Document:

<Page>

                                                                  Exhibit 10.215

                        LOAN PROCEEDS HOLDBACK AGREEMENT

     This Loan Proceeds Holdback Agreement (the "Agreement") is dated as of June
30, 2004, by and between NEWMAN DEVELOPMENT GROUP OF GILROY, L.L.C., a
California limited liability company ("Borrower") and IWEST GILROY, L.L.C., a
Delaware limited liability company ("Lender").

                              W I T N E S S E T H:

     WHEREAS, Lender issued a loan commitment to Borrower dated June 30, 2004
(the "Commitment"), relating to a loan for $22,000,000.00 (the "Loan") to
Borrower, which Commitment was accepted by Borrower; and

     WHEREAS, Borrower has executed and delivered to Lender, among other
documents and things, an Installment Note of even date herewith in the principal
sum of $22,000,000.00 (the "Note") which is secured by, among other things, a
First Deed of Trust and Security Agreement (the "Mortgage") on certain real
property and improvements located in Gilroy, California, and more particularly
described on Exhibit A, attached hereto, and incorporated herein by reference
(the "Project"); and

     WHEREAS, pursuant to the terms of the Commitment, Lender shall hold back
the amount of $6,667,094 ("Holdback") from the proceeds of the Loan and which
shall be disbursed as the Project is leased as more particularly described
herein.

     NOW, THEREFORE, for $10.00 and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, and to further induce
Lender to make and disburse the proceeds of the Loan to Borrower, Borrower and
Lender agree as follows:

     1.   INCORPORATION OF RECITALS. The Recitals hereinabove set forth are by
          this reference incorporated herein.

     2.   CONDITIONS FOR RELEASE AND USE OF HOLDBACK.

          A.   So long as there is no default under the Note or under the
               Mortgage or Other Loan Documents, as defined in the Note, and no
               material adverse change has occurred in the financial condition
               of the Borrower or any guarantor of the Loan, as reasonably
               determined by Lender, the Holdback will be disbursed on the terms
               stated herein. Portions of the Holdback will be disbursed by
               Lender no sooner than ten (10) business days after the date on
               which Lender has received all items required to be delivered to
               it pursuant to this Agreement.

          B.   Each request for a draw, except for final draw, shall be in the
               minimum amount of TEN THOUSAND AND 00/100 Dollars ($10,000.00).
               Lender shall not be obligated to advance funds pursuant to a draw
               request more than once per calendar month. Draw requests will be
               for one (1) of three

                                        1
<Page>

               (3) categories, as set forth below, and will be funded if the
               loan is not in default and Lender has received, in form and
               content reasonably acceptable to Lender, an endorsement to
               Lender's Title Policy extending the date thereof through and
               inclusive of the date of disbursement, without change to the
               condition of or exceptions to title, and further insuring the
               continued priority of Lender's Mortgage as an encumbrance
               superior in continued priority to all lien claims for labor,
               services or materials related to the work at the Project and
               Lender has received the following (depending on the category of
               the draw request):

               1.   LNT INITIAL DISBURSEMENT. Lender shall make an initial
                    disbursement of $3,000,000.00 with respect to the tenancy of
                    Linens N Things ("LNT Initial Disbursement"). The LNT
                    Initial Disbursement shall be subject to the conditions set
                    forth in this Agreement and shall be disbursed after (i) the
                    commencement of the payment of rent, operating expenses and
                    other applicable pass throughs, by LNT pursuant to the terms
                    of the lease between Borrower and LNT as previously approved
                    by Lender in writing, and (ii) LNT shall have executed and
                    delivered to Lender an estoppel certificate and
                    subordination, non-disturbance and attornment agreement each
                    in form and substance acceptable to Lender in Lender's sole
                    discretion.

               2.   LNT FINAL DISBURSEMENT. Lender shall make a final
                    disbursement of $1,911,069.00 with respect to the LNT
                    premises. The LNT Final Disbursement shall be disbursed
                    after each of the Occupancy Conditions (as defined below)
                    have been satisfied with respect to the LNT premises.

               3.   PERIODIC DISBURSEMENTS. Lender shall make periodic
                    disbursements ("Periodic Disbursements") in amounts equal to
                    ninety percent (90%) of the quotient obtained by dividing
                    the annual base rent payable by tenants under applicable
                    leases which have satisfied each of the Occupancy Conditions
                    (as of the date of the request for such Periodic
                    Disbursement) by the Base Rent Divider.

     As used herein, "Occupancy Conditions" are as follows: (i) a fully executed
lease with a tenant in form and substance acceptable to Lender in Lender's sole
discretion, and (ii) the tenant is open for business to the public with a
fully-stocked store, and (iii) the tenant is paying full rent and
reimbursements, and (iv) all the leasing commissions and tenant improvement
allowances have been paid, and (v) a certificate of occupancy or its equivalent
has been issued by the local governmental authorities for such tenant's
premises, and (vi) the tenant has executed and delivered an estoppel certificate
and subordination, non-disturbance and attornment agreement to Lender, each in
form and substance acceptable to Lender in Lender's sole discretion. As used
herein, "Base Rent Divider" shall mean 7.6925%.

                                        2
<Page>

          C.   Borrower is obligated to pay the cost of any third party
               consultants deemed necessary by Lender to review any of the
               foregoing.

     3.   NO WAIVER. No delay or leniency of Lender in requiring strict
          performance of the terms and conditions hereof shall constitute a
          waiver of its rights hereunder.

     4.   NO FURTHER PLEDGE OR ENCUMBRANCE. Borrower shall not, pledge, assign
          or grant any security interest in the Holdback or permit any lien or
          encumbrance to attach thereto or any UCC-1 Financing Statements,
          except those naming Lender as secured party, to be filed with respect
          thereto.

     5.   INDEMNIFICATION. Borrower indemnifies and holds Lender harmless from
          and against any and all actions, suits, claims, demands, liabilities,
          losses, damages, obligations and costs or expenses; including
          litigation costs and attorneys fees, arising from or in any way
          connected with this Agreement, other than the gross negligence or
          willful misconduct of Lender.

     6.   FEES AND EXPENSES. All costs and expenses incurred by Lender in
          connection with collecting and disbursing the Holdback pursuant to
          this Agreement, including attorney's fees and disbursements, shall be
          paid by Borrower.

     7.   MISCELLANEOUS.

          (a)  AMENDMENTS. No amendment, modification or cancellation of this
               Agreement shall be valid unless in writing and signed by the
               party against whom enforcement is sought.

          (b)  HEADINGS. The Paragraph and Subparagraph headings hereof are
               inserted for convenience and reference only and shall not alter,
               define or be used in construing the text of such Paragraphs or
               Subparagraphs.

          (c)  MEANING OF PARTICULAR TERMS. Whenever used, the singular number
               shall include the plural and the plural the singular, and
               pronouns of one gender shall include all genders; and the words
               "Borrower" and "Lender" shall include their respective heirs,
               personal representatives, successors and assigns.

          (d)  GOVERNING LAW. JURISDICTION AND VENUE. This Agreement shall be
               governed by and construed and enforced in accordance with the
               substantive laws of the State of Illinois without regard to
               conflict of laws principles.

          (e)  INVALIDITY OF PARTICULAR PROVISIONS. If any term or provision of
               this Agreement shall be determined to be illegal or
               unenforceable, all other terms and provisions hereof shall never
               the less remain effective and shall be enforced to the fullest
               extent permitted by applicable law, and in lieu such illegal or
               unenforceable provisions there shall be added automatically

                                        3
<Page>

               as part of this Agreement a provision as similar in terms to such
               invalid, illegal or unenforceable provision as may be possible
               and be valid, legal and enforceable.

          (f)  NO DELAY OR WAIVER. No delay on the part of the Lender in
               exercising any right hereunder or any failure to exercise the
               same shall operate as a waiver of such right; nor in any event
               shall any modification or waiver of the provisions hereof be
               effective unless in writing; nor shall any such waiver be
               applicable except in the specific instance for which given.

          (g)  NOTICES. All notices or demands required or permitted under this
               Agreement shall be in writing and addressed as provided in the
               Mortgage.

          (h)  BINDING EFFECT. This Agreement and all the covenants, promises
               and agreements contained herein shall be binding upon and inure
               to the benefit of the respective legal representatives, personal
               representatives, devisees, heirs, successors and assigns of the
               Borrower and Lender.

          (i)  ENTIRE AGREEMENT. No oral understandings or agreements exist
               between the parties, all of which oral understandings or
               agreement are merged herein and of no further force and effect.

          (j)  EXECUTION IN COUNTERPARTS. This Agreement may be executed,
               acknowledged and delivered in any number of counterparts and each
               such counterpart shall constitute an original, but together such
               counterparts shall constitute only one instrument.

                       [END OF TEXT, SIGNATURES NEXT PAGE]

                                        4
<Page>

     IN WITNESS WHEREOF, Borrower and Lender have executed this Agreement as of
the day and year first above written.

                                  NEWMAN DEVELOPMENT GROUP OF
                                  GILROY, L.L.C., a California limited
                                  liability company

                                  By:      /s/ Marc Newman
                                        --------------------------------------
                                  Name:        Marc Newman
                                        --------------------------------------
                                  Its:         Member
                                        --------------------------------------

                                  IWEST GILROY, L.L.C., a Delaware
                                  limited liability company

                                  By:        /s/ Valerie Medina
                                        --------------------------------------
                                  Name:      Valerie Medina
                                        --------------------------------------
                                  Its:       Asst. Secretary
                                        --------------------------------------

                                        5
<Page>

STATE OF New York )
                  ) SS
COUNTY OF Broome  )

     On June 29, 2004, before me, Howard M. Rittberg
                  (NAME, TITLE OF OFFICER. E.G., "JANE DOE, NOTARY PUBIC")

personally appeared Marc Newman
               (NAME(S) OF SIGNER(S))

     /X/  personally known to me -OR-

     / /  proved to me on the basis of satisfactory evidence

to be the person(s) whose name(s) is/are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their
authorized capacity/ies, and that by his/her/their signature(s) on the
instrument the person(s), or the entity upon behalf of which person(s) acted,
executed the instrument.

     Witness my hand and official seal.

                                                   /s/ Howard M. Rittberg
                                                 ---------------------------
                                                       (Signature of Notary)

(SEAL)

My Commission expires:

           HOWARD M. RITTBERG
----------------------------------------
    Notary Public, State of New York
               No, 4623413
        Residing In Broome County
   My Commission Expires Aug. 31, 2007

<Page>

STATE OF Illinois )
                  ) SS
COUNTY OF Cook    )

     On June 29, 2004, before me, Elizabeth Ann Irving
                   (NAME, TITLE OF OFFICER. E.G., "JANE DOE, NOTARY PUBIC")

personally appeared Valerie Medina
                (NAME(S) OF SIGNER(S))

     /X/  personally known to me -OR-

     / /  proved to me on the basis of satisfactory evidence

to be the person(s) whose name(s) is/are subscribed to the within instrument and
acknowledged to me that he/she/they executed the same in his/her/their
authorized capacity/ies, and that by his/her/their signature(s) on the
instrument the person(s), or the entity upon behalf of which person(s) acted,
executed the instrument.

     Witness my hand and official seal.

                                                   /s/ Elizabeth Ann Irving
                                                   ------------------------
                                                      (Signature of Notary)

(SEAL)

My Commission expires:

 11-14-2004
-------------

             "OFFICIAL SEAL"
          ELIZABETH ANN IRVING
     NOTARY PUBLIC STATE OF ILLINOIS
    My Commission Expires 11/14/2004

<Page>

                                    EXHIBIT A

                          LEGAL DESCRIPTION OF PREMISES

The land refereed to herein is situated in the City of Gilroy, County of Santa
Clara, State of California, and is described as follows:

Parcel A:

Lots 2, 4, and 5, as shown on that certain map entitled "Tract No. 9401, Highway
152 Retail Center, Gilroy, California" filed for record in the office of the
Recorder for the County of Santa Clara, State of California on August 16, 2002
in Book 751 of Maps, pages 10, 11, 12, 13, 14, and 15, Santa Clara County
Records.

Parcel B:

A non-exclusive easement for ingress and egress over Lots 1 and 3 as shown on
that certain map entitled "Tract No. 9401, Highway 152 Retail Center, Gilroy,
California" filed for record in the office of the Recorder for the County of
Santa Clara, State of California on August 16, 2002 in Book 751 of Maps, pages
10, 11, 12, 13, 14, and 15, Santa Clara County Records.

Parcel C:

A non-exclusive non-buildable structure easement over Lot 1 as shown on that
certain map entitled "Tract No, 9401, Highway 152 Retail Center, Gilroy,
California" filed for record in the office of the Recorder for the County of
Santa Clara, State of California on August 16, 2002 in Book 751 of Maps, pages
10, 11, 12, 13, 14 and 15, Santa Clara County Records.

Parcel D:

Easements granted in that certain document entitled "Declaration of Covenants,
Conditions and Restrictions and Grant of Reciprocal Easements" recorded August
16, 2002 as Instrument No. 16425383 of Official Records.

Parcel E:

Parcels 1, 2, and 3 as shown on that certain Parcel map entitled "PARCEL MAP,
Southwest quadrant of the Pacheco Pass retail center, City of Gilroy...", filed
for record in the office of the Recorder for the County of Santa Clara, State of
California on June 25, 2002 in Book 761 of Maps, pages 52 and 53, Santa Clara
County Records.

APN: 841-10-060; 841-18-059; 841-18-061; 841-18-062; 841-18-063; 841-18-064;
841-18-065; & 841-18-066<Page>

                                                                  Exhibit 10.216

                       INTEREST RESERVE HOLDBACK AGREEMENT

     This Interest Reserve Holdback Agreement (the "Agreement") is dated as of
June __, 2004, by and between NEWMAN DEVELOPMENT GROUP OF GILROY, L.L.C., a
California limited liability company ("Borrower") and IWEST GILROY, L.L.C., a
Delaware limited liability company ("Lender").

                               W I T N E S E T H:

     WHEREAS, Lender issued a loan commitment to Borrower dated June 30, 2004
(the "Commitment") relating to a loan for $22,000,000.00 (the "Loan") to
Borrower, which Commitment was accepted by Borrower; and

     WHEREAS, Borrower executed and delivered to Lender, among other documents
and things, an Installment Note of even date herewith in the principal amount of
$22,000,000.00 which is secured by, among other things, a First Deed of Trust
and Security Agreement between Borrower as Grantor and Lender as Beneficiary
(the "Mortgage") encumbering the property commonly known as Pacheco Pass
Shopping Center, intersection of Camino Arroyo and State Highway 152, Gilroy,
California (the "Property").

     WHEREAS, pursuant to the terms of the Commitment, Lender shall hold back
from the proceeds of the Loan an amount equal to three (3) months interest on
the amount of loan proceeds advanced at a given point in time ("Reserve
Amount"); and

     WHEREAS, the Reserve Amount is to be held and disbursed by Lender pursuant
to the terms as set forth herein.

     NOW, THEREFORE, for $10.00 and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, and to further induce
Lender to make and disburse the proceeds of the Loan to Borrower, Borrower and
Lender agree as follows:

1.   INCORPORATION OF RECITALS. The Recitals hereinabove set forth are by this
     reference incorporated herein.

2.   CONDITIONS FOR RELEASE AND USE OF RESERVE AMOUNT.

     So long as there is no default under the Note, the Mortgage or Other Loan
     Documents, as defined in the Note and there is sufficient funds in the
     Reserve Amount and to the extent that there is insufficient Cash Flow
     Before Debt Service, as hereafter defined, if Borrower has not made the
     required interest payment on or before the first of the month, the amount
     due as of the fifth of said month will be advanced from the Reserve Amount
     by Lender to pay the regularly scheduled interest on the Loan. Any amounts
     so disbursed shall be added to the principal indebtedness evidenced by the
     Note and interest shall accrue on said amount upon its disbursement from
     the date of such disbursement. In the event

<Page>

     additional loan proceeds are advanced, the Reserve Amount shall be
     increased upon disbursement by an amount equal to three months interest on
     such advanced proceeds. In the event that the Reserve Amount is reduced to
     an amount which is less than three (3) months of interest due or reasonably
     anticipated to become due in connection with the Loan, over and above the
     cash flow from rental income in place, Lender will notify Borrower of the
     fact and the amount of the deficiency, in writing, and, Borrower shall
     deposit with Lender cash or the cash equivalent thereof within thirty (30)
     days following notification from Lender; provided, however, that Lender
     shall not be required to make any advances under the Loan until such time
     as Borrower has complied with the requirement hereunder. The term "Cash
     Flow Before Debt Service" means total operating income from operation of
     the Property (hereinafter "Gross Income"), including rental income, parking
     revenues and other normal operating revenues, excluding, however, interest
     income and security deposits, less all bona fide, necessary and reasonable
     expenses for the operation and maintenance of the Property, all reported on
     a cash basis. Expressly included as Property expenses are general and
     administrative costs; repair and maintenance costs; janitorial expenses;
     utility expenses; a management expense not to exceed five percent (5%) of
     Gross Income; payroll expenses where appropriate; real estate taxes and
     assessments; and property and liability insurance costs. Expressly excluded
     as Property expenses are debt service payments; depreciation; amortization;
     payments to affiliates with the exception of the management fee; expenses
     not related to the care, upkeep and preservation of the Property; and any
     other non-cash expense.

3.   NO WAIVER. No delay or leniency of Lender in requiring strict performance
     of the terms and conditions hereof shall constitute a waiver of its rights
     hereunder.

4.   NO FURTHER PLEDGE OR ENCUMBRANCE. Borrower shall not, pledge, assign or
     grant any security interest in the Reserve Amount or permit any lien or
     encumbrance to attach thereto or any UCC-1 Financing Statements, except
     those naming Lender as secured party, to be filed with respect thereto.

5.   DEFAULT UNDER THE NOTE.

     (a)  Until the Reserve Amount is advanced by Lender, Borrower shall have no
          rights to, or interest in, the Reserve Amount. Notwithstanding the
          foregoing, to the extent of any continuing right, title or interest
          that Borrower may have or claim to the Reserve Amount, Borrower
          hereby pledges to Lender, and grants to Lender a security interest in
          and to the funds deposited in the Reserve Amount from time to time as
          additional collateral security for the indebtedness evidenced by the
          Note.

     (b)  Nothing in this Agreement shall obligate Lender to apply all or any
          portion of the Reserve Amount on account of any default by Borrower or
          toward repayment of the indebtedness evidenced by the Note.

                                        2
<Page>

     (c)  Notwithstanding the foregoing, Lender shall credit the Borrower with
          the undisbursed balance of the Reserve Amount, if any, at the time
          Borrower tenders payment of the balance of the unpaid amount of the
          indebtedness evidenced by the Note.

6.   INDEMNIFICATION. Borrower indemnifies and holds Lender harmless from and
     against any and all actions, suits, claims, demands, liabilities, losses,
     damages, obligations and costs or expenses, including litigation costs and
     attorneys fees, arising from or in any way connected with this Agreement,
     other than the gross negligence or willful misconduct of Lender.

7.   FEES AND EXPENSES, All costs and expenses incurred by Lender in connection
     with collecting and disbursing the Reserve Amount pursuant to this
     Agreement, including attorneys' fees and disbursements, shall be paid by
     Borrower.

8.   MISCELLANEOUS.

     (a)  AMENDMENTS. No amendment, modification or cancellation of this
          Agreement shall be valid unless in writing and signed by the party
          against whom enforcement is sought.

     (b)  HEADINGS. The Paragraph and Subparagraph headings hereof are inserted
          for convenience and reference only and shall not alter, define, or be
          used in construing the text of such Paragraphs or Subparagraphs.

     (c)  MEANING OF PARTICULAR TERMS. Whenever used, the singular number shall
          include the plural and the plural the singular, and pronouns of one
          gender shall include all genders; and the words "Borrower" and
          "Lender" shall include their respective heirs, personal
          representatives, successors and assigns.

     (d)  GOVERNING LAW, JURISDICTION AND VENUE. This Agreement shall be
          governed by and construed and enforced in accordance with the
          substantive laws of the State of Illinois without regard to Illinois
          conflict of laws principles.

     (e)  INVALIDITY OF PARTICULAR PROVISIONS. If any term or provision of this
          Agreement shall be determined to be illegal or unenforceable, all
          other terms and provisions hereof shall never the less remain
          effective and shall be enforced to the fullest extent permitted by
          applicable law, and in lieu such illegal or unenforceable provisions
          there shall be added automatically as part of this Agreement a
          provision as similar in terms to such invalid, illegal or
          unenforceable provision as may be possible and be valid, legal and
          enforceable.

     (f)  NO DELAY OR WAIVER. No delay on the part of the Lender in exercising
          any right hereunder or any failure to exercise the same shall operate
          as a waiver of such right; nor in any event shall any modification or
          waiver of the

                                        3
<Page>

          provisions hereof be effective unless in writing; nor shall any such
          waiver be applicable except in the specific instance for which given.

     (g)  NOTICES. All notices or demands required or permitted under this
          Agreement shall be in writing and addressed as provided in the
          Mortgage.

     (h)  BINDING EFFECT. This Agreement and all the covenants, promises and
          agreements contained herein shall be binding upon and inure to the
          benefit of the respective legal representatives, personal
          representatives, devisees, heirs, successors and assigns of the
          Borrower and Lender.

     (i)  ENTIRE AGREEMENT. No oral understandings or agreements exist between
          the parties, all of which oral understandings or agreement are merged
          herein and of no further force and effect.

     (j)  EXECUTION IN COUNTERPARTS. This Agreement may be executed,
          acknowledged and delivered in any number of counterparts and each such
          counterpart shall constitute an original, but together such
          counterparts shall constitute only one instrument.

                       [END OF TEXT; SIGNATURES NEXT PAGE]

                                       4
<Page>

     IN WITNESS WHEREOF, Borrower and Lender have executed this Agreement as of
the day and year first above written.

                             NEWMAN DEVELOPMENT GROUP OF
                             GILROY, L.L.C., a California limited liability
                             company

                             By:      /s/ Marc Newman
                                   --------------------------------------------
                             Name:        Marc Newman
                                   --------------------------------------------
                             Its:           Member
                                   --------------------------------------------

                             IWEST GILROY, L.L.C., a Delaware limited
                             liability company

                             By:        /s/ Valerie Medina
                                   --------------------------------------------
                             Name:      Valerie Medina
                                   --------------------------------------------
                             Its:       asst. secretary
                                   --------------------------------------------

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}]]