2024 Rainmakers in CRE Debt, Equity & Finance

Organizations

Berkadia FHA/HUD With eight current and former FHA chief underwriters as well as dozens of individuals with more than two decades of FHA experience, Berkadia’s FHA/HUD team prides itself on its expertise in all HUD…

Avison Young’s Tri-State Debt & Equity Finance / Corporate Net Lease Finance Group During the challenging circumstances the commercial real estate industry faced in 2022 that hindered deals and loans, …

Alliant Credit Union’s Commercial Lending During the past few years, Alliant Credit Union’s commercial lending production has grown 400%, a trend it attributes to a dedication to exploring different ways of…

TEAMS

Jason Roth Jason Roth’s personal investment experience is one of his greatest strengths in relating to his client’s needs…

Shlomi Ronen During his career spanning more than 20 years in real estate, including the past 18 years working in a…

Adam Randall Newmark Group Inc. vice chairman Adam Randall has a genuine personality that allows him to connect with industry…

Kerri Raines One of Kerri Raines’ biggest recent achievements is her 2023 loan volume numbers. She…

Paul Rahimian Parkview Financial founder and CEO Paul Rahimian manages a national debt fund that provides construction…

Brett Paulsrud Senior managing director Brett Paulsrud co-heads JLL Capital Markets’ Boston office, which closed more than…

Jamie Mullin During his career, Jamie Mullin has accumulated a wide range of project management, organizational…

Christopher Montes Walker & Dunlop director of multifamily finance Christopher Montes plays a major role in CREUnited, an…

James Millon During his 20-year commercial real estate career, James Millon has originated more than $75 billion in commercial…

Chris Marks Marcus & Millichap Capital Corp. senior managing director of capital markets Chris Marks began his…

Charles Krawitz Alliant Credit Union SVP Charles Krawitz has demonstrated that credit unions can compete for large transactions…

Andy Klein Under the leadership of managing director and co-head of investments Andy Klein, Lionheart Strategic…

John E. Gilmore IV John Gilmore has a passion for creating affordable communities and improving the lives of people across…

Elie Gabay Greystone managing director Elie Gabay has learned lessons throughout his 15-year career on all sides…

Clark Finney Clark Finney began his career at Freddie Mac, working in the conventional production division where he…

Robert Durand KBS EVP of finance Robert Durand has 26 years of experience in origination, underwriting, structuring,…

Ryan Duling Throughout a career spanning 17 years, Lument senior managing director Ryan Duling has directly originated…

Paul Doocy CP Capital US co-head Paul Doocy has more than four decades of experience in multifamily real estate and…

INDIVIDUALS

As a general statement, we believe that anyone able to carve out a successful year in 2023 is deserving of recognition. We don’t need to hear the specific numbers; suffice it to say that transactions were half the number they typically are and those deals that did make it across the finish line required great skill and knowledge of the capital markets given where interest rates were. Which brings us to this year’s Rainmakers. This selection of Rainmakers were tapped not only for their credentials and impact they had on the industry but also for their ability to wrestle a deal to conclusion in a tight and highly uncertain market. It was not an easy year for anyone and the men, women, teams and companies we selected exhibited great expertise as they navigated the environment.

2024 Rainmakers in CRE Debt, Equity & Finance

Tower Capital’s Phoenix-based build-to-rent finance team was founded in 2015 and is led by co-founder and principal Kyle McDonough and partner George Maravilla. Tower Capital is one of the most active structured finance firms in the commercial real estate sector arranging capital for BTR single-family-style projects with more than $1.5 billion in BTR construction financing and joint-venture equity encompassing more than 7,000 units across nearly 40 communities nationally. Tower Capital’s BTR finance team advised on more than $414 million in BTR construction financing in 2023, making it a go-to structured finance advisor for lenders and developers. Recent BTR transactions Tower Capital has arranged include a $72.9 million financing for the Village at Golden Triangle, a 317-unit BTR community in Fort Worth, TX; the $62.4 million non-recourse construction financing for the development of the Village at Hutto Station, a 276-unit BTR community north of Austin, TX; $88.5 million in construction financing for Village at Bronco Trail, a 354-unit development by Scottsdale-based Empire Group; and $120.5 million in financing for two BTR communities in the Phoenix market. The team is active in the community through NAIOP, CCIM and ULI. Tower Capital is equally passionate about giving back to the community and works closely with philanthropic and charitable organizations. For the past four years, the Tower Capital team organized and sponsored the Angel Run Car Rally, a more than 300-mile car rally throughout northern Arizona to benefit the Pearce Family Foundation, a registered 501c3 that raises money to support families that have children with life-threatening and debilitating illnesses.

Tower Capital’s BTR Finance Team

The Clarfield-Daya debt & structured finance team of Newmark Group Inc. was founded in 2001 and is led by executive vice chairman Mitch Clarfield and vice chairman Ramsey Daya. The Santa Monica team, led by Clarfield, is one of the most prolific originators in the agency finance business. Since founding the office in 2001, Clarfield has grown the office to 18 employees with average annual debt originations of more than $1.9 billion. The team, which has originated more than $13 billion in multifamily loans for 368 transactions since 2015, specializes in highly structured, multi-asset, multi-tranche structured transactions and has completed more than $7.5 billion in structured credit facility transactions. The San Francisco-based debt and structured finance team, led by Daya, has closed more than 400 transactions across all asset classes throughout the US. The team has a particular focus on ground-up development, joint-venture equity and bridge financing. Since joining the firm in 2017, the team has closed more than $22 billion in debt and joint-venture equity throughout the country. Joining forces has allowed the Clarfield-Daya team to provide clients with a full spectrum of debt and other financing products, whether a moderate leverage life company or agency first mortgage to mezzanine debt or preferred or JV equity. The combined production of the Santa Monica and Northern California teams during the past three years is $13.2 billion in 228 transactions. Significant transactions include Park La Brea, which involved a $947 million long-term, fixed-rate Freddie Mac loan on a property comprising more than 4,200 units on 144 acres in the heart of Los Angeles. The transaction represents the largest single-asset multifamily loan by any lender in the past four years and the largest single-asset financing in Freddie Mac history.

Newmark’s Clarfield-Daya Debt & Structured Finance Team

Founded in 2012, Greysteel’s capital markets team is led by senior managing director Daniel Hartnett and directors Harrison Cole, Jeremy Slocumb and Mitt Patel. The team uses creativity to get deals across the finish line, especially when problems arise during volatile capital markets. Keeping a finger on the pulse of the capital markets to find the most accretive solution and keep up with changing underwriting standards, the team facilitates the entire process so deals run smoothly. The team structures capital solutions for acquisitions, refinances and recapitalizations through Greysteel’s correspondent relationships with banks, life insurance companies, and private-label CMBS and agency lenders. The team also specializes in structured finance, mezzanine debt, joint-venture equity and debt placement for multifamily, hospitality, commercial, retail, office, industrial, manufactured housing and self-storage properties. During the past year, the team completed more than $230 million in capital funding. It secured a programmatic joint-venture equity partner for a Southeast-based developer’s build-to-rent pipeline; structured a co-GP partnership to fund pursuit, horizontal and balance sheet requirements for the development of a 20-story high-rise in River North, Denver; and delivered a mission-driven impact fund to acquire and convert a 300-unit workforce housing community to a rent-restricted HFC property in Houston. The team has prioritized visibility within the Dallas youth lacrosse scene, leading clinics, camps and other efforts to aid the sport’s growth throughout the area. The team also volunteers regularly with Feed My Starving Children, a Christian nonprofit that works with food distribution partners that stay with communities for the long haul, empowering them to move from relief to development.

Greysteel’s Capital Markets Team

Jason Roth’s personal investment experience is one of his greatest strengths in relating to his client’s needs and perspectives. “I advise my clients from the perspective of having made these decisions for my family and myself,” he says. “I’ve sat in the same seat. I know the stakes.” Roth has spent more than a decade refining his craft across multiple facets of the commercial real estate industry, with financial advisory at the core of his skill set. In 2018, he moved across the country from his hometown of Boston to Los Angeles, and since then he has established himself as a leader to watch in the capital advisory space. He is an SVP at Colliers on its Southwest investment services team where he leads the team’s debt, equity and structured finance solutions arm. Roth and his team offer extensive experience sourcing construction, bridge and permanent financing across all asset types, transaction sizes and geographies, as well as sourcing joint-venture equity investments. His advisory services include construction loans, bridge loans, ground lease capitalization structures, PACE loans, CMBS, Fannie Mae, Freddie Mac and HUD, historic tax credits and more. In March 2021, during the height of the pandemic, Roth and his team sourced and closed a $40 million PACE loan for the Curio Hotel in California’s San Gabriel Valley. At the time of closure, it was the third-largest PACE loan in US history and one of California’s few hotel construction financings in 2021. Before joining Colliers, Jason held similar capital advisory roles, including managing director at Newmark, where he led all DESF functions for the firm’s former Private Capital Group. A cause close to his heart is Midwest Medical Missions, an organization once run by his grandfather who was a first-generation immigrant from the Dominican Republic. The organization provides medical education and disaster relief directly to the Dominican Republic.

Jason Roth

During his career spanning more than 20 years in real estate, including the past 18 years working in a real estate capital advisory role, Dekel Capital founder and managing principal Shlomi Ronen has invested or sourced more than $5 billion in equity, mezzanine and debt financing for investors and developers throughout the US. He heads the company’s JV equity, capital advisory and correspondent lending platforms and serves an elite group of commercial real estate operators, investors and developers with a boutique approach that allows the firm to create tailored solutions that address unique capital challenges. At the start of 2023, Ronen launched Dekel Correspondent Lending (DCL), which on behalf of capital providers including a global asset manager and large European bank, originates balance sheet and CMBS loans for the acquisition, refinancing and recapitalization of commercial real estate assets including build-to-rent and single-family rentals. Ronen is also managing principal of Dekel Strategic Investors (DSI), a proprietary equity fund that fills the gap in the capital markets for equity investment between $3 million and $10 million. Ronen is engaged with developers focused on senior housing properties throughout the US. In the past few years under his guidance, DSI has partnered to create high-end facilities for seniors that offer not only exceptional care but also high-end amenities. Ronen and DSI have successfully developed and arranged financing for several high-level senior housing projects around Southern California. Prior to founding Dekel Capital, Ronen was a founding partner of Lucent Capital and opened and co-headed the Los Angeles office for the Carlton Group, a New York-based real estate investment banking firm, and was an SVP at Los Angeles-based George Smith Partners, where he was active in raising joint-ventureequity on behalf of institutional clients and executing both performing and non-performing note sales on behalf of financial institutions.

Shlomi Ronen

Newmark Group Inc. vice chairman Adam Randall has a genuine personality that allows him to connect with industry professionals across the country and work together to meet the needs of clients. Randall has been with Newmark since the start of his career 27 years ago. He has deep experience structuring loans collateralized by conventional multifamily, workforce housing and commercial and has worked on loan requests that have included tax-exempt bonds, tax credits and affordable forwards. His particular attention to intrapersonal work has earned him a reputation among his client base and peers as a steadfast partner, particularly during the pandemic and into the current financial turbulence, with repeat clients and several referrals. During that time, Randall and his team have closed more than $1.6 billion in loan volume in more than 130 separate transactions. Along with his team, he strives to make the financing process as easy as possible so clients can focus on running their businesses and operations. Client work encompasses a variety of different debt sources including GSEs, debt funds, life companies and banks. His team specifically covers Newmark’s Memphis and Birmingham multifamily investment sales offices, where they provide the sales teams with insights on the current debt markets and provide in-depth debt analysis on transactions to better assist with the sales process. Since 2001, Randall has closed $10 billion of Fannie Mae, Freddie Mac, commercial and bridge loans, and during the past five years, he has been a top producer at Newmark, consistently earning invitations to the annual Newmark Chairmen’s Circle retreat and award ceremony. He serves on Newmark’s multifamily capital markets advisor committee and is also a member of the NHMC and MBA. He supports Entryway, a 501c3 organization that transitions individuals and families out of homelessness to economic self-sufficiency.

Adam Randall

One of Kerri Raines’ biggest recent achievements is her 2023 loan volume numbers. She closed more than $1.1 billion in transactions amid a slow economy, elevated interest rates and a reduced number of commercial real estate sale transactions. Raines is a managing director of Regions Real Estate Capital Markets, where her clients include REITs and institutional funds specializing in owning and operating large multifamily portfolios throughout the country. She was a director at the firm for four years before being promoted in 2022 thanks to a superb understanding of her role and her ability to maintain happy, repeat customers. During the past six years, she has placed more than $3 billion in secured, non-recourse debt with Fannie Mae, Freddie Mac, FHA and life company relationships. Raines evaluates, underwrites, structures and advocates for favorable deal terms to provide the best financing execution of off-balance-sheet opportunities. She also assists with individual loan needs throughout the life of a loan, which can include client-initiated changes as well as internal reviews and reporting. For the past several years, Raines has brought her commitment to inclusion and belonging to her role at Regions and the real estate finance industry broadly. She has also held an integral position on Fannie Mae’s Diversity Equity and Inclusion subcommittee, which holds the industry accountable for improving diversity, equity and inclusion at all levels of its organizations. As a member, Raines has helped connect numerous candidates with recognized industry-leading employers. She has also participated in mentoring undergraduate college students involved in Project Destined, a program offering a commercial real estate internship, bridge programs and early career resources to the industry’s newest generation of future leaders. She has spent the past 18 years with Regions Bank, which has recognized her with its prestigious Chairman’s Club Award numerous times.

Kerri Raines

Parkview Financial founder and CEO Paul Rahimian manages a national debt fund that provides construction financing to ground-up real estate development projects. Since launching the Fund in 2015, Parkview has successfully executed more than $4 billion in financing for multifamily, retail, office, industrial and mixed-use projects with executed loans ranging from $5 million to $200 million. Rahimian founded Parkview Financial in early 2009 during the Great Financial Crisis when many were not lending to developers and has since originated hundreds of commercial and residential loans. His responsibilities include overseeing the firm’s growing team and offices and expanding the firm’s investor base. Rahimian has also spearheaded the geographic expansion of the firm’s lending reach from the West to the entire US, including an office in New York City that opened in 2022. That year, the firm completed more than $1 billion in lending activity and its Assets Under Management increased by 43% throughout 2021. He is described as a hands-on manager and recognized as an industry pioneer who was one of the first to offer complete integration of loan origination and servicing under one roof. Before becoming a lender, Rahimian was a third-generation real estate developer and general contractor. Between 1988 and 2009, he completed more than $350 million in commercial and residential projects. He is continuing to pursue professional development by participating in a three-year executive program at Harvard Business School for owners and CEOs of successful companies around the world and is currently completing the final year of the program.

Paul Rahimian

Senior managing director Brett Paulsrud co-heads JLL Capital Markets’ Boston office, which closed more than $10 billion in transaction volume in 2022. Paulsrud is highly regarded for his extensive network and relationship-building skills among real estate clients, capital providers and business leaders in the industry. In his role, Paulsrud maintains full P/L responsibilities and leads a team of 50 capital markets professionals. Paulsrud has been instrumental in securing debt and equity capital for some of Boston’s largest and most iconic commercial real estate projects and has been involved in transactions totaling more than $15 billion. He closed more than $2 billion of debt and equity placements as an individual in 2023, with his team closing more than $5 billion as of September 2023. In addition to raising capital, Paulsrud plays an advisory role to many local and regional banks, debt funds and property owners as they work to navigate a challenging capital markets environment and develop capital solutions in the face of value diminution across asset types. Many of Boston’s most prolific real estate companies seek Paulsrud’s thought-leadership due to his track record of success. He was one of the first supporters of Project Destined, a program aimed at increasing diversity in the CRE sector by training and mentoring diverse high school and college students early in their career exploration. Beyond his focus on creating a more inclusive environment in the commercial real estate space, Paulsrud is active in several community organizations including serving on the board of directors for the Advent School in Boston, and an active supporter and volunteer for Heading Home Boston, an organization focused on eliminating homelessness by providing resources and financial education.

Brett Paulsrud

During his career, Jamie Mullin has accumulated a wide range of project management, organizational management and sales skills that he brings to his role as senior managing director of capital markets at Marcus & Millichap Capital Corp. For 19 years, he has been a capital markets advisor and intermediary assisting clients of all sizes across the country. He sold his firm, LMI Capital, to MMCC in 2021 and joined the firm, where he has tripled the size of his team while still retaining the original team from LMI. He not only sources debt and equity but also helps determine certainty of execution and if the capital relationship is the best long-term fit for his client. His leadership role in the Houston office of MMCC includes co-managing a team of 35 professionals and serving as a capital markets advisor for Marcus Millichap sales offices throughout the Southwest. In his management role, he leads a multi-product type financing team that repeatedly exceeds $1.5 billion annually in deals and he oversees the largest network of originators under the company’s national MMCC brand. Mullin says he finds it rewarding collaborating with incubator clients that he has helped develop from start-ups to significant platforms. His work ethic was shaped by growing up in a military household and his listening and communications skills help him build client and lender relationships quickly. He supports family-centered programs in the Houston community, including taking an active role in his family’s congregation, school fundraising, and coaching soccer teams for his 12- and 7-year-old. On the professional side, he is a member of the MBA, NHMC, and ACRP trade organizations.

Jamie Mullin

Walker & Dunlop director of multifamily finance Christopher Montes plays a major role in CREUnited, an alliance the firm founded in 2021 to increase the participation of historically underrepresented individuals in the commercial real estate industry. The organization aims to help members grow assets under management by minorities and women. As someone who didn’t have a real estate role model growing up, Montes enjoys playing that role for others, encouraging them to grow in the field through relationships, networking and arranging multifamily finance transactions. Based in Los Angeles, Montes oversees the structuring, origination and deal management of agency financing and has an extensive understanding of Fannie Mae and Freddie Mac programs. Montes facilitated the financing of The Derby Apartments, alongside CREUnited member, Langdon Park Capital, which consistently aims to create lasting social impact in historically underserved Black and Latino communities while generating strong returns for investors. For Montes, LPC’s focus on social impact in urban minority communities is close to home as someone who grew up in similar neighborhoods and understands firsthand the needs of these communities. He is vice chairman of the board for AdelFi Credit Union and is a committee member on the Diversity and Inclusion Board for the University of Southern California’s Sol Price School of Public Policy. In addition, he is the chair of the Mortgage Bankers Association’s Future Leaders program and the Treasurer for the Crain Family Foundation. The nonprofit organization assists families and children in financial hardship due to unforeseen life events and provides social assistance and affordable housing to those communities.

Christopher Montes

During his 20-year commercial real estate career, James Millon has originated more than $75 billion in commercial real estate loans covering all property types across the country. That includes arranging more than $45 billion in large fixed- and floating-rate transactions ranging from single assets to large portfolios since he joined CBRE in 2016. Millon is the firm’s president of U.S. Debt & Structured Finance, where he is responsible for expanding the firm’s debt and structured finance capabilities nationwide. He and his partner, Tom Traynor, have arranged more than $45 billion of large transactions, including the $1.77 billion financing of 245 Park Avenue for HNA; $1.7 billion financing of Blackstone’s Cabot Industrial Portfolio; $1.4 billion financing of Oxford’s Project Newport Industrial portfolio; $1.25 billion construction financing of Terminal Warehouse, owned by L&L, Columbia Property Trust, JP Morgan and Allianz; $1.07 billion financing of Blackstone’s Project Solar Multifamily portfolio; and the $1.03 billion Stonemont net lease portfolio. Before joining CBRE, Millon was a director in the commercial real estate loan origination and capital markets businesses at Deutsche Bank. While there, he originated, structured, closed and sold transactions totaling $30 billion and earned a reputation for tackling some of the most complex transactions in the market. Prior to Deutsche Bank, Millon was a member of Société Générale’s large loan origination and structuring desk and began his career with MMA Realty Capital’s debt fund.

James Millon

Marcus & Millichap Capital Corp. senior managing director of capital markets Chris Marks began his career 16 years ago working for GreenPoint Mortgage Funding. Within three years, he transitioned from a loan processing service representative to a commercial area sales manager where he managed the origination of $60 million in small balance CMBS in New York and Connecticut. He then moved to Marcus & Millichap and since then he has financed more than $7 billion in commercial real estate transactions. Marks has distinguished himself as a leading loan originator in the tri-state region and a leader in the Manhattan office of MMCC, where he manages a team of five people. His multi-product type financing team averages two closings per week, with deal sizes ranging from less than $1 million to more than $50 million. Marks earned MMCC’s National Achievement Award each year from 2014-2022 consecutively. He also has been a Chairman’s Club Member for three years and has earned sales recognition awards for the past 10 years. He does not shy away from deals of any size and keeps his scope of transactions wide, proving his value to a variety of clients and lenders seeking deals on varying scales. In 2022, he generated a deal volume of more than $420 million and placed loans in 33 states using 43 capital sources. In 2020, he closed a $51 million loan to refinance a retail property in Wyncote, PA. In 2021, he closed a $49 million loan to purchase a retail property in Camp Hill, PA. Marks is a member of the Mortgage Bankers Association, the Real Estate Board of New York, Real Share NET LEASE, the Self-Storage Association and Interface Net Lease.

Chris Marks

Alliant Credit Union SVP Charles Krawitz has demonstrated that credit unions can compete for large transactions. As chief capital markets officer and head of commercial lending at the credit union, Krawitz has grown Alliant’s commercial real estate platform into a nationally recognized lender by championing innovative loan structures and promoting the use of sophisticated tools to evaluate transactions, manage risk and refine pricing. He has helped educate other credit unions through the sale of participations and has influenced how they view and approach commercial real estate lending. Krawitz oversees Alliant Credit Union’s commercial lending team, Alliant’s loan trading operation and partnership development activities, including those relating to fintechs and select employer groups. He plays a central role in diversifying Alliant’s balance sheet by engaging in capital markets activities touching commercial, residential and consumer loan products. Under his oversight, Alliant’s commercial real estate loan portfolio has grown 400% and recently crossed the $2 billion threshold. His commitment to creating financial value for Alliant’s members has also led Alliant into the loan-on-loan business. In this capacity, Krawitz has substantially influenced the ability of niche lenders to offer construction and bridge loans at competitive prices. Known for his contrarian perspective, Krawitz is often quoted in trade publications and invited to share his thoughts at events and on podcasts. He has held many leadership positions outside of Alliant Credit Union with financial institutions including ABN AMRO, KeyBank and Fifth Third Bank.

Charles Krawitz

Under the leadership of managing director and co-head of investments Andy Klein, Lionheart Strategic Management has been active across the country and sourced deals in some of the largest and fastest-growing cities, including New York, Boston, Chicago, Philadelphia, Miami, Orlando and Phoenix. Lionheart is an SEC-registered investment advisor operating in the commercial real estate credit space. Klein has personally sourced and closed many of the firm’s largest transactions, particularly ground-up construction and redevelopment projects. He takes an innovative and forward-thinking approach to real estate lending, recognizing new trends and emerging markets while building and maintaining strong relationships with key players in the industry. Klein oversees underwriting, origination, negotiation, closing and ongoing asset management of highly structured credit investments in value-add strategies. He also co-leads all corporate and capital-raising functions for Lionheart. He and his team have raised more than $1 billion in investor commitments for various real estate strategies in markets around the US and invested more than $900 million of investor capital. Klein says his most significant professional accomplishments in the past three years include his role in negotiating and structuring Lionheart’s strategic program agreement with Schroders, as well as expanding the firm’s capital base to include other international institutional separately managed accounts. From a transactional perspective, Klein was instrumental in securing a $150 million financing arrangement for the acquisition and redevelopment of Harborside 1-3 in Jersey City, a transaction that included a senior loan, mezzanine loan and preferred equity tranches. He is on the board of the Washington University in St. Louis Alumni Real Estate Network and serves as a mentor to young professionals throughout the industry.

Andy Klein

John Gilmore has a passion for creating affordable communities and improving the lives of people across the country, a mission he has fostered throughout his career. He is an expert in structuring affordable housing transactions through Fannie Mae, Freddie Mack and HUD and works with community organizations, nonprofits and mission-focused borrowers to achieve these goals. Gilmore is the senior managing director of affordable production at Walker & Dunlop based in New York. He was involved with creating more than 30,000 affordable units in 2022 and started 2023 by closing a $120 million financing for the rehabilitation of Audubon Houses, Bethune Gardens and Thurgood Marshall Plaza, a 557-unit, three-building portfolio in Harlem. He is experienced in complex deal structures including structured credit facilities, tax abatements, tax-exempt bonds, and the use of federal and state tax credits. The financing was a joint effort between Dantes Partners, the New York City Housing Authority, the New York Housing Development Corp., Walker & Dunlop, Freddie Mac and JP Morgan Chase. Gilmore has originated more than $3 billion of debt in more than 150 multifamily transactions throughout his career. Co-workers and peers note his attention to detail, proactive approach to problem-solving and an enduring desire for learning and growth as keys to his success. He says his favorite accomplishment and proudest role is assembling and mentoring a diverse, experienced and intelligent affordable production team. Prior to joining Walker & Dunlop, Gilmore was a VP and senior relationship manager in the community development and investment group within KeyBank Real Estate Capital. While at KeyBank, he was a member of the management team tasked with expanding the bank’s affordable housing activity to all 50 states. He originated almost $1 billion of new mortgage debt in this position.

John E. Gilmore IV

Greystone managing director Elie Gabay has learned lessons throughout his 15-year career on all sides of deals, and he says his experience on the client and investment side drives the way he engages with clients today. He has been an originator since 2016, and in the past three years, he has increased his loan origination volume by 500%. As part of Greystone’s multifamily debt & equity group, Gabay is responsible for placing customized lending solutions and providing strategic financial advisory services for the acquisition, construction, rehabilitation and refinance of multifamily and commercial properties across asset classes. He works with real estate owners, developers, investors and sponsors nationwide. Gabay endeavors to provide a high-touch experience, anticipate challenges and think outside the box. In 2022, he was recognized as Greystone’s top alternative agency producer and has contributed to expanding and diversifying the firm’s alternate capital services. Gabay believes that financing needs to be strategic, given the impact of risk associated with anticipated factors such as interest rates or discussion around recession scenarios, as well as unknowns. “As an originator, it is imperative that the financing a client is seeking to secure is based on risk mitigation, their needs and capturing the best possible deal terms,” he says. Previously, Gabay was a real estate development associate at Jackson Development Group, working with very large developers and owner-operators. He also worked with family offices that were acquiring and developing real estate. He began his career at Euro Capital Partners as a real estate investment analyst.

Elie Gabay

Clark Finney began his career at Freddie Mac, working in the conventional production division where he screened, underwrote and structured more than $6.5 billion in annual deal flow. He then joined Dallas-based mortgage banking firm BMC Capital, where he specialized in financing strategies for value-add and stabilized multifamily properties across the Sunbelt region. Today, he is a VP at Matthews Real Estate Investment Services in its capital markets division focused on structuring debt and equity solutions. Finney researches capital sources and understands the ever-evolving macro and microeconomic trends to secure the most competitive financing options. He also assists principals in underwriting and analyzing acquisition opportunities by providing an all-inclusive service of modeling, sourcing and closing transactions. A particularly significant deal for Finney was a 480-bed student housing complex that closed in August 2023. Finney resurrected this deal after the original lender pulled out due to volatile interest rates, found a secondary conventional lender and helped the borrowers with structuring equity to ensure the transaction closed successfully before the PSA deadline. Finney has established himself as a leader within the division and a mentor to more than a dozen capital markets associates. In addition, Finney actively provides capital markets insights to national publications through thought-leadership articles, market reports and interviews. He has placed more than $300 million in loan volume since beginning his career.

Clark Finney

KBS EVP of finance Robert Durand has 26 years of experience in origination, underwriting, structuring, negotiating, closing and workout of commercial real estate loans from both borrower and lender perspectives. He has used this experience to shape KBS’ trajectory in the industry, leading a team of financial professionals through multiple economic cycles. During his 15 years with the firm, Durand and his team have spearheaded new initiatives in the market, driven property values and positioned KBS to achieve favorable cash returns for its investors. Durand leads KBS’ finance team, which is responsible for developing and nurturing lending relationships and negotiating financing from start to finish for all of the firm’s real estate assets. He is also a member of KBS’ investment committee, where he evaluates and approves new investment opportunities. Throughout his 15-year tenure with the firm, Durand has spearheaded more than $17 billion in financing transactions. Among his notable transactions in 2023 were a $70 million refinancing loan on Meier & Frank, one of Downtown Portland’s most historic buildings in Oregon; a $42 million refinancing on Main & Gervais, a 186,303-square-foot trophy-quality office tower in Columbia, South Carolina; and $155 million in refinancing for four class A office properties in Salt Lake City, San Antonio and Washington D.C. He also entered into more than $2.2 billion of interest rate swaps and caps in 2023, 2022 and 2021 to hedge and protect the KBS portfolio against rising interest rates. Prior to joining the firm, Durand was a VP in JP Morgan Real Estate’s CMBS group, responsible for originating, structuring and negotiating CMBS, construction, bridge and mezzanine loans. He also spent more than a decade at Babson Capital Management, most recently as a managing director tasked with sourcing, underwriting and closing commercial real estate loans.

Robert Durand

Throughout a career spanning 17 years, Lument senior managing director Ryan Duling has directly originated more than $5 billion of Fannie Mae, Freddie Mac, FHA, conventional bank, balance sheet and life company debt offerings. He is a top multifamily producer at Lument, while also focusing on student housing and other real estate asset classes. He has experience providing value-add, custom finance solutions across the country and closed 20 transactions in 2022, including structured transactions with Fannie Mae totaling $417 million. Through September of 2023, he closed 12 transactions totaling $313 million. Duling led a $78.8 million refinance via the FHA Sec. 223(f) program for The Hub, a 590-unit multifamily community located in Bowling Green, KY. The refinance replaces short-term debt with beneficial long-term financing at a low, fixed interest rate, reduces annual debt service, establishes a sizable replacement reserve account and provides substantial proceeds for renovations. In addition, the transaction qualified for a mortgage insurance premium deduction of 0.25% due to its green classification. Duling joined RED Capital Group, which became Lument, in 2006. Prior to that, he worked for Procter and Gamble Co., Honda Engineering North America Inc., Whirlpool Corp. and Cooper Tire and Rubber Co. He is a published author in the field of biomechanical engineering, and he is a partial owner and operator of a small independent family farming operation as well as various investment properties. As a business owner, he has a keen understanding of what business owners are looking for in a lender relationship.

Ryan Duling

CP Capital US co-head Paul Doocy has more than four decades of experience in multifamily real estate and finance; 29 years of which he has spent at CP Capital. His deep understanding of the market, long-standing relationships and proven ability to create value for investors have earned him a spot as an industry leader, and he has played an instrumental role in CP Capital’s growth and building out its investment strategy focused on opportunistic and value-add rental apartment investments in growth markets throughout the US. Under Doocy’s leadership, CP Capital’s investment portfolio has grown to more than 70,000 rental units, 21 million square feet of commercial space and more than 230 realized multifamily fund investments as of mid-2023. Doocy has also spent significant time nurturing meaningful relationships with many of the country’s top real estate developers, which has led to numerous repeat partners for investments, in some cases 30-40 deals per partner. When faced with challenges, including the Great Recession, Doocy has played a key role in the firm’s resilience and success. He encouraged his team to expand into new asset classes like office, retail and the low-income housing tax credit space, and he took a significant risk by initiating a new partnership with a West Coast developer and investor that resulted in the firm coming out of the crisis stronger with two new portfolios. Doocy was at the forefront of a major company decision to acquire a Boston-based financial firm that was a national leader in the low-income housing tax credit industry. The transaction was CP Capital’s first and only company acquisition at the time and paved the way for further growth, development and diversification. He has been on the NAHB multifamily leadership board since 2005 and plays an active role in NMHC and ULI.

Paul Doocy

Design by Chris Nicholls

Illustration: Lemonsoup14/Adobe Stock

Jordan Yarosh SRS Real Estate Partners senior associate Jordan Yarosh brings a vibrant logistics background to his…

Adam Weissburg Cox, Castle & Nicholson partner Adam Weissburg is a transactional attorney who regularly represents borrowers and lenders…

Sean Silverbrook Sean Silverbrook played a significant role in spearheading the 2020 launch of BEB Lending, the finance platform…

Vicky Schiff Vicky Schiff was exposed to the real estate business at an early age as her father, Jim Schiff, was a hotel and…

Sunny Sajnani Sunny Sajnani joined Institutional Property Advisors, a division of Marcus & Millichap Capital Corp., in…

Red Oak Capital Holdings LLC Red Oak Capital Holdings LLC is a group of entities that raises capital through retail and institutional channels and lends on and invests in commercial real estate. The firm provides short-term, senior-secured…

Capital One Agency Finance – Southern California With housing affordability continuing to be a nationwide issue, innovative financing to support construction and preservation of multifamily inventory is more important…

Thirty Capital Financial Thirty Capital Financial is a full-service provider of debt management, hedging, yield maintenance and financial services to the commercial real estate industry. With deep industry knowledge gathered through…

Nuveen Green Capital Despite challenges created by recent economic volatility and stringent sustainability mandates, Nuveen Green Capital, a leader in sustainable CRE financing solutions, has made a positive…

Mesa West Capital Founded in 2004, Mesa West Capital was among the first managers to focus exclusively on commercial real estate debt and as of 2023 ranks among the top 50 real estate debt fund managers in the world. The…

Gantry Inc.’s Self Storage Finance Team Gantry Inc.’s self storage finance team was founded in 2012. Gantry has originated self-storage loans since before 2000 and committed to educating its extensive…

Cushman & Wakefield’s Equity, Debt & Structured Finance Team – Northeast & Northwest Cushman & Wakefield’s equity, debt & structured finance team for the Northeast and Northwest has gained experience…

CBRE Greater Los Angeles Multifamily Debt & Structured Finance CBRE’s Greater Los Angeles multifamily debt & structured finance team was founded in 2013 and is led by vice chairmen Troy…

CBRE Capital Markets | Debt and Structured Finance | Roth – Kieser – Jurjovec – Kundert The debt and structured finance team at CBRE Capital Markets, founded in 2012 and led by vice chairman Steven Roth and…

Tower Capital’s BTR Finance Team Tower Capital’s Phoenix-based build-to-rent finance team was founded in 2015 and is led by co-founder and principal Kyle McDonough and partner George Maravilla. Tower Capital is one of the most…

Team Fayer-DeWitt of NewPoint Real Estate Capital John DeWitt and Martin Fayer joined NewPoint Real Estate Capital in 2022, forming the Fayer-DeWitt team. The pair have worked together for much of their…

Newmark’s Clarfield-Daya Debt & Structured Finance Team The Clarfield-Daya debt & structured finance team of Newmark Group Inc. was founded in 2001 and is led by executive vice chairman Mitch Clarfield and vice chairman…

Greysteel’s Capital Markets Team Founded in 2012, Greysteel’s capital markets team is led by senior managing director Daniel Hartnett and directors Harrison Cole, Jeremy Slocumb and Mitt Patel. The team uses creativity to get…

GreenRock Capital GreenRock Capital is a C-PACE finance company that provides commercial real estate developers and owners with low-cost and long-term capital for new development, value-add and recapitalization projects…

George Smith Partners George Smith Partners is using technology to transform how capital advisors work and fulfill its mission to provide immediate access to accurate and timely commercial real estate capital markets information…

CrowdStreet Inc. Founded in 2014, CrowdStreet Inc. gives investors direct access to investment opportunities through its online private equity real estate investing platform while providing real estate firms an efficient…

Avatar Financial Group Like many private lenders, Avatar Financial Group has stepped in to fill a need in the market for debt capital, particularly for borrowers who don’t meet stringent bank standards. The services provided by…

SRS Real Estate Partners senior associate Jordan Yarosh brings a vibrant logistics background to his role in the firm’s National Net Lease Group. Yarosh spent a decade in the music industry, touring with artists including Taylor Swift, Vance Joy, Weezer and more. He takes pride in fostering loyal relationships with borrowers and brokers, who trust him as an expert facilitator. Beyond securing competitive financing terms for his clients, Yarosh acts as a concierge for the common investor and guides his clients through the closing process, tracking the progress of each step and maintaining close contact with the sponsor. Before joining SRS in 2022, Yarosh was an associate at SAB Capital. In his current role, he focuses on funding diverse commercial asset types nationwide including net lease retail, industrial, medical office and mixed-use. In just one year at SRS, Yarosh closed six transactions during one of the most restricting lending environments in the past decade and was recognized by NY Real Estate Journal as a “one-to-watch” for his production. His most recent deals include funding a First Watch restaurant in Alpharetta, Georgia, at 65% LTV and 1:1 DSCR with no prepayment penalty. He also recently funded the owner-occupied Wild Greg’s Saloon in Pensacola, FL at 80% LTV, $4.8 million loan at a 6.99% interest rate, and he closed an $8 million, seven-property portfolio refinance deal in Kyle, Texas, with a collateral mix that included ground leases, vacancies and owner-operated units. In 2019, Yarosh ran the NYC Marathon on behalf of Team For Kids, raising more than $2,500 for youth and community programs.

Jordan Yarosh

Sean Silverbrook played a significant role in spearheading the 2020 launch of BEB Lending, the finance platform of BEB Capital, which invests in and develops industrial, office and multifamily assets throughout the East Coast. The platform was established to provide the market with private, quick and creative financing solutions for commercial real estate assets in primary and secondary markets. With typical loan sizes ranging from $5 million to $50 million, the platform surpassed $100 million in capital deployed in 2022. As VP of BEB Lending, Silverbrook also was instrumental in launching BEB Capital’s credit fund – BEB Credit Opportunity Fund LP, which seeks attractive risk-adjusted returns backed by diversified real estate loans to high-quality sponsors. BEB Capital raised $150 million of capital and debt commitments for the fund. Silverbrook joined BEB Capital in 2020 and leads the origination and management of new loans throughout their life cycle. He is tasked with handling the firm’s growing loan portfolio and the day-to-day activities of BEB Lending. Under Silverbrook’s leadership, BEB Lending surpassed $100 million in capital deployed, reaching that milestone in less than two years of operation and expanded to a national scale with completed transactions in Michigan, Tampa, Massachusetts, Ohio, Texas, North Carolina, South Carolina, New York, New Jersey, Connecticut and Pennsylvania. The firm recently completed a $9 million loan to Orsipel V LLC to acquire 53 and 55 Stone St. In New York, a 14,698-square-foot mixed-use property. The transaction represented the first loan originated by the BEB Credit Opportunity Fund. Silverbrook spends significant time mentoring team members within the firm. Outside of work, he volunteers at his local library to assist in early childhood education and emphasizes the importance of teaching youth real estate fundamentals at a young age.

Sean Silverbrook

Vicky Schiff was exposed to the real estate business at an early age as her father, Jim Schiff, was a hotel and industrial developer in Las Vegas, and she was on the Circus-Circus Hotel job site at age three. An entrepreneur, Schiff started her first business in 1996 at the age of 30. She spent nights and weekends researching and developing a business plan, underwriting some of the firm’s excess land for the first development of a newly formed self-storage business that she wanted to start. Shortly after developing her plan and having it turned down by her boss, a friend introduced her to a large family office that ultimately backed her business plan and together they launched her first company. In 2022, Schiff sold Mosaic Real Estate Credit, a company she co-founded in 2015, to a mortgage REIT. In 2023, Schiff, together with Dream Unlimited Corp. and PaulsCorp LLC launched Avrio Real Estate Credit, the sixth company Schiff has founded since 1996. The firm offers short-term, first mortgage debt and other structured finance products including B notes, mezzanine debt and preferred equity for the acquisition, refinancing and recapitalization of commercial real estate assets, with loans ranging from $25 million to $150 million. As CEO of Avrio, Schiff takes responsibility for all aspects of the business including investments, investor relations, finance, HR and helping shape the firm’s overall strategy. Schiff is dedicated to the growth of women in business through her work with the Price Center of Entrepreneurship & Innovation, where she serves as an advisory board member. She also has established a global network of women real estate leaders within the Young President’s Organization Real Estate Network called Women in the Real Estate Network.

Vicky Schiff

Sunny Sajnani joined Institutional Property Advisors, a division of Marcus & Millichap Capital Corp., in 2020, bringing with him Metropolitan Capital Advisers, a Dallas-based boutique company he co-managed. As an executive managing director, he has raised the profile of the company’s capital markets arm both in the Southwest and across the country and has built, recruited and managed a Texas-based team of 37 professionals in Dallas, Fort Worth, Houston and Austin. Sajnani has closed more than $9 billion of debt and equity transactions across all asset classes and financing vehicles. He sources and structures financings mainly for institutional and middle market clients with transactions above $15 million. Notable recent transactions include a $150 million financing for a GSA portfolio, a $135 million construction financing for a mixed-use development in Oklahoma City, and an $87 million industrial construction financing in Charleston, SC. Sajnani is also actively involved in the education, development and mentorship of his investment sales colleagues and the capital markets team he manages. He has led several national workshops to educate investment sales professionals on how financing impacts their deals. He is actively involved in ICSC, MBA and NFDA. In addition, he is a member of the University of Texas REFIC council through which he mentors undergraduate and graduate students who are entering the real estate industry. Through his significant experience in the industry, and across numerous asset types and transactions, he has been an invaluable resource for talent beginning their careers.

Sunny Sajnani

Cox, Castle & Nicholson partner Adam Weissburg is a transactional attorney who regularly represents borrowers and lenders in all facets of real estate finance and co-chair of the firm’s finance team. Under his leadership, Cox Castle has a vibrant finance practice that has proven resilient during all the recent economic and industry challenges, including the most recent regional bank challenges. His clientele ranges from local banks to larger financial institutions, debt funds, insurance companies and private lenders. On the borrower side, he represents local developers, institutional owners of real estate, and public and private REITs. He often is called to structure mezzanine and senior secured real estate facilities, including splitting loans, secondary market activity and inter-creditor issues. Weissburg also has extensive experience in workouts and loan amendments, having started his career as a bankruptcy attorney in the early 1990s. His recent matters include representing an affiliate of Builder Advisor Group in a $362 million syndicated loan to a borrower acquiring more than 5,000 lots from CalPERS composed of residential, mixed-use, agricultural and industrial land in San Joaquin County. He also was co-counsel and represented Pacific Western Bank in the sale by PWB of a $5.7 billion construction loan portfolio to a consortium headed by Kennedy Wilson and represented a lender to an owner of a boutique hotel in New York City in connection with a $65 million loan facility, which was structured as a senior loan of $40 million that was transferred to another lender and the client retaining a junior loan for $19 million. Weissburg is chair of the Charitable Foundation for the American College of Real Estate Lawyers, where he coordinates days of service and diversity scholarships.

Adam Weissburg

John DeWitt and Martin Fayer joined NewPoint Real Estate Capital in 2022, forming the Fayer-DeWitt team. The pair have worked together for much of their 25-year careers and have built a reputation for best-in-class executions across multiple capital sources and asset types. They have provided more than $10 billion in cumulative financing during the past five years for clients including individual owners, private equity funds, REITs, pension funds and other institutions. As senior managing directors based in NewPoint’s Washington D.C. office, Fayer and DeWitt focus on conventional multifamily loan originations nationwide. Since joining NewPoint, they have originated more than $2 billion in loan volume across NewPoint’s agency and proprietary lending programs as well as third-party capital programs to support more than 10,000 units of rental housing across the US. The pair are experts in Fannie Mae, Freddie Mac, HUD/FHA and bridge executions and also have mortgage banking relationships across the country to support multifamily investors with life companies, debt fund and CMBS executions. In July, NewPoint Real Estate Capital closed $270 million in Freddie Mac financing for Bridge Investment Group’s recapitalization of four multifamily properties. DeWitt led the transaction using Freddie Mac’s Index Lock program and locked the index more than 50 days prior to loan closing. All loans featured a five-year, fixed-rate term with competitive terms and structure. In May, NewPoint Real Estate Capital arranged $234.2 million in Freddie Mac Loans to refinance a four-property garden-style multifamily portfolio located in suburban Baltimore and Washington D.C. This transaction was led by Fayer and used a Freddie Mac Index Lock execution to remove interest rate risk during underwriting, ultimately enabling an attractive, historically low rate. The financing set the sponsor up to hold the asset long-term with a 10-year loan that featured seven years of interest-only payments.

Team Fayer-DeWitt of NewPoint Real Estate Capital

With housing affordability continuing to be a nationwide issue, innovative financing to support construction and preservation of multifamily inventory is more important than ever. Capital One’s agency finance team based in Southern California addresses this need by financing a diverse set of product types across the multifamily spectrum. The team was founded in 2005 and is led by SVPs of originations Kristen Croxton, Tina Quirin and Greg Reed, each of whom brings more than 20 years of experience handling property acquisition and refinancing transactions nationwide. The team draws on loan programs from Fannie Mae, Freddie Mac, FHA, bridge and construction lending, as well as CMBS, life company and other third-party executions. Described as client-oriented, the team has helped cement Capital One’s position both as a top agency lender and Mortgage Bankers Association multifamily lender in 2022. In June 2023, the team closed Fannie Mae loans totaling $43 million to refinance two multifamily communities owned by SC Development, including 271-unit Streams and 222-unit La Villita-La Costa in California. The separate 10-year fixed-rate loans feature interest-only payments for their entire term. Both properties supported Fannie Mae’s focus on preserving affordable and workforce housing. In May 2023, the team closed a $24.6 million Freddie Mac loan to refinance Woodlark Residences, an 80-unit apartment community in California. The five-year fixed-rate loan has three years of interest-only payments. Team members are frequently asked to speak on industry panels to share their market expertise and strategies. Both Croxton and Quirin are active members of CREW, and Reed supports both AXE ALS Foundation and The Shea Center.

Capital One Agency Finance – Southern California

With eight current and former FHA chief underwriters as well as dozens of individuals with more than two decades of FHA experience, Berkadia’s FHA/HUD team prides itself on its expertise in all HUD programs. The team was founded in 2009 and is led by head of FHA finance Steve Ervin, head of FHA underwriting Robert Warren and assistant general counsel Lisa Maloney. The team surpassed $1 billion in multifamily HUD loan value in 2023. The team works with clients to create customized debt financing and equity solutions for all project sizes, locations and borrower profiles while maintaining a balanced approach across HUD programs, including healthcare, affordable care and hospitals in addition to a multifamily portfolio covering refinances, new construction and substantial rehabilitation. An important growth segment for Berkadia is HUD affordable housing financing. It improved its ranking for HUD Affordable Multifamily to No. 2 for 2023 and captured 11.6% market share. It previously ranked 6th in 2022 and 12th in 2021. In 2023, the team partnered with HUD at all six regional HUD mortgagee conferences and was active in planning, leading, teaching and speaking on panels to educate industry participants. In addition, the construction team was instrumental in customizing a construction management software platform to be used with the firm’s HUD developer clients. Berkadia team members hold both chair and vice chair positions on MBA’s FHA committee, and the firm holds leadership positions on all multifamily FHA regional advisory boards as well as the healthcare advisory board. In addition, the team worked with and organized HUD mortgagees to lobby lawmakers and HUD for changes that benefited its clients and their tenants.

Berkadia FHA/HUD

During the challenging circumstances the commercial real estate industry faced in 2022 that hindered deals and loans, Avison Young’s Tri-State debt & equity finance and New York corporate net Lease finance teams remained productive and closed more than $1.4 billion of debt and equity financing assignments. Notable transactions included a permanent loan for 5Pointz Towers, a 1,122-unit apartment complex in Long Island City built under the Affordable New York program, and a permanent loan of $230 million for 200 Water Street in Manhattan. This transaction was the culmination of a multiyear refinancing project that began with a $150 million bridge loan in January 2020, just before the onset of the pandemic. The two financings are the fourth and fifth times the teams financed this asset in the past 25 years. The Tri-State debt & equity finance team was founded in 2021 and is co-led by principals Scott Singer and Andrew Singer. The pair are responsible for organizing and overseeing all the team’s efforts in procuring and executing financing assignments. In addition, they coordinate cooperation between the New York team and all other nationwide and worldwide finance arms. Executive director David Krasnoff leads the New York corporate net lease finance team, closing transactions in markets throughout the country and advising clients on maximizing their financing options in the net lease investments market. One of his most notable deals in 2022 involved securing a forward commitment for a large portfolio of industrial assets during an unsettled time in the interest rate markets, locking in substantial value that would otherwise have eroded under changing conditions. Prior to joining Avison Young in 2021, Singer and Singer founded Singer & Bassuk Organization. Krasnoff sourced and executed deals for Jones Lang LaSalle’s Real Estate Investment Bank in New York City before joining Avison Young in 2013.

Avison Young’s Tri-State Debt & Equity Finance / Corporate Net Lease Finance Group

During the past few years, Alliant Credit Union’s commercial lending production has grown 400%, a trend it attributes to a dedication to exploring different ways of looking at opportunities, listening to new ideas and embracing unique loan structures. This has given the team a competitive advantage over other programmatic capital sources. Under the leadership of SVP Charles Krawitz, Alliant Credit Union’s commercial lending team has implemented innovative risk-based pricing analytics that incorporate everything from zip code submarket information to micro- and macro-economic and climate factors that could impact property performance. Krawitz also has promoted the use of data science, market research and process refinement to help the commercial real estate team gain intelligence and understand risk nuances. Founded in 2011, the team provides commercial loans nationwide to investors, developers and managers, including originating specialty lending such as loan-on-loan and warehouse lines backed by leverage on nontraditional lender real estate loans. Alliant’s commercial real estate portfolio recently crossed the $2 billion threshold. Team members provide thought-leadership and act as advocates within the industry through digital articles on social media, comments on current issues for media outlets and speaking at events. During the pandemic, the team remained proactive, seeking out strong properties to lend on and continuing to be a consistent capital source, which has allowed it to forge long-standing relationships that endure as the pandemic wanes. In 2020, loan production increased by more than 33%; in 2021, it increased by 72% and in 2022, it increased by 58% year over year. Team members are involved in charitable activities through the firm’s foundation, which focuses on closing the digital divide, as well as in their local communities.

Alliant Credit Union’s Commercial Lending

Gantry Inc.’s self storage finance team was founded in 2012. Gantry has originated self-storage loans since before 2000 and committed to educating its extensive roster of life company correspondents on the nuances and operative best practices of self-storage lending in the aftermath of the Great Recession when it encountered an increasing number of self-storage financing requests. During the past decade, this commitment involved a thorough exploration of market trends, demand analysis, lease-up strategies, operative best practices, and ultimately the active involvement in shaping loan products tailored for self-storage borrowers offered by these lenders. These efforts resulted in Gantry successfully closing the first self-storage loan for several insurance company lenders new to this asset class and the emergence of a dedicated self-storage finance team, which has pioneered a new loan option – a bridge-to-permanent loan structure that provides the stability of a fixed rate, often with an initial interest-only period, and is underwritten to anticipate future stabilization during the term. The team works with more than 100 life company, bank, debt fund and conduit lenders to identify options that will optimize a client’s self-storage finance strategy. The team has completed $1.5 billion in self-storage financing transactions during the past 36 months, including some complex, multistate portfolio assignments and financings for assets in transition. Gantry self-storage team principals and directors are active members of the California Self-Storage Association. Team members also are active in the Mortgage Bankers Association and often contribute as experts on topics related to self-storage lending at the organization’s CREF conferences.

Gantry Inc.’s Self Storage Finance Team

Cushman & Wakefield’s equity, debt & structured finance team for the Northeast and Northwest has gained experience throughout multiple credit cycles, including difficult market conditions that have taught it how to navigate through capital structures and earn the trust of clients, peers and colleagues. The team has helped clients thrive through COVID-19, rising interest rates, inflation and geopolitical risks, completing thousands of transactions and billions of dollars in volume ranging from senior financings, sub-debt and mezzanine as well as preferred equity and recapitalizations. The team has raised more than $60 billion in capital across the US and closed $23 billion in transactions since 2020. Founded in 2003, the team is led by vice chairs John Alascio and David Karson along with executive managing directors Alexander Hernandez and Christopher Moyer. The team’s leaders have worked together for more than two decades and emphasize integrity, respect and loyalty to clients, many of whom have been clients for more than a decade. As the longest-tenured EDSF team at C&W, the team helps drive platform growth and serves as an example to others on how to build a successful team, partner across service lines, and maintain and grow new client relationships. The team uses sophisticated financial analysis, solid market data, and a network of high-level investor and lender relationships to achieve the best possible transactions and terms for clients. The team has won awards for its inventive deal structures, and its members are frequently quoted in the press and speak at conferences and industry events. In addition, they are thought-leaders who produce up-to-the-minute insights in an ever-changing capital markets environment.

Cushman & Wakefield’s Equity, Debt & Structured Finance Team – Northeast & Northwest

CBRE’s Greater Los Angeles multifamily debt & structured finance team was founded in 2013 and is led by vice chairmen Troy Tegeler and Trevor Breaux, along with EVP Ryan Greer. Specializing in multifamily loan originations across the country, the team has cultivated a national network of lenders to source aggressive capital and deliver tailored financing solutions. Tegeler, Breaux and Greer, along with a team of experienced underwriting specialists and transaction coordinators, provide access to diverse capital resources nationwide and have experience across all loan types tailored to the specific needs of clients. Leveraging knowledge gained through the successful origination of and participation in more than 1,700 multifamily debt transactions totaling more than $45 billion since 2004, the team brings extensive expertise to every transaction, providing a unique perspective to the real-time market conditions shaping the multifamily industry. In 2022, the team completed 127 transactions with an average deal size of $36.7 million. Notable transactions include the $160 million refinance of construction loans into permanent financing with a life company for two class A multifamily developments nearing stabilization in Phoenix, Vancouver and Washington in 2022, and the $260 million refinance of five deals in the Sunbelt from Freddie Mac floating-rate debt to Freddie Mac fixed-rate debt with preferred equity in 2023. The team shares its knowledge and experiences, provides guidance and supports aspiring individuals through education and mentorship. The team also supports various charities, including Chrysalis Butterfly Ball, and has donated more than $1.5 million to different charities in the past 18 years.

CBRE Greater Los Angeles Multifamily Debt & Structured Finance

The debt and structured finance team at CBRE Capital Markets, founded in 2012 and led by vice chairman Steven Roth and SVPs Ryan Kieser, Bill Jurjovec and Steve Kundert, frequently ranks among the top origination teams within CBRE. The team has arranged more than $45 billion in debt capital across more than 1,500 transactions. In 2021 and 2022 it was the top originations team at the firm with $5.4 billion and $6.5 billion of annual production volume, respectively. The team assists both institutional and entrepreneurial owners and is experienced in financing properties across multiple asset types nationwide with broad expertise across the risk spectrum – from stabilized core products to speculative construction. Recognized as a market leader within the industrial sector, the team has closed nearly 400 industrial debt transactions totaling more than $20 billion since the start of 2018, and during that time it closed 185 industrial construction loans totaling more than $7.8 billion. As part of the company’s Capital Markets Debt & Structured Finance organization, the team assists clients with a wide array of capital planning, sourcing and structuring activities, works closely with a myriad of capital providers and capital users, and has earned a solid reputation both in Chicago and nationally. Its broad expertise is exemplified by its 2023 production volume, which includes 55 middle-market closed transactions ranging in size from $5 million to $99 million. Additional high-profile financings in 2023 include three individual $100+ million fixed-rate loans with life companies on national industrial portfolios and five individual $100+ million industrial development construction financings with banks and debt funds.

CBRE Capital Markets | Debt and Structured Finance | Roth – Kieser – Jurjovec – Kundert

Thirty Capital Financial is a full-service provider of debt management, hedging, yield maintenance and financial services to the commercial real estate industry. With deep industry knowledge gathered through 125 years of collective experience in derivatives and debt markets, the Thirty Capital Financial team manages financial risk, navigates shifts in the industry and assesses exposure for clients’ commercial real estate portfolios. The firm was founded in 2022 and is led by CEO Kevin Swill and SVP of debt management Jeff Lee. Thirty Capital Financial’s SOFR with Ease online calculator – the industry’s first SOFR cap calculator – provides interest rate hedging services and helps clients navigate the transition from LIBOR to SOFR. The tool is available free on the company’s website. In addition, Thirty Capital Financial’s Defease with Ease tool helps borrowers exit CMBS loans prior to maturity efficiently and economically. The company has closed more than 10,000 defeasance transactions, structured and purchased more than $150 billion in defeasance securities, and worked with thousands of borrowers, attorneys and brokers. Thirty Capital Financial is a division of Thirty Capital, which combines modern technology with expert services to propel the commercial real estate industry’s advancement. With more than 20 years of expertise in debt optimization and capital markets, the firm helps clients navigate options for managing financial risk while supporting the growth of their companies. Thirty Capital donates time and computers to Digi-Bridge, an organization that provides technology-driven learning experiences to students in science, technology, engineering, arts and math. It also recently sponsored the capstone project award for the University of North Carolina Charlotte’s ‘Data Science for Social Good’ program.

Thirty Capital Financial

Red Oak Capital Holdings LLC is a group of entities that raises capital through retail and institutional channels and lends on and invests in commercial real estate. The firm provides short-term, senior-secured stabilization loans on income-producing properties in major geographic markets nationwide. Founded in 2015, Red Oak is led by CEO and managing principal Gary Bechtel. With 170 years of combined industry experience, the team has closed $5 billion in deals in the past decade. In 2023, the company unveiled new commercial loan programs designed to help maintain liquidity and flexibility in an increasingly constricted lending environment. The Participating Bridge Loan program includes an equity component in exchange for a share of the project’s value creation, while the Opportunistic Bridge Loan program includes a small equity component via a higher LTC in exchange for exit fees and a higher interest rate. Both are higher-leverage, fixed-rate lending programs for projects with significant upside potential. Meanwhile, Red Oak’s Core Bridge Loan and Core-Plus Bridge Loan programs provide fixed-rate financing for institutional-quality assets in transition. Red Oak has invested significant effort and resources in recent years to institutionalize its operations within the fragmented middle-market private lending space, while shoring up its balance sheet and expanding and diversifying its platform, capabilities and geographic reach. Since consolidating its predecessor family of companies and investment strategies under the restructured Red Oak brand in 2020, the firm has increased its portfolio from $100 million AUM to more than $400 million AUM, representing about 60 commercial real estate loans. It also successfully exited 39 full-cycle real estate transactions representing more than $171 million in investments with no principal loss and increased its funding capacity from $150 million to nearly $1 billion, more than tripling its monthly lending capability to $50 million.

Red Oak Capital Holdings LLC

Despite challenges created by recent economic volatility and stringent sustainability mandates, Nuveen Green Capital, a leader in sustainable CRE financing solutions, has made a positive impact on the market. Founded in 2015 as Greenworks Capital, Nuveen Green Capital is led by president and CEO Jessica Bailey, co-founder and CIO Alexandra Cooley and COO Andrew Zech. NGC’s C-PACE core lending solution offers one of the least expensive forms of capital for property owners. The firm has seen a surge in demand for C-PACE’s fixed rates, low costs and long terms, helping it record originations and moving projects forward that might not otherwise have been able to. NGC’s originations teams closed numerous notable deals, including the first C-PACE multifamily deal in Pennsylvania and the largest C-PACE deals in both Pennsylvania and Texas. Under Cooley’s leadership on the capital markets side, NGC was the first company to securitize C-PACE-backed assets in 2017, and in 2021, she oversaw the industry’s largest 144A securitization of C-PACE assets, followed by two more securitizations in 2022 and 2023. In August, Cooley oversaw the launch of a new $525 million C-PACE lending fund that aggregates the financing of C-PACE projects for insurance investors. This underscores the firm’s access to capital, a significant selling point for borrowers. NGC has helped raise awareness for the financing mechanism through marketing and trailblazing efforts on both the originations and policy sides. NGC, a wholly owned subsidiary of Nuveen, has provided C-PACE funding for more than 600 C-PACE projects that have generated 25,917 energy jobs, a projected $1.62 billion in energy savings for property owners, and 2.6 million MWh lifetime energy generated/saved.

Nuveen Green Capital

Founded in 2004, Mesa West Capital was among the first managers to focus exclusively on commercial real estate debt and as of 2023 ranks among the top 50 real estate debt fund managers in the world. The company, led by co-CEOs Ronnie Gul and Raphael Fishbach, attributes its success to staying true to its core values while expanding its offerings. The firm recently launched a new special situations lending platform, which provides rescue capital, mezzanine and preferred equity up to $100 million, but it emphasized that its focus remains on financing high-quality real estate with strong sponsors in markets that have durable long-term fundamentals. Like the Los Angeles-based company did during the 2008 financial crisis, Mesa West demonstrated its strength, versatility and resiliency during the COVID-19 pandemic. After taking time to survey the landscape created by the pandemic, the Mesa West team continued to systematically make deals and move forward. It drew upon lessons learned during the financial crisis when its debt strategy allowed the company to thrive. From that point, the firm experienced growth and success, going from $500 million in loans annually before the crisis to $27 billion on 400 transactions today. Mesa West provides non-recourse first mortgage loans for core/core-plus, value-added or transitional properties throughout the US. Its lending portfolio includes all major property types with loan sizes ranging from $20 million to $400 million. Mesa West Capital was acquired by Morgan Stanley Investment Management in 2018 and operates as a business unit within MSIM’s Real Assets group.

Mesa West Capital

GreenRock Capital is a C-PACE finance company that provides commercial real estate developers and owners with low-cost and long-term capital for new development, value-add and recapitalization projects. It focuses primarily on energy- and water-saving improvements, renewable energy and resiliency measures such as seismic retrofitting and storm and fire protection. Founded in 2021, GreenRock Capital is led by co-founders and managing principals Chris Robbins and Joe Euphrat. The firm stands out for its ability to secure the most accretive and customized capital solution for projects and reliably execute across a variety of applications including new construction, retrofit and recapitalization, and asset classes in a range of geographies. GreenRock has won two PACENation awards for its projects. After many years building one of the first successful C-PACE finance firms roughly a decade ago, Robbins and Euphrat created GreenRock during the pandemic to improve on the status quo of the burgeoning industry. They both shared a goal of lowering the cost of C-PACE financing while increasing the efficiency of deployment in the national C-PACE marketplace. GreenRock has closed $500 million in C-PACE projects, which has made a significant contribution to achieving a variety of statewide policy initiatives on expanding affordable and accessible financing, economic development, decarbonization and resiliency for the built environment. In August 2023, GreenRock closed the largest C-PACE financing for an office building with TMG Partners on the 300 Lakeside development, headquarters for PG&E, California’s largest investor owned utility, in the Lake Merritt area of Oakland. The $172 million transaction represents the largest C-PACE loan to date on an office property in the US and the second-largest C-PACE loan on a single property of any type in the US.

GreenRock Capital

George Smith Partners is using technology to transform how capital advisors work and fulfill its mission to provide immediate access to accurate and timely commercial real estate capital markets information. The company built a sophisticated operating system that streamlines multiple facets of the structured financing process, from origination to close, and allows the firm’s advisors to stay up to date with national lender relationships, provide boutique client services and leverage artificial intelligence. By digitizing and automating traditionally cumbersome and time-consuming tasks, the platform increases efficiency and fosters greater transparency and collaboration within the industry. It provides sponsors with insights on the capital market’s feedback regarding projects, better pricing and market intelligence, and improved capital selection and execution. GSP has demonstrated an ability to quickly pivot in response to market fluctuations. For example, in response to the recent increase in interest rates, the company is launching a loan sales business. Because of its technology expertise and focus, the company expects to benefit from long-term investments in technology and apply those to opportunities that emerge as the markets ebb and flow. GSP has been a leading provider of capital markets advisory for more than 30 years. In the past three years, GSP has placed more than $14 billion in debt and equity for commercial real estate properties nationwide. Annually, it closes around 75-100 deals for debt and equity. Founded in 1992, the firm is led by CEO Evan Kinne and president Justin Piasecki.

George Smith Partners

Founded in 2014, CrowdStreet Inc. gives investors direct access to investment opportunities through its online private equity real estate investing platform while providing real estate firms an efficient way to connect with investors to raise capital and manage investor relations. The firm is led by interim CEO Jack Chandler, CIO Ian Formigle and CFO Genni Combes. CrowdStreet allows investors to browse investment opportunities, learn about the sponsors, view deal details and sign documents online. The marketplace also offers deals across the commercial real estate asset class spectrum, from multifamily to self-storage to data centers. CrowdStreet expanded its offerings to include broker-dealer services in September 2023 under the CrowdStreet Capital LLC brand. This milestone marks the transformation from an online marketplace to a financial institution and represents the next phase in CrowdStreet’s evolution. In conjunction with the launch of CrowdStreet Capital, the company released several enhancements including escrow account funding, which ensures secure oversight and control over investor funds; individual accreditation verification, which saves investors time and extends their status as verified accredited investors; and operational improvements that increase investor protection and improve service by providing additional review, vetting and approval processes for sponsors and deals. This includes new and more rigorous diligence requirements, review of offering materials, confirmation of final loan documents prior to releasing escrow, examination of all closing documents, more robust security infrastructure, and the addition of a licensed investor relations staff. At the close of 2023, the company crossed the $4 billion milestone in total investments since inception and its nationwide investor community reached 300,000 individuals.

CrowdStreet Inc.

Like many private lenders, Avatar Financial Group has stepped in to fill a need in the market for debt capital, particularly for borrowers who don’t meet stringent bank standards. The services provided by Avatar have been particularly important in 2023 as traditional lenders have reined in their activity due to regulatory constraints. Founded in 2003, Avatar specializes in commercial hard money bridge loans, offering solutions for nonconforming, income-producing real estate nationwide. The firm is led by president and co-founder T.R. Hazelrigg IV and CEO and co-founder Jerry Zevenbergen. Avatar has amassed a total portfolio of $272 million, including loans made through Avatar Commercial Mortgage REIT LLC, the fund founded in 2021 that finances loans originated by Avatar. The fund has grown to include more than $143 million in bridge loans secured by senior positions in a diverse array of commercial real estate properties. With more than a century’s worth of collective experience, Avatar’s principals have completed hundreds of financing transactions valued at more than $1 billion and maintained a foreclosure rate for the past decade of just 1.6% of volume. On the investment side, lending into a contracting credit market has allowed Avatar to deliver attractive yields at favorable terms. Between the first and second quarters of 2023, the fund’s average interest rate increased from 9.47% to 10.11%, on par with or higher than fixed income and most other investments. Avatar is a corporate sponsor of its local Boys & Girls Club. The firm has also worked with The Background Foundation, a nonprofit whose mission is to provide healing to kids and teens affected by bullying and suicidal intentions. It recently sponsored a benefit concert to raise awareness of the topic with the #doitfordrayke Foundation.

Avatar Financial Group