BRETT D. FORMAN Brett D. Forman, executive managing director at Trez Capital, has prioritized a streamlined lending process to transform the commercial lending landscape, mainly in his hometown of South Florida. Forman has zeroed in on using the advantages of working in the private sector when competing with stringent banks. As a private lender, Trez Capital is not subject to the same lending limits and regulations that traditional banks face. The firm does not underwrite based solely on a limited-defined credit "box", but more on the worthiness of a borrower and the "true" value of the real estate. Trez is backed by private institutional capital and manages $3 billion in discretionary capital. As such, it is often willing to loan 75 plus percent loan to cost, leaving a smaller portion needed for equity. In his current role, Forman is responsible for growing Trez Capital's business in the US, specifically in the Eastern region. As a partner in the company, he is also responsible for cultivating relationships with investors and reporting to them on a regular basis. In 2019, Forman originated the largest loan to date for his company, a $115-million mortgage for a project called Camperdown, a large-scale mixed-use project in Greenville, SC. The project features 174,280 square feet of office space, 20 condominiums, and 33,638 square feet of retail space. He has plans to add nearly a dozen originators, asset managers and analysts to both the Palm Beach, FL, and the Atlanta, GA, offices with goals of surpassing $1 billion in originations in his territory.

CHAD T. HAGWOOD Hunt Real Estate Capital under the leadership of industry veteran Chad Hagwood, senior managing director and head of MHC Lending, Southeast regional manager, and lead of Hunt's Manufactured Housing Community production nationally, has emerged a leader in the manufactured housing community lending space. Hagwood is responsible for originating conventional Fannie Mae, Freddie Mac, and proprietary Balance Sheet loans, in addition to Manufactured Housing Community loan products. He joined the firm in 2018 and has shared the knowledge he has obtained over his 20-plus years in the space with Hunt's national network of loan producers. As a result, there has been a more than 400% increase in loan volume from 2017 to 2019, with Hunt finishing 2019 with $300 million in capital provided to MHC owners across the country. This rapid ascension in volume earned the firm a Top 3 designation by Fannie Mae for the agency's Manufactured Housing Communities loan program for the first time in 2019. After joining Hunt Real Estate Capital in mid-2018, he has gone on to close out the year as the firm's top producer and was named one of Birmingham's Executives of Influence in 2019.

DANIEL HARTNETT Daniel Hartnett co-leads the Greysteel national debt & structured finance and JV equity practice groups, with a primary focus in the Central and Southwest US. He specializes in structured debt, mezzanine and joint venture equity placement for multifamily, hospitality, commercial, retail, office, industrial, manufactured housing, office and self-storage properties. Hartnett conducts financial analysis for acquisition, refinance, and other special situation workout loans and is responsible for sourcing and executing corporate and project-related debt solutions for middle market and institutional clients through numerous relationships with banks, life insurance companies and CMBS conduit lenders. While some in commercial real estate finance are reluctant for change, Hartnett values adaptability to prove market trends and new technology, while also understanding the ebbs and flows of capital markets. He is attuned to make sure the client experience and execution is thorough, utilizing Greysteel's proprietary capital tracking database to aid in the facilitation of an accretive solution for every client's transaction needs. He joined Greysteel's Dallas/Fort Worth office as a capital markets associate in early 2016 to assist in the growth of the debt and structured finance practice. In the three years, he has arranged $267 million in total finance volume, $126 million in the last 12 months, and has arranged the financing for two hotels and three multifamily loans totaling $35 million most recently. According to Hartnett, his most recent significant and interesting deal was a multifamily cash-out refinance. He was able to lower the interest rate by 150 basis points, structure full-term interest only and cash-out equity and close the loan within 35 days.

TAMMY JONES Tammy Jones, CEO of Basis Investment Group, is a standout in the commercial real estate arena as one of the only African American women to found a real estate financing firm that has sustained out of the 2008 Financial Crisis. Under Jones' leadership and direction, the Basis team is currently 77% comprised of women and minorities, and actively promotes opportunities and education in real estate with underrepresented groups through the Basis Impact Group Foundation that she has founded. A successful business now in its 10th year, Basis under has closed more than $4 billion in debt and equity transactions throughout the country. Following an aggressive listening tour with industry leaders, Jones led Basis in closing its first fund in May 2019 totaling $410 million. Despite being a first-time manager, the fund oversubscribed its target by $10 million during a time of looming market volatility when many well-known managers fell short on targets. In 2020, Jones was appointed as the chair of the board of directors for the Real Estate Executive Council, a professional trade association formed to promote the interests of minority executives doing business in the commercial real estate industry. Jones is the first female chair of the association. To tackle the lack of diversity within the industry, Tammy BIG foundation, an organization that seeks to inspire the next generation of minorities and women in commercial real estate finance, offers various programming to underrepresented youth to bring awareness to the possibility of the field and establishing a career and wealth-building opportunities within the industry.

ROBERT LIKES Robert Likes leads the KeyBank Community Development Lending and Investment platform. In the past few years, Likes has doubled its affordable housing business from $1.3 billion in 2016 to $2.4 billion in 2019. As part of last year's growth, CDLI brought in 38 new clients. There are several affordable housing groups that KeyBank supports, which include moderate-income, low-income, very-low-income and extremely-low-income. KeyBank Real Estate Capital's Community Development and the CDLI team is helping to make capital more accessible to those high-demand housing types. Notably, Likes and his team executed on the strategy to move Key Bank's CDLI group to a national operation in all 50 states, one of the firm's largest strategic initiatives. To accomplish this feat, they've executed affordable housing projects within its retail footprint and are regularly developing broad, meaningful relationships with owners and developers of affordable housing nationwide. Key Bank has committed to a five-year goal of $8.8 billion in Community Development Lending & Investment. Within two years, CDLI has provided more than $5 billion in affordable housing and community development solutions, 33% year-over-year growth.

WILLIAM "BILLY" PROCIDA While much has changed in the commercial real estate industry since William "Billy" Procida started his career over forty years ago, his philosophy to focus on local deals that are a force for positive change in communities remains the same. Procida has completed billions of dollars of projects, and as a result his impact has gained him notoriety as a lender throughout the eastern region of the US, particularly within the New York metropolitan area and Philadelphia. After a 15-year career as an award winning, nationally-ranked developer and general contractor, Procida founded his company, Procida Funding & Advisors, formerly William Procida Inc. and Palisades Financial. His philosophy to do good is at the heart of the success of his commercial real estate finance and advisory company based in northern New Jersey. The company celebrates its 25th year in business, having completed $134 million in financing in 2019. Under his direction, the company utilizes its own capital and that of its strategic partners to offer loans from $1 million to $100 million, with a focus on deals in the $3 million to $50 million range. The company exclusively manages the 100 Mile Fund, an open-ended real estate investment trust providing bridge, construction, mezzanine and preferred equity financing for value add, distressed and opportunistic situations within 100 miles of New York City. Since 1995, Procida's different funds have invested over $3 billion. Under Procida's direction, the fund has achieved a net return to investors of 11.56% for 2019 and has a robust pipeline for 2020. Since the fund's inception in 2011, the fund has achieved a net annual distribution of 12.87%.

JEFFREY B. PYATT Broadmark Realty Capital is different than the traditional mortgage real estate investment trusts. Founded 10 years ago by asset-lending professionals Jeffrey Pyatt and Joe Schocken, Broadmark is a hard money lender that offers short-term and first deed of trust loans secured by real estate for the acquisition, renovation, rehabilitation and development of residential or commercial properties. The company operates without any debt, doesn't deal with pooled mortgage loans—choosing to originate its loans based on its strict underwriting criteria—and is internally managed, which creates a strong alignment of interests with shareholders. Broadmark's differentiated operating structure and lending approach are based on the philosophy of prudent growth, which focuses on risk avoidance and capital preservation above all else. This approach is the reason why Broadmark has managed to experience minimal losses despite having originated over 1,000 loans with an aggregate face amount of approximately $2 billion since inception through June 2019. Moreover, it's the reason why approximately two-thirds of Broadmark's business comes from repeat borrowers. As CEO, Pyatt oversees the day-to-day operations and overall strategic direction of Broadmark and its lending activities. He is also a member of Broadmark's board of directors.

DAN SACKS Dan Sacks, Greystone managing director, is one of the firm's top ten 10 originators. Over the past three years, Sacks has grown his team of three people to more than 10 professionals dedicated to getting the best possible financing executed for each client. In 2019, he and his ever-growing team handled $2.1 billion in multifamily loan production. At any given time, he is personally running 10 transactions, and his entire team is working on 30 deals at various stages of the transaction pipeline. Sacks recognized early on that going beyond simply 'transacting deals' and instead, diving in to understand the nuances and details of the breadth of products available to sponsors and borrowers, and the unique characteristics of their particular properties or circumstances was his competitive advantage. He notes that his team's No. 1 priority is "to provide our clients with the best service, on every transaction." One of his major deal highlights include the North Street Portfolio, a $163.5-million recapitalization of a distressed four-property multifamily portfolio in Pennsylvania and Kentucky, featuring $125.2 million in Fannie Mae financing. Greystone structured a complex capital stack and new operating ownership to inject equity into the properties and return them to profitability.

MICHAEL STEIN Born out of the financial crisis, Michael Stein and his two partners Gavin Beekman and Joe Ackerman both from Cidel Financial Group, founded Pensam in 2009. The firm has made preferred equity investments in over 18,000 apartment units across 25 states since then, providing solutions and products that span across the capital stack, including first mortgages, mezzanine debt, subordinate debt, unitranche loans and preferred equity to various stakeholders. The firm has established itself as one of the country's most active private real estate investors and capital providers focused on the multihousing sector. Stein, a commercial real estate executive who had started his career at CB Richard Ellis in Miami 1990 and later became a partner in Aztec Group, decided to launch a financial startup solely focused on providing short-term bridge loans to owners of distressed multifamily properties. Pensam's particular strength and focus has been and continues to be on high-leverage loans with up to 90% loan to value on pre-stabilized multifamily properties or apartment properties undergoing a major repositioning—the kind of product that most conventional lenders shy away from. In short, because of its unique and holistic approach, Pensam has been prominent in the resurgence and expansion of the United States multifamily sector by providing a much-needed source of aggressive, flexible capital to a geographically diverse group of sponsors whose properties were in transitional stages—either undergoing lease up, partially completed, or in the process of repositioning. Pensam has been both influential and instrumental in helping dozens of high-quality sponsors build their multifamily portfolios and create value for their investor base.

LENDER TEAMS

Boyd Fellows

Chris Tokarski

ACORE CAPITAL'S MANAGING PARTNERS Since its inception in May 2015, ACORE Capital has established itself as one of the nation's largest and most active commercial real estate finance companies originating $21.5 billion in loans. The firm's success is attributed in large part to the commitment of its founders and four managing partners Boyd Fellows, Stew Ward, Chris Tokarski and Warren de Haan. Together the team has helped ACORE capture additional market share and has developed a suite of debt products that cover every part of the capital stack as well as the needs of its borrowers. ACORE's track record of flexibility and adaptability has enabled it to maintain long-standing industry relationships, resulting in significant repeat business. In fact, as of December 2019, 57% of ACORE's business had been secured with repeat

Stew Ward

Warren de Haan

ACORE borrowers. Moreover, as of that date, ACORE had $16.9 billion of assets under management. Within the past three years, ACORE has originated more than 210 loans totaling more than $16 billion. This activity has established the firm as one of the largest private transitional commercial real estate lenders in the nation. In addition to growing its team to more than 90 people while opening offices across the country, ACORE revealed the final closing of ACORE Credit Partners I in 2019, as its first discretionary commingled real estate debt fund. The fund raised a total of $556 million, with a focus on originating and managing transitional commercial real estate debt investments in the US. Additionally, in 2019 ACORE launched its 10-year fixed rate lending program, providing borrowers with another practical financial product.

Charles Krawitz

Paul Letourneau

Peter Margolin

ALLIANT CREDIT UNION'S COMMERCIAL LENDING TEAM Punching above its weight to grow its portfolio and deliver value for its members, Alliant Credit Union has made its mark by challenging market perceptions about the role of credit unions in the commercial real estate industry. Because the firm opened its balance sheet to innovative loan structures and certain niche property types, Alliant has charted a new course for itself and other credit unions. A balance sheet lender offering flexible financing solutions to meet almost any borrower need, Alliant financed more than $371 million of commercial real estate in 2019, including a $61.9 million loan for a 1,540-unit, seven-property apartment portfolio in Tulsa, Oklahoma. Alliant's deep team of experienced loan officers use their expertise to identify niche property types that meet the credit union's underwriting parameters. By doing so, Alliant has become a prominent force in lending for manufactured housing communities, parking operations and self-storage facilities, among other specialties.