1 | september 12, 2014

The New York-based private Orthodox Jewish institution Yeshiva University re-ceived a $175 million loan from Kansas City, Mo.-based UMB Bank to refinance five ed-ucational buildings the university owns in Manhattan.

The 10-year debt, which closed in late August, replaced previous short-term loans that were coming due this fiscal year and “raised addition-al liquidity and runway to support university initiatives in the coming years,” a spokesperson for the univer-sity told Mortgage Observer Weekly.

The properties are located at 215, 245 and 253 Lexington Avenue and 2495 and 2520 Amsterdam Avenue with Yeshiva College and the Stern College for Women among the tenants, public records show.

“As part of this financing, the university pledged several of its core assets located on the Wilf and Beren campuses as collateral, without affecting its core academic missions,”

the Yeshiva spokesperson said. “The universi-ty continues to own an expansive and valuable real estate portfolio across three Manhattan campuses.”

In early March, Moody’s Investor Service downgraded Yeshiva’s rating, for the fifth time in three years, to B3 from B1. The rating agen-

cy also warned investors in a March 21 report that the private institution is at risk of running out of money in 2015, due to “poor financial oversight and high expenses.”

The institution’s financial prob-lems started in December 2008 when Yeshiva lost an estimated $105 mil-

lion after its former trustee Bernard Madoff was arrested for operating a massive Ponzi scheme that defrauded investors of an esti-mated $65 billion.

Yeshiva, which held $315 million of debt as of March, according to Moody’s, has been

Chetrit, Clipper Equity Score $229M Construction Loan for Flatotel Conversion

The Insider’s Weekly Guide to the Commercial Mortgage Industry

The LEAD

See Yeshiva... continued on page 4

Struggling Yeshiva University Refinances Five

Manhattan Properties

“Ugait, cor in henim dit eum ent euguer in verate.

Ugait, cor in henim vullam nulput prat, sis

dit eum ent” —Name Here

From Name of article on page X

In This Issue

1 struggling Yeshiva University refinances Five manhattan properties

1 Chetrit, Clipper equity score $229m Construction Loan for Flatotel Conversion

3 Historic philadelphia building recaps With Natixis, madison International

3 Chase CtL Finances Kips bay multifamily Acquisition

4 related Fund management Lends $60m for Hotel Near Hudson Yards

5 CIt Lends on Kushner and KAbr Jersey City Development

6 CGI receives Cmbs Loan From rialto for miracle mile property

7 berkadia sources $12m From C-III Capital for Conn. refi

“The market for commercial real estate has become highly speculative,

with fundamentals not keeping pace with prices.”

—Ronald Dickerman From Q&A on page 11

Investor duo Joseph Chetrit and Clipper Equity received $228.5 million in construc-tion funds to convert a Midtown hotel that was foreclosed on last year to a combination of office and residential condominiums.

The Flatotel, at 135 West 52nd Street, will become a five-floor “boutique” office con-dominium and 37 floors of luxury condos, ac-cording to a representative for Meridian Capital Group, which brokered the loan with Deutsche Bank.

Sales of condos at the $300 million project have commenced, according to StreetEasy.

See Chetrit... continued on page 6

2 | september 12, 2014

Quality People | Quality Processes | Quality RelationshipsTHIS IS THE WALKER & DUNLOP DIFFERENCE

Commercial Real Estate Finance

www.walkerdunlop.com

California loans will be made pursuant to a Finance Lenders Law License from the Department of Business Oversight.

Quality Makes All The

Difference

3 | september 12, 2014

David Marx’s 399-key hotel proj-ect near the Hudson Yards mega-proj-ect got a $60 million bridge loan from Related Fund Management and Highbridge Principal Strategies. The soon-to-rise Courtyard by Marriott sits at 461 10th Avenue, near 34th Street.

Related Fund Management, a sub-sidiary the transformative project’s developer, The Related Companies, launched the credit platform with New York-based investment firm Highbridge last year, with plans to in-vest $800 million in real estate debt, especially in gap financing.

The loan will refinance and fund pre-development on the hotel, which is waiting on EB-5 funds from Manhattan Regional Center. EB-5 is a federal program that allows for-eign investors to receive green cards in exchange for job-creating

investments of at least $500,000 in the U.S. While EB-5 funds are cheap capital for real estate projects, sourc-ing the funds and receiving all the necessary approvals can involve years of administrative delays.

Related Fund Management has now invested about 40 percent of its fund distribution goal with this loan, a representative for Related told Mortgage Observer. The firm de-clined to provide further specifics on the deal.

Related and Oxford Property Group, the real estate arm of the Ontario Municipal Employees’ Retirement Fund, broke ground at the Hudson Yards in December 2012. The project, slated to take decades, should add more office space to New York than currently exists in the en-tire city of Portland, Ore.

—Guelda Voien

Related Fund Management Lends $60M for Hotel Near Hudson Yards

© 2013 CIT Group Inc. CIT and the CIT logo are registered service marks of CIT Group Inc.

CIT Bank makes loans without regard to race, color, religion, national origin, sex, handicap, or familial status.

ACQUISITION AND CONSTRUCTION FINANCING: OFFICE RETAIL INDUSTRIAL MULTI-FAMILY

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underwriting experience and market expertise to help real estate

organizations grow. We originate and underwrite senior secured

real estate transactions, emphasizing moderate leverage, a visible

repayment strategy and market competitive terms and pricing.

Visit cit.com/realestatefi nance Matt Galligan, EVP/Group Head, 212-461-7740

A rendering of the Hudson Yards

4 | september 12, 2014

Chase Commercial Term Lending pro-vided a $15 million loan for the acquisition of a multifamily rental property at 153-155

East 32nd Street in Kips Bay, Mortgage Observer Weekly has exclusively learned.

The seven-year hybrid loan to Bronx-based Sacchetti Realty Corporation carries an interest rate in the mid-3 percent range with a loan-to-value ratio of 44 percent, according to the lender.

Chase CTL East Area Manager Chad Tredway, Regional Sales Manager Judy Guarino and Client Manager Michael Bivona led the transaction. Michael Tuck of Tuck Capital Associates brokered the deal.

“Michael Bivona provided personalized service from the start to the finish,” said pri-vate real estate investor Michael Sacchetti. “The bank was ready to close in less than 36 days.”

Sacchetti Realty acquired the property

from Pan Am Equities, run by the New York-based Manocherian family, for $43.7 million in late August with plans to operate the property as it is, one person familiar with the negotia-tions said. Chase, Mr. Sacchetti and Mr. Tuck declined to name the seller.

The borrower had conflicting timing con-straints as it went to contract on the acqui-sition due to both parties’ 1031 exchange deadlines, Mr. Tuck said. (A 1031 exchange al-lows an investor to defer capital gains taxes if profits from a sale are used to buy another sim-ilar asset within 180 days).

“After obtaining several very competitive financing quotes it was apparent that Chase had an immediate understanding of the is-sues and our past experience with them gave everyone the confidence they would timely deliver,” said Mr. Tuck. “In all respects it was a smooth transaction with constant commu-nication between Chase and our office.”

—Damian Ghigliotty

Cushman & Wakefield arranged $88.2 million in debt and equity to refinance the Mellon Independence Center in Philadelphia.

The recapitalization of the mixed-use property included $65.5 million of debt from Natixis Real Estate Capital and $17 million in equity from Madison International Realty, according to a spokesperson for C&W.

Located at 701 Market Street, the 723,000-square-foot building has 122,000 feet of retail and 613,000 of office space.

A C&W team of Steve Kohn, Dave Karson, Alex Hernandez, Chris Moyer and Suraj Ravi served as exclusive advisor to landlord The Brickstone Companies.

“The property is well positioned to benefit from the pending redevelopment of the Market East corridor, with signifi-cant upside potential in its retail space and the imminent addition of rooftop sig-nage,” Mr. Hernandez said in a statement from C&W.

The building was built in the renais-sance revival style in 1917, and gutted and redeveloped by Brickstone in 1987.

—Guelda Voien

Historic Philadelphia Building Recaps With Natixis, Madison International

701 Market Street

Chase CTL Finances Kips Bay Multifamily Acquisition

MOW EXCLUSIVE

taking measures to mitigate its financial woes.In May, the Orthodox university sold 10

apartment buildings in Washington Heights for a combined $72.5 million. The proceeds from the sale of those properties would pro-vide “an infusion of cash that will be used to strengthen our financial position,” Yeshiva President Richard Joel wrote on the univer-sity’s blog at the time.

That transaction followed Yeshiva’s sale of four office buildings in Midtown in the winter of 2013 for a combined $202.5 million.

Yeshiva’s properties and land were valued at about $602 million prior to the sales, The Real Deal reported in December 2013.

“Since the beginning of 2014, the university has embarked on a series of financial and op-erational initiatives to address and strengthen its financial position and academic business model as it continues to move towards long-term sustainability,” the Yeshiva spokesper-son told MOW.

UMB Bank declined to comment on the refinancing.

—Damian Ghigliotty

Yeshiva...continued from page 1

5 | september 12, 2014

CIT Lends on Kushner and KABR Jersey City Development

A rendering of 88 Kushner-KABR

Jersey City is catching the eyes of more institutional financiers—defy-ing its prior reputation as a gritty New York neighbor.

CIT Real Estate Finance served as the lead lender, arranger and admin-istrator in a $140 million senior loan to a partnership between Kushner Companies and the KABR Group for the development of their 50-story rental property in New Jersey’s sec-ond-most populous city, according to a recent CIT release.

Four additional lenders, which were not disclosed, took part in the three-year acquisition and construction loan for the project at 65 Bay Street titled 88 Kushner-KABR. CIT is holding $55 million in the debt deal.

The loan covers the purchase of a parking garage, 7,200 square feet of re-tail space and land to house the planned 447-unit rental building, which is being

constructed one block east of the city’s 55-story Trump Tower. Additional proceeds will fund the rental tower’s development.

The Kushner-KABR development will share the garage space with Trump Tower upon completion.

Jersey City’s City Council awarded the project a five-year tax abatement in April, allowing the developers to pay no taxes for the first year, with incre-mental tax increases in the following years, as reported. The property is due for completion by mid-2016.

“We are quite proud to be con-tributing in the further develop-ment of Jersey City,” CIT Real Estate Finance President Matthew Galligan told Mortgage Observer Weekly. “Our ability to put our com-mercial real estate expertise to work for Kushner and the KABR Group will enable them to develop the tallest

rental apartment building in Jersey City, offering unobstructed views of Manhattan, the Statue of Liberty and the George Washington Bridge.” The total project cost is estimated at about $200 million, according to the senior lender. The development will include a 3,000-square-foot rooftop deck, spa and cyber café and “is de-signed to attract young professionals who want a luxury product with conve-nient access to Manhattan and lower rents,” according to CIT Real Estate Finance Managing Director Chris Niederpruem, who took part in the transaction.

[Jared Kushner, president and chief executive officer of the Kushner Companies, is the owner of Observer Media Group, which publishes Mortgage Observer and Mortgage Observer Weekly.]

—Damian Ghigliotty

6 | september 12, 2014

The Miami-based private-equity and alter-native investment manager CGI Merchant Group, which focuses on commercial real es-tate and infrastructure, secured $23.4 million in CMBS financing through New York-based Rialto Group for a mixed-use property the firm owns in Coral Gables, Fla., according to a release from the borrower.

CGI acquired the office and retail prop-erty at 55 Miracle Mile for $26.8 million in October 2013 and refinanced it this month with the securitized debt from Rialto, which will bolster capital reserves and help pay for tenant improvements.

The 15-story property was recently reap-praised at $29.1 million and received an in-vestment-grade rating from Fitch Ratings.

Additionally, New York-based Terra Capital Partners closed a five-year, $3.4 mil-lion mezzanine loan backed by 55 Miracle Mile, according to a separate release.

Since acquiring the property last year, CGI has invested in capital improvements, includ-ing cosmetic upgrades to the building’s exteri-or, corridors and lighting system, as well as its interior office spaces.

“Last year, when others were simply look-ing at this property from an occupancy stand-point, feeling that it had already been fully stabilized, we had a different perspective,” Raoul Thomas, chief executive of CGI, said in a written statement. “Instead, our exten-sive due diligence involved looking at rent per square foot, as well as the area’s trending

comps in this regard, which pointed to an en-tirely different story.”

The property contains 65,242 square feet of retail and office space as well as a 402-space parking garage. Commercial tenants at 55 Miracle Mile include HSBC Bank, Ben & Jerry’s and Tarpon Bend, among other

national and global brands. “This is a significant transaction, and one

that underscores what we already knew from the onset—that 55 Miracle Mile is a highly qualified asset with core credit tenants,” Mr. Thomas said.

—Damian Ghigliotty

CGI Receives CMBS Loan From Rialto for Miracle Mile Property

855 Miracle Mile

The lone unit to sell so far, #35A, went for $8.5 million, closing on the same day as the construction loan did—Monday—according to city records. The other 108 condo units are listed for an average of $2,120 per square foot, according to StreetEasy, with several homes in contract.

The two-year, non-recourse, inter-est-only construction loan has a float-ing Libor-based interest rate and a one-year extension option, according to Meridian. Clipper and Mr. Chetrit’s Chetrit Group did not respond to re-quest for comment on the mortgage. A Deutsche representative declined to comment.

Chetrit and Clipper bought the building early last year from a venture among the Rockpoint Group, Atlas Capital Group and Procaccianti Group for $180 million, according to previous reports. That venture bought

the debt on the 289-room hotel from Anglo Irish Bank after previous de-veloper the Alexico Group fell in to trouble, reports show.

Chetrit and Clipper financed the acquisition with a $115 million loan

from the Variable Annuity Life Insurance Company, according to city records. VALIC is a subsid-iary of notorious insurer American International Group.

Meridian’s Aaron Birnbaum and Emanuel Westfried negotiated the most recent loan deal as well as the mortgage for the initial buy, according to the firm’s representative. The pro-ceeds of the construction loan will also be used in part to refinance the acqui-sition loan.

“The project has enjoyed a signifi-cant level of presales and construc-tion [and] is well underway and being funded with equity, making this an at-tractive opportunity for lenders,” said Mr. Westfried in a statement provid-ed exclusively to Mortgage Observer Weekly. “Meridian was able to identi-fy several capital sources interested in financing the transaction on a non-re-course basis.”

—Guelda Voien

Chetrit...continued from page 1

135 West 52nd Street

7 | september 12, 2014

New York Boston Miami San Francisco & Los Angeles212.697.3333 617.371.2425 305.503.1107 Coming Soon

Debt, Mezzanine, Equity and Investment Sales

8 | september 12, 2014

Berkadia Commercial Mortgage arranged a $11.9 million mortgage from C-III Capital Partners on a mixed-use property located in

New Haven, Conn., Mortgage Observer Weekly has exclusively learned. The loan from C-III, a subsidiary of Andrew Farkas’

Island Capital, will be used to refinance exist-ing debt and pay for repairs.

University Towers Owners Corporation secured the three-year, floating-rate loan to spruce up their complex, which dates to 1958 and combines medical offices and residential co-ops. The building is located at 100 York Street.

The Libor-based mortgage has an interest rate floor of 4.8 percent and is interest-only for the entire term, according to a representative

for Berkadia. The mortgage also allows the bor-rower to draw additional funds, if needed, to complete renovations.

Berkadia Assistant Vice President Anthony Golebiewski negotiated the loan.

“Our team was able to quickly adjust to the client’s evolving financing needs,” said Mr. Golebiewski in a statement provided exclu-sively to MOW. “We identified a lender who understood the client’s priorities, and worked to arrange a unique, flexible loan structure that helped address both near- and long-term goals.”

The residential portion of the building holds 238 studio, one-, two- and three-bedroom units and the fully occupied building has an outdoor pool.

—Guelda Voien

Berkadia Sources $12M From C-III Capital for Conn. Refi

100 York Street

MOW EXCLUSIVE

Wells Fargo has appointed Horatio Jones, one of its commercial real es-tate loan originators, to lead the bank’s South Florida office for multifam-ily GSE lending, Mortgage Observer Weekly has exclusively learned.

Mr. Jones, who is based in Fort Lauderdale, brings more than seven years of commercial real estate lending experience to the new position, accord-ing to a Wells Fargo spokesperson.

He will report to Phil Morse, a managing director at the bank who was recently named Southeast re-gion production manager for Wells Fargo Multifamily Capital, oversee-ing production offices in McLean, Va., Charlotte, N.C., Atlanta, and the recent addition of the Fort Lauderdale office.

“Horatio will proactively work with Wells Fargo’s multifamily clients to provide best-in-class service for Fannie, Freddie, FHA and balance sheet financ-ing executions,” the bank spokesperson said. “We are excited about growing the Florida office and partnering with the market rate, senior housing, student housing, & affordable housing devel-opment and investment community across the state of Florida.”

Mr. Jones joined Wachovia, which was acquired by Wells Fargo in 2008, as an analyst in the bank’s corporate development and internal M&A team in June 2002. He holds a Masters of Business Administration from Duke University’s Fuqua School of Business and a bachelor’s degree from Winston Salem State University.

“Wells Fargo has a long history of multifamily lending in the state of Florida,” Mr. Morse told MOW. “There is opportunity to support strong per-forming markets within the state and Horatio brings a solid lending back-ground to serve our clients who are ac-tive in those markets.”

Colony American Finance an-nounced that Ryan McBride joined the company as COO. In the newly created po-sition, Mr. McBride will be responsible for daily operations of the company, report-ing to President Beth O’Brien. Colony American provides acquisition mortgages for portfolios of single-family homes.

HFF hired Erik Storz as a director in the New York office, where he will focus on debt and equity for mul-tifamily, according to a re-lease from the firm. Mr. Storz has financed more than $650 million of commer-

cial real estate loans, the release said. He joins from Berkadia Commercial Mortgage, where he was the vice pres-ident of the originations department of the mortgage banking group.

“HFF New York looks forward to having Erik as a valuable member of our debt placement team. He has strong relationships with a large net-work of real estate borrowers, brokers

and lenders in the New York mar-ket, which will be of great value to our current and future clients,” Mike Tepedino, senior managing director and co-head of HFF’s New York office, said in the statement.

National Cooperative Bank hired John Holdsclaw as a senior vice president, corporate affairs. “In this role, Mr. Holdsclaw will spearhead the development of new NCB relationships, as well as manage the bank’s

existing affiliations with mission-driven national organizations,” a release from the bank said. He will also work to fur-ther NCB’s social mission to lend to an underserved group: cooperative busi-nesses and homes.

“We are very fortunate to have John’s experience and understanding of NCB’s mission to further develop relationships with CDFIs, community based organi-zations and mission-driven national or-ganizations nationwide,” said President and CEO of National Cooperative Bank Charles Snyder in a statement. “As a mission focused institution, NCB has an uncommon mandate to ensure our efforts benefit those most in need, and we’re committed to dedicating even more resources to underserved communities and cooperative expansion initiatives.”

Prior to joining NCB, Mr. Holdsclaw was the director of policy development for Capital Impact Partners, another lender with a community focus.

Workforce

John Holdsclaw

Erik Storz

9 | september 12, 2014

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10 | september 12, 2014

The Takeaway“The $116 million Bethany Roll-up Portfolio was resolved in August with a combined 16 percent loss on the A and B notes (the B note itself took an 85 percent loss),” said Joe McBride, a research analyst at Trepp. “In addition, the $68.7 million SilverCreek Portfolio Phase I loan was liquidated for a 69 percent loss in August after having been delinquent since 2008. Despite these large losses, aggregate loss severity came down significantly from July’s record high. The average loss severity came in at 37.56 percent in August, down from July’s 60.80 percent. Based on loss data over the last four years, loss severity increases as more months pass between default and resolution.” Source:

Date Loan Count Loan Balance Realized Losses Loss Severity1/10 52 351,673,469 197,929,738 56.28 2/10 34 175,084,925 114,787,790 65.56 3/10 68 343,910,972 175,729,864 51.10 4/10 92 555,041,269 328,536,514 59.19 5/10 91 467,188,046 280,932,554 60.13 6/10 86 496,171,387 290,291,474 58.51 7/10 192 1,168,717,864 721,160,123 61.71 8/10 196 1,100,838,209 680,650,395 61.83 9/10 62 630,375,207 447,462,013 70.98

10/10 73 564,384,532 299,989,519 53.15 11/10 82 570,249,536 304,845,952 53.46 12/10 184 1,094,257,845 641,086,638 58.59

1/11 155 1,269,398,271 580,118,354 45.70 2/11 81 583,400,255 289,725,531 49.66 3/11 65 410,747,897 207,687,381 50.56 4/11 146 1,047,688,935 493,258,718 47.08 5/11 123 1,228,951,674 592,607,812 48.22 6/11 167 1,503,972,282 833,864,799 55.44 7/11 147 1,030,233,377 534,897,859 51.92 8/11 131 870,618,657 503,891,149 57.88 9/11 121 1,051,804,218 571,411,407 54.33

10/11 101 836,335,852 459,084,273 54.89 11/11 195 1,967,420,190 1,078,334,911 54.81 12/11 101 878,052,203 515,977,658 58.76

1/12 136 1,163,168,342 619,140,297 53.23 2/12 68 560,489,238 224,605,118 40.07 3/12 73 759,652,992 313,914,562 41.32 4/12 121 1,172,191,687 608,972,910 51.95 5/12 135 1,295,380,725 718,905,858 55.50 6/12 126 1,037,211,761 511,270,053 49.29 7/12 141 988,048,484 520,722,842 52.70 8/12 118 1,198,609,002 764,874,825 63.81 9/12 137 1,061,240,749 574,775,450 54.16

10/12 99 996,814,478 575,479,875 57.73 11/12 136 1,210,200,882 744,963,950 61.56 12/12 97 842,525,594 488,570,902 57.99

1/13 120 871,321,068 509,250,687 58.45 2/13 60 801,534,307 426,286,808 53.18 3/13 58 670,358,237 334,685,726 49.93 4/13 104 1,436,442,517 740,052,032 51.52 5/13 70 682,012,767 407,085,434 59.69 6/13 96 1,119,314,765 704,424,337 62.93 7/13 110 1,773,451,736 891,072,636 50.25 8/13 61 776,306,573 442,551,642 57.01 9/13 75 672,710,355 374,740,010 55.71

10/13 56 871,531,148 369,697,049 42.42 11/13 91 1,072,260,517 578,670,881 53.97 12/13 80 1,165,235,417 646,018,627 55.44

1/14 74 1,205,480,049 745,755,870 61.86 2/14 114 2,589,835,745 1,208,909,802 46.68 3/14 74 1,887,186,139 1,024,482,375 54.29 4/14 48 566,668,600 333,449,178 58.84 5/14 64 859,443,048 499,296,654 58.10 6/14 63 835,154,938 421,327,735 50.45 7/14 49 542,093,149 367,342,727 67.76 8/14 76 703,073,717 370,365,746 52.68

Grand Total 5,675 53,583,465,795 29,205,925,024 54.51

11 | september 12, 2014

Q+A

Mortgage Observer Weekly: How did you get your start?

Ronald Dickerman: I’m originally from Boston and my father was in real estate, focused on old-fashioned value creation—buying fixer-uppers, put-ting in the work and financing against the equity buildup. My family’s compa-ny owned a medium-sized portfolio of apartment buildings and shopping cen-ters in the Boston area. Growing up, I used to tour the properties with my fa-ther. He put me to work on the main-tenance crews when I was a teenager. I definitely learned the business from the ground up.

You deal with joint venture and

preferred equity, which can be very complex. Is there more interest these days, as mezz prices rise?

Madison International Realty is a real estate private equity firm with a unique investment strategy. We focus solely on a “direct secondary strategy” of acquiring partial interests and providing joint ven-ture equity to Class A, quality commercial properties and portfolios in major cities in the U.S., U.K. and Western Europe. Our strategy allows existing owners, spon-sors and investors to generate liquidity in their properties or realize an early exit without an outright sale. We concentrate on existing off-market transactions and source deals primarily through our rela-tionships with owners and sponsors. It is a disciplined approach to core assets, es-pecially in frothy markets.

What types of investors do you

target? Investors in our Madison International

funds are institutional investors, such as insurance companies, pension funds, sov-ereign wealth funds, foundations and en-dowments from all around the globe. Our latest Fund V, Madison’s third consecu-tive fund to be oversubscribed, exceeded its $750 million target and closed earlier this year with $825 million of equity com-mitments from a diverse global roster of institutional investors. Investors contin-ue to show broad support for Madison’s Class A direct secondary investment

strategy as both differentiated and compel-ling, with favorable risk/return for quality commercial properties.

Do you worry about the rise in interest

rates some say is on the horizon this fall? We are concerned about the business cycle

and interest rate risk. The market for com-mercial real estate has become highly specu-lative, with fundamentals not keeping pace with prices. Rents and occupancy rates con-tinue to improve, but they still don’t justify the extremely high valuations. The U.S. eco-nomic recovery is only mid-way through its cycle and still has some room to run. We be-lieve investors should be aware that a correc-tion will be coming. Those looking to deploy capital now should exercise some caution.

What’s the most interesting deal you’ve

worked on recently? We are busy deploying Fund V, which is

already 50 percent invested. Fund V invest-ments include One California Plaza, a 42-story, Class A office tower in downtown Los Angeles, the Saks Fifth Avenue retail store in Union Square in San Francisco, and Songbird Estates Plc, which controls London’s Canary Wharf. This summer, we leased 161,000 square feet in the Trianon Building, an iconic office tower in Frankfurt where we hold an in-terest, to the German Central Bank (Deutsche Bundesbank). It was one of the largest lease signings in the city in 2014.

Ronald DickermanPresident and Founder of Madison International Realty

Ronald Dickerman

321 West 44th street, New York, NY 10036 212.755.2400

Guelda Voien editor

Damian Ghigliotty senior reporter

Cole Hill Copy editor

Barbara Ginsburg Shapiro Associate publisher

Miguel Romero Art Director

Lisa Medchill Advertising and production manager

OBSERVER MEDIA GROUP

Jared Kushner publisher

Joseph Meyer CeO

Michael Albanese president

Ken Kurson editorial Director

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Accounts Receivable Ian mcCormick

For editorial comments or to submit a tip, please email Damian Ghigliotty at

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12 | september 12, 2014

UPCOMING MORTGAGE OBSERVER ISSUES:

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Mortgage Observer is a monthly glossy magazine dedicated to in-depth coverage of the commercial real estate finance industry, delving into the trends driving commercial real estate finance and the lending philosophies of those in control of the purse strings.

The Insider’s Guide to the Commercial Real Estate Financial Industry

Companion to Mortgage Observer, Mortgage Observer Weeklyprovides industry updates and news to 12,000 real estate insiders. The weekly PDF newsletter is emailed directly to industry players every Friday morning.

To receive Mortgage Observer Weekly, please visit:commercialobserver.com/mortgage-observer-weekly-signup

For advertising information please contactBarbara Ginsburg Shapiro, Associate Publisher, at 212-407-9383, bshapiro@observer.com.

MARCH

MAY

APRIL

SEPTEMBER

NOVEMBER

OCTOBER

DECEMBER

The 50 Most Important People in Commercial Real Estate Finance

Financing the Multifamily Market

Developers and Construction Lending

Mortgage REITs

Hotel Lending / Asia

Twenty-five on the Rise: Top 25 Under 35

Office Lending / CMBS

Editorial Feature Editorial Feature

Lawyer’s Issue /

JULY/AUGUST

JUNE Retail Lending

Opportunities in Mezzanine Financing / Europe

SEPTEMBER 2014 | $10

DO MORTGAGE REITS STAND TO BENEFIT FROM THE FED'S

RICK LAZIO ON WHY TRIA NEEDS TO BE RENEWED IN NEW YORK

Q& A: BAKER HOSTETLER'S DENNIS RUSSO

Lawyers’ Issue

THE COMMERCIAL MORTGAGE INDUSTRY'S TOP LEGAL MINDS TELL US WHEN TO BE WARY

SEPTEMBER 2014 | $10

DO MORTGAGE REITS STAND TO BENEFIT FROM THE FED'S BELT�TIGHTENING?

RICK LAZIO ON WHY TRIA NEEDS TO BE RENEWED IN NEW YORK

Q&A: BAKER HOSTETLER'S DENNIS RUSSO

Lawyers’ IssueFROM EB�� FINANCE TO FRAUGHT FORECLOSURES,

THE COMMERCIAL MORTGAGE INDUSTRY'S TOP LEGAL MINDS TELL US WHEN TO BE WARY

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