DSF Capabilities_AB,JW 6.2016

Multifamily Debt & Structured Finance Capital Markets

SAN FRANCISCO C A P A B I L I T I E S O V E R V I E W

CBRE CAPITAL MARKETS | DEBT & STRUCTURED FINANCE | SAN FRANCISCO

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Table of Contents

01 T E A M C A P A B I L I T I E S

02 C B R E C A P I T A L M A R K E T S O V E R V I E W

03 C B R E C O R P O R A T E O V E R V I E W

04 T E A M & B I O S

SAN FRANCISCO MULTIFAMILY DEBT & STRUCTURED FINANCE C A P I T A L M A R K E T S


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01 T E A M C A P A B I L I T I E S


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HUD FHA Bridge

Loans

Permanent

Financing

Joint

Venture

Equity

Bridge Loans Mezzanine

Debt

Structured

Equity

Construction

Financing

WHEN IT COMES TO YOUR CAPITAL MARKET NEEDS, THE LEVEL OF SERVICE & SUCCESS THAT

CBRE PROVIDES IS UNMATCHED

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MULTIDISCIPLINARY TEAM The San Francisco Debt & Structured Finance (DSF) team consistently ranks

in the top 1% of CBRE Capital Markets production nationwide. Led by Andrew

Behrens, a member of CBRE’s elite Institutional Properties group, and Jesse

Weber, the team provides world class service in sourcing debt and equity

strategies and solutions for their clients. The San Francisco DSF team is

comprised of 8 dedicated professionals, who all contribute to each assignment

and additionally, the team has access to the full range of CBRE support

services and CBRE professionals in all local markets globally. The team is a

part of a unique information network dedicated to capital reconnaissance and

placement, and since 2010, this team has originated more than $6.8 billion in

debt and equity for institutional and high net worth multifamily clients. Since

January 2015, the team has grossed over $2.2 billion in transaction volume.

Dedicated to providing their clients with the best and most relevant financing

options in the marketplace, Mr. Behrens and Mr. Weber have leveraged the

CBRE platform and organized their business to offer an expanded array of

capital market services including: Permanent Financing, Bridge Loans,

Construction Financing, Joint Venture Equity, Mezzanine Debt, and Structured

Equity. CBRE offers clients a broad range of services and begins every

assignment with a thorough and accurate situation analysis, followed by

innovative strategy development and focused implementation.

OBJECTIVES

The San Francisco Debt & Structured Finance team have excelled in creating

a multidisciplinary approach to offer clients a full suite of services by utilizing

strategic partnerships in key markets across the country, to provide best-in-

class service for any capital markets opportunity, and to have local presence in

any market. We are 100% committed to providing world class service and truly

value the relationships that we have with each of our clients. Understanding

that no two companies are the same, our team is able to customize unique

debt and equity options for your individual business needs, and we will be your

partner from beginning to end.

Unrivaled in our ability to convert rich market data into timely relevant market

intelligence we strive to help clients understand the strategic options available

to them. This helps us to enable our clients to thoroughly and quickly make

sound, time-sensitive decisions and have certainty in the outcome of these

choices. Executing a thorough and effective strategy allows the San Francisco

DSF team to secure a capital that is perfectly tailored to your needs by

understanding the strengths and weaknesses of each property and investment

within the appropriate market context.

Year Total Deals Gross Volume

2010 34 $460,697,500

2011 60 $928,894,000

2012 91 $1,409,801,800

2013 48 $971,732,236

2014 37 $869,510,003

2015 77 $1,677,902,369

1H:2016 31 $556,974,300

Total 379 $6,875,512,208

379 DEALS $6.8 BILLION

GROSS VOLUME 2010 – 1H:2016

THE CBRE ADVANTAGE

UNPARALLED MORTGAGE BANKING CAPABILITIES

ABILITY TO LEVERAGE THE VAST RESOURCES OF THE FULLY INTEGRATED

CBRE PLATFORM

LARGEST MULTIFAMILY INVESTMENT SALES

BROKERSGE PLATFORM IN THE NATION

LOAN SERVICES AND SALES ARE TAILORED FOR ALL

CBRE CLIENTS

DEDICATED NATIONAL MULTIFAMILY HOUSING

TEAM

EXECUTION, LEVEL OF SERVICE AND

ATTENTION TO DETAIL

AGENCY ADVANTAGE COMPLEX DETAILS ARE OUR SPECIALTY

THE CBRE ADVANTAGE

UNPARALLELED

MORTGAGE BANKING

CAPABILITIES

ABILITY TO LEVERAGE THE

VAST RESOURCES OF THE

FULLY INTEGRATED CBRE

PLATFORM

DEDICATED NATIONAL

MULTIFAMILY TEAM

LARGEST MULTIFAMILY

INVESTMENT SALES BROKERAGE

PLATFORM IN THE NATION

EXECUTION, LEVEL OF SERVICE

AND ATTENTION TO DETAIL

AGENCY ADVANTAGE COMPLEX DEALS

ARE OUR SPECIALTY

LOAN SERVICES AND SALES

ARE TAILORED FOR ALL CBRE

CLIENTS

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THE CBRE ADVANTAGE

C B R E C A P I T A L M A R K E T S O V E R V I E W

EXECUTION, LEVEL OF SERVICE AND ATTENTION TO DETAIL

In the trenches at all stages of the deal

Central point of contact for both origination and underwriting (not a

separate “credit group”, “underwriting group”, etc.)

“A” team every time; nothing outsourced

AGENCY ADVANTAGE

Keen understanding of Agency models and strong relationships with all

key Agency decision makers

CBRE leadership includes former key Agency staff members

COMPLEX DEALS ARE OUR SPECIALTY

Construction Debt

Source Joint Venture & Preferred Equity

Structured Credit Facilities

Bond Financing

Building Complex Capital Stacks including A/B Structures

Regulatory Agreements

Our ingenuity is demonstrated by our success with “out of the box”

transactions including being the 1st Freddie Mac Seller Servicer to

complete a CME transaction for seniors housing

KEYS TO DRIVING VALUE

The ability to drive value is predicated on the ability to effectively reach capital sources across the globe with a creative and complete story that successfully positions

this as a highly attractive investment opportunity. Investors are continuously indicating that they are looking for quality, security and upside, and this asset uniquely

provides all of these. The final element is to create the sense of scarcity—that this investment is irreplaceable.

UNPARALLELED MORTGAGE BANKING CAPABILITIES

Freddie Mac, Fannie Mae and HUD/FHA

Access to Life Companies, Banks, Debt Funds, CMBS, etc.

Construction Financing

Bridge Financing

ABILITY TO LEVERAGE THE VAST RESOURCES OF THE FULLY

INTEGRATED CBRE PLATFORM

DEDICATED NATIONAL MULTIFAMILY TEAM

Understand nuances of property operations, well versed in latest industry

trends, and apprised of current market activity

LARGEST MULTIFAMILY INVESTMENT SALES BROKERAGE

PLATFORM IN THE NATION

Introductions to new operating partners and investment opportunities

CBRE Loan Services is the Primary Servicer for all Institutional Loans

Accessible point of contact should issues arise through life of loan

LOAN SERVICES AND SALES ARE TAILORED FOR EVERY CBRE

CLIENT & OPPORTUNITY

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CAPITAL MARKETS EXPERTISE GROUND UP CONSTRUCTION

Dedicated to providing clients with the best and most relevant financing options

available in the marketplace, Mr. Behrens and Mr. Weber have organized their

business to offer the full array of multifamily financing services available,

including permanent, bridge and construction financing, joint venture equity,

mezzanine debt and structured equity. With these expanded capabilities the team

can execute on any capital market assignment, ranging from long-term

fixed/floating rate nonrecourse financing to an equity raise.

As part of the initiative and dedication to construction finance, Scott Williams

joined the team in 2011. A twelve year veteran of construction finance with many

successful transactions under his belt, Mr. Williams, along with Mr. Behrens and

Mr. Weber, are directly responsible for qualifying and sourcing construction debt

and joint venture equity.

A variety of capital sources exist to lend on construction loans in major central

business districts with strong econometrics. Major types of capital sources

include Banks, International and Domestic Debt Funds, Mortgage REITS,

Alternative Capital, and Life Companies. Our team will work with lenders to

develop and negotiate term sheets that address every goal of the client. With

each opportunity the team will create a highly competitive bidding environment.

Collectively, Mr. Behrens and Mr. Weber’s team will be able to deliver an outlier

to the pack whose terms will exceed and differentiate themselves from the rest

of the participants. This effective strategy will provide you with a lender that will

decide on better-than-market debt terms and allow you to achieve your goals

and objectives for the project.

LOCATION San Francisco

# OF UNITS 129

LOAN AMOUNT $44.6M

LENDER East West Bank

LOAN TYPE Bank – Construction Bond Financing

EVIVA MISSION BAY

CALIFORNIA

INDIGO APARTMENTS CALIFORNIA

LOCATION Redwood City

# OF UNITS 469

LOAN AMOUNT $121.25M

LENDER Wells Fargo Bank

LOAN TYPE Debt – Construction


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MEZZANINE DEBT

A mezzanine loan is secured by a lien behind an existing or concurrently

funded senior debt position. In the case of new construction, mezzanine

financing can reduce the level of sponsor equity required. Although more

expensive than traditional debt, mezzanine debt is more cost-effective than

equity, and the blended “all-in” cost of capital can provide compelling return-

on-equity enhancements. In a stabilized property acquisition scenario,

mezzanine debt can reduce the sponsor’s equity requirement without giving

up any profit participation. It can also serve to finance interim

renovation/repositioning improvements to optimize future potential net

operating income before refinancing or sale.

STRUCTURED EQUITY

Preferred equity is secured by the beneficial ownership interest in an asset

and is senior to sponsorship equity. It is useful where a second-lien position

is prohibited behind senior debt financing, like CMBS. A structured reserve

can be created to fund interim payments when a property’s cash flow is

temporarily inadequate to fully service the combined current debt service.

BRIDGE LOAN

Bridge loans provide 12 to 36-month interim financing to quickly close on a

property, retrieve an asset from foreclosure or fund improvements that can

optimize potential net operating income prior to obtaining a permanent loan.

Bridge debt is also useful for acquiring existing properties that are not

stabilized, providing interim financing until occupancies can be increased. It

can also provide funds to rehabilitate or build-out tenant improvements that

will allow a property to reach its optimal income potential prior to seeking

permanent financing.

JOINT-VENTURE EQUITY

In a joint-venture partnership, a real estate investor, owner or developer

brings in an equity source, typically as a limited partner. Profit splits are

usually based on “promoted” splits over a threshold preferred return that will

gradually increase in favor of the sponsor based on project performance

(usually IRRdriven) over the investment term.

STRUCTURED FINANCE PRACTICE GROUP

CBRE Structured Finance specializes in procuring equity and high-leverage

capital solutions for requirements that exceed the parameters of conventional

debt structures. This “outside-the-box” financing includes loans that are:

More than a 70-75% loan-to-value ratio

Under a 1.00 85-90% debt-service coverage ratio

May be subordinate to a first-mortgage loan

Short term, used to reposition a property

Used to finance a construction project

Structured financing often enables attractive risk-diversification and enhanced

return-on-equity benchmarks for a variety of client requirements, including:

Completion of a capital stack without the need to share equity

Repatriation of equity for use on another asset or partnership/estate planning

Placement of debt above CMBS debt that cannot be prepaid due to high cost

of defeasance

Asset repositioning to maximize cash flow

Construction or renovation of existing property

Procurement of a joint-venture partner to cover a portion of equity

Acquisition of performing or under-performing properties and DIP interests


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CHOOSING A FINANCING SOLUTION WITH THE GSE’S

RECOGNIZED EXPERTISE IN MULTIFAMILY FINANCE

CBRE’s Debt & Structured Finance is the premier provider of commercial and

multifamily financing and investment sales. In addition to our relationships with

correspondent life companies and institutional lenders, our fully integrated

platform provides seamless direct access to the Fannie Mae and Freddie Mac

financing programs.

Fannie Mae

Bridge Financing


CMBS

HUD FHA

Freddie Mac

Mezzanine Financing

Preferred Equity Fund

Joint Venture Equity

Permanent Financing

473 DEALS with CBRE

in 2015

FINANCING

$7.95 B

Freddie Mac

#3 Lender for

Fannie Mae DUS in 2015

Fannie Mae

161 DEALS with CBRE in 2015

FINANCING

$4.03 B

#1 Freddie Mac Seller/Servicer in 2015

CBRE Multifamily Capital, Inc. is one of the leading approved lenders under

Fannie Mae’s Delegated Underwriting and Services (DUS) program since 2011.

AMERICA’S BIGGEST PROVIDERS OF MULTIFAMILY

MORTGAGES

CBRE is the #1 Freddie Mac lender in 2015 and Top 3 for Fannie Mae

Our committed relationship to the GSE’s allows us to achieve the best

results for our clients

The programs allow us to provide our clients with responsive service and

certainty of execution

In 2015, CBRE financed $11.98+ B with the GSE’s and $9.2+ B with other

lenders (FHA, life companies, banks, conduit, etc.)

The GSE’s have many different products and features that allow us to

structure transactions to meet and exceed the unique requirements of our

borrowers

$47.3 B in total MF loan volume in 2015

$42.3 B in total MF loan volume in 2015

T E A M C A P A B I L I T I E S


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FROM 2013-2014,

CBRE CLOSED

$559.5 MILLION

IN FHA LOANS

34 DEDICATED

PERSONNEL

LOCATED IN

10 U.S. STATES

PERSONNEL WITH

PREVIOUS HISTORY

UP TO 26 YEARS

WORKING FOR HUD

$516 MILLION CLOSED

FROM 2015-PRESENT

CHOOSING A FINANCING SOLUTION WITH HUD / FHA ACCESS TO THE HIGHEST LEVERAGE NON-RECOURSE FINANCING

In 2007, CBRE added FHA (Federal Housing Administration) direct lending

capabilities to its multifamily platform through the creation of CBRE HMF. CBRE’s

dedicated FHA group is staffed with seasoned professionals who offer extensive

FHA financing expertise and product knowledge to provide efficient and effective

financing delivery. CBRE HMF is an approved:

• HUD FHA MAP (Multifamily Accelerated Processing) Lender

• LIHTC Pilot Program Lender

• LEAN (expedited healthcare processing) Lender

• GNMA Issuer/ Servicer

The team originates, funds and services FHA-insured long-term, fixed rate, non-

recourse, fully-amortizing loans. FHA-insured financing programs include

integrated construction/permanent loans and permanent acquisition/refinance

loans for multifamily, healthcare and hospital properties nationwide.

Through our excellent relationships with HUD headquarters and local field office

personnel and our focus on servicing the complete needs of our borrowers, we

have created one of the most knowledgeable FHA and tax credit financing groups

in the marketplace. Our FHA financing experts are located in San Francisco,

Dallas, Boston, Denver, Seattle, Portland, Atlanta, Columbus, Pittsburg and

Miami.

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MULTIFAMILY LENDING

LENDING SOURCES

FANNIE MAE

CBRE Capital Markets became a Fannie Mae DUS lender in April 2008 and since

then has completed more than $19 Billion in CBRE Fannie Mae debt placement

transactions. In 2014, Fannie Mae closed $28.6 Billion2. CBRE has been a top 5

DUS lender since 2010 and in 2015 closed $4.03 Billion.

Through the DUS program, we are able to provide flexible and attractive

multifamily financing nationally. Fannie Mae is always in the market, and we

control the underwriting and loan approval under the DUS program. This allows us

to provide our clients with responsive service and certainty of execution on Fannie

Mae’s full complement of highly competitive multifamily products. The DUS

program’s many rate options and product features allow us to structure

transactions to meet and exceed the unique requirements of our borrowers.

FREDDIE MAC

CBRE’S Freddie Mac Seller-Servicer lending platform has been named the top

multifamily lender by Freddie Mac since 2009, with a total of $28.3 Billion in 2014,

an increase of 10% over the prior year1. In the past six years, CBRE Multifamily

has originated more than $17.65 Billion in Freddie Mac transactions. CBRE has

been ranked among the top three Freddie Mac lenders every year since 2004 and

#1 for 6 years running. Our committed relationship allows us to achieve the best

results for our clients.

FHA/ HUD LENDING

CBRE is an FHA-approved direct lender offering the full array of FHA multifamily

mortgage insurance programs. Competitive financing solutions are available for

multifamily rental, cooperative, seniors and health care properties for new

construction, substantial rehabilitation, moderate rehabilitation, refinance and

acquisition. We also specialize in affordable housing involving low income housing

tax credits and tax-exempt housing bonds. In 2014, CBRE closed $226.5 Million in

FHA loans3. In 2015, over $383 Million in FHA direct lending was secured.

1: Donovan, P., McAuliffe, B., Pentland Lally, C., Ostermick, J., Rice, J. I., Havsy, J., Chervachidze, S., Eddins, Q., (2015). Annual absorption at the highest level since 2010. Marketview.

U.S. Multifamily, Q4 2014, pp 8.

2: Donovan, P., McAuliffe, B., Pentland Lally, C., Ostermick, J., Rice, J. I., Havsy, J., Chervachidze, S., Eddins, Q., (2015). Annual absorption at the highest level since 2010. Marketview.

U.S. Multifamily, Q4 2014, pp 8.

3: CBRE FHA. CBRE.com, Inc, n.d. Web. 2 April 2015. http://www.cbre.us/services/capitalmarkets/multifamily/Pages/hud-fha.aspx.

LIFE COMPANIES

15% of CBRE’s loan volume was originated with Life Companies in 2015, 271

loans for $5.57 Billion in loan volume. Life Insurance companies will remain

active in 2016. Allocations are expected to be the same, or greater, with a

projected target loan volume of $65-$70 Billion for the year. Life Companies

plan to diversify their portfolios this year by offering a varying length of terms

from short term floating rate to long term fully amortizing 30/30 loans.

BANKS

CBRE financed nearly 400 loans for $7.21 Billion with bank lenders in 2015.

Banks will remain active, but due to new regulations we are seeing them

become more conservative. They will remain active in stabilized financings,

transitional properties and ground up construction. We expect to see spreads

widen as new regulations bring additional costs to banks that will be passed

along to the borrower.

CMBS

2015 ended with the CMBS markets choppy and volatile. CBRE closed 160+

loans for $2.9 billion in loan volume during 2015. We expect to see the

number of CMBS lenders decrease as profit margins and originations decline

due to the uncertainty in the market. Spreads have widened and will continue

to bounce around as the market corrects.

DEBT FUNDS

Debt Funds are active and looking to place debt at higher levels of the capital

stack. Debt funds will provide a good alternative source of financing for

transitional properties and ground up construction. Pricing varies depending

on how high up they are willing to go in the capital stack.

http://www.cbre.us/services/capitalmarkets/multifamily/Pages/hud-fha.aspx




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DEBT & STRUCTURED FINANCE

The world’s leading developers and commercial property owners turn to

CBRE’s Debt & Structured Finance to provide creative financial solutions for

their commercial real estate investment needs. CBRE has long-term,

established relationships with more than 400 of the industry’s premier

international lenders, including banks, pension funds, life insurance and

credit companies, conduits/CMBS entities, government-sponsored entities

and offshore investors.

With specialized Debt & Structured Finance professionals in nearly every

major market, CBRE Capital Markets provided financing for more than $21

billion in commercial real estate across the United States in 2012. In 2013,

$25.6 billion and more than $30 billion in 2014. The total for 2015 equaled

$39.3 billion in financing.

CBRE Debt & Structured Finance professionals, located in 30 offices across

the United States, specialize in the placement of debt and equity finance for

all major property types. Areas of expertise include:

Permanent Financing

Bridge Loans


Joint Venture Equity

Loan Restructuring

Loan Sales Advisory

Loan Servicing

Mezzanine Debt

Structured Equity

Note Financing Purchase

Mr. Behrens, Mr. Weber and their team have long-term, established

relationships with some of the industry’s premier lenders, including GSE’s,

banks, pension funds, life insurance and credit companies, conduits/CMBS

and offshore investors. The team’s successful tenure through multiple real

estate cycles grants them the ability to provide creative financial solutions for

the investment needs of the client. The key to successful capital structuring is

effectively mixing market research and financial acumen to distinctively

position debt and equity opportunities within the marketplace. This team has

the experience, ingenuity, and relationships to create solutions for all complex

capital needs.

The high level of expertise and individual client commitment of the team is

illustrated by the activity levels achieved for 2015 June 30 trailing 12 months*.

During this period, Debt & Structured Finance professionals completed $31.6

billion in loan originations and loan sales and serviced $95 billion in loans on

a national level. We are experienced in securing funding and servicing loans

from $1 million and upwards for all property types.

Source: CBRE Capital Markets. | *(01/01/15-12/31/15) | **Excludes Loan Sales and Property Sales

DEBT & STRUCTURED FINANCE LOAN ORIGINATIONS BY DEAL

SIZE* TRAILING 12 MONTHS**

DEBT & STRUCTURED FINANCE LOAN VOLUME

TRAILING 12 MONTHS


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02 CBRE CAPITAL MARKETS OVERVIEW

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RECENT MULTIFAMILY DEALS | PORTFOLIO FINANCING ASSIGNMENTS

FAIR OAKS WEST APARTMENTS SUNNYVALE, CA

UNITS 766

FINANCED $151,000,000

LENDER Fannie Mae

TYPE OF LOAN Debt – Rehab Loan

INDIGO APARTMENTS REDWOOD CITY, CA

UNITS 469

FINANCED $121,250,000

LENDER Wells Fargo Bank

TYPE OF LOAN Debt - Construction

OASIS AT WAIPAHU APARTMENTS WAIPAHU, HI

UNITS 176

FINANCED $52,000,000

LENDER Fannie Mae

TYPE OF LOAN Debt – Rehab Loan

MARKHAM CUPERTINO, CA

UNITS 504

FINANCED $152,925,000

LENDER Fannie Mae

TYPE OF LOAN Debt - Permanent

MERIDIAN AT STANFORD RANCH ROCKLIN, CA

UNITS 452


LENDER HUD


THE LAGOONS FOSTER CITY, CA

UNITS 406


LENDER Fannie Mae

TYPE OF LOAN Regulatory Agreement


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THE GANTRY SAN FRANCISCO, CA

UNITS 105


LENDER Northwestern Mutual

TYPE OF LOAN Debt – Construction Take-Out

UNITS 796


LENDER Freddie Mac


NATOMAS RIDGE SACRAMENTO, CA

UNITS 372


LENDER Prudential Insurance


BAILEY FARMS BOTHELL, WA

UNITS 129


LENDER East West Bank

TYPE OF LOAN Bank – Bond Financing Construction

EVIVA MISSION BAY SAN FRANCISCO, CA

PACIFIC GARDENS VENTURA, CA

UNITS 309


LENDER Freddie Mac


KINECTS SEATTLE, WA

UNITS 344


LENDER Ohio State Teachers Retirement Fund

TYPE OF LOAN Debt - Construction

UNITS 492


LENDER Fannie Mae


SANTA FE SALT LAKE CITY, UT

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14 | CBRE SENIOR HOUSING DEBT & STRUCTURED FINANCE TEAM CAPABILITIES

CAPITAL MARKETS OVERVIEW

PUTTING THE PLATFORM TO WORK

CBRE Capital Markets combines investment sales, advisory, financing and

mortgage banking into a single, fully integrated global service offering. As the

recognized worldwide leader in the real estate investment community, our clients

have access to complete capital markets solutions anywhere around the globe

through our unparalleled offerings in:

• The acquisition and disposition of income-producing properties and

portfolios for third-party owners and corporate occupiers

• Debt and equity placement for all property types

• Entity-level mergers and acquisitions, capital raising, pre-IPO advisory and

corporate level strategic valuations

This unique platform works to assure clients that all alternative recapitalization

strategies are evaluated. When working with buyers of assets, optimal debt

structures are often secured, enabling borrowers to obtain more loan proceeds

at attractive terms and sellers to achieve better results. By combining investment

sales with financing and mortgage banking solutions, investors are ultimately

provided with maximum flexibility to achieve their capital needs.

PROVEN RESULTS

With a total consideration of $104.16 billion, CBRE sold one in every ten

deals in the United States in 2014, according to Real Capital Analytics, further

demonstrating the company’s preeminence in the marketplace. The success of

CBRE’s professionals is a direct result of their ability to effectively and consistently

serve their clients by putting the platform to task in creating and applying:

• Investment banking capabilities founded on unparalleled knowledge of real

estate fundamentals

• In-depth capital markets and development expertise

• Dedicated financial and human resources

• 100% commitment from senior leadership

• Knowledge of and relationships with current and emerging buyers

• Maximum value, best structure and optimum timing with minimal disruption

to the client

• Access to global capital through dedicated group leadership

• Credibility to help investors validate and create winning underwriting and

purchasing decisions

• Well-balanced and compelling marketing campaigns

2014 CAPITAL MARKETS U.S. ACTIVITY LEVEL BY PRODUCT TYPE

LOAN ORIGINATIONS

MULTIFAMILY

OFFICE

INDUSTRIAL

RETAIL

LOAN SALES

BUYER REP

LAND

HOTEL

SPECIAL PURPOSE

Source: CBRE Capital Markets

3% 3% 2%

5%

26% 6%

7%

$104.16B 2014 ACTIV ITY

12%

23%

16%

CAPITAL MARKETS OVERVIEW PUTTING THE PLATFORM TO WORK

CBRE Capital Markets combines investment sales, advisory, financing and

mortgage banking into a single, fully integrated global service offering. As the

recognized worldwide leader in the real estate investment community, our clients

have access to complete capital markets solutions anywhere around the globe

through our unparalleled offerings in:

The acquisition and disposition of income-producing properties and portfolios

for third-party owners and corporate occupiers

Debt and equity placement for all property types

Entity-level mergers and acquisitions, capital raising, pre-IPO advisory and

corporate level strategic valuations

This unique platform works to assure clients that all alternative recapitalization

strategies are evaluated. When working with buyers of assets, optimal debt

structures are often secured, enabling borrowers to obtain more loan proceeds at

attractive terms and sellers to achieve better results. By combining investment

sales with financing and mortgage banking solutions, investors are ultimately

provided with maximum flexibility to achieve their capital needs.

PROVEN RESULTS

CBRE remains the preeminent firm for commercial real estate investment

sales. 2014 marked the ninth consecutive year that the firm claimed the

top spot among U.S. brokers, according to Real Capital Analytics (RCA).

The success of CBRE’s professionals is a direct result of their ability to

effectively and consistently serve their clients by putting the platform to task

in creating and applying:

Investment banking capabilities founded on unparalleled knowledge of

real estate fundamentals

In-depth capital markets and development expertise

Dedicated financial and human resources

100% commitment from multifamily and construction leadership

Knowledge of and relationships with current and emerging buyers

Maximum value, best structure and optimum timing with minimal

disruption to the client

Access to global capital through dedicated group leadership

Credibility to help investors validate and create winning underwriting and

purchasing decisions

Well-balanced and compelling marketing campaigns

Source: CBRE Capital Markets.


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VALUE PROPOSITION

CBRE is the undisputed #1 real estate services provider in the world

leveraging a plethora of resources to successfully complete any real estate

assignment. Our ability to coordinate all business lines, effectively utilize

both international and local expertise, and openly share relationships and

information ensures that even the most complicated assignment will be

executed successfully. The Capital Markets platform leverages these

resources allowing our professionals to be as effective on a single-asset,

local-market assignment as on a sophisticated, multi-location portfolio. This

highly efficient network lends itself to unparalleled service delivery and

solidifies CBRE as the global leader in institutional investment real estate.

Clients benefit from the following:

A global platform that has been refined over three decades and is

supported by a network of 449 offices around the world

A core philosophy of “teaming to win,” ensuring that the strengths of the

entire company are applied to each client’s needs

A technology platform that enables transparent, but protected, access to

all information pertinent to clients and opportunities

Broker-dealer licensure

Top in-house Capital Markets talent to provide expertise in:

Consulting (buy-side and sell-side)

Investment sales

Valuation and underwriting

Financing

Loan servicing and sales

Mortgage banking

An unmatched network of professionals to ensure the best and most

qualified team is assembled for each client and assignment

THE CBRE DIFFERENCE

Globalization and the deregulation of emerging markets are creating

significant opportunities and challenges for real estate market participants.

Over the last century, as our clients grew nationally and internationally, CBRE

anticipated their needs by continuously evolving the breadth and depth of our

services. In the last decade, the real estate services business has

consolidated into a handful of truly global players, of which CBRE is the

acknowledged market leader. As Standard & Poor’s notes, CBRE’s “global

reach means that it is one of the few real estate firms capable of handling

complicated real estate transactions for large multinational corporations.” Our

ongoing effort to build the preeminent, global, vertically integrated real estate

services firm has created value for our clients—whether they are private

investors working in a single market or multi-billion-dollar pension funds

investing globally. Working in a spirit of respect, integrity, service and

excellence, our account teams have pride of ownership in the work they do.

Our professionals are innovative and customer focused, passionate about

their work, and dedicated to building long term relationships.

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CBRE MULTIFAMILY

CBRE Multifamily continues to set the bar as the industry leader. With the most

powerful platform, covering all facets of the apartment industry, we provide

our clients access to the most experienced and highly specialized professionals

in every market. In terms of total dollar volume, CBRE has completed more

multifamily property transactions than any other brokerage firm in the United

States since 2001.1

TOP FIRM SINCE 2001 U.S. MULTIFAMILY (PER RCA)

CBRE’s Capital Markets Platform, comprised of property sales, finance and

investment banking businesses, works as a seamless, fully integrated service

offering to assure clients that all investment strategies are evaluated. As the

recognized worldwide leader in advising our clients on the purchase and sale

of income-producing properties, Debt & Structured Finance, and entity-level

consultancy and execution, we offer complete capital markets solutions on both

an national and global level. With multifamily finance professionals in nearly

every major market, CBRE Capital Markets is able to offer comprehensive

investment sales services.

2014 MULTIFAMILY INVESTMENT SALES BY TRANSACTION VOLUME

$40.0

$35.0

$30.0

$25.0

$20.0

$15.0

$24.3B+ MULTIFAMILY TRANSACTIONS

#1 FREDDIE MAC SELLER/SERVICER 2009-2014

65 OFFICES U.S. MULTIFAMILY

$8.5B+ AGENCY LOAN ORIGINATIONS

#1 NON-BANK COMMERCIAL REAL ESTATE LENDER

300+ PROFESSIONALS U.S. MULTIFAMILY

$10.0

$5.0

$0.0

MARCUS & MILLICHAP HFF ARA JLL

$5.9B FREDDIE MAC DIRECT LENDING

$2.5B FANNIE MAE DIRECT LENDING

$5.5B OTHER DIRECT LENDING

1Source: Real Capital Analytics

22.2%

$24.3B 8.5% 8.1% 6.7%

3.8%

$9.3B $8.9B $7.3B

$4.1B

$14 BILLION+ 2014 MULTIFAMILY MORTGAGE VOLUME

$ Bi

llions

CBRE MULTIFAMILY

CBRE Multifamily continues to set the bar as the industry leader. With the

most powerful platform, covering all facets of the apartment industry, we

provide our clients access to the most experienced and highly specialized

professionals in every market. In terms of total dollar volume, CBRE has

completed more multifamily property transactions than any other

brokerage firm in the United States since 2001.

CBRE’s Capital Markets Platform, comprised of property sales, finance

and investment banking businesses, works as a seamless, fully

integrated service offering to assure clients that all investment strategies

are evaluated. As the recognized worldwide leader in advising our clients

on the purchase and sale of income-producing properties, Debt &

Structured Finance, and entity-level consultancy and execution, we offer

complete capital markets solutions on both, a national and global level.

With multifamily finance professionals in nearly every major market,

CBRE Capital Markets is able to offer comprehensive investment sales

services.

Source: Real capital Analytics

2015 U.S. Apartment Rankings

$24.6+ BILLION IN 2015

MULTIFAMILY SALES TRANSACTIONS

$12.4+ BILLION IN 2015

AGENCY LOAN ORIGINATIONS

#1 FREDDIE MAC

SELLER/SERVICER 2009-2015

LEADING NON-BANK

COMMERCIAL REAL ESTATE LENDER

65 OFFICES

U.S. MULTIFAMILY

300+ PROFESSIONALS

U.S. MULTIFAMILY

$21.4+ BILLION 2015 MULTIFAMILY MORTGAGE VOLUME


23

1Q:2016 MULTIFAMILY TRANSACTION ACTIVITY

Source: Real Capital Analytics.

$38.6B in Q1 2016 sales volume (12% above Q1 2015)

Individual asset sales totaled $23.9B in Q1 2016 (-4% year-over-year

decrease)

Portfolios made up 38% of total volume for Q1 2016

$26.2B of sales volume in secondary and tertiary markets (Average Deal

Size was $21.7M)

$11.8B of sales volume in “sexy six” markets (Average Deal Size was

$18.3M)

$156B in trailing four-quarter sales volume

Highest four-quarter sales volume on record (began in 2001)

Moody’s/RCA CPPI: Apartment prices are up 12% on the year and 39%

ahead of 2007 peak prices

2015-2016 HOMEOWNERSHIP TRENDS

43M renter households (single-family and multifamily) currently in U.S.

20M renters in multifamily structures (5+ units)

Among the 22M new households that will be formed between 2010-2030,

13M are expected to rent and 9M are expected to buy

There have been 900,000 new single-family and multifamily renter

households annually over the last 5 years

The National Homeownership Rate is at 63.6% through Q1 2016

Lowest rate since mid-1960s

Homeownership Rate for 65 or older renters is at 78.5%

(peaked at 81.8% in 2004)

Number of renters who are 65 or older will reach 12.2M by 2030

8M in 2015 - More than double the level in 2010

65 or older renters will account for more than half of new demand

1.2M of the additional 2.2M rental units to be created over the

next 5 years

Between 2007 and 2013, 65 or older renters increased occupancy in

multifamily units by 1.3M (70% of the increase), compared to a 459,000

unit increase in multifamily occupancy among Millennials (24% of the

increase)

Individuals currently under age 30 will form over 20M new households in

the next 10 years, majority of which will be renters


24

03 CBRE CORPORATE OVERVIEW

26

a. includes 17 countries covered by

affiliate offices

b. excludes 87 affiliate offices

c. excludes approximately 4,150

affiliate employees

d. excludes affiliate sales & leasing

professionals; includes

approximately 150 mortgage

brokerage professionals

e. includes approximately 370 million

sq. ft. managed by affiliate offices

f. includes loan sale advisory

g. includes $0.1 billion of Long-Term

Operating Assets (projects that

have achieved a stabilized level of

occupancy or have been held 18-

24 months following shell

completion or acquisition)


27

CORPORATE OVERVIEW CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company

headquartered in Los Angeles, is the world’s largest commercial real estate services

and investment firm (in terms of 2015 revenue). The Company has more than

52,000 employees (excluding affiliates), and serves real estate owners, investors and

occupiers through more than 372 offices (excluding affiliates) worldwide. CBRE

offers strategic advice and execution for property sales and leasing; corporate

services; property, facilities and project management; mortgage banking; appraisal

and valuation; development services; investment management; and research and

consulting. Whether it is a local, national or global assignment, CBRE applies insight,

experience, intelligence and resources to help clients make informed real estate

decisions. The many strengths that CBRE brings to each transaction include:

An intimate knowledge of virtually every major market in the world

Intellectual capital and technological resources that develop and deliver superior

analytical, research and client service tools to its professionals

A proven track record of meeting diverse client needs

Leadership positions in all service lines

An organizational structure that harnesses the firm’s collective expertise

$55.45

$41.88

$18.31 $17.76 $16.67

$14.10

$10.16

$6.38

$0

$10

$20

$30

$40

$50

$60

CBRE Cushman &

Wakefield

JLL Newmark Grubb

Knight Frank

Billio

ns

Source: Real capital Analytics

Q3 2015 YEAR-TO-DATE- OVERALL BROKER RANKINGS


29

CBRE’s global footprint aligns perfectly with the migration of global capital. CBRE

lives where the capital lives and has been there for decades — Asia, the Pacific,

throughout the Americas and EMEA. CBRE not only know this capital intimately, but

escorts it and advises it as it migrates from one market to another and from one part

of the world to another.

In 2015, CBRE completed sales and lease transactions with a total value of $310.6

billion, covering 61,850 lease transactions valued at $104.4 billion and 25,300

property sales transactions valued at $206.2 billion. CBRE also has a global property

and corporate facilities management portfolio that totals more than 5.2 billion square

feet, including affiliate company portfolios. The firm had $89 billion in investment

assets under management and $6.7 billion of active development projects in process

(includes $0.1B of long-term operating assets as of December 31, 2015). In addition,

CBRE completed $40.8 billion in loan originations (includes loan sale advisory),

$135.7 billion in loan servicing and 147,375 valuation and advisory assignments last

year. Finally, the firm performed project management contracts valued at $42.4

billion.

GLOBAL PRESENCE

*Includes loan sales advisory, **Includes loan serviced by GEMSA, a joint venture between CBRE Capital Markets and GE Capital Real Estate

CORPORATE LOCATIONS

AFFILIATE LOCATIONS


30

04 TEAM & BIOS


32


33

ANDREW M. BEHRENS VICE CHAIRMAN

JESSE D. WEBER SENIOR VICE PRESIDENT

SCOTT WILLIAMS VICE PRESIDENT

DAVID ROBERTS SENIOR PRODUCTION ANALYST

STEPHEN BAIRD VICE PRESIDENT

JEANNETTE LEONE PRODUCTION ANALYST

MEGAN KERSHEK CLIENT SERVICES COORDINATOR

CHARLOTTE WALKER PRODUCTION ANALYST

THE TEAM

WITH 108 SUCCESSFULLY COMPLETED TRANSACTIONS SINCE JANUARY 2015, SAN FRANCISCO’S MULTIFAMILY DEBT & STRUCTURED FINANCE TEAM HAS BROUGHT IN A TOTAL OF $2.2 BILLION IN GROSS VOLUME.

AS DIRECT LENDER, CBRE CAPITAL MARKETS IS THE PREMIER PROVIDER OF COMMERCIAL & MULTIFAMILY FINANCING AND INVESTMENT SALES.

34

ANDREW M. BEHRENS VICE CHAIRMAN

PROFESSIONAL EXPERIENCE

Andrew Behrens joined CBRE in the fall of 2009 and is a member of CBRE Institutional Properties, one of only eight

dedicated multifamily/Senior Housing professionals to achieve this elite honor. He consistently ranks within the top 1% of

professionals globally in terms of production. Mr. Behrens brings with him more than 30 years of multifamily experience

representing both Institutional and Private Equity owners throughout the Western United States. Mr. Behrens has been

responsible for closing more than $16 billion worth of multifamily financing throughout his career, including a record setting

$1.2 billion credit facility with Fannie Mae. Mr. Behrens has intimate knowledge of Fannie Mae, Freddie Mac and FHA and

uniquely understands each product’s specific features, allowing him to match transactions and debt accordingly. His

relationships with the decision makers at the GSE’s allow him to bring a level of expertise and surety of execution to

transactions that are difficult to duplicate.

SENIOR HOUSING

Over the past 30 years, Mr. Behrens has been involved in financing, and has financed more than one $1.5 billion in Senior

Housing. This included structuring in all aspects of the capital stock including joint venture and preferred equity, mezzanine

financing, bridge construction and permanent debt. Mr. Behrens has a deep understanding of the industry, levels of care and

the needs of the aging population.

CONSTRUCTION DEBT / JOINT VENTURE EQUITY

Mr. Behrens increased his service offerings by establishing a construction debt and joint venture equity practice under the

CBRE Debt & Structured Finance platform. Under this service line, Mr. Behrens and his handpicked team of experienced

professionals source construction Debt & Structured Finance for multifamily projects in the Western United States. In addition

to his production responsibilities, Mr. Behrens is Team Leader and Production Manager for Multifamily Capital Markets in

Northern California and Northern Nevada. In this role, he oversees a team of 20 debt and sales professionals focused on

multifamily within the region.

WALL STREET / COMMERCIAL MORTGAGE BANKING SERVICES

During the recession of 2008, CMBS executions dried up almost completely. However, now that the economy has recovered,

values have been reset, and new credit standards are in place, CMBS is again playing an important role in the financing of

commercial real estate. Our team has extensive knowledge of contracts and expertise in executing CMBS financing.

LIFE COMPANIES

Life Companies have always had a permanent role in Real Estate financing. Mostly driven by credit asset quality, Life

Companies remain a viable option for future asset and borrowers that are looking for structure, larger deal sizes or lower

leverage.

Debt & Structured Finance

T: +1 415 772 0211

C: +1 415 987 6655

[email protected]


35

ACHIEVEMENTS

Top Transaction Associate Bay Area–2009 to 2015

Top 10 Production Award–2010 to 2015

Colbert Coldwell Circle–2009 to 2015

While at Prudential and Lend Lease, Mr. Behrens was consistently the top performer within the respective companies

CLIENTS REPRESENTED

PROFESSIONAL AFFILIATIONS/ACCREDITATIONS

Licensed California Real Estate Salesperson

Member–Mortgage Bankers Association (MBA)

Member–California Mortgage Bankers Association (CMBA)

Acacia Capital Companies

Barry Swenson Builder

Bascom Northwest Ventures

Blackrock

Carmel Partners

EJ Williams Construction Company

First Republic Bank

Fremont Bank

Hamilton Zanze

Lend Lease REI

Montgomery Advisors

Pacific Coast Capital Partners

Prometheus

RCG Longview

Sares Regis

Sobrato Development Companies

Tandem Properties

The Bascom Group

The Prime Group

The Reliant Group

Unico

Vandenberghe Properties

Wachovia

Warburg Pincus

EDUCATION

Bachelor of Science in Hotel Administration–University of Nevada, Las Vegas

36


Jesse Weber is a Senior Vice President with CBRE’s Capital Markets Debt and Structured Finance Group. He and his

business partner, Andrew Behrens, and their team lead the Northern California effort to provide their clients with CBRE’s

direct lending products including Fannie Mae, Freddie Mac and HUD, as well as provide access to the broader capital markets

such as Life Companies, CMBS, Banks & Alternative Sources. In addition to their expansive debt capabilities, they also have

the ability to source Equity from the global markets. Mr. Weber has over 8 years of multifamily experience representing both

Institutional and Private Equity owners throughout the Western US.

Mr. Weber has extensive knowledge of Fannie Mae, Freddie Mac and FHA and uniquely understands each product’s specific

features, allowing him to expertly guide his clients to the proper solution for their financing needs. He is able to deliver a surety

of execution and expertise to all transactions because of his relationships and access with the decision makers at the GSE’s .

Prior to joining CBRE in 2013, Mr. Weber spent six years with PNC Real Estate as a Vice President in their San Francisco

office. In that role he was responsible for delivering capital to the multifamily sector throughout the Western US and had the

primary responsibility for all clients located in Northern California.

Prior to entering the finance sector, Mr. Weber spent four years in sales with two NBA basketball teams, the Golden State

Warriors and the Memphis Grizzlies.

NOAH M. REISCHMANN VICE PRESIDENT

JESSE D. WEBER SENIOR VICE PRESIDENT

Debt & Structured Finance

T: +1 415 772 0235

C: +1 415 730 8952

[email protected]


37

ACHIEVEMENTS

Over $5 Billion of closed debt transactions

Recognized as a top Emerging Leader in the Real Estate Industry (Real Estate Forum Magazine)

While at PNC Real Estate, Mr. Weber was consistently a top performer and received numerous awards and distinctions, including a 2012 Market All-Star

award and 2012 Top 5 Producer recognition

CLIENTS REPRESENTED

PROFESSIONAL AFFILIATIONS/ACCREDITATIONS

Member of ULI, BAMA, and The Belden Club

Licensed California Real Estate Salesperson (Lic # 01820711)

CBRE Next Generation (Executive Committee Board Member)

EDUCATION

Amherst College; B.A. in Law, Jurisprudence and Social Thought

Acacia Capital Companies

Argosy Capital

Carmel Partners

DiNapoli Capital Partners

Gerson Baker

Golden State Financial

Hamilton Zanze

JB Matteson

Kromer Investments

Lowe Enterprises

Prometheus

Rockwood Capital

Sack Properties

Sares Regis

The Reliant Group

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Scott Williams is a Vice President with CBRE Capital Markets in San Francisco, CA. Mr. Williams is responsible for the

origination of JV equity and debt for multifamily assets in the Western Region. Since joining CBRE, Mr. Williams has been

involved in the placement and underwriting of over $5.16 billion in financing transactions.

Mr. Williams’ areas of expertise include joint venture equity, preferred equity and structured finance. In addition, Mr. Wil liams

has an extensive background in arranging debt and development loans with portfolio lenders, banks and CMBS lenders.

Mr. Williams began his career with LJ Melody & Company, the debt and structured finance division of CBRE, and has been a

member of the Debt & Structured Finance Group in San Francisco since 2011. Prior to joining the San Francisco team, Mr.

Williams spent 11 years with CBRE’s Sacramento Debt & Structured Finance Group where he participated in the origination of

nearly 125 loans totaling more than $1.2 Billion in volume.

PROFESSIONAL AFFILIATIONS


SCOTT WILLIAMS VICE PRESIDENT

STEPHEN BAIRD VICE PRESIDENT


Stephen Baird is a Vice President with CBRE Capital Markets in the San Francisco office. Mr. Baird is responsible for the

origination of debt for multifamily assets in the western region. Since joining CBRE, Mr. Baird has been involved in the

placement and underwriting of over $2.4 billion in financing transactions.

Mr. Baird’s areas of expertise include a broad knowledge of real estate finance with experience in structuring Fannie Mae,

Freddie Mac, construction and Life Company transactions throughout the Western United States.

Mr. Baird began his career with Prudential Mortgage Capital Company participating in the origination of over $1.2 Billion in

mortgages financed through Prudential’s General Account, Fannie Mae, Freddie Mac, HUD and other Prudential capital

sources.




39


David Roberts is a Production Analyst with CBRE Capital Markets in the San Francisco office. Since joining the team in May

2011, Mr. Roberts has participated in the placement and underwriting of over $2 Billion of multifamily loans.

Mr. Roberts is focused on front end financial analysis and plays an integral role in best serving the pre-underwriting needs of

the team's clients. Main responsibilities include loan sizing, deal prescreening and coordinating third party reports.

Prior to beginning his career in finance, David was Operations Manager in CBRE’s Oakland office for seven years and was

responsible for budgeting and P&L management.



DAVID ROBERTS PRODUCTION ANALYST

CHARLOTTE WALKER PRODUCTION ANALYST


Charlotte Walker is a Senior Production Analyst with the San Francisco CBRE Capital Markets team. Since joining the team in

June 2015, Ms. Walker has participated in the placement and underwriting of over $730 million of multifamily loans.

Ms. Walker is focused on front end financial analysis and plays an integral role in best serving the pre-underwriting needs of

the team's clients. Main responsibilities include loan sizing, deal prescreening and coordinating third party reports.

Ms. Walker brings two years of commercial property management experience from the Bay Area based company, Harvest

Properties. Team management and preparing properties for commercial sales has helped her become a skilled and valuable

member to the CBRE Capital Markets team, knowing how the assets are managed and maintained. With this knowledge Ms.

Walker can adequately and diligently create reports that will benefit the clients from beginning to end.

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TEAM SUPPORT

MEGAN KERSHEK CLIENT SERVICES COORDINATOR


Megan Kershek serves as a Client Services Coordinator for the CBRE Capital Markets San Francisco office, including

assisting the team with national marketing efforts. Since joining the team in January 2015, Miss Kershek has performed data-

base organization, detailed market research, as well as digital and print outreach.

Ms. Kershek joined San Francisco's Debt & Structured Finance team to further promote one of the nation’s top producers in

Multifamily Capital Markets. She facilitates the efforts involved in creating best-in-class custom marketing and collateral for the

team’s multifamily listings.

Miss Kershek has been in marketing for over 7 years managing teams to ensure quality output and results.

JEANNETTE LEONE PRODUCTION ANALYST


Jeannette Leone serves as a Production Analyst for the CBRE Capital Markets San Francisco office. Since joining the team

in April 2011, Ms. Leone has participated in the processing of loans totaling over $2 Billion.

Ms. Leone performs finance-related due diligence, detailed market analyses and provides transactional support, including

managing document checklists, collecting documents and reviewing them for accuracy and maintaining the loan files.

Before joining CBRE Capital Markets, she worked as the Secretary Treasurer of a major title and escrow company in

Southern Arizona, managing the account servicing department as well as escrow and corporate accounting. Ms. Leone has

been in the multifamily realm for over 15 years managing condominium associations in both Washington State and Hawaii.

SAN FRANCISCO C A P A B I L I T I E S O V E R V I E W

ANDREW M. BEHRENS Vice Chairman Lic. 01215934

T +1 415 772 0211 [email protected]

www.cbre.com/DSFSanFrancisco

Multifamily Debt & Structured Finance

JESSE D. WEBER Senior Vice President

Lic. 01820711 T +1 415 772 0235

[email protected]

Capital Markets

6.2016

© Copyright 2016 CBRE Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of the CBRE Global Chief Economist.

DSF Capabilities_AB,JW 6.2016

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