Commercial Mortgage Lending - USAA Real Estate

REAL ESTATE

Commercial Mortgage Lending

Commercial Mortgage Lending

USAA Real Estate originates senior mortgage loans on all major commercial real estate property types throughout the United States. Loans are originated on behalf of USAA Life Insurance Company. Our commercial mortgage lending platform is intended to offer speed, surety of execution, and flexibility for owners and developers of high-quality commercial real estate assets.

? Headquartered in San Antonio, Texas; seven regional offices in major markets across the United States, one in Europe and one in Asia

? Formed in 1982 ? $28.2 billion Portfolio Market Value*

Program Details

? Fixed-rate, 5 to 15 year senior mortgage loans (prefer average life of 12 years or less)

? Loan amounts ranging from $10 to $60 million ? Loans priced at competitive spreads over U.S.

Treasuries ? Loan to value ratios up to 70% ? Non-recourse loans except for standard carve

outs ? Rate lock upon receipt of appropriate deposits ? Forward commitments available

2018 Loan Closings

5% 7%

11%

Hot

42%

Stud

Reta

Indu

12%

Offi

Mul

23%

Hotel Industrial

Student Housing Office

Retail Multifamily

Property Types

Office

Class A and B Downtown office Suburban office Medical office Office portfolios

Multifamily

Class A and B Garden style multifamily Urban multifamily/mixed use Multifamily portfolios

Hospitality 42%

Full-service and selectservice branded hotels

Urban or suburban in top 50 U.S. markets

Full-service and selectservice hotel portfolios

Industrial

Class A and B Bulk industrial Small bay industrial Industrial portfolios

5% 7%

11%

Retail

Class A and B Grocery-an12c%hored retail Grocery-anchored retail portfolios

23%

Other Property Types

Self-storage Student housing Senior housing

Industrial

Greencastle, PA $48.5m Financing 10-Year Term

Multifamily

Arlington, VA $57.1m Financing 12-Year Term

Office

Evanston, IL $21.5m Financing 10-Year Term

USAA - Our Parent Company

? Founded in 1922 ? Over $250 billion in total assets under

management ? More than 12 million members ? 2018 Fortune 100 company

Student Housing

Austin, TX $27.5m Financing 5-Year Term

USAA Credit Ratings

A++

A.M. Best

Company

AAA

Moody's

Investor Service

AA+

Standard &

Poor's

Regional Expertise

Please contact one of our originations team members to submit a request for financing. The location of the asset governs the coverage assignment.

HOME OFFICE

San Fransisco

Tim Stoner | 210.641.8455

Alex Rapoport | 210.641.8477

Head of Mortgage Loan Platform Head of Mortgage Loan Production

Los Angeles

tim.stoner@

alex.rapoport@

REGIONAL OFFICES

Nawder Alavi | 415.217.0051 nawder.alavi@

Steve Ames | 949.442.7700 steven.ames@

Greg Levitan | 310.560.2277 greg.levitan@

Carrington Brown | 214.392.7506 carrington.brown@

David Reahl | 312.382.5601 david.reahl@

Bruce Childs | 301.571.0763 bruce.childs@

Charlie McCombs | 301.204.9254 charlie.mccombs@

Chicago

Dallas San Antonio

Atlanta

New York Washington

D.C.

Tom Bermingham | 212.271.4411 thomas.bermingham@

Michael Schonbraun | 212.616.1556 michael.schonbraun@

Lex Rickenbaker | 404.825.5410 lex.rickenbaker@

*Portfolio Market Value represents the combined gross portfolio values for USAA Real Estate ($20.04 billion) and affiliate, Square Mile Capital ($8.16 billion). The USAA Real Estate values are as of December 31, 2018 while the Square Mile Capital values are as of September 30, 2018. The Portfolio Market Value does not include uncalled capital or working capital of the investments. For equity investments, the Portfolio Market Value is based on the fair value of the underlying real estate and includes USAA Real Estate or Square Mile Capital equity invested along with other debt and equity capitalizing the investment. For debt investments, the Portfolio Market Value is based on the current outstanding loan balance that was originated by USAA Real Estate or Square Mile Capital, including any senior financing that has been procured.

REAL ESTATE

9830 Colonnade Blvd., Suite 600 San Antonio, TX 78230 USA Tel: 210.641.8416 Fax: 210.641.8425

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