The 50 Most Important Figures of Commercial Real Estate Finance

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APRIL 5, 2017 REAL ESTATE The 50 Most Important Figures of Commercial Real Estate Finance By The Editors W as it a sweet 16? Only for some of the industry s powerhouses.

1 APRIL 5, 2017 REAL ESTATE The 50 Most Important Figures of Commercial Real Estate Finance By The Editors W as it a sweet 16? Only for some of the industry s powerhouses. Most banks saw a decrease in lending activity last year, as did some of the larger institutional private funds. It was, undoubtedly, the year of the alternative lenders, who filled the construction and transitional debt void nicely, upping their originations significantly on the way. Life companies didn t fall far behind and, in several cases, outperformed their 2015 figures. That said, we added a few private lenders to our rankings, like Mesa West Capital at No. 40 and Mack Credit Real Estate Strategies at No. 49. A bigtime U.K. hedge fund even earned an honorable mention. ACORE Capital, which was founded in May 2015, jumped up to the No. 10 spot from No. 39 last year, very much due to its tremendous growth in the bridge-lending space. And one notable addition was Bank of the Ozarks. The Little Rock bank that could was exceptionally active on the construction lending front and scored the No. 31 spot. Janet Yellen who had landed the No. 20 spot on our list last year as the fate of interest rates were uncertain still yields a huge amount of power over the financial markets, but almost all of the lenders Commercial Observer spoke with now expect a couple of more quarter-point rate hikes and have baked those changes into their underwriting. If anything, industry experts see interest rate increases as an indication of economic growth (and for some, a way to increase pricing). Now, under the Trump administration, there are new faces (one who also happens to have produced a number of Hollywood films) who stand a greater chance at dictating what happens in the financial markets. Danielle Balbi and Cathy Cunningham

COMMERCIAL OBSERVER APRIL 5, 2017 The 50 Most Important Figures of Commercial Real Estate Finance 10 Warren de Haan, Boyd Fellows, Chris Tokarski and Stew Ward Managing Partners at ACORE Capital

In 2016 its first full year of business ACORE was the second largest lender of transitional debt in the country, Boyd Fellows said. And the numbers certainly add up.

to Blackstone Group when it came to bridge lending. Despite the volume, ACORE was extremely selective, and for every 20 deals that come across its desks, the firm may only lend on one.

In September 2016, ACORE teamed up with Vanbarton Group and provided a $105 million debt package for Shorewood Real Estate Group s mixed-use development at 17 John Street in the Financial District.

2 COMMERCIAL OBSERVER APRIL 5, 2017 The 50 Most Important Figures of Commercial Real Estate Finance 10 Warren de Haan, Boyd Fellows, Chris Tokarski and Stew Ward Managing Partners at ACORE Capital Warren de Haan Chris Tokarski Boyd Fellows Stew Ward : 39 By The Editors T he name may still be new, but the team is not. In 2016 its first full year of business ACORE was the second largest lender of transitional debt in the country, Boyd Fellows said. And the numbers certainly add up. The private lender, which was launched by Warren de Haan, Fellows, Chris Tokarski and Stew Ward, provided $5 billion in commercial real estate debt loans across the United States, putting it second to Blackstone Group when it came to bridge lending. Despite the volume, ACORE was extremely selective, and for every 20 deals that come across its desks, the firm may only lend on one. The company completed 70 transactions last year, making its average deal size just in excess of $70 million. In September 2016, ACORE teamed up with Vanbarton Group and provided a $105 million debt package for Shorewood Real Estate Group s mixed-use development at 17 John Street in the Financial District. In March of last year, the company made a $105 million construction loan against AECOM Capital and Ensemble Real Estate Investment s 11-story hotel at 100 Independence Drive in Silicon Valley. In 2015 we were introducing ourselves to the market and getting our brand established, Fellows said. By the time 2016 began, our brand had become very widely known in the real estate community, so we executed on [deals] like we always do. If 2016 was only the start for ACORE, 2017 may have even more in store. D.B.

3 Name(s) Title(s) 1 Raymond Qiao Chief Lending Officer at Bank of China 3 2 Alan Wiener Group Head of Wells Fargo Multifamily 1 3 Matt Borstein and Ed Adler Head of Global Commercial Real Estate; Head of U.S. Origination at Deutsche Bank 9 4 Michael Nash, Stephen Plavin, Jonathan Pollack and Tim Johnson Co-Founder and Chairman of Blackstone Real Estate Debt Strategies; CEO of Blackstone Mortgage Trust; Global Head of Blackstone Real Estate Debt Strategies; Senior Managing Director at Blackstone Real Estate Debt Strategies 2 5 Steven Mnuchin U.S. Secretary of the Treasury 6 Ralph Herzka and Aaron Birnbaum Chairman and CEO; Executive Vice President at Meridian Capital Group 4 7 George Klett Chairman of the Commercial Real Estate Committee at Signature Bank 8 8 James Carpenter and John Adams Senior Executive Vice President and Chief Lending Officer; First Senior Vice President, Chief Administrative and Senior Lending Officer at New York Community Bank 7 9 Brian Baker Global Head of Commercial Mortgages at J.P. Morgan Securities Warren de Haan, Boyd Fellows, Chris Tokarski and Stew Ward Managing Partners at ACORE Capital Doug Mazer and Kara McShane Head of Real Estate Capital Markets; Head of Commercial Real Estate Capital Markets and Finance at Wells Fargo Paul Vanderslice, Joseph Dyckman and David Bouton Co-Heads of U.S. CMBS at Citigroup James Flaum Global Head of Commercial Real Estate Lending at Morgan Stanley Jeff DiModica and Dennis Schuh President; Chief Originations Officer at Starwood Property Trust Roy March CEO at Eastdil Secured 5 16 Robert Merck and Gary Otten Head of Real Estate and Agricultural Finance; Head of Real Estate Debt Strategies at MetLife David Durning and Marcia Diaz President and CEO; Global Head of Originations at PGIM Real Estate Finance Chad Tredway and Greg Reimers Head of Commercial Term Lending East; Real Estate Banking Northeast Market Manager at J.P. Morgan Chase Gino Martocci and Peter D Arcy Co-Head of Commercial Banking; President of New York City and Long Island and Head of Commercial Real Estate Segment at M&T Bank Steve Kenny and Brad Dubeck East Region Real Estate Executive; Commercial Real Estate Banking Executive for New York and New Jersey at Bank of America Merrill Lynch 6

4 Name(s) Title(s) 21 David Schonbraun Co-Chief Investment Officer at SL Green Realty Corp David Lehman Global Head of Real Estate Finance at Goldman Sachs Jeff Fastov Senior Managing Director at Square Mile Capital Management David Brickman and John Cannon Head of Multifamily Business; Senior Vice President of Multifamily Production and Sales at Freddie Mac Michele Evans and Jeffery Hayward Senior Vice President and COO of Multifamily; Executive Vice President of Multifamily at Fannie Mae Aaron Appel, Keith Kurland, Jonathan Schwartz and Dustin Stolly Managing Directors at JLL Capital Markets Jerome Sanzo Head of Real Estate Finance at Industrial and Commercial Bank of China (ICBC) Robert Verrone and Christopher Herron Principal; Managing Director at Iron Hound Management Company Rick Lyon and Benjamin Stacks Executive Vice President and Head of Commercial Real Estate; Northeast Market Manager at Capital One Andrew Farkas Founder, Managing Member, Chairman and CEO of Island Capital Group 31 Dan Thomas and Richard Smith Vice Chairman and Chief Lending Officer and President of Real Estate Specialties Group; Executive Vice President and Northeast Manager of Real Estate Specialties Group at Bank of the Ozarks 32 Mark Talgo Senior Managing Director and Head of New York Life Real Estate Investors Stephen Rosenberg and Richard Bassuk Founder and CEO of Greystone; Co-Chairman and CEO of The Greystone Bassuk Group 34 Christopher LaBianca Head of Originations at UBS Michael Lehrman and Anthony Orso Co-CEOs and Co-Founders of CCRE Gregg Gerken and Roy Chin Head of U.S. Commercial Real Estate Lending; New York Metro Area Regional Director for Commercial Real Estate at TD Bank Gary Magnuson and Patrick Burns Head of Commercial Real Estate Finance; Managing Director of Institutional Real Estate at Citizens Bank Simon Ziff, Patrick Hanlon and Russell Schildkraut President; Principal; Principal of Ackman-Ziff Larry Kravetz Head of CMBS Finance at Barclays Capital Jeff Friedman and Mark Zytko Co-Founders and Principals of Mesa West Capital

5 Name(s) Title(s) 41 Steven Kohn, Gideon Gil, Alex Hernandez and Dave Karson President of Equity, Debt & Structured Finance; Senior Managing Director; Senior Managing Director; Executive Managing Director at Cushman & Wakefield Greg Murphy Head of Real Estate Finance Americas at Natixis Real Estate Capital Matt Galligan President of CIT Real Estate Finance Brian Harris and Michael Mazzei Co-Founder and CEO; President of Ladder Capital Shawn Rosenthal and Michael Riccio Executive Vice President; Co-Head of Production at CBRE Capital Markets 46 Greta Guggenheim CEO of TPG Real Estate Finance Trust Ivan Kaufman Chairman, President and CEO of Arbor Realty Trust 48 Willy Walker Chairman and CEO of Walker & Dunlop Richard Mack and Peter Sotoloff CEO; CIO and Managing Partner at Mack Real Estate Credit Strategies 50 Matthew Masso Head of Commercial Real Estate Finance at Credit Suisse HM Sir Chris Hohn Founder of The Children s Investment Fund Management (#S040866) 2017 Observer Media. Excerpted and adapted with permission. For more information about reprints and licensing content from Commercial Observer, please visit CommercialObserverReprints.com or contact PARS International Corp. at (212) This PDF is authorized only for Web Posting.

CAPITAL MARKETS IN REAL ESTATE

49TH ANNUAL CONFERENCE ON CAPITAL MARKETS IN REAL ESTATE The Big Pivot: Real Estate Capital Markets Adapt to an Uncertain World THURSDAY, NOVEMBER 17, 2016 THE PIERRE NYC SCHACK INSTITUTE OF REAL ESTATE