CONFIDENTIAL

Mission Capital Advisors, LLC

Capmark Finance Inc.
$140 Million CDPB, LLC Portfolio Loan Sale

Asset Name UPB

CDPB, LLC Portfolio $140,322,370

Bid as % of Visited
Ranking Bidder Total Bid Price Color Cap Rate Total Cap Ex Cap Ex/Unit Bid/Unit
UPB Property
Marlboro Realty Associates, LLC (www.marlbororealty.com) is a privately held, full-service real estate investment
company based out of Marlboro, NJ. They focus their investments on a range of primarily income-producing asset
1 Marlboro Realty Associates, LLC 64.9% $91,000,000 classes in various growth markets in the US. They recently disposed of a Texas multifamily portfolio in excess of 1,800 No N/A $12,000,000 $2,648 $20,079
units; they are familiar with the market and feel that Texas offers favorable investment opportunities. They see
themselves as developers and operators, typically investing in real estate.
B.H. Equities is the investment arm of B.H. Management (www.bhmanagement.com) which is a Dallas, TX-based
multifamily management company. They have a national presence with an emphasis in the Texas markets. Currently $5,000,000 -
2 B.H. Equities, Inc. 62.4% $87,500,000 their portfolio is in excess of 35,000 units. They are familiar with these properties from when they were marketed in Yes 9% - 10% $1,103 - $1,545 $19,307
$7,000,000
the summer of 2008, and have driven by to see them first-hand.
Luxor Ramesses Capital, Inc. is a private investment company that is based out of Houston. Robert Rood is their
3 Luxor Ramesses Capital, Inc. 60.6% $85,000,000 president and CEO. Currently, they have $800 Million under management. They focus in real estate and note Yes NAV NAV NAV $18,756
purchases, and will submit an all-cash bid.
Haven Partners, LLC is a real estate company that focuses on class-B and C multifamily assets in the sunbelt area.
Previously, Andrew Schor (founder) was CEO at Alliance Holdings, LLC from 1996 to 2007, where their portfolio was as
large as 63,000 units comprising 25 communities in 16 states. Typically, their transactions range from 1,000 to 6,000
units and they have completed deals as large as $250 million. Alliance Holdings was the second highest bidder on the
4-T Haven Partners, LLC 57.0% $80,000,000 CDPB, LLC portfolio when it was sold to Dale Dodson in the late 1990s. They have also owned approximately 80 Yes N/A $10,000,000 $2,207 $17,652
apartments communities in the Houston area. This makes them very familiar with the properties. They have visited the
properties and have had their in-house construction team spend time to produce estimates. Furthermore, they are
familiar with costs of renovations and operations because of their extensive multifamily experience. Haven Partners is
looking to gain a presence in the multifamily arena.
Financial American Corporation has partnered with Redstone Partners for this transaction. Redstone Partners is a
privately held national real estate finance company, focused on multifamily properties, that is capitalized by an
Financial American Corporation and investment fund of Prudential Real Estate Investors. Both Financial American Corp and Redstone have pursued a
4-T 57.0% $80,000,000 diverse range of asset classes primarily focused in the Western US. Financial American Corp is familiar with these No N/A $4,532,000 $1,000 $17,652
Redstone Partners
properties from when they looked to acquire them during previous marketing. Additionally, they have knowledge of
local conditions within each market due to discussions with brokers, management companies, and property owners.
RCR Financial is a Los Angeles-based investment company that specializes in real estate secured notes. They focus
their efforts in Texas, California, and Louisiana; however they will look into other markets following the right value-add
opportunity; they feel that they have been recently more competitive pursuing non-performing loans. They seek to add
4-T RCR Financial 57.0% $80,000,000 to their own portfolio with a long-term investment horizon in mind. Their portfolio consists mainly of office and Yes Various $18,128,000 $4,000 $17,652
multifamily properties, and most of their recent acquisitions have been in the Texas markets. They have walked the
CDPB, LLC properties and interviewed local property managers, brokers, and lenders to become more familiar with the
submarkets and trends.
Triumph Land and Capital Management is a Richardson, TX-based real estate company that focuses in acquiring
distressed multifamily assets through real estate and note purchases. They currently have four properties consisting of
7 Triumph Land and Capital Management 55.0% $77,225,500 918 units in Texas, two of which are in the Houston markets. They also recently sold 767 units from their portfolio in Yes N/A $25,000,000 $5,516 $17,040
2008. Triumph has spent a significant amount of time physically inspecting the portfolio- not including Aubry Hills - as
they have been aware of a probable note sale since October.

In this transaction, Resource Real Estate will be part of a joint venture with Varde Partners. Resource Real Estate, Inc
(www.resourcerei.com) is a Philadelphia-based real estate firm. Resource Real Estate owns and manages a real estate
Resource Real Estate, Inc. and Varde portfolio throughout the United States with an aggregate value of $1.7 billion including over 15,000 apartment units
8-T 53.4% $75,000,000 NAV NAV NAV NAV $16,549
Partners and 1.3 million sf of commercial space. Varde is a $5 billion alternative investment manager with expertise in credit
and special situation investing. RRE has offices in Houston and is familiar with the Houston and Austin markets. They
also have a large team available on the ground that can complete any additional due diligence.
Westdale Capital is a Dallas, TX based real estate company that focuses on multifamily assets primarily in the Texas
markets. They currently have a portfolio of $1.5 Billion in multifamily properties. They are familiar with the portfolio as 6,000,000 -
8-T Westdale Capital, Ltd. 53.4% $75,000,000 they have encountered them in the past; they briefly worked with Citigroup towards an alternative strategy when they Yes 8.00% $1,324 - $1,765 $16,549
$8,000,000
held the debt.
Archon Group, which is owned by Goldman Sachs, is an international, full-service commercial real estate investment
$72,000,000 - management and mortgage loan company. Mission has worked and transacted multiple loan sales with Archon in the $15,877 -
8-T Archon Acquisitions, LLC 53.4% NAV NAV NAV NAV
$75,000,000 past. $16,548

Goldenbridge Advisors is the New York, NY based real estate investment arm of Centerbridge Partners that has an
excess of $7 billion in assets under management. It focuses in acquiring distressed real estate notes. They currently
11 Goldenbridge Advisors 51.3% $72,000,000 hold $400 million in real estate debt holdings within various asset classes across the United States. They have not been No NAV NAV $3,500 - $5,000 $15,887
to the properties, although they have extensive local color on the properties and markets from their due diligence.
 CONFIDENTIAL
Mission Capital Advisors, LLC
Capmark Finance Inc.
$140 Million CDPB, LLC Portfolio Loan Sale

Asset Name UPB

CDPB, LLC Portfolio $140,322,370

Bid as % of Visited
Ranking Bidder Total Bid Price Color Cap Rate Total Cap Ex Cap Ex/Unit Bid/Unit
UPB Property
Judwin Realty Group (www.judwin.com) is a Houston based real estate company that focuses on acquiring, developing,
and owning multi-family properties. Historically they have built in Georgia, although their recent emphasis has been in
the Houston Markets which they are very familiar with. They have developed/owned over 13,000 units in the past 30
years and they have also owned several multifamily notes; they are well-versed in note restructures, foreclosures, and
12 Judwin Realty Group 50.7% $71,133,000 Yes N/A $45,320,000 $10,000 $15,696
bankruptcies. Over the past 10 years all of their transactions have been completed with internal equity. Judwin is very
familiar with this portfolio; they have visited it, discussed it with local property managers and mortgage brokers, and
have met with Houston housing department officials to understand each property's reputation and potential issues.

Providence Management Company, LLC is a Chicago, IL based real estate company that acquires, owns, and manages
multifamily properties across the US. They currently have properties in Florida Markets as well as a property in
$15,000,000 -
13 Providence Management Company, LLC 50.6% $71,000,000 Houston. They are very familiar with this portfolio; in 2003 they had all 15 properties under contract but elected not to Yes 7.7% to 8.5% $3,310 - $3,751 $15,666
$17,000,000
pursue the acquisition due to Houston market conditions. They visited the properties as well as other comparables in
the area.
Mark Holdings, LLC (www.markholdings.com) is a full service real estate firm specializing in equity and debt
Mark Holdings, LLC and purchasers, asset management, development, construction, leasing and property management. The Tuckerman Group
14-T 49.9% $70,000,000 NAV NAV NAV NAV $15,446
The Tuckerman Group, LLC has $5.5 billion of real estate assets. They will be a joint venture for this transaction.
The Principle Equity Group (www.principleequity.com) is a Houston based fully integrated real estate investment firm
that has a national presence in commercial and multifamily properties. They have acquired over 2.4 million sf of
14-T Principle Equity Group 49.9% $70,000,000 NAV NAV NAV NAV $15,446
commercial assets and 3,106 multifamily units in the last 2 years.

Briar Capital is a Houston based real estate acquisition fund. Mission has worked with Briar in the past but have never
16 Briar Capital 48.5% $68,125,000 transacted. Yes N/A $12,000,000 $2,648 $15,032

Liberty Associates is a California based commercial development group. Mission has closed with Liberty transactions in
17 Liberty Associates 48.0% $67,354,738 the past
past. NAV NAV NAV NAV $14,862

GSO Capital was acquired by Blackstone (www.blackstone.com) and their real estate groups have recently combined
their efforts. They offer a wide range of real estate services on a global level. GSO/Blackstone teamed up with Willmax
Blackstone/GSO Capital and $45,000,000 -
18 46.3% $65,000,000 Capital (www.willmax.net) for this transaction. Willmax is a Dallas-based real estate company that specializes on N/A 10.00% 10,000 - 15,000 $14,342
Willmax Capital $67,980,000
development and re-development of residential and multifamily property. This group entered into the transaction
late.**Verbal bid
WRH Realty (www.wrhrealty.com) is a full service mortgage banking and real estate firm that was founded in 1991.
The company’s experience includes loan servicing, structuring of REMIC securities, participations, troubled debt
workout and loan acquisition services. The company acquires commercial real estate for long-term investment and acts
19 WRH Realty Services, Inc. 46.0% $64,548,290 Yes 8% - 10% $20,000,000 $4,413 $14,243
as a general partner in limited partnerships. The company acquires mortgage loans from individual mortgagees,
lending institutions and other non-institutional holders. The company’s principal geographic areas of investment
concentration are the Southeast and Texas. Mission has worked with WRH on multiple loan sales.
Sierra Capital Investment Partners, LLC (www.scipllc.com) is a private real estate company based out of San Diego,
CA. They have over $500 million is assets under management and oversee the management, leasing, and disposition
activities for all assets. They have experience in multiple asset classes and focus their investments in the western 11
Sierra Capital Investment Partners,
20 45.6% $64,000,000 states. Typically they purchase real estate, although they are recently looking to purchase notes. Regarding this No 11.00% $3,000,000 $662 $14,122
LLC
transaction, SCIP has spoken with local real estate professionals to better understand this portfolio. They are also
familiar with the Houston market from previous transactions. According to them, they have available equity and debt
lines to quickly execute this transaction.
Cypress Real Estate and Gracchus Capital have recently focused their investments on real estate debt. They look at all
Cypress Real Estate Advisors/ Gracchus asset types in major metropolitan markets in the southern US. They have acquired $250 million in distressed debt in
21 44.2% $62,000,000 the past 8 months. They have visited each property and are very familiar with Houston and Austin markets as they Yes 8.00% $5,200,000 $1,147 $13,680
Capital
have offices in each.
Adams LaSalle Realty (www.adamslasalle.com) is a value-add and opportunistic real estate investment company based
out of Chicago, IL. They invest in multifamily and residential projects on a national level. They currently own three
22-T Adams LaSalle Realty, LLC 42.8% $60,000,000 assets in the Houston market, and are familiar with each submarket from previous underwritings, 3rd party Yes 9.00% $10,000,000 $2,207 $13,239
consultations, and first hand site visits.
Regal RV Resorts is backed by private funds from Telus Pension Fund, whose holdings are in excess of $1 billion. They
$5,000,000 -
22-T Regal RV Resorts or Assigns 42.8% $60,000,000 are familiar with this portfolio through the marketing efforts last summer. They also drove by to see them first hand. Yes 12.00% $1,103 - $1,323 $13,239
$6,000,000

TC Property is a real estate firm that focuses on distressed and opportunistic investments. They are based in Dallas,
22-T TC Property Acquisitions, Inc. 42.8% $60,000,000 TX. They are familiar with this property from previous marketing efforts, and also visited the property. Yes 9.00% $22,660,000 $5,000 $13,239

Brass Real Estate Funds is the San Antonio based real estate investment arm of Magi Real Estate
(www.magirealestate.com), a fully integrated real estate company. They have an extensive office and multifamily
portfolio in Texas, Colorado, Florida, and Utah. They are the largest office space owner in San Antonio. For this
transaction, they will utilize a large Texas multifamily management company to assist in inspection. They were a late $9,064,000 -
25 Brass Real Estate Funds 40.6% $57,000,000 No N/A 2,000 - 3,000 $12,577
comer so did not get the chance to visit the properties; however they are well-connected to real estate professionals in $13,596,000
the Texas markets so feel that they could perform quick and accurate due diligence. They also wanted to make note
that they have an extensive relationship with Capmark.
 CONFIDENTIAL
Mission Capital Advisors, LLC
Capmark Finance Inc.
$140 Million CDPB, LLC Portfolio Loan Sale

Asset Name UPB

CDPB, LLC Portfolio $140,322,370

Bid as % of Visited
Ranking Bidder Total Bid Price Color Cap Rate Total Cap Ex Cap Ex/Unit Bid/Unit
UPB Property
Lynd Residential Properties (www.lyndweb.com) is a multifamily owner/operator with over $1.3 billion in assets (125
26 Lynd Residential Properties 40.1% $56,250,000 properties located in 11 states). Mission has worked with Lynd in the past. **Lynd Residential has expressed that NAV NAV NAV NAV $12,412
they would prefer to bid on a select group of properties from the portfolio rather than in entirety.
Alliance Residential is a Arizona based real estate company. They currently own 18,000 units and manage
27 Alliance Realty Partners, LLC 40.0% $56,150,000 approximately 53,000 units. They have significant experience in the Houston and Austin markets. No NAV $22,660,000 $5,000 $12,390

JP Morgan and SNK Realty are teaming up in this transaction. SNK, a full service real estate company with multifamily
JP Morgan Real Estate Partners, LP and $46,500,000 - emphasis, provides local expertise while JP Morgan can provide the capital to close this deal. They visited each $10,039 -
28 40.0% Yes 9% - 11% $45,320,000 $10,000
SNK Realty $56,120,000 property with developers, construction, and management specialists. They feel that their due diligence was very $12,383
thorough.
Cronus Capital is a New York based real estate investment firm that focuses on opportunistic investments in small and
mid-size real estate properties within the US. They currently have 3,000 residential units, the majority of which are in
29 Cronus Capital 36.3% $51,000,000 Texas markets. They are one of many of funds under HIG Capital, who has $7.5 billion under management. Cronus is Yes 8.50% $11,330,000 $2,500 $11,253
familiar with this portfolio through the previous marketing efforts in Spring 2008. During that time, they toured the
properties and performed extensive due diligence.
CSG Investment Inc. is an affiliate of Beal Bank. They exclusively look to acquire notes back by real estate. They hired
30-T CSG Investments Inc. (Beal Bank) 35.6% $50,000,000 third parties to drive by the property. No N/A N/A N/A $11,033

Radler Enterprises, Inc. (www.radlertx.com) is a Houston based real estate firm specializing the acquisition of
30-T Radler Enterprises, Inc. 35.6% $50,000,000 distressed and opportunity properties. They have inspected the properties and performed extensive due diligence. Yes N/A $12,750,000 $2,813 $11,033

Bulfinch Acquisitions Corp is a Needham, MA- based real estate investment firm. They have an extensive portfolio
32 Bulfinch Acquisitions Corporation 32.3% $45,320,000 consisting of various asset classes across the US. NAV NAV NAV NAV $10,000

LSF (www.lonestarfunds.com) is a Dallas, TX based $13 billion private equity fund and a very active NPL buyer. Mission
33 Lone Star Fund 32.1% $45,000,000 has closed multiple transactions with LSF since 2002 and has also acted as exclusive loan sale advisor to LSF on several NAV NAV NAV NAV $9,929
transactions. **Verbal Bid.
GSSW Real Estate is a Dallas, TX based real estate company that looks at various asset types. They conducted a site
34 GSSW Real Estate 29.1% $40,788,000 visit. Yes N/A $13,596,000 $3,000 $9,000

Lexton Group (www.lextongroup.com) is a Dallas based real estate investment company that focuses its efforts in the
35 Lexton Group 28.6% $40,200,000 southeast. They are very familiar with the Houston market and spoke with a local management company to better No 10.00% $4,532,000 $1,000 $8,870
understand this portfolio.
International looks for multifamily properties in the southwestern and southeastern US. They currently own several
36 International Realty, Inc. 22.4% $31,500,000 properties in Houston and feel that they have a firm grasp on the Houston and Austin markets. No 12.00% $5,039,400 $450 $6,951