DSF Capabilities_AB,JW 6.2016

Multifamily Debt & Structured Finance Capital Markets
SAN FRANCISCO
C A P A B I L I T I E S O V E R V I E W

CBRE CAPITALMARKETS | DEBT & STRUCTUREDFINANCE | SAN FRANCISCO
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Table of Contents
01 T E A M C A P A B I L I T I E S
02 C B R E C A P I T A L M A R K E T S O V E R V I E W
03 C B R E C O R P O R A T E O V E R V I E W
04 T E A M & B I O S
SAN FRANCISCO
MULTIFAMILY DEBT & STRUCTURED FINANCE
C A P I T A L M A R K E T S

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01 T E A M C A P A B I L I T I E S

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HUD FHA
Bridge
Loans
Permanent
Financing
Joint
Venture
Equity
Bridge Loans
Mezzanine
Debt
Structured
Equity
Construction
Financing
WHEN IT COMES TO YOUR CAPITAL MARKET NEEDS,
THE LEVEL OF SERVICE & SUCCESS THAT
CBRE PROVIDES IS UNMATCHED
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MULTIDISCIPLINARY TEAM
The San Francisco Debt & Structured Finance (DSF) team consistently ranks
in the top 1% of CBRE Capital Markets production nationwide. Led by Andrew
Behrens, a member of CBRE’s elite Institutional Properties group, and Jesse
Weber, the team provides world class service in sourcing debt and equity
strategies and solutions for their clients. The San Francisco DSF team is
comprised of 8 dedicated professionals, who all contribute to each assignment
and additionally, the team has access to the full range of CBRE support
services and CBRE professionals in all local markets globally. The team is a
part of a unique information network dedicated to capital reconnaissance and
placement, and since 2010, this team has originated more than $6.8 billion in
debt and equity for institutional and high net worth multifamily clients. Since
January 2015, the team has grossed over $2.2 billion in transaction volume.
Dedicated to providing their clients with the best and most relevant financing
options in the marketplace, Mr. Behrens and Mr. Weber have leveraged the
CBRE platform and organized their business to offer an expanded array of
capital market services including: Permanent Financing, Bridge Loans,
Construction Financing, Joint Venture Equity, Mezzanine Debt, and Structured
Equity. CBRE offers clients a broad range of services and begins every
assignment with a thorough and accurate situation analysis, followed by
innovative strategy development and focused implementation.
OBJECTIVES
The San Francisco Debt & Structured Finance team have excelled in creating
a multidisciplinary approach to offer clients a full suite of services by utilizing
strategic partnerships in key markets across the country, to provide best-in-
class service for any capital markets opportunity, and to have local presence in
any market. We are 100% committed to providing world class service and truly
value the relationships that we have with each of our clients. Understanding
that no two companies are the same, our team is able to customize unique
debt and equity options for your individual business needs, and we will be your
partner from beginning to end.
Unrivaled in our ability to convert rich market data into timely relevant market
intelligence we strive to help clients understand the strategic options available
to them. This helps us to enable our clients to thoroughly and quickly make
sound, time-sensitive decisions and have certainty in the outcome of these
choices. Executing a thorough and effective strategy allows the San Francisco
DSF team to secure a capital that is perfectly tailored to your needs by
understanding the strengths and weaknesses of each property and investment
within the appropriate market context.
Year Total Deals Gross Volume
2010 34 $460,697,500
2011 60 $928,894,000
2012 91 $1,409,801,800
2013 48 $971,732,236
2014 37 $869,510,003
2015 77 $1,677,902,369
1H:2016 31 $556,974,300
Total 379 $6,875,512,208
379 DEALS $6.8 BILLION
GROSS VOLUME
2010 – 1H:2016

THE CBRE ADVANTAGE
UNPARALLED MORTGAGE
BANKING CAPABILITIES
ABILITY TO LEVERAGE
THE VAST RESOURCES OF
THE FULLY INTEGRATED
CBRE PLATFORM
LARGEST MULTIFAMILY
INVESTMENT SALES
BROKERSGE PLATFORM
IN THE NATION
LOAN SERVICES AND SALES
ARE TAILORED FOR ALL
CBRE CLIENTS
DEDICATED NATIONAL
MULTIFAMILY HOUSING
TEAM
EXECUTION, LEVEL OF
SERVICE AND
ATTENTION TO DETAIL
AGENCY ADVANTAGE COMPLEX DETAILS
ARE OUR SPECIALTY
THE CBRE ADVANTAGE
UNPARALLELED
MORTGAGE BANKING
CAPABILITIES
ABILITY TO LEVERAGE THE
VAST RESOURCES OF THE
FULLY INTEGRATED CBRE
PLATFORM
DEDICATED NATIONAL
MULTIFAMILY TEAM
LARGEST MULTIFAMILY
INVESTMENT SALES BROKERAGE
PLATFORM IN THE NATION
EXECUTION, LEVEL OF SERVICE
AND ATTENTION TO DETAIL
AGENCY ADVANTAGE COMPLEX DEALS
ARE OUR SPECIALTY
LOAN SERVICES AND SALES
ARE TAILORED FOR ALL CBRE
CLIENTS
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THE CBRE ADVANTAGE
C B R E C A P I T A L M A R K E T S O V E R V I E W
EXECUTION, LEVEL OF SERVICE AND ATTENTION TO DETAIL
 In the trenches at all stages of the deal
 Central point of contact for both origination and underwriting (not a
separate “credit group”, “underwriting group”, etc.)
 “A” team every time; nothing outsourced
AGENCY ADVANTAGE
 Keen understanding of Agency models and strong relationships with all
key Agency decision makers
 CBRE leadership includes former key Agency staff members
COMPLEX DEALS ARE OUR SPECIALTY
 Construction Debt
 Source Joint Venture & Preferred Equity
 Structured Credit Facilities
 Bond Financing
 Building Complex Capital Stacks including A/B Structures
 Regulatory Agreements
 Our ingenuity is demonstrated by our success with “out of the box”
transactions including being the 1st Freddie Mac Seller Servicer to
complete a CME transaction for seniors housing
KEYS TO DRIVING VALUE
The ability to drive value is predicated on the ability to effectively reach capital sources across the globe with a creative and complete story that successfully positions
this as a highly attractive investment opportunity. Investors are continuously indicating that they are looking for quality, security and upside, and this asset uniquely
provides all of these. The final element is to create the sense of scarcity—that this investment is irreplaceable.
UNPARALLELED MORTGAGE BANKING CAPABILITIES
 Freddie Mac, Fannie Mae and HUD/FHA
 Access to Life Companies, Banks, Debt Funds, CMBS, etc.
 Construction Financing
 Bridge Financing
ABILITY TO LEVERAGE THE VAST RESOURCES OF THE FULLY
INTEGRATED CBRE PLATFORM
DEDICATED NATIONAL MULTIFAMILY TEAM
 Understand nuances of property operations, well versed in latest industry
trends, and apprised of current market activity
LARGEST MULTIFAMILY INVESTMENT SALES BROKERAGE
PLATFORM IN THE NATION
 Introductions to new operating partners and investment opportunities
 CBRE Loan Services is the Primary Servicer for all Institutional Loans
 Accessible point of contact should issues arise through life of loan
LOAN SERVICES AND SALES ARE TAILORED FOR EVERY CBRE
CLIENT & OPPORTUNITY

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CAPITAL MARKETS EXPERTISE
GROUND UP CONSTRUCTION
Dedicated to providing clients with the best and most relevant financing options
available in the marketplace, Mr. Behrens and Mr. Weber have organized their
business to offer the full array of multifamily financing services available,
including permanent, bridge and construction financing, joint venture equity,
mezzanine debt and structured equity. With these expanded capabilities the team
can execute on any capital market assignment, ranging from long-term
fixed/floating rate nonrecourse financing to an equity raise.
As part of the initiative and dedication to construction finance, Scott Williams
joined the team in 2011. A twelve year veteran of construction finance with many
successful transactions under his belt, Mr. Williams, along with Mr. Behrens and
Mr. Weber, are directly responsible for qualifying and sourcing construction debt
and joint venture equity.
A variety of capital sources exist to lend on construction loans in major central
business districts with strong econometrics. Major types of capital sources
include Banks, International and Domestic Debt Funds, Mortgage REITS,
Alternative Capital, and Life Companies. Our team will work with lenders to
develop and negotiate term sheets that address every goal of the client. With
each opportunity the team will create a highly competitive bidding environment.
Collectively, Mr. Behrens and Mr. Weber’s team will be able to deliver an outlier
to the pack whose terms will exceed and differentiate themselves from the rest
of the participants. This effective strategy will provide you with a lender that will
decide on better-than-market debt terms and allow you to achieve your goals
and objectives for the project.
LOCATION San Francisco
# OF UNITS 129
LOAN AMOUNT $44.6M
LENDER East West Bank
LOAN TYPE Bank – Construction Bond Financing
EVIVA MISSION BAY
CALIFORNIA
INDIGO APARTMENTS
CALIFORNIA
LOCATION Redwood City
# OF UNITS 469
LOAN AMOUNT $121.25M
LENDER Wells Fargo Bank
LOAN TYPE Debt – Construction

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MEZZANINE DEBT
A mezzanine loan is secured by a lien behind an existing or concurrently
funded senior debt position. In the case of new construction, mezzanine
financing can reduce the level of sponsor equity required. Although more
expensive than traditional debt, mezzanine debt is more cost-effective than
equity, and the blended “all-in” cost of capital can provide compelling return-
on-equity enhancements. In a stabilized property acquisition scenario,
mezzanine debt can reduce the sponsor’s equity requirement without giving
up any profit participation. It can also serve to finance interim
renovation/repositioning improvements to optimize future potential net
operating income before refinancing or sale.
STRUCTURED EQUITY
Preferred equity is secured by the beneficial ownership interest in an asset
and is senior to sponsorship equity. It is useful where a second-lien position
is prohibited behind senior debt financing, like CMBS. A structured reserve
can be created to fund interim payments when a property’s cash flow is
temporarily inadequate to fully service the combined current debt service.
BRIDGE LOAN
Bridge loans provide 12 to 36-month interim financing to quickly close on a
property, retrieve an asset from foreclosure or fund improvements that can
optimize potential net operating income prior to obtaining a permanent loan.
Bridge debt is also useful for acquiring existing properties that are not
stabilized, providing interim financing until occupancies can be increased. It
can also provide funds to rehabilitate or build-out tenant improvements that
will allow a property to reach its optimal income potential prior to seeking
permanent financing.
JOINT-VENTURE EQUITY
In a joint-venture partnership, a real estate investor, owner or developer
brings in an equity source, typically as a limited partner. Profit splits are
usually based on “promoted” splits over a threshold preferred return that will
gradually increase in favor of the sponsor based on project performance
(usually IRRdriven) over the investment term.
STRUCTURED FINANCE PRACTICE GROUP
CBRE Structured Finance specializes in procuring equity and high-leverage
capital solutions for requirements that exceed the parameters of conventional
debt structures. This “outside-the-box” financing includes loans that are:
 More than a 70-75% loan-to-value ratio
 Under a 1.00 85-90% debt-service coverage ratio
 May be subordinate to a first-mortgage loan
 Short term, used to reposition a property
 Used to finance a construction project
Structured financing often enables attractive risk-diversification and enhanced
return-on-equity benchmarks for a variety of client requirements, including:
 Completion of a capital stack without the need to share equity
 Repatriation of equity for use on another asset or partnership/estate planning
 Placement of debt above CMBS debt that cannot be prepaid due to high cost
of defeasance
 Asset repositioning to maximize cash flow
 Construction or renovation of existing property
 Procurement of a joint-venture partner to cover a portion of equity
 Acquisition of performing or under-performing properties and DIP interests

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CHOOSING A FINANCING SOLUTION WITH THE GSE’S
RECOGNIZED EXPERTISE IN MULTIFAMILY FINANCE
CBRE’s Debt & Structured Finance is the premier provider of commercial and
multifamily financing and investment sales. In addition to our relationships with
correspondent life companies and institutional lenders, our fully integrated
platform provides seamless direct access to the Fannie Mae and Freddie Mac
financing programs.
Fannie
Mae
Bridge
Financing
Construction
Financing
CMBS
HUD
FHA
Freddie
Mac
Mezzanine
Financing
Preferred
Equity Fund
Joint
Venture
Equity
Permanent
Financing
473 DEALS
with CBRE
in 2015
FINANCING
$7.95 B
Freddie Mac
#3 Lender for
Fannie Mae DUS
in 2015
Fannie Mae
161 DEALS
with CBRE
in 2015
FINANCING
$4.03 B
#1
Freddie Mac
Seller/Servicer
in 2015
CBRE Multifamily Capital, Inc. is one of the leading approved lenders under
Fannie Mae’s Delegated Underwriting and Services (DUS) program since 2011.
AMERICA’S BIGGEST PROVIDERS OF MULTIFAMILY
MORTGAGES
 CBRE is the #1 Freddie Mac lender in 2015 and Top 3 for Fannie Mae
 Our committed relationship to the GSE’s allows us to achieve the best
results for our clients
 The programs allow us to provide our clients with responsive service and
certainty of execution
 In 2015, CBRE financed $11.98+ B with the GSE’s and $9.2+ B with other
lenders (FHA, life companies, banks, conduit, etc.)
 The GSE’s have many different products and features that allow us to
structure transactions to meet and exceed the unique requirements of our
borrowers
$47.3 B in total MF loan volume in 2015
$42.3 B in total MF loan volume in 2015
T E A M C A P A B I L I T I E S

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FROM 2013-2014,
CBRE CLOSED
$559.5 MILLION
IN FHA LOANS
34 DEDICATED
PERSONNEL
LOCATED IN
10 U.S. STATES
PERSONNEL WITH
PREVIOUS HISTORY
UP TO 26 YEARS
WORKING FOR HUD
$516 MILLION CLOSED
FROM 2015-PRESENT
CHOOSING A FINANCING SOLUTION WITH HUD / FHA
ACCESS TO THE HIGHEST LEVERAGE NON-RECOURSE FINANCING
In 2007, CBRE added FHA (Federal Housing Administration) direct lending
capabilities to its multifamily platform through the creation of CBRE HMF. CBRE’s
dedicated FHA group is staffed with seasoned professionals who offer extensive
FHA financing expertise and product knowledge to provide efficient and effective
financing delivery. CBRE HMF is an approved:
• HUD FHA MAP (Multifamily Accelerated Processing) Lender
• LIHTC Pilot Program Lender
• LEAN (expedited healthcare processing) Lender
• GNMA Issuer/ Servicer
The team originates, funds and services FHA-insured long-term, fixed rate, non-
recourse, fully-amortizing loans. FHA-insured financing programs include
integrated construction/permanent loans and permanent acquisition/refinance
loans for multifamily, healthcare and hospital properties nationwide.
Through our excellent relationships with HUD headquarters and local field office
personnel and our focus on servicing the complete needs of our borrowers, we
have created one of the most knowledgeable FHA and tax credit financing groups
in the marketplace. Our FHA financing experts are located in San Francisco,
Dallas, Boston, Denver, Seattle, Portland, Atlanta, Columbus, Pittsburg and
Miami.

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LENDING SOURCES
FANNIE MAE
CBRE Capital Markets became a Fannie Mae DUS lender in April 2008 and since
then has completed more than $19 Billion in CBRE Fannie Mae debt placement
transactions. In 2014, Fannie Mae closed $28.6 Billion2. CBRE has been a top 5
DUS lender since 2010 and in 2015 closed $4.03 Billion.
Through the DUS program, we are able to provide flexible and attractive
multifamily financing nationally. Fannie Mae is always in the market, and we
control the underwriting and loan approval under the DUS program. This allows us
to provide our clients with responsive service and certainty of execution on Fannie
Mae’s full complement of highly competitive multifamily products. The DUS
program’s many rate options and product features allow us to structure
transactions to meet and exceed the unique requirements of our borrowers.
FREDDIE MAC
CBRE’S Freddie Mac Seller-Servicer lending platform has been named the top
multifamily lender by Freddie Mac since 2009, with a total of $28.3 Billion in 2014,
an increase of 10% over the prior year1. In the past six years, CBRE Multifamily
has originated more than $17.65 Billion in Freddie Mac transactions. CBRE has
been ranked among the top three Freddie Mac lenders every year since 2004 and
#1 for 6 years running. Our committed relationship allows us to achieve the best
results for our clients.
FHA/ HUD LENDING
CBRE is an FHA-approved direct lender offering the full array of FHA multifamily
mortgage insurance programs. Competitive financing solutions are available for
multifamily rental, cooperative, seniors and health care properties for new
construction, substantial rehabilitation, moderate rehabilitation, refinance and
acquisition. We also specialize in affordable housing involving low income housing
tax credits and tax-exempt housing bonds. In 2014, CBRE closed $226.5 Million in
FHA loans3. In 2015, over $383 Million in FHA direct lending was secured.
1: Donovan, P., McAuliffe, B., Pentland Lally, C., Ostermick, J., Rice, J. I., Havsy, J., Chervachidze, S., Eddins, Q., (2015). Annual absorption at the highest level since 2010. Marketview.
U.S. Multifamily, Q4 2014, pp 8.
2: Donovan, P., McAuliffe, B., Pentland Lally, C., Ostermick, J., Rice, J. I., Havsy, J., Chervachidze, S., Eddins, Q., (2015). Annual absorption at the highest level since 2010. Marketview.
U.S. Multifamily, Q4 2014, pp 8.
3: CBRE FHA. CBRE.com, Inc, n.d. Web. 2 April 2015. http://www.cbre.us/services/capitalmarkets/multifamily/Pages/hud-fha.aspx.
LIFE COMPANIES
15% of CBRE’s loan volume was originated with Life Companies in 2015, 271
loans for $5.57 Billion in loan volume. Life Insurance companies will remain
active in 2016. Allocations are expected to be the same, or greater, with a
projected target loan volume of $65-$70 Billion for the year. Life Companies
plan to diversify their portfolios this year by offering a varying length of terms
from short term floating rate to long term fully amortizing 30/30 loans.
BANKS
CBRE financed nearly 400 loans for $7.21 Billion with bank lenders in 2015.
Banks will remain active, but due to new regulations we are seeing them
become more conservative. They will remain active in stabilized financings,
transitional properties and ground up construction. We expect to see spreads
widen as new regulations bring additional costs to banks that will be passed
along to the borrower.
CMBS
2015 ended with the CMBS markets choppy and volatile. CBRE closed 160+
loans for $2.9 billion in loan volume during 2015. We expect to see the
number of CMBS lenders decrease as profit margins and originations decline
due to the uncertainty in the market. Spreads have widened and will continue
to bounce around as the market corrects.
DEBT FUNDS
Debt Funds are active and looking to place debt at higher levels of the capital
stack. Debt funds will provide a good alternative source of financing for
transitional properties and ground up construction. Pricing varies depending
on how high up they are willing to go in the capital stack.

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DEBT & STRUCTURED FINANCE
The world’s leading developers and commercial property owners turn to
CBRE’s Debt & Structured Finance to provide creative financial solutions for
their commercial real estate investment needs. CBRE has long-term,
established relationships with more than 400 of the industry’s premier
international lenders, including banks, pension funds, life insurance and
credit companies, conduits/CMBS entities, government-sponsored entities
and offshore investors.
With specialized Debt & Structured Finance professionals in nearly every
major market, CBRE Capital Markets provided financing for more than $21
billion in commercial real estate across the United States in 2012. In 2013,
$25.6 billion and more than $30 billion in 2014. The total for 2015 equaled
$39.3 billion in financing.
CBRE Debt & Structured Finance professionals, located in 30 offices across
the United States, specialize in the placement of debt and equity finance for
all major property types. Areas of expertise include:
 Permanent Financing
 Bridge Loans
 Construction Financing
 Joint Venture Equity
 Loan Restructuring
 Loan Sales Advisory
 Loan Servicing
 Mezzanine Debt
 Structured Equity
 Note Financing Purchase
Mr. Behrens, Mr. Weber and their team have long-term, established
relationships with some of the industry’s premier lenders, including GSE’s,
banks, pension funds, life insurance and credit companies, conduits/CMBS
and offshore investors. The team’s successful tenure through multiple real
estate cycles grants them the ability to provide creative financial solutions for
the investment needs of the client. The key to successful capital structuring is
effectively mixing market research and financial acumen to distinctively
position debt and equity opportunities within the marketplace. This team has
the experience, ingenuity, and relationships to create solutions for all complex
capital needs.
The high level of expertise and individual client commitment of the team is
illustrated by the activity levels achieved for 2015 June 30 trailing 12 months*.
During this period, Debt & Structured Finance professionals completed $31.6
billion in loan originations and loan sales and serviced $95 billion in loans on
a national level. We are experienced in securing funding and servicing loans
from $1 million and upwards for all property types.
Source: CBRE Capital Markets. | *(01/01/15-12/31/15) | **Excludes Loan Sales and Property Sales
DEBT & STRUCTURED FINANCE LOAN ORIGINATIONS BY DEAL
SIZE* TRAILING 12 MONTHS**
DEBT & STRUCTURED FINANCE LOAN VOLUME
TRAILING 12 MONTHS

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02 CBRE CAPITAL MARKETS OVERVIEW

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RECENT MULTIFAMILY DEALS | PORTFOLIO FINANCING ASSIGNMENTS
FAIR OAKS WEST APARTMENTS
SUNNYVALE, CA
UNITS 766
FINANCED $151,000,000
LENDER Fannie Mae
TYPE OF LOAN Debt – Rehab Loan
INDIGO APARTMENTS
REDWOOD CITY, CA
UNITS 469
FINANCED $121,250,000
LENDER Wells Fargo Bank
TYPE OF LOAN Debt - Construction
OASIS AT WAIPAHU APARTMENTS
WAIPAHU, HI
UNITS 176
FINANCED $52,000,000
LENDER Fannie Mae
TYPE OF LOAN Debt – Rehab Loan
MARKHAM
CUPERTINO, CA
UNITS 504
FINANCED $152,925,000
LENDER Fannie Mae
TYPE OF LOAN Debt - Permanent
MERIDIAN AT STANFORD RANCH
ROCKLIN, CA
UNITS 452
LENDER HUD
THE LAGOONS
FOSTER CITY, CA
UNITS 406
LENDER Fannie Mae
TYPE OF LOAN Regulatory Agreement

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UNITS 796
LENDER Freddie Mac
NATOMAS RIDGE
SACRAMENTO, CA
UNITS 372
LENDER Prudential Insurance
BAILEY FARMS
BOTHELL, WA
UNITS 129
LENDER East West Bank
TYPE OF LOAN Bank – Bond Financing
Construction
EVIVA MISSION BAY
SAN FRANCISCO, CA
PACIFIC GARDENS
VENTURA, CA
UNITS 309
LENDER Freddie Mac
KINECTS
SEATTLE, WA
UNITS 344
LENDER Ohio State Teachers
Retirement Fund
TYPE OF LOAN Debt - Construction
UNITS 492
LENDER Fannie Mae
SANTA FE
SALT LAKE CITY, UT

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CAPITAL MARKETS OVERVIEW
PUTTING THE PLATFORM TO WORK
CBRE Capital Markets combines investment sales, advisory, financing and
mortgage banking into a single, fully integrated global service offering. As the
recognized worldwide leader in the real estate investment community, our clients
have access to complete capital markets solutions anywhere around the globe
through our unparalleled offerings in:
• The acquisition and disposition of income-producing properties and
portfolios for third-party owners and corporate occupiers
• Debt and equity placement for all property types
• Entity-level mergers and acquisitions, capital raising, pre-IPO advisory and
corporatelevelstrategic valuations
This unique platform works to assure clients that all alternative recapitalization
strategies are evaluated. When working with buyers of assets, optimal debt
structures are often secured, enabling borrowers to obtain more loan proceeds
at attractive terms and sellers to achieve better results. By combining investment
sales with financing and mortgage banking solutions, investors are ultimately
provided with maximum flexibility to achieve their capital needs.
PROV
With
deals
demo
CBRE
serve
• I
e
• I
• D
• 1
• K
• M
t
• A
• C
p
• W
2014
6
7%
12%
CAPITAL MARKETS OVERVIEW
PUTTING THE PLATFORM TO WORK
CBRE Capital Markets combines investment sales, advisory, financing and
mortgage banking into a single, fully integrated global service offering. As the
recognized worldwide leader in the real estate investment community, our clients
have access to complete capital markets solutions anywhere around the globe
through our unparalleled offerings in:
 The acquisition and disposition of income-producing properties and portfolios
for third-party owners and corporate occupiers
 Debt and equity placement for all property types
 Entity-level mergers and acquisitions, capital raising, pre-IPO advisory and
corporate level strategic valuations
This unique platform works to assure clients that all alternative recapitalization
strategies are evaluated. When working with buyers of assets, optimal debt
structures are often secured, enabling borrowers to obtain more loan proceeds at
attractive terms and sellers to achieve better results. By combining investment
sales with financing and mortgage banking solutions, investors are ultimately
provided with maximum flexibility to achieve their capital needs.
PROVEN RESULTS
CBRE remains the preeminent firm for commercial real estate investment
sales. 2014 marked the ninth consecutive year that the firm claimed the
top spot among U.S. brokers, according to Real Capital Analytics (RCA).
The success of CBRE’s professionals is a direct result of their ability to
effectively and consistently serve their clients by putting the platform to task
in creating and applying:
 Investment banking capabilities founded on unparalleled knowledge of
real estate fundamentals
 In-depth capital markets and development expertise
 Dedicated financial and human resources
 100% commitment from multifamily and construction leadership
 Knowledge of and relationships with current and emerging buyers
 Maximum value, best structure and optimum timing with minimal
disruption to the client
 Access to global capital through dedicated group leadership
 Credibility to help investors validate and create winning underwriting and
purchasing decisions
 Well-balanced and compelling marketing campaigns
Source: CBRE Capital Markets.

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VALUE PROPOSITION
CBRE is the undisputed #1 real estate services provider in the world
leveraging a plethora of resources to successfully complete any real estate
assignment. Our ability to coordinate all business lines, effectively utilize
both international and local expertise, and openly share relationships and
information ensures that even the most complicated assignment will be
executed successfully. The Capital Markets platform leverages these
resources allowing our professionals to be as effective on a single-asset,
local-market assignment as on a sophisticated, multi-location portfolio. This
highly efficient network lends itself to unparalleled service delivery and
solidifies CBRE as the global leader in institutional investment real estate.
Clients benefit from the following:
 A global platform that has been refined over three decades and is
supported by a network of 449 offices around the world
 A core philosophy of “teaming to win,” ensuring that the strengths of the
entire company are applied to each client’s needs
 A technology platform that enables transparent, but protected, access to
all information pertinent to clients and opportunities
 Broker-dealer licensure
 Top in-house Capital Markets talent to provide expertise in:
 Consulting (buy-side and sell-side)
 Investment sales
 Valuation and underwriting
 Financing
 Loan servicing and sales
 Mortgage banking
 An unmatched network of professionals to ensure the best and most
qualified team is assembled for each client and assignment
THE CBRE DIFFERENCE
Globalization and the deregulation of emerging markets are creating
significant opportunities and challenges for real estate market participants.
Over the last century, as our clients grew nationally and internationally, CBRE
anticipated their needs by continuously evolving the breadth and depth of our
services. In the last decade, the real estate services business has
consolidated into a handful of truly global players, of which CBRE is the
acknowledged market leader. As Standard & Poor’s notes, CBRE’s “global
reach means that it is one of the few real estate firms capable of handling
complicated real estate transactions for large multinational corporations.” Our
ongoing effort to build the preeminent, global, vertically integrated real estate
services firm has created value for our clients—whether they are private
investors working in a single market or multi-billion-dollar pension funds
investing globally. Working in a spirit of respect, integrity, service and
excellence, our account teams have pride of ownership in the work they do.
Our professionals are innovative and customer focused, passionate about
their work, and dedicated to building long term relationships.

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CBRE MULTIFAMILY
CBRE Multifamily continues to set the bar as the industry leader. With the most
powerful platform, covering all facets of the apartment industry, we provide
our clients access to the most experienced and highly specialized professionals
in every market. In terms of total dollar volume, CBRE has completed more
multifamily property transactions than any other brokerage firm in the United
States since 2001.1
TOP FIRM SINCE 2001
U.S. MULTIFAMILY (PER RCA)
CBRE’s Capital Markets Platform, comprised of property sales, finance and
investment banking businesses, works as a seamless, fully integrated service
offering to assure clients that all investment strategies are evaluated. As the
recognized worldwide leader in advising our clients on the purchase and sale
of income-producing properties, Debt & Structured Finance, and entity-level
consultancy and execution, we offer complete capital markets solutions on both
an national and global level. With multifamily finance professionals in nearly
every major market, CBRE Capital Markets is able to offer comprehensive
investmentsalesservices.
2014 MULTIFAMILY INVESTMENT SALES BY TRANSACTION VOLUME
$40.0
$35.0
$30.0
$25.0
$20.0
$15.0
$24.3B+
MULTIFAMILY TRANSACTIONS
#1 FREDDIE MAC
SELLER/SERVICER 2009-2014
65 OFFICES
U.S. MULTIFAMILY
$8.5B+
AGENCY LOAN ORIGINATIONS
#1 NON-BANK
COMMERCIAL REAL ESTATE LENDER
300+ PROFESSIONALS
U.S. MULTIFAMILY
$10.0
$5.0
$0.0
MARCUS & MILLICHAP HFF ARA JLL
$5.9B
FREDDIE MAC DIRECT LENDING
$2.5B
FANNIE MAE DIRECT LENDING
$5.5B
OTHER DIRECT LENDING
1
Source: Real Capital Analytics
22.2%
$24.3B 8.5% 8.1%
6.7%
3.8%
$9.3B $8.9B
$7.3B
$4.1B
$14 BILLION+
2014 MULTIFAMILY MORTGAGE VOLUME
$Billions
CBRE MULTIFAMILY
CBRE Multifamily continues to set the bar as the industry leader. With the
most powerful platform, covering all facets of the apartment industry, we
provide our clients access to the most experienced and highly specialized
professionals in every market. In terms of total dollar volume, CBRE has
completed more multifamily property transactions than any other
brokerage firm in the United States since 2001.
CBRE’s Capital Markets Platform, comprised of property sales, finance
and investment banking businesses, works as a seamless, fully
integrated service offering to assure clients that all investment strategies
are evaluated. As the recognized worldwide leader in advising our clients
on the purchase and sale of income-producing properties, Debt &
Structured Finance, and entity-level consultancy and execution, we offer
complete capital markets solutions on both, a national and global level.
With multifamily finance professionals in nearly every major market,
CBRE Capital Markets is able to offer comprehensive investment sales
services.
Source: Real capital Analytics
2015 U.S. Apartment Rankings
$24.6+ BILLION
IN 2015
MULTIFAMILY SALES TRANSACTIONS
$12.4+ BILLION
IN 2015
AGENCY LOAN ORIGINATIONS
#1 FREDDIE MAC
SELLER/SERVICER 2009-2015
LEADING NON-BANK
COMMERCIAL REAL ESTATE LENDER
65 OFFICES
U.S. MULTIFAMILY
300+ PROFESSIONALS
U.S. MULTIFAMILY
$21.4+ BILLION
2015 MULTIFAMILY MORTGAGE VOLUME

23
1Q:2016 MULTIFAMILY TRANSACTION ACTIVITY
Source: Real Capital Analytics.
 $38.6B in Q1 2016 sales volume (12% above Q1 2015)
 Individual asset sales totaled $23.9B in Q1 2016 (-4% year-over-year
decrease)
 Portfolios made up 38% of total volume for Q1 2016
 $26.2B of sales volume in secondary and tertiary markets (Average Deal
Size was $21.7M)
 $11.8B of sales volume in “sexy six” markets (Average Deal Size was
$18.3M)
 $156B in trailing four-quarter sales volume
 Highest four-quarter sales volume on record (began in 2001)
 Moody’s/RCA CPPI: Apartment prices are up 12% on the year and 39%
ahead of 2007 peak prices
2015-2016 HOMEOWNERSHIP TRENDS
 43M renter households (single-family and multifamily) currently in U.S.
 20M renters in multifamily structures (5+ units)
 Among the 22M new households that will be formed between 2010-2030,
13M are expected to rent and 9M are expected to buy
 There have been 900,000 new single-family and multifamily renter
households annually over the last 5 years
 The National Homeownership Rate is at 63.6% through Q1 2016
 Lowest rate since mid-1960s
 Homeownership Rate for 65 or older renters is at 78.5%
(peaked at 81.8% in 2004)
 Number of renters who are 65 or older will reach 12.2M by 2030
 8M in 2015 - More than double the level in 2010
 65 or older renters will account for more than half of new demand
 1.2M of the additional 2.2M rental units to be created over the
next 5 years
 Between 2007 and 2013, 65 or older renters increased occupancy in
multifamily units by 1.3M (70% of the increase), compared to a 459,000
unit increase in multifamily occupancy among Millennials (24% of the
increase)
 Individuals currently under age 30 will form over 20M new households in
the next 10 years, majority of which will be renters

24

26
a. includes 17 countries covered by
affiliate offices
b. excludes 87 affiliate offices
c. excludes approximately 4,150
affiliate employees
d. excludes affiliate sales & leasing
professionals; includes
approximately 150 mortgage
brokerage professionals
e. includes approximately 370 million
sq. ft. managed by affiliate offices
f. includes loan sale advisory
g. includes $0.1 billion of Long-Term
Operating Assets (projects that
have achieved a stabilized level of
occupancy or have been held 18-
24 months following shell
completion or acquisition)

27
CORPORATE OVERVIEW
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company
headquartered in Los Angeles, is the world’s largest commercial real estate services
and investment firm (in terms of 2015 revenue). The Company has more than
52,000 employees (excluding affiliates), and serves real estate owners, investors and
occupiers through more than 372 offices (excluding affiliates) worldwide. CBRE
offers strategic advice and execution for property sales and leasing; corporate
services; property, facilities and project management; mortgage banking; appraisal
and valuation; development services; investment management; and research and
consulting. Whether it is a local, national or global assignment, CBRE applies insight,
experience, intelligence and resources to help clients make informed real estate
decisions. The many strengths that CBRE brings to each transaction include:
 An intimate knowledge of virtually every major market in the world
 Intellectual capital and technological resources that develop and deliver superior
analytical,research and client servicetools to its professionals
 A proven track record of meeting diverse client needs
 Leadershippositionsin allservicelines
 Anorganizationalstructurethatharnessesthefirm’scollectiveexpertise
$55.45
$41.88
$18.31 $17.76
$16.67
$14.10
$10.16
$6.38
$0
$10
$20
$30
$40
$50
$60
CBRE Cushman &
Wakefield
JLL Newmark Grubb
Knight Frank
Billions
Source: Real capital Analytics
Q3 2015 YEAR-TO-DATE- OVERALL BROKER RANKINGS

29
CBRE’s global footprint aligns perfectly with the migration of global capital. CBRE
lives where the capital lives and has been there for decades — Asia, the Pacific,
throughout the Americas and EMEA. CBRE not only know this capital intimately, but
escorts it and advises it as it migrates from one market to another and from one part
of the world to another.
In 2015, CBRE completed sales and lease transactions with a total value of $310.6
billion, covering 61,850 lease transactions valued at $104.4 billion and 25,300
property sales transactions valued at $206.2 billion. CBRE also has a global property
and corporate facilities management portfolio that totals more than 5.2 billion square
feet, including affiliate company portfolios. The firm had $89 billion in investment
assets under management and $6.7 billion of active development projects in process
(includes $0.1B of long-term operating assets as of December 31, 2015). In addition,
CBRE completed $40.8 billion in loan originations (includes loan sale advisory),
$135.7 billion in loan servicing and 147,375 valuation and advisory assignments last
year. Finally, the firm performed project management contracts valued at $42.4
billion.
GLOBAL PRESENCE
*Includes loan sales advisory, **Includes loan serviced by GEMSA, a joint venture between CBRE Capital Markets and GE Capital Real Estate
CORPORATE LOCATIONS
AFFILIATE LOCATIONS

30

32

33
ANDREW M. BEHRENS
VICE CHAIRMAN
JESSE D. WEBER
SENIOR VICE PRESIDENT
SCOTT WILLIAMS
VICE PRESIDENT
DAVID ROBERTS
SENIOR PRODUCTION ANALYST
STEPHEN BAIRD
VICE PRESIDENT
JEANNETTE LEONE
PRODUCTION ANALYST
MEGAN KERSHEK
CLIENT SERVICES COORDINATOR
CHARLOTTE WALKER
PRODUCTION ANALYST
THE TEAM
WITH 108 SUCCESSFULLY COMPLETED TRANSACTIONS SINCE JANUARY 2015, SAN FRANCISCO’S MULTIFAMILY DEBT
& STRUCTURED FINANCE TEAM HAS BROUGHT IN A TOTAL OF $2.2 BILLION IN GROSS VOLUME.
AS DIRECT LENDER, CBRE CAPITAL MARKETS IS THE PREMIER PROVIDER OF
COMMERCIAL & MULTIFAMILY FINANCING AND INVESTMENT SALES.

34
ANDREW M. BEHRENS
VICE CHAIRMAN
PROFESSIONAL EXPERIENCE
Andrew Behrens joined CBRE in the fall of 2009 and is a member of CBRE Institutional Properties, one of only eight
dedicated multifamily/Senior Housing professionals to achieve this elite honor. He consistently ranks within the top 1% of
professionals globally in terms of production. Mr. Behrens brings with him more than 30 years of multifamily experience
representing both Institutional and Private Equity owners throughout the Western United States. Mr. Behrens has been
responsible for closing more than $16 billion worth of multifamily financing throughout his career, including a record setting
$1.2 billion credit facility with Fannie Mae. Mr. Behrens has intimate knowledge of Fannie Mae, Freddie Mac and FHA and
uniquely understands each product’s specific features, allowing him to match transactions and debt accordingly. His
relationships with the decision makers at the GSE’s allow him to bring a level of expertise and surety of execution to
transactions that are difficult to duplicate.
SENIOR HOUSING
Over the past 30 years, Mr. Behrens has been involved in financing, and has financed more than one $1.5 billion in Senior
Housing. This included structuring in all aspects of the capital stock including joint venture and preferred equity, mezzanine
financing, bridge construction and permanent debt. Mr. Behrens has a deep understanding of the industry, levels of care and
the needs of the aging population.
CONSTRUCTION DEBT / JOINT VENTURE EQUITY
Mr. Behrens increased his service offerings by establishing a construction debt and joint venture equity practice under the
CBRE Debt & Structured Finance platform. Under this service line, Mr. Behrens and his handpicked team of experienced
professionals source construction Debt & Structured Finance for multifamily projects in the Western United States. In addition
to his production responsibilities, Mr. Behrens is Team Leader and Production Manager for Multifamily Capital Markets in
Northern California and Northern Nevada. In this role, he oversees a team of 20 debt and sales professionals focused on
multifamily within the region.
WALL STREET / COMMERCIAL MORTGAGE BANKING SERVICES
During the recession of 2008, CMBS executions dried up almost completely. However, now that the economy has recovered,
values have been reset, and new credit standards are in place, CMBS is again playing an important role in the financing of
commercial real estate. Our team has extensive knowledge of contracts and expertise in executing CMBS financing.
LIFE COMPANIES
Life Companies have always had a permanent role in Real Estate financing. Mostly driven by credit asset quality, Life
Companies remain a viable option for future asset and borrowers that are looking for structure, larger deal sizes or lower
leverage.
Debt & Structured Finance
T: +1 415 772 0211
C: +1 415 987 6655
andrew.behrens@cbre.com

35
ACHIEVEMENTS
 Top Transaction Associate Bay Area–2009 to 2015
 Top 10 Production Award–2010 to 2015
 Colbert Coldwell Circle–2009 to 2015
 While at Prudential and Lend Lease, Mr. Behrens was consistently the top performer within the respective companies
CLIENTS REPRESENTED
PROFESSIONAL AFFILIATIONS/ACCREDITATIONS
 Licensed California Real Estate Salesperson
 Member–Mortgage Bankers Association (MBA)
 Member–California Mortgage Bankers Association (CMBA)
 Acacia Capital Companies
 Barry Swenson Builder
 Bascom Northwest Ventures
 Blackrock
 Carmel Partners
 EJ Williams Construction Company
 First Republic Bank
 Fremont Bank
 Hamilton Zanze
 Lend Lease REI
 Montgomery Advisors
 Pacific Coast Capital Partners
 Prometheus
 RCG Longview
 Sares Regis
 Sobrato Development Companies
 Tandem Properties
 The Bascom Group
 The Prime Group
 The Reliant Group
 Unico
 Vandenberghe Properties
 Wachovia
 Warburg Pincus
EDUCATION
 Bachelor of Science in Hotel Administration–University of Nevada, Las Vegas

36
Jesse Weber is a Senior Vice President with CBRE’s Capital Markets Debt and Structured Finance Group. He and his
business partner, Andrew Behrens, and their team lead the Northern California effort to provide their clients with CBRE’s
direct lending products including Fannie Mae, Freddie Mac and HUD, as well as provide access to the broader capital markets
such as Life Companies, CMBS, Banks & Alternative Sources. In addition to their expansive debt capabilities, they also have
the ability to source Equity from the global markets. Mr. Weber has over 8 years of multifamily experience representing both
Institutional and Private Equity owners throughout the Western US.
Mr. Weber has extensive knowledge of Fannie Mae, Freddie Mac and FHA and uniquely understands each product’s specific
features, allowing him to expertly guide his clients to the proper solution for their financing needs. He is able to deliver a surety
of execution and expertise to all transactions because of his relationships and access with the decision makers at the GSE’s.
Prior to joining CBRE in 2013, Mr. Weber spent six years with PNC Real Estate as a Vice President in their San Francisco
office. In that role he was responsible for delivering capital to the multifamily sector throughout the Western US and had the
primary responsibility for all clients located in Northern California.
Prior to entering the finance sector, Mr. Weber spent four years in sales with two NBA basketball teams, the Golden State
Warriors and the Memphis Grizzlies.
NOAH M. REISCHMANN
VICE PRESIDENT
JESSE D. WEBER
SENIOR VICE PRESIDENT
Debt & Structured Finance
T: +1 415 772 0235
C: +1 415 730 8952
jesse.weber@cbre.com

37
ACHIEVEMENTS
 Over $5 Billion of closed debt transactions
 Recognized as a top Emerging Leader in the Real Estate Industry (Real Estate Forum Magazine)
 While at PNC Real Estate, Mr. Weber was consistently a top performer and received numerous awards and distinctions, including a 2012 Market All-Star
award and 2012 Top 5 Producer recognition
CLIENTS REPRESENTED
PROFESSIONAL AFFILIATIONS/ACCREDITATIONS
 Member of ULI, BAMA, and The Belden Club
 Licensed California Real Estate Salesperson (Lic # 01820711)
 CBRE Next Generation (Executive Committee Board Member)
EDUCATION
 Amherst College; B.A. in Law, Jurisprudence and Social Thought
 Acacia Capital Companies
 Argosy Capital
 Carmel Partners
 DiNapoli Capital Partners
 Gerson Baker
 Golden State Financial
 Hamilton Zanze
 JB Matteson
 Kromer Investments
 Lowe Enterprises
 Prometheus
 Rockwood Capital
 Sack Properties
 Sares Regis
 The Reliant Group

38
Scott Williams is a Vice President with CBRE Capital Markets in San Francisco, CA. Mr. Williams is responsible for the
origination of JV equity and debt for multifamily assets in the Western Region. Since joining CBRE, Mr. Williams has been
involved in the placement and underwriting of over $5.16 billion in financing transactions.
Mr. Williams’ areas of expertise include joint venture equity, preferred equity and structured finance. In addition, Mr. Williams
has an extensive background in arranging debt and development loans with portfolio lenders, banks and CMBS lenders.
Mr. Williams began his career with LJ Melody & Company, the debt and structured finance division of CBRE, and has been a
member of the Debt & Structured Finance Group in San Francisco since 2011. Prior to joining the San Francisco team, Mr.
Williams spent 11 years with CBRE’s Sacramento Debt & Structured Finance Group where he participated in the origination of
nearly 125 loans totaling more than $1.2 Billion in volume.
PROFESSIONAL AFFILIATIONS
SCOTT WILLIAMS
VICE PRESIDENT
STEPHEN BAIRD
VICE PRESIDENT
Stephen Baird is a Vice President with CBRE Capital Markets in the San Francisco office. Mr. Baird is responsible for the
origination of debt for multifamily assets in the western region. Since joining CBRE, Mr. Baird has been involved in the
placement and underwriting of over $2.4 billion in financing transactions.
Mr. Baird’s areas of expertise include a broad knowledge of real estate finance with experience in structuring Fannie Mae,
Freddie Mac, construction and Life Company transactions throughout the Western United States.
Mr. Baird began his career with Prudential Mortgage Capital Company participating in the origination of over $1.2 Billion in
mortgages financed through Prudential’s General Account, Fannie Mae, Freddie Mac, HUD and other Prudential capital
sources.

39
David Roberts is a Production Analyst with CBRE Capital Markets in the San Francisco office. Since joining the team in May
2011, Mr. Roberts has participated in the placement and underwriting of over $2 Billion of multifamily loans.
Mr. Roberts is focused on front end financial analysis and plays an integral role in best serving the pre-underwriting needs of
the team's clients. Main responsibilities include loan sizing, deal prescreening and coordinating third party reports.
Prior to beginning his career in finance, David was Operations Manager in CBRE’s Oakland office for seven years and was
responsible for budgeting and P&L management.
DAVID ROBERTS
PRODUCTION ANALYST
CHARLOTTE WALKER
PRODUCTION ANALYST
Charlotte Walker is a Senior Production Analyst with the San Francisco CBRE Capital Markets team. Since joining the team in
June 2015, Ms. Walker has participated in the placement and underwriting of over $730 million of multifamily loans.
Ms. Walker is focused on front end financial analysis and plays an integral role in best serving the pre-underwriting needs of
the team's clients. Main responsibilities include loan sizing, deal prescreening and coordinating third party reports.
Ms. Walker brings two years of commercial property management experience from the Bay Area based company, Harvest
Properties. Team management and preparing properties for commercial sales has helped her become a skilled and valuable
member to the CBRE Capital Markets team, knowing how the assets are managed and maintained. With this knowledge Ms.
Walker can adequately and diligently create reports that will benefit the clients from beginning to end.

40
TEAM SUPPORT
MEGAN KERSHEK
CLIENT SERVICES COORDINATOR
Megan Kershek serves as a Client Services Coordinator for the CBRE Capital Markets San Francisco office, including
assisting the team with national marketing efforts. Since joining the team in January 2015, Miss Kershek has performed data-
base organization, detailed market research, as well as digital and print outreach.
Ms. Kershek joined San Francisco's Debt & Structured Finance team to further promote one of the nation’s top producers in
Multifamily Capital Markets. She facilitates the efforts involved in creating best-in-class custom marketing and collateral for the
team’s multifamily listings.
Miss Kershek has been in marketing for over 7 years managing teams to ensure quality output and results.
JEANNETTE LEONE
PRODUCTION ANALYST
Jeannette Leone serves as a Production Analyst for the CBRE Capital Markets San Francisco office. Since joining the team
in April 2011, Ms. Leone has participated in the processing of loans totaling over $2 Billion.
Ms. Leone performs finance-related due diligence, detailed market analyses and provides transactional support, including
managing document checklists, collecting documents and reviewing them for accuracy and maintaining the loan files.
Before joining CBRE Capital Markets, she worked as the Secretary Treasurer of a major title and escrow company in
Southern Arizona, managing the account servicing department as well as escrow and corporate accounting. Ms. Leone has
been in the multifamily realm for over 15 years managing condominium associations in both Washington State and Hawaii.

SAN FRANCISCO
C A P A B I L I T I E S O V E R V I E W
ANDREW M. BEHRENS
Vice Chairman
Lic. 01215934
T +1 415 772 0211
andrew.behrens@cbre.com
www.cbre.com/DSFSanFrancisco
Multifamily Debt & Structured Finance
JESSE D. WEBER
Senior Vice President
Lic. 01820711
T +1 415 772 0235
jesse.weber@cbre.com
Capital Markets
6.2016
© Copyright 2016 CBRE Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no
guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals
and all rights to the material are reserved and cannot be reproduced without prior written permission of the CBRE Global Chief Economist.

DSF Capabilities_AB,JW 6.2016

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