CRE Finance Council is a trade association that is...

  • Dedicated exclusively to the nearly $6 trillion commercial real estate finance industry
  • Committed to promoting strong & liquid debt markets across platforms
  • The meeting place for industry professionals
  • The platform for establishing best practices, industry standards & federal policy
  • Comprised of approximately 400 companies and 19,000 individual members
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CREFC Annual Conference 2025
June 9 - 11
New York

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News

The CRE Finance Council Names Leland Bunch as Chair of Executive Committee

June 10, 2025


CREFC Welcomes New Members to its Executive Committee and Board of Governors at Annual June Conference

 

NEW YORK, June 10, 2025 – The CRE Finance Council (CREFC) announced today the selection of Leland F. Bunch III, Managing Director at Bank of America, as the Chair of the CREFC Executive Committee and the Board of Governors for 2025-2026 at its Annual Conference in New York City. Mr. Bunch, a 25-year veteran of the commercial real estate finance industry, has been actively involved in CREFC as a member for 20 years. He succeeds outgoing Chair Bob Foley, Partner at TPG Real Estate and Chief Financial Officer of TPG RE Finance Trust, Inc.
  
Mr. Bunch is a Managing Director and Head of Capital Markets and Banking for the US RESF group. He joined Bank of America 17 years ago and oversees commercial mortgage-backed securities (CMBS) structuring, securitization, large loan execution, and warehouse finance. Mr. Bunch also has been responsible for more than $30 billion of large loan CMBS 2.0/3.0 originations and is the GSE relationship manager. Before joining the Bank, Mr. Bunch was the Head of European CMBS at UBS, and he started his Wall Street career with JPMorgan in New York while finishing in London.
  
“CREFC is an important voice for a wide range of members it serves – lenders, issuers, loan servicers, investors, rating agencies, and other commercial real estate market participants - in a $6 trillion industry that plays a key role in the nation’s economy,” said Mr. Bunch. “For three decades, CREFC has worked to ensure the commercial real estate market is efficient, liquid, transparent, and continues to grow. I look forward to serving as CREFC Chair in the coming year and continuing to support the work and priorities promoted by Bob Foley and Lisa Pendergast, CREFC’s CEO.”
  
“On behalf of CREFC, I’d like to congratulate Leland Bunch on being selected to lead the Executive Committee and Chair our Board of Governors. As an established CREFC member and seasoned CRE professional, he will help us articulate and address the industry’s needs,” said Lisa Pendergast, President and CEO of CREFC. “I would be remiss if I also didn’t thank Bob Foley for his time, effort, and dedication over the last year as chair. We are grateful for his leadership and commitment and look forward to his continued service as past chair.”
  
In addition to Mr. Foley’s transition, CREFC also announced members of its 2025-2026 Executive Committee: 

  • Chair-Elect: Lissette Rivera-Pauley (Regions Financial Corp.)
  • Immediate Past Chair: Bob Foley (TPG Real Estate and TPG RE Finance Trust, Inc.)
  • Vice Chair: Elaine McKay (Ares Management LLC) 
  • Secretary: Kim Diamond (NYU)
  • Treasurer: Adam Behlman (Starwood Property Trust) 
  • Long Range Planning & Investment Committee Chair: Daniel Olsen (KeyBank Real Estate Capital) 
  • Membership Chair: Toby Cobb (3650 Capital)
  • Policy Committee Chair: Rick Jones (Jackstay Ventures)
  • Program Committee Chair: Mary Jane Potthoff (Morningstar DBRS) 

The association also welcomes and congratulates new members to its Board of Governors, including:

  • Nitin Bhasin (KBRA)
  • Josh Cromer (Rialto Capital Advisors)
  • Marshall Glick (AllianceBernstein)
  • David Harrison (Midland Loan Services) 
  • Adam Hayden (NY Life Real Estate Investors)
  • Spencer Kagan (Barclays)
  • Sean Ryan (JLL)
  • AJ Sfarra (Wells Fargo)
  • Lindsey Wright (KKR)
“We want to welcome the newest members of the Executive Committee and our Board of Governors. We look forward to collaborating with you on key issues that have the greatest significance and directly impact our industry and its members,” added Pendergast.
  
About CREFC 
The CRE Finance Council (CREFC) is the trade association for the $6 trillion commercial real estate finance industry, with a membership that includes approximately 400 companies and 19,000 individuals. Member firms include balance sheet and securitized lenders, loan and bond investors, private equity firms, servicers, rating agencies, and borrowers. For more than 30 years, CREFC has promoted liquidity, transparency, and efficiency in the commercial real estate finance markets, and functioned as a legislative and regulatory advocate for the industry, playing a vital role in setting market standards and best practices and providing education for market participants.
  
Media Contact:
Aleksandrs Rozens
arozens@crefc.org
646-884-7567
 

Contact 

Aleksandrs Rozens
Senior Director,
Communications
646.884.7567
arozens@crefc.org

News Archive

The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
The CRE Finance Council Names Leland Bunch as Chair of Executive Committee
June 10, 2025
The CRE Finance Council announced today the selection of Leland F. Bunch III, Managing Director at Bank of America, as the Chair of the CREFC Executive Committee and the Board of Governors for 2025-2026 at its Annual Conference in New York City.
More info...

News

The CRE Finance Council Names Leland Bunch as Chair of Executive Committee

June 10, 2025


CREFC Welcomes New Members to its Executive Committee and Board of Governors at Annual June Conference

The CRE Finance Council (CREFC) announced today the selection of Leland F. Bunch III, Managing Director at Bank of America, as the Chair of the CREFC Executive Committee and the Board of Governors for 2025-2026 at its Annual Conference in New York City. Mr. Bunch, a 25-year veteran of the commercial real estate finance industry, has been actively involved in CREFC as a member for 20 years. He succeeds outgoing Chair Bob Foley, Partner at TPG Real Estate and Chief Financial Officer of TPG RE Finance Trust, Inc.
  
Mr. Bunch is a Managing Director and Head of Capital Markets and Banking for the US RESF group. He joined Bank of America 17 years ago and oversees commercial mortgage-backed securities (CMBS) structuring, securitization, large loan execution, and warehouse finance. Mr. Bunch also has been responsible for more than $30 billion of large loan CMBS 2.0/3.0 originations and is the GSE relationship manager. Before joining the Bank, Mr. Bunch was the Head of European CMBS at UBS, and he started his Wall Street career with JPMorgan in New York while finishing in London.
  
“CREFC is an important voice for a wide range of members it serves – lenders, issuers, loan servicers, investors, rating agencies, and other commercial real estate market participants - in a $6 trillion industry that plays a key role in the nation’s economy,” said Mr. Bunch. “For three decades, CREFC has worked to ensure the commercial real estate market is efficient, liquid, transparent, and continues to grow. I look forward to serving as CREFC Chair in the coming year and continuing to support the work and priorities promoted by Bob Foley and Lisa Pendergast, CREFC’s CEO.”
  
“On behalf of CREFC, I’d like to congratulate Leland Bunch on being selected to lead the Executive Committee and Chair our Board of Governors. As an established CREFC member and seasoned CRE professional, he will help us articulate and address the industry’s needs,” said Lisa Pendergast, President and CEO of CREFC. “I would be remiss if I also didn’t thank Bob Foley for his time, effort, and dedication over the last year as chair. We are grateful for his leadership and commitment and look forward to his continued service as past chair.”
  
In addition to Mr. Foley’s transition, CREFC also announced members of its 2025-2026 Executive Committee: 
 
  • Chair-Elect: Lissette Rivera-Pauley (Regions Financial Corp.)
  • Immediate Past Chair: Bob Foley (TPG Real Estate and TPG RE Finance Trust, Inc.)
  • Vice Chair: Elaine McKay (Ares Management LLC) 
  • Secretary: Kim Diamond (NYU)
  • Treasurer: Adam Behlman (Starwood Property Trust) 
  • Long Range Planning & Investment Committee Chair: Daniel Olsen (KeyBank Real Estate Capital) 
  • Membership Chair: Toby Cobb (3650 Capital)
  • Policy Committee Chair: Rick Jones (Jackstay Ventures)
  • Program Committee Chair: Mary Jane Potthoff (Morningstar DBRS)

The association also welcomes and congratulates new members to its Board of Governors, including:

  • Nitin Bhasin (KBRA)
  • Josh Cromer (Rialto Capital Advisors)
  • Marshall Glick (AllianceBernstein)
  • David Harrison (Midland Loan Services) 
  • Adam Hayden (NY Life Real Estate Investors)
  • Spencer Kagan (Barclays)
  • Sean Ryan (JLL)
  • AJ Sfarra (Wells Fargo)
  • Lindsey Wright (KKR)

“We want to welcome the newest members of the Executive Committee and our Board of Governors. We look forward to collaborating with you on key issues that have the greatest significance and directly impact our industry and its members,” added Pendergast.

Contact 

Aleksandrs Rozens
Senior Director,
Communications
646.884.7567
arozens@crefc.org

News Archive

The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
The CRE Finance Council Names Leland Bunch as Chair of Executive Committee
June 10, 2025
CREFC Welcomes New Members to its Executive Committee and Board of Governors at Annual June Conference.
More info...

News

The CRE Finance Council Unveils Its 2025 Class of ‘20 Under 40’

June 6, 2025

CREFC celebrates young professionals from lenders, investors, borrowers, legal and accounting firms 

 

NEW YORK, June 6, 2025 – The CRE Finance Council (CREFC), the trade association that exclusively represents the $6 trillion commercial and multifamily real estate finance industry, unveiled its 2025 class of accomplished ‘20 Under 40’ professionals. The 2025 class will be introduced at CREFC’s Annual Conference in New York City.
  
This year’s ‘20 Under 40’ recipients are reshaping commercial real estate (CRE) finance with fresh ideas and innovation. They work with lenders, investors, borrowers, and legal and accounting firms. These young professionals focus on a wide range of commercial properties and support servicers, borrowers, and lenders. They originate loans, structure CMBS transactions, and are involved with loan workouts. Also, this class of ‘20 Under 40’ mentors other young professionals and devotes time to community charities. 
  
“We want to congratulate and welcome members of the 2025 class of ‘20 Under 40’, who will become tomorrow’s CRE finance leaders. As professionals, they have come of age in a market that has been challenged by high benchmark and mortgage rates and a wide range of economic uncertainty,” said Lisa Pendergast, President and CEO of CREFC.
  
“We salute this class of talented professionals, many of whom are actively involved with CREFC committees and help shape the development of novel and engaging CREFC programming. Their creative energy, determination, and innovations help ensure the CRE finance industry continues to evolve and meet a variety of challenges as we move forward.”
  
CREFC’s annual ‘20 Under 40’ awards are part of an ongoing effort to recognize the next generation of leaders in CRE finance. CREFC’s Young Professionals Network offers career development, networking, and educational opportunities for this group of CRE finance professionals. 

 

DANIEL BLAKELY 
  
ALLISON M. BORTNER 
Partner
Duane Morris LLP
  
PATRICK BOYLE 
Vice President, Boston Capital Markets
Colliers
  
ANTHONY CANDELA 
Senior Vice President
Slate Asset Management
  
THOMAS F. DUGAN 
Partner
Eversheds Sutherland
  
EVAN GIBSON
Executive Vice President,
Capital Markets 
Merchants Capital
  
BRANDON HEIM
Principal, Real Estate
Ares Management
  
RACHEL HUNTER-GOLDMAN
Managing Director 
KKR
  
NITYA KUMAR GOYAL
Partner
Dechert LLP
  
MICHAEL IANNO
Senior Director, Capital Markets
Walker & Dunlop

EUNI JO 
Associate
Cadwalader, Wickersham & Taft LLP
  
KENNETH KASMIR 
Senior Manager
Deloitte & Touche LLP
  
SOPHIA (XUEFEI) OUYANG
Director 
KPMG LLP
  
CHLOE PARK 
Assistant Vice President, CMBS & Real Estate Finance Group
Citibank
  
CLAYTON ROSS 
Director
JLL Capital Markets
  
JEFFREY SCHWARTZ 
Director, Real Estate Sector Coverage
ING
  
PRERNA SONI
Partner
Gibson, Dunn & Crutcher
  
STEPHANIE STEIN
Partner 
McDermott Will & Emery LLP
  
MADELINE TRACY 
Director, U.S. CRE Finance Group
Barclays
  
MICHAEL WATSON 
Director 
SVN
  
To learn more about this year’s class of ‘20 Under 40’ recipients click here. 
  
About CREFC 
The CRE Finance Council (CREFC) is the trade association for the nearly $6 trillion commercial real estate finance industry with a membership that includes more than 400 companies and 19,000 individuals. Member firms include balance sheet and securitized lenders, loan and bond investors, private equity firms, servicers, rating agencies, and borrowers. 
  
For 30 years, CREFC has promoted liquidity, transparency, and efficiency in the commercial real estate finance markets, and acted as a legislative and regulatory advocate for the industry, playing a vital role in setting market standards and best practices, and providing education for market participants.
  
  
Media Contact:
Aleksandrs Rozens
ARozens@crefc.org
646-884-7567

Contact  

Aleksandrs Rozens
Senior Director,
Communications
646.884.7567
arozens@crefc.org

News Archive

The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
The CRE Finance Council Unveils Its 2025 Class of ‘20 Under 40’
June 6, 2025
The CRE Finance Council (CREFC) unveiled its 2025 class of accomplished ‘20 Under 40’ professionals.
More info...

We are lenders, investors & servicers.​

Young Professionals

Young Professionals


The mission of the Young Professionals (YP) Network is to provide a platform for junior CRE finance professionals to foster meaningful business relationships and gain relevant industry knowledge through networking events, seminars and panels.

YP programming events are developed by YPs – so the content is current and applicable in their daily work. Each YP educational event includes a networking aspect to build and foster industry relationships with both peers and seasoned industry leaders. YPs are surveyed by region for ideas for future programming to ensure educational and industry needs are met.

Additionally, there are networking only events held in a more relaxed atmosphere where YPs can mingle among their peers.

There is a discounted rate to conferences and seminars for those CREFC Members 30 years of age or younger. To sign up for the 30 and Under Program Rate join the network and ensure that you check off the box “I would like to sign up to receive the “30 and Under Program Rate”. You will be required to submit photo ID to be approved for the discounted program rate.

Sign up TodayCREFC members Only

Sign-up for the Young Professionals Network

Take your career to the next level with our programming, mentoring, career planning, and continuing education.
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Young Professionals

Advocacy

CREFC Government Relations: Shaping Our Industry

CREFC’s Government Relations team serves as the primary interface between the CRE Finance industry and policymakers. Through a collaborative process with our members, CREFC engages with legislators, regulators, and other policy stakeholders to advocate for policies that promote the interests of our membership and the broader industry.

By joining a CREFC Forum, members are able to participate in the creation of official policy positions and will gain access to regular updates from our Government Relations team on the latest regulatory developments.

View our recent policy wins and sign up for a CREFC Forum below to join our advocacy efforts and make a difference in the direction of our industry. Please contact David McCarthy with any questions.

The First 100 Days

CREFC's Government Relations Team is closely monitoring key legislative and regulatory developments shaping the commercial real estate finance industry. Explore our First 100 Days: Legislative Update and First 100 Days: Regulatory Update for insights into the evolving policy landscape.

  • First 100 Days: Legislative Update (1/28/25)
  • First 100 Days: Regulatory Update (1/28/25)


    • Election 2024 Outcome Analysis: Implications for CRE and Multifamily Finance

    The 2024 election results are in, and CREFC has prepared an in-depth Election 2024 Outcome Analysis to explore how the outcomes will shape policy in 2025 and beyond. This comprehensive analysis examines key issues in the commercial and multifamily real estate finance industry, providing insights into the potential legislative and regulatory landscape.

    While members of CREFC's Government Relations team do not forecast election results, our goal remains to dig deeper into the factors that influence critical areas of legislation and regulation.

    Outcome Analysis:
  • CREFC Election 2024 Outcome Analysis (11/18/24)

    • Scenario Analyses:
  • CREFC Election 2024 Scenario Analysis (10/28/24)
  • CREFC Election 2024 Scenario Analysis (10/22/24)
  • CREFC Election 2024 Scenario Analysis (10/8/24)


    • Recent Policy Developments (as of Q3 2024)
    Basel Endgame Advocacy
    The federal banking regulators plan to repropose the Basel Endgame Capital rules with significant changes. CREFC had submitted comments and coordinated a real estate industry letter on proposed rules and is waiting for the re-proposal to see the extent to which our comments were taken into consideration. CREFC plans to continue advocacy as needed following the release of the re-proposal.

    Tax Policy Working Group
    Convened a group of member experts on tax to analyze and triage key tax priorities ahead of 2025. With the expiration of key provisions in the 2017 Tax Cuts and Jobs Act, Congress is expected to take up a tax bill next year. CREFC will engage with lawmakers and staff on key tax issues through the end in preparation the tax push early next year. 

    15c2-11 No Action Letter Expiration
    CREFC is engaging with CMBS broker dealers on the upcoming application of 15c2-11 public data requirements for conduit CMBS. While CREFC and other trades successfully exempted 144A bonds from the public disclosure requirements, the public CMBS requirements are scheduled to come online in January 2025. CREFC will follow up with the SEC and/or on Capitol Hill as necessary. 

    Conflicts of Interest Rule
    Successfully advocated for narrowing the overly broad scope of the SEC’s Conflicts of Interest in Securitizations rule to target conflicted transactions and relevant parties more appropriately. CREFC partnered with other organization on an implementation toolkit.

     

     

    Sign Up for Forum

    More Advocacy Resources

    CREFC Policy and Capital Markets Briefing

    Read the latest issue of CREFC's weekly Policy and Capital Markets Briefing

    CREFC Policy Tracker

    CREFC’s Policy Tracker includes a variety of visual aids and updates to help members understand, track, and analyze key policy issues affecting the CRE and multifamily finance industry.

    Property Risk and Resilience

    CREFC’s Property Risk & Resilience Committee serves as both an educational resource and advocate for the commercial real estate finance industry, providing insight into how macro-level environmental and regulatory trends intersect with financing decisions. 
     

    Read the Latest Government Relations Alerts

    For our weekly government relations and industry policy briefings, please visit our Document Resource Center. The Document Resource Center contains CREFC position papers, analyses, testimony, and other policy tools.
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    Advocacy

    Women's Network

    Women's Network



    Looking for networking, learning opportunities, and professional development? Join women professionals in the CRE industry in networking and educational events throughout the year.  Our mission is to enhance the visibility, profile, and advancement opportunities of women in the commercial real estate finance industry, provide a structured platform within CREFC dedicated to women's initiatives and provide opportunities for networking, mentoring, and development of professional women. With members all across the country, we are the largest network of professional women in the industry.   
     

    Join Us Today

    Sign up for CREFC's Women's Network.
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    Women's Network

    Debt Aggregate

    NCREIF/CREFC Open-End Debt Fund Aggregate

    CREFC has teamed up with NCREIF to produce and promote the NCREIF/CREFC Open-end Debt Fund Aggregate (the “Debt Aggregate”). In short, this product will deliver a fund-level compilation of open-end debt funds providing financing to commercial and multifamily real estate borrowers/owners. The Debt Aggregate will be issued in a draft “consultation” format for at least one year, which allows time for industry feedback before it is rolled out as an official product.

    For questions or to get involved, contact Lisa Pendergast

    NCREIF/CREFC Open-end Debt Fund Aggregate Fourth Quarter 2024 Public Snapshot Report
    NCREIF/CREFC Open-end Debt Fund Aggregate Fourth Quarter 2024 Membership Report

    Overview of Debt Fund Index
    (presentation slides from CREFC's September 28, 2023 Capital Markets Conference)   

    Watch the Video
    (video replay from CREFC's September 28, 2023 Capital Markets Conference)   
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    NCREIF/CREFC Open-End Debt Fund Aggregate

    Forums

    CRE Finance Council Forums

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    Grow Your Expertise

    CREFC has everything you need to grow your career and stay current with the industry. We provide educational programs that are timely and responsive to the changing market, keeping all our members up-to-date on current issues and best practices. From mentorship programs to courses, your CREFC membership gives you access to a growing pool of resources to help you become a competent commercial real estate professional, whether you are in school or moving to our industry later in your career. Explore your opportunities below.

    Learning Opportunities

    Resource Center

    The CREFC Resource Center houses data and research on all facets of CRE and multifamily finance. This members-only portal not only contains CREFC developed content, but also the highly valued and well sought after reports and thought leadership pieces published by our members.

    CRE and Multifamily Finance in the Spotlight

    Monthly thought leadership articles are published to inform, educate and stimulate meaningful discussions and exchanges on the issue and trends of the entire commercial real estate finance industry. 

    CRE Finance Data

    A compilation of data on the current state of the CRE market with a primary focus on the debt capital markets.

    CRE Finance Council's Education Portal

    Explore CREFC’s educational offerings at your own pace and on your schedule. On-demand videos and video series will expand your knowledge on a variety of industry-focused topics.  

    Investor Reporting Package (IRP) 

    The CRE Finance Council Investor Reporting Package (CREFC IRP) is a transparent, standardized set of loan, property, bond and deal level information including numerous report format standards. It also includes guidelines and methodologies to be used in connection with the loan administration required to aggregate and ultimately report all such information.

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    Events

    Conferences & Programs

    The CRE Finance Council holds two premier conferences each year in the United States: the January Conference in Miami and the June Annual Conference in New York. Conference programming addresses the most relevant topics facing the industry, presented by recognized finance leaders.

    Complementing these major conferences are After-Work Seminars, Young Professional, Women's Network, and Educational events held regularly throughout the calendar year, each of which is tailored to fit the constituencies served by CREFC.

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    About Us

    Leadership

    The affairs of CRE Finance Council are managed by a Board of Governors, selected from the general membership, which meets at least two times a year. During the periods the Board is not convened, the Executive Committee has full authority to transact all CRE Finance Council business. The Executive Committee is made up of the chair, chair-elect, vice chair, secretary, treasurer, membership chair, administrative executive, as well as four additional Executive Committee members.  View the CREFC By-Laws.

    2024 - 2025 Executive Committee
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