Capital One’s Multifamily Group Adds Female Exec Team

McLEAN, VA—As the 6th largest US multifamily lender housed within a top-10 US commercial bank, Capital One already leaves a significant footprint on the multifamily finance marketplace. Now the bank has tapped four executives to lead the multifamily group, all of which are making waves in agency finance.  The women come from diverse backgrounds. Kate Byford, for instance, has been head of Capital Markets for two years at Capital One, while Phyllis Klein joined from Fannie Mae for a role—the head of production—that was newly created. Maureen Fitzgerald joined from Wells Fargo and Megan Murphy joined from Newmark Knight Frank. GlobeSt.com caught up with these four executives about their new positions and other issues.

Kate Byford, head of Capital Markets

How do you approach new opportunities and challenges as a female executive?

Oftentimes, I find that when women are approached with new and challenging opportunities, the first thought is, “I’m not qualified,” “I don’t know this,” or “I will need to get up to speed.” What I have found is the importance of forging ahead into new challenges and always showing the willingness to take on a new challenge with vigor, enthusiasm, and confidence, even if you are secretly nervous that you are not completely qualified. Personally, I have grown the most from opportunities that have been the furthest outside of my comfort zone.

Phyllis Klein, head of Production

In your opinion, what are your thoughts on the state of the multifamily industry today—is the demand going up or declining? Where do you see it going as 2019 continues to unfold?

The multifamily market continues to be very robust—many individuals are continuing to choose the lifestyle of renting versus purchasing a single-family home. In addition, in many areas, achieving the dream of home ownership is out of reach. 2019 seems to be continuing on the trend of growth that we saw in 2017 and 2018—acquisitions continue to be very competitive and multifamily continues to be the darling of the various real estate funds.

As a female executive, what advice can you give to young women trying to climb the corporate ladder in CRE?

My best advice is to be yourself and build your own narrative of trust and competency in the industry. Women are rising to the top of many real estate companies, and not just in the areas of finance, so look for strong mentorships from other women. Also, learn how to play golf – really! The men aren’t better at it than we are and it is a great place to build relationships.

Maureen Fitzgerald, head of Servicing

What are some of the housing challenges within the multifamily sector? Is the demand for multifamily increasing or are people purchasing homes?

The housing challenge is affordability. The industry is doing a great job of building Class A and deeply affordable deals (with rent restrictions), while there are far less workforce housing developments. Many of those units are being rehabbed and rents have increased. Many middle income workers don’t qualify for subsidized housing, but are having trouble finding safe, clean workforce housing.

What advice can you give to young women as they try to find their way in the CRE industry?

Young women should be looking to make connections through various organizations around the country. ULI, CREW, RENEW and others have been focused on building networking opportunities for young women. It is also important to build connections with your competitors, not just individuals within your own company. It will broaden your experience and you may be working with them someday!

Megan Murphy, head of Credit

What are your thoughts on affordable housing vs luxury housing in the multifamily housing sector? Is there a demand for one over the other?

There is a tremendous focus now on affordable housing in the major cities that are suffering with a huge homeless population. This is creating a surge of legislation around rent control, inclusionary housing and the like. We all have to participate in the solutions. However, it is important to support all levels of housing affordability, from luxury to subsidized affordable. Many of the new luxury developments are changing the face of our inner city markets and bringing people closer to jobs.

What, if any, obstacles have you encountered as a female executive?

I have been very fortunate in my career as a female executive. I have consistently worked for individuals who have supported my development. I don’t tend to see obstacles as gender based – it is more about focusing on opportunities and my goals to reach those objectives.