PRIMEDIA’S NATIONAL REAL ESTATE
INVESTOR RANKS BANK OF AMERICA AS THE No.1 DIRECT LENDER IN 2001
Results of the 11th Annual
Top Lender Survey Indicate Growth in Lending Among the Multifamily Housing
Market; Steady Decline in Office Property Lending
Atlanta, Georgia
– April 8, 2002 – PRIMEDIA’s
National Real Estate Investor, the
leading source of information for commercial real estate professionals,
announced today the results of its 11th Annual Top Lender Survey, awarding Bank
of America the top spot with $21.6 billion financed in 2001 as a direct
lender. The survey ranks the
industry leaders among direct lending institutions and financial intermediaries,
and for the first time includes a separate category to recognize the
achievements of Fannie Mae and Freddie
Mac under the heading of Government-Sponsored Enterprises.
“For over a decade, this in-depth survey has
stood as a benchmark for performance in the field of commercial real estate as
we identify and rank the leading players in the industry,” said Matt Valley,
editor of PRIMEDIA’s National Real Estate Investor.
“Our readers look to the Top Lender Survey to understand which
organizations are currently impacting the lending market and to get a sense of
what trends can be expected in both the short and long term.”
In addition to the rankings, an introduction to the
survey includes information about the dominant industry trends from the past
year, and indicates that overall lending in the multifamily housing market
increased in 2001 while lending for office properties declined significantly.
The steady cash flow generated by apartments makes the sector attractive to
lenders. However, the high vacancy rate in the office sector has discouraged new
development, resulting in a drop in lending for that property type. At the same
time, the Top Lender Survey notes that several key items are likely to impact
lenders in the year ahead, including the issues surrounding terrorism insurance
coverage and rising interest rates.
With Bank
of America leading the way among direct lenders, the other top five
finishers in this category included:
- No.2
- Lehman Brothers
- No.3
- Credit Suisse First Boston
- No.4
- Goldman, Sachs & Co.
- No.5
- UBS Warburg
On the financial intermediary side, Bank of America again took the top honors, having arranged $33.4
billion in financing for commercial real estate in 2001.
The following organizations
rounded out the top five:
- No.2
– GMAC Commercial Mortgage Corp.
- No.3
- Goldman, Sachs & Co.
- No.4
- Holliday Fenoglio Fowler
- No.5
– L.J. Melody & Co.
PRIMEDIA’s
National Real Estate Investor identified
the top 50 performers in each of these two categories, and added a special
section to highlight
the lending totals of Fannie Mae and Freddie
Mac. The rankings are based on
responses to the Top Lender Survey questionnaire and reflect total dollars
financed or arranged in commercial real estate during the 2001 calendar year.
Additionally, with reference to statistics compiled
by the Mortgage Bankers Association of America (MBA), the Top Lender Survey
takes a look back at last year’s lending trends and notes that lending for
multifamily properties soared 33% for the year and multifamily loans accounted
for 48% of all originations in 2001 vs. 43% in 2000.
However, despite this growth in lending in the multifamily housing
market, the MBA statistics indicate that lending for office properties dropped
by almost $400 million.
PRIMEDIA’s
National Real Estate Investor
expects overall commercial real estate lending to continue to grow in the year
ahead, but raises concerns about the impact that terrorism insurance and rising
interest rates are likely to have on the industry as a whole in 2002.
A complete listing of the rankings and results from
the 2002 Top Lender Survey can be found in the April issue of PRIMEDIA’s National Real Estate
Investor, available on April 8, or by visiting www.nreionline.com.
About
PRIMEDIA’s National Real Estate Investor
National
Real Estate Investor is the leading authority on commercial real estate trends.
The magazine’s readers represent a cross-section of disciplines — brokerage,
construction, development, finance/investment, property management, corporate
real estate, and real estate services. No other publication provides as much
independent research on a variety of topics that pertain to the office,
industrial, retail, hotel and multifamily markets as NREI.
About PRIMEDIA
PRIMEDIA is the new tradition in media.
With 2001 sales of $1.7 billion from a unique combination of traditional
and new media properties, it is the leading targeted content and integrated
marketing solutions company in both the consumer and business-to-business
sectors. The Company is the #1 special interest magazine publisher in the U.S.,
with more than 290 titles such as Seventeen,
Automobile, Motor Trend, New York, Fly Fisherman, American Baby, Telephony and American Demographics; the #1 producer and distributor of specialty
video with 18 satellite and digital video product lines, including Channel One
Network; and the #1 news and information group on the Internet, led by About.com.
PRIMEDIA's stock symbol is: NYSE: PRM.
More information about the Company can be found at www.primedia.com
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Media Contacts:
Jessica
Prah
Hawley Strait
Sloane
& Company
Sloane & Company
212-446-1874
212-446-1877
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