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Gramercy Capital Corporation

Gramercy Capital Corporation was formed in April 2004; the company listed itself in

the NYSE on Jul 28, 2004 as a “national commercial real estate special finance company

organized as a real estate investment trust (REIT)”. (About Us. Gramercy Capital

Corporation. Retrieved December 3, 2008 from http://www.gramercycapitalcorp.com/). At its

IPO a total of 12.50 million shares were offered at $15.00 per share. It was sponsored by SL

Green Realty Corporation, which still owns about 20% of Gramercy Capital. Its underwriters

are Merrill Lynch, Pierce, Fenner & Smith Incorporated; Wachovia Capital Markets,

LLC; Banc of America Securities LLC; JMP Securities LLC.

It is an externally managed company. Its purpose is to provide customized

commercial real estate finance products to sophisticated property investors in markets

throughout the United States. Gramercy is headquartered at 420 Lexington Avenue, New

York, NY 10170. The company also has a regional investment office located in Los Angeles.

The management team of gramercy is composed of seasoned and experienced

professionals. Roger Cozzi is the present CEO and the President of the company. He has

joined the firm in October this year. Before joining Gramercy he was Managing Director at

Fortress Investment Group, LLC. Between 1998 and 2007, he held progressively senior roles,

including CIO at iStar Financial Inc. Robert R. Foley is the current COO of the company. He

is one of the founders of gramercy. In July 2004, Bob was co-director of Goldman Sachs &

Co.'s real estate mezzanine and high-yield lending programs. John Roche is the existing CFO

of Gramercy Capital Corp. he possess an impressive REIT and real estate background. Before
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coming to Gramercy, he has served as Executive Vice President & Chief Financial Officer at

New Plan Excel Realty Trust.

With offices in New York and Los Angeles staffed with experienced commercial real

estate lenders committed to providing thoughtful, responsive and efficient financing to

sophisticated entrepreneurial borrowers, the firm is in the process of developing a national

lending portfolio. Furthermore, Gramercy expects to form strategic partnerships with best-in-

class commercial real estate owners and lenders.

The company intends to originate structured real estate finance investments in areas

where it believes it may utilize its capital, market knowledge, extensive experience in

evaluating real estate risk, and familiarity in employing a wide range of financing structures,

to create tailored financial solutions to client problems that also fulfill Gramercy's mission of

generating appropriate risk-adjusted returns for its shareholders.

Gramercy has the necessary experience, capitalization and above all the national reach

to provide one-stop financial solutions to its borrowers who are seeking to acquire properties,

refinance existing property investments, and/or fund property renovations in virtually all

major geographic markets and all property types, including office, retail, apartments,

industrial, hotel, and select categories of special-purpose real estate.

The firm's portfolio of products includes bridge loans, mezzanine financing, interests

in whole loans, private equity investments, preferred equity and mortgage-backed securities.

The company also owns about 1,000 properties primarily leased to banks and other financial

institutions; Bank of America and Wachovia being its largest tenants and together account for

nearly half of all rental revenues. Gramercy is also looking to acquire Mortgage-Backed

Securities, Distressed Debt and other similar Real Estate-Related Investments.

A summarized account of the company’s current portfolio of products offered is

presented here. The source of these information is the company website itself.
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• Transitional Mortgage Loans

Amount: up to $100 million

Loan to Value Ratio: up to 90%

Index: 1MO LIBOR

Amortization: Variable

Property Types: CBD and suburban office, neighborhood and community retail,

apartments, industrial, lodging, and residential conversions

Geography: All major US markets

• B Notes

Amount: up to $75 million

Loan to Value Ratio: up to 75%

Index: 1MO LIBOR

Amortization: Variable

Property Types: CBD and suburban office, neighborhood and community retail,

apartments, industrial, lodging, and residential conversions

Geography: All major US markets

• Mezzanine Loans

Amount: up to $75 million

Loan to Value Ratio: up to 85%

Index: 1MO LIBOR

Amortization: Variable

Property Types: CBD and suburban office, neighborhood and community retail,

apartments, industrial, lodging, and residential conversions

Geography: All major US markets
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• Preferred Equity Investments

Amount: up to $50 million

Loan to Value Ratio: up to 90%

Index: 1MO LIBOR

Amortization: Variable

Property Types: CBD and suburban office, neighborhood and community retail,

apartments, industrial, lodging, and residential conversions

Geography: All major US markets

• Opportunistic Investments

Sub-performing and non-perfoming loans, note purchase financings, net lease

investments,and other special situations.