Phillips, formerly known as Frank S. Phillips Mortgage Corp., secured deals last year that ran the gamut, covering property types ranging from office to multifamily. The types of transactions also varied, from permanent financing and mezzanine loans, to bridge and structured debt and equity. Deals in 2002 included a $65 million permanent loan for a 10-structure, 740,000-sf office property, a $21-million construction loan for a 211-unit apartment community, and a $14-million refinancing package for a $150,000-sf retail center.

As for 2003, the numbers are already looking good from Phillips' point of view. "I hope it's possible [to achieve the same activity as last year]; that is our goal and we are well on our way," Shaw tells GlobeSt.com. "Real estate is the asset investment of choice because it does offer stability, and because real estate is wining by default; fixed-income markets are very volatile right now." He also points out that part of the company's successful strategy is spotlighting a specific group of clients. "We're not working with everybody; our strategy is to focus on higher profile clients," Shaw explains. "If we focus on the right clients, they'll continue to buy and we'll continue to provide the levels of debt and equity they need. I don't think there'll be a downturn." As for the effects of a possible war, he adds, "with uncertainty, the stability of real estate will be at a premium."