No matter how competitive the current commercial real estate lending market has become, it can’t compare with the uncertainty that characterized it this time last year. Indeed, the capital markets have undergone a 180 degree turnaround during this time period. Kudos must be given, therefore, to the men and women who have navigated these whipsawed forces.
In the following pages you will find our selection of this year’s lender influencers. As always, we have made our guiding criteria the impact these people, teams and companies have had in their particular niche over the last twelve months. It can be a high bar to clear, given the skillset that is required to find and place capital with the right deals—which is no easy task even in the best of times.
And while the markets may be robust right now, it wasn’t that long ago that companies were hunting for capital and trusting their financial intermediaries to find the best deal for them. Many of the stories you’ll read are about how these influencers successfully concluded such a hunt—and their plans for continuing to do so in the future.
INDIVIDUALS
SARAH ANDERSON Newmark managing director Sarah Anderson started her career in senior housing in 2012—an exciting time for the commercial real estate sector as the investor landscape shifted from primarily REIT buyers to more private equity investors. At the time, Anderson worked with many private equity buyers in making their first senior housing investments. Throughout her career, she has devoted much time to both new lending sources and private equity investment committees, educating them on the dynamics of the seniors housing market and in turn, bringing new sources of liquidity to the sector. Within the past six years, she has closed more than 15 transactions that involved either a lender or equity investor that was new to the seniors housing space, including direct pension fund investors, debt funds, life insurance companies and others. In her current role at Newmark, she is responsible for senior housing-related debt origination and structured finance across the US. Her experience includes sourcing construction financing, bridge financing, joint-venture and preferred equity placement and permanent financing through GSEs and life companies. In 2020, Anderson and her team closed nearly $1.5 billion of senior housing financings, despite the harsh headwinds. Each of her completed 2020 transactions required a significant change in structure to account for short-term risk attributed to the pandemic. Last year, Anderson and her team additionally closed the largest senior housing transaction of the year—a 10-property portfolio consisting of 1,507 units. Throughout the pandemic, Anderson continues to work with her clients and strategize on their behalf to find creative solutions for their financing needs.
BILLY R. BROWN Since founding the boutique lending company Investors Capital Group LLC in 2019 after more than eight years in the lending industry, CEO Billy Brown has displayed perseverance, especially while riding out a tumultuous 2020. During a year that provided many challenges, Brown doubled-down to expand his reach to help people use their existing portfolios to create more wealth and more opportunities. Brown has also grown its lending team to now provide individualized services. In leading the boutique firm, Brown provides his expertise and leadership, and is hands-on when needed. He furthers the company’s business model by implementing systems and teams to provide a high-level of service and further wealth building strategies for clients. He continually shares his knowledge and expertise to assist step-up and seasoned investors in accessing and managing their equity. Brown has developed, written and recorded educational materials, he has written an e-book and co-authored an Amazon best seller, called Success Habits of Super Achievers. He excels in creating approachable, actionable and accessible content for step-up and seasoned investors alike.
JOHN RICHARD CHANTENGCO As a capital advisor and president of the boutique capital advisory, finance and investment brokerage firm Black Pearl Investments, John Richard Chantengco works with both domestic and foreign investors, promoting the US markets and attracting new investors from Asia and the Middle East. He utilizes US commercial real estate as a primary investment for diversification within the alternative investments space. He specializes in affordable and workforce housing and works with public and private sectors in new housing stock. He additionally supports co-investing in other sectors, such as bio-pharma, technology, commodities and digital currency. As a leading advocate for CPACE financing in New York City, Chantengco continually promotes sustainable and green buildings within his work. In addition, Chantengco serves as the first Asian American president of CCIM’s New York metropolitan chapter. In 2019, he founded the New York chapter of Filipinos in Institutional Real Estate. He serves as a mentor and guest speaker, and assists minorities in commencing their commercial real estate careers.
MITCH CLARFIELD Mitch Clarfield, vice chairman of Newmark’s multifamily capital markets debt and structured finance group, has influenced the market since 1984, when he helped develop the first Commercial / Multifamily Securitization Rating Model for Standard and Poor’s. Clarfield has since focused his career on the trading and securitization of performing and non-performing multifamily mortgages. His impact in the multifamily capital markets and debt sector is driven by the significant volume of his real estate transactions. During his career, he has originated more than $16 billion in multifamily loans and completed more than $10 billion in commercial and multifamily mortgage acquisitions and sales. Within the past three years, Clarfield’s team has originated more than $5 billion in multifamily loans, including more than $2.1 billion in 2020 alone. Clarfield additionally served as an early adopter of Fannie Mae’s credit facility product, which was initially designed for REIT borrowers. Immediately recognizing the product’s potential as a financing tool for clients, he worked with Fannie Mae to expand the product’s reach, to include investment funds, non-REIT corporations and high net-worth family office clients. He continues to work with Fannie Mae to improve the product and drive business. Since 2003, Clarfield has originated more than $6.5 billion in structured and pooled transactions.
JOHN CREECH As executive director of real estate banking at JPMorgan, John Creech is responsible for client management and new business originations for a select group of diverse private commercial real estate owners, developers and investors based in Southeast Texas and Florida. He focuses on office, retail, industrial and multifamily assets and supports a wide range of credit products covering all major financing needs. Throughout the past three years, he has built a nearly $2 billion diverse portfolio that includes various asset classes and debt products. He has additionally grown the firm’s treasury/core cash business nearly three times across the client base. Creech is actively involved in ULI and NAIOP, and serves as a mentor at JPMorgan Chase.
KYLE DRAEGER Kyle Draeger has become the voice for DUS lenders on many issues this past year as the chair of the Fannie Mae DUS advisory council. Under Draeger’s leadership, the DUS Advisory Council has developed multiple modifications to existing business standards related to underwriting and due diligence. As a result, Draeger has been able to modify several of their lender requirements to allow new business to continue in such uncertain times. Within this role, during these challenging times, Draeger brought together a diverse group of representatives from the larger DUS lenders, and led them to set aside their competition to focus on the common goal of leading the industry to persevere and succeed. Draeger joined CBRE in 2008, to lead the production efforts for the CBRE Fannie Mae DUS group. He now serves as a senior managing director and head of the CBRE DUS Platform, within CBRE multifamily capital, where he manages CBRE’s DUS lending operations, including oversight of credit, underwriting, production and asset management. In addition, Draeger was instrumental in establishing the DUS advisory council’s DE&I subcommittee, and he has since advanced the initiative by growing his leadership team for CBRE’s DUS lending operations to comprise more than 50% women.
SARAH GARLAND Sarah Garland has been deeply involved in the growth of CBRE’s affordable housing debt and lending platform since she joined the company in 2018. As director of production for affordable housing and FHA lending at CBRE, Garland is a leader in the space and a bridge between lending solutions and affordable housing developers and owners. Within her role, Garland supports the origination of affordable and workforce housing debt financing. Throughout the pandemic, Garland has been regularly communicating to borrowers, checking their status, offering forbearance options and closely monitoring the impact of the pandemic on the affordable housing industry. As an industry specialist in affordable housing finance and a resource to many industry organizations, Garland also sits on a newly-created task force that provides recommendations on how to use stimulus packages and assists landlords in helping their eligible tenants receive relief funds. Prior to joining CBRE, Garland served as SVP for PNC Bank, where she oversaw FHA production, as well as Fannie Mae and Freddie Mac affordable multifamily production. Garland also previously served as Fannie Mae’s national director of multifamily affordable housing.
PURVESH GOSALIA
Based in Houston, TX, Purvesh Gosalia co-leads a multifamily team at Newmark, which achieved $1.9 billion across 83 debt and equity transactions in 2020. Individually, Gosalia achieved his biggest production year-to-date last year, with 33 completed transactions, totaling $947 million. Despite the COVID-19-related challenges of 2020, Gosalia strengthened relationships with repeat clients and generated business with some of the industry’s largest multifamily companies. As vice chairman at Newmark, Gosalia structures debt and equity transactions throughout the US. He partners with a large number of lenders, including the GSEs, Fannie Mae, Freddie Mac, major life insurance companies and bridge lenders, to complete a diverse array of equity sourcing on all major property types for developments, acquisitions, refinances and portfolio recapitalizations. He has completed a significant amount of structured business and deals at 0% occupied, non-stabilized, or in lease-up. Leveraging his 16 years of industry experience, as well as his relationship-driven approach, Gosalia serves as a sound, reliable advisor for clients regarding debt terms and business success.
CHAD HAGWOOD As a national mortgage banking industry veteran, Chad Hagwood has secured an impressive track record. He has served as a pioneer in the financing of manufactured home communities for more than 15 years. Previously, Hagwood served as SVP and southeast manager for Capital One’s multifamily finance, as well as EVP at Beech Street Capital. He then joined Lument’s legacy firm, Hunt Real Estate Capital in mid-2018, and closed out the year as the firm’s top producer. As the current senior managing director and southeast regional director of originations at Lument, Hagwood oversees the company’s national manufactured housing community production. He has positioned the firm as a leader in the space and as a top three Fannie Mae MHC lender. Throughout his career, Hagwood has closed more than $10 billion in originations. He is regarded as a leader both within the field and within his community. Throughout the pandemic, Hagwood has taken time to focus and recalibrate on creative ways to better serve and execute for the client.
KYLE HOWERTON Kyle Howerton serves as a forward-thinking capital advisor for his clients. An eternal optimist, Howerton focuses on both the big picture and the minute details of each assignment in order to gain clients’ trust and ensure execution. As a SVP at George Smith Partners, he is responsible for underwriting and deal structuring, as well as managing client and capital partner relationships. Howerton joined the firm in 2014, directly upon receiving his MBA, and he has since underwritten and placed more than $4 billion of debt and equity products, ranging from permanent debt and highly structured bridge loans to joint-venture and preferred equity. With in-depth knowledge on all property types, Howerton introduces new capitalization paradigms and structures to maximize value in each project he takes on. Despite the sector’s broad declines last year, Howerton remained a top producer at the firm, due to his resilience, creativity and foresight in focusing on the overlooked market of St. Louis, Missouri. In 2020, Howerton arranged more financings than any other broker in St. Louis, with $163.5 million of debt/equity financing on more than $250 million of projects.
FARHAN KABANI With 16 years of industry experience, Farhan Kabani now serves as a market-leading financing intermediary who influences team members, clients and the industry as a whole. As senior managing director of capital markets at Marcus & Millichap Capital Corp., Kabani provides his clients with a superior commercial real estate finance experience through aggressive terms, efficient closing processes and extensive market knowledge. His consistent, transparent approach has resulted in more than 4,000 closed transactions, totaling more than $4.5 billion in funded loans throughout his career. Last year alone, Kabani’s team closed 177 transactions and underwrote more than 1,000 transactions. Kabani deeply understands the availability of capital, pricing and terms throughout the entire capital stack at all levels and he takes on roles and responsibilities from deal procurement and advising institutional and private clients to strengthening team management. He has served as a top producer in Texas and the mid-America region for Marcus & Millichap Capital Corp. every year since 2012, and he has ranked as a top-five or top-ten producer nationwide within the company for nine consecutive years. Kabani is a national Marcus & Millichap Capital Corp. advisory board member and he is also involved in a number of local and national charities.
SHARON KARAFFA Sharon Karaffa’s leadership and relationship-building skills have led to impressive conversion rates at Newmark. As vice chairman and co-head of production for multifamily debt and structured finance at Newmark, Karaffa is responsible for strategic planning, business development and leading a team of 50 producers that generate $15 billion in multifamily debt annually. She expertly led the integration of multifamily investment sales and debt platforms for the firm, an effort that resulted in triple-digit growth of sales-to-debt conversion rates. In addition, Karaffa has helped foster a flexible culture at the firm that meets the needs of clients in all circumstances. She is credited with setting the strategic direction for Newmark’s multifamily capital markets group by partnering with heads of other business lines, working closely with production teams across the country and tackling all challenges. Under her leadership during the past two years, Newmark’s multifamily capital markets platform demonstrated a 74% conversion rate increase compared to two years prior, and her team increased agency market share by a compound annual growth rate of 20% to achieve top five overall lender positions with both Fannie Mae and Freddie Mac. Furthermore, Karaffa manages the team’s marketing and communications as well as reporting and analytics. Prior to joining Newmark, Karaffa served as Fannie Mae’s director of priority borrower relationships and head of structured transactions for multifamily, where she secured triple-digit growth for credit facilities.
NICHOLE M. KELLEY Although she has been in her current role for less than two years, Nichole Kelley, control officer at Wells Fargo, has made significant impacts through adaptability, sound judgment and strong risk acumen. Kelley identifies, develops and implements risk-based self-assurance activities and is credited with influencing enterprise-wide program guidance and reporting, establishing protocols to ensure consistency in evaluating self-assurance recommendations, raising questions that have prompted updates to program guidance, and improving processes and reducing reliance on third-party vendors. Kelley additionally supports industry businesses through review and assessment of their business process risk and controls. She identifies gaps and issues, ensures problems are resolved and keeps initiatives on track and in compliance with regulations and policies. She also provides risk management and business subject matter expertise on CMBS, GSE and CRE balance sheet lending, asset management, loan servicing and cash management. With 18 years of industry experience, Kelley additionally serves as president of CREW Charlotte. She is committed to diversity, equity and inclusion efforts and is passionate about serving as a mentor and coach. Recognizing that deals are often done via networking outside the office, Kelley encourages her female colleagues to take golf lessons with her, and she continues to organize events and outings to break barriers and allow women opportunities to network on the golf course. Kelley is a frequent presenter at industry events, a mentor at her alma mater and the recipient of many workplace and community awards, including Wells Fargo’s Golden Spoke Award given to its top performers.
MARIE MCLUCAS A 34-year veteran of the industry, Marie McLucas has served as CFO of Primax Properties LLC for the last 25 years. A true collaborator within commercial real estate, McLucas generously gives her time and talent to those who need it most. She is passionate about the advancement of women and young professionals in commercial real estate and construction, and she has mentored hundreds of women during her career through work with the Girl Scouts, CREW Charlotte and the Charlotte Business Journal’s Annual Mentoring Monday event. Among her current responsibilities at Primax Properties are financing development projects and handling the legal aspects of transactions. McLucas manages transaction closings, including purchasing, financing, refinancing and selling real estate. She has worked on development and acquisition projects, negotiated and closed sale/disposition contracts, and closed sale transactions valued at hundreds of millions of dollars in total. Since joining Primax Properties in 1995, McLucas has been instrumental in completing single-tenant retail projects in 35 states and she currently manages more than 20 banking relationships. Notably, McLucas helped the company respond to the pandemic last year by designing a plan in collaboration with financial partners on loan rate reductions and payment deferrals to help customers survive financially during unprecedented challenges. These efforts led to stability that preserved the health of the company’s portfolio. McLucas additionally worked on rent relief so that retail tenants could meet lease terms and continue to serve their respective communities. McLucas has received numerous awards throughout her career, including becoming the first woman to win the NCACPA North Carolina public service award.
BARBARA MORRISON Barbara Morrison is an advocate for small businesses and works to help them thrive by facilitating the purchase of affordable real estate, securing funding to help businesses get up and running, and pushing for lending equality. As founder and president of TMC Financing, Morrison leads the firm to provide SBA 504 commercial real estate loans to small businesses in California, Arizona and Nevada. Through the company, Morrison has helped more than 6,000 businesses acquire more than $10 billion in SBA financing. As a champion for workplace equality, Morrison also founded TMC Community Capital, a nonprofit organization focused primarily on assisting women of color by providing safe, affordable and convenient access to the capital they need to grow their businesses. The nonprofit organization complements TMC Financing’s activities by providing online, affordable micro-loans to small businesses that have difficulty securing bank loans. At the onset of the pandemic, when small business partners were bombarding TMC Financing, Morrison formulated a plan to serve small business partners and help them survive. She established the Small Business Big Heart program, which helped 184 businesses receive a total of $750,000 in grants, and funded more than $105 million in PPP loans for 1,120 businesses. TMC Financing additionally aided San Joaquin County with its small business grant program, helping administer more than $6 million in grants for 644 small businesses. In 2020, the company hired 31 new team members to meet small business needs. Morrison is involved with the National Association of Women Business Owners, Financial Women Association and Women in Commercial Real Estate.
CRAIG ORAM Craig Oram views loans through a long-term lens and with an eye toward geographical and property type diversification—a lending philosophy that he developed prior to and during the Global Financial Crisis. The philosophy combined with his hands-on approach has proved beneficial during the COVID-19 pandemic. In addition to serving as managing director and head of debt origination and underwriting at LaSalle Investment Management, Oram also serves on the firm’s investment committee. Under his leadership, LaSalle Debt Investors, formerly Latitude Management Real Estate Investors, was well-positioned heading into the pandemic last year, due to a strategy of originating loans beyond traditional gateway markets, with a bias toward high-growth secondary and tertiary markets. Throughout the pandemic, Oram has continued to grow his book of business and has maintained diversification within a portfolio. Over the past three years, Oram has originated more than 60 loans for nearly $1 billion as part of the Latitude Management Real Estate Capital Fund IV, and he also spearheaded Latitude Management Real Estate Investors’ integration into LaSalle Investment Management, after its acquisition in early 2019. With a player-coach approach to leadership, Oram led his team to be early market movers in the targeted real estate debt fund space, launching three funds during the past 15 years that have originated 366 loans totaling more than $4.7 billion.
ELLEN M. PALMER Ellen Palmer considers her greatest accomplishment to be her ability to help her clients on an individual basis—something she has demonstrated countless times throughout her 30-year industry career. As SVP at Pinnacle Financial Partners, Palmer is described as an empathetic, solutions-based lender who is dedicated to meeting her clients’ needs and circumstances. She helped customers survive and thrive during the pandemic by saving them money, helping them navigate PPP loans, connecting them with opportunities and assisting clients struggling with COVID-19 related illnesses with forgiveness applications. As a commercial lender at a regional bank, Palmer is responsible for the maintenance and development of a loan and deposit portfolio centered on operating companies and real estate lending opportunities. Palmer also helps with cash management services, merchant accounts, health insurance, property and casualty insurance, in addition to assisting customers with securing loans that they may otherwise not be able to secure. Palmer is on the board of House of Mercy and is an active member of CREW Charlotte, serving on its outreach and sponsorship committees.
PAUL RAHIMIAN Paul Rahimian learned the ropes of the commercial real estate business as a third-generation real estate developer and general contractor, completing more than $350 million in projects between 1988 and 2009. Building upon this knowledge and experience, Rahimian became a lender and launched his company, Parkview Financial in 2009. Rahimian founded the company during the height of the Great Recession, and he has since originated hundreds of commercial loans. Recognized as an industry pioneer, Rahimian was one of the first to offer complete integration of loan origination and servicing under one roof. Today, as CEO of Parkview Financial, Rahimian manages a national debt fund that provides construction financing, including short-term bridge and construction loans, to ground-up real estate development projects. Under Rahimian’s leadership, Parkview Financial has executed nearly $2 billion in financing for projects since 2015, with loan sizes ranging between $5 million and $200 million. In addition to growing Parkview Financial’s team and expanding the firm’s investor base, Rahimian has expanded the firm’s lending reach to the entire US. The company achieved a record-breaking year in 2020, providing construction financing for 26 loans totaling more than $600 million nationwide. Parkview Financial has quadrupled in size since Rahimian founded it 6 years ago and it continues on its growth trajectory with plans to add additional team members and open its first offices in the South this year.
BROOKE RICHARTZ Understanding that real estate has always been a cyclical business, Brooke Richartz approaches the business with the mindset of a long-term investor. A 16-year veteran of the industry, Richartz has served in her current role of executive director of commercial term lending at Chase for more than 2 years. She leads a high-powered team of 11 originators that serve multifamily owners and investors in the competitive New York market. Richartz’s leadership helped the company weather the volatility of 2020, as her team continually provided liquidity to the multifamily market at the onset of the pandemic. Richartz also integrated cash management and treasury solutions for clients and executed a strategy to ramp up agency production to supplement Chase’s balance sheet solutions. Richartz provides strategic direction from end to end, including marketing, pricing and operations. During her time at JPMorgan Chase, Richartz led various operational, functional and credit teams where she brought a passion for serving clients. Women starting their careers look to Richartz as an example of success in the commercial real estate industry, and colleagues note her impressive character, work ethic and dedication to her team as an inspiration.
RYAN RIEL Ryan Riel brings a unique perspective to his role as EVP and chief real estate lending officer at EagleBank that comes from working his way up through a variety of roles during the past two decades. Riel has worked with many customers in the firm’s portfolio, which has directly resulted in intimate knowledge of sensitivities and nuances associated with the relationships. His experience includes participating in the origination of more than $3 billion in real estate transactions of all sizes, leading transformative, award-winning projects and working on many prominent loans including part of a $615 million senior loan for The Wharf and a land loan for the transformation of Walter Reed. In his current role at EagleBank, Riel leads the commercial real estate lending group, which consists of more than 50 employees and a CRE loan portfolio of $5 billion. He is responsible for all aspects of sales results for the division, including building new relationships, growth in loan deposits and cash management services. In 2020, Riel led his group to produce more than $1 billion in new commitments, while smoothly transitioning to remote work during the pandemic. Riel has served as a working member of the EagleBank Foundation committee since its inception in 2005, and he is currently a board director of the foundation which has raised more than $4.3 million for local breast cancer research and other worthwhile causes within the DC community.
STEPHEN R. ROSENBERG Since launching Greystone more than 30 years ago, founder and CEO Stephen Rosenberg has donated at least 50% of the firm’s profits each year. The motivation? Rosenberg founded the company on the core belief that people matter, and he deeply believes that it is everyone’s duty to give, even when all they have to give is kindness. Rosenberg launched Greystone with nothing more than a telephone, a makeshift desk and two rusty file cabinets in the back of a friend’s music store in Atlanta. Under Rosenberg’s direction and leadership, Greystone has grown to be the nation’s top HUD lender. He has driven groundbreaking funding structures designed to create and sustain affordable housing. Today, Greystone has nearly 5,000 employees, more than 30 offices nationwide, and ownership or management of more than $70 billion of assets via servicing. The company owns and manages more than 7,600 affordable multifamily units and it manages nearly 2,000 beds across more than a dozen healthcare facilities. Greystone is also one of the largest providers of funding and financing to nursing homes and skilled nursing facilities. Among Rosenberg’s philanthropic efforts, he established Harmony Housing, a 501(c)3 organization focused on acquiring affordable housing assets near the end of their initial tax credit compliance periods, enhancing the properties and keeping them affordable for residents. Rosenberg also encourages a philanthropic culture at the company. Each of Greystone’s local offices manages a charity budget and participates in an annual day of service.
STEPHANIE L. TITUS Like many women who choose a career in finance, Stephanie Titus often finds herself as the only woman in the room. Titus has been a voice of influence during her 20 years in the industry, with the goal of creating a clear path for up-and-coming women in finance. As a professional mentor to young women, Titus supports her stance that women deserve equal footing through the success she has demonstrated throughout her career. She also advocates for women in need within her community by regularly supporting organizations focused on women’s causes. Professionally, Titus serves as director and credit manager at Bank of America. She joined Bank of America’s Global Wealth & Investment Management business upon spending a decade in fixed-income as part of Bank of America’s CMBS group, and she has since become an integral part of GWIM credit. Recently, Titus accepted a new role as SVP and private client manager in Bank of America’s Private Bank, where she will be part of the top 10 private client advisor team based in Los Angeles. While she focuses primarily on high net-worth clients, she also closes deals that positively impact communities. For instance, she recently closed financing on the construction of a large manufacturing plant in the Northeast, which will provide hundreds of new jobs to the local community.
JAMES VOSSOUGHI James Vossoughi has no problem with rolling up his sleeves and getting his hands dirty in order to be the best partner to his clients. He is as comfortable finding creative ways to meet his clients’ financing needs, as he is building garden beds in their communities. His responsive, hands-on approach entails speaking with his clients early and often and directly working with them, so that mitigations have been worked through if worst-case scenarios arise. Vossoughi serves as VP of community development banking at Chase, where he leads his team of internal business partners to finance affordable housing and economic development projects of all sizes and complexities. This includes construction financing, bridge loans, acquisition loans, letters of credit to support bond transactions and long-term permanent financing for LIHTC developments and bond purchases. Within the past two years in his current role, Vossoughi has closed more than $450 million in construction financing and more than $110 million in permanent financing for more than 1,900 low-income homes for the community. In 2020, he worked to finance San Francisco’s largest supportive housing development for formerly homeless people. For the past three years, Vossoughi has served as co-chair for JPMorgan Chase’s Bay Area volunteer leadership group, which he worked to grow from a single volunteer event to more than 85 volunteer events that have contributed more than 4,200 hours to the community.
ANDY WARNOCK Andy Warnock, who is approaching $3 billion in career loan volume, considers his proudest accomplishments to be within his roles as husband, father and philanthropist. Alongside his wife, the founder and chairman of Dot’s Tots Foundation, Warnock enjoys spending time with and coaching his four young children. Professionally, Warnock closed his first loan in December 2008, before launching his successful career in commercial real estate. As managing director at Lument, Warnock is responsible for the origination of Fannie Mae DUS, Freddie Mac, agency small balance, FHA and balance sheet loans for market-rate multifamily housing. He serves clients nationwide, though he focuses on Columbus, OH, Cleveland, OH and Indianapolis, IN. Warnock credits his success to understanding the importance of relationships within the business. One of his clients, Redwood Living, recently closed its 150th loan with Warnock. Warnock additionally embraces the importance of green expertise and has become fluent in the various green-housing options available to borrowers. More than 40% of his team’s loans closed during the past year were agency and HUD loans aimed at energy-efficient developments.
TEAMS
NORTHMARQ BOSTON TEAM As the COVID-19 crisis continues to unfold, Ed Riekstins and his Boston-based team at the privately-held mortgage banking firm, NorthMarq, build upon their long standing reputation as dependable, creative and knowledgeable lending professionals. Riekstins is valued for his ability to cultivate and recognize staff across all aspects of the business. Throughout the past three years, he and his team have grown NorthMarq’s New England portfolio, increased agency business and addressed COVID-related loan issues with aplomb. The team is well-regarded for its aptitude in loan production and loan servicing, as well as its ability to avert black swan risks by financing properties with supportive underwriting, strong sponsorship, good demographics and strong historical performance. Serving clients in numerous ways, the NorthMarq Boston team saves substantial financing costs, seamlessly services loans and pairs clients’ with ideal lenders, suitable for their specific needs. In addition, clients continually laud the team for their ongoing services following deal closings. One of the team’s clients notes that during COVID-19, “Ed has reached out to inform us that NorthMarq Boston has assisted other borrowers and stands ready to provide special help if and when we need it. Despite not being in the office on a daily basis, the team has not skipped a beat in communicating with us.” In addition, the NorthMarq Boston team helps to shape the local real estate community by being actively involved in organizations such as NAIOP, REFA, CREW, CCIM, ULI and AREAA. The team gives back to the community through work with organizations, such as the Greater Boston Food Bank and Friends for Boston’s Homeless.
THE AMHERST GROUP’S COMMERCIAL REAL ESTATE LENDING TEAM Managing director of commercial real estate lending, Gabe Boyar and CFO of commercial real estate debt, Brad Donaldson joined the vertically-integrated real estate investment, development and operating firm, Amherst Capital Management in 2016 and 2015, respectively, when the firm’s lending platform was in its early stages. The two professionals have since led and grown the mortgage lending business from the ground up, and have secured a track record for expertly navigating opportunities and challenges within the industry. Rapidly scaling its lending business, the team, which also includes head of asset management, Dave Skoien, VP of originations, Joe Herzog and VP of asset management, Kevin Messett, has secured a current balance sheet of more than $1 billion in business and loan offerings. The team provides differentiated insights and scenario-based analysis to inform their underwriting, loan structuring and pricing. Its tenacious commitment to originating loans at market interest rates for borrowers distinguishes the company’s lending group. The lending team pursues transactions that other lenders may shy away from due to headline risk, and supports the revitalization of transitional industrial properties throughout the US. As mortgage lenders in the transitional loan space, the team lends to sponsors who are purchasing or refinancing properties that are performing below market potential with a clear plan to add value. The team underwrites sponsors’ business plan and offers loans of up to $100 million in size, which they hold on their balance sheet and service and asset manage completely in-house. The team continues to identify attractive financing opportunities that help shape the evolving CRE landscape.
COMPANIES
ACORE CAPITAL Since its inception in 2015, ACORE Capital has established itself as one of the nation’s largest and most active commercial real estate finance companies, originating $24.4 billion in loans and employing a team of more than 80 professionals across the country. Led by founders and managing partners, Warren de Haan, Chris Tokarski, Boyd Fellows and Stew Ward, the firm is responsible for financing many of the country’s most high-profile projects. A dominant force in the bridge lending world, ACORE Capital originated $2.9 billion across 37 loans in 2020, and in the last 90 days of the year the firm closed a total of 22 deals for $1.6 billion. As one of the largest global credit managers, focused exclusively on commercial real estate lending, ACORE Capital has $17.3 billion of assets under management, as of year-end 2020. Throughout the past three years, the firm, which benefits from significant repeat business, has originated more than 190 loans totaling more than $14.5 billion. In 2019, the company closed its first discretionary commingled real estate debt fund, ACORE Credit Partners I, which raised $556 million and focused on originating and managing transitional commercial real estate debt investments within the US. Earlier this year, ACORE Capital raised $1 billion to launch the institutionally-backed investment strategy, ACORE Hospitality Partners, in an effort to provide North American hotel operators with recovery capital to navigate the ongoing COVID-19 pandemic.
ASIA CAPITAL REAL ESTATE The vertically-integrated real estate private equity firm Asia Capital Real Estate launched its lending division in 2016 and has since established itself as a direct multifamily lender. The company, which specializes in the investment, development and management of quality income-producing multifamily properties, issues first mortgages, bridge loans, mezzanine debt, preferred equity and B-piece bonds for commercial mortgage-backed securities. Working in tandem with Fannie Mae and Freddie Mac in an effort to underwrite loans for both market-rate and affordable housing communities, the company takes pride in helping fill the void for debt capital within the market. Through a series of funds, the firm serves as a strategic capital partner, managing and investing discretionary capital on behalf of institutional investors and prominent global family offices. Throughout the past three years, Asia Capital Real Estate has issued more than $400 million in loans. Over the last decade, the firm has acquired and managed more than 22,000 apartments across 78 properties and has successfully transacted on $2.1 billion of private real estate investments. The company’s assets under management total $1.8 billion. The firm has generated a successful investment track record across both equity and credit portfolios, with zero historical defaults and returns of 15-20%+ gross IRR. Asia Capital Real Estate is committed to providing debt financing for market-rate, workforce and affordable housing during the COVID-19 pandemic. In 2020, the firm launched its first dedicated debt fund and has since delivered more than $300 million in capital to support the development of multifamily assets. As part of the fund, the firm has finalized bridge loans to large developers and real estate companies that are building residential communities within growing secondary markets.
BROADMARK REALTY CAPITAL In 2010, at a time when banks had foreclosed on many properties, Broadmark Realty Capital launched in response to market demand for alternative lenders not subject to the strict FDIC regulations. The internally-managed commercial real estate finance company was founded in an effort to fulfill developers’ needs for construction financing that were not being met by banks. The Seattle-based firm went public in November 2019, via a SPAC business combination with Trinity Merger Corp., and has since continued to offer short-term, first deed of trust loans secured by real estate to fund the acquisition, renovation, rehabilitation or development of residential or commercial properties. As a public company, the firm has filled a void left by the regional, community and commercial banks that no longer provide smaller-scale construction loans. Uniquely structured to not rely on leverage from pooled mortgage loans, Broadmark Realty Capital instead operates with limited debt and originates its own loans based on strict underwriting criteria that never exceeds 65% loan-to-value. The company provides private investment options via Broadmark Private REIT, which participates in the same loans made by the public entity while offering investors near-term liquidity and predictability. The dual optionality of public and private investment options allows investors access to income by utilizing different methods depending on their preferences, financial needs and risk profiles. Since its inception, Broadmark Realty Capital has originated $2.8 billion in loans, and as of December 2020, the company has 204 active loans across 12 states.
DWIGHT CAPITAL LLC Priding itself on providing creative solutions in the rapidly changing real estate finance environment, Dwight Capital LLC is currently one of the largest FHA/HUD lenders for multifamily and healthcare properties in the US, servicing in excess of $6.5 billion of commercial real estate loans. In its second year of business, Dwight Capital ranked as a top-5 HUD lender nationwide, and it has since continued its industry-leading position as a top-5 HUD lender for the past six consecutive years. The company’s platform provides clients with tailored financial solutions, such as early-rate lock options, a robust bridge program and resources to fill equity gaps via the placement of either mezzanine financing or preferred equity. Dwight Capital launched its bridge program to ensure rapid execution, and in 2020, the firm converted the bridge fund to a mortgage REIT, rebranded as Dwight Mortgage Trust. The Dwight bridge pipeline is projected to exceed $1 billion in 2021. The fund’s portfolio comprises 50% healthcare facilities and 50% multifamily properties and has proven critically important for many senior housing clients seeking to expand their holdings in smaller tertiary markets. In 2020, Dwight Capital closed its strongest year to date, with more than $3.6 billion in financing, spanning 43 states. The firm’s total lending volume for 2021 is projected to reach more than $4 billion.
KEYBANK KeyBank holds an impressive history of positively impacting communities through development lending and affordable housing efforts. As one of the top affordable housing capital providers in the country, KeyBank Community Development Lending and Investment brings together construction, acquisition, bridge-to-re-syndication, preservation loans, lines of credit, agency and HUD permanent mortgage executions, and equity investments for low-income housing projects. Since 2016, the firm’s business has nearly tripled from $1.3 billion to more than $3.7 billion in 2020. Between 2018 and 2020, KeyBank Community Development Lending and Investment provided more than $8.2 billion in financing for affordable housing, and in 2021, the company anticipates a volume of $4 billion. Last year, KeyBank Community Development Lending and Investment unveiled its LIHTC program in an effort to increase equity participation in the sector and to provide a robust one-stop solution for clients and investors nationally, providing tax credit equity, construction and permanent financing. In addition, KeyBank’s national community benefits plan is committed to investing $16.5 billion in community development, mortgage and small business lending and transformative philanthropy. Of the community benefits plan’s total 2020 commitments, KeyBank Community Development Lending and Investment deployed more than $3.7 billion in capital in affordable housing and community development solutions.
MESA WEST CAPITAL Since being founded by Jeff Friedman and Mark Zytko in 2004, Mesa West Capital has demonstrated ongoing excellence and innovation as a pioneer in the debt fund space. The Los Angeles-based company was one of the first managers to focus exclusively on commercial real estate debt when it debuted in 2005. In 2018, Mesa West Capital was acquired by Morgan Stanley Investment Management, and the following year, it completed $4 billion in loan originations. The company’s lending portfolio includes all major property types with loan sizes ranging from $20 million to $400 million. In 2020, Mesa West Capital continued to lend on value-add projects during the pandemic, and it also added a new program to lend on special situation projects. Within a recent eight-month span in 2020 and 2021, the firm provided close to $300 million in financing to clients across the country.
In April 2020, the firm provided Wildhorn Capital with $33.5 million in short-term, first mortgage debt for the acquisition of a 284-unit multifamily community in Austin, and in December, the company provided a joint-venture partnership with $134.6 million in first mortgage debt for the construction and lease-up of CapRock Tropical Logistics Park, a two-building, 1,128,322-square-foot industrial park in Las Vegas, NV. In early February 2021, Mesa West Capital provided a $58.7 million first mortgage loan to a joint-venture partnership for the acquisition and re-tenanting of an 87,565-square-foot office building in a Silicon Valley submarket.
MOSAIC REAL ESTATE INVESTORS Ethan Penner and Vicky Schiff co-founded Mosaic Real Estate Investors with the goal of creating a differentiated lending platform, focused on uncrowded opportunities in the lending space. Throughout the past six years, this goal has been realized as Mosaic Real Estate Investors surpassed $2.5 billion of originations, with more than 1,900 investors. The Calabasas-based company provides non-recourse first mortgage loans for core/core-plus, value-added or transitional properties throughout the US. It pursues an opportunistic mandate to invest across all debt products secured by US real estate. As the pandemic unfolded, Mosaic’s team quickly shifted its point of attack toward finding deals focused on the stable housing sector, including multifamily, condos and single-family built-to-rent properties. The company closed several deals involving multifamily properties in Q4 2020. The firm originated $108 million in preferred equity for the acquisition of a 12-property multifamily portfolio and it also provided $60 million in preferred equity for a 360-unit, class A multifamily property. Just before the onset of the pandemic, the company provided a $68.75 million loan for the construction of a new student housing development, which will span 15 residential buildings, 270 units, 885 beds, as well as retail and dining spaces.
PEMBROOK CAPITAL MANAGEMENT Commercial real estate investment manager Pembrook Capital Management focuses on debt strategies on behalf of institutional investors, commercial banks, family offices, high net-worth individuals and similarly qualified clients. Founded in 2006 by CEO Stuart Boesky, Pembrook Capital Management specializes in affordable housing lending. With a strategy involving commercial real estate debt, including first mortgages, mezzanine loans, bridge loans, note financings and preferred equity, Pembrook Capital Management has originated or participated in investments totaling more than $1.4 billion since 2007. Whether providing capital to underserved property sectors, urban redevelopment zones or fostering jobs through commercial real estate transactions, each fund that Pembrook sponsors allocates a portion of its capital to community-related investments. Pembrook ensures that its loans meet one or more of its social impact goals; using the same underwriting standards for both affordable and market-rate rental housing. In 2016, with the launch of its Corporate School Grant Program, the company committed to donating a percentage of annual profits to support local schools each year. Additionally, the firm is dedicated to ESG initiatives through investments in many assets with measurable social and environmental impact.
TREMONT REALTY CAPITAL Tremont Realty Capital, the commercial real estate finance division of the RMR Group, serves as a direct lender specializing in middle-market commercial real estate, on behalf of its managed capital sources, Tremont Mortgage Trust and RMR Mortgage Trust. As a balance sheet lender, the firm offers non-recourse bridge loans to borrowers, in an effort to address financing needs for acquisitions, recapitalizations and business plans that entail value-add, light transition or stabilized properties where additional seasoning or flexible prepayment is required. The company works almost exclusively on originating and investing in floating rate senior mortgage loans across all major property types, valued at $10 million to $50 million. Headquartered in Boston, the company utilizes the RMR Group’s national footprint of more than 30 offices and more than 600 real estate professionals, to assist CRE owners in achieving their long-term goals. Since its inception in 2000, Tremont Realty Capital has completed more than 475 transactions, valuing more than $5 billion. Over the last three years, Tremont Realty Capital has provided loans totaling nearly $500 million. During the pandemic, the company has closed seven transactions totaling $175 million in committed capital. The firm’s geographically diverse portfolio encompasses office, life science, multifamily, industrial, retail and hotel assets.
URBAN DEVELOPMENT FUND LLC Founded in 2002 with the primary mission to serve low-income individuals, Urban Development Fund LLC uses NMTCs to spur private investment in underserved neighborhoods throughout the country. As a successful community development entity with the US Treasury, Urban Development Fund has received more than $630 million new markets tax credits allocations, which translates into more than 11,250 jobs created and $1.1 billion invested into developing retail space, office space, industrial facilities and community facilities within the country’s most underserved and economically distressed communities. Urban Development Fund uses the subsidy afforded by the Community Renewal Tax Relief Act of 2000 to offer favorable rates and terms that would not have been available to certain projects, such as below-market interest rates, non-traditional collateral, longer amortization periods and flexible borrower credit standards. All of the company’s project investments have been made in areas of higher distress, including communities with poverty rates greater than 30%, median family income at less than 60% of the area median family income, SBA Hubzones, brownfields redevelopment sites and other areas designated for redevelopment by local or state authorities. As an affiliate of Chicago-based Aries Capital, Urban Development Fund continues to fulfill its mission of improving the economic conditions and social support structures in low-income neighborhoods with a focus on minority-owned or controlled businesses.