berkadia capabilities

certainty.The value of

a Berkshire Hathaway and Leucadia National company

At Berkadia, we view every market action through an entrepreneurial lens. We constantly seek out new opportunities on our clients’ behalf and move decisively to seize those moments. Our capital strength, market knowledge, breadth of experience and deep industry relationships ensure that we can deliver the certainty of execution that our clients depend on.

We’re invested in advancing investors.

berkadia the value of certainty 1

Our offering spans the full range of services and includes all commercial property types, with a special focus on multifamily thanks to deep relationships with Fannie Mae, Freddie Mac and HUD. Our market expertise, access to diverse sources of capital and ability to deliver flexible, customized lending and servicing solutions positions Berkadia as the ideal partner for multifamily and commercial property owners and developers.

Berkadia began in 1994 when GMAC Commercial Mortgage (GMACCM) was created as an outgrowth of GMAC Mortgage. GMACCM became one of the largest commercial real estate finance companies in the industry, with operations around the globe.

In March 2006, an investor group comprising Kohlberg, Kravis Roberts & Co. (KKR), Five Mile Capital Partners, LLC and Goldman Sachs Capital Partners completed the acquisition of a majority interest in GMAC Commercial Holding Corp. The company then changed its name to Capmark Financial Group Inc. (Capmark).

In december 2009, Berkshire Hathaway and Leucadia National Corporation (LUK) acquired Capmark’s North American loan origination and servicing business, forming Berkadia.

We’ve continued to deepen our expertise in multiple products and asset classes, adding the investment sales and research capabilities of the former Hendricks & Partners to create one of the market’s most robust commercial real estate companies.

Berkadia is a joint venture of Berkshire Hathaway and Leucadia National Corporation, both of which are renowned for their capital strength and sophisticated investment strategies.

berkshire hathaway inc. (NYSE: BRK.A and BRK.B) is a holding company owning subsidiaries engaged in a number of diverse business activities including property and casualty insurance and reinsurance, utilities and energy, retailing and services.

leucadia national corporation (NYSE: LUK) is a diversified holding company. Leucadia’s largest business is Jefferies, a global, full-service investment banking firm. Leucadia also owns and holds investments in a range of other businesses, including manufacturing, beef processing, telecommunications, real estate and energy.

Berkadia is an industry-leading real estate company. We provide comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties, and rank among the largest, highest- rated and most respected primary, master and special servicers in the industry.

No matter where you sell, buy or finance—or where you’d like to do so in the future—we’re there to help you make it happen.

Mortgage banking

P. 14

INVESTMENT SALES

P. 16

about berk adia

our offerinG

our history our oWnershiP

nationWide reach, local exPertise

SERVICING

P. 18

berkadia the value of certainty 32 the value of certainty berkadia

Berkadia is known for our ability to navigate the complexity of working with government-sponsored entities and noted for our excellence in the multifamily space. What many people don’t realize, however, is that we’re deeply involved in virtually every facet of the industry, with broad experience working with all income property types.

The Berkadia difference.

the Market’s Most coMPrehensive offerinG.

Powered by seasoned professionals with an average of 25 years of industry experience, Berkadia offers a full range of services for the life of your property from acquisition to disposition, including financing options for all commercial property types including multifamily, retail, office, industrial, affordable housing, seniors housing, student housing and manufactured housing

communities.

the flexibility you need. the aGility the MarketPlace deMands.

As a non-bank-regulated, closely held corporation, Berkadia has the flexibility to respond to the market and make non-recourse loans that can be customized to each client’s unique needs and circumstances.

stronG leadershiP in turbulent tiMes.

Thanks to our scale and access to resources, we can provide the financial stability owners need in all market conditions. Whether the market goes up, down or sideways, we provide clients with the certainty of consistent capital throughout the cycle.


and doing the right thing—that’s how you build a business.”

$17 billionBerkadia’s 2014 loan origination volume surpassed $13 billion, while investment sales exceeded $4 billion.

3x $1 billionWe’ve arranged three large portfolio loan executions that exceed $1 billion for each of the last three consecutive years.

“Honoring your commitments

Mark MccoolPresident, Berkadia Commercial Real Estate Services


2013Berkadia is the only major GSE lender to increase Fannie Mae and Freddie Mac production and market share in 2013.

$3.7billion We arranged $3.7 billion with Freddie Mac in 2013, which marks the second consecutive year that the company has been named Freddie Mac’s second-largest lender.

“We use our entire financial toolbox to deliver the best possible execution.”

laura M. cathlinaSenior Vice President, Mortgage Banker


“Because we can advise,

Jason kruG Vice President, Investment Sales

Pete benedettoSenior Vice President, Managing Director

14,000Over 14,000 transactions financed throughout our history.

finance and service, we can give clients a totally seamless experience.”

$12.1billionSince 2012, our Investment Sales division has closed more than 1,200 transactions, totaling $12.1 billion.


“A fantastic team, an incredible

#1#1 for Freddie Mac in both structured transactions and conventional transactions in the Northeast region this past year.

6565 offices nationwide, covering all major markets.

balance sheet and strong leadership. That’s a recipe for success.”

david oakleyPartner, Investment Sales


With a deep bench of experienced mortgage banking professionals across the country, Berkadia has the capability to provide debt and equity solutions for commercial real estate encompassing all sizes and geographies. Our capital sources enable short, intermediate and long-term solutions to meet your needs in the acquisition, refinance, rehabilitation and repositioning of your asset(s).

by ProPerty tyPe

1% hosPitality1% industrial/

Warehouse1% self storaGe2% office

3% Multi-use6% retail8% healthcare78% MultifaMily

Expertise for every engagement.

berk adia / MortGaGe bankinG

ranked aMonG the best

2013 Production exPertise

that’s Why 70% of

our business

consists of rePeat clients.

1 News Release: “Freddie Mac Names Top Multifamily Lenders of 2013” February 3, 2014

2 News Release: “Fannie Mae and its Lenders Finance $28.8 Billion in Multifamily Loans in 2013” February 4, 2014

3 HUD ranking based upon originated loans FYE 9/30/14

1 aGency solutions / $7.3 b

Freddie Mac Program Plus

Fannie Mae DUS Seller/Servicer

HUD MAP and Lean Originator

Originated $7.3 billion in 2013

2 healthcare seniors housinG / $849 M

Fannie, Freddie, HUD Execution

Industry-Leading Team with Over 20 Years’ Experience

Originated $849 million in 2013

3 corresPondent relationshiPs / $1.2 b

40+ Life Company Relationships

Variable-Term Fixed-Rate Loans

Tenured Relationships

Originated $1.2 billion in 2013

4 conduit execution / $809 M

Relationships with Leading Conduit Lenders

Existing Servicing Agreements

Contributed $809 million in 2013

5 ProPrietary lendinG / $1.4 b

Customized Solutions

Fixed and Floating

Recapitalized and Repositioning Assets

Facilitate Permanent Financing

Originated $1.4 billion Since Inception

by investor tyPe

1% other4% ProPrietary6% bank8% conduit

12% life coMPany16% hud19% fannie Mae34% freddie Mac

34%freddie Mac

78%MultifaMily

#2freddie Mac toP seller nationWide 1

13.2%

freddie Mac Production uP year-over-year

70.5%

fannie Mae dus Production for seniors housinG uP year-over-year

#4fannie Mae dus Producer for seniors housinG2

#1hud loan oriGination 3

trendinG in 2014


350k350,000 oWners and investors to drive value

leadershiP

$80btotal historical sales by our advisors exceeds $80 billion

Leadership from locally based apartment advisors

Coordinated effort by elite group of advisors

Average advisor has 20 years in each local market

Total historical sales by our advisors exceeds $80 billion

Integrated multifamily banking and capital markets platform

Integrated approach to providing multifamily sales, capital and market expertise

Full suite of services including sales, debt, equity and advisory

Access to a wide array of multifamily capital products

Seamless collaboration with Berkadia’s mortgage banking professionals

National central database powered by the nation’s leading apartment research provider

18 years of rich apartment data

Track owners, sales and assets in real time

Access both institutional and private capital

350,000 owners and investors to drive value

Brokers share active buyer information across markets

State-of-the-art national support platform

15 dedicated apartment support divisions

Integrated technology and workflow platform

Best-in-class execution and accountability

Provides complete transparency every step of the way

1515 dedicated aPartMent suPPort divisions

suite of

services

Berkadia’s investment sales platform delivers industry-leading marketing and research focused primarily on multifamily owners, properties and markets. We maximize value for apartment owners by providing a fully integrated platform that marries local real estate expertise with capital markets knowledge.

Building upon the sales advisory practice, our focus also includes multifamily debt placement, structured finance, private equity and a full menu of apartment advisory services.

Where the entrepreneurial spirit thrives.

berk adia / investMent sales

no Matter What your investMent

sales Goal,

We can helP you Work toWard

realizinG it.

inteGration

database

suPPort

sales debt

eQuity advisory


by location

2% n.c.

3% neW Jersey

3% Pennsylvania

3% Maryland

4% virGinia

4% illinois

6% florida

8% texas

11% neW york

16% california

40% other

by ProPerty tyPe

1% self-storaGe

1% Mobile hoMe

3% Mixed use

3% healthcare

4% industrial

7% other

8% lodGinG

22% retail

24% office

27% MultifaMily

Fitch RatingsPrimary CPS1-

Master CMS2

Standard & Poor’sPrimary Strong

Master Strong

Special Above Average

MorningstarPrimary MOR CS1

Master MOR CS1

Special MOR CS2

40%other

27%MultifaMily

client services

Investor Relations

Borrower-Initiated Requests

Research Projects

Due Diligence

Data Services

Compliance

Private Label Services

Construction Loan Administration

Document Workflow

Client Web Portal

Customized IT Development

loan adMinistration

Loan Boarding

Tax and Insurance Administration

Escrow Analysis

Reserve Administration

Adjustable Rate Administration

Letter of Credit

Monitoring

UCC Administration

Payoff Administration

cash ManaGeMent

Payment Processing

Bank Reconciliations

Cash Management

Investor Reporting

Budget Monitoring

Trigger Monitoring

Waterfall Administration

Advance Facility

Defeasance Administration

collateral & asset ManaGeMent

Financial Statement Analysis

Rent Roll Analysis

Property Inspections Administration

Surveillance

Watchlist Administration

Market Research

Asset Management

Covenant Monitoring

Default Management

2013 Portfolio coMPosition

ratinGs exPertise

and that helPs our clients

ManaGe

their Greatest econoMic

and oPerational challenGes.

Berkadia is widely recognized as an industry leader in customer service and client satisfaction. Our servicing platform supports all products and market sectors including commercial mortgage- backed securities, balance sheet lending, life company portfolios, agency programs and institutional investments.

Our multi-cycle industry knowledge and experience in managing diverse portfolios enables us to deliver seamless service and customized solutions.

Unparalleled quality, flexibility and customer service.

berk adia / servicinG


We’re in this for the long haul. To us, every deal is the start of a new relationship or the continuation of one built on the trust that comes with certainty of execution. We see our clients as partners, investors for whom maximizing the value of their real estate assets isn’t just the most important thing, it’s the only thing.

That’s why we’ve built the business we’ve built. We’re fanatical about commercial and multifamily real estate sales and finance, backed by an unrivaled servicing portfolio. Our commitment, breadth and scale enable us to drive value and deliver the capital and executional certainty you need to advance your investments to their full potential.

Execution is just the end of the beginning.

20 the value of certainty berkadia

a Berkshire Hathaway and Leucadia National company

berkadia capabilities

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