CPN 2008 GreenBook

Giants Freddie Mac F reddie Mac purchases single-family and multi-family residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage-related securities and debt instruments in the capital markets. Freddie Mac has made home buying possible more than 50 million times since its founding in 1970. Since the 1993 introduction of the Freddie Mac Program Plus network of multi-family loan originators and servicers, Freddie Mac has provided financing for over 55,000 multi-family properties totaling more than $194 billion. The company closed a record $44.7 billion in new multifamily transactions in 2007, a 55 percent increase over 2006’s $28.8 billion. The 2007 volume includes almost $4 billion in targeted affordable housing products that financed apartments that receive some form of government subsidy. Freddie Mac’s total multi-family transactions financed 644,400 apartment homes that are affordable to families earning low or moderate incomes. Additional 2007 highlights for Freddie Mac’s multi-family business included more than $17 billion processed through its flow programs, more than $5 billion processed through its structured programs, $1 billion in seniors housing mortgages, $450 million in low-income-housing tax-credit investments, a portfolio securitization volume of $200 million and more than $22 billion in CMBS activity, including small-loan volume. Freddie Mac’s single-family division also surpassed its commitment to buy $20 billion in consumer-friendly mortgages for subprime borrowers seeking to refinance out of problematic loans. Additionally, Freddie Mac and its servicers helped almost 47,000 borrowers avoid foreclosure and keep their homes by devising individual workout plans for troubled loans. The Federal Reserve System has been considering ways to maintain oversight of Freddie Mac and its operations. Treasury Secretary Henry Paulson recently introduced a plan that would give the Fed authority to access information it deems necessary to oversee Freddie Mac. Overall, Freddie Mac performed poorly in the second quarter this year, with a net loss of $821 million, but its multi-family practice jumped MICHAEL MAY from $98 million in the first quarter Senior Vice President to $118 million in the second quarof Multi-Family Freddie Mac ter. Days before Freddie Mac announced its earnings, the Housing and Economic Recovery Act of 2008, a bill designed to protect housing governmentsponsored enterprises from fiscal collapse, was signed into law. Lincoln Property Co. L incoln Property Co. launched in 1965 as a developer and manager of residential communities, primarily in Texas and the Southwest. In the early 1970s, it began to diversify its product mix by adding to its portfolio of garden apartments both townhouses and condominiums and ultimately urban and suburban office properties, industrial facilities, neighborhood shopping and specialty retail centers, major mixed-use developments and build-to-suit projects. Through the years, the company has developed more than 185,000 multi-family units and more than 98 million square feet of office, industrial, retail, mixed-use and build-to-suit projects. It manages more than 130,000 residential units and over 150 million square feet of commercial space, 70 percent of that for third-party clients. Its development pipeline is valued at $1 billion and spans New Jersey, Boston, Chicago, Atlanta, Orlando, Los Angeles, Dallas and Washington, D.C. Lincoln Property is best known for its 7,320-unit “city within a city” Village Apartments complex in Dallas, a collection of 14 properties, including a recently completed 572-unit community. The company’s most recently opened properties include Trinity Bluff, a 304-unit property overlooking the Trinity River in Downtown Fort Worth, Texas; Mustang Park, a 289-unit property in Carrollton, Texas, near Dallas; and the Goodwynn at Town: Brookhaven, a 372-unit property within an Atlanta mixed-use development. The company’s private-sector success led to an innovative public-private joint venture that the military set in place in 2001. This partnership has resulted in the development and management of over 30,000 homes for Navy, Army and Marine Corps families nationwide. In December 2007, Lincoln Property opened two new military properties at Patuxent River Naval Air Station in Maryland: Columbia Colony with 92 homes and Challenger Estates with 125 residences, both named after space shuttles. In addition to its U.S. operations, Lincoln Property operates internationally through AIG/Lincoln, a strategic partnership between AIG Global Real Estate Investment Corp. and Lincoln Property Co. AIG/Lincoln develops office properties, logistics/business parks, retail space, residences and build-tosuit/corporate real estate in Europe and has established presences in more than 200 cities. 12 Commercial Property News The 2008 Multi-Family Greenbook

Table of Contents Feed for the Digital Edition of CPN 2008 GreenBook

CPN 2008 Greenbook Table of Contents Industry Update Green Update Giants Owners, Managers & Developers REITs Finance Firms Seniors Housing Providers Service Firms Software Providers Activity Index Alphabetical Master Listings

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