Austin

WELSH CO'S.
(MINNEAPOLIS, MN) The firm promotes Peter Austin and George Zeller to senior vice presidents. Austin leads the origination and placement of commercial real estate loans with third party lenders, while Zeller is responsible for placement of commercial real estate debt and equity for the company.

Chryssicas

MEREDITH & GREW
(BOSTON) Theodore J. Chryssicas, senior vice president and director of retail services in the firm's brokerage department, and Thomas D. Robinson, Jr. are named shareholders. Robinson is also named a senior vice president. Similarly, Bonnie J.G. Lombardo is promoted to assistant vice president.

THOR EQUITIES
(NEW YORK CITY) Lori Schechter comes aboard as executive vice president of asset management. A 20-year industry veteran, she will oversee overall investment performance of the company's portfolio. Additionally, Laurence Hoffer joins as chief financial officer, and will be responsible for the financial control and reporting of Thor Equities.

ATCO PROPERTIES & MANAGEMENT INC.
(NEW YORK CITY) Avi Itzikowitz joins as director of operations, and will be responsible for overseeing all of the firm's commercial office buildings in Manhattan, including Atco's headquarters at 555 Fifth Ave. Over the past nine years he has worked with Vornado Realty Trust.

GEORGE ELKINS MORTGAGE CO.
(LOS ANGELES) Michael Warner comes aboard as a vice president and loan officer. He was previously a senior vice president at Bank of America, serving as senior relationship manager in the private bank, providing customized credit and investment management solutions.

Regional VP/Team Leader, Underwriting

CHICAGO

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Responsible for managing and directing a regional underwriting team accountable for supporting the entire loan process from loan application to commitment including due diligence, underwriting, loan submission, loan commitment and preparation of the underwriting file. With a target volume of approximately $750 million to $1 billion in commercial mortgage originations for the CMBS market in 2002, the position will coordinate the workflow and allocate underwriting and related resources in order to meet these production objectives.

CIM GROUP

Asset Mgr.

HOLLYWOOD, CA

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Responsible for all aspects of asset management within assigned portfolio including: development and review of annual budgets and operating plans; strategy and implementation of these plans; and oversight of property level issues and reporting requirements for portfolio of mixed use residential, retail, and office properties. Some of these may involve tax credit financing, redevelopment agency funding, or other financing vehicles. Must have a minimum of five years experience as an asset manager managing mixed-use, residential, retail/office properties.

PHILLIPS RESOURCE

EVP - REIF

GREENVILLE, SC

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Position oversees and monitors the economic performance of the company's real estate investments. Responsible for the fiscal and physical management as well as the long-term economic performance of the individual projects assigned within the portfolio. The fund is compromised of high net worth individuals. Successful candidates must have managed a real estate portfolio exceeding $200 million.

NATIONAL TRUST/HISTORIC PRESERVATION

Sr. Accountant

WASHINGTON, DC

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Provide financial reporting, asset management and underwriting support to the equity operations of the community partners program. This undertaking assists preservation organizations, local governments and community development corporations in revitalizing historic properties, central business districts and urban neighborhoods. It functions as a family of programs that offer financial and technical assistance. Position will report to the equity operations manager.

Portfolio Mgr.- CMBS

McLEAN, VA

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Responsibilities will include direct management of performing and non-performing loans under multiple CMBS contracts. The management of loans will include the review of loan documents, collateral analysis, negotiations with borrowers and the direction of the legal process. The loan asset management will also require reporting and compliance under the associated special servicing contract. Responsibilities also include the underwriting of new CMBS acquisitions and individual assets, along with the evaluation of the CMBS bond analysis.