John Stevens, CRI
McCary Stevens Associates, Inc.
750 Main Street, Suite 1308
Hartford, CT 06103
860-761-1000
860-761-1009, fax
stevens'@'mccarystevens.com
www.mccarystevens.com

John M. Stevens, CRI, Principal

Mr. Stevens has over 28 years of commercial real estate experience. For 15 years, from 1978 to 1993, he worked in Aetna's commercial mortgage real estate area underwriting commercial mortgage loans. Beginning in 1983, he headed up the production team for the West Coast Region (including California, the Pacific Northwest and Mountain States) and later was responsible for loan production in the Mid-Atlantic Region. His regions were consistently the highest producing regions out of the five at the company. In addition to managing these regions, Mr. Stevens was also a voting member on Aetna's commercial mortgage investment committee.

During this period he was directly involved in producing approximately $4 Billion in commercial mortgage loans. These loans ranged in size from $1 million to $200 million with the average size being $15 million. The loans were underwritten primarily on multifamily apartment properties; neighborhood, community, and regional shopping centers; CBD, suburban, and R&D office properties; warehouse and industrial properties; and hotels.

Since 1990, when Aetna stopped investing in new commercial mortgage loans, Mr. Stevens directed the Mid-Atlantic Region strategy to reduce its real estate mortgage portfolio holdings. He restructured maturing loans, negotiated early loan prepayments, appraised real estate collateral securing the mortgages, identified event risks in the mortgage portfolio and developed strategies to mitigate loan losses.

Prior to joining Aetna, from 1976 to 1977, Mr. Stevens was a commercial real estate analyst at State Mutual Life in Worcester, MA, where he underwrote mortgages, acquired real estate equity properties, and managed owned properties in the Midwest, Mid-Atlantic and Southeast regions of the country. He also worked-out and managed six distressed properties acquired from the State Mutual Investors REIT. From 1974 to 1975 Mr. Stevens worked for MassMutual Economic & Realty Research, Inc., a subsidiary of Massachusetts Mutual Life Insurance Company, as a Real Estate Analyst where he conducted real estate supply/demand studies for commercial, industrial and residential income properties in ten major metropolitan areas. In addition, he performed real estate feasibility studies on apartment, nursing home and office projects for outside clients.

A Pittsburg State University graduate with a degree in Economics, Mr. Stevens earned a Masters Degree in Urban Economics at the University of Missouri and was awarded a Graduate Research Assistantship at Washington University in St. Louis. He is also a Founding Governor of the Chartered Realty Investor Society (CRI). He has been active with the International Council of Shopping Centers and is a Board Member of the Urban Suburban Affordables (a Hartford Area Non-Profit housing organization).