As we evaluated the applications for Rainmakers in CRE Debt, Equity and Finance we couldn't help but marvel at how easy these men and women made these activities seem. They were navigating an environment where capital markets were becoming volatile, underwriting was tightening and interest rate hikes seemingly now the norm and yet the deals still got done. And while this category is very much a numbers game, we tried to look beyond the dol-lar figures to other trends, namely the people and their structures that made an impact in the market. With 2023 now underway, it seems clear that the environment will remain choppy for some time. We expect, though, that these players will still be conducting profitable business.

INDIVIDUALS

ARVIND BAJAJ During his 30-year career, Arvind Bajaj has survived and thrived in different markets and cycles. In addition to debt, he has worked on equity investments and advisory assignments, and he lived in London for seven years where he closed transactions throughout Europe and the Middle East. Bajaj is one of the founders of the CMBS market, starting his career at one of the first conduits. He was one of the 10 original members in 1994 of the Morgan Stanley conduit and helped expand its European business. He held senior positions on the buy side at Lightstone and Madison Marquette. Since rejoining Morgan Stanley five years ago as a senior banker, he has had a nearly perfect record of closing transactions. Bajaj currently manages a New York City-based team that originates commercial mortgage debt throughout the US. He mentors younger individuals inside and outside the firm. He has both a BA and MBA from Vanderbilt University and is involved with the university's diversity expansion efforts. Born in India, Bajaj moved to the US when he was four years old. He and his family are active mem-bers of their community.

STEPHEN BITTEL With extensive roots in Miami, Stephen Bittel has dedicated his life to making a positive impact on his community through his career in commercial real estate. Bittel founded Terranova Corp. in 1980 with the operation of a single commercial property for a local partnership, and under his leadership, the company has become the largest property owner on both Lincoln Road in Miami Beach and Miracle Mile in Coral Gables, boasting a portfolio of more than $1 billion. Bittel seeks to not only purchase properties at coveted South Florida locations but also to fill them with quality tenants who will bring value and diversity to the surrounding South Florida communities. On the real estate equity side, Bittel has led the Terranova Corp. team to focus on under-managed and under-leased assets, to grow income quickly to maxim-ize yield. Bittel has played an integral role in closing big deals for Terranova Corp. In 2021, he closed a total of 858,251 square feet in capi-tal markets transactions totaling $230.1 million, and the firm closed gross lease values deals totaling 201,595 square feet and $61.4 million. Bittel shares his knowledge through lectures to real estate graduate and undergraduate students. Beyond his professional career, he has served on the boards of the National Jewish Democratic Council, the Miami-Dade Expressway Authority, the Greater Miami Chamber of Commerce, the Community Partnership for the Homeless, Teach for America and the Jackson Memorial Hospital Foundation.