Penner permanently re-defined the business of real estate finance by pioneering the introduction and application of securitization technology to the business. At the helm of the Capital Company of America, formerly known as Nomura Asset Capital Corp., he led the firm to its position as the largest lender in the United States real estate market, setting a new standard for customer service and innovation.
Also, Penner played a pivotal role in the development of the market for liquid commercial mortgage-backed securities (CMBS) in the United States. The CMBS market, which barely existed in 1992, has grown dramatically to become a primary source of capital for the real estate industry.
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