August 29, 2008 Multi-Family Loan Programs > $3 Million Agency Lenders Term 5 Yr. 7 Yr. 10 Yr. 15 Yr.

*Rates based on Act/360 Fixed Rate Term 3 Yr. 5 Yr. 7 Yr. 10 Yr. 15 Yr. *Rates based on Act/360 Fixed Rate Leverage Max. 80% 80% 80% 80% Interest Rates 6.10% to 6.25% 6.09% to 6.38% 6.26% to 6.47% 6.63% to 6.92% Portfolio Lenders* Interest Rates 6.05% to 6.25% 6.50% to 6.70% 6.65% to 6.90% 6.95% to 7.45%

Leverage Max. 75% 75% 75% 75%

Multi-Family Loan Programs < $3 Million Agency Lenders Leverage Max. 80% 80% 80% 80% 80% Interest Rates 6.12% to 6.51% 6.15% to 6.45% 6.23% to 6.53% 6.27% to 6.57% 6.83% to 7.70% Commercial Loan Programs Portfolio Lenders*

Portfolio Lenders* Interest Rates 5.90% to 6.25% 6.05% to 6.35% 6.50% to 6.70% 6.65% to 6.90% 6.95% to 7.45%

Leverage Max. 75% 75% 75% 75% 75%

Index Rate as of 8-29-08 3.65% 4.03% 4.26% 4.50% 5.00% 5-Year Treasury: 7-Year Treasury: 10- Year Treasury: 30-Day LIBOR: 90-Day LIBOR: 3.09% 3.50% 3.81% 2.49% 2.81%

Term Leverage Max. Interest Rates 3-Year Swap: 5 Yr. 75% 6.25% to 6.55% 5-year Swap: 7 Yr. 75% 6.45% to 6.75% 7-Year Swap: 10 Yr. 75% 6.63% to 7.00% 10-Year Swap: 15 Yr. 75% 7.05% to 7.75% Prime: Bridge Floating Leverage Max. Spread Over Libor Stabilized 75% 225 to 300 Re-Position 80% 275 to 350 (*Portfolio Lenders include Banks, Life Insurance Companies and Credit Unions) Economic Commentary

8-29-08 Agency multi-family interest rates declined slightly for the second straight week. Portfolio lender rates remained unchanged for the week. 10-year Treasuries were down 6 basis points for the week, closing at 3.81 percent, reflecting continuing concern about the credit market turmoil. There was still no indication from the Federal Reserve that it is close to raising rates.

Recent Transactions 3700 20th Street Multi-Family Midrise San Francisco, CA $2,850,000 6.05% Interest Rate 360-mos. Term/360-mos. Amort. Hastings Jackson Square STNL Lake Jackson, TX $2,000,000 6.20% Interest Rate 120-mos.Term/360-mos. Amort. Walgreens Retail - Neighborhood McDonough, GA $2,400,000 6% Interest Rate 60-mos. Term/360-mos. Amort. 1775 Lexington Ave. Multi-Family/Retail New York, NY $2,725,000 5.88% Interest Rate 60-mos. Term/360-mos. Amort.

For more information, contact: William Hughes Senior Vice President / Managing Director Newport Beach, CA Office: (949) 851-3030 whughes@marcusmillichap.com

Terms, rates and conditions subject to change.

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