Rte 5 & Rte 5A 1980/1998 Partners OBO LB-UBS 2000-C3 ($156.0 mil); 1st mtg: $62.1 Admin, Special New Hartford, NY/ US mil

Troubled Foreclosure Initiated; DVLP Bonita Grand Estates 1,429,204 sf RL Homes Great Florida Holding Dec-09 Dec'09 Auction/Trustees Residential 13220 Sw 208th St Bank Sale Scheduled Miami, FL/ US

Troubled Delinquent/Default; APT Georgian Towers 890 units Stellar Management CMBS: Last refinanced Apr-07 Dec'09 Receivership, Admin, Mid/Highrise 8750 Georgia Ave 1969/2006 LNR Partners OBO CD 2007-CD5 ($226.7 mil); 1st mtg: $58.0 Special Silver Spring, MD/ US 2 bldgs/15 flrs mil

Troubled Delinquent/Default APT North Oaks of Broad Ripple 398 units Flaherty & Collins Properties Last Traded Dec-09 Dec'09 Garden 5018 Lemans Dr 2003 Indianapolis, IN/ US

Troubled Maturity Default/Past HTL The Yarrow Resort Hotel & 181 units Hart Hotels Heller Financial Last Traded Jul-99; 1st mtg: Dec'09 Due; Full-Service Conference Center $10.0 mil Auction/Trustees 1800 Park Ave Sale Scheduled Park City, UT/ US

Troubled Delinquent/Default; OFF One Peachtree Pointe 143,825 sf One Peachtree Pointe Assoc Last refinanced Nov-01 Dec'09 Receivership, Admin, Office - CBD 1545 Peachtree St 1956/1992 LLC CMBS: Centerline ($50.0 mil); 1st mtg: $30.0 mil Special Atlanta, GA/ US 1 bldg Servicing OBO BofA 2001-3

LenderREO Owner/GP Bankrupt; HTL El Capitan Resort Casino 103 units Northern Nevada Asset Transfer Dec-09 ($4.0 mil) Dec'09 Delinquent/Default; Full-Service 540 F St Holdings LLC TroubledAuction/Trustees Assets Radar Hawthorne,United NV/ US States Sale Scheduled; JANUARY 6, 2010 Foreclosure Completed Property information updated December 29, 2009 Troubled Delinquent/Default; RET Valparaiso Walk 143,143 sf IBT Group LLC CMBS: ING Last refinanced Jun-05 ($27.2 Dec'09 Receivership, Admin, Strip Silhavy Road And Laport Rd 2005 Clarion OBO Wachovia 2005- mil); 1st mtg: $20.8 mil Troubled AssetSpecial Search Results Valparaiso, IN/ US C19 TroubledLenderREO Owner/GP & Bankrupt; REO PropertiesHTL Parker's Model100 T Casino Recent & Examples75 units of Northern Distress Nevada Asset Transfer Dec-09 ($1.0 mil) 100Dec'09 results DownloadDelinquent/Default; PDF Download XL Full-Service Hotel 1976 Holdings LLC Auction/Trustees 1130 W Winnemucca Blvd

Sale Scheduled; Winnemucca,Property Name NV/ US Units Status Foreclosure Type/ Address Yr.Blt/Renov Owner Date TroubledCompleted Subtype Subtype City,State/Country # bldgs/flrs Lender Comments TroubledTroubled Delinquent/Default;Foreclosure Initiated HTLOFF Sheraton10300 N FourCentral Points Expy - O'Hare 123,250295 units sf Investcorp Rainier Metroplex Real Estate Ptnrs LP LastLast Traded SepMay--0696 ($27.3 Dec'09Dec'09 Receivership, Admin, FullOffice-Service - Sub Airport10300 N Central Expy 19851979 CMBS: Centerline Servicing mil); 1st mtg: $22.5 mil Special 10249Dallas, Irving TX/ US Park Rd 75 flrsflrs OBO BEAR 2006-TOP24 Schiller Park, IL/ US Troubled Delinquent/Default; RET Anaheim GardenWalk 390,000 sf Pacific Coast Capital Holding Jun-08; 1st mtg: TroubledDec'09 SlowMaturing Lease -Loan;up/Sell - MallOFF & Other BrandywineS Clementine Office St & WBldg Katella & 443,6322008 sf Partners Barrow JV Anaheim Street Fund JV JP Last$210.0 refinanced mil Nov-02 Dec'09 Maturity Default/Pastout Office - CBD GarageAve 1970/2000 MorganDevelopment CMBS: LLC Centerline CITIGROUP ($75.6 mil); 1st mtg: $52.0 mil Due; Receivership, 1007Anaheim, N Market CA/ USSt 1 bldg ServicingGLOBAL MARKETS OBO Pru REALT2003-PWR1 Admin, Special Wilmington, DE/ US Troubled Foreclosure Initiated; RET 380 Towne Crossing 346,000 sf Weber & Co Compass Bank Holding Dec-09; 1st mtg: TroubledDec'09 Delinquent/Default;Auction/Trustees MallHTL & Other HiltonN Central St. Louis Expressway - Downtown And Us 1952008 units American Property Last$25.0 Traded mil Aug-07 ($34.9 Dec'09 Receivership,Sale Scheduled Admin, Full-Service 400Hwy Olive380 St 1888/2005 Management Corp CMBS: mil); 1st mtg: $21.6 mil Special SaintMc Kinney, Louis, TX/MO/ US US 1 bldg Centerline Servicing OBO CSFB 2007-C5 Restructured/ Slow Lease-up/Sell- OFF Times Tower 714,000 sf Five Mile Capital Banco Transfer Dec-09; 1st mtg: TroubledExtension Maturityout; Mezz Default/Past Takeover OfficeRET - CBD Sangertown217-247 W 43rd Square St Mall 855,3601912 sf Inbursa Pyramid CMBS: LNR Last$267.0 refinanced mil Dec-99 Dec'09Dec'09 Due; CompleteReceivership, Mall & Other RteNew 5 York,& Rte NY/5A US 11980/1998 bldg/15 flrs Partners OBO LB-UBS 2000-C3 ($156.0 mil); 1st mtg: $62.1 Admin, Special New Hartford, NY/ US mil LenderREO Foreclosure IND fmr Polaroid Corp facility 130,000 sf Tremont Realty Capital Transfer Dec-09 TroubledDec'09 ForeclosureCompleted Initiated; WarehouseDEV 9400201 Burlington-9420 W Bay Rd Harbor Dr 22,5001979 sf Millenium Development Last Traded Mar-05 ($4.5 mil); Dec'09 Deferred/Abandoned Residential 9400Bedford,-9420 MA/ W BayUS Harbor Dr 2 bldgs/2 flrs Group US Century Bank 1st mtg: $7.5 mil Property Miami Beach, FL/ US Troubled Foreclosure Initiated; DEV Bridgeton Harbor Assemblage 29,326,377 sf Jupiter USA Ambit Funding Last Traded Jul-06 ($20.1 mil); TroubledDec'09 ForeclosureStalled/Incomplete Initiated; MixedDVLP Bonita1002 BGrand St Estates 1,429,204 sf RL Homes Great Florida Holding1st mtg: Dec$16.0-09 mil Dec'09 Auction/Trustees Residential 13220New Bern, Sw 208th NC/ US St Bank Sale Scheduled Miami, FL/ US LenderREO Foreclosure DEV Us 10 Nw And Armstrong Blvd 8,145,720 sf Citizens State Bank Transfer Dec-09 TroubledDec'09 Delinquent/Default;Completed MixedAPT LakeshoreNw Club Apts 650 units Carlton Arms LWC LLC, Carlton Last refinanced Oct-04 Dec'09 Receivership, Admin, Garden 6900Us 10 Concord Nw And ArmstrongDr Blvd 1969/2003 Arms EG LLC CMBS: J.E. Robert ($37.6 mil); 1st mtg: $28.0 mil Special Tampa,Nw FL/ US 61 bldgs/2 flrs Companies OBO JPM 2004-C3 Anoka, MN/ US Troubled Delinquent/Default; APT Georgian Towers 890 units Stellar Management CMBS: Last refinanced Apr-07 TroubledDec'09 Receivership,Tenant Bankrupt; Admin, Mid/HighriseOFF 8750Nortel Georgia Networks Ave Building 1969/2006177,264 sf LNR Prudential Partners OBORE Investors CD 2007 JV -CD5 ($226.7Last refinanced mil); 1st mtg:May- 06$58.0 Dec'09 Delinquent/Default;Special Office - Sub Silver1500 Spring,Concord MD/ Terrace US 2 bldgs/151995 flrs Prudential RE Investors CMBS: mil($40.8 mil); 1st mtg: $26.5 mil Receivership, Admin, Fort Lauderdale, FL/ US LNR Partners OBO BofA 2006-2 Troubled Delinquent/Default; OFF Stockdale Tower 176,144 sf Morgan Group Inc CMBS: Last refinanced Jul-04 ($30.7 Special Dec'09 Receivership, Admin, Office - Sub 5060 California Ave 1983/2002 LNR Partners OBO LB-UBS 2004- mil); 1st mtg: $24.0 mil Troubled Delinquent/Default;Special OFF Bakersfield,Park 80 West CA/ Plaza US I&II 492,935 sf C6 Zurich Structured Finance Last Traded Jul-05 ($138.0 Dec'09 Receivership, Admin, Office - Sub 250 Pehle Ave 1971/2003 Inc CMBS: LNR Partners OBO mil); 1st mtg: $100.0 mil Troubled Delinquent/Default APT North Oaks of Broad Ripple 398 units Flaherty & Collins Properties Last Traded Dec-09 Special Saddle Brook, NJ/ US 2 bldgs/6,10 LB-UBS 2005-C2 Dec'09 Garden 5018 Lemans Dr 2003 flrs Indianapolis, IN/ US Troubled Receivership, Admin, HTL Hyatt Regency- Bethesda 390 units Meridian Group JV Rockwood Last refinanced Dec-06 Troubled Maturity Default/Past RET Galleria at Crystal Run 1,271,372 sf Pyramid CMBS: Spirit Last refinanced Feb-05; 1st Dec'09 Special Full-Service 1 Bethesda Metro Ctr 1985/2004 Capital CMBS: LNR Partners ($175.0 mil); 1st mtg: $140.0 Dec'09 Due; Receivership, Mall & Other 1 Galleria Dr Finance Corp OBO COMM 2005- mtg: $140.0 mil Bethesda, MD/ US OBO GCCF 2007-GG9 mil Admin, Special Middletown, NY/ US FL10 Troubled Stalled/Incomplete; DVLP The Rim 426,888 sf Thomas Enterprises Holding Dec-07; 1st mtg: Troubled Maturity Default/Past HTL The Yarrow Resort Hotel & 181 units Hart Hotels Heller Financial Last Traded Jul-99; 1st mtg: Dec'09 Owner/GP Bankrupt Commercial La Cantera Pkwy And Fiesta Wachovia $125.0 mil Dec'09 Due; Full-Service Conference Center $10.0 mil Texas Dr Auction/Trustees 1800 Park Ave San Antonio, TX/ US Sale Scheduled Park City, UT/ US Troubled Foreclosure Initiated APT Burlington Apartments 75 units MetroPlains Development Holding Dec-09 LenderREO Auction/Trustees HTL Silver Club Hotel & Casino 204 units Northern Nevada Asset Transfer Dec-09 ($2.5 mil) Dec'09 Mid/Highrise 206 N 3rd St 1911 LLC Fannie Mae Dec'09 Sale Scheduled; Full-Service 1040 Victorian Ave Holdings LLC Burlington, IA/ US Delinquent/Default; Sparks, NV/ US LenderREO ForeclosureForeclosure RET Westgate Mall 647,000 sf Bank of America Transfer Dec-09 ($51.0 mil) Dec'09 CompletedCompleted; Mall & Other 200 Westgate Dr 1963/1999 Receivership, Admin, Brockton, MA/ US Troubled Delinquent/Default; OFF One Peachtree Pointe 143,825 sf One Peachtree Pointe Assoc Last refinanced Nov-01 Special ; Dec'09 Receivership, Admin, Office - CBD 1545 Peachtree St 1956/1992 LLC CMBS: Centerline ($50.0 mil); 1st mtg: $30.0 mil Auction/Trustees Special Atlanta, GA/ US 1 bldg Servicing OBO BofA 2001-3 Sale Scheduled; LenderREO Owner/GPMaturity Default/Past Bankrupt; HTL El Capitan Resort Casino 103 units Northern Nevada Asset Transfer Dec-09 ($4.0 mil) Dec'09 Delinquent/Default;Due Full-Service 540 F St Holdings LLC Auction/Trustees Hawthorne, NV/ US Troubled Foreclosure Initiated; DEV Westland Tract 2,395,800,000 Suncal Companies JV DE Last Traded Jun-07 ($250.0 Sale Scheduled; Dec'09 Deferred/Abandoned I-40 And 98th St Nw sf Shaw Group Barclays Bank mil); 1st mtg: $220.0 mil Foreclosure Property Albuquerque, NM/ US Completed Troubled Maturing Loan; DEV Edgewater Office Condos 226,512 sf R D Sharma Branch Banking Last Traded May-06 ($2.6 mil); TroubledDec'09 Delinquent/Default;Stalled/Incomplete; RET Valparaiso3775 Venture Walk Dr 143,143 sf & IBTTrust Group LLC CMBS: ING Last1st mtg: refinanced $3.5 mil Jun-05 ($27.2 Dec'09 Receivership,Foreclosure Initiated Admin, Strip SilhavyDuluth, Road GA/ USAnd Laport Rd 2005 Clarion OBO Wachovia 2005- mil); 1st mtg: $20.8 mil Special Valparaiso, IN/ US C19 Troubled Receivership, Admin, HTL Riverwalk 322 units Zarco & Pardo PA CMBS: Last refinanced Jan-07 ($35.8 LenderREODec'09 Owner/GPSpecial Bankrupt; Full-HTLService Parker's1515 Prudential Model T DrCasino & 751981 units LNR Northern Partners Nevada OBO GE Asset 2007 -C1 Transfermil); 1st mtg: Dec -$26.009 ($1.0 mil mil) Dec'09 Delinquent/Default; Full-Service HotelJacksonville, FL/ US 8 bldgs/51976 flrs Holdings LLC Auction/Trustees 1130 W Winnemucca Blvd Troubled ForeclosureSale Scheduled; Initiated; DEV Winnemucca,600 Milwaukee NV/ Ave US 392,040 sf Hyun Kang Fifth Third Bank Last Traded Mar-08 ($8.0 mil); Dec'09 Owner/GPForeclosure Bankrupt Commercial 600 Milwaukee Ave 1st mtg: $20.7 mil Completed Glenview, IL/ US

TroubledTroubled ForeclosureDelinquent/Default; Initiated OFFAPT 10300Scottsdale N Central Manor Expy 123,25072 units sf Rainier Reflections Metroplex 100 LLC Ptnrs iStarLP LastHolding Traded Aug May-07; -1st96 mtg: Dec'09Dec'09 Foreclosure Initiated; OfficeGarden - Sub 103004807 N N Woodmere Central Expy Fairway 1979 Financial $57.8 mil Auction/Trustees Dallas,Scottsdale, TX/ USAZ/ US 5 flrs continued on next page Sale Scheduled Troubled Delinquent/Default; RET Anaheim GardenWalk 390,000 sf Pacific Coast Capital Holding Jun-08; 1st mtg: ©2010 RealTroubledDec'09 Capital Analytics,SlowForeclosure Inc. AllLease rights- up/SellInitiated reserved.- Data believedMall OFF& Otherto be accurateSGwinnett Clementine but not guaranteed; Place St Business& W subject Katella to future revision.193,0002008 sf Partners Gwinnett JV Anaheim Place Office LLC $210.0http://www.rcanalytics.comLast Traded mil Mar-00 ($7.7 mil); 6 Dec'09 out Office - Sub Ave3761 Venture Dr 1985 Development GMAC Commercial LLC CITIGROUP 1st mtg: $5.4 mil Anaheim,Duluth, GA/ CA/ US US GLOBALManagement MARKETS Corporation REALT

TroubledTroubled ForeclosureReceivership, Initiated; Admin, RETRET 380Regency Towne Square Crossing Mall 1,390,000346,000 sf sf Weber General & GrowthCo Compass Properties Bank HoldingLast refinanced Dec-09; Jun1st- 03;mtg: 1st Dec'09Dec'09 Auction/TrusteesSpecial MallMall && OtherOther N9501 Central Arlington Expressway Expy And Us 20081981 CMBS: ING Clarion OBO $25.0mtg: $93.8 mil mil Sale Scheduled HwyJacksonville, 380 FL/ US Wachovia 2003-C7 Mc Kinney, TX/ US Troubled Foreclosure Initiated; DVLP Uptown Worthington 4,356,000 sf O'Neill Properties Citizens Holding Dec-09; 1st mtg: Restructured/Dec'09 MaturitySlow Lease Default/Past-up/Sell- MixedOFF Times45 Morehall Tower Rd 714,000 sf Bank Five Mile Capital Banco Transfer$85.5 mil Dec-09; 1st mtg: Extension out; MezzDue Takeover Office - CBD 217Malvern,-247 WPA/ 43rd US St 1912 Inbursa $267.0 mil Dec'09 Complete New York, NY/ US 1 bldg/15 flrs Troubled Foreclosure Initiated APT Lindmont 304 units Lane Cos Last Traded Jun-05 ($29.2 mil) LenderREODec'09 Foreclosure GardenIND fmr639 Polaroid Lindbergh Corp Way facility Ne 1955/2007130,000 sf Tremont Realty Capital Transfer Dec-09 Dec'09 Completed Warehouse 201Atlanta, Burlington GA/ US Rd 1979 Bedford, MA/ US 2 bldgs/2 flrs Troubled Foreclosure Initiated OFF One River Place (frm Powers 115,278 sf Trammell Crow Residential Last Traded May-07 ($29.3 TroubledDec'09 Foreclosure Initiated; OfficeDEV - Sub BridgetonFerry Landing Harbor W) Assemblage 29,326,3771973/1993 sf (TCR) Jupiter USA Ambit Funding Lastmil) Traded Jul-06 ($20.1 mil); Dec'09 Stalled/Incomplete Mixed 10026425 -B6445 St Powers Ferry Rd 2 bldgs/3 flrs 1st mtg: $16.0 mil NewAtlanta, Bern, GA/ NC/ US US

LenderREOLenderREO ForeclosureForeclosure DEVHTL UsBaymont 10 Nw InnAnd & Armstrong Suites Blvd 8,145,720 sf Citizens Delaware State County Bank Bank & TransferTransfer DecDec--0909 Dec'09Dec'09 CompletedCompleted LimitedMixed Service Nw4240 International Gtwy 1989 Trust UsColumbus, 10 Nw And OH/ Armstrong US Blvd 2 flrs Nw Troubled Foreclosure Initiated; APT The Floridian 118 units Kady Group Holding Dec-09; 1st mtg: Anoka, MN/ US Dec'09 Maturity Default/Past Mid/Highrise 919-929 Florida Ave Nw $44.8 mil Troubled TenantDue; Bankrupt; OFF NortelWashington, Networks DC/ Building US 2177,264 bldgs/8 sfflrs Prudential RE Investors JV Last refinanced May-06 Dec'09 Delinquent/Default;Auction/Trustees Office - Sub 1500 Concord Terrace 1995 Prudential RE Investors CMBS: ($40.8 mil); 1st mtg: $26.5 mil Receivership,Sale Scheduled Admin, Fort Lauderdale, FL/ US LNR Partners OBO BofA 2006-2 Special Troubled Foreclosure Initiated RET The Plaza 46,000 sf 163rd Street Plaza LLC Last Traded Feb-05 ($5.9 mil); TroubledDec'09 Delinquent/Default; StripOFF Park1630 80 NE West 163rd Plaza St I&II 492,9351989 sf Zurich Commercial Structured Bank ofFinance Florida Last1st mtg: Traded $1.5 Jul mil-05 ($138.0 Dec'09 Receivership, Admin, Office - Sub 250Miami, Pehle FL/ AveUS 21971/2003 bldgs/2 flrs Inc CMBS: LNR Partners OBO mil); 1st mtg: $100.0 mil Special Saddle Brook, NJ/ US 2 bldgs/6,10 LB-UBS 2005-C2 Troubled Foreclosure Initiated HTL Fairwind Hotel & Suites 83 units Ocean Fairwind LLC Mellon Holding Dec-09; 1st mtg: flrs Dec'09 Limited Service 1000-1030 Collins Ave 1936 United National Bank $24.0 mil Troubled Receivership, Admin, HTL HyattMiami Regency Beach, FL/- Bethesda US 3901 bldgunits Meridian Group JV Rockwood Last refinanced Dec-06 Dec'09 Special Full-Service 1 Bethesda Metro Ctr 1985/2004 Capital CMBS: LNR Partners ($175.0 mil); 1st mtg: $140.0 Troubled Foreclosure Initiated DVLP Frontier Lodge Resort 2,918,520 sf Frontier Lodge LLC First Holding Dec-09 Bethesda, MD/ US OBO GCCF 2007-GG9 mil Dec'09 Residential 777 N 3029th Rd Community Bank Troubled Stalled/Incomplete; DVLP TheUtica, Rim IL/ US 426,888 sf Thomas Enterprises Holding Dec-07; 1st mtg: Dec'09 Owner/GP Bankrupt Commercial La Cantera Pkwy And Fiesta Wachovia $125.0 mil LenderREO Foreclosure DEV M Sole Phase 1 18,900 sf Washington Mutual Transfer Dec-09 Texas Dr Dec'09 Completed Residential 3257 Market St San Antonio, TX/ US Riverside, CA/ US Troubled Foreclosure Initiated APT Burlington Apartments 75 units MetroPlains Development Holding Dec-09 Troubled Foreclosure Initiated DEV Alico Rd & Three Oaks Pky 4,602,114 sf McGarvey Development Last Traded Jun-05 ($32.0 Dec'09 Mid/Highrise 206 N 3rd St 1911 LLC Fannie Mae Dec'09 Alico Rd & Three Oaks Pky Seller Financed mil); 1st mtg: $25.8 mil Burlington, IA/ US Fort Myers, FL/ US LenderREO Foreclosure RET Westgate Mall 647,000 sf Bank of America Transfer Dec-09 ($51.0 mil) Troubled Foreclosure Initiated IND Eastlinks Business Park 347,000 sf McGarvey Development Holding Dec-09 Dec'09 Completed; Mall & Other 200 Westgate Dr 1963/1999 Dec'09 Flex Daniels Pkwy And Gateway Receivership, Admin, Brockton, MA/ US Blvd 7 bldgs Special ; Fort Myers, FL/ US Auction/Trustees Troubled Delinquent/Default;Sale Scheduled; APT Brandywood 356 units Marc Edelstein CMBS: LNR Last Traded Jun-06 ($16.7 Dec'09 MaturityForeclosure Default/Past Initiated; Garden 2912 E Indian School Rd 1979 Partners OBO LB-UBS 2006-C6 mil); 1st mtg: $12.6 mil Auction/TrusteesDue Phoenix, AZ/ US 2, 3 flrs Sale Scheduled Troubled Foreclosure Initiated; DEV Westland Tract 2,395,800,000 Suncal Companies JV DE Last Traded Jun-07 ($250.0 TroubledDec'09 Deferred/AbandonedDelinquent/Default APT IEmpirian-40 And 98thPark RowSt Nw 390sf units Shaw Empire Group Equity Barclays Group Bank CMBS: mil);Last 1strefinanced mtg: $220.0 Jun- 06mil ($51.5 Dec'09 Property Garden Albuquerque,15335 Park Row NM/ US 2004 LNR Partners OBO BofA 2006-4 mil); 1st mtg: $38.6 mil Houston, TX/ US 38 bldgs Troubled Maturing Loan; DEV Edgewater Office Condos 226,512 sf R D Sharma Branch Banking Last Traded May-06 ($2.6 mil); TroubledDec'09 Stalled/Incomplete;Delinquent/Default; OFF 3775Pentagon Venture Park Dr 279,487 sf & Trust CMBS: LNR Partners OBO ML- 1stLast mtg: refinanced $3.5 mil Nov-06 Dec'09 ForeclosureForeclosure InitiatedInitiated Office - Sub Duluth,4940 West GA/ 77th US St 1963/1970 CFC 2006-4 ($25.0 mil); 1st mtg: $18.5 mil Minneapolis, MN/ US Troubled Receivership, Admin, HTL Riverwalk 322 units Zarco & Pardo PA CMBS: Last refinanced Jan-07 ($35.8 TroubledDec'09 ForeclosureSpecial Initiated; Full-ServiceDEV 1515fmr Nursery Prudential Dr 413,8201981 sf LNR Edward Partners & Betty OBO Masi,GE 2007 Mario-C1 mil);Last 1stTraded mtg: Jun$26.0-04 mil($1.8 mil); Dec'09 Deferred/Abandoned Jacksonville,1100 Boutwell FL/ Rd US 8 bldgs/5 flrs Spiliopoulos & Matt O'Connor 1st mtg: $2.9 mil Property Lake Worth, FL/ US BANKUNITED FSB Troubled Foreclosure Initiated; DEV 600 Milwaukee Ave 392,040 sf Hyun Kang Fifth Third Bank Last Traded Mar-08 ($8.0 mil); TroubledDec'09 Owner/GPMaturing Bankrupt Loan; CommercialOFF 600400 MilwaukeeMadison Avenue Ave 184,859 sf Macklowe Properties CMBS: 1stLast mtg: refinanced $20.7 mil Jan-05 Dec'09 Receivership, Admin, Office - CBD Glenview,400 Madison IL/ AveUS 1929/1999 Midland Loan Services OBO MS ($100.0 mil); 1st mtg: $65.5 Special New York, NY/ US 1 bldg 2005-IQ9 mil Troubled Delinquent/Default; APT Scottsdale Manor 72 units Reflections 100 LLC iStar Holding Aug-07; 1st mtg: LenderREODec'09 ForeclosureReceivership, Initiated; Admin, GardenIND 4807Northeast N Woodmere Business Fairway Campus 199,512 sf Financial Bank of America $57.8Transfer mil Dec-09 ($6.8 mil) Dec'09 SpecialAuction/Trustees ; Foreclosure Flex Scottsdale,3592-3711 CorporateAZ/ US Dr 1981 SaleCompleted Scheduled Columbus, OH/ US 6 bldgs/1,2 flrs Troubled Foreclosure Initiated OFF Gwinnett Place Business 193,000 sf Gwinnett Place Office LLC Last Traded Mar-00 ($7.7 mil); TroubledDec'09 Foreclosure Initiated OfficeOFF - Sub 3761218-324 Venture Royal Dr Palm Way 50,4261985 sf GMAC Goldman Commercial Sachs 1stLast mtg: refinanced $5.4 mil Sep-07; 1st Dec'09 Office - Sub Duluth,218-324 GA/ Royal US Palm Way 1960 Management Corporation mtg: $78.0 mil Palm Beach, FL/ US Troubled Receivership, Admin, RET Regency Square Mall 1,390,000 sf General Growth Properties Last refinanced Jun-03; 1st TroubledDec'09 ForeclosureSpecial Initiated Mall RET& Other 9501Lawyers Arlington Square Expy 54,7051981 sf CMBS: Gulfside ING Development Clarion OBO inc mtg:Last $93.8refinanced mil Jun-04 Dec'09 Strip Jacksonville,9229 Lawyers FL/ Rd US 1985 Wachovia Capmark 2003-C7 Charlotte, NC/ US 1 flr Troubled Foreclosure Initiated; DVLP Uptown Worthington 4,356,000 sf O'Neill Properties Citizens Holding Dec-09; 1st mtg: TroubledDec'09 MaturityForeclosure Default/Past Initiated; MixedRET 45Marketfair Morehall Rd 243,710 sf Bank Gulfside Development inc $85.5Last refinanced mil Jun-04 Dec'09 Owner/GPDue Bankrupt Strip Malvern,1912 Skibo PA/ Rd US 1986 Capmark Fayetteville, NC/ US Troubled Foreclosure Initiated APT Lindmont 304 units Lane Cos Last Traded Jun-05 ($29.2 mil) TroubledDec'09 Delinquent/Default GardenRET 639Triangle Lindbergh Square Way Ne 1955/2007191,000 sf Greenlaw Partners LLC ING Last Traded Sep-06 ($46.5 Dec'09 Strip Atlanta,1870 Harbor GA/ US Blvd 1992/2002 USA Annunity & Life Ins Co mil); 1st mtg: $24.0 mil Costa Mesa, CA/ US Troubled Foreclosure Initiated OFF One River Place (frm Powers 115,278 sf Trammell Crow Residential Last Traded May-07 ($29.3 TroubledDec'09 Delinquent/Default; OfficeHTL - Sub FerrySpringhill Landing Suites W) 1973/1993234 units (TCR) Moody National Cos CMBS: mil)Last Traded Oct-06 ($50.2 Dec'09 Receivership, Admin, Full-Service 64251800- 6445Yale AvePowers Ferry Rd 2 bldgs/32001 flrs CWCapital Asset Management mil); 1st mtg: $32.5 mil Special Atlanta,Seattle, GA/WA/ US US 1 bldg/10 flrs OBO COBALT 2006-C1

LenderREOTroubled Delinquent/Default;Foreclosure HTLAPT Baymont507 Sabine Inn St & Suites 80 units Delaware CWS Capital County Partners Bank & TransferHolding JulDec-08;-09 1st mtg: $16.4 Dec'09Dec'09 SlowCompleted Lease-up/Sell- LimitedMid/Highrise Service 4240507 Sabine International St Gtwy 19892008 Trust Compass Bank mil out Columbus,Austin, TX/ OH/ US US 102 flrs flrs

TroubledTroubled ForeclosureForeclosure Initiated;Initiated; DVLPAPT TheStar FloridianRiverside Phase I 174,240118 units sf Kady Constellation Group Property Group HoldingHolding DecDec--09;09; 1st1st mtg:mtg: Dec'09Dec'09 MaturityStalled/Incomplete; Default/Past Mid/HighriseResidential 9191300-929 E Riverside Florida Ave Dr Nw Amegy Bank Na $44.8$38.0 milmil Slow LeaseDue;- up/Sell- Washington,Austin, TX/ US DC/ US 2 bldgs/8 flrs out;Auction/Trustees Auction/Trustees SaleSale ScheduledScheduled

TroubledTroubled ForeclosureAuction/Trustees Initiated RETIND The1724 Plaza Holbrook St 46,00030,000 sfsf 163rd Holbrook Street Building Plaza LLC LLC RBC LastLast TradedTraded FebAug--0505 ($5.9($0.7 mil);mil); Dec'09Dec'09 Sale Scheduled WarehouseStrip 16301724 NEHolbrook 163rd StSt 1952/19941989 Centura Commercial Bank of Florida 1st1st mtg:mtg: $1.5$0.6 milmil Miami,Greensboro, FL/ US NC/ US 2 bldgs/24 bldgs flrs

LenderREOTroubled ForeclosureForeclosure Initiated HTLHTL FairwindHoliday InnHotel & Suites 29683 units units Ocean Legg Mason Fairwind Real LLC Estate Mellon HoldingTransfer Dec Dec-09;-09 1st($14.0 mtg: mil) Dec'09Dec'09 Completed LimitedLimited ServiceService 10003003- 1030N University Collins DrAve 19361988 United National Bank $24.0 mil MiamiFort Lauderdale, Beach, FL/ FL/US US 15 bldg flrs

TroubledTroubled Foreclosure Initiated;Initiated DVLPOFF FrontierCivic Park Lodge Plaza Resort 2,918,52081,198 sf sf Frontier Streamline Lodge Properties LLC First HoldingLast Traded Dec -Sep09 -07; 1st mtg: Dec'09Dec'09 Receivership, Admin, ResidentialOffice - Sub 7771111 N Civic3029th Dr Rd 1978 Community Fremont Bank $22.8 mil Special Utica,Walnut IL/ Creek, US CA/ US 1 bldg/3 flrs

LenderREOTroubled Delinquent/Default;Foreclosure DEVHTL MCooper Sole Phase Square 1 Hotel 18,900145 units sf Washington Matthew Moss Mutual & Kyle TransferHolding Dec--08;09 1st mtg: Dec'09Dec'09 ForeclosureCompleted Initiated; ResidentialFull-Service 325725-33 Market Cooper St Sq 2008 Ransford WestLB AG $52.3 mil Slow Lease-up/Sell- Riverside,New York, CA/NY/ USUS 1 bldg out; Lien/Other Debts Troubled Foreclosure Initiated DEV Alico Rd & Three Oaks Pky 4,602,114 sf McGarvey Development Last Traded Jun-05 ($32.0 Owed Dec'09 Alico Rd & Three Oaks Pky Seller Financed mil); 1st mtg: $25.8 mil Troubled Owner/GP Bankrupt HTL FortThe Myers,Artisan FL/Hotel US 105 units 325 Texvada Investments Holding Dec-08 Dec'09 Full-Service 325 N Kansas St 1964 LLC Troubled Foreclosure Initiated IND Eastlinks Business Park 347,000 sf McGarvey Development Holding Dec-09 El Paso, TX/ US 2 bldgs/1 flr Dec'09 Flex Daniels Pkwy And Gateway Troubled Owner/GP Bankrupt APT BlvdRosemary Village 4167 bldgs units Fairfield Residential Last Traded Nov-03 ($23.0 Dec'09 Mid/Highrise Fort1901 Myers, E West FL/ Hwy US 1954 mil) Silver Spring, MD/ US Troubled Delinquent/Default; APT Brandywood 356 units Marc Edelstein CMBS: LNR Last Traded Jun-06 ($16.7 TroubledDec'09 ForeclosureOwner/GP BankruptInitiated; GardenAPT 2912Mountain E Indian View School Village Rd 2521979 units Partners Fairfield OBO Residential LB-UBS 2006 -C6 mil);Last 1stTraded mtg: Jun$12.6-03 mil($15.4 mil) Dec'09 Auction/Trustees Garden Phoenix,693 Urban AZ/ Ct US 2,1972 3 flrs Sale Scheduled Golden, CO/ US 12 bldgs/3,13 flrs Troubled Delinquent/Default APT Empirian Park Row 390 units Empire Equity Group CMBS: Last refinanced Jun-06 ($51.5 TroubledDec'09 Owner/GP Bankrupt GardenAPT 15335Montreux Park Row 1482004 units LNR Fairfield Partners Residential OBO BofA 2006-4 mil);Last 1stTraded mtg: Nov$38.6-00 mil ($10.1 Dec'09 Garden Houston,1450 Creekside TX/ US Dr 381960 bldgs mil) Walnut Creek, CA/ US Troubled Delinquent/Default; OFF Pentagon Park 279,487 sf CMBS: LNR Partners OBO ML- Last refinanced Nov-06 TroubledDec'09 ForeclosureOwner/GP Bankrupt Initiated OfficeAPT - Sub 4940Willow West Creek 77th St 1963/1970137 units CFC Fairfield 2006-4 Residential ($25.0Last Traded mil); 1st Apr mtg:-01 ($6.6$18.5 mil) mil Dec'09 Mid/Highrise Minneapolis,7900 Spiceberry MN/ CirUS 1975 Gaithersburg, MD/ US Troubled Foreclosure Initiated; DEV fmr Nursery 413,820 sf Edward & Betty Masi, Mario Last Traded Jun-04 ($1.8 mil); TroubledDec'09 Deferred/AbandonedOwner/GP Bankrupt APT 1100Northern Boutwell Glen Rd 168 units Spiliopoulos Fairfield Residential & Matt O'Connor 1stLast mtg: Traded $2.9 Jun mil-01 ($10.5 mil) Dec'09 Property Mid/Highrise Lake1355 Worth, Roanoke FL/ AveUS 1962 BANKUNITED FSB Riverhead, NY/ US Troubled Maturing Loan; OFF 400 Madison Avenue 184,859 sf Macklowe Properties CMBS: Last refinanced Jan-05 TroubledDec'09 Receivership,Owner/GP Bankrupt Admin, OfficeAPT - CBD 400Falls Madison Creek Ave 1929/1999308 units Midland Fairfield Loan Residential Services OBO MS ($100.0Last Traded mil); Jan1st- 01mtg: ($23.5 $65.5 mil) Dec'09 Special Garden NewUS Hwy York, 210 NY/ & USHaven Ave 11976 bldg 2005-IQ9 mil Rancho Cucamonga, CA/ US LenderREO Receivership, Admin, IND Northeast Business Campus 199,512 sf Bank of America Transfer Dec-09 ($6.8 mil) TroubledDec'09 SpecialOwner/GP ; Foreclosure Bankrupt FlexAPT 3592Villa Verde-3711 Corporate Dr 1521981 units Fairfield Residential Last Traded Feb-03 ($19.5 Dec'09 Completed Garden Columbus,3180-3200 OH/Loma US Verde 6 bldgs/1,21970 mil) San Jose, CA/ US flrs

TroubledTroubled ForeclosureOwner/GP Bankrupt Initiated OFFAPT 218Tama-324 Qua Royal Palm Way 50,426126 units sf Goldman Fairfield Residential Sachs LastLast refinancedTraded Jun- 02Sep ($6.7-07; 1stmil) Dec'09Dec'09 OfficeGarden - Sub 21811844-324 26th Royal Ave Palm S Way 1967/19811960 mtg: $78.0 mil PalmSeattle, Beach, WA/ FL/ US US 3 flrs

TroubledTroubled ForeclosureOwner/GP Bankrupt Initiated RETAPT LawyersFishermans Square Landing 54,705268 units sf Gulfside Fairfield ResidentialDevelopment inc LastLast refinancedTraded Feb Jun-05 -04($22.0 Dec'09Dec'09 GardenStrip 92294854 LawyersFishermans Rd Dr 19851985 Capmark mil); 1st mtg: $16.0 mil Charlotte,Pompano Beach,NC/ US FL/ US 20 bldgs/21 flr flrs

TroubledTroubled ForeclosureOwner/GP BankruptInitiated; RETAPT MarketfairFoxwood 243,710414 units sf Gulfside Fairfield ResidentialDevelopment inc LastLast refinancedTraded Mar -Jun05 -($27.004 Dec'09Dec'09 Owner/GP Bankrupt Mid/HighriseStrip 191215 Fox Skibo Hall Rd 1970/20051986 Capmark mil) Fayetteville,Newark, DE/ NC/US US 31 bldgs/4 flrs TroubledTroubled Delinquent/DefaultOwner/GP Bankrupt RETAPT TriangleAshford CrossingSquare 191,000180 units sf Greenlaw Fairfield Residential Partners LLC ING LastLast TradedTraded SepDec--0605 ($46.5($21.1 Dec'09Dec'09 GardenStrip 187026 Yorkshire Harbor BlvdTer 1992/20021971/2001 USA Annunity & Life Ins Co mil);mil) 1st mtg: $24.0 mil CostaShrewsbury, Mesa, CA/MA/ US US 15 bldgs/3 flrs

TroubledTroubled Delinquent/Default;Owner/GP Bankrupt HTLAPT SpringhillSteeplechase Suites 234156 unitsunits Moody Fairfield National Residential Cos CMBS: LastLast TradedTraded OctSep--0605 ($50.2($15.0 Dec'09Dec'09 Receivership, Admin, FullGarden-Service 18005300 YaleSteeplechase Ave Dr 20011988 CWCapital FCOLUMN Asset GUARANTEED Management L L C mil); 1st mtg: $32.5$11.8 mil Special Seattle,Fredericksburg, WA/ US VA/ US 1 bldg/10 flrs OBO COBALT 2006-C1

TroubledTroubled Delinquent/Default;Owner/GP Bankrupt APTAPT 507Arbor Sabine Hills St 13280 units units CWS Fairfield Capital Residential Partners HoldingLast Traded Jul-08; Apr 1st-05 mtg: ($11.7 $16.4 mil) Dec'09Dec'09 Slow Lease-up/Sell- Mid/HighriseGarden 507363 SabineSimmonsville St Ave 20081974 Compass Bank mil out Austin,Johnston, TX/ RI/ US US 4 bldgs/310 flrs flrs

TroubledTroubled ForeclosureOwner/GP BankruptInitiated; DVLPAPT StarForest Riverside Hill Gardens Phase I 174,240276 units sf Constellation Fairfield Residential Property Group HoldingLast Traded Dec -Nov09; -1st05 mtg:($21.8 Dec'09Dec'09 Stalled/Incomplete; ResidentialGarden 13006134 -E6164 Riverside Forest Dr Hill Blvd 1973 Amegy Nationwide Bank LifeNa Insurance Co $38.0mil); 1st mil mtg: $16.9 mil Slow Lease-up/Sell- Austin,West Palm TX/ Beach, US FL/ US 2 flrs out; Auction/Trustees Troubled Owner/GP Bankrupt APT Stoney Brook 180 units Fairfield Residential Last Traded Jul-05 ($18.7 mil) Sale Scheduled Dec'09 Garden 1776 Bicentennial Way 1976 Troubled Auction/Trustees IND 1724North Holbrook Providence, St RI/ US 30,000 sf Holbrook Building LLC RBC Last Traded Aug-05 ($0.7 mil); Dec'09 Sale Scheduled Warehouse 1724 Holbrook St 1952/1994 Centura 1st mtg: $0.6 mil Troubled Owner/GP Bankrupt APT Fountain Plaza 224 units Fairfield Residential Fannie Last Traded Jun-05 ($28.9 Greensboro, NC/ US 4 bldgs Dec'09 Garden 1010 Power Ave 1986/1987 Mae mil); 1st mtg: $20.5 mil LenderREO Foreclosure HTL HolidayPittsburg, Inn CA/ US 2962 flrsunits Legg Mason Real Estate Transfer Dec-09 ($14.0 mil) Dec'09 Completed Limited Service 3003 N University Dr 1988 Troubled Owner/GP Bankrupt APT Barrington Hills 188 units Fairfield Residential Last Traded Jun-05 ($27.4 mil) Fort Lauderdale, FL/ US 5 flrs Dec'09 Garden 655 Tennyson Rd 1988 Troubled Foreclosure Initiated; OFF CivicHayward, Park CA/Plaza US 81,1983 flrs sf Streamline Properties Last Traded Sep-07; 1st mtg: Dec'09 Receivership, Admin, Office - Sub 1111 Civic Dr 1978 Fremont Bank $22.8 mil Troubled Owner/GP Bankrupt APT Belmondo On The Delaware 196 units Fairfield Residential Last Traded Feb-06 ($27.6 Special Walnut Creek, CA/ US 1 bldg/3 flrs Dec'09 Garden 1800 Kathy Dr 1979 Principal Life Insurance Co mil); 1st mtg: $23.2 mil Troubled Delinquent/Default; HTL CooperMorrisville, Square PA/ HotelUS 1452 flrsunits Matthew Moss & Kyle Holding Dec-08; 1st mtg: Dec'09 Foreclosure Initiated; Full-Service 25-33 Cooper Sq 2008 Ransford WestLB AG $52.3 mil Troubled Owner/GP Bankrupt APT Raintree 176 units Fairfield Residential City of Last Traded Jan-05 ($24.4 Slow Lease-up/Sell- New York, NY/ US 1 bldg Dec'09 Garden 1034-1060 S Winchester Blvd 1977 San Jose mil); 1st mtg: $21.1 mil out; Lien/Other Debts San Jose, CA/ US 2 flrs Owed Troubled Owner/GP Bankrupt APT Marquesa 468 units Fairfield Residential GMAC Last Traded Sep-05 ($95.0 Troubled Owner/GP Bankrupt HTL The Artisan Hotel 105 units 325 Texvada Investments Holding Dec-08 Dec'09 Garden 145 SW 117th Ter 1999 Commercial Mortgage (GMACCM) mil); 1st mtg: $75.0 mil Dec'09 Full-Service 325 N Kansas St 1964 LLC Hollywood, FL/ US 21 bldgs/3 flrs El Paso, TX/ US 2 bldgs/1 flr Troubled Owner/GP Bankrupt APT Broadstone 350 units Fairfield Residential GMAC Last Traded May-05 ($29.0 Troubled Owner/GP Bankrupt APT Rosemary Village 416 units Fairfield Residential Last Traded Nov-03 ($23.0 Dec'09 Mid/Highrise 12 W Deer Park Rd 1965 Commercial Mortgage (GMACCM) mil); 1st mtg: $20.5 mil Dec'09 Mid/Highrise 1901 E West Hwy 1954 mil) Gaithersburg, MD/ US 27 bldgs/4 flrs Silver Spring, MD/ US Troubled Owner/GP Bankrupt APT Georgian Woods I II&III 570 units Fairfield Residential Last Traded Sep-05 ($67.2 Troubled Owner/GP Bankrupt APT Mountain View Village 252 units Fairfield Residential Last Traded Jun-03 ($15.4 mil) Dec'09 Garden 2121 Shorefield Rd 1968 mil) Dec'09 Garden 693 Urban Ct 1972 Silver Spring, MD/ US 48 bldgs/3 flrs Golden, CO/ US 12 bldgs/3,13 Troubled Owner/GP Bankrupt APT Sheffield Greens 132flrs units Fairfield Residential Last Traded Oct-05 ($15.5 Dec'09 Garden 2780 N Texas St 1985 mil) Troubled Owner/GP Bankrupt APT Montreux 148 units Fairfield Residential Last Traded Nov-00 ($10.1 Fairfield, CA/ US 10 bldgs/2 flrs Dec'09 Garden 1450 Creekside Dr 1960 mil) Troubled Owner/GP Bankrupt APT WalnutRegent Creek, at Bellevue CA/ US Way 192 units Fairfield Residential Last Traded Sep-06 ($44.9 Dec'09 Garden 10600 NE 29th St 1973 CONNECTICUT GENERAL LIFE mil); 1st mtg: $35.0 mil Troubled Owner/GP Bankrupt APT Willow Creek 137 units Fairfield Residential Last Traded Apr-01 ($6.6 mil) Bellevue, WA/ US 16 bldgs/3 flrs INS Dec'09 Mid/Highrise 7900 Spiceberry Cir 1975 Troubled Owner/GP Bankrupt APT Gaithersburg,Mission Springs MD/ US 306 units Fairfield Residential Last Traded Mar-06 ($28.9 Dec'09 Garden 1311 W Baseline Rd 1987 Nationwide Life Insurance Co mil); 1st mtg: $21.2 mil Troubled Owner/GP Bankrupt APT Northern Glen 168 units Fairfield Residential Last Traded Jun-01 ($10.5 mil) Tempe, AZ/ US 25 bldgs/2 flrs Dec'09 Mid/Highrise 1355 Roanoke Ave 1962 Troubled Owner/GP Bankrupt APT Riverhead,Privado Park NY/ US 352 units Fairfield Residential Wells Last Traded Nov-06 ($23.6 Dec'09 Garden 1840 W Emelita Ave 1983 Fargo Bank mil); 1st mtg: $22.0 mil Troubled Owner/GP Bankrupt APT Falls Creek 308 units Fairfield Residential Last Traded Jan-01 ($23.5 mil) Mesa, AZ/ US 2 flrs Dec'09 Garden US Hwy 210 & Haven Ave 1976 Troubled Owner/GP Bankrupt APT RanchoFletcher Cucamonga, Hills Town & CA/ Country US 138 units Fairfield Residential Last Traded Sep-06 ($19.5 Dec'09 Garden 2930 Fletcher Pkwy 1978 CONNECTICUT GENERAL LIFE mil); 1st mtg: $17.1 mil Troubled Owner/GP Bankrupt APT Villa Verde 152 units Fairfield Residential Last Traded Feb-03 ($19.5 El Cajon, CA/ US 2 flrs INS Dec'09 Garden 3180-3200 Loma Verde 1970 mil) Troubled Owner/GP Bankrupt APT SanVista Jose, Point CA/ US 192 units Fairfield Residential Last Traded Jun-06 ($14.6 Dec'09 Garden 2940 E Broadway Rd 1986 Principal Life Insurance Co mil); 1st mtg: $12.5 mil Troubled Owner/GP Bankrupt APT Tama Qua 126 units Fairfield Residential Last Traded Jun-02 ($6.7 mil) Mesa, AZ/ US 2 flrs Dec'09 Garden 11844 26th Ave S 1967/1981 Troubled Owner/GP Bankrupt APT Seattle,Legacy WA/Heights US 3843 flrs units Fairfield Residential GE Last Traded Mar-06 ($36.1 Dec'09 Garden 2700 W 103rd Ave 1997 Capital mil); 1st mtg: $36.1 mil Troubled Owner/GP Bankrupt APT Fishermans Landing 268 units Fairfield Residential Last Traded Feb-05 ($22.0 Denver, CO/ US 24 bldgs Dec'09 Garden 4854 Fishermans Dr 1985 mil); 1st mtg: $16.0 mil Troubled Owner/GP Bankrupt APT PompanoBay Tower Beach, FL/ US 20 159bldgs/2 units flrs Fairfield Residential Last Traded Aug-06 ($28.1 Dec'09 Mid/Highrise 1410 Columbia Rd 1973 mil); 1st mtg: $23.9 mil Troubled Owner/GP Bankrupt APT Foxwood 414 units Fairfield Residential Last Traded Mar-05 ($27.0 Boston, MA/ US 1 bldg/16 flrs Dec'09 Mid/Highrise 15 Fox Hall 1970/2005 mil) Troubled Owner/GP Bankrupt APT Newark,Waterview DE/ US 31 203bldgs/4 units flrs Fairfield Residential Last Traded Nov-05 ($25.8 Dec'09 Garden 2 Waterview Rd 1970/1997 mil) Troubled Owner/GP Bankrupt APT Ashford Crossing 180 units Fairfield Residential Last Traded Dec-05 ($21.1 West Chester, PA/ US 19 bldgs Dec'09 Garden 26 Yorkshire Ter 1971/2001 mil) Troubled Owner/GP Bankrupt APT Shrewsbury,North Pointe MA/Commons US 15 320bldgs/3 units flrs Fairfield Residential Last Traded Jun-06 ($26.7 Dec'09 Garden 2335 Broad St 2002 Capmark Financial Group mil); 1st mtg: $17.1 mil Troubled Owner/GP Bankrupt APT Steeplechase 156 units Fairfield Residential Last Traded Sep-05 ($15.0 Durham, NC/ US Dec'09 Garden 5300 Steeplechase Dr 1988 FCOLUMN GUARANTEED L L C mil); 1st mtg: $11.8 mil Troubled Owner/GP Bankrupt APT Fredericksburg,Springfield VA/ US 216 units Fairfield Residential Last Traded Dec-05 ($27.3 Dec'09 Garden 100 Elena St 1989 mil) Troubled Owner/GP Bankrupt APT Arbor Hills 132 units Fairfield Residential Last Traded Apr-05 ($11.7 mil) Fiskeville, RI/ US 9 bldgs/3 flrs Dec'09 Garden 363 Simmonsville Ave 1974 Troubled Owner/GP Bankrupt APT Johnston,Hampton HollowRI/ US 4 bldgs/3240 units flrs Fairfield Residential Last Traded Dec-05 ($27.8 Dec'09 Garden 3408 Hampton Hollow Dr 1987 Column Financial mil); 1st mtg: $19.4 mil Troubled Owner/GP Bankrupt APT Forest Hill Gardens 276 units Fairfield Residential Last Traded Nov-05 ($21.8 Silver Spring, MD/ US 11 bldgs/3 flrs Dec'09 Garden 6134-6164 Forest Hill Blvd 1973 Nationwide Life Insurance Co mil); 1st mtg: $16.9 mil West Palm Beach, FL/ US 2 flrs