Get the latest debt market information on terms and rates, including data from Fannie Mae, conduit spreads, Treasury and LIBOR indices, economic commentary and samples of recent transactions closed by Marcus & Millichap Capital Corporation.

Marcus & Millichap Capital Corporation - Capital Alert

February 3, 2012

Multifamily Loan Programs > $3 Million

Fixed Rate	Agency Lenders
Term	LTV	Interest Rates
5 Yr.	55 to 80%	2.95% to 3.40%
7 Yr.	55 to 80%	3.33% to 3.78%
10 Yr.	55 to 80%	3.68% to 4.13%

Portfolio Lenders*
LTV	Interest Rates
55 to 75%	3.75% to 4.00%
55 to 75%	4.00% to 4.25%
55 to 75%	4.25% to 4.75%

*Rates based on fixed rate Act/360

Multifamily Loan Programs < $3 Million

Fixed Rate	Agency Lenders
Term	LTV	Interest Rates
5 Yr.	55 to 80%	3.19% to 3.61%
7 Yr.	55 to 80%	3.56% to 3.98%
10 Yr.	55 to 80%	3.94% to 4.36%

Portfolio Lenders*
LTV	Interest Rates
55 to 75%	4.25% to 4.50%
55 to 75%	4.50% to 4.75%
55 to 75%	5.00% to 5.25%

*Rates based on fixed rate Act/360

Commercial Loan Programs

Fixed Rate	Portfolio Lenders*
Term	LTV	Interest Rates
5 Yr.	55 to 75%	4.25% to 4.50%
7 Yr.	55 to 75%	4.75% to 5.00%
10 Yr.	55 to 75%	4.88% to 5.25%
15 Yr.	55 to 75%	5.25% to 5.50%

Bridge Floating	LTV	Spread Over Libor
Stabilized	65%	225 to 300
Re-Position	80%	275 to 350

Index Rate as of 2-3-12
3-Year Swap	0.60%	5-Year Treasury	0.77%
5-Year Swap	1.04%	7-Year Treasury	1.34%
7-Year Swap	1.54%	10-Year Treasury	1.92%
10-Year Swap	2.03%	30-Day Libor	0.26%
Prime	3.25%	90-Day Libor	0.53%

(*Portfolio Lenders include Banks, Life Insurance Companies and Credit Unions)

Economic Commentary

2-3-12 The U.S. economy created jobs at the fastest pace in nine months in January and the unemployment rate dropped to a three-year low, offering a hopeful sign for hiring in the year ahead. The unemployment rate dropped to 8.3% from 8.5%, but the nation still has 5.3 million fewer jobs than it did when the recession began in late 2007.

Recent Transactions
Multifamily Mid-Rise Victorville, CA $5,000,000 5.55 Fixed 30-yr term / 30-yr amort.	Multifamily Garden Apts. West Chester, PA $2,625,000 4.63 Fixed 7-yr term / 30-yr amort.	Multifamily Garden Apts. Inglewood, CA $1,950,000 4.16 Fixed 30-yr term / 30-yr amort.	Retail Neighborhood Hamburg, NY $1,885,000 5.05 Fixed 5-yr term / 20-yr amort.

For more information, contact:

William Hughes
Senior Vice President / Managing Director
Newport Beach, CA
Office: (949) 419-3200
William.Hughes@marcusmillichap.com

Terms, rates and conditions subject to change.

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Multifamily Loan Programs > $3 Million

Multifamily Loan Programs < $3 Million

Commercial Loan Programs