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                                                                  Exhibit (b)(8)

                            [LETTERHEAD OF GE]

David Schonberger
Frist Union Real Estate Investment Trust
551 5th Ave, Suite 1416
New York, NY  10176

Re:      Proposed Loan to a to-be-formed Limited Partnership
         (201 West Madison Ave, Chicago, IL)

Gentlemen:


General Electric Capital Corporation ("GECC" or "Lender") is interested in
pursuing the possibility of providing financing (the "Loan") secured by the
property (the "Property") described herein. This letter merely represents a
proposal of terms and conditions under which GECC may seek Credit Committee
approval. No such approval has been obtained or submitted. Even if such approval
is obtained, it may be conditioned on additional terms and conditions and/or be
substantially different from the terms and conditions discussed in this letter.
No commitment by GECC will exist unless and until a formal, written commitment
letter is issued by GECC and accepted by you. This is not a commitment or an
indication that loan approval will be forthcoming.

A.   SUMMARY OF THE PROPOSED LOAN:
     ----------------------------

Property Name:      201 West Madison Ave, Chicago, IL

Borrower:           A to be formed Limited Partnership, with Radiant Investors
                    as General Partner, controlled and operated by Mr.
                    Schonberger, Mr. Friedman, and Mr. Zahner. Borrower will be
                    a single purpose entity

Type:               Assignment of First Mortgage/Deed of Trust

Amount:             $29,000,000 (subject to GECC-audited net operating income
                    from the Property generating at least $3,210,000 from not
                    more than 90% occupancy on non-credit retail tenants, less
                    reserves of $0.15/SQ. FT, and a management fee equal to 1%
                    of gross revenues)

Term:               3 years

Contract            Rate: 275 basis points in excess of the LIBOR - 1 month
                    Rate

Amortization:       Monthly based on 25-year amortization schedule

Commitment          Fee: 1.00% ($290,000)

Prepayment/
Lock-out:           Loan locked-out for months 1-8; open during months 9-12 (in
                    whole but not in part) subject to yield maintenance plus
                    0.5% pre-payment fee; open during months 13-18 (in whole but
                    not in part) subject to 0.5% prepayment fee; open
                    thereafter.

                    Yield maintenance is defined as the prorata share of GECC's
                    spread above Libor for a full year, not yet collected; (i.e.
                    If loan paid back in month 9, GECC would be owed 4 months of
                    the 2.75% annual spread (0.92% - $26,583) plus the 0.5%
                    prepayment fee


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Exit Fee:           0.5% ($145,000)

Impounds:           Monthly with GECC for real estate  taxes  (non-interest
                    bearing)

Additional
Collateral/
Reserve/Escrows:    Capital Expense reserve of $0.15 par plus any immediate
                    repairs necessary as identified in the GECC engineering
                    report

Non-Recourse/
Indemnities:        Non-recourse subject to standard carve-outs : Borrower,
                    Radiant Venture I LLC, is liable for non-recourse
                    carve-outs and environmental indemnity

Additional          Permitted Liens: None

Closings:           TBD

B.   SPECIAL CONDITIONS
     ------------------

     1.  Subject to GECC's  approval  of the new  borrowing  entity and the
ownership structure

C.   MISCELLANEOUS

     1.  Closing Requirements: Costs:
         ---------------------------

         Actual closing requirements will be reviewed based on current documents
         for the existing loan. If applicable, the Loan will be subject to
         GECC's receipt review and approval of satisfactory loan documentation,
         environmental and engineering reports and other customary requirements
         (i.e., title insurance, legal opinions, hazard and liability insurance,
         tenant estoppel certificates from major tenants, and copy of
         certificate of occupancy and other evidence that the Property is in
         compliance with applicable laws). Borrower will be responsible for the
         costs and expenses incurred by GECC in underwriting and closing the
         proposed Loan including environmental, engineering, audit, appraisal,
         credit report, legal, travel, title insurance, survey, mortgage
         recording tax and other out-of-pocket costs and expenses relating to
         the Loan.

     2.  Governing Law:
         -------------

         This letter shall be governed by and construed in accordance with the
laws of the State of New York.

Borrower acknowledges that GECC has not approved the Loan described in this
letter, and knowingly assumes the risk that such approval may not be obtained
and, if obtained, may be conditioned on additional terms and/or conditions.

Please contact me with any questions you may have regarding the above.

                                Very truly yours,

                                GENERAL ELECTRIC CAPITAL
                                CORPORATION

                                By: /s/ Scott C. Towbin
                                   ---------------------------
                                   Name: Scott C. Towbin
                                   Title: Vice President





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